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Puerto Rico Residents Bond Fund I		Schedule of Investments
		June 30, 2026 (Unaudited)


Principal Amount/ Description			Rate			Maturity		Fair Value

	Government Bonds (50.16%)
	US Government and Agency Obligations (50.16%)
	$ 23,040,000	Federal Home Loan Banks^(a)		5.500	%		07/15/36	$	24,842,284

	Total Government Bonds
	(Cost $25,135,132)								24,842,284


	Mortgage-Backed Securities (5.37%)
	Fannie Mae Bonds (1.19%)^(b)
	399,244	Federal National Mortgage Association Pool 849999		5.000	%		01/01/36		402,611
	16,007	Federal National Mortgage Association Pool 445589		6.500	%		12/01/28		16,564
	4,915	Federal National Mortgage Association Pool 441414		7.000	%		09/01/28		5,191
	2,184	Federal National Mortgage Association Pool 445590		7.000	%		12/01/28		2,306
	11,821	Federal National Mortgage Association Pool 445598		7.000	%		01/01/29		12,484
	13,320	Federal National Mortgage Association Pool 488064		7.000	%		03/01/29		14,067
	49,557	Federal National Mortgage Association Pool 488057		7.000	%		03/01/29		52,334
	26,451	Federal National Mortgage Association Pool 488054		7.000	%		03/01/29		27,933
	17,052	Federal National Mortgage Association Pool 573429		7.000	%		03/01/31		18,007
	19,386	Federal National Mortgage Association Pool 483685		7.500	%		12/01/28		19,558
	10,433	Federal National Mortgage Association Pool 488060		7.500	%		03/01/29		10,450
	8,138	Federal National Mortgage Association Pool 504170		8.000	%		09/01/29		8,207

									589,712


	Freddie Mac Bonds (0.11%)^(c)
	35,807	Federal Home Loan Mortgage Corp. Pool A50498		6.000	%		07/01/36		37,138
	18,142	Federal Home Loan Mortgage Corp. Pool C32273		7.000	%		10/01/29		19,179

									56,317


	GNMA Bonds (3.66%)^(d)
	175,768	Government National Mortgage Association Pool 528153		5.500	%		04/15/34		176,540
	48,791	Government National Mortgage Association Pool 495082		6.000	%		10/15/29		48,797
	43,281	Government National Mortgage Association Pool 529775		6.500	%		01/15/31		43,386
	86,826	Government National Mortgage Association Pool 529937		6.500	%		07/15/31		87,825
	96,869	Government National Mortgage Association Pool 529936		6.500	%		07/15/31		97,936
	46,840	Government National Mortgage Association Pool 529933		6.500	%		07/15/31		46,985
	173,339	Government National Mortgage Association Pool 568320		6.500	%		01/15/32		177,360
	319,869	Government National Mortgage Association Pool 554086		6.500	%		01/15/32		327,389
	126,064	Government National Mortgage Association Pool 568337		6.500	%		08/15/32		128,851
	32,099	Government National Mortgage Association Pool 437566		7.000	%		08/15/26		32,037
	41,414	Government National Mortgage Association Pool 437598		7.000	%		10/15/26		41,394
	43,655	Government National Mortgage Association Pool 449304		7.000	%		04/15/27		43,690
	32,746	Government National Mortgage Association Pool 449306		7.000	%		05/15/27		32,755
	44,341	Government National Mortgage Association Pool 449307		7.000	%		06/15/27		44,411
	31,273	Government National Mortgage Association Pool 449320		7.000	%		06/15/27		31,325
	48,279	Government National Mortgage Association Pool 449322		7.000	%		07/15/27		48,445
	14,756	Government National Mortgage Association Pool 470956		7.000	%		12/15/28		14,981
	1,528	Government National Mortgage Association Pool 494960		7.000	%		01/15/29		1,527
	15,466	Government National Mortgage Association Pool 494961		7.000	%		01/15/29		15,697
	14,720	Government National Mortgage Association Pool 487379		7.000	%		01/15/29		15,169
	19,450	Government National Mortgage Association Pool 487410		7.000	%		02/15/29		19,783
	21,318	Government National Mortgage Association Pool 487411		7.000	%		02/15/29		21,701
	1,763	Government National Mortgage Association Pool 494985		7.000	%		02/15/29		1,766
	14,745	Government National Mortgage Association Pool 494983		7.000	%		02/15/29		15,201
	9,281	Government National Mortgage Association Pool 494964		7.000	%		02/15/29		9,567
	8,124	Government National Mortgage Association Pool 494963		7.000	%		02/15/29		8,371
	12,685	Government National Mortgage Association Pool 487434		7.000	%		03/15/29		13,082
	11,088	Government National Mortgage Association Pool 494982		7.000	%		03/15/29		11,416
	13,469	Government National Mortgage Association Pool 494988		7.000	%		03/15/29		13,593

Quarterly Report | June 30, 2026


Puerto Rico Residents Bond Fund I		Schedule of Investments
		June 30, 2026 (Unaudited)


Principal Amount/ Description			Rate			Maturity		Fair Value
	Mortgage-Backed Securities (5.37%) (continued)
	$ 28,907	Government National Mortgage Association Pool 494990		7.000	%		03/15/29	$	29,167
	10,985	Government National Mortgage Association Pool 495016		7.000	%		04/15/29		11,239
	9,518	Government National Mortgage Association Pool 495020		7.000	%		04/15/29		9,740
	26,691	Government National Mortgage Association Pool 487503		7.000	%		05/15/29		27,025
	9,956	Government National Mortgage Association Pool 487505		7.000	%		05/15/29		10,059
	19,108	Government National Mortgage Association Pool 487491		7.000	%		05/15/29		19,608
	33,579	Government National Mortgage Association Pool 437629		7.500	%		01/15/27		33,587
	34,719	Government National Mortgage Association Pool 437628		7.500	%		02/15/27		34,746
	45,526	Government National Mortgage Association Pool 449324		7.500	%		07/15/27		45,706
	18,394	Government National Mortgage Association Pool 494992		7.500	%		02/15/29		18,713

									1,810,570


	Tax Exempt Notes (0.29%)^(e)
	6,306	Community Endowment, Inc - collateralized by FN 536042		8.000	%		09/01/30		6,545
	2,718	Community Endowment, Inc - collateralized by FN 536024		8.500	%		05/01/30		2,783
	9,110	Community Endowment, Inc - collateralized by FN 536020		8.500	%		05/01/30		9,312
	12,710	Community Endowment, Inc - collateralized by GN 508624		7.000	%		07/15/29		13,009
	16,431	Community Endowment, Inc - collateralized by GN 508631		7.000	%		07/15/29		16,821
	13,637	Community Endowment, Inc - collateralized by GN 508630		7.000	%		07/15/29		13,964
	18,100	Community Endowment, Inc - collateralized by GN 487559		7.000	%		07/15/29		18,491
	5,855	Community Endowment, Inc - collateralized by GN 487557		7.000	%		07/15/29		5,919
	7,062	Community Endowment, Inc - collateralized by GN 514582		7.000	%		08/15/29		7,256
	15,309	Community Endowment, Inc - collateralized by GN 508642		7.000	%		08/15/29		15,677
	11,941	Community Endowment, Inc - collateralized by GN 514603		7.000	%		09/15/29		12,223
	18,594	Community Endowment, Inc - collateralized by GN 509243		7.500	%		10/15/29		18,706

									140,706


	Taxable Mortgage-Backed Securities (0.12%)
	91,702	Doral Financial Participation Certificate 2004^(f),(g),(h)		6.690	%		12/01/31		60,981

	Total Mortgage-Backed Securities
	(Cost $2,650,618)								2,658,286


	Municipal Bonds (51.42%)
	California (1.26%)
	530,000	State of California, Build America Bonds, General Obligation Unlimited		7.625	%		03/01/40		625,946


	Puerto Rico (50.16%)
	301,967	Puerto Rico Commonwealth General Obligations, Notes^(g),(i),(j)		0.000	%		11/01/51		221,191
	89,000	Puerto Rico Industrial Development Co., Revenue Bonds^(i),(k)		7.000	%		01/01/54		86,331
	2,790,000	Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Series A, Revenue Bonds^{(f),(i),(k),(l)}		7.250	%		12/20/30		1,045,134
	7,672,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Capital Appreciation Restructured Series A-1, Revenue Bonds^(g),(i),(k)		0.000	%		07/01/46		2,853,704
	7,429,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Capital Appreciation Restructured Series A-1, Revenue Bonds^(g),(i),(k)		0.000	%		07/01/51		2,018,288
	3,702,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured Series A-2, Revenue Bonds^(i),(k)		4.329	%		07/01/40		3,702,579
	717,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured Series A-1, Revenue Bonds^(i),(k)		4.500	%		07/01/34		717,078
	110,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured Series A-2, Revenue Bonds^(i),(k)		4.536	%		07/01/53		104,747
	363,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured Series A-1, Revenue Bonds^(i),(k)		4.550	%		07/01/40		364,164

(787) 764-1788 | www.ubs.com/prfunds


Puerto Rico Residents Bond Fund I		Schedule of Investments
		June 30, 2026 (Unaudited)


Principal Amount/ Description			Rate			Maturity		Fair Value
	Municipal Bonds (51.42%) (continued)
	$ 2,672,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured Series A-1, Revenue Bonds^(i),(k)		4.750	%		07/01/53	$	2,637,854
	3,013,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured Series A-2, Revenue Bonds^(i),(k)		4.784	%		07/01/58		2,947,188
	8,159,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured Series A-1, Revenue Bonds^(i),(k)		5.000	%		07/01/58		8,145,761

									24,844,019

	Total Municipal Bonds
	(Cost $23,760,400)								25,469,965


	Total Investments (106.95%)
	(Cost $51,546,150)							$	52,970,535
	Liabilities in Excess of Other Assets (-6.95%)								(3,443,836	)

	NET ASSETS (100.00%)							$	49,526,699

^(a)

A portion or all of the security has been pledged as collateral for reverse repurchase agreements.

^(b)

Puerto Rico Fannie Mae Taxable - Represents mortgage-backed obligations guaranteed by the Federal National Mortgage Association. They are subject to principal paydowns as a result of prepayments or refinancing of the underlying mortgage instruments. As a result, the average life may be substantially less than the original maturity.

^(c)

Puerto Rico Freddie Mac - Represents mortgage-backed obligations guaranteed by the Federal Home Loan Mortgage Corporation. They are subject to principal paydowns as a result of prepayments or refinancing of the underlying mortgage instruments. As a result, the average life may be substantially less than the original maturity.

^(d)

Puerto Rico GNMA - Represents mortgage-backed obligations guaranteed by the Government National Mortgage Association. They are subject to principal paydowns as a result of prepayments or refinancing of the underlying mortgage instruments. As a result, the average life may be substantially less than the original maturity.

^(e)

Community Endowment - These obligations are collateralized by mortgage-backed securities and the only source of repayment is the collateral. They are subject to principal paydowns as a result of prepayments or refinancing of the underlying mortgage instruments. As a result, the average life may be substantially less than the original maturity.

^(f)

As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets.

^(g)

Issued with a zero coupon. Income is recognized through the accretion of discount.

^(h)

Certificates are collateralized by residential mortgage loans. They are subject to pre-payments or refinancing of the underlying mortgage instruments. As a result, the average life may be substantially less than the original maturity.

⁽ⁱ⁾

Security may be called before its maturity date.

^(j)

This is a non-interest bearing security. Distributions, if any, are paid once a year and are contigent on the collection of Rum Taxes as disclosed in the Puerto Rico Debt Restructuring Plan of 2021.

^(k)

Revenue Bonds - issued by agencies and payable from revenues and other sources of income of the agency as specified in the applicable prospectus. These obligations are not an obligation of the Commonwealth of Puerto Rico.

^(l)

These bonds defaulted on their interest payments and/or principal and are not accruing interest income.

Counter-
party

Collateral Pledged

Interest
Rate

Settlement
Date

Maturity
Date

Repurchase
Amount

Collateral at
Fair Value

Value

JP Morgan Chase & Co.^(a)

Federal Home Loan Banks

5.500% due 7/15/2036

3.79%

6/4/2026

7/9/2026

$4,417,795

$4,560,888

$4,401,577

^(a)

Collateral received or posted is limited to the net securities sold under reverse repurchase agreements liability amounts. See above for actual collateral received and posted.

Quarterly Report | June 30, 2026