Form N-1A/A Multi-Select Securities

As filed with the U.S. Securities and Exchange Commission on January 28, 2026

1933 Act File No. 333-259176

1940 Act File No. 811-23686

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-1A

(Check appropriate box or boxes)

and/or

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)

(Registrant’s Telephone Number, including Area Code): (787) 250-3600

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:

It is proposed that this filing will become effective (check appropriate box)

If appropriate, check the following box:

Title of Securities Being Registered: Units of beneficial interest.

Approximate Date of Proposed Public Offering: As soon as practicable after this Registration Statement becomes effective.

Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to Section 8(a), may determine.

The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

Subject to completion, dated January 28, 2026

Multi-Select Securities Fund for Puerto Rico Residents

A Portfolio (as defined in this Prospectus) of the Multi-Select Securities Fund for Puerto Rico Residents (the “Fund”) is designed solely for Puerto Rico Residents (as defined in “Dividends and Taxes” in this Prospectus). Only Puerto Rico Residents will not be subject to U.S. federal income tax on dividends distributed from a Portfolio and Puerto Rico Residents will not be subject to other U.S. federal income tax rules that apply to other types of investors. In addition, since a Portfolio is treated as a foreign corporation for U.S. federal income tax purposes, the tax treatment of a Portfolio of the Fund differs from that typically accorded to other investment companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”) that qualify as regulated investment companies under the U.S. Internal Revenue Code of 1986, as amended (the “U.S. Code”). You should read carefully the section entitled “Dividends and Taxes” for a more detailed description of the Puerto Rico and United Sates tax implications for an investment in a Portfolio of the Fund. You should also consult your tax advisor about your tax situation.

Table of Contents

Fund Summary

International Portfolio I

Investment Objective

The investment objective of International Portfolio I (the “Portfolio”), a series of Multi-Select Securities Fund for Puerto Rico Residents (the “Fund”), is to seek long-term growth of capital.

Fees and Expenses of the Portfolio

The following tables describe the fees and expenses that you may pay if you buy, hold and sell units of the Portfolio (“Units”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.

Expense Example

The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your Units at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Portfolio’s total annual operating expenses remain the same. This assumption is not meant to indicate you will receive a 5% annual rate of return. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Portfolio Turnover:

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio Units are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Expense Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 37.63% of the average value of its portfolio.

Principal Investment Strategies of the Portfolio

The Portfolio is designed solely for Puerto Rico Residents (as defined in “Dividends and Taxes” below). Only Puerto Rico Residents will receive the tax benefits of an investment in the Portfolio. The tax treatment of the Portfolio differs

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from that typically accorded to other investment companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”) that qualify as regulated investment companies under the U.S. Internal Revenue Code of 1986, as amended (the “U.S. Code”). You should read carefully the section entitled “Dividends and Taxes,” for a more detailed description of the Puerto Rico and United States tax implications for an investment in the Units. You should also consult your tax advisor about your tax situation.

The Fund will be managed by UBS Asset Managers of Puerto Rico, a division of UBS Trust Company of Puerto Rico (the “Investment Adviser”). The Fund uses a variation of what has been termed a “multi-manager” approach in that the Fund will engage one or more sub-advisers to manage a portion of each Portfolio (the “Equity Portion”) through a sub-advisory agreement. Further, the Fund relies on an exemptive order issued by the Securities and Exchange Commission (the “SEC”) to be able to retain, remove or replace sub-advisers without a unitholder vote. As such, the Investment Adviser will have the ultimate responsibility, subject to oversight by the Board of Directors of the Fund (the “Board”), to oversee the various sub-advisers and recommend their hiring, termination, and replacement.

Principal Investment Strategies – Under normal conditions, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in American Depositary Receipts (“ADRs”) representing interests in securities of foreign issuers and U.S. dollar denominated ordinary shares (“F Shares,” so called due to their ticker symbols which end in “F”). F-shares are ordinary shares that are a foreign company’s common stock and trade in their home (local) market but are customarily listed on the U.S. OTC market. The U.S. dollar quoted F-shares provide access to some of the foreign companies that do not currently have ADRs available to individual investors (the “International Equity Portion”). Under normal conditions, the Portfolio intends to invest approximately 20% of its net assets, plus any borrowings for investment purposes, in equity or taxable fixed-income securities, including cash equivalents (such as bank deposits or other short term high quality alternatives), issued by Puerto Rico entities (as defined below) (the “International Puerto Rico Securities Portion” specifically or for this section and the “Puerto Rico Securities Portion” generally). This requirement may limit the Portfolio’s ability to achieve its investment objective. The Fund’s sub-adviser(s) may directly invest a portion of the International Equity Portion in stock index futures contracts which reflect the investment strategy of the International Equity Portion.

A “Puerto Rico entity” is any issuer that satisfies one or more of the following criteria: (i) the issuer was organized under the laws of Puerto Rico or maintains its principal place of business in Puerto Rico; (ii) the securities of such issuer are traded principally in Puerto Rico; or (iii) an issuer that, during its most recent fiscal year, derived at least 20% of its revenues or profits from goods produced or sold, investments made, or services performed in Puerto Rico or that has at least 20% of its assets in Puerto Rico.

International Puerto Rico Securities Portion – Under normal market conditions, the International Puerto Rico Securities Portion will be invested mostly in cash equivalents. The Fund’s Investment Adviser will manage this portion of the Portfolio directly. If the 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 which satisfy the Portfolio’s investment criteria, provided this does not result in a change to the tax considerations of Portfolio unitholders described in “Dividends and Taxes” herein. Securities of “non-Puerto Rico” issuers means securities issued by the U.S. government and its agencies and instrumentalities; municipal securities of issuers in the United States (including any territories thereof); GNMA, FNMA, or FHMLC mortgage-backed securities representing an interest in or guaranteed by mortgages on real property outside Puerto Rico; preferred stock and debt, asset-backed, and trust-preferred securities of issuers organized in the United States (including any territories thereof); U.S. dollar-denominated securities of foreign issuers that are traded on recognized U.S. stock exchanges or in the U.S. over-the-counter markets; and other securities from issuers organized in the United States (including any territories thereof) that the Fund’s investment adviser may select consistent with the Portfolio’s investment objective and policies.

International Equity Portion – The Investment Adviser has entered into a sub-advisory agreement with Cambiar Investors, LLC (the “International Equity Portion Portfolio Manager” specifically or the “Equity Portion Portfolio Manager” generally) for the International Equity Portion.

Description of International Equity Portion Portfolio Manager’s Investment Process – The International Equity Portion Portfolio Manager strategy employs a fundamental, bottom-up investment discipline that is best categorized as relative value.

Companies entering the Portfolio generally need to satisfy International Equity Portion Portfolio Manager’s criteria on four levels: quality, valuation, value creation/catalyst, and risk-reward criteria:

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Quality – Cambiar’s analysts seek well-managed companies within their industries. Eligible businesses for the portfolio are evaluated based on the following characteristics:

Valuation – Cambiar evaluates broadly accepted and recognized financial measures in gauging valuation. An underlying premise of the Cambiar philosophy is that certain industries tend to follow certain valuation ranges; the market does not randomly value stocks. Our preference is to invest in companies that are trading at a reasonable valuation relative to their historical trading range. The Cambiar team will use a variety of metrics in gauging valuation; examples include Price/Earnings, Price/Book Value, and Free Cashflow Yield.

Value Creation/Catalyst – Cambiar’s research process also seeks to identify some form of fundamental positive development(s) that we believe the market is overlooking/underappreciating. Such catalysts may come in varying forms – examples include new product introductions, managerial changes, divestiture of an underperforming division, or simply better financial performance. Valuation, in and of itself, is not a catalyst – there should be some identifiable event that will cause investors to positively reassess the business.

Risk-Reward Criteria – The final criteria is the investment team’s assessment of the issuer’s upside potential: companies entering the portfolio should possess an attractive total return potential that includes both price appreciation and dividends (if applicable) over a forward 1- to 2-year timeframe. While Cambiar may not achieve this return target over the desired timeframe – or at all – the return requirement is intended to channel research efforts toward those situations that offer the most compelling risk/return tradeoffs.

Cambiar constructs the Portfolio on a security-by-security basis, with the goal of building a portfolio of 40-50 holdings that strikes a balance between its conviction in an investment and portfolio diversification. Cambiar seeks to manage risk through its research process as well as limits on individual position sizes (5%) and a maximum 25% (at cost) allocation to an economic sector.

To the extent the International Equity Portion of the Portfolio is invested in stock index futures contracts, the amounts invested in common stock or other equity securities of U.S. or foreign companies by the International Equity Portion Portfolio Manager will be correspondingly reduced. The amount used to enter into futures contracts (i.e., the margin) will at no time exceed 5% of the value of the Portfolio’s total assets (after taking into account unrealized gains and losses on such futures contracts).

The Portfolio’s investment objective may not be changed unless such change is authorized by the holders of a majority of the Portfolio’s outstanding units if the change is recommended by the Board; or at least 75% of the Portfolio’s outstanding units if the change is not recommended by the Board. The Portfolio’s investment strategy may be changed by the Board in its discretion, in consultation with the Investment Adviser with 60 days’ prior notice to unitholders.

Equity Portion – In choosing the Equity Portion Portfolio Manager, the Investment Adviser considers a range of criteria, including but not limited to the following: investment management experience; historical performance; the investment styles and strategies employed; the quality and stability of the Equity Portion Portfolio Manager’s organization; and the ability to consistently and effectively apply its investment approach. The Fund may offer additional Portfolios advised by different Equity Portion Portfolio Managers from time to time.

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The Fund may discontinue offering a Portfolio or remove or replace the Equity Portion Portfolio Manager for a given Portfolio, subject to the approval of the Board in each case. In order for the Fund to remove or replace the Equity Portion Portfolio Manager, the Investment Adviser would select a different Equity Portion Portfolio Manager to manage the Portfolio’s account and enter into a new sub-advisory agreement. If the Equity Portion Portfolio Manager for a Portfolio in which you invest is to be removed or replaced, you will be notified and entitled to either remain in the Portfolio under the management of a new Equity Portion Portfolio Manager selected by the Investment Adviser, exchange your investments for Units in another Portfolio or redeem your Units without additional charge. There will be no refund, however, of sales charges or other fees previously paid. If an investor fails to provide instructions within the period indicated in the notice, or if the Fund does not receive notice of the removal of the Equity Portion Portfolio Manager in sufficient time to provide the affected unitholders with advance notice, such unitholder’s investments will remain in the Portfolio, the Equity Portion of which will be under the management of a new Equity Portion Portfolio Manager selected by the Investment Adviser, which may differ from the previous Equity Portion Portfolio Manager in investment style or other factors, until such notice can be provided and instructions are received from the unitholder.

You will have the opportunity to allocate and reallocate your investments among the Portfolios at your own discretion and based on your individual investment needs and goals, subject, in certain cases, to the conditions set forth on page [-] under the section “Exchanges from One Portfolio to Another.”

International Puerto Rico Securities Portion – Under normal market conditions, the Investment Adviser on a daily basis invests 20% of the Portfolio in Puerto Rico securities. This portion is invested in taxable fixed-income securities (cash equivalents issued by Puerto Rico entities). In determining which securities in which to invest, the Investment Adviser utilizes a fundamental analysis focusing on credit quality, liquidity and yield.

Credit Quality. This analysis starts with the rating of the securities. The Investment Adviser emphasizes the credit quality of the securities or credit quality collateralizing any repurchase agreement or time deposits accounts. Only securities or investment grade rated institutions are analyzed. The structure and collateral of the security is also an important consideration.

Liquidity. The liquidity of the assets is a key consideration. To enhance the liquidity of the Portfolio, the Investment Adviser staggers maturities so as to have sufficient daily liquidity.

Yield. The Investment Adviser seeks to maximize the yield of the securities held by the Portfolio. Given the credit and liquidity bias, yield is a secondary consideration, and the Portfolio may invest a higher percentage of its assets in lower yielding, but higher quality and more liquid securities.

By investing in stock index futures contracts, the Investment Adviser attempts to achieve a risk and return profile for the Portfolio that approximates the result that might be achieved by investing all of the assets of the Puerto Rico portion in the securities comprising the Portfolio’s benchmark.

No assurance can be given that such strategy will be successful or such results attained. The Fund’s Investment Adviser will manage the International Puerto Rico Securities Portion of the Portfolio directly.

Principal Risks

The following is a summary discussion of the principal risks of investing in the Portfolio. Risk is inherent in all investing. There can be no guarantee that the Portfolio will meet its investment objective or that the performance of the Portfolio will be positive for any period of time. You may lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Investment and Market Risk. The 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 (i) the level of interest rates, (ii) the rate of inflation, (iii) political decisions, (iv) fiscal policy, and (v) current events in general. Because the Portfolio invests in investment securities, the Portfolio’s net asset value may fluctuate due to market conditions, and as a result you may experience a decline in the value of your investment in the Portfolio and you may lose money.

An investment in the Units is designed primarily, and is suitable only, for long-term investors and therefore may not be suitable for all investors.

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In addition, turbulence in financial markets and reduced liquidity in equity and/or fixed-income markets may negatively affect the Portfolio. 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. Recent examples include an outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in December 2019 and developed into a global pandemic. This pandemic resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty for a period of time. The impact of this outbreak adversely affected the economies of many nations and the entire global economy and impacted individual issuers and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen effects. The duration of any such outbreak and its effects cannot be determined with certainty. To the extent the Portfolio is 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 International Equity Portion Portfolio Manager selected by the Investment Adviser will be successful, and certain Portfolios may be more or less successful than others. The overall success of your investment in the Fund also may depend on your ability to choose successfully from among the Portfolios.

An investment in the Units is designed primarily, and is suitable only, for long-term investors and therefore may not be suitable for all investors. Further, an investment in the Fund is not equivalent to an investment in the underlying securities of the Fund and investors in the Units should not view the Fund as a vehicle for trading purposes.

Conflicts of Interest Risk. The Investment Adviser (and its affiliates) may have interests that compete with those of the Fund and the Portfolio, for example, because they may engage in transactions directly with the Fund, subject to applicable law. Those entities and the International Equity Portion Portfolio Manager 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 Portfolio could lose all of its investment in a company’s stock.

Foreign Securities Risk. The Portfolio invests primarily in American Depositary Receipts (“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 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 International Puerto Rico Securities Portion mostly in cash equivalents. However, to the extent the Portfolio invests in other Puerto Rico securities, it 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 International Puerto Rico Securities Portion of the Portfolio could cause significant fluctuations in the Portfolio’s net asset value. Because market risk may affect a single issuer, industry (such as Puerto Rico financial services companies) or sector of the economy, the Portfolio may experience greater price volatility than if it 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 Portfolio in such securities is subject to their availability in the open market.

Loss of Tax Benefits Risk. Unitholders of the Fund who cease to be Puerto Rico Investors (as defined below) may lose certain tax benefits that had previously been available to them and Portfolio distributions will likely be taxable for such unitholders.

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Futures. The Portfolio may invest a portion of its International Equity Portion in futures contracts in the relevant stock index for the Portfolio. There are several risks accompanying the utilization of futures contracts. 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 Portfolio plans 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 Portfolio may use financial instruments referred to as derivatives with respect to its International Puerto Rico Securities Portion, which derive their value from another security, or an index (a measure of value or rates). The Portfolio’s investments in derivatives may fall more rapidly than other investments. Derivatives, because of their increased volatility and potential leveraging effect, may adversely affect the Portfolio. For example, investments in derivatives linked to an equities index may subject the Portfolio to the risks associated with changes in the particular index, which may include reduced or eliminated interest payments and losses of invested principal.

Such investments, in effect, may also be leveraged, thereby magnifying the risk of loss. If the 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.

Under Rule 18f-4 under the 1940 Act, among other things, the Portfolio must either use derivatives in a limited manner or adopt a full derivatives risk management program and adhere to an outer limit on fund leverage risk based on value-at-risk.

Credit and Interest Rate Risks. The investment by the Portfolio in bonds and other income-producing securities, such as preferred stock, 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 Portfolio also may invest in other debt securities rated below investment grade, or that the Fund’s Investment Adviser determines to be below investment grade quality, provided that the amount invested in such debt securities may not exceed 5% of the International Puerto Rico Securities Portion of the 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 the Portfolio’s investments in bonds will fall as a result.

Non-Diversification Risk. Certain Portfolios may be non-diversified. Non-diversification risk is the risk that large positions in a small number of issuers may cause greater fluctuations in a Portfolio’s net asset value as a result of changes in the market’s assessment of the financial condition of those issuers.

Illiquid Securities Risk. The Portfolio 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 International Puerto Rico Securities Portion of the Portfolio.

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Segregation of Portfolios. The Fund intends to segregate the assets of each Portfolio so that you have the exclusive right to the assets, income, and profits from the Portfolio(s) in which you invest, 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 will have limited recourse only to the assets in that Portfolio. There can be no assurance, however, that efforts to effect 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.

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

Performance Information

The information shows you how the Portfolio’s performance has varied year by year and provides some indication of the risks of investing in the Portfolio. The table below compares the Portfolio’s performance to that of the MSCI EAFE Index. To the extent that dividends and distributions have been paid by the Portfolio, the performance information for the Portfolio in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future results. The table includes all applicable fees. If the Investment Adviser had not waived or reimbursed certain Portfolio expenses during these periods, the Portfolio’s returns would have been lower.

The Portfolio’s financial performance included in this Prospectus includes the Portfolio’s performance from a period when the Fund was not subject to the restrictions of a United States registered investment company that is subject to the requirements of the 1940 Act. 

[    ]

[During the ten-year period shown in the bar chart, the highest return for a quarter was [ ]% (quarter ended [    ]) and the lowest return for a quarter was [ ]% (quarter ended [   ]).]

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Units through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A Units only, and the after-tax returns for Class L will vary.

Investment Adviser and Sub-Adviser

The Portfolio’s investment adviser is UBS Asset Managers of Puerto Rico (as previously defined, the “Investment Adviser”), a division of UBS Trust Company of Puerto Rico. The Investment Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

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UBS Asset Managers of Puerto Rico

Portfolio Manager

The Investment Adviser has also engaged the below sub-adviser (as previously defined, the “International Equity Portion Portfolio Manager”) as sub-adviser to manage the Equity Portion of the Portfolio.

Cambiar Investors, LLC

Portfolio Manager

Pursuant to the Investment Advisory Agreement between the Fund and the Investment Adviser, the Fund, on behalf of each Portfolio pays the Investment Adviser an annual fee of 1.00% of the Portfolio’s average weekly net assets. For the fiscal year ended March 31, 2025, the Portfolio paid, in the aggregate, the Investment Adviser a fee equal to 0.40% of the Portfolio’s average weekly net assets. The Investment Adviser directly pays any fees of the International Equity Portion Portfolio Manager out of its advisory fees.

The Investment Advisory Agreement authorizes the Investment Adviser to retain one or more sub-advisers for the management of each Portfolio, and the Investment Adviser has entered into a sub-advisory agreement (the “International Subadvisory Agreement”) with the International Equity Portion Portfolio Manager with respect to the International Equity Portion of the Portfolio. Subject to the supervision of the Board, the Investment Adviser oversees the investment advisory services provided by International Equity Portion Portfolio Manager. Pursuant to the International Subadvisory Agreement, and under the supervision of the Investment Adviser and the Board, the International Equity Portion Portfolio Manager is responsible for the day-to-day investment management of the International Equity Portion of the Portfolio. The Investment Adviser monitors and evaluates the International Equity Portion Portfolio Manager’s performance and oversees the International Equity Portion Portfolio Manager’s compliance with the Portfolio’s investment objective, policies and restrictions. The Investment Adviser (not the Fund) pays the International Equity Portion Portfolio Manager a fee equal to 0.50% of the average daily net assets of the International Equity Portion of the Portfolio managed by the International Equity Portion Portfolio Manager.

In addition, the Fund may incur additional indirect expenses, which are not expected to be significant, because the Fund’s available cash balances are automatically invested in money market mutual funds. Such money market funds either have no sales load, distribution fees or service fees or the Investment Adviser will waive a sufficient amount of its advisory fee to offset the cost of such fees. However, such money market funds will incur other fees and expenses, which will therefore be partially indirectly borne by the Fund, and as a result by its unitholders, in addition to the fees charged to unitholders by the Fund.

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Large Cap Value Portfolio I

Investment Objective

The investment objective of Large Cap Value Portfolio I (the “Portfolio”), a series of Multi-Select Securities Fund for Puerto Rico Residents (the “Fund”), is to seek long-term growth of capital.

Fees and Expenses of the Portfolio

The following tables describe the fees and expenses that you may pay if you buy, hold and sell units of the Portfolio (“Units”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.

Expense Example

The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your Units at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Portfolio’s total annual operating expenses remain the same. This assumption is not meant to indicate you will receive a 5% annual rate of return. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Portfolio Turnover:

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio Units are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Expense Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 8.26% of the average value of its portfolio.

Principal Investment Strategies of the Portfolio

The Portfolio is designed solely for Puerto Rico Residents (as defined in “Dividends and Taxes” below). Only Puerto Rico Residents will receive the tax benefits of an investment in the Portfolio. The tax treatment of the Portfolio differs from that typically accorded to other investment companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”) that qualify as regulated investment companies under the U.S. Internal Revenue Code of

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1986, as amended (the “U.S. Code”). You should read carefully the section entitled “Dividends and Taxes,” for a more detailed description of the Puerto Rico and United States tax implications for an investment in the Portfolio. You should also consult your tax advisor about your tax situation.

The Fund will be managed by UBS Asset Managers of Puerto Rico, a division of UBS Trust Company of Puerto Rico (the “Investment Adviser”). The Fund uses a variation of what has been termed a “multi-manager” approach in that the Fund will engage one or more sub-advisers to manage a portion of each Portfolio (the “Equity Portion”) through a sub-advisory agreement. Further, the Fund relies on an exemptive order issued by the Securities and Exchange Commission (the “SEC”) to be able to retain, remove or replace sub-advisers without a unitholder vote. As such, the Investment Adviser will have the ultimate responsibility, subject to oversight by the Board of Directors of the Fund (the “Board”), to oversee the various sub-advisers and recommend their hiring, termination, and replacement.

Principal Investment Strategies – Under normal conditions, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks and other equity securities of large-capitalization U.S. companies (which are companies with a typical capitalization range greater than $12 billion at the time of investment) (the “Large Cap Value Equity Portion”) and intends to invest approximately 20% of its net assets, plus any borrowings for investment purposes, in equity or taxable fixed-income securities, including cash equivalents (such as bank deposits or other short term high quality alternatives), issued by Puerto Rico entities (as defined below) (the “Large Cap Value Puerto Rico Securities Portion” specifically or for this section and the “Puerto Rico Securities Portion” generally). This requirement may limit the Portfolio’s ability to achieve its investment objective. The sub-adviser may directly invest a portion of the Large Cap Value Equity Portion in stock index futures contracts which reflect the investment strategy of the Large Cap Value Equity Portion.

A “Puerto Rico entity” is any issuer that satisfies one or more of the following criteria: (i) the issuer was organized under the laws of Puerto Rico or maintains its principal place of business in Puerto Rico; (ii) the securities of such issuer are traded principally in Puerto Rico; or (iii) an issuer that, during its most recent fiscal year, derived at least 20% of its revenues or profits from goods produced or sold, investments made, or services performed in Puerto Rico or that has at least 20% of its assets in Puerto Rico.

Large Cap Value Puerto Rico Securities Portion – Under normal market conditions, the Large Cap Value Puerto Rico Securities Portion will be invested mostly in cash equivalents. The Fund’s Investment Adviser will manage this portion of the Portfolio directly. If the 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 which satisfy the Portfolio’s investment criteria, provided this does not result in a change to the tax considerations of Portfolio unitholders described in “Dividends and Taxes” herein. Securities of “non-Puerto Rico” issuers means securities issued by the U.S. government and its agencies and instrumentalities; municipal securities of issuers in the United States (including any territories thereof); GNMA, FNMA, or FHMLC mortgage-backed securities representing an interest in or guaranteed by mortgages on real property outside Puerto Rico; preferred stock and debt, asset-backed, and trust-preferred securities of issuers organized in the United States (including any territories thereof); U.S. dollar-denominated securities of foreign issuers that are traded on recognized U.S. stock exchanges or in the U.S. over-the-counter markets; and other securities from issuers organized in the United States (including any territories thereof) that the Fund’s investment adviser may select consistent with the Portfolio’s investment objective and policies.

Large Cap Value Equity Portion – The Investment Adviser has entered into a sub-advisory agreement with London Company of Virginia d/b/a/ The London Company (“The London Company”, the “Large Cap Value Equity Portion Portfolio Manager” specifically or the “Equity Portion Portfolio Manager” generally) for the Large Cap Value Equity Portion.

The London Company seeks to purchase financially stable companies that it believes are consistently generating high returns on unleveraged operating capital, run by shareholder-oriented management, and trading at a discount to their respective market prices. Guiding principles of The London Company’s philosophy include (1) a focus on cash return on tangible capital, not earnings per share, (2) balance sheet optimization, (3) optimal diversification which is essential to good investment results, and (4) low turnover and tax sensitivity to enhance real returns.

The Large Cap Value Equity Portion will typically hold securities of approximately 25 to 35 companies. The Large Cap Value Equity Portion may invest a high percentage of its assets in specific sectors of the market in order to achieve a potentially greater investment return. The London Company invests for the long term and attempts to minimize turnover in an effort to reduce transaction costs and taxes

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Description of Large Cap Value Equity Portion Portfolio Manager’s Investment Process – The Large Cap Value Equity Portion Portfolio Manager takes a long term total return mindset to building portfolios. Long-term growth of capital is first achieved by minimizing losses in down markets, and secondarily by ensuring that portfolios can generally participate in market appreciation. In other words, the Large Cap Value Equity Portion Portfolio Manager focuses primarily on downside protection, with capital appreciation as a secondary objective. The investment team believes in investing like private market buyers, focusing on cash return on tangible capital; they believe value is defined by discounting cash inflows and outflows by an optimal cost of capital. Bottom-up stock selection is a critical component of their investment process as the firm’s process begins with a screen to identify companies characterized by high return on operating capital (profitability), consistent and stable free cash flow yield (cash generation), and attractive operating earnings/enterprise value (valuation). Their fundamental research consists of four critical elements: balance sheet optimization analysis, private market value analysis, corporate governance/management incentives audit, and insider ownership/trading activity. This results in a portfolio of 25 – 35 stocks which the manager believes are trading at significant discount to fair market value. Positions are generally started with a weight of 3-5%, and individual positions may not exceed 10% of the portfolio. The Large Cap Value Equity Portion Portfolio Manager generally will not add to declining positions and allow stocks to potentially appreciate in value.

To the extent the Large Cap Value Equity Portion of the Portfolio is invested in stock index futures contracts, the amounts invested in common stock or other equity securities of U.S. or foreign companies by the Large Cap Value Equity Portion Portfolio Manager will be correspondingly reduced. The amount used to enter into futures contracts (i.e., the margin) will at no time exceed 5% of the value of the Portfolio’s total assets (after taking into account unrealized gains and losses on such futures contracts).

The Portfolio’s investment objective may not be changed unless such change is authorized by the holders of a majority of the Portfolio’s outstanding units if the change is recommended by the Board; or at least 75% of the Portfolio’s outstanding units if the change is not recommended by the Board. The Portfolio’s investment strategy may be changed by the Board in its discretion, in consultation with the Investment Adviser with 60 days’ prior notice to unitholders.

Equity Portion – In choosing the Equity Portion Portfolio Manager, the Investment Adviser considers a range of criteria, including but not limited to the following: investment management experience; historical performance; the investment styles and strategies employed; the quality and stability of the Equity Portion Portfolio Manager’s organization; and the ability to consistently and effectively apply its investment approach. The Fund may offer additional Portfolios advised by different Equity Portion Portfolio Managers from time to time.

The Fund may discontinue offering a Portfolio or remove or replace the Equity Portion Portfolio Manager for a given Portfolio, subject to the approval of the Board in each case. In order for the Fund to remove or replace the Equity Portion Portfolio Manager, the Investment Adviser would select a different Equity Portion Portfolio Manager to manage the Portfolio’s account and enter into a new sub-advisory agreement. If the Equity Portion Portfolio Manager for a Portfolio in which you invest is to be removed or replaced, you will be notified and entitled to either remain in the Portfolio under the management of a new Equity Portion Portfolio Manager selected by the Investment Adviser, exchange your investments for units in another Portfolio or redeem your units without additional charge. There will be no refund, however, of sales charges or other fees previously paid. If an investor fails to provide instructions within the period indicated in the notice, or if the Fund does not receive notice of the removal of the Equity Portion Portfolio Manager in sufficient time to provide the affected unitholders with advance notice, such unitholder’s investments will remain in the Portfolio, the Equity Portion of which will be under the management of a new Equity Portion Portfolio Manager selected by the Investment Adviser, which may differ from the previous Equity Portion Portfolio Manager in investment style or other factors, until such notice can be provided and instructions are received from the unitholder.

You will have the opportunity to allocate and reallocate your investments among the Portfolios at your own discretion and based on your individual investment needs and goals, subject, in certain cases, to the conditions set forth on page [-] under the section “Exchanges from One Portfolio to Another.”

Large Cap Value Puerto Rico Securities Portion – Under normal market conditions, the Investment Adviser on a daily basis invests 20% of the Portfolio in Puerto Rico securities. This portion is invested in taxable fixed-income securities (cash equivalents issued by Puerto Rico entities). In determining which securities in which to invest, the Investment Adviser utilizes a fundamental analysis focusing on credit quality, liquidity and yield.

Credit Quality. This analysis starts with the rating of the securities. The Investment Adviser emphasizes the credit quality of the securities or credit quality collateralizing any repurchase agreement or time deposits accounts. Only securities or investment

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grade rated institutions are analyzed. The structure and collateral of the security is also an important consideration.

Liquidity. The liquidity of the assets is a key consideration. To enhance the liquidity of the Portfolio, the Investment Adviser staggers maturities so as to have sufficient daily liquidity.

Yield. The Investment Adviser seeks to maximize the yield of the securities held by the Portfolio. Given the credit and liquidity bias, yield is a secondary consideration, and the Portfolio may invest a higher percentage of its assets in lower yielding, but higher quality and more liquid securities.

By investing in stock index futures contracts, the Investment Adviser attempts to achieve a risk and return profile for the Portfolio that approximates the result that might be achieved by investing all of the assets of the Puerto Rico portion in the securities comprising the Portfolio benchmark.

No assurance can be given that such strategy will be successful or such results attained. The Fund’s Investment Adviser will manage the Large Cap Value Puerto Rico Securities Portion of the Portfolio directly.

Principal Risks

The following is a summary discussion of the principal risks of investing in the Portfolio. Risk is inherent in all investing. There can be no guarantee that the Portfolio will meet its investment objective or that the performance of the Portfolio will be positive for any period of time. You may lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Investment and Market Risk. The 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 (i) the level of interest rates, (ii) the rate of inflation, (iii) political decisions, (iv) fiscal policy, and (v) current events in general. Because the Portfolio invests in investment securities, the Portfolio’s net asset value may fluctuate due to market conditions, and as a result you may experience a decline in the value of your investment in the Portfolio and you may lose money.

An investment in the Units is designed primarily and is suitable only for long-term investors and therefore may not be suitable for all investors.

In addition, turbulence in financial markets and reduced liquidity in equity and/or fixed-income markets may negatively affect the Portfolio. 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. Recent examples include an outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in December 2019 and developed into a global pandemic. This pandemic resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty for a period of time. The impact of this outbreak adversely affected the economies of many nations and the entire global economy and impacted individual issuers and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen effects. The duration of any such outbreak and its effects cannot be determined with certainty. To the extent the Portfolio is 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 Large Cap Value Equity Portion Portfolio Manager selected by the Investment Adviser will be successful, and certain Portfolios may be more or less successful than others. The overall success of your investment in the Fund also may depend on your ability to choose successfully from among the Portfolios.

An investment in the Units offered by the Fund is designed primarily, and is suitable only, for long-term investors and therefore may not be suitable for all investors. Further, an investment in the Fund is not equivalent to an investment in the underlying securities of the Fund and investors in the Units should not view the Fund as a vehicle for trading purposes.

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Conflicts of Interest Risk. The Investment Adviser (and its affiliates) may have interests that compete with those of the Fund and the Portfolio, for example, because they may engage in transactions directly with the Fund, subject to applicable law. Those entities and the Large Cap Value Equity Portion Portfolio Manager 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 Portfolio could lose all of its investment in a company’s stock.

Puerto Rico Concentration Risk. Under normal conditions, the Portfolio will invest the Large Cap Value Puerto Rico Securities Portion mostly in cash equivalents. However, to the extent the Portfolio invests in other Puerto Rico securities, it 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 Large Cap Value Puerto Rico Securities Portion of the Portfolio could cause significant fluctuations in the Portfolio’s net asset value. Because market risk may affect a single issuer, industry (such as Puerto Rico financial services companies) or sector of the economy, the Portfolio may experience greater price volatility than if it 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 Portfolio in such securities is subject to their availability in the open market.

Loss of Tax Benefits Risk. Unitholders of the Fund who cease to be Puerto Rico Investors (as defined below) may lose certain tax benefits that had previously been available to them and Portfolio distributions will likely be taxable for such unitholders.

Futures. The Portfolio may invest a portion of its Large Cap Value Equity Portion in futures contracts in the relevant stock index for the Portfolio. There are several risks accompanying the utilization of futures contracts. 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 Portfolio plans 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 Portfolio may use financial instruments referred to as derivatives with respect to its Large Cap Value Puerto Rico Securities Portion, which derive their value from another security, or an index (a measure of value or rates). The Portfolio’s investments in derivatives may fall more rapidly than other investments. Derivatives, because of their increased volatility and potential leveraging effect, may adversely affect the Portfolio. For example, investments in derivatives linked to an equities index may subject the Portfolio to the risks associated with changes in the particular index, which may include reduced or eliminated interest payments and losses of invested principal.

Such investments, in effect, may also be leveraged, thereby magnifying the risk of loss. If the 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.

Under Rule 18f-4 under the 1940 Act, among other things, the Portfolio must either use derivatives in a limited manner or adopt a full derivatives risk management program and adhere to an outer limit on fund leverage risk based on value-at-risk. 

Credit and Interest Rate Risks. The investment by the Portfolio in bonds and other income-producing securities, such as preferred stock, 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

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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 Portfolio also may invest in other debt securities rated below investment grade, or that the Fund’s Investment Adviser determines to be below investment grade quality, provided that the amount invested in such debt securities may not exceed 5% of the Large Cap Value Puerto Rico Securities Portion of the 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 the Portfolio’s investments in bonds will fall as a result.

Non-Diversification Risk. Certain Portfolios may be non-diversified. Non-diversification risk is the risk that large positions in a small number of issuers may cause greater fluctuations in a Portfolio’s net asset value as a result of changes in the market’s assessment of the financial condition of those issuers.

Illiquid Securities Risk. The Portfolio 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 Large Cap Value Puerto Rico Securities Portion of the Portfolio.

Segregation of Portfolios. The Fund intends to segregate the assets of each Portfolio so that you have the exclusive right to the assets, income, and profits from the Portfolio(s) in which you invest, 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 will have limited recourse only to the assets in that Portfolio. There can be no assurance, however, that efforts to effect 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.

Large Cap Value Equity Portion Portfolio Manager Oversight Risks. Because the Large Cap Value Equity Portion Portfolio Manager, or other sub-adviser engaged directly by the Investment Adviser, makes trading decisions on behalf of the Portfolio independently, the Investment Adviser may not always have access to information concerning the securities positions of the Portfolio at a given point in time. Delays in receipt of such information may hinder the Investment Adviser’s oversight of the Large Cap Value Equity Portion Portfolio Manager and/or sub-advisers.

Performance Information

The information shows you how the Portfolio’s performance has varied year by year and provides some indication of the risks of investing in the Portfolio. The table below compares the Portfolio’s performance to that of the Russell 1000 Value Index. To the extent that dividends and distributions have been paid by the Portfolio, the performance information for the Portfolio in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future results. The table includes all applicable fees. If the Investment Adviser had not waived or reimbursed certain Portfolio expenses during these periods, the Portfolio’s returns would have been lower.

The Portfolio’s financial performance included in this Prospectus includes the Portfolio’s performance from a period when the Fund was not subject to the restrictions of a United States registered investment company that is subject to the requirements of the 1940 Act. 

[     ]

[During the ten-year period shown in the bar chart, the highest return for a quarter was 16.00% (quarter ended June 30, 2020) and the lowest return for a quarter was -21.05% (quarter ended March 31, 2020).]

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*For Class A.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Units through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A Units only, and the after-tax returns for Class L will vary.

Investment Adviser and Sub-Adviser

The Portfolio’s investment adviser is UBS Asset Managers of Puerto Rico (as previously defined, the “Investment Adviser”), a division of UBS Trust Company of Puerto Rico. The Investment Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

UBS Asset Managers of Puerto Rico

Portfolio Manager

The Investment Adviser has also engaged the below sub-adviser (as previously defined, the “Large Cap Value Equity Portion Portfolio Manager”) as sub-adviser to manage the Equity Portion of the Portfolio.

The London Company

Portfolio Manager

Pursuant to the Investment Advisory Agreement between the Fund and the Investment Adviser, the Fund, on behalf of each Portfolio pays the Investment Adviser an annual fee of 1.00% of the Portfolio’s average weekly net assets. For the fiscal year ended March 31, 2025, the Portfolio paid, in the aggregate, the Investment Adviser a fee equal to 0.40% of the Portfolio’s average weekly net assets. The Investment Adviser directly pays any fees of the Large Cap Value Equity Portion Portfolio Manager out of its advisory fees.

The Investment Advisory Agreement authorizes the Investment Adviser to retain one or more sub-advisers for the management of each Portfolio, and the Investment Adviser has entered into a sub-advisory agreement (the “Large Cap Value Subadvisory Agreement”) with the Large Cap Value Equity Portion Portfolio Manager with respect to the Large Cap Value Equity Portion of the Portfolio. Subject to the supervision of the Board, the Investment Adviser oversees the investment advisory services provided by Large Cap Value Equity Portion Portfolio Manager. Pursuant to the Large Cap Value Subadvisory Agreement, and under the supervision of the Investment Adviser and the Board, the Large Cap Value Equity Portion Portfolio Manager is

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responsible for the day-to-day investment management of the Large Cap Value Equity Portion of the Portfolio. The Investment Adviser monitors and evaluates the Large Cap Value Equity Portion Portfolio Manager’s performance and oversees the Large Cap Value Equity Portion Portfolio Manager’s compliance with the Portfolio’s investment objective, policies and restrictions. The Investment Adviser (not the Fund) pays the Large Cap Value Equity Portion Portfolio Manager a fee equal to 0.50% of the average daily net assets of the Large Cap Value Equity Portion of the Portfolio managed by Large Cap Value Equity Portion Portfolio Manager.

In addition, the Fund may incur additional indirect expenses, which are not expected to be significant, because the Fund’s available cash balances are automatically invested in money market mutual funds. Such money market funds either have no sales load, distribution fees or service fees or the Investment Adviser will waive a sufficient amount of its advisory fee to offset the cost of such fees. However, such money market funds will incur other fees and expenses, which will therefore be partially indirectly borne by the Fund, and as a result by its unitholders, in addition to the fees charged to unitholders by the Fund.

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Large Cap Core Portfolio I

Investment Objective

The investment objective of Large Cap Core Portfolio I (the “Portfolio”), a series of Multi-Select Securities Fund for Puerto Rico Residents (the “Fund”), is to seek long-term growth of capital.

Fees and Expenses of the Portfolio

The following tables describe the fees and expenses that you may pay if you buy, hold and sell units of the Portfolio (“Units”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.

Expense Example

The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your Units at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Portfolio’s total annual operating expenses remain the same. This assumption is not meant to indicate you will receive a 5% annual rate of return. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Portfolio Turnover:

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio Units are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Expense Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 50.27% of the average value of its portfolio.

Principal Investment Strategies of the Portfolio

The Portfolio is designed solely for Puerto Rico Residents (as defined in “Dividends and Taxes” below). Only Puerto Rico Residents will receive the tax benefits of an investment in the Portfolio. The tax treatment of the Portfolio differs from that typically accorded to other investment companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”) that qualify as regulated investment companies under the U.S. Internal Revenue Code of

22

1986, as amended (the “U.S. Code”). You should read carefully the section entitled “Dividends and Taxes,” for a more detailed description of the Puerto Rico and United States tax implications for an investment in the Portfolio. You should also consult your tax advisor about your tax situation.

The Fund will be managed by UBS Asset Managers of Puerto Rico, a division of UBS Trust Company of Puerto Rico ( “Investment Adviser”). The Fund uses a variation of what has been termed a “multi-manager” approach in that the Fund will engage one or more sub-advisers to manage a portion of each Portfolio (the “Equity Portion”) through a sub-advisory agreement. Further, the Fund relies on an exemptive order issued by the Securities and Exchange Commission (the “SEC”) to be able to retain, remove or replace sub-advisers without a unitholder vote. As such, the Investment Adviser will have the ultimate responsibility, subject to oversight by the Board of Directors of the Fund (the “Board”), to oversee the various sub-advisers and recommend their hiring, termination, and replacement.

Principal Investment Strategies Under normal conditions, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks and other equity securities of large-capitalization U.S. companies (which are companies with a typical capitalization range greater than $12 billion at the time of investment) (the “Large Cap Core Equity Portion”) and intends to invest approximately 20% of its net assets, plus any borrowings for investment purposes, in equity or taxable fixed-income securities, including cash equivalents (such as bank deposits or other short term high quality alternatives), issued by Puerto Rico entities (as defined below) (the “Large Cap Core Puerto Rico Securities Portion” specifically or for this section and the “Puerto Rico Securities Portion” generally). This requirement may limit the Portfolio’s ability to achieve its investment objective. The sub-adviser may directly invest a portion of the Large Cap Core Equity Portion in stock index futures contracts which reflect the investment strategy of the Large Cap Core Equity Portion.

A “Puerto Rico entity” is any issuer that satisfies one or more of the following criteria: (i) the issuer was organized under the laws of Puerto Rico or maintains its principal place of business in Puerto Rico; (ii) the securities of such issuer are traded principally in Puerto Rico; or (iii) an issuer that, during its most recent fiscal year, derived at least 20% of its revenues or profits from goods produced or sold, investments made, or services performed in Puerto Rico or that has at least 20% of its assets in Puerto Rico.

Large Cap Core Puerto Rico Securities Portion – Under normal market conditions, the Large Cap Core Puerto Rico Securities Portion will be invested mostly in cash equivalents. The Fund’s Investment Adviser will manage this portion of the Portfolio directly. If the 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 which satisfy the Portfolio’s investment criteria, provided this does not result in a change to the tax considerations to Portfolio unitholders described in “Dividends and Taxes” herein. Securities of “non-Puerto Rico” issuers means securities issued by the U.S. government and its agencies and instrumentalities; municipal securities of issuers in the United States (including any territories thereof); GNMA, FNMA, or FHMLC mortgage-backed securities representing an interest in or guaranteed by mortgages on real property outside Puerto Rico; preferred stock and debt, asset-backed, and trust-preferred securities of issuers organized in the United States (including any territories thereof); U.S. dollar-denominated securities of foreign issuers that are traded on recognized U.S. stock exchanges or in the U.S. over-the-counter markets; and other securities from issuers organized in the United States (including any territories thereof) that the Fund’s investment adviser may select consistent with the Portfolio’s investment objective and policies.

Large Cap Core Equity Portion – The Investment Adviser has entered into a sub-advisory agreement with Atalanta Sosnoff Capital, LLC (the “Large Cap Core Equity Portion Portfolio Manager” specifically or the “Equity Portion Portfolio Manager” generally) for the Large Cap Core Equity Portion.

Description of Large Cap Core Equity Portion Portfolio Manager’s Investment Process – The Large Cap Core Equity Portion Portfolio Manager’s investment philosophy is focused on finding companies entering periods of earnings acceleration, believing that over time earnings drive stock prices, positioning them to capture the compounding effects of earnings acceleration and multiple expansion. The process is predominantly a fundamental bottom-up approach but does take macro factors into consideration when forming the investment opinion. They typically select stocks from the Russell 1000 Index universe. The strategy generally holds 35-65 positions, diversified across 10-15 industries and 5-8 sectors.

To the extent the Large Cap Core Equity Portion of the Portfolio is invested in stock index futures contracts, the amounts invested in common stock or other equity securities of U.S. or foreign companies by the Large Cap Core Equity Portion Portfolio Manager will be correspondingly reduced. The amount used to enter into futures contracts (i.e., the margin) will at no time exceed 5% of the value of the Portfolio’s total assets (after taking into account unrealized gains and losses on such

23

futures contracts).

The Portfolio’s investment objective may not be changed unless such change is authorized by the holders of a majority of the Portfolio’s outstanding units if the change is recommended by the Board; or at least 75% of the Portfolio’s outstanding units if the change is not recommended by the Board. The Portfolio’s investment strategy may be changed by the Board in its discretion, in consultation with the Investment Adviser with 60 days’ prior notice to unitholders.

Equity Portion – In choosing the Equity Portion Portfolio Manager, the Investment Adviser considers a range of criteria, including but not limited to the following: investment management experience; historical performance; the investment styles and strategies employed; the quality and stability of the Equity Portion Portfolio Manager’s organization; and the ability to consistently and effectively apply its investment approach. The Fund may offer additional Portfolios advised by different Equity Portion Portfolio Managers from time to time.

The Fund may discontinue offering a Portfolio or remove or replace the Equity Portion Portfolio Manager for a given Portfolio, subject to the approval of the Board in each case. In order for the Fund to remove or replace the Equity Portion Portfolio Manager, the Investment Adviser would select a different Equity Portion Portfolio Manager to manage the Portfolio’s account and enter into a new sub-advisory agreement. If the Equity Portion Portfolio Manager for a Portfolio in which you invest is to be removed or replaced, you will be notified and entitled to either remain in the Portfolio under the management of a new Equity Portion Portfolio Manager selected by the Investment Adviser, exchange your investments for units in another Portfolio or redeem your units without additional charge. There will be no refund, however, of sales charges or other fees previously paid. If an investor fails to provide instructions within the period indicated in the notice, or if the Fund does not receive notice of the removal of the Equity Portion Portfolio Manager in sufficient time to provide the affected unitholders with advance notice, such unitholder’s investments will remain in the Portfolio, the Equity Portion of which will be under the management of a new Equity Portion Portfolio Manager selected by the Investment Adviser, which may differ from the previous Equity Portion Portfolio Manager in investment style or other factors, until such notice can be provided and instructions are received from the unitholder.

You will have the opportunity to allocate and reallocate your investments among the Portfolios at your own discretion and based on your individual investment needs and goals, subject, in certain cases, to the conditions set forth on page [-] under the section “Exchanges from One Portfolio to Another.”

Large Cap Core Puerto Rico Securities Portion – Under normal market conditions, the Investment Adviser on a daily basis invests 20% of the Portfolio in Puerto Rico securities. This portion is invested in taxable fixed-income securities (cash equivalents issued by Puerto Rico entities). In determining which securities in which to invest, the Investment Adviser utilizes a fundamental analysis focusing on credit quality, liquidity and yield.

Credit Quality. This analysis starts with the rating of the securities. The Investment Adviser emphasizes the credit quality of the securities or credit quality collateralizing any repurchase agreement or time deposits accounts. Only securities or investment grade rated institutions are analyzed. The structure and collateral of the security is also an important consideration.

Liquidity. The liquidity of the assets is a key consideration. To enhance the liquidity of the Portfolio, the Investment Adviser staggers maturities so as to have sufficient daily liquidity.

Yield. The Investment Adviser seeks to maximize the yield of the securities held by the Portfolio. Given the credit and liquidity bias, yield is a secondary consideration, and the Portfolio may invest a higher percentage of its assets in lower yielding, but higher quality and more liquid securities.

By investing in stock index futures contracts, the Investment Adviser attempts to achieve a risk and return profile for the Portfolio that approximates the result that might be achieved by investing all of the assets of the Puerto Rico portion in the securities comprising the benchmark.

No assurance can be given that such strategy will be successful or such results attained. The Fund’s Investment Adviser will manage the Large Cap Core Puerto Rico Securities Portion of the Portfolio directly.

Principal Risks

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The following is a summary discussion of the principal risks of investing in the Portfolio. Risk is inherent in all investing. There can be no guarantee that the Portfolio will meet its investment objective or that the performance of the Portfolio will be positive for any period of time. You may lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Investment and Market Risk. The 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 (i) the level of interest rates, (ii) the rate of inflation, (iii) political decisions, (iv) fiscal policy, and (v) current events in general. Because the Portfolio invests in investment securities, the Portfolio’s net asset value may fluctuate due to market conditions, and as a result you may experience a decline in the value of your investment in the Portfolio and you may lose money.

An investment in the Units is designed primarily, and is suitable only, for long-term investors and therefore may not be suitable for all investors.

In addition, turbulence in financial markets and reduced liquidity in equity and/or fixed-income markets may negatively affect the Portfolio. 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. Recent examples include an outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in December 2019 and developed into a global pandemic. This pandemic resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty for a period of time. The impact of this outbreak adversely affected the economies of many nations and the entire global economy and impacted individual issuers and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen effects. The duration of any such outbreak and its effects cannot be determined with certainty. To the extent the Portfolio is 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 Large Cap Core Equity Portion Portfolio Manager selected by the Investment Adviser will be successful, and certain Portfolios may be more or less successful than others. The overall success of your investment in the Fund also may depend on your ability to choose successfully from among the Portfolios.

An investment in the Units is designed primarily, and is suitable only, for long-term investors and therefore may not be suitable for all investors. Further, an investment in the Fund is not equivalent to an investment in the underlying securities of the Fund and investors in the Units should not view the Fund as a vehicle for trading purposes.

Conflicts of Interest Risk. The Investment Adviser (and its affiliates) may have interests that compete with those of the Fund and the Portfolio, for example, because they may engage in transactions directly with the Fund, subject to applicable law. Those entities and the Large Cap Core Equity Portion Portfolio Manager 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 Portfolio could lose all of its investment in a company’s stock.

Puerto Rico Concentration Risk. Under normal conditions, the Portfolio will invest the Large Cap Core Puerto Rico Securities Portion mostly in cash equivalents. However, to the extent the Portfolio invests in other Puerto Rico securities, it 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 Large Cap Core Puerto Rico Securities Portion of the Portfolio could cause significant fluctuations in the Portfolio’s net asset value. Because market risk may affect a single issuer, industry (such as Puerto Rico financial services companies) or sector of the economy, the Portfolio may experience greater price volatility than if it held more diversified investments.

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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 Portfolio in such securities is subject to their availability in the open market.

Loss of Tax Benefits Risk. Unitholders of the Fund who cease to be Puerto Rico Investors (as defined below) may lose certain tax benefits that had previously been available to them and Portfolio distributions will likely be taxable for such unitholders.

Futures. The Portfolio may invest a portion of its Large Cap Core Equity Portion in futures contracts in the relevant stock index for the Portfolio. There are several risks accompanying the utilization of futures contracts. 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 Portfolio plans 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 Portfolio may use financial instruments referred to as derivatives with respect to its Large Cap Core Puerto Rico Securities Portion, which derive their value from another security, or an index (a measure of value or rates). The Portfolio’s investments in derivatives may fall more rapidly than other investments. Derivatives, because of their increased volatility and potential leveraging effect, may adversely affect the Portfolio. For example, investments in derivatives linked to an equities index may subject the Portfolio to the risks associated with changes in the particular index, which may include reduced or eliminated interest payments and losses of invested principal.

Such investments, in effect, may also be leveraged, thereby magnifying the risk of loss. If the 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.

Under Rule 18f-4 under the 1940 Act, among other things, the Portfolio must either use derivatives in a limited manner or adopt a full derivatives risk management program and adhere to an outer limit on fund leverage risk based on value-at-risk. 

Credit and Interest Rate Risks. The investment by the Portfolio in bonds and other income-producing securities, such as preferred stock, 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 Portfolio also may invest in other debt securities rated below investment grade, or that the Fund’s Investment Adviser determines to be below investment grade quality, provided that the amount invested in such debt securities may not exceed 5% of the Large Cap Core Puerto Rico Securities Portion of the 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 the Portfolio’s investments in bonds will fall as a result.

Non-Diversification Risk. Certain Portfolios may be non-diversified. Non-diversification risk is the risk that large positions in a small number of issuers may cause greater fluctuations in a Portfolio’s net asset value as a result of changes in the market’s assessment of the financial condition of those issuers.

Illiquid Securities Risk. The Portfolio 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

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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 Large Cap Core Puerto Rico Securities Portion of the Portfolio.

Segregation of Portfolios. The Fund intends to segregate the assets of each Portfolio so that you have the exclusive right to the assets, income, and profits from the Portfolio(s) in which you invest, 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 will have limited recourse only to the assets in that Portfolio. There can be no assurance, however, that efforts to effect 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.

Large Cap Core Equity Portion Portfolio Manager Oversight Risks. Because the Large Cap Core Equity Portion Portfolio Manager, or other sub-adviser engaged directly by the Investment Adviser, makes trading decisions on behalf of the Portfolio independently, the Investment Adviser may not always have access to information concerning the securities positions of the Portfolio at a given point in time. Delays in receipt of such information may hinder the Investment Adviser’s oversight of the Large Cap Core Equity Portion Portfolio Manager and/or sub-advisers.

Performance Information

The information shows you how the Portfolio’s performance has varied year by year and provides some indication of the risks of investing in the Portfolio. The table below compares the Portfolio’s performance to that of the S&P 500 Index. To the extent that dividends and distributions have been paid by the Portfolio, the performance information for the Portfolio in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future results. The table includes all applicable fees. If the Investment Adviser had not waived or reimbursed certain Portfolio expenses during these periods, the Portfolio’s returns would have been lower.

The Portfolio’s financial performance included in this Prospectus includes the Portfolio’s performance from a period when the Fund was not subject to the restrictions of a United States registered investment company that is subject to the requirements of the 1940 Act. 

[    ]

[During the ten-year period shown in the bar chart, the highest return for a quarter was 20.55% (quarter ended June 30, 2020) and the lowest return for a quarter was -18.71% (quarter ended March 31, 2020).]

*For Class A. Investment Adviser and Sub-Adviser

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Units through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A Units only, and the after-tax returns for Class L will vary.

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Investment Adviser and Sub-Adviser

The Portfolio’s investment adviser is UBS Asset Managers of Puerto Rico (as previously defined, the “Investment Adviser”), a division of UBS Trust Company of Puerto Rico. The Investment Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

UBS Asset Managers of Puerto Rico

Portfolio Manager

The Investment Adviser has also engaged the below sub-adviser (as previously defined, the “Large Cap Core Equity Portion Portfolio Manager”) as sub-adviser to manage the Equity Portion of the Portfolio.

Atalanta Sosnoff Capital, LLC

Portfolio Manager

Pursuant to the Investment Advisory Agreement between the Fund and the Investment Adviser, the Fund, on behalf of each Portfolio pays the Investment Adviser an annual fee of 1.00% of the Portfolio’s average weekly net assets. For the fiscal year ended March 31, 2025, the Portfolio paid, in the aggregate, the Investment Adviser a fee equal to 0.40% of the Portfolio’s average weekly net assets. The Investment Adviser directly pays any fees of the Large Cap Core Equity Portion Portfolio Manager out of its advisory fees.

The Investment Advisory Agreement authorizes the Investment Adviser to retain one or more sub-advisers for the management of each Portfolio, and the Investment Adviser has entered into a sub-advisory agreement (the “Large Cap Core Subadvisory Agreement”) with the Large Cap Core Equity Portion Portfolio Manager with respect to the Large Cap Core Equity Portion of the Portfolio. Subject to the supervision of the Board, the Investment Adviser oversees the investment advisory services provided by Large Cap Core Equity Portion Portfolio Manager. Pursuant to the Large Cap Core Subadvisory Agreement, and under the supervision of the Investment Adviser and the Board, the Large Cap Core Equity Portion Portfolio Manager is responsible for the day-to-day investment management of the Large Cap Core Equity Portion of the Portfolio. The Investment Adviser monitors and evaluates the Large Cap Core Equity Portion Portfolio Manager’s performance and oversees the Large Cap Core Equity Portion Portfolio Manager’s compliance with the Portfolio’s investment objective, policies and restrictions. The Investment Adviser (not the Fund) pays the Large Cap Core Equity Portion Portfolio Manager a fee equal to 0.50% of the average daily net assets of the Large Cap Core Equity Portion of the Portfolio managed by the Large Cap Core Equity Portion Portfolio Manager.

In addition, the Fund may incur additional indirect expenses, which are not expected to be significant, because the Fund’s available cash balances are automatically invested in money market mutual funds. Such money market funds either have no sales load, distribution fees or service fees or the Investment Adviser will waive a sufficient amount of its advisory fee to offset the cost of such fees. However, such money market funds will incur other fees and expenses, which will therefore be partially indirectly borne by the Fund, and as a result by its unitholders, in addition to the fees charged to unitholders by the Fund.

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Large Cap Growth Portfolio I

Investment Objective

The investment objective of Large Cap Growth Portfolio I (the “Portfolio”), a series of Multi-Select Securities Fund for Puerto Rico Residents (the “Fund”), is to seek long-term growth of capital.

Fees and Expenses of the Portfolio

The following tables describe the fees and expenses that you may pay if you buy, hold and sell units of the Portfolio (“Units”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.

Expense Example

The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your Units at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Portfolio’s total annual operating expenses remain the same. This assumption is not meant to indicate you will receive a 5% annual rate of return. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Portfolio Turnover:

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio Units are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Expense Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 72.43% of the average value of its portfolio.

Principal Investment Strategies of the Portfolio

The Portfolio is designed solely for Puerto Rico Residents (as defined in “Dividends and Taxes” below). Only Puerto Rico Residents will receive the tax benefits of an investment in the Portfolio. The tax treatment of the Portfolio differs from that typically accorded to other investment companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”) that qualify as regulated investment companies under the U.S. Internal Revenue Code of

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1986, as amended (the “U.S. Code”). You should read carefully the section entitled “Dividends and Taxes,” for a more detailed description of the Puerto Rico and United States tax implications for an investment in the Portfolio. You should also consult your tax advisor about your tax situation.

The Fund will be managed by UBS Asset Managers of Puerto Rico, a division of UBS Trust Company of Puerto Rico (the “Investment Adviser”). The Fund uses a variation of what has been termed a “multi-manager” approach in that the Fund will engage one or more sub-advisers to manage a portion of each Portfolio (the “Equity Portion”) through a sub-advisory agreement. Further, the Fund relies on an exemptive order issued by the Securities and Exchange Commission (the “SEC”) to be able to retain, remove or replace sub-advisers without a unitholder vote. As such, the Investment Adviser will have the ultimate responsibility, subject to oversight by the Board of Directors of the Fund (the “Board”), to oversee the various sub-advisers and recommend their hiring, termination, and replacement.

Principal Investment Strategies – Under normal conditions, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks and other equity securities of large-capitalization companies (which are companies with a typical capitalization range greater than $4 billion at the time of investment [that is still fundamentally growing its capitalization to reach $12 billion or more]) (the “Large Cap Growth Equity Portion”) and intends to invest approximately 20% of its net assets, plus any borrowings for investment purposes, in equity or taxable fixed-income securities, including cash equivalents (such as bank deposits or other short term high quality alternatives), issued by Puerto Rico entities (as defined below) (the “Large Cap Growth Puerto Rico Securities Portion” specifically or for this section and the “Puerto Rico Securities Portion” generally). This requirement may limit the Portfolio’s ability to achieve its investment objective. The sub-adviser may directly invest a portion of the Large Cap Growth Equity Portion in stock index futures contracts which reflect the investment strategy of the Large Cap Growth Equity Portion.

For the avoidance of doubt, the definition of “large capitalization companies” utilized by the Large Cap Growth Portfolio differs from the definition of “large capitalization companies” utilized by the Large Cap Value Portfolio and the Large Cap Core Portfolio. Further, the capitalization range for “large capitalization companies” (i.e., companies with a typical capitalization range greater than $4 billion at the time of investment) utilized by the Large Cap Growth Portfolio overlaps with the definition of “mid capitalization companies” (i.e., companies with a typical capitalization range of between $5 billion and $12 billion at the time of investment) utilized by the Mid Cap Core Portfolio, and the definition of “small capitalization companies” (i.e., companies with a typical capitalization range below $5 billion) utilized by the Small Cap Core Portfolio.

A “Puerto Rico entity” is any issuer that satisfies one or more of the following criteria: (i) the issuer was organized under the laws of Puerto Rico or maintains its principal place of business in Puerto Rico; (ii) the securities of such issuer are traded principally in Puerto Rico; or (iii) an issuer that, during its most recent fiscal year, derived at least 20% of its revenues or profits from goods produced or sold, investments made, or services performed in Puerto Rico or that has at least 20% of its assets in Puerto Rico.

Large Cap Growth Puerto Rico Securities Portion – Under normal market conditions, the Large Cap Growth Puerto Rico Securities Portion will be invested mostly in cash equivalents. The Fund’s Investment Adviser will manage this portion of the Portfolio directly. If the 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 which satisfy the Portfolio’s investment criteria, provided this does not result in a change to the tax considerations of Portfolio unitholders described in “Dividends and Taxes” herein. Securities of “non-Puerto Rico” issuers means securities issued by the U.S. government and its agencies and instrumentalities; municipal securities of issuers in the United States (including any territories thereof); GNMA, FNMA, or FHMLC mortgage-backed securities representing an interest in or guaranteed by mortgages on real property outside Puerto Rico; preferred stock and debt, asset-backed, and trust-preferred securities of issuers organized in the United States (including any territories thereof); U.S. dollar-denominated securities of foreign issuers that are traded on recognized U.S. stock exchanges or in the U.S. over-the-counter markets; and other securities from issuers organized in the United States (including any territories thereof) that the Fund’s investment adviser may select consistent with the Portfolio’s investment objective and policies.

Large Cap Growth Equity Portion – The Investment Adviser has entered into a sub-advisory agreement with Winslow Capital Management LLC (the “Large Cap Growth Equity Portion Portfolio Manager” specifically or the “Equity Portion Portfolio Manager” generally) for the Large Cap Growth Equity Portion.

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Description of Large Cap Growth Equity Portion Portfolio Manager’s Investment Process – The Portfolio invests in those companies that the Large Cap Growth Equity Portion Portfolio Manager believes will provide an opportunity for achieving superior portfolio returns (i.e., returns in excess of the returns of the average stock mutual fund) over the long term. The Large Cap Growth Equity Portion Portfolio Manager seeks to invest in companies that have the potential for above-average future earnings and cash flow growth with management focused on shareholder value. When purchasing stocks for the Portfolio, the Large Cap Growth Equity Portion Portfolio Manager looks for companies typically having some or all of the following attributes: addressing markets with growth opportunities; leads or gains in market share; identifiable and sustainable competitive advantages; managed by a team that can perpetuate the firm’s competitive advantages; high, and preferably rising, returns on invested capital; deploys excess cash flow to enhance shareholder return; and demonstrates sound corporate governance. As part of its qualitative assessment of each potential investment, the Large Cap Growth Equity Portion Portfolio Manager evaluates the company’s non-financial performance among certain environmental, social and governance (“ESG”) factors. The Large Cap Growth Equity Portion Portfolio Manager then determines which ESG factors may be material to a company’s future financial performance. This involves an evaluation of how the company integrates particular ESG risks and opportunities into its corporate strategy through, for example, improving governance practices, aligning management team incentives and increasing transparency into its ESG practices. The Large Cap Growth Equity Portion Portfolio Manager may give consideration to ESG factors including, but not limited to, impact on or from climate change, natural resource use, waste management practices, human capital management, product safety, supply chain management, corporate governance, business ethics and advocacy for governmental policy. ESG factors are evaluated by the Sub-advisor based on data provided by independent ESG research vendors. The evaluation of ESG factors is integrated as one of several aspects of the Large Cap Growth Equity Portion Portfolio Manager’s investment process and the Large Cap Growth Equity Portion Portfolio Manager does not forgo potential investments strictly based on the evaluation of ESG factors. The Large Cap Growth Equity Portion Portfolio Manager takes a “bottom-up” investment approach when selecting investments. This means it bases investment decisions on company specific factors, not general economic conditions. Under normal market conditions, the Large Cap Growth Equity Portion Portfolio Manager employs a sell discipline pursuant to which it may sell some or all of its position in a stock when a stock becomes fully valued, the fundamental business prospects are deteriorating, or the position exceeds limits set by the Large Cap Growth Equity Portion Portfolio Manager. [ESG screening criteria are only applied at the time of investment. There is no ongoing monitoring or due diligence as to an investment’s continued satisfaction of ESG criteria. Furter, investments are only sold in the circumstances described above, and not if the sole basis is that they no longer satisfy ESG criteria.]

To the extent the Large Cap Growth Equity Portion of the Portfolio is invested in stock index futures contracts, the amounts invested in common stock or other equity securities of U.S. or foreign companies by the Large Cap Growth Equity Portion Portfolio Manager will be correspondingly reduced. The amount used to enter into futures contracts (i.e., the margin) will at no time exceed 5% of the value of the Portfolio’s total assets (after taking into account unrealized gains and losses on such futures contracts).

The Portfolio’s investment objective may not be changed unless such change is authorized by the holders of a majority of the Portfolio’s outstanding units if the change is recommended by the Board; or at least 75% of the Portfolio’s outstanding units if the change is not recommended by the Board. The Portfolio’s investment strategy may be changed by the Board in its discretion, in consultation with the Investment Adviser with 60 days’ prior notice to unitholders.

Equity Portion – In choosing the Equity Portion Portfolio Manager, the Investment Adviser considers a range of criteria, including but not limited to the following: investment management experience; historical performance; the investment styles and strategies employed; the quality and stability of the Equity Portion Portfolio Manager’s organization; and the ability to consistently and effectively apply its investment approach. The Fund may offer additional Portfolios advised by different Equity Portion Portfolio Managers from time to time.

The Fund may discontinue offering a Portfolio or remove or replace the Equity Portion Portfolio Manager for a given Portfolio, subject to the approval of the Board in each case. In order for the Fund to remove or replace the Equity Portion Portfolio Manager, the Investment Adviser would select a different Equity Portion Portfolio Manager to manage the Portfolio’s account and enter into a new sub-advisory agreement. If the Equity Portion Portfolio Manager for a Portfolio in which you invest is to be removed or replaced, you will be notified and entitled to either remain in the Portfolio under the management of a new Equity Portion Portfolio Manager selected by the Investment Adviser, exchange your investments for units in another Portfolio or redeem your units without additional charge. There will be no refund, however, of sales charges or other fees previously paid. If an investor fails to provide instructions within the period indicated in the notice, or if the Fund does not receive notice of the removal of the Equity Portion Portfolio Manager in sufficient time to provide the affected unitholders with advance

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notice, such unitholder’s investments will remain in the Portfolio, the Equity Portion of which will be under the management of a new Equity Portion Portfolio Manager selected by the Investment Adviser, which may differ from the previous Equity Portion Portfolio Manager in investment style or other factors, until such notice can be provided and instructions are received from the unitholder.

You will have the opportunity to allocate and reallocate your investments among the Portfolios at your own discretion and based on your individual investment needs and goals, subject, in certain cases, to the conditions set forth on page [-] under the section “Exchanges from One Portfolio to Another.”

Large Cap Growth Puerto Rico Securities Portion – Under normal market conditions, the Investment Adviser on a daily basis invests 20% of the Portfolio in Puerto Rico securities. This portion is invested in taxable fixed-income securities (cash equivalents issued by Puerto Rico entities). In determining which securities in which to invest, the Investment Adviser utilizes a fundamental analysis focusing on credit quality, liquidity and yield.

Credit Quality. This analysis starts with the rating of the securities. The Investment Adviser emphasizes the credit quality of the securities or credit quality collateralizing any repurchase agreement or time deposits accounts. Only securities or investment grade rated institutions are analyzed. The structure and collateral of the security is also an important consideration.

Liquidity. The liquidity of the assets is a key consideration. To enhance the liquidity of the Portfolio, the Investment Adviser staggers maturities so as to have sufficient daily liquidity.

Yield. The Investment Adviser seeks to maximize the yield of the securities held by the Portfolio. Given the credit and liquidity bias, yield is a secondary consideration, and the Portfolio may invest a higher percentage of its assets in lower yielding, but higher quality and more liquid securities.

By investing in stock index futures contracts, the Investment Adviser attempts to achieve a risk and return profile for the Portfolio that approximates the result that might be achieved by investing all of the assets of the Puerto Rico portion in the securities comprising the Portfolio’s benchmark.

No assurance can be given that such strategy will be successful or such results attained. The Fund’s Investment Adviser will manage the Large Cap Growth Puerto Rico Securities Portion of the Portfolio directly.

Principal Risks

The following is a summary discussion of the principal risks of investing in the Portfolio. Risk is inherent in all investing. There can be no guarantee that the Portfolio will meet its investment objective or that the performance of the Portfolio will be positive for any period of time. You may lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Investment and Market Risk. The 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 (i) the level of interest rates, (ii) the rate of inflation, (iii) political decisions, (iv) fiscal policy, and (v) current events in general. Because the Portfolio invests in investment securities, the Portfolio’s net asset value may fluctuate due to market conditions, and as a result you may experience a decline in the value of your investment in the Portfolio and you may lose money.

An investment in the Units is designed primarily, and is suitable only, for long-term investors and therefore may not be suitable for all investors.

In addition, turbulence in financial markets and reduced liquidity in equity and/or fixed-income markets may negatively affect the Portfolio. 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. Recent examples include an outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in December 2019 and developed into a global pandemic. This pandemic resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty for a period of time. The impact of this outbreak adversely affected

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the economies of many nations and the entire global economy and impacted individual issuers and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen effects. The duration of any such outbreak and its effects cannot be determined with certainty. To the extent the Portfolio is 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 Large Cap Growth Equity Portion Portfolio Manager selected by the Investment Adviser will be successful, and certain Portfolios may be more or less successful than others. The overall success of your investment in the Fund also may depend on your ability to choose successfully from among the Portfolios.

An investment in the Units is designed primarily, and is suitable only, for long-term investors and therefore may not be suitable for all investors. Further, an investment in the Fund is not equivalent to an investment in the underlying securities of the Fund and investors in the Units should not view the Fund as a vehicle for trading purposes.

Conflicts of Interest Risk. The Investment Adviser (and its affiliates) may have interests that compete with those of the Fund and the Portfolio, for example, because they may engage in transactions directly with the Fund, subject to applicable law. Those entities and the Large Cap Growth Equity Portion Portfolio Manager 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 Portfolio could lose all of its investment in a company’s stock.

Puerto Rico Concentration Risk. Under normal conditions, the Portfolio will invest the Large Cap Growth Puerto Rico Securities Portion mostly in cash equivalents. However, to the extent the Portfolio invests in other Puerto Rico securities, it 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 Large Cap Growth Puerto Rico Securities Portion of the Portfolio could cause significant fluctuations in the Portfolio’s net asset value. Because market risk may affect a single issuer, industry (such as Puerto Rico financial services companies) or sector of the economy, the Portfolio may experience greater price volatility than if it 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 Portfolio in such securities is subject to their availability in the open market.

Loss of Tax Benefits Risk. Unitholders of the Fund who cease to be Puerto Rico Investors (as defined below) may lose certain tax benefits that had previously been available to them and Portfolio distributions will likely be taxable for such unitholders.

Futures. The Portfolio may invest a portion of its Large Cap Growth Equity Portion in futures contracts in the relevant stock index for the Portfolio. There are several risks accompanying the utilization of futures contracts. 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 Portfolio plans 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 Portfolio may use financial instruments referred to as derivatives with respect to its Large Cap Growth Puerto Rico Securities Portion, which derive their value from another security, or an index (a measure of value or rates). The Portfolio’s investments in derivatives may fall more rapidly than other investments. Derivatives, because of their increased volatility and potential leveraging effect, may adversely affect the Portfolio. For example, investments in derivatives linked to

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an equities index may subject the Portfolio to the risks associated with changes in the particular index, which may include reduced or eliminated interest payments and losses of invested principal.

Such investments, in effect, may also be leveraged, thereby magnifying the risk of loss. If the 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.

Under Rule 18f-4 under the 1940 Act, among other things, the Portfolio must either use derivatives in a limited manner or adopt a full derivatives risk management program and adhere to an outer limit on fund leverage risk based on value-at-risk. 

Credit and Interest Rate Risks. The investment by the Portfolio in bonds and other income-producing securities, such as preferred stock, 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 Portfolio also may invest in other debt securities rated below investment grade, or that the Fund’s Investment Adviser determines to be below investment grade quality, provided that the amount invested in such debt securities may not exceed 5% of the Large Cap Growth Puerto Rico Securities Portion of the 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 the Portfolio’s investments in bonds will fall as a result.

Non-Diversification Risk. Certain Portfolios may be non-diversified. Non-diversification risk is the risk that large positions in a small number of issuers may cause greater fluctuations in a Portfolio’s net asset value as a result of changes in the market’s assessment of the financial condition of those issuers.

Illiquid Securities Risk. The Portfolio 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 Large Cap Growth Puerto Rico Securities Portion of the Portfolio.

Segregation of Portfolios. The Fund intends to segregate the assets of each Portfolio so that you have the exclusive right to the assets, income, and profits from the Portfolio(s) in which you invest, 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 will have limited recourse only to the assets in that Portfolio. There can be no assurance, however, that efforts to effect 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.

Large Cap Growth Equity Portion Portfolio Manager Oversight Risks. Because the Large Cap Growth Equity Portion Portfolio Manager, or other sub-adviser engaged directly by the Investment Adviser, makes trading decisions on behalf of the Portfolio independently, the Investment Adviser may not always have access to information concerning the securities positions of the Portfolio at a given point in time. Delays in receipt of such information may hinder the Investment Adviser’s oversight of the Large Cap Growth Equity Portion Portfolio Manager and/or sub-advisers.

ESG Considerations Risk. The Equity Portion Portfolio Manager generally give consideration to environmental, social, and/or governance (“ESG”) criteria when evaluating investment opportunities for the Portfolio, consistent with each Portfolio’s investment objective and Principal Investment Strategies. The Equity Portion Portfolio Manager may give consideration to ESG criteria including, but not limited to, impact on or from climate change, natural resource use, waste management practices,

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human capital management, product safety, supply chain management, corporate governance, business ethics and advocacy for governmental policy. The application of ESG criteria may result in the Portfolio (i) having exposure to certain securities or industry sectors that are different than the composition of the Portfolio’s benchmark; and (ii) performing differently than the Portfolio’s benchmark or other funds and strategies in the Portfolio’s peer group that do not take into account ESG criteria or use different ESG criteria or ESG investment strategies. In addition, sectors and securities of companies that meet the ESG criteria may shift into and out of favor depending on market and economic conditions. The consideration of ESG criteria may adversely affect a Portfolio’s performance.

Performance Information

The information shows you how the Portfolio’s performance has varied year by year and provides some indication of the risks of investing in the Portfolio. The table below compares the Portfolio’s performance to that of the Russell 1000^® Growth Index. To the extent that dividends and distributions have been paid by the Portfolio, the performance information for the Portfolio in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future results. The table includes all applicable fees. If the Investment Adviser had not waived or reimbursed certain Portfolio expenses during these periods, the Portfolio’s returns would have been lower.

The Portfolio’s financial performance included in this Prospectus includes the Portfolio’s performance from a period when the Fund was not subject to the restrictions of a United States registered investment company that is subject to the requirements of the 1940 Act. 

[    ]

[During the ten-year period shown in the bar chart, the highest return for a quarter was 22.79% (quarter ended June 30, 2020) and the lowest return for a quarter was -13.37% (quarter ended March 31, 2020).]

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Units through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A Units only, and the after-tax returns for Class L will vary.

Investment Adviser and Sub-Adviser

The Portfolio’s investment adviser is UBS Asset Managers of Puerto Rico (as previously defined, the “Investment Adviser”), a division of UBS Trust Company of Puerto Rico. The Investment Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

UBS Asset Managers of Puerto Rico

Portfolio Manager

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The Investment Adviser has also engaged the below sub-adviser (as previously defined, the “Large Cap Growth Equity Portion Portfolio Manager”) as sub-adviser to manage the Equity Portion of the Portfolio.

Winslow Capital Management, LLC

Portfolio Manager

Pursuant to the Investment Advisory Agreement between the Fund and the Investment Adviser, the Fund, on behalf of each Portfolio pays the Investment Adviser an annual fee of 1.00% of the Portfolio’s average weekly net assets. For the fiscal year ended March 31, 2025, the Portfolio paid, in the aggregate, the Investment Adviser a fee equal to 0.40% of the Portfolio’s average weekly net assets. The Investment Adviser directly pays any fees of the Large Cap Growth Equity Portion Portfolio Manager out of its advisory fees.

The Investment Advisory Agreement authorizes the Investment Adviser to retain one or more sub-advisers for the management of each Portfolio and the Investment Adviser has entered into a sub-advisory agreement (the “Large Cap Growth Subadvisory Agreement”) with the Large Cap Growth Equity Portion Portfolio Manager with respect to the Large Cap Growth Equity Portion of the Portfolio. Subject to the supervision of the Board, the Investment Adviser oversees the investment advisory services provided by Large Cap Growth Equity Portion Portfolio Manager. Pursuant to the Large Cap Growth Subadvisory Agreement, and under the supervision of the Investment Adviser and the Board, the Large Cap Growth Equity Portion Portfolio Manager is responsible for the day-to-day investment management of the Large Cap Growth Equity Portion of the Portfolio. The Investment Adviser monitors and evaluates the Large Cap Growth Equity Portion Portfolio Manager’s performance and oversees the Large Cap Growth Equity Portion Portfolio Manager’s compliance with the Portfolio’s investment objective, policies and restrictions. The Investment Adviser (not the Fund) pays the Large Cap Growth Equity Portion Portfolio Manager a fee equal to 0.50% of the average daily net assets of the Large Cap Growth Equity Portion of the Portfolio managed by the Large Cap Growth Equity Portion Portfolio Manager.

In addition, the Fund may incur additional indirect expenses, which are not expected to be significant, because the Fund’s available cash balances are automatically invested in money market mutual funds. Such money market funds either have no sales load, distribution fees or service fees or the Investment Adviser will waive a sufficient amount of its advisory fee to offset the cost of such fees. However, such money market funds will incur other fees and expenses, which will therefore be partially indirectly borne by the Fund, and as a result by its unitholders, in addition to the fees charged to unitholders by the Fund.

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Mid Cap Core Portfolio I

Investment Objective

The investment objective of Mid Cap Core Portfolio I (the “Portfolio”), a series of Multi-Select Securities Fund for Puerto Rico Residents (the “Fund”), is to seek long-term growth of capital.

Fees and Expenses of the Portfolio

The following tables describe the fees and expenses that you may pay if you buy, hold and sell units of the Portfolio (“Units”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.

Expense Example

The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your Units at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Portfolio’s total annual operating expenses remain the same. This assumption is not meant to indicate you will receive a 5% annual rate of return. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Portfolio Turnover:

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio Units are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Expense Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 10.39% of the average value of its portfolio.

Principal Investment Strategies of the Portfolio

The Portfolio is designed solely for Puerto Rico Residents (as defined in “Dividends and Taxes” below). Only Puerto Rico Residents will receive the tax benefits of an investment in the Portfolio. The tax treatment of the Portfolio differs from that typically accorded to other investment companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”) that qualify as regulated investment companies under the U.S. Internal Revenue Code of

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1986, as amended (the “U.S. Code”). You should read carefully the section entitled “Dividends and Taxes,” for a more detailed description of the Puerto Rico and United States tax implications for an investment in the Portfolio. You should also consult your tax advisor about your tax situation.

The Fund will be managed by UBS Asset Managers of Puerto Rico, a division of UBS Trust Company of Puerto Rico (the “Investment Adviser”). The Fund uses a variation of what has been termed a “multi-manager” approach in that the Fund will engage one or more sub-advisers to manage a portion of each Portfolio (the “Equity Portion”) through a sub-advisory agreement. Further, the Fund relies on an exemptive order issued by the Securities and Exchange Commission (the “SEC”) to be able to retain, remove or replace sub-advisers without a unitholder vote. As such, the Investment Adviser will have the ultimate responsibility, subject to oversight by the Board of Directors of the Fund (the “Board”), to oversee the various sub-advisers and recommend their hiring, termination, and replacement.

Principal Investment Strategies – Under normal conditions, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks and other equity securities of medium-capitalization U.S. companies (which are companies with a typical capitalization range of between $5 billion and $12 billion at the time of investment) (the “Mid Cap Core Equity Portion”) and intends to invest approximately 20% of its net assets, plus any borrowings for investment purposes, in equity or taxable fixed-income securities, including cash equivalents (such as bank deposits or other short term high quality alternatives), issued by Puerto Rico entities (as defined below) (the “Mid Cap Core Puerto Rico Securities Portion” specifically or for this section and the “Puerto Rico Securities Portion” generally). This requirement may limit the Portfolio’s ability to achieve its investment objective. The sub-adviser may directly invest a portion of the Mid Cap Core Equity Portion in stock index futures contracts which reflect the investment strategy of the Mid Cap Core Equity Portion.

A “Puerto Rico entity” is any issuer that satisfies one or more of the following criteria: (i) the issuer was organized under the laws of Puerto Rico or maintains its principal place of business in Puerto Rico; (ii) the securities of such issuer are traded principally in Puerto Rico; or (iii) an issuer that, during its most recent fiscal year, derived at least 20% of its revenues or profits from goods produced or sold, investments made, or services performed in Puerto Rico or that has at least 20% of its assets in Puerto Rico.

Mid Cap Core Puerto Rico Securities Portion – Under normal market conditions, the Mid Cap Core Puerto Rico Securities Portion will be invested mostly in cash equivalents. The Fund’s Investment Adviser will manage this portion of the Portfolio directly. If the 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 which satisfy the Portfolio’s investment criteria, provided this does not result in a change to the tax considerations of Portfolio unitholders described in “Dividends and Taxes” herein. Securities of “non-Puerto Rico” issuers means securities issued by the U.S. government and its agencies and instrumentalities; municipal securities of issuers in the United States (including any territories thereof); GNMA, FNMA, or FHMLC mortgage-backed securities representing an interest in or guaranteed by mortgages on real property outside Puerto Rico; preferred stock and debt, asset-backed, and trust-preferred securities of issuers organized in the United States (including any territories thereof); U.S. dollar-denominated securities of foreign issuers that are traded on recognized U.S. stock exchanges or in the U.S. over-the-counter markets; and other securities from issuers organized in the United States (including any territories thereof) that the Fund’s investment adviser may select consistent with the Portfolio’s investment objective and policies.

Mid Cap Core Equity Portion – The Investment Adviser has entered into a sub-advisory agreement with London Company of Virginia d/b/a/ The London Company (“The London Company”, the “Mid Cap Core Equity Portion Portfolio Manager” specifically or the “Equity Portion Portfolio Manager” generally) for the Mid Cap Core Equity Portion.

The London Company seeks to purchase financially stable companies that it believes are consistently generating high returns on unleveraged operating capital, run by shareholder-oriented management, and trading at a discount to their respective market prices. Guiding principles of The London Company’s philosophy include (1) a focus on cash return on tangible capital, not earnings per share, (2) balance sheet optimization, (3) optimal diversification which is essential to good investment results, and (4) low turnover and tax sensitivity to enhance real returns.

The Mid Cap Core Equity Portion will typically hold securities of approximately 25 to 35 companies. The Mid Cap Core Equity Portion may invest a high percentage of its assets in specific sectors of the market in order to achieve a potentially greater investment return. The London Company invests for the long term and attempts to minimize turnover in an effort to reduce transaction costs and taxes

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Description of Mid Cap Core Equity Portion Portfolio Manager’s Investment Process – The Mid Cap Core Equity Portion Portfolio Manager takes a long term total return mindset to building portfolios. Long-term growth of capital is first achieved by minimizing losses in down markets, and secondarily by ensuring that portfolios can generally participate in market appreciation. In other words, the Mid Cap Core Equity Portion Portfolio Manager focuses primarily on downside protection, with capital appreciation as a secondary objective. The investment team believes in investing like private market buyers, focusing on cash return on tangible capital; they believe value is defined by discounting cash inflows and outflows by an optimal cost of capital. Bottom-up stock selection is a critical component of their investment process as the firm’s process begins with a screen to identify companies characterized by high return on operating capital (profitability), consistent and stable free cash flow yield (cash generation), and attractive operating earnings/enterprise value (valuation). Their fundamental research consists of four critical elements: balance sheet optimization analysis, private market value analysis, corporate governance/management incentives audit, and insider ownership/trading activity. This results in a portfolio of 25 – 35 stocks which the manager believes are trading at significant discount to fair market value. Positions are generally started with a weight of 3-5%, and individual positions may not exceed 10% of the portfolio. The Mid Cap Core Equity Portion Portfolio Manager generally will not add to declining positions and allow stocks to potentially appreciate in value.

To the extent the Mid Cap Core Equity Portion of the Portfolio is invested in stock index futures contracts, the amounts invested in common stock or other equity securities of U.S. or foreign companies by the Mid Cap Core Equity Portion Portfolio Manager will be correspondingly reduced. The amount used to enter into futures contracts (i.e., the margin) will at no time exceed 5% of the value of the Portfolio’s total assets (after taking into account unrealized gains and losses on such futures contracts).

The Portfolio’s investment objective may not be changed unless such change is authorized by the holders of a majority of the Portfolio’s outstanding units if the change is recommended by the Board; or at least 75% of the Portfolio’s outstanding units if the change is not recommended by the Board. The Portfolio’s investment strategy may be changed by the Board in its discretion, in consultation with the Investment Adviser with 60 days’ prior notice to unitholders.

Equity Portion – In choosing the Equity Portion Portfolio Manager, the Investment Adviser considers a range of criteria, including but not limited to the following: investment management experience; historical performance; the investment styles and strategies employed; the quality and stability of the Equity Portion Portfolio Manager’s organization; and the ability to consistently and effectively apply its investment approach. The Fund may offer additional Portfolios advised by different Equity Portion Portfolio Managers from time to time.

The Fund may discontinue offering a Portfolio or remove or replace the Equity Portion Portfolio Manager for a given Portfolio, subject to the approval of the Board in each case. In order for the Fund to remove or replace the Equity Portion Portfolio Manager, the Investment Adviser would select a different Equity Portion Portfolio Manager to manage the Portfolio’s account and enter into a new sub-advisory agreement. If the Equity Portion Portfolio Manager for a Portfolio in which you invest is to be removed or replaced, you will be notified and entitled to either remain in the Portfolio under the management of a new Equity Portion Portfolio Manager selected by the Investment Adviser, exchange your investments for units in another Portfolio or redeem your units without additional charge. There will be no refund, however, of sales charges or other fees previously paid. If an investor fails to provide instructions within the period indicated in the notice, or if the Fund does not receive notice of the removal of the Equity Portion Portfolio Manager in sufficient time to provide the affected unitholders with advance notice, such unitholder’s investments will remain in the Portfolio, the Equity Portion of which will be under the management of a new Equity Portion Portfolio Manager selected by the Investment Adviser, which may differ from the previous Equity Portion Portfolio Manager in investment style or other factors, until such notice can be provided and instructions are received from the unitholder.

You will have the opportunity to allocate and reallocate your investments among the Portfolios at your own discretion and based on your individual investment needs and goals, subject, in certain cases, to the conditions set forth on page [-] under the section “Exchanges from One Portfolio to Another.”

Mid Cap Core Puerto Rico Securities Portion – Under normal market conditions, the Investment Adviser on a daily basis invests 20% of the Portfolio in Puerto Rico securities. This portion is invested in taxable fixed-income securities (cash equivalents issued by Puerto Rico entities). In determining which securities in which to invest, the Investment Adviser utilizes a fundamental analysis focusing on credit quality, liquidity and yield.

Credit Quality. This analysis starts with the rating of the securities. The Investment Adviser emphasizes the credit quality of the securities or credit quality collateralizing any repurchase agreement or time deposits accounts. Only securities or investment grade rated institutions are analyzed. The structure and collateral of the security is also an important consideration.

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Liquidity. The liquidity of the assets is a key consideration. To enhance the liquidity of the Portfolio, the Investment Adviser staggers maturities so as to have sufficient daily liquidity.

Yield. The Investment Adviser seeks to maximize the yield of the securities held by the Portfolio. Given the credit and liquidity bias, yield is a secondary consideration, and the Portfolio may invest a higher percentage of its assets in lower yielding, but higher quality and more liquid securities.

By investing in stock index futures contracts, the Investment Adviser attempts to achieve a risk and return profile for the Portfolio that approximates the result that might be achieved by investing all of the assets of the Puerto Rico portion in the securities comprising the Portfolio’s benchmark.

No assurance can be given that such strategy will be successful or such results attained. The Fund’s Investment Adviser will manage the Mid Cap Core Puerto Rico Securities Portion of the Portfolio directly.

Principal Risks

The following is a summary discussion of the principal risks of investing in the Portfolio. Risk is inherent in all investing. There can be no guarantee that the Portfolio will meet its investment objective or that the performance of the Portfolio will be positive for any period of time. You may lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Investment and Market Risk. The 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 (i) the level of interest rates, (ii) the rate of inflation, (iii) political decisions, (iv) fiscal policy, and (v) current events in general. Because the Portfolio invests in investment securities, the Portfolio’s net asset value may fluctuate due to market conditions, and as a result you may experience a decline in the value of your investment in the Portfolio and you may lose money.

An investment in the Units is designed primarily, and is suitable only, for long-term investors and therefore may not be suitable for all investors.

In addition, turbulence in financial markets and reduced liquidity in equity and/or fixed-income markets may negatively affect the Portfolio. 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. Recent examples include an outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in December 2019 and developed into a global pandemic. This pandemic resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty for a period of time. The impact of this outbreak adversely affected the economies of many nations and the entire global economy and impacted individual issuers and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen effects. The duration of any such outbreak and its effects cannot be determined with certainty. To the extent the Portfolio is 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 Mid Cap Core Equity Portion Portfolio Manager selected by the Investment Adviser will be successful, and certain Portfolios may be more or less successful than others. The overall success of your investment in the Fund also may depend on your ability to choose successfully from among the Portfolios.

An investment in the Units is designed primarily, and is suitable only, for long-term investors and therefore may not be suitable for all investors. Further, an investment in the Fund is not equivalent to an investment in the underlying securities of the Fund and investors in the Units should not view the Fund as a vehicle for trading purposes.

Conflicts of Interest Risk. The Investment Adviser (and its affiliates) may have interests that compete with those of the Fund and the Portfolio, for example, because they may engage in transactions directly with the Fund, subject to applicable law. Those

40

entities and the Mid Cap Core Equity Portion Portfolio Manager 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 Portfolio could lose all of its investment in a company’s stock.

Puerto Rico Concentration Risk. Under normal conditions, the Portfolio will invest the Mid Cap Core Puerto Rico Securities Portion mostly in cash equivalents. However, to the extent the Portfolio invests in other Puerto Rico securities, it 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 Mid Cap Core Puerto Rico Securities Portion of the Portfolio could cause significant fluctuations in the Portfolio’s net asset value. Because market risk may affect a single issuer, industry (such as Puerto Rico financial services companies) or sector of the economy, the Portfolio may experience greater price volatility than if it 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 Portfolio in such securities is subject to their availability in the open market.

Loss of Tax Benefits Risk. Unitholders of the Fund who cease to be Puerto Rico Investors (as defined below) may lose certain tax benefits that had previously been available to them and Portfolio distributions will likely be taxable for such unitholders.

Futures. The Portfolio may invest a portion of its Mid Cap Core Equity Portion in futures contracts in the relevant stock index for the Portfolio. There are several risks accompanying the utilization of futures contracts. 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 Portfolio plans 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 Portfolio may use financial instruments referred to as derivatives with respect to its Mid Cap Core Puerto Rico Securities Portion, which derive their value from another security, or an index (a measure of value or rates). The Portfolio’s investments in derivatives may fall more rapidly than other investments. Derivatives, because of their increased volatility and potential leveraging effect, may adversely affect the Portfolio. For example, investments in derivatives linked to an equities index may subject the Portfolio to the risks associated with changes in the particular index, which may include reduced or eliminated interest payments and losses of invested principal.

Such investments, in effect, may also be leveraged, thereby magnifying the risk of loss. If the 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.

Under Rule 18f-4 under the 1940 Act, among other things, the Portfolio must either use derivatives in a limited manner or adopt a full derivatives risk management program and adhere to an outer limit on fund leverage risk based on value-at-risk. 

Credit and Interest Rate Risks. The investment by the Portfolio in bonds and other income-producing securities, such as preferred stock, 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 Portfolio

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also may invest in other debt securities rated below investment grade, or that the Fund’s Investment Adviser determines to be below investment grade quality, provided that the amount invested in such debt securities may not exceed 5% of the Mid Cap Core Puerto Rico Securities Portion of the 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 the Portfolio’s investments in bonds will fall as a result.

Non-Diversification Risk. Certain Portfolios may be non-diversified. Non-diversification risk is the risk that large positions in a small number of issuers may cause greater fluctuations in a Portfolio’s net asset value as a result of changes in the market’s assessment of the financial condition of those issuers.

Illiquid Securities Risk. The Portfolio 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 Mid Cap Core Puerto Rico Securities Portion of the Portfolio.

Segregation of Portfolios. The Fund intends to segregate the assets of each Portfolio so that you have the exclusive right to the assets, income, and profits from the Portfolio(s) in which you invest, 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 will have limited recourse only to the assets in that Portfolio. There can be no assurance, however, that efforts to effect 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.

Mid Cap Core Equity Portion Portfolio Manager Oversight Risks. Because the Mid Cap Core Equity Portion Portfolio Manager, or other sub-adviser engaged directly by the Investment Adviser, makes trading decisions on behalf of the Portfolio independently, the Investment Adviser may not always have access to information concerning the securities positions of the Portfolio at a given point in time. Delays in receipt of such information may hinder the Investment Adviser’s oversight of the Mid Cap Core Equity Portion Portfolio Manager and/or sub-advisers.

Mid Cap Company Risk. The Portfolio may invest to a significant degree in common stocks of mid cap companies. These companies present greater risks because they generally are more vulnerable to adverse business or economic developments and they may have more limited resources.

Performance Information

The information shows you how the Portfolio’s performance has varied year by year and provides some indication of the risks of investing in the Portfolio. The table below compares the Portfolio’s performance to that of the Russell Midcap Index. To the extent that dividends and distributions have been paid by the Portfolio, the performance information for the Portfolio in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future results. The table includes all applicable fees. If the Investment Adviser had not waived or reimbursed certain Portfolio expenses during these periods, the Portfolio’s returns would have been lower.

The Portfolio’s financial performance included in this Prospectus includes the Portfolio’s performance from a period when the Fund was not subject to the restrictions of a United States registered investment company that is subject to the requirements of the 1940 Act. 

[    ]

[During the ten-year period shown in the bar chart, the highest return for a quarter was 25.28% (quarter ended June 30, 2020) and the lowest return for a quarter was -23.91% (quarter ended March 31, 2020).]

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Units through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A Units only, and the after-tax returns for Class L will vary.

Investment Adviser and Sub-Adviser

The Portfolio’s investment adviser is UBS Asset Managers of Puerto Rico (as previously defined, the “Investment Adviser”), a division of UBS Trust Company of Puerto Rico. The Investment Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

UBS Asset Managers of Puerto Rico

Portfolio Manager

The Investment Adviser has also engaged the below sub-adviser (as previously defined, the “Mid Cap Core Equity Portion Portfolio Manager”) as sub-adviser to manage the Equity Portion of the Portfolio.

The London Company

Portfolio Manager

Pursuant to the Investment Advisory Agreement between the Fund and the Investment Adviser, the Fund, on behalf of each Portfolio pays the Investment Adviser an annual fee of 1.00% of the Portfolio’s average weekly net assets. For the fiscal year ended March 31, 2025, the Portfolio paid, in the aggregate, the Investment Adviser a fee equal to 0.40% of the Portfolio’s average weekly net assets. The Investment Adviser directly pays any fees of the Mid Cap Core Equity Portion Portfolio Manager out of its advisory fees.

The Investment Advisory Agreement authorizes the Investment Adviser to retain one or more sub-advisers for the management of each Portfolio, and the Investment Adviser has entered into a sub-advisory agreement (the “Mid Cap Core Subadvisory Agreement”) with the Mid Cap Core Equity Portion Portfolio Manager with respect to the Mid Cap Core Equity Portion of the Portfolio. Subject to the supervision of the Board, the Investment Adviser oversees the investment advisory services provided by Mid Cap Core Equity Portion Portfolio Manager. Pursuant to the Mid Cap Core Subadvisory Agreement, and under the supervision of the Investment Adviser and the Board, the Mid Cap Core Equity Portion Portfolio Manager is responsible for the day-to-day investment management of the Mid Cap Core Equity Portion of the Portfolio. The Investment Adviser monitors and evaluates the Mid Cap Core Equity Portion Portfolio Manager’s performance and oversees the Mid Cap Core Equity

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Portion Portfolio Manager’s compliance with the Portfolio’s investment objective, policies and restrictions. The Investment Adviser (not the Fund) pays the Mid Cap Core Equity Portion Portfolio Manager a fee equal to 0.60% of the average daily net assets of the Mid Cap Core Equity Portion of the Portfolio managed by the Mid Cap Core Equity Portion Portfolio Manager.

In addition, the Fund may incur additional indirect expenses, which are not expected to be significant, because the Fund’s available cash balances are automatically invested in money market mutual funds. Such money market funds either have no sales load, distribution fees or service fees or the Investment Adviser will waive a sufficient amount of its advisory fee to offset the cost of such fees. However, such money market funds will incur other fees and expenses, which will therefore be partially indirectly borne by the Fund, and as a result by its unitholders, in addition to the fees charged to unitholders by the Fund.

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Small Cap Core Portfolio I

Investment Objective

The investment objective of Small Cap Core Portfolio I (the “Portfolio”), a series of Multi-Select Securities Fund for Puerto Rico Residents (the “Fund”), is to seek long-term growth of capital.

Fees and Expenses of the Portfolio

The following tables describe the fees and expenses that you may pay if you buy, hold and sell units of the Portfolio (“Units”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.

Expense Example

The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your Units at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Portfolio’s total annual operating expenses remain the same. This assumption is not meant to indicate you will receive a 5% annual rate of return. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Portfolio Turnover:

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio Units are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Expense Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 6.33% of the average value of its portfolio.

Principal Investment Strategies of the Portfolio

The Portfolio is designed solely for Puerto Rico Residents (as defined in “Dividends and Taxes” below). Only Puerto Rico Residents will receive the tax benefits of an investment in the Portfolio. The tax treatment of the Portfolio differs from that typically accorded to other investment companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”) that qualify as regulated investment companies under the U.S. Internal Revenue Code of

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1986, as amended (the “U.S. Code”). You should read carefully the section entitled “Dividends and Taxes,” for a more detailed description of the Puerto Rico and United States tax implications for an investment in the Units. You should also consult your tax advisor about your tax situation.

The Fund will be managed by UBS Asset Managers of Puerto Rico, a division of UBS Trust Company of Puerto Rico (the “Investment Adviser”). The Fund uses a variation of what has been termed a “multi-manager” approach in that the Fund will engage one or more sub-advisers to manage a portion of each Portfolio (the “Equity Portion”) through a sub-advisory agreement. Further, the Fund relies on an exemptive order issued by the Securities and Exchange Commission (the “SEC”) to be able to retain, remove or replace sub-advisers without a unitholder vote. As such, the Investment Adviser will have the ultimate responsibility, subject to oversight by the Board of Directors of the Fund (the “Board”), to oversee the various sub-advisers and recommend their hiring, termination, and replacement.

Principal Investment Strategies – Under normal conditions, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks and other equity securities of small-capitalization U.S. companies (which are primarily companies with market capitalizations not greater than that of the largest company in the Russell 2000^® Value Index ($[ ] billion as of December 31, 2025) at the time of investment) (the “Small Cap Core Equity Portion”) and intends to invest approximately 20% of its net assets, plus any borrowings for investment purposes, in equity or taxable fixed-income securities, including cash equivalents (such as bank deposits or other short term high quality alternatives), issued by Puerto Rico entities (as defined below) (the “Small Cap Core Puerto Rico Securities Portion” specifically or for this section and the “Puerto Rico Securities Portion” generally). This requirement may limit the Portfolio’s ability to achieve its investment objective. The sub-adviser may directly invest a portion of the Small Cap Core Equity Portion in stock index futures contracts which reflect the investment strategy of the Small Cap Core Equity Portion.

A “Puerto Rico entity” is any issuer that satisfies one or more of the following criteria: (i) the issuer was organized under the laws of Puerto Rico or maintains its principal place of business in Puerto Rico; (ii) the securities of such issuer are traded principally in Puerto Rico; or (iii) an issuer that, during its most recent fiscal year, derived at least 20% of its revenues or profits from goods produced or sold, investments made, or services performed in Puerto Rico or that has at least 20% of its assets in Puerto Rico.

Small Cap Core Puerto Rico Securities Portion – Under normal market conditions, the Small Cap Core Puerto Rico Securities Portion will be invested mostly in cash equivalents. The Fund’s Investment Adviser will manage this portion of the Portfolio directly. If the 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 which satisfy the Portfolio’s investment criteria, provided this does not result in a change to the tax considerations of Portfolio unitholders described in “Dividends and Taxes” herein. Securities of “non-Puerto Rico” issuers means securities issued by the U.S. government and its agencies and instrumentalities; municipal securities of issuers in the United States (including any territories thereof); GNMA, FNMA, or FHMLC mortgage-backed securities representing an interest in or guaranteed by mortgages on real property outside Puerto Rico; preferred stock and debt, asset-backed, and trust-preferred securities of issuers organized in the United States (including any territories thereof); U.S. dollar-denominated securities of foreign issuers that are traded on recognized U.S. stock exchanges or in the U.S. over-the-counter markets; and other securities from issuers organized in the United States (including any territories thereof) that the Fund’s investment adviser may select consistent with the Portfolio’s investment objective and policies.

Small Cap Core Equity Portion – The Investment Adviser has entered into a sub-advisory agreement with Cambiar Investors, LLC (the “Small Cap Core Equity Portion Portfolio Manager” specifically or the “Equity Portion Portfolio Manager” generally) for the Small Cap Core Equity Portion.

Description of Small Cap Core Equity Portion Portfolio Manager’s Investment Process – The Small Cap Core Equity Portion Portfolio Manager strategy employs a fundamental, bottom-up investment discipline that is best categorized as relative value.

Companies entering the Portfolio generally need to satisfy the Small Cap Core Equity Portion Portfolio Manager’s criteria on four levels: quality, valuation, value creation/catalyst, and risk-reward criteria:

Quality – Cambiar’s analysts seek well-managed companies within their industries. Eligible businesses for the portfolio are evaluated based on the following characteristics:

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Valuation - Cambiar evaluates broadly accepted and recognized financial measures in gauging valuation. An underlying premise of the Cambiar philosophy is that certain industries tend to follow certain valuation ranges; the market does not randomly value stocks. Our preference is to invest in companies that are trading at a reasonable valuation relative to their historical trading range. The Cambiar team will use a variety of metrics in gauging valuation; examples include Price/Earnings, Price/Book Value, and Free Cashflow Yield.

Value Creation/Catalyst - Cambiar’s research process also seeks to identify some form of fundamental positive development(s) that we believe the market is overlooking/underappreciating. Such catalysts may come in varying forms – examples include new product introductions, managerial changes, divestiture of an underperforming division, or simply better financial performance. Valuation, in and of itself, is not a catalyst – there should be some identifiable event that will cause investors to positively reassess the business.

Risk-Reward Criteria - The final criteria is the investment team’s assessment of the issuer’s upside potential: companies entering the portfolio should possess an attractive total return potential that includes both price appreciation and dividends (if applicable) over a forward 1- to 2-year timeframe. While Cambiar may not achieve this return target over the desired timeframe – or at all – the return requirement is intended to channel research efforts toward those situations that offer the most compelling risk/return tradeoffs.

Cambiar constructs the Portfolio on a security-by-security basis, with the goal of building a portfolio of ~50 holdings that strikes a balance between its conviction in an investment and portfolio diversification. Cambiar seeks to manage risk through its research process as well as limits on individual position sizes (max 3.25%) and 25% maximum allocation (at cost) to an economic sector.

To the extent the Small Cap Core Equity Portion of the Portfolio is invested in stock index futures contracts, the amounts invested in common stock or other equity securities of U.S. or foreign companies by the Small Cap Core Equity Portion Portfolio Manager will be correspondingly reduced. The amount used to enter into futures contracts (i.e., the margin) will at no time exceed 5% of the value of the Portfolio’s total assets (after taking into account unrealized gains and losses on such futures contracts).

The Portfolio’s investment objective may not be changed unless such change is authorized by the holders of a majority of the Portfolio’s outstanding units if the change is recommended by the Board; or at least 75% of the Portfolio’s outstanding units if the change is not recommended by the Board. The Portfolio’s investment strategy may be changed by the Board in its discretion, in consultation with the Investment Adviser with 60 days’ prior notice to unitholders.

Equity Portion – In choosing the Equity Portion Portfolio Manager, the Investment Adviser considers a range of criteria, including but not limited to the following: investment management experience; historical performance; the investment styles and strategies employed; the quality and stability of the Equity Portion Portfolio Manager’s organization; and the ability to consistently and effectively apply its investment approach. The Fund may offer additional Portfolios advised by different Equity Portion Portfolio Managers from time to time.

The Fund may discontinue offering a Portfolio or remove or replace the Equity Portion Portfolio Manager for a given Portfolio, subject to the approval of the Board in each case. In order for the Fund to remove or replace the Equity Portion Portfolio

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Manager, the Investment Adviser would select a different Equity Portion Portfolio Manager to manage the Portfolio’s account and enter into a new sub-advisory agreement. If the Equity Portion Portfolio Manager for a Portfolio in which you invest is to be removed or replaced, you will be notified and entitled to either remain in the Portfolio under the management of a new Equity Portion Portfolio Manager selected by the Investment Adviser, exchange your investments for units in another Portfolio or redeem your units without additional charge. There will be no refund, however, of sales charges or other fees previously paid. If an investor fails to provide instructions within the period indicated in the notice, or if the Fund does not receive notice of the removal of the Equity Portion Portfolio Manager in sufficient time to provide the affected unitholders with advance notice, such unitholder’s investments will remain in the Portfolio, the Equity Portion of which will be under the management of a new Equity Portion Portfolio Manager selected by the Investment Adviser, which may differ from the previous Equity Portion Portfolio Manager in investment style or other factors, until such notice can be provided and instructions are received from the unitholder.

You will have the opportunity to allocate and reallocate your investments among the Portfolios at your own discretion and based on your individual investment needs and goals, subject, in certain cases, to the conditions set forth on page [-] under the section “Exchanges from One Portfolio to Another.”

Small Cap Core Puerto Rico Securities Portion – Under normal market conditions, the Investment Adviser on a daily basis invests 20% of the Portfolio in Puerto Rico securities. This portion is invested in taxable fixed-income securities (cash equivalents issued by Puerto Rico entities). In determining which securities in which to invest, the Investment Adviser utilizes a fundamental analysis focusing on credit quality, liquidity and yield.

Credit Quality. This analysis starts with the rating of the securities. The Investment Adviser emphasizes the credit quality of the securities or credit quality collateralizing any repurchase agreement or time deposits accounts. Only securities or investment grade rated institutions are analyzed. The structure and collateral of the security is also an important consideration.

Liquidity. The liquidity of the assets is a key consideration. To enhance the liquidity of the Portfolio, the Investment Adviser staggers maturities so as to have sufficient daily liquidity.

Yield. The Investment Adviser seeks to maximize the yield of the securities held by the Portfolio. Given the credit and liquidity bias, yield is a secondary consideration, and the Portfolio may invest a higher percentage of its assets in lower yielding, but higher quality and more liquid securities.

By investing in stock index futures contracts, the Investment Adviser attempts to achieve a risk and return profile for the Portfolio that approximates the result that might be achieved by investing all of the assets of the Puerto Rico portion in the securities comprising the Portfolio’s benchmark.

No assurance can be given that such strategy will be successful or such results attained. The Fund’s Investment Adviser will manage the Small Cap Core Puerto Rico Securities Portion of the Portfolio directly.

Principal Risks

The following is a summary discussion of the principal risks of investing in the Portfolio. Risk is inherent in all investing. There can be no guarantee that the Portfolio will meet its investment objective or that the performance of the Portfolio will be positive for any period of time. You may lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Investment and Market Risk. The 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 (i) the level of interest rates, (ii) the rate of inflation, (iii) political decisions, (iv) fiscal policy, and (v) current events in general. Because the Portfolio invests in investment securities, the Portfolio’s net asset value may fluctuate due to market conditions, and as a result you may experience a decline in the value of your investment in the Portfolio and you may lose money.

An investment in the Units is designed primarily, and is suitable only, for long-term investors and therefore may not be suitable for all investors.

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In addition, turbulence in financial markets and reduced liquidity in equity and/or fixed-income markets may negatively affect the Portfolio. 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. Recent examples include an outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in December 2019 and developed into a global pandemic. This pandemic resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty for a period of time. The impact of this outbreak adversely affected the economies of many nations and the entire global economy and impacted individual issuers and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen effects. The duration of any such outbreak and its effects cannot be determined with certainty. To the extent the Portfolio is 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 Small Cap Core Equity Portion Portfolio Manager selected by the Investment Adviser will be successful, and certain Portfolios may be more or less successful than others. The overall success of your investment in the Fund also may depend on your ability to choose successfully from among the Portfolios.

An investment in the Units is designed primarily, and is suitable only, for long-term investors and therefore may not be suitable for all investors. Further, an investment in the Fund is not equivalent to an investment in the underlying securities of the Fund and investors in the Units should not view the Fund as a vehicle for trading purposes.

Conflicts of Interest Risk. The Investment Adviser (and its affiliates) may have interests that compete with those of the Fund and the Portfolio, for example, because they may engage in transactions directly with the Fund, subject to applicable law. Those entities and the Small Cap Core Equity Portion Portfolio Manager 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 Portfolio could lose all of its investment in a company’s stock.

Puerto Rico Concentration Risk. Under normal conditions, the Portfolio will invest the Small Cap Core Puerto Rico Securities Portion mostly in cash equivalents. However, to the extent the Portfolio invests in other Puerto Rico securities, it 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 Small Cap Core Puerto Rico Securities Portion of the Portfolio could cause significant fluctuations in the Portfolio’s net asset value. Because market risk may affect a single issuer, industry (such as Puerto Rico financial services companies) or sector of the economy, the Portfolio may experience greater price volatility than if it 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 Portfolio in such securities is subject to their availability in the open market.

Loss of Tax Benefits Risk. Unitholders of the Fund who cease to be Puerto Rico Investors (as defined below) may lose certain tax benefits that had previously been available to them and Portfolio distributions will likely be taxable for such unitholders.

Futures. The Portfolio may invest a portion of its Small Cap Core Equity Portion in futures contracts in the relevant stock index for the Portfolio. There are several risks accompanying the utilization of futures contracts. 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 Portfolio plans 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

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than the securities market, an increased amount of participation by speculators in the futures market could result in price fluctuations.

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

Such investments, in effect, may also be leveraged, thereby magnifying the risk of loss. If the 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.

Under Rule 18f-4 under the 1940 Act, among other things, the Portfolio must either use derivatives in a limited manner or adopt a full derivatives risk management program and adhere to an outer limit on fund leverage risk based on value-at-risk. 

Credit and Interest Rate Risks. The investment by the Portfolio bonds and other income-producing securities, such as preferred stock, 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 Portfolio also may invest in other debt securities rated below investment grade, or that the Fund’s Investment Adviser determines to be below investment grade quality, provided that the amount invested in such debt securities may not exceed 5% of the Small Cap Core Puerto Rico Securities Portion of the 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 the Portfolio’s investments in bonds will fall as a result.

Non-Diversification Risk. Certain Portfolios may be non-diversified. Non-diversification risk is the risk that large positions in a small number of issuers may cause greater fluctuations in a Portfolio’s net asset value as a result of changes in the market’s assessment of the financial condition of those issuers.

Illiquid Securities Risk. The Portfolio 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 Small Cap Core Puerto Rico Securities Portion of the Portfolio.

Segregation of Portfolios. The Fund intends to segregate the assets of each Portfolio so that you have the exclusive right to the assets, income, and profits from the Portfolio(s) in which you invest, 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 will have limited recourse only to the assets in that Portfolio. There can be no assurance, however, that efforts to effect 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.

Small Cap Core Equity Portion Portfolio Manager Oversight Risks. Because the Small Cap Core Equity Portion Portfolio Manager, or other sub-adviser engaged directly by the Investment Adviser, makes trading decisions on behalf of the Portfolio independently, the Investment Adviser may not always have access to information concerning the securities positions of the

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Portfolio at a given point in time. Delays in receipt of such information may hinder the Investment Adviser’s oversight of the Small Cap Core Equity Portion Portfolio Manager and/or sub-advisers.

Small Cap Company Risk. The Portfolio may invest to a significant degree in common stocks of small cap companies. These companies present greater risks because they generally are more vulnerable to adverse business or economic developments and they may have more limited resources.

Performance Information

The information shows you how the Portfolio’s performance has varied year by year and provides some indication of the risks of investing in the Portfolio. The table below compares the Portfolio’s performance to that of the Russell 2000 Index. To the extent that dividends and distributions have been paid by the Portfolio, the performance information for the Portfolio in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future results. The table includes all applicable fees. If the Investment Adviser had not waived or reimbursed certain Portfolio expenses during these periods, the Portfolio’s returns would have been lower.

The Portfolio’s financial performance included in this Prospectus includes the Portfolio’s performance from a period when the Fund was not subject to the restrictions of a United States registered investment company that is subject to the requirements of the 1940 Act. 

[    ]

[During the ten-year period shown in the bar chart, the highest return for a quarter was 25.94% (quarter ended December 31, 2020) and the lowest return for a quarter was -26.88% (quarter ended March 31, 2020).]

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Units through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A Units only, and the after-tax returns for Class L will vary.

Investment Adviser and Sub-Adviser

The Portfolio’s investment adviser is UBS Asset Managers of Puerto Rico (as previously defined, the “Investment Adviser”), a division of UBS Trust Company of Puerto Rico. The Investment Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

UBS Asset Managers of Puerto Rico

Portfolio Manager

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The Investment Adviser has also engaged the below sub-adviser (as previously defined, the “Small Cap Core Equity Portion Portfolio Manager”) as sub-adviser to manage the Equity Portion of the Portfolio.

Cambiar Investors, LLC

Portfolio Manager

Pursuant to the Investment Advisory Agreement between the Fund and the Investment Adviser, the Fund, on behalf of each Portfolio pays the Investment Adviser an annual fee of 1.00% of the Portfolio’s average weekly net assets. For the fiscal year ended March 31, 2025, the Portfolio paid, in the aggregate, the Investment Adviser a fee equal to 0.40% of the Portfolio’s average weekly net assets. The Investment Adviser directly pays any fees of the Small Cap Core Equity Portion Portfolio Manager out of its advisory fees.

The Investment Advisory Agreement authorizes the Investment Adviser to retain one or more sub-advisers for the management of each Portfolio, and the Investment Adviser has entered into a sub-advisory agreement (the “Small Cap Core Subadvisory Agreement”) with the Small Cap Core Equity Portion Portfolio Manager with respect to the Small Cap Core Equity Portion of the Portfolio. Subject to the supervision of the Board, the Investment Adviser oversees the investment advisory services provided by Small Cap Core Equity Portion Portfolio Manager. Pursuant to the Small Cap Core Subadvisory Agreement, and under the supervision of the Investment Adviser and the Board, the Small Cap Core Equity Portion Portfolio Manager is responsible for the day-to-day investment management of the Small Cap Core Equity Portion of the Portfolio. The Investment Adviser monitors and evaluates the Small Cap Core Equity Portion Portfolio Manager’s performance and oversees the Small Cap Core Equity Portion Portfolio Manager’s compliance with the Portfolio’s investment objective, policies and restrictions. The Investment Adviser (not the Fund) pays the Small Cap Core Equity Portion Portfolio Manager a fee equal to 0.50% of the average daily net assets of the Small Cap Core Equity Portion of the Portfolio managed by the Small Cap Core Equity Portion Portfolio Manager.

In addition, the Fund may incur additional indirect expenses, which are not expected to be significant, because the Fund’s available cash balances are automatically invested in money market mutual funds. Such money market funds either have no sales load, distribution fees or service fees or the Investment Adviser will waive a sufficient amount of its advisory fee to offset the cost of such fees. However, such money market funds will incur other fees and expenses, which will therefore be partially indirectly borne by the Fund, and as a result by its unitholders, in addition to the fees charged to unitholders by the Fund.

52

High Grade Portfolio

Investment Objective

The investment objective of High Grade Portfolio (the “Portfolio”), a series of Multi-Select Securities Fund for Puerto Rico Residents (the “Fund”), is to provide current income, consistent with the preservation of capital.

Fees and Expenses of the Portfolio

The following tables describe the fees and expenses that you may pay if you buy, hold and sell units of the Portfolio (“Units”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.

Expense Example

The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your Units at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Portfolio’s total annual operating expenses remain the same. This assumption is not meant to indicate you will receive a 5% annual rate of return. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Portfolio Turnover:

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio Units are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Expense Example, affect the Portfolio’s performance. There has been no portfolio turnover because the Fund has not commenced operations as of the date of this prospectus.

Principal Investment Strategies of the Portfolio

The Portfolio is designed solely for Puerto Rico Residents (as defined in “Dividends and Taxes” below). Only Puerto Rico Residents will receive the tax benefits of an investment in the Portfolio. The tax treatment of the Portfolio differs from that typically accorded to other investment companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”) that qualify as regulated investment companies under the U.S. Internal Revenue Code of 1986, as amended (the “U.S. Code”). You should read carefully the section entitled “Dividends and Taxes,” for a more detailed description of the Puerto Rico and United States tax implications for an investment in the Units. You should also consult your tax advisor about your tax situation.

The Fund will be managed by [    ], a division of [    ] (the “Investment Adviser”). The Fund may use a variation of what has been termed a “multi-manager” approach in that the Fund may engage one or more sub-advisers to manage a portion of each Portfolio through a sub-advisory

53

agreement. Further, the Fund may rely on an exemptive order issued by the Securities and Exchange Commission (the “SEC”) to be able to retain, remove or replace sub-advisers without a unitholder vote. As such, the Investment Adviser will have the ultimate responsibility, subject to oversight by the Board of Directors of the Fund (the “Board”), to oversee the various sub-advisers and recommend their hiring, termination, and replacement.

Principal Investment Strategies – The Portfolio will invest at least 80% of net asset (plus borrowings for investment purposes, if any) in bonds and/or instruments that provide exposure to bond markets. Such investments include a variety of fixed income securities, which may include, but are not limited to, taxable and tax-exempt securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, municipal securities, mortgage-backed and asset backed securities, corporate obligations or preferred stock.

The Portfolio has also adopted a policy to invest, under normal circumstances, at least 80% of the Portfolio’s net assets, plus borrowings for investment purposes, in “high grade” securities, which are securities that, at the time of purchase, were (i) rated “A” by Moody’s (ii) comparably rated by a nationally recognized statistical rating organization (a “Credit Rating Agency”), or (iii) unrated and were determined by the Investment Adviser to be of comparable credit quality.

The Portfolio may also invest in derivatives, including financial futures contracts, swap contracts, options on financial futures and options on swap contracts.

To take advantage of opportunities to invest, the Portfolio may borrow money from banks (leverage) in an amount up to one-third of its total assets, which include assets purchased with borrowed money. The Portfolio may engage in other types of leverage to the maximum extent permitted by the 1940 Act.

The Fund may also invest in equities and other asset classes.

Principal Risks

The following is a summary discussion of the principal risks of investing in the Portfolio. Risk is inherent in all investing. There can be no guarantee that the Portfolio will meet its investment objective or that the performance of the Portfolio will be positive for any period of time. You may lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Investment and Market Risk. The Portfolios’ 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 (i) the level of interest rates, (ii) the rate of inflation, (iii) political decisions, (iv) fiscal policy, and (v) current events in general. Because a Portfolio invests in investment securities, a Portfolio’s net asset value may fluctuate due to market conditions, and as a result you may experience a decline in the value of your investment in a Portfolio and you may lose money.

An investment in the Units is designed primarily, and is suitable only, for long-term investors and therefore may not be suitable for all investors.

In addition, turbulence in financial markets and reduced liquidity in equity and/or fixed-income markets may negatively affect the Portfolio. 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. Recent examples include an outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in December 2019 and developed into a global pandemic. This pandemic resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty for a period of time. The impact of this outbreak adversely affected the economies of many nations and the entire global economy and impacted individual issuers and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen effects. The duration of any such outbreak and its effects cannot be determined with certainty. To the extent the Portfolio is 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.

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Risks Associated with the Portfolio’s Investment Securities. Following is a summary of the risks attributable to the Portfolio’s investment in its underlying securities:

Non-Diversification Risk. Certain Portfolios may be non-diversified. Non-diversification risk is the risk that large positions in a small number of issuers may cause greater fluctuations in a Portfolio’s net asset value as a result of changes in the market’s assessment of the financial condition of those issuers.

Credit Risk. Credit risk is the risk that debt securities or preferred stock will decline in price or fail to make dividend or interest payments when due because the issuer of the security experiences a decline in its financial condition. The Portfolio’s investments are subject to credit risk. The risk is greater in the case of securities that are rated below investment grade, or rated in the lowest investment grade category (although such investments are not principal strategies of the Portfolio).

Fixed Income Securities Generally. The yield on fixed income securities like the type that the Portfolio may invest in depends on a variety of factors, including general market conditions for such securities, the financial condition of the issuer, the size of the particular offering, the maturity, credit quality and rating of the security. Generally, the longer the maturity of those securities, the higher its yield and the greater the changes in its yields both up and down. The market value of fixed income securities normally will vary inversely with changes in interest rates. The unique characteristics of certain types of securities also may make them more sensitive to changes in interest rates.

Certain issuers of fixed income securities are subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors that may result in delays and costs to the Portfolio if a party becomes insolvent. It is also possible that, as a result of litigation or other conditions, the power or ability of such issuers to meet their obligations for the repayment of principal and payment of interest, respectively, may be materially and adversely affected.

Municipal Obligations Risk. Certain of the municipal obligations in which the Portfolio may invest, present their own distinct risks. These risks may depend, among other things, on the financial situation of the government issuer, or in the case of industrial development bonds and similar securities, on that of the entity supplying the revenues that are intended to repay the obligations. It is also possible that, as a result of litigation or other conditions, the power or ability of issuers or those other entities to meet their obligations for the repayment of principal and payment of interest may be materially and adversely affected. See “Puerto Rico Risk” above.

Mortgage-Backed Securities Risk. Mortgage-backed securities have many of the risks of traditional debt securities but, in general, differ from investments in traditional debt securities in that, among other things, principal may be prepaid at any time due to prepayments by the obligors on the underlying obligations. As a result, the Portfolio may receive principal repayments on these securities earlier or later than anticipated by the Portfolio. In the event of prepayments that are received earlier than anticipated, the Portfolio may be required to reinvest such prepayments at rates that are lower than the anticipated yield of the prepaid obligation. The rate of prepayments is influenced by a variety of economic, geographic, demographic and other factors, including, among others, prevailing mortgage interest rates, local and regional economic conditions and homeowner mobility. Generally, prepayments will increase during periods of declining interest rates and decrease during periods of rising interest rates. The decrease in the rate of prepayments during periods of rising interest rates results in the extension of the duration of mortgage-backed securities, which makes them more sensitive to changes in interest rates and more likely to decline in value (this is known as extension risk). Since a portion of the assets of the Fund may be invested in mortgage-backed securities, the Fund may be subject to these risks and other risks related to such securities to a significant degree, which might cause the market value of the Fund’s investments to fluctuate more than otherwise would be the case. In addition, mortgage-backed or other securities issued or guaranteed by FNMA, FHLMC or a Federal Home Loan Bank are supported only by the credit of these entities and are not supported by the full faith and credit of the U.S.

CMO Risk. CMOs exhibit similar risks to those of mortgage-backed securities but also present certain special risks. CMO classes may be specially structured in a manner that provides a variety of investment characteristics, such as yield, effective maturity and interest rate sensitivity. As market conditions change, however, particularly during periods of rapid or unanticipated changes in interest rates, the ability of a CMO class to provide the anticipated investment characteristics and performance may be significantly reduced. These changes may result in volatility in the market value, and in some instances reduced liquidity, of the CMO class.

Illiquid Securities Risk. The Portfolio 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

55

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.

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 Portfolio could lose all of its investment in a company’s stock.

Derivatives risk: A small investment in derivatives, such as futures contracts, could have a potentially large impact on the Portfolio’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets, and the Portfolio’s use of derivatives may result in losses to the Portfolio. Derivatives in which the Portfolio may invest can be highly volatile, illiquid and difficult to value, and there is the risk that changes in the value of a derivative held by the Portfolio will not correlate with the underlying assets or the Portfolio’s other investments in the manner intended.

Puerto Rico Concentration Risk. To the extent the Portfolio invests in Puerto Rico securities, it 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 Portfolio could cause significant fluctuations in the Portfolio’s net asset value. Because market risk may affect a single issuer, industry (such as Puerto Rico financial services companies) or sector of the economy, the Portfolio may experience greater price volatility than if it 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 Portfolio in such securities is subject to their availability in the open market.

Loss of Tax Benefits Risk. Unitholders of the Fund who cease to be Puerto Rico Investors (as defined below) may lose certain tax benefits that had previously been available to them and Portfolio distributions will likely be taxable for such unitholders.

Regulatory Risk: Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are required to collect variation margin from the Portfolio and may be required by applicable regulations to collect initial margin from the Portfolio. Both initial and variation margin may be comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies (other than certain money market funds) may not be posted as collateral under applicable regulations. In addition, regulations adopted by global prudential regulators that are now in effect require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as regulations under the Dodd-Frank Act regarding clearing, mandatory trading and margining of other derivatives, may increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to investors in the Fund.

Under Rule 18f 4 under the 1940 Act, among other things, the Portfolio must either use derivatives in a limited manner or adopt a full derivatives risk management program and adhere to an outer limit on fund leverage risk based on value at risk.

Segregation of Portfolios. The Fund intends to segregate the assets of each Portfolio so that you have the exclusive right to the assets, income, and profits from the Portfolio(s) in which you invest, 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 will have limited recourse only to the assets in that Portfolio. There can be no assurance, however, that efforts to effect 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.

56

Swap and other Transactions with Counterparties. The Portfolio may engage in swap and other financial transactions directly with other counterparties. This subjects the Portfolio to the credit risk that a counterparty will default on an obligation to the Portfolio. Such a risk contrasts with transactions done through exchange markets, wherein credit risk is reduced through the collection of variation margin and through the interposition of a clearing organization as the guarantor of all transactions. Clearing organizations transform the credit risk of individual counterparties into the more remote risk of the failure of the clearing organization.

Performance Information

Because the Portfolio has not commenced operations as of the date of this prospectus, it does not have performance information an investor would find useful in evaluating the risks of investing in the Portfolio. The Portfolio’s benchmark is [    ].

Investment Adviser

The Portfolio’s investment adviser is [    ] (as previously defined, the “Investment Adviser”), a division of [    ]. The Investment Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

[    ]

Portfolio Manager

Pursuant to the Investment Advisory Agreement between the Fund and the Investment Adviser, the Fund, on behalf of each Portfolio pays the Investment Adviser an annual fee of [ ]% of the Portfolio’s average daily gross assets (including assets purchased with the proceeds of leverage).

In addition, the Fund may incur additional indirect expenses, which are not expected to be significant, because the Fund’s available cash balances are automatically invested in money market mutual funds. Such money market funds either have no sales load, distribution fees or service fees or the Investment Adviser will waive a sufficient amount of its advisory fee to offset the cost of such fees. However, such money market funds will incur other fees and expenses, which will therefore be partially indirectly borne by the Fund, and as a result by its unitholders, in addition to the fees charged to unitholders by the Fund.

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Income Portfolio I

Investment Objective

The investment objective of Income Portfolio I (the “Portfolio”), a series of Multi-Select Securities Fund for Puerto Rico Residents (the “Fund”), is to provide current income, consistent with the preservation of capital.

Fees and Expenses of the Portfolio

The following tables describe the fees and expenses that you may pay if you buy, hold and sell units of the Portfolio (“Units”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.

Expense Example

The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your Units at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Portfolio’s total annual operating expenses remain the same. This assumption is not meant to indicate you will receive a 5% annual rate of return. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Portfolio Turnover:

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio Units are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Expense Example, affect the Portfolio’s performance. There has been no portfolio turnover because the Fund has not commenced operations as of the date of this prospectus.

Principal Investment Strategies of the Portfolio

The Portfolio is designed solely for Puerto Rico Residents (as defined in “Dividends and Taxes” below). Only Puerto Rico Residents will receive the tax benefits of an investment in the Portfolio. The tax treatment of the Portfolio differs from that typically accorded to other investment companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”) that qualify as regulated investment companies under the U.S. Internal Revenue Code of 1986, as amended (the “U.S. Code”). You should read carefully the section entitled “Dividends and Taxes,” for a more detailed description of the Puerto Rico and United States tax implications for an investment in the Units. You should also consult your tax advisor about your tax situation.

The Fund will be managed by [    ], a division of [    ] (the “Investment Adviser”). The Fund may use a variation of what has been termed a “multi-manager” approach in that the Fund may engage one or more sub-advisers to manage a portion of each Portfolio through a sub-advisory

58

agreement. Further, the Fund may rely on an exemptive order issued by the Securities and Exchange Commission (the “SEC”) to be able to retain, remove or replace sub-advisers without a unitholder vote. As such, the Investment Adviser will have the ultimate responsibility, subject to oversight by the Board of Directors of the Fund (the “Board”), to oversee the various sub-advisers and recommend their hiring, termination, and replacement.

Principal Investment Strategies – The Portfolio will invest at least 80% of net asset (plus borrowings for investment purposes, if any) in bonds and/or instruments that provide exposure to bond markets. Such investments include a variety of fixed income securities, which may include, but are not limited to, taxable and tax exempt securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, municipal securities, mortgage-backed and asset backed securities, corporate obligations or preferred stock.

The Portfolio invests under normal circumstances, at least 80% of the Portfolio’s total assets in securities that, at the time of purchase, (i) were rated in one of the four highest investment categories (generally considered to be “investment grade”) by Fitch (rating of “BBB” or higher); S&P Global Ratings (“S&P”) (rating of “BBB” or higher); or Moody’s Investors Service, Inc. (“Moody’s”) (rating of “Baa” or higher), or have received an equivalent rating from another nationally recognized statistical rating organization (a “Credit Rating Agency”), (ii) were Puerto Rico Urgent Interest Fund Corporation (“COFINA”) securities which were in the opinion of the Investment Adviser to be of a credit quality comparable to such rated obligations at the time of acquisition or (iii) if otherwise not so rated, were in the opinion of the Investment Adviser to be of a credit quality comparable to such rated obligations.

The Portfolio may also invest in derivatives, including financial futures contracts, swap contracts, options on financial futures and options on swap contracts.

To take advantage of opportunities to invest, the Portfolio may borrow money from banks (leverage) in an amount up to one-third of its total assets, which include assets purchased with borrowed money. The Portfolio may engage in other types of leverage to the maximum extent permitted by the 1940 Act.

The Fund may also invest in equities and other asset classes.

Principal Risks

The following is a summary discussion of the principal risks of investing in the Portfolio. Risk is inherent in all investing. There can be no guarantee that the Portfolio will meet its investment objective or that the performance of the Portfolio will be positive for any period of time. You may lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Investment and Market Risk. The Portfolios’ 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 (i) the level of interest rates, (ii) the rate of inflation, (iii) political decisions, (iv) fiscal policy, and (v) current events in general. Because a Portfolio invests in investment securities, a Portfolio’s net asset value may fluctuate due to market conditions, and as a result you may experience a decline in the value of your investment in a Portfolio and you may lose money.

An investment in the Units is designed primarily, and is suitable only, for long-term investors and therefore may not be suitable for all investors.

In addition, turbulence in financial markets and reduced liquidity in equity and/or fixed-income markets may negatively affect the Portfolio. 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. Recent examples include an outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in December 2019 and developed into a global pandemic. This pandemic resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty for a period of time. The impact of this outbreak adversely affected the economies of many nations and the entire global economy and impacted individual issuers and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen effects. The duration of any such outbreak and its effects cannot be determined with certainty. To the extent the Portfolio is overweight in certain countries, regions,

59

companies, industries or market sectors, such positions will increase the risk of loss from adverse developments affecting those countries, regions, companies, industries or sectors.

Risks Associated with the Portfolio’s Investment Securities. Following is a summary of the risks attributable to the Portfolio’s investment in its underlying securities:

Non-Diversification Risk. Certain Portfolios may be non-diversified. Non-diversification risk is the risk that large positions in a small number of issuers may cause greater fluctuations in a Portfolio’s net asset value as a result of changes in the market’s assessment of the financial condition of those issuers.

Credit Risk. Credit risk is the risk that debt securities or preferred stock will decline in price or fail to make dividend or interest payments when due because the issuer of the security experiences a decline in its financial condition. The Portfolio’s investments are subject to credit risk. The risk is greater in the case of securities that are rated below investment grade or rated in the lowest investment grade category (although such investments are not principal strategies of the Portfolio).

Fixed Income Securities Generally. The yield on fixed income securities like the type that the Portfolio may invest in depends on a variety of factors, including general market conditions for such securities, the financial condition of the issuer and the size of the particular offering

Certain issuers of fixed income securities are subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors that may result in delays and costs to the Portfolio if a party becomes insolvent. It is also possible that, as a result of litigation or other conditions, the power or ability of such issuers to meet their obligations for the repayment of principal and payment of interest, respectively, may be materially and adversely affected.

Municipal Obligations Risk. Certain of the municipal obligations in which the Portfolio may invest, present their own distinct risks. These risks may depend, among other things, on the financial situation of the government issuer, or in the case of industrial development bonds and similar securities, on that of the entity supplying the revenues that are intended to repay the obligations. It is also possible that, as a result of litigation or other conditions, the power or ability of issuers or those other entities to meet their obligations for the repayment of principal and payment of interest may be materially and adversely affected. See “Puerto Rico Risk” above.

Mortgage-Backed Securities Risk. Mortgage-backed securities have many of the risks of traditional debt securities but, in general, differ from investments in traditional debt securities in that, among other things, principal may be prepaid at any time due to prepayments by the obligors on the underlying obligations. As a result, the Portfolio may receive principal repayments on these securities earlier or later than anticipated by the Portfolio. In the event of prepayments that are received earlier than anticipated, the Portfolio may be required to reinvest such prepayments at rates that are lower than the anticipated yield of the prepaid obligation. The rate of prepayments is influenced by a variety of economic, geographic, demographic and other factors, including, among others, prevailing mortgage interest rates, local and regional economic conditions and homeowner mobility. Generally, prepayments will increase during periods of declining interest rates and decrease during periods of rising interest rates. The decrease in the rate of prepayments during periods of rising interest rates results in the extension of the duration of mortgage-backed securities, which makes them more sensitive to changes in interest rates and more likely to decline in value (this is known as extension risk). Since a portion of the assets of the Fund may be invested in mortgage-backed securities, the Fund may be subject to these risks and other risks related to such securities to a significant degree, which might cause the market value of the Fund’s investments to fluctuate more than otherwise would be the case. In addition, mortgage-backed or other securities issued or guaranteed by FNMA, FHLMC or a Federal Home Loan Bank are supported only by the credit of these entities and are not supported by the full faith and credit of the U.S.

CMO Risk. CMOs exhibit similar risks to those of mortgage-backed securities but also present certain special risks. CMO classes may be specially structured in a manner that provides a variety of investment characteristics, such as yield, effective maturity and interest rate sensitivity. As market conditions change, however, particularly during periods of rapid or unanticipated changes in interest rates, the ability of a CMO class to provide the anticipated investment characteristics and performance may be significantly reduced. These changes may result in volatility in the market value, and in some instances reduced liquidity, of the CMO class.

Illiquid Securities Risk. The Portfolio 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

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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.

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 Portfolio could lose all of its investment in a company’s stock.

Derivatives risk: A small investment in derivatives, such as futures contracts, could have a potentially large impact on the Portfolio’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets, and the Portfolio’s use of derivatives may result in losses to the Portfolio. Derivatives in which the Portfolio may invest can be highly volatile, illiquid and difficult to value, and there is the risk that changes in the value of a derivative held by the Portfolio will not correlate with the underlying assets or the Portfolio’s other investments in the manner intended.

Puerto Rico Concentration Risk. To the extent the Portfolio invests in Puerto Rico securities, it 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 Portfolio could cause significant fluctuations in the Portfolio’s net asset value. Because market risk may affect a single issuer, industry (such as Puerto Rico financial services companies) or sector of the economy, the Portfolio may experience greater price volatility than if it 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 Portfolio in such securities is subject to their availability in the open market.

Loss of Tax Benefits Risk. Unitholders of the Fund who cease to be Puerto Rico Investors (as defined below) may lose certain tax benefits that had previously been available to them and Portfolio distributions will likely be taxable for such unitholders.

Regulatory Risk: Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are required to collect variation margin from the Portfolio and may be required by applicable regulations to collect initial margin from the Portfolio. Both initial and variation margin may be comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies (other than certain money market funds) may not be posted as collateral under applicable regulations. In addition, regulations adopted by global prudential regulators that are now in effect require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as regulations under the Dodd-Frank Act regarding clearing, mandatory trading and margining of other derivatives, may increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to investors in the Fund.

Under Rule 18f 4 under the 1940 Act, among other things, the Portfolio must either use derivatives in a limited manner or adopt a full derivatives risk management program and adhere to an outer limit on fund leverage risk based on value at risk.

Segregation of Portfolios. The Fund intends to segregate the assets of each Portfolio so that you have the exclusive right to the assets, income, and profits from the Portfolio(s) in which you invest, 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 will have limited recourse only to the assets in that Portfolio. There can be no assurance, however, that efforts to effect 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.

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Swap and other Transactions with Counterparties. The Portfolio may engage in swap and other financial transactions directly with other counterparties. This subjects the Portfolio to the credit risk that a counterparty will default on an obligation to the Portfolio. Such a risk contrasts with transactions done through exchange markets, wherein credit risk is reduced through the collection of variation margin and through the interposition of a clearing organization as the guarantor of all transactions. Clearing organizations transform the credit risk of individual counterparties into the more remote risk of the failure of the clearing organization.

Performance Information

Because the Portfolio has not commenced operations as of the date of this prospectus, it does not have performance information an investor would find useful in evaluating the risks of investing in the Portfolio. The Portfolio’s benchmark is [    ].

Investment Adviser

The Portfolio’s investment adviser is [    ] (as previously defined, the “Investment Adviser”), a division of [    ]. The Investment Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

[    ]

Portfolio Manager

Pursuant to the Investment Advisory Agreement between the Fund and the Investment Adviser, the Fund, on behalf of each Portfolio pays the Investment Adviser an annual fee of [ ]% of the Portfolio’s average daily gross assets (including assets purchased with the proceeds of leverage).

In addition, the Fund may incur additional indirect expenses, which are not expected to be significant, because the Fund’s available cash balances are automatically invested in money market mutual funds. Such money market funds either have no sales load, distribution fees or service fees or the Investment Adviser will waive a sufficient amount of its advisory fee to offset the cost of such fees. However, such money market funds will incur other fees and expenses, which will therefore be partially indirectly borne by the Fund, and as a result by its unitholders, in addition to the fees charged to unitholders by the Fund.

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Income Portfolio II

Investment Objective

The investment objective of Income Portfolio II (the “Portfolio”), a series of Multi-Select Securities Fund for Puerto Rico Residents (the “Fund”), is to provide current income, consistent with the preservation of capital.

Fees and Expenses of the Portfolio

The following tables describe the fees and expenses that you may pay if you buy, hold and sell units of the Portfolio (“Units”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.

Expense Example

The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your Units at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Portfolio’s total annual operating expenses remain the same. This assumption is not meant to indicate you will receive a 5% annual rate of return. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Portfolio Turnover:

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio Units are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Expense Example, affect the Portfolio’s performance. There has been no portfolio turnover because the Fund has not commenced operations as of the date of this prospectus.

Principal Investment Strategies of the Portfolio

The Portfolio is designed solely for Puerto Rico Residents (as defined in “Dividends and Taxes” below). Only Puerto Rico Residents will receive the tax benefits of an investment in the Portfolio. The tax treatment of the Portfolio differs from that typically accorded to other investment companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”) that qualify as regulated investment companies under the U.S. Internal Revenue Code of 1986, as amended (the “U.S. Code”). You should read carefully the section entitled “Dividends and Taxes,” for a more detailed description of the Puerto Rico and United States tax implications for an investment in the Units. You should also consult your tax advisor about your tax situation.

The Fund will be managed by [    ], a division of [    ] (the “Investment Adviser”). The Fund may use a variation of what has been termed a “multi-manager” approach in that the Fund may engage one or more sub-advisers to manage a portion of each Portfolio through a sub-advisory

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agreement. Further, the Fund may rely on an exemptive order issued by the Securities and Exchange Commission (the “SEC”) to be able to retain, remove or replace sub-advisers without a unitholder vote. As such, the Investment Adviser will have the ultimate responsibility, subject to oversight by the Board of Directors of the Fund (the “Board”), to oversee the various sub-advisers and recommend their hiring, termination, and replacement.

Principal Investment Strategies – The Portfolio will invest at least 80% of net asset (plus borrowings for investment purposes, if any) in bonds and/or instruments that provide exposure to bond markets. Such investments include a variety of fixed income securities, which may include, but are not limited to, taxable and tax exempt securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, municipal securities, mortgage-backed and asset backed securities, corporate obligations or preferred stock.

The Portfolio invests under normal circumstances, at least 80% of the Portfolio’s total assets in securities that, at the time of purchase, (i) were rated in one of the four highest investment categories (generally considered to be “investment grade”) by Fitch (rating of “BBB” or higher); S&P Global Ratings (“S&P”) (rating of “BBB” or higher); or Moody’s Investors Service, Inc. (“Moody’s”) (rating of “Baa” or higher), or have received an equivalent rating from another nationally recognized statistical rating organization (a “Credit Rating Agency”), (ii) were Puerto Rico Urgent Interest Fund Corporation (“COFINA”) securities which were in the opinion of the Investment Adviser to be of a credit quality comparable to such rated obligations at the time of acquisition or (iii) if otherwise not so rated, were in the opinion of the Investment Adviser to be of a credit quality comparable to such rated obligations.

The Portfolio may also invest in derivatives, including financial futures contracts, swap contracts, options on financial futures and options on swap contracts.

To take advantage of opportunities to invest, the Portfolio may borrow money from banks (leverage) in an amount up to one-third of its total assets, which include assets purchased with borrowed money. The Portfolio may engage in other types of leverage to the maximum extent permitted by the 1940 Act.

The Fund may also invest in equities and other asset classes.

Principal Risks

The following is a summary discussion of the principal risks of investing in the Portfolio. Risk is inherent in all investing. There can be no guarantee that the Portfolio will meet its investment objective or that the performance of the Portfolio will be positive for any period of time. You may lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Investment and Market Risk. The Portfolios’ 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 (i) the level of interest rates, (ii) the rate of inflation, (iii) political decisions, (iv) fiscal policy, and (v) current events in general. Because a Portfolio invests in investment securities, a Portfolio’s net asset value may fluctuate due to market conditions, and as a result you may experience a decline in the value of your investment in a Portfolio and you may lose money.

An investment in the Units is designed primarily, and is suitable only, for long-term investors and therefore may not be suitable for all investors.

In addition, turbulence in financial markets and reduced liquidity in equity and/or fixed-income markets may negatively affect the Portfolio. 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. Recent examples include an outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in December 2019 and developed into a global pandemic. This pandemic resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty for a period of time. The impact of this outbreak adversely affected the economies of many nations and the entire global economy and impacted individual issuers and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen effects. The duration of any such outbreak and its effects cannot be determined with certainty. To the extent the Portfolio is overweight in certain countries, regions,

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companies, industries or market sectors, such positions will increase the risk of loss from adverse developments affecting those countries, regions, companies, industries or sectors.

Risks Associated with the Portfolio’s Investment Securities. Following is a summary of the risks attributable to the Portfolio’s investment in its underlying securities:

Non-Diversification Risk. Certain Portfolios may be non-diversified. Non-diversification risk is the risk that large positions in a small number of issuers may cause greater fluctuations in a Portfolio’s net asset value as a result of changes in the market’s assessment of the financial condition of those issuers.

Credit Risk. Credit risk is the risk that debt securities or preferred stock will decline in price or fail to make dividend or interest payments when due because the issuer of the security experiences a decline in its financial condition. The Portfolio’s investments are subject to credit risk. The risk is greater in the case of securities that are rated below investment grade, or rated in the lowest investment grade category (although such investments are not principal strategies of the Portfolio).

Fixed Income Securities Generally. The yield on fixed income securities like the type that the Portfolio may invest in depends on a variety of factors, including general market conditions for such securities, the financial condition of the issuer, the size of the particular offering, the maturity, credit quality and rating of the security. Generally, the longer the maturity of those securities, the higher its yield and the greater the changes in its yields both up and down. The market value of fixed income securities normally will vary inversely with changes in interest rates. The unique characteristics of certain types of securities also may make them more sensitive to changes in interest rates.

Certain issuers of fixed income securities are subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors that may result in delays and costs to the Portfolio if a party becomes insolvent. It is also possible that, as a result of litigation or other conditions, the power or ability of such issuers to meet their obligations for the repayment of principal and payment of interest, respectively, may be materially and adversely affected.

Municipal Obligations Risk. Certain of the municipal obligations in which the Portfolio may invest, present their own distinct risks. These risks may depend, among other things, on the financial situation of the government issuer, or in the case of industrial development bonds and similar securities, on that of the entity supplying the revenues that are intended to repay the obligations. It is also possible that, as a result of litigation or other conditions, the power or ability of issuers or those other entities to meet their obligations for the repayment of principal and payment of interest may be materially and adversely affected. See “Puerto Rico Risk” above.

Mortgage-Backed Securities Risk. Mortgage-backed securities have many of the risks of traditional debt securities but, in general, differ from investments in traditional debt securities in that, among other things, principal may be prepaid at any time due to prepayments by the obligors on the underlying obligations. As a result, the Portfolio may receive principal repayments on these securities earlier or later than anticipated by the Portfolio. In the event of prepayments that are received earlier than anticipated, the Portfolio may be required to reinvest such prepayments at rates that are lower than the anticipated yield of the prepaid obligation. The rate of prepayments is influenced by a variety of economic, geographic, demographic and other factors, including, among others, prevailing mortgage interest rates, local and regional economic conditions and homeowner mobility. Generally, prepayments will increase during periods of declining interest rates and decrease during periods of rising interest rates. The decrease in the rate of prepayments during periods of rising interest rates results in the extension of the duration of mortgage-backed securities, which makes them more sensitive to changes in interest rates and more likely to decline in value (this is known as extension risk). Since a portion of the assets of the Fund may be invested in mortgage-backed securities, the Fund may be subject to these risks and other risks related to such securities to a significant degree, which might cause the market value of the Fund’s investments to fluctuate more than otherwise would be the case. In addition, mortgage-backed or other securities issued or guaranteed by FNMA, FHLMC or a Federal Home Loan Bank are supported only by the credit of these entities and are not supported by the full faith and credit of the U.S.

CMO Risk. CMOs exhibit similar risks to those of mortgage-backed securities but also present certain special risks. CMO classes may be specially structured in a manner that provides a variety of investment characteristics, such as yield, effective maturity and interest rate sensitivity. As market conditions change, however, particularly during periods of rapid or unanticipated changes in interest rates, the ability of a CMO class to provide the anticipated investment characteristics and performance may be significantly reduced. These changes may result in volatility in the market value, and in some instances reduced liquidity, of the CMO class.

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Illiquid Securities Risk. The Portfolio 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.

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 Portfolio could lose all of its investment in a company’s stock.

Derivatives risk: A small investment in derivatives, such as futures contracts, could have a potentially large impact on the Portfolio’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets, and the Portfolio’s use of derivatives may result in losses to the Portfolio. Derivatives in which the Portfolio may invest can be highly volatile, illiquid and difficult to value, and there is the risk that changes in the value of a derivative held by the Portfolio will not correlate with the underlying assets or the Portfolio’s other investments in the manner intended.

Puerto Rico Concentration Risk. To the extent the Portfolio invests in Puerto Rico securities, it 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 Portfolio could cause significant fluctuations in the Portfolio’s net asset value. Because market risk may affect a single issuer, industry (such as Puerto Rico financial services companies) or sector of the economy, the Portfolio may experience greater price volatility than if it 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 Portfolio in such securities is subject to their availability in the open market.

Loss of Tax Benefits Risk. Unitholders of the Fund who cease to be Puerto Rico Investors (as defined below) may lose certain tax benefits that had previously been available to them and Portfolio distributions will likely be taxable for such unitholders.

Regulatory Risk: Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are required to collect variation margin from the Portfolio and may be required by applicable regulations to collect initial margin from the Portfolio. Both initial and variation margin may be comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies (other than certain money market funds) may not be posted as collateral under applicable regulations. In addition, regulations adopted by global prudential regulators that are now in effect require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as regulations under the Dodd-Frank Act regarding clearing, mandatory trading and margining of other derivatives, may increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to investors in the Fund.

Under Rule 18f 4 under the 1940 Act, among other things, the Portfolio must either use derivatives in a limited manner or adopt a full derivatives risk management program and adhere to an outer limit on fund leverage risk based on value at risk.

Segregation of Portfolios. The Fund intends to segregate the assets of each Portfolio so that you have the exclusive right to the assets, income, and profits from the Portfolio(s) in which you invest, 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 will have limited recourse only to the assets in that Portfolio. There can be no assurance, however, that efforts to effect this segregation of assets and liabilities will be successful, nor that a court, in

66

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.

Swap and other Transactions with Counterparties. The Portfolio may engage in swap and other financial transactions directly with other counterparties. This subjects the Portfolio to the credit risk that a counterparty will default on an obligation to the Portfolio. Such a risk contrasts with transactions done through exchange markets, wherein credit risk is reduced through the collection of variation margin and through the interposition of a clearing organization as the guarantor of all transactions. Clearing organizations transform the credit risk of individual counterparties into the more remote risk of the failure of the clearing organization.

Performance Information

Because the Portfolio has not commenced operations as of the date of this prospectus, it does not have performance information an investor would find useful in evaluating the risks of investing in the Portfolio. The Portfolio’s benchmark is [    ].

Investment Adviser

The Portfolio’s investment adviser is [    ] (as previously defined, the “Investment Adviser”), a division of [    ] The Investment Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

[    ]

Portfolio Manager

Pursuant to the Investment Advisory Agreement between the Fund and the Investment Adviser, the Fund, on behalf of each Portfolio pays the Investment Adviser an annual fee of [ ]% of the Portfolio’s average daily gross assets (including assets purchased with the proceeds of leverage).

In addition, the Fund may incur additional indirect expenses, which are not expected to be significant, because the Fund’s available cash balances are automatically invested in money market mutual funds. Such money market funds either have no sales load, distribution fees or service fees or the Investment Adviser will waive a sufficient amount of its advisory fee to offset the cost of such fees. However, such money market funds will incur other fees and expenses, which will therefore be partially indirectly borne by the Fund, and as a result by its unitholders, in addition to the fees charged to unitholders by the Fund.

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All Portfolios

Purchase and Sale of Fund Units

To purchase or sell Units you should contact your financial intermediary, or if you hold Units through the Fund, you should contact the Fund by phone at (787) 250-3600 or through the Fund’s website at www.ubs.com/prfunds. You may purchase or redeem Units each day on which the New York Stock Exchange (the “NYSE”) is open for trading and the Federal Reserve Bank of New York and banks in San Juan Puerto Rico are open for business.

The Fund’s initial and subsequent investment minimums are as follows, although the Fund may reduce or waive the minimums in some cases:

Tax Information

In general, to the extent the Fund has current or accumulated earnings, the Fund’s distributions will be subject to Puerto Rico income taxes as dividend income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a Puerto Rico tax-qualified retirement plan, in which case your distributions may be taxed when withdrawn from the tax-advantaged account.

Under Section 933 of the U.S. Code, individuals who for the entire taxable year are bona fide residents of Puerto Rico for purposes of Sections 933 of the U.S. Code (“Puerto Rico Individuals”) will not be subject to U.S. federal income tax on dividends distributed by the Fund that constitute income from sources within Puerto Rico. Dividends distributed by the Fund should constitute income from sources within Puerto Rico not subject to U.S. federal income tax in the hands of a Puerto Rico Individual. However, in the case of Puerto Rico Individuals who own, directly or indirectly, at least 10% of the issued and outstanding voting Units, only the Puerto Rico source ratio of any dividend paid or accrued by the Fund shall be treated as income from sources within Puerto Rico. See the section entitled “Dividends and Taxes—United States Taxation—Taxation of Puerto Rico Individuals and Puerto Rico Entities.”

Foreign corporations not engaged in a U.S. trade or business are generally not subject to U.S. federal income tax on amounts received from sources outside the United States. Corporations incorporated in Puerto Rico are treated as foreign corporations under the U.S. Code. Dividends distributed by the Fund to Puerto Rico corporations are expected to constitute income from sources within Puerto Rico. Accordingly, Puerto Rico corporations not engaged in a U.S. trade or business are not expected to be subject to U.S. taxation on dividends received from the Fund and dividends received or accrued by a Puerto Rico corporate investor that is engaged in a U.S. trade or business are expected to be subject to U.S. federal income tax only if such dividends are effectively connected to its U.S. trade or business.

See “Dividends and Taxes” in the main body of this prospectus for a summary of the material Puerto Rico and U.S. tax considerations that may be relevant to prospective investors in the Units.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase Units through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the financial intermediary for the sale of Units and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

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More Information About the Fund

Investment Objective

The investment objective of Large Cap Value Portfolio I, Large Cap Core Portfolio I, Large Cap Growth Portfolio I, Mid Cap Core Portfolio I, Small Cap Core Portfolio I and International Portfolio I (the “Existing Portfolios”), each a series of Multi-Select Securities Fund for Puerto Rico Residents (the “Fund”), is to seek long-term growth of capital.

The investment objective of High Grade Portfolio, Income Portfolio I and Income Portfolio II (together with the existing Portfolios, the “Portfolios” and each individually, a “Portfolio”), each a series of the Fund, is to provide current income, consistent with the preservation of capital.

Principal Investment Strategies of the Fund

The Fund uses a variation of what has been termed a “multi-manager” approach. The Fund will, in the case of the Existing Portfolios, and may, in the case of the Portfolios, engage one or more sub-advisers for each Portfolio’s Equity Portion through sub-advisory agreements. Further, the Fund relies on an exemptive order issued by the Securities and Exchange Commission (the “SEC”) to be able to retain, remove or replace sub-advisers without a unitholder vote. Instead, UBS Asset Managers of Puerto Rico (the “Investment Adviser”) will have the ultimate responsibility, subject to oversight by the Board of Directors of the Fund (the “Board”), to oversee the Equity Portion Portfolio Managers (as defined below) and recommend their hiring, termination, and replacement.

Large Cap Value Portfolio I

Principal Investment Strategies – Under normal conditions, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks and other equity securities of large-capitalization U.S. companies (which are companies with a typical capitalization range greater than $12 billion at the time of investment) (the “Large Cap Value Equity Portion”) and intends to invest approximately 20% of its net assets, plus any borrowings for investment purposes, in equity or taxable fixed-income securities, including cash equivalents (such as bank deposits or other short term high quality alternatives), issued by Puerto Rico entities (as defined below) (the “Large Cap Value Puerto Rico Securities Portion”). This requirement may limit the Portfolio’s ability to achieve its investment objective. The sub-adviser may directly invest a portion of the Large Cap Value Equity Portion in stock index futures contracts which reflect the investment strategy of the Large Cap Value Equity Portion.

A “Puerto Rico entity” is any issuer that satisfies one or more of the following criteria: (i) the issuer was organized under the laws of Puerto Rico or maintains its principal place of business in Puerto Rico; (ii) the securities of such issuer are traded principally in Puerto Rico; or (iii) an issuer that, during its most recent fiscal year, derived at least 20% of its revenues or profits from goods produced or sold, investments made, or services performed in Puerto Rico or that has at least 20% of its assets in Puerto Rico.

Large Cap Value Puerto Rico Securities Portion – Under normal market conditions, the Large Cap Value Puerto Rico Securities Portion will be invested mostly in cash equivalents. The Fund’s Investment Adviser will manage this portion of the Portfolio directly. If the 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 which satisfy the Portfolio’s investment criteria, provided this does not result in a change to the tax considerations to Portfolio unitholders described in “Dividends and Taxes” herein. Securities of “non-Puerto Rico” issuers means securities issued by the U.S. government and its agencies and instrumentalities; municipal securities of issuers in the United States (including any territories thereof); GNMA, FNMA, or FHMLC mortgage-backed securities representing an interest in or guaranteed by mortgages on real property outside Puerto Rico; preferred stock and debt, asset-backed, and trust-preferred securities of issuers organized in the United States (including any territories thereof); U.S. dollar-denominated securities of foreign issuers that are traded on recognized U.S. stock exchanges or in the U.S. over-the-counter markets, and other securities from issuers organized in the United States (including any territories thereof) that the Fund’s investment adviser may select consistent with the Portfolio’s investment objective and policies.

Large Cap Value Equity Portion – The Investment Adviser has entered into a sub-advisory agreement with The London Company (the “Large Cap Value Equity Portion Portfolio Manager”) for the Large Cap Value Equity Portion.

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Large Cap Core Portfolio I

Principal Investment Strategies – Under normal conditions, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks and other equity securities of large-capitalization U.S. companies (which are companies with a typical capitalization range greater than $12 billion at the time of investment) (the “Large Cap Core Equity Portion”) and intends to invest approximately 20% of its net assets, plus any borrowings for investment purposes, in equity or taxable fixed-income securities, including cash equivalents (such as bank deposits or other short term high quality alternatives), issued by Puerto Rico entities (as defined below) (the “Large Cap Core Puerto Rico Securities Portion”). This requirement may limit the Portfolio’s ability to achieve its investment objective. The sub-adviser may directly invest a portion of the Large Cap Core Equity Portion in stock index futures contracts which reflect the investment strategy of the Large Cap Core Equity Portion.

A “Puerto Rico entity” is any issuer that satisfies one or more of the following criteria: (i) the issuer was organized under the laws of Puerto Rico or maintains its principal place of business in Puerto Rico; (ii) the securities of such issuer are traded principally in Puerto Rico; or (iii) an issuer that, during its most recent fiscal year, derived at least 20% of its revenues or profits from goods produced or sold, investments made, or services performed in Puerto Rico or that has at least 20% of its assets in Puerto Rico.

Large Cap Core Puerto Rico Securities Portion – Under normal market conditions, the Large Cap Core Puerto Rico Securities Portion will be invested mostly in cash equivalents. The Fund’s Investment Adviser will manage this portion of the Portfolio directly. If the 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 which satisfy the Portfolio’s investment criteria, provided this does not result in a change to the tax considerations to Portfolio unitholders described in “Dividends and Taxes” herein. Securities of “non-Puerto Rico” issuers means securities issued by the U.S. government and its agencies and instrumentalities; municipal securities of issuers in the United States (including any territories thereof); GNMA, FNMA, or FHMLC mortgage-backed securities representing an interest in or guaranteed by mortgages on real property outside Puerto Rico; preferred stock and debt, asset-backed, and trust-preferred securities of issuers organized in the United States (including any territories thereof); U.S. dollar-denominated securities of foreign issuers that are traded on recognized U.S. stock exchanges or in the U.S. over-the-counter markets, and other securities from issuers organized in the United States (including any territories thereof) that the Fund’s investment adviser may select consistent with the Portfolio’s investment objective and policies.

Large Cap Core Equity Portion – The Investment Adviser has entered into a sub-advisory agreement with Atalanta Sosnoff Capital, LLC (the “Large Cap Core Equity Portion Portfolio Manager”) for the Large Cap Core Equity Portion.

Large Cap Growth Portfolio I

Principal Investment Strategies – Under normal conditions, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks and other equity securities of large-capitalization companies (which are companies with a typical capitalization range greater than $4 billion at the time of investment [that is still fundamentally growing its capitalization to reach $12 billion or more]) (the “Large Cap Growth Equity Portion”) and intends to invest approximately 20% of its net assets, plus any borrowings for investment purposes, in equity or taxable fixed-income securities, including cash equivalents (such as bank deposits or other short term high quality alternatives), issued by Puerto Rico entities (as defined below) (the “Large Cap Growth Puerto Rico Securities Portion”). This requirement may limit the Portfolio’s ability to achieve its investment objective. The sub-adviser may directly invest a portion of the Large Cap Growth Equity Portion in stock index futures contracts which reflect the investment strategy of the Large Cap Growth Equity Portion.

A “Puerto Rico entity” is any issuer that satisfies one or more of the following criteria: (i) the issuer was organized under the laws of Puerto Rico or maintains its principal place of business in Puerto Rico; (ii) the securities of such issuer are traded principally in Puerto Rico; or (iii) an issuer that, during its most recent fiscal year, derived at least 20% of its revenues or profits from goods produced or sold, investments made, or services performed in Puerto Rico or that has at least 20% of its assets in Puerto Rico.

For the avoidance of doubt, the definition of “large capitalization companies” utilized by the Large Cap Growth Portfolio differs from the definition of “large capitalization companies” utilized by the Large Cap Value Portfolio and the Large Cap Core Portfolio. Further, the capitalization range for “large capitalization companies” (i.e., companies with a typical capitalization range greater than $4 billion at the time of investment) utilized by the Large Cap Growth

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Portfolio overlaps with the definition of “mid capitalization companies” (i.e., companies with a typical capitalization range of between $5 billion and $12 billion at the time of investment) utilized by the Mid Cap Core Portfolio, and the definition of “small capitalization companies” (i.e., companies with a typical capitalization range below $5 billion) utilized by the Small Cap Core Portfolio.

Large Cap Growth Puerto Rico Securities Portion – Under normal market conditions, the Large Cap Growth Puerto Rico Securities Portion will be invested mostly in cash equivalents. The Fund’s Investment Adviser will manage this portion of the Portfolio directly. If the 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 which satisfy the Portfolio’s investment criteria, provided this does not result in a change to the tax considerations to Portfolio unitholders described in “Dividends and Taxes” herein. Securities of “non-Puerto Rico” issuers means securities issued by the U.S. government and its agencies and instrumentalities; municipal securities of issuers in the United States (including any territories thereof); GNMA, FNMA, or FHMLC mortgage-backed securities representing an interest in or guaranteed by mortgages on real property outside Puerto Rico; preferred stock and debt, asset-backed, and trust-preferred securities of issuers organized in the United States (including any territories thereof); U.S. dollar-denominated securities of foreign issuers that are traded on recognized U.S. stock exchanges or in the U.S. over-the-counter markets, and other securities from issuers organized in the United States (including any territories thereof) that the Fund’s investment adviser may select consistent with the Portfolio’s investment objective and policies.

Large Cap Growth Equity Portion – The Investment Adviser has entered into a sub-advisory agreement with Winslow Capital Management, LLC (the “Large Cap Growth Equity Portion Portfolio Manager”) for the Large Cap Growth Equity Portion.

Mid Cap Core Portfolio I

Principal Investment Strategies – Under normal conditions, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks and other equity securities of medium-capitalization U.S. companies (which are companies with a typical capitalization range of between $5 billion and $12 billion at the time of investment) (the “Mid Cap Core Equity Portion”) and intends to invest approximately 20% of its net assets, plus any borrowings for investment purposes, in equity or taxable fixed-income securities, including cash equivalents (such as bank deposits or other short term high quality alternatives), issued by Puerto Rico entities (as defined below) (the “Mid Cap Core Puerto Rico Securities Portion”). This requirement may limit the Portfolio’s ability to achieve its investment objective. The sub-adviser may directly invest a portion of the Mid Cap Core Equity Portion in stock index futures contracts which reflect the investment strategy of the Mid Cap Core Equity Portion.

A “Puerto Rico entity” is any issuer that satisfies one or more of the following criteria: (i) the issuer was organized under the laws of Puerto Rico or maintains its principal place of business in Puerto Rico; (ii) the securities of such issuer are traded principally in Puerto Rico; or (iii) an issuer that, during its most recent fiscal year, derived at least 20% of its revenues or profits from goods produced or sold, investments made, or services performed in Puerto Rico or that has at least 20% of its assets in Puerto Rico.

Mid Cap Core Puerto Rico Securities Portion – Under normal market conditions, the Mid Cap Core Puerto Rico Securities Portion will be invested mostly in cash equivalents. The Fund’s Investment Adviser will manage this portion of the Portfolio directly. If the 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 which satisfy the Portfolio’s investment criteria, provided this does not result in a change to the tax considerations to Portfolio unitholders described in “Dividends and Taxes” herein. Securities of “non-Puerto Rico” issuers means securities issued by the U.S. government and its agencies and instrumentalities; municipal securities of issuers in the United States (including any territories thereof); GNMA, FNMA, or FHMLC mortgage-backed securities representing an interest in or guaranteed by mortgages on real property outside Puerto Rico; preferred stock and debt, asset-backed, and trust-preferred securities of issuers organized in the United States (including any territories thereof); U.S. dollar-denominated securities of foreign issuers that are traded on recognized U.S. stock exchanges or in the U.S. over-the-counter markets, and other securities from issuers organized in the United States (including any territories thereof) that the Fund’s investment adviser may select consistent with the Portfolio’s investment objective and policies.

Mid Cap Core Equity Portion – The Investment Adviser has entered into a sub-advisory agreement with The London Company (the “Mid Cap Core Equity Portion Portfolio Manager”) for the Mid Cap Core Equity Portion.

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Small Cap Core Portfolio I

Principal Investment Strategies – Under normal conditions, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks and other equity securities of small-capitalization U.S. companies (which are primarily companies with market capitalizations not greater than that of the largest company in the Russell 2000^® Value Index ($[ ] billion as of December 31, 2025) at the time of investment) (the “Small Cap Core Equity Portion”) and intends to invest approximately 20% of its net assets, plus any borrowings for investment purposes, in equity or taxable fixed-income securities, including cash equivalents (such as bank deposits or other short term high quality alternatives), issued by Puerto Rico entities (as defined below) (the “Small Cap Core Puerto Rico Securities Portion”). This requirement may limit the Portfolio’s ability to achieve its investment objective. The sub-adviser may directly invest a portion of the Small Cap Core Equity Portion in stock index futures contracts which reflect the investment strategy of the Small Cap Core Equity Portion.

A “Puerto Rico entity” is any issuer that satisfies one or more of the following criteria: (i) the issuer was organized under the laws of Puerto Rico or maintains its principal place of business in Puerto Rico; (ii) the securities of such issuer are traded principally in Puerto Rico; or (iii) an issuer that, during its most recent fiscal year, derived at least 20% of its revenues or profits from goods produced or sold, investments made, or services performed in Puerto Rico or that has at least 20% of its assets in Puerto Rico.

Small Cap Core Puerto Rico Securities Portion – Under normal market conditions, the Small Cap Core Puerto Rico Securities Portion will be invested mostly in cash equivalents. The Fund’s Investment Adviser will manage this portion of the Portfolio directly. If the 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 which satisfy the Portfolio’s investment criteria, provided this does not result in a change to the tax considerations to Portfolio unitholders described in “Dividends and Taxes” herein. Securities of “non-Puerto Rico” issuers means securities issued by the U.S. government and its agencies and instrumentalities; municipal securities of issuers in the United States (including any territories thereof); GNMA, FNMA, or FHMLC mortgage-backed securities representing an interest in or guaranteed by mortgages on real property outside Puerto Rico; preferred stock and debt, asset-backed, and trust-preferred securities of issuers organized in the United States (including any territories thereof); U.S. dollar-denominated securities of foreign issuers that are traded on recognized U.S. stock exchanges or in the U.S. over-the-counter markets, and other securities from issuers organized in the United States (including any territories thereof) that the Fund’s investment adviser may select consistent with the Portfolio’s investment objective and policies.

Small Cap Core Equity Portion – The Investment Adviser has entered into a sub-advisory agreement with Cambiar Investors, LLC (the “Small Cap Core Equity Portion Portfolio Manager”) for the Small Cap Core Equity Portion.

International Portfolio I

Principal Investment Strategies – Under normal conditions, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in American Depositary Receipts (“ADRs”) representing interests in securities of foreign issuers and U.S. dollar denominated ordinary shares (“F Shares,” so called due to their ticker symbols which end in “F”). F-shares are ordinary shares that are a foreign company’s common stock and trade in their home (local) market but are customarily listed on the U.S. OTC market. The U.S. dollar quoted F-shares provide access to some of the foreign companies that do not currently have ADRs available to individual investors (the “International Equity Portion”). Under normal conditions, the Portfolio intends to invest approximately 20% of its net assets, plus any borrowings for investment purposes, in equity or taxable fixed-income securities, including cash equivalents (such as bank deposits or other short term high quality alternatives), issued by Puerto Rico entities (as defined below) (the “International Puerto Rico Securities Portion”). This requirement may limit the Portfolio’s ability to achieve its investment objective. The Fund’s sub-adviser(s) may directly invest a portion of the International Equity Portion in stock index futures contracts which reflect the investment strategy of the International Equity Portion.

A “Puerto Rico entity” is any issuer that satisfies one or more of the following criteria: (i) the issuer was organized under the laws of Puerto Rico or maintains its principal place of business in Puerto Rico; (ii) the securities of such issuer are traded principally in Puerto Rico; or (iii) an issuer that, during its most recent fiscal year, derived at least 20% of its revenues or profits from goods produced or sold, investments made, or services performed in Puerto Rico or that has at least 20% of its assets in Puerto Rico.

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International Puerto Rico Securities Portion – Under normal market conditions, the International Puerto Rico Securities Portion will be invested mostly in cash equivalents. The Fund’s Investment Adviser will manage this portion of the Portfolio directly. If the 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 which satisfy the Portfolio’s investment criteria, provided this does not result in a change to the tax considerations to Portfolio unitholders described in “Dividends and Taxes” herein. Securities of “non-Puerto Rico” issuers means securities issued by the U.S. government and its agencies and instrumentalities; municipal securities of issuers in the United States (including any territories thereof); GNMA, FNMA, or FHMLC mortgage-backed securities representing an interest in or guaranteed by mortgages on real property outside Puerto Rico; preferred stock and debt, asset-backed, and trust-preferred securities of issuers organized in the United States (including any territories thereof); U.S. dollar-denominated securities of foreign issuers that are traded on recognized U.S. stock exchanges or in the U.S. over-the-counter markets, and other securities from issuers organized in the United States (including any territories thereof) that the Fund’s investment adviser may select consistent with the Portfolio’s investment objective and policies.

International Equity Portion – The Investment Adviser has entered into a sub-advisory agreement with Cambiar Investors, LLC (the “International Equity Portion Portfolio Manager”) for the International Equity Portion.

High Grade Portfolio

Principal Investment Strategies – The Portfolio will invest at least 80% of net asset (plus borrowings for investment purposes, if any) in bonds and/or instruments that provide exposure to bond markets. Such investments include a variety of fixed income securities, which may include, but are not limited to, taxable and tax-exempt securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities, municipal securities, mortgage-backed and asset backed securities, corporate obligations or preferred stock.

The Portfolio has also adopted a policy to invest, under normal circumstances, at least 80% of the Portfolio’s net assets, plus borrowings for investment purposes, in “high grade” securities, which are securities that, at the time of purchase, were (i) rated “A” by Moody’s (ii) comparably rated by a nationally recognized statistical rating organization (a “Credit Rating Agency”), or (iii) unrated and were determined by the Investment Adviser to be of comparable credit quality.

The Portfolio may also invest in derivatives, including financial futures contracts, swap contracts, options on financial futures and options on swap contracts.

To take advantage of opportunities to invest, the Portfolio may borrow money from banks (leverage) in an amount up to one-third of its total assets, which include assets purchased with borrowed money. The Portfolio may engage in other types of leverage to the maximum extent permitted by the 1940 Act.

The Fund may also invest in equities and other asset classes.

Income Portfolio I

Principal Investment Strategies – The Portfolio will invest at least 80% of net asset (plus borrowings for investment purposes, if any) in bonds and/or instruments that provide exposure to bond markets. Such investments include a variety of fixed income securities, which may include, but are not limited to, taxable and tax-exempt securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities, municipal securities, mortgage-backed and asset backed securities, corporate obligations or preferred stock.

The Portfolio invests under normal circumstances, at least 80% of the Portfolio’s total assets in securities that, at the time of purchase, (i) were rated in one of the four highest investment categories (generally considered to be “investment grade”) by Fitch (rating of “BBB” or higher); S&P Global Ratings (“S&P”) (rating of “BBB” or higher); or Moody’s Investors Service, Inc. (“Moody’s”) (rating of “Baa” or higher), or have received an equivalent rating from another nationally recognized statistical rating organization (a “Credit Rating Agency”), (ii) were Puerto Rico Urgent Interest Fund Corporation (“COFINA”) securities which were in the opinion of the Investment Adviser to be of a credit quality comparable to such rated obligations at the time of acquisition or (iii) if otherwise not so rated, were in the opinion of the Investment Adviser to be of a credit quality comparable to such rated obligations.

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The Portfolio may also invest in derivatives, including financial futures contracts, swap contracts, options on financial futures and options on swap contracts.

To take advantage of opportunities to invest, the Portfolio may borrow money from banks (leverage) in an amount up to one-third of its total assets, which include assets purchased with borrowed money. The Portfolio may engage in other types of leverage to the maximum extent permitted by the 1940 Act.

The Fund may also invest in equities and other asset classes.

Income Portfolio II

Principal Investment Strategies – The Portfolio will invest at least 80% of net asset (plus borrowings for investment purposes, if any) in bonds and/or instruments that provide exposure to bond markets. Such investments include a variety of fixed income securities, which may include, but are not limited to, taxable and tax-exempt securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities, municipal securities, mortgage-backed and asset backed securities, corporate obligations or preferred stock.

The Portfolio invests under normal circumstances, at least 80% of the Portfolio’s total assets in securities that, at the time of purchase, (i) were rated in one of the four highest investment categories (generally considered to be “investment grade”) by Fitch (rating of “BBB” or higher); S&P Global Ratings (“S&P”) (rating of “BBB” or higher); or Moody’s Investors Service, Inc. (“Moody’s”) (rating of “Baa” or higher), or have received an equivalent rating from another nationally recognized statistical rating organization (a “Credit Rating Agency”), (ii) were Puerto Rico Urgent Interest Fund Corporation (“COFINA”) securities which were in the opinion of the Investment Adviser to be of a credit quality comparable to such rated obligations at the time of acquisition or (iii) if otherwise not so rated, were in the opinion of the Investment Adviser to be of a credit quality comparable to such rated obligations.

The Portfolio may also invest in derivatives, including financial futures contracts, swap contracts, options on financial futures and options on swap contracts.

To take advantage of opportunities to invest, the Portfolio may borrow money from banks (leverage) in an amount up to one-third of its total assets, which include assets purchased with borrowed money. The Portfolio may engage in other types of leverage to the maximum extent permitted by the 1940 Act.

The Fund may also invest in equities and other asset classes.

All Portfolios

The Fund is designed solely for Puerto Rico Residents (as defined in “Dividends and Taxes” below). Only Puerto Rico Residents will receive the tax benefits of an investment in the Fund. The tax treatment of the Fund differs from that typically accorded to other investment companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”) that qualify as regulated investment companies under the U.S. Code. You should read carefully the section entitled “Dividends and Taxes,” for a more detailed description of the Puerto Rico and United States tax implications for an investment in the Fund. You should also consult your tax advisor about your tax situation.

To the extent the Equity Portion of an Existing Portfolio is invested in stock index futures contracts, the amounts invested in common stock or other equity securities of U.S. or foreign companies by the Equity Portion Portfolio Manager will be correspondingly reduced. The amount used to enter into futures contracts (i.e., the margin) will at no time exceed 5% of the value of the Portfolio’s total assets (after taking into account unrealized gains and losses on such futures contracts).

Each Portfolio’s investment objective may not be changed, unless such change is authorized by the holders of a majority of the Portfolio’s outstanding Units if the change is recommended by the Board; or at least 75% of the Portfolio’s outstanding Units if the change is not recommended by the Board. Each Portfolio’s investment strategy may be changed by the Board in its discretion, in consultation with the Investment Adviser with 60 days’ prior notice to unitholders.

Multi-Manager Approach – The Fund uses a variation of what has been termed a “multi-manager” approach. The Fund will, in the case of the Existing Portfolios, and may, in the case of the Portfolios, engage one or more sub-advisers for each Portfolio’s Equity Portion through sub-advisory agreements.

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In choosing the sub-advisers for the various Portfolios, the Investment Adviser considers a range of criteria, including but not limited to the following: investment management experience; historical performance; the investment styles and strategies employed; the quality and stability of each Equity Portion Portfolio Manager’s organization; and the ability to consistently and effectively apply each Equity Portion Portfolio Manager’s investment approach. The Fund may offer additional Portfolios advised by different Equity Portion Portfolio Managers from time to time.

The Fund may discontinue offering a given Portfolio or remove or replace an Equity Portion Portfolio Manager for a given Portfolio, subject to the approval of the Board in each case. In order for the Fund to remove or replace an Equity Portion Portfolio Manager, the Investment Adviser would select a different Equity Portion Portfolio Manager to manage the Portfolio’s account and enter into a new sub-advisory agreement. If an Equity Portion Portfolio Manager for a Portfolio in which you invest is to be removed or replaced, you will be notified and entitled to either remain in your current Portfolio under the management of a new Equity Portion Portfolio Manager selected by the Investment Adviser, exchange your investments for Units in another Portfolio or redeem your Units without additional charge. There will be no refund, however, of sales charges or other fees previously paid. If an investor fails to provide instructions within the period indicated in the notice, or if the Fund does not receive notice of the removal of an Equity Portion Portfolio Manager in sufficient time to provide the affected unitholders with advance notice, such unitholder’s investments will remain in the Portfolio, the Equity Portion of which will be under the management of a new Equity Portion Portfolio Manager selected by the Investment Adviser, which may differ from the previous Equity Portion Portfolio Manager in investment style or other factors, until such notice can be provided and instructions are received from the unitholder.

You will have the opportunity to allocate and reallocate your investments among the Portfolios at your own discretion and based on your individual investment needs and goals, subject, in certain cases, to the conditions set forth on page [-] under the section “Exchanges from One Portfolio to Another.”

Puerto Rico Securities Portion – Each Portfolio intends to invest approximately 20% of its net assets, plus any borrowings for investment purposes, in taxable fixed income securities (with respect to the Existing Portfolios) and in equity and/or taxable fixed income securities (with respect to the Portfolios), including cash equivalents, issued by Puerto Rico entities. If a 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 which satisfy the Portfolio’s investment criteria, provided this does not result in a change to the tax considerations to Portfolio unitholders described in “Dividends and Taxes” herein. Under normal market conditions, the Puerto Rico Securities Portion will be invested mostly in cash equivalents including repurchase agreements. By investing part of the Equity Portion in stock index futures contracts, the Investment Adviser is attempting to achieve a risk and return profile for each Portfolio that approximates the result that might be achieved by (i) investing all of 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 (ii) investing all of the assets of the Equity Portion in the assets selected by the Equity Portion Portfolio Manager. No assurance can be given that such strategy will be successful or such results attained. The Fund’s Investment Adviser will manage the Puerto Rico Securities Portion of each Portfolio directly.

Investment Process of Existing Portfolios

Under normal market conditions, the Investment Adviser on a daily basis invests 20% of the Portfolio in the Puerto Rico portion of the Portfolio. This portion is invested in taxable fixed-income securities (cash equivalents issued by Puerto Rico entities). In determining which securities to invest in, the Investment Adviser utilizes a fundamental analysis focusing on credit quality, liquidity and yield.

Credit Quality. This analysis starts with the rating of the securities. The Investment Adviser emphasizes the credit quality of the securities or credit quality collateralizing any repurchase agreement or time deposits accounts. Only securities or investment grade rated institutions are analyzed. The structure and collateral of the security is also an important consideration.

Liquidity. The liquidity of the assets is a key consideration. To enhance the liquidity of portfolio, the Investment Adviser staggers maturities so as to have sufficient daily liquidity.

Yield. The Investment Adviser seeks to maximize the yield of the securities held by a Portfolio. Given the credit and liquidity bias, yield is a secondary consideration, and the Portfolio may invest a higher percentage of its assets in lower yielding, but higher quality and more liquid securities.

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By investing in stock index futures contracts, the Investment Adviser attempts to achieve a risk and return profile for a Portfolio that approximates the result that might be achieved by investing all of the assets of the Puerto Rico portion in the securities comprising the portfolio benchmark.

No assurance can be given that such strategy will be successful or such results attained. The Fund’s Investment Adviser will manage the Puerto Rico Securities Portion of the Portfolios directly.

Investment Process of High Grade Portfolio, Income Portfolio I and Income Portfolio II

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Types of Investments

Equity Securities. Equity securities include common stocks, most preferred stocks and securities that are convertible into the foregoing instruments, including common stock purchase warrants and rights, equity interests in trusts, partnerships, joint ventures or similar enterprises and depositary receipts. Common stocks, the most familiar type, represent an equity (ownership) interest in a corporation. Preferred stock has certain fixed income features, like a bond, but actually is a form of equity that is senior to a company’s common stock. Convertible securities may include debentures and notes that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. Some preferred stock also may be converted into or exchanged for common stock. ADRs typically are issued by banks or trust companies and evidence ownership of underlying equity securities.

While past performance does not guarantee future results, equity securities historically have provided the greatest long-term growth potential in a company. However, their prices generally fluctuate more than other securities and reflect changes in a company’s financial condition and in overall market and economic conditions. Common stocks generally represent the riskiest investment in a company. It is possible that a Portfolio may experience a substantial or complete loss on an individual equity investment. While this is possible with bonds, it is less likely.

Preferred Stock. The Existing Portfolios may invest in preferred stock only with respect to its Puerto Rico Securities Portion, while High Grade Portfolio, Income Portfolio I and Income Portfolio II may invest generally. A preferred stock is a blend of the characteristics of a bond and common stock. It can offer the higher yield of a bond and has priority over common stock in equity ownership but does not have the seniority of a bond and its participation in the issuer’s growth may be limited. Preferred stock has preference over common stock in the receipt of dividends and in any residual assets after payment to creditors should the issuer be dissolved. Dividends may be set at a fixed or variable rate, or through auction or remarketing, and in some circumstances it can be changed or omitted by the issuer.

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 determines 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 determines 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 (with respect to the Existing Portfolios) or 5% generally of a Portfolio’s total assets.

Futures. The Portfolios may enter into stock index futures contracts that are traded on public exchanges. Under normal market conditions, the Puerto Rico Securities Portion of the Existing Portfolios will be invested mostly in cash equivalents. By investing part of the Equity Portion of any Existing Portfolio in stock index futures contracts, the Investment Adviser is attempting to achieve a risk and return profile for the Existing Portfolios that approximates the result that might be achieved by (i) investing all of 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 (ii) investing all of the assets of the Equity Portion of an Existing Portfolio in the assets selected by the Equity Portion Portfolio Manager. No assurance can be given that such strategy will be successful or such results attained.

With respect to the Existing Portfolios, this strategy will offer the investor an investment alternative that offers greater exposure to the equity markets while investing 20% of the Portfolio’s assets in Puerto Rico securities. High Grade Portfolio, Income Portfolio I and Income Portfolio II will invest in derivatives, including futures, to a limited extent.

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The aggregate margin required to enter into futures contracts will at no time exceed 5% of the value of a Portfolio’s total assets (after taking into account unrealized gains and losses on such futures contracts).

Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security at a specified future time and at a specified price. Stock index futures contracts are based on indices that reflect the market value of common stock of the firms included in the indices. By its terms, a futures contract provides for a specified settlement month in which, in the case of futures contracts, the difference between the price at which the contract was entered into and the contract’s closing value is settled between the purchaser and seller in cash. Futures contracts differ from options in that they are bilateral agreements, with both the purchaser and the seller equally obligated to complete the transaction. Futures contracts call for settlement only on the expiration date and cannot be “exercised” at any other time during their term. However, the vast majority of futures contracts are liquidated in advance by entering into an offsetting transaction.

The purchase or sale of a futures contract differs from the purchase or sale of a security or the purchase of an option in that no purchase price is paid or received. Instead, an amount of cash or cash equivalents, which varies but may be as low as 5% or less of the value of the contract, must be deposited with the broker as “initial margin.” Subsequent payments to and from the broker, referred to as “variation margin,” are made on a daily basis as the value of the futures contract fluctuates, making positions in the futures contract more or less valuable – a process known as “mark-to-market.” Assets committed to futures contracts as margin will be segregated at a Portfolio’s custodian to the extent required by law.

With respect to the existing Portfolios, up to 100% of the Puerto Rico Securities Portion and, under normal market conditions, up to 5% of the Equity Portion may be held from time to time in cash equivalents (e.g., short-term money market securities such as prime-rated commercial paper, certificates of deposit, variable rate demand notes or repurchase agreements). [Up to 100% of High Grade Portfolio, Income Portfolio I and Income Portfolio II may be held from time to time in case equivalents.]

Convertible Securities. Each Existing Portfolio may invest its Equity Portion in convertible securities that are rated as investment grade or, if unrated, are deemed to be of comparable quality by the relevant Equity Portion Portfolio Manager. High Grade Portfolio, Income Portfolio I and Income Portfolio II may invest generally in convertible securities. Investment grade securities rated in the lowest investment grade category are considered to have some speculative characteristics, and changes in economic conditions are more likely to lead to a weakened capacity to pay interest and repay principal than is the case with higher grade securities. While no securities investment is without some risk, investments in convertible securities generally entail less risk than the issuer’s common stock, although the extent to which such risk is reduced depends in large measure upon the degree to which the convertible security sells above its value as a fixed income security. The Equity Portion Portfolio Managers will decide to invest in convertible securities based upon a fundamental analysis of the long-term attractiveness of the issuer and the underlying common stock, the evaluation of the relative attractiveness of the current price of the underlying common stock, and the judgment of the value of the convertible security relative to the common stock at current prices. Convertible securities in which a Portfolio may invest include corporate bonds, notes and preferred stock that can be converted into common stock. Convertible securities combine the fixed-income characteristics of bonds and preferred stock with the potential for capital appreciation. As with all debt securities, the market value of convertible securities tends to decline as interest rates increase and, conversely, to increase as interest rates decline. While convertible securities generally offer lower interest or dividend yields than nonconvertible debt securities of similar quality, they do enable the investor to benefit from increases in the market price of the underlying common stock.

Indexed Securities. Although the Portfolios do not presently intend to invest in such securities, the Portfolios are permitted to invest in Standard and Poor’s Depositary Receipts and other similar index securities. Index securities represent interests in a relatively fixed portfolio of common stocks designed to track the price and dividend yield performance of a securities index, such as the Standard & Poor’s 500 Composite Stock Price Index. Such investments will not represent a substantial part of such Portfolio’s investments.

Bankers’ Acceptances. Each Portfolio may invest in bankers’ acceptances, which are short-term credit instruments used to finance commercial transactions. Generally, an acceptance is a time draft drawn on a bank by an exporter or an importer to obtain a stated amount of funds to pay for specific merchandise. The draft is then “accepted” by a bank that, in effect, unconditionally guarantees to pay the face value of the instrument on its maturity date. The acceptance may then be held by the accepting bank as an asset, or it may be sold in the secondary market at the going rate of interest for a specified maturity. Although maturities for acceptances can be as long as 270 days, most acceptances have maturities of six months or less.

Certificates of Deposit. Each Portfolio may invest in bank certificates of deposit (“CDs”). The Federal Deposit Insurance Corporation (FDIC) is an agency of the U.S. government that insures the deposits of certain banks and savings and loan

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associations up to $250,000 per deposit. The interest on such deposits may not be insured if this limit is exceeded. Current federal regulations also permit such institutions to issue insured negotiable CDs in amounts of $250,000 or more, without regard to the interest rate ceilings on other deposits. To remain fully insured, these investments currently must be limited to $250,000 per insured bank or savings and loan association. Investments in CDs are made only with domestic institutions with assets in excess of $1 billion.

Commercial Paper. Each Portfolio may invest in commercial paper, which includes short-term, unsecured promissory notes, drafts or similar instruments issued by banks, municipalities, corporations and other entities to finance their short-term credit needs, payable on demand or having a maturity at the time of issuance not exceeding nine months, exclusive of days of grace or any renewal thereof.

U.S. Government Securities. Each Portfolio may invest in U.S. government securities, including a variety of securities that are issued or guaranteed by the U.S. government, its agencies or instrumentalities and reverse repurchase agreements secured thereby. These securities include securities issued and guaranteed by the U.S. government, such as Treasury bills, Treasury notes, and Treasury bonds; obligations supported by the right of the issuer to borrow from the U.S. Treasury, such as those of the Federal Home Loan Banks; and obligations supported only by the credit of the issuer, such as those of the Federal Intermediate Credit Banks.

Warrants. Each Portfolio may purchase rights and warrants, which are instruments that permit a Portfolio to acquire, by subscription, the capital stock of a corporation at a set price, regardless of the market price for such stock. Warrants may be either perpetual or of limited duration. There is a greater risk that warrants might drop in value at a faster rate than the underlying stock.

Derivatives. Some of the instruments in which the Puerto Rico Securities Portion of each Existing Portfolio may invest may be characterized as “derivatives.” High Grade Portfolio, Income Portfolio I and Income Portfolio II will invest in “derivatives” to a limited extent. As used here, that term also includes structured securities. Derivatives are financial instruments, such as certain mortgage-backed securities, securities options, financial futures contracts, options on futures contracts and swap agreements, whose value is derived from another security, commodity or an index. Derivatives allow the Fund to increase or decrease its risk exposure more quickly and efficiently than other types of instruments. The Portfolios will use derivatives only for hedging purposes.

Structured securities are derivatives that are obligations, or components thereof, that have been specially structured to reflect investment characteristics ordinarily associated with other securities or to have other special rights desired by investors (such as enhanced liquidity, and yields linked to short-term interest rates). Generally, such securities are designed to allow investors to take advantage of expected interest rate trends or to hedge interest rate or other risks.

Derivatives, including structured securities, because of their increased volatility and potential leveraging effect, may adversely affect Portfolio unitholders. For example, securities linked to an index and inverse floating rate securities may subject a Portfolio to the risks associated with changes in the particular index, which may include reduced or eliminated interest payments and losses of invested principal. Such investments, in effect, may also be leveraged, thereby magnifying the risk of loss. Even where derivatives are used for hedging purposes, there can be no assurance that the hedging transactions will be successful or will not result in losses (and those losses may exceed the percentage of a Portfolio’s assets actually invested in such instruments). Derivatives on securities generally are used to hedge against both price movements in one or more particular securities positions that the Fund owns or intends to acquire or fluctuations in interest rates. Derivatives on bond indices, in contrast, generally are used to hedge against price movements in broad fixed income market sectors in which the Fund has invested or expects to invest. For example, use of options and futures transactions involves the risk of imperfect correlation in movements in the price of options and futures and movements in the price of the securities or interest rates, which are the subject of the hedge. The Portfolios are not required to use hedging and may choose not to do so. With regard to structured securities, if the structured securities in which a Portfolio invests behave in a way that the Investment Adviser did not anticipate, or if the structure of the security encounters unexpected difficulties, the Portfolio could suffer a loss. A Portfolio might be required to maintain assets as “cover,” maintain segregated accounts or make margin payments when it takes positions in derivatives involving obligations to third parties (i.e., derivatives other than purchase options). If such Portfolio were unable to close out its positions in such derivatives, it might be required to continue to maintain such assets or accounts or make such payments until the position expired or matured. These requirements might impair the Portfolio’s ability to sell a portfolio security or make an investment at a time when it would otherwise be favorable to do so or require that the Portfolio sell a portfolio security at a disadvantageous time. The Portfolio’s ability to close out a position in a derivative prior to expiration or maturity depends on the existence of a liquid secondary market or, in the absence of such a market, the ability and willingness

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of a counterparty to enter into a transaction closing out the position. Therefore, there is no assurance that any hedging position can be closed out at a time and price that is favorable to the Portfolio. Certain hedging strategies in which the Portfolios may engage require registration with the Commodity Futures Trading Commission (CFTC). The Fund, on behalf of the Portfolios, will not use these strategies unless it completes or is exempted from such registration.

Under Rule 18f-4 under the 1940 Act, among other things, a Portfolio must either use derivatives in a limited manner or adopt a full derivatives risk management program and adhere to an outer limit on fund leverage risk based on value-at-risk.

To the extent that the Fund includes derivative instruments as part of any policy required by Rule 35d-1 of the 1940 Act, the Fund will count derivatives based on notional value.

Illiquid Securities. Each Existing Portfolio, with respect to the Puerto Rico Securities Portion, and High Grade Portfolio, Income Portfolio I and Income Portfolio II generally, may invest up to 15% of its net assets in illiquid securities, including repurchase agreements with maturities in excess of seven days, and such Portfolio may continue to hold, without limitation, securities or other assets that become illiquid subsequent to the Portfolio’s investment in them. Illiquid securities face the risk that they may not be readily sold, particularly at times when it is advisable to do so to avoid Portfolio losses. There presently is a limited number of participants in the market for certain Puerto Rico or other assets that may be acquired by the Fund, the disposition of which also may be limited by Puerto Rico and Federal securities laws. As a result of that and other factors, those securities may have periods of illiquidity. The term “illiquid securities” also may include securities subject to contractual restrictions on resale that hinder the marketability of the securities. To the extent such Portfolio owns illiquid securities or other illiquid assets, the Portfolio may not be able to liquidate such investments readily, particularly at a time when it is advisable to do so to avoid losses to the Portfolio and its unitholders.

Repurchase Agreements. The Puerto Rico Securities Portion of each Existing Portfolio may invest in repurchase agreements. High Grade Portfolio, Income Portfolio I and Income Portfolio II may generally invest in repurchase agreements. A repurchase agreement is a transaction in which a Portfolio purchases securities and simultaneously commits to resell the securities to the original seller (a member bank of the Federal Reserve System or a securities dealer who is a member of a national securities exchange or is a market maker in U.S. government securities) at an agreed upon date and price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased securities. Repurchase agreements carry certain risks not associated with direct investments in securities, including possible decline in the market value of the underlying securities and costs to the Portfolio if the other party to the repurchase agreement becomes bankrupt, so that the Portfolio is delayed or prevented from exercising its rights to dispose of the collateral securities. The value of the underlying securities (or collateral) will be at least equal at all times to the total amount of the repurchase obligation, including the interest factor.

Investment Practices

The various Portfolios may use a number of professional money management techniques to respond to changing economic and market conditions and to shifts in fiscal and monetary policies. Other general techniques that the various Portfolios may employ are discussed below.

Defensive Positions; Cash Reserves – In order to protect itself from adverse market conditions, a Portfolio may take a temporary defensive position that is different from its normal investment strategy. This means that the Portfolio may temporarily invest a larger-than-normal portion, or even all, of its assets in cash, money market instruments or other temporary investments. It is anticipated that the temporary investments of each Portfolio will be invested in money market funds advised by affiliates of the Investment Adviser. In addition, if the Investment Adviser (with the approval of the Board) selects a new sub-adviser to manage a Portfolio’s investments, the Portfolio may increase its cash reserves to facilitate the transition to the investment style and strategies of the new sub-adviser. Since these investments provide relatively low income, a defensive or transitional position may not be consistent with achieving the Fund’s investment objective. Such investments typically lack the capital appreciation potential of equity securities. While such investments are generally designed to limit losses, they can prevent the Portfolio from achieving its investment objective.

Portfolio Turnover – Each Portfolio may engage in frequent trading to achieve the Portfolio’s investment objective. Normally, frequent trading results in portfolio turnover and increased brokerage costs (high portfolio turnover). The Investment Adviser and the sub-advisers are responsible for the execution of the Portfolio’s portfolio transactions. The execution of transactions under the direction of the Investment Adviser is subject to any such policies as may be established by the Board. Although the Investment Adviser does not have the ability to control the execution of transactions entered into by sub-advisers on behalf of a Portfolio, both the Investment Adviser and the sub-advisers, seek to obtain the best net results for the Portfolios, taking into

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account such factors as the price (including the applicable dealer spread or brokerage commission), size of order, difficulty of execution, and operational facilities of the firm involved. While the Investment Adviser and the sub-advisers generally seek the best price in placing orders, the applicable Portfolio may not necessarily be paying the lowest price available. Each of the Investment Adviser and the sub-advisers may allocate among advisory clients, including the Fund and other investment companies for which they act as investment adviser, the opportunity to purchase or sell a security or investment that may be both desirable and suitable for them. There can be no assurance of equality of treatment among the advisory clients according to any particular or predetermined standards or criteria.

Although equity securities have historically demonstrated long-term growth in value, their prices fluctuate based on changes, among other variables, in a company’s financial condition and general economic conditions. This is especially true in the case of smaller companies. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices.

Other Investments

In addition to the principal investment strategies discussed above, the Fund may also invest or engage in the following investments/strategies:

Other Investments. Each Portfolio may invest in affiliated or unaffiliated short-term cash management pooled investment vehicles and may lend its securities to qualified buyers. Each Portfolio also may invest in repurchase agreements, derivative instruments, when-issued and delayed delivery securities with respect to its Puerto Rico Securities Portion for Existing Portfolios, and generally for High Grade Portfolio, Income Portfolio I and Income Portfolio II. In addition, the Fund, on behalf of a Portfolio, may borrow money in an amount up to 5% of such Portfolio’s total assets for temporary purposes and to meet redemptions.

Real Estate Investment Trusts (“REITs”). Each Portfolio may invest in securities of REITs. REITs are entities that invest primarily in commercial real estate or real estate-related loans. Generally, REITs can be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest the majority of their assets in real property and derive their income primarily from rents and capital gains from appreciation realized through property sales. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both equity and mortgage REITs. By investing in REITs indirectly through a Portfolio, investors incur not only the expenses of that Portfolio but also, indirectly, expenses of underlying REITs.

The Portfolios may be subject to certain risks associated with the investments in REITs. REITs may be affected by general economic factors that impact occupancy rates and rent levels of real estate, increases in the supply of available space in the markets in which their properties are located, interest rate levels, uninsured losses, access to capital, changes in the value of their underlying properties and by defaults by borrowers or tenants. Mortgage REITs may be affected by the quality of the credit extended. Furthermore, REITs are dependent on specialized management skills. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders and may be subject to defaults by borrowers and to self-liquidations. In addition, a REIT may be affected by its failure to qualify for its special tax treatment under the U.S. Code or its failure to maintain exemption from registration under the 1940 Act.

Other Investment Companies. Each Portfolio may invest, to the extent consistent with applicable law, in other investment companies including exchange traded funds and affiliated or unaffiliated money market funds. The return on investments in other investment companies will be reduced by the operating expenses, including investment advisory and administration fees, of such investment companies and there will be a layering of certain fees and expenses.

Unlike traditional mutual funds, the shares of exchange traded funds are bought and sold based on market values throughout each trading day. For this reason, shares may trade at a premium or a discount to their net asset value. If an exchange traded fund held by a Portfolio trades at a discount to net asset value, the Portfolio could lose money even if the securities held by the exchange traded fund appreciate in value.

Mortgage-Backed Securities. Each Portfolio may invest in mortgage-backed securities, including those which are “pass-through” securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Portfolio. The value of mortgage-backed securities, like that of traditional fixed income securities, typically increases when interest rates fall and decreases when interest rates rise. However, mortgage-backed securities differ from

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traditional fixed income securities because of their potential for prepayment without penalty. The price paid by the Portfolio for its mortgage-backed securities, the yield the Portfolio expects to receive from such securities, and the average life of the securities are based on a number of factors, including the anticipated rate of prepayment of the underlying mortgages. In a period of declining interest rates, borrowers may prepay the underlying mortgages more quickly than anticipated, thereby reducing the yield to maturity and the average life of the mortgage-backed securities. Moreover, when a Portfolio reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of interest that is lower than the rate on the security that was prepaid.

To the extent that a Portfolio purchases mortgage-backed securities at a premium, mortgage foreclosures and principal prepayments may result in a loss to the extent of the premium paid. If the Portfolio buys such securities at a discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns and will accelerate the recognition of income which, when distributed to unitholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying mortgages may occur at a slower than expected rate, creating maturity extension risk. This particular risk may effectively change a security that was considered short- or intermediate-term at the time of purchase into a long-term security. Since long-term securities generally fluctuate more widely in response to changes in interest rates than do short-term securities, maturity extension risk could increase the inherent volatility of the Portfolio.

Asset-Backed Securities. Each Portfolio may invest in asset-backed securities. Similar to mortgage-backed securities, principal and interest payments made by the borrower on the underlying assets (in this case, assets such as credit card receivables) are passed through to the Portfolio. The value of asset-backed securities, like that of traditional fixed income securities, typically increases when interest rates fall and decreases when interest rates rise. However, asset-backed securities differ from traditional fixed income securities because of their potential for extension and/or prepayment, which presents risks like those in mortgage-backed securities. In the case of many asset-backed securities, however, the prepayment rates on the underlying assets have historically been less influenced by market interest rate fluctuations than those of mortgage-backed securities and therefore have been more stable.

Investments in Affiliated Short-Term Cash Management Pooled Investment Vehicles. Available cash balances may be automatically invested in taxable money market mutual funds, which are, as permitted by law, affiliated with the Portfolio, the Investment Adviser and for which UBS affiliates may receive compensation for services in addition to the fees charged by the Fund.

Principal Risks

The following is a summary discussion of the principal risks of investing in a Portfolio. Risk is inherent in all investing. There can be no guarantee that a Portfolio will meet its investment objective or that the performance of such Portfolio will be positive for any period of time. You may lose money by investing in a Portfolio. An investment in a Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Investment and Market Risk. The Portfolios’ 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 (i) the level of interest rates, (ii) the rate of inflation, (iii) political decisions, (iv) fiscal policy, and (v) current events in general. Because a Portfolio invests in investment securities, a Portfolio’s net asset value may fluctuate due to market conditions, and as a result you may experience a decline in the value of your investment in a Portfolio and you may lose money.

An investment in the Units is designed primarily, and is suitable only, for long-term investors and therefore may not be suitable for all investors.

In addition, turbulence in financial markets and reduced liquidity in equity and/or fixed-income markets may negatively affect a Portfolio. 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. Recent examples include an outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in December 2019 and developed into a global pandemic. This pandemic resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty for a period of time. The impact of this outbreak adversely affected the economies of many nations and the entire global economy and impacted individual issuers and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen effects. The duration of any such outbreak

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and its effects cannot be determined with certainty. To the extent the Portfolio is 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. The performance of each Portfolio is highly dependent on the expertise and abilities of the Investment Adviser and its respective sub-adviser, or any sub-adviser hired directly by the Investment Adviser, as applicable. The death, incapacity or retirement of its portfolio management team or a key member thereof could adversely affect a Portfolio’s performance. There is no assurance that the investment approach used by the Investment Adviser or any or all of the sub-advisers or any sub-advisers retained in the future will be successful, and certain Portfolios may be more or less successful than others. The overall success of investing in the Fund may depend on your ability to choose successfully from among the Portfolios.

An investment in the Units offered by the Fund is designed primarily, and is suitable only, for long-term investors and therefore may not be suitable for all investors. Further, an investment in the Fund is not equivalent to an investment in the underlying securities of the Fund and investors in the Units should not view the Fund as a vehicle for trading purposes.

Conflicts of Interest Risk. Each Portfolio, subject to applicable law, may invest in securities issued by affiliates of the Investment Adviser and the Fund, or make deposits with those affiliates. In addition, each Portfolio generally may invest in equity securities using UBS Financial Services Inc. or other affiliates of the Investment Adviser as broker, subject to applicable law. A Portfolio’s use of an affiliated sub-adviser (or, for temporary investment, affiliated cash management vehicles, including affiliated money market funds) will cause an increase in the overall compensation and profitability of the Fund to the Investment Adviser and its affiliates.

The Investment Adviser, its affiliates, and certain of its employees may have and make investments with or engage in other transactions with certain of the sub-advisers or with portfolio managers that may be retained by the Fund or the sub-advisers now or in the future. The Investment Adviser and the Fund may have an incentive to select and retain sub-advisers, as well as sub-advisers retained directly by the Investment Adviser, with which they make such investments or have other business relationships as opposed to other available investment managers.

As a result of the transactions and other dealings referred to above, the interests of the Investment Adviser may conflict with those of the Fund or a particular Portfolio or Portfolios.

In addition, while the Investment Adviser, the sub-advisers, and any other such sub-advisers as the Investment Adviser may retain, will seek to allocate potential investments among the Fund and their other advisory clients in an equitable manner, and the procedures used may on occasion adversely affect one or more Portfolios or the Fund as a whole.

Equity Risk. Common stocks and other equity securities generally are the riskiest investments in a company, and their prices fluctuate more than those of other investments. They reflect changes in the issuing company’s financial condition and changes in overall market and economic conditions. It is possible that a Portfolio investing in equity securities may lose a substantial part, or even all, of its 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 Portfolios 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.

Risks Associated with Investment in Puerto Rico Securities. Under normal conditions, each Existing Portfolio will invest the Puerto Rico Securities Portion in cash equivalents, while High Grade Portfolio, Income Portfolio I and Income Portfolio II may do so generally. 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. Each Portfolio’s ability to comply with certain legal and regulatory investment requirements is dependent upon the availability of securities of Puerto Rico issuers.

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As a result, changes in the market value of a single investment in each Portfolio could cause significant fluctuations in the Portfolio’s net asset value. Because market risk may affect a single issuer, industry (such as a Puerto Rico financial institution), or sector of the economy, the Portfolio may experience greater price volatility than if it held more diversified investments.

There presently are a limited number of participants in the market for certain securities of Puerto Rico issuers. In addition, certain Puerto Rico securities may have periods of illiquidity. These factors may affect a 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 a Portfolio in such securities is subject to their availability in the open market. [Since July 2013, the Puerto Rico bond market has been experiencing a period of volatility, with Puerto Rico bonds trading at lower prices and higher yields.]

The obligations of certain issuers of Puerto Rico securities (and of fixed-income securities generally) are subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors. In the event of a bankruptcy of such an issuer, a Portfolio could experience delays and limitations with respect to the collection of principal and interest on such securities, and in some circumstances, the Portfolio might not be able to collect all principal and interest to which it is entitled. In addition, enforcement of the Portfolio’s rights in the event of a payment default by an issuer might increase the Portfolio’s operating expenses.

Loss of Tax Benefits Risk. Unitholders of the Fund who cease to be Puerto Rico Residents (as defined below) may lose certain tax benefits that had previously been available to them and Portfolio distributions will likely be taxable for such unitholders.

Futures. Each Existing Portfolio may invest a portion of its Equity Portion in futures contracts in the relevant stock index for that Portfolio, while High Grade Portfolio, Income Portfolio I and Income Portfolio II may do so generally. There are several risks accompanying the utilization of futures contracts. 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 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. If there is no liquid market, then the entire Equity Portion will be invested with the Equity Portion Portfolio Manager pursuant to the investment strategy that it employs for a particular Portfolio, and the Puerto Rico Securities Portion will remain invested mostly in cash equivalents. As a result, the risk and return profile of the relevant Portfolio will no longer approximate the result that might be achieved by (i) investing all of the assets of the Puerto Rico Securities Portion in the securities comprising the stock index used as benchmark for the relevant investment strategy and (ii) investing all of the assets of the Equity Portion in the assets selected by the Equity Portion Portfolio Manager. 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. Also, the Portfolio will not be able to replicate exactly the performance of the relevant stock index because of the operational fees and expenses that the Portfolio may incur or because of the temporary unavailability of certain of the securities underlying the index.

Because of the low margin deposits required, a relatively small price movement in a futures contract may result in immediate and substantial loss or gain to the investor. For example, if, at the time of purchase, 10% of the value of the futures contract is deposited as margin, a subsequent 10% decrease in the value of the futures contract would result in a total loss of the margin deposit before any deduction for the transactions costs if the account were then closed out. A 15% decrease would result in a loss equal to 150% of the original margin deposit if the futures contract were closed out. Thus, a purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract. The Portfolio, however, would presumably have sustained comparable losses if, instead of the futures contract, it had invested in the underlying financial instrument and sold it after the decline.

Each Portfolio will enter into futures contracts in the stock index which reflects the investment strategy of the relevant Portfolio. By investing in futures contracts, the Investment Advisor is attempting to achieve a return and risk profile for the Portfolio that approximates the result that might be achieved by (i) investing all of the assets of the Puerto Rico Securities Portion in the securities comprising the relevant stock index and (ii) investing all of the assets of the Equity Portion of each Portfolio in the applicable funds selected by the Equity Portion Portfolio Manager, while still investing 20% of its assets in Puerto Rico assets. However, the Portfolios will not be able to replicate exactly the performance of the relevant stock index because of the

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operational fees and expenses that each Portfolio may incur or because of the temporary unavailability of certain of the securities underlying the index.

Most U.S. futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. The daily limit establishes the maximum amount that the price of a 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 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. Futures contract prices have occasionally moved to the daily limit of several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and subjecting some futures traders to substantial losses.

Futures contracts are purchased in minimum sizes, which are determined by the applicable exchange. As a result, it is possible that the Portfolio will not have sufficient assets to purchase the minimum amount of futures contracts. In addition, the minimum size requirement may result in an exposure to futures contracts which is somewhat greater, or less than, the result that would be achieved if the assets of the Puerto Rico Securities Portion were invested in the securities comprising the relevant stock index.

Derivatives Risk. Each Portfolio’s use of derivatives increases such Portfolio’s exposure to the following risks:

Under Rule 18f-4 under the 1940 Act, among other things, the Portfolio must either use derivatives in a limited manner or adopt a full derivatives risk management program and adhere to an outer limit on fund leverage risk based on value-at-risk.

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Credit and Interest Rate Risks. The investment by the Portfolios in bonds and other income-producing securities, such as preferred stock, 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 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.

Non-Diversification Risk. One or more of the Portfolios may be non-diversified, in that it invests in securities of a smaller number of issuers. In that event, the Portfolio’s risk is increased because developments affecting an individual issuer may have a greater impact on the Portfolio’s performance.

It is also possible that two or more Portfolios in which you invest may on occasion take substantial positions in the same security or group of securities at the same time. A possible lack of diversification caused by these factors could result in rapid changes in the value of your investment.

Fixed Income Securities Generally. The yield on fixed income securities like the type that the Portfolio may invest in depends on a variety of factors, including general market conditions for such securities, the financial condition of the issuer, the size of the particular offering, the maturity, credit quality and rating of the security. Generally, the longer the maturity of those securities, the higher its yield and the greater the changes in its yields both up and down. The market value of fixed income securities normally will vary inversely with changes in interest rates. The unique characteristics of certain types of securities also may make them more sensitive to changes in interest rates.

Certain issuers of fixed income securities are subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors that may result in delays and costs to the Portfolio if a party becomes insolvent. It is also possible that, as a result of litigation or other conditions, the power or ability of such issuers to meet their obligations for the repayment of principal and payment of interest, respectively, may be materially and adversely affected.

Municipal Obligations Risk. Certain of the municipal obligations in which the Portfolio may invest, present their own distinct risks. These risks may depend, among other things, on the financial situation of the government issuer, or in the case of industrial development bonds and similar securities, on that of the entity supplying the revenues that are intended to repay the obligations. It is also possible that, as a result of litigation or other conditions, the power or ability of issuers or those other entities to meet their obligations for the repayment of principal and payment of interest may be materially and adversely affected. See “Puerto Rico Risk” above.

Mortgage-Backed Securities Risk. Mortgage-backed securities have many of the risks of traditional debt securities but, in general, differ from investments in traditional debt securities in that, among other things, principal may be prepaid at any time due to prepayments by the obligors on the underlying obligations. As a result, the Portfolio may receive principal repayments on these securities earlier or later than anticipated by the Portfolio. In the event of prepayments that are received earlier than anticipated, the Portfolio may be required to reinvest such prepayments at rates that are lower than the anticipated yield of the prepaid obligation. The rate of prepayments is influenced by a variety of economic, geographic, demographic and other factors, including, among others, prevailing mortgage interest rates, local and regional economic conditions and homeowner mobility. Generally, prepayments will increase during periods of declining interest rates and decrease during periods of rising interest rates. The decrease in the rate of prepayments during periods of rising interest rates results in the extension of the duration of mortgage-backed securities, which makes them more sensitive to changes in interest rates and more likely to decline in value (this is known as extension risk). Since a portion of the assets of the Fund may be invested in mortgage-backed securities, the Fund may be subject to these risks and other risks related to such securities to a significant degree, which might cause the market value of the Fund’s investments to fluctuate more than otherwise would be the case. In addition, mortgage-backed or other securities issued or guaranteed by FNMA, FHLMC or a Federal Home Loan Bank are supported only by the credit of these entities and are not supported by the full faith and credit of the U.S.

CMO Risk. CMOs exhibit similar risks to those of mortgage-backed securities but also present certain special risks. CMO classes may be specially structured in a manner that provides a variety of investment characteristics, such as yield, effective maturity and interest rate sensitivity. As market conditions change, however, particularly during periods of rapid or

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unanticipated changes in interest rates, the ability of a CMO class to provide the anticipated investment characteristics and performance may be significantly reduced. These changes may result in volatility in the market value, and in some instances reduced liquidity, of the CMO class.

Illiquid Securities Risk. Each Portfolio may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that a 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 each 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 each Existing Portfolio and generally up to the limit noted above with respect to High Grade Portfolio, Income Portfolio I and Income Portfolio II.

Repurchase Agreement Risk. The Puerto Rico Securities Portion of each Existing Portfolio, and High Grade Portfolio, Income Portfolio I and Income Portfolio II generally, may invest in securities as part of a repurchase agreement, where such Portfolio buys a security from a counterparty, which agrees to repurchase the security at a mutually agreed upon time and price in a specified currency. If a counterparty to a repurchase agreement defaults, a Portfolio may suffer time delays and incur costs or possible losses in connection with the disposition of the securities underlying the repurchase agreement. In the event of default, instead of the contractual fixed rate of return, the rate of return to a Portfolio will depend on intervening fluctuations of the market values of the underlying securities and the accrued interest on the underlying securities. In that event, a Portfolio would have rights against the counterparty for breach of contract with respect to any losses resulting from those market fluctuations.

Other Investment Companies. Each Portfolio may invest, to the extent consistent with applicable law, in other investment companies including exchange traded funds and affiliated or unaffiliated money market funds. The return on investments in other investment companies will be reduced by the operating expenses, including investment advisory and administration fees, of such investment companies and there will be a layering of certain fees and expenses.

Unlike traditional open-end mutual funds, the shares of exchange traded funds are bought and sold based on market values throughout each trading day. For this reason, shares may trade at a premium or a discount to their net asset value. If an exchange traded fund held by a Portfolio trades at a discount to net asset value, the Portfolio could lose money even if the securities held by the exchange traded fund appreciate in value.

Segregation of Portfolios. The Fund intends to segregate the assets of each Portfolio to the fullest extent possible. The Fund intends that unitholders of a specific Portfolio have the exclusive right to the assets, income, gains and profits derived from that Portfolio. Additionally, the expenses, deductions and costs properly attributable or allocated to each Portfolio, including any administrative and portfolio management fees, will be deducted only from the assets of such Portfolio. 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 effect 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.

Sub-Adviser Oversight Risks. Because each sub-adviser engaged directly by the Investment Adviser makes trading decisions on behalf of the applicable Portfolio independently, the Investment Adviser may not always have access to information concerning the securities positions of a Portfolio at a given point in time. Delays in receipt of such information may hinder the Investment Adviser’s oversight of the sub-advisers.

Mid and Small Cap Company Risk. The Mid Cap Core I Portfolio and the Small Cap Core I Portfolio 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.

ESG Considerations Risk. The Equity Portion Portfolio Manager generally give consideration to environmental, social, and/or governance (“ESG”) criteria when evaluating investment opportunities for the Portfolio, consistent with each Portfolio’s investment objective and Principal Investment Strategies. The Equity Portion Portfolio Manager may give consideration to ESG criteria including, but not limited to, impact on or from climate change, natural resource use, waste management practices, human capital management, product safety, supply chain management, corporate governance, business ethics and advocacy for governmental policy. The application of ESG criteria may result in the Portfolio (i) having exposure to certain securities or

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industry sectors that are different than the composition of the Portfolio’s benchmark; and (ii) performing differently than the Portfolio’s benchmark or other funds and strategies in the Portfolio’s peer group that do not take into account ESG criteria or use different ESG criteria or ESG investment strategies. In addition, sectors and securities of companies that meet the ESG criteria may shift into and out of favor depending on market and economic conditions. The consideration of ESG criteria may adversely affect a Portfolio’s performance.

Derivatives risk: A small investment in derivatives, such as futures contracts, could have a potentially large impact on the Portfolio’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets, and the Portfolio’s use of derivatives may result in losses to the Portfolio. Derivatives in which the Portfolio may invest can be highly volatile, illiquid and difficult to value, and there is the risk that changes in the value of a derivative held by the Portfolio will not correlate with the underlying assets or the Portfolio’s other investments in the manner intended.

Swap and other Transactions with Counterparties. The Portfolio may engage in swap and other financial transactions directly with other counterparties. This subjects the Portfolio to the credit risk that a counterparty will default on an obligation to the Portfolio. Such a risk contrasts with transactions done through exchange markets, wherein credit risk is reduced through the collection of variation margin and through the interposition of a clearing organization as the guarantor of all transactions. Clearing organizations transform the credit risk of individual counterparties into the more remote risk of the failure of the clearing organization.

Additional Risks

When-Issued Securities and Delayed Delivery Transactions. Each Existing Portfolio with respect to its Puerto Rico Securities Portion, and High Grade Portfolio, Income Portfolio I and Income Portfolio II generally, may invest in securities on a when-issued or delayed delivery basis. The purchase of securities on a when-issued or delayed delivery basis involves the risk that, as a result of an increase in yields available in the marketplace, the value of the securities purchased will decline prior to the settlement date. The sale of securities for delayed delivery involves the risk that the prices available in the market on the delivery date may be greater than those obtained in the sale transaction. At the time a Portfolio enters into a transaction on a when-issued or delayed delivery basis, it will segregate with the custodian cash or liquid instruments with a value not less than the value of the when-issued or delayed delivery securities. The value of these assets will be monitored weekly to ensure that their marked to market value will at all times exceed the corresponding obligations of the Portfolio. There is always a risk that the securities may not be delivered, and the Portfolio may incur a loss. Investments in when-issued securities or delayed delivery transactions may be considered to be leverage and accordingly may be subject to the Portfolio limitations on leverage and subject to Rule 18f-4 under the 1940 Act.

Valuation Risk. There may be few or no dealers making a market in certain securities in which the Portfolios invest, particularly with respect to fixed-income securities of Puerto Rico issuers. Dealers making a market in those securities may not be willing to provide quotations on a regular basis to the Fund’s Investment Adviser or sub-advisers. It therefore may be particularly difficult to value those securities. In addition, since fees paid to the Investment Adviser or to a sub-adviser are based on the value of assets, there could be a conflict of interest in providing valuation information. Any inaccuracies in valuation could cause dilution of a Portfolio’s Unit value if Units of such Portfolio are purchased or redeemed at a higher or lower than accurate price.

In addition, to the extent that a sub-adviser of a given Portfolio must provide valuation information to the Fund in connection with valuing the assets of such Portfolio, the accuracy of the Portfolio’s valuation could be affected by factors outside the Fund’s or the Investment Adviser’s control.

Securities Lending. Although the Fund does not presently intend to engage in securities lending, the Portfolios are permitted to lend their securities in order to generate additional income pursuant to agreements that require that the loan be continuously secured by collateral consisting of cash or securities of the U.S. government or its agencies equal to at least 100% of the market value of the loaned securities. Collateral is marked to market weekly. There may be risks of delay in recovery of the securities or even loss of rights in the collateral, among other things, should the borrower of the securities fail financially or become insolvent or if investments made with cash collateral are unsuccessful.

Borrowings. The Fund, on behalf of each Portfolio, is permitted to borrow up to 5% of a Portfolio’s total assets from banks, including affiliates of the Fund, or other financial institutions, for temporary or emergency purposes, including to meet redemptions of such Portfolio’s Units. Borrowing by a Portfolio would create leverage and would entail speculative factors

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similar to those applicable to the issuance of preferred units, commercial paper or other debt securities. If borrowings are made on a secured basis, the custodian will segregate the pledged assets of such Portfolio for the benefit of the lender or arrangements will be made with a suitable sub-custodian, which may include the lender.

Changes in Applicable Law. On May 24, 2018, President Trump signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act (Pub. L. No. 115-174), which contains an amendment to the 1940 Act to repeal the exemption from its coverage of investment companies created under the laws of Puerto Rico, the U.S. Virgin Islands, or any other U.S. possession. The bill amends the 1940 Act by eliminating the exemption provided to U.S. possessions under its Section 6(a)(1). The repeal of the exemption took effect on or about May 24, 2021, and it is for this reason that the Fund registered under the 1940 Act.

Recognizing the aforementioned amendment to the 1940 Act, on September 4, 2019, the Puerto Rico Treasury Department (“PRTD”) issued Administrative Determination No. 19-04 (“AD No. 19-04”). Said pronouncement provides that to the extent an investment company that also has its principal office in Puerto Rico is registered with the SEC under the 1940 Act, such investment company and its investors will enjoy the benefits included in the Puerto Rico Internal Revenue Code of 2011, as amended (“Puerto Rico Code”), as if such investment company were registered under the Puerto Rico Investment Companies Act of 2013 or the Puerto Rico Investment Companies Act of 1954, as amended.

On August 14, 2020, the Governor of Puerto Rico signed into law Act No. 107-2020 and known as the “Puerto Rico Municipal Code of Puerto Rico” (the “PRMC”). In general, the PRMC codifies into one piece of legislation different laws related to the administration and powers of the municipalities, including the imposition of municipal taxes such as municipal license taxes and property taxes. In terms of municipal taxation, the PRMC repealed the Municipal Property Tax Act of 1991, as amended, and the Municipal License Tax Act of 1974, as amended, and such taxes are now imposed under the PRMC. The PRMC became effective immediately upon its enactment.

Legislation affecting Puerto Rico securities, assets other than Puerto Rico securities, Puerto Rico and U.S. investment companies, taxes, and other matters related to the business of the Fund are continually being considered by the Puerto Rico Legislature and the U.S. Congress. Similarly, regulations and interpretations thereof are continually being considered by the SEC. No assurance can be given that legislation enacted or regulations promulgated after the date hereof will not have an adverse effect on the operations of the Fund, the economic value of the Units, or the tax consequences of the acquisition or redemption of the Units.

Cybersecurity Risk. The Fund, like other business organizations, is susceptible to operational, information security and related risks through breaches in cybersecurity. In general, cybersecurity failures or breaches of the fund or its service providers or the issuers of securities in which the fund invests may result from deliberate attacks or unintentional events and may arise from external or internal sources. Cybersecurity breaches may involve unauthorized access to the fund’s digital information systems (e.g., through “hacking” or malicious software coding) but may also result from outside attacks such as denial-of-service attacks (i.e., efforts to make network services unavailable to intended users). Cybersecurity failures or breaches affecting the Investment Adviser or any other service providers (including, but not limited to, Fund accountants, custodians, transfer agents and financial intermediaries) have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund unitholders to transact business, destruction to equipment and systems, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cybersecurity breaches in the future.

Russia-Ukraine Conflict. 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

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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.

Political and Other Risk. Political, legal or regulatory developments in Puerto Rico and in the United States or changes in the applicability of existing laws to the Fund could adversely affect the tax-exempt status of interest paid on securities or the tax-exempt status of that portion of the Fund’s dividends that are tax-exempt. These developments could also cause the value of the Fund’s investments and therefore, the Units, to fall or jeopardize the continued viability of the Fund, resulting, in either case, in a possible loss to unitholders.

Changes in United States Tax Law; No US Federal Tax Ruling. Under regulations issued under Section 937(b) of the U.S. Code, income that is otherwise treated as income from sources within Puerto Rico under the general source of income rules is treated as income from sources outside Puerto Rico and not excludable from gross income under Section 933 of the U.S. Code if it consists of income derived in a “conduit arrangement.” Based on the current language of the regulations and the guidance offered therein, an investment in the Units would not be expected to be considered a conduit arrangement, and in accordance with this interpretation, the source of dividends on the Units would be expected to be treated as income from sources within Puerto Rico. The Fund does not plan to request a ruling from the IRS with respect to the U.S. federal income tax treatment to be accorded to an investment in the Units, and no assurance can be given that the IRS or the courts will agree with the tax treatment described herein. You should read carefully the section entitled “Dividends and Taxes” herein for a more detailed description of the tax implications an investment in the Units entails. You should also consult your tax advisor about your tax situation.

U.S. Federal Tax Law; FATCA Rules. Sections 1471 through 1474 of the U.S. Code (commonly known as “FATCA”) interpreted by the corresponding regulations, impose a 30% withholding tax at the source upon most payments of U.S. source income made to certain “foreign financial institutions” or “non-financial foreign entities” (each, a “NFFE”), unless certain certification and reporting requirements are satisfied by such NFFE, including providing information with respect to its respective investors. The regulations issued by the U.S. Treasury and the IRS, provide that the Fund is to be treated as a NFFE. Accordingly, the Fund will be required to provide the payors of such income (except with respect to certain grandfathered obligations) certain information with respect to its investors, and the payors would have been required to disclose such information to the IRS. However, the Fund elected to be treated as a direct reporting NFFE and, as such, it is required to provide such information directly to the IRS (instead of providing it to such payors) by filing Form 8966 with the IRS on or before March 31st of each year.

If the Fund were to be unable to provide such investor information to its payors or otherwise fail or be unable to comply with the legal and regulatory requirements of the U.S. Code, the Fund’s U.S. source income may be reduced, inasmuch as it would be subject to such 30% withholding tax at the source. This reduction may negatively affect the amount of dividends that may be distributed by the Fund or the Fund’s net asset value.

U.S. Federal Tax Law; 30% Withholding on Dividends From sources Within the United States. Dividends from sources within the United States received by the Fund may qualify for a 10% U.S. federal income tax rate if it meets certain requirements of the U.S. Code. If the Fund claims the application of the 10% rate and does not meet these requirements, then the dividends would be subject a 30% U.S. federal income tax.

Managing Your Fund Account

The Existing Funds have previously offered Class A and Class L Units to new investors. High Grade Portfolio, Income Portfolio I and Income Portfolio II will offer Class P Units to new investors.

IRA accountholders may only invest in the Fund by opening an individual retirement account with the UBS Puerto Rico IRA Trust and directing it to make such investment on their behalf. The UBS Puerto Rico IRA Trust may only invest in the Fund for the accounts of IRA accountholders who are individuals whose principal residence is in Puerto Rico. IRA accountholders of the UBS Puerto Rico IRA Trust are strongly encouraged to review the disclosure statement and adoption agreement provided to them by the UBS Puerto Rico IRA Trust upon opening a regular individual retirement account or a non-deductible individual retirement account (individually and collectively referred to as “IRA” or “IRAs”, respectively), which contains information relating to the terms and conditions as well as the fees, expenses, and penalties applicable to such IRA.

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Each Class has different sales charges (if applicable) and ongoing expenses, and they also may differ within each class as to those matters depending on the amount you invest. Investors should inquire as to the availability of any lower “breakpoint” charges or applicable sales charge waivers prior to making an investment. Class P Units are available only to purchasers meeting the initial aggregate investment requirement of $5,000 or more, 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 P Units in a given Portfolio must be made in amounts of at least $100.

To the extent that an investor has less than the applicable minimum investment amount in a given Portfolio, an investor will be notified (via their account statement) and be given the opportunity to increase the amount invested in such Portfolio within 60 days of such notice. If the investor takes no such action, the Fund may redeem all Units in such Portfolio held by such investor.

The foregoing minimum investment, balance and subsequent purchase amounts may be waived if the purchase is made by or on behalf of financial intermediaries for clients that pay the financial intermediaries’ fees in connection with fee-based programs, provided that the financial intermediaries or their trading agents have entered into special arrangements with the Fund and/or UBS Financial Services Inc. (the “Distributor”) specifically for such purchases.

Class P Units

Class P Units will be sold at net asset value next calculated after the purchase order is placed.

Class Selection Factors

High Grade Portfolio, Income Portfolio I and Income Portfolio II presently offer Class P Units to new investors. All Unit Classes charge annual fees to cover expenses. Annual Fund fees may include management fees, administration fees and other Fund expenses.

Initial sales charges can be reduced or eliminated depending upon the amount of your total investments in the Fund or based on other factors listed above (See “Class A Units Initial Sales Charge Waivers”). When you purchase Units of any given Portfolio, you should consider the size of your investment and how long you plan to hold your Units. Your financial advisor or selected securities dealer can help you determine which class of Units is best suited to your financial goals.

Buying Units

Only Puerto Rico Residents will receive the tax benefits of an investment in the Fund. See the section “Puerto Rico Taxation” for a description of such tax benefits. In addition, the Fund does not intend to qualify as a regulated investment company (“RIC”) under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, and consequently an investor that is not a Puerto Rico Resident will not receive the tax benefits (such as RIC tax treatment) of an investment in typical U.S. mutual fund registered under the 1940 Act, and may have adverse tax consequences for U.S. federal income tax purposes.

Anti-Money Laundering Requirements. To help the U.S. government fight the funding of terrorism and money laundering activities, U.S. federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

When you apply to open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. If you do not provide the information requested, the Fund may not be able to open or maintain your account. If the Fund is unable to verify your identity, the Fund reserves the right to reject your purchase order or close your account and/or take such action it deems reasonable or required by law. If your account is opened with a dealer rather than directly with the Fund, similar requirements will apply.

Purchasing Fund Units. Units must be purchased through a brokerage account maintained with the Distributor, or with a dealer that has entered into a selected dealer agreement with the Distributor.

The Distributor and certain dealers may charge their clients an annual account maintenance fee. The Distributor and certain dealers or other financial institutions may charge a fee to process a purchase of Units. The Distributor charges a fee of $5.25 as of the date of this prospectus.

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Purchase orders for Units are priced according to the net asset value next determined after the order is placed, for each Class of each Portfolio as of the close of trading on the New York Stock Exchange. The Fund is deemed to have received a purchase or redemption order when the Distributor or selected dealer receives the order in “good form” in accordance with the policies of the Distributor or dealer, as applicable. It is the responsibility of such financial institution to send your order to the Fund promptly. Payment is due on the business day on which the order is priced and the purchase will be affected as of that day. Payments received in advance of such date will not be invested until the next calculation of the Fund’s daily pricing occurs. Payments will be held in your brokerage account until such time as they are invested in the Fund. A business day is any day that the New York Stock Exchange is open for trading and the Federal Reserve Bank of New York and banks in San Juan Puerto Rico are open for business.

Units purchased through the Distributor or other dealer may be held by such entity as nominee for each unitholder.

The Fund and the Distributor reserve the right to reject a purchase order or suspend the offering of Fund Units.

Minimum Investments and Account Size

[Investors may open an account with respect to the Class A Units of the Fund by making a minimum initial investment of at least $5,000 in the Fund and at least $500 in each Existing Portfolio selected by investors. Investors who wish to open a Class L account of the Fund, may do so only by making a minimum initial investment of $1,000,000 in the Fund and at least $500 in each Existing Portfolio selected by such investors.]

Investors who wish to open a Class P account of the Fund, may do so only by making a minimum initial investment of at least $5,000 in the Fund and at least $500 in High Grade Portfolio, Income Portfolio I or Income Portfolio II. Subsequent investments may be made of at least $100 for Class P Units.

In addition, investors may invest in Class L Units by means of a written Letter of Intent, which expresses the investor’s intention to invest at least $1,000,000 within a period of 13 months in Class L Units of one or more Existing Portfolios. Such Class L Units will be exchanged for Class A Units if the full amount indicated is not purchased within 13 months, and the investor will owe the fees that would have been charged if they had purchased Class A Units. Class L Units may be redeemed from the investor’s account to cover the amount owed. The exchange of Class L Units to Class A Units may result in a taxable gain or loss. Investors are urged to consult their own tax advisors with specific reference to their own tax situations.

Investors will not receive credit for Units purchased by the reinvestment of distributions.

The Letter of Intent is not a binding obligation upon the investor to purchase the full amount indicated; subject to the imposition of the sales charges described herein. The minimum initial investment under a Letter of Intent is $50,000, which must be invested immediately. Class L Units purchased with the first $50,000 will be held in escrow to secure payment of the sales charge applicable to the Class A Units actually purchased if the full amount indicated is not purchased. When the full amount indicated has been purchased, the escrow will be released. If an investor desires to redeem escrowed Class L Units before the full amount has been purchased, the Class L Units will be released only if the investor pays the sales charge that, without regard to the Letter of Intent, would have been charged if Class A Units had been purchased.

Letter of Intent forms may be obtained from the Distributor. Investors should read the Letter of Intent carefully.

The Fund reserves the right to change minimum investment requirements in connection with any offering, to decline any order to purchase Portfolio Units and to determine at any time not to offer Portfolio Units or to terminate an offering. The Fund has the right to reject any purchase or additional purchases.

Exchanges from One Portfolio to Another

You may exchange Class A or Class L Units of one Existing Portfolio for Units of the same Class in another Existing Portfolio, or class A shares of the Monthly Income Fund for Class A Units of a Portfolio, without charge by contacting a financial intermediary or dealer financial advisor, other selected dealer.

Consult your financial advisor or the selected securities dealer to determine which exchanges are permissible. You may effect an exchange through a financial intermediary by written request. Your letter must include:

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The Fund reserves the right to modify this exchange privilege upon 60 days’ advance notice to unitholders.

Dividend Reinvestment

Distributions on Units will be reinvested automatically in full or fractional Units of the same Portfolio at the net asset value per unit next determined after declaration of such distribution. You may at any time request to receive distributions in cash by contacting the Fund, your financial advisor at the Distributor or other selected securities dealer.

Market Timing

The interests of the Fund’s long-term unitholders and its ability to manage its investments may be adversely affected when its Units are repeatedly bought and sold in response to short-term market fluctuations—also known as “market timing.” Market timing may cause a Portfolio to have difficulty implementing long-term investment strategies, because it cannot predict how much cash it will have to invest. Market timing also may force a Portfolio to sell portfolio securities at disadvantageous times to raise the cash needed to buy a market timer’s Fund Units. These factors may hurt the Fund’s performance and its unitholders.

The Fund presently does not have any policies or execute any procedures to monitor short-term or frequent trading activity and, as a result, the Fund remains subject to the above-mentioned risks.

Redeeming Units

You may redeem for cash all full and fractional Units on each day that the New York Stock Exchange is open for trading and the Federal Reserve Bank of New York and banks in Puerto Rico are open for business at the price equal to the next calculated net asset value per Unit of the relevant Portfolio after your order is received in “good form” meeting the requirements set forth under “Redemption Procedure” below. Redemption orders received on days when the redemption option is not offered and on a redemption date after the calculation of the applicable Portfolio’s net asset value on that date, will be effected on the next occurring redemption date at the Unit price calculated on that date for the relevant Portfolio. Payment will generally be made within seven days after request are received in “good form.” It is possible that there will be delays in payments by the Fund upon redemption because, among other things, the relevant Portfolio may hold illiquid securities but, in any event, payment will be made within seven days.

You may request a redemption in either oral (by phone) or written form, provided that the Fund, UBS Trust Company of Puerto Rico in its capacity as the transfer agent (in such capacity, the “Transfer Agent”), and any dealer reserve the right to require such proof of ownership or other documentation as they deem appropriate. All redemption orders, including telephone redemptions, must be made through a financial intermediary or a dealer. Redemption orders received may be rejected by the Fund at any time prior to their acceptance on the redemption date. If you are liquidating your holdings, you will receive upon redemption all distributions reinvested through the date of redemption. The value of Units at the time of redemption may be more or less than your initial cost, depending on the market value of the securities held by the Fund at such time.

If you hold Units in more than one Class or Portfolio, any request for redemption must specify both the Portfolio and the Class being redeemed. In the event of a failure to specify which Portfolio and/or Class, or if you own fewer Units of the Portfolio and/or Class than specified, the redemption request will be delayed until you provide further instructions to your financial intermediary or other selected securities dealer. The proceeds of redemption will be satisfied solely out of the assets of the Portfolio(s) in which you are invested and that you indicate in your redemption request, or the sale of such assets or borrowings by the Fund on behalf of such indicated Portfolio(s).

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The Distributor and certain dealers or other financial institutions may charge a fee to process a redemption of Units. The Distributor charges a fee of $5.25 as of the date of this prospectus.

The Fund may suspend redemption privileges during periods when Puerto Rico or U.S. banks or the New York Stock Exchange are closed, trading on the New York Stock Exchange is restricted, or when an emergency exists that makes it not reasonably practicable for the Fund to dispose of securities owned by it or to determine fairly the market value of its assets.

There may be instances in which the Fund may not be able to liquidate its investments due to, without limitation, market disruption or lack of economic feasibility.

Under normal and stressed market conditions, the Fund typically expects to meet redemption requests by using cash or cash equivalents in its portfolio or by selling portfolio assets to generate additional cash.

Redemption Procedure

You may redeem Units only through your financial intermediary or other selected securities dealer, as applicable. If you submit your redemption request in writing, your request must include:

The financial intermediary or dealer may establish certain procedures for telephone or other redemption orders.

Unless you direct your financial intermediary or dealer otherwise, payment will be credited to your account within seven days of receipt of a proper notice of redemption as set forth above.

A financial intermediary or dealer may require additional supporting documents for redemptions made by corporations, executors, administrators, trustees or guardians. A redemption request will not be deemed properly received until the financial intermediary or dealer, receive all required documents in a timely manner and in good form pursuant to the requirement described above.

Additional Information

It costs the Fund money to maintain unitholder accounts. Therefore, the Fund and dealers reserve the right to repurchase all Units in any account that has a net asset value of less than $500 per Portfolio. If the Fund elects to do this with your account, it will notify you that you can increase the amount invested to the applicable required amount or more within 60 days. This notice may appear on your account statement.

If you want to redeem Fund Units that you purchased recently by check, the Fund may delay payment to assure that it has received good payment. This can take up to 15 days.

Distribution Arrangements

UBS Financial Services Inc. acts as Distributor of Fund Units under a distributor agreement with the Fund (the “Distribution Contract”) that requires the Distributor to use its best efforts, consistent with its other business, to sell Fund Units. Fund Units are offered continuously. The Distributor is located at 1000 Harbor Blvd, 3rd Floor, Weehawken, NJ 07086. Payments from the Fund to compensate the Distributor for certain expenses incurred in connection with its activities in providing certain unitholder and account maintenance services are authorized under the Distribution Contract.

The Investment Adviser may pay its affiliate, the Distributor, from its own resources compensation in connection with the sale of Units in consideration of distribution, marketing support and other services at an annual rate of 0.05% (5 basis points) of the value of the net assets invested in the Fund to be paid on a quarterly basis (although the Distributor may choose not to receive such payments, or receive a reduced amount, on assets held in certain types of accounts or wrap fee advisory programs).

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Investment Advisory and Other Arrangements

Subject to the oversight of the Board, UBS Asset Managers of Puerto Rico, a division of UBS Trust Company of Puerto Rico, with its principal business offices located at 250 Munoz Rivera Avenue, San Juan, Puerto Rico, 00918, provides investment advisory services to the Existing Portfolios pursuant to an investment advisory contract (the “Existing Advisory Agreement”). Subject to the oversight of the Board, [    ], a division of [    ], with its principal business offices located at [    ], provides investment advisory services to the New Portfolios pursuant to an investment advisory contract (together with the Existing Advisory Agreement, the “Advisory Agreement”). The Investment Adviser is registered as an “adviser” under the Investment Advisers Act of 1940. The Investment Adviser may also engage affiliated or non-affiliated sub-advisers. As compensation for its investment advisory services and pursuant to the Advisory Agreement, the Existing Portfolios pays the Investment Adviser a management fee at an annual rate of 1.00% based on such Portfolio’s average weekly net assets. For the fiscal year ended, March 31, 2025, the Existing Portfolios paid the Investment Adviser a fee equal to 0.40% of such Portfolio’s average weekly net assets. The Investment Adviser directly pays any fees of the Equity Portion Portfolio Manager out of its advisory fees. As compensation for its investment advisory services and pursuant to the Advisory Agreement, High Grade Portfolio, Income Portfolio I and Income Portfolio II pay the Investment Adviser a management fee at an annual rate of [ ]% based on such Portfolio’s average daily gross assets.

Fees and expenses may be voluntarily waived or reimbursed by the Distributor, UBS Trust Company of Puerto Rico and/or their affiliates from time to time. There is no assurance, however, that such waiver or reimbursement, if commenced, will be continued.

UBS Trust Company of Puerto Rico (“UBS TCPR”) and the Fund have entered into an agreement (the “Expense Limitation Agreement”) whereby UBS TCPR agrees to reduce its compensation as set forth in the Investment Advisory Agreement and assume all or a portion of the ordinary operating expenses of the Fund (excluding, if applicable, distribution and service (Rule 12b-1) fees, taxes, leverage, interest, brokerage commissions, dividends or interest expenses on short positions, acquired fund fees and expenses and extraordinary expenses (“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 each class of the Fund, subject to future reimbursement by the Fund. The Fund may have to repay some of these waivers and/or reimbursements during the following three years. Any such repayment period is limited to three years from the date of the waiver/reimbursement. Any repayment by the Fund to the Administrator will not cause the Fund’s expenses to exceed (i) the expense limitation at the time the fees are waived or (ii) the expense limitation in effect at the time of such reimbursement. The Expense Limitation Agreement is effective through June 30, 2026.

As of December 31, 2025, UBS Asset Managers of Puerto Rico serves as investment adviser to funds with combined portfolio assets of approximately $1.4 billion. UBS Trust Company of Puerto Rico, an affiliate of the Fund and UBS Financial Services Inc., is a trust company organized and validly existing under the laws of Puerto Rico.

Sub-Advisory Agreements and Administration Agreement