The UBS Funds Supplement to the Summary Prospectuses

The UBS Funds

UBS Asset Growth Fund

UBS Dynamic Alpha Fund

UBS Global Allocation Fund

UBS Multi-Asset Income Fund

UBS Equity Long-Short Multi-Strategy Fund

UBS U.S. Defensive Equity Fund

UBS Fixed Income Opportunities Fund

UBS Municipal Bond Fund

Supplement to the Summary Prospectuses

June 30, 2015

Dear Investor,

The purpose of this supplement is to update the Summary Prospectuses of the above-listed series (each a “Fund” and collectively, the “Funds”) of The UBS Funds (the “Trust”) dated October 28, 2014, as supplemented.

At a recent meeting of the Board of Trustees (the “Board”) of the Trust, the Board approved the elimination of the redemption fees for the Funds, effective August 3, 2015 for any redemptions taking place on or after that date.  In connection with that change, the Summary Prospectuses are revised to delete all references to the redemption fees, effective August 3, 2015.

PLEASE BE SURE TO RETAIN THIS IMPORTANT INFORMATION FOR FUTURE REFERENCE.

ZS-721