# EDGAR Filing Document

**Accession Number:** 0000091576
**File Stem:** 0000091576-25-000092
**Filing Date:** 2025-6
**Character Count:** 69742
**Document Hash:** a1c76218d7bf1dab65299849bbe63193
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000091576-25-000092.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0000091576-25-000092

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KEYCORP /NEW/
- **CENTRAL INDEX KEY:** 0000091576
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 346542451
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11302
- **FILM NUMBER:** 251091595

**BUSINESS ADDRESS:**
- **STREET 1:** 127 PUBLIC SQ
- **CITY:** CLEVELAND
- **STATE:** OH
- **ZIP:** 44114-1306
- **BUSINESS PHONE:** 2166896300

**MAIL ADDRESS:**
- **STREET 1:** 127 PUBLIC SQ
- **CITY:** CLEVELAND
- **STATE:** OH
- **ZIP:** 44114-1306

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOCIETY CORP
- **DATE OF NAME CHANGE:** 19920703

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM 11-K**

[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2024

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From _______________To ______________ **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Commission file number 001-11302** 

**<u>KeyCorp 401(k) Savings Plan</u>**

(Full title of the plan)

**KeyCorp**

**127 Public Square**

**<u>Cleveland, Ohio 44114</u>**

(Name of issuer of the securities held

pursuant to the plan and the address

of its principal executive office)

<u>REQUIRED INFORMATION</u>

Item 4. Financial Statements and Supplemental Schedule for the Plan.&nbsp;&nbsp;&nbsp;&nbsp;

The KeyCorp 401(k) Savings Plan ("Plan") is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"). In lieu of the requirements of Items 1-3 of this form, the Plan is filing financial statements and a supplemental schedule prepared in accordance with the financial reporting requirements of ERISA. The Plan financial statements and supplemental schedule for the fiscal year ended December 31, 2024 are included as Exhibit 99.1 to this report on Form 11-K and are incorporated herein by reference. The Plan financial statements and schedule have been audited by Meaden & Moore, Ltd. Independent Registered Public Accounting Firm, and their report is included therein.

<u>EXHIBITS</u>

23.1 <u>[Consent of Independent Registered Public Accounting Firm, Meaden & Moore, Ltd.](ex23112312024meadenmooreltd.htm)</u>

99.1 <u>[Financial statements and supplemental schedule of the KeyCorp 401(k) Savings Plan for the fiscal year ended December 31, 2024, prepared in accordance with the financial reporting requirements of ERISA.](ex99112312024.htm)</u>

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SIGNATURES

Pursuant to the requirements of the Securities Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Date: | June 30, 2025 | By: | /s/ Stacy L. Gilbert |
|  |  |  | Stacy L. Gilbert, signing on behalf of |
|  |  |  | KeyCorp as sponsor of the KeyCorp 401(k) Savings Plan |
|  |  |  | Chief Accounting Officer |

---

## Exhibit 23.1

Exhibit 23.1

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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

We consent to the incorporation by reference in the Registration Statements on Form S-8 (File Numbers 333-49609 and 333-112225) with respect to the KeyCorp 401(k) Savings Plan (the "Plan") of our audit report dated June 30, 2025 with respect to the Plan's financial statements and supplemental schedule, included in Form 11-K for the Plan as of and for the years ended December 31, 2024 and 2023 and all references to our firm included in or made a part of the Registration Statement.

<u>/s/ Meaden & Moore, Ltd.</u>

Meaden & Moore, Ltd.

Cleveland, Ohio

June 30, 2025

## Exhibit 99.1

**Exhibit 99.1**

KEYCORP

401(k) SAVINGS PLAN

FINANCIAL STATEMENTS

AND SUPPLEMENTAL SCHEDULE

WITH

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

December 31, 2024

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| | |
|:---|:---|
| KeyCorp | KeyCorp |
| 401(k) Savings Plan | 401(k) Savings Plan |
| **INDEX** | **INDEX** |
|  | <u>Page</u> |
| Report of Independent Registered Public Accounting Firm | 1 |
| Financial Statements: |  |
| Statement of Net Assets Available for Benefits | 2 |
| Statement of Changes in Net Assets Available for Benefits | 3 |
| Notes to Financial Statements | 4-12 |
| Supplemental Schedule: |  |
| Schedule of Assets (Held at End of Year) | 13-21 |

---

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**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, 2024 and 2023, 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, 2024 and 2023, 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, 2024 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.

<u>/s/ Meaden & Moore, Ltd.</u>

Meaden & Moore, Ltd.

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

Cleveland, Ohio

June 30, 2025

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| | | |
|:---|:---|:---|
| STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS | STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS | STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS |
| KeyCorp | KeyCorp | KeyCorp |
| 401(k) Savings Plan | 401(k) Savings Plan | 401(k) Savings Plan |
|  | December 31, | December 31, |
|  | **<u>2024</u>** | <u>2023</u> |
| **ASSETS** |  |  |
| Investments, at fair value: |  |  |
| KeyCorp common stock (cost $77,997,717 and $84,499,559 at |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 and 2023, respectively) | $**118027908** | $108108014 |
| Other equity securities | **605935760** | 525276766 |
| Interest in mutual funds, money market funds and collective trusts at fair value | **3349046525** | 3040877316 |
| Total investments at Fair Value | **4073010193** | 3674262096 |
| Receivables: |  |  |
| Notes receivable from participants | **56378833** | 52790390 |
| Receivable - Interest and dividends | **754112** | 1050376 |
| Total Receivables | **57132945** | 53840766 |
| Total Assets | **4130143138** | 3728102862 |
| **LIABILITIES** |  |  |
| Payables - administrative and other expenses | **1011519** | 1118646 |
| Total Liabilities | **1011519** | 1118646 |
| **NET ASSETS AVAILABLE FOR BENEFITS** | $**4129131619** | $3726984216 |

---

See accompanying notes to financial statements.

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| | | |
|:---|:---|:---|
| STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS | STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS | STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS |
| KeyCorp | KeyCorp | KeyCorp |
| 401(k) Savings Plan | 401(k) Savings Plan | 401(k) Savings Plan |
|  | Year Ended December 31, | Year Ended December 31, |
|  | **<u>2024</u>** | <u>2023</u> |
| Additions to Net Assets Attributed to: |  |  |
| Contributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Employer | $**101218868** | $99845649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Participants | **146537004** | 147835047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollovers | **23485517** | 20623293 |
| Total Contributions | **271241389** | 268303989 |
| Interest on participant notes receivable | **3840209** | 2823048 |
| Investment Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from KeyCorp common stock | **5918845** | 6427660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from other equity securities | **2443905** | 1713648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income from mutual funds, money market funds and collective <br>&nbsp;&nbsp;&nbsp;&nbsp; trusts | **16872890** | 18859593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain and unrealized appreciation  | **517261154** | 555823654 |
| Total Investment Income | **542496794** | 582824555 |
| Deductions from Net Assets Attributed to: |  |  |
| Participant withdrawals | **410219376** | 389230264 |
| Administrative and other expenses | **5211613** | 6357687 |
| Total Deductions | **415430989** | 395587951 |
| Net Increase  | **402147403** | 458363641 |
| Net Assets Available for Benefits: |  |  |
| Beginning of Year | **3726984216** | 3268620575 |
| End of Year | $**4129131619** | $3726984216 |

---

See accompanying notes to the financial statements.

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| |
|:---|
| NOTES TO FINANCIAL STATEMENTS |
| KeyCorp |
| 401(k) Savings Plan |

---

**1**&nbsp;&nbsp;&nbsp;&nbsp;**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 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 2024 and 2023, dividends of $734,602 and $882,642, 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.

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| |
|:---|
| 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 2024 and 2023 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 (2024 and 2023), 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 their 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:***

After satisfying the eligibility requirements, Key matches dollar-for-dollar up to 7% of the participant's contributions to the Plan. 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 2024 and 2023 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.

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| |
|:---|
| 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 2024 or 2023.

***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, 2024, and December 31, 2023, the Plan's investments included $257,159 and $499,001 of Plan forfeitures, respectively. During 2024, $559,815 in forfeitures were used to offset Employer contributions. During 2023, no 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.

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| |
|:---|
| 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.&nbsp;&nbsp;&nbsp;&nbsp;

**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, 2024, and December 31, 2023. The closing market price of KeyCorp's Common Stock at December 31, 2024, and December 31, 2023, was $17.14 and $14.40, 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.

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| |
|:---|
| NOTES TO FINANCIAL STATEMENTS |
| KeyCorp |
| 401(k) Savings Plan |

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**2Summary of Significant Accounting Policies, Continued**

*Mutual Funds*

Closing market price as quoted per a third-party valuation service as of December 31, 2024 and December 31, 2023. 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.

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| |
|:---|
| NOTES TO FINANCIAL STATEMENTS |
| KeyCorp |
| 401(k) Savings Plan |

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**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.

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| |
|:---|
| NOTES TO FINANCIAL STATEMENTS |
| KeyCorp |
| 401(k) Savings Plan |

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**2&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;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, 2024, 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&nbsp;&nbsp;&nbsp;&nbsp;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

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| |
|:---|
| NOTES TO FINANCIAL STATEMENTS |
| KeyCorp |
| 401(k) Savings Plan |

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**4&nbsp;&nbsp;&nbsp;&nbsp;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.

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| |
|:---|
| NOTES TO FINANCIAL STATEMENTS |
| KeyCorp |
| 401(k) Savings Plan |

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***&nbsp;&nbsp;&nbsp;&nbsp;***

**4&nbsp;&nbsp;&nbsp;&nbsp;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, 2024, and December 31, 2023.

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| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;KeyCorp Common Stock | $**118027908** | **—** | **—** | $**118027908** |
| &nbsp;&nbsp;&nbsp;Other Equity Securities | **605935760** |  |  | **605935760** |
| Mutual Funds | **257861940** | **—** | **—** | **257861940** |
| Money Market Funds | **—** | $**158933767** | **—** | **158933767** |
| Collective Trust Funds, Mutual Funds and other investments measured at net asset value <sup>(a)</sup> | **—** | **—** | **—** | **2932250818** |
|  | $**981825608** | $**158933767** | **—** | $**4073010193** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2023** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;KeyCorp common stock | $**108108014** | **—** | **—** | $**108108014** |
| &nbsp;&nbsp;&nbsp;Other equity securities | **525276766** |  |  | **525276766** |
| Mutual Funds | **288362742** | **—** | **—** | **288362742** |
| Money Market Funds | **—** | $**152249655** | **—** | **152249655** |
| Collective Trust Funds, Mutual Funds and other investments measured at net asset value <sup>(a)</sup> | **—** | **—** | **—** | **2600264919** |
|  | $**921747522** | $**152249655** | **—** | $**3674262096** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> 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&nbsp;&nbsp;&nbsp;&nbsp;Party-in-Interest Transactions**

During 2024 and 2023, the Plan received $5,918,845 and $6,427,660 respectively, in KeyCorp common stock dividends.

During the year ended December 31, 2024, the Plan purchased 200,778 shares of KeyCorp common stock for $2,793,849 and sold 779,580 shares of common stock of KeyCorp for $12,549,244. 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 KeyCorp common stock for $6,684,345. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| SCHEDULE OF ASSETS (HELD AT END OF YEAR) | SCHEDULE OF ASSETS (HELD AT END OF YEAR) | SCHEDULE OF ASSETS (HELD AT END OF YEAR) | SCHEDULE OF ASSETS (HELD AT END OF YEAR) | SCHEDULE OF ASSETS (HELD AT END OF YEAR) |
| Form 5500, Schedule H, Part IV, Line 4i | Form 5500, Schedule H, Part IV, Line 4i | Form 5500, Schedule H, Part IV, Line 4i | Form 5500, Schedule H, Part IV, Line 4i | Form 5500, Schedule H, Part IV, Line 4i |
| KeyCorp | KeyCorp | KeyCorp | KeyCorp | KeyCorp |
| 401(k) Savings Plan | 401(k) Savings Plan | 401(k) Savings Plan | 401(k) Savings Plan | 401(k) Savings Plan |
| EIN 34-6542451 | EIN 34-6542451 | EIN 34-6542451 | EIN 34-6542451 | EIN 34-6542451 |
| Plan Number 002 | Plan Number 002 | Plan Number 002 | Plan Number 002 | Plan Number 002 |
| December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| (a) | (b) | (c) | (d) | (e) |
|  | Identity of Issuer, Borrower, Lessor, or Similar Party | Description of Investment, Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value | Cost | Current Value |
|  | Equity Securities: |  |  |  |
| \* | KeyCorp common stock | Common Stock |  | $118027908 |
|  | CANADA - DESCARTES SYS GROUP INC COM SEDOL: 2528834 | Common Stock |  | 806560 |
|  | DENMARK - ADR ASCENDIS PHARMA NS SPONSORED ADR SEDOL: BV9G6B8 | Common Stock |  | 68835 |
|  | DENMARK - ADR NOVO-NORDISK AS ADR SEDOL: 2651202 | Common Stock |  | 5919380 |
|  | GERMANY - ADIDAS AG SEDOL: 4031976 | Common Stock |  | 3780838 |
|  | ISRAEL - SAPIENS INTERNATIONAL CORP NV COM EUR0.01 SEDOL: BFYZGX0 | Common Stock |  | 195640 |
|  | UK - ADR ASTRAZENECA PLC SPONSORED ADR UNITEDKINGDOM SEDOL: 2989044 | Common Stock |  | 4562682 |
|  | #REORG/CONSOL ENERGY CHANGE CORE NATURAL 241HAQ4 01-15-2025 SEDOL: BF4L070 | Common Stock |  | 257205 |
|  | AAON INC COM PAR $0.004 COM PAR $0.004 SEDOL: 2268130 | Common Stock |  | 561334 |
|  | ABBOTT LAB COM SEDOL: 2002305 | Common Stock |  | 2556060 |
|  | ABERCROMBIE & FITCH CO CL A CL A SEDOL: 2004185 | Common Stock |  | 721641 |
|  | ACADEMY SPORTS & OUTDOORS INC COM SEDOL: BN7K304 | Common Stock |  | 203081 |
|  | ACADIA PHARMACEUTICALS INC COM SEDOL: 2713317 | Common Stock |  | 90796 |
|  | ACI WORLDWIDE INC COM STK SEDOL: 2889155 | Common Stock |  | 411542 |
|  | ADDUS HOMECARE CORP COM STK SEDOL: B55BN47 | Common Stock |  | 256341 |
|  | ADMA BIOLOGICS INC COM SEDOL: B9NSBM2 | Common Stock |  | 344972 |
|  | ADOBE INC COM SEDOL: 2008154 | Common Stock |  | 6617728 |
|  | ADVANCED ENERGY INDS INC COM SEDOL: 2049175 | Common Stock |  | 222588 |
|  | ADVANCED MICRO DEVICES INC COM SEDOL: 2007849 | Common Stock |  | 6350051 |
|  | AFFILIATED MANAGERS GROUP INC COM STK SEDOL: 2127899 | Common Stock |  | 232814 |
|  | AGILYSYS INC COM STK SEDOL: 2689162 | Common Stock |  | 488644 |
|  | AGIOS PHARMACEUTICALS INC COM SEDOL: BCBVTX1 | Common Stock |  | 137355 |
|  | AIRBNB INC CL A COM USD0.0001 CL A SEDOL: BMGYYH4 | Common Stock |  | 4984381 |
|  | AKERO THERAPEUTICS INC COM SEDOL: BK7Y2V9 | Common Stock |  | 168033 |
|  | ALKERMES PLC SHS SEDOL: B3P6D26 | Common Stock |  | 393149 |
|  | ALPHA METALLURGICAL RES INC COM SEDOL: BMFND53 | Common Stock |  | 193516 |
|  | ALPHABET INC CAP STK USD0.001 CL C SEDOL: BYY88Y7 | Common Stock |  | 12108366 |
|  | ALPHABET INC CAPITAL STOCK USD0.001 CL A SEDOL: BYVY8G0 | Common Stock |  | 12133373 |
|  | AMAZON COM INC COM SEDOL: 2000019 | Common Stock |  | 39875888 |
|  | AMICUS THERAPEUTICS INC COM SEDOL: B19FQ48 | Common Stock |  | 111439 |

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| | | |
|:---|:---|:---|
| AMPHASTAR PHARMACEUTICALS INC DEL COM SEDOL: BNFWZS4 | Common Stock | 194079 |
| ANALOG DEVICES INC COM SEDOL: 2032067 | Common Stock | 4332484 |
| API GROUP CORPORATION COM USD0.0001 SEDOL: BMBPH06 | Common Stock | 688142 |
| APPLE INC COM STK SEDOL: 2046251 | Common Stock | 31591234 |
| APPLIED INDL TECHNOLOGIES INC COM SEDOL: 2086309 | Common Stock | 646090 |
| APPLOVIN CORP COM CL A COM CL A SEDOL: BMV3LG4 | Common Stock | 1530744 |
| ARCBEST CORP COM USD0.01 SEDOL: BLTFST7 | Common Stock | 46660 |
| ARCELLX INC COM SEDOL: BPCJ1Q2 | Common Stock | 172859 |
| ARVINAS INC COM SEDOL: BDZ30Q0 | Common Stock | 145117 |
| ASBURY AUTOMOTIVE GROUP INC COM SEDOL: 2855855 | Common Stock | 161372 |
| ASGN INCORPORATED COMN STK USD0.01 SEDOL: BFY8W20 | Common Stock | 265771 |
| ATI INC COM SEDOL: 2526117 | Common Stock | 566912 |
| ATLAS ENERGY SOLUTIONS INC NEW CL A SEDOL: BL6JGD2 | Common Stock | 130751 |
| ATMUS FILTRATION TECHNOLOGIES INC COM SEDOL: BNRR1B2 | Common Stock | 585467 |
| AURORA INNOVATION INC CL A COM SEDOL: BMF0P92 | Common Stock | 93870 |
| AVIDITY BIOSCIENCES INC COM SEDOL: BMWHPY1 | Common Stock | 286642 |
| AXALTA COATING SYSTEMS LTD COM USD1.00 SEDOL: BSFWCF5 | Common Stock | 530136 |
| AXCELIS TECHNOLOGIES INC COM NEW COM NEW SEDOL: BD420Q8 | Common Stock | 340337 |
| AZEK CO INC CL A CL A SEDOL: BKPVG43 | Common Stock | 720452 |
| A10 NETWORKS INC COM SEDOL: BKQVBN6 | Common Stock | 218960 |
| BADGER METER INC COM SEDOL: 2069128 | Common Stock | 378846 |
| BALCHEM CORP COM SEDOL: 2072074 | Common Stock | 331043 |
| BANCORP INC DEL COM STK SEDOL: B05BRL7 | Common Stock | 408514 |
| BEAM THERAPEUTICS INC COM SEDOL: BK6L288 | Common Stock | 52080 |
| BELDEN INC COM SEDOL: B01WL78 | Common Stock | 642215 |
| BELLRING BRANDS INC COM USD0.01 SEDOL: BN70ZC0 | Common Stock | 618767 |
| BIOHAVEN LTD COM NPV WI SEDOL: BPLZ7S5 | Common Stock | 344292 |
| BLACKBAUD INC COM SEDOL: 2458878 | Common Stock | 268625 |
| BLACKLINE INC COM SEDOL: BD3WZS6 | Common Stock | 133672 |
| BLOCK H & R INC COM SEDOL: 2105505 | Common Stock | 412733 |
| BLOOMIN BRANDS INC COM SEDOL: B847RJ0 | Common Stock | 61599 |
| BLUE OWL CAP INC COM CL A SEDOL: BN7CQS9 | Common Stock | 464479 |
| BLUEPRINT MEDICINES CORP COM SEDOL: BWY52P3 | Common Stock | 398595 |
| BOEING CO COM SEDOL: 2108601 | Common Stock | 5360976 |
| BOISE CASCADE CO COM SEDOL: B9BP4R1 | Common Stock | 298457 |
| BOOZ ALLEN HAMILTON HLDG CORP CL A COM STK SEDOL: B5367T7 | Common Stock | 393951 |
| BOX INC CL A CL A SEDOL: BVB3BV2 | Common Stock | 255265 |
| BOYD GAMING CORP COM SEDOL: 2117232 | Common Stock | 405644 |
| BRAZE INC CL A CL A SEDOL: BPLQR66 | Common Stock | 296887 |
| BRIDGEBIO PHARMA INC COM SEDOL: BK1KWG8 | Common Stock | 241472 |
| BRIGHT HORIZONS FA COM USD0.001 SEDOL: B7MJWP2 | Common Stock | 256839 |
| BRINKER INTL INC COM SEDOL: 2193544 | Common Stock | 231508 |
| BRINKS CO COM SEDOL: 2691305 | Common Stock | 406147 |
| BROADCOM INC COM SEDOL: BDZ78H9 | Common Stock | 23001542 |
| BROADRIDGE FINL SOLUTIONS INC COM STK SEDOL: B1VP7R6 | Common Stock | 307482 |
| BRUNSWICK CORP COM SEDOL: 2149309 | Common Stock | 105622 |

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| | | |
|:---|:---|:---|
| BUILDERS FIRSTSOURCE INC COM STK SEDOL: B0BV2M7 | Common Stock | 173517 |
| BWX TECHNOLOGIES INC COM SEDOL: BZ0W624 | Common Stock | 370595 |
| CABOT CORP COM SEDOL: 2162500 | Common Stock | 377110 |
| CACI INTL INC CL A CL A SEDOL: 2159267 | Common Stock | 108692 |
| CADENCE DESIGN SYS INC COM SEDOL: 2302232 | Common Stock | 7727230 |
| CADRE HLDGS INC COM SEDOL: BKVKB49 | Common Stock | 119316 |
| CARPENTER TECHNOLOGY CORP COM SEDOL: 2177504 | Common Stock | 288507 |
| CARS COM INC COM SEDOL: BYXHTC0 | Common Stock | 114915 |
| CARVANA CO CL A CL A SEDOL: BYQHPG3 | Common Stock | 272502 |
| CASELLA WASTE SYS INC CL A COM STK SEDOL: 2120490 | Common Stock | 463236 |
| CASEYS GEN STORES INC COM SEDOL: 2179414 | Common Stock | 458834 |
| CATALYST PHARMACEUTICALS INC COM STK USD0.001 STK SEDOL: B1G7Q03 | Common Stock | 230196 |
| CAVCO INDS INC DEL COM STK SEDOL: 2787022 | Common Stock | 411424 |
| CBIZ INC COM SEDOL: 2730781 | Common Stock | 509392 |
| CCC INTELLIGENT SOLUTIONS HLDGS INC COM SEDOL: BP4CXL8 | Common Stock | 646898 |
| CELLDEX THERAPEUTICS INC NEW | Common Stock | 148992 |
| CENTRUSENERGYCORPCLACOM SEDOL: BQXKDH6 | Common Stock | 124627 |
| CHAMPION HOMES INC SEDOL: 2814005 | Common Stock | 281480 |
| CHARLES RIV LABORATORIES INTL INC COM SEDOL: 2604336 | Common Stock | 183492 |
| CHOICE HOTELS INTL INC COM SEDOL: 2106780 | Common Stock | 87744 |
| CHURCHILL DOWNS INC COM SEDOL: 2194105 | Common Stock | 370974 |
| CIRRUS LOGIC INC COM SEDOL: 2197308 | Common Stock | 345543 |
| CLEAN H8RS INC COM SEDOL: 2202473 | Common Stock | 463272 |
| CLEANSPARK INC COM NEW COM NEW SEDOL: 8JDRX78 | Common Stock | 58944 |
| CNX RESOURCES CORPORATION COM SEDOL: 8F3FTF4 | Common Stock | 358963 |
| COCA-COLA CONSOLIDATED INC COM SEDOL: 2206721 | Common Stock | 825293 |
| COMFORT SYS USA INC COM SEDOL: 2036047 | Common Stock | 214574 |
| COMMVAULT SYS INC COM STK SEDOL: 8142838 | Common Stock | 659628 |
| CONCENTRA GROUP HLDGS PARENT INC COM SEDOL: 8SWW195 | Common Stock | 91858 |
| CONMED CORP COM SEDOL: 2216010 | Common Stock | 88014 |
| CORE & MAIN INC COM CL A COM CL A SEDOL: 8NXKS92 | Common Stock | 82525 |
| CORVEL CORP COM SEDOL: 2347277 | Common Stock | 659549 |
| COSTCO WHOLESALE CORP NEW COM SEDOL: 2701271 | Common Stock | 10352935 |
| CRANE CO NEW COM SEDOL: 8NYD4F8 | Common Stock | 389694 |
| CREDO TECHNOLOGY GROUP HOLDING LTD SEDOL: 8LD13F2 | Common Stock | 396405 |
| CRINETICS PHARMACEUTICALS INC COM SEDOL: 8DD19F8 | Common Stock | 446212 |
| CROCS INC COM SEDOL: 80T7Z62 | Common Stock | 227056 |
| CROWDSTRIKE HLDGS INC CL A CL A SEDOL: 8JJP138 | Common Stock | 5825274 |
| CSW INDUSTRIALS INC COM SEDOL: 8YQD1J6 | Common Stock | 691488 |
| CURTISS WRIGHT CORP COM SEDOL: 2241205 | Common Stock | 698384 |
| CYTOKINETICS INC COMMON STOCK SEDOL: BBBSBJ5 | Common Stock | 334266 |
| DATADOG INC COM USD0.00001 CL A SEDOL: BKT9Y49 | Common Stock | 4581482 |
| DECKERS OUTDOOR CORP COM SEDOL: 2267278 | Common Stock | 353377 |
| DENALI THERAPEUTICS INC COM SEDOL: BD2B4V0 | Common Stock | 184194 |
| DEXCOM INC COM SEDOL: B0796X4 | Common Stock | 2985435 |
| DICKS SPORTING GOODS INC OC-COM OC-COM SEDOL: 2969637 | Common Stock | 344175 |
| DIODES INC COM SEDOL: 2270500 | Common Stock | 355836 |
| DISC MEDICINE INC COM SEDOL: BMGJZJ8 | Common Stock | 164143 |
| DOMINOS PIZZA INC COM SEDOL: B01SD70 | Common Stock | 196028 |

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| | | |
|:---|:---|:---|
| DONNELLEY FINL SOLUTIONS INC COM SEDOL: BYND5T7 | Common Stock | 341690 |
| DOUBLEVERIFY HLDGS INC COM SEDOL: BMDX9Z7 | Common Stock | 300829 |
| DUOLINGO INC CL A COM CL A COM SEDOL: BMCM6P4 | Common Stock | 699364 |
| DYCOM INDS INC COM SEDOL: 2289841 | Common Stock | 212875 |
| DYNATRACE INC COM SEDOL: BJV2RD9 | Common Stock | 377678 |
| DYNE THERAPEUTICS INC COM SEDOL: BN15WD1 | Common Stock | 90494 |
| E L F BEAUTY INC COM SEDOL: BDDQ975 | Common Stock | 326430 |
| EAGLE MATLS INC COM SEDOL: 2191399 | Common Stock | 563600 |
| EATON CORP PLC COM USD0.50 SEDOL: B8KQN82 | Common Stock | 3822147 |
| EDWARDS LIFESCIENCES CORP COM SEDOL: 2567116 | Common Stock | 2570988 |
| ELEMENT SOLUTION INC COM SEDOL: BJ1C2K1 | Common Stock | 180502 |
| ELI LILLY & CO COM SEDOL: 2516152 | Common Stock | 12754212 |
| EMCOR GROUP INC COM SEDOL: 2474164 | Common Stock | 369475 |
| ENCOMPASS HEALTH CORP COM USD0.01 SEDOL: BYX2YJ7 | Common Stock | 930149 |
| ENDEAVOR GROUP HOLDINGS INC COM 0.00001 CL A SEDOL: BJQ05Y5 | Common Stock | 531742 |
| ENSIGN GROUP INC COM STK SEDOL: B1YWPP8 | Common Stock | 856416 |
| ENTEGRIS INC COM SEDOL: 2599700 | Common Stock | 252207 |
| EPLUS INC COM SEDOL: 2597748 | Common Stock | 134609 |
| ESAB CORPORATION COM USD0.001 WI SEDOL: BJLTMN5 | Common Stock | 731634 |
| EURONET WORLDWIDE INC COM SEDOL: 2320148 | Common Stock | 409098 |
| EVERTEC INC COM SEDOL: B7KY3Z6 | Common Stock | 206628 |
| EVOLENT HEALTH INC CL A CL A SEDOL: BYLY8H1 | Common Stock | 67916 |
| EXACT SCIENCES CORP COM SEDOL: 2719951 | Common Stock | 323767 |
| EXELIXIS INC COM STK SEDOL: 2576941 | Common Stock | 528971 |
| EXLSERVICE COM INC COM STK SEDOL: B07LST0 | Common Stock | 726456 |
| EXPAND ENERGY CORP SEDOL: BMZ5LZ5 | Common Stock | 238920 |
| EXPRO GROUP HOLDINGS N.V SEDOL: BCRY5H0 | Common Stock | 58110 |
| EXTREME NETWORKS INC COM SEDOL: 2407052 | Common Stock | 99285 |
| FABRINET COM USD0.01 SEDOL: B4JSZL8 | Common Stock | 812017 |
| FAIR ISAAC CORPORATION COM SEDOL: 2330299 | Common Stock | 529587 |
| FEDERAL SIGNAL CORP COM SEDOL: 2333986 | Common Stock | 613377 |
| FIRST ADVANTAGE CORP NEW COM SEDOL: BNKGY06 | Common Stock | 147517 |
| FIRST BANCORP P R COM NEW COM NEW SEDOL: 2296926 | Common Stock | 413683 |
| FLUOR CORP NEW COM SEDOL: 2696838 | Common Stock | 123300 |
| FORMFACTOR INC COM STK SEDOL: 2891826 | Common Stock | 226160 |
| FORTINET INC COM SEDOL: B5B2106 | Common Stock | 168647 |
| FRONTDOOR INC COM SEDOL: BFYF094 | Common Stock | 415328 |
| FTAI AVIATION LTD COM USD0.01 SEDOL: BLKFTK4 | Common Stock | 455743 |
| FTI CONSULTING INC COM SEDOL: 2351449 | Common Stock | 443230 |
| GE AEROSPACE SEDOL: BL59CR9 | Common Stock | 3549625 |
| GLOBANT SA USD1.20 SEDOL: BP40HF4 | Common Stock | 491879 |
| GLOBUS MED INC CL A NEW COM STK SEDOL: B7D65M0 | Common Stock | 796084 |
| GOLDMAN SACHS GROUP INC COM SEDOL: 2407966 | Common Stock | 2385535 |
| GRAND CANYON ED INC COM STK SEDOL: B3F1XM1 | Common Stock | 430466 |
| GRAPHIC PACKAGING HLDG CO COM STK SEDOL: B2Q8249 | Common Stock | 76510 |
| GREEN BRICK PARTNERS INC COM SEDOL: BS7T2R6 | Common Stock | 302730 |
| GRIFFON CORP COM SEDOL: 2463344 | Common Stock | 252225 |
| GROUP 1 AUTOMOTIVE INC COM SEDOL: 2121352 | Common Stock | 333391 |
| GULFPORT ENERGY CORP COM USD0.01 SEDOL: BND7X43 | Common Stock | 191015 |
| GXO LOGISTICS INC COM SEDOL: BNNTGF1 | Common Stock | 289275 |
| HAEMONETICS CORP MASS COM SEDOL: 2401195 | Common Stock | 246655 |

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| | | |
|:---|:---|:---|
| HALOZYME THERAPEUTICS INC COM SEDOL: 2975098 | Common Stock | 532842 |
| HAMILTON LANE INC CL A CL A SEDOL: BF0SR29 | Common Stock | 179141 |
| HERC HLDGS INC COM SEDOL: BZBZ020 | Common Stock | 151653 |
| HEXCEL CORP NEW COM SEDOL: 2416779 | Common Stock | 81510 |
| HILTON GRAND VACATIONS INC COM SEDOL: BYSLHX4 | Common Stock | 200787 |
| HILTON WORLDWIDE HLDGS INC COM NEW COM NEW SEDOL: BYVMW06 | Common Stock | 3824801 |
| HIMS & HERS HEALTH INC COM CL A COM SEDOL: BN46048 | Common Stock | 70122 |
| HOME DEPOT INC COM SEDOL: 2434209 | Common Stock | 7540960 |
| IDEAYA BIOSCIENCES INC COM SEDOL: BK0VHF6 | Common Stock | 133203 |
| IMMUNOVANT INC COM SEDOL: BJRFSB7 | Common Stock | 42357 |
| IMPINJ INC COM SEDOL: BYYGJZ9 | Common Stock | 241858 |
| INSMED INC COM PAR $.01 SEDOL: 2614487 | Common Stock | 765654 |
| INSTALLED BLDG PRODS INC COM SEDOL: BJSP4C9 | Common Stock | 312821 |
| INTERDIGITAL INC COM SEDOL: 2465737 | Common Stock | 217160 |
| INTERPARFUMS INC SEDOL: 2473150 | Common Stock | 162678 |
| INTRA-CELLULAR THERAPIES INC COM SEDOL: BHCB0P4 | Common Stock | 433469 |
| INTUITIVE SURGICAL INC COM NEW STK SEDOL: 2871301 | Common Stock | 5517117 |
| IONIS PHARMACEUTICALS INC COM SEDOL: BDJ0LS6 | Common Stock | 275660 |
| IONQ INC COM SEDOL: BP484B3 | Common Stock | 199368 |
| IOVANCE BIOTHERAPEUTICS INC COM SEDOL: BF0DMK7 | Common Stock | 80830 |
| IRIDIUM COMMUNICATIONS INC COM STK SEDOL: B2QH310 | Common Stock | 482690 |
| JANUX THERAPEUTICS INC COM SEDOL: BMFX8Y7 | Common Stock | 32124 |
| KADANT INC COM SEDOL: 2769978 | Common Stock | 630987 |
| KEYSIGHT TECHNOLOGIES INC COM SEDOL: BQZJ0Q9 | Common Stock | 4891826 |
| KINSALE CAP GROUP INC COM SEDOL: BD1MGQ3 | Common Stock | 84654 |
| KIRBY CORP COM SEDOL: 2493534 | Common Stock | 306397 |
| KRYSTAL BIOTECH INC COM SEDOL: BD6JX35 | Common Stock | 199585 |
| KULICKE & SOFFA INDS INC COM SEDOL: 2498001 | Common Stock | 114037 |
| KYMERA THERAPEUTICS INC COM SEDOL: BMPRZV5 | Common Stock | 282093 |
| LANDSTAR SYS INC COM SEDOL: 2503994 | Common Stock | 183718 |
| LANTHEUS HLDGS INC COM SEDOL: BP8S8J5 | Common Stock | 620047 |
| LAUREATE ED INC COM CL A SEDOL: BYMYT66 | Common Stock | 276691 |
| LEMAITRE VASCULAR INC COM STK SEDOL: B1G6TJO | Common Stock | 237261 |
| LEONARDO DRS INC COM SEDOL: BNSNZQ2 | Common Stock | 248141 |
| LIBERTY ENERGY INC COM USD0.01 CL A SEDOL: BDCWFT8 | Common Stock | 155321 |
| LIGHT & WONDER INC COM USD0.001 SEDOL: 2919290 | Common Stock | 640421 |
| LINCOLN ELEC HLDGS INC COM SEDOL: 2516851 | Common Stock | 305576 |
| LITTELFUSE INC COM SEDOL: 2531832 | Common Stock | 102979 |
| LOAR HOLDINGS INC COM SEDOL: BLDCK32 | Common Stock | 87583 |
| LOUISIANA-PACIFIC CORP COM SEDOL: 2535243 | Common Stock | 774968 |
| MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC COM STK SEDOL: B5B15Y5 | Common Stock | 591220 |
| MADRIGAL PHARMACEUTICALS INC COM SEDOL: BD59BS7 | Common Stock | 226799 |
| MANHATTAN ASSOCS INC COM SEDOL: 2239471 | Common Stock | 525347 |
| MARA HOLDINGS INC COM USD0.0001 SEDOL: BLR?B52 | Common Stock | 202146 |
| MARRIOTT INTL INC NEW COM STK CL A SEDOL: 2210614 | Common Stock | 3119944 |
| MASTERCARD INC CL A SEDOL: B121557 | Common Stock | 12377554 |
| MATADOR RES CO COM SEDOL: B7MSLL8 | Common Stock | 416043 |
| MATTEL INC COM STOCK SEDOL: 2572303 | Common Stock | 350682 |
| MEDPACE HLDGS INC COM SEDOL: BDCBC61 | Common Stock | 216282 |
| MERCADOLIBRE INC COM STK SEDOL: B23X1H3 | Common Stock | 6102879 |
| MERIT MED SYS INC COM SEDOL: 2580555 | Common Stock | 689807 |

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| | | |
|:---|:---|:---|
| MERUS B V MERUS NV SEDOL: BZBY005 | Common Stock | 75354 |
| META PLATFORMS INC COM USD0.000006 CL 'A' SEDOL: B7TL820 | Common Stock | 28398992 |
| MICROSOFT CORP COM SEDOL: 2588173 | Common Stock | 28321428 |
| MICROSTRATEGY INC CL A NEW CL A NEW SEDOL: 2974329 | Common Stock | 183909 |
| MIRUM PHARMACEUTICALS INC COM SEDOL: BJDX8Y8 | Common Stock | 154566 |
| MKS INSTRS INC COM SEDOL: 2404871 | Common Stock | 272040 |
| MLP VIPER ENERGY INC SEDOL: BR1YSF0 | Common Stock | 724715 |
| MODINE MFG CO COM STK SEDOL: 2598354 | Common Stock | 226643 |
| MOLINA HEALTHCARE INC COM SEDOL: 2212706 | Common Stock | 222071 |
| MONOLITHIC PWR SYS INC COM SEDOL: B01Z7J1 | Common Stock | 140825 |
| MONTE ROSA THERAPEUTICS INC COM SEDOL: BP7KZP7 | Common Stock | 42841 |
| MOODYS CORP COM SEDOL: 2252058 | Common Stock | 5486832 |
| MOOG INC CLA SEDOL: 2601218 | Common Stock | 63973 |
| MOONLAKE IMMUNOTHERAPEUTICS COM SEDOL: BNG3F86 | Common Stock | 210914 |
| MP MATERIALS CORP COM USD0.0001 CL A SEDOL: BN15Y35 | Common Stock | 326648 |
| MR COOPER GROUP INC COM USD0.01 SEDOL: BGHKHS1 | Common Stock | 622913 |
| MSA SAFETY INC COM SEDOL: BKM4S16 | Common Stock | 249318 |
| MUELLER INDS INC COM SEDOL: 2609717 | Common Stock | 156419 |
| MURPHY USA INC COM SEDOL: BCZWJ63 | Common Stock | 1087794 |
| NATERA INC COM SEDOL: BYQRG48 | Common Stock | 385777 |
| NETFLIX INC COM STK SEDOL: 2857817 | Common Stock | 19078705 |
| NEUROCRINE BIOSCIENCES INC COM SEDOL: 2623911 | Common Stock | 262217 |
| NEXSTAR MEDIA GROUP INC COMMON STOCK SEDOL: 2949758 | Common Stock | 398400 |
| NEXTRACKER INC CL A COM USD0.0001 CL A SEDOL: BR1GTS6 | Common Stock | 79708 |
| NOBLE CORPORATION PLC COM SEDOL: BN2QTL0 | Common Stock | 124218 |
| NOVANTA INC NOVANTA INC SEDOL: BD8S5H8 | Common Stock | 622385 |
| NURIX THERAPEUTICS INC COM SEDOL: BMVLGP2 | Common Stock | 116733 |
| NUTANIX INC CL A CL A SEDOL: BYQBFT8 | Common Stock | 553495 |
| NUVALENT INC CL A CL A SEDOL: BMVBZD3 | Common Stock | 222080 |
| NVIDIA CORP COM SEDOL: 2379504 | Common Stock | 44887104 |
| 0 REILLY AUTOMOTIVE INC NEW COM USD0.01 SEDOL: B65LWX6 | Common Stock | 4768102 |
| OLIN CORP COM SEDOL: 2658526 | Common Stock | 240453 |
| OLLIES BARGAIN OUTLET HLDGS INC COM SEDOL: BZ22B38 | Common Stock | 199489 |
| ONTO INNOVATION INC SEDOL: BKZ7N95 | Common Stock | 733015 |
| OPTION CARE HEALTH INC COM NEW COM NEW SEDOL: BKM5C62 | Common Stock | 376536 |
| ORMAT TECHNOLOGIES INC COM SEDOL: B03L311 | Common Stock | 112822 |
| OSCAR HEALTH INC CL A CL A SEDOL: BKY83Q6 | Common Stock | 138835 |
| PALO ALTO NETWORKS INC COM USD0.0001 SEDOL: B87ZMX0 | Common Stock | 3265090 |
| PALOMAR HLDGS INC COM SEDOL: BJYLZK6 | Common Stock | 410428 |
| PATRICK INDS INC COM SEDOL: 2673154 | Common Stock | 345447 |
| PAYLOCITY HLDG CORP COM SEDOL: BKM4N88 | Common Stock | 419086 |
| PAYONEER GLOBAL INC COM SEDOL: BLSPX60 | Common Stock | 720611 |
| PEGASYSTEMS INC COM SEDOL: 2675860 | Common Stock | 211937 |
| PENUMBRA INC COM SEDOL: BZ0V201 | Common Stock | 383530 |
| PERFORMANCE FOOD GROUP CO COM SEDOL: BYVYD43 | Common Stock | 361029 |
| PERMIAN RES CORP CL A SEDOL: BQPCHB2 | Common Stock | 311672 |
| PHOTRONICS INC COM SEDOL: 2687315 | Common Stock | 235529 |
| PLIANT THERAPEUTICS INC COM SEDOL: BMDWW66 | Common Stock | 75714 |

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| | | |
|:---|:---|:---|
| POOL CORP COM STK SEDOL: 2781585 | Common Stock | 107055 |
| POST HLDGS INC COM STK SEDOL: B6T0518 | Common Stock | 579053 |
| PRAXIS PRECISION MEDICINES INC COM NEW SEDOL: BQ721R4 | Common Stock | 146763 |
| PRESTIGE CONSUMER HEALTHCARE INC COM SEDOL: B0650P3 | Common Stock | 289558 |
| PRICESMART INC COM STK SEDOL: 2092942 | Common Stock | 192912 |
| PRIMERICA INC COM SEDOL: B50K3X8 | Common Stock | 323261 |
| PROCEPT BIOROBOTICS CORP COM SEDOL: BMYRFV6 | Common Stock | 58377 |
| PROGRESS SOFTWARE CORP COM SEDOL: 2705198 | Common Stock | 97725 |
| PROGRESSIVE CORP OH COM SEDOL: 2705024 | Common Stock | 5197141 |
| PROTHENA CORP PLC USD0.01 SEDOL: B91XRN2 | Common Stock | 71743 |
| PTC INC COM SEDOL: B95N910 | Common Stock | 570549 |
| PTC THERAPEUTICS INC COM SEDOL: B17VCN9 | Common Stock | 207599 |
| PURE STORAGE INC CL A CL A SEDOL: BYZ62T3 | Common Stock | 57683 |
| QUALYS INC COM USD0.001 SEDOL: B7XJTN8 | Common Stock | 194064 |
| Q2 HLDGS INC COM SEDOL: BKM4KV0 | Common Stock | 696699 |
| RADNET INC COM STK SEDOL: B1JNG19 | Common Stock | 113769 |
| RAMBUS INC DEL COM SEDOL: 2721967 | Common Stock | 918178 |
| RANGE RES CORP COM SEDOL: 2523334 | Common Stock | 289459 |
| RBC BEARINGS INC COM SEDOL: B0GLYB5 | Common Stock | 320080 |
| RED ROCK RESORTS INC CL A CL A SEDOL: BYY9947 | Common Stock | 120224 |
| REMITLY GLOBAL INC COM SEDOL: BNZJHHB | Common Stock | 261045 |
| REPLIGEN CORP COM STK USD0.01 SEDOL: 2731654 | Common Stock | 325017 |
| REPLIMUNE GROUP INC COM SEDOL: BDDVW37 | Common Stock | 233396 |
| REVOLUTION MEDICINES INC COM SEDOL: BL71K91 | Common Stock | 229066 |
| RHYTHM PHARMACEUTICALS INC COM SEDOL: BF2YWG4 | Common Stock | 137655 |
| RLI CORP COM SEDOL: 2719070 | Common Stock | 275596 |
| ROCKET LAB USA INC COM SEDOL: BM8Z538 | Common Stock | 142632 |
| ROCKET PHARMACEUTICALS INC COM USD0.01 SEDOL: BDFKQ07 | Common Stock | 46547 |
| RPM INTL INC SEDOL: 2756174 | Common Stock | 529773 |
| RUSH STREET INTERACTIVE INC COM SEDOL: BN6R7F9 | Common Stock | 282111 |
| RYAN SPECIALTY HOLDINGS INC CL A COM USD0.001 CL A SEDOL: BNXKSK3 | Common Stock | 186256 |
| SAIA INC COM STK SEDOL: 2982399 | Common Stock | 635743 |
| SALESFORCE INC COM USD0.001 SEDOL: 2310525 | Common Stock | 8316459 |
| SCHOLAR ROCK HLDG CORP COM SEDOL: BFZQ0LB | Common Stock | 330158 |
| SELECT MED HLDGS CORP COM SEDOL: B4MF0Q6 | Common Stock | 129518 |
| SERVICENOW INC COM USD0.001 SEDOL: B80NXX8 | Common Stock | 8374948 |
| SERVICETITAN INC CL A CL A SEDOL: BPGN2Q7 | Common Stock | 49892 |
| SHIFT4 PMTS INC CL A CL A SEDOL: BLF0L75 | Common Stock | 235684 |
| SIMPLY GOOD FOODS CO COM SEDOL: BF27XF9 | Common Stock | 217898 |
| SIMPSON MFG INC COM SEDOL: 2809250 | Common Stock | 589857 |
| SITEONE LANDSCAPE SUPPLY INC COM SEDOL: BYQ7X81 | Common Stock | 529452 |
| SKYWARD SPECIALTY INS GROUP INC COM SEDOL: BNNMQS3 | Common Stock | 486043 |
| SNOWFLAKE INC CL A CL A SEDOL: BN134B7 | Common Stock | 3964786 |
| SOLENO THERAPEUTICS INC COM PAR SEDOL: BL6JK96 | Common Stock | 64863 |
| SPRINGWORKS THERAPEUTICS INC COM SEDOL: BGMGM89 | Common Stock | 105680 |
| SPROUTS FMRS MKT INC COM SEDOL: BCGCR79 | Common Stock | 1215552 |
| SPS COMM INC COM SEDOL: B57VWJ3 | Common Stock | 628326 |
| SPX TECHNOLOGIES INC COM SEDOL: BQ1L7V3 | Common Stock | 706645 |
| STERIS PLC ORD USD0.001 SEDOL: BFY8C75 | Common Stock | 186032 |

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| | | |
|:---|:---|:---|
| STERLING INFRASTRUCTURE INC COM STK SEDOL: 2632876 | Common Stock | 360988 |
| STONEX GROUP INC COM SEDOL: BMQ8XV3 | Common Stock | 420291 |
| STRIDE INC COM USO SEDOL: BLD5321 | Common Stock | 720962 |
| TECHNIPFMC PLC COM USD1 SEDOL: BDSFG98 | Common Stock | 596135 |
| TELEDYNE TECHNOLOGIES INC COM SEDOL: 2503477 | Common Stock | 691554 |
| TENABLE HLDGS INC COM SEDOL: BF?J7N6 | Common Stock | 173193 |
| TENET HEALTHCARE CORP COM NEW. SEDOL: B8DMK08 | Common Stock | 643773 |
| TESLA INC COM USD0.001 SEDOL: B616C79 | Common Stock | 15807509 |
| TEXAS ROADHOUSE INC COMMON STOCK SEDOL: B033TJ7 | Common Stock | 478861 |
| TG THERAPEUTICS INC COM SEDOL: B828K63 | Common Stock | 63210 |
| THE TRADE DESK INC COM CL A COM CL A SEDOL: BD8FDD1 | Common Stock | 6571337 |
| THRYV HLDGS INC COM NEW COM NEW SEDOL: BMCMWY5 | Common Stock | 58312 |
| TJX COS INC COM NEW SEDOL: 2989301 | Common Stock | 3986730 |
| TKO GROUP HLDGS INC COM SEDOL: BQBBFD1 | Common Stock | 548545 |
| TOPBUILD CORP COM SEDOL: BZ0P3W2 | Common Stock | 175596 |
| TORO CO COM SEDOL: 2897040 | Common Stock | 234853 |
| TRANSMEDICS GROUP INC COM SEDOL: BK6TM04 | Common Stock | 143530 |
| TRAVEL+ LEISURE CO COM USD0.01 SEDOL: BMXYT16 | Common Stock | 148777 |
| TREX CO INC COM SEDOL: 2483074 | Common Stock | 213993 |
| TRINET GROUP INC COM USD0.000025 SEDOL: 2693914 | Common Stock | 199694 |
| UBER TECHNOLOGIES INC COM USD0.00001 SEDOL: BK6N347 | Common Stock | 5722076 |
| UFP INDUSTRIES INC COM USD1.00 SEDOL: BMQ60Q1 | Common Stock | 616646 |
| UFP TECHNOLOGIES INC COM SEDOL: 2908652 | Common Stock | 418357 |
| ULTRAGENYX PHARMACEUTICAL INC COM SEDOL: BJ62Z18 | Common Stock | 283299 |
| UNITED PARKS & RESORTS INC SEDOL: B84KWJ4 | Common Stock | 127551 |
| UPWORK INC COM SEDOL: BGRFWV4 | Common Stock | 541594 |
| VALVOLINE INC COM SEDOL: BDG22J3 | Common Stock | 209301 |
| VAXCYTE INC COM SEDOL: BKPVGH6 | Common Stock | 154634 |
| VEECO INSTRS INC DEL COM SEDOL: 2938422 | Common Stock | 119876 |
| VERA THERAPEUTICS INC CL A CL A SEDOL: BL55460 | Common Stock | 296284 |
| VERRA MOBILITY CORP SEDOL: BFXX5X8 | Common Stock | 599567 |
| VERTEX INC CL A CL A SEDOL: BMX6DM1 | Common Stock | 441845 |
| VERTEX PHARMACEUTICALS INC COM SEDOL: 2931034 | Common Stock | 6977583 |
| VERTIV HOLDINGS LLC COM USD0.0001 SEDOL: BL3LWS8 | Common Stock | 4221520 |
| VISA INC COM CL A STK SEDOL: B2PZN04 | Common Stock | 13224378 |
| VISTEON CORP COM NEW COM NEW SEDOL: B4N0JJ6 | Common Stock | 278670 |
| VITAL FARMS INC COM SEDOL: BL6JSP8 | Common Stock | 267448 |
| VONTIER CORP COM USD0.0001 WI SEDOL: BH4GV32 | Common Stock | 536255 |
| WALMART INC COM SEDOL: 2936921 | Common Stock | 9249943 |
| WALT DISNEY CO SEDOL: 2270726 | Common Stock | 8547783 |
| WARRIOR MET COAL INC COM SEDOL: BF2X272 | Common Stock | 215170 |
| WATSCO INC COM SEDOL: 2943039 | Common Stock | 196664 |
| WATTS WTR TECHNOLOGIES INC | Common Stock | 618845 |
| WAVE LIFE SCIENCES PTE LTD COM NPV SEDOL: BYZG9R0 | Common Stock | 40821 |
| WEATHERFORD INTL LTD COMMON STOCK SEDOL: BLNN369 | Common Stock | 408434 |
| WEST PHARMACEUTICAL SVCS INC COM SEDOL: 2950482 | Common Stock | 144454 |
| WILLSCOT HOLDINGS CORPORATION COM SEDOL: BMHL0Z4 | Common Stock | 396784 |
| WINGSTOP INC COM SEDOL: BYYXHN4 | Common Stock | 786950 |

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| | | | |
|:---|:---|:---|:---|
| | WOODWARD INC COM SEDOL: 2948089 | Common Stock | |
| | WYNN RESORTS LTD COM SEDOL: 2963811 | Common Stock | |
| | XENCOR INC COM SEDOL: BGCYWN8 | Common Stock | |
| | XPO INC COM SEDOL: B6Z1355 | Common Stock | |
| | ZEBRA TECHNOLOGIES CORP CL A SEDOL: 2989356 | Common Stock | |
| | 10X GENOMICS INC CL A CL A SEDOL: BKS3RS7 | Common Stock | |
| | EQTY LIFESTYLE PPTYS INC REIT SEDOL: 2563125 | Common Stock | |
| | REBATE ACCRUALS CUSIP: 999927312 | Common Stock | |
| | REXFORD INDL RLTY INC COM SEDOL: BC9ZHL9 | Common Stock | |
| | 1ST INDL RLTY TR INC COM SEDOL: 2360757 | Common Stock | 744230<br>179988<br>194112<br>270300<br>362661<br>83460<br>163237<br>—<br>119073<br>197512 |
| | | | 723963668 |
| | Mutual Funds: | | |
| | Dodge & Cox International Stock Fund | International Fund | 155296965 |
| | Victory Sycamore Small Company Opportunity Fund | Small U.S. Equity Fund | 102564975 |
| | | | 257861940 |
| | Collective Trust Funds: | | |
| \* | BlackRock MSCI ACWI ex-U.S. IMI Index Fund | Large U.S. Equity Fund | 180392059 |
| \* | BlackRock LifePath Index 2030 NL CIT Fund | Target Maturity Fund | 133204313 |
| \* | BlackRock LifePath Index 2035 NL CIT Fund | Target Maturity Fund | 139827699 |
| \* | BlackRock LifePath Index 2040 NL CIT Fund | Target Maturity Fund | 137528524 |
| \* | BlackRock LifePath Index 2045 NL CIT Fund | Target Maturity Fund | 151631208 |
| \* | BlackRock LifePath Index 2050 NL CIT Fund | Target Maturity Fund | 124449482 |
| \* | BlackRock LifePath Index 2055 NL CIT Fund | Target Maturity Fund | 95537416 |
| \* | BlackRock LifePath Index 2060 NL CIT Fund | Target Maturity Fund | 58031439 |
| \* | BlackRock LifePath Index 2065 NL CIT Fund | Target Maturity Fund | 23129409 |
| \* | BlackRock LifePath Index Retirement NL CIT Fund | Target Maturity Fund | 143171431 |
| \* | BlackRock Equity Index Fund | Large U.S. Equity Index Fund | 856794192 |
| \* | BlackRock Extended Equity Market Fund | Mid-Cap Growth Fund | 236701442 |
| \* | BlackRock U.S. Debt Index Fund | Domestic Fixed Income/Intermediate Core Bond | 77079737 |
|  | Boston Partners Large Cap Value Equity Fund | Large U.S. Equity Fund | 226114074 |
|  | Harding Loevner International Equity Collective Fund | International Fund | 36740022 |
| \* | KeyBank EB MaGIC Fund | Stable Value Fund | 129928472 |
|  | PIMCO Diversified Real Asset CIT | Large U.S. Equity Fund | 22230201 |
|  | PIMCO COLLECTIVE INVT | Intermediate Core-Plus Bond | 159759698 |
|  |  |  | 2932250818 |
|  | Money Market Funds: |  |  |
|  | Federated Government Obligations Fund | Money Market Fund | 147573801 |
|  | Collective U.S. Government STIF | Money Market Fund | 11359966 |
|  |  |  | 158933767 |
|  | Total assets held for investment purposes |  | 4073010193 |
| \* | Loans to participants (interest rates from 4.25%-9.50% with various maturities) |  | 56378833 |
|  | Total assets held for investment purposes |  | $4129389026 |
| \* | Party-in-interest to the Plan. |  |  |

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