497 1 a2133925z497.txt 497 THE UBS FUNDS Supplement to Statement of Additional Information dated October 28, 2003 April 19, 2004 Dear Investor, The following information supplements the information contained in the section entitled "Management of the Trust" in the Statement of Additional Information ("SAI"). Effective March 29, 2004, the Board of Trustees appointed Adela Cepeda and J. Mikesell Thomas to the Board. Their biographies are shown below.
NAME, ADDRESS AND POSITION WITH TERM OF OFFICE PRINCIPAL NUMBER OF OTHER DIRECTORSHIPS AGE THE TRUST AND LENGTH OF OCCUPATION(S) DURING PORTFOLIOS IN FUND HELD BY TRUSTEE TIME SERVED1 PAST 5 YEARS COMPLEX OVERSEEN BY TRUSTEE ---------------------------------------------------------------------------------------------------------------------------- Adela Cepeda; Trustee Since 2004 Ms. Cepeda is founder Ms. Cepeda is a Ms. Cepeda is a 44 and president of A.C. director or director of Lincoln A.C. Advisory, Inc. Advisory, Inc. (since trustee of four National Income 161 No. Clark 1995). investment Fund, Inc. and Street, Suite 4975 companies Lincoln National Chicago, Illinois (consisting of 42 Convertible 60601 portfolios) for Securities Fund. which UBS Global She is also a AM (Americas) Director of serves as Amalgamated Bank of investment Chicago (2003). advisor, sub-advisor or manager. ---------------------------------------------------------------------------------------------------------------------------- J. Mikesell Trustee Since 2004 Mr. Thomas is an Mr. Thomas is a Mr. Thomas is a Thomas, 52 independent financial director or director and c/o UBS Global advisor (since trustee of four chairman of the Asset Management 2001). He was a investment Finance Committee (Americas) Inc. managing director of companies for Evanston One N. Wacker Drive Lazard Freres & Co. (consisting of 42 Northwestern Chicago, Illinois (1995 to 2001). portfolios) for Healthcare. He is 60606 which UBS Global also a vice AM (Americas) president of the serves as Board of Trustees investment for Mid-Day Club. advisor, sub-advisor or manager. ----------------------------------------------------------------------------------------------------------------------------
Effective April 19, 2004, Brian M. Storms resigned as a Trustee. Therefore, all information relating to Mr. Storms in the SAI is deleted. -Item No. ZS-252 ---------------------------- 1 Each Trustee serves office for an indefinite term.