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

☐

 TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transaction period from to 

Commission file number 1-36764

A. Full title of the plan: UBS 401(k) 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 401(k) 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 401(k) PLAN

Financial Statements and Supplemental Schedule

December 31, 2023 and 2022

and Year Ended December 31, 2023

TABLE OF CONTENTS

Page(s)

1

2

3

4-15

16-25

26

Exhibit 23.1—Consent of Independent Registered Public Accounting Firm

27

1

Report of Independent Registered Public Accounting Firm

To the Plan Participants and the Plan Administrator of UBS 401(k) Plan 

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the UBS 401(k) 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 auditor since 1979.

New York, New York

June 26, 2024

2

UBS 401(k) PLAN

Statements of Net Assets Available for Benefits

As of December 31, 2023 and 2022

2023

2022

ASSETS

Investments, at fair value 

$8,848,830,437 

$7,294,124,539 

Notes receivable from participants 

55,220,282

54,659,509

Investment income receivable 

8,314,332

6,422,387

Receivable for securities sold 

2,106,147

1,861,291

Other Receivables

1,450,111

1,477,293

Contributions receivable

Contributions receivable

4,283,443

3,266,363

Company, net of forfeitures

86,367,649

81,779,248

Total assets

9,006,572,401

7,443,590,630

LIABILITIES

Accrued expenses 

3,359,330

5,090,248

Payable for securities purchased 

356,007

349,341

Total liabilities

3,715,337

5,439,589

Net assets available for benefits

$9,002,857,064 

$7,438,151,041

The accompanying notes are an integral part of these financial statements.

3

UBS 401(k) PLAN

Statement of Changes in Net Assets Available for Benefits

For the Year Ended December 31, 2023

2023

ADDITIONS TO NET ASSETS

Investment income

Net appreciation in the fair value of investments

 $1,464,341,090

Dividend and interest income 

107,726,621

Net investment gain 

1,572,067,711

Interest income on notes receivable from participants 

3,387,544

Contributions

Participants 

367,298,824

Company, net of forfeitures 

209,078,245

Total contributions 

576,377,069

Total additions 

2,151,832,324

DEDUCTIONS FROM NET ASSETS

Distributions to participants 

580,426,915

Administrative expenses

6,699,386

Total deductions from net assets 

587,126,301

Net increase in net assets available for benefits 

1,564,706,023

Net assets available for benefits

Beginning of year 

7,438,151,041

End of year 

$9,002,857,064

The accompanying notes are an integral part of these financial statements.

4

UBS 401(k) PLAN

Notes to Financial Statements

December 31, 2023 and 2022

NOTE 1 DESCRIPTION OF THE PLAN

The following description of the UBS 401(k) Plan (the Plan) provides only general information. Participants should refer to the

Summary Plan Description for a more complete description of the provisions of the Plan and detailed definitions of various Plan

terms. 

Effective December 31, 2014, the UBS Financial Services Inc. 401(k) Plus Plan (the Plus Plan) was merged with the UBS Savings

and Investment Plan (the SIP Plan) and formed a single plan named the UBS 401(k) Plan. Effective January 1, 2015, the Plan was

amended and restated to reflect the newly formed plan. The assets of the Plus Plan were transferred to the assets of the UBS

401(k) Plan during the period January 1, 2015, through February 28, 2015.

General 

UBS AG (the Company) is the Plan sponsor for the Plan. The Plan, a defined-contribution plan, provides retirement benefits to

eligible employees of the Company’s United States operations including eligible employees of UBS Americas Holdings LLC and

subsidiaries of UBS Americas Holdings LLC. Subject to certain exceptions, all full- and part-time employees on the Company’s U.S.

payroll platform 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 Company’s Plan is administered by the Plan administrator (Head of Benefits Americas Region). Northern Trust Company (the

Trustee) is the Plan’s trustee; Alight (formerly Aon Hewitt) is the Plan’s record-keeper; and Mercer serves as the Plan’s investment

advisor. 

The Plan may invest in mutual funds, common and collective trust funds, money market funds, the UBS Group AG Common Stock

(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

The Plan, as restated for 2020, was amended effective December 28, 2021, for the following: 

Section 2.1; the Head of Benefits Americas Region may amend the Plan, subject to certain limitation not applicable hereto.

Pursuant to Section 4.05 of Revenue Procedure 2021-30, the Plan may, under certain conditions, all of which are satisfied in this

instance, be amended retroactively to conform the terms of the Plan to its prior operation. The Plan was amended:

To retroactively to conform the Plan to prior practices regarding consideration of compensation paid after a participant’s

termination of employment in determining the Retirement Contribution made on behalf of such participant; and

To conform the Plan’s hardship provisions to the applicable requirements and options of the Bipartisan Budget Act and related

rules and regulations. 

Plan amendments included the following changes:

1.

Effective January 1, 2018, paragraph (vi) of the definition of “Financial Hardship” in Section 2.1 of the Plan is amended

by replacing the parenthetical therein with the following, and deleting “or” at the end thereof: “(determined without

regard to Section 165(h)(5) of the Code and whether the loss exceeds 10% of adjusted gross income).

2.

Effective December 18, 2018, the definition of “Financial Hardship” in Section 2.1 of the Plan is further amended by

adding the following new paragraph (vii) to read in its entirety as follows, and renumbering the subsequent paragraph

accordingly: “(vii) expenses and losses incurred by the Participant, including loss of income, on account of a disaster

declared by the Federal Emergency Management Agency (FEMA), provided that the Participant’s principal residence or

principal place of employment at the time of the disaster was located in the designated disaster zone.”

3.

Effective January 1, 2020, the first paragraph of Section 5.5 of the Plan is amended in its entirety to read as follows: 

“Amount of Retirement Contribution. 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; provided, however, that amounts paid to an individual in one or more final paychecks issued and paid after such

individual ceases to be an Eligible Employee, as determined by the Plan Administrator on a uniform and nondiscriminatory

basis, shall nonetheless be included as Compensation in determining the Retirement Contribution hereunder) and the

individual’s attained Period of Service as of the first day of the applicable Plan Year:”

5

NOTE 1 DESCRIPTION OF THE PLAN

(continued)

4.

Effective January 1, 2020, the second paragraph of Section 5.5 of the Plan is further amended in its entirety to read as

follows: “Notwithstanding the foregoing, an Eligible Employee who on December 31, 2011 was eligible to receive a

Retirement Contribution under the Savings and Investment Plan, and is continuously employed by an Employer after

December 31, 2011, 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; provided, however, that amounts paid to an individual in one or more final paychecks issued and paid after such

individual ceases to be an Eligible Employee, as determined by the Plan Administrator on a uniform and nondiscriminatory

basis, shall nonetheless be included as Compensation in determining the Retirement Contribution hereunder) and the

individual’s attained Period of Service as of the first day of the applicable Plan Year:”

5.

Effective January 1, 2015, Section 5.5 of the Plan is further amended by adding the following new paragraph to the

end: “For purposes of determining the Retirement Contribution under this Section 5.5 for Plan Years beginning January

1, 2015 and ending December 31, 2019, the Compensation of any individual who was eligible to receive a Retirement

Contribution under Section 5.4 shall include amounts paid within no more than 2 ½ months after such individual’s

termination date in determining the amount of the Retirement Contribution hereunder.”

6.

Effective January 1, 2015, solely by way of clarification, Section 5.5 of the Plan is further amended by adding the

following new paragraph to the end thereto (as determined after this amendment): “Compensation paid after the

termination date of any individual that will be considered in determining the Retirement Contribution on behalf of such

individual, pursuant to the foregoing provisions, shall be determined under uniform rules established by the Plan

Administrator, and in accordance with such systems and procedures as the Plan Administrator may from time to time

adopt.”

7.

Effective January 1, 2019, Section 9.3(b) is amended to read in its entirety, as follows: “(b) Purpose for Hardship

Withdrawal. Hardship withdrawals shall be limited to the amount necessary to satisfy the Financial Hardship of the

Participant and any amounts necessary to pay any federal, state or local income taxes or penalties reasonably anticipated

to result from such withdrawal and not reasonably available from other resources. In determining whether a request for

a withdrawal from the Plan is necessary to satisfy a Financial Hardship of the Participant, the following requirements

must be satisfied: (i) the Participant has obtained all other currently available distributions (but not hardship withdrawals)

under the Plan and all other plans of deferred compensation, whether qualified or nonqualified, maintained by the

Company and all nontaxable loans (determined at the time a loan is made) available under the Plan and all other plans

of the Company; (ii) the Participant has provided to the Plan Administrator a representation in writing that he has

insufficient cash or other liquid assets reasonably available to satisfy the need, and (iii) the Plan Administrator does not

have actual knowledge that is contrary to such written representation.”

The Plan is now amended and restated as of January 1, 2020 to (i) incorporate all previous amendments since the last

restatement; (ii) provide for lump sum distributions as the sole form of benefit; (iii) remove certain restrictions on

withdrawals of grandfathered subaccounts in the Plan; (iv) clarify the administration of accounts of missing participants;

(v) provide that forfeitures may be used to pay administrative expenses; (vi) incorporate certain provisions of the Setting

Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”), and the Coronavirus Aid, Relief,

and Economic Security Act (the “CARES Act”); and (vii) make certain other desired changes. Any strictly required

provisions of the SECURE Act and the CARES Act not described in this restatement of the Plan are hereby deemed

incorporated by reference.

The Plan was amended with respect to Before-Tax Contributions and After-Tax Contributions (including Roth

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 (including Roth Contributions)

up to 6% of Compensation.”

6

NOTE 1 DESCRIPTION OF THE PLAN

(continued)

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 (including an Eligible Employee

who on December 31, 2011 was eligible to receive a Retirement Contribution under the Savings and Investment Plan,

and is continuously employed by an Employer after December 31, 2011) 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

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

The Plan is hereby amended as follows, effective as of January 1, 2017 unless otherwise indicated below:

1.

Section 3.3(d) of the Plan is revised to read as follows:

"(f) Any Employee who is employed by an Employer and is classified by the Employer as an "intern" shall become an

Eligible Employee upon completion of at least a five (5) consecutive month Period of Service. For the avoidance of

doubt, the above rule regarding completion of at least a five (5) consecutive month Period of Service shall apply to any

Employee who is employed by an Employer as part of the "career comeback program" or any similar program

regardless of whether the Employee is classified as an "intern."

2.

Effective January 1, 2016, a new Section 7.5(d) is added to the Plan that reads as follows:

"(d) N2 Transaction. With respect to an individual who became an Employee as part of the Group Technology/Group

Infrastructure CIO function between August 10, 2015 and March 7, 2016 upon closing of the N2 transaction, the

individual's period of service with Computer Science Corporation and/or AT&T which ended immediately prior to the

closing of the N2 transaction shall be included in determining the individual's Period of Service for purposes of

determining the individual's vesting under Section 7.4."

Effective January 1, 2016, a new Section 7.5(e) is added to the Plan that reads as follows:"(e) Allegis. With respect to

an individual from Allegis who became an Employee as part of the Professional Recruiting or Campus Recruiting (Junior

Talent) function from March 21, 2016 through June 27, 2016, the individual's period of service with Allegis which

ended immediately prior to becoming an Employee shall be included in determining the individual's Period of Service

for purposes of determining the individual's vesting under Section 7.4."

7

NOTE 1 DESCRIPTION OF THE PLAN

(continued)

3.

Effective January 1, 2017, a new Section 7.5(f) is added to the Plan that reads as follows:

"(f) AT&T Services Inc. With respect to an individual from AT&T Services Inc. who became an Employee as part of the

Group Technology/Group Infrastructure CIO function from August 1, 2017 to August 8, 2017, the individual's period

of service with AT&T Services Inc. which ended immediately prior to becoming an Employee shall be included in

determining the individual's Period of Service for purposes of determining the individual's vesting under Section 7.4."

4.

Effective January 1, 2017, a new Section 7.5(g) is added to the Plan that reads as follows:

"(g) Accenture LLP. With respect to an individual from Accenture LLP who became an Employee as part of the Group

Corporate Communications Americas function on October 2, 2017, the individual's period of service with Accenture

LLP which ended immediately prior to becoming an Employee shall be included in determining the individual's Period

of Service for purposes of determining the individual's vesting under Section 7.4."

5.

Effective January 1, 2018 Section 8.1(a) of the Plan is revised to read as follows:

(a)

Eligibility For Distribution. Following the occurrence of (i) a Participant’s Severance Date for any reason other than

death, or (ii) the Participant’s Disability, the Participant shall be entitled to affirmatively elect to receive a distribution of

his Vested Account Balance. A Participant may make a separate distribution election with respect to amounts held in

his Roth Contributions Account, provided that (i) in no event may a Participant take a partial distribution from his Roth

Contributions Account, and (ii) in the event a Participant makes a separate distribution election with respect to

amounts in his Roth Contributions Account, such amounts must be distributed or commence to be distributed at the

same time or before the remainder of his Vested Account.

The Plan was amended effective January 1, 2018, as follows:

1.

Section 2.1 of the Plan is amended by adding the following paragraph to the end of the definition of “Disability”

thereof:

Effective with respect to an Employee who becomes a Participant on or after January 1, 2018, ‘Disability’ means a

physical or mental condition that results in a total and permanent disability that entitles the Participant to receive Social

Security disability benefits based upon a determination by the Social Security Administration.”

2.

Section 5.5 of the Plan is amended by deleting the first sentence of the third paragraph thereof and replacing such first

sentence with the following:

“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:”

3.

Section 5.5 of the Plan is further amended by adding the following to the end thereof: 

“Notwithstanding the foregoing, an Eligible Employee who on December 31, 2011 was eligible to receive a Retirement

Contribution under the Savings and Investment Plan, and is continuously employed by an Employer after December 31,

2011, 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:

8

NOTE 1 DESCRIPTION OF THE PLAN

(continued)

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 in 2018 Plan

Yearr

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

3.0

2.5

2.0

10, but less than 15

3.0

3.0

3.0

15 or more

3.5

3.5

3.5

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

3.0

2.5

2.0

10 or more

3.0

2.5

2.0

Any such Eligible Employee who was eligible to receive a Retirement Contribution under the Savings and Investment

Plan on December 31, 2011, but is not continuously employed by an Employer beginning after December 31, 2011,

shall receive a Retirement Contribution equal to the applicable percentage of Compensation listed in the schedule

applicable to Eligible Employees who were not eligible to receive a Retirement Contribution under the Savings and

Investment Plan on December 31, 2011 for each Plan Year after his reemployment with an Employer that he or she is

entitled to a Retirement Contribution under Section 5.4. Employment with a non-participating Affiliated Employer is

not considered employment with an Employer for purposes of this Section 5.5.”

9

NOTE 1 DESCRIPTION OF THE PLAN

(continued)

4.

Section 8.8 of the Plan is amended by inserting the following sentence after the third sentence therein:

“Any distribution to a Distributee who is not the surviving Spouse of the Participant may only be transferred in a direct

trustee-to-trustee transfer to an individual retirement account or annuity under Sections 408(a) and (b) of the Code

established for the purpose of receiving such distribution and which will be treated as an inherited IRA pursuant to the

provisions of Code Section 402(c)(11), if such distribution otherwise meets the requirements set forth in this Section

8.8. Such direct rollover of a distribution by a nonspouse Distributee shall be treated as an eligible rollover distribution

only for purposes of Code Section 402(c).”

5.

Section 10.11 of the Plan is amended by adding the following paragraph to the end thereof to read in its entirety as

follows:

“(d) Solely with respect to an individual who was a Participant in the Plan on or before December 31, 2017, the

determination of a Disability claim or an appeal of a denied Disability claim filed (i) on or after January 18, 2017 and on

or before April 18, 2018, shall be made in accordance with DOL Regulations section 2560.503-1(p)(4); and (ii) on or

after April 19, 2018, shall be made in accordance with applicable DOL Regulations under section 2560.503-1.”

6.

Section 11.3 of the Plan is amended by deleting paragraph (d) therein in its entirety, and redesignating the subsequent

paragraph accordingly.

Administrative Expenses 

The Plan’s administrative expenses are paid by the Plan or the Company, as provided by the Plan’s provisions. Administrative

expenses paid by the Plan or the Company include recordkeeping, trustee, legal, audit, and investment consulting fees.

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 related to the Plan’s investments (investment management fees and commissions)

are charged to the specific Plan’s investments 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.

Participant Contributions 

A participant’s contributions can consist of “pre-tax contributions,” which reduce the participant’s taxable compensation and

“after-tax contributions/401(k) Roth contributions,” which do not reduce a participant’s taxable compensation, and “rollovers,”

which are transfers from other tax-qualified retirement plans. 

Plan participants may elect to contribute to the Plan on a pre-tax, after-tax, and/or Roth basis, an amount ranging from 1% to

85% of their eligible compensation, including from 1% to 85% of their discretionary annual incentive bonus, subject to the

maximum allowable contribution limit established by the Code. The maximum allowable combined pre-tax and Roth 401(k)

contributions was $22,500 for 2023 as a result of the Economic Growth and Tax Relief Reconciliation Act, the maximum allowable

combined pre-tax and Roth 401(k) contributions for participants who attained age 50 on or before December 31, 2023 was

$30,000. These limits are subject to change in future years to be consistent with IRS limitations. There are also maximum allowable

limits for after-tax contributions, being $22,500 for non-highly compensated participants and $16,000 for highly compensated

employees.

Subject to certain limitations, the Company contributes an amount (the Company Match) up to 100% of the first 6% of each

participants eligible annual compensation which the participant contributes to the Plan for Plan years starting in 2017. The Plan

had a $3,000 annual maximum limit for 2017 and $4,500 for 2018, 5,850 for 2019 and $8,000 for 2020 and thereafter. There

is a three-year cliff vesting requirement and an end of year employment requirement on the Company Match.

10

NOTE 1 DESCRIPTION OF THE PLAN

(continued)

Company Contributions 

The Company uses pre-tax, Roth 401(k), and after-tax contributions in determining the amount of the Company’s matching

contribution for each participant. For Plan years beginning in 2017, the Company Match was calculated by multiplying each

participant's pre-tax, Roth 401(k) and after-tax contributions (up to 6% of eligible compensation) by 100% and is limited to

$3,000 on an annual basis. Company Match contributions are contributed on a payroll basis based on the participants

contributions and year to date annual eligible retirement earnings. For 2018, the annual Company Match was limited to $4,500,

for 2019 the annual Company Match is $5,850 and for 2020 and thereafter the annual Company Match is $8,000.

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, Roth 401(k), 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 based on the participant’s years of service with the Company as of the beginning of the plan year and their

eligible compensation up to the annual IRC compensation limit ($330,000 for 2023). The Plan has a three-year cliff vesting

requirement and an end of year employment requirement on the Company contribution.

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-tax, Roth 401(k), 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.

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, 401(k)

Roth and After-tax) at any time. In addition, they can make different investment elections for their Company Contributions, before-

tax contributions, Roth 401(k) contributions and after-tax contributions.

The participant’s Employee Account reflects any contributions made by the participant (such as before-tax contributions, Roth

401(k) and after-tax 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 the income, gains, losses, withdrawals, distributions, and expenses

attributable to these Company contributions.

Vesting 

Participants are fully vested in their Employee Account. A participant becomes 100% vested in his or her Company Account after

three years of service, or, while in service as an employee: attaining age 65, attaining age 55 with 10 years of service, becoming

totally and permanently disabled, or upon death.

Forfeited Accounts 

Forfeited balances of terminated participants’ unvested Company Accounts contributions are used to reduce the Company’s total

contributions to the Plan. For the years ended December 31, 2023, and 2022 total forfeitures of $10,336,612 and $12,439,734

respectively were used to reduce the Company contributions. The remaining balances in the forfeiture account as of December

31, 2023, and December 31, 2022, were $2,612,156 and $2,634,650, respectively.

11

NOTE 1 DESCRIPTION OF THE PLAN

(continued)

Payment of Benefits 

Upon the termination of employment for any reason, including death, a participant or his or her beneficiary may receive a

distribution of the entire vested account balance, which is generally a lump-sum cash payment. However, if any portion of such

participant’s account is invested in the UBS Stock Fund, then the participant may elect to receive such portion in UBS shares. If

the account balance is greater than $1,000, the participant may elect to defer the lump-sum distribution until a date not to extend

beyond April 1 of the year following the year that the participant attains age 70 1/2. Note age has changed to 72 for 2020 and

if 73 if you reach age 72 after December 31, 2022. 

A participant may elect to withdraw all or part of their account balance after attaining age 59 1/2, as provided by the Plan. 

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, Roth 401(k), 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.

Notes Receivable from Participants

Notes receivable from participants represent participant loans which are permitted under certain conditions provided for by the

Plan. Participants can borrow up to the lesser of 50% of their vested account balance or $50,000. The $50,000 limit is reduced

by the excess of the participant’s highest outstanding loan balance from his or her account during the 12-month period before

the loan is made (even if repaid) over the participant’s outstanding loan balance on the date the loan is made. The loan repayment

shall not exceed a five-year period, except for loans related to the purchase of a primary residence. These loans shall not exceed

25 years. The interest rates on the loans range from 5.25% to 10.50%. All loans, including interest, are to be repaid in level

amounts through payroll deductions to be no less frequent than quarterly over the life of the loan.

Plan Termination 

The Company has not expressed any intent to terminate the Plan, although it reserves the right to terminate the Plan 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 Trustee 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).

Payment 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 notes 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 ceases to make loan repayments and the Plan administrator deems the participant

loan to be a distribution, the participant loan balance is reduced, and a benefit payment is recorded.

Use of Estimates 

The preparation of the accompanying 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. Actual results could differ

from those estimates.

12

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(continued)

Valuation of Investments 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

and sold as well as held during the year. 

Investments held by the Plan 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).

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 instruments.

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:

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 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:

 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, target date 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.

Self Directed Brokerage Accounts:

 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. 

Money market funds:

 Funds record their 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.

Preferred Stock:

 Actively traded securities are valued at the closing price reported on the active market on which the individual

securities are traded.

Real Estate Fund:

 Actively traded securities are valued at the closing price reported on the active market on which the individual

securities are traded.

Participatory Note:

 Participatory notes are issued by registered Foreign Institutional Investor (FII) to overseas investment and

transferable by endorsement and delivery.

Short-term investments

: 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 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.

13

NOTE 3 FAIR VALUE MEASUREMENT

(Continued)

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. 

At December 31, 2023, the investments held by the Plan within the fair value hierarchy are as follows:

Investments at Fair Value as of December 31, 2022

Level 1

Level 2

Level 3

Total

Mutual funds 

$ 13,991,872 

— 

— 

$13,991,872

Self Directed Brokerage Account

1,346,162,036

— 

— 

1,346,162,036

UBS Stock Fund 

365,776,711

— 

— 

365,776,711

Common Stocks

1,700,995,929

— 

— 

1,700,995,929

Preferred Stock

—

— 

— 

—

Real Estate Funds

26,011,107

— 

— 

26,011,107

Participatory Note

—

4,253,390

— 

4,253,390

$3,452,937,655

$4,253,390

$ — 

$3,457,191,045

Investments measured at NAV: 

Money market funds

(a)

$463,629,838

Short-term investment funds

(b)

42,816,604

U.S. equity funds

(c)

1,513,337,679

Non-U.S. equity funds

(c)

404,523,496

U.S. bond funds

(d)

609,100,587

Non-U.S. bond funds

(e)

31,524,026

Target date funds

(f)

2,326,707,162

Total investments, at NAV 

$5,391,639,392

Total investments at fair value

$8,848,830,437

At December 31, 2022, the investments held by the Plan within the fair value hierarchy are as follows:

Investments at Fair Value as of December 31, 2021

Level 1

Level 2

Level 3

Total

Mutual funds 

$5,842,696

— 

— 

$5,842,696

Self Directed Brokerage Account

1,187,850,870

— 

— 

1,187,850,870

UBS Stock Fund 

234,215,075

— 

— 

234,215,075

Common Stocks

1,329,909,837

— 

— 

1,329,909,837

Preferred Stock

2,739,708

— 

— 

2,739,708

Real Estate Funds

20,184,918

— 

— 

20,184,918

Participatory Note

— 

2,904,637

— 

2,904,637

$2,780,743,104

$2,904,637

$ — 

$2,783,647,741

Investments measured at NAV: 

Money market funds

(a)

$435,296,190

Short-term investment funds

(b)

38,762,316

U.S. equity funds

(c)

1,193,066,943

Non-U.S. equity funds

(c)

332,927,840

U.S. bond funds

(d)

553,113,447

Non-U.S. bond funds

(e)

26,983,415

Target date funds

(f)

1,930,326,647

Total investments, at NAV 

$4,510,476,798

Total investments at fair value

$7,294,124,539

(a) Money market funds are designed to protect capital with low-risk investments and includes cash, bank notes, corporate

notes, government bills, and various short-term debt instruments.

(b) Short-term investment funds invest in short-term fixed-income securities and other securities with debt-like characteristics

emphasizing short-term maturities and high quality. Under normal circumstances, there are no redemption restrictions;

redemptions can be made daily with no notice period required. Plan sponsor-initiated activity may require 15 days prior

written notice for the short-term investment funds.

(c) 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.

(d) 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.

14

(e) 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.

(f) 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. With the exception of 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.

NOTE 4 RISKS AND UNCERTAINTIES

The Plan invests in several 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 quite possible for the value of investment securities to

change in the near term. The 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 

For the year ended December 31, 2023, the Plan makes certain investments through the Trust, which are considered to be party-

in-interest transactions for which a statutory exemption from the prohibited transaction regulation exists. They are as follows:

–

Notes receivable from participants are considered to be party-in-interest transactions. 

–

Investments in certain funds sponsored by UBS Asset Management, a wholly owned subsidiary of the Plan sponsor, are

considered to be party-in-interest transactions. The Plan offers UBS mutual funds, a collective investment trust, and a separately

managed account as part of the investment fund line-up.

–

The Plan invests in common stock of UBS Group AG. These transactions qualify as party-in-interest transactions. The Plan

received a total common stock dividends payment of $ 6,679,465 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.

Note 6 TAX STATUS

The Plan is a result of the merger and renaming of the SIP Plan and the Plus Plan, effective January 1, 2015. Both the SIP Plan and

the Plus Plan have favorable determination letters issued by the IRS, dated July 29, 2014, and September 9, 2014, respectively,

stating that the SIP Plan and the Plus Plan are qualified under Section 401(a) of the Code and, therefore, the related trust is exempt

from taxation. 

U.S. GAAP requires 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.

15

Note 7 RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 as of:

December 31,

2023

2022

Net assets available for benefits per the financial statements 

$9,002,857,064

$7,438,151,041

Less: Benefits payable to participants 

(5,191,551)

(2,683,875)

Net assets available for benefits per Form 5500 

$8,997,665,513

$7,435,467,166

The accompanying financial statements present benefits distributions to participants on cash basis. The Form 5500 requires

benefits distributions to be reported as a benefits payable in the plan year. Therefore, the adjustment from cash basis to accrual

basis for benefits distributions represents a reconciling item.

The following is a reconciliation of net increase in net assets per the financial statements to the Form 5500 for the year ended

December 31, 2023:

Net increase/(Decrease) in net assets available for benefits per the financial statements

$1,564,706,023

Add: Benefits payable to participants at December 31,2022

2,683,875

Less: Benefits payable to participants at December 31,2023

(5,191,551)

Net increase/(Decrease) in net assets per Form 5500

$1,562,198,347

NOTE 8 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.

16

SUPPLEMENTAL SCHEDULE

UBS 401(K) PLAN

EIN: 13-2638166

Plan #: 002

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

As of December 31, 2023

17

Security Description / Asset ID

Share / Par Value 

Cost

Current Value

Non-Interest Bearing Cash - USD

BRL - Brazilian real

0.140

0.13

0.14

GBP - British pound sterling

34,432.500

34,434.49

34,432.50

CAD - Canadian dollar

17,917.990

17,917.34

17,917.99

DKK - Danish krone

73.220

73.62

73.22

EUR - Euro

59,112.840

59,121.57

59,112.84

CNH - HK offshore Chinese Yuan Renminbi

33,482.010

33,184.77

33,482.01

HKD - Hong Kong dollar

32.340

32.29

32.34

JPY - Japanese yen

41,558.650

41,141.67

41,558.65

MXN - Mexican peso

6.930

6.94

6.93

SGD - Singapore dollar

15,988.350

15,691.13

15,988.35

ZAR - South African rand

22.240

28.27

22.24

SEK - Swedish krona

-36.380

-36.38

-36.38

CHF - Swiss franc

13.240

13.24

13.24

USD - United States dollar

126,290.370

126,290.37

126,290.37

Total - all currencies

327,899.45

328,894.44

Total Non-Interest Bearing Cash - USD

327,899.45

328,894.44

Receivables - Other - USD

Pending foreign exchange purchases: Danish krone

0.000

328,280.96

327,533.44

Pending foreign exchange purchases: Euro

0.000

14,070.39

14,037.47

Pending foreign exchange purchases: Japanese yen

0.000

183,594.53

184,034.64

Pending foreign exchange purchases: Mexican peso

0.000

214,855.89

215,340.21

Pending foreign exchange purchases: United States dollar

0.000

139,854.91

139,854.91

Total - all currencies

880,656.68

880,800.67

Pending trade sales: British pound sterling

0.000

106,714.39

106,414.87

Pending trade sales: Canadian dollar

0.000

22,558.54

22,593.61

Pending trade sales: Euro

0.000

166,278.84

165,399.79

Pending trade sales: United States dollar

0.000

2,692,542.55

2,692,542.55

Total - all currencies

2,988,094.32

2,986,950.82

Total Receivables - Other USD

3,868,751.00

3,867,751.49

Corporate Stock - Common

Belgium - EUR

ARGEN X SE SEDOL : BNHKYX4

891.000

441,275.36

338,087.53

UCB NPV SEDOL : 5596991

29,646.000

3,133,532.17

2,583,853.04

Total Belgium - EUR

3,574,807.53

2,921,940.57

Brazil - USD

ADR PETROLEO BRASILEIRO SA PETROBRAS SPONSORED ADR SEDOL : 2616580

145,073.000

2,294,744.10

2,316,815.81

Total Brazil - USD

2,294,744.10

2,316,815.81

Canada - CAD

CDN NATL RAILWAYS COM NPV SEDOL : 2180632

26,600.000

3,084,600.14

3,359,798.27

CDN PAC KANS CY COM NPV SEDOL : BMBQR09

55,800.000

4,058,724.32

4,436,578.19

KINAXIS INC COM NPV SEDOL : BN85P68

1,300.000

186,275.35

146,612.32

Total Canada - CAD

7,329,599.81

7,942,988.78

Canada - USD

CAMECO CORP COM CUSIP : 13321L108

40,966.000

430,797.64

1,765,634.60

FIRSTSERVICE CORP COM NPV CUSIP : 33767E202

9,306.000

842,997.85

1,508,409.54

WHITECAP RES INC COM NEW CUSIP : 96467A200

156,220.000

1,303,542.99

1,050,267.06

Total Canada - USD

2,577,338.48

4,324,311.20

China - USD

ADR LEGEND BIOTECH CORP SPON ADS EACH REP 2 ORD SHS SEDOL : BMX9K07

38,187.000

2,457,640.04

2,297,711.79

ADR PROSUS N.V. ADR NASPERS NEWCO-ADR CUSIP : 74365P108

1,540,953.000

10,742,118.64

9,168,670.35

Total China - USD

13,199,758.68

11,466,382.14

Denmark - DKK

CARLSBERG SER'B'DKK20 SEDOL : 4169219

13,440.000

1,766,982.92

1,686,485.14

DANSKE BANK A/S DKK10 SEDOL : 4588825

95,447.000

2,179,486.45

2,551,533.16

DSV A S DKK1 SEDOL : B1WT5G2

1,871.000

329,245.46

328,683.38

NKT A/S SEDOL : 7106354

1,892.000

124,329.09

130,033.21

NOVO NORDISK A/S SER'B'DKK0.1 SEDOL : BP6KMJ1

52,416.000

3,297,029.13

5,422,304.65

Total Denmark - DKK

7,697,073.05

10,119,039.54

Denmark - USD

ADR ASCENDIS PHARMA A/S SPONSORED ADR SEDOL : BV9G6B8

15,139.000

1,939,606.54

1,906,757.05

ADR NOVO-NORDISK A S ADR SEDOL : 2651202

17,825.000

1,246,131.17

1,843,996.25

Total Denmark - USD

3,185,737.71

3,750,753.30

18

Security Description / Asset ID

Share / Par Value 

Cost

Current Value

Corporate Stock - Common (continued)

France - EUR

AIR LIQUIDE(L') EUR5.50 SEDOL : B1YXBJ7

37,225.000

4,978,086.71

7,242,159.50

AIRBUS SE EUR1 SEDOL : 4012250

14,820.000

1,835,176.13

2,288,326.25

AXA SA EUR2.29 SEDOL : 7088429

58,846.000

1,774,261.79

1,916,974.88

BNP PARIBAS EUR2 SEDOL : 7309681

21,661.000

1,338,574.24

1,497,642.50

PERNOD RICARD NPV EUR 1.55 SEDOL : 4682329

1,865.000

363,381.74

329,112.52

SAFRAN SA EUR0.20 SEDOL : B058TZ6

16,080.000

2,292,593.59

2,832,451.66

SCHNEIDER ELECTRIC EUR4.00 SEDOL : 4834108

4,907.000

858,130.94

985,341.69

VINCI EUR2.50 SEDOL : B1XH026

1,901.000

209,819.79

238,763.14

Total France - EUR

13,650,024.93

17,330,772.14

France - USD

ADR SAFRAN ADR CUSIP : 786584102

413,296.000

12,756,654.86

18,238,752.48

Total France - USD

12,756,654.86

18,238,752.48

Germany - EUR

ALLIANZ SE NPV(REGD)(VINKULIERT) SEDOL : 5231485

20,097.000

4,616,873.35

5,371,326.61

DEUTSCHE BANK AG NPV(REGD) SEDOL : 5750355

50,261.000

682,901.82

686,459.34

DEUTSCHE BOERSE AG NPV(REGD) SEDOL : 7021963

22,471.000

2,374,398.01

4,629,413.12

DEUTSCHE TELEKOM NPV(REGD) SEDOL : 5842359

253,265.000

4,564,334.99

6,084,979.79

Total Germany - EUR

12,238,508.17

16,772,178.86

Germany - USD

ADR BAYER A G SPONSORED ADR CUSIP : 072730302

805,048.000

12,148,505.02

7,430,593.04

SAP SE-SPONSORED ADR CUSIP : 803054204

84,673.000

11,280,337.19

13,089,599.07

Total Germany - USD

23,428,842.21

20,520,192.11

Hong Kong - HKD

AIA GROUP LTD NPV SEDOL : B4TX8S1

37,000.000

395,337.54

322,447.83

Total Hong Kong - HKD

395,337.54

322,447.83

Hungary - GBP

WIZZ AIR HLDGS PLC ORD GBP0.0001 SEDOL : BN574F9

26,099.000

634,582.59

735,621.99

Total Hungary - GBP

634,582.59

735,621.99

Israel - USD

ADR NICE LTD SPONSORED ADR CUSIP : 653656108

11,343.000

2,075,372.66

2,263,041.93

CYBER-ARK SOFTWARE LTD COM ILS0.01 CUSIP : M2682V108

17,933.000

2,910,591.46

3,928,223.65

WIX.COM LTD COM ILS0.01 CUSIP : M98068105

28,762.000

2,350,731.53

3,538,301.24

Total Israel - USD

7,336,695.65

9,729,566.82

Japan - JPY

DAIICHI SANKYO COM NPV SEDOL : B0J7D91

68,000.000

2,258,573.26

1,867,612.43

KEISEI ELEC RY CO NPV SEDOL : 6487425

28,400.000

1,128,720.07

1,342,442.90

NIPPON SANSO HOLDINGS CORP SEDOL : 6640541

52,736.000

1,167,385.38

1,412,477.91

OTSUKA HOLDINGS CO LTD SEDOL : B5LTM93

30,300.000

1,145,221.65

1,136,733.58

Total Japan - JPY

5,699,900.36

5,759,266.82

Korea, Republic of - USD

COUPANG INC SEDOL : BNYHDF3

179,353.000

4,672,679.87

2,903,725.07

Total Korea, Republic of – USD

4,672,679.87

2,903,725.07

Mexico - MXN

WAL-MART DE MEX COM NPV SEDOL : BW1YVH8

187,410.000

772,509.42

792,047.81

Total Mexico - MXN

772,509.42

792,047.81

Netherlands - EUR

ASML HOLDING NV EUR0.09 SEDOL : B929F46

1,436.000

1,012,458.58

1,081,365.32

HEINEKEN NV EUR1.60 SEDOL : 7792559

20,740.000

2,252,482.32

2,106,385.97

WOLTERS KLUWER EUR0.12 SEDOL : 5671519

5,081.000

641,414.55

722,357.93

Total Netherlands - EUR

3,906,355.45

3,910,109.22

Netherlands - USD

ADR ARGENX SE SPONSORED ADS SEDOL : BDVLM39

5,749.000

2,157,566.73

2,187,092.07

ADR ASML HLDG NV NY REG 2012 (POST REV SPLIT) SEDOL : B908F01

10,446.000

3,013,346.72

7,906,786.32

AERCAP HOLDINGS N.V. EUR0.01 SEDOL : B1HHKD3

247,888.000

14,197,805.47

18,423,036.16

Total Netherlands - USD

19,368,718.92

28,516,914.55

Russian Federation - USD

MMC NORILSK NICKEL ADR EACH REPR 1/10 SHARE (S SEDOL : BYSW6D0

86,763.000

2,758,734.52

163,982.07

SBERBANK OF RUSSIA SPON ADR SEDOL : B5SC091

169,458.000

2,844,610.07

7,676.45

Total Russian Federation - USD

5,603,344.59

171,658.52

Singapore - SGD

DBS GROUP HLDGS NPV SEDOL : 6175203

20,678.000

495,810.99

523,729.80

UTD O/S BANK NPV SEDOL : 6916781

31,058.000

665,579.95

669,850.73

Total Singapore - SGD

1,161,390.94

1,193,580.53

Spain - EUR

FERROVIAL SE EUR0.01 SEDOL : BRS7CF0

51,444.000

1,450,152.60

1,876,447.86

Total Spain - EUR

1,450,152.60

1,876,447.86

19

Security Description / Asset ID

Share / Par Value 

Cost

Current Value

Corporate Stock - Common (continued)

Sweden - USD

SPOTIFY TECHNOLOGY S A COM EUR0.025 SEDOL : BFZ1K46

21,732.000

3,683,142.68

4,083,660.12

Total Sweden - USD

3,683,142.68

4,083,660.12

Switzerland - CHF

ALCON INC SEDOL : BJT1GR5

28,855.000

2,242,506.52

2,250,391.73

COMP.FIN.RICHEMONT CHF1 (REGD) SEDOL : BCRWZ18

15,832.000

2,128,585.12

2,177,335.00

LONZA GROUP AG CHF1 (REGD) SEDOL : 7333378

773.000

498,604.30

324,850.12

MEDACTA GROUP SA CHF0.10 SEDOL : BJYLTQ0

10,634.000

917,863.48

1,586,919.03

NESTLE SA CHF0.10(REGD) SEDOL : 7123870

40,961.000

4,280,573.26

4,745,567.77

Total Switzerland - CHF

10,068,132.68

11,085,063.65

Switzerland - USD

UBS GROUP AG COMMON STOCK CUSIP : H42097107

11,837,434.000

204,813,796.27

365,776,710.60

Total Switzerland - USD

204,813,796.27

365,776,710.60

Taiwan - USD

ADR TAIWAN SEMICONDUCTOR MANUFACTURING ADS REP 5 TWD10 CUSIP : 874039100

110,343.000

10,196,491.47

11,475,672.00

Total Taiwan - USD

10,196,491.47

11,475,672.00

United Kingdom - GBP

ASTRAZENECA ORD USD0.25 SEDOL : 0989529

11,657.000

1,633,361.54

1,575,196.57

BAE SYSTEMS ORD GBP0.025 SEDOL : 0263494

239,651.000

2,742,358.99

3,392,656.62

CRH PLC EQUITY SEDOL : 0182704

9,353.000

544,509.27

645,045.42

DIAGEO PLC ORD GBP0.28 101/108 SEDOL : 0237400

12,742.000

591,393.52

463,914.45

RECKITT BENCK GRP ORD GBP0.10 SEDOL : B24CGK7

29,675.000

2,217,426.43

2,050,369.39

RELX PLC SEDOL : B2B0DG9

76,857.000

2,570,041.87

3,047,094.43

Total United Kingdom - GBP

10,299,091.62

11,174,276.88

United Kingdom - USD

ADR ASTRAZENECA PLC SPONSORED ADR UNITEDKINGDOM SEDOL : 2989044

10,041.000

655,905.66

676,261.35

ADR IMMUNOCORE HLDGS PLC ADS CUSIP : 45258D105

25,683.000

1,162,897.72

1,754,662.56

ROYAL DUTCH SHELL PLC SPONSORED ADR REPSTG ORD SH CUSIP : 780259305

82,116.000

4,768,084.63

5,403,232.80

Total United Kingdom - USD

6,586,888.01

7,834,156.71

United States - USD

ACADIA HEALTHCARE CO INC COM CUSIP : 00404A109

30,246.000

1,702,603.63

2,351,928.96

ADOBE INC COM SEDOL : 2008154

12,422.000

5,837,091.83

7,410,965.20

ADVANCED DRAIN SYS INC DEL COM CUSIP : 00790R104

19,234.000

2,116,498.25

2,705,069.76

ADVANCED MICRO DEVICES INC COM SEDOL : 2007849

28,592.000

1,854,051.98

4,214,746.72

AECOM SEDOL : B1VZ431

25,824.000

1,809,060.57

2,386,912.32

AEROVIRONMENT INC COM CUSIP : 008073108

21,810.000

2,437,098.93

2,748,932.40

AFFIRM HLDGS INC CL A CL A SEDOL : BMF9NM8

28,232.000

842,300.30

1,387,320.48

ALARM COM HLDGS INC COM CUSIP : 011642105

23,720.000

1,590,345.08

1,532,786.40

ALLETE INC COM NEW SEDOL : B02R1L6

38,610.000

2,453,806.22

2,361,387.60

ALPHABET INC CAP STK USD0.001 CL C CUSIP : 02079K107

168,496.000

12,890,015.62

23,746,141.28

ALPHABET INC CAPITAL STOCK USD0.001 CL A CUSIP : 02079K305

336,037.000

22,304,944.55

46,941,008.53

AMAZON COM INC COM SEDOL : 2000019

573,614.000

51,294,904.47

87,154,911.16

AMBARELLA INC SHS CUSIP : G037AX101

15,407.000

1,210,397.92

944,295.03

AMER FINL GROUP INC OH COM STK SEDOL : 2134532

13,206.000

1,894,596.68

1,570,061.34

AMERESCO INC CUSIP : 02361E108

49,101.000

2,976,554.92

1,555,028.67

AMICUS THERAPEUTICS INC COM CUSIP : 03152W109

123,439.000

1,657,654.70

1,751,599.41

AMPHENOL CORP NEW CL A SEDOL : 2145084

95,212.000

7,450,980.56

9,438,365.56

ANTERO RES CORP COM SEDOL : BFD2WR8

51,605.000

1,435,850.82

1,170,401.40

AON PLC SEDOL : BLP1HW5

42,972.000

8,334,569.46

12,505,711.44

APARTMENT INCOME REIT CORP COM SEDOL : BN6QGL5

63,548.000

3,134,329.51

2,207,022.04

APPFOLIO INC COM CL A COM CL A CUSIP : 03783C100

14,944.000

2,955,426.81

2,588,898.56

APPLE INC COM STK SEDOL : 2046251

264,136.000

21,176,120.01

50,854,104.08

ARCELLX INC COM CUSIP : 03940C100

23,132.000

761,225.80

1,283,826.00

ARCH RES INC DEL CL A CL A SEDOL : BLB8B95

12,115.000

1,882,454.76

2,010,363.10

ARROWHEAD PHARMACEUTICALS INC COM CUSIP : 04280A100

42,233.000

1,422,702.03

1,292,329.80

ARTISAN PARTNERS ASSET MGMT INC CL A CL A SEDOL : B8FW545

36,000.000

1,364,234.91

1,590,480.00

ARVINAS INC COM CUSIP : 04335A105

41,081.000

1,646,663.17

1,690,893.96

ATI INC COM CUSIP : 01741R102

105,844.000

4,242,111.93

4,812,726.68

ATKORE INC SEDOL : BDHF495

12,116.000

1,063,829.68

1,938,560.00

ATLANTIC UN BANKSHARES CORP COM SEDOL : BFZ9DB8

49,468.000

1,807,625.13

1,807,560.72

ATLASSIAN CORP CL A SEDOL : BQ1PC76

24,976.000

5,721,349.91

5,940,791.36

ATRICURE INC COM STK CUSIP : 04963C209

50,389.000

2,448,079.25

1,798,383.41

AURORA INNOVATION INC CL A COM SEDOL : BMF0P92

213,646.000

683,026.23

933,633.02

AXON ENTERPRISE INC COM CUSIP : 05464C101

11,415.000

1,057,708.88

2,948,836.95

AZEK CO INC CL A CL A CUSIP : 05478C105

103,389.000

2,520,355.92

3,954,629.25

20

Security Description / Asset ID

Share / Par Value 

Cost

Current Value

Corporate Stock - Common (continued)

United States - USD (continued)

BECTON DICKINSON & CO COM SEDOL : 2087807

25,868.000

6,450,866.01

6,307,394.44

BELDEN INC COM SEDOL : B01WL78

22,200.000

1,363,296.75

1,714,950.00

BELLRING BRANDS INC COM USD0.01 CUSIP : 07831C103

61,733.000

2,563,028.70

3,421,860.19

BERRY GLOBAL GROUP INC COM USD0.01 SEDOL : B8BR3H3

34,905.000

1,946,375.90

2,352,247.95

BIO-TECHNE CORP COM CUSIP : 09073M104

25,895.000

2,104,430.20

1,998,058.20

BJS WHSL CLUB HLDGS INC COM SEDOL : BFZNZF8

26,732.000

1,797,446.63

1,781,955.12

BK HAW CORP COM SEDOL : 2074070

30,700.000

1,652,348.80

2,224,522.00

BLOOMIN BRANDS INC COM CUSIP : 094235108

160,802.000

3,358,647.02

4,526,576.30

BLUEPRINT MEDICINES CORP COM CUSIP : 09627Y109

19,780.000

1,690,171.89

1,824,507.20

BOISE CASCADE CO COM CUSIP : 09739D100

24,529.000

903,291.02

3,173,071.44

BOOKING HLDGS INC COM SEDOL : BDRXDB4

2,435.000

4,596,087.72

8,637,480.70

BRAZE INC CL A CL A CUSIP : 10576N102

62,537.000

2,731,828.68

3,322,590.81

BRIGHT HORIZONS FA COM USD0.001 CUSIP : 109194100

19,199.000

1,678,471.53

1,809,313.76

BRINKS CO COM CUSIP : 109696104

52,851.000

3,784,770.00

4,648,245.45

BRUNSWICK CORP COM SEDOL : 2149309

19,725.000

1,622,303.46

1,908,393.75

BUILDERS FIRSTSOURCE INC COM STK CUSIP : 12008R107

12,938.000

494,547.29

2,159,869.72

BURLINGTON STORES INC COM CUSIP : 122017106

6,426.000

1,305,402.73

1,249,728.48

BWX TECHNOLOGIES INC COM CUSIP : 05605H100

74,676.000

4,604,138.81

5,729,889.48

CACTUS INC CL A CL A SEDOL : BF1GM16

29,863.000

1,702,118.54

1,355,780.20

CADENCE DESIGN SYS INC COM SEDOL : 2302232

17,554.000

2,972,100.21

4,781,182.98

CAESARS ENTMT INC NEW COM SEDOL : BMWWGB0

38,430.000

2,453,063.10

1,801,598.40

CALIFORNIA RES CORP COM USD0.01 SEDOL : BMBK002

28,245.000

1,560,217.88

1,544,436.60

CAPITAL ONE FINL CORP COM CUSIP : 14040H105

98,192.000

8,587,211.50

12,874,935.04

CARLISLE COMPANIES INC COM SEDOL : 2176318

8,963.000

2,278,560.76

2,800,310.09

CARLYLE GROUP INC COM CUSIP : 14316J108

79,445.000

2,523,633.16

3,232,617.05

CASELLA WASTE SYS INC CL A COM STK CUSIP : 147448104

22,453.000

1,737,014.64

1,918,833.38

CERTARA INC COM CUSIP : 15687V109

60,020.000

1,355,375.44

1,055,751.80

CF INDS HLDGS INC COM CUSIP : 125269100

40,878.000

2,829,535.46

3,249,801.00

CHARLES RIV LABORATORIES INTL INC COM CUSIP : 159864107

5,138.000

1,409,181.03

1,214,623.20

CHART INDS INC COM PAR $0.01 COM PAR $0.01 CUSIP : 16115Q308

27,309.000

3,107,989.51

3,723,035.97

CHARTER COMMUNICATIONS INC NEW CL A CL A CUSIP : 16119P108

6,411.000

2,008,118.11

2,491,827.48

CHEMED CORP NEW COM CUSIP : 16359R103

5,396.000

2,600,784.03

3,155,311.00

CHESAPEAKE ENERGY CORP COM NEW 01/2021 CUSIP : 165167735

30,050.000

1,931,534.37

2,312,047.00

CHIPOTLE MEXICAN GRILL INC COM STK SEDOL : B0X7DZ3

2,190.000

2,242,174.10

5,008,442.40

CHORD ENERGY CORPORATION COM USD0.01 SEDOL : BLDDYB1

8,911.000

1,147,960.93

1,481,275.53

CHURCHILL DOWNS INC COM CUSIP : 171484108

23,375.000

1,807,624.04

3,153,988.75

CINEMARK HLDGS INC COM SEDOL : B1W7RQ0

81,439.000

1,291,626.29

1,147,475.51

CIVITAS RES INC COM SEDOL : BMG9GG2

21,325.000

1,403,564.76

1,458,203.50

CLEAN HBRS INC COM SEDOL : 2202473

14,753.000

1,753,580.28

2,574,546.03

CLEARWATER ANALYTICS HLDGS INC CL A CL A CUSIP : 185123106

202,909.000

3,726,224.68

4,064,267.27

CLEVELAND CLIFFS USD0.125 SEDOL : BYVZ186

116,227.000

1,866,470.25

2,373,355.34

COGNEX CORP COM CUSIP : 192422103

30,451.000

1,989,513.07

1,271,024.74

COLUMBIA BKG SYS INC COM CUSIP : 197236102

74,397.000

2,039,558.06

1,984,911.96

COMCAST CORP NEW-CL A CUSIP : 20030N101

319,888.000

11,970,916.30

14,027,088.80

COMMERCIAL METALS CO COM SEDOL : 2213260

42,247.000

1,834,140.73

2,114,039.88

CONFLUENT INC CL A CL A CUSIP : 20717M103

119,654.000

2,715,251.70

2,799,903.60

CONMED CORP COM CUSIP : 207410101

23,006.000

2,921,762.91

2,519,387.06

CONOCOPHILLIPS COM CUSIP : 20825C104

279,583.000

29,614,209.05

32,451,198.81

CORE & MAIN INC COM CL A COM CL A SEDOL : BNXKS92

57,600.000

1,347,259.04

2,327,616.00

COTY INC COM CL A COM CL A SEDOL : BBBSMJ2

155,027.000

1,374,020.61

1,925,435.34

CRH ORD EUR 0.32 SEDOL : B01ZKD6

29,958.000

1,872,365.92

2,071,895.28

CROWN HLDGS INC COM CUSIP : 228368106

24,566.000

1,871,495.56

2,262,282.94

CURTISS WRIGHT CORP COM SEDOL : 2241205

10,220.000

1,431,757.61

2,276,913.80

DANAHER CORP COM SEDOL : 2250870

6,700.000

1,426,690.84

1,549,978.00

DAVE & BUSTERS ENTMT INC COM CUSIP : 238337109

49,926.000

1,764,268.90

2,688,515.10

DECIPHERA PHARMACEUTICALS INC COM CUSIP : 24344T101

83,674.000

1,351,420.69

1,349,661.62

DIAMOND OFFSHORE DRILLING INC COM NEW COM NEW SEDOL : BN0W664

113,147.000

1,414,306.34

1,470,911.00

DIGITALOCEAN HLDGS INC COM CUSIP : 25402D102

41,989.000

1,861,585.21

1,540,576.41

DIODES INC COM SEDOL : 2270500

23,730.000

1,818,766.03

1,910,739.60

DOLLAR GEN CORP NEW COM SEDOL : B5B1S13

22,500.000

2,636,703.22

3,058,875.00

DOUBLEVERIFY HLDGS INC COM CUSIP : 25862V105

75,890.000

2,540,832.94

2,791,234.20

DUOLINGO INC CL A COM CL A COM CUSIP : 26603R106

16,377.000

2,483,623.04

3,715,122.45

DYNATRACE INC COM CUSIP : 268150109

131,576.000

6,051,292.23

7,195,891.44

E L F BEAUTY INC COM CUSIP : 26856L103

21,422.000

2,267,904.57

3,092,051.48

21

Security Description / Asset ID

Share / Par Value 

Cost

Current Value

Corporate Stock - Common (continued)

United States - USD (continued)

EAGLE MATLS INC COM CUSIP : 26969P108

6,233.000

1,175,169.82

1,264,301.72

EAST WEST BANCORP INC COM SEDOL : 2487407

24,104.000

1,903,563.24

1,734,282.80

ELASTIC N V COM USD0.01 CUSIP : N14506104

34,272.000

2,269,081.26

3,862,454.40

ELEVANCE HEALTH INC CUSIP : 036752103

29,388.000

11,318,984.55

13,858,205.28

ELI LILLY & CO COM SEDOL : 2516152

20,105.000

6,933,208.12

11,719,606.60

ENCOMPASS HEALTH CORP COM USD0.01 CUSIP : 29261A100

78,699.000

4,292,316.91

5,250,797.28

ENTEGRIS INC COM CUSIP : 29362U104

10,522.000

645,175.56

1,260,746.04

ESSENT GROUP LTD COM STK CUSIP : G3198U102

31,687.000

1,007,388.60

1,671,172.38

EURONET WORLDWIDE INC COM CUSIP : 298736109

24,843.000

3,124,030.74

2,521,316.07

EVEREST GROUP LTD CUSIP : G3223R108

3,992.000

1,565,201.97

1,411,491.36

EVOLENT HEALTH INC CL A CL A CUSIP : 30050B101

52,259.000

1,540,376.11

1,726,114.77

EXLSERVICE COM INC COM STK CUSIP : 302081104

36,134.000

1,064,535.62

1,114,733.90

FAIR ISAAC CORPORATION COM SEDOL : 2330299

3,746.000

3,321,828.58

4,360,381.46

FIRST BANCORP N C COM CUSIP : 318910106

55,218.000

2,266,739.61

2,043,618.18

FIRST WATCH RESTAURANT GROUP INC COM CUSIP : 33748L101

132,400.000

2,317,017.47

2,661,240.00

FISERV INC COM SEDOL : 2342034

128,005.000

13,018,642.22

17,004,184.20

FIVE BELOW INC COM USD0.01 CUSIP : 33829M101

13,441.000

2,303,735.07

2,865,083.56

FLEX LTD COM USD0.01 SEDOL : 2353058

61,261.000

1,132,514.02

1,866,010.06

FLUOR CORP NEW COM SEDOL : 2696838

57,778.000

1,721,473.98

2,263,164.26

FLYWIRE CORP COM VTG COM VTG CUSIP : 302492103

155,092.000

4,854,391.99

3,590,379.80

FORMFACTOR INC COM STK SEDOL : 2891826

47,600.000

1,681,817.46

1,985,396.00

FRESHPET INC COM CUSIP : 358039105

36,439.000

2,300,188.88

3,161,447.64

GE AEROSPACE CUSIP : 369604301

157,838.000

10,199,270.99

20,144,863.94

GITLAB INC CL A COM CUSIP : 37637K108

55,751.000

2,768,940.64

3,510,082.96

GLACIER BANCORP INC NEW COM SEDOL : 2370585

54,300.000

1,847,736.13

2,243,676.00

GLOBAL PMTS INC COM SEDOL : 2712013

54,135.000

8,800,523.34

6,875,145.00

GLOBUS MED INC CL A NEW COM STK CUSIP : 379577208

16,978.000

1,186,680.96

904,757.62

GOLDMAN SACHS GROUP INC COM CUSIP : 38141G104

48,854.000

11,530,369.70

18,846,407.58

GRAPHIC PACKAGING HLDG CO COM STK CUSIP : 388689101

100,136.000

2,358,923.13

2,468,352.40

GUIDEWIRE SOFTWARE INC COM USD0.0001 CUSIP : 40171V100

27,225.000

2,723,097.25

2,968,614.00

GXO LOGISTICS INC COM CUSIP : 36262G101

72,563.000

4,266,180.13

4,437,953.08

HEALTHEQUITY INC COM CUSIP : 42226A107

23,792.000

1,367,240.32

1,577,409.60

HEICO CORP NEW CL A CL A CUSIP : 422806208

14,954.000

1,711,420.76

2,130,047.76

HILTON WORLDWIDE HLDGS INC COM NEW COM NEW CUSIP : 43300A203

57,458.000

4,348,108.23

10,462,527.22

HOWMET AEROSPACE INC COM USD1.00 WI SEDOL : BKLJ8V2

36,700.000

1,837,637.42

1,986,204.00

HUMANA INC COM SEDOL : 2445063

7,788.000

2,726,212.60

3,565,424.28

HUNTSMAN CORP COM STK SEDOL : B0650B9

65,256.000

1,541,315.95

1,639,883.28

IDEAYA BIOSCIENCES INC COM CUSIP : 45166A102

51,837.000

1,223,566.44

1,844,360.46

IMMUNOVANT INC COM CUSIP : 45258J102

31,042.000

1,226,482.24

1,307,799.46

IMPINJ INC COM CUSIP : 453204109

31,370.000

2,705,338.04

2,824,241.10

INGERSOLL RAND INC COM SEDOL : BL5GZ82

100,112.000

3,015,579.74

7,742,662.08

INGEVITY CORP COM SEDOL : BD4LHG4

33,319.000

1,553,661.88

1,573,323.18

INSMED INC COM PAR $.01 CUSIP : 457669307

102,866.000

2,603,280.34

3,187,817.34

INSPIRE MED SYS INC COM CUSIP : 457730109

22,203.000

2,940,516.98

4,516,756.29

INSULET CORP COM STK CUSIP : 45784P101

9,765.000

2,016,092.21

2,118,809.70

INTELLIA THERAPEUTICS INC COM CUSIP : 45826J105

15,318.000

2,007,816.30

467,045.82

INTERNATIONAL SEAWAYS INC INTERNATIONAL SEAWAYS INC COMMON STOCK SEDOL : BYX60M4

32,495.000

1,380,421.03

1,477,872.60

INTRA-CELLULAR THERAPIES INC COM CUSIP : 46116X101

24,005.000

1,138,091.22

1,719,238.10

INTUIT COM SEDOL : 2459020

35,884.000

10,778,460.68

22,428,576.52

INTUITIVE SURGICAL INC COM NEW STK SEDOL : 2871301

37,409.000

7,034,538.29

12,620,300.24

IRONWOOD PHARMACEUTICALS INC COM CL A SEDOL : B3MZ6K5

175,838.000

2,007,281.67

2,011,586.72

ITT INC COM SEDOL : BZBY209

22,067.000

1,703,541.07

2,633,034.44

JABIL INC COM USD0.001 SEDOL : 2471789

13,285.000

810,826.12

1,692,509.00

JAMF HLDG CORP COM CUSIP : 47074L105

96,826.000

3,632,272.00

1,748,677.56

JAZZ PHARMACEUTICALS PLC COM USD0.0001 SEDOL : B4Q5ZN4

10,425.000

1,707,062.05

1,282,275.00

JUNIPER NETWORKS INC COM SEDOL : 2431846

79,091.000

2,302,248.96

2,331,602.68

KBR INC COM CUSIP : 48242W106

33,122.000

1,599,220.24

1,835,290.02

KINSALE CAP GROUP INC COM SEDOL : BD1MGQ3

3,166.000

767,771.86

1,060,325.06

KIRBY CORP COM SEDOL : 2493534

25,850.000

1,861,954.28

2,028,708.00

KNIGHT-SWIFT TRANSN HLDGS INC CL A CLASSA COMMON STOCK USD0.01 SEDOL : BF0LKD0

37,035.000

2,192,564.82

2,135,067.75

KONTOOR BRANDS INC COM NPV WI SEDOL : BJTJGC4

29,050.000

1,378,260.38

1,813,301.00

KORN FERRY COM SEDOL : 2386849

20,253.000

1,166,718.88

1,202,015.55

KOSMOS ENERGY LTD COM USD0.01 CUSIP : 500688106

169,424.000

1,331,806.71

1,136,835.04

KULICKE & SOFFA INDS INC COM SEDOL : 2498001

32,850.000

1,775,456.24

1,797,552.00

KYMERA THERAPEUTICS INC COM CUSIP : 501575104

33,512.000

1,389,592.64

853,215.52

LANCASTER COLONY CORP COM CUSIP : 513847103

15,861.000

2,826,819.76

2,639,111.79

LATTICE SEMICONDUCTOR CORP COM CUSIP : 518415104

49,752.000

2,096,090.88

3,432,390.48

LEIDOS HLDGS INC COM SEDOL : BDV82B8

14,544.000

1,486,049.47

1,574,242.56

22

Security Description / Asset ID

Share / Par Value 

Cost

Current Value

Corporate Stock - Common (continued)

United States - USD (continued)

LIBERTY BROADBAND CORP COM SER A COM SERA CUSIP : 530307107

19,336.000

1,564,330.24

1,559,255.04

LIBERTY BROADBAND CORP COM SER C COM SERC CUSIP : 530307305

129,776.000

13,053,006.90

10,458,647.84

LIBERTY MEDIA CORP DEL COM LIBERTY FORMULA ONE SER C SEDOL : BPLYVN5

22,181.000

1,284,456.99

1,400,286.53

LIGHT & WONDER INC COM USD0.001 SEDOL : 2919290

20,139.000

1,338,224.31

1,653,613.29

LINCOLN NATL CORP COM SEDOL : 2516378

52,235.000

1,430,741.18

1,408,777.95

LINDE PLC SEDOL : BNZHB81

17,532.000

2,222,072.22

7,200,567.72

LIONS GATE ENTMT CORP CL B NON VTG NON VOTING SHS CL B SEDOL : BD8NB53

100,000.000

1,388,777.22

1,019,000.00

LIVANOVA PLC ORD GBP1.00 (DI) SEDOL : BYMT0J1

32,630.000

1,882,941.55

1,688,276.20

LIVE NATION ENTERTAINMENT INC CUSIP : 538034109

18,815.000

1,351,229.00

1,761,084.00

MADDEN STEVEN LTD COM SEDOL : 2553911

50,300.000

1,694,085.89

2,112,600.00

MARRIOTT INTL INC NEW COM STK CL A CUSIP : 571903202

44,430.000

4,365,961.03

10,019,409.30

MARRIOTT VACATIONS WORLDWIDE CORP COM SEDOL : B45K9N8

21,038.000

2,703,142.29

1,785,915.82

MASTEC INC COM CUSIP : 576323109

34,657.000

1,804,010.18

2,624,228.04

MASTERCARD INC CL A SEDOL : B121557

40,984.000

14,225,030.17

17,480,085.84

MATADOR RES CO COM CUSIP : 576485205

37,619.000

1,948,674.57

2,139,016.34

MEDPACE HLDGS INC COM CUSIP : 58506Q109

16,648.000

1,779,230.52

5,103,111.44

MERCURY SYSTEMS INC CUSIP : 589378108

61,851.000

3,857,351.80

2,261,891.07

MERIT MED SYS INC COM CUSIP : 589889104

34,253.000

1,893,375.11

2,601,857.88

META PLATFORMS INC COM USD0.000006 CL 'A' CUSIP : 30303M102

145,047.000

27,949,627.41

51,340,836.12

MGIC INVT CORP WIS COM SEDOL : 2548616

117,000.000

1,591,736.82

2,256,930.00

MGP INGREDIENTS INC NEW COM SEDOL : B6ZJTH3

14,900.000

1,333,443.28

1,467,948.00

MICROSOFT CORP COM SEDOL : 2588173

298,568.000

40,553,406.25

112,273,510.72

MKS INSTRS INC COM SEDOL : 2404871

24,698.000

1,980,174.82

2,540,683.26

MOLSON COORS BEVERAGE COMPANY COM USD0.01 CLASS B SEDOL : B067BM3

29,777.000

1,587,047.97

1,822,650.17

MONGODB INC CL A CL A SEDOL : BF2FJ99

3,647.000

881,219.94

1,491,075.95

MONSTER BEVERAGE CORP NEW COM SEDOL : BZ07BW4

98,518.000

4,635,899.29

5,675,621.98

NATIONAL VISION HLDGS INC COM CUSIP : 63845R107

93,284.000

2,449,238.79

1,952,434.12

NATL FUEL GAS CO COM SEDOL : 2626103

38,598.000

2,090,832.65

1,936,461.66

NEOGEN CORP COM CUSIP : 640491106

81,542.000

1,545,860.47

1,639,809.62

NEOGENOMICS INC COM NEW COM NEW CUSIP : 64049M209

57,464.000

1,743,977.25

929,767.52

NETFLIX INC COM STK CUSIP : 64110L106

52,837.000

16,722,530.03

25,725,278.56

NEW FORTRESS INC CL A SHS REPSTG LTD LIABILITY CUSIP : 644393100

62,382.000

2,450,645.53

2,353,672.86

NOBLE CORPORATION PLC COM CUSIP : G65431127

21,493.000

1,129,547.39

1,035,102.88

NORDSTROM INC COM SEDOL : 2641827

129,120.000

2,238,641.83

2,382,264.00

NORWEGIAN CRUISE LINE HLDGS LTD COM USD0.001 SEDOL : B9CGTC3

107,378.000

2,140,005.83

2,151,855.12

NOVANTA INC NOVANTA INC CUSIP : 67000B104

10,723.000

1,088,163.17

1,805,860.43

NVIDIA CORP COM SEDOL : 2379504

60,731.000

15,382,003.52

30,075,205.82

OCCIDENTAL PETROLEUM CORP CUSIP : 674599105

257,053.000

16,042,135.41

15,348,634.63

OVINTIV INC COM USD0.01 SEDOL : BJ01KB6

35,119.000

1,278,054.16

1,542,426.48

PAYLOCITY HLDG CORP COM SEDOL : BKM4N88

25,596.000

4,296,289.99

4,219,500.60

PELOTON INTERACTIVE INC SEDOL : BJ7WJS2

176,749.000

4,700,653.93

1,076,401.41

PENTAIR PLC COM USD0.01 SEDOL : BLS09M3

36,915.000

1,776,092.34

2,684,089.65

PENUMBRA INC COM SEDOL : BZ0V201

17,233.000

3,995,370.41

4,334,788.82

PERFORMANCE FOOD GROUP CO COM CUSIP : 71377A103

88,168.000

3,736,310.38

6,096,817.20

PERMIAN RES CORP CL A SEDOL : BQPCHB2

116,303.000

1,215,965.32

1,581,720.80

PERRIGO COMPANY LIMITED COM EUR0.001 SEDOL : BGH1M56

54,675.000

2,111,042.94

1,759,441.50

PINNACLE W. CAP CORP COM SEDOL : 2048804

23,600.000

1,794,295.42

1,695,424.00

POOL CORP COM STK CUSIP : 73278L105

7,671.000

2,679,230.70

3,058,504.41

POWERSCHOOL HLDGS INC CL A COM CL A COM CUSIP : 73939C106

102,584.000

2,487,129.05

2,416,879.04

PRESTIGE CONSUMER HEALTHCARE INC COM SEDOL : B0650P3

27,181.000

1,636,724.83

1,664,020.82

PROSPERITY BANCSHARES INC COM CUSIP : 743606105

51,944.000

3,497,780.83

3,518,167.12

PROTAGONIST THERAPEUTICS INC COM CUSIP : 74366E102

47,247.000

1,046,009.24

1,083,373.71

PROTHENA CORP PLC USD0.01 CUSIP : G72800108

18,155.000

1,290,690.46

659,752.70

PURE STORAGE INC CL A CL A CUSIP : 74624M102

104,535.000

2,681,283.38

3,727,718.10

PVH CORP COM USD1 SEDOL : B3V9F12

23,380.000

1,505,451.84

2,855,165.60

R1 RCM INC NEW CUSIP : 77634L105

138,340.000

3,481,592.33

1,462,253.80

RADNET INC COM STK CUSIP : 750491102

85,609.000

2,692,667.38

2,976,624.93

RALPH LAUREN CORP CL A CL A SEDOL : B4V9661

13,190.000

1,480,968.48

1,901,998.00

RAPT THERAPEUTICS INC COM CUSIP : 75382E109

64,749.000

1,491,236.64

1,609,012.65

REGAL REXNORD CORPORATION COM STK USD0.01 CUSIP : 758750103

31,320.000

3,489,268.05

4,635,986.40

REINSURANCE GROUP AMER INC COM NEW STK SEDOL : 2731193

10,385.000

1,137,500.67

1,680,085.30

RELAY THERAPEUTICS INC COM CUSIP : 75943R102

62,290.000

1,430,938.20

685,812.90

RELIANCE INC COM NPV SEDOL : 2729068

8,399.000

1,645,039.33

2,349,032.32

REPLIGEN CORP COM STK USD0.01 CUSIP : 759916109

20,553.000

3,000,533.82

3,695,429.40

REVOLVE GROUP INC CL A CL A CUSIP : 76156B107

58,797.000

2,847,285.12

974,854.26

RHYTHM PHARMACEUTICALS INC COM CUSIP : 76243J105

36,334.000

917,003.67

1,670,273.98

RIVIAN AUTOMOTIVE INC SEDOL : BL98841

109,949.000

4,758,835.72

2,579,403.54

ROSS STORES INC COM SEDOL : 2746711

61,395.000

6,094,863.93

8,496,454.05

23

Security Description / Asset ID

Share / Par Value 

Cost

Current Value

Corporate Stock - Common (continued)

United States - USD (continued)

RYDER SYS INC COM SEDOL : 2760669

16,640.000

1,565,140.67

1,914,598.40

SAIA INC COM STK SEDOL : 2982399

6,016.000

1,454,433.15

2,636,331.52

SALESFORCE INC COM USD0.001 SEDOL : 2310525

13,210.000

1,834,450.39

3,476,079.40

SALLY BEAUTY HLDGS INC COM STK USD0.01 SEDOL : B1GZ005

123,000.000

1,238,599.17

1,633,440.00

SCHLUMBERGER LTD COM COM SEDOL : 2779201

124,839.000

6,338,753.07

6,496,621.56

SCHWAB CHARLES CORP COM NEW SEDOL : 2779397

27,600.000

1,728,277.34

1,898,880.00

SELECT MED HLDGS CORP COM SEDOL : B4MF0Q6

68,275.000

1,677,660.35

1,604,462.50

SELECTIVE INS GROUP INC COM SEDOL : 2766173

15,034.000

1,567,545.52

1,495,582.32

SERVICENOW INC COM USD0.001 SEDOL : B80NXX8

12,972.000

3,771,085.66

9,164,588.28

SHAKE SHACK INC CL A CL A CUSIP : 819047101

41,492.000

2,310,009.15

3,075,387.04

SHIFT4 PMTS INC CL A CL A CUSIP : 82452J109

45,271.000

2,045,210.54

3,365,446.14

SHOALS TECHNOLOGIES GROUP INC CL A CL A CUSIP : 82489W107

100,665.000

2,427,202.90

1,564,334.10

SIMPSON MFG INC COM CUSIP : 829073105

19,920.000

1,919,933.15

3,943,761.60

SITEONE LANDSCAPE SUPPLY INC COM CUSIP : 82982L103

7,233.000

1,096,637.75

1,175,362.50

SNAP INC SNAP INC SEDOL : BD8DJ71

139,771.000

1,427,175.13

2,366,323.03

SOUTHSTATE CORP COM SEDOL : BNFX071

26,010.000

2,097,211.33

2,196,544.50

SPROUT SOCIAL INC COM CL A COM CL A CUSIP : 85209W109

42,694.000

2,499,312.77

2,623,119.36

SPS COMM INC COM CUSIP : 78463M107

6,101.000

1,104,592.78

1,182,617.84

STERLING CHECK CORP COM CUSIP : 85917T109

64,525.000

1,465,101.68

898,188.00

STIFEL FINL CORP COM SEDOL : 2849234

27,072.000

1,674,943.21

1,872,028.80

STRYKER CORP SEDOL : 2853688

38,569.000

8,000,032.47

11,549,872.74

SUPER MICRO COMPUTER INC COM USD0.001 CUSIP : 86800U104

17,227.000

4,323,525.32

4,896,947.02

SURGERY PARTNERS INC COM CUSIP : 86881A100

86,577.000

3,933,991.30

2,769,598.23

SYNAPTICS INC COM SEDOL : 2839268

14,236.000

1,372,515.29

1,624,042.88

SYNOVUS FINL CORP COM NEW COM NEW SEDOL : BMH4NJ8

53,229.000

2,341,537.34

2,004,071.85

TAPESTRY INC COM USD0.01 CUSIP : 876030107

43,590.000

1,664,675.33

1,604,547.90

TECHNIPFMC PLC COM USD1 CUSIP : G87110105

41,946.000

368,588.90

844,792.44

TENABLE HLDGS INC COM CUSIP : 88025T102

40,262.000

1,782,796.31

1,854,467.72

TENET HEALTHCARE CORP COM NEW . SEDOL : B8DMK08

27,956.000

2,081,941.85

2,112,634.92

TERADATA CORP DEL COM STK SEDOL : B247H10

43,900.000

1,965,092.55

1,910,089.00

TEREX CORP NEW COM SEDOL : 2884224

28,591.000

1,601,386.78

1,642,838.86

TEXTRON INC COM SEDOL : 2885937

31,960.000

2,529,321.97

2,570,223.20

THE CIGNA GROUP SEDOL : BHJ0775

51,278.000

10,111,749.04

15,355,197.10

T-MOBILE US INC COM SEDOL : B94Q9V0

32,950.000

4,747,986.81

5,282,873.50

TOPBUILD CORP COM CUSIP : 89055F103

14,356.000

2,565,701.86

5,372,876.56

TRADEWEB MKTS INC CL A CL A SEDOL : BJXMVK2

56,402.000

4,170,961.71

5,125,813.76

TREX CO INC COM CUSIP : 89531P105

23,398.000

1,100,679.12

1,937,120.42

TWIST BIOSCIENCE CORP COM CUSIP : 90184D100

39,845.000

1,802,837.21

1,468,686.70

TYLER TECHNOLOGIES INC COM STK CUSIP : 902252105

5,632.000

2,198,805.80

2,354,851.84

UGI CORP NEW COM SEDOL : 2910118

79,100.000

2,645,241.28

1,945,860.00

UNITED THERAPEUTICS CORP DEL COM STK SEDOL : 2430412

8,580.000

2,169,261.02

1,886,656.20

UNITEDHEALTH GROUP INC COM SEDOL : 2917766

74,576.000

22,166,730.08

39,262,026.72

UNIVERSAL DISPLAY CORP COM CUSIP : 91347P105

26,120.000

3,538,957.64

4,995,711.20

VAL NATL BANCORP COM SEDOL : 2935326

176,288.000

2,083,942.90

1,914,487.68

VALMONT INDS INC COM SEDOL : 2926825

11,550.000

2,814,849.76

2,697,040.50

VARONIS SYS INC COM CUSIP : 922280102

127,439.000

4,791,400.22

5,770,437.92

VERITEX HLDGS INC COM SEDOL : BRCYYB7

82,925.000

1,603,882.41

1,929,664.75

VERTEX PHARMACEUTICALS INC COM SEDOL : 2931034

6,826.000

1,041,865.03

2,777,431.14

VESTIS CORP COM SEDOL : BP5JNQ3

103,087.000

1,805,256.06

2,179,259.18

VIKING THERAPEUTICS INC COM CUSIP : 92686J106

93,400.000

1,342,841.49

1,738,174.00

VIRTU FINL INC CL A CL A CUSIP : 928254101

69,882.000

1,463,036.83

1,415,809.32

VISA INC COM CL A STK CUSIP : 92826C839

78,822.000

11,011,283.51

20,521,307.70

VISTEON CORP COM NEW COM NEW SEDOL : B4N0JJ6

41,670.000

4,950,922.07

5,204,583.00

VISTRA CORP COM USD0.01 SEDOL : BZ8VJQ8

64,970.000

1,498,096.50

2,502,644.40

VOYA FINL INC COM SEDOL : BKWQ2N2

25,093.000

1,665,270.25

1,830,785.28

WABTEC CORP COM SEDOL : 2955733

17,766.000

1,731,035.84

2,254,505.40

WEATHERFORD INTL LTD COMMON STOCK CUSIP : G48833118

31,742.000

1,381,431.77

3,105,319.86

WELLS FARGO & CO NEW COM STK CUSIP : 949746101

383,479.000

15,374,676.60

18,874,836.38

WERNER ENTERPRISES INC COM CUSIP : 950755108

52,489.000

2,377,769.93

2,223,958.93

WESTERN ALLIANCE BANCORPORATION COM SEDOL : B0CCGJ4

50,107.000

2,597,760.18

3,296,539.53

WESTLAKE CORPORATION COM USD0.01 SEDOL : B01ZP20

12,850.000

1,585,575.13

1,798,486.00

WILLSCOT MOBILE MINI HLDGS CORP COM CUSIP : 971378104

21,973.000

1,006,722.06

977,798.50

WOODWARD INC COM CUSIP : 980745103

59,795.000

6,341,054.33

8,139,893.35

XENCOR INC COM CUSIP : 98401F105

45,233.000

1,672,188.24

960,296.59

Total United States - USD

1,056,241,095.13

1,483,727,585.42

Total Corporate Stock - Common

1,454,823,395.32

2,066,772,639.33

24

Security Description / Asset ID

Share / Par Value 

Historical Cost

Current Value

Participant Loans

United States - USD

&&&PAINEWEBBER INC., SAVINGS INVESTMENT PLAN LOAN ASSET CUSIP : 999982127

55,054,194.440

55,054,194.44

55,054,194.44

Total United States - USD

55,054,194.44

55,054,194.44

Total Participant Loans

55,054,194.44

55,054,194.44

Value of Interest in Common/Collective Trusts

United States - USD

MFO INVESCO OPPENHEIMER EMERGING MARKETS EQUITY CL A - 504 CUSIP : 67084Y723

2,126,234.090

121,368,451.68

127,892,980.51

MFO INVESCO STABLE VALUE TRUST - CLASS B1 CUSIP : 46X193XX2

219,023,401.490

219,023,401.49

219,023,401.49

MFO LOOMIS SAYLES GLOBAL CIT CLASS D 30962 CUSIP : 543497713

3,031,156.380

31,674,159.90

31,524,026.35

MFO MIROVA GLOBAL SUSTAINABLE EQUITY COLLECTIVE INVESTMENT FUND CLASS F CUSIP : 63874W407

6,844,093.490

66,799,530.58

67,286,541.65

MFO MONDRIAN INTERNATIONAL EQUITY COLLECTIVE INVESTEMENT TRUST 2389 CUSIP : 60924J824

5,927,561.200

68,887,677.54

85,475,432.50

MFO PRUDENTIAL CORE PLUS BOND FUND CLASS 5 032884 74443R100 CUSIP : 74443R100

793,153.050

131,491,720.15

143,140,330.93

MFO SSGA GLOBAL ALL CAP EQUITY EX-US INDEX NL SERIES FD - CL K CUSIP : 85744W531

8,294,398.140

102,226,289.13

123,868,541.82

MFO SSGA RUSSELL SMALL/MID CAP INDEX NON- LENDING SERIES FUND CLASS K CUSIP : 85744W242

7,618,100.380

149,391,879.75

172,458,556.40

MFO SSGA S&P 500 INDEX NON-LENDING SERIES FUND CLASS K CUSIP : 85744W705

33,454,277.100

823,123,108.21

1,513,337,678.90

MFO SSGA US BOND INDEX NON-LENDING SERIES FUND CLASS K CUSIP : 85744W259

6,720,048.540

76,155,325.38

74,478,297.97

MFO VANGUARD TARGET RET 2020 TR SEL CUSIP : 92204E407

3,786,297.000

129,964,427.20

178,069,547.91

MFO VANGUARD TARGET RET 2025 TR SEL CUSIP : 92204E506

4,163,551.430

160,424,669.47

206,387,244.39

MFO VANGUARD TARGET RET 2030 TR SEL CUSIP : 92204E605

8,344,295.620

301,876,148.33

430,649,096.95

MFO VANGUARD TARGET RET 2035 TR SEL CUSIP : 92204E704

5,551,551.350

217,286,537.71

298,617,947.12

MFO VANGUARD TARGET RET 2040 TR SEL CUSIP : 92204E803

7,194,872.330

273,959,908.62

401,977,517.08

MFO VANGUARD TARGET RET 2045 TR SEL CUSIP : 92204E886

3,892,246.610

161,928,369.27

225,127,543.92

MFO VANGUARD TARGET RET 2050 TR SEL CUSIP : 92204E878

4,165,879.330

171,525,494.92

242,829,106.15

MFO VANGUARD TARGET RET 2055 TR SEL CUSIP : 92204E860

1,878,967.230

84,756,429.51

109,449,841.15

MFO VANGUARD TARGET RET 2060 TR SEL CUSIP : 92204E852

1,609,836.230

74,408,290.57

93,917,845.66

MFO VANGUARD TARGET RET INCOME TR SEL CUSIP : 92204E100

1,915,738.400

72,137,243.26

80,805,845.71

MFO VANGUARD TARGET RETIREMENT 2065 TRUST SELECT CUSIP : 92202V112

1,467,928.390

43,505,911.34

51,465,569.35

MFO VANGUARD TARGET RETIREMENT 2070 TRUST SELECT CUSIP : 92212G105

346,912.760

6,805,372.07

7,410,056.55

NT COLLECTIVE GOVT SHORT TERM INVT FD CUSIP : 66586U445

506,117,547.810

506,117,547.81

506,117,547.81

Total United States - USD

3,994,837,893.89

5,391,310,498.27

Total Value of Interest in Common/Collective Trusts

3,994,837,893.89

5,391,310,498.27

Value of Interest in Registered Investment Companies

United States - USD

MFC ISHARES TR RUSSELL 2000 GROWTH ETF CUSIP : 464287648

7,800.000

1,929,330.00

1,967,316.00

MFO BANK OF NEW YORK MELLON EMPLOYEE BENEFIT EB DYNAMIC VALUE EQUITY FD CL I CUSIP : 064234321

134,156.840

8,900,340.55

9,436,592.13

MFO RESERVE INVT FDS INC T ROWE PRICE GOVT RESERVE FD CUSIP : 76105Y109

2,587,963.400

2,587,963.40

2,587,963.40

Total United States - USD

13,417,633.95

13,991,871.53

Total Value of Interest in Registered Investment Companies

13,417,633.95

13,991,871.53

Other

United Kingdom - USD

HSBC (RYANAIR HOLDINGS PLC) 31/10/2024 SEDOL : BMWJMN5

201,858.000

3,131,401.59

4,253,390.09

Total United Kingdom - USD

3,131,401.59

4,253,390.09

United States - USD

&&&UBS FINANCIAL SERVICES SDA PARTICIPANT ASSET CUSIP : 000656371

1.000

625,883,620.63

1,346,162,035.82

1ST INDL RLTY TR INC COM SEDOL : 2360757

55,100.000

2,320,666.43

2,902,117.00

AGNC INVT CORP COM SEDOL : BYYHJL8

208,660.000

2,267,410.34

2,046,954.60

ANNALY CAPITAL MANAGEMENT INC COM NEW COM USD0.01(POST REV SPLT) SEDOL : BPMQ7X2

117,000.000

2,030,409.13

2,266,290.00

CAMDEN PPTY TR SH BEN INT SEDOL : 2166320

19,040.000

2,085,040.72

1,890,481.60

FEDERAL RLTY INVT TR COM USD0.01 SEDOL : BN7P9B2

22,998.000

2,645,751.17

2,369,943.90

GAMING & LEISURE PPTYS INC COM SEDOL : BFPK4S5

56,090.000

2,642,945.44

2,768,041.50

HIGHWOODS PPTYS INC COM SEDOL : 2420640

75,980.000

2,940,549.19

1,744,500.80

HOST HOTELS & RESORTS INC REIT SEDOL : 2567503

129,000.000

2,393,740.36

2,511,630.00

RYMAN HOSPITALITY PPTYS INC COM CUSIP : 78377T107

54,128.000

3,619,089.10

5,957,327.68

SITE CENTERS CORP SEDOL : BGL0KF5

114,000.000

1,859,607.35

1,553,820.00

Total United States - USD

650,688,829.86

1,372,173,142.90

GBP - British pound sterling

0.000

0.00

0.00

CAD - Canadian dollar

0.000

0.00

0.00

DKK - Danish krone

0.000

0.00

0.00

EUR - Euro

0.000

0.00

0.00

JPY - Japanese yen

0.000

0.00

0.00

CHF - Swiss franc

0.000

0.00

0.00

USD - United States dollar

0.000

0.00

0.00

Total - all currencies

0.00

0.00

Total Other

653,820,231.45

1,376,426,532.99

25

Security Description / Asset ID

Share / Par Value 

Historical Cost

Current Value

Other Liabilities

Pending foreign exchange sales: British pound sterling

0.000

-90,358.91

-90,466.40

Pending foreign exchange sales: Canadian dollar

0.000

-22,522.32

-22,593.61

Pending foreign exchange sales: Euro

0.000

-26,973.68

-26,941.77

Pending foreign exchange sales: United States dollar

0.000

-740,801.77

-740,801.77

Total - all currencies

-880,656.68

-880,803.55

Pending trade purchases: British pound sterling

0.000

-15,987.57

-15,948.55

Pending trade purchases: Danish krone

0.000

-329,245.46

-327,531.54

Pending trade purchases: Euro

0.000

-153,306.11

-152,496.61

Pending trade purchases: Japanese yen

0.000

-182,888.74

-183,967.72

Pending trade purchases: Mexican peso

0.000

-215,403.81

-215,340.21

Pending trade purchases: United States dollar

0.000

-341,522.94

-341,522.94

Total - all currencies

-1,238,354.63

-1,236,807.57

Total Other Liabilities

-2,119,011.31

-2,117,611.12

Payable Other

United States - USD

INVESTMENT MANAGEMENT EXPENSE ACCRUAL CUSIP : 999899537

0.000

0.00

0.00

INVESTMENT MANAGEMENT EXPENSE ACCRUAL CUSIP : 994996916

0.000

0.00

0.00

Total United States - USD

0.00

0.00

Total Payable Other

0.00

0.00

Total

6,174,030,988.19

8,905,634,771.37

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator of the UBS

401(k) Plan has duly caused this annual report to be signed on its behalf by the undersigned thereunto

duly authorized.

UBS 401(k) Plan

By: _/s/ Michael O’Connor______________

Name: Michael O’Connor 

Title: Plan Administrator 

Date: June 26, 2024