UBS GLOBAL BOND FUND ("FUND")

                  Supplement to Prospectus dated October 28, 2003

                                                                  April 26, 2004

Dear Investor,

     The purpose of this supplement to the prospectus is to notify investors
of a benchmark change and related investment strategy changes.

     Effective April 30, 2004, the Fund's benchmark will change from the
Citigroup World Government Bond Index to the Lehman Global Aggregate Index.
The Lehman Global Aggregate Index is a broad-based, market capitalization
weighted index which measures the broad global markets for U.S. and non-U.S.
corporate, government, governmental agency, supranational, mortgage-backed
and asset-backed fixed income securities.

     Also effective April 30, 2004, in connection with the Fund's benchmark
change, the Fund's investment strategies will change.  The first sentence of
the second paragraph  on page 63 of the prospectus in the section entitled
"Principal Investment Strategies" is deleted.  In addition, the section
entitled "Securities Selection" on page 63 of the prospectus is deleted and
replaced in its entirety with the following:

SECURITIES SELECTION

The Advisor's investment style is focused on investment fundamentals.  The
Advisor believes that investment fundamentals determine and describe future
cash flows that define long term investment value.  The Advisor tries to
identify and exploit periodic discrepancies between market prices and
fundamental value. In analyzing these price/value differences the Advisor
also takes into account cyclical market drivers which may influence near term
dynamics of market prices.  The resulting investment signals are used to
determine the relevant building blocks for portfolio construction.

To implement this style, the Advisor purchases securities for the Fund by
using active asset allocation strategies across global fixed income markets
and active security selection within each market.  The Fund can hold
securities that are not included in its benchmark index.  Thus, the relative
weightings of different types of securities in the Fund's portfolio will not
necessarily match those of the benchmark.  In deciding which securities to
emphasize, the Advisor uses both quantitative and fundamental analysis to
identify securities that are underpriced relative to their fundamental value.

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When determining fundamental value, the Advisor considers broadly based
market data and indices that represent asset classes or markets and economic
variables such as real interest rates, inflation and monetary policy.  The
valuation of asset classes reflects an integrated, fundamental analysis of
global markets.

The Fund's allocation among different currencies will be identical to that of
the benchmark index if the Advisor believes that global currency markets are
fairly priced relative to each other and associated risks.  However, the Fund
may actively depart from this normal currency allocation when the Advisor
deems it prudent to do so.

The Fund may invest in all types of fixed income securities of U.S. and
foreign issuers.  The Advisor emphasizes those fixed income market sectors,
and selects for the Fund those securities, that appear to be most undervalued
relative to their yields and potential risks.  A stringent, research based
approach to issuer selection helps the Advisor to identify the credit quality
and relative attractiveness of individual issuers.  The Advisor selects
individual securities for investment by using duration, yield curve and
sector analysis.  In analyzing the relative attractiveness of sectors and
securities, the Advisor considers:

   - Duration
   - Yield
   - Potential for capital appreciation
   - Current credit quality as well as possible credit upgrades or downgrades
   - Narrowing or widening of spreads between sectors, securities of different
     credit qualities or securities of different maturities
   - For mortgage-related and asset-backed securities, anticipated changes in
     average prepayment rates

The Fund may invest in cash or cash equivalent instruments, including shares
of an affiliated investment company.  When market conditions warrant, the
Fund may make substantial temporary defensive investments in cash
equivalents, which may affect the Fund's ability to pursue its investment
objective.  The Advisor actively manages the Fund.  As such, increased
portfolio turnover may result in higher costs for brokerage commissions,
transaction costs and taxable gains.

Please be sure to retain this supplement with your prospectus. For more
information, contact 1-800-647-1568.

                                                                  Item # ZS-251
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