<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>a2100443z497.txt
<DESCRIPTION>497
<TEXT>
<Page>


                                  THE UBS FUNDS

                Supplement to Prospectus dated September 30, 2002


                                                                January 23, 2003


Dear Investor,

     The following text replaces the applicable line item in the chart captioned
"Class A Sales Charges" that appears on page 72 of the Prospectus.

<Table>
<Caption>
                                                                    REALLOWANCE TO
AMOUNT OF                      SALES CHARGE AS A PERCENTAGE OF:     SELECTED DEALERS AS
                                                                    PERCENTAGE
INVESTMENT               OFFERING PRICE     NET AMOUNT INVESTED     OF OFFERING PRICE
----------               --------------     -------------------     -----------------
<S>                      <C>                <C>                     <C>
$100,000 to $249,999              3.50%                   3.63%                 3.00%
</Table>
                                                                 Item No. ZS-165

</TEXT>
</DOCUMENT>