# EDGAR Filing Document

**Accession Number:** 0000091576
**File Stem:** 0001628280-26-045531
**Filing Date:** 2026-6
**Character Count:** 71608
**Document Hash:** fc9adfb932b411614df3b42f5d91a2a8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-045531.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0001628280-26-045531

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**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:** 261122190

**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

?xml version='1.0' encoding='ASCII'? key-20260625

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, 2025

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 Schedules 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 supplemental schedules prepared in accordance with the financial reporting requirements of ERISA. The Plan financial statements and supplemental schedules for the fiscal year ended December 31, 2025 are included as Exhibit 99.1 to this report on Form 11-K and are incorporated herein by reference. The Plan financial statements and schedules 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.](ex23112312025meadenmooreltd.htm)</u>

99.1 <u>[Financial statements and supplemental schedules of the KeyCorp 401(k) Savings Plan for the fiscal year ended December 31, 2025, prepared in accordance with the financial reporting requirements of ERISA.](key-20260625_d2.htm)</u>

------

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 25, 2026 | 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 25, 2026 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, 2025 and 2024 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 25, 2026

## Exhibit 99.1

?xml version='1.0' encoding='ASCII'? key-20260625_d2

**Exhibit 99.1**

KEYCORP

401(k) SAVINGS PLAN

FINANCIAL STATEMENTS

AND SUPPLEMENTAL SCHEDULE

WITH

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

December 31, 2025

------

---

| | |
|:---|:---|
| KeyCorp | KeyCorp |
| 401(k) Savings Plan | 401(k) Savings Plan |
| **INDEX** | **INDEX** |
|  | <u>Page</u> |
| <u>[Report of Independent Registered Public Accounting Firm](#i87ceb53652824e69aed09410744a3e5e_7)</u> | <u>[1](#i87ceb53652824e69aed09410744a3e5e_7)</u> |
| Financial Statements: |  |
| <u>[Statement of Net Assets Available for Benefits](#i87ceb53652824e69aed09410744a3e5e_189)</u> | <u>[2](#i87ceb53652824e69aed09410744a3e5e_189)</u> |
| <u>[Statement of Changes in Net Assets Available for Benefits](#i87ceb53652824e69aed09410744a3e5e_236)</u> | <u>[3](#i87ceb53652824e69aed09410744a3e5e_236)</u> |
| <u>[Notes to Financial Statements](#i87ceb53652824e69aed09410744a3e5e_213)</u> | 4-11 |
| Supplemental Schedule: |  |
| <u>[Schedule of Assets (Held at End of Year)](#i87ceb53652824e69aed09410744a3e5e_494)</u> | 12-20 |
| <u>[Schedule of Delinquent Contributions](#i87ceb53652824e69aed09410744a3e5e_535)</u> | 21 |

---

------

**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, 2025 and 2024, 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, 2025 and 2024, 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.

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 for Investment Purposes at End of Year as of December 31, 2025 and Schedule of Delinquent Contributions for the year ended December 31, 2025, have been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, 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 information in the accompanying schedules 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 25, 2026

------

---

| | | |
|:---|:---|:---|
| 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>2025</u>** | <u>2024</u> |
| **ASSETS** |  |  |
| Investments, at fair value: |  |  |
| KeyCorp common stock (cost $71,071,115 and $77,997,717 at |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 and 2024, respectively) | $**128388540** | $118027908 |
| Other equity securities | **605459398** | 605935760 |
| Interest in mutual funds, money market funds and collective trusts at fair value | **3886223536** | 3349046525 |
| Total investments at Fair Value | **4620071474** | 4073010193 |
| Receivables: |  |  |
| Notes receivable from participants | **58287008** | 56378833 |
| Receivable - Interest and dividends | **700677** | 754112 |
| Total Receivables | **58987685** | 57132945 |
| Total Assets | **4679059159** | 4130143138 |
| **LIABILITIES** |  |  |
| Payables - administrative and other expenses | 1195385 | 1011519 |
| Total Liabilities | 1195385 | 1011519 |
| **NET ASSETS AVAILABLE FOR BENEFITS** | $**4677863774** | $4129131619 |

---

See accompanying notes to financial statements.

------

---

| | | |
|:---|:---|:---|
| 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>2025</u>** | <u>2024</u> |
| Additions to Net Assets Attributed to: |  |  |
| Contributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Employer | $**106599083** | $101218868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Participants | **157572249** | 146537004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollovers | **25699828** | 23485517 |
| Total Contributions | **289871160** | 271241389 |
| Interest on participant notes receivable | **4478217** | 3840209 |
| Investment Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from KeyCorp common stock | **5406821** | 5918845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from other equity securities | **2019879** | 2443905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income from mutual funds, money market funds and collective <br>&nbsp;&nbsp;&nbsp;&nbsp; trusts | **13722369** | 16872890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain and unrealized appreciation  | **647500651** | 517261154 |
| Total Investment Income | **668649720** | 542496794 |
| Deductions from Net Assets Attributed to: |  |  |
| Participant withdrawals | **408995472** | 410219376 |
| Administrative and other expenses | **5271470** | 5211613 |
| Total Deductions | **414266942** | 415430989 |
| Net Increase  | **548732155** | 402147403 |
| Net Assets Available for Benefits: |  |  |
| Beginning of Year | **4129131619** | 3726984216 |
| End of Year | $**4677863774** | $4129131619 |

---

See accompanying notes to the financial statements.

------

---

| |
|:---|
| 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 2025 and 2024, dividends of $678,347 and $734,602, 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.

***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.

------

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

---

**1Description of Plan, Continued**

***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 2025 and 2024 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 (2025 and 2024), 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 2025 and 2024 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.

***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 2025 or 2024.

***Rollover Contributions:***

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

------

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

---

**1Description of Plan, Continued**

***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, 2025, and December 31, 2024, the Plan's investments included $168,743 and $257,159 of Plan forfeitures, respectively. During 2025, $299,671 in forfeitures were used to offset Employer contributions. During 2024, $559,815 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.

***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;

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

---

**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*

The closing market price as quoted on the New York Stock Exchange at December 31, 2025, and December 31, 2024, was used. The closing market price of KeyCorp's Common Stock at December 31, 2025, and December 31, 2024, was $20.64 and $17.14, 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.

*Mutual Funds*

Market values are based on closing market price as quoted per a third-party valuation service as of December 31, 2025 and December 31, 2024.

*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.

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

---

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

***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.

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 5 ("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.

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

---

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

***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.

***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.

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

---

**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, 2025, 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.

***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 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 |

---

***&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, 2025, and December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| December 31, 2025 | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;KeyCorp Common Stock | $**128388540** | **—** | **—** | $**128388540** |
| &nbsp;&nbsp;&nbsp;Other Equity Securities | **605459398** |  |  | **605459398** |
| Mutual Funds | **330186410** | **—** | **—** | **330186410** |
| Money Market Funds | **—** | $**158090041** | **—** | **158090041** |
| Collective Trust Funds and other investments measured at net asset value <sup>(a)</sup> | **—** | **—** | **—** | **3397947085** |
|  | $**1064034348** | $**158090041** | **—** | $**4620071474** |

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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 and other investments measured at net asset value <sup>(a)</sup> | **—** | **—** | **—** | **2932250818** |
|  | $**981825608** | $**158933767** | **—** | $**4073010193** |

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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 2025 and 2024, the Plan received $5,406,821 and $5,918,845 respectively, in KeyCorp common stock dividends.

During the year ended December 31, 2025, the Plan purchased 151,120 shares of KeyCorp common stock for $2,381,590 and sold 743,848 shares of common stock of KeyCorp for $13,136,631. 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 KeyCorp common stock for $12,549,244. 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.

**6&nbsp;&nbsp;&nbsp;&nbsp;Prohibited Transactions**

During the Plan year ended December 31, 2025, employee withholdings in the amount of $285,111 were not remitted by the Company to the Plan within the required timeframe, as defined by ERISA. These transactions constitute prohibited transactions. The Company has remitted the contributions to the Plan and followed the appropriate correction guidelines.

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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, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| (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 |  | $128388540 |
|  | ALAMOS GOLD INC COM NPV SEDOL: BZ3DNP6 | Common Stock |  | 88929 |
|  | CANADA - DESCARTES SYS GROUP INC COM SEDOL: 2528834 | Common Stock |  | 485461 |
|  | SHOPIFY INC CL A SUB VTG SHS SHOPIFY INC SEDOL: BXDZ9Z0 | Common Stock |  | 7087026 |
|  | DENMARK - ADR ASCENDIS PHARMA NS SPONSORED ADR SEDOL: BV9G6B8 | Common Stock |  | 195115 |
|  | GERMANY - ADIDAS AG SEDOL: 4031976 | Common Stock |  | 2954287 |
|  | BIRKENSTOCK HOLDING PLC COM NPV SEDOL: BS44BN3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Common Stock |  | 263396 |
|  | #REORG CYBER-ARK MERGER CONTRA CYBERARK 2J16AK5 02-12-2026 SEDOL: BQT3XY6 | Common Stock |  | 62002 |
|  | MONDAY COM LTD COM NPV SEDOL: BMHRYX | Common Stock |  | 79682 |
|  | SPOTIFY TECHNOLOGY S A COM EUR0.025 SEDOL: BFZ1K46 | Common Stock |  | 3682863 |
|  | ADR TAIWAN SEMICONDUCTOR MANUFACTURING ADS REP 5 TWD10 SEDOL: 211338 | Common Stock |  | 8147899 |
|  | MAREX GROUP PLC COM USD0.001241 SEDOL: BQXP757&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Common Stock |  | 478272 |
|  | AAON INC COM PAR $0.004 COM PAR $0.004 SEDOL: 2268130 | Common Stock |  | 103853 |
|  | ABERCROMBIE & FITCH CO CL A CL A SEDOL: 2004185 | Common Stock |  | 586177 |
|  | ACADIA PHARMACEUTICALS INC COM SEDOL: 2713317 | Common Stock |  | 101471 |
|  | ACI WORLDWIDE INC COM STK SEDOL: 2889155 | Common Stock |  | 400122 |
|  | ADAPTIVE BIOTECHNOLOGIES CORP COM USD0.0001 SEDOL: BJ5FZ74 | Common Stock |  | 206914 |
|  | ADDUS HOMECARE CORP COM STK SEDOL: B55BN47 | Common Stock |  | 200712 |
|  | ADMA BIOLOGICS INC COM SEDOL: B9NSBM2 | Common Stock |  | 320732 |
|  | ADR CENTESSA PHARMACEUTICALS PLC SEDOL: BLB0YQ9 | Common Stock |  | 112395 |
|  | ADVANCED MICRO DEVICES INC COM SEDOL: 2007849 | Common Stock |  | 7721110 |
|  | AFFILIATED MANAGERS GROUP INC COM STK SEDOL: 2127899 | Common Stock |  | 308748 |
|  | AGILYSYS INC COM STK SEDOL: 2689162 | Common Stock |  | 409285 |
|  | ALAMO GROUP INC COM SEDOL: 2021634 | Common Stock |  | 50361 |
|  | ALARM COM HLDGS INC COM SEDOL: BYN7H26 | Common Stock |  | 160866 |
|  | ALKERMES PLC SHS SEDOL: B3P6D26 | Common Stock |  | 345385 |
|  | ALLISON TRANSMISSION HOLDING SEDOL: B4PZ892 | Common Stock |  | 218415 |
|  | ALPHA METALLURGICAL RES INC COM SEDOL: BMFND53 | Common Stock |  | 182091 |
|  | ALPHABET INC CAP STK USD0.001 CL C SEDOL: BYY88Y7 | Common Stock |  | 19474114 |
|  | ALPHABET INC CAPITAL STOCK USD0.001 CL A SEDOL: BYVY8G0 | Common Stock |  | 19467661 |
|  | AMAZON COM INC COM SEDOL: 2000019 | Common Stock |  | 36900270 |
|  | AMPHENOL CORP NEW CL A SEDOL: 2145084 | Common Stock |  | 5092616 |
|  | API GROUP CORPORATION COM USD0.0001 SEDOL: BMBPH06 | Common Stock |  | 444773 |
|  | APOGEE THERAPEUTICS INC COM SEDOL: BM9HHL5 | Common Stock |  | 230893 |
|  | APPFOLIO INC COM CL A COM CL A SEDOL: BYN7H48 | Common Stock |  | 535095 |

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------

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| | | |
|:---|:---|:---|
| APPLE INC COM STK SEDOL: 2046251 | Common Stock | 31827194 |
| APPLIED DIGITAL CORPORATION SEDOL: BMCNFN8 | Common Stock | 51492 |
| APPLIED INDL TECHNOLOGIES INC COM SEDOL: 2086309 | Common Stock | 435225 |
| APPLOVIN CORP COM CL A COM CL A SEDOL: BMV3LG4 | Common Stock | 5418860 |
| ARCELLX INC COM SEDOL: BPCJ1Q2 | Common Stock | 233742 |
| ARCHER AVIATION INC CL A CL A SEDOL: BMHVDS8 | Common Stock | 36096 |
| ARCUTIS BIOTHERAPEUTICS INC COM SEDOL: BKX9VD3 | Common Stock | 84042 |
| ARGAN INC COM SEDOL: 2804501 | Common Stock | 125328 |
| ARROWHEAD PHARMACEUTICALS INC COM SEDOL: BYQBFJ8 | Common Stock | 167436 |
| ASBURY AUTOMOTIVE GROUP INC COM SEDOL: 2855855 | Common Stock | 128589 |
| ASTERA LABS INC COM SEDOL: BMTQ7V2 | Common Stock | 66544 |
| ATI INC COM SEDOL: 2526117 | Common Stock | 392594 |
| ATMUS FILTRATION TECHNOLOGIES INC COM SEDOL: BNRR1B2 | Common Stock | 717863 |
| AXALTA COATING SYSTEMS LTD COM USD1.00 SEDOL: BSFWCF5 | Common Stock | 263488 |
| AXCELIS TECHNOLOGIES INC COM NEW COM NEW SEDOL: BD420Q8 | Common Stock | 254517 |
| AXON ENTERPRISE INC COM SEDOL: BDT5S35 | Common Stock | 2295573 |
| AXSOME THERAPEUTICS INC. COM SEDOL: BYZR4X4 | Common Stock | 744623 |
| AZZ INC COM SEDOL: 2067672 | Common Stock | 231723 |
| A10 NETWORKS INC COM SEDOL: BKQVBN6 | Common Stock | 180013 |
| BADGER METER INC COM SEDOL: 2069128 | Common Stock | 265452 |
| BALCHEM CORP COM SEDOL: 2072074 | Common Stock | 196301 |
| BANCORP INC DEL COM STK SEDOL: B05BRL7 | Common Stock | 464943 |
| BEAM THERAPEUTICS INC COM SEDOL: BK6L288 | Common Stock | 263894 |
| BEL FUSE INC CL B CL B SEDOL: 2279897 | Common Stock | 570466 |
| BELDEN INC COM SEDOL: B01WL78 | Common Stock | 817948 |
| BETA TECHNOLOGIES INC CL A COM CL A COM SEDOL: BT3CTW0 | Common Stock | 54897 |
| BICARA THERAPEUTICS INC COM SEDOL: BQB42F1 | Common Stock | 55539 |
| BILL HOLDINGS INC COM USD0.00001 SEDOL: BKDS4H5 | Common Stock | 445319 |
| BILLIONTOONE INC CL A CL A SEDOL: BMDJC90 | Common Stock | 36501 |
| BIOHAVEN LTD COM NPV WI SEDOL: BPLZ7S5 | Common Stock | 82112 |
| BLACKLINE INC COM SEDOL: BD3WZS6 | Common Stock | 102784 |
| BLOCK H & R INC COM SEDOL: 2105505 | Common Stock | 195587 |
| BLOOM ENERGY CORP CL A CL A SEDOL: BDD1BB8 | Common Stock | 590852 |
| BOEING CO COM USD5.00 SEDOL: 2108601 | Common Stock | 8595564 |
| BOOT BARN HLDGS INC COM SEDOL: BRS6600 | Common Stock | 474704 |
| BOOZ ALLEN HAMILTON HLDG CORP CL A COM STK SEDOL: B5367T7 | Common Stock | 236208 |
| BOSTON SCIENTIFIC CORP COM SEDOL: 2113434 | Common Stock | 3581060 |
| BOYD GAMING CORP COM SEDOL: 2117232 | Common Stock | 371561 |
| BRIDGEBIO PHARMA INC COM SEDOL: BK1KWG8 | Common Stock | 800774 |
| BRIGHTSPRING HEALTH SVCS INC COM SEDOL: BPJM8Q3 | Common Stock | 689792 |
| BRINKER INTL INC COM SEDOL: 2193544 | Common Stock | 222025 |
| BRINKS CO COM SEDOL: 2691305 | Common Stock | 466920 |
| BROADCOM INC COM SEDOL: BDZ78H9 | Common Stock | 27668618 |
| BROADRIDGE FINL SOLUTIONS INC COM STK SEDOL: B1VP7R6 | Common Stock | 61372 |
| BUILD-A-BEAR WORKSHOP INC COM STK SEDOL: B034L50 | Common Stock | 166777 |
| BWX TECHNOLOGIES INC COM SEDOL: BZ0W624 | Common Stock | 241976 |
| CABOT CORP COM SEDOL: 2162500 | Common Stock | 256702 |
| CACI INTL INC CL A CL A SEDOL: 2159267 | Common Stock | 107095 |
| CADENCE DESIGN SYS INC COM SEDOL: 2302232 | Common Stock | 9343329 |
| CARGURUS INC CL A CL A SEDOL: BF5D6S8 | Common Stock | 102586 |
| CARIS LIFE SCIENCES INC COM SEDOL: BT18HP9 | Common Stock | 41684 |

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| | | |
|:---|:---|:---|
| CARPENTER TECHNOLOGY CORP COM SEDOL: 2177504 | Common Stock | 337823 |
| CARS COM INC COM SEDOL: BYXHTC0 | Common Stock | 70345 |
| CASEYS GEN STORES INC COM SEDOL: 2179414 | Common Stock | 223295 |
| CATALYST PHARMACEUTICALS INC COM STK USD0.001 STK SEDOL: B1G7Q03 | Common Stock | 135979 |
| CAVA GROUP INC COM SEDOL: BRBD9F4 | Common Stock | 58690 |
| CAVCO INDS INC DEL COM STK SEDOL: 2787022 | Common Stock | 503901 |
| CCC INTELLIGENT SOLUTIONS HLDGS INC COM SEDOL: BP4CXL8 | Common Stock | 443968 |
| CELCUITY INC COM SEDOL: BDH6M05 | Common Stock | 148812 |
| CELLDEX THERAPEUTICS INC NEW SEDOL: BJLV8T9 | Common Stock | 86369 |
| CENTRUS ENERGY CORP CL A COM SEDOL: BQXKDH6 | Common Stock | 323599 |
| CG ONCOLOGY INC COM SEDOL: BRBCSP4 | Common Stock | 303719 |
| CHURCHILL DOWNS INC COM SEDOL: 2194105 | Common Stock | 159520 |
| CIRRUS LOGIC INC COM SEDOL: 2197308 | Common Stock | 228587 |
| CLEARWATER ANALYTICS HLDGS INC CL A CL A SEDOL: BNZJHY5 | Common Stock | 442385 |
| COCA-COLA CONSOLIDATED INC COM SEDOL: 2206721 | Common Stock | 281919 |
| COEUR MNG INC COM NEW COM NEW SEDOL: 2208136 | Common Stock | 515287 |
| COGENT BIOSCIENCES INC COM NEW COM USD SEDOL: BLR6XK8 | Common Stock | 264766 |
| COGNEX CORP COM SEDOL: 2208288 | Common Stock | 413446 |
| COMMVAULT SYS INC COM STK SEDOL: B142B38 | Common Stock | 409426 |
| CONCENTRA GROUP HLDGS PARENT INC COM SEDOL: BSWW195 | Common Stock | 156889 |
| CONMED CORP COM SEDOL: 2216010 | Common Stock | 45878 |
| CONSTELLATION ENERGY CORPORATION COM NPV WI SEDOL: BMH4FS1 | Common Stock | 8007924 |
| CORCEPT THERAPEUTICS INC OC-COM CORCEPT THERAPEUTICS SEDOL: B00SCY1 | Common Stock | 63440 |
| CORE SCIENTIFIC INC NEW COM SEDOL: BN70TG2 | Common Stock | 48048 |
| CORVEL CORP COM SEDOL: 2347277 | Common Stock | 117001 |
| COSTCO WHOLESALE CORP NEW COM SEDOL: 2701271 | Common Stock | 7571345 |
| COVISTA INC SEDOL: BZ12TX5 | Common Stock | 382425 |
| CRANE CO NEW COM SEDOL: BNYD4F8 | Common Stock | 243263 |
| CREDO TECHNOLOGY GROUP HOLDING LTD SEDOL: BLD13F2 | Common Stock | 979171 |
| CRINETICS PHARMACEUTICALS INC COM SEDOL: BDD19F8 | Common Stock | 445158 |
| CROCS INC COM SEDOL: B0T7Z62 | Common Stock | 147693 |
| CROWDSTRIKE HLDGS INC CL A CL A SEDOL: BJJP138 | Common Stock | 7243280 |
| CSW INDUSTRIALS INC COM SEDOL: BYQD1J6 | Common Stock | 350768 |
| CURTISS WRIGHT CORP COM SEDOL: 2241205 | Common Stock | 329659 |
| CYTOKINETICS INC COMMON STOCK SEDOL: BBBSBJ5 | Common Stock | 150971 |
| DATADOG INC COM USD0.00001 CL A SEDOL: BKT9Y49 | Common Stock | 3271783 |
| DECKERS OUTDOOR CORP COM SEDOL: 2267278 | Common Stock | 123989 |
| DENALI THERAPEUTICS INC COM SEDOL: BD2B4V0 | Common Stock | 207002 |
| DEXCOM INC COM SEDOL: B0796X4 | Common Stock | 3174013 |
| DIANTHUS THERAPEUTICS INC COM SEDOL: BN4J951 | Common Stock | 46196 |
| DISC MEDICINE INC COM SEDOL: BMGJZJ8 | Common Stock | 240136 |
| DORMAN PRODS INC COM SEDOL: 2718594 | Common Stock | 335200 |
| DOUBLEVERIFY HLDGS INC COM SEDOL: BMDX9Z7 | Common Stock | 195201 |
| DUOLINGO INC CL A COM CL A COM SEDOL: BMCM6P4 | Common Stock | 117585 |
| DUTCH BROS INC CL A CL A SEDOL: BMWP7H2 | Common Stock | 252961 |
| DYCOM INDS INC COM SEDOL: 2289841 | Common Stock | 377772 |
| DYNE THERAPEUTICS INC COM SEDOL: BN15WD1 | Common Stock | 132734 |
| E L F BEAUTY INC COM SEDOL: BDDQ975 | Common Stock | 302335 |
| EAGLE MATLS INC COM SEDOL: 2191399 | Common Stock | 180225 |
| EDWARDS LIFESCIENCES CORP COM SEDOL: 2567116 | Common Stock | 5238357 |

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| | | |
|:---|:---|:---|
| ELEMENT SOLUTION INC COM SEDOL: BJ1C2K1 | Common Stock | 94212 |
| ELI LILLY & CO COM NPV SEDOL: 2516152 | Common Stock | 22386659 |
| EMCOR GROUP INC COM SEDOL: 2474164 | Common Stock | 97886 |
| ENCOMPASS HEALTH CORP COM USD0.01 SEDOL: BYX2YJ7 | Common Stock | 495143 |
| ENERGY FUELS INC COM SEDOL: BFV4XW8 | Common Stock | 26172 |
| ENOVA INTL INC COM SEDOL: BRYQ4L1 | Common Stock | 442990 |
| ENSIGN GROUP INC COM STK SEDOL: B1YWPP8 | Common Stock | 843651 |
| ENTEGRIS INC COM SEDOL: 2599700 | Common Stock | 272802 |
| EOS ENERGY ENTERPRISES INC COM SEDOL: BN7KCQ3 | Common Stock | 34380 |
| EPLUS INC COM SEDOL: 2597748 | Common Stock | 176716 |
| EQUITABLE HLDGS INC COM SEDOL: BKRMR96 | Common Stock | 476452 |
| ESAB CORPORATION COM USD0.001 WI SEDOL: BJLTMN5 | Common Stock | 694005 |
| ESCO TECHNOLOGIES INC SEDOL: 2321583 | Common Stock | 224699 |
| EURONET WORLDWIDE INC COM SEDOL: 2320148 | Common Stock | 90495 |
| EVERTEC INC COM SEDOL: B7KY3Z6 | Common Stock | 145945 |
| EXLSERVICE COM INC COM STK SEDOL: B07LST0 | Common Stock | 298990 |
| FABRINET COM USD0.01 SEDOL: B4JSZL8 | Common Stock | 1660406 |
| FEDERAL SIGNAL CORP COM SEDOL: 2333986 | Common Stock | 665657 |
| FIRST BANCORP P R COM NEW COM NEW SEDOL: 2296926 | Common Stock | 540618 |
| FIRSTCASH HLDGS INC COM SEDOL: BMF5Q83 | Common Stock | 688362 |
| FLUENCE ENERGY INC CL A CL A SEDOL: BMXC0N9 | Common Stock | 53406 |
| FLUOR CORP NEW COM SEDOL: 2696838 | Common Stock | 91625 |
| FRESHWORKS INC CL A CL A SEDOL: BPF0BB7 | Common Stock | 151900 |
| FRONTDOOR INC COM SEDOL: BFYF094 | Common Stock | 391600 |
| FTAI AVIATION LTD COM USD0.01 SEDOL: BLKFTK4 | Common Stock | 213385 |
| FTI CONSULTING INC COM SEDOL: 2351449 | Common Stock | 244970 |
| GALAXY DIGITAL INC COM USD0.01 CL A SEDOL: BV97X10 | Common Stock | 109698 |
| GE AEROSPACE SEDOL: BL59CR9 | Common Stock | 9352099 |
| GENPACT LIMITED COM STK USD0.01 SEDOL: B23DBK6 | Common Stock | 364697 |
| GITLAB INC CL A COM SEDOL: BMTVT22 | Common Stock | 77800 |
| GLOBUS MED INC CL A NEW COM STK SEDOL: B7D65M0 | Common Stock | 438907 |
| GOLDMAN SACHS GROUP INC COM SEDOL: 2407966 | Common Stock | 5334651 |
| GRAIL INC COM SEDOL: BSLSSX7 | Common Stock | 42795 |
| GRAND CANYON ED INC COM STK SEDOL: B3F1XM1 | Common Stock | 257115 |
| GRANITE CONST INC COM SEDOL: 2381189 | Common Stock | 80745 |
| GREEN BRICK PARTNERS INC COM SEDOL: BS7T2R6 | Common Stock | 309603 |
| GRIFFON CORP COM SEDOL: 2463344 | Common Stock | 236711 |
| GROUP 1 AUTOMOTIVE INC COM SEDOL: 2121352 | Common Stock | 294975 |
| GUARDANT HEALTH INC COM SEDOL: BFXC911 | Common Stock | 807008 |
| GULFPORT ENERGY CORP COM USD0.01 SEDOL: BND7X43 | Common Stock | 206534 |
| GXO LOGISTICS INC COM SEDOL: BNNTGF1 | Common Stock | 169185 |
| HAEMONETICS CORP MASS COM SEDOL: 2401195 | Common Stock | 219451 |
| HALOZYME THERAPEUTICS INC COM SEDOL: 2975098 | Common Stock | 40784 |
| HAMILTON LANE INC CL A CL A SEDOL: BF0SR29 | Common Stock | 80586 |
| HEALTHEQUITY INC COM SEDOL: BP8XZL1 | Common Stock | 474540 |
| HEARTFLOW INC COM SEDOL: BV6KV30 | Common Stock | 44687 |
| HEXCEL CORP NEW COM SEDOL: 2416779 | Common Stock | 324717 |
| HILTON WORLDWIDE HLDGS INC COM NEW COM NEW SEDOL: BYVMW06 | Common Stock | 6208622 |
| HIMS & HERS HEALTH INC COM CL A COM SEDOL: BN46048 | Common Stock | 117282 |
| HUBSPOT INC COM SEDOL: BR4T3B3 | Common Stock | 196637 |
| HURON CONSULTING GROUP INC COM STK SEDOL: B018V76 | Common Stock | 277866 |
| IDEAYA BIOSCIENCES INC COM SEDOL: BK0VHF6 | Common Stock | 44941 |
| IES HLDGS INC COM SEDOL: BD978B9 | Common Stock | 183617 |
| IMAX CORP COM SEDOL: 2473859 | Common Stock | 167022 |

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| | | |
|:---|:---|:---|
| IMMUNOME INC COM SEDOL: BM8FWX7 | Common Stock | 56772 |
| IMMUNOVANT INC COM SEDOL: BJRFSB7 | Common Stock | 33046 |
| IMPINJ INC COM SEDOL: BYYGJZ9 | Common Stock | 267801 |
| INSMED INC COM PAR $.01 SEDOL: 2614487 | Common Stock | 160291 |
| INSPIRE MED SYS INC COM SEDOL: BDT5KT5 | Common Stock | 70740 |
| INSTALLED BLDG PRODS INC COM SEDOL: BJSP4C9 | Common Stock | 455489 |
| INTERDIGITAL INC COM SEDOL: 2465737 | Common Stock | 1197109 |
| INTERNATIONAL BANCSHARES CORP COM SEDOL: 2243911 | Common Stock | 134408 |
| INTERPARFUMS INC SEDOL: 2473150 | Common Stock | 146501 |
| INTUITIVE SURGICAL INC COM NEW STK SEDOL: 2871301 | Common Stock | 6376081 |
| IONIS PHARMACEUTICALS INC COM SEDOL: BDJ0LS6 | Common Stock | 210907 |
| IONQ INC COM SEDOL: BP484B3 | Common Stock | 426086 |
| IRHYTHM HOLDINGS INC SEDOL: BYT4ST5 | Common Stock | 70976 |
| ITRON INC COM STK NPV SEDOL: 2471949 | Common Stock | 361225 |
| IVANHOE ELEC INC COM SEDOL: BPF0KH6 | Common Stock | 113873 |
| JANUX THERAPEUTICS INC COM SEDOL: BMFX8Y7 | Common Stock | 20990 |
| JBT MAREL CORPORATION SEDOL: B3BRJZ8 | Common Stock | 331474 |
| JFROG LTD COM SEDOL: BMX6JW3 | Common Stock | 93690 |
| KADANT INC COM SEDOL: 2769978 | Common Stock | 466293 |
| KARMAN HLDGS INC COM SEDOL: BTRFVH4 | Common Stock | 480361 |
| KEYSIGHT TECHNOLOGIES INC COM SEDOL: BQZJ0Q9 | Common Stock | 5793760 |
| KIRBY CORP COM SEDOL: 2493534 | Common Stock | 281400 |
| KNIFE RIV HLDG CO COM SEDOL: BPLL4V5 | Common Stock | 314465 |
| KONTOOR BRANDS INC SEDOL: BJTJGC4 | Common Stock | 137086 |
| KRATOS DEFENSE & SECURITY SOLUTIONS INC SEDOL: 2512149 | Common Stock | 273276 |
| KRYSTAL BIOTECH INC COM SEDOL: BD6JX35 | Common Stock | 215476 |
| KYMERA THERAPEUTICS INC COM SEDOL: BMPRZV5 | Common Stock | 510511 |
| LANTHEUS HLDGS INC COM SEDOL: BP8S8J5 | Common Stock | 427184 |
| LATTICE SEMICONDUCTOR CORP COM SEDOL: 2506658 | Common Stock | 499314 |
| LAUREATE ED INC COM CL A SEDOL: BYMYT66 | Common Stock | 350067 |
| LAZARD INC COM USD0.01 SEDOL: BRT46K3 | Common Stock | 168843 |
| LEGALZOOM COM INC COM SEDOL: B82GC49 | Common Stock | 147957 |
| LEMAITRE VASCULAR INC COM STK SEDOL: B1G6TJ0 | Common Stock | 190666 |
| LENZ THERAPEUTICS INC NEW COM SEDOL: BQV0J03 | Common Stock | 31888 |
| LEONARDO DRS INC COM SEDOL: BNSNZQ2 | Common Stock | 206176 |
| LIBERTY LIVE HLDGS INC SER C LIBERTY | Common Stock | 274844 |
| LOUISIANA-PACIFIC CORP COM SEDOL: 2535243 | Common Stock | 133335 |
| MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC COM STK SEDOL: B5B15Y5 | Common Stock | 432482 |
| MADRIGAL PHARMACEUTICALS INC COM SEDOL: BD59BS7 | Common Stock | 500230 |
| MAGNITE INC COM SEDOL: BLPNRR6 | Common Stock | 84039 |
| MANHATTAN ASSOCS INC COM SEDOL: 2239471 | Common Stock | 231022 |
| MARQETA INC COM USD0.001 A SEDOL: BN0TQD2 | Common Stock | 196398 |
| MASTERCARD INCORPORATED COM USD0.0001 CLASS A SEDOL: B121557 | Common Stock | 11801802 |
| MATADOR RES CO COM SEDOL: B7MSLL8 | Common Stock | 130461 |
| MEDPACE HLDGS INC COM SEDOL: BDCBC61 | Common Stock | 289250 |
| MERCADOLIBRE INC COM STK SEDOL: B23X1H3 | Common Stock | 2558110 |
| MERCK & CO INC NEW COM SEDOL: 2778844 | Common Stock | 1541217 |
| MERIT MED SYS INC COM SEDOL: 2580555 | Common Stock | 471637 |
| META PLATFORMS INC COM USD0.000006 CL 'A' SEDOL: B7TL820 | Common Stock | 20745969 |
| MICROSOFT CORP COM SEDOL: 2588173 | Common Stock | 34173556 |
| MINERALYS THERAPEUTICS INC COM SEDOL: BP9N0G0 | Common Stock | 148426 |
| MIRUM PHARMACEUTICALS INC COM SEDOL: BJDX8Y8 | Common Stock | 303796 |

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| | | |
|:---|:---|:---|
| MKS INC SEDOL: 2404871 | Common Stock | 392469 |
| MODINE MFG CO COM STK SEDOL: 2598354 | Common Stock | 627764 |
| MOELIS & CO CL A CL A SEDOL: BLG38Q1 | Common Stock | 197696 |
| MONOLITHIC PWR SYS INC COM SEDOL: B01Z7J1 | Common Stock | 289129 |
| MONTE ROSA THERAPEUTICS INC COM SEDOL: BP7KZP7 | Common Stock | 96793 |
| MOOG INC CL A SEDOL: 2601218 | Common Stock | 229424 |
| MP MATERIALS CORP COM USD0.0001 CL A SEDOL: BN15Y35 | Common Stock | 147013 |
| MUELLER INDS INC COM SEDOL: 2609717 | Common Stock | 582151 |
| NATERA INC COM SEDOL: BYQRG48 | Common Stock | 469864 |
| NAVAN INC CL A CL A SEDOL: BT04MG4 | Common Stock | 60532 |
| NCINO INC NEW COM SEDOL: BMC8TD1 | Common Stock | 56408 |
| NETFLIX INC COM STK SEDOL: 2857817 | Common Stock | 12106760 |
| NEUROCRINE BIOSCIENCES INC COM SEDOL: 2623911 | Common Stock | 186365 |
| NEWMARKET CORP COM SEDOL: B01CGF1 | Common Stock | 323012 |
| NEXSTAR MEDIA GROUP INC COMMON STOCK SEDOL: 2949758 | Common Stock | 253203 |
| NEXTPOWER INC SEDOL: BR1GTS6 | Common Stock | 919359 |
| NIKE INC CL B SEDOL: 2640147 | Common Stock |  |
| NOVANTA INC NOVANTA INC SEDOL: BD8S5H8 | Common Stock | 258446 |
| NURIX THERAPEUTICS INC COM SEDOL: BMVLGP2 | Common Stock | 107617 |
| NUVALENT INC CL A CL A SEDOL: BMVBZD3 | Common Stock | 458791 |
| NVENT ELECTRIC PLC COM USD0.01 WI SEDOL: BDVJJQ5 | Common Stock | 497104 |
| NVIDIA CORP COM SEDOL: 2379504 | Common Stock | 45906416 |
| O REILLY AUTOMOTIVE INC NEW COM USD0.01 SEDOL: B65LWX6 | Common Stock | 4451960 |
| OKTA INC CL A CL A SEDOL: BDFZSP1 | Common Stock | 183489 |
| OLLIES BARGAIN OUTLET HLDGS INC COM SEDOL: BZ22B38 | Common Stock | 180747 |
| ONTO INNOVATION INC SEDOL: BKZ7N95 | Common Stock | 288410 |
| OPTION CARE HEALTH INC COM NEW COM NEW SEDOL: BKM5C62 | Common Stock | 440018 |
| ORACLE CORP COM SEDOL: 2661568 | Common Stock | 5710473 |
| ORIC PHARMACEUTICALS INC COM SEDOL: BKVDFF7 | Common Stock | 58356 |
| OSCAR HEALTH INC CL A CL A SEDOL: BKY83Q6 | Common Stock | 87657 |
| OSI SYS INC COM SEDOL: 2111579 | Common Stock | 522363 |
| PALOMAR HLDGS INC COM SEDOL: BJYLZK6 | Common Stock | 307522 |
| PAYONEER GLOBAL INC COM SEDOL: BLSPX60 | Common Stock | 423641 |
| PEGASYSTEMS INC COM SEDOL: 2675860 | Common Stock | 286656 |
| PENUMBRA INC COM SEDOL: BZ0V201 | Common Stock | 473827 |
| PERFORMANCE FOOD GROUP CO COM SEDOL: BYVYD43 | Common Stock | 90549 |
| PERMIAN RES CORP CL A SEDOL: BQPCHB2 | Common Stock | 377954 |
| PHOTRONICS INC COM SEDOL: 2687315 | Common Stock | 225344 |
| PINTEREST INC CL A CL A SEDOL: BJ2Z0H2 | Common Stock | 214887 |
| PLANET FITNESS INC CL A CL A SEDOL: BYSFJV8 | Common Stock | 444727 |
| POPULAR INC COM NEW COM USD6 (POST REV SPLIT) SEDOL: B86QM90 | Common Stock | 420006 |
| POWELL INDS INC COM SEDOL: 2697422 | Common Stock | 73319 |
| POWER INTEGRATIONS INC COM SEDOL: 2133045 | Common Stock | 74634 |
| PRAXIS PRECISION MEDICINES INC COM NEW SEDOL: BQ721R4 | Common Stock | 309772 |
| PRESTIGE CONSUMER HEALTHCARE INC COM SEDOL: B0650P3 | Common Stock | 244909 |
| PRICESMART INC COM STK SEDOL: 2092942 | Common Stock | 193083 |
| PRIMERICA INC COM SEDOL: B50K3X8 | Common Stock | 276187 |
| PRIMORIS SVCS CORP COM SEDOL: B1GC200 | Common Stock | 450504 |
| PROCEPT BIOROBOTICS CORP COM SEDOL: BMYRFV6 | Common Stock | 51469 |
| PROCORE TECHNOLOGIES INC COM SEDOL: BLH11J8 | Common Stock | 167302 |
| PROTAGONIST THERAPEUTICS INC COM SEDOL: BDCBCD8 | Common Stock | 100616 |

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| | | |
|:---|:---|:---|
| PTC INC COM SEDOL: B95N910 | Common Stock | 470890 |
| PTC THERAPEUTICS INC COM SEDOL: B17VCN9 | Common Stock | 249377 |
| PURE STORAGE INC CL A CL A SEDOL: BYZ62T3 | Common Stock | 79005 |
| QUALYS INC COM USD0.001 SEDOL: B7XJTN8 | Common Stock | 174631 |
| Q2 HLDGS INC COM SEDOL: BKM4KV0 | Common Stock | 299103 |
| RADNET INC COM STK SEDOL: B1JNG19 | Common Stock | 327639 |
| RAMBUS INC DEL COM SEDOL: 2721967 | Common Stock | 1313016 |
| RANGE RES CORP COM SEDOL: 2523334 | Common Stock | 299922 |
| RBC BEARINGS INC COM SEDOL: B0GLYB5 | Common Stock | 121076 |
| REPLIGEN CORP COM STK USD0.01 SEDOL: 2731654 | Common Stock | 216295 |
| REPLIMUNE GROUP INC COM SEDOL: BDDVW37 | Common Stock | 179810 |
| REVOLUTION MEDICINES INC COM SEDOL: BL71K91 | Common Stock | 248906 |
| RHYTHM PHARMACEUTICALS INC COM SEDOL: BF2YWG4 | Common Stock | 376781 |
| RIGETTI COMPUTING INC COM SEDOL: BN45WL6 | Common Stock | 122888 |
| ROIVANT SCIENCES LTD COM SEDOL: BMW4NZ9 | Common Stock | 95480 |
| RPM INTL INC SEDOL: 2756174 | Common Stock | 343616 |
| SAIA INC COM STK SEDOL: 2982399 | Common Stock | 407497 |
| SCHOLAR ROCK HLDG CORP COM SEDOL: BFZQ0L8 | Common Stock | 408960 |
| SERVICENOW INC COM USD0.001 SEDOL: B80NXX8 | Common Stock | 6259497 |
| SEZZLE INC COM SEDOL: BQC4R22 | Common Stock | 211943 |
| SHARKNINJA COM USD0.0001 SEDOL: BRS7681 | Common Stock | 89520 |
| SHIFT4 PMTS INC CL A CL A SEDOL: BLF0L75 | Common Stock | 126381 |
| SHOALS TECHNOLOGIES GROUP INC CL A CL A SEDOL: BMDJ085 | Common Stock | 63036 |
| SIMPLY GOOD FOODS CO COM SEDOL: BF27XF9 | Common Stock | 99075 |
| SIMPSON MFG INC COM SEDOL: 2809250 | Common Stock | 338926 |
| SITEONE LANDSCAPE SUPPLY INC COM SEDOL: BYQ7X81 | Common Stock | 412667 |
| SITIME CORP COM SEDOL: BKS48R6 | Common Stock | 368730 |
| SKYWARD SPECIALTY INS GROUP INC COM SEDOL: BNNMQS3 | Common Stock | 437348 |
| SNOWFLAKE INC CL A CL A SEDOL: BN134B7 | Common Stock | 8545169 |
| SOLENO THERAPEUTICS INC COM PAR SEDOL: BL6JK96 | Common Stock | 248724 |
| SPROUTS FMRS MKT INC COM SEDOL: BCGCR79 | Common Stock | 63816 |
| SPS COMM INC COM SEDOL: B57VWJ3 | Common Stock | 149560 |
| SPX TECHNOLOGIES INC COM SEDOL: BQ1L7V3 | Common Stock | 874062 |
| SPYRE THERAPEUTICS INC COM NEW COM SEDOL: BQBBDY8 | Common Stock | 93857 |
| STEPSTONE GROUP INC CL A CL A SEDOL: BLFDXF6 | Common Stock | 278305 |
| STERIS PLC ORD USD0.001 SEDOL: BFY8C75 | Common Stock | 220309 |
| STERLING INFRASTRUCTURE INC COM STK SEDOL: 2632876 | Common Stock | 833864 |
| STOKE THERAPEUTICS INC COM SEDOL: BJQ05Z6 | Common Stock | 92332 |
| STONEX GROUP INC COM SEDOL: BMQ8XV3 | Common Stock | 832958 |
| STRIDE INC COM USD SEDOL: BLD5321 | Common Stock | 275498 |
| SUN CTRY AIRLS HLDGS INC COM SEDOL: BM8TFC9 | Common Stock | 159873 |
| SYNAPTICS INC COM SEDOL: 2839268 | Common Stock | 122207 |
| TECHNIPFMC PLC COM USD1 SEDOL: BDSFG98 | Common Stock | 769507 |
| TELEDYNE TECHNOLOGIES INC COM SEDOL: 2503477 | Common Stock | 667013 |
| TENET HEALTHCARE CORP COM NEW . SEDOL: B8DMK08 | Common Stock | 672071 |
| TERADATA CORP DEL COM STK SEDOL: B247H10 | Common Stock | 78627 |
| TESLA INC COM USD0.001 SEDOL: B616C79 | Common Stock | 18910726 |
| TEXAS INSTRUMENTS INC COM SEDOL: 2885409 | Common Stock | 4206786 |
| TG THERAPEUTICS INC COM SEDOL: B828K63 | Common Stock | 129077 |
| TIDEWATER INC NEW COM SEDOL: BDFGDQ0 | Common Stock | 95969 |
| TKO GROUP HLDGS INC COM SEDOL: BQBBFD1 | Common Stock | 94886 |
| TOAST INC COM USD0.000001 CLASS A SEDOL: BP6D7B7 | Common Stock | 3170936 |
| TOPBUILD CORP COM SEDOL: BZ0P3W2 | Common Stock | 210681 |
| TORO CO COM SEDOL: 2897040 | Common Stock | 267884 |

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| | | | |
|:---|:---|:---|:---|
| | TPG PARTNERS LLC CL A COM SEDOL: BNKBB55 | Common Stock | 178752 |
| | TRANSMEDICS GROUP INC COM SEDOL: BK6TM04 | Common Stock | 292203 |
| | TRAVEL + LEISURE CO COM USD0.01 SEDOL: BMXYT16 | Common Stock | 200446 |
| | TRAVERE THERAPEUTICS INC COM SEDOL: BLFGJD5 | Common Stock | 139887 |
| | UBER TECHNOLOGIES INC COM USD0.00001 SEDOL: BK6N347 | Common Stock | 4323031 |
| | UFP TECHNOLOGIES INC COM SEDOL: 2908652 | Common Stock | 321499 |
| | ULTRAGENYX PHARMACEUTICAL INC COM SEDOL: BJ62Z18 | Common Stock | 61801 |
| | UMB FINL CORP COM STK SEDOL: 2918510 | Common Stock | 241584 |
| | UNITED PARKS & RESORTS INC SEDOL: B84KWJ4 | Common Stock | 66538 |
| | UNIVERSAL TECHNICAL INST INC COM SEDOL: 2002543 | Common Stock | 206871 |
| | UPWORK INC COM SEDOL: BGRFWV4 | Common Stock | 812422 |
| | URANIUM ENERGY CORP COM SEDOL: B0VLLY2 | Common Stock | 603295 |
| | URBAN OUTFITTERS INC COM SEDOL: 2933438 | Common Stock | 46511 |
| | VALMONT INDS INC COM SEDOL: 2926825 | Common Stock | 443759 |
| | VAXCYTE INC COM SEDOL: BKPVGH6 | Common Stock | 80699 |
| | VERA THERAPEUTICS INC CL A CL A SEDOL: BL55460 | Common Stock | 395296 |
| | VERRA MOBILITY CORP SEDOL: BFXX5X8 | Common Stock | 112655 |
| | VERTEX PHARMACEUTICALS INC COM SEDOL: 2931034 | Common Stock | 6010194 |
| | VIPER ENERGY INC NEW CL A SEDOL: BW0WZZ9 | Common Stock | 302936 |
| | VIRIDIAN THERAPEUTICS INC COM SEDOL: BMDH2B6 | Common Stock | 205921 |
| | VISA INC COM CL A STK SEDOL: B2PZN04 | Common Stock | 12556821 |
| | VISTEON CORP COM NEW COM NEW SEDOL: B4N0JJ6 | Common Stock | 272271 |
| | VITAL FARMS INC COM SEDOL: BL6JSP8 | Common Stock | 175862 |
| | VSE CORP COM SEDOL: 2926773 | Common Stock | 50622 |
| | WALMART INC COM SEDOL: 2936921 | Common Stock | 10032471 |
| | WALT DISNEY CO SEDOL: 2270726 | Common Stock | 7643979 |
| | WARRIOR MET COAL INC COM SEDOL: BF2X272 | Common Stock | 446581 |
| | WATTS WTR TECHNOLOGIES INC SEDOL: 2943620 | Common Stock | 771200 |
| | WAVE LIFE SCIENCES PTE LTD COM NPV SEDOL: BYZG9R0 | Common Stock | 243134 |
| | WAYSTAR HLDG CORP COM SEDOL: BSWYNW8 | Common Stock | 333199 |
| | WEATHERFORD INTL LTD COMMON STOCK SEDOL: BLNN369 | Common Stock | 518707 |
| | WEBSTER FNCL CORP WATERBURY CONN COM SEDOL: 2945143 | Common Stock | 440706 |
| | WINGSTOP INC COM SEDOL: BYYXHN4 | Common Stock | 314330 |
| | WOODWARD INC COM SEDOL: 2948089 | Common Stock | 354319 |
| | WORKIVA INC COM CL A COM CL A SEDOL: BSS6HY8 | Common Stock | 317400 |
| | XENCOR INC COM SEDOL: BGCYWN8 | Common Stock | 98198 |
| | XENON PHARMACEUTICALS INC COMMON STOCK SEDOL: BRJ3GY4 | Common Stock | 81259 |
| | AMERICAN HEALTHCARE REIT INC COM SEDOL: BQWNKQ4 | Common Stock | 365515 |
| | LAMAR ADVERTISING CO NEW CL A CL A SEDOL: BSPHGN6 | Common Stock | 235819 |
| | REXFORD INDL RLTY INC COM SEDOL: BC9ZHL9 | Common Stock | 96413 |
| | RYMAN HOSPITALITY PPTYS INC COM SEDOL: B8QV5C9 | Common Stock | 263895 |
| | SMARTSTOP SELF STORAGE REIT INC COM SEDOL: BMHSG57 | Common Stock | 136322 |
| | | | 733847938 |
| | Mutual Funds: | | |
| | Dodge & Cox International Stock Fund | International Fund | 234824866 |
| | Victory Sycamore Small Company Opportunity Fund | Small U.S. Equity Fund | 95361544 |
| | | | 330186410 |
| | Collective Trust Funds: | | |
| \* | BlackRock MSCI ACWI ex-U.S. IMI Index Fund | Large U.S. Equity Fund | 211573333 |
| \* | BlackRock LifePath Index 2030 NL CIT Fund | Target Maturity Fund | 149249317 |
| \* | BlackRock LifePath Index 2035 NL CIT Fund | Target Maturity Fund | 171246487 |
| \* | BlackRock LifePath Index 2040 NL CIT Fund | Target Maturity Fund | 167055428 |
| \* | BlackRock LifePath Index 2045 NL CIT Fund | Target Maturity Fund | 192672443 |

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| | | | |
|:---|:---|:---|:---|
| \* | BlackRock LifePath Index 2050 NL CIT Fund | Target Maturity Fund | 160816286 |
| \* | BlackRock LifePath Index 2055 NL CIT Fund | Target Maturity Fund | 127469843 |
| \* | BlackRock LifePath Index 2060 NL CIT Fund | Target Maturity Fund | 79973677 |
| \* | BlackRock LifePath Index 2065 NL CIT Fund | Target Maturity Fund | 38242449 |
| \* | BlackRock LifePath Index Retirement NL CIT Fund | Target Maturity Fund | 138350745 |
| \* | BlackRock Equity Index Fund | Large U.S. Equity Index Fund | 1005673949 |
| \* | BlackRock Extended Equity Market Fund | Mid-Cap Growth Fund | 261303229 |
| \* | BlackRock U.S. Debt Index Fund | Domestic Fixed Income/Intermediate Core Bond | 86704904 |
|  | Boston Partners Large Cap Value Equity Fund | Large U.S. Equity Fund | 231573430 |
|  | Harding Loevner International Equity Collective Fund | International Fund | 45813604 |
| \* | KeyBank EB MaGIC Fund | Stable Value Fund | 120734342 |
|  | PIMCO Diversified Real Asset CIT | Large U.S. Equity Fund | 24235824 |
|  | PIMCO COLLECTIVE INVT | Intermediate Core-Plus Bond | 185257795 |
|  |  |  | 3397947085 |
|  | Money Market Funds: |  |  |
|  | Federated Government Obligations Fund | Money Market Fund | 152505449 |
|  | Collective U.S. Government STIF | Money Market Fund | 5584592 |
|  |  |  | 158090041 |
|  | Total assets held for investment purposes |  | 4620071474 |
| \* | Loans to participants (interest rates from 4.25% to 9.50% with various maturities) |  | 58287008 |
|  | Total assets held for investment purposes |  | $4678358482 |
| \* | Party-in-interest to the Plan. |  |  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| SCHEDULE OF DELINQUENT CONTRIBUTIONS | SCHEDULE OF DELINQUENT CONTRIBUTIONS | SCHEDULE OF DELINQUENT CONTRIBUTIONS |  |  |  |  |  |
| Form 5500, Schedule H, Line 4a | Form 5500, Schedule H, Line 4a | Form 5500, Schedule H, Line 4a |  |  |  |  |  |
| KeyCorp | KeyCorp | KeyCorp |  |  |  |  |  |
| 401(k) Savings Plan | 401(k) Savings Plan | 401(k) Savings Plan |  |  |  |  |  |
| EIN 34-6542451 | EIN 34-6542451 | EIN 34-6542451 |  |  |  |  |  |
| Plan Number 002 | Plan Number 002 | Plan Number 002 |  |  |  |  |  |
| December 31, 2025 | December 31, 2025 | December 31, 2025 |  |  |  |  |  |
| Participant contributions Transferred Late to Plan | Total that Constitute Nonexempt Prohibited Transactions | Total Fully Corrected Under VFCP and PTE 2002-51 |  |  |  |  |  |
| Participant contributions Transferred Late to Plan | Total that Constitute Nonexempt Prohibited Transactions | Total Fully Corrected Under VFCP and PTE 2002-51 | Check here if Late Participant Loan Repayments are included <br>☐ | Contributions Not Corrected | Contributions Corrected Outside VFCP | Contributions Pending Correction in VFCP |  |
| 12/31/2025 | $— | Total Fully Corrected Under VFCP and PTE 2002-51 | Check here if Late Participant Loan Repayments are included <br>☐ | Contributions Not Corrected | Contributions Corrected Outside VFCP | Contributions Pending Correction in VFCP | $285111 |
|  |  | Total Fully Corrected Under VFCP and PTE 2002-51 |  |  |  |  |  |

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