SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11 -K
ANNUAL REPORT
☒
ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2023
OR
☐
SECURITIES EXCHANGE ACT OF 1934
For the transaction period from to
Commission file number 1-36764
A. Full title of the plan: UBS Financial Services Incorporated of Puerto Rico Savings Plus Plan
B. Name of issuer of the securities held pursuant to the plan and the address of its principal
executive office:
UBS GROUP AG
Bahnhofstrasse 45
CH-8098, Zurich, Switzerland
UBS FINANCIAL SERVICES INCORPORATED OF
PUERTO RICO SAVINGS PLUS PLAN
Financial Statements and Supplemental Schedule
As of December 31, 2023 and 2022 and
For the Year Ended December 31, 2023
With Report of Independent Registered Public Accounting Firm
UBS FINANCIAL SERVICES INCORPORATED OF
PUERTO RICO SAVINGS PLUS PLAN
Financial Statements and Supplemental Schedule
December 31, 2023 and 2022
and Year Ended December 31, 2023
TABLE OF CONTENTS
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1
Report of Independent Registered Public Accounting Firm
To the Plan Participants and the Plan Administrator of UBS Financial Services Incorporated of Puerto Rico Savings Plus Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the UBS Financial Services Incorporated of
Puerto Rico Savings Plus Plan (the Plan) as of December 31, 2023 and 2022, and the related statement of changes in net assets
available for benefits for the year ended December 31, 2023, and the related notes (collectively referred to as the financial
statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of
the Plan at December 31, 2023 and 2022, and the changes in its net assets available for benefits for the year ended December
31, 2023, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the
Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to
error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial
reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for
the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we
express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due
to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Schedules Required by ERISA
The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2023, (referred to as the supplemental
schedule), has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The
information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included
determining whether the information reconciles to the financial statements or the underlying accounting and other records, as
applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental
schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is
presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the
financial statements as a whole.
We have served as the Plan’s auditors since 2000.
New York, New York
June 26, 2024
2
UBS FINANCIAL SERVICES INCORPORATED OF
PUERTO RICO SAVINGS PLUS PLAN
Statements of Net Assets Available for Benefits
As of December 31, 2023 and 2022
2023
2022
ASSETS
Investments, at fair value
$51,831,620
$44,256,668
Notes receivable from participants
927,430
933,137
Investment income receivable
23,474
53,648
Contributions receivable
Contributions receivable
17,469
18,274
Company, net of forfeitures
536,017
563,404
Total assets
53,336,010
45,825,131
LIABILITIES
Accrued expenses
3,195
2,468
Total liabilities
3,195
2,468
Net assets available for benefits
$53,332,815
$45,822,663
The accompanying notes are an integral part of these financial statements.
3
UBS FINANCIAL SERVICES INCORPORATED OF
PUERTO RICO SAVINGS PLUS PLAN
Statement of Changes in Net Assets Available for Benefits
For the Year December 31, 2023
2023
ADDITIONS TO NET ASSETS
Investment income
Net appreciation in the fair value of investments
$7,330,527
Dividend and interest income
1,251,896
Net investment Income
8,582,423
Interest income on notes receivable from participants
39,258
Contributions
Participants
1,412,108
Company, net of forfeitures
1,185,500
Total contributions
2,597,608
Total additions
11,219,289
DEDUCTIONS FROM NET ASSETS
Distributions to participants
3,685,962
Administrative expenses
23,175
Total deductions from net assets
3,709,137
Net increase in net assets available for benefits
7,510,152
Net assets available for benefits
Beginning of year
45,822,663
End of year
$53,332,815
The accompanying notes are an integral part of these financial statements.
4
UBS FINANCIAL SERVICES INCORPORATED OF
PUERTO RICO SAVINGS PLUS PLAN
Notes to Financial Statements
December 31, 2023 and 2022
NOTE 1 DESCRIPTION OF THE PLAN
The following description of the UBS Financial Services Incorporated of Puerto Rico Savings Plus Plan (the Plan) provides only
general information. Participants should refer to the Summary Plan Description for a more complete description of the Plan’s
provisions and detailed definitions of several terms of the Plan.
General
Effective July 31, 2021 UBS Financial Services Inc (the Company) became the Plan Sponsor for the Plan when UBS Financial Services
Incorporated of Puerto Rico was merged with the parent company UBS Financial Services Inc. The Plan, a defined-contribution
plan , provides retirement benefits to eligible employees of the UBS Financial Services and any of its subsidiaries who have adopted
the Plan and are residents of Puerto Rico. Subject to certain exceptions, all full- and part-time employees on the Company’s U.S.
payroll platform and are residents of Puerto Rico are eligible to participate in the Plan upon completion of one hour of service.
The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.
The Plan is administered by the Company’s Plan administrator (Head of Benefits Americas Region). Northern Trust (the Custodian)
is the custodian of the assets and the UBS Trust Company of Puerto Rico (the Trustee) is the trustee. Alight (formerly Aon Hewitt)
is the Plan’s record-keeper and Mercer serves as the Plan’s investment advisor.
An employee is eligible to participate in the Plan on the first day of service performed for the Company.
The Plan is established under the laws of Puerto Rico and is subject to Puerto Rico’s contribution limits. All other features of the
Plan are similar to those of the UBS 401(k) Plan.
The Plan invests in mutual funds, common collective trust funds, money market funds, the UBS Company Stock Fund (UBS Stock
Fund) and short-term investments. In addition to these investment options, the Plan allows participants to maintain Self-Directed
Brokerage Accounts.
Plan Amendments
Effective January 1, 2021 (amendment July 1, 2021) the Plan is amended as follows:
1.
The definition of “Required Beginning Date” in Section 2.1 is amended to read as follows:
“Required Beginning Date”
year following the year in which the Participant attains age seventy and one-half (age seventy-two, with respect to a Participant
who attains age seventy and one-half after December 31, 2019), and (ii) for each other Participant, April 1st following the end of
the calendar year in which the later of the following occurs: (A) the Participant’s date of retirement or other termination of
employment and (B) the Participant attains age seventy and one half (age seventy-two, with respect to a Participant who attains
age seventy and one-half after December 31, 2019).
2. Section 8.6 “Minimum Required Distributions” is amended in its entirety to read as follows:
Notwithstanding any other provision of the Plan, distributions under the Plan shall be made in accordance with the amount and
timing requirements of Section 401(a)(9) of the US Code. Furthermore, a Participant who (i) is not a Five-Percent Owner, (ii) attains
age seventy and one-half on or after January 1, 1999 (age seventy-two, with respect to a Participant who attains age seventy and
one-half after December 31, 2019), and (iii) is an Employee on April 1 of the year following the year in which the Participant
attains age seventy and one-half (age seventy-two, with respect to a Participant who attains age seventy and one-half after
December 31, 2019), shall not receive a distribution of his Vested Account Balance until the Participant’s Severance Date, but in
no event later than April 1st following the year in which such Severance Date occurs. Distributions shall comply with the final
regulations issued under Section 401(a)(9) of the US Code in 2002. The requirements of Section 401(a)(9) of the US Code,
including U.S. Treasury Regulation Section 1.401(a)(9)-2 through and including 1.401(a)(9)-9 and the incidental death benefit
requirement included in Section 401(a)(9)(G) of the US Code, to the extent not otherwise expressly reflected in this Plan, are
hereby incorporated by reference. To the extent any provision of the Plan is inconsistent with such Section of the US Code and
regulations, the Plan provisions shall be disregarded. Notwithstanding any other provisions in this Section 8.6 or any other section
of the Plan to the contrary, effective January 1, 2020, the Company will suspend distribution from the Plan required under this
Section 8.6 and Section 8.7 to the extent such distribution would otherwise have to be paid in the 2020 calendar year (or paid in
2021 for the 2020 calendar year for a Participant with a required beginning date of April 1, 2021), provided that a Participant or
Beneficiary may elect not to have such distributions suspended. Such election shall be made in the manner prescribed by the Plan
Administrator. In no event shall the Company suspend a distribution from the Plan under this Section 8.6 or Section 8.7 to the
extent such distribution would otherwise have to be paid in any year other than the 2020 calendar year (or paid in 2021 for the
2020 calendar year for a Participant with a required beginning date of April 1, 2021).
5
NOTE 1 DESCRIPTION OF THE PLAN
(continued)
3. Section 8.7 “Death of a Participant” is amended in its entirety to read as follows:
(a) Death Before Distributions Commence. Except as provided in the following sentence, if a Participant’s Service with the UBS
Financial Services ends by reason of the Participant’s death, the Participant’s Beneficiary shall receive a distribution of his Vested
Account Balance in a lump sum as soon as practicable after the date of death of the Participant. However, if the Vested Account
Balance equals or exceeds the Cash-Out Amount and the Participant dies prior to the Participant’s Required Beginning Date,
distribution of the Participant’s Vested Account Balance in a lump sum shall (i) be completed by the December 31 of the year
which includes the fifth anniversary of the Participant’s death or, (ii) commence by the December 31 of the year including the first
anniversary of the Participant’s death. Notwithstanding the foregoing, if the sole designated beneficiary is the Participant’s
surviving spouse, distribution of the Participant’s Vested Account Balance must commence by the later of (i) the December 31 of
the year including the first anniversary of the Participant’s death or (ii) the December 31 of the calendar year in which the
Participant would have attained age 70 ½ (age 72, with respect to a Participant who attains age 70 ½ after December 31, 2019).
Unless distribution of the Participant’s Vested Account Balance is completely distributed by December 31 of the year including the
fifth anniversary of the Participant’s death, the minimum amount of each installment for each distribution year shall be determined
in accordance with Section 401(a)(9) of the US Code and the final regulations issued thereunder in 2002. If a portion of the Vested
Account Balance is invested in the Common Stock Fund, the Beneficiary may elect to receive shares of Common Stock in
connection with such lump-sum distribution in the manner contemplated by Section 8.3(c) as if, solely for such purpose, the
Beneficiary were the electing Participant. (b) Death After Distributions Commence. If a Participant who is currently receiving an
installment distribution pursuant to Section 8.3(b) dies before his entire Vested Account Balance is distributed to him, then the
remaining portion of his Vested Account Balance, if any, shall be distributed at least as rapidly as under the method of distributions
being used prior to the date of the Participant’s death; provided, however, that, if a Beneficiary so elects, the Participant’s
remaining Vested Account Balance may be paid to the Beneficiary in a lump sum. If a Participant who has incurred a Severance
Date dies before such payment is made to the Participant, the provisions of Section 8.7(a) shall apply as if the Participant had died
in Service. Notwithstanding the foregoing, in the case of a Participant who is currently receiving an installment distribution
pursuant to Section 8.3(b) who dies after December 31, 2019 and before his entire Vested Account Balance is distributed to him,
the remaining portion of his Vested Account Balance, if any, shall be distributed to a Beneficiary who is not an “eligible designated
beneficiary” by the end of the tenth calendar year following the year of the Participant’s death. “Eligible designated beneficiary”
means, with respect to a Participant who dies after December 31, 2019, any designated beneficiary who is: (1) the surviving
spouse of the Participant; (2) a child of the Participant who has not reached majority; (3) disabled within the meaning of US Code
Section 72(m)(7); (4) a chronically ill individual as defined in US Code Section 401(a)(9)I(ii)(IV); and (5) any other individual who is
not more than ten years younger than the Participant. If such Participant’s eligible designated beneficiary is a minor child,
distribution of the Participant’s entire interest will be completed by December 31 of the calendar year containing the tenth
anniversary of the minor child’s age of majority.
Effective July 31, 2021, the UBS Financial Services Incorporated of Puerto Rico Savings Plus Plan (the “Plan”) was amended for
the definition of “Company” in Section 2.1 of the Plan as follows
:
“
‘Company’
all or substantially all of its business; (ii) from June 9, 2003 to July 30, 2021, UBS Financial Services Incorporated of Puerto Rico, a
Puerto Rico corporation; and (iii) prior to June 9, 2003, any predecessor to UBS Financial Services Incorporated of Puerto Rico.”
Effective May 4, 2020, Article IX of the Amended and Restated Plan document effective January 1, 2017was amended by adding
a new Section 9.11 as follows:
6
NOTE 1 DESCRIPTION OF THE PLAN
(continued)
9.11 Withdrawals pursuant to Puerto Rico Treasury Department Circular Letters No.20-09 and 20-23.
this Plan regarding in-service withdrawals shall be deemed to be modified by, and shall incorporate by reference, the provisions
of Circular Letter No. 20-09 issued on February 20, 2020 on account of the disaster relief declared by the Governor of Puerto Rico
due to the January 7, 2020 earthquake and subsequent aftershocks and of Circular Letter No. 20-23 issued on March 29, 2020
on account of the disaster relied declared by the Governor of Puerto Rico due to the COVID-19 emergency (hereinafter collectively
the “Circular Letters”) both allowing for “special disaster withdrawals” (as defined by the Circular Letters). The Plan shall be
administered in accordance with the Circular Letter unless the Plan Administrator determines otherwise. The Plan Administrator
may require a Participant to provide such information and make such attestations, as the Plan Administrator determines in its
discretion to be necessary or appropriate to administer the Plan in accordance with the Circular Letters. The Plan Administrator
shall be entitled to rely on the information provided by the Participant to the extent permissible under the Circular Letters.
Effective September 20, 2017, the UBS Financial Services Incorporated of Puerto Rico Savings Plus Plan (the “Plan”) is amended
as follows (signed Effective 11-2-18):
1. Article IX of the Plan is amended by adding a new Section 9.10 to read as follows:
9.10 Withdrawals pursuant to Puerto Rico Treasury Administrative Determination Letter No. 17-29
this Plan regarding in-service withdrawals shall be deemed to be modified by, and shall incorporate by reference, the provisions
of Administrative Determination Letter No. 17-29 (as modified by Administrative Determination Letters nos. 18-02 and 18-13)
issued by the Puerto Rico Treasury Department that provides relief under the PR Code for Participants affected by a hurricane
Maria ( the “Determination Letter”). The Plan shall be administered in accordance with such Determination Letter unless the Plan
Administrator determines otherwise. The Plan Administrator may require a Participant to provide such information and make such
attestations, as the Plan Administrator determines in its discretion to be necessary or appropriate to administer the Plan in
accordance with the Determination Letter. The Plan Administrator shall be entitled to rely on the information provided by the
Participant to the extent permissible under the Determination Letter.
The Plan was amended with respect to Before -Tax Contributions and After-Tax Contributions made on or after January 1, 2018,
Matching Contributions will be limited as follows (regardless of the level of Company or Affiliated Employer profit in the applicable
Plan Year) for any Participant who is eligible for Matching Contributions in the applicable Plan Year: (i) for the Plan Year ending
December 31, 2018, Matching Contributions will be limited to $4,500; (ii) for the Plan Year ending December 31, 2019, Matching
Contributions will be limited to $5,850; and (iii) for the Plan Year ending December 31, 2020, and each Plan Year thereafter,
Matching Contributions will be limited to $8,000. In addition, Matching Contributions for any such Participant with respect to a
Plan Year shall not exceed 100% of such Participant’s Before-Tax Contributions and After-Tax Contributions up to 6% of
Compensation.”
In addition, effective with respect to Compensation paid in Plan Years beginning on or after January 1, 2018, each individual who
is eligible for a Retirement Contribution under Section 5.4 for a Plan Year shall receive a Retirement Contribution for each
applicable Plan Year in accordance with the following applicable schedule, based upon the individual’s Compensation paid solely
during the portion of the Plan Year in which such individual was an Eligible Employee (both for purposes of determining whether
the Eligible Employee has Compensation greater than $200,000 in the Plan Year, and the percentage of Compensation to be
contributed on his behalf) and the individual’s attained Period of Service as of the first day of the applicable Plan Year:
SCHEDULE A: ELIGIBLE PARTICIPANTS WITH COMPENSATION NO MORE THAN $200,000 IN PLAN YEAR
Number of Years in the Period of Service As of the First
Day of the Plan Year
Percentage of Compensation to be Contributed as
Retirement Contribution
less than 10
2.0
10, but less than 15
3.0
15 or more
3.5
7
NOTE 1 DESCRIPTION OF THE PLAN
(continued)
SCHEDULE B: ELIGIBLE PARTICIPANTS WITH COMPENSATION GREATER THAN $200,000 IN PLAN YEAR
Number of Years in the
Period of Service As of the
First Day of the Plan Year
Percentage of
Compensation to be
Contributed as Retirement
Contribution in 2018 Plan
Year
Percentage of
Compensation to be
Contributed as Retirement
Contribution in 2019 Plan
Year
Percentage of
Compensation to be
Contributed as Retirement
Contribution in 2020 Plan
Year and thereafter
less than 10
2.0
2.0
2.0
10 or more
3.0
2.5
2.0
Effective February 8, 2017, the Plan is amended as follows: The definition of “Highly Compensated Employee” in Section 2.1 is
amended to read as follows: “Highly Compensated Employee” means, effective February 8, 2017, any Employee who (A) is more
than a five percent owner of the voting shares or the total value of all classes of stock of the Employer, as defined in the PR Code
and the regulations promulgated there under; or (B) for the preceding Plan Year received Compensation in excess of $150,000 or
such other amount in effect pursuant to Section 1081.01(d)(3)(E)(iii) of the PR Code.
The Plan was amended effective January 1, 2017 to include auto enrollment of 3% of eligible compensation. Participants have
up to 90 days (from date of employment) to enroll in the plan or opt out and not contribute. If the participant does not opt out
or enroll within 90 days of employment they will be automatically set up to contribute 3% of their eligible compensation via
payroll deductions. The funds will be invested in the age appropriate Target Retirement Fund (the Plans Qualified Default
Investment Alternative). In addition, the match formula was changed to $1 for $1 up to 6% of eligible contributions with an
annual caps of $3,000 per participant.
Administrative Expenses
The Plan’s administrative expenses are paid by the Plan or the Company, as provided by the Plan’s provisions. Administrative
expenses that may be paid by the Plan include recordkeeping, trustee, legal, audit, and investment consulting. Administrative fees
(recordkeeping fees) associated with Self-directed mutual fund window are paid by the plan participants that invest in the Self-
directed window. Expenses relating to the Plan’s investments (investment management fees and commissions) are charged to the
specific investment fund to which the expense relates. For the years ended December 31, 2023 and 2022 the Plan administration
fees (including fees associated with the self-directed window) were charged to participants’ accounts after one full calendar year
of being a terminated employee, beneficiaries or alternate payees.
8
NOTE 1 DESCRIPTION OF THE PLAN
(continued)
Participant Contributions
A participant’s contributions can consist of “pre-tax contributions,” which reduce the participant’s taxable compensation and
“after-tax contributions,” which do not reduce a participant’s taxable compensation, and “rollovers,” which are transfers from
other Puerto Rico tax-qualified retirement plans.
For each plan year, a participant is eligible to make pre-tax contributions through payroll deductions, up to 85% of his/her eligible
compensation. The dollar amount of a participant’s contributions cannot exceed certain Plan limits and those imposed under the
Internal Revenue Code for a New Puerto Rico (the Code). Eligible compensation is defined as 499-R-2/W-2 Puerto Rico earnings
(subject to certain adjustments), not to exceed $305,000 for 2022 and $330,000 for 2023. Pre-tax contributions are limited by
the Code to $15,000 for 2022 and 2023. Participants who have attained age 50 on or before December 31, 2021, were limited
to pre-tax contributions of $16,500 for 2021 and 2022. These limits are subject to change in future years to be consistent with
limitations imposed by the Code.
Participants are also permitted to make after-tax contributions of up to 10% of their eligible compensation up to the IRC
compensation limit of $330,000 for 2023 (or $33,000 for 2022) provided that the maximum combined rate of a participant’s pre-
and after-tax contributions does not exceed 85% of his/her eligible compensation for 2022 and 2023. After-tax contributions
may be considered in determining the Company’s matching contribution.
Additionally, participants may make rollover contributions to the Plan, which are transfers from another Puerto Rico tax-qualified
retirement plan. The amount rolled over will be credited to a participant’s account and will be treated similar to appreciation on
pre-tax contributions for Plan accounting and Puerto Rico income tax purposes.
Company Contributions
Each year, the Company uses pre- and after-tax contributions in determining the amount of the Company’s matching contribution
for each participant. For Plan year beginning January 1, 2017 the Company Match is calculated by multiplying each participant's
pre-tax, and after-tax contributions (up to 6% of eligible compensation) by 100% and, is limited on an annual basis, to $3,000
for 2017; $ 4,500 for 2018 and $5,850 for 2019 and thereafter the annual Company Match is $8,000. Company Match
contributions are contributed on a payroll basis based on the participants contributions and year to date annual eligible retirement
earnings.
Company match contributions and earnings are invested according to the participant’s investment elections in effect for Company
contributions, which can be different or similar to their pre-tax and after-tax contribution elections..
The Company also provides a retirement contribution (basic profit-sharing contribution) equal to a percentage of the participant’s
eligible compensation (up to the annual IRC compensation limit - $330,000 for 2023) and based on the participant’s years of
service with the Company as of the beginning of the plan year and eligible compensation. The retirement contribution is invested
according to the participant’s investment elections in effect for Company contributions, which can be different or similar to their
pre- and after-tax contributions.
The Qualified Deferred Payment (QDP) feature is a supplemental profit-sharing contribution provided to participants who satisfy
certain eligibility requirements. The contribution amount is based on a participant’s age at the beginning of the plan year. QDP
contributions and earnings are invested according to the participant’s investment elections in effect for Company contributions,
which can be different or similar to their pre- and after-tax contribution elections.
If a participant has not selected his or her investment elections, the Company Contributions are invested in the age-appropriate
Vanguard Target Date Retirement Fund, the default investment option. The determination of the Target Date Fund is based on
the participant’s year of birth.
9
NOTE 1 DESCRIPTION OF THE PLAN
(continued)
Participant Accounts
Under the Plan, each participant has two accounts—an employee account (Employee Account) and a company account (Company
Account). The Company Account is funded; per payroll for the Company Match, annually for the Company Retirement
Contribution and, per specific payrolls for the QDP. The participant can change their investment elections for Company
Contributions (Company Match, Company Retirement Contribution, and QDP) as well as their own contributions (pre-tax and
After-tax) at any time. In addition, they can make different investment elections for their Company Contributions, before-tax
contributions, and after-tax contribution. The participant’s Employee Account reflects all of the participant’s contributions in
addition to income, gains, losses, withdrawals, distributions, loans, and expenses attributable to these contributions. The
participant’s Company Account reflects his/her share of the Company’s contributions from the Company match, the Company
retirement contribution, and the QDP for each plan year and income, gains, losses, withdrawals, distributions, and expenses
attributable to these Company contributions.
Vesting
Participants are immediately vested in their Employee Account. A participant is fully vested in the Company match, retirement and
QDP contributions and earnings thereon after attaining either three years of service, reaching age 65, becoming totally and
permanently disabled, or upon death.
Forfeited Accounts
Forfeited balances of terminated participants’ unvested Company Accounts are used to reduce the Company’s contributions to
the Plan. For the year ended December 31, 2023, total forfeitures of $2,312 were used to reduce the Company contributions.
Unallocated forfeited balances as of December 31, 2023 and 2022 were $210and $(1,501) respectively.
Distributions and Withdrawals
After-tax contributions, including any income and loss thereon, may be withdrawn by participants at any time in accordance with
the Plan’s provisions. Withdrawals of pre-tax contributions or vested Company contributions are permitted, subject to certain
limitations as set forth in the Code. All withdrawals or a portion thereof are subject to taxation as set forth in the Code.
Upon termination of service, a participant may elect to receive a distribution of the vested portion of his/her account in a lump-
sum amount or in installments over a period of up to 10 years. Distributions consist of common stock or cash from the UBS Stock
Fund and cash from all other funds.
Notes Receivable from Participants
Notes receivable from participants represent participant loans which are permitted under the Plan. The minimum amount that
may be borrowed is $1,000 and the maximum amount is limited to the lesser of 50% of the value of a participant’s vested account
balance, or $50,000, reduced by the participant’s highest outstanding loan balance over the previous 12 months. The interest
rates ranged from 5.25% to 10.50% for the year ended December 31, 2023 and 5.25% to 7.50% for the year ended December
31, 2022.
Loans are payable in equal installments, representing a combination of interest and principal by withholding from the participant’s
paychecks. The outstanding principal amount of any loan can be repaid on any business day. In the event a participant has a loan
outstanding under the Plan, various limitations exist on such participant’s right to receive additional loans under the Plan. If a loan
is not repaid within 90 days, it will automatically be treated as a distribution to the participant.
Plan Termination
While the Company has not expressed any intent to terminate the Plan, it is free to do so at any time subject to the provisions of
ERISA. In the event the Plan is wholly or partially terminated, or upon the complete discontinuance of contributions under the
Plan by any entity of the Company, each participant affected shall become fully vested in his/her Company Account. Any
unallocated assets of the Plan then held by the Custodian shall be allocated among the appropriate Company Accounts and
Employee Accounts of the participants and will be distributed in a manner determined by the Company.
10
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The accompanying financial statements are prepared on the accrual basis of accounting in conformity with U.S. generally accepted
accounting principles (U.S. GAAP).
Payments of Benefits
Benefits to participants are recorded when paid.
Notes Receivable from Participants
Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued
but unpaid interest. Interest income on loans receivable from participants is recorded when it is earned. Related fees are recorded
as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of
December 31, 2023 or 2022. If a participant does not make loan repayments for more than 90 days, the Plan administrator will
deem the participant loan to be a distribution and the participant loan balance is reduced and a benefit payment is recorded.
Investment Valuation and Income Recognition
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis and dividends
are recorded on the ex-dividend date. Net appreciation/depreciation includes the Plan’s gains and losses on investments bought,
sold and held during the year.
Investments held by the Trust are stated at fair value. Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date. (See Note 3 for a discussion of
fair value measurement).
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the amounts reported in the financial statements and accompanying notes and supplemental schedule. Actual results
could differ from those estimates.
11
NOTE 3 FAIR VALUE MEASUREMENT
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (i.e.,
exit price).
The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair
value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical financial instruments (Level
1) and the lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall in
different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its
entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Assessing
the significance of a particular input to the fair value measurement in its entirety requires considerable judgment and involves
considering a number of factors specific to the financial instrument.
Level 1
: Inputs are quoted prices (unadjusted) in active markets for identical financial instruments that the reporting entity has
the ability to access at the measurement date. An active market for the financial instrument is a market in which
transactions for the financial instrument occur with sufficient frequency and volume to provide pricing information on
an ongoing basis.
Level 2:
Inputs other than quoted prices included within Level 1 that are observable for the financial instrument, either directly
or indirectly.
Level 3
: Unobservable inputs for the financial instrument
The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes
in the methodologies used at December 31, 2023 and 2022.
Mutual funds:
year end. Funds that are not actively traded on an exchange are priced at NAV using inputs that corroborate the NAV with
observable (i.e., ongoing redemption and/or subscription activity) market-based data.
Common and collective trust funds:
Plan at year end (e.g., bond funds equity funds, non-US equity funds, etc.). Funds that are not actively traded on an exchange are
priced at NAV using inputs that corroborate the NAV with observable (i.e., ongoing redemption and/or subscription activity)
market-based data.
Money market funds:
represent fair value.
UBS Stock Fund:
securities are traded.
Common Stock:
securities are traded.
Self-Directed Brokerage Accounts:
Plan at the valuation date.
The methods described above may produce a fair value calculation that may not indicate net realizable value or reflect future fair
values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants,
the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a
different fair value measurement at the reporting date.
There were no transfers between levels in 2023 and 2022.
12
NOTE 3 FAIR VALUE MEASUREMENT (Continued)
At December 31, 2023, the investments held by the Plan within the fair value hierarchy are as follows:
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
Total
Mutual funds
$18,951,025
—
—
$18,951,025
Self-directed brokerage accounts
12,289,204
—
—
12,289,204
UBS Stock Fund
3,166,694
—
—
3,166,694
Common Stock
1,290,380
—
—
1,290,380
$35,697,303
$ —
$ —
$35,697,303
Investments measured at NAV:
Money market funds
(a)
$5,657,621
U.S. equity funds
(b)
8,958,897
Non-U.S. equity funds
(c)
321,835
U.S. bond funds
(d)
1,195,964
Total investments, at NAV
$16,134,317
Total investments at fair value
$51,831,620
At December 31, 2022, the investments held by the Plan within the fair value hierarchy are as follows:
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Mutual funds
$16,073,258
—
—
$16,073,258
Self-directed brokerage accounts
10,952,743
—
—
10,952,743
UBS Stock Fund
1,834,384
—
—
1,834,384
Common Stock
938,942
—
—
938,942
$29,799,326
$ —
$ —
$29,799,326
Investments measured at NAV:
Money market funds
(a)
$7,134,081
U.S. equity funds
(b)
5,448,473
Non-U.S. equity funds
(c)
342,069
U.S. bond funds
(d)
1,532,718
Total investments, at NAV
$14,457,341
Total investments at fair value
$44,256,668
(a) Money market funds are designed to protect capital with low-risk investments and include cash, bank notes, corporate
notes, government bills, and various short-term debt instruments.
(b) Equity common/collective trust funds seek to maintain portfolio diversification and approximate the risk and return
characterized by certain equity indices. Under normal circumstances, redemptions for participant activity may be made daily
with no notice period required. Plan sponsor-initiated activity may require prior written notice of 3 to 15 days.
(c) U.S. bond common/collective trust funds seek to maintain an overall diversified portfolio whose investment return matches
the performance of certain bond indices. Under normal circumstances, redemptions for participant activity may be made
daily with no notice period required. Plan sponsor-initiated activity may require prior written notice of 15 days.
(d) Non-U.S. bond common/collective trust funds seek to provide investment returns of a diversified portfolio of international
government bonds and match the performance of an index. Under normal circumstances, redemptions for participant
activity may be made daily with no notice period required. Plan sponsor-initiated activity may require prior written notice of
15 days.
(e) Target date common/collective trust funds are pre-mixed portfolios of diversified assets (stocks, bonds and other
investments). They are designed for participants who expect to retire in or close to the target year stated in each option’s
name. Except for the Target Retirement Income Fund, over time, the portfolio mix of each fund will gradually shift to more
fixed income securities as the target year approaches. Upon reaching the target year, the fund will be blended into the
Target Retirement Income Fund, which is designed to provide those participants who are withdrawing money from the
Plan with an appropriate blend of growth, income and inflation protection. Under normal circumstances, redemptions for
participant activity may be made daily with no notice period required. Plan sponsor-initiated activity may require prior
written notice of 3 days.
The above provides a general description of the investments. Participants should refer to the Investment Options Guide for
information on the investment objectives and strategy of each investment option.
13
NOTE 4 RISKS AND UNCERTAINTIES
The Plan invests in various investment instruments that are exposed to various risks such as interest rate, market, and credit risks.
Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of
investment securities will occur in the near term and that such changes could materially affect participants’ account balances and
the amounts reported in the statements of net assets available for benefits.
NOTE 5 RELATED-PARTY TRANSACTIONS
The Plan invests in the common stock of UBS Group AG. In addition, certain Plan investments are shares/units of mutual funds
and short-term investments managed by the Custodian. These transactions qualify as party-in-interest transactions; however, they
are exempt from the prohibited transactions rules under ERISA. The Plan received a common stock dividend payment of $54,801
from UBS Group AG for 2023.
Certain officers and employees of the Plan’s sponsor (who may also be participants in the Plan) perform administrative services
related to the Plan’s operation, record keeping and financial reporting. The Plan’s sponsor pays these individuals’ salaries and also
pays certain other administrative expenses on the Plan’s behalf. The foregoing transactions are not deemed prohibited party-in-
interest transactions, because they are covered by statutory and administrative exemptions from the Code and ERISA’s rules on
prohibited transactions.
The UBS mutual funds’ investment advisor, administrator, and distributor is UBS Asset Management (Americas) LP, a wholly owned
subsidiary of UBS Americas Inc. UBS AM earns management fees from the UBS AM Funds offered in the self-directed window
which is offered in one of the core funds. These fees were paid by the participants.
NOTE 6 TAX STATUS
The Plan has received a favorable determination letter from the Commonwealth of Puerto Rico Department of Treasury (the
Treasury) dated August 25, 2015, stating that the Plan is qualified under Sections 1165(a) and 1165(e) of the Puerto Rico Internal
Revenue Code of 1994 (PRIRC-94) and, therefore, the related trust is exempt from taxation. Subsequent to receiving the
determination letter, the Plan was amended. Puerto Rico Treasury confirmed in letters dated February 26, 2018, February 19,
2019 and July 29, 2021 that the amendments to the Plan do not adversely affect the Plan’s qualified status.
Once qualified, the Plan is required to operate in conformity with the Puerto Rico Code to maintain its qualification. The Plan
administrator has indicated that they will take the necessary steps to bring the Plan into compliance with the Puerto Rico Code.
The Plan has not been qualified nor is intended to be qualified under Sections 401(a) or 401(k) of the U.S. Internal Revenue Code.
Accounting principles generally accepted in the United States require plan management to evaluate uncertain tax positions taken
by the Plan. The financial statement effects of a tax position are recognized when the position is more-likely-than-not, based on
the technical merits, to be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by
the Plan, and has concluded that as of December 31, 2023, there are no uncertain positions taken or expected to be taken. The
Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing
jurisdictions; however, there are currently no audits for any tax periods in progress.
Note 7 SUBSEQUENT EVENTS
In March 2023, UBS Group AG (“UBS”) entered into an agreement to acquire Credit Suisse Group AG by means of a statutory
merger under Swiss law. UBS completed the acquisition of Credit Suisse on June 12, 2023 and Credit Suisse Group AG was
merged into UBS Group AG. The combined entity operates as a consolidated banking group. On May 31, 2024, the merger of
the parent banks, UBS AG and Credit Suisse AG, was completed. The transition to a single intermediate holding company in the
U.S. was completed on June 7, 2024. The acquisition and subsequent integration steps have not resulted in an impact to the Plan
at this time.
14
SUPPLEMENTAL SCHEDULE
UBS FINANCIAL SERVICES INCORPORATED OF
PUERTO RICO SAVINGS PLUS PLAN
EIN: 13-3074649
Plan #: 003
Schedule H, Line 4(i)—Schedule of Assets (Held at End of Year)
As of December 31, 2023
15
Security Description / Asset ID
Share / Par Value
Cost
Current Value
Corporate Stock - Common
China - USD
ADR PROSUS N.V. ADR NASPERS NEWCO-ADR CUSIP : 74365P108
4,323.000
29,239.88
25,721.85
Total China - USD
29,239.88
25,721.85
France - USD
ADR SAFRAN ADR CUSIP : 786584102
1,184.000
36,935.82
52,249.92
Total France - USD
36,935.82
52,249.92
Germany - USD
ADR BAYER A G SPONSORED ADR CUSIP : 072730302
2,317.000
35,103.62
21,385.91
SAP SE-SPONSORED ADR CUSIP : 803054204
242.000
32,180.22
37,410.78
Total Germany - USD
67,283.84
58,796.69
Netherlands - USD
AERCAP HOLDINGS N.V. EUR0.01 CUSIP : N00985106
656.000
35,986.79
48,753.92
Total Netherlands - USD
35,986.79
48,753.92
Switzerland - USD
UBS GROUP AG COMMON STOCK CUSIP : H42097107
102,482.000
1,744,596.66
3,166,693.80
Total Switzerland - USD
1,744,596.66
3,166,693.80
Taiwan - USD
ADR TAIWAN SEMICONDUCTOR MANUFACTURING ADS REP 5 TWD10 CUSIP : 874039100
307.000
28,191.21
31,928.00
Total Taiwan - USD
28,191.21
31,928.00
United Kingdom - USD
ROYAL DUTCH SHELL PLC SPONSORED ADR REPSTG ORD SH CUSIP : 780259305
393.000
22,506.12
25,859.40
Total United Kingdom - USD
22,506.12
25,859.40
United States - USD
ALPHABET INC CAP STK USD0.001 CL C CUSIP : 02079K107
617.000
57,597.22
86,953.81
AMAZON COM INC COM CUSIP : 023135106
695.000
83,888.30
105,598.30
AON PLC CUSIP : G0403H108
97.000
23,088.02
28,228.94
CAPITAL ONE FINL CORP COM CUSIP : 14040H105
288.000
29,263.95
37,762.56
CHARTER COMMUNICATIONS INC NEW CL A CL A CUSIP : 16119P108
33.000
11,450.75
12,826.44
COMCAST CORP NEW-CL A CUSIP : 20030N101
901.000
39,583.54
39,508.85
CONOCOPHILLIPS COM CUSIP : 20825C104
714.000
74,631.09
82,873.98
ELEVANCE HEALTH INC CUSIP : 036752103
84.000
34,317.55
39,611.04
GE AEROSPACE CUSIP : 369604301
455.000
31,049.27
58,071.65
GOLDMAN SACHS GROUP INC COM CUSIP : 38141G104
141.000
40,280.23
54,393.57
HILTON WORLDWIDE HLDGS INC COM NEW COM NEW CUSIP : 43300A203
163.000
18,115.17
29,680.67
LIBERTY BROADBAND CORP COM SER A COM SERA CUSIP : 530307107
123.000
14,824.93
9,918.72
LIBERTY BROADBAND CORP COM SER C COM SERC CUSIP : 530307305
241.000
30,934.67
19,422.19
MARRIOTT INTL INC NEW COM STK CL A CUSIP : 571903202
128.000
16,855.68
28,865.28
META PLATFORMS INC COM USD0.000006 CL 'A' CUSIP : 30303M102
221.000
46,289.71
78,225.16
MICROSOFT CORP COM CUSIP : 594918104
260.000
56,229.60
97,770.40
NETFLIX INC COM STK CUSIP : 64110L106
112.000
36,823.01
54,530.56
OCCIDENTAL PETROLEUM CORP CUSIP : 674599105
708.000
44,365.00
42,274.68
UNITEDHEALTH GROUP INC COM CUSIP : 91324P102
88.000
31,176.25
46,329.36
VISA INC COM CL A STK CUSIP : 92826C839
67.000
13,821.37
17,443.45
WELLS FARGO & CO NEW COM STK CUSIP : 949746101
1,087.000
44,094.23
53,502.14
WOODWARD INC COM CUSIP : 980745103
171.000
18,193.21
23,278.23
Total United States - USD
796,872.75
1,047,069.98
Total Corporate Stock - Common
2,761,613.07
4,457,073.56
16
Security Description / Asset ID
Share / Par Value
Cost
Current Value
Value of Interest in Common/Collective Trusts
United States - USD
MFO INVESCO OPPENHEIMER EMERGING MARKETS EQUITY CL A - 504 CUSIP : 67084Y723
5,350.540
333,877.72
321,834.98
MFO PRUDENTIAL CORE PLUS BOND FUND CLASS 5 032884 74443R100 CUSIP : 74443R100
6,621.740
1,185,126.22
1,195,025.42
MFO SSGA GLOBAL ALL CAP EQUITY EX-US INDEX NL SERIES FD - CL K CUSIP : 85744W531
19,975.200
261,362.63
298,309.64
MFO SSGA RUSSELL SMALL/MID CAP INDEX NON- LENDING SERIES FUND CLASS K CUSIP : 85744W242
51,673.240
1,030,976.97
1,169,778.81
MFO SSGA S&P 500 INDEX NON-LENDING SERIES FUND CLASS K CUSIP : 85744W705
153,584.780
4,877,582.32
6,947,561.11
MFO SSGA US BOND INDEX NL SERIES CLASS C CUSIP : 85744L725
63.420
1,000.00
938.74
MFO SSGA US BOND INDEX NON-LENDING SERIES FUND CLASS K CUSIP : 85744W259
49,016.250
525,238.71
543,247.10
NT COLLECTIVE GOVT SHORT TERM INVT FD CUSIP : 66586U445
5,657,621.280
5,657,621.28
5,657,621.28
Total United States - USD
13,872,785.85
16,134,317.08
Total Value of Interest in Common/Collective Trusts
13,872,785.85
16,134,317.08
Value of Interest in Registered Investment Companies
Global Region - USD
MFO NATIXIS FUNDS TRUST I MIROVA GLOBAL SUSTAINABLE EQUITY Y CUSIP : 63872R533
3,659.000
74,787.43
66,264.49
Total Global Region - USD
74,787.43
66,264.49
International Region - USD
MFO ARTISAN FDS INC INTL FD INSTL SHS CUSIP : 04314H402
8,929.420
271,416.21
240,469.28
MFO GALLERY TR MONDRIAN INTL EQUITY FD CUSIP : 36381Y108
10,399.470
145,417.38
151,520.28
Total International Region - USD
416,833.59
391,989.56
United States - USD
MFO LOOMIS SAYLES INVT TR FORMERLY LOOMIS S CUSIP : 543495691
1,681.870
28,208.04
24,706.67
MFO T ROWE PRICE INSTITUTIONAL EQUITY FDS LARGE-CAP GROWTH FD CUSIP : 45775L408
26,310.940
1,369,973.18
1,730,733.63
MFO VANGUARD CHESTER FDS INSTITUTIONAL TARGET RETIREMENT 2070 CUSIP : 92202E664
0.010
0.00
0.24
MFO VANGUARD CHESTER FDS TARGET RETIREMENT 2020 FD CUSIP : 92202E805
96,159.860
2,437,662.66
2,583,815.44
MFO VANGUARD CHESTER FDS TARGET RETIREMENT 2030 FD CUSIP : 92202E888
158,729.900
4,659,238.81
5,630,149.55
MFO VANGUARD CHESTER FDS TARGET RETIREMENT 2040 FD CUSIP : 92202E870
51,696.670
1,627,207.49
2,031,679.13
MFO VANGUARD CHESTER FDS TARGET RETIREMENT 2050 FD CUSIP : 92202E862
10,290.230
365,257.99
457,297.82
MFO VANGUARD CHESTER FDS TARGET RETIREMENT 2060 FD CUSIP : 92202E839
13,211.560
470,242.54
603,636.18
MFO VANGUARD CHESTER FDS TARGET RETIREMENT 2065 FD INV SHS CUSIP : 92202E680
6,983.580
168,328.99
209,158.22
MFO VANGUARD TARGET RET FD 2025 #304 CUSIP : 92202E409
92,225.630
1,544,246.42
1,695,107.08
MFO VANGUARD TARGET RET FD 2035 CUSIP : 92202E508
58,604.830
1,080,394.54
1,296,338.84
MFO VANGUARD TARGET RET FD 2045 #306 CUSIP : 92202E607
47,681.040
1,075,368.33
1,271,176.53
MFO VANGUARD TARGET RET INC FD 308 CUSIP : 92202E102
54,799.310
695,074.96
712,939.02
MFO VANGUARD TARGET RETIREMENT 2055 FUND CUSIP : 92202E847
4,961.340
205,508.81
246,032.85
Total United States - USD
15,726,712.76
18,492,771.20
Total Value of Interest in Registered Investment Companies
16,218,333.78
18,951,025.25
Other
United States - USD
&&&UBS PR LOAN ASSET CUSIP : 000810283
927,430.130
927,430.13
927,430.13
&&&UBS PUERTO RICO SDA ASSET CUSIP : 000810457
1.000
13,143,619.39
12,289,204.27
REBATE ACCRUALS CUSIP : 999927312
0.000
0.00
0.00
Total United States - USD
14,071,049.52
13,216,634.40
Total Other
14,071,049.52
13,216,634.40
Payable Other
United States - USD
INVESTMENT MANAGEMENT EXPENSE ACCRUAL CUSIP : 999899537
0.000
0.00
0.00
Total United States - USD
0.00
0.00
Total Payable Other
0.00
0.00
Total
46,923,782.22
52,759,050.29
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator of the
UBS Financial Services Incorporated of Puerto Rico Savings Plus Plan has duly caused this annual
report to be signed on its behalf by the undersigned thereunto duly authorized.
UBS Financial Services Incorporated of Puerto Rico
Savings Plus Plan
By: _/s/ Michael O’Connor______________
Name: Michael O’Connor
Title: Plan Administrator
Date: June 26, 2024