# UBS ASSET MANAGEMENT (US) INC. X-17A-5 (2023-02-27) — Broker-dealer annual report - Company: UBS ASSET MANAGEMENT (US) INC. - Form: X-17A-5 - Filed: 2023-02-27 - Period: 2022-12-31 - Accession: 0001022465-23-000002 - CIK: 67037 - File #: 8-21901 - Type: Broker-dealer - Material weakness: No - Auditor: Ernst & Young LLP - Auditor location: New York, NY - Contact: Kathleen Horan - Phone: 2013528620 - Email: kathleen.horan@ubs.com - Website: ubs.com - Signed by: Kathleen Horan (FINOP Officer) Original filing: https://www.sec.gov/Archives/edgar/data/67037/000102246523000002/USSEC2022.pdf --- {0}------------------------------------------------ # FINANCIAL STATEMENTS AND S U PPLEMENTARY I N FORM ATION UBS Asset Management (US) Inc. (A Subsidiary of UBS Americas Inc.) Year Ended December 31, 2022 With Report of Independent Registered Public Accounting Firm {1}------------------------------------------------ #### **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** 0MB APPROVAL 0MB Number: 3235-0123 Expires: Oct. 31, 2023 Estimated average burden hours per response: 12 > SEC FILE NUMBER 008-21901 # **ANNUAL REPORTS FORM X-17A-S PART** Ill **FACING PAGE** **Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** FILING FOR THE PERIOD BEGINNING **01/01 /22** AND ENDING **12/31 /22** MM/DD/VY MM/DD/VY **A. REGISTRANT IDENTIFICATION** # NAME oF FIRM: UBS Asset Management (US) Inc. TYPE OF REGISTRANT (check all applicable boxes): 0 Broker-dealer D Security-based swap dealer D Major security-based swap participant □ Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) # 1285 Avenue of the Americas | | (No. and Street) | | | | | |----------------------------------------------------------------------------------------------------|------------------------------------------------------------|---------|-------------------------------------------|--|--| | New York | NY | | 10019
(Zip Code) | | | | (City) | (State) | | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | Kathleen Horan | 201-3528620 | | kathleen.horan@ubs.com
(Email Address) | | | | (Name) | (Area Code - Telephone Number) | | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
EY, Ernst & Young LLP | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | 155 North Wacker Drive | Chicago | IL | 60606-1787 | | | | (Address) | (City) | (State) | (Zip Code) | | | | 10/20/2003 | | 42 | | | | | rte
of Regist1-2023 No. 50091260 Sig~~ *~ .o~* Title: oa-.1 B-4 I &-O!Y!:> Notary Public #### This **filing•• contains (check** all **applicable boxes):** - ~ (a) Statement of financial condition. - □ {bl Notes to consolidated statement of financial condition. - ~ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in§ 210.1-02 of Regulation S..X). - I!!! {d) Statement of cash flows. - ~ {e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - 0 (f) Statement of changes in liabilities subordinated to claims of creditors. - ~ (g) Notes to consolidated fina ncial statements. - ~ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - □ (i) Computation of tangible net worth under 17 CFR 240.lBa-2. - 0 (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.1Sc3-3. - 0 (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.lBa-4, as applicable. - 0 (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.1Sc3-3. - ~ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3, - □ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.lBa-4, as applicable. - D (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-l, 17 CFR 240.18a-1, or 17 CFR 240.lBa-2, as applicable, and t he reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.lBa-4, as applicable, if material differences exist, or a statement that no material differences exist. - 0 (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - I!!! (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - D (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - ~ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.lBa-7, as applicable. - □ (t) Independent public accountant's report based on an examination of the statement of financial condition. - ~ (u) Independent public accountant's report based on an examination of the financial report or financia l statements under 17 CFR 240.17a-S, 17 **CFR 240,18a-7,** or 17 CFR **240.17a-12, as** applicable. - D (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - I!!! (w) Independent public accountant's report **based** on **a review** of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.lSa-7, as applicable. - D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable. - D (y) Report describing any material inadequ.1cie~ fou nd to exist or found to have existed since the date of the previous audit, or a statement t hat no material inadequacies exist, under 17 CFR 240.17a-12(k). 0{z) Other:-------------------------~----------- - - *\*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17o-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable.* {3}------------------------------------------------ # Financial Statements and Supplementary Information Year Ended December 31, 2022 # **Contents** | Financial Statements
Statement of Financial Condition 2 | |---------------------------------------------------------------------------------------------------------------------------------------------| | | | | | Statement of Operations 3 | | Statement of Changes in Stockholder's Equity .4 | | Statement of Cash Flows 5 | | Notes to Financial Statements 6 | | Supplementary Information | | Computation of Net Capital for Brokers and Dealers Pursuant to Rule
Schedule I -
15c3-l Under the Securities Exchange Act of 1934 13 | | Computation for Determination of P AB Account and Reserve
Schedule II - | | Requirements for Brokers and Dealers Pursuant to Rule 15c3-3 Under the Securities | | Exchange Act of 1934 and Information Relating to Possession or Control | | Requirements for Brokers and Dealers Pursuant to Rule 15c3-3 Under the | | Securities Exchange Act of 1934 14 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) Ernst & Young LLP One Manhattan West, New York. NY 10001 Tel. +1 212 773 3000 ey.com #### Report of Independent Registered Public Accounting Firm To the Stockholder and the Board of Directors of UBS Asset Management (US) Inc. Opinion on the Financial Statements We have audited the accompanying statement of financial condition of UBS Asset Management (US) Inc. (the Company) as of December 31 , 2022, the related statements of operations, changes in stockholder's equity and cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2022, and the results of its operations and its cash flows for the year then ended in conformity with U.S. generally accepted accounting principles. #### Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. 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 Company 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 audit 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. Our audit 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 audit 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 audit provides a reasonable basis for our opinion. #### Supplemental Information The accompanying information contained in Schedules I and II has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. Such information is the responsibility of the Company'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. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with Rule 17a-5 under the Securities Exchange Act of 1934. 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 Company's auditor since at least 2001 , but were unable to determine the specific year. February 24, 2023 {5}------------------------------------------------ # Statement of Financial Condition *(In Thousands of Dollars, Except Share and Per Share Amounts)* December 3 I , 2022 | Cash and cash equivalents
\$
Receivable from third parties | 21,410
593 | |------------------------------------------------------------------|---------------| | | | | | | | Receivable from affiliates | 3,464 | | Prepaid expenses | 143 | | Total assets
\$ | 25,610 | | Liabilities and stockholder's equity | | | Liabilities: | | | Payable to affiliates
\$ | 3,457 | | Accrued liabilities and accounts payable | 1,056 | | Income Tax Payable | 1,362 | | Total liabilities | 5,875 | | Stockholder's equity: | | | Common stock, \$
1 par value, 1,000 shares authorized, issued | | | and outstanding | | | Additional paid-in-capital | 17,563 | | Retained earnings | 2,171 | | Total stockholder's equity | 19,735 | | Total liabilities and stockholder's equity | \$ 25,610 | {6}------------------------------------------------ # Statement of Operations *(In Thousands of Dollars)* Year Ended December 31 , 2022 | Revenues | | |--------------------------------------|-----------------| | Distribution fees from affiliates | \$ 40,140 | | Distribution fees from third parties | 77 | | Commissions | 2 | | Interest income | 276 | | Total revenues | 40,495 | | Expenses | | | Distribution costs to affiliates | 23,724 | | Allocated costs from affiliate | 9,091 | | Distribution costs to third parties | 3,834 | | Professional fees | 400 | | Other expenses | 523 | | Total expenses | 37,572 | | Income before income tax expense | 2,923 | | Income tax expense | 752 | | Net income | \$
2,1
71 | {7}------------------------------------------------ # Statement of Changes in Stockholder's Equity *(In Thousands of Dollars)* #### Year Ended December 3 I, 2022 | | Common
Stock | | Additional
Paid-in
Capital | | Retained
Earnings | | Total
Stockholder's
Equity | | |---------------------------------------|-----------------|----|----------------------------------|----|------------------------|----|----------------------------------|--| | Balance at January I, 2022 | \$ | \$ | 17,563 | \$ | 13,633 | \$ | 3
1,
197 | | | Net income
Dividend paid to Parent | | | | | 2,17
1
{ 13,6332 | | 2,171
{13,6332 | | | Balance at December 3 l, 2022 | \$ | \$ | 17 563 | \$ | 2.171 | \$ | 19.735 | | {8}------------------------------------------------ ## Statement of Cash Flows *(In Thousands of Dollars)* Year Ended December 31 , 2022 | Cash flows from operating activities | | |--------------------------------------------------------------------------------------|------------------| | Net income | \$
2,
171 | | Adjustments to reconcile net income to net cash provided by
operating activities: | | | Changes in assets and liabilities: | | | (Inc
rease)/ Decrease in operating assets: | | | Receivable from third parties | (
152) | | Receivable from affiliates | 11 3 | | Prepaid expenses | 28 | | fncrease/ (Decrease) in operating liabilities: | | | Payable to affiliates | 1,266 | | Accrued liabilities and accounts payable | 279 | | Current income taxes payable | 753 | | Net cash provided by operating activities | 4,458 | | Cash flows used in financing activities | | | Dividend paid to Parent | (13,633) | | Cash used in financing activities | (13,633) | | Net decrease in cash and cash equivalents | (9,
175) | | Cash and cash equivalents at beginning of year | 30,585 | | Cash and cash equivalents at end of year | \$
2
1,410 | #### **Supplemental disclosure of cash flow information above** Income tax payments charged through the intercompany accounts in 2022 were \$0. {9}------------------------------------------------ # Notes to Financial Statements *(In Thousands of Dollars)* Year Ended December 31 , 2022 ### **1. Organization and Nature of the Business** UBS Asset Management (US) Inc. (the Company) is organized as a Delaware corporation and is primarily engaged in the business of distributing mutual funds, money market funds and private investment funds. The Company is a broker-dealer registered under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority Inc. (FINRA). The Company is a wholly owned subsidiary of UBS Americas Inc. (UBS Americas or the Parent), a wholly owned subsidiary of UBS AG (UBS). The Company has material transactions with subsidiaries and affiliates of UBS Americas. ### **2. Summary of Significant Accounting Policies** ### **Basis of Presentation** The financial statements have been prepared in accordance with U.S. generally accepted accounting principles (US GAAP). The preparation of these financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from such estimates. ## **Cash and Cash Equivalents** The Company considers all highly liquid instruments, purchased with a maturity of three months or less, to be cash equivalents. As of December 3 1, 2022, cash equivalents include U.S. Treasury Bills with a face value of \$20,145 maturing in January 2023. The U.S. Treaswy Bills carrying value approximates fair value. Cash and cash equivalents are held at an affiliated bank. {10}------------------------------------------------ # Notes to Financial Statements ( continued) *(In Thousands of Dollars)* ### **2. Summary of Significant Accounting Policies (continued)** ### **Revenue Recognition** Distribution fees are recognized upon completing the performance obligation during the period in which they are earned. Commissions earned on redemption of mutual fund shares are recorded on a trade-date basis. The below table includes revenues which are impacted by Financial Accounting Standards Board (F ASB) Accounting Standards Codification (ASC) Topic 606, *Revenue from Contracts with Customers.* | Distribution fees from affiliates | \$40,140 | |---------------------------------------------|-----------| | Commissions | | | Distribution fees from third parties | 77 | | Commissions | 2 | | Total Commission | 79 | | Total revenue from contracts with customers | \$ 40.219 | #### **Income Taxes** The Company is included in the consolidated federal income tax return and certain combined state and local tax returns of UBS Americas. In addition, the Company files stand alone returns in other state and local jurisdictions. Federal, state, and local taxes are provided for on a separate return basis. In accordance with the provisions ofFASB ASC Topic 740 - Income Taxes ("ASC Topic 740"), deferred tax assets and liabilities are recognized for the future tax effect of differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to be in effect during the year in which the basis differences reverse. In the event it is more likely than not that a deferred tax asset will not be realized, a valuation allowance is recorded. ASC Topic 740 also sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. This interpretation uses a two-step approach wherein a tax benefit is recognized if a position is more likely than not to be sustained. The amount {11}------------------------------------------------ # Notes to Financial Statements ( continued) *(In Thousands of Dollars)* ### **2. Summary of Significant Accounting Policies (continued)** of the benefit is then measured to be the highest tax benefit that is greater than 50% likely to be realized. ### **Accounting Developments** There are no recent accounting pronouncements that affected the financial statements of the Company. ### **3. Related Party Transactions** Under a service level agreement, UBS Asset Management (Americas) Inc. (AM Americas) compensates the Company for the distribution of certain investment products for which AM Americas is the registered investment adviser. These amounts are included in distribution fees from affiliates on the statement of operations and totaled \$39,759 for the year ended December 31, 2022. This amount is calculated based on three components: **1)** sales of certain investment products, 2) the average net assets of specified funds distributed by the Company and 3) costs incurred by the Company as part of its distribution activities. The Company has entered into a distribution support services agreement with UBS Financial Services Inc. for distribution, marketing support, and other services related to certain mutual funds. Under the agreement, the Company pays both sales-based and asset-based fees. In accordance with the agreement, the Company incuned \$3,534 in distribution support service costs from UBS Financial Services Inc. for the year ended December 3 1, 2022, which is included in distribution costs to affiliates on the statement of operations. The Company has also entered into selected dealer agreements with UBS Financial Services Inc. and UBS Securities LLC (UBS Sec LLC) related to the sale of shares of certain money market funds. Under these agreements, the Company pays UBS Financial Services Inc. and UBS Sec LLC sales charges and commissions based on average daily net assets of each fund. For the year ended December 31, 2022, fees related to these agreements totaled \$19,949 and \$241 respectively, and are included in distribution costs to affiliates on the statement of operations. The Company is allocated the portion of the expenses incurred by **AM** Americas that relates to the distribution activities conducted by the Company. Employees of AM Americas associated with distribution activities and officers of AM Americas have dual-employee status with both the Company and AM Ame1icas. All compensation, direct, indirect and benefit costs associated with the dual-employees are borne by **AM** Americas and allocated to the Company based on a servicelevel agreement. These amounts are included in allocated costs from affiliate on the statement of operations and totaled \$9,091 for the year ended December 31, 2022. {12}------------------------------------------------ # Notes to Financial Statements ( continued) *(In Thousands of Dollars)* ### **3. Related Party Transactions (continued)** As of December 31 , 2022, \$3,464 of distribution fees from affiliates and \$3,457 of distribution costs to affiliates are included in the receivable from affiliates and payable to affiliates respectively on the statement of financial condition. ### **4. Regulatory Requirements** The Company is subject to the Securities and Exchange Commission's (SEC) Uniform Net Capital Rule, Rule 15c3-l . The Company has elected to use the alternative method pennitted by the Rule, which requires that it maintain minimum net capital of \$250. As of December 31, 2022, the Company's net capital, as defined, was \$15,535 which exceeded the minimum net capital required by \$ 15,285. Dividend payments, equity withdrawals, and advances are subject to certain notification and other provisions of the net capital rules of the SEC and other regulatory bodies. ### **5. Income Taxes** Deferred tax assets and liabilities are determined based on the difference between the statement and tax bases of assets and liabilities using enacted tax rates expected to be in effect during the year in which the basis differences reverse. As of December 31 , 2022, the Company had no net deferred tax balances. The components of the provision for income taxes for the year ended December 31, 2022 were as follows: | Current | | |----------------------------------|--------| | Federal | \$ 577 | | State and local | 175 | | Total current | 752 | | Deferred | | | Federal | 0 | | State and local | 0 | | Total deferred | 0 | | Total provision for income taxes | \$ 752 | The Company's effective tax rate differs from the statutory federal rate of 21 percent due to state and local taxes. {13}------------------------------------------------ # Notes to Financial Statements ( continued) *(In Thousands of Dollars)* ### **5. Income Taxes (Continued)** On August I 6, 2022, the Inflation Reduction Act (the "IRA") was signed into law. In general, the provisions of the IRA will be effective beginning with the fiscal year 2023, with certain exceptions. The IRA includes a new 15% corporate minimum tax as well as a 1 % excise tax on corporate stock repurchases completed after December 31, 2022. As required under the authoritative guidance of ASC 740, Income Taxes, the Company reviewed the impact on income taxes due to the change in legislation and concluded there was no impact to the financial statements as of December 31, 2022. The Company is in the process of evaluating the potential future impacts of the IRA and will continue to review and monitor the issuance of additional guidance from the US Treasury Department. As of December 31, 2022, the Company determined that it has no uncertain tax positions, interest, or penalties as defined within ASC Topic 740 and, accordingly, no additional disclosures are required. The Company recognizes accrued interest and penalties related to umecognized tax benefits in income taxes. The Company is included in the consolidated federal income tax return and certain combined state and local income tax returns of UBS Americas. The Company also fi les stand-alone returns in various state and local jurisdictions. As of December 31, 2022, the consolidated group is under examination by the Internal Revenue Service for tax years 2015 through 2018. The 2019, 2020 and 2021 tax years are open for examination. There are various state and local jurisdictions currently under audit for tax years 2009 through 2020 and the 2021 tax year is open for examination. In the next twelve months, the Company believes that there will be no material changes to unrecognized tax benefits. ### **6. Dividend** The Board of Directors of the Company declared a dividend on March 25, 2022, for the amount of \$13,633. The dividend was paid to UBS Americas Inc. on March 30, 2022. ### 7. **Contingencies** At various times, the Company may be named as a defendant in legal actions arising in the ordinary course of business. While the outcome of such matlers cannot be predicted with certainty, in the opinion of management of the Company, any such actions will be resolved with no material adverse effect on the Company's financial statements taken as a whole. {14}------------------------------------------------ ## Notes to Financial Statements ( continued) *(In Thousands of Dollars)* #### **8. Subsequent Events** The Company has evaluated its subsequent event disclosure through February 24, 2023, the date the Company's financial statements were issued, and has determined there were no material events that occurred during that period that would require disclosure or would be required to be recognized in the financial statements as of December 31, 2022. {15}------------------------------------------------ Supplementary Information {16}------------------------------------------------ # Schedule I # Computation of Net Capital for Brokers and Dealers Pursuant to Rule 15c3-l Under the Securities Exchange Act of 1934 *(In Thousands)* ### December 31, 2022 | Stockholder's equity | | \$ 19,735 | |--------------------------------------------------------------------|-------|-----------| | Less Non-allowable assets | | | | Receivable from third parties | 593 | | | Receivable from affiliates | 3,464 | | | Prepaid expenses | 143 | | | | | (4,200) | | Net capital | | 15,535 | | Net capital requirement (greater of \$250 or 2% of aggregate debit | | | | items as shown in Formula for Reserve Requirements pursuant to | | 250 | | Rule l 5c3-3 (2% of \$0)) | | | | Excess net capital | | \$ 15,285 | There are no material differences between the above computation of net capital pursuant to Rule 15c3-1 and the corresponding computation included in the Company's December 31 , 2022, unaudited Part TIA FOCUS Report, as refiled, and amended on February 22, 2023. {17}------------------------------------------------ # Schedule II Computation for Determination of PAB Account and Reserve Requirements for Brokers and Dealers Pursuant to Rule 15c3-3 Under the Securities Exchange Act of 1934 and Information Relating to Possession or Control Requirements for Brokers and Dealers Pursuant to Rule 15c3-3 Under the Securities Exchange Act ofl934 December 31 , 2022 The Company is characterized as a Non- Covered Firm and covered by SEC's guidance set forth in footnote 74 to SEC Release No. 34-70073. Company does not claim an exemption under paragraph (k) of 17 C.F.R. § 240. 15c3-3. The activities of Company are limited exclusively to the distribution of mutual funds, money market funds, and private placements of funds managed by its UBS affiliates, primarily UBS Asset Management (Americas) Inc. {18}------------------------------------------------ ![](_page_18_Picture_0.jpeg) Ernst & Young LLP One Manhattan West, **New** York, **NY** 10001 Tel: +1 212 773 3000 ey.com ### **Report of Independent Registered Public Accounting Firm** The Board of Directors and Management of UBS Asset Management (US) Inc. We have reviewed management's statements, included in the accompanying Exemption Report, in which UBS Asset Management (US) Inc. (the Company) stated that: - (1) The Company does not claim an exemption under paragraph (k) of 17 C.F.R. § 240. 15c3- 3, and - (2) The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to the distribution of mutual funds, money market funds, and private placements of funds, and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3- 3), throughout the most recent fiscal year ended December 31 , 2022, except as described in its exemption report. Management is responsible for compliance with 17 C.F.R. § 240.15c3-3 and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about the Company's compliance with 17 C.F.R. § 240.15c3-3. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, pursuant to footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.1 7a-5. This report is intended solely for the information and use of the Board of Directors, management, the SEC, Financial Industry Regulatory Authority, other regulatory agencies that rely on Rule 17a-5 under the Securities Exchange Act of 1934 in their regulation of registered brokers and dealers, and other recipients specified by Rule 17a-5(d)(6) and is not intended to be and should not be used by anyone other than these specified parties. February 24, 2023 {19}------------------------------------------------ ![](_page_19_Picture_0.jpeg) **UBS** One North Wacker Drive Chicago IL 60606 Tel. +1-312-525 5247 www.ubs.com # UBS Asset Management (US) Inc. # Exemption Report December 31 , 2022 UBS Asset Management (US) Inc. (the "Company") is a registered broker-dealer subject to Rule l 7a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F .R. § 240.17a-5( d)(l) and ( 4). To the best of its knowledge and belief, the Company states the following: (1) The Company does not claim an exemption under paragraph (k) of 17 C.F.R. § 240.15c3-3, and (2) The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240. l 7a-5 because the Company limits its business activities exclusively to the distribution of mutual funds, money market funds, and private placements of funds, and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; (2) did not carry accounts of or for customers; and (3) did not carry P AB accounts (as defined in Rule 15c3-3), throughout the most recent fiscal year ended December 3 1, 2022, except as described below. - a. Accidental receipt \$96,527.91 received 05/09/22, returned 05/26/22 - b. Accidental receipt \$28,000.00 received 07113/22, returned 07 /26/22 - c. Accidental receipt \$130,500.00 received 09/15/22, returned 09/19/22 - d. Accidental receipt \$19,500.00 received 09/ 15/22, returned 09/19/22 - e. Accidental receipt \$392,441.98 received 09/28/22, returned 09/30/22 - f. Accidental receipt \$450,000.00 received 11/04/22, returned 11/10/22 UBS Asset Management (US) Inc. I, Kathleen Horan, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct. By: 11-'1t...\_ Title: FINOP 2023 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.