(ISIN: FR0007038138)

Amundi Euro Liquidity Fund is an actively managed money market fund with credit as a source of return invested in Investment grade securities.  Active management of two sources of performance -fixed income and credit- to outperform the Euro money market over three months. The fund offers high degree of liquidity and aims to diversify and protect KPST’s portfolio in the event of a rapid and strong downturn in financial markets. KPST started investments AAmundi Euro Liquidity Fund in 2017and the fund is categorized as cash income in the KPST strategic allocation.

(LU2133056387: )

The Amundi MSCI Japan UCITS ETF EUR Hedged – is an exchange traded fund that seeks to track the performance of the MSCI Japan Index. This index is designed to reflect the performance of the large and mid-cap sectors of the Japanese stock market, covering about 85% of the market in Japan. The ETF aims to mitigate the effects of daily fluctuations in the local currency compared to the Euro. Amundi MSCI Japan ETF was launched in September 2020, and it is categorized as directional equity in the KPST strategic allocation.

(ISIN: LU1681041890)

Amundi MSCI Europe Quality Factor UCITS ETF is an exchange traded fund which seeks to replicate as closely as possible the performance of the MSCI Europe Quality Index, whether the trend is rising or falling. The ETF enables investors to benefit from an exposure to quality growth large and mid-cap stocks across 15 Developed Markets countries in Europe. Stocks are identified by high quality scores based on three main fundamental variables: high return on equity (ROE), stable year-over-year earnings growth and low financial leverage. Amundi MSCI Europe Quality Factor UCITS ETF was launched in May 2016 and it is categorized as directional equity in the KPST strategic allocation.

(ISIN: US37954Y6730)

Global X U.S. Infrastructure Development ETF – is an exchange traded fund which seeks to invest in companies that stand to benefit from a potential increase in infrastructure activity in the United States, including those involved in the production of raw materials, heavy equipment, engineering, and construction. It seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Index U.S. Infrastructure Development Index. Global X U.S. Infrastructure Development ETF was launched in June 2017, and it is categorized as directional real assets equity in the KPST strategic allocation.

(ISIN: IE00BRKWGL70)

Invesco S&P 500 EUR Hedged UCITS ETF – is an exchange traded fund aiming to track the performance of the S&P 500 Index. The Index provides exposure to large cap US equities, comprising around 500 companies, around 80% of US equity market. The ETF aims to mitigate the effects of daily fluctuations in the local currency compared to the Euro. Invesco S&P 500 EUR Hedged UCITS ETF was launched in December 2014 and is categorized as directional equity in the KPST strategic allocation.

(ISIN: IE00BQN1K901)

iShares Edge MSCI Europe Value Factor ETF – is an exchange traded fund aiming to track the performance of MSCI Europe Enhanced Value Index which is composed of a sub-set of MSCI Europe stocks that capture undervalued stocks relative to their fundamentals. The constituents are selected based on whether equity securities of a company provide good value. As such, the fund gives exposure to regional equities which are undervalued relative to their fundamentals. iShares Edge MSCI Europe Value Factor ETF was launched in in January 2015, and it is categorized as directional equity in the KPST strategic allocation.

(ISIN: US4642885622)

iShares Residential and Multisector Real Estate ETF – is an exchange traded fund which seeks to track the investment results of the FTSE Nareit All Residential Capped Index. The underlying index measures the performance of the residential apartments, manufactured homes, healthcare and self-storage real estate sectors of the US equity market. The ETF provides exposure to the US residential real estate by targeting access to a subset of domestic real estate stocks and real estate investment trusts which invest in real estate directly and trade like stocks (Multi-Family Residential REITs, Health Care REITs Self Storage REITs and Single-Family Residential REITs).

iShares Residential and Multisector Real Estate ETF was launched in May 2007, and it is categorized as directional real assets equity in the KPST strategic allocation.

(ISIN: US46435U7138)

iShares U.S. Infrastructure ETF is an exchange traded fund that seeks to track the investment results of an index composed of equities of U.S. companies that have infrastructure exposure and that could benefit from a potential increase in domestic infrastructure activities. The fund offer access to two groups of infrastructure companies that are equally weighted: owners and operators, such as railroads and utilities, and enablers, such as materials and construction companies. iShares U.S. Infrastructure ETF was launched in February 2018, and it is categorized as directional real assets in the KPST strategic allocation.

(ISIN: LU0539147214)

Nordea Stable Return Fund is an open-end investment fund with an objective to provide shareholders with investment growth and achieve relatively stable income. The actively managed fund applies a risk-balanced and dynamic asset allocation process, with a focus on bonds and equities and it aims to preserve shareholders’ capital (over a three-year investment horizon) and provide a stable, positive rate of return on investment. Investments are made globally in equities, bonds and money market instruments denominated in various currencies. KPST started with investments through Nordea Stable Return Fund in June 2014. The fund was launched in May 2014 and it is categorized as risk managed multi-asset class in the KPST strategic allocation.

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(ISIN: LU0257969260)

Nordea Global Stable Equity Fund is an open-end investment fund which seeks to provide growth and capital enhancement via exposure to the global equity market. The actively managed fund seeks to outperform MSCI World Index and invests in companies that operate in established lines of business, generating consistently stable earnings, dividends, cash flows, etc. This stability helps dampen price volatility of such companies’ stocks, making them less risky than the broader market. The fund’s portfolio comprises around 100-150 stocks (of companies from anywhere in the world) which gives a high degree of diversification. KPST started with investments through Nordea Global Stable Equity Fund in June 2014. The fund was launched in January 2006 and it is categorized as risk managed equity in the KPST strategic allocation.

(ISIN: US69374H7411)

Pacer Data & Infrastructure Real Estate ETF – is an exchange traded fund that seeks to track the total return performance, before fees and expenses of the Benchmark Data & Infrastructure Real Estate SCTR Index. The underlying index is composed of equity securities of developed markets companies that derive at least 85% of their earnings or revenues from real estate operations in the data and infrastructure real estate sectors (tech infrastructure and data infrastructure in real estate sector).

Pacer Data & Infrastructure Real Estate ETF was launched in May 2018, and it is categorized as directional real assets equity in the KPST strategic allocation.

(ISIN: LU2802595350)

Schroder ISF – Global Sustainable Growth Fund – is an open-ended fund aiming to provide capital growth by investing in equities of companies worldwide which meet the investment manager’s sustainability criteria. The manager believes that companies demonstrating positive sustainability characteristics are better placed to maintain growth and returns. ESG factors incorporated are: Environment, human rights, labor standards, board structure, corporate strategy. KPST started with investments through Schroder ISF – Global Sustainable Growth Fund in October 2021, and it is categorized as directional equity in the KPST strategic allocation.

(ISIN: US78468R5569)

SPDR S&P Oil & Gas Exploration & Production ETF  is an exchange traded fund which seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the oil and gas exploration and production segment of a U.S. total market composite index. Specifically, the open-ended passively managed fund fully replicates S&P Oil & Gas Exploration & Production Select Industry Total Return Index – USD Index. The fund was launched in June 2006 and is categorized as directional equity in the KPST strategic allocation.

(ISIN: IE00BKWQ0F09)

SPDR MSCI Europe Energy ETF – is an open-ended ETF aiming to track the performance of European large and mid-sized companies in the Energy sector. Specifically, SPDR MSCI Europe Energy ETF seeks to replicate the performance of the MSCI Europe Energy 35/20 Capped Index, where the weight of the largest constituent is constrained to 35% and the weights of all other constituents are constrained to a maximum of 20%. SPDR MSCI Europe Energy ETF is categorized as directional equity in the KPST strategic allocation.

(ISIN: IE00BJ38QD84)

SPDR Russell 2000 US Small Cap UCITS ETF – is an exchange traded fund aiming to track the performance of smaller U.S. companies. It specifically tracks the Russell 2000® index which consists of around 2000 companies from the US small cap stocks. Small-cap category includes companies with the lowest market capitalization. Such companies are known for heightened (perceived) risk accompanied by (potentially) exponential growth. Small-cap is typically in the early stages of the product cycle and therefore carries higher sensitivity to financial conditions, especially to interest rates SPDR Russell 2000 US Small Cap UCITS ETF was launched in June 2014 and is categorized as directional equity in the KPST strategic allocation.

(ISIN: IE00B5M1WJ87)

SPDR S&P Euro Dividend Aristocrats UCITS ETF – is an exchange traded fund which aims to track the performance of top 40 highest dividend-yielding equity securities from Eurozone companies. These companies must have a managed dividend policy of either increasing or maintaining dividends for at least ten consecutive years. SPDR S&P Euro Dividend Aristocrats UCITS ETF was launched in February 2012, and it is categorized as income equity in the KPST strategic allocation.

(ISIN: IE00BH04GL39)

Vanguard EUR Eurozone Government Bond UCITS ETF – is an exchange traded fund aiming to track the performance of the Bloomberg Euro Aggregate: Treasury Index. The fund invests in a sample of Investment Grade euro-denominated bonds primarily issued by Eurozone governments with maturities exceeding one year. Vanguard EUR Eurozone Government Bond UCITS ETF was launched in February 2019, and it is categorized as directional debt instruments in the KPST strategic allocation.

(ISIN: IE00B03HD316)

Vanguard Global Stock Index Fund is an open-end investment fund which employs a passive management investment approach and seeks to provide long-term capital growth by tracking the performance of the MSCI World Index. The Index is comprised of large and mid-sized company stocks in developed markets. The Fund attempts to track the performance of the Index by investing in all constituent securities of the Index in the same proportion as the Index. KPST started investments through the Vanguard’s indexed Global Stock Index Fund Euro Hedged fund in 2005. The fund was launched in November 2004 and it is categorized as directional equity in the KPST strategic allocation..

(ISIN: US9229087443)

Vanguard Value ETF – is an exchange traded fund aiming to track the performance CRSP US Large Cap Value Index which represents the large cap value segment of the U.S. equity market and deliver low turnover. The fund gives exposure to US large cap US securities with value characteristics. Vanguard Value ETF was launched in January 2004, and it is categorized as directional equity in the KPST strategic allocation.

(ISIN: GB00B15KXV33)

WisdomTree WTI Crude Oil ETF –is an exchange traded commodity fund designed to provide investors with a total return exposure to WTI Crude Oil. The ETC provides exposure to the price of crude oil without having to physically buy and store barrels of oil. WisdomTree WTI Crude Oil ETC was launched in September 2006, and it is categorized as directional real assets in the KPST strategic allocation.