EX-99.1 3 ex99112312022key.htm EX-99.1 Document

Exhibit 99.1











KEYCORP
401(k) SAVINGS PLAN


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


December 31, 2022




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












REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements

We have audited the accompanying Statement of Net Assets Available for Benefits of the KeyCorp 401(k) Savings Plan (the “Plan”) as of December 31, 2022 and 2021, 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, 2022 and 2021, 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, 2022 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with Department of Labor’s (DOL) Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

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

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

Cleveland, Ohio
June 27, 2023





1

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
KeyCorp
401(k) Savings Plan
December 31,
20222021
ASSETS
Investments, at fair value:
KeyCorp common stock (cost $89,609,181 and $93,615,156 at
     2022 and 2021, respectively)$138,567,564 $192,212,983 
Other equity securities361,517,583 556,837,080 
Interest in mutual funds and collective trusts at fair value2,719,853,429 3,199,300,930 
Total investments at Fair Value3,219,938,576 3,948,350,993 
Receivables:
Notes receivable from participants48,861,791 49,082,910 
Receivable - Employer contributions— 14,057,138 
Receivable - Interest and dividends443,265 169,019 
Total Receivables49,305,056 63,309,067 
Cash— 5,616,066 
Total Assets3,269,243,632 4,017,276,126 
LIABILITIES
Payables - administrative and other expenses623,057 574,090 
Total Liabilities623,057 574,090 
NET ASSETS AVAILABLE FOR BENEFITS$3,268,620,575 $4,016,702,036 

See accompanying notes to financial statements.
2

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
KeyCorp
401(k) Savings Plan
Year Ended December 31,
20222021
Additions to Net Assets Attributed to:
Contributions:
     Employer$84,130,136 $95,337,026 
     Participants138,655,262 128,924,083 
     Rollovers23,650,730 19,803,239 
Total Contributions246,436,128 244,064,348 
Interest on participant notes receivable2,213,122 2,452,492 
Investment Income:
Dividends from KeyCorp common stock6,397,667 6,436,320 
Dividends from other equity securities1,421,826 1,320,712 
     Net investment income from mutual funds and collective trusts9,594,028 6,578,701 
     Net realized gain (loss) and unrealized appreciation (depreciation)(711,320,573)545,006,331 
     Total Investment Income(693,907,052)559,342,064 
Deductions from Net Assets Attributed to:
Participant withdrawals298,596,765 288,390,470 
Administrative and other expenses4,226,894 5,012,018 
Total Deductions302,823,659 293,402,488 
Net Increase or (Decrease)(748,081,461)512,456,416 
Net Assets Available for Benefits:
Beginning of Year4,016,702,036 3,504,245,620 
End of Year$3,268,620,575 $4,016,702,036 

See accompanying notes to the financial statements.








3

NOTES TO FINANCIAL STATEMENTS
KeyCorp
401(k) Savings Plan

1    Description of Plan

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

General:

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

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

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

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

Dividends paid on those KeyCorp common shares maintained in the ESOP, at the participant’s election, may automatically be reinvested in the Plan’s Common Stock Fund or paid directly to the participant. In 2022 and 2021, dividends of $824,412 and $815,696, respectively, were paid directly to participants in connection with this election and are reflected in the Statement of Changes in Net Assets Available for Benefits as participant withdrawals.















4

NOTES TO FINANCIAL STATEMENTS
KeyCorp
401(k) Savings Plan

1Description of Plan, Continued

Eligibility:

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

Contributions:

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

Employee 401(k) Deferral:

In years in which the safe harbor provisions of Section 401(k)(12) of the Code are not utilized, employees who have met the eligibility requirements and have elected to participate may contribute from 1% to 100% of their compensation on a pre-tax basis to the Plan, and highly compensated employees (as that term is defined in accordance with Section 414(n) of the Code) may contribute from 1% to 6% of their compensation to the Plan. For the 2022 and 2021 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 (2022 and 2021), all eligible employees may contribute up to 100% of their compensation to the Plan. The Plan also provides a qualified Roth contribution program.

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

Employer Matching Contributions:

After satisfying the eligibility requirements, Key matches up to the first 6% 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 2022 and 2021 Plan years, the Plan utilized the safe harbor provisions of Section 401(k)(12) of the Code, which permits the Plan to automatically satisfy certain nondiscrimination requirements of the Code without undergoing the necessity of discrimination testing.
5

NOTES TO FINANCIAL STATEMENTS
KeyCorp
401(k) Savings Plan

1Description of Plan, Continued

Employer Discretionary Contributions:

Key may also make additional contributions as approved by the Board of Directors. Commencing January 1, 2010, and thereafter, profit sharing contributions may be made, allocated, and credited to the accounts of participants employed on the last business day of the Plan year as a flat percentage of eligible compensation for the participants entitled to receive an allocation, based on the further terms and conditions set forth in the Plan. For Plan years beginning on and after January 1, 2012, participants will share in profit sharing contributions for the applicable year if the participant experienced a Termination Under Limited Circumstances, as defined by the Plan, during the Plan year. Key did not make a profit sharing contribution for 2022. Key contributed a profit sharing allocation of 1.0% for 2021 on eligible compensation for employees eligible on the last business day of the respective Plan year.

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, 2022, and December 31, 2021, the Plan’s investments included $101,702 and $154,032 of Plan forfeitures, respectively. During 2022 and 2021, $448,667 and $308,295 in forfeitures were used to offset Employer contributions, respectively.

Notes Receivable from Participants:

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

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



6

NOTES TO FINANCIAL STATEMENTS
KeyCorp
401(k) Savings Plan

1Description of Plan, Continued

Payment of Benefits:

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

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

Hardship Withdrawals:

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

Investment Options:

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

2Summary of Significant Accounting Policies

Basis of Accounting:

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

Investment Valuation:

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

Equity Securities

Closing market price as quoted on the New York Stock Exchange as of December 31, 2022, and December 31, 2021. The closing market price of KeyCorp’s Common Stock at December 31, 2022, and December 31, 2021, was $17.42 and $23.13, respectively. The other common stocks, which are included in either the Jennison Large Cap Growth Separate Account or the T. Rowe Price QM US Small-Cap Growth Equity Strategy Separate Account, are valued at the closing price reported on the applicable major stock exchange on which the individual securities are traded.









7

NOTES TO FINANCIAL STATEMENTS
KeyCorp
401(k) Savings Plan

2Summary of Significant Accounting Policies, Continued

Mutual Funds

Closing market price as quoted per a third-party valuation service as of December 31, 2022 and December 31, 2021. Non-publicly traded mutual funds are included within the PIMCO Total Return Separate Account, which consists of open end mutual funds managed by Pacific Investment Management Company. LLC. The market value of each of the underlying mutual fund's shares are determined daily based on the fund's' net asset value determined by dividing the total value of the funds' investments and other assets, less any liabilities, by the total number of shares outstanding. The value of the funds' investments may be based on closing market prices or information received from third-party valuation services.

Collective Trust Funds

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

Investment Transactions:

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

Investment Income:

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

Fair Value Measurement:

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

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

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





8

NOTES TO FINANCIAL STATEMENTS
KeyCorp
401(k) Savings Plan

2Summary of Significant Accounting Policies, Continued

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

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

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

Use of Estimates:

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

Administrative Fees:

Substantially all administrative fees are paid by the Plan.

Plan Termination:

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

Risks and Uncertainties:

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





9

NOTES TO FINANCIAL STATEMENTS
KeyCorp
401(k) Savings Plan

2    Summary of Significant Accounting Policies, Continued

Subsequent Events:

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

Effective January 1, 2023, Key amended the Plan and matching contributions increased to a dollar-for-dollar match, up to the first 7% of the participant's contributions to the Plan.

3    Tax Status

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

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

Accounting principles generally accepted in the United States of America (U.S. GAAP) requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken uncertain tax positions that more-likely-than-not would not be sustained upon examination by applicable taxing authorities. The Plan administrator has analyzed tax positions taken by the Plan and has concluded that, as of December 31, 2022, there are no uncertain tax positions taken, or expected to be taken, that would require recognition of a liability or that would require disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions. However, currently no audits for any tax periods are in progress.

4    Fair Value Measurements

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

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

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

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

Collective Trust Funds. The Plan's investments in collective trust funds are measured at net asset value ("NAV") as a practical expedient to estimate fair value and accordingly, have not been classified in the fair value hierarchy. This
10


NOTES TO FINANCIAL STATEMENTS
KeyCorp
401(k) Savings Plan

4    Fair Value Measurements, continued

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

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

11

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

The following tables present the Plan’s assets that are measured at fair value on a recurring basis in accordance with U.S. GAAP at December 31, 2022, and December 31, 2021.
December 31, 2022Level 1Level 2Level 3Total
Equity Securities:
KeyCorp Common Stock$138,567,564 — — $138,567,564 
Other Equity Securities361,517,583 361,517,583 
Mutual Funds273,520,466 — — 273,520,466 
Money Market Funds— $127,240,892 — 127,240,892 
Collective Trust Funds, Mutual Funds and other investments measured at net asset value (a)
— — — 2,319,092,071 
$773,605,613 $127,240,892 — $3,219,938,576 
December 31, 2021Level 1Level 2Level 3Total
Equity Securities:
KeyCorp common stock$192,212,983 — — $192,212,983 
Other equity securities556,837,080 556,837,080 
Mutual Funds214,843,486 — — 214,843,486 
Money Market Funds
— $119,672,709 — 119,672,709 
Collective Trust Funds, Mutual Funds and other investments measured at net asset value (a)
— — — 2,864,784,735 
$963,893,549 $119,672,709 — $3,948,350,993 
(a) Certain investments that are measured at fair value using the net asset value (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of the plan assets presented elsewhere within this report.

5    Party-in-Interest Transactions

During 2022 and 2021, the Plan received $6,397,667 and $6,436,320 respectively, in KeyCorp common stock dividends.

During the year ended December 31, 2022, the Plan did not purchase shares of KeyCorp common stock and 258,140 shares of common stock of KeyCorp were sold by the Plan for $5,597,502. During the year ended December 31, 2021, the Plan did not purchase KeyCorp common stock and 759,052 shares of common stock of KeyCorp were sold by the Plan for $15,913,110. The sales of KeyCorp common stock were completed in the open market.

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


12

SCHEDULE OF ASSETS (HELD AT END OF YEAR)
Form 5500, Schedule H, Part IV, Line 4i
KeyCorp
401(k) Savings Plan
EIN 34-6542451
Plan Number 002
December 31, 2022
(a)(b)(c)(d) (e)
Identity of Issuer, Borrower, Lessor, or Similar PartyDescription of Investment, Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity ValueCostCurrent Value
Equity Securities:
 *KeyCorp common stockCommon Stock$138,567,564 
ADYEN NV EUR0.01 SEDOL: BZ1HM42 Common Stock3,507,740 
SAPIENS INTERNATIONAL CORP NV COM EUR0.01 SEDOL: BFYZGX0 Common Stock167,651 
SHOPIFY INC CL A SHOPIFY INC SEDOL: BXDZ9Z0 Common Stock1,710,995 
ADR NOVO-NORDISK A S ADR SEDOL: 2651202 Common Stock5,404,262 
LVMH MOET HENNESSY LOUIS VUITTON SE EUR0.30 SEDOL: 4061412 Common Stock2,952,561 
DESCARTES SYS GROUP INC COM SEDOL: 2528834 Common Stock545,917 
ADR RENTOKIL INITIAL PLC SPONSORED ADR S2738172 Common Stock387,251 
AAON INC COM PAR $0.004 COM PAR $0.004 SEDOL: 2268130Common Stock210,369 
ACADEMY SPORTS & OUTDOORS INC COM SEDOL: BN7K304Common Stock264,329 
ACADIA PHARMACEUTICALS INC COM SEDOL: 2713317Common Stock136,450 
ACADIA HEALTHCARE CO INC COM SB65VZ37Common Stock109,239 
ACI WORLDWIDE INC COM STK SEDOL: 2889155Common Stock122,797 
ADAPTIVE BIOTECHNOLOGIES CORP COM USD0.0001 SEDOL: BJ5FZ74Common Stock34,648 
ADDUS HOMECARE CORP COM STK SEDOL: B55BN47Common Stock345,927 
ADOBE SYS INC COM SEDOL: 2008154Common Stock6,232,872 
ADVANCED ENERGY INDS INC COM SEDOL: 2049175Common Stock317,472 
AEROJET ROCKETDYNE HLDGS INC COM SEDOL: BWD7PX9Common Stock321,038 
AGIOS PHARMACEUTICALS INC COM SEDOL: BCBVTX1Common Stock97,438 
AIRBNB INC CL A COM USD0.0001 CL A SEDOL: BMGYYH4 SEDOL: BMGYYH4Common Stock3,455,996 
AKERO THERAPEUTICS INC COM SEDOL: BK7Y2V9Common Stock115,573 
ALARM COM HLDGS INC COM SEDOL: BYN7H26Common Stock41,168 
ALBANY INTL CORP NEW CL A SEDOL: 2012757Common Stock278,320 
ALECTOR INC COM SEDOL: BJ4LDC4Common Stock41,351 
ALKERMES PLC SHS SEDOL: B3P6D26Common Stock331,459 
ALLOGENE THERAPEUTICS INC COM SEDOL: BFZNYB7Common Stock33,111 
ALPHA METALLURGICAL RES INC COMSEDOL: BMFND53Common Stock177,571 
ALPHABET INC CAP STK USD0.001 CL C SEDOL: BYY88Y7Common Stock10,564,815 
ALPHABET INC CAPITAL STOCK USD0.001 CL A SEDOL: BYVY8G0Common Stock7,291,592 
13

AMAZON COM INC COM SEDOL: 2000019Common Stock14,873,628 
AMERICAN TOWER CORP SEDOL: B7FBFL2Common Stock4,130,846 
AMEDISYS INC COM SEDOL: 2024332Common Stock155,719 
AMICUS THERAPEUTICS INC COM SEDOL: B19FQ48Common Stock146,740 
AMN HEALTHCARE SVCS INC COM SEDOL: 2813552Common Stock579,905 
AMPHASTAR PHARMACEUTICALS INC DEL COMSEDOL: BNFWZS4Common Stock202,753 
APA CORP COM SEDOL: BNNF1C1Common Stock142,421 
APELLIS PHARMACEUTICALS INC COM SEDOL: BYTQ6X1Common Stock267,651 
APPLE INC COM STK SEDOL: 2046251Common Stock15,813,131 
ARCH RES INC DEL CL A CL ASEDOL: BLB8B95Common Stock102,809 
ARCONIC CORPORATION COM USD0.01 SEDOL: BKLJ8S9Common Stock55,270 
ARVINAS INC COM SEDOL: BDZ30Q0Common Stock101,775 
ASBURY AUTOMOTIVE GROUP INC COM SEDOL: 2855855Common Stock78,870 
ASGN INCORPORATED COMN STK USD0.01 SEDOL: BFY8W20Common Stock174,041 
ASPEN TECHNOLOGY INC COM SEDOL: 2051868Common Stock173,768 
ATKORE INC SEDOL: BDHF495Common Stock599,198 
ATLASSIAN CORP CL ASEDOL: BQ1PC76Common Stock3,166,043 
ATRICURE INC COM STK SEDOL: B0C8KV2Common Stock161,987 
AVIDITY BIOSCIENCES INC COMSEDOL: BMWHPY1Common Stock61,422 
AXALTA COATING SYSTEMS LTD COM USD1.00SEDOL: BSFWCF5Common Stock305,436 
AXCELIS TECHNOLOGIES INC COM NEW COM NEWSEDOL: BD420Q8Common Stock362,120 
AZENTA INC COM USD0.01 SEDOL: 2145460Common Stock42,675 
A10 NETWORKS INC COMSEDOL: BKQVBN6Common Stock157,187 
BALCHEM CORP COM SEDOL: 2072074Common Stock372,435 
BANCORP INC DEL COM STKSEDOL: B05BRL7Common Stock166,307 
BELLRING BRANDS INC CL A COM SEDOL: BK6V415Common Stock194,531 
BERRY GLOBAL GROUP INC SEDOL: B8BR3H3Common Stock152,888 
BIOHAVEN LTD COM NPV WISEDOL: BPLZ7S5Common Stock56,561 
BJS WHSL CLUB HLDGS INC COM SEDOL: BFZNZF8Common Stock292,890 
BLOOMIN BRANDS INC COM SEDOL: B847RJ0Common Stock137,520 
BLUE OWL CAP INC COM CL ASEDOL: BN7CQS9Common Stock210,452 
BLUEPRINT MEDICINES CORP COM SEDOL: BWY52P3Common Stock202,096 
BOOZ ALLEN HAMILTON HLDG CORP CL A COM STK SEDOL: B5367T7Common Stock527,617 
BOSTON BEER INC CL A CL A SEDOL: 2113393Common Stock111,378 
BOX INC CL A CL A SEDOL: BVB3BV2Common Stock402,480 
BOYD GAMING CORP COM SEDOL: 2117232Common Stock473,102 
BRIGHT HORIZONS FA COM USD0.001 SEDOL: B7MJWP2Common Stock60,955 
BROADRIDGE FINL SOLUTIONS INC COM STK SEDOL: B1VP7R6Common Stock210,718 
BRP GROUP INC CL A CL A SBKTPCS7Common Stock101,189 
BRUKER CORP SEDOL: 2616137Common Stock168,483 
BRUNSWICK CORP COM SEDOL: 2149309Common Stock72,585 
BUILDERS FIRSTSOURCE INC COM STK SEDOL: B0BV2M7Common Stock414,129 
BURLINGTON STORES INC COM SEDOL: BF311Y5Common Stock152,273 
CACI INTL INC CL A CL A SEDOL: 2159267Common Stock645,667 
14

CACTUS INC CL A CL A SEDOL: BF1GM16Common Stock195,059 
CADRE HLDGS INC COMSEDOL: BKVKB49Common Stock70,490 
CAPRI HOLDINGS LTD COM NPV SEDOL: BJ1N1M9Common Stock409,895 
CAREDX INC COM SEDOL: BP3YM74Common Stock23,448 
CARRIAGE SERVICES INC COMSEDOL: 2177786Common Stock59,927 
CASELLA WASTE SYS INC CL A COM STK SEDOL: 2120490Common Stock812,848 
CASEYS GEN STORES INC COM SEDOL: 2179414Common Stock207,075 
CATALENT INC COM SEDOL: BP96PQ4Common Stock184,901 
CATALYST PHARMACEUTICALS INC COM STK USD0.001 STKSEDOL: B1G7Q03Common Stock158,044 
CAVCO INDS INC DEL COM STK SEDOL: 2787022Common Stock235,074 
CBIZ INC COMSEDOL: 2730781Common Stock287,050 
CENTRUS ENERGY CORP CL A COMSEDOL: BQXKDH6Common Stock49,597 
CEREVEL THERAPEUTICS HLDGS INC COMSEDOL: BMVMJ12Common Stock157,259 
CHAMPIONX CORPORATION COM USD0.D1 WI SEDOL: BMW7N69Common Stock171,331 
CHARLES RIV LABORATORIES INTL INC COM SEDOL: 2604336Common Stock356,702 
CHEMED CORP NEW COM SEDOL: 2190084Common Stock143,941 
CHIPOTLE MEXICAN GRILL INC COM STKSEDOL: B0X7DZ3Common Stock3,468,725 
CHOICE HOTELS INTL INC COM SEDOL: 2106780Common Stock525,240 
CHURCHILL DOWNS INC COM SEDOL: 2194105Common Stock581,855 
CIRRUS LOGIC INC COM SEDOL: 2197308Common Stock215,545 
CLEAN HBRS INC COMSEDOL: 2202473Common Stock487,521 
CLEARWAY ENERGY INC CL C CL C SEDOL: 8GJRH57Common Stock184,400 
COCA-COLA CONSOLIDATED INC COM SEDOL: 2206721Common Stock439,093 
COGENT COMMUNICATIONS HLDGS INC SEDOL: 806RWD1Common Stock69,010 
COGNEX CORP COM SEDOL: 2208288Common Stock93,843 
COMFORT SYS USA INC COM SEDOL: 2036047Common Stock549,392 
CONCENTRIX CORP COM USD0.0001SEDOL: BNKVVY4Common Stock354,072 
CONMED CORP COM SEDOL: 2216010Common Stock206,354 
CONSENSUS CLOUD SOLUTIONS INC COM USD0.001 SEDOL: 8MXZF55Common Stock66,447 
CORVEL CORP COM SEDOL: 2347277Common Stock366,522 
COSTCO WHOLESALE CORP NEW COM SEDOL: 2701271Common Stock6,086,058 
COTY INC COM CL A COM CL ASEDOL: BBBSMJ2Common Stock225,582 
CRISPR THERAPEUTICS AG COM CHF0.03 SEDOL: BDHF4K6Common Stock171,462 
CROCS INC COMSEDOL: B0T7Z62Common Stock566,438 
CROWDSTRIKE HLDGS INC CL A CL A SEDOL: BJJP138Common Stock2,281,213 
CSW INDUSTRIALS INC COM SEDOL: BYQD1J6Common Stock210,877 
CURTISS WRIGHT CORP COM SEDOL: 2241205Common Stock601,498 
CYTOKINETICS INC COMMON STOCKSEDOL: BBBSBJ5Common Stock214,163 
C4 THERAPEUTICS INC COM USD0.0001SEDOL: BKX9NQ0Common Stock5,310 
DANAHER CORP COM SEDOL: 2250870Common Stock7,083,529 
DARLING INGREDIENTS INC COMSTK SEDOL: 2250289Common Stock192,715 
DECKERS OUTDOOR CORP COM SEDOL: 2267278Common Stock380,799 
DENALI THERAPEUTICS INC COM SEDOL: BD284V0Common Stock134,684 
DEXCOM INC COM SEDOL: B0796X4Common Stock4,445,463 
15

DICE THERAPEUTICS INC COMSEDOL: BNRPLC7Common Stock81,525 
DICKS SPORTING GOODS INC OC-COM OC-COM SEDOL: 2969637Common Stock309,626 
DIGITAL TURBINE INC COM NEW SEDOL: BVFNZL6Common Stock94,686 
DIODES INC COM SEDOL: 2270500Common Stock354,888 
DOMINOS PIZZA INC COM SEDOL: 801SD70Common Stock209,918 
DORMAN PRODS INC COMSEDOL: 2718594Common Stock192,714 
DOUBLEVERIFY HLDGS INC COM SEDOL: BMDX9Z7Common Stock60,170 
EAGLE MATLS INC COM SEDOL: 2191399Common Stock313,526 
ELEMENT SOLUTION INC COM SEDOL: BJ1C2K1Common Stock316,997 
ELI LILLY & CO COM SEDOL: 2516152Common Stock11,500,546 
EMBECTA CORPORATION COM USD0.01 WISEDOL: BMXWYR1Common Stock61,834 
EMCOR GROUP INC COM SEDOL: 2474164Common Stock609,028 
ENDEAVOR GROUP HOLDINGS INC COM 0.00001 CL ASEDOL: BJQ05Y5Common Stock352,503 
ENSIGN GROUP INC COM STK SEDOL: 81YWPP8Common Stock748,459 
ENTEGRIS INC COM SEDOL: 2599700Common Stock168,697 
ENVESTNET INC COM STK SEDOL: 8474ZK7Common Stock262,904 
ENVIVA INC COM USD0.001SEDOL: BP830S3Common Stock92,115 
EPLUS INC COM S2597748Common Stock58,671 
ESTEE LAUDER COMPANIES INC CL A USD0.01 SEDOL: 2320524Common Stock4,949,794 
EURONET WORLDWIDE INC COM SEDOL: 2320148Common Stock208,957 
EVERI HLDGS INC COM SEDOL: BYV34V4Common Stock156,056 
EVERTEC INC COMSEDOL: B7KY3Z6Common Stock138,943 
EVOLENT HEALTH INC CL A CL ASEDOL: BYLY8H1Common Stock201,671 
EVOQUA WATER TECHNOLOGIES CORP COMSEDOL: BF329G6Common Stock198,079 
EXELIXIS INC COM STK SEDOL: 2576941Common Stock205,569 
EXLSERVICE COM INC COM STK SEDOL: 807LSTOCommon Stock692,799 
EXPONENT INC COM STK SEDOL: 2330318Common Stock547,670 
FABRINET COM USD0.01 SEDOL: 84JSZL8Common Stock558,141 
FACTSET RESH SYS INC COM STK SEDOL: 2329770Common Stock335,411 
FAIR ISAAC CORPORATION COM SEDOL: 2330299Common Stock559,073 
FATE THERAPEUTICS INC COM SEDOL: BCZS820Common Stock44,255 
FEDERAL SIGNAL CORP COM SEDOL: 2333986Common Stock194,569 
FIBROGEN INC COMSEDOL: BSDRYR8Common Stock53,875 
FIRST BANCORP N C COM SEDOL: 2351494Common Stock113,697 
FLOOR & DECOR HLDGS INC CL A CL A SEDOL: BYQHP96Common Stock39,619 
FORMFACTOR INC COM STK SEDOL: 2891826Common Stock193,979 
FORTINET INC COM SEDOL: B582106Common Stock166,226 
FULLER H B CO COM SEDOL: 2354664Common Stock282,039 
GARTNER INC COM SEDOL: 2372763Common Stock213,449 
GENERATION BIO CO COM SEDOL: BMC2Z79Common Stock26,154 
GIBRALTAR INDS INC COM SEDOL: 2369226Common Stock59,093 
GLOBUS MED INC CL A NEW COM STKSEDOL: SB7D65M0Common Stock571,953 
GOLDMAN SACHS GROUP INC COM SEDOL: 2407966Common Stock4,412,776 
GRAND CANYON ED INC COM STKSEDOL: B3F1XM1Common Stock245,342 
GRAPHIC PACKAGING HLDG CO COM STKSEDOL: B2Q8249Common Stock643,648 
16

GRACO INC COM SEDOL: 2380443Common Stock85,891 
GXO LOGISTICS INC COM SEDOL: BNNTGF1Common Stock298,574 
HAEMONETICS CORP MASS COM SEDOL: 2401195Common Stock329,150 
HALOZYME THERAPEUTICS INC COM SEDOL: 2975098Common Stock825,107 
HELEN TROY LTD COM STK SEDOL: 2419530Common Stock42,922 
HERC HLDGS INC COM SEDOL: BZBZ020Common Stock299,059 
HEXCEL CORP NEW COM SEDOL: 2416779Common Stock250,819 
HILTON GRAND VACATIONS INC COM SEDOL: BYSLHX4Common Stock242,840 
HOME DEPOT INC COM SEDOL: 2434209Common Stock7,620,122 
HORIZON THERAPEUTICS PLC COM USD0.0001 SEDOL: BQPVQZ6Common Stock536,681 
HUBSPOT INC COM SEDOL: BR4T383Common Stock895,436 
HUMANA INC COM SEDOL: 2445063Common Stock4,354,127 
HOSTESS BRANDS INC CL A CL ASEDOL: BZ8VJD5Common Stock190,358 
IAA SPINCO INC SEDOL: BJF8Q81Common Stock286,200 
ICU MED INC COM SEDOL: 2451918Common Stock301,732 
IGM BIOSCIENCES INC COM SEDOL: BKS3SM8Common Stock28,849 
INARI MED INC COMSEDOL: BLDRF10Common Stock157,692 
INFORMATICA INC CL A CL ASEDOL: BMG95P4Common Stock121,132 
INGEVITY CORP COM SEDOL: BD4LHG4Common Stock235,269 
INSMED INC COM PAR $.01 SEDOL: 2614487Common Stock266,993 
INSPERITY INC COM SEDOL: 2007281Common Stock443,040 
INSPIRE MED SYS INC COM SEDOL: BDT5KT5Common Stock576,805 
INTELLIA THERAPEUTICS INC COM SEDOL: BYZM6C2Common Stock138,862 
INTER PARFUMS INC COM SEDOL: 2473150Common Stock359,247 
INTRA-CELLULAR THERAPIES INC COMSEDOL: BHCB0P4Common Stock247,030 
INTUITIVE SURGICAL INC COM NEW STK SEDOL: 2871301Common Stock7,098,643 
IONIS PHARMACEUTICALS INC COM SEDOL: BDJ0LS6Common Stock332,300 
IOVANCE BIOTHERAPEUTICS INC COM SEDOL: BF0DMK7Common Stock45,842 
IRHYTHM TECHNOLOGIES INC COMSEDOL: BYT4ST5Common Stock210,757 
IRIDIUM COMMUNICATIONS INC COM STK SEDOL: 82QH310Common Stock520,065 
IVERIC BIO INC COMSEDOL: BK8Y8K9Common Stock117,626 
JOHN BEAN TECHNOLOGIES CORP COM STK SEDOL: B3BRJZ8Common Stock311,069 
KADANT INC COM SEDOL: 2769978Common Stock412,989 
KARUNA THERAPEUTICS INC COM SEDOL: BJMLSD2Common Stock313,417 
KKR & CO INC CL A CL A SEDOL: BG1FRR1Common Stock1,470,168 
KULICKE & SOFFA INDS INC COM SEDOL: 2498001Common Stock229,975 
KYMERA THERAPEUTICS INC COM SEDOL: BMPRZV5Common Stock79,972 
LANDSTAR SYS INC COM SEDOL: 2503994Common Stock331,339 
LANTHEUS HLDGS INC COM SEDOL: BP8S8J5Common Stock363,854 
LATTICE SEMICONDUCTOR CORP COM SEDOL: 2506658Common Stock759,550 
LCI INDUSTRIES COM SEDOL: BYQ44Y5Common Stock45,208 
LINCOLN ELEC HLDGS INC COM SEDOL: 2516851Common Stock332,472 
LITTELFUSE INC COM SEDOL: 2531832Common Stock169,554 
LIVENT CORP COMSEDOL: BD9PM00Common Stock282,154 
LOUISIANA-PACIFIC CORP COM SEDOL: 2535243Common Stock391,963 
17

LPL FINL HLDGS INC COM SEDOL: 875JX34Common Stock473,412 
LULULEMON ATHLETICA INC COM SEDOL: B23FN39Common Stock6,301,554 
LUMENTUM HLDGS INC COM SEDOL: BYM9ZP2Common Stock213,949 
MADRIGAL PHARMACEUTICALS INC COM SEDOL: BD59BS7Common Stock130,613 
MAGNOLIA OIL & GAS CORP CL A CL A SEDOL: BF2GC59Common Stock438,844 
MANHATTAN ASSOCS INC COM SEDOL: 2239471Common Stock711,040 
MARAVAI LIFESCIENCES HLDGS INC CL A CL A SEDOL: BMCWKZ2Common Stock118,015 
MARKETAXESS HLDGS INC COM STK SEDOL: 803Q9D0Common Stock316,261 
MASTERCARD INC CL A SEDOL: B121557Common Stock8,931,445 
MATADOR RES CO COM SEDOL: 87MSLL8Common Stock450,708 
MATTEL INC COM STOCK 1.00 PARSEDOL: 2572303Common Stock455,134 
MAXLINEAR INC COMMON STOCK SEDOL: 83RDWC8Common Stock275,844 
MCGRATH RENTCORP COM SEDOL: 2551551Common Stock176,350 
MEDPACE HLDGS INC COM SEDOL: BDCBC61Common Stock628,521 
MERCURY SYSTEMS INC SEDOL: 2144047Common Stock111,805 
MERIT MED SYS INC COM SEDOL: 2580555Common Stock533,675 
META PLATFORMS INC SEDOL: B7TL820Common Stock1,384,752 
MICROSOFT CORP COM SEDOL: 2588173Common Stock18,660,154 
MIRATI THERAPEUTICS INC COM SEDOL: BBPK0J0Common Stock99,682 
MKS INSTRS INC COM SEDOL: 2404871Common Stock150,057 
MODIVCARE INC COM SEDOL: BNDL420Common Stock101,216 
MOLINA HEALTHCARE INC COM SEDOL: 2212706Common Stock639,306 
MONOLITHIC PWR SYS INC COM SEDOL: 801Z7J1Common Stock177,159 
MONTE ROSA THERAPEUTICS INC COMSEDOL: BP7KZP7Common Stock6,088 
MOOG INC CL A SEDOL: 2601218Common Stock151,298 
MORPHIC HLDG INC COM SEDOL: BK8M4J4Common Stock33,170 
MSA SAFETY INC COM SEDOL: BKM4S16Common Stock183,842 
MURPHY USA INC COM SEDOL: BCZWJ63Common Stock567,187 
NABORS INDUSTRIES LTD SHS NEWSEDOL: BK953M8Common Stock140,467 
NATERA INC COMSEDOL: BYQRG48Common Stock189,723 
NATIONAL VISION HLDGS INC COM SEDOL: BYP71H7Common Stock119,265 
NCR CORP COM SEDOL: 2632650Common Stock163,589 
NEOGENOMICS INC COM NEW COM NEW SEDOL: 2598246Common Stock21,308 
NETFLIX INC COM STK SEDOL: 2857817Common Stock5,168,362 
NEUROCRINE BIOSCIENCES INC COM SEDOL: 2623911Common Stock274,234 
NEXSTAR MEDIA GROUP INC CL A CL A SEDOL: 2949758Common Stock582,150 
NIKE INC CL B SEDOL: 2640147Common Stock7,494,257 
NOVANTA INC NOVANTA INC SEDOL: BD8S5H8Common Stock544,975 
NURIX THERAPEUTICS INC COM SEDOL: BMVLGP2Common Stock21,290 
NVIDIA CORP COM SEDOL: 2379504Common Stock14,407,212 
NV5 GLOBAL INC COMMON STOCKSEDOL: BF5ZVB2Common Stock204,567 
OLIN CORP COMSEDOL: 2658526Common Stock141,403 
OMNICELL INC COM SEDOL: 2789523Common Stock212,319 
ONTO INNOVATION INC SEDOL: BKZ7N95Common Stock307,154 
ORMAT TECHNOLOGIES INC COM SEDOL: B03L311Common Stock157,740 
OPTION CARE HEALTH INC COM NEW COM NEWSEDOL: BKM5C62Common Stock435,974 
18

PACIRA BIOSCIENCES INC COM USD0.001 SEDOL: B3X26D8Common Stock120,347 
PALOMAR HLDGS INC COM SEDOL: BJYLZK6Common Stock195,182 
PAPA JOHNS INTL INC COM SEDOL: 2696117Common Stock293,024 
PAYA HLDGS INC CL ASEDOL: BN6N8Q5Common Stock130,815 
PATRICK INDS INC COM SEDOL: 2673154Common Stock46,965 
PAYLOCITY HLDG CORP COM SEDOL: BKM4N88Common Stock327,911 
PBF ENERGY INC CL A CL ASEDOL: B7F4TJ7Common Stock34,948 
PENSKE AUTOMOTIVE GROUP INC COM STKSEDOL: 2943523Common Stock107,575 
PDC ENERGY INC COM SEDOL: B89M5F2Common Stock139,402 
PENUMBRA INC COM SEDOL: BZ0V201Common Stock242,259 
PERFICIENT INC COM STK SEDOL: 2442547Common Stock259,558 
PERFORMANCE FOOD GROUP CO COM SEDOL: BYVYD43Common Stock618,934 
PLANET FITNESS INC CL A CL A SEDOL: BYSFJV8Common Stock370,281 
POOL CORP COM STK SEDOL: 2781585Common Stock355,238 
POWER INTEGRATIONS INC COM SEDOL: 2133045Common Stock432,543 
POST HLDGS INC COM STKSEDOL: B6T0518Common Stock569,270 
PRIMERICA INC COM SEDOL: 850K3X8Common Stock355,826 
POWERSCHOOL HLDGS INC CL A COM CL A COMSEDOL: BMGTPK9Common Stock156,967 
PRESTIGE CONSUMER HEALTHCARE INC COMSEDOL: B0650P3Common Stock62,600 
PROCEPT BIOROBOTICS CORP COMSEDOL: BMYRFV6Common Stock125,409 
PROTHENA CORP PLC USD0.01 SEDOL: 891XRN2Common Stock219,852 
PTC INC COM SEDOL: 895N910Common Stock332,151 
PTC THERAPEUTICS INC COM SEDOL: 817VCN9Common Stock205,965 
PURE STORAGE INC CL A CL ASEDOL: BYZ62T3Common Stock528,778 
QUALYS INC COM USD0.001 SEDOL: B?XJTNBCommon Stock384,388 
RANGE RES CORP COM SEDOL: 2523334Common Stock341,698 
RAPID? INC COM SEDOL: BZ22CY6Common Stock132,964 
RBC BEARINGS INC COMSEDOL: B0GLYB5Common Stock468,525 
RED ROCK RESORTS INC CL A CL A SEDOL: BYY9947Common Stock265,987 
REPLIGEN CORP COM STK USD0.01 SEDOL: 2731654Common Stock422,090 
REPLIMUNE GROUP INC COM SEDOL: BDDVW37Common Stock128,439 
ROBLOX CORP COM USD0.0001 CL A SEDOL: BMWBC20Common Stock1,063,806 
ROCKET PHARMACEUTICALS INC COM USD0.01 SEDOL: BDFKQ07Common Stock66,695 
REVOLUTION MEDICINES INC COMSEDOL: BL71K91Common Stock106,857 
ROYAL GOLD INC COM STK USD0.01SEDOL: 2755706Common Stock206,165 
RXO LLC COMSEDOL: BN6QSL9Common Stock79,395 
RYAN SPECIALTY HOLDINGS INC CL A COM USD0.001 CL ASEDOL: BNXKSK3Common Stock397,624 
S&P GLOBAL INC COM SEDOL: BYV2325Common Stock5,817,238 
SAGE THERAPEUTICS INC COM SEDOL: BP4GNK9Common Stock114,458 
SAIA INC COM STK SEDOL: 2982399Common Stock651,476 
SALESFORCE COM INC COM STK SEDOL: 2310525Common Stock5,572,360 
SAREPTA THERAPEUTICS INC COM SEDOL: B8DPDT7Common Stock256,439 
SCHLUMBERGER LTD COM COMSEDOL: 2779201Common Stock4,538,487 
SCHOLAR ROCK HLDG CORP COM SEDOL: BFZQ0L8Common Stock41,169 
SEAGEN INC COM SEDOL: BLPK4D2Common Stock154,983 
19

SEAWORLD ENTMT INC COM SEDOL: B84KWJ4Common Stock181,988 
SELECTIVE INS GROUP INC COMSEDOL: 2766173Common Stock374,289 
SERVISFIRST BANCSHARES INC COMMON STOCKSEDOL: BMH0MP5Common Stock68,910 
SHOALS TECHNOLOGIES GROUP INC CL A CL A SEDOL: BMDJ085Common Stock151,967 
SHOCKWAVE MED INC COM SEDOL: BHLNZ89Common Stock212,806 
SIMPLY GOOD FOODS CO COM SEDOL: BF27XF9Common Stock447,994 
SITEONE LANDSCAPE SUPPLY INC COM SEDOL: BYQ7X81Common Stock334,831 
SKYLINE CHAMPION CORPORATION COM USD0.0277SEDOL: 2814005Common Stock211,912 
SLM CORP COM SEDOL: 2101967Common Stock131,887 
SM ENERGY CO COMSEDOL: 2764188Common Stock379,473 
SNOWFLAKE INC CL A CL A SEDOL: BN13487Common Stock3,663,715 
SPOTIFY TECHNOLOGY S A COM EUR0.025 SEDOL: BFZ1K46Common Stock1,593,843 
SPS COMM INC COM SEDOL: 857VWJ3Common Stock542,360 
SPX CORP COM SEDOL: 2787185Common Stock345,779 
SS&C TECHNOLOGIES HLDGS INC COM SEDOL: 858YSC6Common Stock166,228 
STERIS PLC ORD USD0.001 SEDOL: BFY8C75Common Stock332,442 
SUPERNUS PHARMACEUTICALS INC COM STK SEDOL: 872ZBG4Common Stock150,848 
SYNAPTICS INC COM SEDOL: 2839268Common Stock218,107 
T-MOBILE US INC COMSEDOL: B94Q9V0Common Stock2,848,720 
TANDEM DIABETES CARE INC COM NEW COM USD0.001(POST REV SPLT} SEDOL: BF3W461Common Stock104,328 
TECHNIPFMC PLC COM USD1SEDOL: BDSFG98Common Stock440,547 
TARGA RES CORP COM SEDOL: 855PZY3Common Stock159,789 
TECHTARGET INC COM SEDOL: 81XH822Common Stock50,801 
TELEDYNE TECHNOLOGIES INC COM SEDOL: 2503477Common Stock364,718 
TEMPUR SEALY INTL INC COM SEDOL: 2216991Common Stock351,951 
TENABLE HLDGS INC COMSEDOL: BF7J7N6Common Stock241,909 
TERADATA CORP DEL COM STK SEDOL: 8247H10Common Stock133,259 
TESLA INC COM USD0.001 SEDOL: B616C79Common Stock8,438,815 
TEXAS PAC LO CORP COM USD0.01 SEDOL: BM99VY2Common Stock161,752 
TEXAS ROADHOUSE INC COMMON STOCK SEDOL: 8033TJ7Common Stock557,887 
THE TRADE DESK INC COM CL A COM CL A SEDOL: 8D8FDD1Common Stock2,439,514 
THERMO FISHER CORPSEDOL: 2886907Common Stock1,405,361 
THRYV HLDGS INC COM NEW COM NEW SEDOL: BMCMWY5Common Stock84,170 
TJX COS INC COM NEW SEDOL: 2989301Common Stock5,510,389 
TOPBUILD CORP COM SEDOL: BZ0P3W2Common Stock267,754 
TORO CO COM SEDOL: 2897040Common Stock420,991 
TRAVEL+ LEISURE CO COM USD0.01 SEDOL: BMXYT16Common Stock151,970 
TWIST BIOSCIENCE CORP COM SEDOL: BGKG6G7Common Stock78,740 
TYLER TECHNOLOGIES INC COM STK SEDOL: 2909644Common Stock305,967 
UBER TECHNOLOGIES INC COM USD0.00001 SEDOL: BK6N347Common Stock5,019,300 
UBIQUITI INC COM SEDOL: BK9Z6V8Common Stock66,741 
UFP INDUSTRIES INC COM USD1.00 SEDOL: BMQ60Q1Common Stock519,167 
20

ULTRAGENYX PHARMACEUTICAL INC COM SEDOL: BJ62Z18Common Stock208,763 
UNITEDHEALTH GROUP INC COMSEDOL: 2917766Common Stock5,635,284 
VAIL RESORTS INC COM SEDOL: 2954194Common Stock260,755 
VERTEX PHARMACEUTICALS INC COM SEDOL: 2931034Common Stock3,893,332 
VENTYX BIOSCIENCES INC COMSEDOL: BMG99Y1Common Stock55,743 
VISA INC COM CL A STK SEDOL: B2PZN04Common Stock10,818,894 
WATSCO INC COM SEDOL: 2943039Common Stock226,206 
WATTS WTR TECHNOLOGIES INC SEDOL: 2943620Common Stock440,006 
WEATHERFORD INTL LTD COMMON STOCKSEDOL: BLNN369Common Stock293,248 
WENDYS CO COM SEDOL: 83NXMJ9Common Stock523,409 
WEST PHARMACEUTICAL SVCS INC COM SEDOL: 2950482Common Stock291,599 
WESTERN ALLIANCE BANCORPORATION COM SEDOL: B0CCGJ4Common Stock148,304 
WILLSCOT MOBILE MINI HLDGS CORP COM USD0.01SEDOL: BMHL0Z4Common Stock432,006 
WORKDAY INC CL A COM USD0.001 SEDOL: 88K6ZD1Common Stock3,554,759 
WORKIVA INC COM CL A COM CL A SEDOL: BSS6HY8Common Stock135,779 
WORLD WRESTLING ENTMNTSEDOL: 2503529Common Stock375,490 
XENCOR INC COM SEDOL: BGCYWN8Common Stock146,319 
XPO LOGISTICS INC COM SEDOL: 86Z1355Common Stock245,347 
ZEBRA TECHNOLOGIES CORP CL A SEDOL: 2989356Common Stock190,769 
ZENTALIS PHARMACEUTICALS INC COM SEDOL: BMQ5T49Common Stock34,762 
ZIFF DAVIS INC COM USD0.001 SEDOL: 875DGJ3Common Stock170,065 
ZOOMINFO TECHNOLOGIES INC COM USD0.01 CLASS A SEDOL: BMWF095Common Stock1,391,232 
EQTY LIFESTYLE PPTYS INC REITCommon Stock175,840 
LIFE STORAGE INC COMCommon Stock174,050 
REXFORD INDL RLTY INC COMCommon Stock200,966 
RYMAN HOSPITALITY PPTYS INC COMCommon Stock130,194 
TERRENO RLTY CORPCommon Stock151,274 
1ST INDL RLTY TR INC COMCommon Stock275,854 
Nextera JVCommon Stock186,790 
500,085,147 
Mutual Funds:
 Dodge & Cox International Stock Fund  International Fund 139,199,946 
 Victory Sycamore Small Company Opportunity Fund Small U.S. Equity Fund 134,320,520 
273,520,466 
Collective Trust Funds:
 BlackRock MSCI ACWI ex-U.S. IMI Index Fund  Large U.S. Equity Fund 153,537,250 
* BlackRock LifePath Index 2025 NL CIT Fund  Target Maturity Fund 96,516,028 
* BlackRock LifePath Index 2030 NL CIT Fund  Target Maturity Fund 106,920,156 
* BlackRock LifePath Index 2035 NL CIT Fund  Target Maturity Fund 99,498,909 
* BlackRock LifePath Index 2040 NL CIT Fund  Target Maturity Fund 95,335,166 
* BlackRock LifePath Index 2045 NL CIT Fund  Target Maturity Fund 97,146,259 
* BlackRock LifePath Index 2050 NL CIT Fund  Target Maturity Fund 71,596,223 
* BlackRock LifePath Index 2055 NL CIT Fund  Target Maturity Fund 54,295,195 
* BlackRock LifePath Index 2060 NL CIT Fund  Target Maturity Fund 27,827,443 
* BlackRock LifePath Index 2065 NL CIT Fund  Target Maturity Fund 6,106,533 
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* BlackRock LifePath Index Retirement NL CIT Fund  Target Maturity Fund 67,194,834 
 BlackRock Equity Index Fund  Large U.S. Equity Index Fund 563,178,885 
 BlackRock Extended Equity Market Fund  Mid-Cap Growth Fund 172,146,388 
 BlackRock U.S. Debt Index Fund Domestic Fixed Income/Intermediate Core Bond 147,339,681 
Boston Partners Large Cap Value Equity Fund Large U.S. Equity Fund 208,333,345 
 Harding Loevner International Equity Collective Fund  International Fund 39,354,797 
 * KeyBank EB MaGIC Fund  Stable Value Fund 203,944,629 
 PIMCO Diversified Real Asset CIT  Large U.S. Equity Fund 28,997,017 
 PIMCO SER International Institutional International Institutional Fund 5,304,766 
 PIMCO SER Investment Grade Portfolio Bond fund 20,190,647 
 PIMCO SER PVT Municipal Portfolio Municipal Value Fund 961,868 
 PIMCO SER Real Return Portfolio  Bond fund 383,887 
 PIMCO SER U S Government Sector Portfolio Government Mutual Fund 12,797,617 
 PIMCO PAPS Emerging Markets Portfolio Institutional  Emerging Markets Institutional Fund 3,529,914 
 PIMCO High Yield Portfolio Fund High Yield Fund 848,431 
 PIMCO PAPS Asset Backed Securities Asset-Backed Fund 11,284,823 
 PIMCO PAPS Mortgage Portfolio Institutional  Mortgage-Backed Institutional Fund 11,520,380 
 PIMCO Short Term Floating Nav II Fixed Income Fund 13,001,000 
2,319,092,071 
Money Market Funds:
Federated Government Obligations FundMoney Market Fund119,693,039 
Collective U.S. Government STIFMoney Market Fund7,547,853 
127,240,892 
Total assets held for investment purposes3,219,938,576 
*Loans to participants (interest rates from 4.25%-10.50% with various maturities)48,861,791 
 Total assets held for investment purposes$3,268,800,367 
*Party-in-interest to the Plan.
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