Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of
The UBS Funds

In planning and performing our audit of the financial statements
of The UBS Funds (comprising, respectively, UBS Global
Allocation Fund, UBS Global Equity Fund, UBS Global Bond
Fund, UBS U.S. Large Cap Equity Fund, UBS U.S. Large Cap
Growth Fund, UBS U.S. Small Cap Growth Fund, UBS U.S.
Bond Fund, UBS High Yield Fund, UBS International Equity
Fund and UBS U.S. Large Cap Value Equity Fund) (collectively,
the "Funds") for the year ended June 30, 2004 we considered its
internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control.

The management of the Funds is responsible for establishing and
maintaining internal control.  In fulfilling this responsibility,
estimates and judgments by management are required to assess
the expected benefits and related costs of controls.  Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with U.S. generally
accepted accounting principles.  Those controls include the
safeguarding of assets against unauthorized acquisition, use, or
disposition.

Because of inherent limitations in internal control, error or fraud
may occur and not be detected.  Also, projections of any
evaluation of internal control to future periods is subject to the
risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.

Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards of the Public Company Accounting
Oversight Board (United States).  A material weakness is a
significant deficiency, or combination of significant deficiencies,
that results in more than a remote likelihood that a material
misstatement of the annual or interim financial statements will
not be prevented.  However, we noted no matters involving
internal control and its operation, including controls for
safeguarding securities that we consider to be material
weaknesses as defined above at June 30, 2004.

This report is intended solely for the information and use of
management, the Shareholders and the Board of Trustees of the
Funds and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these
specified parties.

               ERNST & YOUNG LLP

August 18, 2004