Prospectus by Investment Company (Form 497)

The UBS Funds

Prospectus Supplement | March 13, 2026

Includes:

• UBS Engage For Impact Fund

Dear Investor,

The purpose of this supplement to the Prospectuses for UBS Engage For Impact Fund (the "Fund"), a series of The UBS Funds (the "Trust"), dated October 28, 2025, previously supplemented, is to notify you that the Board of Trustees (the "Board") of the Trust has approved certain actions to liquidate and dissolve the Fund.

Based upon information provided by UBS Asset Management (Americas) LLC, the Fund's investment advisor, the Board determined that it is in the best interests of the Fund and its shareholders to liquidate and dissolve the Fund pursuant to a Plan of Liquidation (the "Plan").

The liquidation is expected to be completed on or about June 15, 2026 (the "Liquidation Date"). This date may be changed without notice to shareholders, as the liquidation of the Fund's assets or winding up of the Fund's affairs may take a different amount of time than expected.

Liquidation of the Fund

The Plan provides that: (a) all the Fund's assets be converted into cash or cash equivalents or be otherwise liquidated and (b) the Fund distribute pro rata to its shareholders all of its existing assets in a complete liquidation of the Fund, except for cash, bank deposits, or cash equivalent securities in an estimated amount necessary to discharge and pay liabilities and obligations of the Fund.

At any time prior to the Liquidation Date, shareholders may exchange their shares of the Fund for shares of the same class of any Family Funds ("Family Funds" include other UBS Funds, PACE Select funds and other funds for which UBS Asset Management (US) Inc. serves as principal underwriter), as described under "Managing your fund account-Exchanging Shares" in the Prospectuses. Shareholders may also redeem their shares of the Fund and receive the net asset value thereof, pursuant to the procedures set forth under "Managing your fund account-Selling shares" in the Prospectuses.

On the Liquidation Date, all remaining shareholders will have their accounts liquidated and the proceeds will be delivered to them. The liquidation will be considered a taxable transaction, and shareholders may recognize a gain or loss for Federal income tax purposes. Shareholders may wish to consult their tax advisers regarding the effect of the Fund's liquidation in light of their individual circumstances.

In preparation for the liquidation of the Fund, the Fund's assets may be invested in money market instruments or held in cash, which may occur as soon as practicable to effectuate an orderly liquidation in preparation for the final distribution to shareholders. In this regard, the Fund will no longer be investing with a goal of achieving its investment objective, but instead to position for liquidation. To the extent the Fund holds cash or cash equivalents

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rather than securities or other instruments in which it primarily has invested, the Fund risks losing opportunities to participate in market appreciation and may experience potentially lower returns than the Fund's benchmark or other funds that remain fully invested.

Closure of Fund to new investments and exchanges

Given the upcoming liquidation, the Board has approved the closure of the Fund to new investments, effective March 27, 2026, except for purchases by existing shareholders through dividend reinvestment. This means that effective March 27, 2026, purchases by new investors, additional purchases by existing shareholders and purchases through exchanges from other funds will cease, except as noted above. The Fund reserves the right to change this policy at any time. Of course, shareholders will continue to be able to exchange or redeem their shares in accordance with the policies in the Prospectuses, as noted above.

Effective on the Liquidation Date, the Prospectuses, which also offer other series of the Trust, are revised to delete in their entirety all references to the Fund.

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

The UBS Funds

Supplement to the Statement of Additional Information | March 13, 2026

Includes:

• UBS Engage For Impact Fund

Dear Investor,

The purpose of this supplement to the Statement of Additional Information ("SAI") for UBS Engage For Impact Fund (the "Fund"), a series of The UBS Funds (the "Trust"), dated October 28, 2025, previously supplemented, is to notify you that the Board of Trustees of the Trust has approved certain actions to liquidate and dissolve the Fund.

The liquidation of the Fund is expected to be completed on or about June 15, 2026 (the "Liquidation Date"). In connection with the Fund's liquidation, effective on the Liquidation Date, the SAI is revised to delete in its entirety all references to the Fund.

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

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