edgar1kubs401k2025us

11-K 1 edgar1kubs401k2025us.htm edgar1kubs401k2025us

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, 2025

☐

TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transaction period from

Commission file number 1-36764

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

Name of issuer of the securities held pursuant to the plan and the address of its principal

executive office:

UBS GROUP AG

Bahnhofstrasse 45

CH-8098, Zurich, Switzerland

UBS 401(k) PLAN

Financial Statements and Supplemental Schedule

As of December 31, 2025 and 2024 and

For the Year Ended December 31, 2025

With Report of Independent Registered Public Accounting Firm

UBS 401(k) PLAN

Financial Statements and Supplemental Schedule

December 31, 2025 and 2024

and Year Ended December 31, 2025

TABLE OF CONTENTS

Page(s)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

FINANCIAL STATEMENTS

Statements of Net Assets Available for Benefits

Statement of Changes in Net Assets Available for Benefits

Notes to Financial Statements

4-10

SUPPLEMENTAL SCHEDULE

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

11-18

Signature

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

UBS 401(k) Plan (the Plan) as of

December

31, 2025 and

2024, and the

related statement of

changes in net

assets available for

benefits for the

year ended December

31,

2025, 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, 2025

and 2024, and the changes

in its

net assets

available for

benefits for

the year

ended December

31, 2025,

in conformity

with U.S.

generally accepted

accounting

principles.

Basis for Opinion

These financial

statements are

the responsibility

of the

Plan’s management.

Our responsibility

is to

express

an opinion

on the

Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting

Oversight Board (United States) (PCAOB) and are required to be

independent with respect to the Plan in

accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those

standards require that we plan and perform the

audit to obtain reasonable

assurance about whether the

financial statements are free

of material misstatement, whether due

error or fraud.

The Plan is

not required

to have, nor

were we engaged

to perform, an

audit of its

internal control over

financial

reporting. As part of our audits

we are required to obtain an understanding of

internal control over financial reporting but

not for

the purpose of expressing an opinion

on the effectiveness of the Plan’s

internal control over financial reporting. Accordingly,

express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement

of the financial statements, whether due

to error

or fraud, and

performing procedures

that respond

to those risks.

Such procedures

included examining, on

a test basis,

evidence regarding

the amounts and

disclosures in the

financial statements. Our

audits also included

evaluating the accounting

principles used

and significant

estimates made

by management,

as well

as evaluating

the overall

presentation of

the financial

statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Schedule Required by ERISA

The

accompanying

supplemental

schedule

assets

(held

end

year)

December

31,

2025

(referred

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

the

financial

statements

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,

relation to the financial statements as a whole.

/s/ Ernst & Young LLP

We have served as the Plan’s auditor since 1979.

New York, New York

June 29, 2026

UBS 401(k) PLAN

Statements of Net Assets Available for Benefits

As of December 31, 2025 and 2024

2025

2024

ASSETS

Investments, at fair value

$11,545,989,607

$10,050,851,329

Notes receivable from participants

53,426,491

55,075,814

Investment income receivable

3,183,700

3,673,906

Other Receivables

1,952,627

1,553,481

Contributions receivable

Participant contributions receivable

3,653,966

3,694,048

Company, net of forfeitures

99,943,872

91,925,106

Total assets

11,708,150,263

10,206,773,684

LIABILITIES

Accrued expenses

2,242,629

7,020,019

Payable for securities purchased

416,929

83,991

Payable for securities sold

837,217

908,943

Total liabilities

3,496,775

8,012,953

Net assets available for benefits

$11,704,653,488

$10,198,760,731

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

UBS 401(k) PLAN

Statement of Changes in Net Assets Available for Benefits

For the Year Ended December 31, 2025

2025

ADDITIONS TO NET ASSETS

Investment income

Net appreciation in the fair value of investments

$1,574,308,419

Dividend and interest income

172,199,766

Net investment gain

1,746,508,185

Interest income on notes receivable from participants

4,494,498

Contributions

Participants

426,575,802

Company, net of forfeitures

236,811,588

Total contributions

663,387,390

Total additions

2,414,390,073

DEDUCTIONS FROM NET ASSETS

Distributions to participants

901,973,363

Administrative expenses

6,523,953

Total deductions from net assets

908,497,316

Net increase in net assets available for benefits

1,505,892,757

Net assets available for benefits

Beginning of year

10,198,760,731

End of year

$11,704,653,488

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

UBS 401(k) PLAN

Notes to Financial Statements

December 31, 2025 and 2024

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

administered

the

Plan

Administrator

(Employee

Benefits

Committee

UBS

AG).

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, October

22, 2024,

and, most recently, December 4th, 2025, to reflect

a change in the collection of plan expenses.

Administrative Expenses

The reasonable expenses incident to the operation of

the Plan, including the compensation of the Trustee,

attorneys, fiduciaries,

and such

other technical and

clerical assistance as

may be required,

shall be

paid from the

Trust Fund in accordance with

applicable

law; provided, however, that the Company,

in its discretion, may elect to pay all or part of such expenses. To the extent any such

reasonable expenses are paid from the Trust

Fund and not otherwise paid from the forfeiture suspense account or other account

from which reasonable

expenses may be paid

(in each case, paid

as determined by the

Plan Administrator in its

sole discretion),

they shall

be allocated

to the

Accounts of

Participants pro

rata.

User fees

attributable to

investments made

through

the

self-

directed mutual fund window shall be

charged and allocated to the

Accounts of the Participant using

that feature, including both

active and former Employees.

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%

85% of

their

eligible compensation,

including

from

85% of

their

discretionary

annual

incentive

bonus, subject

the

maximum

allowable

contribution

limit

established

the

Code.

The

maximum

allowable

combined

pre-tax

and

Roth

401(k)

contributions

was

$23,500.

The

maximum

allowable

combined

pre-tax

and

Roth

401(k)

contributions

for

participants

who

attained age 50-59, or 64+ on or before December 31, 2025 was $31,000. The maximum allowable combined pre-tax and Roth

401(k) contributions

for participants

who attained

age 60-63,

on or

before December

31, 2025

was $34,750.

These limits

are

subject

change

in future

years

consistent

with

IRS

limitations.

There

are

also maximum

allowable

limits for

after-tax

contributions, being $23,500 for non-highly compensated participants and $18,500 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

participant’s 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.

NOTE 1

DESCRIPTION OF THE PLAN

(continued)

Company Contributions

The

Company

uses

pre-tax,

Roth

401(k),

and

after-tax

contributions

determining

the

amount

the

Company’s

matching

contribution

for

each

participant.

For

Plan

years

beginning

2017,

the

Company

Match

was

calculated

multiplying

each

participant's

pre-tax,

Roth 401(k)

and after-tax

contributions (up

eligible compensation)

100%

and is

limited

$3,000

annual

basis.

Company

Match

contributions

are

contributed

payroll

basis

based

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

the

annual

IRC

compensation

limit

($350,000

for

2025).

The

Plan

has

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

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),

addition

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 fully

vested in his

or her Company

Account after

three years of service,

or,

while in service as an employee

and either 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, 2025, and 2024 total forfeitures

of $15,149,695 and $11,788,343

respectively were

used to reduce

the Company contributions.

The remaining balances

in the forfeiture

account as of

December

31, 2025, and December 31, 2024, were $1,998,904. and $2,173,590 respectively.

NOTE 1

DESCRIPTION OF THE PLAN

(continued)

Payment of Benefits

Upon

the

termination

employment

for

any

reason,

including

death,

participant

his

her

beneficiary

may

receive

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

73 if reaching the age of 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, 2025 or

2024. 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.

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

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

access

the

measurement

date.

active

market

for

the

financial

instrument

market

which

transactions for the

financial instrument occur

with sufficient frequency

and volume to

provide pricing information

an ongoing basis.

Level 2:

Inputs other than

quoted prices included

within Level 1

that are observable for

the financial instrument,

either directly

or indirectly.

Level 3

Unobservable inputs for the financial instrument.

The following is a description of the

valuation methodologies used for assets measured at fair value.

There have been no changes

in the methodologies used at December 31, 2025 and 2024.

Mutual funds:

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

year

end.

Funds

that

are

not

actively

traded

exchange

are

priced

NAV

using

inputs

that

corroborate

the

NAV

with

observable (i.e., ongoing redemption and/or subscription activity) market-based data.

Common and collective

trust funds:

Funds that are

actively traded on

an exchange are

priced at the

NAV of

shares held

by the

Plan at year end

(e.g., bond funds, equity

funds, target date funds,

etc.). Funds that are

not actively traded on

an exchange are

priced

NAV

using

inputs

that

corroborate

the

NAV

with

observable

(i.e.,

ongoing

redemption

and/or

subscription

activity)

market-based data.

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

registered

Foreign

Institutional

Investor

(FII)

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.

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 2025 and 2024.

NOTE 3

FAIR VALUE MEASUREMENT

(Continued)

At December 31, 2025, the investments held by the Plan within the fair value hierarchy are as follows:

Investments at Fair Value as of December 31, 2025

Level 1

Level 2

Level 3

Total

Mutual funds

$233,308,462

—

$233,308,462

Self-Directed Brokerage Account

1,588,267,531

—

1,588,267,531

UBS Stock Fund

469,480,916

—

469,480,916

Common Stocks

2,017,492,608

—

2,017,492,608

Real Estate Funds

20,712,121

—

20,712,121

$4,329,261,638

—

$ —

$4,329,261,638

Investments measured at NAV:

Money market funds

(a)

$506,578,138

Short-term investment funds

(b)

36,783,934

U.S. equity funds

(c)

2,493,636,270

Non-U.S. equity funds

(c)

560,934,140

U.S. bond funds

(d)

492,543,252

Non-U.S. bond funds

(e)

34,523,258

Target date funds

(f)

3,091,728,977

Total investments, at NAV

$7,216,727,969

Total investments at fair value

$11,545,989,607

the

prior

year’s

financial

statements,

one

the

equity

funds

was

classified

bond

fund.

Upon

further

analysis,

was

determined that an equity fund classification was more appropriate. In 2025, the Plan revised its fair value hierarchy classification

from bond fund to equity fund, and the 2024 presentation has been adjusted accordingly for this immaterial amount.

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)

2,183,960,600

Non-U.S. equity funds

(c)

397,226,884

U.S. bond funds

(d)

443,559,815

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

(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.

These investments are held through collective trust

funds.

(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. These investments are held through collective trust 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.

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

general

description

the

investments.

Participants

should

refer

the

Investment

Options

Guide

for

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

NOTE 4

RISKS AND UNCERTAINTIES

The Plan invests in 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

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, 2025, 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

certain

funds

sponsored

UBS

Asset

Management,

wholly

owned

subsidiary

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

common

stock

UBS

Group

AG.

These

transactions

qualify

party-in-interest

transactions.

The

Plan

received a total common stock dividends payment of $9,752,787 for 2025.

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. The Plan has been amended and restated since the receipt of the SIP and Plus Plan determination letters. The plan

administrator believes

the Plan

is being

operated in

compliance with

the applicable

requirements

of the

Code and,

therefore,

believes the Plan, as amended and restated, is qualified and the related trust is tax-exempt.

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

more-likely-than-not,

based

the

technical

merits,

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, 2025,

there

are

no uncertain

positions taken

expected to

taken.

The Plan

has recognized

no interest

penalties related to uncertain tax positions.

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,

2025

2024

Net assets available for benefits per the financial statements

$11,704,653,488

$10,198,760,731

Less: Benefits payable to participants

(7,017,271)

(5,731,689)

Net assets available for benefits per Form 5500

$11,697,636,217

$10,193,029,042

The

accompanying

financial

statements

present

benefits

distributions

participants

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, 2025:

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

$1,505,892,757

Add: Benefits payable to participants at December 31, 2024

5,731,689

Less: Benefits payable to participants at December 31, 2025

(7,017,271)

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

$1,504,607,175

NOTE 8

SUBSEQUENT EVENTS

The

Plan

has

evaluated

the

impact

subsequent

events

through

June

29,

2026,

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.

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, 2025

Security Description / Asset ID

Share / Par Value

Cost

Current Value

Non-Interest Bearing Cash - USD

BRL - Brazilian real

6,152.820

6,179.55

6,152.82

GBP - British pound sterling

93,356.060

93,356.06

CAD - Canadian dollar

4,591.420

4,598.80

4,591.42

DKK - Danish krone

18,809.270

18,672.95

18,809.27

EUR - Euro

353,998.400

354,484.38

353,998.40

CNH - HK offshore Chinese Yuan Renminbi

7,440.020

7,379.55

7,440.02

HKD - Hong Kong dollar

43,511.580

43,532.28

43,511.58

JPY - Japanese yen

85,743.950

85,798.69

85,743.95

MXN - Mexican peso

46.050

44.63

46.05

SGD - Singapore dollar

2,958.920

2,951.32

2,958.92

ZAR - South African rand

24.540

28.27

24.54

USD - United States dollar

3,125,615.770

3,125,615.77

Total - all currencies

3,742,642.25

3,742,248.80

Total Non-Interest Bearing Cash - USD

3,742,642.25

3,742,248.80

Corporate Stock - Common

Belgium - EUR

ELIA GROUP NPV SEDOL : B09M9F4

19,291.000

2,300,436.94

2,485,398.00

UCB NPV SEDOL : 5596991

12,081.000

1,469,348.05

3,385,383.71

Total Belgium - EUR

3,769,784.99

5,870,781.71

Canada - USD

CAMECO CORP COM CUSIP : 13321L108

24,002.000

760,690.66

2,195,942.98

FIRSTSERVICE CORP COM NPV CUSIP : 33767E202

5,322.000

592,217.81

827,730.66

SHOPIFY INC CL A SUB VTG SHS SHOPIFY INC SEDOL : BXDZ9Z0

38,414.000

2,783,118.69

6,183,501.58

Total Canada - USD

4,136,027.16

9,207,175.22

China - CNH

CONTEMPORARY A CNY1 (STOCK CONNECT) SEDOL : BHQPSY7

115,900.000

5,245,599.17

6,098,243.40

SIEYUAN ELECTRIC C 'A'CNY1 SEDOL : BD5C7M2

122,800.000

2,370,629.89

2,719,740.40

Total China - CNH

7,616,229.06

8,817,983.80

China - HKD

TENCENT HLDGS LTD HKD0.00002 SEDOL : BMMV2K8

54,900.000

3,280,621.29

4,224,975.91

Total China - HKD

3,280,621.29

4,224,975.91

China - USD

ADR TENCENT HLDGS LTD ADR SEDOL : B3F2DZ7

60,454.000

4,076,022.46

4,627,753.70

Total China - USD

4,076,022.46

4,627,753.70

Denmark - DKK

DANSKE BANK A/S DKK10 SEDOL : 4588825

117,678.000

3,084,533.48

5,895,372.48

NKT A/S SEDOL : 7106354

20,829.000

1,692,865.18

2,615,251.98

Total Denmark - DKK

4,777,398.66

8,510,624.46

Security Description / Asset ID

Share / Par Value

Cost

Current Value

Corporate Stock - Common (continued)

France - EUR

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

24,818.000

3,396,209.15

4,671,178.84

AIRBUS SE EUR1 SEDOL : 4012250

9,589.000

1,714,655.84

2,234,341.56

AXA SA EUR2.29 SEDOL : 7088429

74,950.000

2,890,639.13

3,605,505.49

BNP PARIBAS EUR2 SEDOL : 7309681

60,969.000

4,570,068.45

5,784,971.94

DANONE EUR0.25 SEDOL : B1Y9TB3

28,924.000

2,198,771.40

2,608,200.88

SAFRAN SA EUR0.20 SEDOL : B058TZ6

13,414.000

2,298,421.36

4,685,261.58

SPIE SA EUR0.47 SEDOL : BYZFYS3

97,541.000

5,205,691.68

5,643,079.75

Total France - EUR

22,274,457.01

29,232,540.04

Germany - EUR

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

4,880.000

1,288,202.43

2,238,079.13

DEUTSCHE BOERSE AG NPV(REGD) SEDOL : 7021963

9,203.000

1,349,968.18

2,417,853.50

MTU AERO ENGINES A NPV (REGD) SEDOL : B09DHL9

8,601.000

3,572,740.89

3,589,043.58

RWE AG NPV SEDOL : 4768962

33,576.000

1,334,809.07

1,784,752.84

SIEMENS HEALTHINEE NPV SEDOL : BD594Y4

64,448.000

3,186,143.11

3,400,037.98

SYMRISE AG NPV (BR) SEDOL : B1JB4K8

28,249.000

2,927,038.37

2,285,234.61

VONOVIA SE NPV SEDOL : BBJPFY1

191,497.000

5,886,820.16

5,519,136.17

Total Germany - EUR

19,545,722.21

21,234,137.81

Germany - USD

ADR BAYER A G SPONSORED ADR CUSIP : 072730302

1,609,344.000

16,449,898.07

17,413,102.08

SAP SE-SPONSORED ADR CUSIP : 803054204

75,760.000

12,929,638.04

18,402,861.60

Total Germany - USD

29,379,536.11

35,815,963.68

Greece - EUR

PIRAEUS BANK SA EUR0.93 SEDOL : BVLKBV3

346,664.000

1,897,797.77

2,766,106.29

Total Greece - EUR

1,897,797.77

2,766,106.29

Hong Kong - HKD

AIA GROUP LTD NPV SEDOL : B4TX8S1

499,200.000

3,989,556.77

5,124,440.16

HSBC HOLDINGS PLC ORD USD0.50(HONGKONG REG) SEDOL : 6158163

134,800.000

1,524,807.89

2,119,807.28

Total Hong Kong - HKD

5,514,364.66

7,244,247.44

Israel - USD

TOWER SEMICONDUCTOR LTD

SEDOL : 2898173

35,800.000

4,211,064.38

4,203,636.00

Total Israel - USD

4,211,064.38

4,203,636.00

Italy - EUR

BFF BANK S.P.A.

SEDOL : BD0TSX6

243,982.000

2,443,879.31

2,722,174.55

ENEL SPA EUR1 SEDOL : 7144569

249,499.000

2,322,432.47

2,601,175.20

Total Italy - EUR

4,766,311.78

5,323,349.75

Japan - JPY

HITACHI NPV SEDOL : 6429104

7,000.000

224,241.75

218,916.07

JAPAN POST BANK CO NPV SEDOL : BYT8165

151,000.000

1,988,774.49

2,128,035.98

MITSUBISHI UFJ FIN NPV SEDOL : 6335171

229,900.000

3,529,777.70

3,656,516.64

MITSUI FUDOSAN CO LTD NPV SEDOL : 6597603

165,200.000

1,858,802.70

1,876,542.15

NIPPON SANSO HOLDINGS CORP SEDOL : 6640541

58,836.000

1,518,013.41

1,752,186.34

SMC CORP NPV SEDOL : 6763965

4,300.000

1,541,664.29

1,494,006.19

TOKYO GAS CO LTD

NPV SEDOL : 6895448

59,142.000

1,888,980.34

2,341,230.09

Total Japan - JPY

12,550,254.68

13,467,433.46

Korea, Republic of - USD

COUPANG INC SEDOL : BNYHDF3

235,050.000

5,362,388.62

5,544,829.50

SAMSUNG ELECTRONIC GDR EACH REP 25 COM(REG'S') SEDOL : 4942818

2,384.000

4,082,204.74

4,925,344.00

Total Korea, Republic of – USD

9,444,593.36

10,470,173.50

Netherlands - EUR

ASML HOLDING NV EUR0.09 SEDOL : B929F46

1,284.000

1,236,364.78

1,389,465.63

Total Netherlands - EUR

1,236,364.78

1,389,465.63

Netherlands - GBP

MAGNUM ICE CREAM C ORD EUR3.50 (DI) SEDOL : BVZG4R4

47,320.000

733,215.82

749,452.53

Total Netherlands - GBP

733,215.82

749,452.53

Netherlands - USD

ADR ADYEN N V ADR SEDOL : BJXK4M9

372,000.000

6,175,152.44

5,940,840.00

ADR ARGENX SE SPONSORED ADS SEDOL : BDVLM39

8,851.000

3,714,208.20

7,443,248.45

ADR ASML HLDG NV NY REG 2012 (POST REV SPLIT) CUSIP : N07059210

14,901.000

11,318,961.97

15,941,983.86

AERCAP HOLDINGS N.V.

EUR0.01 CUSIP : N00985106

175,723.000

11,272,949.21

25,261,938.48

Total Netherlands - USD

32,481,271.82

54,588,010.79

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

Singapore - SGD

SINGAPORE TECHNOLOGIES ENGINEERING SEDOL : 6043214

50,829.000

301,408.45

332,799.52

Total Singapore - SGD

301,408.45

332,799.52

Spain - EUR

AENA SME S.A. EUR10 SEDOL : BTMKJR0

37,432.000

745,338.52

1,047,175.24

CAIXABANK SA EUR1 SEDOL : B283W97

40,920.000

496,700.52

501,971.02

Total Spain - EUR

1,242,039.04

1,549,146.26

Security Description / Asset ID

Share / Par Value

Cost

Current Value

Corporate Stock - Common (continued)

Switzerland - CHF

MEDACTA GROUP SA CHF0.10 SEDOL : BJYLTQ0

11,103.000

1,094,454.13

2,191,870.24

NESTLE SA SEDOL : 7123870

5,844.000

586,946.59

580,822.42

SGS SA CHF0.04 (REGD) SEDOL : BMBQHZ4

31,875.000

3,258,669.47

3,655,616.91

Total Switzerland - CHF

4,940,070.19

6,428,309.57

Switzerland - USD

UBS GROUP AG COMMON STOCK CUSIP : H42097107

10,137,787.000

185,525,436.86

469,480,915.97

Total Switzerland - USD

185,525,436.86

469,480,915.97

Taiwan - USD

ADR TAIWAN SEMICONDUCTOR MANUFACTURING

ADS REP 5 TWD10 CUSIP : 874039100

110,929.000

13,859,117.85

33,710,213.81

Total Taiwan

- USD

13,859,117.85

33,710,213.81

United Kingdom - GBP

3I GROUP ORD GBP0.738636 SEDOL : B1YW440

47,920.000

2,132,902.65

2,103,160.24

BABCOCK INTL GROUP ORD GBP0.60 SEDOL : 0969703

291,498.000

3,472,840.99

4,873,547.32

BALFOUR BEATTY GBP0.50 SEDOL : 0096162

76,357.000

683,363.33

730,225.40

HSBC HLDGS ORD USD0.50(UK REG) SEDOL : 0540528

78,412.000

1,026,886.71

1,237,984.24

LLOYDS BANKING GP ORD GBP0.1 SEDOL : 0870612

3,612,401.000

4,222,655.86

4,773,344.58

MELROSE INDUST PLC ORD GBP0.001 SEDOL : BNGDN82

683,290.000

4,840,105.37

5,407,745.04

NATIONAL GRID ORD GBP0.12431289 SEDOL : BDR05C0

628,246.000

7,998,197.25

9,645,930.46

PRUDENTIAL PLC GBP0.05 SEDOL : 0709954

159,328.000

1,701,221.70

2,452,711.01

RELX PLC SEDOL : B2B0DG9

13,353.000

486,617.44

542,405.73

SAINSBURY(J) ORD GBP0.28571428 SEDOL : B019KW7

996,340.000

4,287,496.23

4,355,413.63

SSE PLC ORD GBP0.50 SEDOL : 0790873

129,000.000

2,787,322.67

3,780,814.93

TESCO ORD GBP0.0633333 SEDOL : BLGZ986

1,443,670.000

7,880,830.40

8,578,910.21

UNILEVER PLC ORD GBP0.035 SEDOL : BVZK7T9

49,374.000

3,223,408.99

3,227,218.56

Total United Kingdom - GBP

44,743,849.59

51,709,411.35

United Kingdom - USD

LONDON STOCK EXCHANGE GROUP ADR CUSIP : 54211Y107

1,393,616.000

45,048,760.39

42,602,841.12

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

67,450.000

4,157,204.35

4,956,226.00

Total United Kingdom - USD

49,205,964.74

47,559,067.12

United States - USD

ACV AUCTIONS INC CL A CL A CUSIP : 00091G104

79,131.000

1,567,904.14

634,630.62

ADT INC DEL COM SEDOL : BFWCP81

223,294.000

1,717,554.03

1,801,982.58

ADVANCED DRAIN SYS INC DEL COM CUSIP : 00790R104

10,707.000

1,207,784.88

1,550,694.81

ADVANCED MICRO DEVICES INC COM SEDOL : 2007849

3,792.000

577,392.92

812,094.72

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

89,088.000

8,226,043.42

27,955,814.40

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

223,042.000

21,998,821.49

69,812,146.00

AMAZON COM INC COM SEDOL : 2000019

370,649.000

38,926,280.96

85,553,202.18

AMDOCS ORD GBP0.01 SEDOL : 2256908

29,400.000

2,554,837.66

2,366,994.00

AMICUS THERAPEUTICS INC COM CUSIP : 03152W109

141,496.000

1,751,394.66

2,014,903.04

AMPHENOL CORP NEW CL A SEDOL : 2145084

172,608.000

8,621,593.49

23,326,245.12

ANTERO RES CORP COM SEDOL : BFD2WR8

47,300.000

1,364,697.53

1,629,958.00

AON PLC CUSIP : G0403H108

38,802.000

10,016,107.28

13,692,449.76

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

7,375.000

1,693,529.79

1,715,793.75

APPLE INC COM STK SEDOL : 2046251

315,672.000

36,663,570.34

85,818,589.92

APPLOVIN CORP COM CL A COM CL A SEDOL : BMV3LG4

13,800.000

3,729,271.22

9,298,716.00

ARES MANAGEMENT LP COM SHS REPSTG LTD PARTNER

SEDOL : BF14BT1

12,900.000

1,708,399.90

2,085,027.00

ARISTA NETWORKS INC COM NEW SEDOL : BL9XPM3

112,500.000

13,947,469.64

14,740,875.00

ARTISAN PARTNERS

ASSET MGMT INC CL A CL A SEDOL : B8FW545

39,739.000

1,553,820.18

1,618,966.86

ASSURANT INC COM SEDOL : 2331430

7,680.000

1,300,778.25

1,849,728.00

AVERY DENNISON CORP COM SEDOL : 2066408

12,432.000

2,245,330.65

2,261,132.16

AVIENT CORPORATION SEDOL : BMHWY55

42,161.000

2,084,052.41

1,317,109.64

BELDEN INC COM SEDOL : B01WL78

15,950.000

1,249,430.80

1,858,972.50

BELLRING BRANDS INC COM USD0.01 CUSIP : 07831C103

34,703.000

1,977,068.10

927,611.19

BENTLEY SYS INC CL B CL B CUSIP : 08265T208

33,135.000

1,884,096.38

1,264,597.28

BIO-TECHNE CORP COM CUSIP : 09073M104

26,598.000

1,821,336.96

1,564,228.38

BJS WHSL CLUB HLDGS INC COM SEDOL : BFZNZF8

16,800.000

1,129,623.80

1,512,504.00

BLOCK INC SEDOL : BYNZGK1

349,835.000

19,728,154.61

22,770,760.15

BOEING CO COM USD5.00 SEDOL : 2108601

35,437.000

5,951,487.63

7,694,081.44

BOOKING HLDGS INC COM SEDOL : BDRXDB4

2,046.000

4,774,739.25

10,957,005.18

BREAD FINANCIAL HOLDINGS INC COM USD0.01 SEDOL : 2762030

19,569.000

922,986.42

1,448,693.07

BRIGHT HORIZONS FA COM USD0.001 CUSIP : 109194100

14,161.000

1,352,519.58

1,435,925.40

BRINKS CO COM SEDOL : 2691305

30,406.000

2,272,858.83

3,549,292.38

BROADCOM INC COM SEDOL : BDZ78H9

139,401.000

35,028,921.42

48,246,686.10

BRUNSWICK CORP COM SEDOL : 2149309

20,835.000

1,673,619.68

1,546,790.40

Security Description / Asset ID

Share / Par Value

Cost

Current Value

Corporate Stock - Common (continued)

United States - USD (continued)

BUILDERS FIRSTSOURCE INC COM STK SEDOL : B0BV2M7

13,830.000

1,863,377.05

1,422,968.70

BWX TECHNOLOGIES INC COM CUSIP : 05605H100

12,561.000

1,272,870.57

2,171,043.24

C H ROBINSON WORLDWIDE INC COM NEW COM NEW SEDOL : 2116228

17,950.000

1,730,037.15

2,885,642.00

CACI INTL INC CL A CL A SEDOL : 2159267

3,589.000

1,596,533.79

1,912,255.09

CACTUS INC CL A CL A SEDOL : BF1GM16

22,400.000

1,215,747.62

1,023,232.00

CAESARS ENTMT INC NEW COM SEDOL : BMWWGB0

52,750.000

2,911,417.14

1,233,822.50

CAPITAL ONE FINL CORP COM CUSIP : 14040H105

113,114.000

11,492,910.41

27,414,309.04

CARLYLE GROUP INC COM CUSIP : 14316J108

35,337.000

1,323,051.68

2,088,770.07

CARPENTER TECHNOLOGY CORP COM CUSIP : 144285103

4,844.000

1,171,517.82

1,525,084.96

CASELLA WASTE SYS INC CL A COM STK CUSIP : 147448104

13,428.000

1,043,901.76

1,315,138.32

CASEYS GEN STORES INC COM SEDOL : 2179414

4,241.000

1,614,168.04

2,344,043.11

CAVA GROUP INC COM CUSIP : 148929102

16,431.000

1,284,836.29

964,335.39

CHARLES RIV LABORATORIES INTL INC COM SEDOL : 2604336

10,625.000

1,867,879.35

2,119,475.00

CHEMED CORP NEW COM CUSIP : 16359R103

4,014.000

1,927,906.11

1,717,430.04

CHIPOTLE MEXICAN GRILL INC COM STK SEDOL : B0X7DZ3

154,685.000

5,005,258.98

5,723,345.00

CHURCHILL DOWNS INC COM CUSIP : 171484108

18,356.000

2,272,618.84

2,088,545.68

CIENA CORP COM NEW CUSIP : 171779309

35,179.000

4,530,254.37

8,227,312.73

CINEMARK HLDGS INC COM SEDOL : B1W7RQ0

74,300.000

1,965,049.11

1,726,732.00

CLEAN HBRS INC COM CUSIP : 184496107

5,283.000

1,084,255.06

1,238,757.84

CLEARWATER ANALYTICS

HLDGS INC CL A CL A CUSIP : 185123106

59,257.000

1,055,634.36

1,429,278.84

COHERENT CORP COM CUSIP : 19247G107

10,599.000

1,038,841.92

1,956,257.43

COM ALCOA CORPORATION COM USD0.01 CUSIP : 013872106

275,605.000

9,985,877.48

14,645,649.70

COMCAST CORP NEW-CL A CUSIP : 20030N101

707,426.000

26,133,207.88

21,144,963.14

COMM BANCSHARES INC COM SEDOL : 2213204

46,513.500

2,363,246.02

2,434,516.59

COMMERCIAL METALS CO COM SEDOL : 2213260

37,376.000

1,657,235.38

2,587,166.72

CONOCOPHILLIPS COM CUSIP : 20825C104

419,797.000

43,400,938.98

39,297,197.17

CORE NATURAL RESOURCES INC COM USD0.01 SEDOL : BR1Z682

14,925.000

1,444,861.83

1,321,011.75

CRH ORD EUR 0.32 SEDOL : B01ZKD6

26,760.000

3,034,586.27

3,339,648.00

CROWN HLDGS INC COM SEDOL : 2427986

20,269.000

1,960,839.35

2,087,098.93

CURTISS WRIGHT CORP COM CUSIP : 231561101

3,242.000

1,209,887.46

1,787,217.34

CUSHMAN AND WAKEFIELD LTD COM SHS SEDOL : BQ3R8B6

180,000.000

1,811,805.89

2,914,200.00

DANAHER CORP COM SEDOL : 2250870

133,774.000

27,213,083.96

30,623,544.08

DATADOG INC COM USD0.00001 CL A SEDOL : BKT9Y49

51,700.000

6,994,577.63

7,030,683.00

DHT HOLDINGS INC SHS NEW SEDOL : B7JB336

97,024.000

1,204,832.19

1,184,663.04

DOLLAR TREE INC COM STK SEDOL : 2272476

10,550.000

767,172.45

1,297,755.50

DONALDSON INC COM CUSIP : 257651109

20,401.000

1,795,190.18

1,808,752.66

DOORDASH INC CL A COM USD0.00001 CLASS A SEDOL : BN13P03

30,700.000

6,419,089.30

6,952,936.00

DOXIMITY INC COM USD0.001 CL A CUSIP : 26622P107

55,341.000

2,220,020.72

2,450,499.48

DYNATRACE INC COM CUSIP : 268150109

36,068.000

1,846,077.28

1,563,187.12

EAGLE MATLS INC COM CUSIP : 26969P108

6,814.000

1,381,219.09

1,408,317.52

ELEMENT SOLUTION INC COM SEDOL : BJ1C2K1

72,400.000

1,907,387.01

1,809,276.00

ELEVANCE HEALTH

INC CUSIP : 036752103

25,713.000

10,175,568.50

9,013,692.15

ELI LILLY & CO COM NPV SEDOL : 2516152

19,521.000

8,137,225.22

20,978,828.28

EMCOR GROUP INC COM SEDOL : 2474164

1,384.000

733,059.54

846,717.36

ENCOMPASS HEALTH

CORP COM USD0.01 SEDOL : BYX2YJ7

24,597.000

1,489,873.61

2,610,725.58

ENTEGRIS INC COM SEDOL : 2599700

103,556.000

9,891,842.68

8,724,593.00

ENVISTA HLDGS CORP COM SEDOL : BK63SF3

83,000.000

1,725,139.70

1,801,930.00

EQUIFAX INC COM SEDOL : 2319146

11,323.000

2,905,908.08

2,456,864.54

ESSENT GROUP LTD COM STK SEDOL : BFWGXR8

33,250.000

1,842,045.63

2,161,582.50

ESTEE LAUDER COMPANIES INC CL A USD0.01 CUSIP : 518439104

149,020.000

10,485,478.16

15,605,374.40

EVERCORE INC CUSIP : 29977A105

4,841.000

1,123,909.70

1,647,150.25

EVEREST GROUP LTD CUSIP : G3223R108

13,510.000

4,845,547.29

4,584,618.50

EVERGY INC COM NPV SEDOL : BFMXGR0

25,865.000

1,427,823.58

1,874,953.85

EVERPURE INC COM USD0.0001 CL A CUSIP : 74624M102

46,398.000

2,909,367.45

3,109,129.98

EXLSERVICE COM INC COM STK CUSIP : 302081104

32,973.000

1,021,030.20

1,399,374.12

F5 INC COM STK NPV CUSIP : 315616102

14,909.000

4,563,542.72

3,805,671.34

FABRINET COM USD0.01 SEDOL : B4JSZL8

12,600.000

5,375,339.11

5,736,528.00

FIRST AMERN FINL CORP COM STK SEDOL : B4NFPK4

29,380.000

1,702,470.44

1,805,107.20

FIRST HORIZON CORPORATION COM USD0.625 SEDOL : 2341484

177,085.000

3,298,585.78

4,232,331.50

FIRST INTERSTATE BANCSYS/MT SEDOL

: B4RGHN0

58,900.000

1,909,107.55

2,037,940.00

FLAGSTAR BANK NA SEDOL : BT6MM39

205,900.000

2,226,172.29

2,592,281.00

FLEX LTD COM USD0.01 SEDOL : 2353058

35,400.000

877,291.22

2,138,868.00

FRESHPET INC COM CUSIP : 358039105

18,710.000

1,273,840.63

1,140,000.30

GENEDX HOLDINGS CORP CL A NEW CUSIP : 81663L200

8,153.000

581,252.42

1,060,379.18

Security Description / Asset ID

Share / Par Value

Cost

Current Value

Corporate Stock - Common (continued)

United States - USD (continued)

GLACIER BANCORP INC NEW COM SEDOL : 2370585

50,340.000

1,814,065.57

2,217,477.00

GLAUKOS CORP COM CUSIP : 377322102

12,703.000

1,662,586.28

1,434,295.73

GLOBE LIFE INC COM SEDOL : BK6YKG1

12,100.000

1,591,116.50

1,692,306.00

GLOBUS MED INC CL A NEW COM STK SEDOL : B7D65M0

63,826.000

4,379,760.73

5,572,648.06

GOODYEAR TIRE & RUBBER CO COM SEDOL : 2378200

206,500.000

2,201,134.97

1,808,940.00

GUIDEWIRE SOFTWARE INC COM USD0.0001 CUSIP : 40171V100

5,580.000

564,346.99

1,121,635.80

HALOZYME THERAPEUTICS INC COM CUSIP : 40637H109

17,538.000

1,298,162.76

1,180,307.40

HEALTHEQUITY INC COM CUSIP : 42226A107

17,448.000

1,663,831.24

1,598,411.28

HILTON

WORLDWIDE HLDGS INC COM NEW COM NEW CUSIP : 43300A203

30,501.000

3,131,953.23

8,761,412.25

HOWMET AEROSPACE INC COM USD1.00 WI SEDOL : BKLJ8V2

66,017.000

4,260,873.75

13,534,805.34

HUBSPOT INC COM SEDOL : BR4T3B3

32,278.000

15,739,764.19

12,953,161.40

HUMANA INC COM CUSIP : 444859102

54,900.000

16,906,470.86

14,061,537.00

INDEPENDENT BK CORP MASS COM COM STK USD0.01 SEDOL : 2447821

21,219.000

1,076,786.52

1,550,684.52

INGERSOLL RAND INC COM SEDOL : BL5GZ82

57,695.000

2,206,749.11

4,570,597.90

INGEVITY CORP COM SEDOL : BD4LHG4

35,000.000

1,640,449.14

2,071,300.00

INSMED INC COM PAR $.01 CUSIP : 457669307

19,016.000

558,981.32

3,309,544.64

INSPIRE MED SYS INC COM CUSIP : 457730109

12,173.000

1,720,534.29

1,122,715.79

INSULET CORP COM STK CUSIP : 45784P101

2,262.000

441,807.96

642,950.88

INTUIT COM CUSIP : 461202103

44,344.000

18,820,536.38

29,374,352.48

INTUITIVE SURGICAL INC COM NEW STK SEDOL : 2871301

35,838.000

8,372,669.33

20,297,209.68

ITT INC COM SEDOL : BZBY209

12,800.000

1,018,471.83

2,220,928.00

JABIL INC COM USD0.001 SEDOL : 2471789

5,600.000

417,220.08

1,276,912.00

JAZZ PHARMACEUTICALS PLC COM USD0.0001 SEDOL : B4Q5ZN4

12,000.000

1,700,172.14

2,040,000.00

JEFFERIES FINL GROUP INC COM SEDOL : BG0Q4Z2

40,872.000

2,252,503.29

2,532,837.84

KIRBY CORP COM SEDOL : 2493534

18,600.000

1,395,564.73

2,049,348.00

KNIGHT-SWIFT TRANSN HLDGS INC CL A CLASSA COMMON STOCK

USD0.01 SEDOL : BF0LKD0

38,500.000

2,041,691.71

2,012,780.00

KORN FERRY COM SEDOL : 2386849

24,288.000

1,401,986.47

1,603,493.76

KRYSTAL

BIOTECH INC COM CUSIP : 501147102

3,335.000

665,031.05

822,210.90

LANDBRIDGE CO LLC CL A CL A CUSIP : 514952100

10,749.000

645,201.39

526,593.51

LATTICE SEMICONDUCTOR CORP COM CUSIP : 518415104

128,466.000

6,697,330.88

9,452,528.28

LENNAR CORP CL A CL A CUSIP : 526057104

190,432.000

22,572,645.69

19,576,409.60

LIBERTY BROADBAND CORP COM SER C COM SERC CUSIP : 530307305

130,019.000

12,838,707.77

6,318,923.40

LINCOLN ELEC HLDGS INC COM CUSIP : 533900106

7,146.000

1,641,215.72

1,712,467.44

LINCOLN NATL CORP COM SEDOL : 2516378

42,350.000

1,159,986.39

1,885,845.50

LITTELFUSE INC COM SEDOL : 2531832

4,398.000

1,141,312.75

1,112,342.16

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

34,120.000

1,908,188.80

2,099,403.60

LOUISIANA-PACIFIC CORP COM CUSIP : 546347105

9,705.000

884,203.69

783,775.80

MADDEN STEVEN LTD COM SEDOL : 2553911

51,200.000

1,572,686.99

2,131,968.00

MADRIGAL PHARMACEUTICALS INC COM CUSIP : 558868105

4,295.000

1,158,288.29

2,501,150.30

MANHATTAN ASSOCS INC COM CUSIP : 562750109

10,282.000

2,276,611.88

1,781,973.42

MAPLEBEAR INC COM CUSIP : 565394103

25,692.000

1,043,943.28

1,155,626.16

MARRIOTT VACATIONS

WORLDWIDE CORP COM SEDOL : B45K9N8

18,060.000

2,138,425.26

1,041,881.40

MARTIN MARIETTA MATLS

INC COM CUSIP : 573284106

6,092.000

2,843,284.22

3,793,244.72

MASTERCARD INCORPORATED COM USD0.0001 CLASS A SEDOL : B121557

50,414.000

19,411,381.24

28,780,344.32

MERCADOLIBRE INC COM STK SEDOL : B23X1H3

11,930.000

23,403,547.17

24,030,121.80

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

72,606.000

17,863,941.06

47,926,494.54

MICROSOFT CORP COM CUSIP : 594918104

285,543.000

58,027,626.12

138,094,305.66

MKS INC SEDOL : 2404871

17,275.000

1,558,709.83

2,760,545.00

MOHAWK INDS INC COM SEDOL : 2598699

15,000.000

1,771,139.79

1,639,500.00

MONGODB INC CL A CL A SEDOL : BF2FJ99

17,733.000

5,341,393.32

7,442,362.77

MOSAIC CO/THE SEDOL : B3NPHP6

59,523.000

1,616,889.41

1,433,909.07

MUELLER INDS INC COM CUSIP : 624756102

22,725.000

1,845,514.13

2,608,830.00

MURPHY OIL CORP COM SEDOL : 2611206

61,075.000

1,630,938.77

1,908,593.75

NATERA INC COM SEDOL : BYQRG48

40,222.000

5,751,967.25

9,214,457.98

NATIONAL VISION HLDGS INC COM CUSIP : 63845R107

40,708.000

932,519.62

1,051,080.56

NATL FUEL GAS CO COM SEDOL : 2626103

19,600.000

1,055,273.74

1,569,176.00

NETFLIX INC COM STK SEDOL : 2857817

112,770.000

4,898,901.58

10,573,315.20

NEXSTAR MEDIA GROUP INC COMMON STOCK SEDOL : 2949758

9,487.000

1,626,898.89

1,926,335.35

NEXTPOWER INC CUSIP : 65290E101

15,840.000

1,143,351.93

1,379,822.40

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

78,300.000

1,540,063.58

1,747,656.00

NOVANTA INC NOVANTA

INC CUSIP : 67000B104

8,289.000

845,216.59

986,308.11

NVENT ELECTRIC PLC COM USD0.01 WI CUSIP : G6700G107

17,711.000

1,087,914.25

1,805,990.67

NVIDIA CORP COM SEDOL : 2379504

568,281.000

29,267,308.19

105,984,406.50

ONTO INNOVATION

INC CUSIP : 683344105

17,966.000

1,989,289.11

2,836,112.76

OSHKOSH CORPORATION SEDOL : 2663520

16,925.000

1,866,774.19

2,126,287.75

OWENS CORNING NEW COM STK SEDOL : B1FW7Q2

15,915.000

2,563,720.77

1,781,047.65

PARSONS CORP DEL COM CUSIP : 70202L102

24,302.000

1,695,048.45

1,501,863.60

PENTAIR PLC COM USD0.01 SEDOL : BLS09M3

15,150.000

790,488.32

1,577,721.00

Security Description / Asset ID

Share / Par Value

Cost

Current Value

Corporate Stock - Common (continued)

United States - USD (continued)

PENUMBRA INC COM CUSIP : 70975L107

5,393.000

1,561,358.29

1,676,737.63

PERFORMANCE FOOD GROUP CO COM SEDOL : BYVYD43

22,041.000

1,104,143.72

1,981,926.72

PERMIAN RES CORP CL A SEDOL : BQPCHB2

91,500.000

956,646.23

1,283,745.00

PINNACLE W. CAP CORP COM SEDOL : 2048804

18,534.000

1,405,878.29

1,643,965.80

PLANET FITNESS INC CL A CL A CUSIP : 72703H101

18,407.000

1,222,114.24

1,996,607.29

POOL CORP COM STK CUSIP : 73278L105

6,056.000

2,099,948.70

1,385,310.00

POST HLDGS INC COM STK SEDOL : B6T0518

13,475.000

1,404,182.05

1,334,698.75

PRIMO BRANDS CORPORATION COM USD0.01 CUSIP : 741623102

127,858.000

2,962,780.77

2,090,478.30

PROSPERITY BANCSHARES INC COM SEDOL : 2310257

32,775.000

2,169,116.74

2,265,080.25

PTC INC COM CUSIP : 69370C100

41,924.000

6,710,732.97

7,303,580.04

Q2 HLDGS INC COM CUSIP : 74736L109

27,555.000

2,353,808.13

1,988,368.80

QORVO INC COM SEDOL : BR9YYP4

25,899.000

2,046,137.30

2,188,724.49

REGAL REXNORD CORPORATION COM STK USD0.01 CUSIP : 758750103

8,207.000

1,248,922.54

1,151,606.24

RELIANCE INC COM NPV SEDOL : 2729068

9,580.000

2,232,085.10

2,767,374.60

REVVITY INC SEDOL : 2305844

17,825.000

1,745,857.41

1,724,568.75

RLI CORP COM SEDOL : 2719070

27,850.000

1,769,862.89

1,781,843.00

ROCKET COS INC CL A CL A SEDOL : BMD6Y84

118,400.000

2,351,286.30

2,292,224.00

ROKU INC COM CL A COM CL A SEDOL : BZ1LFG7

17,000.000

1,623,838.95

1,844,330.00

RYDER SYS INC COM SEDOL : 2760669

11,178.000

1,191,210.00

2,139,357.42

SALLY BEAUTY

HLDGS INC COM STK USD0.01 SEDOL : B1GZ005

109,800.000

1,128,839.20

1,565,748.00

SCORPIO TANKERS INC COM USD0.01 (POST REV SPLIT) SEDOL : BHXD297

36,200.000

1,475,019.68

1,840,046.00

SENSATA TECHNOLOGIES B V HOLDING SEDOL : BFMBMT8

67,975.000

2,514,478.65

2,262,887.75

SERVICENOW INC COM USD0.001 SEDOL : B80NXX8

77,730.000

6,806,025.76

11,907,458.70

SHARKNINJA COM USD0.0001 CUSIP : G8068L108

14,300.000

1,039,288.12

1,600,170.00

SIGNET JEWELERS LTD ORD USD0.18 SEDOL : B3CTNK6

19,911.000

1,721,076.03

1,650,223.68

SKYWEST INC COM SEDOL : 2814210

17,412.000

1,181,362.92

1,748,338.92

SOLSTICE ADVANCED MATLS INC COM SEDOL : BW2K5V7

34,700.000

1,713,149.05

1,685,726.00

SOUTHSTATE BK CORP COM SEDOL : BVDCQB2

25,900.000

2,142,455.74

2,437,449.00

STRYKER CORP SEDOL : 2853688

31,327.000

7,435,089.90

11,010,500.69

SYNAPTICS INC COM SEDOL : 2839268

29,740.000

2,521,705.50

2,201,354.80

TALEN ENERGY CORP NEW COM SEDOL : BRRF114

11,070.000

2,607,356.06

4,149,478.80

TAYLOR MORRISON HOME CORP COM USD0.00001 SEDOL : B832462

32,100.000

2,176,988.87

1,889,727.00

TD SYNNEX CORPORATION COM USD0.001 SEDOL : 2002554

11,000.000

1,229,024.65

1,652,530.00

TENET HEALTHCARE CORP COM NEW . SEDOL : B8DMK08

9,641.000

717,985.45

1,915,859.52

TERADYNE INC COM CUSIP : 880770102

10,662.000

1,256,842.37

2,063,736.72

TEREX CORP NEW COM SEDOL : 2884224

31,900.000

1,652,037.35

1,702,822.00

TEXTRON INC COM SEDOL : 2885937

34,400.000

2,703,445.79

2,998,648.00

THE BALDWIN INSURANCE GROUP INC CLASS A COMMON STOCK CUSIP : 05589G102

67,164.000

2,636,834.49

1,613,950.92

THE CIGNA GROUP SEDOL : BHJ0775

16,048.000

3,367,942.17

4,416,891.04

THE MARZETTI COMPANY CUSIP : 513847103

6,823.000

1,216,137.84

1,121,837.66

TIMKEN CO COM SEDOL : 2892807

27,000.000

2,079,693.12

2,271,510.00

TOPBUILD CORP COM SEDOL : BZ0P3W2

4,300.000

1,589,125.72

1,793,917.00

TPG PARTNERS LLC CL A COM CUSIP : 872657101

22,343.000

1,115,348.72

1,426,377.12

TRADEWEB MKTS INC CL A CL A SEDOL : BJXMVK2

67,170.000

7,111,497.77

7,223,461.80

TRANSUNION COM CUSIP : 89400J107

12,655.000

1,061,744.22

1,085,166.25

TWIST BIOSCIENCE CORP COM CUSIP : 90184D100

56,997.000

2,328,996.92

1,807,944.84

UGI CORP NEW COM SEDOL : 2910118

61,700.000

1,987,679.52

2,309,431.00

UNITED THERAPEUTICS CORP DEL COM STK SEDOL : 2430412

4,759.000

1,203,206.66

2,318,822.75

UNITEDHEALTH GROUP INC COM SEDOL : 2917766

137,455.000

47,443,400.53

45,375,270.05

UNUM GROUP SEDOL : 2433842

26,150.000

1,352,534.98

2,026,625.00

VALMONT INDS INC COM SEDOL : 2926825

7,273.000

2,442,122.57

2,926,073.36

VICTORIAS SECRET & CO COM SEDOL : BNNTGH3

48,899.000

1,149,106.98

2,648,858.83

VIRTUS INVT PARTNERS

INC COM SEDOL : B3KKGQ8

9,500.000

1,921,177.73

1,549,925.00

VISA INC COM CL A STK SEDOL : B2PZN04

68,949.000

12,186,677.57

24,181,103.79

VISTEON CORP COM NEW COM NEW SEDOL : B4N0JJ6

16,233.000

1,765,987.71

1,543,758.30

VULCAN MATERIALS CO COM CUSIP : 929160109

12,438.000

2,830,674.58

3,547,566.36

WAYSTAR

HLDG CORP COM CUSIP : 946784105

52,154.000

2,152,978.09

1,708,043.50

WESCO INTL INC COM SEDOL : 2416973

9,305.000

1,403,208.30

2,276,375.20

WESTERN ALLIANCE BANCORPORATION COM SEDOL : B0CCGJ4

41,590.000

2,724,043.50

3,496,471.30

WILLSCOT HOLDINGS CORPORATION COM CUSIP : 971378104

41,226.000

1,716,111.62

776,285.58

WOODWARD INC COM CUSIP : 980745103

74,854.000

9,373,751.13

22,629,861.28

WORKDAY INC CL A COM USD0.001 CUSIP : 98138H101

135,222.00

31,782,013.12

29,042,981.16

Total United States - USD

1,094,881,253.56

1,648,452,171.91

Total Corporate Stock - Common

1,569,234,788.35

2,486,973,523.68

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

53,426,490.930

53,426,490.93

Total United States - USD

53,426,490.93

Total Participant Loans

53,426,490.93

Value of Interest in Common/Collective Trusts

Emerging Markets Region - USD

MFO NINETY ONE COLLECTIVE INVT TR NINETY ONE EMERGING MKTS EQUITY CIT FD CL S CUSIP : 65443M802

14,187,549.840

142,032,463.59

150,388,028.30

Total Emerging Markets Region - USD

142,032,463.59

150,388,028.30

United States - USD

MFO BANK OF NEW YORK MELLON BNYM NEWTON NSL U S DYNAMIC

LARGE CAP VALUE FD CL S CUSIP :

06428R473

588,345.410

49,746,874.61

56,504,693.18

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

195,651,171.850

195,651,171.85

MFO LOOMIS SAYLES TR CO LLC COLL TR FR EMPLOYEE BENEFIT PLANS GLB CIT C L E CUSIP : 54350Y876

3,124,276.720

32,045,637.24

34,523,257.76

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

6,074,987.960

61,051,212.25

78,605,927.69

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

6,537,060.000

88,791,144.23

135,513,253.80

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

889,237.730

153,790,901.99

179,119,155.95

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

9,433,624.550

130,767,892.76

196,426,930.38

MFO SSGA REAL ASSET NON LENDING CLASS C CUSIP : 857443113

1,152,842.440

21,247,435.70

23,656,326.87

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

7,575,184.470

160,624,088.45

226,164,707.54

MFO STATE STR GLOBAL ADVISORS TR CO INV US BD INDEX NON LENDING SER FD CL M CUSIP : 857480404

7,808,561.950

89,047,398.39

94,116,597.18

MFO VANGUARD TARGET RET

2020 TR SEL CUSIP : 92204E407

2,970,509.190

109,153,146.01

169,021,972.91

MFO VANGUARD TARGET RET

2025 TR SEL CUSIP : 92204E506

3,480,415.090

146,309,893.00

216,690,643.50

MFO VANGUARD TARGET RET

2030 TR SEL CUSIP : 92204E605

8,139,556.650

323,162,801.52

540,954,934.96

MFO VANGUARD TARGET RET

2035 TR SEL CUSIP : 92204E704

5,803,480.960

254,916,439.25

410,306,103.87

MFO VANGUARD TARGET RET

2040 TR SEL CUSIP : 92204E803

6,961,522.450

293,399,739.42

521,696,492.40

MFO VANGUARD TARGET RET

2045 TR SEL CUSIP : 92204E886

4,165,914.530

196,127,697.89

329,482,180.18

MFO VANGUARD TARGET RET

2050 TR SEL CUSIP : 92204E878

4,401,158.090

206,665,361.10

357,506,071.65

MFO VANGUARD TARGET RET

2055 TR SEL CUSIP : 92204E860

2,250,076.720

117,299,240.54

182,683,728.90

MFO VANGUARD TARGET RET

2060 TR SEL CUSIP : 92204E852

2,034,347.550

108,962,870.54

165,433,142.77

MFO VANGUARD TARGET RET

INCOME TR SEL CUSIP : 92204E100

1,529,611.910

61,793,912.12

76,618,260.57

MFO VANGUARD TARGET RETIREMENT

2065 TRUST SELECT CUSIP : 92202V112

1,932,704.090

66,594,980.93

94,412,594.80

MFO VANGUARD TARGET RETIREMENT

2070 TRUST SELECT CUSIP : 92212G105

904,969.750

22,588,273.57

26,922,850.06

NT COLLECTIVE GOVT SHORT TERM INVT FD CUSIP : 66586U445

33.620

33.62

NT COLLECTIVE GOVT SHORT TERM INVT FD CUSIP : 66586U445

4,288,501.800

4,288,501.80

NT COLLECTIVE GOVT SHORT TERM INVT FD CUSIP : 66586U445

535,331,288.570

535,331,288.57

Total United States - USD

3,429,357,937.35

4,851,630,822.76

Total Value of Interest in Common/Collective Trusts

3,571,390,400.94

5,002,018,851.06

Value of Interest in Registered Investment Companies

United States - USD

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

17,600,154.850

17,600,154.85

MFO STATE STR GLOBAL ADVISORS TR CO INV S&P 500 INDEX NON-LENDING SER FD CL M CUSIP : 856917729

185,811,149.580

1,927,388,610.44

2,210,966,868.85

MFO VANGUARD INDEX TR SMALL CAP GROWTH CUSIP : 922908819

2,535,414.610

198,087,336.86

215,459,533.56

INVESCO ILLIQUID CUSIP : 995818663

1.000

686,242.08

248,773.78

Total United States - USD

2,143,762,344.23

2,444,275,331.04

Total Value of Interest in Registered Investment Companies

2,143,762,344.23

2,444,275,331.04

Other

United States - USD

UBS FINANCIAL SERVICES SDBA PARTICIPANT

ASSET CUSIP : 000656371

1.000

625,883,620.63

1,588,267,531.44

1ST INDL RLTY TR INC COM SEDOL : 2360757

50,190.000

2,158,184.72

2,874,381.30

AGNC INVT CORP COM SEDOL : BYYHJL8

185,000.000

1,978,825.97

1,983,200.00

ANNALY CAPITAL

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

94,900.000

1,666,179.17

2,121,964.00

CAMDEN PPTY TR SH BEN INT SEDOL : 2166320

22,974.000

2,501,004.35

2,528,977.92

FEDERAL RLTY INVT TR COM USD0.01 SEDOL : BN7P9B2

24,180.000

2,741,247.15

2,437,344.00

GAMING & LEISURE PPTYS INC COM SEDOL : BFPK4S5

54,700.000

2,563,415.47

2,444,543.00

HIGHWOODS PPTYS INC COM SEDOL : 2420640

64,950.000

2,468,073.48

1,677,009.00

KILROY RLTY

CORP COM SEDOL : 2495529

56,864.000

2,041,927.00

2,125,007.68

W P CAREY INC COM SEDOL : B826YT8

39,150.000

2,251,804.14

2,519,694.00

Total United States - USD

646,254,282.08

1,608,979,652.34

Total Other

646,254,282.08

1,608,979,652.34

Total

7,987,810,948.78

11,599,416,097.85

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/ Jennifer Coughlin______________

Name:

Jennifer Coughlin on behalf of the Plan Administrator

Title:

Chair, Employee Benefits Committee

Date:

June 29, 2026