SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11 -K
ANNUAL REPORT
☒
ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2023
OR
☐
SECURITIES EXCHANGE ACT OF 1934
For the transaction period from to
Commission file number 1-36764
A. Full title of the plan: UBS 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
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4-15
16-25
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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
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:
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:
price at NAV of shares held by the Plan at the valuation date.
Money market funds:
would not represent fair value.
UBS Stock Fund:
securities are traded.
Common Stock:
securities are traded.
Preferred Stock:
securities are traded.
Real Estate Fund:
securities are traded.
Participatory Note:
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
