EX-99.1 3 ex99112312023key.htm EX-99.1 Document

Exhibit 99.1











KEYCORP
401(k) SAVINGS PLAN


FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULE
WITH
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM


December 31, 2023




KeyCorp
401(k) Savings Plan
INDEX
Page
Reports of Independent Registered Public Accounting Firm1
Financial Statements:
Statement of Net Assets Available for Benefits2
Statement of Changes in Net Assets Available for Benefits3
 Notes to Financial Statements4-12
Supplemental Schedule:
Schedule of Assets (Held at End of Year)13-22












REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Plan Participants and KeyCorp, as Plan Sponsor for the KeyCorp 401(k) Savings Plan

Opinion on the Financial Statements

We have audited the accompanying Statement of Net Assets Available for Benefits of the KeyCorp 401(k) Savings Plan (the “Plan”) as of December 31, 2023 and 2022, and the Statements of Changes in Net Assets Available for Benefits for the years then ended, and the related notes and supplemental schedule (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 as of December 31, 2023 and 2022, and the changes in net assets available for benefits of the Plan for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these 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 audits 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 purposes 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 Information

The supplemental Schedule of Assets (Held at End of Year) as of December 31, 2023 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule 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 supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with Department of Labor’s (DOL) Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Meaden & Moore, Ltd.
Meaden & Moore, Ltd.

We have served as the Plan’s auditor since 2005.

Cleveland, Ohio
June 27, 2024





1

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
KeyCorp
401(k) Savings Plan
December 31,
20232022
ASSETS
Investments, at fair value:
KeyCorp common stock (cost $84,499,559 and $89,609,181 at
     2023 and 2022, respectively)$108,108,014 $138,567,564 
Other equity securities525,276,766 361,517,583 
Interest in mutual funds and collective trusts at fair value3,040,877,316 2,719,853,429 
Total investments at Fair Value3,674,262,096 3,219,938,576 
Receivables:
Notes receivable from participants52,790,390 48,861,791 
Receivable - Interest and dividends1,050,376 443,265 
Total Receivables53,840,766 49,305,056 
Total Assets3,728,102,862 3,269,243,632 
LIABILITIES
Payables - administrative and other expenses1,118,646 623,057 
Total Liabilities1,118,646 623,057 
NET ASSETS AVAILABLE FOR BENEFITS$3,726,984,216 $3,268,620,575 

See accompanying notes to financial statements.
2

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
KeyCorp
401(k) Savings Plan
Year Ended December 31,
20232022
Additions to Net Assets Attributed to:
Contributions:
     Employer$99,845,649 $84,130,136 
     Participants147,835,047 138,655,262 
     Rollovers20,623,293 23,650,730 
Total Contributions268,303,989 246,436,128 
Interest on participant notes receivable2,823,048 2,213,122 
Investment Income:
Dividends from KeyCorp common stock6,427,660 6,397,667 
Dividends from other equity securities1,713,648 1,421,826 
     Net investment income from mutual funds and collective trusts18,859,593 9,594,028 
     Net realized gain (loss) and unrealized appreciation (depreciation)555,823,654 (711,320,573)
     Total Investment Income582,824,555 (693,907,052)
Deductions from Net Assets Attributed to:
Participant withdrawals389,230,264 298,596,765 
Administrative and other expenses6,357,687 4,226,894 
Total Deductions395,587,951 302,823,659 
Net Increase or (Decrease)458,363,641 (748,081,461)
Net Assets Available for Benefits:
Beginning of Year3,268,620,575 4,016,702,036 
End of Year$3,726,984,216 $3,268,620,575 

See accompanying notes to the financial statements.








3

NOTES TO FINANCIAL STATEMENTS
KeyCorp
401(k) Savings Plan

1    Description of Plan

The following description of the KeyCorp 401(k) Savings Plan (Plan) provides only general information. Participants should refer to the Summary Plan Description or Plan document for a more complete description of the Plan’s provisions.

General:

The Plan consists of a profit sharing plan with a cash or deferred arrangement, as authorized under Section 401(k) of the Internal Revenue Code of 1986, as amended (Code), and an employee stock ownership plan (ESOP), as authorized under the provisions of Section 4975(e)(7) of the Code. As of January 1, 2011, the Plan was amended and restated to close the KeyCorp Common Stock Fund to new investments effective January 1, 2012, with the exception of KeyCorp dividend reinvestments, and make other administrative modifications and changes as required by law or to facilitate the administration of the Plan.

Effective December 31, 2017, the Plan was amended to merge in the participants and the assets of the former Cain Brothers & Company, LLC Retirement Plan. 

Effective January 1, 2017, the Plan was restated to reflect the amendments adopted since the January 1, 2011 amendment and restatement and to make administrative modifications and changes as required by law or to facilitate the administration of the Plan.

The portion of the Plan that is attributable to participant contributions invested in the Plan’s various investment funds (other than the Plan’s KeyCorp Common Stock Fund) constitutes a profit sharing plan. The portion of the Plan that is attributable to participant contributions, employer contributions, profit sharing contributions, after-tax contributions, and rollover contributions invested primarily in KeyCorp common shares constitutes an ESOP. The Plan is intended to be qualified under Section 401(a) of the Code and the provisions of Titles I, II, and III of the Employee Retirement Income Security Act of 1974, as amended (ERISA).

Dividends paid on those KeyCorp common shares maintained in the ESOP, at the participant’s election, may automatically be reinvested in the Plan’s Common Stock Fund or paid directly to the participant. In 2023 and 2022, dividends of $882,642 and $824,412, respectively, were paid directly to participants in connection with this election and are reflected in the Statement of Changes in Net Assets Available for Benefits as participant withdrawals.















4

NOTES TO FINANCIAL STATEMENTS
KeyCorp
401(k) Savings Plan

1Description of Plan, Continued

Eligibility:

All regular full-time and part-time employees of KeyCorp and its participating subsidiaries (Employer or Key) are eligible to participate in the Plan as of their first day of employment with the Employer for purposes of making pre-tax contributions, Roth contributions, Plan transfer contributions, and rollover contributions. Employees are eligible to participate in receiving employer contributions and profit sharing contributions in accordance with the following eligibility requirements: for employees whose employment commencement date is July 1, 2006, or after, participants can receive these contributions after completing one year of service. Seasonal and on-call employees are required to complete 1,000 hours of service prior to becoming eligible to participate in the Plan.

Contributions:

Contributions are subject to limitations on annual additions and other limitations imposed by the Code as defined in the Plan agreement.

Employee 401(k) Deferral:

In years in which the safe harbor provisions of Section 401(k)(12) of the Code are not utilized, employees who have met the eligibility requirements and have elected to participate may contribute from 1% to 100% of their compensation on a pre-tax basis to the Plan, and highly compensated employees (as that term is defined in accordance with Section 414(n) of the Code) may contribute from 1% to 7% of their compensation to the Plan. For the 2023 and 2022 Plan years, the Plan utilized the safe harbor provisions of Section 401(k)(12) of the Code, which permits the Plan to automatically satisfy certain nondiscrimination requirements of the Code without undergoing the necessity of discrimination testing. In years in which the safe harbor provisions of Section 401(k)(12) of the Code are utilized (2023 and 2022), all eligible employees may contribute up to 100% of their compensation to the Plan. The Plan also provides a qualified Roth contribution program.

Commencing January 1, 2010, an automatic enrollment feature was added to the Plan for all new regular full-time and part-time employees of the Employer (Covered Employees). The Plan was amended such that the initial default contribution percentage for Covered Employees is 2% and will increase by 1% at the beginning of each Plan year until the default percentage is 10% for Plan years on and after January 1, 2012. An amendment effective July 1, 2020 clarified that for employees hired before July 1, 2020, the increase will be effective at the beginning of the Plan year and for those hired after July 1, 2020, it will be effective on the anniversary date. The Covered Employee may request a distribution of his or her default elective deferrals no later than 90 days after default elective deferrals are first withheld from a Covered Employee’s pay. As of January 1, 2016, the Plan was amended to implement an auto-enrollment back sweep feature for certain employees hired prior to December 31, 2009.

Employer Matching Contributions:

Effective January 1, 2023, Key amended the Plan and matching contributions increased to a dollar-for-dollar match, up to the first 7% of the participant's contributions to the Plan. After satisfying the eligibility requirements, Key matches up to 7% of the participant’s contributions. Default elective deferrals will be eligible for matching contributions after the Covered Employee satisfies the Eligibility Requirements for receiving a matching contribution. Commencing for Plan years on and after January 1, 2012, the KeyCorp Common Stock Fund was closed to new investments, and matching contributions became subject to the investment direction of the participant.

The Employer Matching Contribution for each participant is based on the participant’s eligible annual compensation. For the 2023 and 2022 Plan years, the Plan utilized the safe harbor provisions of Section 401(k)(12) of the Code, which permits the Plan to automatically satisfy certain nondiscrimination requirements of the Code without undergoing the necessity of discrimination testing.
5

NOTES TO FINANCIAL STATEMENTS
KeyCorp
401(k) Savings Plan

1Description of Plan, Continued

Employer Discretionary Contributions:

Key may also make additional contributions as approved by the Board of Directors. Commencing January 1, 2010, and thereafter, profit sharing contributions may be made, allocated, and credited to the accounts of participants employed on the last business day of the Plan year as a flat percentage of eligible compensation for the participants entitled to receive an allocation, based on the further terms and conditions set forth in the Plan. For Plan years beginning on and after January 1, 2012, participants will share in profit sharing contributions for the applicable year if the participant experienced a Termination Under Limited Circumstances, as defined by the Plan, during the Plan year. Key did not make a profit sharing contribution for 2023 or 2022.

Rollover Contributions:

Rollover contributions from other plans are also accepted, providing certain specified conditions are met.

Participant’s Accounts:

Each participant’s account is credited with the participant’s elective contributions, employer matching contributions, employer discretionary contributions, and earnings and losses thereon.

Vesting:

All participants are 100% vested in elective deferrals (pre-tax and Roth) and rollover contributions made to the Plan. In years in which the safe harbor provisions of Section 401(k)(12) of the Code are not utilized, participants are 100% vested in Key matching contributions after three years of service. Contributions subject to the safe harbor provisions of Section 401(k)(12) are 100% vested. Participants are 100% vested in Key discretionary contributions after three years of service.

Forfeitures:

Under the terms of the Plan, forfeited nonvested participant amounts may be used to offset Employer contributions to the Plan. At December 31, 2023, and December 31, 2022, the Plan’s investments included $499,001 and $101,702 of Plan forfeitures, respectively. During 2023, no forfeitures were used to offset Employer contributions. During 2022, $448,667 in forfeitures were used to offset Employer contributions.

Notes Receivable from Participants:

Loans are permitted under certain circumstances and are subject to limitations. Participants may borrow from their fund accounts up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Loans are repaid over a period not to exceed five years with exceptions for the purchase of a primary residence.

The loans are secured by the balance in the participant’s account. The interest rate is currently established by the terms of the Loan Policy as Prime plus 1%. Loans to Plan participants are valued at their unpaid principal balance plus accrued but unpaid interest, which approximates fair value.




6

NOTES TO FINANCIAL STATEMENTS
KeyCorp
401(k) Savings Plan

1Description of Plan, Continued

Payment of Benefits:

Distribution of participant contributions and matching contributions are subject to the distribution limitations outlined in Section 401(k) of the Code (i.e., attainment of age 59 1/2, severance from employment, retirement, death, or disability, subject to special grandfathered distribution provisions). Upon termination, participants may receive a distribution of their vested account balance in cash or may elect to have their interest in the KeyCorp Common Stock Fund distributed to them in common shares of KeyCorp. Participants may leave their balance in the Plan if their balance is greater than $1,000. Upon retirement, participants may elect to receive their Plan distribution as a lump sum payment or as a monthly, quarterly, or annual installment payment. Benefit payments are recorded upon distribution.

As of January 1, 2016, the Plan was amended to facilitate the implementation of flexibility in the distribution of benefits to assist participants with retirement readiness and distribution planning.

Hardship Withdrawals:

Hardship withdrawals are permitted in accordance with Internal Revenue Service guidelines.

Investment Options:

Upon enrollment in the Plan, a participant may direct his or her employee contribution in any of the investment options offered by the Plan. As discussed above, the KeyCorp Common Stock Fund was closed to new investments effective January 1, 2012.    

2Summary of Significant Accounting Policies

Basis of Accounting:

The Plan’s transactions are reported on the accrual basis of accounting.

Investment Valuation:

Investments are stated at aggregate fair value, which is determined based on the closing price reported on the last business day of the Plan year as follows:

Equity Securities

Closing market price as quoted on the New York Stock Exchange as of December 31, 2023, and December 31, 2022. The closing market price of KeyCorp’s Common Stock at December 31, 2023, and December 31, 2022, was $14.40 and $17.42, respectively. The other common stocks, which are included in either the Jennison Large Cap Growth Separate Account or the T. Rowe Price QM US Small-Cap Growth Equity Strategy Separate Account, are valued at the closing price reported on the applicable major stock exchange on which the individual securities are traded.









7

NOTES TO FINANCIAL STATEMENTS
KeyCorp
401(k) Savings Plan

2Summary of Significant Accounting Policies, Continued

Mutual Funds

Closing market price as quoted per a third-party valuation service as of December 31, 2023 and December 31, 2022. Non-publicly traded mutual funds are included within the PIMCO Total Return Separate Account, which consists of open end mutual funds managed by Pacific Investment Management Company. LLC. The market value of each of the underlying mutual fund's shares are determined daily based on the fund's' net asset value determined by dividing the total value of the funds' investments and other assets, less any liabilities, by the total number of shares outstanding. The value of the funds' investments may be based on closing market prices or information received from third-party valuation services.

Collective Trust Funds

Market values of units held in collective trust funds are determined daily by the trustee of the funds based on reported redemption values received from a third-party valuation service.

Investment Transactions:

Purchases and sales of securities are reflected on a trade-date basis. Gains or losses on sales of equity securities are based on the specific cost of units sold. Gains or losses on sales of mutual funds and collective trust funds are based on the average cost per share or per unit at the time of the sale. In the case of KeyCorp Common Stock, brokerage commissions are added to the cost of shares purchased and subtracted from the proceeds of shares sold. No direct brokerage commissions are incurred by the Plan on purchases and sales of shares or units in mutual funds and collective trust funds.

Investment Income:

Dividend income is recorded on the ex-dividend date. Income from other investments is recorded as earned on the accrual basis.

Fair Value Measurement:

Accounting guidance defines fair value as the price to sell an asset or transfer a liability in an orderly transaction between market participants in the principal market. In other words, fair value represents an exit price at the measurement date. Market participants are buyers and sellers who are independent, knowledgeable, and willing and able to transact in the principal (or most advantageous) market for the asset or liability being measured. Current market conditions, including imbalances between supply and demand, are considered in determining fair value.

The Plan’s assets are valued based on the principal market where each would be sold. The principal market is the forum with the greatest volume and level of activity. In the absence of a principal market, valuation is based on the most advantageous market (i.e., the market where the asset could be sold at a price that maximizes the amount to be received).

There are three acceptable techniques for measuring fair value: the market approach, the income approach, and the cost approach. The appropriate technique for valuing a particular asset depends on the exit market, the nature of the asset being valued, and how a market participant would value the same asset. Ultimately, selecting the appropriate valuation method requires significant judgment, and applying the valuation technique requires sufficient knowledge and expertise.





8

NOTES TO FINANCIAL STATEMENTS
KeyCorp
401(k) Savings Plan

2Summary of Significant Accounting Policies, Continued

Valuation inputs refer to the assumptions market participants would use in pricing a given asset. Inputs can be observable or unobservable. Observable inputs are assumptions based on market data obtained from an independent source. Unobservable inputs are assumptions based on the Trustee’s own information or assessment of assumptions used by other market participants in pricing the asset. Unobservable inputs are based on the best and most current information available on the measurement date.

All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy that gives the highest ranking to quoted prices in active markets for identical assets (Level 1) and the lowest ranking to unobservable inputs (Level 3). Fair values for assets classified as Level 2 are based on one or a combination of the following factors: (a) quoted market prices for similar assets in active markets; (b) quoted prices for identical or similar assets in inactive markets; (c) observable inputs, such as interest rates or yield curves; or (d) inputs derived principally from or corroborated by observable market data. The level in the fair value hierarchy ascribed to a fair value measurement in its entirety is based on the lowest level input that is significant to the measurement. The Plan considers an input to be significant if it drives 10% or more of the total fair value of a particular asset. Assets may transfer between levels based on the observable and unobservable inputs used at the valuation date, as the inputs may be influenced by certain market conditions. Transfers between levels of the fair value hierarchy are recognized at the end of the reporting period.

Typically, assets are considered to be fair valued on a recurring basis if fair value is measured regularly. Additional information regarding fair value measurements and disclosures is provided in Note 4 (“Fair Value Measurements”).

Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Administrative Fees:

Substantially all administrative fees are paid by the Plan.

Plan Termination:

Although it has not expressed any intent to do so, Key has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts.

Risks and Uncertainties:

The Plan invests in various investments, including KeyCorp common stock, other equity securities, and interests in mutual funds and collective trusts. These investments are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in values of investments will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statement of Net Assets Available for Benefits.





9

NOTES TO FINANCIAL STATEMENTS
KeyCorp
401(k) Savings Plan

2    Summary of Significant Accounting Policies, Continued

Subsequent Events:

In preparing these financial statements, subsequent events were evaluated through the time the financial statements were issued. Financial statements are considered issued when they are widely distributed to all shareholders and other financial statement users, or filed with the SEC. In compliance with applicable accounting standards, all material subsequent events have been either recognized in the financial statements or disclosed in the notes to the financial statements.

3    Tax Status

The Internal Revenue Service has determined and informed Key by letter dated September 22, 2013, that the Plan and related trust as of the January 1, 2011 Restatement are designed in accordance with applicable sections of the Internal Revenue Code.

The Plan has been amended since receiving the determination letter. However, the Plan Administrator and tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, no provision for income taxes has been included in the Plan’s financial statements.

Accounting principles generally accepted in the United States of America (U.S. GAAP) requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken uncertain tax positions that more-likely-than-not would not be sustained upon examination by applicable taxing authorities. The Plan administrator has analyzed tax positions taken by the Plan and has concluded that, as of December 31, 2023, there are no uncertain tax positions taken, or expected to be taken, that would require recognition of a liability or that would require disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions. However, currently no audits for any tax periods are in progress.

4    Fair Value Measurements

The following is a description of the valuation methodologies used to measure the fair value of assets held in the Plan:

Equity Securities. Investments in KeyCorp Common Stock are valued at their official closing price on the New York Stock Exchange and are classified as Level 1. Other equity securities are valued at the closing price reported on the major stock exchange on which the individual securities are traded and are classified as Level 1.

Mutual Funds. Exchange-traded mutual funds are valued using quoted prices and, therefore, are classified as Level 1. Mutual funds held within the PIMCO Total Return Separate Account are measured at net asset value ("NAV") as a practical expedient to estimate fair value and accordingly have not been classified in the fair value hierarchy. This practical expedient would not be used if it is determined to be probable that the investment will sell for an amount different from the reported NAV. Fair value is determined based on the Plan's proportionate share of total net assets in the fund. Participant transactions (purchases and redemptions) may occur daily.

Money Market Funds.  Investments in money market funds are valued at their closing net asset value. Because net asset values for the money market funds are based primarily on observable inputs, most notably quoted prices for the underlying assets, these investments are classified as Level 2. 

Collective Trust Funds. The Plan's investments in collective trust funds are measured at net asset value ("NAV") as a practical expedient to estimate fair value and accordingly, have not been classified in the fair value hierarchy. This

10

NOTES TO FINANCIAL STATEMENTS
KeyCorp
401(k) Savings Plan

4    Fair Value Measurements, continued

practical expedient would not be used if it is determined to be probable that the funds will sell the investment for an amount different from the reported NAV. Fair value is determined based on the Plan's proportionate share of total net assets in the fund. Participant transactions (purchases and sales) may occur daily. However, in high volume liquidation demand periods, the Trustee may, at their discretion, delay liquidation requests so that it is in the best interest of all participants in the fund. If the Plan initiates a full redemption of the KeyBank EB MaGIC Fund, the issuer reserves the right to require 12 months’ notification in order to ensure that securities liquidations will be carried out in an orderly business manner. 

The investment strategies for the collective trust funds are varied, and they may invest directly and indirectly in a broad range of equities, debt, and derivative instruments with the objective of mirroring or exceeding the total return of certain market indices.  Strategies may vary based on global macroeconomic views, expected directional movements in the financial markets, market capitalization, and other strategies.

11

NOTES TO FINANCIAL STATEMENTS
KeyCorp
401(k) Savings Plan
    
4    Fair Value Measurements, continued

The following tables present the Plan’s assets that are measured at fair value on a recurring basis in accordance with U.S. GAAP at December 31, 2023, and December 31, 2022.
December 31, 2023Level 1Level 2Level 3Total
Equity Securities:
KeyCorp Common Stock$108,108,014 — — $108,108,014 
Other Equity Securities525,276,766 525,276,766 
Mutual Funds288,362,742 — — 288,362,742 
Money Market Funds— $152,249,655 — 152,249,655 
Collective Trust Funds, Mutual Funds and other investments measured at net asset value (a)
— — — 2,600,264,919 
$921,747,522 $152,249,655 — $3,674,262,096 
December 31, 2022Level 1Level 2Level 3Total
Equity Securities:
KeyCorp common stock$138,567,564 — — $138,567,564 
Other equity securities361,517,583 361,517,583 
Mutual Funds273,520,466 — — 273,520,466 
Money Market Funds
— $127,240,892 — 127,240,892 
Collective Trust Funds, Mutual Funds and other investments measured at net asset value (a)
— — — 2,319,092,071 
$773,605,613 $127,240,892 — $3,219,938,576 
(a) Certain investments that are measured at fair value using the net asset value (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of the plan assets presented elsewhere within this report.

5    Party-in-Interest Transactions

During 2023 and 2022, the Plan received $6,427,660 and $6,397,667 respectively, in KeyCorp common stock dividends.

During the year ended December 31, 2023, the Plan purchased 398,421 shares of KeyCorp common stock for $4,408,621 and sold 553,384 shares of common stock of KeyCorp were sold by the Plan for $6,684,345. During the year ended December 31, 2022, the Plan did not purchase KeyCorp common stock and 258,140 shares of common stock of KeyCorp were sold by the Plan for $5,597,502. The sales of KeyCorp common stock were completed in the open market.

The Plan has arrangements with various service providers and these arrangements qualify as party-in-interest transactions.


12

SCHEDULE OF ASSETS (HELD AT END OF YEAR)
Form 5500, Schedule H, Part IV, Line 4i
KeyCorp
401(k) Savings Plan
EIN 34-6542451
Plan Number 002
December 31, 2023
(a)(b)(c)(d) (e)
Identity of Issuer, Borrower, Lessor, or Similar PartyDescription of Investment, Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity ValueCostCurrent Value
Equity Securities:
 *KeyCorp common stockCommon Stock$108,108,014 
 CANADA - DESCARTES SYS GROUP INC COM SEDOL: 2528834 Common Stock678,785 
 DENMARK - ADR NOVO-NORDISK A S ADR SEDOL: 2651202 Common Stock8,420,002 
 FRANCE - L'OREAL EUR0.20 SEDOL: 4057808 Common Stock4,443,955 
 FRANCE - LVMH MOET HENNESSY EUR0.30 SEDOL: 4061412 Common Stock3,254,451 
 ISRAEL - SAPIENS INTERNATIONAL CORP NV COM EUR0.01 SEDOL: BFYZGX0 Common Stock247,986 
 NETHERLANDS - ADR ASML HLDG NV NY REG 2012 (POST REV SPLIT) SEDOL: B908F01 Common Stock3,813,362 
 UK - ADR ASTRAZENECA PLC SPONSORED ADR UNITEDKINGDOM SEDOL: 2989044 Common Stock4,990,971 
 UK - ADR RENTOKIL INITIAL PLC SPONSORED ADR SEDOL: 2738172 Common Stock249,536 
#REORG IMMUNOGEN INC MERGER 02-12-2024 SEDOL: 2457864Common Stock274,885 
AAON INC COM PAR $0.004 COM PAR $0.004 SEDOL: 2268130Common Stock369,941 
ABERCROMBIE & FITCH CO CL A CL A SEDOL: 2004185Common Stock247,016 
ACADEMY SPORTS & OUTDOORS INC COM SEDOL: BN7K304Common Stock263,736 
ACADIA PHARMACEUTICALS INC COM SEDOL: 2713317Common Stock392,878 
ACI WORLDWIDE INC COM STK SEDOL: 2889155Common Stock172,370 
ADDUS HOMECARE CORP COM STK SEDOL: B55BN47Common Stock334,724 
ADOBE INC COM SEDOL: 2008154Common Stock10,501,950 
ADR ARM HLDGS PLC SPONSORED ADR NEW SEDOL: BNSP5P7Common Stock2,044,620 
ADVANCED ENERGY INDS INC COM SEDOL: 2049175Common Stock367,278 
ADVANCED MICRO DEVICES INC COM SEDOL: 2007849Common Stock16,354,845 
AFFIRM HLDGS INC CL A CL A SEDOL: BMF9NM8Common Stock738,820 
AGILYSYS INC COM STK SEDOL: 2689162Common Stock320,450 
AGIOS PHARMACEUTICALS INC COM SEDOL: BCBVTX1Common Stock82,065 
AIRBNB INC CL A COM USD0.0001 CL A SEDOL: BMGYYH4Common Stock3,993,939 
AKERO THERAPEUTICS INC COM SEDOL: BK7Y2V9Common Stock115,419 
ALBANY INTL CORP NEW CL A SEDOL: 2012757Common Stock63,352 
ALECTOR INC COM SEDOL: BJ4LDC4Common Stock16,351 
ALKERMES PLC SHS SEDOL: B3P6D26Common Stock252,933 
ALLOGENE THERAPEUTICS INC COM SEDOL: BFZNYB7Common Stock16,676 
ALPHA METALLURGICAL RES INC COM SEDOL: BMFND53Common Stock430,767 
13

ALPHABET INC CAP STK USD0.001 CL C SEDOL: BYY88Y7Common Stock13,267,150 
ALPHABET INC CAPITAL STOCK USD0.001 CL A SEDOL: BYVY8G0Common Stock13,282,284 
AMAZON COM INC COM SEDOL: 2000019Common Stock32,666,340 
AMERICAN TOWER CORP SEDOL: B7FBFL2Common Stock5,147,011 
AMICUS THERAPEUTICS INC COM SEDOL: B19FQ48Common Stock167,868 
AMN HEALTHCARE SVCS INC COM SEDOL: 2813552Common Stock351,187 
AMPHASTAR PHARMACEUTICALS INC DEL COM SEDOL: BNFWZS4Common Stock362,936 
API GROUP CORPORATION COM USD0.0001 SEDOL: BMBPH06Common Stock437,171 
APPFOLIO INC COM CL A COM CL A SEDOL: BYN7H48Common Stock331,408 
APPLE INC COM STK SEDOL: 2046251Common Stock20,868,904 
ARCELLX INC COM SEDOL: BPCJ1Q2Common Stock125,097 
ARRAY TECHNOLOGIES INC COM SEDOL: BLBLMD5Common Stock166,236 
ARVINAS INC COM SEDOL: BDZ30Q0Common Stock130,848 
ASBURY AUTOMOTIVE GROUP INC COM SEDOL: 2855855Common Stock315,633 
ASGN INCORPORATED COMN STK USD0.01 SEDOL: BFY8W20Common Stock159,258 
ASPEN TECHNOLOGY INC COM USD0.10 SEDOL: BP2V812Common Stock134,071 
ATI INC COM SEDOL: 2526117Common Stock569,193 
ATKORE INC SEDOL: BDHF495Common Stock609,920 
ATRICURE INC COM STK SEDOL: B0C8KV2Common Stock118,277 
AVIDITY BIOSCIENCES INC COM SEDOL: BMWHPY1Common Stock49,929 
AXALTA COATING SYSTEMS LTD COM USD1.00 SEDOL: BSFWCF5Common Stock462,026 
AXCELIS TECHNOLOGIES INC COM NEW COM NEW SEDOL: BD420Q8Common Stock546,125 
AZEK CO INC CL A CL A SEDOL: BKPVG43Common Stock286,875 
A10 NETWORKS INC COM SEDOL: BKQVBN6Common Stock130,633 
BALCHEM CORP COM SEDOL: 2072074Common Stock184,301 
BANCORP INC DEL COM STK SEDOL: B05BRL7Common Stock408,505 
BELLRING BRANDS INC COM USD0.01 SEDOL: BN70ZC0Common Stock628,576 
BIOHAVEN LTD COM NPV WI SEDOL: BPLZ7S5Common Stock429,498 
BIOMEA FUSION INC COM SEDOL: BNKF6N0Common Stock17,424 
BJS WHSL CLUB HLDGS INC COM SEDOL: BFZNZF8Common Stock103,056 
BLACKBAUD INC COM SEDOL: 2458878Common Stock289,751 
BLOOMIN BRANDS INC COM SEDOL: B847RJ0Common Stock259,262 
BLUE OWL CAP INC COM CL A SEDOL: BN7CQS9Common Stock305,793 
BLUEPRINT MEDICINES CORP COM SEDOL: BWY52P3Common Stock581,573 
BOEING CO COM SEDOL: 2108601Common Stock4,261,791 
BOISE CASCADE CO COM SEDOL: B9BP4R1Common Stock51,744 
BOOZ ALLEN HAMILTON HLDG CORP CL A COM STK SEDOL: B5367T7Common Stock653,236 
BOX INC CL A CL A SEDOL: BVB3BV2Common Stock346,683 
BOYD GAMING CORP COM SEDOL: 2117232Common Stock559,608 
BRIDGEBIO PHARMA INC COM SEDOL: BK1KWG8Common Stock226,072 
BRIGHT HORIZONS FA COM USD0.001 SEDOL: B7MJWP2Common Stock217,412 
BROADCOM INC COM SEDOL: BDZ78H9Common Stock4,526,394 
BROADRIDGE FINL SOLUTIONS INC COM STK SEDOL: B1VP7R6Common Stock287,639 
BRUKER CORP SEDOL: 2616137Common Stock189,578 
BRUNSWICK CORP COM SEDOL: 2149309Common Stock238,876 
BUILDERS FIRSTSOURCE INC COM STK SEDOL: B0BV2M7Common Stock519,851 
14

CACI INTL INC CL A CL A SEDOL: 2159267Common Stock632,499 
CADENCE DESIGN SYS INC COM SEDOL: 2302232Common Stock5,143,707 
CADRE HLDGS INC COM SEDOL: BKVKB49Common Stock108,109 
CARVANA CO CL A CL A SEDOL: BYQHPG3Common Stock285,029 
CASELLA WASTE SYS INC CL A COM STK SEDOL: 2120490Common Stock715,386 
CASEYS GEN STORES INC COM SEDOL: 2179414Common Stock264,025 
CATALENT INC COM SEDOL: BP96PQ4Common Stock200,523 
CATALYST PHARMACEUTICALS INC COM STK USD0.001 STK SEDOL: B1G7Q03Common Stock179,733 
CAVA GROUP INC COM SEDOL: BRBD9F4Common Stock56,648 
CAVCO INDS INC DEL COM STK SEDOL: 2787022Common Stock331,715 
CBIZ INC COM SEDOL: 2730781Common Stock489,767 
CELSIUS HLDGS INC COM NEW COM NEW SEDOL: B19HX21Common Stock168,140 
CENTRUSENERGYCORPCLACOM SEDOL: BQXKDH6Common Stock153,926 
CEREVEL THERAPEUTICS HLDGS INC COM SEDOL: BMVMJ12Common Stock260,506 
CHAMPIONX CORPORATION COM USD0.D1 WI SEDOL: BMW7N69Common Stock255,033 
CHARLES RIV LABORATORIES INTL INC COM SEDOL: 2604336Common Stock340,416 
CHEMED CORP NEW COM SEDOL: 2190084Common Stock127,476 
CHIPOTLE MEXICAN GRILL INC COM STK SEDOL: B0X7DZ3Common Stock2,760,361 
CHOICE HOTELS INTL INC COM SEDOL: 2106780Common Stock352,250 
CHURCHILL DOWNS INC COM SEDOL: 2194105Common Stock724,439 
CIRRUS LOGIC INC COM SEDOL: 2197308Common Stock250,651 
CLEAN HBRS INC COM SEDOL: 2202473Common Stock495,259 
COCA-COLA CONSOLIDATED INC COM SEDOL: 2206721Common Stock608,102 
COGENT COMMUNICATIONS HLDGS INC SEDOL: B06RWD1Common Stock257,083 
COMFORT SYS USA INC COM SEDOL: 2036047Common Stock870,601 
CONMED CORP COM SEDOL: 2216010Common Stock294,144 
CORE & MAIN INC COM CL A COM CL A SEDOL: BNXKS92Common Stock433,316 
CORVEL CORP COM SEDOL: 2347277Common Stock506,781 
COSTCO WHOLESALE CORP NEW COM SEDOL: 2701271Common Stock8,363,874 
COTY INC COM CL A COM CL A SEDOL: BBBSMJ2Common Stock248,711 
CRINETICS PHARMACEUTICALS INC COM SEDOL: BDD19F8Common Stock90,836 
CRISPR THERAPEUTICS AG COM CHF0.03 SEDOL: BDHF4K6Common Stock341,358 
CROCS INC COM SEDOL: B0T7Z62Common Stock234,366 
CROWDSTRIKE HLDGS INC CL A CL A SEDOL: BJJP138Common Stock5,746,998 
CSW INDUSTRIALS INC COM SEDOL: BYQD1J6Common Stock405,279 
CURTISS WRIGHT CORP COM SEDOL: 2241205Common Stock893,611 
CYTOKINETICS INC COMMON STOCK SEDOL: BBBSBJ5Common Stock519,391 
DAY ONE BIOPHARMACEUTICALS INC COM USD0.0001 SEDOL: BLB0YH0Common Stock43,172 
DECKERS OUTDOOR CORP COM SEDOL: 2267278Common Stock457,875 
DENALI THERAPEUTICS INC COM SEDOL: BD2B4V0Common Stock68,801 
DICKS SPORTING GOODS INC OC-COM OC-COM SEDOL: 2969637Common Stock360,174 
DIODES INC COM SEDOL: 2270500Common Stock436,257 
DOMINOS PIZZA INC COM SEDOL: B01SD70Common Stock463,347 
DOUBLEVERIFY HLDGS INC COM SEDOL: BMDX9Z7Common Stock449,010 
DUOLINGO INC CL A COM CL A COM SEDOL: BMCM6P4Common Stock322,581 
E L F BEAUTY INC COM SEDOL: BDDQ975Common Stock610,270 
15

EAGLE MATLS INC COM SEDOL: 2191399Common Stock664,504 
ELEMENT SOLUTION INC COM SEDOL: BJ1C2K1Common Stock251,925 
ELI LILLY & CO COM SEDOL: 2516152Common Stock15,750,498 
EMBECTA CORPORATION COM USD0.01 WI SEDOL: BMXWYR1Common Stock19,782 
EMCOR GROUP INC COM SEDOL: 2474164Common Stock188,932 
ENDEAVOR GROUP HOLDINGS INC COM 0.00001 CL A SEDOL: BJQ05Y5Common Stock422,892 
ENSIGN GROUP INC COM STK SEDOL: B1YWPP8Common Stock905,647 
ENTEGRIS INC COM SEDOL: 2599700Common Stock174,817 
EURONET WORLDWIDE INC COM SEDOL: 2320148Common Stock288,638 
EVERI HLDGS INC COM SEDOL: BYV34V4Common Stock50,681 
EVERTEC INC COM SEDOL: B7KY3Z6Common Stock228,609 
EVOLENT HEALTH INC CL A CL A SEDOL: BYLY8H1Common Stock179,584 
EXELIXIS INC COM STK SEDOL: 2576941Common Stock492,419 
EXLSERVICE COM INC COM STK SEDOL: B07LST0Common Stock627,983 
EXPONENT INC COM STK SEDOL: 2330318Common Stock92,266 
EXPRO GROUP HOLDINGS N.V SEDOL: BCRY5H0Common Stock95,759 
EXTREME NETWORKS INC COM SEDOL: 2407052Common Stock107,128 
FABRINET COM USD0.01 SEDOL: B4JSZL8Common Stock960,786 
FACTSET RESH SYS INC COM STK SEDOL: 2329770Common Stock384,502 
FAIR ISAAC CORPORATION COM SEDOL: 2330299Common Stock442,324 
FEDERAL SIGNAL CORP COM SEDOL: 2333986Common Stock523,520 
FORMFACTOR INC COM STK SEDOL: 2891826Common Stock184,942 
FORTINET INC COM SEDOL: B5B2106Common Stock243,017 
FTI CONSULTING INC COM SEDOL: 2351449Common Stock468,003 
GARTNER INC COM SEDOL: 2372763Common Stock267,959 
GIBRALTAR INDS INC COM SEDOL: 2369226Common Stock108,440 
GLOBUS MED INC CL A NEW COM STK SEDOL: B7D65M0Common Stock428,398 
GOLDMAN SACHS GROUP INC COM SEDOL: 2407966Common Stock3,449,555 
GRAND CANYON ED INC COM STK SEDOL: B3F1XM1Common Stock485,775 
GRAPHIC PACKAGING HLDG CO COM STK SEDOL: B2Q8249Common Stock230,872 
GREEN BRICK PARTNERS INC COM SEDOL: BS7T2R6Common Stock235,080 
GUARDANT HEALTH INC COM SEDOL: BFXC911Common Stock184,914 
GXO LOGISTICS INC COM SEDOL: BNNTGF1Common Stock483,103 
HAEMONETICS CORP MASS COM SEDOL: 2401195Common Stock295,779 
HALOZYME THERAPEUTICS INC COM SEDOL: 2975098Common Stock483,289 
HAMILTON LANE INC CL A CL A SEDOL: BF0SR29Common Stock351,664 
HERC HLDGS INC COM SEDOL: BZBZ020Common Stock181,050 
HILTON GRAND VACATIONS INC COM SEDOL: BYSLHX4Common Stock185,672 
HOME DEPOT INC COM SEDOL: 2434209Common Stock7,946,392 
HUBSPOT INC COM SEDOL: BR4T3B3Common Stock2,264,106 
IDEAYA BIOSCIENCES INC COM SEDOL: BK0VHF6Common Stock99,268 
IGM BIOSCIENCES INC COM SEDOL: BKS3SM8Common Stock14,094 
IMMUNOVANT INC COM SEDOL: BJRFSB7Common Stock109,959 
!NARI MED INC COM SEDOL: BLDRF10Common Stock209,886 
INFORMATICA INC CL A CL A SEDOL: BMG95P4Common Stock311,438 
INSMED INC COM PAR $.01 SEDOL: 2614487Common Stock452,609 
INSPERITY INC COM SEDOL: 2007281Common Stock387,178 
INSPIRE MED SYS INC COM SEDOL: BDTSKTSCommon Stock318,571 
INTELLIA THERAPEUTICS INC COM SEDOL: BYZM6C2Common Stock127,692 
INTER PARFUMS INC COM SEDOL: 2473150Common Stock446,719 
INTRA-CELLULAR THERAPIES INC COM SEDOL: BHCB0P4Common Stock460,230 
16

INTUITIVE SURGICAL INC COM NEW STK SEDOL: 2871301Common Stock7,646,602 
JONIS PHARMACEUTICALS INC COM SEDOL: BDJ0LS6Common Stock414,686 
IOVANCE BIOTHERAPEUTICS INC COM SEDOL: BF0DMK7Common Stock94,251 
!RHYTHM TECHNOLOGIES INC COM SEDOL: BYT4ST5Common Stock228,959 
IRIDIUM COMMUNICATIONS INC COM STK SEDOL: B2QH310Common Stock470,582 
IVANHOE ELEC INC COM SEDOL: BPF0KH6Common Stock81,245 
JOHN BEAN TECHNOLOGIES CORP COM STK SEDOL: B3BRJZ8Common Stock320,627 
KADANT INC COM SEDOL: 2769978Common Stock607,432 
KARUNA THERAPEUTICS INC COM SEDOL: BJMLSD2Common Stock698,538 
KEYSIGHT TECHNOLOGIES INC COM SEDOL: BQZJ0Q9Common Stock2,148,351 
KINSALE CAP GROUP INC COM SEDOL: BD1MGQ3Common Stock227,404 
KOSMOS ENERGY LTD COM USD0.01 SEDOL: BHK15K6Common Stock194,187 
KRYSTAL BIOTECH INC COM SEDOL: BD6JX35Common Stock131,007 
KULICKE & SOFFA INDS INC COM SEDOL: 2498001Common Stock295,105 
KYMERA THERAPEUTICS INC COM SEDOL: BMPRZV5Common Stock115,436 
LANDSTAR SYS INC COM SEDOL: 2503994Common Stock408,214 
LANTHEUS HLDGS INC COM SEDOL: BP8S8J5Common Stock458,924 
LATTICE SEMICONDUCTOR CORP COM SEDOL: 2506658Common Stock428,635 
LCI INDUSTRIES COM SEDOL: BYQ44Y5Common Stock64,364 
LEONARDO DRS INC COM SEDOL: BNSNZQ2Common Stock382,243 
LIGHT & WONDER INC COM USD0.001 SEDOL: 2919290Common Stock262,752 
LINCOLN ELEC HLDGS INC COM SEDOL: 2516851Common Stock489,285 
LITTELFUSE INC COM SEDOL: 2531832Common Stock214,316 
LOUISIANA-PACIFIC CORP COM SEDOL: 2535243Common Stock428,805 
LPL FINL HLDGS INC COM SEDOL: B75JX34Common Stock196,891 
LULULEMON ATHLETICA INC COM SEDOL: B23FN39Common Stock7,955,672 
MADRIGAL PHARMACEUTICALS INC COM SEDOL: BD59BS7Common Stock109,906 
MANHATTAN ASSOCS INC COM SEDOL: 2239471Common Stock442,052 
MARATHON DIGITAL HOLDINGS INC COM USO SEDOL: BLR7B52Common Stock160,272 
MARKETAXESS HLDGS INC COM STK SEDOL: B03O9D0Common Stock309,835 
MARRIOTT INTL INC NEW COM STK CL A SEDOL: 2210614Common Stock4,394,288 
MASTERCARD INC CL A SEDOL: B121557Common Stock11,859,537 
MATADOR RES CO COM SEDOL: B7MSLL8Common Stock481,775 
MATTEL INC COM STOCK 1.00 PAR SEDOL: 2572303Common Stock408,601 
MAXLINEAR INC COMMON STOCK SEDOL: B3RDWC8Common Stock150,749 
MCGRATH RENTCORP COM SEDOL: 2551551Common Stock137,085 
MEDPACE HLDGS INC COM SEDOL: BDCBC61Common Stock708,084 
MERCADOLIBRE INC COM STK SEDOL: B23X1H3Common Stock5,666,973 
MERIT MED SYS INC COM SEDOL: 2580555Common Stock554,736 
META PLATFORMS INC COM USD0.000006 CL 'A' SEDOL: B7TL820Common Stock15,173,911 
MICROSOFT CORP COM SEDOL: 2588173Common Stock29,886,907 
MICROSTRATEGY INC CL A NEW CL A NEW SEDOL: 2974329Common Stock347,391 
MKS INSTRS INC COM SEDOL: 2404871Common Stock145,973 
MOLINA HEALTHCARE INC COM SEDOL: 2212706Common Stock719,007 
MONGODB INC CL A CL A SEDOL: BF2FJ99Common Stock4,801,126 
MONOLITHIC PWR SYS INC COM SEDOL: B01Z7J1Common Stock327,375 
MONTE ROSA THERAPEUTICS INC COM SEDOL: BP7KZP7Common Stock4,520 
MOODYS CORP COM SEDOL: 2252058Common Stock4,509,406 
17

MOOG INC CLA SEDOL: 2601218Common Stock90,053 
MOONLAKE IMMUNOTHERAPEUTICS COM SEDOL: BNG3F86Common Stock54,351 
MORPHIC HLDG INC COM SEDOL: BK8M4J4Common Stock72,547 
MSA SAFETY INC COM SEDOL: BKM4S16Common Stock335,803 
MURPHY USA INC COM SEDOL: BCZWJ63Common Stock773,022 
NATERA INC COM SEDOL: BYQRG48Common Stock286,766 
NCR ATLEOS CORPORATION COM USD0.01 WI SEDOL: BRRD6G8Common Stock60,895 
NCR VOYIX CORP COM STK USD0.01 SEDOL: 2632650Common Stock101,697 
NEOGENOMICS INC COM NEW COM NEW SEDOL: 2598246Common Stock98,601 
NETFLIX INC COM STK SEDOL: 2857817Common Stock9,718,612 
NEUROCRINE BIOSCIENCES INC COM SEDOL: 2623911Common Stock288,291 
NEXSTAR MEDIA GROUP INC COMMON STOCK SEDOL: 2949758Common Stock574,959 
NIKE INC CL B SEDOL: 2640147Common Stock5,339,690 
NOBLE CORPORATION PLC COM SEDOL: BN2QTL0Common Stock344,633 
NOVANTA INC NOVANTA INC SEDOL: BD8S5H8Common Stock702,775 
NURIX THERAPEUTICS INC COM SEDOL: BMVLGP2Common Stock20,010 
NUTANIX INC CL A CL A SEDOL: BYQBFTBCommon Stock746,301 
NUVALENT INC CL A CL A SEDOL: BMVBZD3Common Stock123,337 
NVIDIA CORP COM SEDOL: 2379504Common Stock25,996,574 
NV5 GLOBAL INC COMMON STOCK SEDOL: BF5ZVB2Common Stock130,899 
0 REILLY AUTOMOTIVE INC NEW COM USD0.01 SEDOL: B65LWX6Common Stock3,744,265 
OLIN CORP COM SEDOL: 2658526Common Stock383,800 
OMNICELL INC COM SEDOL: 2789523Common Stock103,332 
ONTO INNOVATION INC SEDOL: BKZ7N95Common Stock774,133 
OPTION CARE HEALTH INC COM NEW COM NEW SEDOL: BKM5C62Common Stock543,723 
ORMAT TECHNOLOGIES INC COM SEDOL: B03L311Common Stock270,722 
PACIRA BIOSCIENCES INC COM USD0.001 SEDOL: B3X26D8Common Stock110,870 
PALO ALTO NETWORKS INC COM USD0.0001 SEDOL: B87ZMX0Common Stock1,260,317 
PALOMAR HLDGS INC COM SEDOL: BJYLZK6Common Stock76,590 
PATRICK INDS INC COM SEDOL: 2673154Common Stock202,005 
PAYLOCITY HLDG CORP COM SEDOL: BKM4N88Common Stock169,466 
PAYONEER GLOBAL INC COM SEDOL: BLSPX60Common Stock187,550 
PBF ENERGY INC CL A CL A SEDOL: B7F4TJ7Common Stock36,091 
PENSKE AUTOMOTIVE GROUP INC COM STK SEDOL: 2943523Common Stock277,040 
PENUMBRA INC COM SEDOL: BZ0V201Common Stock316,186 
PERFICIENT INC COM STK SEDOL: 2442547Common Stock239,190 
PERFORMANCE FOOD GROUP CO COM SEDOL: BYVYD43Common Stock410,336 
PHOTRONICS INC COM SEDOL: 2687315Common Stock40,781 
PLIANT THERAPEUTICS INC COM SEDOL: BMDWW66Common Stock45,728 
POOL CORP COM STK SEDOL: 2781585Common Stock438,182 
POST HLDGS INC COM STK SEDOL: B6T0518Common Stock429,469 
POWER INTEGRATIONS INC COM SEDOL: 2133045Common Stock322,446 
POWERSCHOOL HLDGS INC CL A COM CL A COM SEDOL: BMGTPK9Common Stock259,184 
PRESTIGE CONSUMER HEALTHCARE INC COM SEDOL: B0650P3Common Stock203,618 
PRIMERICA INC COM SEDOL: B50K3X8Common Stock532,507 
PROCEPT BIOROBOTICS CORP COM SEDOL: BMYRFV6Common Stock211,394 
18

PROTHENA CORP PLC USD0.01 SEDOL: B91XRN2Common Stock188,241 
PTC INC COM SEDOL: B95N910Common Stock486,039 
PTC THERAPEUTICS INC COM SEDOL: B17VCN9Common Stock157,064 
PURE STORAGE INC CL A CL A SEDOL: BYZ62T3Common Stock36,908 
PVTPL CYMABAY THERAPEUTICS INC COM SEDOL: BJ3WDH3Common Stock125,351 
QUAKER CHEM CORP COM SEDOL: 2715186Common Stock160,065 
QUALYS INC COM USD0.001 SEDOL: B7XJTN8Common Stock694,831 
RAMBUS INC DEL COM SEDOL: 2721967Common Stock588,588 
RANGE RES CORP COM SEDOL: 2523334Common Stock107,057 
RAPID? INC COM SEDOL: BZ22CY6Common Stock267,742 
RBC BEARINGS INC COM SEDOL: B0GLYB5Common Stock617,642 
RED ROCK RESORTS INC CL A CL A SEDOL: BYY9947Common Stock181,322 
RELAY THERAPEUTICS INC COM SEDOL: BN2R582Common Stock88,575 
REPLIGEN CORP COM STK USD0.01 SEDOL: 2731654Common Stock438,892 
REPLIMUNE GROUP INC COM SEDOL: BDDVW37Common Stock49,981 
REVOLUTION MEDICINES INC COM SEDOL: BL71K91Common Stock81,250 
RHYTHM PHARMACEUTICALS INC COM SEDOL: BF2YWG4Common Stock113,040 
RIOT PLATFORMS INC COM NPV SEDOL: BD9F675Common Stock83,538 
RLI CORP COM SEDOL: 2719070Common Stock283,412 
ROCKET PHARMACEUTICALS INC COM USD0.01 SEDOL: BDFKQ07Common Stock110,979 
RYAN SPECIALTY HOLDINGS INC CL A COM USD0.001 CL A SEDOL: BNXKSK3Common Stock375,177 
SAIA INC COM STK SEDOL: 2982399Common Stock721,748 
SALESFORCE INC COM USD0.001 SEDOL: 2310525Common Stock10,511,917 
SCHOLAR ROCK HLDG CORP COM SEDOL: BFZQ0L8Common Stock85,521 
SELECTIVE INS GROUP INC COM SEDOL: 2766173Common Stock368,872 
SERVICENOW INC COM USD0.001 SEDOL: B80NXX8Common Stock7,959,316 
SERVISFIRST BANCSHARES INC COMMON STOCK SEDOL: BMH0MP5Common Stock229,207 
SHIFT4 PMTS INC CL A CL A SEDOL: BLF0L75Common Stock485,515 
SHOCKWAVE MED INC COM SEDOL: BHLNZ89Common Stock171,504 
SIMPLY GOOD FOODS CO COM SEDOL: BF27XF9Common Stock233,482 
SIMPSON MFG INC COM SEDOL: 2809250Common Stock683,427 
SITEONE LANDSCAPE SUPPLY INC COM SEDOL: BYQ7X81Common Stock421,850 
SKYLINE CHAMPION CORPORATION COM USD0.0277 SEDOL: 2814005Common Stock338,997 
SM ENERGY CO COM SEDOL: 2764188Common Stock196,620 
SMARTSHEET INC CL A CL A SEDOL: BFZND98Common Stock426,650 
SNOWFLAKE INC CL A CL A SEDOL: BN134B7Common Stock5,862,341 
SOUTHWESTERN ENERGY CO COM SEDOL: 2828619Common Stock328,345 
SPRINGWORKS THERAPEUTICS INC COM SEDOL: BGMGM89Common Stock64,715 
SPS COMM INC COM SEDOL: B57VWJ3Common Stock794,938 
SPX TECHNOLOGIES INC COM SEDOL: BQ1L7V3Common Stock527,575 
STERIS PLC ORD USD0.001 SEDOL: BFY8C75Common Stock410,020 
STONEX GROUP INC COM SEDOL: BMQ8XV3Common Stock305,952 
SUPER MICRO COMPUTER INC COM SEDOL: B1VQR35Common Stock79,877 
SUPERNUS PHARMACEUTICALS INC COM STK SEDOL: B72ZBG4Common Stock122,387 
SYMBOTIC INC COM USD0.0001 CLASS A SEDOL: BPG82M8Common Stock176,113 
TECHNIPFMC PLC COM USD1 SEDOL: BDSFG98Common Stock216,142 
TELEDYNE TECHNOLOGIES INC COM SEDOL: 2503477Common Stock318,651 
19

TEMPUR SEALY INTL INC COM SEDOL: 2216991Common Stock582,740 
TENABLE HLDGS INC COM SEDOL: BF?J7N6Common Stock388,240 
TENET HEALTHCARE CORP COM NEW. SEDOL: B8DMK08Common Stock522,113 
TERADATA CORP DEL COM STK SEDOL: B247H10Common Stock223,511 
TESLA INC COM USD0.001 SEDOL: B616C79Common Stock15,005,210 
TEXAS ROADHOUSE INC COMMON STOCK SEDOL: B033TJ7Common Stock744,503 
THE TRADE DESK INC COM CL A COM CL A SEDOL: BD8FDD1Common Stock4,058,112 
THRYV HLDGS INC COM NEW COM NEW SEDOL: BMCMWYSCommon Stock80,179 
TIDEWATER INC NEW COM SEDOL: BDFGDQ0Common Stock310,073 
TJX COS INC COM NEW SEDOL: 2989301Common Stock4,958,328 
TKO GROUP HLDGS INC COM SEDOL: BQBBFD1Common Stock277,209 
TOPBUILD CORP COM SEDOL: BZ0P3W2Common Stock1,021,730 
TORO CO COM SEDOL: 2897040Common Stock164,527 
TRANSMEDICS GROUP INC COM SEDOL: BK6TM04Common Stock200,640 
TRANSOCEAN LTD SEDOL: B3KFWW1Common Stock152,127 
TRAVEL+ LEISURE CO COM USD0.01 SEDOL: BMXYT16Common Stock111,367 
TYLER TECHNOLOGIES INC COM STK SEDOL: 2909644Common Stock405,158 
UBER TECHNOLOGIES INC COM USD0.00001 SEDOL: BK6N347Common Stock8,540,436 
UFP INDUSTRIES INC COM USD1.00 SEDOL: BMQ60Q1Common Stock788,956 
ULTRAGENYX PHARMACEUTICAL INC COM SEDOL: BJ62Z18Common Stock199,553 
UNITED PARKS & RESORTS INC SEDOL: B84KWJ4Common Stock108,354 
UNITEDHEALTH GROUP INC COM SEDOL: 2917766Common Stock7,270,551 
VALVOLINE INC COM SEDOL: BDG22J3Common Stock160,091 
VAXCYTE INC COM SEDOL: BKPVGH6Common Stock211,824 
VERRA MOBILITY CORP SEDOL: BFXX5X8Common Stock314,244 
VERTEX PHARMACEUTICALS INC COM SEDOL: 2931034Common Stock5,973,145 
VERTIV HOLDINGS LLC COM USD0.0001 SEDOL: BL3LWS8Common Stock473,864 
VISA INC COM CL A STK SEDOL: B2PZN04Common Stock12,885,503 
VISTEON CORP COM NEW COM NEW SEDOL: B4N0JJ6Common Stock273,031 
VONTIER CORP COM USD0.0001 WI SEDOL: BH4GV32Common Stock428,316 
WATSCO INC COM SEDOL: 2943039Common Stock319,210 
WATTS WTR TECHNOLOGIES INC SEDOL: 2943620Common Stock647,937 
WEATHERFORDINTLLTD COMMON STOCK SEDOL: BLNN369Common Stock917,841 
WENDYS CO COM SEDOL: B3NXMJ9Common Stock273,869 
WEST PHARMACEUTICAL SVCS INC COM SEDOL: 2950482Common Stock419,375 
WILLSCOT MOBILE MINI HLDGS CORP COM SEDOL: BMHL0Z4Common Stock352,084 
WINGSTOP INC COM SEDOL: BYYXHN4Common Stock692,509 
WOODWARD INC COM SEDOL: 2948089Common Stock538,939 
WORKIVA INC COM CL A COM CL A SEDOL: BSS6HY8Common Stock287,838 
XENCOR INC COM SEDOL: BGCYWN8Common Stock125,406 
XPO INC COM SEDOL: B6Z1355Common Stock605,422 
ZEBRA TECHNOLOGIES CORP CL A SEDOL: 2989356Common Stock88,559 
ZENTALIS PHARMACEUTICALS INC COM SEDOL: BMQ5T49Common Stock31,209 
10X GENOMICS INC CL A CL A SEDOL: BKS3RS7Common Stock347,624 
EQTY LIFESTYLE PPTYS INC REITCommon Stock195,960 
LIFE STORAGE INC COMCommon Stock— 
20

REXFORD INDL RLTY INC COMCommon Stock176,939 
RYMAN HOSPITALITY PPTYS INC COMCommon Stock— 
TERRENO RLTY CORPCommon Stock129,664 
1ST INDL RLTY TR INC COMCommon Stock285,155 
Nextera JVCommon Stock
633,384,780 
Mutual Funds:
 Dodge & Cox International Stock Fund  International Fund 170,933,420 
 Victory Sycamore Small Company Opportunity Fund Small U.S. Equity Fund 117,429,322 
288,362,742 
Collective Trust Funds:
 BlackRock MSCI ACWI ex-U.S. IMI Index Fund  Large U.S. Equity Fund 151,149,615 
* BlackRock LifePath Index 2025 NL CIT Fund  Target Maturity Fund 92,447,389 
* BlackRock LifePath Index 2030 NL CIT Fund  Target Maturity Fund 125,987,877 
* BlackRock LifePath Index 2035 NL CIT Fund  Target Maturity Fund 120,360,524 
* BlackRock LifePath Index 2040 NL CIT Fund  Target Maturity Fund 115,950,104 
* BlackRock LifePath Index 2045 NL CIT Fund  Target Maturity Fund 124,573,782 
* BlackRock LifePath Index 2050 NL CIT Fund  Target Maturity Fund 98,308,377 
* BlackRock LifePath Index 2055 NL CIT Fund  Target Maturity Fund 76,008,928 
* BlackRock LifePath Index 2060 NL CIT Fund  Target Maturity Fund 43,197,739 
* BlackRock LifePath Index 2065 NL CIT Fund  Target Maturity Fund 13,879,467 
* BlackRock LifePath Index Retirement NL CIT Fund  Target Maturity Fund 63,464,667 
 BlackRock Equity Index Fund  Large U.S. Equity Index Fund 655,392,766 
 BlackRock Extended Equity Market Fund  Mid-Cap Growth Fund 211,438,445 
 BlackRock U.S. Debt Index Fund Domestic Fixed Income/Intermediate Core Bond 96,897,205 
Boston Partners Large Cap Value Equity Fund Large U.S. Equity Fund 236,145,783 
 Harding Loevner International Equity Collective Fund  International Fund 45,717,346 
 * KeyBank EB MaGIC Fund  Stable Value Fund 153,474,422 
 PIMCO Diversified Real Asset CIT  Large U.S. Equity Fund 24,508,249 
 PIMCO SER International Institutional International Institutional Fund 9,775,811 
 PIMCO SER Investment Grade Portfolio Bond fund 38,815,669 
 PIMCO SER PVT Municipal Portfolio Municipal Value Fund 1,866,937 
 PIMCO SER Real Return Portfolio  Bond fund 5,835,155 
 PIMCO SER U S Government Sector Portfolio Government Mutual Fund 29,451,737 
 PIMCO PAPS Emerging Markets Portfolio Institutional  Emerging Markets Institutional Fund 6,748,235 
 PIMCO High Yield Portfolio Fund High Yield Fund 1,678,765 
 PIMCO PAPS Asset Backed Securities Asset-Backed Fund 24,300,992 
 PIMCO PAPS Mortgage Portfolio Institutional  Mortgage-Backed Institutional Fund 21,865,917 
 PIMCO Short Term Floating Nav II Fixed Income Fund 11,023,016 
2,600,264,919 
Money Market Funds:
Federated Government Obligations FundMoney Market Fund145,328,813 
Collective U.S. Government STIFMoney Market Fund6,920,842 
152,249,655 
Total assets held for investment purposes3,674,262,096 
*Loans to participants (interest rates from 4.25%-9.50% with various maturities)52,790,390 
 Total assets held for investment purposes$3,727,052,486 
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*Party-in-interest to the Plan.
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