<PAGE>
<PAGE>
UBS U.S. Equity Portfolio
Schedule of Investments June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES SECURITY DESCRIPTION VALUE
- ------ ------------------------------------------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCK -- 96.2%
BANKING & FINANCIAL INSTITUTIONS -- 12.6%
1,100 BankAmerica Corp........................................................................... $ 83,325
8,100 Corestates Financial Corp.................................................................. 311,850
6,600 Great Western Financial.................................................................... 157,575
8,450 J.P. Morgan & Co Inc....................................................................... 715,081
12,800 Mellon Bank Corp........................................................................... 729,600
9,700 U.S. Bancorp............................................................................... 350,412
-----------
2,347,843
-----------
CHEMICALS -- 3.6%
4,490 Dow Chemical Company....................................................................... 341,240
9,800 Witco Corp................................................................................. 336,875
-----------
678,115
-----------
CONSUMER FOODS -- 5.6%
10,970 General Mills Co........................................................................... 597,865
14,775 H.J. Heinz Co.............................................................................. 448,791
-----------
1,046,656
-----------
CONSUMER GOODS & SERVICES -- 8.7%
18,950 H&R Block Inc.............................................................................. 618,244
6,710 International Flavors & Fragrances......................................................... 319,564
10,200 Readers Digest Association Inc............................................................. 433,500
6,240 Tambrands Inc.............................................................................. 255,060
-----------
1,626,368
-----------
DRUGS & PHARMACEUTICALS -- 8.6%
9,960 American Home Products Corp................................................................ 598,845
9,400 Bristol-Myers Squibb Co.................................................................... 846,000
1,977 Pharmacia & Upjohn Inc..................................................................... 87,729
1,360 Warner-Lambert Co.......................................................................... 74,800
-----------
1,607,374
-----------
INSURANCE -- 4.9%
6,300 American General Corp...................................................................... 229,162
3,450 Marsh & McLennan Cos. Inc.................................................................. 332,925
9,900 Safeco Corp................................................................................ 350,212
-----------
912,299
-----------
LUMBER, PAPER & BUILDING SUPPLIES -- 6.0%
10,350 Potlatch Corp.............................................................................. 404,944
4,300 Union Camp Corp............................................................................ 209,625
11,800 Weyerhauser Co............................................................................. 501,500
-----------
1,116,069
-----------
MANUFACTURING -- 4.5%
12,210 Minnesota Mining & Manufacturing........................................................... 842,490
-----------
NATURAL GAS -- 0.8%
5,100 NICOR Inc.................................................................................. 144,713
-----------
OFFICE EQUIPMENT AND SUPPLIES -- 2.1%
8,350 Pitney Bowes, Inc.......................................................................... 398,712
-----------
</TABLE>
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See notes to financial statements.
1
<PAGE>
<PAGE>
UBS U.S. Equity Portfolio
Schedule of Investments June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES SECURITY DESCRIPTION VALUE
- ------ ------------------------------------------------------------------------------------------- -----------
<C> <S> <C>
PETROLEUM PRODUCTION & SALES -- 6.2%
3,600 Amoco Corporation.......................................................................... $ 260,550
4,750 Atlantic Richfield Co...................................................................... 562,875
4,100 Chevron Corporation........................................................................ 241,900
1,120 Texaco Inc................................................................................. 93,940
-----------
1,159,265
-----------
PRINTING & PUBLISHING -- 3.9%
7,560 Deluxe Corporation......................................................................... 268,380
7,500 Dun & Bradstreet Corporation............................................................... 468,750
-----------
737,130
-----------
RETAIL -- 2.8%
9,920 J.C. Penney Company, Inc................................................................... 520,800
-----------
TELECOMMUNICATIONS -- 12.0%
10,400 Bell Atlantic Corp......................................................................... 663,000
15,150 GTE Corporation............................................................................ 677,963
5,750 NYNEX Corp................................................................................. 273,125
20,000 US West Inc................................................................................ 637,500
-----------
2,251,588
-----------
TOBACCO -- 8.3%
7,000 American Brands Inc........................................................................ 317,625
8,250 Philip Morris Companies, Inc............................................................... 858,000
10,800 UST, Inc................................................................................... 369,900
-----------
1,545,525
-----------
UTILITIES -- 5.6%
1,225 American Electric Power Inc................................................................ 52,216
9,050 Baltimore Gas and Electric................................................................. 256,794
5,860 Central & South West Corp.................................................................. 169,940
11,600 Northeast Utilities........................................................................ 155,150
7,780 Pacific Gas & Electric..................................................................... 180,885
8,200 Wisconsin Energy Corp...................................................................... 236,775
-----------
1,051,760
-----------
TOTAL INVESTMENTS AT MARKET VALUE -- 96.2%
(COST $17,940,214)................................................................................ 17,986,707
OTHER ASSETS IN EXCESS OF LIABILITIES -- 3.8%....................................................... 716,518
-----------
TOTAL NET ASSETS -- 100.0%.......................................................................... $18,703,225
-----------
-----------
</TABLE>
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Note: Based on the cost of investments of $17,940,214 for Federal Income Tax
purposes at June 30, 1996, the aggregate gross unrealized appreciation and
depreciation was $511,326 and $464,833, respectively, resulting in net
unrealized appreciation of $46,493.
See notes to financial statements.
2
<PAGE>
<PAGE>
UBS U.S. Equity Portfolio
Statement of Assets and Liabilities June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Investments, at value (cost $17,940,214).......................................... $17,986,707
Cash.............................................................................. 672,078
Dividends and interest receivable................................................. 59,240
Receivable from Adviser........................................................... 16,750
Deferred organization expenses and other assets................................... 49,483
-----------
Total Assets................................................................. 18,784,258
-----------
LIABILITIES:
Administrative services fees payable.............................................. 1,672
Accrued Trustees' fees............................................................ 466
Organization expenses payable..................................................... 48,781
Other accrued expenses............................................................ 30,114
-----------
Total Liabilities............................................................ 81,033
-----------
NET ASSETS........................................................................ $18,703,225
-----------
-----------
NET ASSETS CONSIST OF:
Paid-in capital for beneficial interests.......................................... $18,703,225
-----------
-----------
</TABLE>
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See notes to financial statements.
3
<PAGE>
<PAGE>
UBS U.S. Equity Portfolio
Statement of Operations
For the Period April 2, 1996 (Commencement of Operations) through June 30, 1996
(Unaudited)
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<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Dividends.................................................................. $125,056
Interest................................................................... 12,159
--------
Investment income..................................................... $137,215
EXPENSES:
Investment advisory fees................................................... 20,059
Administrative services fees............................................... 1,672
Audit fees................................................................. 12,928
Custodian fees and expenses................................................ 9,842
Fund accounting fees....................................................... 7,808
Legal fees................................................................. 6,164
Trustees' fees............................................................. 2,466
Amortization of organization expenses...................................... 2,466
Miscellaneous expenses..................................................... 2,796
--------
Total expenses........................................................ 66,201
Less: Fee waiver and expense reimbursements........................... (36,809)
--------
Net expenses.......................................................... 29,392
--------
Net investment income...................................................... 107,823
--------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on securities transactions............................... 2,898
Net change in unrealized appreciation of investments....................... 46,493
--------
Net realized and unrealized gain on investments............................ 49,391
--------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS....................... $157,214
--------
--------
</TABLE>
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See notes to financial statements.
4
<PAGE>
<PAGE>
UBS U.S. Equity Portfolio
Statement of Changes in Net Assets
For the Period April 2, 1996 (Commencement of Operations) through June 30, 1996
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS:
Net investment income.................................................................. $ 107,823
Net realized gain on securities transactions........................................... 2,898
Net change in unrealized appreciation of investments................................... 46,493
-----------
Net increase in net assets resulting from operations................................... 157,214
-----------
CAPITAL TRANSACTIONS:
Proceeds from contributions............................................................ 20,663,059
Value of withdrawals................................................................... (2,117,048)
-----------
Net increase in net assets from capital transactions................................... 18,546,011
-----------
NET INCREASE IN NET ASSETS............................................................. 18,703,225
NET ASSETS:
Beginning of period.................................................................... --
-----------
End of period.......................................................................... $18,703,225
-----------
-----------
</TABLE>
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See notes to financial statements.
5
<PAGE>
<PAGE>
UBS U.S. Equity Portfolio
Financial Highlights
For the Period April 2, 1996 (Commencement of Operations) through June 30, 1996
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
RATIOS/SUPPLEMENTAL DATA:
Net Assets, end of period (000's omitted)...................................... $18,703
Average commission per share................................................... $ 0.60
Ratio of expenses to average net assets(1)..................................... 0.88%(2)
Ratio of net investment income to average net assets(1)........................ 3.23%(2)
Portfolio turnover............................................................. 0%
</TABLE>
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(1) Net of fee waiver and expense reimbursements which had the effect of
reducing the ratio of expenses to average net assets and increasing the
ratio of net investment income to average net assets by 1.11%.
(2) Annualized.
See notes to financial statements.
6
<PAGE>
<PAGE>
UBS U.S. Equity Portfolio
Notes to Financial Statements June 30, 1996 (Unaudited)
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1. GENERAL
UBS U.S. Equity Portfolio (the 'Portfolio'), a separate series of UBS Investor
Portfolios Trust (the 'Trust'), is registered under the Investment Company Act
of 1940, as a diversified, open-end management investment company. The Portfolio
is organized as a trust under the laws of the State of New York.
The investment adviser of the Portfolio is Union Bank of Switzerland, New York
Branch ('UBS'). Signature Financial Group (Grand Cayman), Ltd. ('SFG'), a
wholly-owned subsidiary of Signature Financial Group, Inc., acts as the
Portfolio's administrator and placement agent.
2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies followed by the Portfolio in the preparation of
its financial statements:
A. INVESTMENT VALUATION -- Equity securities in the portfolio are valued at
their last sale price on the exchange on which they are primarily traded, or in
the absence of recorded sales, at the average of readily available closing bid
and asked prices, or at the quoted bid price. Unlisted securities are valued at
the average of the quoted bid and asked prices in the over-the-counter market.
Options on stock indices traded on national securities exchanges are valued at
their last sale price as of the close of options trading on such exchanges.
Stock index futures and related options traded on commodities exchanges are
valued at their last sales price as of the close of such exchanges.
Securities or other assets for which market quotations are not readily available
are valued at fair value in accordance with procedures established by and under
the general supervision of the Portfolio's Board of Trustees (the 'Trustees').
Debt securities that mature in 60 days or less are valued at amortized cost,
which approximates market value. The amortized cost method involves valuing a
security at its cost on the date of purchase or, in the case of securities
purchased with more than 60 days until maturity, at their market value each day
until the 61st day prior to maturity, and thereafter assuming a constant
amortization to maturity of the difference between the principal amount due at
maturity and such valuation.
B. ACCOUNTING FOR INVESTMENTS -- Securities transactions are accounted for on
trade date. Realized gains and losses on security transactions are determined on
the identified cost basis. Dividend income and other distributions from
portfolio securities are recorded on the ex-dividend date. Interest income,
adjusted for amortization of premiums and accretion of discounts on investments,
is accrued daily.
C. U. S. FEDERAL INCOME TAXES -- The Portfolio is considered a partnership under
the U. S. Internal Revenue Code (the 'Code'). As such, each investor in the
Portfolio will be taxed on its share of the Portfolio's ordinary income and
capital gains. Accordingly, no provision for federal income taxes is necessary.
It is intended that the Portfolio will be managed in such a way that an investor
will be able to satisfy the requirements of the Code applicable to regulated
investment companies.
D. DEFERRED ORGANIZATION EXPENSES -- Expenses incurred by the Portfolio in
connection with its organization have been deferred and are being amortized on a
straight line basis over five years from the Portfolio's commencement of
operations (April 2, 1996).
E. OTHER -- The Portfolio bears all costs of its operations other than expenses
specifically assumed by UBS and SFG. Expenses incurred by the Trust on behalf of
any two or more portfolios are allocated in proportion to the net assets of each
portfolio, except when allocations of direct expenses to each
7
<PAGE>
<PAGE>
UBS U.S. Equity Portfolio
Notes to Financial Statements June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
portfolio can otherwise be made fairly. Expenses directly attributable to the
Portfolio are charged directly to the Portfolio.
3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
A. INVESTMENT ADVISORY AGREEMENT -- The Portfolio has retained the services of
UBS as investment adviser. UBS makes the Portfolio's day-to-day investment
decisions, arranges for the execution of portfolio transactions and generally
manages the Portfolio's investments and operations. As compensation for overall
investment management services the Trust has agreed to pay UBS an investment
advisory fee, accrued daily and payable monthly, at an annual rate of 0.60% of
the Portfolio's average daily net assets. For the period April 2, 1996
(commencement of operations) through June 30, 1996, the investment advisory fee
amounted to $20,059, all of which was waived.
B. ADMINISTRATIVE SERVICES AGREEMENT -- Under the terms of an Administrative
Services Agreement with the Trust, SFG provides overall administrative services
and general office facilities to the Portfolio and the Trust. As compensation
for such services, the Portfolio has agreed to pay SFG an administrative
services fee, accrued daily and payable monthly, at an annual rate of 0.05% of
the Portfolio's average daily net assets. For the period April 2, 1996
(commencement of operations) through June 30, 1996, the administrative services
fee amounted to $1,672.
C. EXCLUSIVE PLACEMENT AGENT AGREEMENT -- Under the terms of an Exclusive
Placement Agent Agreement with the Trust, SFG has agreed to act as the Trust's
placement agent. SFG does not receive any additional fees for services provided
pursuant to this agreement.
D. EXPENSE REIMBURSEMENTS -- UBS has voluntarily agreed to reimburse certain
operating expenses of the Portfolio. For the period April 2, 1996 (commencement
of operations) through June 30, 1996, UBS reimbursed the Portfolio for expenses
totaling $16,750.
4. PURCHASES AND SALES OF INVESTMENTS
For the period April 2, 1996 (commencement of operations) through June 30, 1996,
purchases and sales of investment securities, excluding short-term investments,
aggregated $17,968,676 and $31,360, respectively.
8
