11-K 1 edgar1kubs401k2024us.htm edgar1kubs401k2024us
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2024
OR
☐
 
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transaction period from
 
to
 
Commission file number 1-36764
A.
 
Full title of the plan: UBS 401(k) PLAN
B.
 
Name of issuer of the securities held pursuant to the plan and the address of
 
its principal
executive office:
UBS GROUP AG
Bahnhofstrasse 45
CH-8098, Zurich, Switzerland
UBS 401(k) PLAN
 
Financial Statements and Supplemental Schedule
 
As of December 31, 2024 and 2023 and
 
For the Year Ended December 31, 2024
With Report of Independent Registered Public Accounting Firm
edgar1kubs401k2024usp4i0
1
Report of Independent Registered Public Accounting Firm
To
 
the Plan Participants and the Plan Administrator of the 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, 2024, and 2023,
 
and the related
 
statement of changes in net
 
assets available for benefits for
 
the year ended December
 
31,
2024, 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, 2024, and 2023, and the changes
in its
 
net assets
 
available for
 
benefits for
 
the year
 
ended December
 
31, 2024,
 
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 Schedule Required by ERISA
The accompanying
 
supplemental schedule
 
of assets
 
(held at
 
end of
 
year) as
 
of December
 
31, 2024,
 
(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, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2
UBS 401(k) PLAN
Statements of Net Assets Available for Benefits
As of December 31, 2024 and 2023
2024
2023
ASSETS
Investments, at fair value
 
$10,050,851,329
 
$8,848,830,437
 
Notes receivable from participants
 
55,075,814
55,220,282
Investment income receivable
 
3,673,906
8,314,332
Receivable for securities sold
 
-
2,106,147
Other Receivables
1,553,481
1,450,111
Contributions receivable
Participant contributions receivable
3,694,048
4,283,443
Company, net of forfeitures
91,925,106
86,367,649
Total assets
10,206,773,684
9,006,572,401
LIABILITIES
Accrued expenses
 
7,020,019
3,359,330
Payable for securities purchased
 
83,991
356,007
Payable for securities sold
908,943
-
Total liabilities
8,102,953
3,715,337
Net assets available for benefits
$10,198,760,731
$9,002,857,064
 
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, 2024
2024
ADDITIONS TO NET ASSETS
Investment income
Net appreciation in the fair value of investments
 
$1,224,847,863
Dividend and interest income
 
144,636,222
Net investment gain
 
1,369,484,085
Interest income on notes receivable from participants
 
4,143,100
Contributions
Participants
 
381,733,021
Company, net of forfeitures
 
217,738,176
Total contributions
 
599,471,197
Total additions
 
1,973,098,382
DEDUCTIONS FROM NET ASSETS
Distributions to participants
 
763,305,293
Administrative expenses
13,889,422
Total deductions from net assets
 
777,194,715
Net increase in net assets available for benefits
 
1,195,903,667
Net assets available for benefits
Beginning of year
 
9,002,857,064
End of year
 
$10,198,760,731
The accompanying notes are an integral part of these financial statements.
 
 
 
 
 
4
UBS 401(k) PLAN
Notes to Financial Statements
December 31, 2024 and 2023
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 Plan
document for a more complete description of the provisions of the Plan and detailed definitions of various Plan terms.
 
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.
 
For a summary of investment options in the Plan, refer to Note 3.
Plan Amendments
The Plan, as restated for January 1, 2020, and
 
amended, as executed and adopted on December 28,
 
2021 and, most recently, on
October 22, 2024 to reflect a
 
change in the Plan's governance structure, including naming
 
the Employee Benefits Committee of
UBS AG
 
as the
 
Plan Administrator
 
and delegating
 
authority to
 
the Defined
 
Contribution Investment
 
Committee of
 
UBS AG
 
as
appointed by the Combined US Operations Management Committee.
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.
 
The Plan
 
administration fees
 
(including fees
associated with the self-directed window) are 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 $23,000
 
for 2024 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,
 
2024 was
$30,500. 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 $23,000
 
for non-highly compensated
 
participants and
 
$17,500 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.
 
 
 
 
 
 
5
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
 
($345,000
 
for
 
2024).
 
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, 2024, and 2023 total forfeitures
 
of $11,788,343 and $10,336,612
respectively were
 
used to reduce
 
the Company contributions.
 
The remaining
 
balances in the
 
forfeiture account as
 
of December
31, 2024, and December 31, 2023, were $2,173,590 and $2,612,156, respectively.
 
 
 
 
 
 
 
 
 
 
6
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
 
represents 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, 2024
 
or 2023. 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.
 
 
 
 
7
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, 2024 and 2023.
Mutual funds:
Funds that are actively traded on an exchange are priced at the net asset value (NAV) of shares held by the Plan at
year
 
end.
 
Funds
 
that
 
are
 
not
 
actively
 
traded
 
on
 
an
 
exchange
 
are
 
priced
 
at
 
NAV
 
using
 
inputs that
 
corroborate
 
the
 
NAV
 
with
observable (i.e., ongoing redemption and/or subscription activity) market-based data.
 
Common and
 
collective trust funds:
 
Funds that are
 
actively traded on
 
an exchange are
 
priced at the
 
NAV of
 
shares held by
 
the
Plan at year end
 
(e.g., bond funds, equity
 
funds, target date funds,
 
etc.). Funds that are
 
not actively traded on
 
an exchange are
priced
 
at
 
NAV
 
using
 
inputs
 
that
 
corroborate
 
the
 
NAV
 
with
 
observable
 
(i.e.,
 
ongoing
 
redemption
 
and/or
 
subscription
 
activity)
market-based data.
 
Self-Directed Brokerage
 
Accounts:
 
Mutual funds
 
and money market
 
funds valued at
 
the list price
 
at NAV
 
of shares
 
held by the
Plan at the valuation date.
 
Money market
 
funds:
 
Funds record
 
their corresponding
 
value at
 
$1 NAV.
 
Investments are
 
valued at
 
amortized cost
 
unless this
would not represent fair value.
 
UBS Stock Fund:
 
Actively traded securities
 
are valued at
 
the closing price
 
reported on the
 
active market on
 
which the individual
securities are traded.
 
Common Stock:
 
Actively traded securities
 
are valued
 
at the
 
closing price reported
 
on the active
 
market on which
 
the individual
securities are traded.
Real Estate Fund:
 
Actively traded securities are
 
valued at the closing price
 
reported on the active market
 
on which the individual
securities are traded.
Participatory
 
Note:
 
Participatory
 
notes
 
are
 
issued
 
by
 
registered
 
Foreign
 
Institutional
 
Investor
 
(FII)
 
to
 
overseas
 
investment
 
and
transferable by endorsement and delivery.
Short-term investments
: Funds that are
 
actively traded on an
 
exchange are priced at
 
the net asset value (NAV)
 
of shares held by
the Plan at year end. Funds that are not actively traded on an exchange are priced at NAV using inputs that corroborate the NAV
with observable (i.e., ongoing redemption and/or subscription activity) market-based data.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8
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 2024 and 2023.
 
At December 31, 2024, the investments held by the Plan within the fair value hierarchy are as follows:
 
Investments at Fair Value as of December 31, 2024
Level 1
Level 2
Level 3
Total
Mutual funds
 
$6,138,779
—
 
—
 
$6,138,779
Self-Directed Brokerage Account
1,452,613,860
—
 
—
 
1,452,613,860
UBS Stock Fund
 
332,983,275
—
 
—
 
332,983,275
Common Stocks
2,057,380,343
—
 
—
 
2,057,380,343
Real Estate Funds
30,243,377
—
 
—
 
30,243,377
Participatory Note
—
2,920,662
—
 
2,920,662
$3,879,359,634
$2,920,662
$ —
 
$3,882,280,296
Investments measured at NAV:
 
Money market funds
(a)
$484,066,421
Short-term investment funds
(b)
50,483,983
U.S. equity funds
(c)
1,979,712,534
Non-U.S. equity funds
(c)
397,226,884
U.S. bond funds
(d)
647,807,881
Non-U.S. bond funds
(e)
28,919,600
Target date funds
(f)
2,580,353,730
Total investments, at NAV
 
$6,168,571,033
Total investments at fair value
$10,050,851,329
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, 2023
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
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
(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.
 
 
 
 
9
NOTE 3
 
FAIR VALUE MEASUREMENT
(Continued)
(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, 2024, 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 $8,136,624 for 2024.
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, 2024,
 
there
 
are
 
no
 
uncertain
 
positions taken
 
or
 
expected
 
to
 
be
 
taken. The
 
Plan
 
has
 
recognized
 
no
 
interest
 
or
penalties related to uncertain tax positions.
 
 
 
 
 
 
 
 
 
 
 
 
10
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,
2024
2023
Net assets available for benefits per the financial statements
 
$10,198,760,731
$9,002,857,064
Less: Benefits payable to participants
 
(5,731,689)
(5,191,551)
Net assets available for benefits per Form 5500
 
$10,193,029,042
$8,997,665,513
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, 2024:
Net increase/(Decrease) in net assets available for benefits per
 
the financial statements
$1,195,903,667
Add: Benefits payable to participants at December 31, 2023
5,191,551
Less: Benefits payable to participants at December 31, 2024
(5,731,689)
Net increase/(Decrease) in net assets per Form 5500
$1,195,363,529
NOTE 8
 
SUBSEQUENT EVENTS
The
 
Plan
 
has
 
evaluated
 
the
 
impact
 
of
 
subsequent
 
events
 
through
 
June
 
26,
 
2025,
 
the
 
date
 
the
 
financial
 
statements
 
financial
statements
 
were available
 
to be
 
issued.
 
No subsequent
 
events have
 
been
 
recognized
 
or
 
required
 
additional disclosure
 
in the
financial statements.
 
11
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, 2024
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12
Security Description / Asset ID
Share / Par Value
 
Cost
Current Value
Non-Interest Bearing Cash - USD
BRL - Brazilian real
0.110
0.13
0.11
GBP - British pound sterling
75,113.500
75,114.30
75,113.50
CAD - Canadian dollar
25,823.470
25,838.69
25,823.47
DKK - Danish krone
71,338.510
71,556.90
71,338.51
EUR - Euro
92,758.130
92,758.13
92,758.13
HKD - Hong Kong dollar
32.510
32.29
32.51
JPY - Japanese yen
110,968.690
111,233.14
110,968.69
MXN - Mexican peso
35,711.080
36,382.11
35,711.08
SGD - Singapore dollar
0.180
0.18
0.18
ZAR - South African rand
21.550
28.27
21.55
SEK - Swedish krona
-35.780
-39.08
-35.78
CHF - Swiss franc
746.640
746.64
746.64
USD - United States dollar
1,423,918.960
1,423,918.96
1,423,918.96
Total - all currencies
1,837,570.66
1,836,397.55
Total Non-Interest Bearing Cash - USD
1,837,570.66
1,836,397.55
Receivables - Other - USD
Pending foreign exchange purchases: British pound sterling
0.000
12,608.53
12,588.82
Pending foreign exchange purchases: Danish krone
0.000
99,166.58
98,775.47
Pending foreign exchange purchases: Euro
0.000
629,024.99
626,620.40
Pending foreign exchange purchases: Japanese yen
0.000
247,926.68
248,522.33
Pending foreign exchange purchases: Swiss franc
0.000
176,077.46
175,931.58
Pending foreign exchange purchases: United States dollar
0.000
18,154.37
18,154.37
Total - all currencies
1,182,958.61
1,180,592.97
Pending trade sales: British pound sterling
0.000
120,718.11
120,473.68
Pending trade sales: United States dollar
0.000
153,546.57
153,546.57
Total - all currencies
274,264.68
274,020.25
Total Receivables - Other USD
1,457,223.29
1,454,613.22
Corporate Stock - Common
Belgium - EUR
ANHEUSER-BUSCH INB NPV SEDOL : BYYHL23
28,569.000
1,563,216.55
1,427,389.44
ARGEN X SE SEDOL : BNHKYX4
3,073.000
1,296,494.91
1,909,254.99
UCB NPV SEDOL : 5596991
21,631.000
2,278,492.26
4,305,068.88
Total Belgium - EUR
5,138,203.72
7,641,713.31
Belgium - USD
ADR ANHEUSER BUSCH INBEV SA/NV SPONSOREDADR
 
SEDOL : B3P93Y7
12,188.000
679,706.20
610,253.16
Total Belgium - USD
679,706.20
610,253.16
Canada - CAD
CDN PAC KANS CY COM NPV SEDOL : BMBQR09
53,300.000
3,918,602.53
3,857,227.09
TRANSALTA CORP MTN COM NPV SEDOL : 2901628
51,305.000
693,104.04
725,233.38
Total Canada - CAD
4,611,706.57
4,582,460.47
Canada - USD
CAMECO CORP COM CUSIP : 13321L108
31,692.000
689,408.59
1,628,651.88
FIRSTSERVICE CORP COM NPV CUSIP : 33767E202
6,954.000
629,938.42
1,258,813.08
SHOPIFY INC CL A SUB VTG SHS SHOPIFY INC SEDOL :
 
BXDZ9Z0
82,830.000
5,849,902.28
8,807,313.90
WHITECAP RES INC COM NEW CUSIP : 96467A200
242,825.000
1,968,474.97
1,721,629.25
Total Canada - USD
9,137,724.26
13,416,408.11
China - USD
ADR LEGEND BIOTECH CORP SPON ADS EACH REP 2 ORD SHS SEDOL : BMX9K07
51,994.000
3,108,451.50
1,691,884.76
ADR PROSUS N.V.
 
ADR NASPERS NEWCO-ADR CUSIP : 74365P108
2,473,970.000
17,049,155.34
19,643,321.80
ADR TENCENT MUSIC ENTMT GROUP ADS SEDOL :
 
BFZYWR2
115,320.000
1,412,995.72
1,308,882.00
Total China - USD
21,570,602.56
22,644,088.56
Denmark - DKK
DANSKE BANK A/S DKK10 SEDOL : 4588825
105,242.000
2,531,460.25
2,976,810.07
NKT A/S SEDOL : 7106354
15,692.000
1,201,715.27
1,121,075.04
NOVO NORDISK A/S SER'B'DKK0.1 SEDOL : BP6KMJ1
31,974.000
2,249,338.49
2,771,352.31
NOVONESIS (NOVOZYMES) B SEDOL : B798FW0
20,952.000
1,240,270.95
1,186,143.41
Total Denmark - DKK
7,222,784.96
8,055,380.83
Denmark - USD
ADR NOVO-NORDISK A S ADR SEDOL : 2651202
4,057.000
283,621.56
348,983.14
Total Denmark - USD
283,621.56
348,983.14
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13
Security Description / Asset ID
Share / Par Value
 
Cost
Current Value
Corporate Stock - Common (continued)
France - EUR
ACCOR SA EUR3 SEDOL : 5852842
31,200.000
1,305,761.02
1,519,749.57
AIR LIQUIDE(L') EUR5.50 SEDOL : B1YXBJ7
27,370.000
3,414,223.65
4,447,369.57
AXA SA EUR2.29 SEDOL : 7088429
44,938.000
1,434,614.25
1,597,022.90
BNP PARIBAS EUR2 SEDOL : 7309681
24,177.000
1,683,578.67
1,482,589.56
BUREAU VERITAS EUR0.12 SEDOL : B28DTJ6
32,594.000
1,058,566.58
990,256.94
CIE DE ST-GOBAIN EUR4 SEDOL : 7380482
20,392.000
1,861,616.42
1,809,634.09
ENGIE COMSTK SEDOL : B0C2CQ3
129,473.000
2,184,306.50
2,052,600.95
ESSILORLUXOTTICA EUR 0.18 SEDOL : 7212477
1,228.000
299,566.81
299,587.56
PERNOD RICARD NPV EUR 1.55 SEDOL : 4682329
7,615.000
1,096,250.00
859,501.28
SAFRAN SA EUR0.20 SEDOL : B058TZ6
12,419.000
1,781,569.28
2,727,579.51
Total France - EUR
16,120,053.18
17,785,891.93
France - USD
ADR SAFRAN ADR CUSIP : 786584102
205,473.000
6,342,060.27
11,198,278.50
Total France - USD
6,342,060.27
11,198,278.50
Germany - EUR
ALLIANZ SE NPV(REGD)(VINKULIERT) SEDOL : 5231485
9,315.000
2,248,968.74
2,854,157.58
DEUTSCHE BOERSE AG NPV(REGD) SEDOL : 7021963
20,973.000
2,307,116.77
4,829,981.45
DEUTSCHE TELEKOM NPV(REGD) SEDOL : 5842359
209,065.000
4,995,362.40
6,254,304.16
VONOVIA SE NPV SEDOL : BBJPFY1
86,054.000
2,788,762.79
2,612,673.57
Total Germany - EUR
12,340,210.70
16,551,116.76
Germany - USD
ADR BAYER A G SPONSORED ADR CUSIP : 072730302
2,098,689.000
21,812,690.97
10,241,602.32
SAP SE-SPONSORED ADR CUSIP : 803054204
87,062.000
12,158,223.49
21,435,535.02
Total Germany - USD
33,970,914.46
31,677,137.34
Hungary - GBP
WIZZ AIR HLDGS PLC ORD GBP0.0001 SEDOL : BN574F9
79,227.000
1,807,202.92
1,427,831.92
Total Hungary - GBP
1,807,202.92
1,427,831.92
Israel - USD
ADR NICE LTD SPONSORED ADR CUSIP : 653656108
10,863.000
2,053,777.43
1,844,971.92
CYBER-ARK SOFTWARE LTD COM ILS0.01 CUSIP : M2682V108
16,019.000
2,685,642.64
5,336,729.85
GLOBAL E ONLINE LTD COM NPV CUSIP : M5216V106
92,000.000
3,600,655.38
5,016,760.00
WIX.COM LTD COM ILS0.01 CUSIP : M98068105
30,079.000
2,529,859.43
6,453,449.45
Total Israel - USD
10,869,934.88
18,651,911.22
Italy - EUR
BFF BANK S.P.A. SEDOL : BD0TSX6
139,037.000
1,408,874.36
1,324,549.95
MEDIOBANCA SPA EUR0.5 SEDOL : 4574813
102,574.000
1,514,812.06
1,494,981.50
UNICREDIT SPA NPV SEDOL : BYMXPS7
18,745.000
654,778.72
747,787.53
Total Italy - EUR
3,578,465.14
3,567,318.98
Japan - JPY
COCA-COLA BOTTLERS NPV SEDOL : 6163286
56,865.000
759,673.39
903,486.29
MITSUBISHI UFJ FIN NPV SEDOL : 6335171
225,000.000
2,405,252.50
2,642,848.05
NIPPON SANSO HOLDINGS CORP SEDOL : 6640541
64,236.000
1,523,003.92
1,808,221.33
OTSUKA HOLDINGS CO LTD SEDOL : B5LTM93
23,100.000
909,716.21
1,264,062.10
SUMITOMO MITSUI FINANCIAL GROUP NPV SEDOL : 6563024
82,300.000
1,648,902.08
1,971,094.43
TOKYO GAS CO LTD
 
NPV SEDOL : 6895448
26,142.000
757,507.63
726,905.96
Total Japan - JPY
8,004,055.73
9,316,618.16
Korea, Republic of - USD
COUPANG INC SEDOL : BNYHDF3
295,941.000
6,708,404.55
6,504,783.18
SAMSUNG ELECTRONIC GDR EACH REP 25 COM(REG'S') SEDOL
 
: 4942818
1,325.000
1,896,842.95
1,205,750.00
Total Korea, Republic of – USD
8,605,247.50
7,710,533.18
Mexico - MXN
WAL-MART DE MEX COM NPV SEDOL : BW1YVH8
379,810.000
1,541,061.35
1,002,646.16
Total Mexico - MXN
1,541,061.35
1,002,646.16
Mexico - USD
ADR CEMEX SAB DE CV SEDOL : 2488671
191,554.000
1,535,491.64
1,080,364.56
Total Mexico - USD
1,535,491.64
1,080,364.56
Netherlands - EUR
HEINEKEN NV EUR1.60 SEDOL : 7792559
7,941.000
706,633.11
564,913.63
Total Netherlands - EUR
706,633.11
564,913.63
Netherlands - USD
ADR ARGENX SE SPONSORED ADS SEDOL : BDVLM39
15,830.000
6,327,329.99
9,735,450.00
ADR ASML HLDG NV NY REG 2012 (POST REV SPLIT)
 
SEDOL : B908F01
7,203.000
2,641,295.00
4,992,255.24
AERCAP HOLDINGS N.V. EUR0.01 CUSIP : N00985106
216,200.000
12,584,020.91
20,690,340.00
Total Netherlands - USD
21,552,645.90
35,418,045.24
Russian Federation - USD
SBERBANK OF RUSSIA SPON ADR SEDOL : B5SC091
169,458.000
2,844,610.07
7,676.45
Total Russian Federation - USD
2,844,610.07
7,676.45
Spain - EUR
AENA SME S.A. 144A EUR10 SEDOL : BVRZ8L1
12,891.000
2,469,929.11
2,635,019.78
Total Spain - EUR
2,469,929.11
2,635,019.78
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
14
Security Description / Asset ID
Share / Par Value
 
Cost
Current Value
Corporate Stock - Common (continued)
Switzerland - CHF
GALDERMA GROUP AG CHF0.01 SEDOL : BRC2T72
14,356.000
1,125,480.72
1,594,248.65
MEDACTA GROUP SA CHF0.10 SEDOL : BJYLTQ0
9,783.000
844,410.21
1,150,750.68
NESTLE SA CHF0.10(REGD) SEDOL : 7123870
16,542.000
1,724,380.29
1,366,802.71
SGS SA CHF0.04 (REGD) SEDOL : BMBQHZ4
27,203.000
2,773,831.12
2,727,954.36
SWISS RE AG CHF0.10 SEDOL : B545MG5
7,609.000
1,126,800.88
1,101,573.30
Total Switzerland - CHF
7,594,903.22
7,941,329.70
Switzerland - USD
ADR SONOVA HLDG AG UNSP ADR SEDOL : B3K9YR2
69,585.000
4,921,992.51
4,525,808.40
UBS GROUP AG COMMON STOCK CUSIP : H42097107
10,982,298.000
196,037,437.78
332,983,275.36
Total Switzerland - USD
200,959,430.29
337,509,083.76
Taiwan - USD
ADR TAIWAN SEMICONDUCTOR MANUFACTURING ADS REP 5 TWD10 CUSIP : 874039100
101,232.000
9,836,664.64
19,992,307.68
Total Taiwan - USD
9,836,664.64
19,992,307.68
United Kingdom - GBP
3I GROUP ORD GBP0.738636 SEDOL : B1YW440
31,777.000
1,260,401.28
1,418,383.50
BRITISH AMERICAN TOBACCO ORD GBP0.25 SEDOL : 0287580
96,207.000
3,577,289.02
3,470,102.02
FLUTTER ENTERTAINMENT PLC ORD EUR 0.09 (CDI) SEDOL : BWXC0Z1
629.000
167,301.40
163,223.80
LONDON STOCK EXCHANGE GROUP ORD GBP0.06918604 SEDOL :
 
B0SWJX3
14,191.000
1,638,965.16
2,005,661.54
MELROSE INDUST PLC ORD GBP0.001 SEDOL : BNGDN82
605,849.000
4,602,984.87
4,202,042.39
NATIONAL GRID ORD GBP0.12431289 SEDOL : BDR05C0
581,555.000
7,427,362.60
6,919,225.46
RECKITT BENCK GRP ORD GBP0.10 SEDOL : B24CGK7
32,641.000
2,025,607.72
1,975,710.61
RELX PLC SEDOL : B2B0DG9
75,636.000
2,578,879.23
3,437,625.83
Total United Kingdom - GBP
23,278,791.28
23,591,975.15
United Kingdom - USD
ADR LONDON STK EXCHANGE GROUP ADR CUSIP : 54211N101
516,738.000
17,185,883.40
18,442,379.22
ROYAL DUTCH SHELL PLC SPONSORED ADR REPSTG ORD SH CUSIP : 780259305
142,506.000
8,711,859.10
8,928,000.90
Total United Kingdom - USD
25,897,742.50
27,370,380.12
United States - USD
#REORG/ DISCOVER FINL SVCS STOCK MERGER CAPITAL ONE FINL CORP 2108876 05-19-2025
 
CUSIP : 254709108
31,726.000
3,946,088.38
5,495,894.98
#REORG/INTRA-CELLULAR MERGER 04-02-2025
 
CUSIP : 46116X101
25,780.000
1,262,404.08
2,153,145.60
#REORG/LIONS MERGER STARZ LIONSGATE 211RA24 2113A34 05-07-2025 SEDOL
 
: BD8NB53
151,058.000
1,830,268.96
1,140,487.90
ACADIA HEALTHCARE CO INC COM CUSIP : 00404A109
33,728.000
1,993,599.26
1,337,315.20
ACV AUCTIONS INC CL A CL A CUSIP : 00091G104
95,961.000
1,901,374.30
2,072,757.60
ADOBE INC COM SEDOL : 2008154
13,190.000
6,479,299.69
5,865,329.20
ADVANCED DRAIN SYS INC DEL COM CUSIP : 00790R104
12,984.000
1,464,935.47
1,500,950.40
ADVANCED MICRO DEVICES INC COM SEDOL : 2007849
28,837.000
3,710,896.34
3,483,221.23
AEROVIRONMENT INC COM CUSIP : 008073108
13,971.000
1,580,310.50
2,149,997.19
AFFIRM HLDGS INC CL A CL A SEDOL : BMF9NM8
16,950.000
584,529.60
1,032,255.00
ALIGHT INC CL A SEDOL : BNG7BZ7
248,000.000
2,387,397.41
1,716,160.00
ALPHABET INC CAP STK USD0.001 CL C CUSIP : 02079K107
128,902.000
10,911,819.55
24,548,096.88
ALPHABET INC CAPITAL STOCK USD0.001 CL A CUSIP : 02079K305
353,587.000
31,371,694.27
66,934,019.10
AMAZON COM INC COM SEDOL : 2000019
560,741.000
54,663,175.93
123,020,967.99
AMDOCS ORD GBP0.01 SEDOL : 2256908
29,900.000
2,632,165.84
2,545,686.00
AMER FINL GROUP INC OH COM STK SEDOL : 2134532
11,855.000
1,700,775.68
1,623,305.15
AMERICAN EAGLE OUTFITTERS INC NEW COM SEDOL : 2048592
80,584.000
1,696,488.28
1,343,335.28
AMICUS THERAPEUTICS INC COM CUSIP : 03152W109
171,590.000
2,129,626.91
1,616,377.80
AMPHENOL CORP NEW CL A SEDOL : 2145084
195,963.000
8,127,165.12
13,609,630.35
ANTERO RES CORP COM SEDOL : BFD2WR8
58,250.000
1,680,626.45
2,041,662.50
AON PLC SEDOL : BLP1HW5
83,566.000
22,042,114.96
30,013,564.56
APPFOLIO INC COM CL A COM CL A CUSIP : 03783C100
15,811.000
3,163,310.94
3,900,889.92
APPLE INC COM STK SEDOL : 2046251
312,198.000
31,418,018.62
78,180,623.16
ARCELLX INC COM CUSIP : 03940C100
23,985.000
817,368.75
1,839,409.65
ARROWHEAD PHARMACEUTICALS INC COM CUSIP : 04280A100
44,723.000
1,500,940.19
840,792.40
ARTISAN PARTNERS ASSET MGMT INC CL A CL A SEDOL : B8FW545
40,550.000
1,586,803.76
1,745,677.50
ARTIVION INC COM USD0.01 CUSIP : 228903100
64,388.000
1,613,818.90
1,840,852.92
ARVINAS INC COM CUSIP : 04335A105
33,697.000
1,358,068.14
645,971.49
ASPEN AEROGELS INC COM CUSIP : 04523Y105
135,809.000
3,588,777.62
1,613,410.92
ASSURANT INC COM SEDOL : 2331430
8,630.000
1,452,164.32
1,840,088.60
ATI INC COM CUSIP : 01741R102
102,963.000
4,148,866.73
5,667,083.52
ATLANTIC UN BANKSHARES CORP COM SEDOL : BFZ9DB8
50,180.000
1,816,737.74
1,900,818.40
ATLASSIAN CORP CL A SEDOL : BQ1PC76
26,528.000
6,191,967.03
6,456,384.64
AURORA INNOVATION INC CL A COM SEDOL : BMF0P92
238,006.000
864,325.53
1,499,437.80
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15
Security Description / Asset ID
Share / Par Value
 
Cost
Current Value
Corporate Stock - Common (continued)
United States - USD (continued)
AVANTOR INC COM CUSIP : 05352A100
51,985.000
1,096,525.71
1,095,323.95
AVIDITY BIOSCIENCES INC COM CUSIP : 05370A108
56,918.000
1,493,176.16
1,655,175.44
AVIENT CORPORATION SEDOL : BMHWY55
34,750.000
1,837,107.11
1,419,885.00
AXALTA COATING SYSTEMS
 
LTD COM USD1.00 SEDOL : BSFWCF5
60,611.000
2,259,417.31
2,074,108.42
AZEK CO INC CL A CL A CUSIP : 05478C105
127,185.000
4,065,891.78
6,037,471.95
BANK OZK COM SEDOL : BZ56Q65
45,900.000
2,047,175.81
2,043,927.00
BECTON DICKINSON & CO COM SEDOL : 2087807
23,022.000
5,708,481.98
5,223,001.14
BELDEN INC COM SEDOL : B01WL78
12,737.000
782,176.14
1,434,313.57
BELLRING BRANDS INC COM USD0.01 CUSIP : 07831C103
64,840.000
2,761,139.50
4,885,045.60
BIO-TECHNE CORP COM CUSIP : 09073M104
15,120.000
1,228,769.43
1,089,093.60
BJS WHSL CLUB HLDGS INC COM SEDOL : BFZNZF8
19,300.000
1,297,722.58
1,724,455.00
BLOOMIN BRANDS INC COM SEDOL : B847RJ0
92,709.000
1,820,921.55
1,131,976.89
BLUEPRINT MEDICINES CORP COM CUSIP : 09627Y109
22,367.000
1,930,083.36
1,950,849.74
BOEING CO COM SEDOL : 2108601
31,170.000
5,180,680.53
5,517,090.00
BOISE CASCADE CO COM CUSIP : 09739D100
25,636.000
1,060,262.32
3,047,094.96
BOOKING HLDGS INC COM SEDOL : BDRXDB4
2,619.000
5,489,352.08
13,012,291.98
BOWHEAD SPECIALTY HLDGS INC COM CUSIP : 10240L102
31,300.000
532,100.00
1,111,776.00
BRAZE INC CL A CL A CUSIP : 10576N102
66,303.000
2,928,772.97
2,776,769.64
BRIGHT HORIZONS FA COM USD0.001 CUSIP : 109194100
25,402.000
2,416,540.61
2,815,811.70
BRIGHTHOUSE FINL INC COM SEDOL : BF429K9
37,690.000
1,823,720.45
1,810,627.60
BRINKS CO COM SEDOL : 2691305
40,285.000
2,884,457.46
3,737,239.45
BRUNSWICK CORP COM SEDOL : 2149309
20,260.000
1,680,063.71
1,310,416.80
BUILDERS FIRSTSOURCE INC COM STK SEDOL : B0BV2M7
11,033.000
1,662,649.20
1,576,946.69
BURLINGTON STORES INC COM CUSIP : 122017106
4,927.000
1,000,890.02
1,404,490.62
BWX TECHNOLOGIES INC COM CUSIP : 05605H100
44,386.000
3,117,030.33
4,944,156.54
CACI INTL INC CL A CL A SEDOL : 2159267
4,070.000
1,810,502.24
1,644,524.20
CACTUS INC CL A CL A SEDOL : BF1GM16
32,600.000
1,764,501.18
1,902,536.00
CAESARS ENTMT INC NEW COM SEDOL : BMWWGB0
59,800.000
3,300,525.97
1,998,516.00
CALIFORNIA RES CORP COM USD0.01 SEDOL : BMBK002
24,450.000
1,329,123.69
1,268,710.50
CAPITAL ONE FINL CORP COM CUSIP : 14040H105
92,498.000
8,217,692.58
16,494,243.36
CARLYLE GROUP INC COM CUSIP : 14316J108
70,267.000
2,495,412.67
3,547,780.83
CASELLA WASTE SYS INC CL A COM STK CUSIP : 147448104
21,049.000
1,628,398.05
2,227,194.69
CASEYS GEN STORES INC COM SEDOL : 2179414
4,722.000
1,797,241.57
1,870,998.06
CF INDS HLDGS INC COM CUSIP : 125269100
26,394.000
1,876,240.86
2,251,936.08
CHART INDS INC COM PAR $0.01 COM PAR $0.01 CUSIP : 16115Q308
42,671.000
5,233,567.62
8,143,333.64
CHARTER COMMUNICATIONS INC NEW CL A CL A CUSIP : 16119P108
18,068.000
5,383,795.45
6,193,168.36
CHEMED CORP NEW COM CUSIP : 16359R103
5,311.000
2,594,118.05
2,813,767.80
CHIPOTLE MEXICAN GRILL INC COM STK SEDOL : B0X7DZ3
98,840.000
2,267,176.69
5,960,052.00
CHORD ENERGY CORPORATION COM USD0.01 SEDOL : BLDDYB1
9,925.000
1,308,835.21
1,160,431.00
CHURCHILL DOWNS INC COM SEDOL : 2194105
51,130.000
5,400,908.10
6,827,900.20
CIENA CORP COM NEW SEDOL : B1FLZ21
26,000.000
1,285,967.84
2,205,060.00
CINEMARK HLDGS INC COM SEDOL : B1W7RQ0
47,040.000
726,472.41
1,457,299.20
CIVITAS RES INC COM SEDOL : BMG9GG2
28,400.000
1,896,556.63
1,302,708.00
CLEAN HBRS INC COM SEDOL : 2202473
9,040.000
1,074,518.11
2,080,465.60
CLEARWATER ANALYTICS HLDGS INC CL A CL A CUSIP : 185123106
93,911.000
1,659,078.59
2,584,430.72
CLEVELAND CLIFFS USD0.125 SEDOL : BYVZ186
201,250.000
3,127,734.94
1,891,750.00
COGNEX CORP COM CUSIP : 192422103
64,424.000
3,326,016.90
2,310,244.64
COLUMBIA BKG SYS INC COM CUSIP : 197236102
76,818.000
2,085,146.98
2,074,854.18
COM ALCOA CORPORATION COM USD0.01 CUSIP : 013872106
345,627.000
12,935,572.74
13,057,788.06
COMCAST CORP NEW-CL A CUSIP : 20030N101
558,742.000
21,397,643.15
20,969,587.26
COMFORT SYS USA INC COM CUSIP : 199908104
8,309.000
2,214,538.00
3,523,514.54
COMMERCIAL METALS CO COM SEDOL : 2213260
42,925.000
1,903,275.59
2,129,080.00
CONFLUENT INC CL A CL A CUSIP : 20717M103
234,098.000
5,721,504.44
6,545,380.08
CONOCOPHILLIPS COM CUSIP : 20825C104
454,362.000
48,156,968.62
45,059,079.54
COTY INC COM CL A COM CL A SEDOL : BBBSMJ2
222,522.000
1,981,724.26
1,548,753.12
COUCHBASE INC COM CUSIP : 22207T101
133,484.000
3,660,187.46
2,081,015.56
CREDO TECHNOLOGY GROUP HOLDING LTD CUSIP : G25457105
18,082.000
591,240.90
1,215,291.22
CRINETICS PHARMACEUTICALS INC COM CUSIP : 22663K107
36,773.000
1,385,801.20
1,880,203.49
CSW INDUSTRIALS INC COM CUSIP : 126402106
6,530.000
2,783,971.19
2,303,784.00
CURTISS WRIGHT CORP COM CUSIP : 231561101
4,399.000
1,627,625.45
1,561,073.13
CUSHMAN & WAKEFIELD INC SEDOL : BFZ4N46
174,400.000
1,729,021.49
2,281,152.00
DANAHER CORP COM SEDOL : 2250870
23,392.000
5,611,735.22
5,369,633.60
DIGITALOCEAN HLDGS INC COM CUSIP : 25402D102
60,354.000
2,596,754.03
2,056,260.78
DIODES INC COM SEDOL : 2270500
26,950.000
2,019,741.05
1,662,006.50
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
16
Security Description / Asset ID
Share / Par Value
 
Cost
Current Value
Corporate Stock - Common (continued)
United States - USD (continued)
DOXIMITY INC COM USD0.001 CL A CUSIP : 26622P107
58,951.000
1,710,258.68
3,147,393.89
DUOLINGO INC CL A COM CL A COM CUSIP : 26603R106
11,187.000
1,758,072.41
3,627,161.01
DYNATRACE INC COM CUSIP : 268150109
122,430.000
5,713,740.35
6,654,070.50
E L F BEAUTY INC COM CUSIP : 26856L103
26,089.000
3,157,663.32
3,275,473.95
EAGLE MATLS INC COM CUSIP : 26969P108
4,875.000
948,125.46
1,202,955.00
EDGEWISE THERAPEUTICS INC COM USD0.0001
 
CUSIP : 28036F105
56,900.000
1,710,635.91
1,519,230.00
ELASTIC N V COM USD0.01 CUSIP : N14506104
36,313.000
2,512,010.58
3,597,892.04
ELEVANCE HEALTH INC CUSIP : 036752103
28,413.000
11,219,422.11
10,481,555.70
ELI LILLY & CO COM SEDOL : 2516152
21,588.000
8,376,164.13
16,665,936.00
ENCOMPASS HEALTH CORP COM USD0.01 CUSIP : 29261A100
38,744.000
2,116,151.02
3,578,008.40
ENTEGRIS INC COM SEDOL : 2599700
52,122.000
5,470,768.19
5,163,205.32
EPAM SYS INC COM STK CUSIP : 29414B104
8,264.000
2,047,164.23
1,932,288.48
EQUIFAX INC COM SEDOL : 2319146
26,226.000
6,764,556.52
6,683,696.10
ESSENT GROUP LTD COM STK CUSIP : G3198U102
33,674.000
1,118,843.06
1,833,212.56
ESTEE LAUDER COMPANIES INC CL A USD0.01 CUSIP : 518439104
45,474.000
3,474,547.83
3,409,640.52
EVEREST GROUP LTD CUSIP : G3223R108
6,585.000
2,532,717.96
2,386,799.10
EVERGY INC COM NPV SEDOL : BFMXGR0
36,000.000
1,987,305.18
2,215,800.00
EVOLENT HEALTH INC CL A CL A CUSIP : 30050B101
67,249.000
1,859,996.98
756,551.25
EXACT SCIENCES CORP COM CUSIP : 30063P105
37,626.000
2,104,143.28
2,114,204.94
EXLSERVICE COM INC COM STK CUSIP : 302081104
59,592.000
1,839,757.68
2,644,692.96
FAIR ISAAC CORPORATION COM SEDOL : 2330299
2,819.000
2,590,886.82
5,612,431.67
FIRST AMERN FINL CORP COM STK SEDOL : B4NFPK4
29,470.000
1,712,316.18
1,840,106.80
FIRST BANCORP N C COM CUSIP : 318910106
57,262.000
2,338,034.18
2,517,810.14
FIRST HORIZON CORPORATION COM SEDOL : 2341484
159,300.000
2,384,691.20
3,208,302.00
FIRST INTERSTATE BANCSYS/MT SEDOL : B4RGHN0
42,700.000
1,426,103.37
1,386,469.00
FIRST WATCH RESTAURANT GROUP INC COM CUSIP : 33748L101
138,000.000
2,457,205.22
2,568,180.00
FISERV INC COM SEDOL : 2342034
118,087.000
12,523,104.86
24,257,431.54
FLAGSTAR FINANCIAL INC SEDOL : BT6MM39
183,000.000
1,968,594.35
1,707,390.00
FLEX LTD COM USD0.01 SEDOL : 2353058
45,525.000
806,699.83
1,747,704.75
FLOWSERVE CORP COM CUSIP : 34354P105
58,756.000
3,641,990.66
3,379,645.12
FLUTTER ENTERTAINMENT PLC ORD EUR0.09 SEDOL : BWZMZF4
4,535.000
1,139,274.57
1,172,070.75
FLYWIRE CORP COM VTG COM VTG CUSIP : 302492103
269,330.000
7,105,157.19
5,553,584.60
FOX FACTORY
 
HLDG CORP COM CUSIP : 35138V102
24,634.000
1,063,876.49
745,671.18
FRESHPET INC COM CUSIP : 358039105
12,465.000
786,845.26
1,846,191.15
FTAI AVIATION LTD
 
COM USD0.01 CUSIP : G3730V105
37,247.000
5,166,460.87
5,365,057.88
GATES INDL CORP PL COM USD0.01 CUSIP : G39108108
158,267.000
3,489,052.50
3,255,552.19
GE VERNOVA LLC COM CUSIP : 36828A101
36,238.000
4,208,707.61
11,919,765.34
GITLAB INC CL A COM CUSIP : 37637K108
58,725.000
2,962,513.14
3,309,153.75
GLACIER BANCORP INC NEW COM SEDOL : 2370585
46,620.000
1,602,544.92
2,341,256.40
GLAUKOS CORP COM CUSIP : 377322102
9,991.000
1,464,929.92
1,498,050.54
GLOBUS MED INC CL A NEW COM STK CUSIP : 379577208
37,355.000
2,573,313.35
3,089,632.05
GOODYEAR TIRE & RUBBER CO COM SEDOL : 2378200
199,200.000
2,197,229.60
1,792,800.00
GRAPHIC PACKAGING HLDG CO COM STK CUSIP : 388689101
102,922.000
2,430,906.42
2,795,361.52
GUIDEWIRE SOFTWARE INC COM USD0.0001 CUSIP : 40171V100
8,827.000
882,893.63
1,488,055.66
GULFPORT ENERGY CORP COM USD0.01 CUSIP : 402635502
20,396.000
3,108,244.43
3,756,943.20
HALOZYME THERAPEUTICS INC COM CUSIP : 40637H109
28,950.000
1,501,919.02
1,384,099.50
HEALTHEQUITY INC COM CUSIP : 42226A107
33,715.000
3,003,629.04
3,234,954.25
HILTON WORLDWIDE HLDGS INC COM NEW COM NEW CUSIP : 43300A203
45,615.000
4,463,793.21
11,274,203.40
HOWMET AEROSPACE INC COM USD1.00 WI SEDOL : BKLJ8V2
59,413.000
3,248,037.16
6,497,999.81
HUBSPOT INC COM SEDOL : BR4T3B3
9,947.000
5,223,661.07
6,930,771.19
HUMANA INC COM CUSIP : 444859102
58,972.000
19,620,832.85
14,961,786.12
IDEAYA BIOSCIENCES INC COM CUSIP : 45166A102
39,142.000
973,977.04
1,005,949.40
IMMUNOVANT INC COM CUSIP : 45258J102
50,150.000
1,820,135.65
1,242,215.50
IMPINJ INC COM CUSIP : 453204109
27,335.000
2,388,584.43
3,970,682.10
INDEPENDENT BK CORP MASS COM COM STK USD0.01
 
SEDOL : 2447821
29,200.000
1,481,793.04
1,874,348.00
INGERSOLL RAND INC COM SEDOL : BL5GZ82
68,894.000
2,331,150.32
6,232,151.24
INGEVITY CORP COM SEDOL : BD4LHG4
43,000.000
1,989,984.87
1,752,250.00
INSMED INC COM PAR $.01 CUSIP : 457669307
65,750.000
1,658,304.54
4,539,380.00
INSPIRE MED SYS INC COM CUSIP : 457730109
9,970.000
1,858,414.19
1,848,238.60
INSULET CORP COM STK CUSIP : 45784P101
8,298.000
1,613,880.53
2,166,358.86
INTUIT COM SEDOL : 2459020
39,656.000
14,464,209.69
24,923,796.00
INTUITIVE SURGICAL INC COM NEW STK SEDOL : 2871301
33,374.000
6,820,968.10
17,419,893.04
IRIDIUM COMMUNICATIONS INC COM STK SEDOL : B2QH310
75,325.000
2,201,146.66
2,185,931.50
ITRON INC COM STK NPV CUSIP : 465741106
34,227.000
3,115,122.64
3,716,367.66
ITT INC COM SEDOL : BZBY209
18,500.000
1,472,010.06
2,643,280.00
JABIL INC COM USD0.001 SEDOL : 2471789
16,850.000
1,255,385.44
2,424,715.00
JACOBS SOLUTIONS INC COM SEDOL : BNGC0D3
13,025.000
1,630,825.65
1,740,400.50
JANUX THERAPEUTICS INC COM CUSIP : 47103J105
37,100.000
1,662,113.58
1,986,334.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17
Security Description / Asset ID
Share / Par Value
 
Cost
Current Value
Corporate Stock - Common (continued)
United States - USD (continued)
JAZZ PHARMACEUTICALS PLC COM USD0.0001 SEDOL : B4Q5ZN4
16,700.000
2,366,072.90
2,056,605.00
KIRBY CORP COM SEDOL : 2493534
18,040.000
1,299,406.38
1,908,632.00
KNIGHT-SWIFT TRANSN HLDGS INC CL A CLASSA COMMON STOCK USD0.01 CUSIP : 499049104
103,422.000
5,710,693.95
5,485,502.88
KORN FERRY COM SEDOL : 2386849
31,500.000
1,818,287.78
2,124,675.00
KOSMOS ENERGY LTD COM USD0.01 CUSIP : 500688106
248,090.000
1,632,830.33
848,467.80
KULICKE & SOFFA INDS INC COM SEDOL : 2498001
36,200.000
1,918,888.36
1,689,092.00
KYMERA THERAPEUTICS INC COM CUSIP : 501575104
43,833.000
1,778,718.07
1,763,401.59
LANCASTER COLONY CORP COM CUSIP : 513847103
9,119.000
1,625,229.79
1,578,863.66
LATTICE SEMICONDUCTOR CORP COM CUSIP : 518415104
19,099.000
1,479,814.66
1,081,958.35
LIBERTY BROADBAND CORP COM SER A COM SERA CUSIP : 530307107
9,722.000
784,721.40
722,927.92
LIBERTY BROADBAND CORP COM SER C COM SERC CUSIP : 530307305
130,969.000
13,125,084.86
9,791,242.44
LIBERTY MEDIA CORP DEL COM LIBERTY FORMULA ONE SER C SEDOL : BPLYVN5
23,600.000
1,445,395.09
2,186,776.00
LINCOLN NATL CORP COM SEDOL : 2516378
47,750.000
1,307,894.93
1,514,152.50
LIVANOVA PLC ORD GBP1.00 (DI) SEDOL : BYMT0J1
38,475.000
2,151,745.73
1,781,777.25
LOUISIANA-PACIFIC CORP COM CUSIP : 546347105
11,769.000
1,071,175.56
1,218,679.95
LULULEMON ATHLETICA INC COM SEDOL : B23FN39
10,760.000
3,459,360.41
4,114,731.60
M / I HOMES INC CUSIP : 55305B101
20,043.000
3,290,480.63
2,664,716.85
MADDEN STEVEN LTD COM SEDOL : 2553911
28,176.000
963,649.87
1,198,043.52
MADRIGAL PHARMACEUTICALS INC COM CUSIP : 558868105
4,027.000
1,026,483.51
1,242,611.39
MANHATTAN ASSOCS INC COM CUSIP : 562750109
9,596.000
2,503,169.35
2,593,223.04
MARRIOTT VACATIONS WORLDWIDE CORP COM SEDOL : B45K9N8
26,900.000
3,185,140.61
2,415,620.00
MASIMO CORP COM STK CUSIP : 574795100
20,167.000
3,549,524.39
3,333,605.10
MASTEC INC COM CUSIP : 576323109
34,354.000
1,809,100.13
4,676,953.56
MASTERCARD INCORPORATED COM USD0.0001 CLASS A SEDOL : B121557
54,136.000
20,269,955.35
28,506,393.52
MERCADOLIBRE INC COM STK SEDOL : B23X1H3
2,410.000
3,961,237.96
4,098,060.40
MERCURY SYSTEMS INC CUSIP : 589378108
60,674.000
3,524,192.08
2,548,308.00
MERIT MED SYS INC COM CUSIP : 589889104
2,505.000
138,466.83
242,283.60
MERITAGE HOMES CORP COM CUSIP : 59001A102
15,919.000
3,271,045.67
2,448,660.58
META PLATFORMS INC COM USD0.000006 CL 'A' CUSIP : 30303M102
128,069.000
28,201,562.34
74,985,680.19
MGIC INVT CORP WIS COM SEDOL : 2548616
91,200.000
1,240,738.46
2,162,352.00
MICROSOFT CORP COM SEDOL : 2588173
282,707.000
47,164,212.28
119,161,000.50
MKS INC SEDOL : 2404871
15,865.000
1,395,968.78
1,656,147.35
MODINE MFG CO COM STK CUSIP : 607828100
31,140.000
2,974,177.92
3,610,060.20
MOHAWK INDS INC COM SEDOL : 2598699
16,350.000
1,934,434.26
1,947,775.50
MUELLER INDS INC COM CUSIP : 624756102
31,433.000
2,553,280.28
2,494,522.88
NATERA INC COM SEDOL : BYQRG48
16,500.000
2,132,738.99
2,611,950.00
NATL FUEL GAS CO COM SEDOL : 2626103
39,920.000
2,149,312.62
2,422,345.60
NEOGEN CORP COM CUSIP : 640491106
145,608.000
2,559,953.32
1,767,681.12
NEOGENOMICS INC COM NEW COM NEW CUSIP : 64049M209
60,661.000
1,792,228.89
999,693.28
NETFLIX INC COM STK SEDOL : 2857817
15,442.000
5,399,094.20
13,763,763.44
NEW FORTRESS INC CL A SHS REPSTG LTD LIABILITY CUSIP : 644393100
155,032.000
4,138,542.75
2,344,083.84
NEWELL BRANDS INC COM SEDOL : 2635701
205,000.000
1,673,905.42
2,041,800.00
NOBLE CORPORATION PLC COM SEDOL : BN2QTL0
25,093.000
912,380.82
787,920.20
NORWEGIAN CRUISE LINE HLDGS LTD COM USD0.001 SEDOL : B9CGTC3
91,409.000
1,779,556.34
2,351,953.57
NOVANTA INC NOVANTA
 
INC CUSIP : 67000B104
10,052.000
1,020,070.52
1,535,644.04
NUVALENT INC CL A CL A CUSIP : 670703107
23,100.000
1,704,211.05
1,808,268.00
NVENT ELECTRIC PLC COM USD0.01 WI CUSIP : G6700G107
32,183.000
2,090,941.75
2,193,593.28
NVIDIA CORP COM SEDOL : 2379504
576,365.000
20,852,433.73
77,400,055.85
OCCIDENTAL PETROLEUM CORP CUSIP : 674599105
0.000
0.00
0.00
OSHKOSH CORPORATION SEDOL : 2663520
17,900.000
2,028,652.72
1,701,753.00
OVINTIV INC COM USD0.01 SEDOL : BJ01KB6
32,100.000
1,168,186.41
1,300,050.00
OWENS CORNING NEW COM STK SEDOL : B1FW7Q2
11,935.000
2,050,791.30
2,032,769.20
PARSONS CORP DEL COM CUSIP : 70202L102
42,400.000
4,078,799.77
3,911,400.00
PENTAIR PLC COM USD0.01 SEDOL : BLS09M3
24,600.000
1,245,739.55
2,475,744.00
PENUMBRA INC COM SEDOL : BZ0V201
8,570.000
1,809,898.98
2,035,203.60
PERFORMANCE FOOD GROUP CO COM CUSIP : 71377A103
87,705.000
3,805,415.75
7,415,457.75
PERMIAN RES CORP CL A SEDOL : BQPCHB2
108,300.000
1,132,292.75
1,557,354.00
PERRIGO COMPANY LIMITED COM EUR0.001 SEDOL : BGH1M56
59,200.000
2,177,144.90
1,522,032.00
PINNACLE W. CAP CORP COM SEDOL : 2048804
25,900.000
1,953,832.53
2,195,543.00
PLANET FITNESS INC CL A CL A CUSIP : 72703H101
22,323.000
1,475,383.22
2,207,075.01
POOL CORP COM STK CUSIP : 73278L105
6,492.000
2,277,604.46
2,213,382.48
POST HLDGS INC COM STK SEDOL : B6T0518
15,075.000
1,570,912.39
1,725,484.50
PRESTIGE CONSUMER HEALTHCARE INC COM SEDOL : B0650P3
24,930.000
1,501,179.14
1,946,783.70
PRIMO BRANDS CORPORATION COM USD0.01 CUSIP : 741623102
115,059.000
2,679,844.94
3,540,365.43
PROSPERITY BANCSHARES INC COM CUSIP
 
: 743606105
65,048.000
4,308,072.20
4,901,366.80
PROTAGONIST THERAPEUTICS INC COM CUSIP : 74366E102
54,103.000
1,229,230.38
2,088,375.80
PURE STORAGE INC CL A CL A CUSIP : 74624M102
113,884.000
4,295,653.57
6,995,894.12
PVH CORP COM USD1 SEDOL : B3V9F12
20,325.000
1,466,261.10
2,149,368.75
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
18
Security Description / Asset ID
Share / Par Value
 
Cost
Current Value
Corporate Stock - Common (continued)
United States - USD (continued)
Q2 HLDGS INC COM CUSIP : 74736L109
22,569.000
2,047,949.12
2,271,569.85
RADNET INC COM STK CUSIP : 750491102
81,089.000
2,582,731.18
5,663,255.76
RANGE RES CORP COM CUSIP : 75281A109
22,642.000
796,610.63
814,659.16
REGAL REXNORD CORPORATION COM STK USD0.01 CUSIP : 758750103
11,954.000
1,939,902.14
1,854,424.02
RELIANCE INC COM NPV SEDOL : 2729068
7,761.000
1,520,079.80
2,089,726.86
REPLIGEN CORP COM STK USD0.01 CUSIP : 759916109
10,576.000
1,356,523.81
1,522,309.44
REVOLVE GROUP INC CL A CL A CUSIP : 76156B107
35,245.000
1,706,763.33
1,180,355.05
RHYTHM PHARMACEUTICALS INC COM CUSIP : 76243J105
37,765.000
1,000,907.65
2,114,084.70
ROBERT HALF INC COM USD0.001 SEDOL : 2110703
29,300.000
1,861,955.58
2,064,478.00
ROSS STORES INC COM SEDOL : 2746711
48,423.000
4,956,781.24
7,324,947.21
RYDER SYS INC COM SEDOL : 2760669
13,700.000
1,288,607.41
2,148,982.00
SAIA INC COM STK SEDOL : 2982399
4,990.000
1,340,446.42
2,274,092.70
SALLY BEAUTY HLDGS INC COM STK USD0.01 SEDOL : B1GZ005
151,000.000
1,590,082.64
1,577,950.00
SCHLUMBERGER LTD COM COM SEDOL : 2779201
99,476.000
5,487,941.37
3,813,909.84
SCHWAB CHARLES CORP COM NEW SEDOL : 2779397
67,109.000
4,391,372.30
4,966,737.09
SEALED AIR CORP NEW COM STK SEDOL : 2232793
19,806.000
675,152.80
670,036.98
SEMTECH CORP COM CUSIP : 816850101
73,239.000
3,428,368.99
4,529,832.15
SENSATA TECHNOLOGIES B V HOLDING SEDOL : BFMBMT8
66,000.000
2,551,814.19
1,808,400.00
SERVICENOW INC COM USD0.001 SEDOL : B80NXX8
14,225.000
4,815,920.50
15,080,207.00
SHAKE SHACK INC CL A CL A CUSIP : 819047101
40,596.000
2,352,476.36
5,269,360.80
SHARKNINJA COM USD0.0001 CUSIP : G8068L108
30,672.000
2,224,003.34
2,986,225.92
SHIFT4 PMTS INC CL A CL A CUSIP : 82452J109
47,283.000
2,215,517.75
4,907,029.74
SKYWEST INC COM SEDOL : 2814210
21,795.000
1,458,670.19
2,182,333.35
SM ENERGY CO COM CUSIP : 78454L100
64,336.000
3,196,222.42
2,493,663.36
SOUTHSTATE CORP COM CUSIP : 840441109
50,351.000
4,451,691.67
5,008,917.48
SPROUT SOCIAL INC COM CL A COM CL A CUSIP : 85209W109
57,455.000
3,364,472.77
1,764,443.05
SPX TECHNOLOGIES INC COM CUSIP : 78473E103
22,683.000
3,152,242.11
3,300,830.16
STRIDE INC COM USD CUSIP : 86333M108
26,593.000
1,688,880.98
2,763,810.49
STRYKER CORP SEDOL : 2853688
31,292.000
6,617,832.64
11,266,684.60
SURGERY PARTNERS INC COM CUSIP : 86881A100
90,309.000
4,052,353.35
1,911,841.53
SYNAPTICS INC COM SEDOL : 2839268
23,750.000
2,190,273.06
1,812,600.00
TALEN ENERGY CORP NEW COM CUSIP : 87422Q109
15,257.000
2,807,835.66
3,073,827.79
TD SYNNEX CORPORATION COM USD0.001 SEDOL : 2002554
18,488.000
2,065,655.26
2,168,272.64
TENABLE HLDGS INC COM CUSIP : 88025T102
37,151.000
1,650,101.61
1,463,006.38
TENET HEALTHCARE CORP COM NEW . SEDOL : B8DMK08
14,175.000
1,055,641.92
1,789,310.25
TEREX CORP NEW COM SEDOL : 2884224
29,700.000
1,658,982.73
1,372,734.00
TEXTRON INC COM SEDOL : 2885937
27,055.000
2,153,363.70
2,069,436.95
THE BALDWIN INSURANCE GROUP INC CLASS A COMMON
 
STOCK CUSIP : 05589G102
37,559.000
1,839,719.53
1,455,786.84
THE CIGNA GROUP SEDOL : BHJ0775
38,290.000
7,758,235.10
10,573,400.60
TIMKEN CO COM SEDOL : 2892807
24,651.000
1,901,293.61
1,759,341.87
TOPBUILD CORP COM SEDOL : BZ0P3W2
6,143.000
2,313,125.40
1,912,561.62
TPG PARTNERS LLC CL A COM CUSIP : 872657101
27,007.000
1,346,752.02
1,697,119.88
TRADEWEB MKTS INC CL A CL A SEDOL : BJXMVK2
25,744.000
1,873,757.67
3,370,404.48
TWIST BIOSCIENCE CORP COM CUSIP : 90184D100
29,688.000
1,345,295.35
1,379,601.36
UGI CORP NEW COM SEDOL : 2910118
83,550.000
2,691,870.86
2,358,616.50
UNDER ARMOR INC CL A CUSIP : 904311107
396,824.000
3,445,527.23
3,285,702.72
UNITED THERAPEUTICS CORP DEL COM STK SEDOL : 2430412
6,540.000
1,653,492.66
2,307,573.60
UNITEDHEALTH GROUP INC COM SEDOL : 2917766
78,440.000
27,101,494.13
39,679,658.40
UNIVERSAL DISPLAY CORP COM CUSIP : 91347P105
27,272.000
3,740,496.28
3,987,166.40
UNUM GROUP SEDOL : 2433842
29,425.000
1,521,925.12
2,148,907.75
VAL NATL BANCORP COM SEDOL : 2935326
219,000.000
1,783,759.18
1,984,140.00
VARONIS SYS INC COM CUSIP : 922280102
121,371.000
4,898,941.51
5,392,513.53
VAXCYTE INC COM CUSIP : 92243G108
24,762.000
1,585,072.71
2,027,017.32
VERITEX HLDGS INC COM SEDOL : BRCYYB7
77,075.000
1,490,735.45
2,093,357.00
VICTORIAS SECRET & CO COM SEDOL : BNNTGH3
37,750.000
922,912.66
1,563,605.00
VIKING THERAPEUTICS INC COM CUSIP : 92686J106
67,400.000
1,084,669.76
2,712,176.00
VISA INC COM CL A STK CUSIP : 92826C839
102,595.000
17,496,358.25
32,424,123.80
VISTEON CORP COM NEW COM NEW SEDOL : B4N0JJ6
18,000.000
1,958,219.60
1,596,960.00
VOYA FINL INC COM SEDOL : BKWQ2N2
23,150.000
1,536,325.12
1,593,414.50
WEATHERFORD INTL LTD COMMON STOCK CUSIP : G48833118
33,567.000
1,579,298.81
2,404,404.21
WELLS FARGO & CO NEW COM STK CUSIP : 949746101
177,319.000
7,133,754.37
12,454,886.56
WESCO INTL INC COM SEDOL : 2416973
10,815.000
1,561,994.03
1,957,082.40
WESTERN ALLIANCE BANCORPORATION COM CUSIP : 957638109
19,902.000
1,330,347.41
1,662,613.08
WILLSCOT HOLDINGS CORPORATION COM CUSIP : 971378104
49,994.000
2,086,134.02
1,672,299.30
WOODWARD INC COM CUSIP : 980745103
80,406.000
9,560,443.93
13,381,166.52
WORKDAY INC CL A COM USD0.001 CUSIP : 98138H101
99,535.000
23,718,039.81
25,683,016.05
XENCOR INC COM CUSIP : 98401F105
48,687.000
1,747,457.94
1,118,827.26
ZETA GLOBAL HLDGS CORP CL A CL A CUSIP : 98956A105
153,064.000
1,825,846.74
2,753,621.36
Total United States - USD
1,187,805,202.94
1,758,063,950.36
Total Corporate Stock - Common
1,636,305,600.66
2,390,363,618.16
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
19
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
54,904,870.790
54,904,870.79
54,904,870.79
Total United States - USD
54,904,870.79
54,904,870.79
Total Participant Loans
54,904,870.79
54,904,870.79
Value of Interest in Common/Collective Trusts
United States - USD
MFO BANK OF NEW YORK MELLON BNYM NEWTON NSL U S DYNAMIC LARGE CAP VALUE FD CL S CUSIP :
06428R473
354,004.920
29,288,216.46
28,532,796.55
MFO INVESCO OPPENHEIMER EMERGING MARKETS
 
EQUITY CL A - 504 CUSIP : 67084Y723
1,932,342.810
110,965,147.81
116,211,096.59
MFO INVESCO STABLE VALUE TRUST - CLASS B1 CUSIP : 46X193XX2
199,544,477.570
199,544,477.57
199,544,477.57
MFO LOOMIS SAYLES TR CO LLC COLL TR FR EMPLOYEE BENEFIT PLANS GLB CIT C L E CUSIP : 54350Y876
2,843,618.530
28,797,710.23
28,919,600.45
MFO MIROVA GLOBAL SUSTAINABLE EQUITY COLLECTIVE INVESTMENT FUND CLASS
 
F CUSIP : 63874W407
7,045,304.620
69,758,689.30
78,643,529.86
MFO MONDRIAN INTERNATIONAL EQUITY COLLECTIVE INVESTEMENT
 
TRUST 2389 CUSIP: 60924J824
5,237,062.310
61,676,885.35
79,446,235.24
MFO PRUDENTIAL CORE PLUS BOND FUND CLASS 5 032884
 
74443R100 CUSIP : 74443R100
828,897.460
139,366,431.37
154,307,551.15
MFO SSGA GLOBAL ALL CAP EQUITY EX-US INDEX NL
 
SERIES FD - CL K CUSIP : 85744W531
7,831,179.370
98,993,927.00
122,926,022.57
MFO SSGA REAL ASSET NON LENDING CLASS C CUSIP :
 
857443113
311,429.830
5,320,672.46
5,336,350.14
MFO SSGA RUSSELL SMALL/MID CAP INDEX NON- LENDING
 
SERIES FUND CLASS K CUSIP : 85744W242
7,704,857.410
155,974,085.15
204,248,065.08
MFO STATE STR GLOBAL ADVISORS TR CO INV US BD INDEX NON LENDING SER FD CL M CUSIP
 
: 857480404
7,503,685.270
84,976,168.78
84,371,437.18
MFO VANGUARD TARGET RET 2020 TR SEL CUSIP : 92204E407
3,257,679.290
114,033,299.02
165,164,340.00
MFO VANGUARD TARGET RET 2025 TR SEL CUSIP : 92204E506
3,850,066.320
153,749,445.78
208,981,599.85
MFO VANGUARD TARGET RET 2030 TR SEL CUSIP : 92204E605
8,174,253.710
308,860,513.07
466,995,114.45
MFO VANGUARD TARGET RET 2035 TR SEL CUSIP : 92204E704
5,643,700.430
232,086,549.36
339,299,269.85
MFO VANGUARD TARGET RET 2040 TR SEL CUSIP : 92204E803
6,942,282.710
275,496,570.35
437,710,924.87
MFO VANGUARD TARGET RET 2045 TR SEL CUSIP : 92204E886
4,015,686.460
176,816,820.82
264,473,110.26
MFO VANGUARD TARGET RET 2050 TR SEL CUSIP : 92204E878
4,341,680.630
189,774,364.18
290,241,350.12
MFO VANGUARD TARGET RET 2055 TR SEL CUSIP : 92204E860
2,011,389.810
96,334,098.82
134,360,839.31
MFO VANGUARD TARGET RET 2060 TR SEL CUSIP : 92204E852
1,801,949.710
88,980,964.06
120,550,435.60
MFO VANGUARD TARGET RET INCOME TR SEL CUSIP : 92204E100
1,624,165.350
62,303,036.12
73,054,957.44
MFO VANGUARD TARGET RETIREMENT 2065 TRUST SELECT CUSIP : 92202V112
1,632,523.220
51,541,336.30
65,627,433.44
MFO VANGUARD TARGET RETIREMENT 2070 TRUST SELECT CUSIP : 92212G105
567,348.050
12,619,297.55
13,894,353.74
NT COLLECTIVE GOVT SHORT TERM INVT FD CUSIP : 66586U445
33.620
33.62
33.62
NT COLLECTIVE GOVT SHORT TERM INVT FD CUSIP : 66586U445
4,202,221.480
4,202,221.48
4,202,221.48
NT COLLECTIVE GOVT SHORT TERM INVT FD CUSIP : 66586U445
528,511,750.890
528,511,750.89
528,511,750.89
Total United States - USD
3,279,972,712.90
4,215,554,897.30
Total Value of Interest in Common/Collective Trusts
3,279,972,712.90
4,215,554,897.30
Value of Interest in Registered Investment Companies
United States - USD
MFC ISHARES TR RUSSELL 2000 GROWTH ETF CUSIP : 464287648
6,500.000
2,037,343.75
1,870,830.00
MFO RESERVE INVT FDS INC T ROWE PRICE GOVT RESERVE FD CUSIP
 
: 76105Y109
4,267,948.490
4,267,948.49
4,267,948.49
MFO STATE STR GLOBAL ADVISORS TR CO INV S&P 500 INDEX NON-LENDING SER FD CL M CUSIP :
 
856917729
193,262,652.330
2,006,178,956.56
1,951,179,737.92
Total United States - USD
2,012,484,248.80
1,957,318,516.41
Total Value of Interest in Registered Investment Companies
2,012,484,248.80
1,957,318,516.41
Other
United Kingdom - USD
HSBC (RYANAIR HOLDINGS PLC) P-NOTE 31/10/2025 SEDOL : 5B16WLU
147,943.000
2,840,020.04
2,920,662.36
Total United Kingdom - USD
2,840,020.04
2,920,662.36
United States - USD
&&&UBS FINANCIAL SERVICES SDA PARTICIPANT ASSET CUSIP : 000656371
1.000
625,883,620.63
1,452,613,859.56
1ST INDL RLTY TR INC COM SEDOL : 2360757
58,000.000
2,467,905.96
2,907,540.00
AGNC INVT CORP COM SEDOL : BYYHJL8
232,000.000
2,481,554.72
2,136,720.00
ANNALY CAPITAL MANAGEMENT INC COM NEW COM USD0.01(POST REV SPLT) SEDOL : BPMQ7X2
121,500.000
2,133,200.94
2,223,450.00
CAMDEN PPTY TR SH BEN INT SEDOL : 2166320
24,800.000
2,701,945.67
2,877,792.00
FEDERAL RLTY INVT TR COM USD0.01 SEDOL : BN7P9B2
23,550.000
2,711,016.55
2,636,422.50
GAMING & LEISURE PPTYS INC COM SEDOL : BFPK4S5
61,550.000
2,884,428.20
2,964,248.00
HIGHWOODS PPTYS INC COM SEDOL : 2420640
68,835.000
2,664,026.11
2,104,974.30
HOST HOTELS & RESORTS INC REIT SEDOL : 2567503
100,000.000
1,855,612.69
1,752,000.00
KILROY RLTY CORP COM SEDOL : 2495529
56,820.000
2,047,922.51
2,298,369.00
RYMAN HOSPITALITY PPTYS INC COM CUSIP : 78377T107
56,557.000
3,903,731.14
5,901,157.38
W P CAREY INC COM SEDOL : B826YT8
44,800.000
2,576,777.15
2,440,704.00
Total United States - USD
654,311,742.27
1,482,857,236.74
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
657,151,762.31
1,485,777,899.10
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20
Security Description / Asset ID
Share / Par Value
 
Historical Cost
Current Value
Other Liabilities
Pending foreign exchange sales: British pound sterling
0.000
-18,154.37
-18,159.30
Pending foreign exchange sales: United States dollar
0.000
-1,164,804.24
-1,164,804.24
Total - all currencies
-1,182,958.61
-1,182,963.54
Pending trade purchases: British pound sterling
0.000
-115,222.84
-114,903.05
Pending trade purchases: Danish krone
0.000
-99,333.29
-98,772.08
Pending trade purchases: Euro
0.000
-630,361.29
-626,617.19
Pending trade purchases: Japanese yen
0.000
-247,756.72
-248,379.43
Pending trade purchases: Swiss franc
0.000
-176,849.00
-175,912.31
Total - all currencies
-1,269,523.14
-1,264,584.06
Total Other Liabilities
-2,452,481.75
-2,447,547.60
Payable Other
United States - USD
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
7,641,661,507.66
10,104,763,264.93
 
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/ Thomas Wade______________
Name:
 
Thomas Wade
 
Title:
 
Plan Administrator
 
Date:
 
June 26, 2025