edgar1kubs401k2023pr

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

☐

TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transaction period from

Commission file number 1-36764

Full title of the plan: UBS Financial Services Incorporated of Puerto Rico Savings Plus Plan

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

Page(s)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

FINANCIAL STATEMENTS

Statements of Net Assets Available for Benefits

Statement of Changes in Net Assets Available for Benefits

Notes to Financial Statements

4-13

SUPPLEMENTAL SCHEDULE

Schedule H, Line 4(i)—Schedule of Assets (Held at End of Year)

14-16

Signature

Exhibit 23.1—Consent of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

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

notes

(collectively

referred

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

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,

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

the

supplemental

schedule

the

responsibility

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

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

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.

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.

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

the UBS

Financial Services

Incorporated

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:

The definition of “Required Beginning

Date” in Section

2.1 is amended to read

as follows:

“Required Beginning Date”

means (i)

with respect to each

Participant who is

a Five-Percent Owner,

the April 1st of

the calendar

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

which

the

later

the

following

occurs: (A)

the

Participant’s

date

retirement

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

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

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)

the

Code

2002.

The

requirements

Section

401(a)(9)

the

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)

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).

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

exceeds

the Cash-Out

Amount and

the

Participant

dies prior

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

the

Participant’s

death.

Notwithstanding

the

foregoing,

the

sole

designated

beneficiary

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

the

Participant’s

death

(ii)

the

December

the

calendar

year

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

invested

the

Common

Stock

Fund,

the

Beneficiary

may

elect

receive

Common

Stock

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

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

the

date

the

Participant’s

death;

provided,

however,

that,

Beneficiary

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

Service.

Notwithstanding

the

foregoing,

the

case

Participant

who

currently

receiving

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

than

ten

years

younger

than

the

Participant.

such

Participant’s

eligible

designated

beneficiary

minor

child,

distribution

the

Participant’s

entire

interest

will

completed

December

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’

means

(i) on and after July 31, 2021, UBS

Financial Services Inc. or any corporation or entity

which may succeed to

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:

NOTE 1

DESCRIPTION OF THE PLAN

(continued)

9.11 Withdrawals pursuant to

Puerto Rico Treasury

Department Circular Letters No.20-09

and 20-23.

The provisions of

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

The provisions

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,

the

Plan

Administrator

determines

its

discretion

necessary

appropriate

administer

the

Plan

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%

such

Participant’s

Before-Tax

Contributions

and

After-Tax

Contributions

Compensation.”

In addition, effective with respect to Compensation

paid in Plan Years beginning on or

after January 1, 2018, each individual who

eligible

for

Retirement

Contribution

under

Section

5.4

for

Plan

Year

shall

receive

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

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

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

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

invested

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

annual caps of $3,000 per participant.

Administrative Expenses

The

Plan’s

administrative expenses

are

paid

by the

Plan or

the Company,

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.

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

make

after-tax

contributions

10%

their

eligible

compensation

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

$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.

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

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

the

participant’s

contributions

addition

income,

gains,

losses,

withdrawals,

distributions,

loans,

and

expenses

attributable

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

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

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

any

entity

the

Company,

each

participant

affected

shall

become

fully

vested

his/her

Company

Account.

Any

unallocated

assets

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.

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

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.

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

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

access

the

measurement

date.

active

market

for

the

financial

instrument

market

which

transactions for the

financial instrument occur

with sufficient frequency

and volume to

provide pricing information

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:

Funds that are actively traded on an exchange are priced at the net asset value (NAV) of shares held by the Plan at

year

end.

Funds

that

are

not

actively

traded

exchange

are

priced

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:

Funds that are

actively traded on

an exchange are

priced at the

NAV of

shares held by

the

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

NAV

using

inputs

that

corroborate

the

NAV

with

observable

(i.e.,

ongoing

redemption

and/or

subscription

activity)

market-based data.

Money market funds:

Records its corresponding value at $1 NAV.

Investments are valued at amortized cost unless this would not

represent fair value.

UBS Stock Fund:

Actively traded securities

are valued at

the closing price

reported on the

active market on

which the individual

securities are traded.

Common Stock:

Actively traded securities

are valued

at the

closing price reported

on the active

market on which

the individual

securities are traded.

Self-Directed Brokerage

Accounts:

Mutual funds

and money market

funds valued at

the list price

at NAV

of shares

held by the

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.

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

general

description

the

investments.

Participants

should

refer

the

Investment

Options

Guide

for

information on the investment objectives and strategy of each investment option.

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

favorable

determination

letter

from

the

Commonwealth

Puerto

Rico

Department

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

1994

(PRIRC-94)

and,

therefore,

the

trust

exempt

from

taxation.

Subsequent

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

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

penalties

to uncertain

tax positions.

The Plan

is subject

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

Credit

Suisse

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

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.

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

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

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

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

&&&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

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

Total United States - USD

0.00

Total Payable Other

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