THE UBS FUNDS
Supplement to Prospectus dated
November 5, 2001 (as revised April 8, 2002)

July 8, 2002


Dear Investor,

	The purpose of this supplement is to notify you of the changes,
discussed below, that were approved at the Special Meeting of
Shareholders of The UBS Funds (the "Trust") held on June 28, 2002.

1.   	The following text replaces the footnote to the Net Expenses
line item in the "Expenses and Fee Tables" section, under the heading
"Annual Fund Operating Expenses," on the pages and for the Funds
noted below:

Page 6   -  UBS U.S. Bond Fund
Page 9   - UBS High Yield Fund
Page 12 - UBS U.S. Balanced Fund
Page 15 - UBS U.S. Equity Fund
Page 21 - UBS U.S. Large Cap Equity Fund
Page 24 - UBS U.S. Large Cap Growth Fund
Page 30 - UBS U.S. Small Cap Growth Fund
Page 39 - UBS Global Equity Fund
Page 45 - UBS Global Biotech Fund
Page 48 - UBS Global Bond Fund

***/**** The Trust, with respect to the Fund, and the Advisor have
entered into a written agreement pursuant to which the Advisor has
agreed to waive a portion of its fees and/or to reimburse expenses
to the extent that the Fund's expenses, for the fiscal year ending
June 30, 2003, otherwise would exceed the "Net Expenses" rates
shown in the table above for each of the Class A, Class B, Class C
and Class Y shares, as applicable.  Pursuant to the written
agreement, the Advisor is entitled to be reimbursed for any fees
it waives and expenses it reimburses for a period of three years
following such fee waivers and expense reimbursements, to the
extent that such reimbursement of the Advisor by the Fund will not
cause the Fund to exceed any applicable expense limit that is in
place for the Fund.  Prior to July 1, 2002, the Fund was subject
to permanent expense caps for its classes of shares at identical
rates.

2.	The following text replaces the footnote to the Net Expenses
line item in the "Expenses and Fee Tables" section, under the heading
"Annual Fund Operating Expenses," for the UBS Global Allocation Fund
(formerly named UBS Global Balanced Fund) on page 36:

**** The Trust, with respect to the Fund, and the Advisor have
entered into a written agreement pursuant to which the Advisor has
agreed to waive a portion of its fees and/or to reimburse expenses
to the extent that the Fund's expenses, for the fiscal year ending
June 30, 2003, otherwise would exceed 1.35%, 2.10%, 2.10% and 1.10%
of the Class A, Class B, Class C and Class Y shares, respectively.
Pursuant to the written agreement, the Advisor is entitled to be
reimbursed for any fees it waives and expenses it reimburses for a
period of three years following such fee waivers and expense
reimbursements, to the extent that such reimbursement of the Advisor
by the Fund will not cause the Fund to exceed any applicable expense
limit that is in place for the Fund.  Prior to July 1, 2002, the
Fund was subject to permanent expense caps for its classes of shares
at identical rates.

3.	The following text replaces the footnote to the Net Expenses
line item in the "Expenses and Fee Tables" section, under the heading
"Annual Fund Operating Expenses," on the pages and for the Funds
noted below:

Page 18  -  UBS U.S. Value Equity Fund
Page 27  -  UBS U.S. Small Cap Equity Fund
Page 33  -  UBS U.S. Real Estate Equity Fund

** The fees and expenses are based on estimates.  The Trust, with
respect to the Fund, and the Advisor have entered into a written
agreement pursuant to which the Advisor has agreed to waive a
portion of its fees and/or to reimburse expenses to the extent that
the Fund's expenses, for its fiscal year ending June 30, 2003,
otherwise would exceed the "Net Expenses" rates shown in the table
above for each of the Class A, Class B, Class C and Class Y shares,
as applicable.  Pursuant to the written agreement, the Advisor is
entitled to be reimbursed for any fees it waives and expenses it
reimburses for a period of three years following such fee waivers
and expense reimbursements, to the extent that such reimbursement
of the Advisor by the Fund will not cause the Fund to exceed any
applicable expense limit that is in place for the Fund.  Prior to
July 1, 2002, the Fund was subject to expense caps for its classes
of shares at identical rates for the one-year period from September
1, 2001 through September 1, 2002.

4. 	The text in the section under the heading "Advisory Fees," on
pages 62-63 of the Prospectus, is deleted and replaced in its entirety
with the text shown below:

The investment advisory fees (expressed as a percentage of average net
assets) payable to the Advisor, before fee waivers and/or expense
reimbursements, if applicable, by each Fund are presented in the
tables below.

With regard to UBS Global Technology Fund and UBS International Equity
Fund, the Advisor has irrevocably agreed to waive its fees and
reimburse certain expenses so that the total operating expenses
(excluding 12b-1 fees) of the Funds do not exceed the amounts listed
in the table below under "Total Expense Limit":


Total Expense Limit
Advisory Fee
UBS Global Technology Fund
1.55%
1.40%
UBS International Equity Fund
1.00%
0.80%

On August 28, 2001, the Board of Trustees approved the submission of
a proposal to shareholders of certain Funds that would eliminate each
Fund's irrevocable fee waiver and expense reimbursement arrangement.
At a meeting held on June 28, 2002, the shareholders of each Fund
listed below approved the proposal to eliminate the irrevocable fee
waiver and expense reimbursement arrangement.  In accordance with such
proposal, the irrevocable fee waiver and expense reimbursement
arrangement has been replaced by a one-year contractual fee waiver
and/or expense reimbursement agreement in which the Advisor has
contractually agreed to waive its fees and/or to reimburse certain
expenses so that total operating expenses (excluding 12b-1 fees) of
the Funds do not exceed the rates set forth below under "Total Expense
Limit".  The contractual fee waiver and/or expense reimbursement
agreement will remain in place for the Funds' fiscal year ending
June 30, 2003.  Thereafter, the expense limit for each of the
applicable Funds will be reviewed each year, at which time the
continuation of the expense limit will be discussed by the Advisor
and the Board of Trustees.   The contractual fee waiver agreement
also provides that the Advisor is entitled to reimbursement of fees
it waived and/or expenses it reimbursed for a period of three years
following such fee waivers and expense reimbursements, provided that
the reimbursement by a Fund of the Advisor will not cause the total
operating expense ratio to exceed the contractual limit as then may
be in effect for that Fund.

Total Expense Limit
Advisory Fee
UBS Global Allocation Fund
(formerly UBS Global Balanced
Fund)
1.10%
0.80%
UBS Global Equity Fund
1.00%
0.80%
UBS Global Biotech Fund
1.30%
1.15%
UBS Global Bond Fund
0.90%
0.75%
UBS U.S. Balanced Fund
0.80%
0.70%
UBS U.S. Equity Fund
0.80%
0.70%
UBS U.S. Large Cap Equity Fund
0.80%
0.70%
UBS U.S. Large Cap Growth
Fund
0.80%
0.70%
UBS U.S. Small Cap Growth
Fund
1.15%
1.00%
UBS U.S. Bond Fund
0.60%
0.50%
UBS High Yield Fund
0.70%
0.60%

With regard to UBS U.S. Value Equity Fund, UBS U.S. Small Cap Equity
Fund and UBS U.S. Real Estate Equity Fund, the Advisor has contractually
agreed to waive its fees and/or reimburse certain expenses so that the
total operating expenses (excluding 12b-1 fees) of the Funds do not
exceed the amounts listed in the table below under "Total Expense
Limit".  The contractual fee waiver and/or expense reimbursement
agreement will remain in place for the Funds' fiscal year ending
June 30, 2003.  Thereafter, the expense limit for each of the
applicable Funds will be reviewed each year, at which time the
continuation of the expense limit will be discussed by the Advisor and
the Board of Trustees.   The contractual fee waiver agreement also
provides that the Advisor is entitled to reimbursement of fees it
waived and/or expenses it reimbursed for a period of three years
following such fee waivers and expense reimbursements , provided that
the reimbursement by a Fund of the Advisor will not cause the total
operating expense ratio to exceed the contractual limit as then may be
in effect for that Fund.

Total Expense Limit
Advisory Fee
UBS U.S. Value Equity Fund
0.85%
0.70%
UBS U.S. Small Cap Equity Fund
1.15%
1.00%
UBS U.S. Real Estate Equity
Fund
1.05%
0.90%

The Advisor pays the Sub-Advisor a portion of the fee the Advisor
receives under its investment advisory agreement with each Fund
sub-advised by the Sub-Advisor.  See the SAI for further
information.



Item No. ZS-153


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