# EDGAR Filing Document

**Accession Number:** 0001852344
**File Stem:** 0001193125-25-136986
**Filing Date:** 2025-6
**Character Count:** 387348
**Document Hash:** 4e7544b6aaa97307aa82199f487c185c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-136986.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001193125-25-136986

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Multi-Select Securities Fund for Puerto Rico Residents
- **CENTRAL INDEX KEY:** 0001852344

**ORGANIZATION NAME:**
- **EIN:** 666048106
- **STATE OF INCORPORATION:** PR
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23686
- **FILM NUMBER:** 251030310

**BUSINESS ADDRESS:**
- **STREET 1:** 250 MUNOZ RIVERA
- **STREET 2:** TENTH FLOOR
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00918
- **BUSINESS PHONE:** 787-250-3600

**MAIL ADDRESS:**
- **STREET 1:** 250 MUNOZ RIVERA
- **STREET 2:** TENTH FLOOR
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00918

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Multi-Select Securities Puerto Rico Fund
- **DATE OF NAME CHANGE:** 20210319

## Series and Classes Contracts Data

### Large Cap Value Portfolio I (Series ID: S000074345)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000232096 | Class A      |  |
| C000232097 | Class L      |  |

### Large Cap Core Portfolio I (Series ID: S000074346)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000232099 | Class L      |  |
| C000232100 | Class A      |  |

### Large Cap Growth Portfolio I (Series ID: S000074347)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000232103 | Class L      |  |
| C000232104 | Class A      |  |

### Mid Cap Core Portfolio I (Series ID: S000074348)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000232105 | Class L      |  |
| C000232107 | Class A      |  |

### Small Cap Core Portfoliko I (Series ID: S000074349)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000232110 | Class A      |  |

### International Portfolio I (Series ID: S000074350)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000232111 | Class A      |  |

?xml version='1.0' encoding='ASCII'? Multi-Select Securities Fund for Puerto Rico Residents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23686

MULTI-SELECT SECURITIES FUND FOR PUERTO RICO RESIDENTS

(Exact name of Registrant as specified in charter)

American International Plaza Building - Tenth Floor

250 Muñoz Rivera Avenue

San Juan, Puerto Rico 00918

(Address of principal executive offices)(Zip code)

Liana Loyola

Secretary

American International Plaza Building - Tenth Floor

250 Muñoz Rivera Avenue

San Juan, Puerto Rico 00918

(Name and Address of Agent for Service)

Copies to:

Jesse C. KeanCarla G. TeodoroSidley Austin LLP787 Seventh AvenueNew York, NY 10019 Owen MeachamUBS Business Solutions US LLCOne North Wacker DriveChicago, IL 60606

Registrant's telephone number, including area code: (787) 250-3600

Date of fiscal year end: March 31

Date of reporting period: April 1, 2024 – March 31, 2025

------

#### Item 1. Report to Unitholders.
(a) The following is a copy of the report transmitted to unitholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "1940 Act").

------

Annual Shareholder Report

as of March 31, 2025

Multi-Select Securities Fund for Puerto Rico Residents

International Portfolio I - Class A - PRANX

This annual shareholder report contains important information about the International Portfolio I (the "Portfolio") of the Multi-Select Securities Fund for Puerto Rico Residents (the "Fund") for the period from April 1, 2024, to March 31, 2025. You can find additional information about the Fund at <u>www.ubs.com/prfunds</u> or by contacting us at 787-250-3600.

---

| | | | |
|:---|:---|:---|:---|
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses<br>(based on a hypothetical $10,000 investment) | Class <br>Name | Cost of a $10,000 <br> investment | Cost paid as a percentage of<br> a $10,000 investment |
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses<br>(based on a hypothetical $10,000 investment) | Class A | $670 | 1.76% |
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses<br>(based on a hypothetical $10,000 investment) |  |  |  |
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses<br>(based on a hypothetical $10,000 investment) |  |  |  |

---

How did the Portfolio perform last year and what affected its performance?

The equity portion of the Portfolio returned 10.2% gross of fees for the year ended March 31, 2025. The return was almost exclusively a by-product of positive stock selection. After a long period of underperformance versus the U.S. markets, international equities have outperformed thus far in 2025.

The performance of the Healthcare sector was a notable highlight in the portfolio, offset by an overweight to the Energy sector and a challenging performance for the Consumer Staples sector. A boost to the performance of the portfolio was the increase in the price of gold.

Two of the best performing stocks in the portfolio were pharmaceuticals UCB SA, and Roche Holding AG. Another top performer, Agnico Eagle Mines, was boosted by the increase in the price of gold. The two top underperforming stocks were Diageo PLC, a spirit producer, and Barry Callebut, a chocolate producer.

The Puerto Rico securities portion of the Portfolio continued to be invested in cash and futures. This portion of the Portfolio generated interest from the cash investment and there was a positive return from the investment in futures contracts. The return of the Puerto Rico securities portion of the Portfolio underperformed the equity portion of the Portfolio.

Portfolio Performance

Growth of an assumed $10,000 investment as of March 31, 2025

![LOGO](g833465g76g76.jpg)

 <br> Multi-Select Securities Fund for Puerto Rico Residents International Portfolio I Class A

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 |
| | 1-Year | 5-Year | 10-Year |
| International Portfolio I, Class A - No Load | 6.61% | 8.07% | 0.55% |
| International Portfolio I, Class A - Load | 1.25% | 6.97% | 0.04% |
| MSCI EAFE Net Index | 4.88% | 11.77% | 5.40% |

---

The performance indicators above aggregate the equity portion and the Puerto Rico securities portion and are net of fees and expenses.

Visit <u>www.ubs.com/prfunds</u> for more recent performance information.

The Fund's past performance is not a good predictor of the Fund's future performance. Performance calculations do not reflect any deduction of taxes that a shareholder may have to pay on Fund distributions.

---

| | |
|:---|:---|
| Key Portfolio Statistics |  |
| PORTFOLIO STATISTICS |  |
| Total Net Assets | $2537131 |
| # of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 37.63% |
| Total Advisory Fees Paid | $24952 |

---

Top 5 Sectors (% of Net Assets)

![LOGO](g833465g77g77.jpg)

---

| | |
|:---|:---|
| Top 5 Holdings (% of Net Assets) |  |
| ING Group N.V. | 3.16% |
| Barclays PLC | 3.1% |
| Sony Group Corp. | 3.1% |
| KBC Group N.V. | 2.7% |
| Roche Holding AG | 2.5% |

---

Portfolio Holdings Summaries

The equity portion of the Portfolio consists 100% of equity securities.

Additional Information

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit <u>www.ubs.com/prfunds</u>. You can also request this information by contacting us at 787-250-3600.

 <br> Multi-Select Securities Fund for Puerto Rico Residents International Portfolio I Class A

------

Annual Shareholder Report

as of March 31, 2025

Multi-Select Securities Fund for Puerto Rico Residents

Large Cap Core Portfolio I - Class A - PRAOX

This annual shareholder report contains important information about the Large Cap Core Portfolio I (the "Portfolio") of the Multi-Select Securities Fund for Puerto Rico Residents (the "Fund") for the period from April 1, 2024, to March 31, 2025. You can find additional information about the Fund at <u>www.ubs.com/prfunds</u> or by contacting us at 787-250-3600.

---

| | | | |
|:---|:---|:---|:---|
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses<br>(based on a hypothetical $10,000 investment) | Class <br>Name | Cost of a $10,000 <br> investment | Cost paid as a percentage of<br> a $10,000 investment |
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses<br>(based on a hypothetical $10,000 investment) | Class A | $669 | 1.75% |
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses<br>(based on a hypothetical $10,000 investment) |  |  |  |
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses<br>(based on a hypothetical $10,000 investment) |  |  |  |

---

How did the Portfolio perform last year and what affected its performance?

The equity portion of the Portfolio returned 7.19% gross of fees for the year ended March 31, 2025. The underperformance was mostly the result of sector allocation although stock selection contributed.

The top three sectors detracting from relative performance were Consumer Discretionary, Financials and an underweight to Utilities. The top three contributing sectors to relative performance were Real Communication Services, Health Care and Consumer Staples.

With respect to stock selection, the worst performing stocks were Salesforce, Inc., Micron Technology, Inc., Visa, Inc., United Rental and ConocoPhillips. The top relative performing stocks were T-Mobile US, Inc., Boston Scientific Co., Walmart, Inc. and RTX Corporation.

The Puerto Rico securities portion of the Portfolio continued to be invested in cash and futures. This portion of the Portfolio generated interest from the cash investment and there was a positive return from the investment in futures contracts. The return of the Puerto Rico securities portion of the Portfolio underperformed the equity portion of the Portfolio.

Portfolio Performance

Growth of an assumed $10,000 investment as of March 31, 2025

![LOGO](g833465g78g78.jpg)

 <br> Multi-Select Securities Fund for Puerto Rico Residents Large Cap Core Portfolio I Class A

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 |
| | 1-Year | 5-Year | 10-Year |
|  Large Cap Core Portfolio I, Class A - No Load | 4.64% | 14.89% | 9.82% |
|  Large Cap Core Portfolio I, Class A - Load | -0.60% | 13.72% | 9.26% |
|  S&P 500 Total Return Index | 8.25% | 18.59% | 12.50% |

---

The performance indicators above aggregate the equity portion and the Puerto Rico securities portion and are net of fees and expenses.

Visit <u>www.ubs.com/prfunds</u> for more recent performance information.

The Fund's past performance is not a good predictor of the Fund's future performance. Performance calculations do not reflect any deduction of taxes that a shareholder may have to pay on Fund distributions.

---

| | |
|:---|:---|
|  Key Portfolio Statistics |  |
|  PORTFOLIO STATISTICS |  |
|  Total Net Assets | $4327508 |
|  # of Portfolio Holdings | 46 |
|  Portfolio Turnover Rate | 50.27% |
|  Total Advisory Fees Paid | $75337 |

---

Top 5 Sectors (% of Net Assets)

![LOGO](g833465g79g79.jpg)

---

| | |
|:---|:---|
| Top 5 Holdings (% of Net Assets) |  |
| Apple, Inc. | 7.00% |
| Microsoft Corp. | 5.7% |
| NVIDIA Corp. | 5.1% |
| Amazon.com, Inc. | 4.3% |
| Alphabet, Inc. Class A | 3.8% |

---

Portfolio Holdings Summaries

The equity portion of the Portfolio consists 100% of equity securities.

Additional Information

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit <u>www.ubs.com/prfunds</u>. You can also request this information by contacting us at 787-250-3600.

 <br> Multi-Select Securities Fund for Puerto Rico Residents Large Cap Core Portfolio I Class A

------

Annual Shareholder Report

as of March 31, 2025

Multi-Select Securities Fund for Puerto Rico Residents

Large Cap Core Portfolio I - Class L - PRBKX

This annual shareholder report contains important information about the Large Cap Core Portfolio I (the "Portfolio") of the Multi-Select Securities Fund for Puerto Rico Residents (the "Fund") for the period from April 1, 2024, to March 31, 2025. You can find additional information about the Fund at <u>www.ubs.com/prfunds</u> or by contacting us at 787-250-3600.

---

| | | | |
|:---|:---|:---|:---|
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses<br>(based on a hypothetical $10,000 investment) | Class <br>Name | Cost of a $10,000 <br> investment | Cost paid as a percentage of<br> a $10,000 investment |
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses<br>(based on a hypothetical $10,000 investment) | Class L | $178 | 1.75% |
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses<br>(based on a hypothetical $10,000 investment) |  |  |  |
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses<br>(based on a hypothetical $10,000 investment) |  |  |  |

---

How did the Portfolio perform last year and what affected its performance?

The equity portion of the Portfolio returned 7.19% gross of fees for the year ended March 31, 2025. The underperformance was mostly the result of sector allocation although stock selection contributed.

The top three sectors detracting from relative performance were Consumer Discretionary, Financials and an underweight to Utilities. The top three contributing sectors to relative performance were Real Communication Services, Health Care and Consumer Staples.

With respect to stock selection, the worst performing stocks were Salesforce, Inc., Micron Technology, Inc., Visa, Inc., United Rental and ConocoPhillips. The top relative performing stocks were T-Mobile US, Inc., Boston Scientific Co., Walmart, Inc. and RTX Corporation.

The Puerto Rico securities portion of the Portfolio continued to be invested in cash and futures. This portion of the Portfolio generated interest from the cash investment and there was a positive return from the investment in futures contracts. The return of the Puerto Rico securities portion of the Portfolio underperformed the equity portion of the Portfolio.

Portfolio Performance

Growth of an assumed $10,000 investment as of March 31, 2025

![LOGO](g833465g80g80.jpg)

 <br> Multi-Select Securities Fund for Puerto Rico Residents Large Cap Core Portfolio I Class L

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 |
| | 1-Year | 5-Year | 10-Year |
|  Large Cap Core Portfolio I, Class L - No Load | 4.62% | 14.68% | 9.51% |
|  S&P 500 Total Return Index | 8.25% | 18.59% | 12.50% |

---

The performance indicators above aggregate the equity portion and the Puerto Rico securities portion and are net of fees and expenses.

Visit <u>www.ubs.com/prfunds</u> for more recent performance information.

The Fund's past performance is not a good predictor of the Fund's future performance. Performance calculations do not reflect any deduction of taxes that a shareholder may have to pay on Fund distributions.

---

| | |
|:---|:---|
| Key Portfolio Statistics |  |
| PORTFOLIO STATISTICS<br>|  |
| Total Net Assets | $2436198 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 50.27% |
| Total Advisory Fees Paid | $75337 |

---

Top 5 Sectors (% of Net Assets)

![LOGO](g833465g81g81.jpg)

---

| | |
|:---|:---|
| Top 5 Holdings (% of Net Assets) |  |
| Apple, Inc. | 7.00% |
| Microsoft Corp. | 5.7% |
| NVIDIA Corp. | 5.1% |
| Amazon.com, Inc. | 4.3% |
| Alphabet, Inc. Class A | 3.8% |

---

Portfolio Holdings Summaries

The equity portion of the Portfolio consists 100% of equity securities

Additional Information

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit <u>www.ubs.com/prfunds</u>. You can also request this information by contacting us at 787-250-3600.

 <br> Multi-Select Securities Fund for Puerto Rico Residents Large Cap Core Portfolio I Class L

------

Annual Shareholder Report

as of March 31, 2025

Multi-Select Securities Fund for Puerto Rico Residents

Large Cap Growth Portfolio I - Class A - PRAQX

This annual shareholder report contains important information about the Large Cap Growth Portfolio I (the "Portfolio") of the Multi-Select Securities Fund for Puerto Rico Residents (the "Fund") for the period from April 1, 2024, to March 31, 2025. You can find additional information about the Fund at <u>www.ubs.com/prfunds</u> or by contacting us at 787-250-3600.

---

| | | | |
|:---|:---|:---|:---|
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses<br>(based on a hypothetical $10,000 investment) | Class <br>Name | Cost of a $10,000 <br> investment | Cost paid as a percentage of<br> a $10,000 investment |
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses<br>(based on a hypothetical $10,000 investment) | Class A | $670 | 1.76% |
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses<br>(based on a hypothetical $10,000 investment) |  |  |  |
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses<br>(based on a hypothetical $10,000 investment) |  |  |  |

---

How did the Portfolio perform last year and what affected its performance?

The equity portion of the Portfolio returned 6.08% gross of fees for the year ended March 31, 2025. Markets soared following the U.S. Presidential election results in the fourth quarter of 2024, yet volatility spiked as the calendar turned to 2025. There is a lot riding on Artificial Intelligence ("AI") as the future growth and profitability engine of the U.S. stock market.

Overall, the portfolio generated strong returns, yet it trailed the benchmark. The spike in volatility due to concerns of slowing AI investment and a mix of economic concerns and policy developments weighed on investor sentiment. Additionally, investors were focused on pending tariff news. The largest contributing sectors to relative performance were Services, Healthcare and Financials. The largest detractors were Information Technology, Energy and Utilities sectors.

The Puerto Rico securities portion of the Portfolio continued to be invested in cash and futures. This portion of the Portfolio generated interest from the cash investment and there was a positive return from the investment in futures contracts. The return of the Puerto Rico securities portion of the Portfolio underperformed the equity portion of the Portfolio.

Portfolio Performance

Growth of an assumed $10,000 investment as of March 31, 2025

![LOGO](g833465g82g82.jpg)

 <br> Multi-Select Securities Fund for Puerto Rico Residents Large Cap Growth Portfolio I Class A

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 |
| | 1-Year | 5-Year | 10-Year |
| Large Cap Growth Portfolio I, Class A - No Load | 3.69% | 15.56% | 12.30% |
|  Large Cap Growth Portfolio I, Class A - Load | -1.50% | 14.38% | 11.73% |
|  Russell 1000 Growth Total Return Index | 7.72% | 20.08% | 15.12% |

---

The performance indicators above aggregate the equity portion and the Puerto Rico securities portion and are net of fees and expenses.

Visit <u>www.ubs.com/prfunds</u> for more recent performance information.

The Fund's past performance is not a good predictor of the Fund's future performance. Performance calculations do not reflect any deduction of taxes that a shareholder may have to pay on Fund distributions.

---

| | |
|:---|:---|
| Key Portfolio Statistics |  |
| PORTFOLIO STATISTICS |  |
| Total Net Assets | $5780956 |
| # of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 72.43% |
| Total Advisory Fees Paid | $89143 |

---

Top 5 Sectors (% of Net Assets)

![LOGO](g833465g83g83.jpg)

---

| | |
|:---|:---|
| Top 5 Holdings (% of Net Assets) |  |
| Microsoft, Corp. | 7.98% |
| Amazon.com, Inc. | 6.8% |
| NVIDIA Corp. | 6.2% |
| Apple, Inc. | 4.9% |
| Meta Platforms, Inc. | 4.5% |

---

Portfolio Holdings Summaries

The equity portion of the Portfolio consists 100% of equity securities.

Additional Information

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit <u>www.ubs.com/prfunds</u>. You can also request this information by contacting us at 787-250-3600.

 <br> Multi-Select Securities Fund for Puerto Rico Residents Large Cap Growth Portfolio I Class A

------

Annual Shareholder Report

as of March 31, 2025

Multi-Select Securities Fund for Puerto Rico Residents

Large Cap Growth Portfolio I - Class L - PRBNX

This annual shareholder report contains important information about the Large Cap Growth Portfolio I (the "Portfolio") of the Multi-Select Securities Fund for Puerto Rico Residents (the "Fund") for the period from April 1, 2024, to March 31, 2025. You can find additional information about the Fund at <u>www.ubs.com/prfunds</u> or by contacting us at 787-250-3600.

---

| | | | |
|:---|:---|:---|:---|
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses<br>(based on a hypothetical $10,000 investment) | Class <br>Name | Cost of a $10,000 <br> investment | Cost paid as a percentage of<br> a $10,000 investment |
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses<br>(based on a hypothetical $10,000 investment) | Class L | $179 | 1.76% |
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses<br>(based on a hypothetical $10,000 investment) |  |  |  |
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses<br>(based on a hypothetical $10,000 investment) |  |  |  |

---

How did the Portfolio perform last year and what affected its performance?

The equity portion of the Portfolio returned 6.08% gross of fees for the year ended March 31, 2025. Markets soared following the U.S. Presidential election results in the fourth quarter of 2024, yet volatility spiked as the calendar turned to 2025. There is a lot riding on Artificial Intelligence ("AI") as the future growth and profitability engine of the U.S. stock market.

Overall, the portfolio generated strong returns, yet it trailed the benchmark. The spike in volatility due to concerns of slowing AI investment and a mix of economic concerns and policy developments weighed on investor sentiment. Additionally, investors were focused on pending tariff news. The largest contributing sectors to relative performance were Services, Healthcare and Financials. The largest detractors were Information Technology, Energy and Utilities sectors.

The Puerto Rico securities portion of the Portfolio continued to be invested in cash and futures. This portion of the Portfolio generated interest from the cash investment and there was a positive return from the investment in futures contracts. The return of the Puerto Rico securities portion of the Portfolio underperformed the equity portion of the Portfolio.

Portfolio Performance

Growth of an assumed $10,000 investment as of March 31, 2025

![LOGO](g833465g84g84.jpg)

 <br> Multi-Select Securities Fund for Puerto Rico Residents Large Cap Growth Portfolio I Class L

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 |
| | 1-Year | 5-Year | 10-Year |
|  Large Cap Growth Portfolio I, Class L - No Load | 3.68% | 15.36% | 11.98% |
|  Russell 1000 Growth Total Return Index | 7.72% | 20.08% | 15.12% |

---

The performance indicators above aggregate the equity portion and the Puerto Rico securities portion and are net of fees and expenses.

Visit <u>www.ubs.com/prfunds</u> for more recent performance information.

The Fund's past performance is not a good predictor of the Fund's future performance. Performance calculations do not reflect any deduction of taxes that a shareholder may have to pay on Fund distributions.

---

| | |
|:---|:---|
|  Key Portfolio Statistics |  |
|  PORTFOLIO STATISTICS |  |
|  Total Net Assets | $2535627 |
|  # of Portfolio Holdings | 45 |
|  Portfolio Turnover Rate | 72.43% |
|  Total Advisory Fees Paid | $89143 |

---

Top 5 Sectors (% of Net Assets)

![LOGO](g833465g85g85.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Top 5 Holdings (% of Net Assets) |  |
| Microsoft, Corp. | 7.98% |
| Amazon.com, Inc. | 6.8% |
| NVIDIA Corp. | 6.2% |
| Apple, Inc. | 4.9% |
| Meta Platforms, Inc. | 4.5% |

---

Portfolio Holdings Summaries

The equity portion of the Portfolio consists 100% of equity securities.

Additional Information

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit <u>www.ubs.com/prfunds</u>. You can also request this information by contacting us at 787-250-3600.

 <br> Multi-Select Securities Fund for Puerto Rico Residents Large Cap Growth Portfolio I Class L

------

Annual Shareholder Report

as of March 31, 2025

Multi-Select Securities Fund for Puerto Rico Residents

Large Cap Value Portfolio I - Class A - PRAUX

This annual shareholder report contains important information about the Large Cap Value Portfolio I (the "Portfolio") of the Multi-Select Securities Fund for Puerto Rico Residents (the "Fund") for the period from April 1, 2024, to March 31, 2025. You can find additional information about the Fund at <u>www.ubs.com/prfunds</u> or by contacting us at 787-250-3600.

---

| | | | |
|:---|:---|:---|:---|
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses | Class<br> Name | Cost of a $10,000<br>investment | Cost paid as a percentage<br>of a $10,000 investment |
| What were the Portfolio costs for the last year?<br>Annual Fund Operating Expenses | Class A | $670 | 1.76% |
| (based on a hypothetical $10,000 investment)<br>|  |  |  |

---

How did the Portfolio perform last year and what affected its performance?

The equity portion of the Portfolio returned 10.9% gross of fees for the year ended March 31, 2025. While growth, volatility and momentum were a factor for much of 2024, the shift of quality and yield factors in the third quarter of 2024 and the first quarter of 2025 contributed to relative performance.

Overall sector allocation detracted from relative performance. An underweight in Health Care and overweight in Consumer Staples contributed to relative performance was offset by the negative impact of an overweight in Technology and an underweight in Utilities. Stock selection was a tailwind to relative performance. The best performing stocks based on relative performance versus the benchmark were Philip Morris International, Inc., The Progressive Corporation, and despite volatility, Apple, Inc. The worst performing positions based on relative performance were Merck, Diageo PLC, and Microsoft Corp.

The Puerto Rico securities portion of the Portfolio continued to be invested in cash and futures. This portion of the Portfolio generated interest from the cash investment and there was a positive return from the investment in futures contracts. The return of the Puerto Rico securities portion of the Portfolio underperformed the equity portion of the Portfolio.

Portfolio Performance

Growth of an assumed $10,000 investment as of March 31, 2025

![LOGO](g833465g86g86.jpg)

 <br> Multi-Select Securities Fund for Puerto Rico Residents Large Cap Value Portfolio I Class A

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 |
| | 1-Year | 5-Year | 10-Year |
| Large Cap Value Portfolio I, Class A - No Load | 7.07% | 11.44% | 6.97% |
| Large Cap Value Portfolio I, Class A - Load | 1.70% | 10.31% | 6.42% |
| Russell 1000 Value Total Return Index | 7.18% | 16.15% | 8.79% |

---

The performance indicators above aggregate the equity portion and the Puerto Rico securities portion and are net of fees and expenses.

Visit <u>www.ubs.com/prfunds</u> for more recent performance information.

The Fund's past performance is not a good predictor of the Fund's future performance. Performance calculations do not reflect any deduction of taxes that a shareholder may have to pay on Fund distributions.

---

| | |
|:---|:---|
|  <br> Key Portfolio Statistics |  |
|  PORTFOLIO STATISTICS |  |
|  Total Net Assets | $4374436 |
|  # of Portfolio Holdings  | 30 |
|  Portfolio Turnover Rate | 8.26% |
|  Total Advisory Fees Paid | $62904 |

---

Top 5 Sectors (% of Net Assets)

![LOGO](g833465g87g87.jpg)

---

| | |
|:---|:---|
| Top 5 Holdings (% of Net Assets) |  |
| Phillip Morris International, Inc. | 4.66% |
| Berkshire Hathaway, Inc. | 4.5% |
| Apple, Inc. | 4.2% |
| The Progressive Corporation | 4.0% |
| Air Products and Chemicals, Inc. | 3.8% |

---

Portfolio Holdings Summaries

The equity portion of the Portfolio consists 100% of equity securities.

Additional Information

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit <u>www.ubs.com/prfunds</u>.You can also request this information by contacting us at 787-250-3600.

 <br> Multi-Select Securities Fund for Puerto Rico Residents Large Cap Value Portfolio I Class A

------

Annual Shareholder Report

as of March 31, 2025

Multi-Select Securities Fund for Puerto Rico Residents

Large Cap Value Portfolio I - Class L - PRBOX

This annual shareholder report contains important information about the Large Cap Value Portfolio I (the "Portfolio") of the Multi-Select Securities Fund for Puerto Rico Residents (the "Fund") for the period from April 1, 2024, to March 31, 2025. You can find additional information about the Fund at <u>www.ubs.com/prfunds</u> or by contacting us at 787-250-3600.

---

| | | | |
|:---|:---|:---|:---|
| What were the Portfolio costs for the last year? | Class <br>Name | Cost of a $10,000 <br> investment | Cost paid as a percentage of<br> a $10,000 investment |
| What were the Portfolio costs for the last year? | Class L | $179 | 1.76% |
| Annual Fund Operating Expenses |  |  |  |
| (based on a hypothetical $10,000 investment)<br>|  |  |  |

---

How did the Fund perform last year and what affected its performance?

The equity portion of the Portfolio returned 10.9% gross of fees for the year ended March 31, 2025. While growth, volatility and momentum were a factor for much of 2024, the shift of quality and yield factors in the third quarter of 2024 and the first quarter of 2025 contributed to relative performance.

Overall sector allocation detracted from relative performance. An underweight in Health Care and overweight in Consumer Staples contributed to relative performance was offset by the negative impact of an overweight in Technology and an underweight in Utilities. Stock selection was a tailwind to relative performance. The best performing stocks based on relative performance versus the benchmark were Philip Morris International, Inc., The Progressive Corporation, and despite volatility, Apple, Inc. The worst performing positions based on relative performance were Merck, Diageo PLC, and Microsoft Corp.

The Puerto Rico securities portion of the Portfolio continued to be invested in cash and futures. This portion of the Portfolio generated interest from the cash investment and there was a positive return from the investment in futures contracts. The return of the Puerto Rico securities portion of the Portfolio underperformed the equity portion of the Portfolio.

Portfolio Performance

Growth of an assumed $10,000 investment as of March 31, 2025

![LOGO](g833465g88g88.jpg)

---

| | |
|:---|:---|
| Multi-Select Securities Fund for Puerto Rico Residents Large Cap Value Portfolio I | Class L |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | as of March 31, 2025 | as of March 31, 2025 | as of March 31, 2025 |
| | 1-Year | 5-Year | 10-Year |
|  Large Cap Value Portfolio I, Class L - No Load | 7.07% | 11.25% | 6.67% |
|  Russell 1000 Value Total Return Index | 7.18% | 16.15% | 8.79% |

---

The performance indicators above aggregate the equity portion and the Puerto Rico securities portion and are net of fees and expenses.

Visit <u>www.ubs.com/prfunds</u> for more recent performance information.

The Fund's past performance is not a good predictor of the Fund's future performance. Performance calculations do not reflect any deduction of taxes that a shareholder may have to pay on Fund distributions.

---

| | |
|:---|:---|
|  <br>**Key Portfolio Statistics**<br>**PORTFOLIO STATISTICS**<br>| |
| Total Net Assets | $1880672 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 8.26% |
| Total Advisory Fees Paid | $62904 |

---

---

| | |
|:---|:---|
| Top 5 Holdings (% of Net Assets) |  |
| Phillip Morris International, Inc. | 4.66% |
| Berkshire Hathaway, Inc. | 4.5% |
| Apple, Inc. | 4.2% |
| The Progressive Corporation | 4.0% |
| Air Products and Chemicals, Inc. | 3.8% |

---

Top 5 Sectors (% of Net Assets)

![LOGO](g833465g89g89.jpg)

Portfolio Holdings Summaries

The equity portion of the Portfolio consists 100% of equity securities.

Additional Information

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit <u>www.ubs.com/prfunds</u>. You can also request this information by contacting us at 787-250-3600.

---

| | |
|:---|:---|
| Multi-Select Securities Fund for Puerto Rico Residents Large Cap Value Portfolio I | Class L |

---

------

Annual Shareholder Report

as of March 31, 2025

Multi-Select Securities Fund for Puerto Rico Residents

Mid Cap Core Portfolio I - Class A - PRAVX

This annual shareholder report contains important information about the Mid Cap Core Portfolio I (the "Portfolio") of the Multi-Select Securities Fund for Puerto Rico Residents (the "Fund") for the period from April 1, 2024, to March 31, 2025. You can find additional information about the Fund at <u>www.ubs.com/prfunds</u> or by contacting us at 787-250-3600.

---

| | | | |
|:---|:---|:---|:---|
| What were the Portfolio costs for the last year? | Class <br>Name | Cost of a $10,000 <br> investment | Cost paid as a percentage of<br> a $10,000 investment |
| What were the Portfolio costs for the last year? | Class A | $669 | 1.75% |
| Annual Fund Operating Expenses |  |  |  |
| (based on a hypothetical $10,000 investment)<br>|  |  |  |

---

How did the Portfolio perform last year and what affected its performance?

The equity portion of the Portfolio returned negative 5.9% gross of fees for the year ended March 31, 2025. Returns were weaker down the market cap spectrum and less exposure than the benchmark to growth and momentum factors was a headwind. The underperforming stocks remain in the portfolio reflecting our long-term conviction in the businesses.

Sector allocation detracted from relative performance. An overweight in Consumer Discretionary and an underweight in Health Care contributed to relative performance, offset by the negative impact of an overweight in Materials and underweight in Utilities.

Overall, stock selection detracted from relative performance. The worst performing stocks were Entegris, Inc. (semi-conductors), Bruker Corporation (life sciences) and Lamb Weston Holdings, Inc. (industrial). The best performing stocks based on relative performance were CBRE Group, Inc. (real estate services), M&T Bank Corp. (financial services) and AerCap Holdings N.V. (industrial).

The Puerto Rico securities portion of the Portfolio continued to be invested in cash and futures. This portion of the Portfolio generated interest from the cash investment and there was a positive return from the investment in futures contracts. The return of the Puerto Rico securities portion of the Portfolio underperformed the equity portion of the Portfolio.

Portfolio Performance

Growth of an assumed $10,000 investment as of March 31, 2025

![LOGO](g833465g90g90.jpg)

 <br> Multi-Select Securities Fund for Puerto Rico Residents Mid Cap Core Portfolio I Class A

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 |
| | 1-Year | 5-Year | 10-Year |
|  Mid Cap Core Portfolio I, Class A - No Load | -6.98% | 13.80% | 8.54% |
|  Mid Cap Core Portfolio I, Class A - Load | -11.62% | 12.65% | 7.99% |
|  Russell Midcap Index | 2.59% | 16.28% | 8.82% |

---

The performance indicators above aggregate the equity portion and the Puerto Rico securities portion and are net of fees and expenses.

Visit <u>www.ubs.com/prfunds</u> for more recent performance information.

The Fund's past performance is not a good predictor of the Fund's future performance. Performance calculations do not reflect any deduction of taxes that a shareholder may have to pay on Fund distributions.

---

| | |
|:---|:---|
|  Key Portfolio Statistics |  |
|  PORTFOLIO STATISTICS |  |
|  Total Net Assets | $2842395 |
|  # of Portfolio Holdings | 33 |
|  Portfolio Turnover Rate | 10.39% |
|  Total Advisory Fees Paid | $48132 |

---

Top 5 Sectors (% of Net Assets)

![LOGO](g833465g91g91.jpg)

---

| | |
|:---|:---|
| Top 5 Holdings (% of Net Assets) |  |
|  Armstrong World Industries, Inc. | 3.84% |
|  AerCap Holdings N.V. | 3.7% |
|  Allison Transmission Holdings, Inc. | 3.3% |
|  Entegris, Inc. | 3.3% |
|  Fidelity National Information Services, Inc. | 3.0% |

---

Portfolio Holdings Summaries

The equity portion of the Portfolio consists 100% of equity securities.

Additional Information

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit <u>www.ubs.com/prfunds</u>. You can also request this information by contacting us at 787-250-3600.

 <br> Multi-Select Securities Fund for Puerto Rico Residents Mid Cap Core Portfolio I Class A

------

Annual Shareholder Report

as of March 31, 2025

Multi-Select Securities Fund for Puerto Rico Residents

Mid Cap Core Portfolio I - Class L - PRBPX

This annual shareholder report contains important information about the Mid Cap Core Portfolio I (the "Portfolio") of the Multi-Select Securities Fund for Puerto Rico Residents (the "Fund") for the period from April 1, 2024, to March 31, 2025. You can find additional information about the Fund at <u>www.ubs.com/prfunds</u> or by contacting us at 787-250-3600.

---

| | | | |
|:---|:---|:---|:---|
| What were the Portfolio costs for the last year? | Class <br>Name | Cost of a $10,000 <br> investment | Cost paid as a percentage of<br> a $10,000 investment |
| What were the Portfolio costs for the last year? | Class L | $178 | 1.75% |
| Annual Fund Operating Expenses |  |  |  |
| (based on a hypothetical $10,000 investment) |  |  |  |

---

How did the Fund perform last year and what affected its performance?

T The equity portion of the Portfolio returned negative 5.9% gross of fees for the year ended March 31, 2025. Returns were weaker down the market cap spectrum and less exposure than the benchmark to growth and momentum factors was a headwind. The underperforming stocks remain in the portfolio reflecting our long-term conviction in the businesses.

Sector allocation detracted from relative performance. An overweight in Consumer Discretionary and an underweight in Health Care contributed to relative performance, offset by the negative impact of an overweight in Materials and underweight in Utilities.

Overall, stock selection detracted from relative performance. The worst performing stocks were Entegris, Inc. (semi-conductors), Bruker Corporation (life sciences) and Lamb Weston Holdings, Inc. (industrial). The best performing stocks based on relative performance were CBRE Group, Inc. (real estate services), M&T Bank Corp. (financial services) and AerCap Holdings N.V. (industrial).

The Puerto Rico securities portion of the Portfolio continued to be invested in cash and futures. This portion of the Portfolio generated interest from the cash investment and there was a positive return from the investment in futures contracts. The return of the Puerto Rico securities portion of the Portfolio underperformed the equity portion of the Portfolio.

Fund Performance

Growth of an assumed $10,000 investment as of March 31, 2025

![LOGO](g833465g92g92.jpg)

 <br> Multi-Select Securities Fund for Puerto Rico Residents Mid Cap Core Portfolio I Class L

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns <br>as of March 31, 2025 |
| | 1-Year | 5-Year | 10-Year |
| Mid Cap Core Portfolio I, Class L - No Load | -6.96% | 13.60% | 8.23% |
| Russell Midcap Index | 2.59% | 16.28% | 8.82% |

---

The performance indicators above aggregate the equity portion and the Puerto Rico securities portion and are net of fees and expenses.

Visit <u>www.ubs.com/prfunds</u> for more recent performance information.

The Fund's past performance is not a good predictor of the Fund's future performance. Performance calculations do not reflect any deduction of taxes that a shareholder may have to pay on Fund distributions.

---

| | |
|:---|:---|
| Key Portfolio Statistics |  |
| PORTFOLIO STATISTICS |  |
| Total Net Assets | $1606374 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 10.39% |
| Total Advisory Fees Paid | $48132 |

---

Top 5 Sectors (% of Net Assets)

![LOGO](g833465g93g93.jpg)

---

| | |
|:---|:---|
| Top 5 Holdings (% of Net Assets) |  |
| Armstrong World Industries, Inc. | 3.84% |
| AerCap Holdings N.V. | 3.7% |
| Allison Transmission Holdings, Inc. | 3.3% |
| Entegris, Inc. | 3.3% |
| Fidelity National Information Services, Inc. | 3.0% |

---

Portfolio Holdings Summaries

The equity portion of the Portfolio consists 100% of equity securities.

Additional Information

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit <u>www.ubs.com/prfunds</u>. You can also request this information by contacting us at 787-250-3600.

 <br> Multi-Select Securities Fund for Puerto Rico Residents Mid Cap Core Portfolio I Class L

------

Annual Shareholder Report

as of March 31, 2025

Multi-Select Securities Fund for Puerto Rico Residents

Small Cap Core Portfolio I - Class A - PRAWX

This annual shareholder report contains important information about the Small Cap Core Portfolio I (the "Portfolio") of the Multi-Select Securities Fund for Puerto Rico Residents (the "Fund") for the period from April 1, 2024, to March 31, 2025. You can find additional information about the Fund at <u>www.ubs.com/prfunds</u> or by contacting us at 787-250-3600.

---

| | | | |
|:---|:---|:---|:---|
| What were the Portfolio costs for the last year? | Class <br>Name | Cost of a $10,000 <br> investment | Cost paid as a percentage of<br> a $10,000 investment |
| What were the Portfolio costs for the last year? | Class A | $670 | 1.76% |
| Annual Fund Operating Expenses |  |  |  |
| (based on a hypothetical $10,000 investment)<br>|  |  |  |

---

How did the Portfolio perform last year and what affected its performance?

The equity portion of the Portfolio returned 0.8% gross of fees for the year ended March 31, 2025. The excess return was a function of both positive security selection as well as favorable sector allocations.

The two sectors providing the best performance were Consumer Discretionary and Healthcare. The top two detractors from performance were Real Estate and Technology.

Two of the best performing stocks in the portfolio were pharmaceutical companies, Exelixis, Inc. and Globus Medical, Inc. Sportradar Group AG, a sports technology company, and Frontdoor, Inc, the owner of the American Home Shield homeowner's protection brand, also outperformed. Detractors from performance included Innovative Industrial Properties (Real Estate) and technology companies Diodes (semiconductors) and ASGN Incorporated (technology consulting).

The Puerto Rico securities portion of the Portfolio continued to be invested in cash and futures. This portion of the Portfolio generated interest from the cash investment and there was a positive return from the investment in futures contracts. The return of the Puerto Rico securities portion of the Portfolio underperformed the equity portion of the Portfolio.

Portfolio Performance

Growth of an assumed $10,000 investment as of March 31, 2025

![LOGO](g833465g94g94.jpg)

---

| | |
|:---|:---|
| Multi-Select Securities Fund for Puerto Rico Residents Small Cap Core Portfolio I | Class A |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | as of March 31, 2025 | as of March 31, 2025 | as of March 31, 2025 |
| | 1-Year | 5-Year | 10-Year |
|  Small Cap Core Portfolio I, Class A - No Load | -3.00% | 10.02% | 5.62% |
|  Small Cap Core Portfolio I, Class A - Load | -7.84% | 8.90% | 5.08% |
|  Russell 200 Index TR | -4.01% | 13.27% | 6.30% |

---

The performance indicators above aggregate the equity portion and the Puerto Rico securities portion and are net of fees and expenses.

Visit <u>www.ubs.com/prfunds</u> for more recent performance information.

The Fund's past performance is not a good predictor of the Fund's future performance. Performance calculations do not reflect any deduction of taxes that a shareholder may have to pay on Fund distributions.

---

| | |
|:---|:---|
|  <br>**Key Portfolio Statistics**<br>**PORTFOLIO STATISTICS**<br>| |
| Total Net Assets | $4448769 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 6.33% |
| Total Advisory Fees Paid | $28330 |

---

---

| | |
|:---|:---|
|  <br>Top 5 Holdings (% of Net Assets) |  |
| AXIS Capital Holdings Ltd. | 3.65% |
| Sportradar Group AG | 3.2% |
| Globus Medical, Inc. | 2.7% |
| TXNM Energy, Inc. | 2.5% |
| Monarch Casino & Resort, Inc. | 2.4% |

---

Top 5 Sectors (% of Net Assets)

![LOGO](g833465g95g95.jpg)

Portfolio Holdings Summaries

The equity portion of the Portfolio consists 100% of equity securities.

Additional Information

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit <u>www.ubs.com/prfunds</u>. You can also request this information by contacting us at 787-250-3600.

---

| | |
|:---|:---|
| Multi-Select Securities Fund for Puerto Rico Residents Small Cap Core Portfolio I | Class A |

---

------

(b) Not applicable.

#### Item 2. Code of Ethics.
(a) Multi-Select Securities Fund for Puerto Rico Residents (the "Fund" or the "Registrant") has adopted a Code of Ethics that applies to the Fund's principal executive officer and principal financial officer (the "Code").

(b) No disclosures are required by this Item 2(b).

(c) The Fund has not made any amendment to the Code during the period covered by this Form N-CSR.

(d) There have been no waivers granted by the Fund to individuals covered by the Code during the period covered by this Form N-CSR.

(e) Not applicable.

(f) A copy of the Code is filed herewith as Exhibit 19(a)(1).

#### Item 3. Audit Committee Financial Expert.
(a)(1) The Board of Trustees of the Fund (the "Board") has determined that it has an audit committee financial expert serving on the Fund's Audit Committee that possesses the attributes identified in Item 3(b) to Form N-CSR.

(a)(2) The name of the audit committee financial expert is Vicente León. Mr. León has been deemed to be "independent" as that term is defined in Item 3(a)(2) of Form N-CSR.

(a)(3) Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Information provided in response to Item 4 includes amounts billed during the applicable time period for services rendered by Ernst & Young LLP ("E&Y"), the Registrant's principal accountant.

(a) **Audit Fees.** The aggregate fees billed for professional services rendered by E&Y for the audit of the Registrant's annual financial statements and for services that are normally provided by E&Y in connection with statutory and regulatory filings for the fiscal years ended March 31, 2024, and March 31, 2025, were $109,929 and $123,126, respectively.

(b) **Audit Related Fees**. The aggregate fees billed for assurance and related services by E&Y that reasonably relate to the performance of the audit of the Registrant's financial statements and are not reported as audit fees for the fiscal years ended March 31, 2024, and March 31, 2025, were $112,320 and $42,365, respectively. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the 1940 Act, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by

------

the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.

There were no audit-related fees required to be approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(c) **Tax Fees.** The aggregate fees billed for professional services rendered by E&Y for tax compliance, tax advice and tax planning in the form of preparation of excise filings and income tax returns for the fiscal years ended March 31, 2024, and March 31, 2025, were $33,408 and $33,408, respectively.

There were no tax fees required to be approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(d) **All Other Fees.** The aggregate fees billed for any other products or services provided by E&Y for the fiscal years ended March 31, 2024, and March 31, 2025, other than the services reported in paragraphs (a) through (c) above were $0 and $0, respectively.

There were no "all other" fees required to be approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(e)(1) The Fund's Audit Committee Charter requires that the Audit Committee pre-approve all audit and permissible non-audit services to be provided to the Fund by the Fund's independent registered public accounting firm; provided, however, that the pre-approval requirement with respect to non-auditing services to the Fund may be waived consistent with the exceptions provided for in the Securities Exchange Act of 1934, as amended (the "1934 Act").

All the audit and tax services described above for which E&Y billed the Fund fees for the fiscal years ended March 31, 2024, and March 31, 2025, were pre-approved by the Audit Committee. For the fiscal years ended March 31, 2024, and March 31, 2025, the Fund's Audit Committee did not waive the pre-approval requirement of any non-audit services to be provided to the Fund by E&Y.

(e)(2) Not applicable.

(f) Not applicable.

(g) The aggregate fees billed by E&Y for non-audit services rendered to the Registrant, its investment adviser and any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the Registrant for the fiscal years ended March 31, 2024, and March 31, 2025, other than those disclosed in (c) and (d) above, were $0 and $0, respectively.

(h) The Audit Committee of the Registrant's Board considered the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X and concluded that such services are compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

------

#### Item 5. Audit Committee of Listed Registrants.
(a) Not applicable.

(b) Not applicable.

#### Item 6. Investments.
(a) The Schedule of Investments is included as part of the report to unitholders included under Item 7(a) of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The Financial Statements for the Registrant are attached herewith.

(b) The Registrant's Financial Highlights are included as part of the report to unitholders filed under Item 7(a) of this Form.

------

---

| | |
|:---|:---|
| ![LOGO](g833465dsp01.jpg)  | Multi-Select Securities<br> Fund for Puerto Rico Residents |
| **ANNUAL REPORT**<br> **March 31, 2025** | **ANNUAL REPORT**<br> **March 31, 2025** |

---

------

#### MULTI-SELECT SECURITIES FUND FOR PUERTO RICO RESIDENTS

#### **Table of Contents**

---

| | |
|:---|:---|
|  **[Financial Highlights \[Item 7 of Form N-CSR\]](#tx833465_1)** | **1** |
|  **[Schedule of Investments \[Item 6 of Form N-CSR\]](#tx833465_2)** | **11** |
|  **Financial Statements [Item 7 of Form N-CSR]** |  |
| &nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx833465_4) | 22 |
| &nbsp;&nbsp;&nbsp; [Statements of Operations](#tx833465_5) | 24 |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx833465_6) | 26 |
|  **[Notes to Financial Statements \[Item 7 of Form N-CSR\]](#tx833465_7)** | **32** |
|  **[Report of Independent Registered Public Accounting Firm \[Item 7 of Form N-CSR\]](#tx833465_8)** | **49** |
|  **[Other Information (Unaudited)](#tx833465_9)** | **50** |
|  **Changes in and Disagreements with Accountants for Open-End Management**<br> **Investment Companies [Item 8 of Form NCSR]** | **Changes in and Disagreements with Accountants for Open-End Management**<br> **Investment Companies [Item 8 of Form NCSR]** |
| &nbsp;&nbsp;&nbsp; Not applicable |  |
|  **Remuneration Paid to Directors, Officers, and Others of Open-End Management**<br> **Investment Companies [Item 10 of Form N-CSR]** | **Remuneration Paid to Directors, Officers, and Others of Open-End Management**<br> **Investment Companies [Item 10 of Form N-CSR]** |
| &nbsp;&nbsp;&nbsp; Renumeration Paid to Directors, Officers, and Others of Open-End Investment<br> Companies is included under Statements of Operations in the Financial<br> Statements under Item 7 above. | &nbsp;&nbsp;&nbsp; Renumeration Paid to Directors, Officers, and Others of Open-End Investment<br> Companies is included under Statements of Operations in the Financial<br> Statements under Item 7 above. |

---

------

Multi-Select Securities Fund for Puerto Rico Residents

The following table includes selected data for a unit outstanding throughout the periods and other performance information derived from the financial

statements. It should be read in conjunction with the financial statements and notes thereto.

International Portfolio I - Financial Highlights

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Class A Units** | **Class A Units** | **Class A Units** | **Class A Units** | **Class A Units** | **Class A Units** | **Class A Units** |
|  |  |  | **For the fiscal year ended** | | **For the fiscal year ended** | | **For the fiscal year ended** | | **For the fiscal year ended** |
|  |  |  | **March 31, 2025** | | **March 31, 2024** | | **March 31, 2023** | | **March 31, 2022** |
| **Increase (Decrease) in Net Asset Value:** | **Increase (Decrease) in Net Asset Value:** | **Increase (Decrease) in Net Asset Value:** | **Increase (Decrease) in Net Asset Value:** | | | | | | |
|  **Per Unit** |  | Net asset value, beginning of period | $10.19 |  | $9.27 |  | $9.84 |  | $10.53 |
|  **Operating** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.00 | \*\* | 0.02 |  | 0.00 | \*\* | (0.04) |
|  **Performance: (a)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation (depreciation) on investments and future contracts | 0.67 |  | 0.90 |  | (0.57) |  | (0.65) |
|  |  | Total from investment operations | 0.67 |  | 0.92 |  | (0.57) |  | (0.69) |
|  |  | Less: Dividends from net investment income to common unitholders | (0.02) |  | 0.00 | \*\*\* |  |  |  |
|  |  | Net asset value, end of period | $10.84 |  | $10.19 |  | $9.27 |  | $9.84 |
|  **Total Investment**<br> **Return: (b)** |  | Based on net asset value per unit ^ | 6.61% |  | 9.95% |  | (5.79%) |  | (6.55%) |
|  **Ratios: (c)(d)** |  | Net expenses to average net assets - net of waived and/or reimbursed expenses | 1.76% |  | 1.76% |  | 1.82% |  | 1.75% |
|  |  | Gross expenses to average net assets | 3.42% |  | 4.15% |  | 3.06% |  | 2.78% |
|  |  | Net investment income (loss) to average net assets - net of waived and/or reimbursed expenses | 0.02% |  | 0.22% |  | 0.02% |  | (0.40%) |
|  **Supplemental** |  | Net assets, end of period (in thousands) | $2537 |  | $2605 |  | $3040 |  | $3897 |
|  **Data:** |  | Portfolio turnover | 37.63% |  | 41.21% |  | 32.83% |  | 60.95% |
|  | \*\* | &nbsp;&nbsp;&nbsp;&nbsp; Net investment income for the fiscal year ended March 31, 2025, and March 31, 2023, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Net investment income for the fiscal year ended March 31, 2025, and March 31, 2023, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Net investment income for the fiscal year ended March 31, 2025, and March 31, 2023, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Net investment income for the fiscal year ended March 31, 2025, and March 31, 2023, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Net investment income for the fiscal year ended March 31, 2025, and March 31, 2023, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Net investment income for the fiscal year ended March 31, 2025, and March 31, 2023, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Net investment income for the fiscal year ended March 31, 2025, and March 31, 2023, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Net investment income for the fiscal year ended March 31, 2025, and March 31, 2023, amounted to $0.002. |
|  | \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income to common unitholders for fiscal year ended March 31, 2024, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income to common unitholders for fiscal year ended March 31, 2024, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income to common unitholders for fiscal year ended March 31, 2024, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income to common unitholders for fiscal year ended March 31, 2024, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income to common unitholders for fiscal year ended March 31, 2024, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income to common unitholders for fiscal year ended March 31, 2024, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income to common unitholders for fiscal year ended March 31, 2024, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income to common unitholders for fiscal year ended March 31, 2024, amounted to $0.002. |
|  | ^ | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. |
|  | (a) | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 239,481; 277,603; 355,315; and 414,618 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 239,481; 277,603; 355,315; and 414,618 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 239,481; 277,603; 355,315; and 414,618 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 239,481; 277,603; 355,315; and 414,618 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 239,481; 277,603; 355,315; and 414,618 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 239,481; 277,603; 355,315; and 414,618 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 239,481; 277,603; 355,315; and 414,618 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 239,481; 277,603; 355,315; and 414,618 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
|  | (b) | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. |
|  | (c) | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $2,500,315, $2,613,871, $3,086,355, and $4,428,630 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $2,500,315, $2,613,871, $3,086,355, and $4,428,630 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $2,500,315, $2,613,871, $3,086,355, and $4,428,630 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $2,500,315, $2,613,871, $3,086,355, and $4,428,630 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $2,500,315, $2,613,871, $3,086,355, and $4,428,630 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $2,500,315, $2,613,871, $3,086,355, and $4,428,630 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $2,500,315, $2,613,871, $3,086,355, and $4,428,630 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $2,500,315, $2,613,871, $3,086,355, and $4,428,630 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
|  | (d) | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus increasing the net investment income ratio to average net assets applicable to common unitholders by 1.66%, 2.39%, 1.24%, and 1.03%, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus increasing the net investment income ratio to average net assets applicable to common unitholders by 1.66%, 2.39%, 1.24%, and 1.03%, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus increasing the net investment income ratio to average net assets applicable to common unitholders by 1.66%, 2.39%, 1.24%, and 1.03%, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus increasing the net investment income ratio to average net assets applicable to common unitholders by 1.66%, 2.39%, 1.24%, and 1.03%, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus increasing the net investment income ratio to average net assets applicable to common unitholders by 1.66%, 2.39%, 1.24%, and 1.03%, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus increasing the net investment income ratio to average net assets applicable to common unitholders by 1.66%, 2.39%, 1.24%, and 1.03%, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus increasing the net investment income ratio to average net assets applicable to common unitholders by 1.66%, 2.39%, 1.24%, and 1.03%, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus increasing the net investment income ratio to average net assets applicable to common unitholders by 1.66%, 2.39%, 1.24%, and 1.03%, respectively. |

---

The accompanying notes are an integral part of these financial statements.

------

Multi-Select Securities Fund for Puerto Rico Residents

The following table includes selected data for a unit outstanding throughout the periods and other performance information derived from the financial

statements. It should be read in conjunction with the financial statements and notes thereto.

Large Cap Core Portfolio I - Financial Highlights (continues)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Class A Units** | **Class A Units** | **Class A Units** | **Class A Units** |
|  |  | **For the fiscal year ended** | **For the fiscal year ended** | **For the fiscal year ended** | **For the fiscal year ended** |
|  |  | **March 31, 2025** | **March 31, 2024** | **March 31, 2023** | **March 31, 2022** |
| **Increase (Decrease) in Net Asset Value:** | **Increase (Decrease) in Net Asset Value:** | **Increase (Decrease) in Net Asset Value:** |  |  |  |
|  **Per Unit** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, beginning of period | $41.14 | $31.35 | $36.44 | $32.67 |
|  **Operating** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.44) | (0.32) | (0.24) | (0.35) |
| **Performance: (a)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation (depreciation) on investments and future contracts | 2.35 | 10.11 | (4.85) | 4.12 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.91 | 9.79 | (5.09) | 3.77 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, end of period | $43.05 | $41.14 | $31.35 | $36.44 |
| **Total Investment**<br> **Return: (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on net asset value per unit ^ | 4.64% | 31.23% | (13.94%) | 11.51% |
|  **Ratios: (c)(d)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses to average net assets - net of waived and/or reimbursed expenses | 1.75% | 1.76% | 1.81% | 1.75% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses to average net assets | 2.53% | 3.20% | 2.64% | 2.80% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets - net of waived and/or reimbursed expenses | (1.00%) | (0.91%) | (0.79%) | (0.97%) |
| **Supplemental** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $4328 | $5017 | $4325 | $5383 |
| **Data:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 50.27% | 41.95% | 67.09% | 47.04% |
|  | ^ Total investment return excludes the effects of sales charges. | ^ Total investment return excludes the effects of sales charges. | ^ Total investment return excludes the effects of sales charges. | ^ Total investment return excludes the effects of sales charges. | ^ Total investment return excludes the effects of sales charges. |
|  | (a) Based on average outstanding units of 113,536; 129,639; 142,680; and 153,350 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (a) Based on average outstanding units of 113,536; 129,639; 142,680; and 153,350 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (a) Based on average outstanding units of 113,536; 129,639; 142,680; and 153,350 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (a) Based on average outstanding units of 113,536; 129,639; 142,680; and 153,350 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (a) Based on average outstanding units of 113,536; 129,639; 142,680; and 153,350 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
|  | (b) Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | (b) Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | (b) Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | (b) Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | (b) Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. |
|  | (c) Based on average net assets of $5,025,387, $4,547,169, $4,440,889, and $5,535,739 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (c) Based on average net assets of $5,025,387, $4,547,169, $4,440,889, and $5,535,739 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (c) Based on average net assets of $5,025,387, $4,547,169, $4,440,889, and $5,535,739 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (c) Based on average net assets of $5,025,387, $4,547,169, $4,440,889, and $5,535,739 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (c) Based on average net assets of $5,025,387, $4,547,169, $4,440,889, and $5,535,739 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
|  | (d) The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.78%, 1.44%, 0.83%, and 1.05%, respectively. | (d) The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.78%, 1.44%, 0.83%, and 1.05%, respectively. | (d) The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.78%, 1.44%, 0.83%, and 1.05%, respectively. | (d) The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.78%, 1.44%, 0.83%, and 1.05%, respectively. | (d) The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.78%, 1.44%, 0.83%, and 1.05%, respectively. |

---

The accompanying notes are an integral part of these financial statements.

------

Multi-Select Securities Fund for Puerto Rico Residents

The following table includes selected data for a unit outstanding throughout the periods and other performance information derived from the financial

statements. It should be read in conjunction with the financial statements and notes thereto.

Large Cap Core Portfolio I - Financial Highlights (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Class L Units** | **Class L Units** | **Class L Units** | **Class L Units** |
|  |  | **For the fiscal year ended** | **For the fiscal year ended** | **For the fiscal year ended** | **For the fiscal year ended** |
|  |  | **March 31, 2025** | **March 31, 2024** | **March 31, 2023** | **March 31, 2022** |
| **Increase (Decrease) in Net Asset Value:** | **Increase (Decrease) in Net Asset Value:** | **Increase (Decrease) in Net Asset Value:** |  |  |  |
|  **Per Unit** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, beginning of period | $42.87 | $32.67 | $37.99 | $34.20 |
|  **Operating** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.46) | (0.33) | (0.27) | (0.52) |
| **Performance: (a)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation (depreciation) on investments and future contracts | 2.44 | 10.53 | (5.05) | 4.31 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.98 | 10.20 | (5.32) | 3.79 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, end of period | $44.85 | $42.87 | $32.67 | $37.99 |
| **Total Investment Return: (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on net asset value per unit ^ | 4.62% | 31.22% | (13.98%) | 11.05% |
|  **Ratios: (c)(d)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses to average net assets - net of waived and/or reimbursed expenses | 1.75% | 1.76% | 1.87% | 2.15% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses to average net assets | 2.53% | 3.22% | 2.71% | 3.30% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets - net of waived and/or reimbursed expenses | (1.00%) | (0.91%) | (0.85%) | (1.37%) |
| **Supplemental** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $2436 | $2328 | $1774 | $2063 |
| **Data:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 50.27% | 41.95% | 67.09% | 47.04% |
|  | ^ Total investment return excludes the effects of sales charges. | ^ Total investment return excludes the effects of sales charges. | ^ Total investment return excludes the effects of sales charges. | ^ Total investment return excludes the effects of sales charges. | ^ Total investment return excludes the effects of sales charges. |
|  | (a) Based on average outstanding units of 54,318 for fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (a) Based on average outstanding units of 54,318 for fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (a) Based on average outstanding units of 54,318 for fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (a) Based on average outstanding units of 54,318 for fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (a) Based on average outstanding units of 54,318 for fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
|  | (b) Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | (b) Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | (b) Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | (b) Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | (b) Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. |
|  | (c) Based on average net assets of $2,506,984, $1,989,504, $1,758,151, and $2,049,032 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (c) Based on average net assets of $2,506,984, $1,989,504, $1,758,151, and $2,049,032 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (c) Based on average net assets of $2,506,984, $1,989,504, $1,758,151, and $2,049,032 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (c) Based on average net assets of $2,506,984, $1,989,504, $1,758,151, and $2,049,032 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (c) Based on average net assets of $2,506,984, $1,989,504, $1,758,151, and $2,049,032 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
|  | (d) The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.78%, 1.46%, 0.84%, and 1.15%, respectively. | (d) The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.78%, 1.46%, 0.84%, and 1.15%, respectively. | (d) The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.78%, 1.46%, 0.84%, and 1.15%, respectively. | (d) The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.78%, 1.46%, 0.84%, and 1.15%, respectively. | (d) The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.78%, 1.46%, 0.84%, and 1.15%, respectively. |

---

The accompanying notes are an integral part of these financial statements.

------

Multi-Select Securities Fund for Puerto Rico Residents

The following table includes selected data for a unit outstanding throughout the periods and other performance information derived from the financial

statements. It should be read in conjunction with the financial statements and notes thereto.

Large Cap Growth Portfolio I - Financial Highlights (continues)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Class A Units** | **Class A Units** | **Class A Units** | **Class A Units** |
|  |  | **For the fiscal year ended<br>March 31, 2025** | **For the fiscal year ended<br>March 31, 2024** | **For the fiscal year**<br> **ended March 31,**<br> **2023** | **For the fiscal year**<br> **ended March 31,**<br> **2022** |
| **Increase (Decrease) in Net Asset Value:** | **Increase (Decrease) in Net Asset Value:** | **Increase (Decrease) in Net Asset Value:** |  |  |  |
|  **Per Unit** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, beginning of period | $48.22 | $34.25 | $39.63 | $36.62 |
|  **Operating** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.74) | (0.55) | (0.41) | (0.60) |
| **Performance: (a)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation (depreciation) on investments and future contracts | 2.51 | 14.52 | (4.97) | 3.61 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.77 | 13.97 | (5.38) | 3.01 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, end of period | $49.99 | $48.22 | $34.25 | $39.63 |
| **Total Investment Return: (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on net asset value per unit ^ | 3.69% | 40.79% | (13.58%) | 8.22% |
|  **Ratios: (c)(d)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses to average net assets - net of waived and/or reimbursed expenses | 1.76% | 1.76% | 1.81% | 1.75% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses to average net assets | 2.50% | 3.10% | 2.65% | 2.77% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets - net of waived and/or reimbursed expenses | (1.42%) | (1.38%) | (1.27%) | (1.44%) |
| **Supplemental** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $5781 | $6085 | $5462 | $6556 |
| **Data:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 72.43% | 65.62% | 76.07% | 124.60% |
|  | ^ Total investment return excludes the effects of sales charges. | ^ Total investment return excludes the effects of sales charges. | ^ Total investment return excludes the effects of sales charges. | ^ Total investment return excludes the effects of sales charges. | ^ Total investment return excludes the effects of sales charges. |
|  | (a) Based on average outstanding units of 120,447; 144,579; 161,956; and 172,951 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (a) Based on average outstanding units of 120,447; 144,579; 161,956; and 172,951 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (a) Based on average outstanding units of 120,447; 144,579; 161,956; and 172,951 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (a) Based on average outstanding units of 120,447; 144,579; 161,956; and 172,951 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (a) Based on average outstanding units of 120,447; 144,579; 161,956; and 172,951 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
|  | (b) Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | (b) Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | (b) Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | (b) Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | (b) Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. |
|  | (c) Based on average net assets of $6,273,608, $5,744,785, $5,287,251, and $7,139,920 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (c) Based on average net assets of $6,273,608, $5,744,785, $5,287,251, and $7,139,920 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (c) Based on average net assets of $6,273,608, $5,744,785, $5,287,251, and $7,139,920 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (c) Based on average net assets of $6,273,608, $5,744,785, $5,287,251, and $7,139,920 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (c) Based on average net assets of $6,273,608, $5,744,785, $5,287,251, and $7,139,920 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
|  | (d) The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.75%, 1.34%, 0.84%, and 1.02%, respectively. | (d) The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.75%, 1.34%, 0.84%, and 1.02%, respectively. | (d) The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.75%, 1.34%, 0.84%, and 1.02%, respectively. | (d) The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.75%, 1.34%, 0.84%, and 1.02%, respectively. | (d) The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.75%, 1.34%, 0.84%, and 1.02%, respectively. |

---

The accompanying notes are an integral part of these financial statements.

------

Multi-Select Securities Fund for Puerto Rico Residents

The following table includes selected data for a unit outstanding throughout the periods and other performance information derived from the financial

statements. It should be read in conjunction with the financial statements and notes thereto.

Large Cap Growth Portfolio I - Financial Highlights (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Class L Units | Class L Units | Class L Units | Class L Units |
|  |  | For the fiscal year ended<br>March 31, 2025 | For the fiscal year ended<br>March 31, 2024 | For the fiscal year ended<br>March 31, 2023 | For the fiscal year ended<br>March 31, 2022 |
| **Increase (Decrease) in Net Asset Value:** | **Increase (Decrease) in Net Asset Value:** | **Increase (Decrease) in Net Asset Value:** |  |  |  |
|  **Per Unit** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, beginning of period | $45.03 | $31.98 | $37.03 | $34.35 |
|  **Operating** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.69) | (0.52) | (0.40) | (0.71) |
| **Performance: (a)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation (depreciation) on investments and future contracts | 2.34 | 13.57 | (4.65) | 3.39 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.65 | 13.05 | (5.05) | 2.68 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, end of period | $46.68 | $45.03 | $31.98 | $37.03 |
| **Total Investment Return: (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on net asset value per unit ^ | 3.68% | 40.81% | (13.64%) | 7.80% |
|  **Ratios: (c)(d)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses to average net assets - net of waived and/or reimbursed expenses | 1.76% | 1.76% | 1.88% | 2.15% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses to average net assets | 2.51% | 3.14% | 2.72% | 3.27% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets - net of waived and/or reimbursed expenses | (1.42%) | (1.38%) | (1.33%) | (1.84%) |
| **Supplemental** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $2536 | $2445 | $1737 | $2011 |
| **Data:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 72.43% | 65.62% | 76.07% | 124.60% |
|  | ^ Total investment return excludes the effects of sales charges. | ^ Total investment return excludes the effects of sales charges. | ^ Total investment return excludes the effects of sales charges. | ^ Total investment return excludes the effects of sales charges. | ^ Total investment return excludes the effects of sales charges. |
|  | (a) Based on average outstanding units of 54,310 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (a) Based on average outstanding units of 54,310 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (a) Based on average outstanding units of 54,310 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (a) Based on average outstanding units of 54,310 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (a) Based on average outstanding units of 54,310 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
|  | (b) Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | (b) Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | (b) Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | (b) Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | (b) Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. |
|  | (c) Based on average net assets of $2,643,495, $2,028,454, $1,653,329, and $2,100,811 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (c) Based on average net assets of $2,643,495, $2,028,454, $1,653,329, and $2,100,811 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (c) Based on average net assets of $2,643,495, $2,028,454, $1,653,329, and $2,100,811 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (c) Based on average net assets of $2,643,495, $2,028,454, $1,653,329, and $2,100,811 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | (c) Based on average net assets of $2,643,495, $2,028,454, $1,653,329, and $2,100,811 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
|  | (d) The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.75%, 1.38%, 0.84%, and 1.12%, respectively. | (d) The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.75%, 1.38%, 0.84%, and 1.12%, respectively. | (d) The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.75%, 1.38%, 0.84%, and 1.12%, respectively. | (d) The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.75%, 1.38%, 0.84%, and 1.12%, respectively. | (d) The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.75%, 1.38%, 0.84%, and 1.12%, respectively. |

---

The accompanying notes are an integral part of these financial statements.

------

Multi-Select Securities Fund for Puerto Rico Residents

The following table includes selected data for a unit outstanding throughout the periods and other performance information derived from the financial

statements. It should be read in conjunction with the financial statements and notes thereto.

Large Cap Value Portfolio I - Financial Highlights (continues)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Class A Units** | **Class A Units** | **Class A Units** | **Class A Units** |
|  |  |  | **For the fiscal year ended**<br> **March 31, 2025** | **For the fiscal year ended**<br> **March 31, 2024** | **For the fiscal year ended**<br> **March 31, 2023** | **For the fiscal year ended**<br> **March 31, 2022** |
| ***Increase (Decrease) in Net Asset Value:*** | ***Increase (Decrease) in Net Asset Value:*** | ***Increase (Decrease) in Net Asset Value:*** |  |  |  |  |
|  **Per Unit** |  | Net asset value, beginning of period | $25.42 | $23.44 | $25.89 | $22.93 |
|  **Operating** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.02 | 0.06 | 0.02 | (0.02) |
| **Performance: (a)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation (depreciation) on investments and future contracts | 1.77 | 1.94 | (2.47) | 3.00 |
|  |  | Total from investment operations | 1.79 | 2.00 | (2.45) | 2.98 |
|  |  | Less: Dividends from net investment income to common unitholders | (0.07) | (0.02) |  | (0.02) |
|  |  | Net asset value, end of period | $27.14 | $25.42 | $23.44 | $25.89 |
| **Total Investment<br>Return: (b)** |  | Based on net asset value per unit ^ | 7.07% | 8.52% | (9.46%) | 12.99% |
|  **Ratios: (c)(d)** |  | Net expenses to average net assets - net of waived and/or reimbursed expenses | 1.76% | 1.77% | 1.81% | 1.75% |
|  |  | Gross expenses to average net assets | 2.66% | 3.03% | 2.63% | 2.82% |
|  |  | Net investment income (loss) to average net assets - net of waived and/or reimbursed expenses | 0.07% | 0.27% | (0.07%) | (0.09%) |
| **Supplemental** |  | Net assets, end of period (in thousands) | $4374 | $4574 | $5306 | $6193 |
|  **Data:** |  | Portfolio turnover | 8.26% | 9.02% | 2.81% | 12.17% |
|  | ^ | Total investment return excludes the effects of sales charges. | Total investment return excludes the effects of sales charges. | Total investment return excludes the effects of sales charges. | Total investment return excludes the effects of sales charges. | Total investment return excludes the effects of sales charges. |
|  | (a) | Based on average outstanding units of 171,185; 200,581; 230,480; and 246,603 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022. | Based on average outstanding units of 171,185; 200,581; 230,480; and 246,603 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022. | Based on average outstanding units of 171,185; 200,581; 230,480; and 246,603 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022. | Based on average outstanding units of 171,185; 200,581; 230,480; and 246,603 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022. | Based on average outstanding units of 171,185; 200,581; 230,480; and 246,603 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022. |
|  | (b) | Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. |
|  | (c) | Based on average net assets of $4,484,825, $4,725,566, $5,422,365, and $6,148,778 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average net assets of $4,484,825, $4,725,566, $5,422,365, and $6,148,778 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average net assets of $4,484,825, $4,725,566, $5,422,365, and $6,148,778 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average net assets of $4,484,825, $4,725,566, $5,422,365, and $6,148,778 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average net assets of $4,484,825, $4,725,566, $5,422,365, and $6,148,778 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
|  | (d) | The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.89%, 1.26%, 0.82%, and 1.07%, respectively. | The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.89%, 1.26%, 0.82%, and 1.07%, respectively. | The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.89%, 1.26%, 0.82%, and 1.07%, respectively. | The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.89%, 1.26%, 0.82%, and 1.07%, respectively. | The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.89%, 1.26%, 0.82%, and 1.07%, respectively. |

---

The accompanying notes are an integral part of these financial statements.

------

Multi-Select Securities Fund for Puerto Rico Residents

The following table includes selected data for a unit outstanding throughout the periods and other performance information derived from the financial

statements. It should be read in conjunction with the financial statements and notes thereto.

Large Cap Value Portfolio I - Financial Highlights (concluded)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Class L Units** | **Class L Units** | **Class L Units** | **Class L Units** | **Class L Units** |
|  |  |  | **For the fiscal year ended**<br> **March 31, 2025** | **For the fiscal year ended**<br> **March 31, 2024** |  | **For the fiscal year ended**<br> **March 31, 2023** | **For the fiscal year ended**<br> **March 31, 2022** |
| ***Increase (Decrease) in Net Asset Value:*** | ***Increase (Decrease) in Net Asset Value:*** | ***Increase (Decrease) in Net Asset Value:*** |  |  |  |  |  |
|  **Per Unit** |  | Net asset value, beginning of period | $24.55 | $22.63 |  | $25.01 | $22.22 |
|  **Operating** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.02 | 0.06 |  | 0.00 \* | (0.12) |
| **Performance: (a)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation (depreciation) on investments and future contracts | 1.71 | 1.86 |  | (2.38) | 2.91 |
|  |  | Total from investment operations | 1.73 | 1.92 |  | (2.38) | 2.79 |
|  |  | Less: Dividends from net investment income to common unitholders | (0.06) | 0.00 | \*\* |  |  |
|  |  | Net asset value, end of period | $26.22 | $24.55 |  | $22.63 | $25.01 |
| **Total Investment<br>Return: (b)** |  | Based on net asset value per unit ^ | 7.07% | 8.50% |  | (9.52%) | 12.56% |
|  **Ratios: (c)(d)** |  | Net expenses to average net assets - net of waived and/or reimbursed expenses | 1.76% | 1.77% |  | 1.87% | 2.15% |
|  |  | Gross expenses to average net assets | 2.66% | 3.06% |  | 2.69% | 3.32% |
|  |  | Net investment income (loss) to average net assets - net of waived and/or reimbursed expenses | 0.07% | 0.27% |  | (0.01%) | (0.49%) |
| **Supplemental** |  | Net assets, end of period (in thousands) | $1881 | $1757 |  | $1619 | $1790 |
|  **Data:** |  | Portfolio turnover | 8.26% | 9.02% |  | 2.81% | 12.17% |
|  | \* | &nbsp;&nbsp;&nbsp;&nbsp; Net investment income for the fiscal year ended March 31, 2023, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Net investment income for the fiscal year ended March 31, 2023, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Net investment income for the fiscal year ended March 31, 2023, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Net investment income for the fiscal year ended March 31, 2023, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Net investment income for the fiscal year ended March 31, 2023, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Net investment income for the fiscal year ended March 31, 2023, amounted to $0.002. |
|  | \*\* | &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income to common unitholders for the fiscal year ended March 31, 2024, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income to common unitholders for the fiscal year ended March 31, 2024, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income to common unitholders for the fiscal year ended March 31, 2024, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income to common unitholders for the fiscal year ended March 31, 2024, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income to common unitholders for the fiscal year ended March 31, 2024, amounted to $0.002. | &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income to common unitholders for the fiscal year ended March 31, 2024, amounted to $0.002. |
|  | ^ | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. |
|  | (a) | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 71,696; 71,569; 71,563; and 71,563 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 71,696; 71,569; 71,563; and 71,563 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 71,696; 71,569; 71,563; and 71,563 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 71,696; 71,569; 71,563; and 71,563 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 71,696; 71,569; 71,563; and 71,563 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 71,696; 71,569; 71,563; and 71,563 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
|  | (b) | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. |
|  | (c) | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $1,816,234, $1,629,491, $1,622,972, and $1,727,903 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $1,816,234, $1,629,491, $1,622,972, and $1,727,903 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $1,816,234, $1,629,491, $1,622,972, and $1,727,903 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $1,816,234, $1,629,491, $1,622,972, and $1,727,903 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $1,816,234, $1,629,491, $1,622,972, and $1,727,903 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $1,816,234, $1,629,491, $1,622,972, and $1,727,903 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
|  | (d) | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.90%, 1.29%, 0.82%, and 1.17%, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.90%, 1.29%, 0.82%, and 1.17%, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.90%, 1.29%, 0.82%, and 1.17%, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.90%, 1.29%, 0.82%, and 1.17%, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.90%, 1.29%, 0.82%, and 1.17%, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.90%, 1.29%, 0.82%, and 1.17%, respectively. |

---

The accompanying notes are an integral part of these financial statements.

------

Multi-Select Securities Fund for Puerto Rico Residents

The following table includes selected data for a unit outstanding throughout the periods and other performance information derived from the financial

statements. It should be read in conjunction with the financial statements and notes thereto.

Mid Cap Core Portfolio I - Financial Highlights (continues)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Class A Units** | **Class A Units** | **Class A Units** | **Class A Units** |
|  |  |  | **For the fiscal year ended**<br> **March 31, 2025** | **For the fiscal year ended**<br> **March 31, 2024** | **For the fiscal year ended**<br> **March 31, 2023** | **For the fiscal year ended**<br> **March 31, 2022** |
| ***Increase (Decrease) in Net Asset Value:*** | ***Increase (Decrease) in Net Asset Value:*** | ***Increase (Decrease) in Net Asset Value:*** |  |  |  |  |
|  Per Unit |  | Net asset value, beginning of period | $46.58 | $36.79 | $38.48 | $37.50 |
|  **Operating** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.37) | (0.34) | (0.33) | (0.38) |
| **Performance: (a)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation (depreciation) on investments and future contracts | (2.88) | 10.13 | (1.36) | 1.36 |
|  |  | Total from investment operations | (3.25) | 9.79 | (1.69) | 0.98 |
|  |  | Net asset value, end of period | $43.33 | $46.58 | $36.79 | $38.48 |
| **Total Investment**<br> **Return: (b)** |  | Based on net asset value per unit ^ | (6.98%) | 26.61% | (4.39%) | 2.61% |
|  **Ratios: (c)(d)** |  | Net expenses to average net assets - net of waived and/or reimbursed expenses | 1.75% | 1.75% | 1.80% | 1.75% |
|  |  | Gross expenses to average net assets | 2.74% | 3.28% | 2.76% | 2.80% |
|  |  | Net investment income (loss) to average net assets - net of waived and/or reimbursed expenses | (0.81%) | (0.85%) | (0.92%) | (0.97%) |
| **Supplemental** |  | Net assets, end of period (in thousands) | $2842 | $3402 | $3761 | $4234 |
|  **Data:** |  | Portfolio turnover | 10.39% | 16.54% | 18.48% | 101.44% |
|  | ^ | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. |
|  | (a) | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 68,884; 87,649; 106,117; and 113,446 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 68,884; 87,649; 106,117; and 113,446 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 68,884; 87,649; 106,117; and 113,446 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 68,884; 87,649; 106,117; and 113,446 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 68,884; 87,649; 106,117; and 113,446 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
|  | (b) | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. |
|  | (c) | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $3,124,492, $3,491,475, $3,836,236, and $4,496,162 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $3,124,492, $3,491,475, $3,836,236, and $4,496,162 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $3,124,492, $3,491,475, $3,836,236, and $4,496,162 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $3,124,492, $3,491,475, $3,836,236, and $4,496,162 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $3,124,492, $3,491,475, $3,836,236, and $4,496,162 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
|  | (d) | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.98%, 1.53%, 0.96%, and 1.05%, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.98%, 1.53%, 0.96%, and 1.05%, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.98%, 1.53%, 0.96%, and 1.05%, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.98%, 1.53%, 0.96%, and 1.05%, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.98%, 1.53%, 0.96%, and 1.05%, respectively. |

---

The accompanying notes are an integral part of these financial statements.

------

Multi-Select Securities Fund for Puerto Rico Residents

The following table includes selected data for a unit outstanding throughout the periods and other performance information derived from the financial

statements. It should be read in conjunction with the financial statements and notes thereto.

Mid Cap Core Portfolio I - Financial Highlights (concluded)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Class L Units** | **Class L Units** | **Class L Units** | **Class L Units** |
|  |  |  | **For the fiscal year ended**<br> **March 31, 2025** | **For the fiscal year ended**<br> **March 31, 2024** | **For the fiscal year ended**<br> **March 31, 2023** | **For the fiscal year ended**<br> **March 31, 2022** |
| ***Increase (Decrease) in Net Asset Value:*** | ***Increase (Decrease) in Net Asset Value:*** | ***Increase (Decrease) in Net Asset Value:*** |  |  |  |  |
|  Per Unit |  | Net asset value, beginning of period | $41.06 | $32.44 | $33.95 | $33.22 |
|  **Operating** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.32) | (0.30) | (0.31) | (0.48) |
| **Performance: (a)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation (depreciation) on investments and future contracts | (2.54) | 8.92 | (1.20) | 1.21 |
|  |  | Total from investment operations | (2.86) | 8.62 | (1.51) | 0.73 |
|  |  | Net asset value, end of period | $38.20 | $41.06 | $32.44 | $33.95 |
| **Total Investment**<br> **Return: (b)** |  | Based on net asset value per unit ^ | (6.96%) | 26.57% | (4.45%) | 2.20% |
|  **Ratios: (c)(d)** |  | Net expenses to average net assets - net of waived and/or reimbursed expenses | 1.75% | 1.75% | 1.86% | 2.15% |
|  |  | Gross expenses to average net assets | 2.73% | 3.33% | 2.83% | 3.30% |
|  |  | Net investment income (loss) to average net assets - net of waived and/or reimbursed expenses | (0.81%) | (0.84%) | (0.98%) | (1.37%) |
| **Supplemental** |  | Net assets, end of period (in thousands) | $1606 | $1727 | $1364 | $1428 |
|  **Data:** |  | Portfolio turnover | 10.39% | 16.54% | 18.48% | 101.44% |
|  | ^ | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. | &nbsp;&nbsp;&nbsp;&nbsp; Total investment return excludes the effects of sales charges. |
|  | (a) | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 42,055 for fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 42,055 for fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 42,055 for fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 42,055 for fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average outstanding units of 42,055 for fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
|  | (b) | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | &nbsp;&nbsp;&nbsp;&nbsp; Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. |
|  | (c) | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $1,682,059, $1,484,347, $1,339,166, and $1,473,501 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $1,682,059, $1,484,347, $1,339,166, and $1,473,501 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $1,682,059, $1,484,347, $1,339,166, and $1,473,501 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $1,682,059, $1,484,347, $1,339,166, and $1,473,501 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; Based on average net assets of $1,682,059, $1,484,347, $1,339,166, and $1,473,501 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
|  | (d) | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.98%, 1.58%, 0.97%, and 1.15%, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.98%, 1.58%, 0.97%, and 1.15%, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.98%, 1.58%, 0.97%, and 1.15%, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.98%, 1.58%, 0.97%, and 1.15%, respectively. | &nbsp;&nbsp;&nbsp;&nbsp; The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 0.98%, 1.58%, 0.97%, and 1.15%, respectively. |

---

The accompanying notes are an integral part of these financial statements.

------

Multi-Select Securities Fund for Puerto Rico Residents

The following table includes selected data for a unit outstanding throughout the periods and other performance information derived from the financial

statements. It should be read in conjunction with the financial statements and notes thereto.

Small Cap Core Portfolio I - Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Class A Units** | **Class A Units** | **Class A Units** | **Class A Units** |
|  |  |  | **For the fiscal year ended**<br> **March 31, 2025** | **For the fiscal year ended**<br> **March 31, 2024** | **For the fiscal year ended**<br> **March 31, 2023** | **For the fiscal year ended**<br> **March 31, 2022** |
| ***Increase (Decrease) in Net Asset Value:*** | ***Increase (Decrease) in Net Asset Value:*** | ***Increase (Decrease) in Net Asset Value:*** |  |  |  |  |
|  Per Unit |  | Net asset value, beginning of period | $30.30 | $29.04 | $30.79 | $30.63 |
|  **Operating** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.24) | (0.20) | (0.21) | (0.30) |
| **Performance: (a)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation (depreciation) on investments and future contracts | (0.67) | 1.46 | (1.54) | 0.46 |
|  |  | Total from investment operations | (0.91) | 1.26 | (1.75) | 0.16 |
|  |  | Net asset value, end of period | $29.39 | $30.30 | $29.04 | $30.79 |
| **Total Investment**<br> **Return: (b)** |  | Based on net asset value per unit ^ | (3.00%) | 4.34% | (5.71%) | 0.56% |
|  **Ratios: (c)(d)** |  | Net expenses to average net assets - net of waived and/or reimbursed expenses | 1.76% | 1.76% | 1.82% | 1.75% |
|  |  | Gross expenses to average net assets | 3.14% | 3.97% | 3.06% | 2.81% |
|  |  | Net investment income (loss) to average net assets - net of waived and/or reimbursed expenses | (0.79%) | (0.72%) | (0.74%) | (0.96%) |
| **Supplemental** |  | Net assets, end of period (in thousands) | $2267 | $2916 | $3074 | $3643 |
|  **Data:** |  | Portfolio turnover | 6.33% | 25.08% | 31.79% | 146.86% |
|  | ^ | Total investment return excludes the effects of sales charges. | Total investment return excludes the effects of sales charges. | Total investment return excludes the effects of sales charges. | Total investment return excludes the effects of sales charges. | Total investment return excludes the effects of sales charges. |
|  | (a) | Based on average outstanding units of 91,883; 101,120; 110,524; and 126,041 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average outstanding units of 91,883; 101,120; 110,524; and 126,041 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average outstanding units of 91,883; 101,120; 110,524; and 126,041 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average outstanding units of 91,883; 101,120; 110,524; and 126,041 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average outstanding units of 91,883; 101,120; 110,524; and 126,041 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
|  | (b) | Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. | Calculation is based on beginning and end of period net asset values and assumes reinvestment of dividends. |
|  | (c) | Based on average net assets of $2,827,987, $2,882,874, $3,100,291, and $3,904,319 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average net assets of $2,827,987, $2,882,874, $3,100,291, and $3,904,319 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average net assets of $2,827,987, $2,882,874, $3,100,291, and $3,904,319 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average net assets of $2,827,987, $2,882,874, $3,100,291, and $3,904,319 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average net assets of $2,827,987, $2,882,874, $3,100,291, and $3,904,319 for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
|  | (d) | The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 1.38%, 2.21%, 1.24%, and 1.06%, respectively. | The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 1.38%, 2.21%, 1.24%, and 1.06%, respectively. | The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 1.38%, 2.21%, 1.24%, and 1.06%, respectively. | The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 1.38%, 2.21%, 1.24%, and 1.06%, respectively. | The effect of the expenses waived for the fiscal years ended March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus decreasing the net investment loss ratio to average net assets applicable to common unitholders by 1.38%, 2.21%, 1.24%, and 1.06%, respectively. |

---

The accompanying notes are an integral part of these financial statements.

------

Multi-Select Securities Fund for Puerto Rico Residents International Portfolio I

---

| | | |
|:---|:---|:---|
| Schedule of Investments |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025 |
|  **COMMON STOCKS - 80.54% of net assets applicable to common unitholders** | **COMMON STOCKS - 80.54% of net assets applicable to common unitholders** |  |
| **Shares** | **Issuer** | **Value** |
| Belgium - 3.72% of net assets applicable to common unitholders | Belgium - 3.72% of net assets applicable to common unitholders |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chemicals & Allied - 1.32% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chemicals & Allied - 1.32% of total investments** |  |
| 306<br> B | UCB SA - Sponsored ADR | $27018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depository Institutions - 3.30% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depository Institutions - 3.30% of total investments** |  |
| 1475<br> B | KBC Group NV - Sponsored ADR | 67452 |
|  **Total Belgium (cost $64,792)** | **Total Belgium (cost $64,792)** | $94470 |
| Curacao - 1.69% of net assets applicable to common unitholders | Curacao - 1.69% of net assets applicable to common unitholders |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Oil and Gas Extract - 2.10% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Oil and Gas Extract - 2.10% of total investments** |  |
| 1028 | Schlumberger Limited | $42970 |
|  **Total Curacao (cost $42,639)** | **Total Curacao (cost $42,639)** | $42970 |
| England - 12.48% of net assets applicable to common unitholders | England - 12.48% of net assets applicable to common unitholders |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Food and Kindred Products - 1.83% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Food and Kindred Products - 1.83% of total investments** |  |
| 356<br> B | Diageo PLC - Sponsored ADR | $37305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depository Institutions - 3.90% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depository Institutions - 3.90% of total investments** |  |
| 5187<br> B | Barclays PLC - Sponsored ADR | 79672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Engineering, Accounting, Research, Management, and Related Services - 2.09% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Engineering, Accounting, Research, Management, and Related Services - 2.09% of total investments** |  |
| 653<br> B | Intertek Group PLC - Sponsored ADR | 42669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Services- 1.78% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Services- 1.78% of total investments** |  |
| 1744<br> B | SSE PLC - Sponsored ADR | 36467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Personal Care Services - 2.12% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Personal Care Services - 2.12% of total investments** |  |
| 4202 | Haleon PLC | 43239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security & Commodity Brokers, Dealers, Exchanges and Services - 2.11% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security & Commodity Brokers, Dealers, Exchanges and Services - 2.11% of total investments** |  |
| 1143<br> B | London Stock Exchange Group, Inc - Sponsored ADR | 43114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Wholesale Trade Non-Durable Goods - 1.67% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Wholesale Trade Non-Durable Goods - 1.67% of total investments** |  |
| 1780<br> B | Bunzl PLC - Sponsored ADR | 34087 |
|  **Total England (cost $295,187)** | **Total England (cost $295,187)** | $316553 |
| France - 10.04% of net assets applicable to common unitholders | France - 10.04% of net assets applicable to common unitholders |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Oil and Gas Extraction - 2.29% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Oil and Gas Extraction - 2.29% of total investments** |  |
| 722<br> B | TotalEnergies SE - Sponsored ADR | $46706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Aircraft Engines - 3.02% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Aircraft Engines - 3.02% of total investments** |  |
| 1157<br> B | Thales S.A. - Sponsored ADR | 61755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transportation Equipment - 2.34% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transportation Equipment - 2.34% of total investments** |  |
| 1084<br> B | Airbus SE - Sponsored ADR | 47794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fabricated Metal Products, except Machinery and Transportation Equipment - 1.29% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fabricated Metal Products, except Machinery and Transportation Equipment - 1.29% of total investments** |  |
| 213<br> B | LVMH Moët Hennessy - Louis Vuitton, Société Européenne - Sponsored ADR | 26384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chemicals & Allied - 1.52% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chemicals & Allied - 1.52% of total investments** |  |
| 817<br> B | L'Air Liquide S.A. - Sponsored ADR | 31062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 2.01% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 2.01% of total investments** |  |
| 1368<br> B | Capgemini SE - Sponsored ADR | 40972 |
|  **Total France (cost $201,926)** | **Total France (cost $201,926)** | $254673 |
| Germany - 9.60% of net assets applicable to common unitholders | Germany - 9.60% of net assets applicable to common unitholders |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Auto, Dealers & Gas - 1.13% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Auto, Dealers & Gas - 1.13% of total investments** |  |
| 4672<br> B | Dr. Ing. h.c. F. Porsche - Sponsored ADR | $23080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Coal Mining - 2.52% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Coal Mining - 2.52% of total investments** |  |
| 3394<br> B | E.ON SE - Sponsored ADR | 51428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electronic & Equipment - 1.87% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electronic & Equipment - 1.87% of total investments** |  |
| 1155<br> B | Infineon Technologies AG - Sponsored ADR | 38254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 2.43% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 2.43% of total investments** |  |
| 185<br> B | SAP SE - Sponsored ADR | 49661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Railroad Transportation - 2.44% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Railroad Transportation - 2.44% of total investments** |  |
| 2197<br> B | Knorr-Bremse AG - Sponsored ADR | 49872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chemicals & Allied - 1.53% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chemicals & Allied - 1.53% of total investments** |  |
| 1138<br> B | Merck Kommanditgesellschaft auf Aktien - Sponsored ADR | 31204 |
|  **Total Germany (cost $211,555)** | **Total Germany (cost $211,555)** | $243499 |
| Hong Kong - 1.11% of net assets applicable to common unitholders | Hong Kong - 1.11% of net assets applicable to common unitholders |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insurance Carriers - 1.38% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insurance Carriers - 1.38% of total investments** |  |
| 935<br> B | AIA Group Limited - Sponsored ADR | $28284 |
|  **Total Hong Kong (cost $34,648)** | **Total Hong Kong (cost $34,648)** | $28284 |

---

The accompanying notes are an integral part of these financial statements.

------

Multi-Select Securities Fund for Puerto Rico Residents International Portfolio I

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Schedule of Investments | (concluded) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025 |
| **Shares** | **Issuer** |  |  | **Value** | **Value** |
| Ireland - 7.37% of net assets applicable to common unitholders | Ireland - 7.37% of net assets applicable to common unitholders | Ireland - 7.37% of net assets applicable to common unitholders |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depository Institutions - 2.11% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depository Institutions - 2.11% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depository Institutions - 2.11% of total investments** |  |  |  |
| 3681<br> B | Bank of Ireland Group PLC - Sponsored ADR |  |  | $| 43040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 1.53% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 1.53% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 1.53% of total investments** |  |  |  |
| 141<br> B | Flutter Entertainment PLC - Sponsored ADR |  |  |  | 31239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Health Care Services - 1.58% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Health Care Services - 1.58% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Health Care Services - 1.58% of total investments** |  |  |  |
| 184<br> A | ICON PLC |  |  |  | 32198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transportation by Air - 1.87% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transportation by Air - 1.87% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transportation by Air - 1.87% of total investments** |  |  |  |
| 903 | Ryanair Holdings PLC |  |  |  | 38260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Food and Kindred Products - 2.06% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Food and Kindred Products - 2.06% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Food and Kindred Products - 2.06% of total investments** |  |  |  |
| 400<br> B | Kerry Group PLC - Sponsored ADR |  |  |  | 42171 |
|  **Total Ireland (cost $185,510)** | **Total Ireland (cost $185,510)** | **Total Ireland (cost $185,510)** |  | $| 186908 |
| Japan - 15.30% of net assets applicable to common unitholders | Japan - 15.30% of net assets applicable to common unitholders | Japan - 15.30% of net assets applicable to common unitholders |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Industrial & Commercial Machinery & Computer Equipment - 2.10% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Industrial & Commercial Machinery & Computer Equipment - 2.10% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Industrial & Commercial Machinery & Computer Equipment - 2.10% of total investments** |  |  |  |
| 3513 | Daifuku Co., LTD |  |  | $| 42964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electronic & Equipment - 5.44% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electronic & Equipment - 5.44% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electronic & Equipment - 5.44% of total investments** |  |  |  |
| 3072<br> B | Sony Group Corp. - Sponsored ADR |  |  |  | 77998 |
| 7908<br> B | Nidec Corporation - Sponsored ADR |  |  |  | 33135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transportation Equipment - 2.01% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transportation Equipment - 2.01% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transportation Equipment - 2.01% of total investments** |  |  |  |
| 2929 | Shimano, Inc. |  |  |  | 41152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Retail - 2.20% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Retail - 2.20% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Retail - 2.20% of total investments** |  |  |  |
| 2408<br> B | MonotaRO Co., Ltd. - Sponsored ADR |  |  |  | 44861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 2.28% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 2.28% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 2.28% of total investments** |  |  |  |
| 2863<br> B | Mitsubishi Estate Co., Ltd. - Sponsored ADR |  |  |  | 46667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturing Industries - 2.88% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturing Industries - 2.88% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturing Industries - 2.88% of total investments** |  |  |  |
| 3432<br> B | Nintendo Co., Ltd. - Sponsored ADR |  |  |  | 58927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Measuring, Analytics, & Control Instruments - 2.07% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Measuring, Analytics, & Control Instruments - 2.07% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Measuring, Analytics, & Control Instruments - 2.07% of total investments** |  |  |  |
| 2255<br> B | Terumo Corp. - Sponsored ADR |  |  |  | 42349 |
|  **Total Japan (cost $326,656)** | **Total Japan (cost $326,656)** | **Total Japan (cost $326,656)** |  | $| 388053 |
| Netherlands - 4.66% of net assets applicable to common unitholders | Netherlands - 4.66% of net assets applicable to common unitholders | Netherlands - 4.66% of net assets applicable to common unitholders |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insurance Carriers - 3.92% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insurance Carriers - 3.92% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insurance Carriers - 3.92% of total investments** |  |  |  |
| 4094<br> B | ING Groep N.V. - Sponsored ADR |  |  | $| 80201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Agricultural Services - 1.86% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Agricultural Services - 1.86% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Agricultural Services - 1.86% of total investments** |  |  |  |
| 3094 | CNH Industrial N.V. |  |  |  | 37994 |
|  **Total Netherlands (cost $82,549)** | **Total Netherlands (cost $82,549)** | **Total Netherlands (cost $82,549)** |  | $| 118195 |
| Singapore - 3.88% of net assets applicable to common unitholders | Singapore - 3.88% of net assets applicable to common unitholders | Singapore - 3.88% of net assets applicable to common unitholders |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depository Institutions - 2.58% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depository Institutions - 2.58% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depository Institutions - 2.58% of total investments** |  |  |  |
| 383<br> B | DBS Group Holdings Limited - Sponsored ADR |  |  | $| 52641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications - Other - 2.25% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications - Other - 2.25% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications - Other - 2.25% of total investments** |  |  |  |
| 1797<br> B | Singapore Telecommunications Limited - Sponsored ADR |  |  |  | 45931 |
|  **Total Singapore (cost $54,592)** | **Total Singapore (cost $54,592)** | **Total Singapore (cost $54,592)** |  | $| 98572 |
| Sweden - 1.56% of net assets applicable to common unitholders | Sweden - 1.56% of net assets applicable to common unitholders | Sweden - 1.56% of net assets applicable to common unitholders |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Industrial & Commercial Machinery & Computer Equipment - 1.94% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Industrial & Commercial Machinery & Computer Equipment - 1.94% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Industrial & Commercial Machinery & Computer Equipment - 1.94% of total investments** |  |  |  |
| 1973<br> B | Epiroc AB - Sponsored ADR |  |  | $| 39697 |
|  **Total Sweden (cost $41,957)** | **Total Sweden (cost $41,957)** | **Total Sweden (cost $41,957)** |  | $| 39697 |
| Switzerland - 6.87% of net assets applicable to common unitholders | Switzerland - 6.87% of net assets applicable to common unitholders | Switzerland - 6.87% of net assets applicable to common unitholders |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chemicals & Allied - 3.08% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chemicals & Allied - 3.08% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chemicals & Allied - 3.08% of total investments** |  |  |  |
| 1530<br> B | Roche Holding AG - Sponsored ADR |  |  | $| 62960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depository Institutions - 2.25% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depository Institutions - 2.25% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depository Institutions - 2.25% of total investments** |  |  |  |
| 3335<br> B | Julius Bär Gruppe AG - Sponsored ADR |  |  |  | 45890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Holdging & Other Investment Offices- 1.54% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Holdging & Other Investment Offices- 1.54% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Holdging & Other Investment Offices- 1.54% of total investments** |  |  |  |
| 407<br> B | Temenos AG - Sponsored ADR |  |  |  | 31486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Food and Kindred Products - 1.66% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Food and Kindred Products - 1.66% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Food and Kindred Products - 1.66% of total investments** |  |  |  |
| 335<br> B | Nestle SA - Sponsored ADR |  |  |  | 33892 |
|  **Total Switzerland (cost $166,228)** | **Total Switzerland (cost $166,228)** | **Total Switzerland (cost $166,228)** |  | $| 174228 |
| Taiwan - 1.11% of net assets applicable to common unitholders | Taiwan - 1.11% of net assets applicable to common unitholders | Taiwan - 1.11% of net assets applicable to common unitholders |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depository Institutions - 1.37% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depository Institutions - 1.37% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depository Institutions - 1.37% of total investments** |  |  |  |
| 169<br> B | Taiwan Semiconductor Manufacturing Company Limited - Sponsored ADR |  |  | $| 28053 |
|  **Total Taiwan (cost $12,308)** | **Total Taiwan (cost $12,308)** | **Total Taiwan (cost $12,308)** |  | $| 28053 |
| United States - 1.15% of net assets applicable to common unitholders | United States - 1.15% of net assets applicable to common unitholders | United States - 1.15% of net assets applicable to common unitholders |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Food and Kindred Products - 1.43% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Food and Kindred Products - 1.43% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Food and Kindred Products - 1.43% of total investments** |  |  |  |
| 2207<br> B | Berry Corporation - Sponsored ADR |  |  | $| 29199 |
|  **Total United States (cost $38,483)** | **Total United States (cost $38,483)** | **Total United States (cost $38,483)** |  | $| 29199 |
|  **TOTAL COMMON STOCKS (cost $1,759,030)** | **TOTAL COMMON STOCKS (cost $1,759,030)** | **TOTAL COMMON STOCKS (cost $1,759,030)** |  | $| 2043354 |
|  | **Total investments (80.54% of net assets)** | **Total investments (80.54% of net assets)** |  | $| 2043354 |
|  | **Other assets less liabilities (19.46% of net assets)** | **Other assets less liabilities (19.46% of net assets)** |  |  | 493777 |
|  | **Net assets applicable to common unitholders - 100%** | **Net assets applicable to common unitholders - 100%** |  | $| 2537131 |
| **Open Futures** | **Issuer** | **Expiration Date** | **Underlying Notional**<br> **Amount at Value** | **Unrealized Appreciation**<br> (Depreciation) | **Unrealized Appreciation**<br> (Depreciation) |
| Futures Contracts |  |  |  |  |  |
|  3 Equity Index Contracts | E-Mini MSCI EAFE Index Contracts | 06/20/25 | $362910 | $| (1350) |
|  | The underlying notional amount at value of open long futures contracts is 14.30% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 14.30% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 14.30% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 14.30% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 14.30% of net assets applicable to common unitholders. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Non-dividend producing security. |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B A Sponsored ADR is an American Depository Receipt ("ADR") that is issued through the cooperation of the company whose stock will be the underlying asset. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B A Sponsored ADR is an American Depository Receipt ("ADR") that is issued through the cooperation of the company whose stock will be the underlying asset. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B A Sponsored ADR is an American Depository Receipt ("ADR") that is issued through the cooperation of the company whose stock will be the underlying asset. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B A Sponsored ADR is an American Depository Receipt ("ADR") that is issued through the cooperation of the company whose stock will be the underlying asset. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B A Sponsored ADR is an American Depository Receipt ("ADR") that is issued through the cooperation of the company whose stock will be the underlying asset. |

---

The accompanying notes are an integral part of these financial statements.

------

Multi-Select Securities Fund for Puerto Rico Residents Large Cap Core Portfolio I

---

| | | |
|:---|:---|:---|
| Schedule of Investments | (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025 |
|  **COMMON STOCKS - 79.56% of net assets applicable to common unitholders** | **COMMON STOCKS - 79.56% of net assets applicable to common unitholders** |  |
| **Shares** | **Issuer** | **Value** |
| Liberia - 0.84% of net assets applicable to common unitholders | Liberia - 0.84% of net assets applicable to common unitholders |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Water Transportation - 1.05% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Water Transportation - 1.05% of total investments** |  |
| 275 | Royal Caribbean Cruises LTD | $56496 |
|  **Total Liberia (cost $66,693)** | **Total Liberia (cost $66,693)** | $56496 |
| Luxembourg - 0.65% of net assets applicable to common unitholders | Luxembourg - 0.65% of net assets applicable to common unitholders |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 0.82% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 0.82% of total investments** |  |
| 80<br> A | Spotify Technology, S.A. | $44002 |
|  **Total Luxembourg (cost $48,155)** | **Total Luxembourg (cost $48,155)** | $44002 |
| United States - 78.07% of net assets applicable to common unitholders | (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Building Materials- 1.33% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Building Materials- 1.33% of total investments** |  |
| 195 | Home Depot, Inc. | $71466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 16.93% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 16.93% of total investments** |  |
| 1018 | Microsoft Corp. | 382147 |
| 1659 | Alphabet, Inc. Class A | 256548 |
| 275 | Salesforce, Inc. | 73799 |
| 107<br> A | Adobe, Inc. | 41038 |
| 345 | Oracle Corporation | 48234 |
| 290 | Snowflake, Inc. | 42386 |
| 323<br> A | Take-Two Interactive Software, Inc. | 66942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chemicals & Allied - 6.33% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chemicals & Allied - 6.33% of total investments** |  |
| 173 | Eli Lilly and Company | 142882 |
| 36<br> A | Vertex Pharmaceuticals, Inc. | 17454 |
| 587 | AbbVie, Inc. | 122988 |
| 765 | DuPont de Nemours, Inc. | 57130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Communications - 2.21% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Communications - 2.21% of total investments** |  |
| 445 | T-Mobile US, Inc. | 118686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depository Institutions - 6.27% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depository Institutions - 6.27% of total investments** |  |
| 220 | The Goldman Sachs Group, Inc. | 120184 |
| 886 | JPMorgan Chase & Co. | 217336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Eating & Drinking Places- 2.03% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Eating & Drinking Places- 2.03% of total investments** |  |
| 195 | McDonald's Corp. | 60912 |
| 960<br> A | Chipotle Mexican Grill, Inc. | 48202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electronic & Equipment - 11.42% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electronic & Equipment - 11.42% of total investments** |  |
| 682 | Broadcom, Inc. | 114187 |
| 700 | Micron Technology, Inc. | 60823 |
| 3205 | NVIDIA Corp. | 347358 |
| 460 | GE Aerospace | 92069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electric, Gas, and Sanitary Services - 1.89% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electric, Gas, and Sanitary Services - 1.89% of total investments** |  |
| 165 | Constellation Energy Corp. | 33269 |
| 1283 | EQT Corp. | 68551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Food and Kindred Products - 2.17% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Food and Kindred Products - 2.17% of total investments** |  |
| 1630 | The Coca-Cola Company | 116741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **General Merchandise Store - 4.18% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **General Merchandise Store - 4.18% of total investments** |  |
| 112 | Costco Wholesale Corporation | 105927 |
| 1355 | Walmart, Inc. | 118955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Holdging & Other Investment Offices- 1.10% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Holdging & Other Investment Offices- 1.10% of total investments** |  |
| 454<br> A | CBRE Group, Inc. | 59374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Industrial & Commercial Machinery & Computer Equipment - 9.92% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Industrial & Commercial Machinery & Computer Equipment - 9.92% of total investments** |  |
| 2130 | Apple, Inc. | 473137 |
| 355 | Palo Alto Networks, Inc. | 60577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insurance Carriers - 5.34% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insurance Carriers - 5.34% of total investments** |  |
| 111 | UnitedHealth Group, Inc. | 58136 |
| 291 | The Progressive Corporation | 82356 |
| 710 | The Allstate Corporation | 147020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Measuring, Analytics, & Control Instruments - 2.11% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Measuring, Analytics, & Control Instruments - 2.11% of total investments** |  |
| 1125<br> A | Boston Scientific Co. | 113490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Retail - 5.37% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Retail - 5.37% of total investments** |  |
| 1518<br> A | Amazon.com, Inc. | 288815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Services- 5.54% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Services- 5.54% of total investments** |  |
| 407 | Meta Platforms, Inc. | 234579 |
| 80 | ServiceNow, Inc. | 63691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Motion Pictures - 3.10% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Motion Pictures - 3.10% of total investments** |  |
| 179<br> A | Netflix, Inc. | 166923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-Depository Institution- 1.40% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-Depository Institution- 1.40% of total investments** |  |
| 281 | American Express Company | 75603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Petroleum Refining & Related Industries - 2.17% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Petroleum Refining & Related Industries - 2.17% of total investments** |  |
| 278 | ConocoPhillips | 29196 |
| 735 | Exxon Mobil Corp. | 87414 |

---

The accompanying notes are an integral part of these financial statements.

------

Multi-Select Securities Fund for Puerto Rico Residents Large Cap Core Portfolio I

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Schedule of Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(concluded) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025 |
| **Shares** | **Issuer** |  |  | **Value** | **Value** |
| United States - 78.07% of net assets applicable to common unitholders | (concluded) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security & Commodity Brokers, Dealers, Exchanges and Services - 1.67% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security & Commodity Brokers, Dealers, Exchanges and Services - 1.67% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security & Commodity Brokers, Dealers, Exchanges and Services - 1.67% of total investments** |  |  |  |
| 1147 | The Charles Schwab Corp. |  |  | $| 89787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transportation Equipment - 3.47% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transportation Equipment - 3.47% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transportation Equipment - 3.47% of total investments** |  |  |  |
| 165<br> A | Tesla, Inc. |  |  |  | 42761 |
| 1085 | RTX Corporation |  |  |  | 143719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Wholesale Trade- 2.19% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Wholesale Trade- 2.19% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Wholesale Trade- 2.19% of total investments** |  |  |  |
| 175 | McKesson Corp. |  |  |  | 117773 |
|  **Total United States (cost $3,309,551)** | **Total United States (cost $3,309,551)** | **Total United States (cost $3,309,551)** |  | $| 5280565 |
|  **TOTAL COMMON STOCKS (cost $3,424,399)** | **TOTAL COMMON STOCKS (cost $3,424,399)** | **TOTAL COMMON STOCKS (cost $3,424,399)** |  | $| 5381063 |
|  | **Total investments (79.56% of net assets)** | **Total investments (79.56% of net assets)** |  | $| 5381063 |
|  | **Other assets less liabilities (20.44% of net assets)** | **Other assets less liabilities (20.44% of net assets)** |  |  | 1382643 |
|  | **Net assets applicable to common unitholders - 100%** | **Net assets applicable to common unitholders - 100%** | **Net assets applicable to common unitholders - 100%** | $| 6763706 |
| **Open Futures** | **Issuer** | **Expiration Date** | **Underlying Notional Amount at**<br> **Value** | **Unrealized Appreciation**<br> (Depreciation) | **Unrealized Appreciation**<br> (Depreciation) |
| Futures Contracts |  |  |  |  |  |
|  3 Equity Index Contracts | E-Mini S&P 500 Index | 06/20/25 | $847013 | $| (3683) |
|  | The underlying notional amount at value of open long futures contracts is 12.52% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 12.52% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 12.52% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 12.52% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 12.52% of net assets applicable to common unitholders. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Non-dividend producing security. |  |  |  |  |

---

The accompanying notes are an integral part of these financial statements.

------

Multi-Select Securities Fund for Puerto Rico Residents Large Cap Growth Portfolio I

---

| | | |
|:---|:---|:---|
| Schedule of Investments | (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025 |
|  **COMMON STOCKS - 81.94% of net assets applicable to common unitholders** | **COMMON STOCKS - 81.94% of net assets applicable to common unitholders** |  |
| **Shares** | **Issuer** | **Value** |
| Canada - 0.80% of net assets applicable to common unitholders | Canada - 0.80% of net assets applicable to common unitholders |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 0.98% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 0.98% of total investments** |  |
| 697<br> A | Shopify, Inc. | $66549 |
|  **Total Canada (cost $50,316)** | **Total Canada (cost $50,316)** | $66549 |
| Ireland - 0.89% of net assets applicable to common unitholders | Ireland - 0.89% of net assets applicable to common unitholders |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Industrial & Commercial Machinery & Computer Equipment - 1.09% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Industrial & Commercial Machinery & Computer Equipment - 1.09% of total investments** |  |
| 221<br> A | Trane Technologies PLC | $74459 |
|  **Total Ireland (cost $66,554)** | **Total Ireland (cost $66,554)** | $74459 |
| Luxembourg - 1.78% of net assets applicable to common unitholders | Luxembourg - 1.78% of net assets applicable to common unitholders |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 2.17% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 2.17% of total investments** |  |
| 269<br> A | Spotify Technology, S.A. | $147958 |
|  **Total Luxembourg (cost $79,421)** | **Total Luxembourg (cost $79,421)** | $147958 |
| United States - 78.47% of net assets applicable to common unitholders | United States - 78.47% of net assets applicable to common unitholders |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Apparel and other Finish Products Made from Fabrics and Similar Materials - 1.27% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Apparel and other Finish Products Made from Fabrics and Similar Materials - 1.27% of total investments** |  |
| 421 | Cintas Corp. | $86528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Auto, Dealers & Gas - 1.37% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Auto, Dealers & Gas - 1.37% of total investments** |  |
| 65 | O'Reilly Automotive, Inc | 93118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 25.05% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 25.05% of total investments** |  |
| 173 | Synopsys, Inc. | 74191 |
| 393<br> A | Workday, Inc. | 91777 |
| 1082 | Alphabet, Inc. Class A | 167321 |
| 843 | Alphabet, Inc. Class C | 131702 |
| 1769 | Microsoft Corp. | 664065 |
| 72<br> A | Fair Isaac Corp. | 132780 |
| 409 | Oracle Corp. | 57183 |
| 348 | Mastercard Incorporated | 190746 |
| 369 | Fiserv, Inc. | 81486 |
| 201 | Salesforce, Inc. | 53940 |
| 69<br> A | AppLovin Corp. | 18283 |
| 519<br> A | Palantir Technologies, Inc. | 43804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chemicals & Allied - 5.77% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chemicals & Allied - 5.77% of total investments** |  |
| 305 | Eli Lilly and Company | 251902 |
| 273<br> A | Alnylam Pharmaceuticals, Inc. | 73716 |
| 268 | Ecolab, Inc. | 67943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Eating and Drinking Places- 1.88% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Eating and Drinking Places- 1.88% of total investments** |  |
| 2548<br> A | Chipotle Mexican Grill, Inc. | 127935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electronic and Equipment - 14.34% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electronic and Equipment - 14.34% of total investments** |  |
| 394 | Texas Instruments, Inc. | 70802 |
| 4784 | NVIDIA Corp. | 518490 |
| 1566 | Broadcom, Inc. | 262196 |
| 630 | General Electric Company | 126094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fabricated Metal Products, except Machinery and Transportation Equipment - 0.50% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fabricated Metal Products, except Machinery and Transportation Equipment - 0.50% of total investments** |  |
| 65<br> A | Axon Enterprise, Inc. | 34187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Hotels, Rooming Houses, Camps, and Other Lodging Places - 1.06% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Hotels, Rooming Houses, Camps, and Other Lodging Places - 1.06% of total investments** |  |
| 316 | Hilton Worldwide Holdings, Inc. | 71906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Industrial & Commercial Machinery & Computer Equipment - 8.27% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Industrial & Commercial Machinery & Computer Equipment - 8.27% of total investments** |  |
| 1823 | Apple, Inc. | 404943 |
| 2183 | Lam Research Corp. | 158704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insurance Agents, Brokers and Service - 1.13% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insurance Agents, Brokers and Service - 1.13% of total investments** |  |
| 224 | Arthur J. Gallagher & Co. | 77337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Local and Suburban Transit - 1.33% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Local and Suburban Transit - 1.33% of total investments** |  |
| 496<br> A | DoorDash, Inc. | 90653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Measuring, Analytics, & Control Instruments - 5.51% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Measuring, Analytics, & Control Instruments - 5.51% of total investments** |  |
| 740<br> A | Boston Scientific Corp. | 74652 |
| 234 | Stryker Corp. | 87107 |
| 277<br> A | Intuitive Surgical, Inc. | 137190 |
| 374 | Danaher Corporation | 76670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Retail - 8.31% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Retail - 8.31% of total investments** |  |
| 2977<br> A | Amazon.com, Inc. | 566404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Services - 7.62% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Services - 7.62% of total investments** |  |
| 179 | ServiceNow, Inc. | 142509 |
| 654 | Meta Platforms, Inc. | 376940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Motion Pictures - 2.11% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Motion Pictures - 2.11% of total investments** |  |
| 154<br> A | Netflix, Inc. | 143610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-Depository Institution- 2.40% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-Depository Institution- 2.40% of total investments** |  |
| 467 | Visa, Inc. | 163665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Primary Metal Industries- 1.45% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Primary Metal Industries- 1.45% of total investments** |  |
| 764 | Howmet Aerospace, Inc. | 99113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security & Commodity Brokers, Dealers, Exchanges and Services - 3.13% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security & Commodity Brokers, Dealers, Exchanges and Services - 3.13% of total investments** |  |
| 691 | KKR & Co. Inc. | 79886 |
| 408 | LPL Financial Holdings, Inc. | 133473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transportation Equipment - 1.69% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transportation Equipment - 1.69% of total investments** |  |
| 444<br> A | Tesla, Inc. | 115068 |

---

The accompanying notes are an integral part of these financial statements.

------

Multi-Select Securities Fund for Puerto Rico Residents Large Cap Growth Portfolio I

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |
| Schedule of Investments | Schedule of Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(concluded) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025 |
| United States - 78.47% of net assets applicable to common unitholders | United States - 78.47% of net assets applicable to common unitholders | (concluded) |  |  |  |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation Services - 1.55% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation Services - 1.55% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation Services - 1.55% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation Services - 1.55% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation Services - 1.55% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation Services - 1.55% of total investments** |
| 23 |  | Booking Holdings, Inc. |  |  | $105956 |
|  **Total United States (cost $5,056,262)** | **Total United States (cost $5,056,262)** | **Total United States (cost $5,056,262)** | **Total United States (cost $5,056,262)** |  | $6525975 |
|  **TOTAL COMMON STOCKS (cost $5,252,553)** | **TOTAL COMMON STOCKS (cost $5,252,553)** | **TOTAL COMMON STOCKS (cost $5,252,553)** | **TOTAL COMMON STOCKS (cost $5,252,553)** |  | $6814941 |
|  |  | **Total investments (81.94% of net assets)** | **Total investments (81.94% of net assets)** |  | $6814941 |
|  |  | **Other assets less liabilities (18.06% of net assets)** | **Other assets less liabilities (18.06% of net assets)** |  | 1501642 |
|  |  | **Net assets applicable to common unitholders - 100%** | **Net assets applicable to common unitholders - 100%** |  | $8316583 |
| **Open Futures** |  | **Issuer** | **Expiration Date** | **Underlying**<br> **Notional Amount**<br> **at Value** | **Unrealized Appreciation (Depreciation)** |
| Futures Contracts | Futures Contracts |  |  |  |  |
|  6 Equity Index Contracts |  | Russell 1000 Mini Index | 06/20/25 | $1100460 | $660 |
|  |  | The underlying notional amount at value of open long futures contracts is 13.23% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 13.23% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 13.23% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 13.23% of net assets applicable to common unitholders. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Non-dividend producing security. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Non-dividend producing security. |  |  |  |

---

The accompanying notes are an integral part of these financial statements.

------

Multi-Select Securities Fund for Puerto Rico Residents <br> Large Cap Value Portfolio I

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Schedule of Investments | Schedule of Investments |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025 |
|  **COMMON STOCKS- 80.23% of net assets applicable to common unitholders** | **COMMON STOCKS- 80.23% of net assets applicable to common unitholders** | **COMMON STOCKS- 80.23% of net assets applicable to common unitholders** | **COMMON STOCKS- 80.23% of net assets applicable to common unitholders** | **COMMON STOCKS- 80.23% of net assets applicable to common unitholders** | **COMMON STOCKS- 80.23% of net assets applicable to common unitholders** |
| **Shares** |  | **Issuer** |  |  | **Value** |
| England - 1.33% of net assets applicable to common unitholders | England - 1.33% of net assets applicable to common unitholders | England - 1.33% of net assets applicable to common unitholders |  |  |  |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and Kindred Products - 1.66% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and Kindred Products - 1.66% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and Kindred Products - 1.66% of total investments** |  |  |  |
| 794 | B | Diageo PLC - Sponsored ADR |  |  | $83203 |
|  **Total England (cost $96,708)** | **Total England (cost $96,708)** | **Total England (cost $96,708)** |  |  | $83203 |
| Ireland - 2.13% of net assets applicable to common unitholders | Ireland - 2.13% of net assets applicable to common unitholders | Ireland - 2.13% of net assets applicable to common unitholders |  |  |  |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic & Equipment - 2.66% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic & Equipment - 2.66% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic & Equipment - 2.66% of total investments** |  |  |  |
| 943 |  | TE Connectivity, PLC |  |  | $133265 |
|  **Total Ireland (cost $142,063)** | **Total Ireland (cost $142,063)** | **Total Ireland (cost $142,063)** |  |  | $133265 |
| Japan - 3.13% of net assets applicable to common unitholders | Japan - 3.13% of net assets applicable to common unitholders | Japan - 3.13% of net assets applicable to common unitholders |  |  |  |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Manufacturing Industries - 3.90% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Manufacturing Industries - 3.90% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Manufacturing Industries - 3.90% of total investments** |  |  |  |
| 11406 | B | Nintendo Co., Ltd. - Sponsored ADR |  |  | $195841 |
|  **Total Japan (cost $151,281)** | **Total Japan (cost $151,281)** | **Total Japan (cost $151,281)** |  |  | $195841 |
| Switzerland - 1.67% of net assets applicable to common unitholders | Switzerland - 1.67% of net assets applicable to common unitholders | Switzerland - 1.67% of net assets applicable to common unitholders |  |  |  |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and Kindred Products - 2.08% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and Kindred Products - 2.08% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and Kindred Products - 2.08% of total investments** |  |  |  |
| 1034 | B | Nestlé, S.A. - Sponsored ADR |  |  | $104610 |
|  **Total Switzerland (cost $95,114)** | **Total Switzerland (cost $95,114)** | **Total Switzerland (cost $95,114)** |  |  | $104610 |
| United States - 71.97% of net assets applicable to common unitholders | United States - 71.97% of net assets applicable to common unitholders | United States - 71.97% of net assets applicable to common unitholders |  |  |  |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building Materials - 6.48% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building Materials - 6.48% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building Materials - 6.48% of total investments** |  |  |  |
| 782 |  | Lowe's Companies, Inc. |  |  | $182386 |
| 1844 |  | Fastenal Company |  |  | 143002 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Services - 6.39% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Services - 6.39% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Services - 6.39% of total investments** |  |  |  |
| 432 |  | Microsoft Corp. |  |  | 162168 |
| 2122 |  | Fidelity National Information Services, Inc |  |  | 158471 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals & Allied - 8.17% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals & Allied - 8.17% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals & Allied - 8.17% of total investments** |  |  |  |
| 801 |  | Air Products and Chemicals, Inc. |  |  | 236231 |
| 1049 |  | Johnson & Johnson |  |  | 173966 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications - 3.59% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications - 3.59% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications - 3.59% of total investments** |  |  |  |
| 969 |  | Crown Castle International Corp. |  |  | 100999 |
| 2144 |  | Comcast Corp. |  |  | 79114 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric, Gas, & Sanitary Services - 2.97% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric, Gas, & Sanitary Services - 2.97% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric, Gas, & Sanitary Services - 2.97% of total investments** |  |  |  |
| 2657 |  | Dominion Resources, Inc. |  |  | 148978 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eating and Drinking Places- 3.05% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eating and Drinking Places- 3.05% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eating and Drinking Places- 3.05% of total investments** |  |  |  |
| 1561 |  | Starbucks Corp. |  |  | 153118 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic & Equipment - 3.96% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic & Equipment - 3.96% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic & Equipment - 3.96% of total investments** |  |  |  |
| 1106 |  | Texas Instruments, Inc. |  |  | 198748 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineering, Accounting, Research, Management, and Related Services - 3.33% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineering, Accounting, Research, Management, and Related Services - 3.33% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineering, Accounting, Research, Management, and Related Services - 3.33% of total investments** |  |  |  |
| 1084 |  | Paychex, Inc. |  |  | 167240 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Machinery & Computer Equipment - 8.28% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Machinery & Computer Equipment - 8.28% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Machinery & Computer Equipment - 8.28% of total investments** |  |  |  |
| 2451 |  | Cisco Systems, Inc. |  |  | 151251 |
| 1190 |  | Apple, Inc. |  |  | 264335 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Carriers - 13.07% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Carriers - 13.07% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Carriers - 13.07% of total investments** |  |  |  |
| 528 | A | Berkshire Hathaway, Inc. |  |  | 281202 |
| 837 |  | Cincinnati Financial Corp. |  |  | 123642 |
| 887 |  | The Progressive Corporation |  |  | 251030 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Measuring, Analytics, & Control Instruments - 2.90% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Measuring, Analytics, & Control Instruments - 2.90% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Measuring, Analytics, & Control Instruments - 2.90% of total investments** |  |  |  |
| 284 |  | Northrop Grumman Corp. |  |  | 145411 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motor Freight Transportation and Warehousing - 1.86% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motor Freight Transportation and Warehousing - 1.86% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motor Freight Transportation and Warehousing - 1.86% of total investments** |  |  |  |
| 848 |  | United Parcel Service, Inc. |  |  | 93272 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleum Refining & Related Industries - 2.95% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleum Refining & Related Industries - 2.95% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleum Refining & Related Industries - 2.95% of total investments** |  |  |  |
| 884 |  | Chevron Corp. |  |  | 147884 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primary Metal Industries- 2.50% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primary Metal Industries- 2.50% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primary Metal Industries- 2.50% of total investments** |  |  |  |
| 2740 |  | Corning, Inc. |  |  | 125437 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Railroad Transportation - 3.69% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Railroad Transportation - 3.69% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Railroad Transportation - 3.69% of total investments** |  |  |  |
| 781 |  | Norfolk Southern Corp. |  |  | 184980 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security & Commodity Brokers, Dealers, Exchanges and Services - 8.11% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security & Commodity Brokers, Dealers, Exchanges and Services - 8.11% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security & Commodity Brokers, Dealers, Exchanges and Services - 8.11% of total investments** |  |  |  |
| 236 |  | BlackRock, Inc. |  |  | 223369 |
| 2344 |  | The Charles Schwab Corp. |  |  | 183488 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Products - 8.40% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Products - 8.40% of total investments** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Products - 8.40% of total investments** |  |  |  |
| 2173 |  | Altria Group, Inc. |  |  | 130423 |
| 1835 |  | Phillip Morris International, Inc. |  |  | 291270 |
|  **Total United States (cost $2,832,707)** | **Total United States (cost $2,832,707)** | **Total United States (cost $2,832,707)** |  |  | $4501415 |
|  **TOTAL COMMON STOCKS (cost $3,317,873)** | **TOTAL COMMON STOCKS (cost $3,317,873)** | **TOTAL COMMON STOCKS (cost $3,317,873)** |  |  | $5018334 |
|  |  | **Total investments (80.23% of net assets)** |  |  | $5018334 |
|  |  | **Other assets less liabilities (19.77% of net assets)** |  |  | 1236774 |
|  |  | **Net assets applicable to common unitholders - 100%** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6255108 |
| **Open Futures** | **Issuer** |  | **Expiration<br>Date** | **Underlying<br>Notional Amount<br>at Value** | **Unrealized Appreciation<br>(Depreciation)** |
| Futures Contracts |  |  |  |  |  |
|  10 Equity Index Contracts | Russell 1000 Mini Index | Russell 1000 Mini Index | 06/20/25 | $932100 | $26975 |
|  | The underlying notional amount at value of open long futures contracts is 14.90% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 14.90% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 14.90% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 14.90% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 14.90% of net assets applicable to common unitholders. |
|  | A | Non-dividend producing security. | Non-dividend producing security. | Non-dividend producing security. | Non-dividend producing security. |
|  | B | A Sponsored ADR is an American Depository Receipt ("ADR") that is issued through the cooperation of the company whose stock will be the underlying asset. | A Sponsored ADR is an American Depository Receipt ("ADR") that is issued through the cooperation of the company whose stock will be the underlying asset. | A Sponsored ADR is an American Depository Receipt ("ADR") that is issued through the cooperation of the company whose stock will be the underlying asset. | A Sponsored ADR is an American Depository Receipt ("ADR") that is issued through the cooperation of the company whose stock will be the underlying asset. |

---

The accompanying notes are an integral part of these financial statements.

------

Multi-Select Securities Fund for Puerto Rico Residents Mid Cap Core Portfolio I

---

| | | |
|:---|:---|:---|
| Schedule of Investments | (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025  |
|  **COMMON STOCKS - 81.41% of net assets applicable to common unitholders** | **COMMON STOCKS - 81.41% of net assets applicable to common unitholders** |  |
| **Shares** | **Issuer** | **Value** |
| Ireland - 2.79% of net assets applicable to common unitholders | Ireland - 2.79% of net assets applicable to common unitholders |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Measuring, Analytics, & Control Instruments - 3.43% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Measuring, Analytics, & Control Instruments - 3.43% of total investments** |  |
| 548 | Steris PLC | $124204 |
|  **Total Ireland (cost $101,381)** | **Total Ireland (cost $101,381)** | $124204 |
| Netherlands - 3.72% of net assets applicable to common unitholders | Netherlands - 3.72% of net assets applicable to common unitholders |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 4.57% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 4.57% of total investments** |  |
| 1621 | AerCap Holdings N.V. | $165618 |
|  **Total Netherlands (cost $90,322)** | **Total Netherlands (cost $90,322)** | $165618 |
| United States - 74.90% of net assets applicable to common unitholders | United States - 74.90% of net assets applicable to common unitholders |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amusement and Recreation Services- 3.19% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amusement and Recreation Services- 3.19% of total investments** |  |
| 1041 | Churchill Downs, Inc. | $115624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 7.16% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 7.16% of total investments** |  |
| 2236<br> A | Copart, Inc. | 126535 |
| 1779 | Fidelity National Information Services, Inc | 132856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chemicals & Allied - 2.64% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chemicals & Allied - 2.64% of total investments** |  |
| 169 | NewMarket Corp. | 95730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Communications - 2.99% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Communications - 2.99% of total investments** |  |
| 1039 | Crown Castle, Inc. | 108295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electronic & Equipment - 11.94% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electronic & Equipment - 11.94% of total investments** |  |
| 1350 | Amphenol Corp. | 88547 |
| 1366 | Otis Worldwide Corp. | 140971 |
| 1098 | Skyworks Solutions, Inc. | 70964 |
| 235 | Lennox International, Inc. | 131795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fabricated Metal Products - 2.68% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fabricated Metal Products - 2.68% of total investments** |  |
| 1865 | Ball Corp. | 97111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Food and Kindred Products - 6.26% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Food and Kindred Products - 6.26% of total investments** |  |
| 886 | Brown-Forman Corp. | 30071 |
| 1217 | Lamb Weston Holdings, Inc. | 64866 |
| 1134<br> A | Post Holdings, Inc. | 131952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Furtinure & Fixtures - 3.62% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Furtinure & Fixtures - 3.62% of total investments** |  |
| 2188 | Tempur Sealy International, Inc. | 131017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **General Merchandise Store - 2.47% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **General Merchandise Store - 2.47% of total investments** |  |
| 1191<br> A | Dollar Tree, Inc. | 89408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Holdging & Other Investment Offices- 2.93% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Holdging & Other Investment Offices- 2.93% of total investments** |  |
| 811<br> A | CBRE Group, Inc. | 106063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insurance Agents, Brokers and Services - 2.99% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insurance Agents, Brokers and Services - 2.99% of total investments** |  |
| 1856 | Moelis & Company | 108316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insurance Carriers - 2.71% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insurance Carriers - 2.71% of total investments** |  |
| 665 | Cincinnati Financial Corp. | 98234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Measuring, Analytics, & Control Instruments - 7.82% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Measuring, Analytics, & Control Instruments - 7.82% of total investments** |  |
| 287<br> A | Waters Corp. | 105780 |
| 1817 | Bruker Corporation | 75842 |
| 679<br> A | Keysight Technologies, Inc | 101694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Mining and Quarrying of Nonmetallic Minerals, Except Fuels - 3.07% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Mining and Quarrying of Nonmetallic Minerals, Except Fuels - 3.07% of total investments** |  |
| 476 | Vulcan Materials Company | 111051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturing Industries - 4.72% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturing Industries - 4.72% of total investments** |  |
| 1214 | Armstrong World Industries, Inc. | 171028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Motor Freight Transportation and Warehousing - 1.95% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Motor Freight Transportation and Warehousing - 1.95% of total investments** |  |
| 427 | Old Dominion Freight Line, Inc. | 70647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-Depository Credit Institutions - 3.29% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-Depository Credit Institutions - 3.29% of total investments** |  |
| 3269 | Ally Financial, Inc. | 119220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Personal Services- 2.22% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Personal Services- 2.22% of total investments** |  |
| 463 | UniFirst Corp. | 80562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Primary Metal Industry - 3.57% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Primary Metal Industry - 3.57% of total investments** |  |
| 723 | M&T Bank Corp. | 129236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Rubber and Miscellaneous Plastic Products - 6.78% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Rubber and Miscellaneous Plastic Products - 6.78% of total investments** |  |
| 674 | AptarGroup, Inc. | 100008 |
| 1665 | Entegris, Inc. | 145654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Wholesale Trade-Durable Goods - 6.98% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Wholesale Trade-Durable Goods - 6.98% of total investments** |  |
| 1555 | Allison Transmission Holdings, Inc. | 148767 |
| 327 | Pool, Corp. | 104100 |

---

The accompanying notes are an integral part of these financial statements.

------

Multi-Select Securities Fund for Puerto Rico Residents Mid Cap Core Portfolio I

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |
| Schedule of Investments | Schedule of Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(concluded) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025  |
| United States - 74.98% of net assets applicable to common unitholders | United States - 74.98% of net assets applicable to common unitholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(concluded) |  |  |  |  |
|  **Total United States (cost $3,000,361)** | **Total United States (cost $3,000,361)** | **Total United States (cost $3,000,361)** | **Total United States (cost $3,000,361)** |  | $| 3331944 |
|  **TOTAL COMMON STOCK (cost $3,192,064)** | **TOTAL COMMON STOCK (cost $3,192,064)** | **TOTAL COMMON STOCK (cost $3,192,064)** | **TOTAL COMMON STOCK (cost $3,192,064)** |  | $| 3621766 |
|  |  | **Total investments (81.41% of net assets)** | **Total investments (81.41% of net assets)** |  | $| 3621766 |
|  |  | **Other assets less liabilities (18.59% of net assets)** | **Other assets less liabilities (18.59% of net assets)** |  |  | 827003 |
|  |  | **Net assets applicable to common unitholders - 100%** | **Net assets applicable to common unitholders - 100%** |  | $| 4448769 |
| **Open Futures** |  | **Issuer** | **Expiration Date** | **Underlying**<br> **Notional Amount**<br> **at Value** | **Unrealized Appreciation**<br> (Depreciation) | **Unrealized Appreciation**<br> (Depreciation) |
| Futures Contracts | Futures Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 Equity Index Contracts |  | E-Mini S&P Midcap 400 Index | 06/20/25 | $587700 | $| (1710) |
|  |  | The underlying notional amount at value of open long futures contracts is 13.21% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 13.21% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 13.21% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 13.21% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 13.21% of net assets applicable to common unitholders. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Non-dividend producing security. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Non-dividend producing security. |  |  |  |  |

---

The accompanying notes are an integral part of these financial statements.

------

Multi-Select Securities Fund for Puerto Rico Residents Small Cap Core Portfolio I

---

| | | |
|:---|:---|:---|
| Schedule of Investments | (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025  |
|  **COMMON STOCKS - 75.60% of net assets applicable to common unitholders** | **COMMON STOCKS - 75.60% of net assets applicable to common unitholders** |  |
| **Shares** | **Issuer** | **Value** |
| Bermuda - 5.61% of net assets applicable to common unitholders | Bermuda - 5.61% of net assets applicable to common unitholders |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insurance Carriers - 7.42% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insurance Carriers - 7.42% of total investments** |  |
| 825 | AXIS Capital Holdings Ltd. | $82698 |
| 185 | RenaissanceRe Holdings Ltd. | 44400 |
|  **Total Bermuda (cost $71,104)** | **Total Bermuda (cost $71,104)** | $127098 |
| Switzerland - 3.17% of net assets applicable to common unitholders | Switzerland - 3.17% of net assets applicable to common unitholders |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 4.19% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 4.19% of total investments** |  |
| 3325<br> A | Sportradar Group AG | $71887 |
|  **Total Switzerland (cost $41,213)** | **Total Switzerland (cost $41,213)** | $71887 |
| United States - 66.82% of net assets applicable to common unitholders (continued) | United States - 66.82% of net assets applicable to common unitholders (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Auto, Dealers & Gas - 3.04% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Auto, Dealers & Gas - 3.04% of total investments** |  |
| 2065 | Magnolia Oil & Gas Corp. | $52162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 4.87% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Services - 4.87% of total investments** |  |
| 385 | Insperity, Inc. | 34354 |
| 620<br> A | AMN Healthcare Services, Inc. | 15165 |
| 540<br> A | ASGN, Inc. | 34031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chemicals & Allied - 2.28% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chemicals & Allied - 2.28% of total investments** |  |
| 470 | Cabot Corp. | 39076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depository Institutions - 11.37% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depository Institutions - 11.37% of total investments** |  |
| 695 | Prosperity Bancshares, Inc. | 49602 |
| 725 | Texas Capital Bancshares, Inc. | 54158 |
| 1300 | United Bankshares, Inc. | 45071 |
| 1635 | United Community Banks, Inc. | 45993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electronic & Equipment - 10.07% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electronic & Equipment - 10.07% of total investments** |  |
| 440 | Advanced Energy Industries, Inc. | 41936 |
| 595 | Diodes, Inc. | 25686 |
| 715 | Rambus, Inc. | 37019 |
| 255 | Universal Display Corp. | 35567 |
| 910 | Tower Semiconductor Ltd | 32451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electric, Gas & Sanitary Services - 6.38% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electric, Gas & Sanitary Services - 6.38% of total investments** |  |
| 460 | IDACORP, Inc. | 53461 |
| 1045 | TXNM Energy, Inc. | 55887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Engineering, Accounting, Research, Management, and Related Services - 8.69% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Engineering, Accounting, Research, Management, and Related Services - 8.69% of total investments** |  |
| 665 | WNS (Holdings) Limited | 40891 |
| 1220<br> A | Exelixis, Inc. | 45042 |
| 1495<br> A | Forrester Research, Inc. | 13814 |
| 2550 | NV5 Global, Inc. | 49139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Health Services - 7.44% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Health Services - 7.44% of total investments** |  |
| 1650 | HealthStream, Inc. | 53097 |
| 550 | U.S. Physical Therapy, Inc. | 39798 |
| 350<br> A | Addus HomeCare Corp. | 34612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Holding & Other Investments Offices- 4.97% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Holding & Other Investments Offices- 4.97% of total investments** |  |
| 6185<br> A | InnovAge Holding Corp. | 18431 |
| 2775 | NETSTREIT Corp. | 43984 |
| 420 | Innovative Industrial Properties, Inc. | 22718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Hotels, Rooming Houses, Camps and Other Lodging Places- 3.11% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Hotels, Rooming Houses, Camps and Other Lodging Places- 3.11% of total investments** |  |
| 685 | Monarch Casino & Resort, Inc. | 53259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Industrial & Commercial Machinery & Computer Equipment - 2.13% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Industrial & Commercial Machinery & Computer Equipment - 2.13% of total investments** |  |
| 205 | Alamo Group, Inc. | 36533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insurance Carriers- 8.33% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insurance Carriers- 8.33% of total investments** |  |
| 765 | First American Financial Corp. | 50207 |
| 235 | Reinsurance Group of America, Inc. | 46272 |
| 1205<br> A | Frontdoor, Inc. | 46296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Measuring, Analytics & Controls Instruments - 3.57% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Measuring, Analytics & Controls Instruments - 3.57% of total investments** |  |
| 835 | Globus Medical, Inc. | 61122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturing Industries - 1.22% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturing Industries - 1.22% of total investments** |  |
| 840 | Johnson Outdoors, Inc. | 20866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Personal Services - 1.67% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Personal Services - 1.67% of total investments** |  |
| 2835 | Healthcare Services Group, Inc. | 28577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 2.14% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 2.14% of total investments** |  |
| 1065 | Marcus & Millichap, Inc. | 36689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Social Services - 1.98% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Social Services - 1.98% of total investments** |  |
| 385 | HealthEquity, Inc. | 34022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transportation Equipment - 2.96% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transportation Equipment - 2.96% of total investments** |  |
| 1380<br> A | Atmus Filtration Technologies Inc | 50687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transportation Services - 2.18% of total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transportation Services - 2.18% of total investments** |  |
| 1005 | Hub Group, Inc. | 37353 |
|  **Total United States (cost $1,642,881)** | **Total United States (cost $1,642,881)** | $1515028 |
|  **TOTAL COMMON STOCKS (cost $1,755,198)** | **TOTAL COMMON STOCKS (cost $1,755,198)** | $1714013 |

---

The accompanying notes are an integral part of these financial statements.

------

Multi-Select Securities Fund for Puerto Rico Residents Small Cap Core Portfolio I

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |
| Schedule of Investments | Schedule of Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(concluded) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025  |
|  |  | **Total investments (75.60% of net assets)** | **Total investments (75.60% of net assets)** |  | $| 1714013 |
|  |  | **Other assets less liabilities (24.40% of net assets)** | **Other assets less liabilities (24.40% of net assets)** |  |  | 553357 |
|  |  | **Net assets applicable to common unitholders - 100%** | **Net assets applicable to common unitholders - 100%** |  | $| 2267370 |
| **Open Futures** |  | **Issuer** | **Expiration Date** | **Underlying**<br> **Notional Amount**<br> **at Value** | **Unrealized Appreciation**<br> (Depreciation) | **Unrealized Appreciation**<br> (Depreciation) |
| Futures Contracts | Futures Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 Equity Index Contracts |  | Russell 2000 Mini Index | 06/20/25 | $405300 | $| (2700) |
|  |  | The underlying notional amount at value of open long futures contracts is 17.88% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 17.88% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 17.88% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 17.88% of net assets applicable to common unitholders. | The underlying notional amount at value of open long futures contracts is 17.88% of net assets applicable to common unitholders. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Non-dividend producing security. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Non-dividend producing security. |  |  |  |  |

---

The accompanying notes are an integral part of these financial statements.

------

---

| | |
|:---|:---|
| Multi-Select Securities Fund for Puerto Rico Residents | March 31, 2025  |

---

 <br> Statement of Assets and Liabilities

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **International <br>Portfolio I** | **Large Cap<br> Core Portfolio I** | **Large Cap<br> Growth Portfolio I** | **Large Cap<br> Value Portfolio I** |
|  **Assets:** |  |  |  |  |  |
|  | Investments at market value | $2043354 | $5381063 | $6814941 | $5018334 |
|  | Cash and cash equivalents | 110575 | 210528 | 25545 | 84815 |
|  | Cash restricted for futures contracts | 47590 | 118660 | 170065 | 123911 |
|  | Due from affiliate | 394482 | 1142338 | 1399732 | 1073149 |
|  | Due from broker | 1530 |  |  | 17875 |
|  | Variation margin receivable |  | 5475 | 1740 | 9100 |
|  | Receivable for investment sold | 13061 |  | 35177 |  |
|  | Interest and dividends receivable | 4816 | 2296 | 1204 | 6236 |
|  | Receivable for operating expenses reimbursed | 8803 | 1136 | 3688 | 4987 |
|  | Prepaid and other assets | 4517 | 5764 | 6974 | 4322 |
|  | Total assets | 2628728 | 6867260 | 8459066 | 6342729 |
|  **Liabilities:** | Payable for investment purchased | 31187 |  | 32960 |  |
|  | Investment advisory fees payable | 879 | 2556 | 3002 | 2123 |
|  | Due to broker |  | 9158 | 1080 |  |
|  | Variation margin payable | 2880 |  |  |  |
|  | Redemption payable | 3384 | 9655 | 12236 | 7099 |
|  | Professional fees | 44740 | 65353 | 73119 | 62664 |
|  | Sub-transfer agent fees | 2580 | 2587 | 2610 | 2595 |
|  | Reporting fees | 4139 | 10837 | 13361 | 9963 |
|  | Directors' fees | 505 | 1324 | 1632 | 1217 |
|  | Accrued expenses and other liabilities | 1303 | 2084 | 2483 | 1960 |
|  | Total liabilities | 91597 | 103554 | 142483 | 87621 |
| Net Assets Applicable to Common Unitholders | Net Assets Applicable to Common Unitholders | $2537131 | $6763706 | $8316583 | $6255108 |
| **Net Assets Applicable**<br> **to Common Unitholders:** |  |  |  |  |  |
|  | Paid-in-Capital | $2116870 | $1548 | $1699 | $2329 |
|  | Total Distributable Earnings (Accumulated Loss) | 420261 | 6762158 | 8314884 | 6252779 |
|  | Net assets applicable to common unitholders | $2537131 | $6763706 | $8316583 | $6255108 |
|  | Net assets per class: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A units | $2537131 | $4327508 | $5780956 | $4374436 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L units |  | 2436198 | 2535627 | 1880672 |
|  | Net assets applicable to common unitholders | $2537131 | $6763706 | $8316583 | $6255108 |
|  | Units outstanding at end of the year: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A units | 234032 | 100524 | 115621 | 161198 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L units |  | 54318 | 54311 | 71722 |
|  | Net asset value per unit: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A units | $10.84 | $43.05 | $50.00 | $27.14 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L units | $- | $44.85 | $46.69 | $26.22 |
|  | Maximum public offering price per unit: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A units (net asset value divided by 0.95) | $11.41 | $45.32 | $52.63 | $28.57 |
|  | Investments at cost | $1759030 | $3424399 | $5252553 | $3317873 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| | |
|:---|:---|
| Multi-Select Securities Fund for Puerto Rico Residents | March 31, 2025  |

---

 <br> Statement of Assets and Liabilities (concluded)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Mid Cap**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Portfolio I**  | **Small Cap<br> Core Portfolio I** |
|  **Assets:** |  |  |  |
|  | Investments at market value | $3621766 | $1714013 |
|  | Cash and cash equivalents | 83380 | 63207 |
|  | Cash restricted for futures contracts | 100234 | 79598 |
|  | Due from affiliate | 715109 | 461962 |
|  | Variation margin receivable | 2340 |  |
|  | Interest and dividends receivable | 1835 | 2914 |
|  | Receivable for operating expenses reimbursed | 1564 | 4614 |
|  | Prepaid and other assets | 3359 | 2355 |
|  | Total assets | 4529587 | 2328663 |
|  **Liabilities:** | Investment advisory fees payable | 1562 | 894 |
|  | Due to broker | 4050 | 1600 |
|  | Variation margin payable |  | 1100 |
|  | Redemption payable | 9085 | 6677 |
|  | Professional fees | 53959 | 43371 |
|  | Sub-transfer agent fees | 2593 | 2578 |
|  | Reporting fees | 7134 | 3694 |
|  | Directors' fees | 871 | 451 |
|  | Custodian fees | 236 | 122 |
|  | Accrued expenses and other liabilities | 1328 | 806 |
|  | Total liabilities | 80818 | 61293 |
| Net Assets Applicable to Common Unitholders | Net Assets Applicable to Common Unitholders | $4448769 | $2267370 |
| **Net Assets Applicable**<br> **to Common Unitholders:** |  |  |  |
|  | Paid-in-Capital | $1077 | $771 |
|  | Total Distributable Earnings (Accumulated Loss) | 4447692 | 2266599 |
|  | Net assets applicable to common unitholders | $4448769 | $2267370 |
|  | Net assets per class: |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A units | $2842395 | $2267370 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L units | 1606374 |  |
|  | Net assets applicable to common unitholders | $4448769 | $2267370 |
|  | Units outstanding at end of the year: |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A units | 65601 | 77142 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L units | 42055 |  |
|  | Net asset value per unit: |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A units | $43.33 | $29.39 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L units | $38.20 | $- |
|  | Maximum public offering price per unit: |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A units (net asset value divided by 0.95) | $45.61 | $30.94 |
|  | Investments at cost | $3192064 | $1755198 |

---

The accompanying notes are an integral part of these financial statements.

------

 <br> Multi-Select Securities Fund for Puerto Rico Residents &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the fiscal year ended March 31, 2025

 <br> Statement of Operations

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **International <br>Portfolio I** | **Large Cap <br>Core Portfolio I** | **Large Cap<br> Growth Portfolio I** | **Large Cap<br> Value Portfolio I** |
|  **Investment income:** | Interest from unaffiliated issuers | $429 | $1212 | $1515 | $1139 |
|  | Dividends | 54145 | 61530 | 31786 | 128452 |
|  | Tax withheld | (9995) | (6266) | (3473) | (13879) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Total income | $44579 | $56476 | $29828 | $115712 |
|  **Expenses:** | Investment advisory fees | $24952 | $75337 | $89143 | $62904 |
|  | Administration fees | 3752 | 11320 | 13401 | 9450 |
|  | Sub-transfer agent fees | 15397 | 15341 | 15498 | 15446 |
|  | Custodian fees | 827 | 2265 | 2668 | 2012 |
|  | Professional fees | 28856 | 59884 | 71189 | 53255 |
|  | Directors' fees and expenses | 2354 | 6974 | 8348 | 5992 |
|  | Reporting fees | 6689 | 12555 | 14683 | 11436 |
|  | Insurance expenses | 1613 | 4306 | 4994 | 4030 |
|  | Other | 1053 | 2580 | 3292 | 2863 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 85493 | 190562 | 223216 | 167388 |
|  | Waived fees and reimbursed expenses\* | (41492) | (58487) | (66661) | (56284) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Net expenses after waived fees and reimbursed expenses | 44001 | 132075 | 156555 | 111104 |
|  **Net Investment Income (Loss):** | **Net Investment Income (Loss):** | 578 | (75599) | (126727) | 4608 |
| Realized Gain (Loss) & | Net realized gain (loss) on investments | 122182 | 878907 | 1090897 | 204029 |
| Unrealized Appreciation | Net realized gain (loss) on futures contracts | 8301 | 71492 | 78762 | 24596 |
| (Depreciation) on Investments<br> **and Futures Contracts:** | Change in unrealized net appreciation (depreciation) on investments | 37552 | (495840) | (678807) | 205017 |
| (Depreciation) on Investments<br> **and Futures Contracts:** | Change in unrealized net appreciation (depreciation) on futures contracts | (5990) | (28233) | (24672) | (11141) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments and futures contracts | 162045 | 426326 | 466180 | 422501 |
|  | **Net increase (decrease) in net assets resulting from operations applicable to common unitholders** | $162623 | $350727 | $339453 | $427109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* Refer to Note 2 for expenses subject to future reimbursement by the Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* Refer to Note 2 for expenses subject to future reimbursement by the Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* Refer to Note 2 for expenses subject to future reimbursement by the Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* Refer to Note 2 for expenses subject to future reimbursement by the Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* Refer to Note 2 for expenses subject to future reimbursement by the Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* Refer to Note 2 for expenses subject to future reimbursement by the Portfolios |

---

The accompanying notes are an integral part of these financial statements.

------

 <br> Multi-Select Securities Fund for Puerto Rico Residents &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the fiscal year ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Statement of Operations (concluded) | Statement of Operations (concluded) |  |  |
|  |  | **Mid Cap** | **Small Cap** |
|  |  | **Core Portfolio I** | **Core Portfolio I** |
|  **Investment income:** | Interest from unaffiliated issuers | $807 | $511 |
|  | Dividends | 50130 | 29712 |
|  | Tax withheld | (5506) | (2774) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Total income | $45431 | $27449 |
|  **Expenses:** | Investment advisory fees | $48132 | $28330 |
|  | Administration fees | 7225 | 4259 |
|  | Sub-transfer agent fees | 15432 | 15358 |
|  | Custodian fees | 1504 | 866 |
|  | Professional fees | 40959 | 28056 |
|  | Directors' fees and expenses | 4445 | 2585 |
|  | Reporting fees | 9009 | 6279 |
|  | Insurance expenses | 3132 | 1876 |
|  | Other | 1622 | 1133 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 131460 | 88742 |
|  | Waived fees and reimbursed expenses\* | (47192) | (38955) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Net expenses after waived fees and reimbursed expenses | 84268 | 49787 |
|  **Net Investment Loss:** |  | (38837) | (22338) |
|  **Realized Gain (Loss) & Unrealized** | Net realized gain (loss) on investments | 114977 | 57154 |
|  **Appreciation (Depreciation)** | Net realized gain (loss) on futures contracts | (31819) | (23840) |
|  **on Investments and Futures** | Change in unrealized net appreciation (depreciation) on investments | (357520) | (66176) |
|  **Contracts:** | Change in unrealized net appreciation (depreciation) on futures contracts | (35241) | (23675) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments and futures contracts | (309603) | (56537) |
|  | **Net increase (decrease) in net assets resulting from operations applicable to common unitholders** | $(348440) | $(78875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* Refer to Note 2 for expenses subject to future reimbursement by the Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* Refer to Note 2 for expenses subject to future reimbursement by the Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* Refer to Note 2 for expenses subject to future reimbursement by the Portfolios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* Refer to Note 2 for expenses subject to future reimbursement by the Portfolios |

---

The accompanying notes are an integral part of these financial statements.

------

---

| | | | |
|:---|:---|:---|:---|
| Multi-Select Securities Fund for Puerto Rico Residents | Multi-Select Securities Fund for Puerto Rico Residents |  |  |
| Statement of Changes in Net Assets | Statement of Changes in Net Assets | International Portfolio I | International Portfolio I |
|  |  | **For the fiscal year** | **For the fiscal year** |
|  |  | **ended March 31,** | **ended March 31, 2024** |
|  |  | **2025** |  |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |  |  |
|  | Net investment income (loss) | $578 | $5781 |
|  | Net realized gain (loss) on investments | 122182 | 130715 |
|  | Net realized gain (loss) on futures contracts | 8301 | 49639 |
|  | Change in unrealized net appreciation (depreciation) on investments | 37552 | 87618 |
|  | Change in unrealized net appreciation (depreciation) on futures contracts | (5990) | (16690) |
|  | Net increase (decrease) in net assets resulting from operations | 162623 | 257063 |
|  **Dividends to Common** |  |  |  |
|  **Unitholders From** | Class A | (5701) | (721) |
|  **Net Investment Income:** |  |  |  |
|  **Units** |  |  |  |
|  **transactions-net :** | Class A | (224651) | (691124) |
|  **Net Assets:** |  |  |  |
|  | Net increase (decrease) in net assets applicable to common unitholders | (67729) | (434782) |
|  | Balance at the beginning of the year | 2604860 | 3039642 |
|  | Balance at the end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604860 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| | | | |
|:---|:---|:---|:---|
| Multi-Select Securities Fund for Puerto Rico Residents | Multi-Select Securities Fund for Puerto Rico Residents |  |  |
| Statement of Changes in Net Assets | Statement of Changes in Net Assets | Large Cap Core Portfolio I | Large Cap Core Portfolio I |
|  |  | **For the fiscal year** | **For the fiscal year** |
|  |  | **ended March 31, 2025** | **ended March 31, 2024** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |  |  |
|  | Net investment income (loss) | $(75599) | $(59658) |
|  | Net realized gain (loss) on investments | 878907 | 283208 |
|  | Net realized gain (loss) on futures contracts | 71492 | 279405 |
|  | Change in unrealized net appreciation (depreciation) on investments | (495840) | 1354340 |
|  | Change in unrealized net appreciation (depreciation) on futures contracts | (28233) | (37763) |
|  | Net increase (decrease) in net assets resulting from operations | 350727 | 1819532 |
|  **Units** |  |  |  |
|  **transactions-net :** | Class A | (932556) | (573240) |
|  **Net Assets:** |  |  |  |
|  | Net increase (decrease) in net assets applicable to common unitholders | (581829) | 1246292 |
|  | Balance at the beginning of the year | 7345535 | 6099243 |
|  | Balance at the end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6763706 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7345535 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| | | | |
|:---|:---|:---|:---|
| Multi-Select Securities Fund for Puerto Rico Residents | Multi-Select Securities Fund for Puerto Rico Residents |  |  |
| Statement of Changes in Net Assets | Statement of Changes in Net Assets | Large Cap Growth Portfolio I | Large Cap Growth Portfolio I |
|  |  | **For the fiscal year** | **For the fiscal year** |
|  |  | **ended March 31,** | **ended March 31, 2024** |
|  |  | **2025** |  |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |  |  |
|  | Net investment income (loss) | $(126727) | $(107374) |
|  | Net realized gain (loss) on investments | 1090897 | 770270 |
|  | Net realized gain (loss) on futures contracts | 78762 | 466738 |
|  | Change in unrealized net appreciation (depreciation) on investments | (678807) | 1633035 |
|  | Change in unrealized net appreciation (depreciation) on futures contracts | (24672) | (79669) |
|  | Net increase (decrease) in net assets resulting from operations | 339453 | 2683000 |
|  **Units** |  |  |  |
|  **transactions-net :** | Class A | (553691) | (1351375) |
|  **Net Assets:** |  |  |  |
|  | Net increase (decrease) in net assets applicable to common unitholders | (214238) | 1331625 |
|  | Balance at the beginning of the year | 8530821 | 7199196 |
|  | Balance at the end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8316583 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8530821 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| | | | |
|:---|:---|:---|:---|
| Multi-Select Securities Fund for Puerto Rico Residents | Multi-Select Securities Fund for Puerto Rico Residents |  |  |
| Statement of Changes in Net Assets | Statement of Changes in Net Assets | Large Cap Value Portfolio I | Large Cap Value Portfolio I |
|  |  | **For the fiscal year** | **For the fiscal year** |
|  |  | **ended March 31, 2025** | **ended March 31, 2024** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |  |  |
|  | Net investment income (loss) | $4608 | $17243 |
|  | Net realized gain (loss) on investments | 204029 | 397711 |
|  | Net realized gain (loss) on futures contracts | 24596 | 166666 |
|  | Change in unrealized net appreciation (depreciation) on investments | 205017 | (70992) |
|  | Change in unrealized net appreciation (depreciation) on futures contracts | (11141) | (15289) |
|  | Net increase (decrease) in net assets resulting from operations | 427109 | 495339 |
|  **Dividends to Common** |  |  |  |
|  **Unitholders From** | Class A | (12443) | (3464) |
|  **Net Investment Income:** | Class L | (4366) | (171) |
|  |  | (16809) | (3635) |
|  **Units** | Class A | (489708) | (1086590) |
|  **transactions-net :** | Class L | 3710 | 146 |
|  |  | (485998) | (1086444) |
|  **Net Assets:** |  |  |  |
|  | Net increase (decrease) in net assets applicable to common unitholders | (75698) | (594740) |
|  | Balance at the beginning of the year | 6330806 | 6925546 |
|  | Balance at the end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6255108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6330806 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| | | | |
|:---|:---|:---|:---|
| Multi-Select Securities Fund for Puerto Rico Residents | Multi-Select Securities Fund for Puerto Rico Residents |  |  |
| Statement of Changes in Net Assets | Statement of Changes in Net Assets | Mid Cap Core Portfolio I | Mid Cap Core Portfolio I |
|  |  | **For the fiscal year** | **For the fiscal year** |
|  |  | **ended March 31, 2025** | **ended March 31, 2024** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |  |  |
|  | Net investment income (loss) | $(38837) | $(42331) |
|  | Net realized gain (loss) on investments | 114977 | 275680 |
|  | Net realized gain (loss) on futures contracts | (31819) | 134843 |
|  | Change in unrealized net appreciation (depreciation) on investments | (357520) | 829686 |
|  | Change in unrealized net appreciation (depreciation) on futures contracts | (35241) | (8569) |
|  | Net increase (decrease) in net assets resulting from operations | (348440) | 1189309 |
|  **Units** |  |  |  |
|  **transactions-net :** | Class A | (331524) | (1185621) |
|  **Net Assets:** |  |  |  |
|  | Net increase (decrease) in net assets applicable to common unitholders | (679964) | 3688 |
|  | Balance at the beginning of the year | 5128733 | 5125045 |
|  | Balance at the end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4448769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5128733 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| | | | |
|:---|:---|:---|:---|
| Multi-Select Securities Fund for Puerto Rico Residents | Multi-Select Securities Fund for Puerto Rico Residents |  |  |
| Statement of Changes in Net Assets | Statement of Changes in Net Assets | Small Cap Core Portfolio I | Small Cap Core Portfolio I |
|  |  | **For the fiscal year** | **For the fiscal year** |
|  |  | **ended March 31, 2025** | **ended March 31, 2024** |
|  **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |  |  |
|  | Net investment income (loss) | $(22338) | $(20615) |
|  | Net realized gain (loss) on investments | 57154 | (105507) |
|  | Net realized gain (loss) on futures contracts | (23840) | 51775 |
|  | Change in unrealized net appreciation (depreciation) on investments | (66176) | 183259 |
|  | Change in unrealized net appreciation (depreciation) on futures contracts | (23675) | 4895 |
|  | Net increase (decrease) in net assets resulting from operations | (78875) | 113807 |
|  **Units** |  |  |  |
|  **transactions-net :** | Class A | (569565) | (272467) |
|  **Net Assets:** |  |  |  |
|  | Net increase (decrease) in net assets applicable to common unitholders | (648440) | (158660) |
|  | Balance at the beginning of the year | 2915810 | 3074470 |
|  | Balance at the end of year | $2267370 | $2915810 |

---

The accompanying notes are an integral part of these financial statements.

------

### Multi-Select Securities Fund for Puerto Rico Residents

#### Notes to Financial Statements

#### For the fiscal year ended March 31, 2025
**1.** **Reporting Entity and Significant Accounting Policies:** 

Multi-Select Securities Fund for Puerto Rico Residents (the "Fund") is a non-diversified open-end investment trust established under the laws of the Commonwealth of Puerto Rico ("Puerto Rico") and is registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), as of May 19, 2021. Prior to such date and since inception, the Fund was registered and operated under the Puerto Rico Investment Companies Act of 1954, as amended. The Fund was incorporated on March 22, 2004, and commenced operations on June 22, 2004.

Since May 19, 2021, the Fund consists of six separately managed pools of assets (each a "Portfolio"). An investor may invest in one or more of the following Portfolios: International Portfolio I

Large Cap Core Portfolio I

Large Cap Growth Portfolio I

Large Cap Value Portfolio I

Mid Cap Core Portfolio I

Small Cap Core Portfolio I

Units of each Portfolio are offered separately. Each Portfolio's investment objective is long-term growth of capital. There is no assurance that the Portfolios will achieve their investment objective.

Each Portfolio is divided into a Puerto Rico securities portion (the "Puerto Rico Securities Portion") and an equity portion consisting of non-Puerto Rico equity securities (the "Equity Portion"). The Fund uses a variation of what has been termed a "multi manager" approach regarding the Equity Portion of each Portfolio. The Equity Portion of each Portfolio is managed by a sub-adviser. The Fund has established six accounts (each an "Account") at JPMorgan Chase Bank, N.A. (each Portfolio's sub-custodian). Each Portfolio has its own account and sub-advisory relationship. UBS Asset Managers of Puerto Rico ("UBS AMPR" or the "Investment Adviser") established the specific investment style for each Account and chose the sub-advisers.

On May 24, 2018, the Economic Growth, Regulatory Relief, and Consumer Protection Act (Pub. L. No. 115-174) was signed into law and amended the 1940 Act to repeal the exemption from its registration of investment companies created under the laws of Puerto Rico, the U.S. Virgin Islands, or any other U.S. possession under Section 6(a)(1) thereof. The repeal of the exemption took effect on May 24, 2021. Upon the Fund's registration under the 1940 Act, it must now register its future offerings of securities under the Securities Act of 1933 (the "1933 Act"), as amended, absent an available exception. The Fund has suspended the trading of its securities pending registration under 1933 Act.

The following is a summary of the Fund's significant accounting policies:

#### Use of Estimates in Financial Statements Preparation
The Fund is an investment company that applies the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

#### Net Asset Value per Unit
The net asset value ("NAV") per unit of each Portfolio is determined daily by UBS Trust Company of Puerto Rico ("UBSTC" or the "Administrator" or the "Transfer Agent") after the close of trading on the New York Stock Exchange ("NYSE"), or if such day is not a business day in New York or Puerto Rico, on the next succeeding business day. The NAV per unit is computed by dividing the total assets of each Portfolio, less its liabilities, by the total number of outstanding units of such Portfolio.

------

### Multi-Select Securities Fund for Puerto Rico Residents

#### Notes to Financial Statements

#### For the fiscal year ended March 31, 2025

#### Cash and Cash Equivalents
The Fund considers highly liquid investments with original maturities at the time of purchase of three months or less to be cash equivalents.

#### Valuation of Investments
The Fund's portfolio securities are valued by UBSTC on the basis of valuations provided by pricing services or dealers which were approved by Fund management and the Board of Directors (the "Board"). Specifically, equity securities are valued based on the last quoted sales prices as of the close of trading on the valuation date. Valuation adjustments are limited to those necessary to ensure that the financial instrument's fair value is adequately representative of the price that would be received or paid in the marketplace. These adjustments include amounts that reflect counterparty credit quality, constraints on liquidity, and unobservable parameters that are applied consistently.

The Investment Adviser has established a Valuation Committee (the "Committee") which is responsible for overseeing the pricing and valuation of all securities held by the Fund. The Committee operates under pricing and valuation policies and procedures established by the Investment Adviser and approved by the Board. The policies and procedures set forth the mechanisms and processes to be employed on a daily basis related to the valuation of portfolio securities for the purpose of determining the NAV of the Fund. The Committee reports to the Board on a regular basis. At March 31, 2025, no portfolio securities were fair valued by the Committee.

GAAP provides a framework for measuring fair value and expands disclosures about fair value measurements and requires disclosure surrounding the various inputs that are used in determining the fair value of the Fund's investments. These inputs are summarized in three broad levels listed below.

● Level 1 - Quoted prices in active markets for identical assets and liabilities at the measurement date. An active market is one in which transactions for the assets occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

● Level 2 - Significant inputs other than quoted prices included in Level 1 that are observable (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.), either directly or indirectly.

● Level 3 - Significant unobservable inputs, for example, inputs derived through extrapolation that cannot be corroborated by observable market data. These are developed based on the best information available in the circumstances, which might include UBSTC's own data. Level 3 inputs will consider the assumptions that market participants would use in pricing the asset, including assumptions about risk (e.g., credit risk, model risk, etc.).

The Fund maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Fair value is based upon quoted market prices when available.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Committee. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement. The estimated fair value may be subjective in nature and may involve uncertainties and matters of significant judgment for certain financial instruments. Changes in the underlying assumptions used in calculating fair value could significantly affect the results. Therefore, the estimated fair value may materially differ from the value that could actually be realized on sale.

The inputs or methodology used for valuing securities or assigning levels are not necessarily an indication of the risk associated with investing in those securities.

Following is a description of the Fund's valuation methodologies used for assets measured at fair value:

**Equity securities and exchange traded funds:** Equity securities and exchange traded funds with quoted market prices obtained from an active exchange market are classified as Level 1.

------

### Multi-Select Securities Fund for Puerto Rico Residents

#### Notes to Financial Statements

#### For the fiscal year ended March 31, 2025
**Long Futures contracts:** Long futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade and are classified as Level 1.

The following is a summary of the inputs used as of March 31, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | | **Investments<br>in Long<br>Futures<br>Contracts** | |
| <br>**Portfolios** | **Level 1** | **Level 2** | **Level 3** | <br>**Sub-Total** | **Level 1** | <br>**Total** |
|  | Common<br>Stocks |  |  |  | Long Futures<br>Contracts\* |  |
|  International Portfolio I | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043354 |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043354 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1350) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042004 |
|  Large Cap Core Portfolio I | 5381063 |  |  | 5381063 | (3683) | 5377380 |
|  Large Cap Growth Portfolio I | 6814941 |  |  | 6814941 | 660 | 6815601 |
|  Large Cap Value Portfolio I | 5018334 |  |  | 5018334 | 26975 | 5045309 |
|  Mid Cap Core Portfolio I | 3621766 |  |  | 3621766 | (1710) | 3620056 |
|  Small Cap Core Portfolio I | 1714013 |  |  | 1714013 | (2700) | 1711313 |

---

\* Includes cumulative appreciation (depreciation) of long futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities in variation margin receivable/payable.

There were no Level 3 securities for the fiscal year ended March 31, 2025.

No securities transferred between levels for the fiscal year ended March 31, 2025.

#### Taxation
Each Portfolio will not be subject to Puerto Rico income tax for any taxable year if it distributes at least 90% of its taxable net investment income for such year, as determined for these purposes pursuant to section 1112.01(a)(2) of the Puerto Rico Internal Revenue Code of 2011, as amended. Accordingly, as each Portfolio intends to meet this distribution requirement, the income earned by each Portfolio is not subject to Puerto Rico income tax at the Fund level.

The current investments do not have foreign tax implications.

In addition, in the opinion of the Fund's legal counsel, the Fund is not required to file a U.S. federal income tax return. Each Portfolio is, however, subject to a 30% U.S. federal income tax on certain types of income from sources within the United States, such as dividends and interest. However, interest that qualifies as "portfolio interest" is not subject to the 30% income tax. In addition, dividends from sources within the United States may qualify for a reduced 10% rate if certain conditions are met. Such income is reflected in the Statement of Operations net of the applicable U.S. federal tax withholding. Individual unitholders may be subject to an alternate basic tax on certain fund distributions. Puerto Rico entities taxed as corporations are entitled to claim a deduction of 85% of the amount received as dividends, but no greater than 85% of the corporation's net income. Fund unitholders are advised to consult their own tax advisers.

#### Distributions to Unitholders
Each Portfolio intends to distribute to its unitholders substantially all of such Portfolio's net income; provided, however, that such Portfolio may elect to distribute less of its net income if, in the judgment of the Investment Adviser, such reduced distribution is in the best economic interests of such Portfolio's unitholders. Such distributions, if any, shall be paid by the Fund on no less than an annual basis. Distributions on units will be reinvested automatically in full or fractional units of the same Portfolio at the NAV per unit determined on the ex-dividend date.

#### Units Subscriptions and Redemptions
The Fund intends to offer two classes of units of Common Stock: Class A units and Class L units. Units are generally sold at their NAV, which is determined daily after the close of trading on the NYSE (or if such day is not a business day in New York or Puerto Rico, on the next succeeding business day). In the event that at any time there are no issued and outstanding units of a particular class of a Portfolio of the Fund, units of such class of such Portfolio will be sold at $10.00 per unit. Once any units of such class of such Portfolio are sold and the proceeds are invested by the Portfolio, and so long as any units of such class of such Portfolio are

------

### Multi-Select Securities Fund for Puerto Rico Residents

#### Notes to Financial Statements

#### For the fiscal year ended March 31, 2025
outstanding, all future sales of units of such class of such Portfolio shall be sold at NAV. Assuming that there are outstanding units of each class for each Portfolio, (i) Class A units are sold at NAV with an initial sales charge of up to 5.00% and are only available to investors investing more than $5,000, with a minimum of $500 in a given Portfolio and are subject to a minimum balance requirement of $500 in a given Portfolio and (ii) Class L units are sold at NAV with no initial sales charge and are available to investors investing more than $1,000,000, with a minimum of $500 in a given Portfolio, and are subject to a minimum balance requirement of $500 in a given Portfolio. Subsequent purchases of Class A and Class L units in a given Portfolio must be made in amounts of at least $100.

No redemption fees were collected from Class A and Class L for the fiscal year ended March 31, 2025.

#### Long Futures Contracts
Long futures contracts provide for the future exchange of a specified security at a specified future time and at a specified price. Stock index long futures contracts are based on indices that reflect the market value of common stock of the firms included in the indices. Upon entering into a financial long futures contract, the Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as "variation margin," are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying security. The Fund recognizes an unrealized gain or loss which includes the daily variation margin until the contract is closed out, at which time the Fund realizes a gain or loss. There are several risks accompanying the utilization of long futures contracts. First, positions in long futures contracts may be closed only on an exchange. While the Fund plans to utilize long futures contracts only if there exists an active market for such contracts, there is no guarantee that a liquid market will exist for the contracts at a specified time.

Furthermore, because, by definition, long futures contracts look to projected price levels in the future and not to current levels or valuation, market circumstances may result in there being a discrepancy between the price of the future and the movement in the underlying instrument or index. The absence of a perfect price correlation between the futures contract and its underlying instrument or index could stem from investors choosing to close long futures contracts by offsetting transactions rather than satisfying additional margin requirements. This could result in a distortion of the relationship between the index and the futures market.

Most U.S. futures exchanges limit the amount of fluctuation permitted in long futures contract prices during a single trading day. The daily limit establishes the maximum amount that the price of a long futures contract may vary either up or down from the previous day's settlement price at the end of a trading session. Once the daily limit has been reached in a particular type of long futures contract, no trades may be made on that day at a price beyond that limit. The daily limit governs only price movement during a particular trading day and therefore does not limit potential losses because the limit may prevent the liquidation of unfavorable positions. Long futures contract prices have occasionally moved to the daily limit on several consecutive trading days with little or no trading, thereby preventing prompt liquidation of long futures positions and subjecting some long futures traders to substantial losses.

The Portfolios enter into stock index long futures contracts that are traded on public exchanges. By investing in long futures contracts, the Investment Adviser attempts to achieve a risk and return profile for the Portfolios that approximates the result that might be achieved by investing the assets of the Puerto Rico Securities Portion in the securities comprising the stock index used as a benchmark for the relevant investment strategy and investing the assets of the Equity Portion in the assets selected by the sub-advisers or the Investment Adviser, as the case may be.

#### Other
Investment transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Realized gains and losses on investment transactions are determined on the average cost method for the long futures contracts, equity securities, and exchange traded funds. Interest income is accrued on a daily basis, except when collection is not expected. Dividend income is recorded on the ex-dividend date, except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Dividends received from entities outside Puerto Rico are presented net of any applicable withholding taxes.

------

### Multi-Select Securities Fund for Puerto Rico Residents

#### Notes to Financial Statements

#### For the fiscal year ended March 31, 2025
Income and expenses of each Portfolio, other than class-specific expenses, and realized and unrealized gains and losses on investments, are allocated daily to each class of units based upon the NAV of outstanding units of each class at the beginning of the day. Fund expenses are allocated between each Portfolio based upon the total assets of each Portfolio.

**2.** **Investment Advisory, Administrative, Custodian, Distribution, Unit Holder Servicing, and Transfer Agency Agreements, and Other Transactions with Affiliates** 

#### Investment Advisory Fees
The Fund has entered into an Investment Advisory Agreement with the Investment Adviser to provide investment advisory services to the Fund in exchange for a fee not to exceed 1.00% of each Portfolio's average weekly net assets. UBS AMPR provides day-to-day management of the Puerto Rico Securities Portion of each Portfolio. With respect to the Equity Portion of each Portfolio, which consists entirely of non-Puerto Rico securities, the Fund has entered into investment sub-advisory agreements with various sub-advisers.

The sub-advisers for the Equity Portion of each Portfolio are the following:

---

| | |
|:---|:---|
| **Portfolios** | **Portfolio Manager** |
|  International Portfolio I | Cambiar Investors, LLC |
|  Large Cap Core Portfolio I | Atalanta Sosnoff Capital, LLC |
|  Large Cap Growth Portfolio I  | Winslow Capital Management, LLC |
|  Large Cap Value Portfolio I | The London Company of Virginia, LLC |
|  Mid Cap Core Portfolio I | The London Company of Virginia, LLC |
|  Small Cap Core Portfolio I | Cambiar Investors, LLC |

---

These sub-advisers are responsible for the day-to-day investment management of the Equity Portion of each Portfolio. From the total advisory fee, the Investment Adviser pays the sub-advisers a fee in accordance with the terms of the respective sub-advisory agreements.

For the fiscal year ended March 31, 2025, gross, waived, and net investment advisory fees, calculated as a percentage of average weekly net assets, are indicated below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International <br>Portfolio I** | **Large Cap<br>Core**<br> **Portfolio I** | **Large Cap<br>Growth<br>Portfolio I** | **Large Cap <br>Value<br>Portfolio I** |
|  Annual Gross Fees | $24952 | $75337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89143 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62904 |
|  Fees waived by Investment Adviser | (14971) | (45202) | (53486) | (37743) |
|  Net fees | $9981 | $30135 | $35657 | $25161 |
|  Effective annual rate | 0.40% | 0.40% | 0.40% | 0.40% |
|  | **Mid Cap**<br> **Core<br>Portfolio I** | **Small Cap<br>Core<br>Portfolio I** |  |  |
|  Annual Gross Fees | $48132 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28330 |  |  |
|  Fees waived by Investment Adviser | (28879) | (16998) |  |  |
|  Net fees | $19253 | $11332 |  |  |
|  Effective annual rate | 0.40% | 0.40% |  |  |

---

------

### Multi-Select Securities Fund for Puerto Rico Residents

#### Notes to Financial Statements

#### For the fiscal year ended March 31, 2025

#### Administration Fees
UBSTC also provides administrative, custody, and transfer agency services (collectively "Administration Fees") pursuant to Administration, Custodian and Transfer Agency, Registrar, and Shareholder Servicing Agreements. The transfer agent has engaged BNY Mellon Investment Servicing US Inc. ("BNYM") to act as recordkeeping and shareholder servicing agent for the Fund. The compensation paid by the Fund to the transfer agent under the Transfer Agency, Registrar, and Shareholder Servicing Agreement is equal to the compensation that the transfer agent is required to pay to BNYM, from time to time, for services to the Fund. UBSTC provides facilities and personnel to the Fund for the performance of Administrator duties. The administration fees will not exceed 0.15% of the Portfolio's average weekly net assets. For the fiscal year ended March 31, 2025, gross, waived, and net administration fees, calculated as a percentage of average weekly net assets, are indicated below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International <br>Portfolio I** | **Large Cap<br>Core**<br> **Portfolio I** | **Large Cap<br>Growth<br>Portfolio I** | **Large Cap <br>Value<br>Portfolio I** |
|  Annual Gross Fees | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11320 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13401 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9450 |
|  Fees waived by Administrator | (3752) | (11320) | (13401) | (9450) |
|  Net fees | $- | $- | $- | $- |
|  Effective annual rate | 0.00% | 0.00% | 0.00% | 0.00% |
|  | **Mid Cap**<br> **Core**<br> **Portfolio I** | **Small Cap<br>Core<br>Portfolio I** |  |  |
|  Annual Gross Fees | $7225 | $4259 |  |  |
|  Fees waived by Administrator | (7225) | (4259) |  |  |
|  Net fees | $- | $- |  |  |
|  Effective annual rate | 0.00% | 0.00% |  |  |

---

#### Expense Limitation Agreement
UBSTC and the Fund have entered into an agreement (the "Expense Limitation Agreement") whereby UBSTC agrees to reduce its compensation as set forth in the Investment Advisory Agreement and to assume all or a portion of the ordinary operating expenses of the Fund (subject to future reimbursement by the Fund), including but not limited to shareholder services, custodial and transfer agency fees, legal, regulatory, and accounting fees, printing costs, and registration fees, but excluding distribution and service (12b-1) fees, taxes, leverage, interest, brokerage commissions, dividends or interest expenses on short positions acquired fund fees and expenses and extraordinary expenses (collectively, the "Other Expenses") to the extent necessary to maintain the Fund's total annual fund operating expenses less Other Expenses at a level which is no greater than 1.75% of the daily gross assets attributable to the various classes. UBSTC shall be entitled to recoup such amounts as such time as the net total expenses for the Fund fall below the expense limitation for the annual period, provided that (i) such recoupment does not cause the Fund's net total expenses to exceed (a) the expense limitation at the time the fees are waived or (b) the expense limitation in effect at the time of such reimbursement and (ii) the recoupment is made within three years of the date as of which UBSTC reduced its compensation and/or assumed the expense. The recoupment of prior year expenses totaled $11,992 for the fiscal year ended March 31, 2025. The excess expenses potentially reimbursable by UBSTC at March 31, 2025, are approximately $424,000 and are distributed as reflected in the table that follows. The Expense Limitation Agreement is effective through June 30, 2025, and may be renewed for successive one-year periods.

------

### Multi-Select Securities Fund for Puerto Rico Residents

#### Notes to Financial Statements

#### For the fiscal year ended March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **International Portfolio I** | **03/31/26** | **03/31/27** | **03/31/28** | **Large Cap Core Portfolio I** | **03/31/26** | **03/31/27** | **03/31/28** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A units | $15370 | $43006 | $22769 | &nbsp;&nbsp;&nbsp;&nbsp; Class A units | $8375 | $32825 | $2735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class L units |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Class L units | 3383 | 14695 | 1468 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15370 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43006 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22769 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11758 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4203 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Large Cap Growth Portfolio I** | **03/31/26** | **03/31/27** | **03/31/28** | **Large Cap Value Portfolio I** | **03/31/26** | **03/31/27** | **03/31/28** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A units | $9687 | $36598 | $5453 | &nbsp;&nbsp;&nbsp;&nbsp; Class A units | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class L units | 2976 | 13710 | 2392 | &nbsp;&nbsp;&nbsp;&nbsp; Class L units | 4079 | 10510 | 2658 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12663 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50308 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7845 |  | $17459 | $39556 | $9091 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mid Cap Core Portfolio I** | **03/31/26** | **03/31/27** | **03/31/28** | **Small Cap Core Portfolio I** | **03/31/26** | **03/31/27** | **03/31/28** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A units | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11689 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27389 | $8311 | &nbsp;&nbsp;&nbsp;&nbsp; Class A units | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class L units | 4001 | 12353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4457 | &nbsp;&nbsp;&nbsp;&nbsp; Class L units |  |  |  |
|  Total | $15690 | $39742 | $12768 |  | $15350 | $42191 | $17698 |

---

The net effect of the Expense Limitation Agreement was to decrease the operating expenses of the Fund and increase net investment income for the fiscal year ended March 31, 2025.

#### Directors' Fees
Certain Fund officers are also officers of UBSTC. The six independent directors of the Fund's Board are paid based upon an agreed fee of $1,000 per fund for attendance at each quarterly Board meeting, $500 for attendance at a special Board meeting, and $500 per fund for each Audit Committee meeting. For the fiscal year ended March 31, 2025, the independent directors of the Fund were paid an aggregate compensation and expenses of $30,698. The Directors fee payable amounted to $6,000 as of March 31, 2025.

#### Other Transactions
During the fiscal year ended March 31, 2025, all purchases and sales of equity securities were investments in unaffiliated parties.

#### Affiliate-Other:
The Fund has cash due from UBSTC amounting to $5,186,772, consisting of a cash portion that is invested in an overnight swift account for operational purposes, as follows:

---

| | |
|:---|:---|
| **Portfolio** | **Due from affiliate** |
|  International Portfolio I | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394482 |
|  Large Cap Core Portfolio I | 1142338 |
|  Large Cap Growth Portfolio | 1399732 |
|  Large Cap Value Portfolio I | 1073149 |
|  Mid Cap Core Portfolio I | 715109 |
|  Small Cap Core Portfolio I | 461962 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Unit Transactions

Unit transactions for the fiscal years ended March 31, 2025, and March 31, 2024, were as follows:

------

### Multi-Select Securities Fund for Puerto Rico Residents

#### Notes to Financial Statements

#### For the fiscal year ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Portfolio I:** | | | | |
|  | **For the fiscal year ended** | **For the fiscal year ended** | **For the fiscal year ended** | **For the fiscal year ended** |
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2024** | **March 31, 2024** |
| | **Units** | **Amount** | **Units** | **Amount** |
|  Class A: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Sold |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (22010) | (229177) | (72454) | (691668) |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Reinvested | 432 | 4526 | 57 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease from capital share transactions | (21578) | $(224651) | (72397) | $(691124) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Core Portfolio I:** | | | | |
|  | **For the fiscal year ended** | **For the fiscal year ended** | **For the fiscal year ended** | **For the fiscal year ended** |
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2024** | **March 31, 2024** |
| | **Units** | **Amount** | **Units** | **Amount** |
|  Class A: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Sold |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (21418) | (932556) | (15990) | (573240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease from capital share transactions | (21418) | $(932556) | (15990) | $(573240) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Growth Portfolio I:** | | | | |
|  | **For the fiscal year ended** | **For the fiscal year ended** | **For the fiscal year ended** | **For the fiscal year ended** |
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2024** | **March 31, 2024** |
| | **Units** | **Amount** | **Units** | **Amount** |
|  Class A: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Sold |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (10585) | (553691) | (33277) | (1351375) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease from capital share transactions | (10585) | $(553691) | (33277) | $(1351375) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Value Portfolio I:** | | | | |
|  | **For the fiscal year ended** | **For the fiscal year ended** | **For the fiscal year ended** | **For the fiscal year ended** |
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2024** | **March 31, 2024** |
| | **Units** | **Amount** | **Units** | **Amount** |
|  Class A: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Sold |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (19094) | (498257) | (46553) | (1089052) |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Reinvested | 338 | 8549 | 106 | 2462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease from capital share transactions | (18756) | $(489708) | (46447) | $(1086590) |
|  Class L: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Sold |  | $- |  | $- |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Reinvested | 152 | 3710 | 22 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease from capital share transactions | 152 | $3710 | 22 | $146 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Core Portfolio I:** | | | | |
|  | **For the fiscal year ended** | **For the fiscal year ended** | **For the fiscal year ended** | **For the fiscal year ended** |
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2024** | **March 31, 2024** |
| | **Units** | **Amount** | **Units** | **Amount** |
|  Class A: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Sold |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (7431) | (331524) | (29181) | (1185621) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease from capital share transactions | (7431) | $(331524) | (29181) | $(1185621) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Core Portfolio I:** | | | | |
|  | **For the fiscal year ended** | **For the fiscal year ended** | **For the fiscal year ended** | **For the fiscal year ended** |
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2024** | **March 31, 2024** |
| | **Units** | **Amount** | **Units** | **Amount** |
|  Class A: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Sold |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Redeemed | (19095) | (569565) | (9649) | (272467) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease from capital share transactions | (19095) | $(569565) | (9649) | $(272467) |

---

------

### Multi-Select Securities Fund for Puerto Rico Residents

#### Notes to Financial Statements

#### For the fiscal year ended March 31, 2025
Since April 2016, there are no Class L units outstanding for the International Portfolio I. However, Class L units are presently offered for purchase at a par value of $10.00 per unit.

Since December 2018, there are no Class L units outstanding for the Small Cap Core Portfolio. However, Class L units are presently offered for purchase at a par value of $10.00 per unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Securities Transactions

The cost of portfolio securities purchased and proceeds from sales of portfolio securities for the fiscal year ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolios** | **Purchases** | **Sales** |
|  International Portfolio I | $731254 | $739921 |
|  Large Cap Core Portfolio I | 3011378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135864 |
|  Large Cap Growth Portfolio I | 5839283 | 5196718 |
|  Large Cap Value Portfolio I | 414531 | 502737 |
|  Mid Cap Core Portfolio I | 406638 | 552288 |
|  Small Cap Core Portfolio I | 133902 | 510327 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Long Futures Contracts

The Fund engaged in the following transactions as of March 31, 2025, related to long futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **International Portfolio I** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. of Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional Amount** <br> **at Cost** | **Net Unrealized Gain (Loss)** | **Variation Margin** | **Variation Margin** |
| **International Portfolio I** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. of Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional Amount** <br> **at Cost** | **Net Unrealized Gain (Loss)** | **Asset** | **Liability** |
|  Balance at March 31, 2024 | 4 | $466500 | $4640 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 |
|  Purchases | 13 | 1549470 |  |  |  |
|  Sales | (14) | (1651710) |  |  |  |
|  Balance at end of the year\* | 3 | $364260 | $(1350) | $- | $2880 |
|  \* At March 31, 2025, the Portfolio had 3 Equity Index E-Mini MSCI EAFE long futures contracts that expire on June 20, 2025. | \* At March 31, 2025, the Portfolio had 3 Equity Index E-Mini MSCI EAFE long futures contracts that expire on June 20, 2025. | \* At March 31, 2025, the Portfolio had 3 Equity Index E-Mini MSCI EAFE long futures contracts that expire on June 20, 2025. | \* At March 31, 2025, the Portfolio had 3 Equity Index E-Mini MSCI EAFE long futures contracts that expire on June 20, 2025. | \* At March 31, 2025, the Portfolio had 3 Equity Index E-Mini MSCI EAFE long futures contracts that expire on June 20, 2025. | \* At March 31, 2025, the Portfolio had 3 Equity Index E-Mini MSCI EAFE long futures contracts that expire on June 20, 2025. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Large Cap Core Portfolio I** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. of Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional Amount** <br> **at Cost** | **Net Unrealized Gain (Loss)** | **Variation Margin** | **Variation Margin** |
| **Large Cap Core Portfolio I** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. of Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional Amount** <br> **at Cost** | **Net Unrealized Gain (Loss)** | **Asset** | **Liability** |
|  Balance at March 31, 2024 | 4 | $1036750 | $24550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7512 |
|  Purchases | 14 | 4023165 |  |  |  |
|  Sales | (15) | (4209219) |  |  |  |
|  Balance at end of the year\* | 3 | $850696 | $(3683) | $5475 | $- |
|  \* At March 31, 2025, the Portfolio had 3 Equity Index E-Mini S&P 500 long futures contracts that expire on June 20, 2025.  | \* At March 31, 2025, the Portfolio had 3 Equity Index E-Mini S&P 500 long futures contracts that expire on June 20, 2025.  | \* At March 31, 2025, the Portfolio had 3 Equity Index E-Mini S&P 500 long futures contracts that expire on June 20, 2025.  | \* At March 31, 2025, the Portfolio had 3 Equity Index E-Mini S&P 500 long futures contracts that expire on June 20, 2025.  | \* At March 31, 2025, the Portfolio had 3 Equity Index E-Mini S&P 500 long futures contracts that expire on June 20, 2025.  | \* At March 31, 2025, the Portfolio had 3 Equity Index E-Mini S&P 500 long futures contracts that expire on June 20, 2025.  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Large Cap Growth Portfolio I** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. of Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional Amount** <br> **at Cost** | **Net Unrealized Gain (Loss)** | **Variation Margin** | **Variation Margin** |
| **Large Cap Growth Portfolio I** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. of Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional Amount** <br> **at Cost** | **Net Unrealized Gain (Loss)** | **Asset** | **Liability** |
|  Balance at March 31, 2024 | 8 | $1349068 | $25332 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4112 |
|  Purchases | 27 | 5185160 |  |  |  |
|  Sales | (29) | (5434428) |  |  |  |
|  Balance at end of the year\* | 6 | $1099800 | $660 | $1740 | $- |
|  \* At March 31, 2025, the Portfolio had 6 Equity Index Russell 1000 Mini long futures contracts that expire on June 20, 2025. | \* At March 31, 2025, the Portfolio had 6 Equity Index Russell 1000 Mini long futures contracts that expire on June 20, 2025. | \* At March 31, 2025, the Portfolio had 6 Equity Index Russell 1000 Mini long futures contracts that expire on June 20, 2025. | \* At March 31, 2025, the Portfolio had 6 Equity Index Russell 1000 Mini long futures contracts that expire on June 20, 2025. | \* At March 31, 2025, the Portfolio had 6 Equity Index Russell 1000 Mini long futures contracts that expire on June 20, 2025. | \* At March 31, 2025, the Portfolio had 6 Equity Index Russell 1000 Mini long futures contracts that expire on June 20, 2025. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Large Cap Value Portfolio I** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. of Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional Amount** <br> **at Cost** | **Net Unrealized Gain (Loss)** | **Variation Margin** | **Variation Margin** |
| **Large Cap Value Portfolio I** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. of Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional Amount** <br> **at Cost** | **Net Unrealized Gain (Loss)** | **Asset** | **Liability** |
|  Balance at March 31, 2024 | 13 | $1120834 | $38118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 |
|  Purchases | 45 | 4091720 |  |  |  |
|  Sales | (48) | (4307429) |  |  |  |
|  Balance at end of the year\* | 10 | $905125 | $26975 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100 | $- |
|  \* At March 31, 2025, the Portfolio had 10 Equity Index Russell 1000 Mini long futures contracts that expire on June 20, 2025. | \* At March 31, 2025, the Portfolio had 10 Equity Index Russell 1000 Mini long futures contracts that expire on June 20, 2025. | \* At March 31, 2025, the Portfolio had 10 Equity Index Russell 1000 Mini long futures contracts that expire on June 20, 2025. | \* At March 31, 2025, the Portfolio had 10 Equity Index Russell 1000 Mini long futures contracts that expire on June 20, 2025. | \* At March 31, 2025, the Portfolio had 10 Equity Index Russell 1000 Mini long futures contracts that expire on June 20, 2025. | \* At March 31, 2025, the Portfolio had 10 Equity Index Russell 1000 Mini long futures contracts that expire on June 20, 2025. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mid Cap Core Portfolio I** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. of Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional Amount** <br> **at Cost** | **Net Unrealized Loss** | **Variation Margin** | **Variation Margin** |
| **Mid Cap Core Portfolio I** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. of Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional Amount** <br> **at Cost** | **Net Unrealized Loss** | **Asset** | **Liability** |
|  Balance at March 31, 2024 | 3 | $889479 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33531 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31251 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
|  Purchases | 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462140 |  |  |  |
|  Sales | (9) | (2762209) |  |  |  |
|  Balance at end of the year\* | 2 | $589410 | $(1710) | $2340 | $- |
|  \* At March 31, 2025, the Portfolio had 2 Equity Index E-Mini S&P Midcap 400 long futures contracts that expire on June 20, 2025.  | \* At March 31, 2025, the Portfolio had 2 Equity Index E-Mini S&P Midcap 400 long futures contracts that expire on June 20, 2025.  | \* At March 31, 2025, the Portfolio had 2 Equity Index E-Mini S&P Midcap 400 long futures contracts that expire on June 20, 2025.  | \* At March 31, 2025, the Portfolio had 2 Equity Index E-Mini S&P Midcap 400 long futures contracts that expire on June 20, 2025.  | \* At March 31, 2025, the Portfolio had 2 Equity Index E-Mini S&P Midcap 400 long futures contracts that expire on June 20, 2025.  | \* At March 31, 2025, the Portfolio had 2 Equity Index E-Mini S&P Midcap 400 long futures contracts that expire on June 20, 2025.  |

---

------

### Multi-Select Securities Fund for Puerto Rico Residents

#### Notes to Financial Statements

#### For the fiscal year ended March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Small Cap Core Portfolio I** | **No. of Contracts** | **Notional Amount**<br> **at Cost** | **Net Unrealized Loss** | **Variation Margin** | **Variation Margin** |
| **Small Cap Core Portfolio I** | **No. of Contracts** | **Notional Amount**<br> **at Cost** | **Net Unrealized Loss** | **Asset** | **Liability** |
|  Balance at March 31, 2024 | 5 | $515300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20975 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
|  Purchases | 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738490 |  |  |  |
|  Sales | (17) | (1845790) |  |  |  |
|  Balance at end of the year\*4 |  | $408000 | $(2700) | $- | $1100 |
|  \* At March 31, 2025, the Portfolio had 4 Equity Index Russell 2000 Mini long futures contracts that expires on June 20, 2025. | \* At March 31, 2025, the Portfolio had 4 Equity Index Russell 2000 Mini long futures contracts that expires on June 20, 2025. | \* At March 31, 2025, the Portfolio had 4 Equity Index Russell 2000 Mini long futures contracts that expires on June 20, 2025. | \* At March 31, 2025, the Portfolio had 4 Equity Index Russell 2000 Mini long futures contracts that expires on June 20, 2025. | \* At March 31, 2025, the Portfolio had 4 Equity Index Russell 2000 Mini long futures contracts that expires on June 20, 2025. | \* At March 31, 2025, the Portfolio had 4 Equity Index Russell 2000 Mini long futures contracts that expires on June 20, 2025. |

---

The following table represents the average underlying notional amount of long futures contracts during the year:

---

| | |
|:---|:---|
| **Portfolio** | **Average Notional Amount** |
|  International Portfolio I | $410003 |
|  Large Cap Core Portfolio I | 1052260 |
|  Large Cap Growth Portfolio I | 1349844 |
|  Large Cap Value Portfolio I | 1083213 |
|  Mid Cap Core Portfolio I | 682029 |
|  Small Cap Core Portfolio I | 459232 |

---

The long futures contracts for each Portfolio are managed by UBS AMPR. These long futures contracts are equity contracts. The following tables present the effect of long futures contracts on the Statement of Operations for the fiscal year ended March 31, 2025, by underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of net realized gain (loss) and unrealized net appreciation (depreciation) on long futures contracts recognized in income:** | **Amount of net realized gain (loss) and unrealized net appreciation (depreciation) on long futures contracts recognized in income:** | **Amount of net realized gain (loss) and unrealized net appreciation (depreciation) on long futures contracts recognized in income:** | **Amount of net realized gain (loss) and unrealized net appreciation (depreciation) on long futures contracts recognized in income:** | **Amount of net realized gain (loss) and unrealized net appreciation (depreciation) on long futures contracts recognized in income:** |
| **Portfolio** | **Risk Exposure** | **Derivative Contract** | **Net Realized Gain (Loss)** | **Change in Unrealized Net Appreciation<br>(Depreciation)** |
|  International Portfolio I | Equity Index | Futures contract | $8301 | $(5990) |
|  Large Cap Core Portfolio I | Equity Index | Futures contract | 71492 | (28233) |
|  Large Cap Growth Portfolio I | Equity Index | Futures contract | 78762 | (24672) |
|  Large Cap Value Portfolio I | Equity Index | Futures contract | 24596 | (11141) |
|  Mid Cap Core Portfolio I | Equity Index | Futures contract | (31819) | (35241) |
|  Small Cap Core Portfolio I | Equity Index | Futures contract | (23840) | (23675) |

---

The following table presents the amount of cash pledged as collateral for futures contracts on the Statement of Assets and Liabilities as of March 31, 2025:

---

| | |
|:---|:---|
| **Portfolio** | **Cash<br> Restricted for <br>Future**<br> **Contracts** |
|  International Portfolio I | $47590 |
|  Large Cap Core Portfolio I | 118660 |
|  Large Cap Growth Portfolio I | 170065 |
|  Large Cap Value Portfolio I | 123911 |
|  Mid Cap Core Portfolio I | 100234 |
|  Small Cap Core Portfolio I | 79598 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Concentration of Risk

Concentration of risk that arises from financial instruments exists for groups of investments or counterparties when they have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions.

------

### Multi-Select Securities Fund for Puerto Rico Residents

#### Notes to Financial Statements

#### For the fiscal year ended March 31, 2025
The major concentration of risk arises from the Fund's investment securities in relation to the location of the issuers or the industries they are engaged in. The concentration by location of issuers and by industries is shown in the Schedule of Investments. At March 31, 2025, the Fund had cash due from UBSTC consisting of a time deposit open account with Citibank Puerto Rico with an aggregate market value as follows:

---

| | | |
|:---|:---|:---|
| **Portfolios** | **Puerto Rico Investments** | **% of Net Assets** |
|  International Portfolio I | $394482 | 15.55% |
|  Large Cap Core Portfolio I | 1142338 | 16.89% |
|  Large Cap Growth Portfolio I | 1399732 | 16.83% |
|  Large Cap Value Portfolio I | 1073149 | 17.16% |
|  Mid Cap Core Portfolio I | 715109 | 16.07% |
|  Small Cap Core Portfolio I | 461962 | 20.37% |

---

These deposits were issued by entities located in Puerto Rico and are not guaranteed by the U.S. government or any of its subdivisions. However, they are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000.

Each Portfolio intends to invest at least 20% of its total assets in equity or taxable fixed-income securities, including cash equivalents, issued by Puerto Rico entities (i.e.; the "Puerto Rico Securities Portion"), and such investments will normally consist of cash equivalents. Therefore, the Fund is more susceptible to factors affecting issuers of Puerto Rico securities than an investment company that is not concentrated in Puerto Rico securities to such degree. However, if any Portfolio is unable to procure sufficient taxable securities issued by Puerto Rico issuers which meet the Portfolio's investment criteria, in the opinion of the Investment Adviser, the Portfolio may acquire taxable securities of non-Puerto Rico issuers (i.e., the 50 States comprising the United States) which satisfy the Portfolio's investment criteria, provided this does not result in a change to the tax considerations to Portfolio unitholders.

Common stocks and other similar equity securities generally are the riskiest investments in a company and they fluctuate in value more than bonds. A Portfolio could lose all of its investment in a company's stock.

Certain entities or individuals currently may own (beneficially or of record) or control 5% or more of the units of the International Portfolio I, Large Cap Core Portfolio I, Large Cap Growth Portfolio I, Large Cap Value Portfolio I, Mid Cap Core Portfolio I, and Small Cap Core Portfolio I. Redemptions by these entities or individuals of their holdings in one or more of these Portfolios may impact such Portfolio's liquidity and NAV. These redemptions may also force such Portfolio to sell securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Investment and Other Requirements and Limitations

The Fund is subject to certain requirements and limitations related to investments. Some of these requirements and limitations are imposed by statute or by regulation while others are imposed by procedures established by the Board. The most significant requirements and limitations are discussed below.

Each Portfolio intends to invest up to 80% of its total assets in common stocks and other equity securities of U.S. or foreign companies and intends to invest at least 20% of its total assets in equity or taxable fixed-income securities issued by Puerto Rico entities. The Fund's Investment Adviser will manage the Puerto Rico Securities Portion of each Portfolio directly.

Securities held in each Portfolio may be issued by Puerto Rico or U.S. issuers; generally the Portfolios invest primarily in securities of U.S. issuers, with the exception of the International Portfolio I, which primarily invests in sponsored or unsponsored American Depositary Receipts ("ADRs") representing interests in securities of foreign issuers and foreign stocks.

Each Portfolio may make certain short-term high-quality investments of up to 100% of its assets for temporary or defensive purposes, subject to certain conditions. Temporary investments of each Portfolio will be invested in money market funds or other temporary investments and may lend its securities to qualified buyers. Each Portfolio also may invest in repurchase agreements, derivative instruments, and when issued and delayed delivery securities with respect to its Puerto Rico Securities Portion. In addition, the Fund, on behalf of a

------

### Multi-Select Securities Fund for Puerto Rico Residents

#### Notes to Financial Statements

#### For the fiscal year ended March 31, 2025
Portfolio, may borrow money in an amount up to 5% of such Portfolio's total assets for temporary purposes and to meet redemptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Components of Distributable Earnings (Accumulated Losses)

The amount of net unrealized appreciation/(depreciation) and the cost of investment securities was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International** | **Large Cap** | **Large Cap** | **Large Cap** |
|  | **Portfolio I** | **Core Portfolio I** | **Growth Portfolio I** | **Value Portfolio I** |
|  Cost of Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3424399 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5252553 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317873 |
|  Gross appreciation | $395346 | $2036313 | $1654389 | $1876048 |
|  Gross depreciation | (111022) | (79649) | (92001) | (175587) |
|  Net appreciation (depreciation) | 284324 | 1956664 | 1562388 | 1700461 |
|  | **Mid Cap** | **Small Cap Core** |  |  |
|  | **Core Portfolio I** | **Portfolio I** |  |  |
|  Cost of Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755198 |  |  |
|  Gross appreciation | $778475 | $285443 |  |  |
|  Gross depreciation | (348773) | (326628) |  |  |
|  Net appreciation (depreciation) | 429702 | (41185) |  |  |

---

The Fund's policy, as stated in the Prospectus, is to distribute substantially all net income. In order to maintain a stable level of dividends, however, the Fund may at times pay more or less the net income earned in a particular year.

The undistributed net income (loss) and components of total distributable (accumulated losses) at the fiscal years ended March 31, 2025, and March 31, 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| March 31, 2025: |  |  |  |  |
|  | **International** | **Large Cap** | **Large Cap** | **Large Cap** |
|  | **Portfolio I** | **Core Portfolio I** | **Growth Portfolio I** | **Value Portfolio I** |
|  Undistributed net income (loss) at the end of the year | $36842 | $(762081) | $(1523747) | $(80904) |
|  Accumulated net realized gain (loss) from investment and futures | 100446 | 5571258 | 8275582 | 4606246 |
|  Unrealized net appreciation (depreciation) from investment and futures | 282973 | 1952981 | 1563049 | 1727437 |
|  Total Distributable Earnings (Accumulated Loss) | $420261 | $6762158 | $8314884 | $6252779 |
|  | **Mid Cap** | **Small Cap Core** |  |  |
|  | **Core Portfolio I** | **Portfolio I** |  |  |
|  Undistributed net income (loss) at the end of the year | $(796090) | $(571989) |  |  |
|  Accumulated net realized gain (loss) from investment and futures | 4815790 | 2882473 |  |  |
|  Unrealized net appreciation (depreciation) from investment and futures | 427992 | (43885) |  |  |
|  Total Distributable Earnings (Accumulated Loss) | $4447692 | $2266599 |  |  |

---

------

### Multi-Select Securities Fund for Puerto Rico Residents

#### Notes to Financial Statements

#### For the fiscal year ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| March 31, 2024: |  |  |  |  |
|  | **International<br>Portfolio I** | **Large Cap<br>Core Portfolio I** | **Large Cap<br>Growth Portfolio I** | **Large Cap<br>Value Portfolio I** |
|  Undistributed net income (loss) at the end of the year | $41964 | $(686476) | $(1397020) | $(68698) |
|  Accumulated net realized gain (loss) from investment and futures | (30036) | 5553195 | 7659509 | 4863428 |
|  Unrealized net appreciation (depreciation) from investment and futures | 251411 | 2477054 | 2266527 | 1533560 |
|  Total Distributable Earnings (Accumulated Loss) | $263339 | $7343773 | $8529016 | $6328290 |
|  | **Mid Cap** | **Small Cap Core** |  |  |
|  | **Core Portfolio I** | **Portfolio I** |  |  |
|  Undistributed net income (loss) at the end of the year | $(757253) | $(549648) |  |  |
|  Accumulated net realized gain (loss) from investment and futures | 5064082 | 3418530 |  |  |
|  Unrealized net appreciation (depreciation) from investment and futures | 820753 | 45966 |  |  |
|  Total Distributable Earnings (Accumulated Loss) | $5127582 | $2914848 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Risks and Uncertainties

The Fund and its Portfolios are exposed to various types of risks, such as portfolio manager oversight, conflict of interest, equity, geographic concentration, industry concentration, futures, fixed income securities, non-diversification, fund of funds and bankruptcy risks, among others. This list is qualified by reference to the more detailed information provided in the offering documentation for the securities issued by the Fund.

*Investment and Market Risk*. Each Portfolio's investments may be adversely affected by the performance of U.S. and Puerto Rico investment securities markets, which, in turn, may be influenced by a number of factors, including, among other things, (i) the level of interest rates, (ii) the rate of inflation, (iii) political decisions, (iv) fiscal policy, and (v) current events in general.

Puerto Rico and other countries and regions in which the Fund may invest where the Investment Adviser has offices or where the Fund or the Investment Adviser otherwise do business are susceptible to natural disasters (e.g., fire, flood, earthquake, storm and hurricane), epidemics/pandemics or other outbreaks of serious contagious diseases. The occurrence of a natural disaster or epidemic/pandemic could, directly or indirectly, adversely affect and severely disrupt the business operations, economies and financial markets of many countries (even beyond the site of the natural disaster or epidemic/pandemic) and could adversely affect the Fund's investment program or the Investment Adviser's ability to do business. In addition, terrorist attacks, or the fear of or the precautions taken in anticipation of such attacks, could, directly or indirectly, materially and adversely affect certain industries in which the Fund invests or could affect the countries and regions in which the Fund invests, where the Investment Adviser has offices or where the Fund or the Investment Adviser otherwise do business. Other acts of war (e.g., war, invasion, acts of foreign enemies, hostilities and insurrection, regardless of whether war is declared) could also have a material adverse impact on the financial condition of industries or countries in which the Fund invests.

In addition, turbulence in financial markets and reduced liquidity in equity and/or fixed-income markets may negatively affect the Portfolios. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region, or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain and could affect companies worldwide. A pandemic or any other outbreak of an infectious disease or serious environmental or public health concern could have, a significant negative impact on economic and market conditions, could exacerbate pre-existing political, social and economic risks in certain countries or regions and could trigger a prolonged period of global economic slowdown, which may impact the Portfolios. To the extent the Portfolios are overweight in certain countries, regions, companies, industries or market sectors, such positions will increase the risk of loss from adverse developments affecting those countries, regions, companies, industries or sectors.

*Portfolio Risk*. There is no assurance that the investment approaches used by the Investment Adviser or the Equity Portion Portfolio Managers selected by the Investment Adviser will be successful, and certain Portfolios may be more or less successful than others. The overall benefit of an investment in the Fund also may depend on the investor's choices among the Portfolios.

------

### Multi-Select Securities Fund for Puerto Rico Residents

#### Notes to Financial Statements

#### For the fiscal year ended March 31, 2025
*Conflicts of Interest Risk*. The Investment Adviser (and its affiliates) may have interests that compete with those of the Fund and the Portfolios, for example, because they may engage in transactions directly with the Fund, subject to applicable law. Those entities and the Equity Portion Portfolio Managers also may have interests in, or business relationships with, a company in which the Portfolio invests, and those interests may conflict with those of the Portfolio.

*Equity Risk*. Common stocks and other similar equity securities generally are more risky investments in a company and they fluctuate in value more than bonds. The Portfolios could lose all of their investment in a company's stock.

*Foreign Securities Risk*. The International Portfolio I invests primarily in ADRs representing interests in securities of foreign issuers. While ADRs are not necessarily denominated in the currencies of the foreign securities that they represent, they are subject to many of the risks associated with foreign securities. Such risks can increase the chances that the applicable Portfolio will lose money. These risks include difficulties in pricing securities, defaults on foreign government securities, difficulties enforcing favorable legal judgments in foreign courts and political and social instability. The issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts.

*Puerto Rico Concentration Risk*. Under normal conditions, the Portfolio will invest the Puerto Rico Securities Portion in cash equivalents. However, to the extent the Portfolios invest in other Puerto Rico securities, they will be more susceptible to economic, political, regulatory or other factors adversely affecting issuers in Puerto Rico than funds that invest to a lesser degree in Puerto Rico issuers. There presently are a limited number of participants in the market for certain securities of Puerto Rico issuers. As a result, changes in the market value of a single investment in the Puerto Rico Securities Portion of the Portfolios could cause significant fluctuations in the Portfolios' NAV. In addition, the investments in the Puerto Rico Securities Portion had previously been concentrated in the stocks of Puerto Rico financial services companies. Because market risk may affect a single issuer, industry (such as Puerto Rico financial services companies), or sector of the economy, the Portfolios may experience greater price volatility than if they held more diversified investments.

In addition, certain Puerto Rico Securities may have periods of illiquidity. These factors may affect the Portfolio's ability to acquire or dispose of such securities, as well as the price paid or received upon such acquisition or disposition. In addition, investment by the Portfolios in such securities is subject to their availability in the open market.

*Futures*. The Portfolios may invest a portion of their Equity Portion in futures contracts in the relevant stock index for each Portfolio. There are several risks accompanying the utilization of futures contracts. First, positions in futures contracts may be closed only on an exchange or board of trade that furnishes a secondary market for such contracts. While the Portfolios plan to utilize futures contracts only if an active market for such contracts exists, there is no guarantee that a liquid market will exist for the contracts at a specified time. Furthermore, because, by definition, futures contracts look to projected price levels in the future and not to current levels or valuation, market circumstances may result in there being a discrepancy between the price of the future and the movement in the underlying instrument or index. The absence of a perfect price correlation between the futures contract and its underlying instrument or index could stem from investors choosing to close futures contracts by offsetting transactions rather than satisfying additional margin requirements. This could result in a distortion of the relationship between the index and futures market. In addition, because the futures market imposes less burdensome margin requirements than the securities market, an increased amount of participation by speculators in the futures market could result in price fluctuations.

*Derivatives Risk*. The Portfolios may use financial instruments referred to as derivatives with respect to their respective Puerto Rico Securities Portion, which derive their value from another security, a commodity (such as gold or oil), or an index (a measure of value or rates). The Portfolios' investments in derivatives may fall more rapidly than other investments. Derivatives, because of their increased volatility and potential leveraging effect, may adversely affect the Portfolios. For example, investments in derivatives linked to an equities or commodities index may subject a Portfolio to the risks associated with changes in the particular indices, which may include reduced or eliminated interest payments and losses of invested principal.

------

### Multi-Select Securities Fund for Puerto Rico Residents

#### Notes to Financial Statements

#### For the fiscal year ended March 31, 2025
Such investments, in effect, may also be leveraged, thereby magnifying the risk of loss. If a Portfolio invests in derivative instruments, it could lose more than the principal amount invested. For example, investments in futures involve the risk of imperfect correlation between movements in the price of such futures and movements in the price of the underlying securities or interest rates.

Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on value at-risk. To ensure compliance with this Rule, the Fund has adopted policies and procedures as a limited derivatives user. This Fund limits its derivative exposure to 10% of its net assets, therefore, will not be required to adopt a full derivative risk management program and would not be subject to the Rule 18f-4's Board oversight and reporting requirements. The Fund still must adopt policies and procedures reasonably designed to manage the Fund's level of derivatives risk. Also, the Fund should be required to manage its derivatives risk, including, but not limited to, leverage risk, market risk, liquidity risk, counterparty risk, operational risk, legal risk, and any risks that the Investment Adviser deems material. Such risk management includes daily monitoring of the Fund's derivatives exposure.

*Credit and Interest Rate Risks*. Each Portfolio is authorized with respect to its Puerto Rico Securities Portion to invest in bonds and other income-producing securities, such as preferred stock. These securities are subject to credit risk and interest rate risk.

Credit risk is the risk that the issuer of a bond will not make principal or interest payments when they are due. Even if an issuer does not default on a payment, a bond's value may decline if the market anticipates that the issuer has become less able, or less willing, to make payments on time. Even high-quality bonds are subject to some credit risk. However, credit risk is higher for lower quality bonds. Bonds that are not investment grade involve high credit risk and are considered speculative. The Portfolios may invest in preferred stock and subordinated debt of Puerto Rico issuers that may be unrated or rated below investment grade, provided that either (i) the issuer of such preferred stock or subordinated debt has senior unsecured debt rated investment grade by a nationally recognized statistical rating organization or (ii) if such issuer does not have senior unsecured debt rated investment grade, the Fund's Investment Adviser or sub-advisers determine that such issuer's senior unsecured debt is of comparable credit quality. The Portfolios also may invest in other debt securities rated below investment grade, or that the Fund's Investment Adviser or sub-advisers determine to be below investment grade quality, provided that the amount invested in such debt securities may not exceed 5% of the Puerto Rico Securities Portion of each Portfolio's total assets.

The value of bonds generally can be expected to fall when interest rates rise and to rise when interest rates fall. Interest rate risk is the risk that interest rates will rise and that the value of a Portfolio's investments in bonds will fall as a result.

*Illiquid Securities Risk*. The Portfolios may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. There presently are a limited number of participants in the market for certain Puerto Rico securities or other securities or assets that the Portfolio may own. That and other factors may cause certain securities to have periods of illiquidity. Illiquid securities include, among other things, securities subject to legal or contractual restrictions on resale that hinder the marketability of the securities. It is presently anticipated that illiquid investments may be made with respect to the Puerto Rico Securities Portion of the Portfolio.

*Segregation of Portfolios*. The Fund intends to segregate the assets of each Portfolio so that an investor has the exclusive right to the assets, income, and profits from the Portfolio(s) in which it invests, and only bear the expenses, deductions, and costs properly attributable or allocated to those Portfolio(s).

The Fund also intends that creditors of any Portfolio only will have recourse to the assets in that Portfolio. There can be no assurance, however, that efforts to affect this segregation of assets and liabilities will be successful, nor that a court, in the event of the Fund's or a Portfolio's bankruptcy, would regard the Portfolios as separate entities for purposes of determining the bankruptcy estate.

------

### Multi-Select Securities Fund for Puerto Rico Residents

#### Notes to Financial Statements

#### For the fiscal year ended March 31, 2025
*Equity Portion Portfolio Manager Oversight Risks*. Because the Equity Portion Portfolio Manager or other sub-adviser engaged directly by the Investment Adviser, makes trading decisions on behalf of the Portfolios independently, the Investment Adviser may not always have access to information concerning the securities positions of the Portfolios at a given point in time. Delays in receipt of such information may hinder the Investment Adviser's oversight of the Equity Portion Portfolio Manager and/or sub-advisers.

*Mid and Small Cap Company Risk*. The Mid Cap Core Portfolio I and the Small Cap Core Portfolio I may invest to a significant degree in common stocks of mid and small cap companies, respectively. These companies present greater risks because they generally are more vulnerable to adverse business or economic developments and they may have more limited resources. In general, these risks are greater for small cap companies than for mid cap companies.

*Russia-Ukraine Conflict Risk*. The Russian Federation invaded Ukraine on February 24, 2022. Geopolitical tensions have risen significantly in response and the United States, the United Kingdom, European Union member states, and other countries have imposed economic sanctions on the Russian Federation, parts of Ukraine, as well as various designated parties. As further military conflicts and economic sanctions continue to evolve, it has become increasingly difficult to predict the impact of these events or how long they will last. Depending on direction and timing, the Russian Federation-Ukraine conflict may significantly exacerbate the normal risks associated with the Fund and its Portfolios, and result in adverse changes to, among other things: (i) general economic and market conditions; (ii) shipping and transportation costs and supply chain constraints; (iii) interest rates, currency exchange rates, and expenses associated with currency management transactions; (iv) demand for investments; (v) available credit in certain markets; (vi) import and export activity from certain markets; and (vii) laws, regulations, treaties, pacts, accords, and governmental policies. Economic and military sanctions related to the Russian Federation-Ukraine conflict, or other conflicts, have the potential to gravely impact markets, global supply and demand, import/export policies, and the availability of labor in certain markets. There is no guarantee that such sanctions and economic actions will abate or that more restrictive measures will not be put in place in the near term. Moreover, it is expected that the Russian Federation-Ukraine military conflict could spark further sanctions and/or military conflicts which will impact other regions. The foregoing could seriously impact the Fund's operations, its ability to realize its investment objectives in a timely manner, and the performance of the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these agreements is unknown. However, the Fund has not had prior claims or losses for indemnifications and expects the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Subsequent Events

Events and transactions from April 1, 2025, through May 30, 2025 (the date the financial statements were available to be issued), have been evaluated by management for subsequent events. Management has determined that there were no material events that would require adjustment to or additional disclosure in the Fund's financial statements through this date, except as disclosed below:

<u>Dividends</u>:

On May 14, 2025, the Board declared an ordinary net investment gain dividend in the issued and outstanding Class A and Class L unites of the Fund. Refer to table below for a detail of dividends declared:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <u>Class A</u> | <u>Class A</u> | <u>Class L</u> | <u>Class L</u> |
|  | Amount | Per Unit | Amount | Per Unit |
|  International Portfolio I | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- |
|  Large Cap Value Portfolio I | 3250 | 0.02055 | 1355 | 0.01889 |

---

------

### Multi-Select Securities Fund for Puerto Rico Residents

#### Notes to Financial Statements

#### For the fiscal year ended March 31, 2025
The dividends declared above were subject to a 15% tax withholding and the net after tax dividend will be paid on May 22, 2025, to the holders of record of the issued and outstanding Class A and Class L units of the respective Portfolio on May 14, 2025.

------

#### Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of Multi-Select Securities Fund for Puerto Rico Residents

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of International Portfolio I, Large Cap Core Portfolio I, Large Cap Growth Portfolio I, Large Cap Value Portfolio I, Mid Cap Core Portfolio I, and Small Cap Core Portfolio I (the six funds constituting the Multi-Select Securities Fund for Puerto Rico Residents, hereafter referred to as the "Funds"), including the schedule of investments, as of March 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds at March 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g833465dsp052.jpg)

We have served as the auditor of one or more UBS investment companies since 1978.

New York, New York

May 30, 2025

------

## OTHER INFORMATION (Unaudited)

#### Unitholder Meeting
The overall management of the business and affairs of the Fund is vested with UBS Trust Company of Puerto Rico, as the trustee of the Fund (the "Trustee") and the Board of Directors. The Fund does not hold annual or other regular meetings of unitholders for the purpose of electing directors or otherwise. The unitholders do not have the right to elect directors, except if less than 50% of all directors then holding office shall have been initially designated to such office by the Trustee or elected to such office by the holders of the outstanding units of the Fund. At such election meeting, directors shall be elected to succeed those directors who have been elected by the Board of Directors since the previous election meeting, so that at least 66 2/3% of the Directors holding office shall have been elected by the unitholders.

At inception of the Fund, the initial members of the Board of Directors were appointed by the Trustee and UBS Financial Services Inc. Subsequently, upon the occurrence of any vacancy and in accordance with the Fund's Deed of Trust, as amended, such vacancy was filled by appointment by a majority of the remaining members of the Board of Directors or, if an independent director, by appointment by a majority of the remaining independent directors, or by unitholders when so required by the Deed of Trust.

------

#### INVESTMENT ADVISER

#### UBS Asset Managers of Puerto Rico,
*a division of UBS Trust Company of Puerto Rico*

250 Muñoz Rivera Avenue, 10<sup>th</sup> Floor

San Juan, Puerto Rico 00918

#### ADMINISTRATOR, TRANSFER AGENT, AND CUSTODIAN

#### UBS Trust Company of Puerto Rico
250 Muñoz Rivera Avenue, 10<sup>th</sup> Floor

San Juan, Puerto Rico 00918

#### U.S. LEGAL COUNSEL

#### Sidley Austin, LLP
787 Seventh Avenue

New York, New York 10019

#### PUERTO RICO LEGAL COUNSEL

#### DLA Piper (Puerto Rico) LLC
500 Calle de la Tanca, Ochoa Building Suite 401

San Juan, Puerto Rico 00901-1969

#### INDEPENDENT AUDITORS

#### Ernst & Young LLP
One Manhattan West,

New York, NY 10001

#### DIRECTORS AND OFFICERS
**Carlos V. Ubiñas**

Director, Chairman of the Board and President

**Agustín Cabrer-Roig**

Director

**Carlos Nido**

Director

**Vicente J. León**

Director

**Luis M. Pellot-González**

Director

**Clotilde Pérez**

Director

**José J. Villamil**

Director

**William Rivera**

First Vice President and Treasurer

------

#### Heydi Cuadrado
Assistant Vice President

#### Liana Loyola, Esq.
Secretary

#### Luz Nereida Colón
Chief Compliance Officer

#### Remember that:
● Mutual Fund's units are not bank deposits or FDIC insured.

● Mutual Fund's units are not obligations of or guaranteed by UBS Financial Services Incorporated of Puerto Rico or any of its affiliates.

● Mutual Fund's units are subject to investment risks, including possible loss of the principal amount invested.

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---

| | |
|:---|:---|
| ![LOGO](g833465dsp01.jpg)  | Multi-Select Securities<br> Fund for Puerto Rico Residents |

---

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Renumeration paid to directors, officers, and others of open-end investment companies is included as part of the report to unitholders filed under Item 7(a) of this Form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

------

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which unitholders may recommend nominees to the Registrant's Board of Trustees during the period covered by this Form N-CSR filing.

#### Item 16. Controls and Procedures.
(a) The Fund's principal executive and principal financial officers have concluded that the Fund's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective as of a date within 90 days of the filing date of this Form N-CSR based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "1934 Act").

(b) There were no changes in the Fund's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | [The Code of Ethics is filed herewith.](d833465dex99codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [The certifications of the Fund's principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.](d833465dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [The certifications of the Fund's principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.](d833465dex99906cert.htm) |
| (c) | [Disclosure pursuant to Section 13(r) of the 1934 Act is filed herewith.](d833465dex99disclosure.htm) |

---

------

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

#### MULTI-SELECT SECURITIES FUND FOR PUERTO RICO RESIDENTS

---

| | |
|:---|:---|
| By: | <u>/s/ Carlos V. Ubiñas</u> |
|  | Carlos V. Ubiñas |
|  | President |
| Date:  | June 6, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/ Carlos V. Ubiñas</u> |
|  | Carlos V. Ubiñas |
|  | President |
| Date: | June 6, 2025 |
| By: | <u>/s/ William Rivera</u> |
|  | William Rivera |
|  | First Vice President and Treasurer |
| Date:  | June 6, 2025 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**<u>Code of Ethics for Principal Executive and Financial Officers</u>**

**I.** **Covered Officers, Purpose of the Code.** 

This Code of Ethics (the "Code") for the UBS Puerto Rico Family of Funds (collectively, "Funds" and each, a "Fund") applies to each Fund's Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) ("Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a company files with,
or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. Any question about the application of the Code should be referred to the Funds' Chief Compliance Officer (CCO).

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

***Overview***. A "conflict of interest" occurs when a Covered Officer's private interest interferes, or appears to interfere, with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" (as defined in the Investment Company Act) of the Fund. The Funds and its Adviser, UBS Asset Managers Puerto Rico, each have compliance policies and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these policies and procedures, and such conflicts fall outside the parameters of this Code, unless or until the CCO determines any violations of such programs and procedures is also a violation of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Fund and its investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for the adviser, or for both), be involved in establishing policies and implementing

------

decisions that will have different effects on the Fund and its investment adviser The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940 (the 1940 Act) and the Investment Advisers Act of 1940 (the Advisers Act), such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Directors (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his personal influence or personal relationships improperly to influence investment decisions or financial
reporting by the Fund whereby the Covered Officer would benefit personally (directly or indirectly) to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the Fund to take action, or fail to take action, for the (direct or indirect) individual personal
benefit of the Covered Officer rather than the benefit of the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use material non-public knowledge of portfolio transactions made or
contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Each Covered Officer must, at the time of signing this Code, report all affiliations and significant business interests outside of the Funds and must update the report annually.

Conflict of interest situations should always be approved by the CCO and, if material, be communicated to the relevant Fund's Board. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accepting directly or indirectly, anything of value, including gifts and gratuities in excess of $100 per year
from any person or entity with which the Fund has current or prospective business dealings, not including occasional meals or tickets to theatre or sporting events or other similar entertainment, provided it is business-related, reasonable in cost,
appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Fund's service
providers, other than its investment adviser, principal underwriter, or any affiliated person thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

------

**III.** **Disclosure and Compliance** 

Disclosure and compliance obligations require the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should familiarize himself or herself with the disclosure requirements generally
applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund
to others, whether within or outside the Fund, including to the Fund's Board members and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of the Funds and their advisers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications
made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each Covered Officer to use reasonable efforts to promote compliance with the
standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board that he has received, read and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board that he has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for
reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the CCO promptly if he or she knows of any violation of this Code. Failure to do so is itself a
violation of this Code.

The CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.

However, any explicit or implicit waivers<sup>1</sup> sought by a Covered Officer must be considered by the Audit Committee of the relevant Fund as described below.

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the CCO will take all appropriate action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take
any further action;

<sup>1</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the Registrant of a material departure from a provision of the code of ethics" and "implicit waiver" as "the Registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the Registrant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the CCO believes is a violation will be reported to the Audit Committee of the relevant Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Independent Board members concur that a violation has occurred, they will consider appropriate action,
which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Audit Committee of the relevant Fund will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, UBS Asset Managers Puerto Rico, any Fund's principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code, unless any provision of this Code conflicts with any applicable federal or state law, in which case the requirements of such law will govern. The Funds' and their investment advisers' and principal underwriters' codes of ethics under 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of Independent Board members.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Independent Directors/Trustees and their counsel, the Funds and their counsel and the investment advisers and their counsel.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

------

**<u>Acknowledgment</u>**

I have read and understand the terms of the Code. I recognize the responsibilities and obligations incurred by me as a result of my being subject to the Code. I hereby agree to abide by the Code.

By:

Name:

Date:

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATIONS</u>**

I, Carlos V. Ubiñas, certify that:

1. I have reviewed this report on Form N-CSR of Multi-Select Securities
Fund for Puerto Rico Residents;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | June 6, 2025 |
| By: | <u>/s/ Carlos V. Ubiñas</u> |
|  | Carlos V. Ubiñas |
|  | President |

---

------

I, William Rivera, certify that:

1. I have reviewed this report on Form N-CSR of Multi-Select Securities
Fund for Puerto Rico Residents;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | June 6, 2025 |
| By: | <u>/s/ William Rivera</u> |
|  | William Rivera |
|  | First Vice President and Treasurer |

---

## Exhibit 99.906

**Exhibit 19(b)** 

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. §1350, and accompanies the report on Form N-CSR for the period ended March 31, 2025 (the "Report"), of the Multi-Select Securities Fund for Puerto Rico Residents.

Carlos V. Ubiñas and William Rivera, of Multi-Select Securities Fund for Puerto Rico Residents, each certify that:

1. This Form N-CSR filing for the Fund (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

---

| | |
|:---|:---|
| By: | <u>/s/ Carlos V. Ubiñas</u> |
|  | Carlos V. Ubiñas |
|  | President |
| By: | <u>/s/ William Rivera</u> |
|  | William Rivera |
|  | First Vice President and Treasurer |
| Date:  | June 6, 2025 |

---

## Ex-99.Disclosure

**Exhibit 19(c)** 

**Disclosure Pursuant to Section 13(r) of the Securities Exchange Act of 1934, as amended:** 

Section 219 of the US Iran Threat Reduction and Syria Human Rights Act of 2012 ("ITRA") added Section 13(r) to the US Securities Exchange Act of 1934, as amended (the "Exchange Act") requiring each SEC reporting issuer to disclose in its annual and, if applicable, quarterly reports whether it or any of its affiliates have knowingly engaged in certain activities, transactions or dealings relating to Iran or with the Government of Iran or certain designated natural persons or entities involved in terrorism or the proliferation of weapons of mass destruction during the period covered by the report. The required disclosure may include reporting of activities not prohibited by US or other law, even if conducted outside the US by non-US affiliates in compliance with local law. Pursuant to Section 13(r) of the Exchange Act, we note the following for the period covered by this annual report:

UBS has a Group Sanctions Policy that prohibits transactions involving sanctioned countries, including Iran, and sanctioned individuals and entities. However, UBS Switzerland AG maintains one account involving the Iranian government under the auspices of the United Nations in Geneva after agreeing with the Swiss government that it would do so only under certain conditions. These conditions include that payments involving the account must: (1) be made within Switzerland; (2) be consistent with paying rent, salaries, telephone and other expenses necessary for its operations in Geneva; and (3) not involve any Specially Designated Nationals (SDNs) blocked or otherwise restricted under US or Swiss law. The corrected gross revenues for this UN-related account in 2023 were approximately USD 79,646 (CHF 67,022) and in 2022 approximately USD24,540 (CHF 22,702). In 2024, the gross revenues for this UN-related account were approximately USD 87,553 (CHF 79,481). We do not allocate expenses to specific client accounts in a way that enables us to calculate net profits with respect to any individual account. UBS AG intends to continue maintaining this account pursuant to the conditions it has established with the Swiss Government and consistent with its Group Sanctions Policy.

As previously reported, UBS had certain outstanding legacy trade finance arrangements issued on behalf of Swiss client exporters in favor of their Iranian counterparties. In February 2012 UBS ceased accepting payments on these outstanding export trade finance arrangements and worked with the Swiss government who insured these contracts (Swiss Export Risk Insurance "SERV"). On December 21, 2012, UBS and the SERV entered into certain Transfer and Assignment Agreements under which SERV purchased all of UBS's remaining receivables under or in connection with Iran-related export finance transactions. Hence, the SERV is the sole beneficiary of said receivables. There was no financial activity involving Iran in connection with these trade finance arrangements in 2024, and no gross revenue or net profit.

In connection with these trade finance arrangements, UBS Switzerland AG has maintained one existing account relationship with an Iranian bank. This account was established prior to the US designation of this bank and maintained due to the existing trade finance arrangements. In 2007, following the designation of the bank pursuant to sanctions issued by the US, UN and Switzerland, the account was blocked under Swiss law and remained subject to blocking requirements until January 2016.Client assets as of 31 December 2024 were CHF 3,097.40. Gross revenues were USD 15 equivalent (CHF 14).

In addition to the above, during 2024, up until the merger with UBS AG, Credit Suisse AG processed a small number of de minimis payments related to the operation of Iranian diplomatic missions in Switzerland and related to fees for ministerial government functions such as issuing passports and visas. After the merger, UBS continued to process these payments originally associated with Credit Suisse. Processing these payments is permitted under Swiss law. Revenues and profits from these activities are not calculated but would be negligible.