UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22838

The KP Funds

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

Registrant’s telephone number, including area code: (855) 457-3637

Date of fiscal year end: December 31, 2019

Date of reporting period: June 30, 2019

Item 1. Reports to Stockholders.

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act or 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.

The KP Funds

KP Retirement Path Retirement Income Fund (formerly, KP Retirement Path 2015 Fund): KPRAX

KP Retirement Path 2020 Fund: KPRBX

KP Retirement Path 2025 Fund: KPRCX

KP Retirement Path 2030 Fund: KPRDX

KP Retirement Path 2035 Fund: KPREX

KP Retirement Path 2040 Fund: KPRFX

KP Retirement Path 2045 Fund: KPRGX

KP Retirement Path 2050 Fund: KPRHX

KP Retirement Path 2055 Fund: KPRIX

KP Retirement Path 2060 Fund: KPRJX

KP Retirement Path 2065 Fund: KPRKX

KP Large Cap Equity Fund: KPLCX

KP Small Cap Equity Fund: KPSCX

KP International Equity Fund: KPIEX

KP Fixed Income Fund: KPFIX

Semi-Annual Report

June 30, 2019

Beginning on March 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary, or, if you are a direct investor, by calling 1-855-457-3637.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-855-457-3637. Your election to receive reports in paper will apply to all funds held with your financial intermediary if you invest through a financial intermediary or all KP Funds if you invest directly with the Funds.

THE KP FUNDS June 30, 2019

TABLE OF CONTENTS
Schedules of Investments	1
Statements of Assets and Liabilities	105
Statements of Operations	109
Statements of Changes in Net Assets	113
Financial Highlights	121
Notes to Financial Statements	124
Disclosure of Fund Expenses	142
Approval of Investment Advisory Agreement	144

The Funds file their complete schedules of investments with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT within sixty days after period end. The Funds’ Forms N-Q and Form N-PORT reports are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, as well as information relating to how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 855-457-3637 (855-4KPFNDS); and (ii) on the Commission’s website at http://www.sec.gov.

THE KP FUNDS June 30, 2019 (Unaudited)

KP Retirement Path Retirement Income Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 71.8%
KP Fixed Income Fund		20,021,489	$	207,222
KP International Equity Fund		3,156,886		32,674
KP Large Cap Equity Fund		6,262,700		83,357
KP Small Cap Equity Fund		1,259,337		13,928
Total Affiliated Registered Investment Companies (Cost $320,164) (000)				337,181
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 28.2%
DFA Commodity Strategy Portfolio, Cl Institutional		800,023		4,352
DFA International Real Estate Securities, Cl Institutional		881,706		4,603
DFA Real Estate Securities Portfolio, Cl Institutional		244,505		9,435

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		305,880	$	4,671
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		464,403		4,570
T. Rowe Price New Era Fund, Cl Institutional		132,244		4,524
Vanguard Inflation-Protected Securities Fund, Cl Institutional		1,382,286		14,555
Vanguard Short-Term Bond Index Fund, Cl Institutional		4,527,584		47,766
Vanguard Short-Term Inflation-Protected Securities Index Fund, Cl Institutional		1,532,931		37,925
Total Unaffiliated Registered Investment Companies (Cost $129,771) (000)				132,401
Total Investments In Securities — 100.0% (Cost $449,935) (000)			$	469,582

Percentages are based on Net Assets of $469,558 (000).

Cl — Class

As of June 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2019, there were no Level 3 investments.

For further financial information on individual registered investment companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual registered investment company’s website.

The following is a summary of the transactions with affiliates for the period ended June 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 6/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	200,468	$	25,198	$	(31,522	)	$	13,341	$	(263	)	$	207,222		20,021,489	$	—	$	—
KP International Equity Fund		32,947		3,231		(8,250	)		4,100		646			32,674		3,156,886		—		—
KP Large Cap Equity Fund		78,597		10,492		(20,212	)		11,152		3,328			83,357		6,262,700		—		—
KP Small Cap Equity Fund		12,946		2,685		(4,324	)		2,202		419			13,928		1,259,337		—		—
Totals	$	324,958	$	41,606	$	(64,308	)	$	30,795	$	4,130		$	337,181		30,700,412	$	—	$	—

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

1

THE KP FUNDS June 30, 2019 (Unaudited)

KP Retirement Path 2020 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 75.4%
KP Fixed Income Fund		38,191,026	$	395,277
KP International Equity Fund		10,447,328		108,130
KP Large Cap Equity Fund		18,026,700		239,935
KP Small Cap Equity Fund		4,438,681		49,092
Total Affiliated Registered Investment Companies (Cost $747,352) (000)				792,434
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 24.6%
DFA Commodity Strategy Portfolio, Cl Institutional		1,804,254		9,815
DFA International Real Estate Securities, Cl Institutional		1,987,951		10,377
DFA Real Estate Securities Portfolio, Cl Institutional		550,974		21,262

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		689,562	$	10,530
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		1,046,840		10,301
T. Rowe Price New Era Fund, Cl Institutional		298,092		10,198
Vanguard Inflation-Protected Securities Fund, Cl Institutional		3,056,519		32,185
Vanguard Short-Term Bond Index Fund, Cl Institutional		8,343,826		88,027
Vanguard Short-Term Inflation-Protected Securities Index Fund, Cl Institutional		2,683,748		66,396
Total Unaffiliated Registered Investment Companies (Cost $254,123) (000)				259,091
Total Investments In Securities — 100.0% (Cost $1,001,475) (000)			$	1,051,525

Percentages are based on Net Assets of $1,051,476 (000).

Cl — Class

As of June 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2019, there were no Level 3 investments.

For further financial information on individual registered investment companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual registered investment company’s website.

The following is a summary of the transactions with affiliates for the period ended June 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 6/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	384,055	$	42,031	$	(55,958	)	$	25,710	$	(561	)	$	395,277		38,191,026	$	—	$	—
KP International Equity Fund		97,325		9,586		(12,889	)		13,757		351			108,130		10,447,328		—		—
KP Large Cap Equity Fund		204,684		28,053		(30,653	)		30,824		7,027			239,935		18,026,700		—		—
KP Small Cap Equity Fund		39,739		8,246		(6,937	)		7,554		490			49,092		4,438,681		—		—
Totals	$	725,803	$	87,916	$	(106,437	)	$	77,845	$	7,307		$	792,434		71,103,735	$	—	$	—

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

2

THE KP FUNDS June 30, 2019 (Unaudited)

KP Retirement Path 2025 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 80.0%
KP Fixed Income Fund		40,802,490	$	422,306
KP International Equity Fund		18,627,807		192,798
KP Large Cap Equity Fund		28,306,332		376,757
KP Small Cap Equity Fund		8,147,068		90,107
Total Affiliated Registered Investment Companies (Cost $1,012,463) (000)				1,081,968
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 20.0%
DFA Commodity Strategy Portfolio, Cl Institutional		2,347,570		12,771
DFA International Real Estate Securities, Cl Institutional		2,584,221		13,490
DFA Real Estate Securities Portfolio, Cl Institutional		715,404		27,606

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		896,171	$	13,684
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		1,360,725		13,390
T. Rowe Price New Era Fund, Cl Institutional		387,652		13,262
Vanguard Inflation-Protected Securities Fund, Cl Institutional		3,850,489		40,546
Vanguard Short-Term Bond Index Fund, Cl Institutional		7,535,411		79,499
Vanguard Short-Term Inflation-Protected Securities Index Fund, Cl Institutional		2,307,820		57,095
Total Unaffiliated Registered Investment Companies (Cost $265,950) (000)				271,343
Total Investments In Securities — 100.0% (Cost $1,278,413) (000)			$	1,353,311

Percentages are based on Net Assets of $1,353,254 (000).

Cl — Class

As of June 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2019, there were no Level 3 investments.

For further financial information on individual registered investment companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual registered investment company’s website.

The following is a summary of the transactions with affiliates for the period ended June 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 6/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	395,872	$	51,683	$	(51,420	)	$	26,515	$	(344	)	$	422,306		40,802,490	$	—	$	—
KP International Equity Fund		166,937		16,817		(15,341	)		23,835		550			192,798		18,627,807		—		—
KP Large Cap Equity Fund		310,376		42,009		(33,179	)		49,621		7,930			376,757		28,306,332		—		—
KP Small Cap Equity Fund		70,134		14,780		(9,079	)		13,597		675			90,107		8,147,068		—		—
Totals	$	943,319	$	125,289	$	(109,019	)	$	113,568	$	8,811		$	1,081,968		95,883,697	$	—	$	—

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

3

THE KP FUNDS June 30, 2019 (Unaudited)

KP Retirement Path 2030 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 84.9%
KP Fixed Income Fund		33,204,288	$	343,664
KP International Equity Fund		24,105,064		249,487
KP Large Cap Equity Fund		32,483,671		432,358
KP Small Cap Equity Fund		10,513,447		116,279
Total Affiliated Registered Investment Companies (Cost $1,064,805) (000)				1,141,788
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 15.1%
DFA Commodity Strategy Portfolio, Cl Institutional		2,266,343		12,329
DFA International Real Estate Securities, Cl Institutional		2,492,952		13,013
DFA Real Estate Securities Portfolio, Cl Institutional		689,579		26,611

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		864,327	$	13,198
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		1,312,627		12,916
T. Rowe Price New Era Fund, Cl Institutional		374,091		12,798
Vanguard Inflation-Protected Securities Fund, Cl Institutional		3,640,076		38,330
Vanguard Short-Term Bond Index Fund, Cl Institutional		4,094,292		43,195
Vanguard Short-Term Inflation-Protected Securities Index Fund, Cl Institutional		1,209,352		29,919
Total Unaffiliated Registered Investment Companies (Cost $197,991) (000)				202,309
Total Investments In Securities — 100.0% (Cost $1,262,796) (000)			$	1,344,097

Percentages are based on Net Assets of $1,344,048 (000).

Cl — Class

As of June 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2019, there were no Level 3 investments.

For further financial information on individual registered investment companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual registered investment company’s website.

The following is a summary of the transactions with affiliates for the period ended June 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 6/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	317,485	$	47,705	$	(42,466	)	$	21,521	$	(581	)	$	343,664		33,204,288	$	—	$	—
KP International Equity Fund		212,987		20,889		(15,395	)		30,487		519			249,487		24,105,064		—		—
KP Large Cap Equity Fund		349,937		47,954		(30,226	)		57,540		7,153			432,358		32,483,671		—		—
KP Small Cap Equity Fund		89,027		18,761		(9,576	)		17,413		654			116,279		10,513,447		—		—
Totals	$	969,436	$	135,309	$	(97,663	)	$	126,961	$	7,745		$	1,141,788		100,306,470	$	—	$	—

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

4

THE KP FUNDS June 30, 2019 (Unaudited)

KP Retirement Path 2035 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 89.5%
KP Fixed Income Fund		30,251,347	$	313,101
KP International Equity Fund		33,678,576		348,573
KP Large Cap Equity Fund		39,364,381		523,940
KP Small Cap Equity Fund		14,475,387		160,098
Total Affiliated Registered Investment Companies (Cost $1,248,882) (000)				1,345,712
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 10.5%
DFA Commodity Strategy Portfolio, Cl Institutional		2,278,995		12,398
DFA International Real Estate Securities, Cl Institutional		2,506,257		13,083
DFA Real Estate Securities Portfolio, Cl Institutional		693,010		26,743

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		868,891	$	13,268
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		1,319,640		12,985
T. Rowe Price New Era Fund, Cl Institutional		376,166		12,869
Vanguard Inflation-Protected Securities Fund, Cl Institutional		3,633,052		38,256
Vanguard Short-Term Bond Index Fund, Cl Institutional		1,795,925		18,947
Vanguard Short-Term Inflation-Protected Securities Index Fund, Cl Institutional		380,569		9,415
Total Unaffiliated Registered Investment Companies (Cost $154,113) (000)				157,964
Total Investments In Securities — 100.0% (Cost $1,402,995) (000)			$	1,503,676

Percentages are based on Net Assets of $1,503,627 (000).

Cl — Class

As of June 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2019, there were no Level 3 investments.

For further financial information on individual registered investment companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual registered investment company’s website.

The following is a summary of the transactions with affiliates for the period ended June 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 6/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	287,371	$	45,005	$	(38,204	)	$	19,690	$	(761	)	$	313,101		30,251,347	$	—	$	—
KP International Equity Fund		293,919		27,941		(16,101	)		42,279		535			348,573		33,678,576		—		—
KP Large Cap Equity Fund		420,244		54,749		(28,490	)		70,702		6,735			523,940		39,364,381		—		—
KP Small Cap Equity Fund		121,373		24,794		(10,654	)		23,849		736			160,098		14,475,387		—		—
Totals	$	1,122,907	$	152,489	$	(93,449	)	$	156,520	$	7,245		$	1,345,712		117,769,691	$	—	$	—

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

5

THE KP FUNDS June 30, 2019 (Unaudited)

KP Retirement Path 2040 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 92.7%
KP Fixed Income Fund		22,743,176	$	235,392
KP International Equity Fund		35,671,398		369,199
KP Large Cap Equity Fund		37,779,423		502,844
KP Small Cap Equity Fund		15,309,650		169,325
Total Affiliated Registered Investment Companies (Cost $1,182,869) (000)				1,276,760
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 7.3%
DFA Commodity Strategy Portfolio, Cl Institutional		1,761,624		9,583
DFA International Real Estate Securities, Cl Institutional		1,937,159		10,112
DFA Real Estate Securities Portfolio, Cl Institutional		535,630		20,671

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		671,600	$	10,255
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		1,020,067		10,037
T. Rowe Price New Era Fund, Cl Institutional		290,757		9,947
Vanguard Inflation-Protected Securities Fund, Cl Institutional		2,811,998		29,610
Total Unaffiliated Registered Investment Companies (Cost $97,594) (000)				100,215
Total Investments In Securities — 100.0% (Cost $1,280,463) (000)			$	1,376,975

Percentages are based on Net Assets of $1,376,933 (000).

Cl — Class

As of June 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2019, there were no Level 3 investments.

For further financial information on individual registered investment companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual registered investment company’s website.

The following is a summary of the transactions with affiliates for the period ended June 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 6/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	216,689	$	35,497	$	(31,000	)	$	14,987	$	(781	)	$	235,392		22,743,176	$	—	$	—
KP International Equity Fund		310,602		30,074		(16,631	)		44,612		542			369,199		35,671,398		—		—
KP Large Cap Equity Fund		403,097		52,484		(26,729	)		67,689		6,303			502,844		37,779,423		—		—
KP Small Cap Equity Fund		127,786		26,706		(11,033	)		25,184		682			169,325		15,309,650		—		—
Totals	$	1,058,174	$	144,761	$	(85,393	)	$	152,472	$	6,746		$	1,276,760		111,503,647	$	—	$	—

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

6

THE KP FUNDS June 30, 2019 (Unaudited)

KP Retirement Path 2045 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 94.4%
KP Fixed Income Fund		14,927,980	$	154,505
KP International Equity Fund		30,122,270		311,765
KP Large Cap Equity Fund		30,203,221		402,005
KP Small Cap Equity Fund		12,877,857		142,429
Total Affiliated Registered Investment Companies (Cost $943,879) (000)				1,010,704
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.6%
DFA Commodity Strategy Portfolio, Cl Institutional		1,066,214		5,800
DFA International Real Estate Securities, Cl Institutional		1,171,988		6,118
DFA Real Estate Securities Portfolio, Cl Institutional		323,931		12,500

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		406,262	$	6,204
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		617,098		6,072
T. Rowe Price New Era Fund, Cl Institutional		175,935		6,019
Vanguard Inflation-Protected Securities Fund, Cl Institutional		1,674,346		17,631
Total Unaffiliated Registered Investment Companies (Cost $58,896) (000)				60,344
Total Investments In Securities — 100.0% (Cost $1,002,775) (000)			$	1,071,048

Percentages are based on Net Assets of $1,071,016 (000).

Cl — Class

As of June 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2019, there were no Level 3 investments.

For further financial information on individual registered investment companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual registered investment company’s website.

The following is a summary of the transactions with affiliates for the period ended June 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 6/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	140,263	$	26,145	$	(21,138	)	$	9,845	$	(610	)	$	154,505		14,927,980	$	—	$	—
KP International Equity Fund		257,387		29,629		(12,850	)		37,715		(116	)		311,765		30,122,270		—		—
KP Large Cap Equity Fund		317,525		45,922		(19,804	)		53,704		4,658			402,005		30,203,221		—		—
KP Small Cap Equity Fund		105,932		23,730		(8,697	)		20,918		546			142,429		12,877,857		—		—
Totals	$	821,107	$	125,426	$	(62,489	)	$	122,182	$	4,478		$	1,010,704		88,131,328	$	—	$	—

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

7

THE KP FUNDS June 30, 2019 (Unaudited)

KP Retirement Path 2050 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.0%
KP Fixed Income Fund		7,841,386	$	81,158
KP International Equity Fund		19,027,760		196,937
KP Large Cap Equity Fund		18,937,348		252,056
KP Small Cap Equity Fund		8,249,715		91,242
Total Affiliated Registered Investment Companies (Cost $588,944) (000)				621,393
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.0%
DFA Commodity Strategy Portfolio, Cl Institutional		581,432		3,163
DFA International Real Estate Securities, Cl Institutional		638,583		3,333
DFA Real Estate Securities Portfolio, Cl Institutional		176,368		6,807

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		221,280	$	3,379
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		336,158		3,308
T. Rowe Price New Era Fund, Cl Institutional		95,905		3,281
Vanguard Inflation-Protected Securities Fund, Cl Institutional		885,795		9,327
Total Unaffiliated Registered Investment Companies (Cost $31,941) (000)				32,598
Total Investments In Securities — 100.0% (Cost $620,885) (000)			$	653,991

Percentages are based on Net Assets of $653,972 (000).

Cl — Class

As of June 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2019, there were no Level 3 investments.

For further financial information on individual registered investment companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual registered investment company’s website.

The following is a summary of the transactions with affiliates for the period ended June 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 6/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	70,886	$	16,567	$	(11,063	)	$	5,111	$	(343	)	$	81,158		7,841,386	$	—	$	—
KP International Equity Fund		156,804		25,988		(9,005	)		22,969		181			196,937		19,027,760		—		—
KP Large Cap Equity Fund		192,103		37,048		(12,728	)		33,352		2,281			252,056		18,937,348		—		—
KP Small Cap Equity Fund		65,283		18,238		(5,629	)		13,371		(21	)		91,242		8,249,715		—		—
Totals	$	485,076	$	97,841	$	(38,425	)	$	74,803	$	2,098		$	621,393		54,056,209	$	—	$	—

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

8

THE KP FUNDS June 30, 2019 (Unaudited)

KP Retirement Path 2055 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.0%
KP Fixed Income Fund		2,450,179	$	25,359
KP International Equity Fund		6,798,763		70,367
KP Large Cap Equity Fund		6,732,891		89,615
KP Small Cap Equity Fund		2,885,196		31,910
Total Affiliated Registered Investment Companies (Cost $211,432) (000)				217,251
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.0%
DFA Commodity Strategy Portfolio, Cl Institutional		206,778		1,125
DFA International Real Estate Securities, Cl Institutional		226,782		1,184
DFA Real Estate Securities Portfolio, Cl Institutional		62,566		2,414

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		78,532	$	1,199
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		119,343		1,174
T. Rowe Price New Era Fund, Cl Institutional		34,073		1,166
Vanguard Inflation-Protected Securities Fund, Cl Institutional		297,495		3,133
Total Unaffiliated Registered Investment Companies (Cost $11,175) (000)				11,395
Total Investments In Securities — 100.0% (Cost $222,607) (000)			$	228,646

Percentages are based on Net Assets of $228,639 (000).

Cl – Class

As of June 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2019, there were no Level 3 investments.

For further financial information on individual registered investment companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual registered investment company’s website.

The following is a summary of the transactions with affiliates for the period ended June 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 6/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	20,678	$	6,808	$	(3,569	)	$	1,542	$	(100	)	$	25,359		2,450,179	$	—	$	—
KP International Equity Fund		51,895		14,053		(3,437	)		7,404		452			70,367		6,798,763		—		—
KP Large Cap Equity Fund		63,325		19,010		(4,745	)		11,108		917			89,615		6,732,891		—		—
KP Small Cap Equity Fund		21,226		8,284		(2,015	)		4,256		159			31,910		2,885,196		—		—
Totals	$	157,124	$	48,155	$	(13,766	)	$	24,310	$	1,428		$	217,251		18,867,029	$	—	$	—

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

9

THE KP FUNDS June 30, 2019 (Unaudited)

KP Retirement Path 2060 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.0%
KP Fixed Income Fund		510,127	$	5,280
KP International Equity Fund		1,415,587		14,651
KP Large Cap Equity Fund		1,401,380		18,652
KP Small Cap Equity Fund		600,650		6,643
Total Affiliated Registered Investment Companies (Cost $45,064) (000)				45,226
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.0%
DFA Commodity Strategy Portfolio, Cl Institutional		43,463		236
DFA International Real Estate Securities, Cl Institutional		47,637		249
DFA Real Estate Securities Portfolio, Cl Institutional		13,132		507

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		16,497	$	252
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		25,074		247
T. Rowe Price New Era Fund, Cl Institutional		7,159		245
Vanguard Inflation-Protected Securities Fund, Cl Institutional		60,425		636
Total Unaffiliated Registered Investment Companies (Cost $2,323) (000)				2,372
Total Investments In Securities — 100.0% (Cost $47,387) (000)			$	47,598

Percentages are based on Net Assets of $47,597 (000).

Cl – Class

As of June 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2019, there were no Level 3 investments.

For further financial information on individual registered investment companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual registered investment company’s website.

The following is a summary of the transactions with affiliates for the period ended June 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 6/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	4,226	$	1,735	$	(980	)	$	332	$	(33	)	$	5,280		510,127	$	—	$	—
KP International Equity Fund		10,591		3,845		(1,395	)		1,649		(39	)		14,651		1,415,587		—		—
KP Large Cap Equity Fund		12,924		5,112		(1,846	)		2,418		44			18,652		1,401,380		—		—
KP Small Cap Equity Fund		4,331		2,134		(727	)		1,000		(95	)		6,643		600,650		—		—
Totals	$	32,072	$	12,826	$	(4,948	)	$	5,399	$	(123	)	$	45,226		3,927,744	$	—	$	—

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

10

THE KP FUNDS June 30, 2019 (Unaudited)

KP Retirement Path 2065 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.1%
KP Fixed Income Fund		108,588	$	1,124
KP International Equity Fund		313,764		3,247
KP Large Cap Equity Fund		304,457		4,052
KP Small Cap Equity Fund		132,325		1,464
Total Affiliated Registered Investment Companies (Cost $9,500) (000)				9,887
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 4.9%
DFA Commodity Strategy Portfolio, Cl Institutional		9,286		51
DFA International Real Estate Securities, Cl Institutional		9,766		51
DFA Real Estate Securities Portfolio, Cl Institutional		2,589		100

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		3,357	$	51
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		5,115		50
T. Rowe Price New Era Fund, Cl Institutional		1,541		53
Vanguard Inflation-Protected Securities Fund, Cl Institutional		14,544		153
Total Unaffiliated Registered Investment Companies (Cost $502) (000)				509
Total Investments In Securities — 100.0% (Cost $10,002) (000)			$	10,396

Percentages are based on Net Assets of $10,396 (000).

Cl — Class

As of June 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2019, there were no Level 3 investments.

For further financial information on individual registered investment companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual registered investment company’s website.

The following is a summary of the transactions with affiliates for the period ended June 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 6/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	—	$	1,100	$	—	$	24	$	—	$	1,124		108,588	$	—	$	—
KP International Equity Fund		—		3,100		—		147		—		3,247		313,764		—		—
KP Large Cap Equity Fund		—		3,900		—		152		—		4,052		304,457		—		—
KP Small Cap Equity Fund		—		1,400		—		64		—		1,464		132,325		—		—
Totals	$	—	$	9,500	$	—	$	387	$	—	$	9,887		859,134	$	—	$	—

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

11

THE KP FUNDS June 30, 2019 (Unaudited)

KP Large Cap Equity Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
COMMON STOCK — 98.2%
Communication Services — 10.3%
Activision Blizzard		102,375	$	4,832
Alphabet, Cl A*		50,418		54,593
Alphabet, Cl C*		33,077		35,753
AMC Networks, Cl A*		13,786		751
AT&T		332,740		11,150
CBS, Cl B		55,677		2,778
CenturyLink		33,730		397
Charter Communications, Cl A*		6,200		2,450
Comcast, Cl A		689,016		29,132
Discovery, Cl A*		5,793		178
Discovery, Cl C*		59,778		1,701
DISH Network, Cl A*		8,284		318
Electronic Arts*		47,708		4,831
Facebook, Cl A*		358,714		69,232
Fox, Cl A		5,776		211
Fox, Cl B		12,368		453
IAC*		38,592		8,395
Interpublic Group of Companies		14,426		326
John Wiley & Sons, Cl A		10,710		491
Netflix*		34,443		12,652
News, Cl A		14,068		190
News, Cl B		3,300		46
Omnicom Group		45,867		3,759
Take-Two Interactive Software*		4,000		454
Tencent Holdings ADR		261,230		11,823

Description	Shares		Value (000)
Tencent Music Entertainment Group ADR*		152,662	$	2,288
T-Mobile US*		25,841		1,916
TripAdvisor*		74,198		3,435
Twitter*		52,530		1,833
Verizon Communications		291,285		16,641
Viacom, Cl B		84,677		2,529
Walt Disney		96,830		13,521
Zynga, Cl A*		175,574		1,076
				300,135
Consumer Discretionary — 10.7%
Advance Auto Parts		14,810		2,283
Alibaba Group Holding ADR*		64,765		10,974
Amazon.com*		56,458		106,911
Aptiv		148,184		11,978
AutoZone*		3,022		3,323
Best Buy		64,574		4,503
Booking Holdings*		5,697		10,680
BorgWarner		7,197		302
Capri Holdings*		37,208		1,290
CarMax*		6,089		529
Carnival		14,357		668
Chipotle Mexican Grill, Cl A*		851		624
Darden Restaurants		22,578		2,748
Dick’s Sporting Goods		3,785		131
Dollar General		60,724		8,208
Dollar Tree*		8,501		913
DR Horton		11,895		513
eBay		165,176		6,524
Expedia Group		4,380		583
Extended Stay America		38,102		644
Foot Locker		110,263		4,622
Ford Motor		142,152		1,454
Gap		8,162		147
Garmin		4,349		347
General Motors		47,775		1,841
Genuine Parts		5,115		530
Graham Holdings, Cl B		876		605
H&R Block		32,673		957
Hanesbrands		68,241		1,175
Harley-Davidson		21,405		767
Hasbro		4,201		444
Hilton Worldwide Holdings		96,098		9,393
Home Depot		57,702		12,000
Kohl’s		5,851		278
L Brands		8,325		217

The accompanying notes are an integral part of the financial statements.

12

THE KP FUNDS June 30, 2019 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Las Vegas Sands		121,804	$	7,197
Lear		17,268		2,405
Leggett & Platt		4,746		182
Lennar, Cl A		9,995		484
LKQ*		11,700		311
Lowe’s		58,254		5,878
Lululemon Athletica*		23,790		4,287
Macy’s		10,642		228
Marriott International, Cl A		10,123		1,420
McDonald’s		47,171		9,796
MGM Resorts International		17,900		511
Michaels*		138,943		1,209
Mohawk Industries*		2,301		339
Newell Brands		15,100		233
NIKE, Cl B		143,184		12,020
Nordstrom		3,749		119
Norwegian Cruise Line Holdings*		35,917		1,926
NVR*		629		2,120
O’Reilly Automotive*		2,851		1,053
PulteGroup		78,593		2,485
PVH		2,642		250
Ralph Lauren, Cl A		34,725		3,944
Restaurant Brands International		48,659		3,384
Ross Stores		107,942		10,699
Royal Caribbean Cruises		6,192		751
Skechers U.S.A., Cl A*		41,090		1,294
Starbucks		73,541		6,165
Tapestry		62,770		1,992
Target		32,404		2,807
Thor Industries		7,634		446
Tiffany		3,792		355
TJX		84,624		4,475
Toll Brothers		7,107		260
Tractor Supply		16,352		1,779
Ulta Beauty*		7,478		2,594
Under Armour, Cl A*		6,400		162
Under Armour, Cl C*		6,520		145
Urban Outfitters*		117,077		2,664
Vail Resorts		4,925		1,099
VF		11,514		1,006
Whirlpool		2,237		319
Wynn Resorts		3,491		433
Yum! Brands		10,859		1,202
				311,534
Consumer Staples — 5.9%
Altria Group		116,573		5,520

Description	Shares		Value (000)
Archer-Daniels-Midland		86,277	$	3,520
Brown-Forman, Cl B		5,905		327
Campbell Soup		6,913		277
Church & Dwight		34,551		2,524
Clorox		4,625		708
Coca-Cola		170,767		8,695
Colgate-Palmolive		56,985		4,084
Conagra Brands		17,242		457
Constellation Brands, Cl A		6,062		1,194
Costco Wholesale		15,873		4,195
Coty, Cl A		16,399		220
Danone		29,293		2,482
Diageo		161,661		6,947
Energizer Holdings		31,008		1,198
Estee Lauder, Cl A		22,803		4,175
General Mills		55,297		2,904
Hershey		4,861		652
Hormel Foods		9,770		396
JM Smucker		21,651		2,494
Kellogg		8,815		472
Kimberly-Clark		51,129		6,815
Kraft Heinz		22,377		695
Kroger		128,745		2,795
Lamb Weston Holdings		5,200		329
McCormick		4,430		687
Molson Coors Brewing, Cl B		30,737		1,721
Mondelez International, Cl A		52,117		2,809
Monster Beverage*		45,145		2,882
Nestle		86,139		8,917
Nu Skin Enterprises, Cl A		21,229		1,047
PepsiCo		97,093		12,732
Philip Morris International		275,366		21,625
Pilgrim’s Pride*		10,063		256
Post Holdings*		15,052		1,565
Procter & Gamble		202,044		22,154
Reckitt Benckiser Group		29,064		2,294
Sysco		59,478		4,206
TreeHouse Foods*		19,534		1,057
Tyson Foods, Cl A		85,737		6,922
US Foods Holding*		43,928		1,571
Walgreens Boots Alliance		45,968		2,513
Walmart		120,646		13,330
				172,363
Energy — 3.1%
Anadarko Petroleum		27,077		1,910
Apache		13,496		391

The accompanying notes are an integral part of the financial statements.

13

THE KP FUNDS June 30, 2019 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Baker Hughes a GE, Cl A		18,123	$	446
Cabot Oil & Gas		15,334		352
Chevron		165,563		20,603
Cimarex Energy		3,836		227
Concho Resources		28,200		2,910
ConocoPhillips		146,014		8,907
Devon Energy		60,387		1,722
Diamondback Energy		6,561		715
EOG Resources		59,273		5,522
Exxon Mobil		250,871		19,224
Halliburton		33,339		758
Helmerich & Payne		3,887		197
Hess		8,896		565
HollyFrontier		5,550		257
Kinder Morgan		69,623		1,454
Marathon Oil		151,427		2,152
Marathon Petroleum		23,796		1,330
National Oilwell Varco		13,846		308
Noble Energy		16,916		379
Occidental Petroleum		54,914		2,761
Oceaneering International*		9,662		197
ONEOK		14,660		1,009
Phillips 66		14,845		1,389
Pioneer Natural Resources		16,138		2,483
Schlumberger		187,176		7,438
TechnipFMC		14,812		384
Valero Energy		43,861		3,755
Whiting Petroleum*		46,112		861
Williams		42,861		1,202
				91,808
Financials — 13.5%
Affiliated Managers Group		1,800		166
Aflac		66,343		3,636
Allstate		71,858		7,307
American Express		109,022		13,458
American Financial Group		17,787		1,823
American International Group		31,056		1,655
Ameriprise Financial		20,336		2,952
Aon		71,382		13,775
Arch Capital Group*		25,569		948
Arthur J Gallagher		6,500		569
Associated Banc-Corp		46,785		989
Assurant		2,327		248
Assured Guaranty		7,237		305
Athene Holding, Cl A*		57,750		2,487
Bank of America		534,478		15,500

Description	Shares		Value (000)
Bank of New York Mellon		126,485	$	5,584
BB&T		174,790		8,587
Berkshire Hathaway, Cl B*		131,331		27,996
BlackRock, Cl A		14,784		6,938
Capital One Financial		66,051		5,993
Cboe Global Markets		4,000		415
Charles Schwab		216,799		8,713
Chubb		85,358		12,572
Cincinnati Financial		5,310		551
Citigroup		248,851		17,427
Citizens Financial Group		56,539		1,999
CME Group, Cl A		15,622		3,032
Comerica		28,323		2,057
Discover Financial Services		43,676		3,389
E*TRADE Financial		8,675		387
Erie Indemnity, Cl A		1,096		279
Everest Re Group		5,122		1,266
Fidelity National Financial		21,440		864
Fifth Third Bancorp		95,666		2,669
First American Financial		10,025		538
First Republic Bank		5,800		566
Franklin Resources		10,632		370
Goldman Sachs Group		52,314		10,703
Hartford Financial Services Group		47,897		2,669
Huntington Bancshares		37,876		523
Interactive Brokers Group, Cl A		15,433		836
Intercontinental Exchange		84,595		7,270
Invesco		14,873		304
Jefferies Financial Group		9,747		187
JPMorgan Chase		384,305		42,965
KeyCorp		35,134		624
Lincoln National		7,157		461
Loews		9,833		538
LPL Financial Holdings		19,844		1,619
M&T Bank		4,924		837
MarketAxess Holdings		1,400		450
Marsh & McLennan		49,027		4,890
Mercury General		5,633		352
MetLife		154,500		7,674
Moody’s		29,154		5,694
Morgan Stanley		120,639		5,285
Morningstar		588		85
MSCI, Cl A		3,000		716
Nasdaq		65,348		6,285
Northern Trust		7,892		710
Old Republic International		8,671		194
People’s United Financial		92,291		1,549

The accompanying notes are an integral part of the financial statements.

14

THE KP FUNDS June 30, 2019 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
PNC Financial Services Group		74,677	$	10,252
Popular		56,121		3,044
Principal Financial Group		9,377		543
Progressive		86,723		6,932
Prudential Financial		57,056		5,763
Raymond James Financial		4,600		389
Regions Financial		164,788		2,462
Reinsurance Group of America, Cl A		21,882		3,414
S&P Global		12,422		2,830
Santander Consumer USA Holdings		36,998		887
State Street		72,578		4,069
SunTrust Banks		56,062		3,524
SVB Financial Group*		1,900		427
Synchrony Financial		228,289		7,915
T Rowe Price Group		31,024		3,404
TD Ameritrade Holding		61,953		3,093
Torchmark		3,587		321
Travelers		95,974		14,350
Unum Group		7,555		253
US Bancorp		260,217		13,635
Voya Financial		7,261		402
Wells Fargo		468,825		22,185
Western Alliance Bancorp*		25,820		1,155
Willis Towers Watson		4,622		885
Zions Bancorp		38,459		1,768
				395,332
Health Care — 15.2%
Abbott Laboratories		199,079		16,743
AbbVie		115,271		8,383
ABIOMED*		1,600		417
Agilent Technologies		72,364		5,403
Alexion Pharmaceuticals*		41,499		5,436
Align Technology*		9,721		2,661
Alkermes*		63,486		1,431
Allergan		26,903		4,504
AmerisourceBergen, Cl A		5,601		478
Amgen		22,000		4,054
Anthem		32,082		9,054
Avantor*		177,672		3,392
Baxter International		83,989		6,879
Becton Dickinson		47,899		12,071
Biogen*		50,834		11,889
Boston Scientific*		50,328		2,163
Bristol-Myers Squibb		166,545		7,553
Bruker		21,243		1,061
Cardinal Health		70,791		3,334

Description	Shares		Value (000)
Celgene*		37,991	$	3,512
Centene*		55,821		2,927
Cerner		11,849		869
Charles River Laboratories International*		5,209		739
Cigna		118,097		18,606
Cooper		1,800		606
CVS Health		47,001		2,561
Danaher		100,393		14,348
DaVita*		4,348		245
DENTSPLY SIRONA		10,955		639
DexCom*		10,683		1,601
Edwards Lifesciences*		11,388		2,104
Eli Lilly		57,989		6,425
Exelixis*		205,301		4,387
Gilead Sciences		126,944		8,576
HCA Healthcare		70,773		9,566
Henry Schein*		5,353		374
Hill-Rom Holdings		16,331		1,709
Hologic*		9,400		451
Humana		11,964		3,174
IDEXX Laboratories*		3,112		857
Illumina*		9,694		3,569
Incyte*		25,418		2,160
Intuitive Surgical*		22,987		12,058
IQVIA Holdings*		5,700		917
Johnson & Johnson		343,893		47,897
Laboratory Corp of America Holdings*		3,603		623
Masimo*		21,094		3,139
McKesson		60,660		8,152
MEDNAX*		37,983		958
Medtronic		311,915		30,377
Merck		272,132		22,818
Mettler-Toledo International*		900		756
Mylan*		42,076		801
Nektar Therapeutics, Cl A*		5,900		210
Novartis		13,636		1,246
PerkinElmer		3,896		375
Perrigo		4,632		221
Pfizer		699,018		30,281
PRA Health Sciences*		8,687		861
Premier, Cl A*		28,933		1,132
Quest Diagnostics		4,762		485
Regeneron Pharmaceuticals*		2,807		879
ResMed		5,074		619
Roche Holding		7,772		2,187
Stryker		68,994		14,184

The accompanying notes are an integral part of the financial statements.

15

THE KP FUNDS June 30, 2019 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Teleflex		1,700	$	563
Thermo Fisher Scientific		69,172		20,314
United Therapeutics*		2,171		169
UnitedHealth Group		69,174		16,879
Universal Health Services, Cl B		2,900		378
Varian Medical Systems*		18,094		2,463
Veeva Systems, Cl A*		21,784		3,531
Vertex Pharmaceuticals*		64,123		11,759
Waters*		2,459		529
WellCare Health Plans*		10,463		2,983
Zimmer Biomet Holdings		31,576		3,718
Zoetis, Cl A		17,372		1,972
				443,345
Industrials — 10.3%
3M		48,088		8,336
Acuity Brands		6,372		879
Alaska Air Group		4,400		281
Allegion		3,256		360
Allison Transmission Holdings		34,962		1,620
American Airlines Group		14,249		465
AMETEK		8,348		758
AO Smith		5,200		245
Arconic		16,255		420
Armstrong World Industries		9,607		934
Boeing		120,584		43,894
Canadian National Railway		31,661		2,928
Caterpillar		42,095		5,737
CH Robinson Worldwide		4,864		410
Cintas		2,976		706
Copa Holdings, Cl A		1,631		159
Copart*		7,100		531
CoStar Group*		3,044		1,687
CSX		27,804		2,151
Cummins		39,316		6,736
Deere		11,367		1,884
Delta Air Lines		21,853		1,240
Dover		23,195		2,324
Eaton		125,540		10,455
Emerson Electric		22,018		1,469
Equifax		37,863		5,121
Expeditors International of Washington		6,058		460
Fastenal		20,918		682
FedEx		8,566		1,406
Flowserve		4,743		250
Fortive		36,878		3,006

Description	Shares		Value (000)
Fortune Brands Home & Security		5,200	$	297
Gardner Denver Holdings*		45,538		1,576
General Dynamics		9,868		1,794
General Electric		378,387		3,973
Harris		4,312		816
HD Supply Holdings*		23,952		965
Honeywell International		160,965		28,103
Huntington Ingalls Industries		9,050		2,034
IAA*		27,015		1,048
IDEX		8,504		1,464
IHS Markit*		13,230		843
Illinois Tool Works		63,458		9,570
Ingersoll-Rand		81,151		10,279
ITT		19,216		1,258
Jacobs Engineering Group		4,330		365
JB Hunt Transport Services		24,864		2,273
Johnson Controls International		219,225		9,056
Kansas City Southern		3,692		450
KAR Auction Services		27,015		675
L3 Technologies		5,379		1,319
Lockheed Martin		24,426		8,880
Masco		35,434		1,390
Nielsen Holdings		13,000		294
Norfolk Southern		9,466		1,887
Northrop Grumman		54,802		17,707
nVent Electric		27,492		682
Oshkosh		33,866		2,827
PACCAR		48,517		3,477
Parker-Hannifin		21,162		3,598
Pentair		27,665		1,029
Quanta Services		5,476		209
Raytheon		23,417		4,072
Regal Beloit		15,674		1,281
Republic Services, Cl A		7,871		682
Resideo Technologies*		3,062		67
Robert Half International		57,472		3,276
Rockwell Automation		4,142		679
Rollins		5,250		188
Roper Technologies		3,773		1,382
Snap-on		2,029		336
Southwest Airlines		123,300		6,261
Spirit AeroSystems Holdings, Cl A		78,360		6,376
Stanley Black & Decker		43,885		6,346
Teledyne Technologies*		6,658		1,823
Textron		8,214		436
TransDigm Group*		1,800		871
Uber Technologies*		699		32

The accompanying notes are an integral part of the financial statements.

16

THE KP FUNDS June 30, 2019 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Union Pacific		65,583	$	11,091
United Airlines Holdings*		7,762		680
United Parcel Service, Cl B		42,339		4,372
United Rentals*		2,929		388
United Technologies		71,805		9,349
Verisk Analytics, Cl A		6,000		879
Wabtec		5,590		401
Waste Connections		44,853		4,287
Waste Management		54,072		6,238
WESCO International*		6,483		328
WW Grainger		2,763		741
Xylem		6,322		529
				301,063
Information Technology — 21.6%
Accenture, Cl A		109,216		20,180
Adobe*		46,561		13,719
Advanced Micro Devices*		31,600		960
Akamai Technologies*		45,194		3,622
Alliance Data Systems		1,680		235
Amdocs		40,935		2,542
Amphenol, Cl A		10,552		1,012
Analog Devices		48,725		5,500
ANSYS*		2,934		601
Apple		383,086		75,820
Applied Materials		155,822		6,998
Arista Networks*		1,900		493
ASML Holding, Cl G		18,747		3,898
Aspen Technology*		17,464		2,170
Atlassian, Cl A*		3,620		474
Autodesk*		13,560		2,209
Automatic Data Processing		15,768		2,607
Avnet		5,412		245
Black Knight*		27,246		1,639
Booz Allen Hamilton Holding, Cl A		9,812		650
Broadcom		33,065		9,518
Broadridge Financial Solutions		22,760		2,906
Cadence Design Systems*		75,307		5,332
CDW		56,390		6,259
Cisco Systems		338,822		18,544
Citrix Systems		4,442		436
Cognizant Technology Solutions, Cl A		99,823		6,328
CommScope Holding*		62,867		989
Conduent*		15,008		144
Corning		28,223		938
Cypress Semiconductor		106,617		2,371
Dell Technologies, Cl C*		12,574		639

Description	Shares		Value (000)
DXC Technology		105,237	$	5,804
EPAM Systems*		6,037		1,045
F5 Networks*		6,054		882
Fair Isaac*		1,056		332
Fidelity National Information Services		105,089		12,892
First Data, Cl A*		20,217		547
Fiserv*		86,418		7,878
FleetCor Technologies*		3,103		871
FLIR Systems		5,047		273
Fortinet*		38,564		2,963
Gartner*		3,167		510
Global Payments		50,226		8,043
Hewlett Packard Enterprise		49,545		741
HP		104,188		2,166
Intel		321,677		15,399
International Business Machines		76,051		10,487
Intuit		96,481		25,213
IPG Photonics*		1,300		201
Jack Henry & Associates		2,800		375
Juniper Networks		13,080		348
Keysight Technologies*		46,050		4,136
KLA-Tencor		19,239		2,274
Lam Research		21,414		4,022
Manhattan Associates*		9,123		633
Marvell Technology Group		165,700		3,955
Mastercard, Cl A		80,090		21,186
Maxim Integrated Products		86,273		5,161
Microchip Technology		8,546		741
Micron Technology*		86,486		3,338
Microsoft		840,915		112,649
Motorola Solutions		5,865		978
National Instruments		14,745		619
NetApp		9,094		561
Nutanix, Cl A*		13,876		360
NVIDIA		21,966		3,607
Oracle		188,127		10,718
Paychex		11,367		935
PayPal Holdings*		132,312		15,144
Perspecta		40,912		958
Proofpoint*		14,841		1,785
Qorvo*		27,388		1,824
QUALCOMM		74,100		5,637
Red Hat*		38,557		7,239
salesforce.com*		72,652		11,023
Seagate Technology		9,069		427
ServiceNow*		18,977		5,211
Skyworks Solutions		31,368		2,424

The accompanying notes are an integral part of the financial statements.

17

THE KP FUNDS June 30, 2019 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Splunk*		38,659	$	4,861
Symantec		165,945		3,611
Synopsys*		24,201		3,114
TE Connectivity		12,015		1,151
Temenos ADR		7,516		1,343
Texas Instruments		159,029		18,250
Total System Services		49,358		6,331
Twilio, Cl A*		11,141		1,519
VeriSign*		11,995		2,509
Visa, Cl A		234,367		40,674
VMware, Cl A		49,795		8,326
Western Digital		27,282		1,297
Western Union		15,563		310
Workday, Cl A*		22,855		4,699
Worldpay, Cl A*		5,344		655
Xerox		58,185		2,060
Xilinx		39,255		4,629
Zebra Technologies, Cl A*		12,789		2,679
Zoom Video Communications, Cl A*		1,306		116
				632,627
Materials — 2.0%
Air Products & Chemicals		17,571		3,978
Albemarle		3,700		261
Amcor*		56,740		652
Avery Dennison		3,068		355
Ball		12,004		840
Berry Global Group*		36,351		1,912
Celanese, Cl A		8,457		912
CF Industries Holdings		44,373		2,073
Corteva		49,168		1,454
Domtar		30,549		1,360
Dow		26,652		1,314
DuPont de Nemours		48,968		3,676
Eastman Chemical		4,986		388
Ecolab		9,167		1,810
FMC		4,832		401
Freeport-McMoRan		75,244		874
International Flavors & Fragrances		3,642		528
International Paper		34,117		1,478
Linde		19,608		3,937
LyondellBasell Industries, Cl A		47,680		4,107
Martin Marietta Materials		2,200		506
Mosaic		12,681		317
Newmont Goldcorp		29,022		1,116
Nucor		11,142		614
Olin		5,816		127

Description	Shares		Value (000)
Packaging Corp of America		3,382	$	322
PPG Industries		90,299		10,539
Royal Gold		13,558		1,390
Sealed Air		5,342		229
Sherwin-Williams		20,802		9,533
Steel Dynamics		51,676		1,561
Vulcan Materials		4,627		635
Westrock		9,278		338
				59,537
Real Estate — 1.9%
Alexandria Real Estate Equities‡		4,100		578
American Tower, Cl A		28,849		5,898
Apartment Investment & Management, Cl A‡		5,556		278
AvalonBay Communities‡		15,734		3,197
Boston Properties‡		6,879		887
Brixmor Property Group‡		116,287		2,079
CBRE Group, Cl A*		47,511		2,437
Crown Castle International‡		15,073		1,965
Digital Realty Trust‡		7,400		872
Duke Realty‡		66,095		2,089
Equinix‡		3,071		1,549
Equity LifeStyle Properties‡		14,639		1,776
Equity Residential‡		18,546		1,408
Essex Property Trust‡		2,332		681
Extra Space Storage‡		4,500		477
Federal Realty Investment Trust‡		2,700		348
Gaming and Leisure Properties‡		44,178		1,722
HCP‡		16,695		534
Host Hotels & Resorts‡		26,318		480
Iron Mountain‡		10,286		322
Kimco Realty‡		15,245		282
Liberty Property Trust‡		32,278		1,615
Macerich‡		3,745		125
Medical Properties Trust‡		57,845		1,009
Mid-America Apartment Communities‡		4,000		471
Outfront Media‡		68,152		1,758
Park Hotels & Resorts‡		35,332		974
Prologis‡		54,343		4,353
Public Storage‡		14,114		3,362
Realty Income‡		11,500		793
Regency Centers‡		5,900		394
Retail Properties of America, Cl A‡		13,953		164
SBA Communications, Cl A‡ *		4,000		899
Simon Property Group‡		25,537		4,080
SL Green Realty‡		15,991		1,285

The accompanying notes are an integral part of the financial statements.

18

THE KP FUNDS June 30, 2019 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
UDR‡		9,800	$	440
Ventas‡		13,413		917
Vornado Realty Trust‡		29,571		1,895
Welltower‡		14,603		1,191
Weyerhaeuser‡		26,882		708
				56,292
Utilities — 3.7%
AES		23,396		392
Alliant Energy		8,600		422
Ameren		15,348		1,153
American Electric Power		94,008		8,274
American Water Works		26,387		3,061
Atmos Energy		4,100		433
CenterPoint Energy		149,626		4,284
CMS Energy		10,064		583
Consolidated Edison		42,541		3,730
Dominion Energy		29,030		2,244
DTE Energy		7,787		996
Duke Energy		140,147		12,366
Edison International		11,768		793
Entergy		6,954		716
Evergy		8,900		535
Eversource Energy		11,405		864
Exelon		296,680		14,223
FirstEnergy		154,021		6,594
NextEra Energy		17,299		3,544
NiSource		13,146		379
NRG Energy		10,164		357
OGE Energy		83,032		3,534
Pinnacle West Capital		77,206		7,264
PPL		25,899		803
Public Service Enterprise Group		84,354		4,962
Sempra Energy		37,627		5,171
Southern		261,875		14,476
WEC Energy Group		11,320		944
Xcel Energy		96,447		5,738
				108,835
Total Common Stock (Cost $2,392,050) (000)				2,872,871
PREFERRED STOCK — 0.1%
Air BNB, Ser D* (A) (B)		11,406		1,344
Air BNB, Ser E* (A) (B)		6,939		818
Aurora Innovation (B)		42,480		393
Magic Leap* (A) (B)		5,553		150
Magic Leap, Ser C* (A) (B)		13,521		365
Uber Technologies (B)		29,890		1,317

Description	Shares		Value (000)
Uipath Inc. (B)		17,452	$	687
Total Preferred Stock (Cost $3,770) (000)				5,074
SHORT-TERM INVESTMENT — 1.6%
State Street Institutional Treasury Money Market Fund, Cl Premier, 2.170% (C)		46,082,140		46,082
Total Short-Term Investment (Cost $46,082) (000)				46,082
Total Investments In Securities — 99.9% (Cost $2,441,902) (000)			$	2,924,027

Percentages are based on net assets of $2,926,035 (000).

A list of the open futures contracts held by the Fund at June 30, 2019, is as follows (000):

Type of Contract	Number of Contracts Long	Expiration  Date	Notional Amount	Value	Unrealized Appreciation
S&P 500 Index E-MINI	174	Sep-2019	$25,193	$25,614	$421
			$25,193	$25,614	$421

* Non-income producing security.

‡ Real Estate Investment Trust

(A) Level 3 security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of June 30, 2019, was $2,677 (000) and represented 0.1% of net assets.

(B) There is currently no rate available.

(C) The rate reported is the 7-day effective yield as of June 30, 2019.

ADR — American Depositary Receipt

Cl — Class

S&P — Standard & Poor’s

Ser — Series

The following is a list of the level of inputs used as of June 30, 2019, in valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock	$	2,872,871	$	—	$	—	$	2,872,871
Preferred Stock		—		2,397		2,677		5,074
Short-Term Investment		46,082		—		—		46,082
Total Investments in Securities	$	2,918,953	$	2,397	$	2,677	$	2,924,027
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts**
Unrealized Appreciation	$	421	$	—	$	—	$	421
Total Other Financial Instruments	$	421	$	—	$	—	$	421

** Futures contracts are valued at the unrealized appreciation on the instrument.

The accompanying notes are an integral part of the financial statements.

19

THE KP FUNDS June 30, 2019 (Unaudited)

KP Large Cap Equity Fund

^ A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

For the six months ended June 30, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six months ended June 30, 2019 there were no transfers in and out of Level 3. All transfers, if any, are recognized by the Fund at the end of the period.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

20

THE KP FUNDS June 30, 2019 (Unaudited)

KP Small Cap Equity Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
COMMON STOCK — 96.3%
Communication Services — 2.3%
AH Belo, Cl A		197,880	$	730
ATN International		21,870		1,263
Bandwidth, Cl A*		17,145		1,286
Beasley Broadcast Group, Cl A		132,800		428
Cardlytics*		38,381		997
Care.com*		8,300		91
Cincinnati Bell*		16,333		81
Cogent Communications Holdings		13,553		805
Consolidated Communications Holdings		23,015		113
EW Scripps, Cl A		18,784		287
Frontier Communications*		35,229		62
Gannett		38,026		310
Glu Mobile*		96,528		693
IAC*		15,413		3,353
Iridium Communications*		31,352		729
John Wiley & Sons, Cl A		12,755		585
Marcus		7,270		240
Meredith		68,097		3,749
New Media Investment Group		17,520		165
ORBCOMM*		205,456		1,490
QuinStreet*		13,083		207
Scholastic		9,252		308
Sea ADR*		55,100		1,830
Spok Holdings		5,700		86

Description	Shares		Value (000)
TechTarget*		6,816	$	145
Vonage Holdings*		210,602		2,386
World Wrestling Entertainment, Cl A		33,177		2,396
Zynga, Cl A*		683,567		4,190
				29,005
Consumer Discretionary — 13.8%
1-800-Flowers.com, Cl A*		156,609		2,957
Aaron’s		33,965		2,086
Abercrombie & Fitch, Cl A		22,088		354
American Axle & Manufacturing Holdings*		36,508		466
American Public Education*		5,586		165
Asbury Automotive Group*		6,357		536
Ascena Retail Group*		54,377		33
Aspen Group*		431,845		1,641
Barnes & Noble		18,089		121
Barnes & Noble Education*		11,026		37
Big Lots		100,964		2,889
BJ’s Restaurants		6,797		299
Bloomin’ Brands		30,240		572
Boot Barn Holdings*		39,501		1,408
Brunswick		121,991		5,598
Buckle		9,615		166
Caleres		13,624		271
Callaway Golf		28,996		498
Career Education*		22,773		434
CarMax*		10,055		873
Carrols Restaurant Group*		299,348		2,703
Carter’s		28,712		2,801
Cato, Cl A		7,213		89
Cavco Industries*		22,353		3,522
Century Communities*		54,737		1,455
Chegg*		128,337		4,953
Chico’s FAS		36,295		122
Children’s Place		5,205		496
Chuy’s Holdings*		137,477		3,151
Conn’s*		7,900		141
Cooper Tire & Rubber		216,897		6,843
Cooper-Standard Holdings*		5,443		249
Core-Mark Holding		14,933		593
Crocs*		21,467		424
Dave & Buster’s Entertainment		117,880		4,771
Delphi Technologies		68,776		1,376
Designer Brands, Cl A		97,312		1,865
Dine Brands Global		18,065		1,725
Dorman Products*		9,435		822

The accompanying notes are an integral part of the financial statements.

21

THE KP FUNDS June 30, 2019 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
El Pollo Loco Holdings*		6,956	$	74
Eldorado Resorts*		18,440		850
Ethan Allen Interiors		7,734		163
Etsy*		50,636		3,108
Everi Holdings*		160,996		1,921
Express*		21,547		59
Extended Stay America		222,116		3,752
Fiesta Restaurant Group*		7,220		95
Five Below*		28,439		3,413
Fossil Group*		14,287		164
Fox Factory Holding*		12,347		1,019
frontdoor*		29,690		1,293
GameStop, Cl A		33,525		183
Garrett Motion*		24,177		371
Genesco*		5,797		245
Gentherm*		10,988		460
G-III Apparel Group*		137,056		4,032
Golden Entertainment*		182,614		2,557
Grand Canyon Education*		43,427		5,082
Group 1 Automotive		5,688		466
Guess?		16,189		261
Habit Restaurants, Cl A*		384,222		4,031
Haverty Furniture		6,212		106
Hibbett Sports*		5,684		103
Installed Building Products*		6,960		412
iRobot*		9,127		836
Jack in the Box		14,855		1,209
JC Penney*		99,113		113
Kirkland’s*		4,305		10
Kontoor Brands*		15,094		423
La-Z-Boy, Cl Z		15,419		473
LCI Industries		8,133		732
LGI Homes*		6,079		434
Liquidity Services*		51,868		316
Lithia Motors, Cl A		21,883		2,599
Lovesac*		49,280		1,531
Lululemon Athletica*		14,183		2,556
Lumber Liquidators Holdings*		9,359		108
M/I Homes*		9,050		258
MarineMax*		7,034		116
MDC Holdings		181,004		5,933
Meritage Homes*		11,854		609
Modine Manufacturing*		225,481		3,227
Monarch Casino & Resort*		3,994		171
Monro		68,644		5,855
Motorcar Parts of America*		5,844		125

Description	Shares		Value (000)
Movado Group		5,173	$	140
Nautilus*		8,936		20
Office Depot		177,015		365
Oxford Industries		5,538		420
Papa John’s International		62,309		2,786
PetMed Express		6,500		102
Planet Fitness, Cl A*		29,325		2,124
Red Robin Gourmet Burgers*		4,066		124
Regis*		9,434		157
Rent-A-Center, Cl A*		14,663		390
RH*		5,325		616
Roku, Cl A*		8,567		776
Ruth’s Hospitality Group		8,980		204
SeaWorld Entertainment*		56,095		1,739
ServiceMaster Global Holdings*		29,600		1,542
Shake Shack, Cl A*		8,473		612
Shoe Carnival		3,168		87
Shutterfly*		39,701		2,007
Shutterstock		5,949		233
Skyline Champion*		55,565		1,521
Sleep Number*		9,990		404
Sonic Automotive, Cl A		8,025		187
Sonos*		53,398		606
Stamps.com*		5,229		237
Standard Motor Products		6,470		293
Steven Madden		25,401		862
Stitch Fix, Cl A*		26,517		848
Strategic Education		39,148		6,968
Sturm Ruger		54,818		2,987
Superior Industries International		6,299		22
Tailored Brands		15,981		92
Taylor Morrison Home, Cl A*		69,625		1,459
Tile Shop Holdings		12,601		50
TopBuild*		26,717		2,211
Ulta Beauty*		11,783		4,087
Unifi*		4,579		83
Universal Electronics*		4,403		181
Vera Bradley*		6,862		82
Vista Outdoor*		18,001		160
Vitamin Shoppe*		4,654		18
Wendy’s		177,858		3,482
William Lyon Homes, Cl A*		11,041		201
Wingstop, Cl A		9,567		906
Winnebago Industries		129,109		4,990
Wolverine World Wide		28,798		793
Wyndham Destinations		127,340		5,590

The accompanying notes are an integral part of the financial statements.

22

THE KP FUNDS June 30, 2019 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Wyndham Hotels & Resorts		29,580	$	1,649
Zumiez*		5,973		156
				176,928
Consumer Staples — 4.6%
Andersons		172,612		4,702
Avon Products*		146,182		567
B&G Foods		21,407		445
BJ’s Wholesale Club Holdings*		61,895		1,634
Calavo Growers		5,100		493
Cal-Maine Foods		9,883		412
Casey’s General Stores		36,314		5,665
Central Garden & Pet*		3,267		88
Central Garden & Pet, Cl A*		13,422		331
Chefs’ Warehouse*		58,857		2,064
Church & Dwight		37,200		2,718
Coca-Cola Consolidated		1,514		453
Darling Ingredients*		301,471		5,996
Dean Foods		28,659		26
Energizer Holdings		100,217		3,872
Flowers Foods		18,781		437
Freshpet*		54,840		2,496
Herbalife Nutrition*		39,815		1,702
Hostess Brands, Cl A*		54,080		781
Inter Parfums		28,247		1,878
J&J Snack Foods		4,882		786
John B Sanfilippo & Son		2,899		231
Landec*		278,749		2,612
Medifast		3,925		504
MGP Ingredients		4,180		277
Nu Skin Enterprises, Cl A		28,023		1,382
Performance Food Group*		42,385		1,697
Sanderson Farms		53,920		7,363
Seneca Foods, Cl A*		2,135		59
Simply Good Foods*		73,965		1,781
SpartanNash		11,268		132
United Natural Foods*		17,695		159
Universal		67,415		4,097
USANA Health Sciences*		4,300		342
WD-40		4,494		715
				58,897
Energy — 3.2%
Archrock		42,621		452
Ardmore Shipping*		240,627		1,961
Bonanza Creek Energy*		5,831		122
C&J Energy Services*		19,829		234
Callon Petroleum*		599,084		3,948

Description	Shares		Value (000)
Capital Product Partners (A)		32,534	$	342
Carrizo Oil & Gas*		27,468		275
CONSOL Energy*		9,031		240
Delek US Holdings		89,830		3,640
Denbury Resources*		146,518		182
Diamond Offshore Drilling*		20,600		183
Diamond S Shipping*		22,346		285
Diamondback Energy		30,512		3,325
DMC Global		4,566		289
Dril-Quip*		11,864		569
Era Group*		6,300		53
Euronav		288,821		2,726
Exterran*		10,082		143
Geospace Technologies*		4,516		68
Green Plains		12,225		132
Gulf Island Fabrication*		4,700		33
Gulfport Energy*		48,680		239
Helix Energy Solutions Group*		46,349		400
HighPoint Resources*		36,406		66
Keane Group*		144,250		969
KLX Energy Services Holdings*		7,804		159
Laredo Petroleum*		47,500		138
Matrix Service*		8,479		172
Nabors Industries		110,199		320
Newpark Resources*		29,789		221
Noble*		80,561		151
Oceaneering International*		34,758		709
Oil States International*		20,046		367
Par Pacific Holdings*		9,591		197
PDC Energy*		21,506		775
Penn Virginia*		4,320		133
Profire Energy*		147,812		223
ProPetro Holding*		24,559		508
Renewable Energy Group*		11,993		190
REX American Resources*		1,777		130
Ring Energy*		235,989		767
RPC		106,804		770
SEACOR Holdings*		5,803		276
Southwestern Energy*		723,750		2,287
SRC Energy*		79,455		394
Superior Energy Services*		49,882		65
TETRA Technologies*		41,276		67
Unit*		18,693		166
US Silica Holdings		24,495		313
Whiting Petroleum*		155,759		2,910
World Fuel Services		210,620		7,574
				40,858

The accompanying notes are an integral part of the financial statements.

23

THE KP FUNDS June 30, 2019 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Financials — 15.3%
Amalgamated Bank, Cl A		49,791	$	869
Ambac Financial Group*		14,600		246
American Equity Investment Life Holding		66,391		1,803
Ameris Bancorp		13,015		510
AMERISAFE		90,175		5,750
Apollo Commercial Real Estate Finance‡		44,674		822
ARMOUR Residential‡		16,851		314
Axos Financial*		17,807		485
Banc of California		14,336		200
Bank of Hawaii		64,403		5,340
Banner		28,152		1,524
Berkshire Hills Bancorp		54,823		1,721
Blucora*		15,976		485
Boston Private Financial Holdings		27,025		326
Bridgewater Bancshares*		47,471		548
Brookline Bancorp		26,411		406
Byline Bancorp*		82,087		1,569
Capstar Financial Holdings		142,467		2,158
Capstead Mortgage‡		28,190		235
Carolina Financial		106,960		3,753
Central Pacific Financial		9,481		284
Chemical Financial		34,157		1,404
City Holding		5,425		414
Columbia Banking System		197,840		7,158
Commerce Bancshares		57,908		3,455
Community Bank System		16,725		1,101
Community Bankers Trust		331,114		2,805
Customers Bancorp*		89,200		1,873
CVB Financial		284,343		5,980
Dime Community Bancshares		9,919		188
Donnelley Financial Solutions*		10,684		143
Eagle Bancorp		10,478		567
Eagle Bancorp Montana		40,204		667
eHealth*		6,285		541
Employers Holdings		10,414		440
Encore Capital Group*		8,271		280
Enova International*		11,234		259
Entegra Financial*		80,201		2,416
Essent Group*		100,510		4,723
Evans Bancorp		56,745		2,141
EZCORP, Cl A*		16,534		157
FB Financial		75,524		2,764
Fidelity Southern		7,143		221
First American Financial		80,060		4,299

Description	Shares		Value (000)
First BanCorp		70,546	$	779
First Busey		102,957		2,719
First Commonwealth Financial		32,213		434
First Community		64,016		1,185
First Financial Bancorp		89,647		2,171
First Hawaiian		174,049		4,503
First Internet Bancorp		25,021		539
First Midwest Bancorp		36,226		742
FirstCash		37,144		3,715
Flagstar Bancorp		9,200		305
FNB		328,551		3,867
Franklin Financial Network		3,900		109
Glacier Bancorp		27,481		1,114
Goosehead Insurance, Cl A		31,375		1,500
Granite Point Mortgage Trust‡		17,598		338
Great Western Bancorp		18,462		659
Greenhill		5,500		75
Hanmi Financial		9,874		220
HCI Group		2,200		89
Heritage Financial		10,702		316
HomeStreet*		8,880		263
Hope Bancorp		39,704		547
Horace Mann Educators		90,450		3,644
Independent Bank		11,152		849
Independent Bank Group		52,770		2,900
International. FCStone*		5,116		203
Invesco Mortgage Capital‡		41,745		673
Investar Holding		44,032		1,050
James River Group Holdings		75,620		3,547
Kemper		27,355		2,360
LegacyTexas Financial Group		14,635		596
LendingTree*		5,630		2,365
Malvern Bancorp*		30,754		677
Meta Financial Group		8,920		250
MSCI, Cl A		3,845		918
National Bank Holdings, Cl A		97,979		3,557
NBT Bancorp		14,248		534
New York Mortgage Trust‡		68,806		427
NMI Holdings, Cl A*		22,245		632
Northfield Bancorp		15,223		238
Northwest Bancshares		35,012		617
OFG Bancorp		14,319		340
Old Line Bancshares		104,465		2,780
Old National Bancorp		100,728		1,671
Old Point Financial		23,186		511
Opus Bank		92,194		1,946

The accompanying notes are an integral part of the financial statements.

24

THE KP FUNDS June 30, 2019 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Origin Bancorp		38,192	$	1,260
Oritani Financial		12,363		219
Orrstown Financial Services		32,754		720
Pacific Premier Bancorp		14,693		454
PacWest Bancorp		198,188		7,696
PennyMac Mortgage Investment Trust‡		24,746		540
Piper Jaffray		4,654		346
PRA Group*		14,794		416
Preferred Bank		4,663		220
Primerica		26,555		3,185
ProAssurance		28,515		1,030
Prosperity Bancshares		33,971		2,244
Provident Financial Services		19,971		484
Redwood Trust‡		31,486		520
Reliant Bancorp		32,953		779
RLI		12,776		1,095
S&T Bancorp		11,300		424
Safety Insurance Group		4,740		451
Sandy Spring Bancorp		100,956		3,521
Seacoast Banking Corp of Florida*		16,763		426
Selective Insurance Group		19,233		1,440
ServisFirst Bancshares		14,994		514
Shore Bancshares		104,590		1,709
Signature Bank		7,304		883
Simmons First National, Cl A		31,058		722
SmartFinancial*		90,580		1,965
Solar Capital		80,389		1,650
South Plains Financial*		35,984		594
Southern First Bancshares*		52,340		2,050
Southern National Bancorp of Virginia		96,441		1,476
Southside Bancshares		10,205		330
State Auto Financial		26,940		943
Stewart Information Services		7,613		308
SVB Financial Group*		11,919		2,677
Synovus Financial		42,310		1,481
TCF Financial		145,322		3,021
Texas Capital Bancshares*		20,968		1,287
Third Point Reinsurance*		24,331		251
Tompkins Financial		4,002		327
Tradeweb Markets, Cl A		35,375		1,550
Triumph Bancorp*		7,800		227
TrustCo Bank		31,845		252
Umpqua Holdings		126,646		2,101
United Community Banks		25,620		732
United Fire Group		6,884		334
United Insurance Holdings		6,802		97

Description	Shares		Value (000)
Universal Insurance Holdings		10,359	$	289
Veritex Holdings		110,936		2,879
Virtus Investment Partners		2,306		248
Waddell & Reed Financial, Cl A		24,327		406
Walker & Dunlop		9,339		497
WesBanco		35,649		1,374
Westamerica Bancorporation		36,503		2,249
WisdomTree Investments		38,824		240
World Acceptance*		2,046		336
				196,287
Health Care — 11.9%
Acadia Healthcare*		62,268		2,176
Acorda Therapeutics*		12,304		94
Addus HomeCare*		24,875		1,864
Akorn*		30,800		159
Alphatec Holdings*		329,452		1,496
AMAG Pharmaceuticals*		10,774		108
Amedisys*		11,671		1,417
AMN Healthcare Services*		15,230		826
Amphastar Pharmaceuticals*		11,390		240
AngioDynamics*		102,304		2,014
ANI Pharmaceuticals*		2,820		232
Anika Therapeutics*		4,764		194
Array BioPharma*		102,231		4,736
Arrowhead Pharmaceuticals*		30,778		816
Assertio Therapeutics*		20,285		70
Axogen*		150,788		2,986
BioDelivery Sciences International*		480,032		2,232
Biohaven Pharmaceutical Holding*		13,390		586
BioTelemetry*		11,147		537
Cambrex*		10,967		513
Cardiovascular Systems*		11,362		488
Catalent*		36,280		1,967
Charles River Laboratories International*		15,859		2,250
Chemed		6,842		2,469
Community Health Systems*		36,474		97
Computer Programs & Systems		3,815		106
CONMED		8,450		723
Corcept Therapeutics*		34,635		386
CorVel*		2,900		252
Cross Country Healthcare*		166,247		1,559
CryoLife*		53,910		1,614
Cutera*		4,600		96
Cytokinetics*		19,093		215
DexCom*		44,236		6,628

The accompanying notes are an integral part of the financial statements.

25

THE KP FUNDS June 30, 2019 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Diplomat Pharmacy*		17,641	$	107
Eagle Pharmaceuticals*		3,458		193
Emergent BioSolutions*		14,694		710
Enanta Pharmaceuticals*		5,135		433
Encompass Health		92,027		5,831
Endo International*		65,327		269
Ensign Group		16,181		921
Exact Sciences*		32,129		3,793
Fluidigm*		64,290		792
GenMark Diagnostics*		447,244		2,903
Glaukos*		22,870		1,724
Guardant Health*		15,746		1,359
GW Pharmaceuticals ADR*		9,230		1,591
Haemonetics*		29,497		3,550
HealthStream*		8,153		211
Heska*		2,340		199
HMS Holdings*		119,436		3,869
Horizon Therapeutics*		149,210		3,590
Innoviva*		21,848		318
Insmed*		53,315		1,365
Inspire Medical Systems*		90,431		5,485
Insulet*		7,406		884
Integer Holdings*		9,728		816
Intra-Cellular Therapies, Cl A*		64,772		841
Invacare		11,143		58
Lannett*		11,185		68
Lantheus Holdings*		12,870		364
LeMaitre Vascular		5,000		140
LHC Group*		9,518		1,138
Luminex		13,901		287
Magellan Health*		7,834		582
Masimo*		14,115		2,101
Medicines*		22,766		830
MEDNAX*		48,849		1,232
Medpace Holdings*		8,496		556
Meridian Bioscience		13,817		164
Merit Medical Systems*		68,626		4,087
Mesa Laboratories		1,200		293
Momenta Pharmaceuticals*		32,197		401
Myriad Genetics*		23,792		661
NanoString Technologies*		54,185		1,645
Natus Medical*		11,086		285
Neogen*		16,920		1,051
NeoGenomics*		137,712		3,021
NextGen Healthcare*		15,439		307
Nuvectra*		234,688		786

Description	Shares		Value (000)
Omnicell*		38,412	$	3,305
OraSure Technologies*		190,152		1,765
Orthofix Medical*		6,145		325
Owens & Minor		18,640		60
Oxford Immunotec Global*		187,585		2,581
PetIQ, Cl A*		38,235		1,260
Phibro Animal Health, Cl A		6,796		216
Prestige Consumer Healthcare*		53,233		1,686
Progenics Pharmaceuticals*		26,549		164
Providence Service*		34,023		1,951
Quidel*		31,081		1,844
R1 RCM*		402,327		5,061
Recro Pharma*		100,707		1,024
REGENXBIO*		9,974		512
Repligen*		13,605		1,169
Sage Therapeutics*		12,660		2,318
Sarepta Therapeutics*		8,458		1,285
Select Medical Holdings*		35,262		560
Spectrum Pharmaceuticals*		34,037		293
Supernus Pharmaceuticals*		22,847		756
Surmodics*		4,373		189
Tabula Rasa HealthCare*		6,065		303
Tactile Systems Technology*		5,601		319
Tandem Diabetes Care*		95,744		6,177
Tivity Health*		15,507		255
Twist Bioscience*		30,054		872
Ultragenyx Pharmaceutical*		10,965		696
US Physical Therapy		4,137		507
Vanda Pharmaceuticals*		16,844		237
Varex Imaging*		12,690		389
Veracyte*		75,156		2,143
ViewRay*		388,144		3,420
Wright Medical Group*		147,382		4,395
				151,994
Industrials — 18.0%
AAON		13,192		662
AAR		10,446		384
ABM Industries		44,712		1,788
Actuant, Cl A		19,944		495
Aegion, Cl A*		10,119		186
AerCap Holdings*		57,353		2,983
Aerojet Rocketdyne Holdings*		23,479		1,051
AeroVironment*		6,946		394
Air Transport Services Group*		75,260		1,836
Alamo Group		3,104		310
Albany International, Cl A		40,934		3,394

The accompanying notes are an integral part of the financial statements.

26

THE KP FUNDS June 30, 2019 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Allegiant Travel, Cl A		4,241	$	609
Altra Industrial Motion		94,742		3,399
American Woodmark*		4,909		415
Apogee Enterprises		8,758		380
Applied Industrial Technologies		12,504		769
ArcBest		8,521		240
Arcosa		15,633		588
Argan		27,465		1,114
ASGN*		37,994		2,302
Astec Industries		7,519		245
Atlas Air Worldwide Holdings*		8,569		383
AZZ		60,857		2,801
Barnes Group		44,246		2,493
Brady, Cl A		16,016		790
Briggs & Stratton		194,622		1,993
BrightView Holdings*		257,164		4,812
Brink’s		29,050		2,358
Builders FirstSource*		69,400		1,170
CAI International*		89,353		2,218
Casella Waste Systems, Cl A*		59,104		2,342
Chart Industries*		56,659		4,356
CIRCOR International*		6,611		304
Clean Harbors*		78,759		5,600
Columbus McKinnon		63,293		2,656
Comfort Systems USA		12,164		620
Commercial Vehicle Group*		132,385		1,062
Construction Partners, Cl A*		106,926		1,606
Continental Building Products*		133,483		3,547
CoStar Group*		6,815		3,776
Covanta Holding		97,240		1,742
Covenant Transportation Group, Cl A*		75,425		1,109
CPI Aerostructures*		329,604		2,772
Cubic		9,253		597
DXP Enterprises*		5,181		196
Dycom Industries*		32,370		1,906
Echo Global Logistics*		8,949		187
EMCOR Group		63,767		5,618
Encore Wire		6,920		405
EnPro Industries		6,790		433
ESCO Technologies		8,437		697
Evoqua Water Technologies*		356,154		5,072
Exponent		16,855		987
Federal Signal		19,615		525
Flowserve		23,305		1,228
Forrester Research		3,478		164
Forward Air		9,465		560

Description	Shares		Value (000)
Franklin Electric		12,700	$	603
FTI Consulting*		12,387		1,039
GATX		55,408		4,393
Genesee & Wyoming, Cl A*		30,108		3,011
Gibraltar Industries*		10,491		423
GMS*		10,400		229
Granite Construction		128,939		6,212
Greenbrier		10,422		317
Griffon		11,224		190
Harsco*		125,675		3,449
Hawaiian Holdings		15,819		434
Heartland Express		15,331		277
Heidrick & Struggles International		6,392		192
Herc Holdings*		27,605		1,265
Hillenbrand		20,320		804
Hub Group, Cl A*		114,313		4,799
Huron Consulting Group*		14,833		747
InnerWorkings*		259,557		992
Insperity		15,700		1,918
Insteel Industries		5,985		125
Interface, Cl A		150,656		2,310
ITT		106,725		6,988
John Bean Technologies		28,125		3,407
Kaman		9,017		574
Kansas City Southern		7,188		876
Kelly Services, Cl A		10,264		269
Korn Ferry		18,410		738
Kratos Defense & Security Solutions*		37,751		864
Lindsay		3,480		286
LSC Communications		10,576		39
Lydall*		5,462		110
Marten Transport		12,363		224
Matson		13,961		542
Matthews International, Cl A		51,096		1,781
McGrath RentCorp		105,487		6,556
Mercury Systems*		57,184		4,023
Middleby*		25,426		3,450
Milacron Holdings*		189,579		2,616
Mobile Mini		14,575		444
Moog, Cl A		70,029		6,555
Mueller Industries		170,167		4,981
Mueller Water Products, Cl A		217,963		2,140
Multi-Color		4,664		233
MYR Group*		5,338		199
National Presto Industries		1,632		152
Navigant Consulting		12,691		294

The accompanying notes are an integral part of the financial statements.

27

THE KP FUNDS June 30, 2019 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
NN		76,037	$	742
Oshkosh		79,179		6,611
Patrick Industries*		7,510		369
PGT Innovations*		19,060		319
Pitney Bowes		58,223		249
Powell Industries		2,712		103
Primoris Services		186,062		3,894
Proto Labs*		8,761		1,016
Quanex Building Products		10,436		197
Raven Industries		11,746		421
Resources Connection		10,139		162
Rexnord*		58,880		1,779
RR Donnelley & Sons		22,000		43
Ryder System		75,401		4,396
Saia*		8,421		545
Simpson Manufacturing		92,364		6,139
SkyWest		16,754		1,016
SP Plus*		73,158		2,336
SPX*		14,200		469
SPX FLOW*		13,871		581
Standex International		4,206		308
Steelcase, Cl A		88,478		1,513
Sterling Construction*		217,254		2,916
Team*		110,131		1,687
Tennant		57,031		3,490
Tetra Tech		38,598		3,032
Titan International		15,181		74
Titan Machinery*		47,989		988
Triumph Group		16,566		379
TrueBlue*		12,927		285
UniFirst		5,014		945
Universal Forest Products		19,893		757
US Ecology		7,206		429
US Xpress Enterprises, Cl A*		157,013		807
Veritiv*		3,959		77
Viad		6,598		437
Vicor*		5,085		158
Wabash National		98,894		1,609
Wabtec		21,233		1,524
WageWorks*		12,930		657
Watts Water Technologies, Cl A		9,010		840
Woodward		9,970		1,128
				230,126
Information Technology — 15.6%
3D Systems*		38,731		352
8x8*		31,280		754

Description	Shares		Value (000)
ACI Worldwide*		70,453	$	2,419
ADTRAN		15,718		240
Advanced Energy Industries*		48,126		2,708
Advanced Micro Devices*		78,299		2,378
Agilysys*		5,475		118
Alarm.com Holdings*		11,428		611
Alpha & Omega Semiconductor*		300		3
Alteryx, Cl A*		19,275		2,103
Ambarella*		35,256		1,556
Anaplan*		39,002		1,968
Anixter International*		9,554		571
Applied Optoelectronics*		5,966		61
Arlo Technologies*		23,162		93
Aspen Technology*		17,768		2,208
Avalara*		26,805		1,935
Axcelis Technologies*		10,535		159
Badger Meter		9,604		573
Bel Fuse, Cl B		3,256		56
Belden		30,038		1,789
Benchmark Electronics		61,833		1,553
Black Knight*		27,388		1,647
Bottomline Technologies DE*		74,813		3,310
Brooks Automation		59,851		2,319
Cabot Microelectronics		9,449		1,040
CalAmp*		113,244		1,323
Carbonite*		57,189		1,489
Cardtronics*		12,251		335
CEVA*		7,385		180
Cohu		13,709		212
Comtech Telecommunications		8,062		227
Control4*		8,964		213
Cray*		13,337		464
Cree*		93,731		5,266
CSG Systems International		10,756		525
CTS		10,740		296
Cypress Semiconductor		53,530		1,191
Daktronics		13,088		81
Diebold Nixdorf*		24,300		223
Digi International*		8,716		111
Diodes*		12,944		471
DSP Group*		6,300		90
Ebix		7,088		356
Electronics For Imaging*		90,436		3,338
Enphase Energy*		81,545		1,487
ePlus*		4,518		312
Euronet Worldwide*		58,604		9,860

The accompanying notes are an integral part of the financial statements.

28

THE KP FUNDS June 30, 2019 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Everbridge*		10,127	$	906
EVERTEC		83,253		2,722
Evo Payments, Cl A*		27,460		866
ExlService Holdings*		11,105		734
Extreme Networks*		38,501		249
Fabrinet*		12,141		603
FARO Technologies*		5,671		298
Finisar*		37,844		866
Five9*		49,641		2,546
FormFactor*		24,371		382
Gartner*		5,109		822
Harmonic*		27,927		155
Ichor Holdings*		7,528		178
II-VI*		19,362		708
Impinj*		21,082		603
Infinera*		65,696		191
Insight Enterprises*		31,346		1,824
InterXion Holding*		27,355		2,081
Itron*		86,827		5,433
KBR		218,518		5,450
KEMET		18,637		351
Keysight Technologies*		45,431		4,080
Knowles*		138,197		2,530
Kopin*		18,000		20
Kulicke & Soffa Industries		21,103		476
LivePerson*		75,796		2,125
LiveRamp Holdings*		26,281		1,274
Lumentum Holdings*		42		2
MACOM Technology Solutions Holdings*		50,864		770
Manhattan Associates*		12,249		849
ManTech International, Cl A		8,660		570
MaxLinear, Cl A*		21,220		497
Methode Electronics		12,274		351
MicroStrategy, Cl A*		2,716		389
MongoDB, Cl A*		5,476		833
Monotype Imaging Holdings		13,819		233
MTS Systems		27,735		1,623
Nanometrics*		7,828		272
NCR*		176,865		5,501
NETGEAR*		10,352		262
NIC		22,180		356
Novanta*		30,618		2,887
Okta, Cl A*		14,845		1,834
OneSpan*		10,193		144
OSI Systems*		5,549		625
PAR Technology*		46,997		1,325

Description	Shares		Value (000)
Park Electrochemical		5,957	$	99
PDF Solutions*		8,611		113
Perficient*		10,696		367
Perspecta		140,844		3,297
Photronics*		21,328		175
Plantronics		103,216		3,823
Plexus*		9,772		570
Pluralsight, Cl A*		40,930		1,241
Power Integrations		9,538		765
Progress Software		14,509		633
PROS Holdings*		49,408		3,126
Q2 Holdings*		47,831		3,652
Qualys*		10,988		957
Rambus*		35,641		429
Rapid7*		105,582		6,107
RingCentral, Cl A*		32,584		3,745
Rogers*		26,074		4,500
Rudolph Technologies*		10,179		281
Sanmina*		22,431		679
ScanSource*		8,229		268
Semtech*		18,905		908
Silicon Laboratories*		13,775		1,424
SMART Global Holdings*		3,900		90
Smartsheet, Cl A*		23,290		1,127
SolarEdge Technologies*		14,483		905
SPS Commerce*		5,903		603
SVMK*		66,390		1,096
Sykes Enterprises*		12,828		352
Tenable Holdings*		52,692		1,504
Teradyne		17,400		834
TiVo		92,673		683
TTEC Holdings		37,654		1,754
TTM Technologies*		31,200		318
Twilio, Cl A*		25,661		3,499
Ultra Clean Holdings*		12,358		172
Unisys*		16,300		158
Upland Software*		24,562		1,118
Veeco Instruments*		16,341		200
Verint Systems*		38,645		2,078
Viavi Solutions*		150,338		1,998
Virtusa*		8,997		400
Vishay Intertechnology		262,397		4,335
WEX*		13,942		2,901
Xperi		225,322		4,639
Zebra Technologies, Cl A*		31,926		6,688
Zendesk*		78,847		7,020
Zix*		56,410		513
				200,514

The accompanying notes are an integral part of the financial statements.

29

THE KP FUNDS June 30, 2019 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Materials — 5.0%
AdvanSix*		9,550	$	233
AK Steel Holding*		101,425		240
Alamos Gold, Cl A		92,916		562
American Vanguard		8,709		134
Balchem		10,523		1,052
Berry Global Group*		27,630		1,453
Boise Cascade		12,479		351
Cabot		55,922		2,668
Century Aluminum*		15,992		111
Clearwater Paper*		5,351		99
Commercial Metals		154,023		2,749
Compass Minerals International		132,979		7,307
Crown Holdings*		32,350		1,977
Eagle Materials		20,205		1,873
Ferro*		26,519		419
FutureFuel		8,138		95
Graphic Packaging Holding		94,295		1,318
Hawkins		3,078		134
Haynes International		4,065		129
HB Fuller		16,548		768
Ingevity*		35,716		3,756
Innophos Holdings		113,420		3,302
Innospec		7,960		726
Kaiser Aluminum		5,324		520
Koppers Holdings*		6,620		194
Kraton*		65,735		2,042
Livent*		47,040		326
Louisiana-Pacific		125,068		3,279
LSB Industries*		6,185		24
Materion		6,608		448
Mercer International		14,484		224
Myers Industries		11,856		228
Neenah		5,436		367
Olympic Steel		2,849		39
PH Glatfelter		201,149		3,395
Quaker Chemical		4,332		879
Rayonier Advanced Materials		15,947		104
Ryerson Holding*		155,168		1,293
Schweitzer-Mauduit International		10,248		340
Silgan Holdings		160,870		4,923
Stepan		6,708		617
Summit Materials, Cl A*		230,827		4,443
SunCoke Energy*		29,285		260
Tecnoglass		174,566		1,133
TimkenSteel*		12,221		99

Description	Shares		Value (000)
Tredegar		8,054	$	134
US Concrete*		44,388		2,206
Valvoline		140,789		2,750
Venator Materials*		371,707		1,966
				63,689
Real Estate — 4.4%
Acadia Realty Trust‡		26,834		735
Agree Realty‡		12,450		797
American Assets Trust‡		15,361		724
Armada Hoffler Properties‡		16,939		280
CareTrust‡		86,566		2,059
CatchMark Timber Trust, Cl A‡		198,929		2,079
CBL & Associates Properties‡		54,245		56
Cedar Realty Trust‡		26,754		71
Chatham Lodging Trust‡		15,021		283
Chesapeake Lodging Trust‡		20,036		569
Community Healthcare Trust‡		60,757		2,394
DiamondRock Hospitality‡		65,339		676
Easterly Government Properties‡		402,212		7,284
Four Corners Property Trust‡		22,536		616
Franklin Street Properties‡		35,256		260
GEO Group‡		120,614		2,534
Getty Realty‡		10,930		336
Global Net Lease‡		27,658		543
Hannon Armstrong Sustainable Infrastructure Capital‡		52,190		1,471
Hersha Hospitality Trust, Cl A‡		12,073		200
HFF, Cl A		13,129		597
Independence Realty Trust‡		28,787		333
Innovative Industrial Properties, Cl A‡		3,247		401
iStar‡		21,347		265
Kite Realty Group Trust‡		27,367		414
Lexington Realty Trust‡		68,852		648
LTC Properties‡		13,098		598
Marcus & Millichap*		6,855		212
National Storage Affiliates Trust‡		18,762		543
NexPoint Residential Trust‡		25,266		1,046
NorthStar Realty Europe‡		16,362		269
Office Properties Income Trust‡		15,720		413
Omega Healthcare Investors‡		41,017		1,507
Outfront Media‡		72,107		1,860
Pennsylvania Real Estate Investment Trust‡		18,599		121
Postal Realty Trust, Cl A*		98,500		1,551
QTS Realty Trust, Cl A‡		75,979		3,509
Rayonier‡		98,241		2,977

The accompanying notes are an integral part of the financial statements.

30

THE KP FUNDS June 30, 2019 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
RE/MAX Holdings, Cl A		104,518	$	3,215
Realogy Holdings		36,600		265
Retail Opportunity Investments‡		228,017		3,906
RLJ Lodging Trust‡		149,952		2,660
RPT Realty‡		25,843		313
Saul Centers‡		3,886		218
STAG Industrial‡		69,287		2,095
Summit Hotel Properties‡		34,230		393
Universal Health Realty Income Trust‡		4,190		356
Urstadt Biddle Properties, Cl A‡		10,000		210
Washington‡		25,945		694
Washington Prime Group‡		60,049		229
Whitestone, Cl B‡		13,393		170
Xenia Hotels & Resorts‡		36,567		762
				56,717
Utilities — 2.2%
ALLETE		39,697		3,303
American States Water		74,850		5,632
Avista		110,656		4,935
California Water Service Group		15,617		791
Consolidated Water		75,432		1,076
El Paso Electric		13,237		866
Hawaiian Electric Industries		21,575		940
Middlesex Water		18,681		1,107
Northwest Natural Holding		9,818		682
South Jersey Industries		121,005		4,081
Unitil		39,762		2,381
York Water		54,893		1,961
				27,755
Total Common Stock (Cost $1,152,536) (000)				1,232,770
EXCHANGE TRADED FUNDS — 0.3%
iShares Russell 2000 ETF		12,093		1,880
iShares Russell 2000 Value ETF		14,162		1,707
Total Exchange Traded Funds (Cost $3,373) (000)				3,587
	Number of Rights
RIGHTS — 0.0%
A Schulman, Expires* ‡‡ (B)		8,148		4
Media General, Expires* ‡‡ (B)		9,318		1
Tobira Therapeutics, Expires 12/31/2028* (B)		900		11
Total Rights (Cost $—) (000)				16

Description	Number of Rights		Value (000)
SHORT-TERM INVESTMENT — 3.4%
State Street Institutional Treasury Money Market Fund, Cl Premier, 2.170% (C)		43,705,435	$	43,705
Total Short-Term Investment (Cost $43,705) (000)				43,705
Total Investments In Securities — 100.0% (Cost $1,199,614) (000)			$	1,280,078

Percentages are based on net assets of $1,280,406 (000).

A list of the open futures contracts held by the Fund at June 30, 2019, is as follows (000):

Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount		Value		Unrealized Appreciation
Russell 2000 Index E-MINI		68		Sep-2019	$	5,206	$	5,328	$	122
					$	5,206	$	5,328	$	122

* Non-income producing security.

‡ Real Estate Investment Trust

‡‡ Expiration date not available.

(A) Security considered Master Limited Partnership. At June 30, 2019, this security amounted to $342 (000) or 0.0% of Net Assets.

(B) Level 3 security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of June 30, 2019, was $16 (000) and represented 0.0% of net assets.

(C) The rate reported is the 7-day effective yield as of June 30, 2019.

Cl — Class

ETF — Exchanged Traded Fund

The following is a list of the level of inputs used as of June 30, 2019, in valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock	$	1,232,770	$	—	$	—	$	1,232,770
Exchange Traded Funds		3,587		—		—		3,587
Rights		—		—		16		16
Short-Term Investment		43,705		—		—		43,705
Total Investments in Securities	$	1,280,062	$	—	$	16	$	1,280,078
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts**
Unrealized Appreciation	$	122	$	—	$	—	$	122
Total Other Financial Instruments	$	122	$	—	$	—	$	122

** Futures contracts are valued at the unrealized appreciation on the instrument.

^ A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

The accompanying notes are an integral part of the financial statements.

31

THE KP FUNDS June 30, 2019 (Unaudited)

KP Small Cap Equity Fund

For the six months ended June 30, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six months ended June 30, 2019, there were no transfers in and out of Level 3. All transfers, if any, are recognized by the Fund at the end of the period.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

32

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
COMMON STOCK — 96.3%
Australia — 3.7%
Abacus Property Group‡		85,286	$	245
Adairs		68,598		68
Adelaide Brighton		308,220		875
AGL Energy		15,436		217
ALS		143,036		737
Altium		20,028		481
Alumina		516,954		846
Amcor		136,466		1,551
AMP		72,898		108
APA Group		26,571		201
Appen		57,670		1,133
Aristocrat Leisure		13,157		284
Asaleo Care*		316,571		201
ASX		4,408		255
Aurizon Holdings		51,449		195
AusNet Services		53,906		71
Australia & New Zealand Banking Group		225,173		4,460
Australian Finance Group		51,007		56
Auswide Bank		15,144		55
Bank of Queensland		9,088		61
Beach Energy		186,418		260
Bendigo & Adelaide Bank		12,425		101
BHP Group		92,130		2,663
BlueScope Steel		219,750		1,859

Description	Shares		Value (000)
Boral		29,759	$	107
Brambles		180,062		1,629
Brickworks		15,741		180
Caltex Australia		21,848		380
carsales.com		72,481		688
Centuria Metropolitan‡		68,476		135
Challenger		14,109		66
Champion Iron*		138,307		292
Charter Hall Education Trust‡		38,952		100
Charter Hall Group‡		71,409		542
CIMIC Group		2,687		84
Citadel Group		18,423		59
Cleanaway Waste Management		969,854		1,586
Clinuvel Pharmaceuticals		10,244		242
Coca-Cola Amatil		157,202		1,128
Cochlear		1,357		197
Coles Group*		26,750		251
Commonwealth Bank of Australia		42,327		2,460
Computershare		12,105		138
Coronado Global Resources (A)		59,438		151
Cromwell Property Group‡		216,585		176
Crown Resorts		8,200		72
CSL		10,823		1,634
Dexus‡		25,754		235
Domain Holdings Australia		137,316		307
Domino’s Pizza Enterprises		7,797		206
Downer EDI		45,387		220
DuluxGroup		96,263		630
Evolution Mining		152,381		466
Flight Centre Travel Group		1,077		31
Fortescue Metals Group		35,180		223
Goodman Group‡		38,731		409
GPT Group‡		42,371		183
GUD Holdings		64,124		451
GWA Group		111,728		268
Harvey Norman Holdings		13,109		37
Healius		185,469		394
IDP Education		14,293		177
Iluka Resources		245,929		1,859
Incitec Pivot		124,368		298
Independence Group NL		99,156		329
Inghams Group		174,679		493
Insurance Australia Group		58,212		338
Integrated Research		28,064		65
IPH		60,141		315
IVE Group		37,823		55
James Hardie Industries		10,311		135

The accompanying notes are an integral part of the financial statements.

33

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
JB Hi-Fi		25,981	$	472
Jupiter Mines		1,080,632		262
Kina Securities		58,214		53
Lend Lease Group		14,440		132
Macquarie Group		7,700		678
Magellan Financial Group		51,923		1,858
McMillan Shakespeare		14,021		120
Medibank		60,530		148
Metcash		301,545		544
Mirvac Group‡		91,909		202
Monadelphous Group		12,941		171
Mount Gibson Iron		73,860		53
Nanosonics*		62,297		246
National Australia Bank		149,499		2,804
National Storage‡		194,804		239
Newcrest Mining		69,111		1,550
Nine Entertainment Holdings		342,518		451
Northern Star Resources		168,979		1,382
Oil Search		316,346		1,570
Orica		97,435		1,386
Origin Energy		41,407		213
OZ Minerals		25,643		181
People Infrastructure		53,721		126
Perseus Mining*		274,721		113
Platinum Asset Management		157,609		537
Pro Medicus		40,009		710
QBE Insurance Group		141,957		1,179
Ramelius Resources*		216,771		110
Ramsay Health Care		3,479		176
RCR Tomlinson*		18,154		—
REA Group		1,200		81
Rio Tinto		8,837		644
Santos		43,524		216
Saracen Mineral Holdings*		94,015		243
Scentre Group‡		125,965		340
SEEK		8,496		126
Service Stream		205,227		405
Sigma Healthcare		163,548		64
Sonic Healthcare		10,585		201
South32		119,344		266
Stockland‡		59,707		175
Suncorp Group		32,720		309
Super Retail Group		32,393		187
Sydney Airport		29,245		165
Tabcorp Holdings		49,761		155
Technology One		160,999		891
Telstra		94,763		257

Description	Shares		Value (000)
TPG Telecom		10,268	$	46
Transurban Group		63,709		659
Treasury Wine Estates		16,011		168
Unibail-Rodamco-Westfield‡		13,660		98
Vicinity Centres‡		85,315		147
Vita Group		66,350		61
Viva Energy‡		187,015		341
Washington H Soul Pattinson		2,441		38
Wesfarmers		27,016		686
Western Areas		283,457		391
Westpac Banking		82,373		1,640
Whitehaven Coal		35,751		92
Woodside Petroleum		22,269		568
Woolworths Group		205,362		4,791
WorleyParsons		7,275		75
				69,596
Austria — 0.2%
ANDRITZ		8,470		319
BAWAG Group* (A)		11,599		486
Erste Group Bank*		7,581		281
IMMOFINANZ		11,293		294
Oesterreichische Post		10,508		353
OMV		3,263		159
Porr Ag		4,414		97
Raiffeisen Bank International		4,038		95
S IMMO		19,448		421
Telekom Austria, Cl A*		22,892		173
Verbund		1,543		81
Vienna Insurance Group Wiener Versicherung Gruppe		8,801		226
Voestalpine		2,540		78
Wienerberger		58,009		1,432
				4,495
Belgium — 0.6%
Aedifica‡		3,259		311
Ageas		4,304		224
Anheuser-Busch InBev		32,303		2,859
Barco		3,131		659
Befimmo‡		9,835		565
Colruyt		1,327		77
Elia System Operator		225		17
Groupe Bruxelles Lambert		1,895		186
Intervest Offices & Warehouses‡		6,761		190
KBC Ancora		12,354		552
KBC Group		72,452		4,749
Montea C.V.A‡		2,129		183

The accompanying notes are an integral part of the financial statements.

34

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Proximus		3,760	$	111
Solvay		1,901		197
Telenet Group Holding*		1,173		65
UCB		2,981		247
Umicore		4,607		148
				11,340
Brazil — 2.1%
Ambev ADR*		800,905		3,740
Atacadao*		131,000		751
B3 - Brasil Bolsa Balcao		265,100		2,591
Banco Bradesco ADR*		746,064		7,325
Banco BTG Pactual*		2,100		28
Banco do Brasil*		180,900		2,534
Cia de Saneamento Basico do Estado de Sao Paulo*		17,600		216
Embraer		52,622		266
Enauta Participacoes		25,000		83
Estacio Participacoes		74,200		566
IRB Brasil Resseguros S		184,800		4,789
JBS		50,300		276
LOG Commercial Properties e Participacoes		6,313		33
LPS Brasil Consultoria de Imoveis*		157,735		198
MRV Engenharia e Participacoes		244,400		1,251
Natura Cosmeticos		107,127		1,581
Odontoprev		65,100		310
Petrobras Distribuidora		214,080		1,393
Porto Seguro		107,076		1,450
Raia Drogasil*		125,400		2,505
SLC Agricola		30,811		142
Smiles Fidelidade		23,100		252
Sul America		169,700		1,660
TOTVS		217,300		2,489
Vale*		98,800		1,333
WEG		310,200		1,742
				39,504
Canada — 4.1%
Agnico Eagle Mines		5,900		302
Aimia*		146,400		427
Alimentation Couche-Tard, Cl B		35,242		2,218
AltaGas		7,300		110
AltaGas Canada		5,500		101
Atco, Cl I		1,700		57
Atlantic Power*		32,200		78
ATS Automation Tooling Systems*		6,300		102
Aurora Cannabis*		18,600		146

Description	Shares		Value (000)
Bank of Montreal		15,200	$	1,148
Bank of Nova Scotia		75,332		4,046
Barrick Gold		126,969		2,005
Bausch Health*		8,100		204
BCE		21,898		996
Birchcliff Energy		40,200		80
BlackBerry*		13,800		103
Bombardier, Cl B*		56,700		95
Brookfield Asset Management, Cl A		74,858		3,582
CAE		218,500		5,875
Cameco		9,800		105
Canadian Imperial Bank of Commerce		10,600		834
Canadian National Railway		17,300		1,601
Canadian Natural Resources		98,132		2,645
Canadian Pacific Railway		9,878		2,327
Canadian Tire, Cl A		1,500		163
Canadian Utilities, Cl A		2,700		77
Canadian Western Bank		10,300		235
Canopy Growth*		4,800		194
CCL Industries, Cl B		3,300		162
Cenovus Energy		23,500		207
CGI, Cl A*		5,800		446
CI Financial		6,400		104
Computer Modelling Group		52,400		291
Constellation Software		2,401		2,263
Cronos Group*		4,700		75
Dollarama		7,000		247
Dorel Industries, Cl B		13,000		105
Emera		1,700		69
Empire		4,600		116
Enbridge		48,300		1,745
Encana		38,500		198
Enerflex		61,900		806
Fairfax Financial Holdings		7,849		3,852
First Capital Realty‡		5,000		83
First Quantum Minerals		17,500		166
Fortis		10,200		403
Franco-Nevada		13,329		1,131
George Weston		1,640		124
Gildan Activewear		18,795		727
Great-West Lifeco		6,700		154
H&R Real Estate Investment Trust‡		4,100		72
Heroux-Devtek*		10,600		155
High Liner Foods		24,000		163
Husky Energy		8,400		80

The accompanying notes are an integral part of the financial statements.

35

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Hydro One (A)		7,100	$	124
iA Financial		23,700		965
IGM Financial		1,900		54
Imperial Oil		6,400		177
Intact Financial		3,300		305
Inter Pipeline		45,979		715
Keyera		4,900		126
Kinross Gold*		31,400		121
Kirkland Lake Gold		5,100		220
Loblaw		33,896		1,736
Lundin Mining		15,100		83
Magna International		20,696		1,030
Manulife Financial		46,800		851
Methanex		1,500		68
Metro, Cl A		6,010		226
Morguard North American Residential Real Estate Investment Trust‡		6,600		93
National Bank of Canada		8,000		380
Nexus Real Estate Investment Trust‡		36,000		54
Nutrien		14,409		771
Onex		2,100		127
Open Text		6,700		276
Pembina Pipeline		12,072		449
Polaris Infrastructure		10,200		114
Power Corp of Canada		7,031		151
Power Financial		6,600		152
PrairieSky Royalty		47,876		673
PRO Real Estate Investment Trust‡		25,500		140
Quebecor, Cl B		4,500		107
Restaurant Brands International		5,700		396
RioCan‡		3,900		77
Ritchie Bros Auctioneers		30,980		1,031
Rogers Communications, Cl B		20,942		1,121
Royal Bank of Canada		45,573		3,622
Saputo		6,000		180
Shaw Communications, Cl B		10,900		223
Shopify, Cl A*		2,300		691
SmartCentres‡		1,300		33
SNC-Lavalin Group		4,200		85
Spin Master* (A)		15,307		443
Stars Group*		5,500		94
Sun Life Financial		14,200		588
Suncor Energy		190,089		5,929
TC Energy		42,960		2,130
Teck Resources, Cl B		11,900		275
TELUS		4,600		170
Thomson Reuters		4,740		306

Description	Shares		Value (000)
Toronto-Dominion Bank		74,809	$	4,370
Total Energy Services		13,900		88
Tourmaline Oil		6,300		80
Vermilion Energy		3,400		74
West Fraser Timber		1,300		59
Westshore Terminals Investment		35,900		603
Wheaton Precious Metals		10,500		254
Winpak		6,100		201
WSP Global		2,800		154
				77,365
Chile — 0.2%
CAP		11,219		129
Cia Cervecerias Unidas		68,885		971
Cia Cervecerias Unidas ADR		12,815		362
Cia Sud Americana de Vapores*		16,447,748		568
Empresas CMPC		134,579		369
Enaex		25,488		292
Quinenco		393,289		1,039
				3,730
China — 2.8%
Alibaba Group Holding ADR*		58,419		9,899
Anhui Conch Cement, Cl H		310,000		1,942
Asia Cement China Holdings		28,000		45
Autohome ADR*		14,770		1,265
Baidu ADR*		26,377		3,096
Bank of Communications, Cl H		2,514,000		1,908
BeiGene ADR*		900		112
Cecep Costin New Materials Group* (B)		1,134,000		—
Changyou.com ADR*		20,909		201
China International Travel Service, Cl A		257,150		3,320
China Telecom ADR		10,259		513
Ctrip.com International ADR*		45,247		1,670
Huazhu Group ADR		77,388		2,805
Jiangsu Hengrui Medicine, Cl A		149,667		1,438
Kweichow Moutai, Cl A		28,100		4,026
LexinFintech Holdings ADR*		12,581		140
NetEase ADR		8,258		2,112
New Oriental Education & Technology Group ADR*		9,709		938
PetroChina, Cl H		4,138,000		2,283
TAL Education Group ADR*		45,895		1,748
Tencent Music Entertainment Group ADR*		183,544		2,751
Tsingtao Brewery, Cl H		260,000		1,656
Vipshop Holdings ADR*		138,917		1,199

The accompanying notes are an integral part of the financial statements.

36

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Xiwang Special Steel		548,000	$	97
Yum China Holdings		159,728		7,380
YY ADR*		1,815		126
				52,670
Colombia — 0.1%
Bancolombia ADR		23,080		1,178
Ecopetrol ADR		66,991		1,225
				2,403
Czech Republic — 0.0%
Komercni Banka		15,059		600
Denmark — 1.6%
ALK-Abello*		2,516		586
AP Moeller - Maersk, Cl A		101		117
AP Moeller - Maersk, Cl B		167		207
Carlsberg, Cl B		29,359		3,892
Chr Hansen Holding		2,411		226
Coloplast, Cl B		29,645		3,350
Danske Bank		25,236		398
Demant*		46,171		1,436
DSV		4,238		416
Genmab*		1,453		267
GN Store Nord		49,994		2,333
H Lundbeck		1,960		77
H+H International, Cl B*		3,440		55
ISS		3,718		112
Jyske Bank*		7,760		269
Novo Nordisk, Cl B		193,031		9,838
Novozymes, Cl B		5,167		241
Orsted (A)		8,702		752
Pandora		2,445		87
Per Aarsleff Holding		3,521		126
Schouw		1,710		130
SimCorp		7,480		724
Spar Nord Bank		25,771		227
Topdanmark		6,382		360
Tryg		2,502		81
Vestas Wind Systems		36,346		3,140
				29,447
Egypt — 0.0%
Telecom Egypt		129,194		108
Finland — 0.7%
Elisa		3,695		180
Fortum		11,043		244
Huhtamaki		11,763		484
Kemira		35,518		523

Description	Shares		Value (000)
Kone, Cl B		8,052	$	475
Metso		2,388		94
Neste		10,028		340
Nokia		137,153		681
Nokian Renkaat		107,575		3,359
Orion, Cl B		2,841		104
Rovio Entertainment (A)		13,879		113
Sampo, Cl A		57,685		2,722
Stora Enso, Cl R		14,197		167
Tikkurila		103,736		1,745
UPM-Kymmene		12,643		336
Valmet		15,399		384
Wartsila, Cl B		38,635		560
				12,511
France — 6.9%
Accor		4,074		175
Aeroports de Paris		736		130
Air France-KLM*		16,165		155
Air Liquide		128,878		18,034
Airbus Group		26,024		3,689
Alstom*		3,859		179
Alten		6,361		763
Amundi (A)		1,653		115
Arkema		1,816		169
Atos		2,415		202
AXA		83,579		2,195
Bigben Interactive		13,371		181
BioMerieux		965		80
BNP Paribas		51,991		2,468
Bollore		22,028		97
Bouygues		5,636		209
Bureau Veritas		7,497		185
Capital Gemini		3,774		469
Carrefour		14,941		288
Casino Guichard Perrachon		1,370		47
Cie de Saint-Gobain		11,684		455
Cie Generale des Etablissements Michelin SCA		4,062		515
CNP Assurances		4,404		100
Coface*		35,479		358
Covivio‡		1,216		127
Credit Agricole		27,151		326
Criteo ADR*		5,700		98
Danone		74,058		6,273
Dassault Aviation		62		89
Dassault Systemes		14,515		2,316

The accompanying notes are an integral part of the financial statements.

37

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Edenred		37,906	$	1,933
Eiffage		1,750		173
Electricite de France		14,159		178
Elis*		58,444		1,060
Engie		280,401		4,254
EssilorLuxottica		49,347		6,439
Eurazeo		912		64
Eurofins Scientific		2,717		1,202
Eutelsat Communications		4,495		84
Faurecia		1,901		88
Gaztransport Et Technigaz		10,769		1,079
Gecina‡		1,179		177
Getlink		55,840		895
Hermes International		1,916		1,382
ICADE‡		705		65
Iliad		670		75
Imerys		3,024		160
Ingenico Group		8,302		734
Interparfums		90		4
Ipsen		996		136
JCDecaux		15,804		479
Kaufman & Broad		88		3
Kering		1,808		1,069
Klepierre‡		4,518		151
Korian		18,112		689
LafargeHolcim		69		3
Lagardere		73,525		1,914
Legrand		75,122		5,493
L’Oreal		19,968		5,688
LVMH Moet Hennessy Louis Vuitton		26,739		11,381
Mersen		4,332		166
Metropole Television		10,913		207
Natixis		23,654		95
Neopost		8,266		177
Orange		47,543		750
Pernod Ricard		42,523		7,836
Peugeot		13,932		343
Publicis Groupe		5,340		282
Remy Cointreau		502		72
Renault		4,837		304
Rexel		40,233		511
Safran		7,812		1,145
Sanofi		26,842		2,317
Sartorius Stedim Biotech		627		99
Schneider Electric		120,244		10,906
SCOR		4,101		180
SEB		623		112

Description	Shares		Value (000)
Seche Environnement		1,348	$	54
SES, Cl A		9,380		147
Societe BIC		760		58
Societe Generale		18,236		461
Sodexo		2,088		244
SOITEC*		3,071		336
Somfy		662		64
STMicroelectronics		17,206		305
Suez		8,607		124
TechnipFMC		7,463		192
Teleperformance		4,366		875
Thales		8,984		1,110
TOTAL		210,169		11,777
Ubisoft Entertainment*		1,844		144
Valeo		6,268		204
Veolia Environnement		12,329		300
Vicat		3,699		184
Vilmorin & Cie		2,162		124
Vinci		12,141		1,243
Vivendi		21,763		599
Wendel		695		94
Worldline* (A)		1,914		139
				131,819
Germany — 5.5%
1&1 Drillisch		1,354		45
adidas		10,612		3,275
Allianz		10,149		2,447
alstria office‡		17,416		282
Amadeus Fire		1,800		245
Aroundtown		19,944		164
AURELIUS Equity Opportunities & KGaA		2,934		139
Axel Springer		15,232		1,073
BASF		92,610		6,731
Bauer		8,026		221
Bayer		113,819		7,886
Bayerische Motoren Werke		89,535		6,627
Beiersdorf		64,830		7,781
Brenntag		24,665		1,215
Carl Zeiss Meditec		1,022		101
CECONOMY*		44,754		274
Commerzbank		25,737		185
CompuGroup Medical		20,197		1,630
Continental		2,609		380
Covestro		4,087		208
CTS Eventim & KGaA		10,609		494

The accompanying notes are an integral part of the financial statements.

38

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Daimler		21,710	$	1,208
Delivery Hero* (A)		2,862		130
Dermapharm Holding		3,957		136
Deutsche Bank		46,499		358
Deutsche Boerse		20,963		2,966
Deutsche Lufthansa		5,900		101
Deutsche Post		23,571		775
Deutsche Telekom		138,476		2,396
Deutsche Wohnen		8,460		310
Deutz		25,751		251
DIC Asset		8,302		96
E.ON		52,384		570
Eckert & Ziegler Strahlen- und Medizintechnik		2,742		323
Encavis		27,928		218
Evonik Industries		4,334		126
Evotec*		45,233		1,264
Fielmann		2,144		156
Fraport Frankfurt Airport Services Worldwide		954		82
Fresenius & KGaA		9,921		538
Fresenius Medical Care & KGaA		29,501		2,316
GEA Group		10,384		295
Gerresheimer		9,335		687
Hamburger Hafen und Logistik		4,931		130
Hannover Rueck		3,853		623
HeidelbergCement		3,752		304
HelloFresh*		52,129		495
Henkel & KGaA		27,808		2,553
Hochtief		489		60
HUGO BOSS		1,556		104
Infineon Technologies		27,025		478
Innogy (A)		2,688		127
Innogy		1,008		43
Isra Vision		7,435		331
IVU Traffic Technologies		5,518		57
KION Group		1,675		106
Knorr-Bremse		1,228		137
LANXESS		2,296		136
Linde		17,482		3,512
Merck KGaA		37,026		3,872
METRO		4,134		76
MTU Aero Engines		9,620		2,292
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		3,566		895
mutares		10,154		123
Nemetschek		3,480		210

Description	Shares		Value (000)
Nexus		1,524	$	58
ProSiebenSat.1 Media		98,471		1,547
Puma		1,928		129
QIAGEN*		69,073		2,804
RWE		12,960		319
SAP		134,221		18,430
Siemens		18,289		2,175
Siemens Healthineers (A)		3,599		152
Siltronic		7,068		516
Software		17,266		592
Stabilus		12,178		565
Stroeer & KGaA		2,569		193
Symrise, Cl A		6,810		655
TAG Immobilien*		13,489		312
Telefonica Deutschland Holding		22,709		63
ThyssenKrupp		10,582		154
TUI		30,143		295
Uniper		5,228		158
United Internet		3,313		109
Volkswagen		862		148
Vonovia		11,715		560
Wirecard		2,790		470
Zalando* (A)		3,190		142
zooplus*		731		100
				104,015
Greece — 0.4%
Aegean Airlines		27,543		255
Eurobank Ergasias*		2,938,921		2,891
Fourlis Holdings*		79,103		464
Hellenic Petroleum		8,507		89
JUMBO		76,833		1,485
Motor Oil Hellas Corinth Refineries		58,239		1,491
				6,675
Hong Kong — 6.1%
Agile Group Holdings		132,000		177
Agricultural Bank of China, Cl H		5,177,000		2,167
AIA Group		1,817,000		19,596
Ajisen China Holdings		636,000		259
ASM Pacific Technology		7,700		79
BAIC Motor, Cl H (A)		571,739		359
Bank of China, Cl H		5,105,000		2,157
Bank of East Asia		30,013		84
Beijing North Star, Cl H		45,571		17
BOC Hong Kong Holdings		87,500		344
Brightoil Petroleum Holdings*		155,000		7
Cafe de Coral Holdings		104,000		310

The accompanying notes are an integral part of the financial statements.

39

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Champion‡		772,000	$	643
Chanjet Information Technology, Cl H		800		1
China Aoyuan Group		76,199		107
China Construction Bank, Cl H		5,418,000		4,668
China Meidong Auto Holdings		42,000		29
China Mengniu Dairy		285,000		1,104
China Mobile		849,000		7,733
China Overseas Grand Oceans Group		93,000		41
China Pacific Insurance Group, Cl H		553,000		2,163
China Petroleum & Chemical, Cl H		118,000		80
China Resources Cement Holdings		404,000		391
China Unicom Hong Kong		1,718,000		1,885
China Vanke, Cl H		441,300		1,654
CITIC		383,000		552
CITIC Telecom International Holdings		895,000		355
CK Asset Holdings		61,638		483
CK Hutchison Holdings		235,384		2,320
CK Infrastructure Holdings		16,500		135
CLP Holdings		136,000		1,500
CNOOC		2,668,000		4,564
Convoy Global Holdings*		402,000		2
Dah Sing Banking Group		38,000		69
Dongfang Electric, Cl H		77,800		51
Dynam Japan Holdings		96,200		128
ENN Energy Holdings		203,200		1,977
Esprit Holdings*		1,861,777		355
Fairwood Holdings		27,000		93
First Pacific		532,000		216
Galaxy Entertainment Group*		51,000		343
Goodbaby International Holdings*		326,000		74
Great Eagle Holdings		34,000		145
Guangnan Holdings		210,000		25
Haier Electronics Group		785,416		2,172
Hang Lung Group		70,000		194
Hang Lung Properties		50,000		119
Hang Seng Bank		18,200		453
Henderson Land Development		37,708		208
Hisense Home Appliances Group, Cl A		58,000		70
HK Electric Investments & HK Electric Investments		67,158		69
HKBN		59,000		106
HKR International		108,800		55
HKT Trust		88,740		141
Hong Kong & China Gas		241,228		535

Description	Shares		Value (000)
Hong Kong Exchanges and Clearing		28,372	$	1,002
Hongkong & Shanghai Hotels		254,249		331
HSBC Holdings		876,052		7,266
Hysan Development		17,000		88
IGG		668,000		745
Industrial & Commercial Bank of China, Cl H		4,808,000		3,508
IRC*		2,784,000		78
K Wah International Holdings		364,000		212
Kaisa Group Holdings		72,275		36
Kaisa Property Holdings		36,750		60
Kerry Properties		14,000		59
Kingboard Holdings		282,500		787
Lenovo Group		322,000		249
Li & Fung		662,000		115
Li Ning		621,291		1,465
Link‡		50,000		614
L’Occitane International		136,135		269
Logan Property Holdings		726,000		1,174
Longfor Group Holdings		192,000		724
Lonking Holdings		320,000		85
Melco Resorts & Entertainment ADR		4,773		104
Metallurgical Corp of China, Cl H		62,000		17
MGM China Holdings		32,400		55
MTR		36,377		245
New China Life Insurance, Cl H		115,900		564
New World Development		177,459		278
Nissin Foods		153,000		110
NWS Holdings		42,252		87
PCCW		114,136		66
Ping An Insurance Group of China, Cl H		801,000		9,617
Poly Property Group		111,374		41
Polytec Asset Holdings		415,000		53
Power Assets Holdings		32,500		234
Sands China		61,200		293
Scud Group*		252,000		10
Shangri-La Asia		34,000		43
Shenzhou International Group Holdings		195,000		2,682
Shui On Land		287,500		67
Sino Land		70,614		118
Sinotruk Hong Kong		611,126		1,058
SJM Holdings		44,000		50
SmarTone Telecommunications Holdings		66,447		63

The accompanying notes are an integral part of the financial statements.

40

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Stella International Holdings		604,948	$	1,022
Sun Hung Kai Properties		37,893		643
Swire Pacific, Cl A		13,000		160
Swire Properties		28,600		116
Techtronic Industries		32,500		249
Television Broadcasts		142,200		238
Tencent Holdings		206,300		9,312
Time Interconnect Technology		872,000		70
Times China Holdings		270,000		541
Tingyi Cayman Islands Holding		649,014		1,083
Town Health International Medical Group		154,000		7
Vitasoy International Holdings		18,000		87
Want Want China Holdings		1,602,996		1,303
Weichai Power, Cl H		765,000		1,292
WH Group (A)		224,601		228
Wharf Holdings		34,000		90
Wharf Real Estate Investment		31,000		218
Wheelock		18,000		129
Wynn Macau		38,000		85
Xinyi Glass Holdings		1,328,000		1,394
Yue Yuen Industrial Holdings		19,500		53
				116,606
Hungary — 0.1%
OTP Bank Nyrt		38,899		1,547
India — 3.1%
Asian Paints		69,437		1,366
Axis Bank		160,693		1,882
Bajaj Finance		52,624		2,806
Bharti Airtel		176,219		885
Birlasoft		17,457		22
Britannia Industries		30,534		1,214
GAIL India		108,730		491
HCL Technologies		1,782		27
HDFC Bank		75,306		2,666
HDFC Bank ADR		5,188		675
HDFC Life Insurance (A)		232,268		1,561
Hinduja Global Solutions		1,577		15
Hindustan Petroleum		94,286		396
Hindustan Unilever		48,597		1,259
Housing Development Finance		204,027		6,479
IndusInd Bank		99,135		2,026
Infosys		276,815		2,936
Infosys ADR		527,844		5,649
KPIT Technologies		94,303		132
Manappuram Finance		72,933		146

Description	Shares		Value (000)
Maruti Suzuki India		12,372	$	1,171
Mindtree		20,694		278
Motherson Sumi Systems		620,962		1,097
Mphasis		21,511		313
MRF		2,216		1,817
Muthoot Finance*		67,476		630
NIIT Technologies*		39,734		774
Oil & Natural Gas		120,753		293
Petronet LNG		464,261		1,649
Shriram Transport Finance		26,365		413
State Bank of India GDR*		43,740		2,215
Tata Consultancy Services		267,818		8,642
UPL		170,347		2,314
Vodafone Idea*		6,303,373		1,109
Wipro		551,567		2,241
WNS Holdings ADR*		2,386		141
Yes Bank		269,687		425
				58,155
Indonesia — 0.6%
Adaro Energy		1,540,100		148
Bank Negara Indonesia Persero		3,227,300		2,102
Bank Pembangunan Daerah Jawa Timur		467,000		21
Bank Rakyat Indonesia Persero		11,097,400		3,425
Media Nusantara Citra		6,123,743		451
Mitra Pinasthika Mustika		462,700		28
Modernland Realty*		376,496		7
Perusahaan Gas Negara		1,639,600		245
Ramayana Lestari Sentosa		470,800		47
Telekomunikasi Indonesia Persero		9,827,400		2,880
Unilever Indonesia		508,400		1,619
United Tractors		117,100		234
				11,207
Ireland — 0.6%
AIB Group		22,258		91
Bank of Ireland Group		150,163		785
C&C Group		55,719		248
CRH		222,048		7,243
Fly Leasing ADR*		24,000		418
Irish Continental Group		86,661		430
Irish Residential Properties‡		64,509		124
Paddy Power Betfair		5,723		430
Ryanair Holdings ADR*		24,229		1,554
Smurfit Kappa Group		5,523		167
				11,490

The accompanying notes are an integral part of the financial statements.

41

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Israel — 0.5%
Africa Israel Properties*		3,545	$	114
Alony Hetz Properties & Investments		31,506		409
Azrieli Group		1,261		85
Bank Hapoalim*		28,849		214
Bank Leumi Le-Israel		38,010		274
Check Point Software Technologies*		35,258		4,075
Delek Group		2,199		378
Elbit Systems		542		81
Harel Insurance Investments & Financial Services		17,726		133
Israel*		1,969		478
Israel Chemicals		16,537		87
Israel Discount Bank, Cl A		287,746		1,176
Isras Investment		368		58
Jerusalem Economy*		119,367		457
Melisron		4,004		216
Mizrahi Tefahot Bank*		3,633		84
Naphtha Israel Petroleum		39,166		256
NICE-Systems*		1,575		215
Shikun & Binui		99,394		290
Teva Pharmaceutical Industries*		9,198		85
Teva Pharmaceutical Industries ADR*		18,353		170
				9,335
Italy — 1.6%
A2A		320,230		556
ACEA		25,756		490
Amplifon		10,758		252
Ascopiave		17,015		73
Assicurazioni Generali		26,038		490
ASTM		13,253		428
Atlantia		11,378		296
Avio		6,633		110
Azimut Holding		52,377		1,008
Banca Carige*		2,052,741		1
Banca Farmafactoring (A)		25,783		144
Banca Generali		40,458		1,165
CNH Industrial		188,674		1,935
Davide Campari-Milano		67,985		666
doValue (A)		7,131		95
Enel		194,218		1,356
Eni		257,523		4,276
ERG		20,522		420
Eurotech*		72,370		400

Description	Shares		Value (000)
EXOR		2,815	$	197
Ferrari		2,901		471
Fiat Chrysler Automobiles		25,725		359
FinecoBank Banca Fineco		13,142		147
Hera		157,160		601
Immobiliare Grande Distribuzione SIIQ‡		36,786		243
Intesa Sanpaolo		1,816,885		3,887
Iren		488,850		1,271
Italgas		223,136		1,499
Leonardo-Finmeccanica		9,707		123
Maire Tecnimont		56,029		181
Mediobanca Banca di Credito Finanziario		15,321		158
Moncler		3,964		169
Pirelli & C (A)		11,293		67
Poste Italiane (A)		13,080		138
Prysmian		5,988		124
Recordati		2,419		101
Reply		2,024		138
Saipem*		243,886		1,213
Snam		207,412		1,031
Societa Cattolica di Assicurazioni SC		49,643		444
Societa Iniziative Autostradali e Servizi		22,243		413
Telecom Italia*		211,567		115
Telecom Italia RSP		152,166		79
Tenaris		11,316		148
Terna Rete Elettrica Nazionale		33,131		211
Tinexta Spa		24,243		363
UniCredit		122,238		1,504
Unieuro (A)		6,320		101
Unipol Gruppo		126,033		614
				30,271
Japan — 14.3%
77 Bank		35,800		526
A&D		19,100		140
ABC-Mart		2,700		176
Acom		7,800		28
Adastria		18,000		385
ADEKA		4,300		63
Advantest		5,100		140
Aeon		14,900		256
Aeon Delight		2,700		80
AEON Financial Service		19,500		313
AEON Investment‡		456		584

The accompanying notes are an integral part of the financial statements.

42

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Aeon Mall		2,100	$	32
AGC		4,400		152
Air Water		3,300		56
Aisin Seiki		4,100		141
Ajinomoto		9,800		170
Akatsuki		2,400		129
Alfresa Holdings		27,500		678
Alps Alpine		5,300		89
Altech		14,300		218
Amada Holdings		9,400		106
ANA Holdings		2,700		90
Anest Iwata		6,200		55
Aozora Bank		2,800		67
Arata		2,200		75
Arcs		17,900		356
Asahi		7,900		89
Asahi Group Holdings		13,800		620
Asahi Intecc		4,600		113
Asahi Kasei		29,900		319
Asics		18,000		195
Astellas Pharma		55,600		792
Ateam		5,300		56
Atled		3,100		55
Avex		16,000		203
Awa Bank		4,100		98
Azbil		10,800		264
Bank of Kyoto		3,400		131
Bank of Nagoya		1,800		57
Bank of Okinawa		1,700		52
Bank of the Ryukyus		5,600		60
BayCurrent Consulting		1,800		69
Bell System24 Holdings		6,500		90
Benesse Holdings		1,500		35
B-Lot*		2,900		62
Bridgestone		30,600		1,204
Brother Industries		5,800		109
Bunka Shutter		37,900		287
CAC Holdings		19,100		266
Calbee		2,100		57
Canon		173,200		5,054
Capcom		26,600		533
Career Design Center		3,800		55
Casio Computer		32,800		407
Central Glass		2,500		55
Central Japan Railway		3,440		689
Chiba Bank		81,200		396
Chiba Kogyo Bank		21,100		52

Description	Shares		Value (000)
Chubu Electric Power		15,200	$	213
Chugai Pharmaceutical		5,300		346
Chugoku Bank		13,100		115
Chugoku Electric Power		7,100		89
Coca-Cola Bottlers Japan Holdings		3,400		86
Computer Engineering & Consulting		7,600		167
Computer Institute of Japan		9,400		88
Concordia Financial Group		124,400		463
Cosmo Energy Holdings		4,500		101
Credit Saison		23,300		273
Creo		4,900		90
Cube System		7,300		53
CyberAgent		2,600		94
Cybozu		15,800		178
Dai Nippon Printing		5,800		124
Daicel		18,500		164
Daido Metal		37,600		231
Daifuku		7,700		432
Daihen		1,900		54
Daiho		5,200		130
Dai-ichi Life Holdings		96,600		1,456
Daiichi Sankyo		13,500		706
Daikin Industries		48,700		6,353
Daito Pharmaceutical		4,200		129
Daito Trust Construction		1,800		229
Daiwa House Industry		23,600		688
Daiwa House Investment, Cl A‡		39		94
Daiwa Office Investment‡		199		1,427
Daiwa Securities Group		35,800		157
DCM Holdings		20,000		196
Denso		200,300		8,420
Dentsu		5,400		188
Digital Garage*		5,800		183
Dip		8,300		139
Disco		600		98
Doutor Nichires Holdings		5,600		106
Duskin		22,800		599
East Japan Railway		18,100		1,692
Ebara Jitsugyo		2,900		53
Eiken Chemical		4,300		68
Eisai		6,020		340
Elecom		6,300		213
Electric Power Development		3,900		89
FamilyMart		6,400		153
FANUC		17,280		3,193
Fast Retailing		1,400		846
Feed One		90,000		155

The accompanying notes are an integral part of the financial statements.

43

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Ferrotec Holdings		17,700	$	139
FJ Next		10,300		99
Foster Electric		4,600		66
France Bed Holdings		5,900		53
F-Tech		8,100		56
Fudo Tetra		13,300		161
Fuji Electric		3,100		107
Fuji Heavy Industries		20,000		486
Fuji Media Holdings		55,000		766
Fuji Oil		43,600		106
Fuji Soft		4,600		202
FUJIFILM Holdings		19,800		1,003
Fujita Kanko		3,300		83
Fujitsu		4,700		327
Fukui Computer Holdings		4,600		106
Fukuoka Financial Group		58,100		1,060
Furukawa		9,600		124
Furuno Electric		18,800		176
Furyu		15,300		161
Future		10,200		201
Fuyo General Lease		4,500		256
GLOBERIDE		4,300		133
Glory		13,600		359
GMO Cloud		1,900		53
GMO Payment Gateway		1,000		69
Goldcrest		12,100		213
Gree		44,900		209
Gunma Bank		26,400		92
Hachijuni Bank		66,100		269
Hakuhodo DY Holdings		5,400		91
Hamamatsu Photonics		3,300		128
Hankyu Hanshin Holdings		5,700		204
Heiwado		5,100		90
Hiday Hidaka		3,500		67
Hikari Tsushin		500		109
Hino Motors		5,100		43
Hioki EE		1,600		52
Hirose Electric		10,280		1,146
Hiroshima Bank		21,100		102
Hisamitsu Pharmaceutical		1,400		55
Hitachi		169,200		6,197
Hitachi Chemical*		2,500		68
Hitachi Construction Machinery		2,400		62
Hitachi High-Technologies		7,500		385
Hitachi Metals		5,300		60
Hokkaido Electric Power		61,300		343
Hokuetsu		35,700		193

Description	Shares		Value (000)
Hokuetsu Industries		4,800	$	54
Hokuhoku Financial Group		20,300		211
Hokuriku Electric Power*		12,700		92
Hokuto		16,300		275
Honda Motor		264,500		6,832
Hoshizaki Electric		5,300		394
Hoya		151,300		11,582
Hulic		6,800		55
Hyakujushi Bank		2,500		50
Idemitsu Kosan		4,222		127
IHI		3,500		84
Iida Group Holdings		3,300		53
Iino Kaiun Kaisha		28,300		94
I’ll		4,700		66
i-mobile*		6,800		49
Impact HD		1,700		65
Industrial & Infrastructure Fund Investment‡		110		137
Inpex		107,800		972
Internet Initiative Japan		13,100		245
Isetan Mitsukoshi Holdings		50,500		408
Ishihara Sangyo Kaisha		36,300		424
Isuzu Motors		14,300		163
ITOCHU		48,800		933
Itochu Enex		9,400		75
Itochu Techno-Solutions		8,300		213
Iwatani		9,400		326
Iyo Bank		16,600		84
J Front Retailing		5,200		60
Jaccs		10,100		201
Jafco*		2,700		99
Japan‡		31		189
Japan Airlines		2,700		86
Japan Airport Terminal		1,000		43
Japan Cash Machine		8,900		91
Japan Exchange Group		23,400		372
Japan Petroleum Exploration		10,200		236
Japan Post Bank		9,300		94
Japan Post Holdings		120,000		1,358
Japan Prime‡		18		78
Japan Retail Fund Investment‡		65		131
Japan Securities Finance		38,500		196
Japan Tobacco		206,000		4,546
JDC		11,700		58
JFE Holdings		12,500		183
JGC		5,800		80
JSR		4,400		69

The accompanying notes are an integral part of the financial statements.

44

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
JTEKT		4,600	$	56
Juki		6,300		58
Juroku Bank		9,300		189
JX Holdings		76,300		378
Kadokawa		10,500		142
Kajima		11,100		152
Kakaku.com		3,600		69
Kaken Pharmaceutical		2,200		103
Kamigumi		6,600		156
Kanamoto		7,900		204
Kandenko		57,400		479
Kaneka		1,000		38
Kanematsu		14,500		161
Kansai Electric Power		32,700		375
Kansai Paint		4,500		94
Kao		28,500		2,170
Kato Works		6,800		127
Kawai Musical Instruments Manufacturing		2,600		76
Kawasaki Heavy Industries		3,200		75
KDDI		72,000		1,832
Keihan Holdings		2,600		113
Keihin		9,200		132
Keikyu		6,000		103
Keio		2,500		164
Keisei Electric Railway		3,400		124
Keiyo Bank		9,200		54
Kewpie		14,200		314
Keyence		2,300		1,411
Kikkoman		3,400		148
Kintetsu Group Holdings		4,000		191
Kirin Holdings		89,600		1,931
Kiyo Bank		3,900		50
Kobayashi Pharmaceutical		1,300		93
Kobe Steel		7,500		49
Koito Manufacturing		7,500		400
Kojima		60,400		266
Komatsu		146,900		3,542
Komeri		8,900		182
Konami Holdings		2,400		112
Konica Minolta		12,000		117
Kose		2,000		335
Kourakuen Holdings		9,800		252
K’s Holdings		23,100		218
Kubota		495,000		8,231
Kumiai Chemical Industry		34,300		248
Kuraray		8,700		104

Description	Shares		Value (000)
Kureha		3,700	$	252
Kurita Water Industries		2,300		57
Kyocera		99,200		6,473
Kyokuyo		5,500		146
KYORIN Holdings		8,700		154
Kyosan Electric Manufacturing		28,000		97
Kyowa Hakko Kirin		6,100		110
Kyushu Electric Power		10,200		100
Kyushu Financial Group		16,900		67
Kyushu Railway		6,800		198
Lawson		2,400		115
Life		4,200		84
LINE*		1,500		42
Lion		13,600		253
LIXIL Group		29,300		463
M3*		9,900		181
Mabuchi Motor		2,800		96
Maeda		56,700		453
Makita		11,100		377
Mamezou Holdings		6,700		79
Mandom		11,700		283
Marubeni		35,500		235
Maruha Nichiro		9,000		264
Marui Group		19,600		399
Maruichi Steel Tube		1,200		33
Matsumotokiyoshi Holdings		6,500		190
Max		4,600		67
Mazda Motor		13,300		139
McDonald’s Holdings Japan		1,500		66
Mebuki Financial Group		144,100		376
Medipal Holdings		15,000		331
Megmilk Snow Brand		2,000		44
Meidensha		7,900		123
MEIJI Holdings		5,400		386
Meiko Network Japan		6,000		53
Meitec		3,800		195
Menicon		7,500		247
Mercari*		1,900		50
Micronics Japan		10,500		93
Minebea		9,600		163
Miroku Jyoho Service		1,700		53
MISUMI Group		7,000		175
Mitsubishi		60,360		1,591
Mitsubishi Chemical Holdings		28,800		201
Mitsubishi Electric		43,400		571
Mitsubishi Estate		84,000		1,561
Mitsubishi Gas Chemical		4,200		56

The accompanying notes are an integral part of the financial statements.

45

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Mitsubishi Heavy Industries		7,600	$	331
Mitsubishi Logisnext		6,100		65
Mitsubishi Logistics		7,300		200
Mitsubishi Materials		2,500		71
Mitsubishi Motors		16,000		77
Mitsubishi Shokuhin		6,100		160
Mitsubishi Tanabe Pharma		5,100		57
Mitsubishi UFJ Financial Group		330,300		1,568
Mitsubishi UFJ Lease & Finance		8,100		43
Mitsuboshi Belting		3,000		53
Mitsui		39,400		641
Mitsui Chemicals		4,400		109
Mitsui Fudosan		21,200		514
Mitsui Matsushima Holdings		6,300		78
Mitsui OSK Lines		2,500		60
Mitsui-Soko Holdings		16,100		232
Miyaji Engineering Group		5,500		89
Mizuho Financial Group		954,700		1,382
Mizuno		6,600		149
Modec		6,000		169
Monogatari		1,300		104
MonotaRO		2,800		68
Morinaga		3,100		151
MS&AD Insurance Group Holdings		40,700		1,291
Murata Manufacturing		13,700		615
Nabtesco		2,800		78
Nagase		25,500		382
Nagoya Railroad		4,500		124
Namco Bandai Holdings		28,500		1,383
Nanto Bank		14,100		306
NEC		22,500		885
NET One Systems		21,500		591
Nexon*		16,600		240
NGK Insulators		6,500		95
NGK Spark Plug		4,300		81
NH Foods		2,300		98
Nichicon		11,600		94
NichiiGakkan		8,400		122
Nidec		5,300		724
Nihon Chouzai		1,700		53
Nihon Kohden		122,400		3,313
Nihon Nohyaku		22,500		87
Nihon Unisys		8,100		272
Nikkiso		21,500		286
Nikkon Holdings		13,900		319
Nikon		7,400		105
Nintendo		2,700		990

Description	Shares		Value (000)
Nippon Building Fund‡		32	$	219
Nippon Carbon		5,800		222
Nippon Electric Glass		18,100		458
Nippon Express		1,800		96
Nippon Kanzai		6,800		115
Nippon Paint Holdings		3,700		143
Nippon Parking Development		70,700		111
Nippon Prologis‡		48		111
Nippon Sheet Glass		65,100		443
Nippon Shokubai		1,200		79
Nippon Soda		2,300		58
Nippon Steel		19,100		327
Nippon Suisan Kaisha		28,300		175
Nippon Telegraph & Telephone		53,000		2,467
Nippon Television Holdings		56,120		831
Nippon Thompson		61,800		278
Nippon Yusen		3,700		59
Nishimatsu Construction		29,600		570
Nishi-Nippon Financial Holdings		42,300		304
Nishio Rent All		2,100		59
Nissan Chemical		10,100		455
Nissan Motor		55,100		394
Nisshin Seifun Group		5,000		114
Nissin Electric		25,200		275
Nissin Foods Holdings		1,700		109
Nissin Kogyo		9,700		133
Nisso		13,400		184
Nitori Holdings		1,900		252
Nitta		1,900		54
Nittetsu Mining		3,600		156
Nitto Denko		64,600		3,187
Nitto Kogyo		8,500		162
Nomura		25,200		314
Nomura Holdings		196,800		692
Nomura Real Estate Holdings		19,400		417
Nomura Real Estate Master Fund‡		97		149
Nomura Research Institute		15,900		255
Noritake		3,100		130
North Pacific Bank		34,800		83
NS Solutions		8,300		263
NS United Kaiun Kaisha*		5,600		115
NSD		14,900		430
NSK		8,200		73
NTT Data		93,200		1,241
NTT DOCOMO		50,100		1,168
NuFlare Technology		2,100		129
Obayashi		84,800		836

The accompanying notes are an integral part of the financial statements.

46

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Obic		4,060	$	459
OBIC Business Consultants		3,100		140
Odakyu Electric Railway		6,900		169
Oji Holdings		22,600		130
Okamura		5,600		56
Oki Electric Industry		17,600		220
Olympus		514,000		5,702
Omron		109,000		5,682
One‡		176		469
Ono Pharmaceutical		8,900		159
Onward Holdings		44,600		246
Oracle Japan		2,400		175
Organo		1,700		57
Oriental Land		4,800		593
ORIX		31,500		469
Osaka Gas		8,800		153
Osaki Electric		8,700		56
OSJB Holdings		48,600		120
Otsuka		6,000		241
Otsuka Holdings		24,800		808
Oyo		11,000		111
Pan Pacific International Holdings		2,400		152
Panasonic		52,400		436
Paramount Bed Holdings		1,400		53
Park24		2,500		58
Pasona Group		4,700		66
PCA		1,800		60
PeptiDream*		2,400		123
Persol Holdings		17,800		418
Pigeon		3,100		125
Pola Orbis Holdings		2,000		56
Pressance		15,700		215
Prima Meat Packers		5,600		107
Proto		16,800		158
Raito Kogyo		4,100		52
Rakuten*		20,300		241
Recruit Holdings		28,300		944
Relia		29,900		350
Renesas Electronics*		106,000		526
Resona Holdings		310,740		1,293
Ricoh		14,600		146
Ricoh Leasing		1,800		55
Rinnai		3,400		216
Riso Kyoiku		73,500		307
Rohm		5,200		349
Roland DG		4,500		101

Description	Shares		Value (000)
Ryohin Keikaku		1,300	$	235
Ryoyo Electro		4,000		66
S Foods		6,600		224
Saizeriya		18,500		401
SAMTY		9,600		146
San-In Godo Bank		8,300		53
Sanki Engineering		27,500		318
Sankyo		1,300		47
Santen Pharmaceutical		8,500		141
Sato Holdings		4,100		104
Sawai Pharmaceutical		2,700		146
SBI Holdings		6,000		148
Scala		8,700		73
SCSK		10,900		536
Secom		10,600		911
Sega Sammy Holdings		34,000		413
Seibu Holdings		5,400		90
Seiko Epson		6,500		103
Seiko Holdings		9,000		183
Sekisui Chemical		28,800		432
Sekisui House		14,700		242
Sekisui House‡		1,383		1,034
Senko		17,900		141
Seven & i Holdings		48,900		1,654
Seven Bank		16,800		44
SG Holdings		3,700		105
Sharp		5,400		59
Shibaura Mechatronics		2,300		58
Shiga Bank		6,200		144
Shimadzu		10,000		245
Shimamura		700		52
Shimano		2,800		416
Shimizu		59,600		495
Shin Nippon Biomedical Laboratories		35,200		228
Shin-Etsu Chemical		28,600		2,662
Shinsei Bank		37,300		579
Shionogi		6,360		366
Shiseido		9,500		716
Shizuoka Bank		92,600		682
SHO-BOND Holdings		4,000		141
Showa		9,900		133
Showa Denko		3,400		100
Sinko Industries		3,800		55
SK-Electronics		7,200		140
SKY Perfect JSAT Holdings		69,600		271
SMC		1,600		596

The accompanying notes are an integral part of the financial statements.

47

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Sodick		10,700	$	92
Softbank		39,800		517
SoftBank Group		39,400		1,887
Softbrain		12,200		54
Sohgo Security Services		6,200		286
Sompo Holdings		29,200		1,127
Sony		37,800		1,981
Sony Financial Holdings		12,200		293
Stanley Electric		3,500		86
Starts		2,600		61
Sugi Holdings		2,300		109
SUMCO		6,600		78
Sumitomo		28,200		427
Sumitomo Chemical		38,800		180
Sumitomo Dainippon Pharma		3,900		74
Sumitomo Densetsu		8,900		141
Sumitomo Electric Industries		33,500		440
Sumitomo Heavy Industries		3,100		107
Sumitomo Metal Mining		8,700		260
Sumitomo Mitsui Construction		19,200		106
Sumitomo Mitsui Financial Group		69,400		2,449
Sumitomo Mitsui Trust Holdings		14,800		536
Sumitomo Realty & Development		7,900		282
Sumitomo Rubber Industries		4,300		50
Sumitomo Warehouse		4,200		54
Sundrug		5,500		149
Suntory Beverage & Food		8,200		356
Sushiro Global Holdings		6,300		376
Suzuken		1,500		88
Suzuki Motor		8,700		409
SWCC Showa Holdings		11,400		87
Sysmex		3,820		249
System Research		2,000		65
Systena		33,600		550
T&D Holdings		28,700		311
Tadano		13,900		145
Taiheiyo Cement		9,700		293
Taiko Pharmaceutical		4,000		74
Taisei		4,500		163
Taisho Pharmaceutical Holdings		900		69
Taiyo Nippon Sanso		2,900		62
Takara Standard		6,800		108
Takasago Thermal Engineering		6,900		114
Takashimaya		21,800		239
Takeda Pharmaceutical		40,524		1,436
Takeei		13,800		116

Description	Shares		Value (000)
Takuma		20,500	$	255
Tama Home		27,500		274
Tamron		19,700		403
Tanseisha		4,900		57
Tatsuta Electric Wire and Cable		13,000		58
TDK		7,400		572
TechMatrix		22,000		413
TechnoPro Holdings		3,200		170
Teijin		4,000		68
Terumo		224,700		6,690
THK		3,400		81
TIS		17,000		866
Toa		35,700		538
Tobu Railway		4,500		131
Toei Animation		1,700		79
Toho		6,100		259
Toho Gas		1,900		70
Toho Holdings		15,700		352
Tohoku Electric Power		28,600		289
Tokai		2,500		53
Tokio Marine Holdings		33,400		1,673
Tokyo Century		900		38
Tokyo Dome		47,000		444
Tokyo Electric Power Holdings*		38,900		203
Tokyo Electron		4,400		618
Tokyo Electron Device		3,100		54
Tokyo Gas		17,800		419
Tokyo Ohka Kogyo		2,600		81
Tokyu		11,800		209
Tokyu‡		71		123
Tokyu Construction		22,000		149
Tokyu Fudosan Holdings		14,700		81
TOMONY Holdings		33,900		114
Tomy		22,700		264
Topcon		25,200		315
Toppan Forms		16,800		132
Toppan Printing		5,600		85
Topy Industries		3,100		73
Toray Industries		95,800		728
Torii Pharmaceutical		5,300		128
Torishima Pump Manufacturing		5,600		55
Toshiba		13,200		411
Tosoh		6,000		84
TOTO		3,100		122
Towa Pharmaceutical		12,200		310
Toyo Seikan Group Holdings		19,900		395

The accompanying notes are an integral part of the financial statements.

48

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Toyo Suisan Kaisha		19,200	$	790
Toyoda Gosei		900		18
Toyota Industries		6,700		369
Toyota Motor		123,100		7,635
Toyota Tsusho		5,200		157
Transaction		13,900		117
Transcosmos*		4,300		96
Trend Micro*		2,900		129
Tsugami		33,400		286
Tsuruha Holdings		700		65
Ube Industries		20,300		421
Unicharm		9,200		277
UNITED		15,100		208
United Arrows		6,000		187
United Urban Investment‡		73		122
Ushio		25,200		324
USS		16,400		323
V Technology		1,700		78
ValueCommerce		11,500		263
Vital KSK Holdings		23,500		222
VT Holdings		30,800		120
Wacom		57,700		191
WATAMI		6,600		88
Welcia Holdings		1,100		45
West Holdings		9,600		97
West Japan Railway		20,800		1,682
Will Group		25,500		211
World Holdings		10,500		164
Yahoo Japan		66,600		195
Yakult Honsha		3,100		183
Yamada Denki*		26,800		119
Yamaguchi Financial Group		35,800		244
Yamaha		3,700		176
Yamaha Motor		6,900		123
Yamanashi Chuo Bank		4,800		52
Yamato Holdings		16,320		331
Yamazaki Baking		3,100		47
Yaskawa Electric		6,200		210
Yokogawa Electric		5,700		112
Yokohama Reito		14,600		135
Yokohama Rubber		2,700		50
Yossix		5,300		123
ZERIA Pharmaceutical		4,800		96
ZOZO		4,000		75
				271,241

Description	Shares		Value (000)
Kenya — 0.0%
East African Breweries		299,778	$	584
Luxembourg — 0.1%
RTL Group		927		47
Ternium ADR		46,079		1,034
				1,081
Malaysia — 0.1%
Aeon M		120,400		49
AirAsia X*		136,400		7
Allianz Malaysia		6,200		21
Bermaz Auto		398,300		257
Hong Leong Bank		25,700		118
Hong Leong Industries		5,500		15
Insas		326,100		59
Kenanga Investment Bank		85,500		12
KSL Holdings*		551,500		104
Lion Industries*		217,100		28
Malaysia Airports Holdings		114,200		236
Malaysian Pacific Industries		17,267		39
Padini Holdings		207,100		181
Petron Malaysia Refining & Marketing		98,639		146
Shell Refining Federation of Malaya*		63,000		80
Supermax		100,400		41
Syarikat Takaful Malaysia Keluarga		24,000		40
Tropicana		47		—
Uchi Technologies		80,529		56
Unisem		490,487		292
				1,781
Mexico — 0.6%
Genomma Lab Internacional, Cl B*		1,782,235		1,618
Gentera		1,225,146		1,061
Grupo Aeroportuario del Pacifico, Cl B		212,249		2,210
Grupo Financiero Banorte, Cl O		321,100		1,866
Grupo Financiero Inbursa, Cl O		580,404		840
Grupo Lala, Cl B		648,355		795
Grupo Televisa ADR		48,770		412
Industrias Bachoco		75,859		317
Nemak (A)		987,217		463
Vitro		18,814		48
Wal-Mart de Mexico		578,299		1,578
				11,208

The accompanying notes are an integral part of the financial statements.

49

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Netherlands — 2.7%
ABN AMRO Bank		9,963	$	213
Accell Group		2,608		72
Adyen* (A)		256		198
Aegon		46,959		234
Akzo Nobel		76,175		7,158
Amsterdam Commodities		2,462		52
ArcelorMittal		49,647		888
ASM International		15,865		1,033
ASML Holding		12,500		2,612
ASR Nederland		5,398		219
Basic-Fit* (A)		2,649		93
Boskalis Westminster		185,489		4,283
Coca-Cola European Partners		2,070		115
Euronext (A)		9,002		681
Flow Traders (A)		6,446		188
Fugro*		130,830		1,125
Heineken		25,016		2,792
Heineken Holding		2,724		286
ING Groep		396,159		4,593
Intertrust (A)		17,082		353
Koninklijke Ahold Delhaize		73,203		1,647
Koninklijke BAM Groep		49,424		220
Koninklijke DSM		4,314		533
Koninklijke KPN		357,547		1,098
Koninklijke Philips		48,891		2,123
Koninklijke Volkerwessels		11,650		234
Koninklijke Vopak		1,538		71
NN Group		7,310		295
Randstad		68,573		3,766
RELX		189,054		4,575
Royal Dutch Shell, Cl A		30,255		988
SBM Offshore		314,290		6,068
Sligro Food Group		2,027		75
Takeaway.com* (A)		1,061		99
Unibail-Rodamco-Westfield‡		2,605		390
Unilever		34,844		2,122
Van Lanschot Kempen		3,116		71
Wolters Kluwer		6,648		484
				52,047
New Zealand — 0.1%
a2 Milk*		18,245		180
Air New Zealand		50,897		91
Auckland International Airport		20,944		139
Fisher & Paykel Healthcare		13,377		139
Fletcher Building		23,733		77

Description	Shares		Value (000)
Kiwi Property Group‡		2,365	$	3
Meridian Energy		32,722		104
NZX		78,474		59
Oceania Healthcare		209,405		146
Ryman Healthcare		8,710		69
SKY Network Television		154,015		122
Spark New Zealand		164,021		441
Trustpower		32,176		160
Vista Group International		20,539		83
				1,813
Norway — 1.0%
Adevinta, Cl A*		10,414		115
Adevinta, Cl B*		8,764		97
Aker BP		3,097		89
Bakkafrost P		24,380		1,361
DNB		49,490		920
Elkem (A)		42,025		118
Equinor		54,909		1,084
Gjensidige Forsikring		4,168		84
Grieg Seafood		10,974		152
Mowi		10,354		242
Norsk Hydro		32,182		115
Norway Royal Salmon		7		—
Orkla		17,888		159
Salmar		3,345		145
Schibsted, Cl A		10,414		287
Schibsted, Cl B		11,534		301
SpareBank 1 BV		17,631		79
Sparebank 1 Oestlandet		26,700		266
SpareBank 1 SR-Bank		50,945		621
Sparebanken More		1,457		54
Spectrum		11,807		92
Telenor		17,451		370
TGS NOPEC Geophysical		124,490		3,491
Yara International		169,245		8,211
				18,453
Peru — 0.2%
Cia de Minas Buenaventura ADR		31,867		531
Credicorp		12,296		2,815
				3,346
Philippines — 0.0%
First Gen		162,100		85
Lopez Holdings		1,139,100		92
Metro Retail Stores Group		612,000		30
SSI Group		279,000		19

The accompanying notes are an integral part of the financial statements.

50

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Wilcon Depot		735,436	$	241
				467
Poland — 0.3%
Asseco Poland		12,648		181
CD Projekt		11,158		643
Cyfrowy Polsat		10,902		87
Enea*		60,238		151
Energa*		62,376		130
Eurocash		73,473		405
Grupa Lotos		60,862		1,381
Jastrzebska Spolka Weglowa		6,115		77
LPP		440		900
Polski Koncern Naftowy Orlen		64,848		1,563
Polskie Gornictwo Naftowe i Gazownictwo		207,680		295
Powszechna Kasa Oszczednosci Bank Polski		21,424		246
Powszechny Zaklad Ubezpieczen		20,387		238
Tauron Polska Energia*		228,276		105
TEN Square Games		193		7
				6,409
Portugal — 0.1%
Altri SGPS		37,156		258
Banco Espirito Santo* (B)		46,916		—
EDP-Energias de Portugal		60,362		229
Galp Energia		12,880		198
Jeronimo Martins		5,808		94
REN - Redes Energeticas Nacionais SGPS		76,308		209
Sonae SGPS		221,019		214
				1,202
Qatar — 0.1%
Barwa Real Estate		35,216		330
Mannai		7,450		8
Ooredoo QPSC		63,688		1,144
United Development QSC		17,010		65
				1,547
Russia — 0.5%
Lukoil PJSC ADR		6,412		539
Magnit PJSC		8,284		489
Magnitogorsk Iron & Steel Works PJSC GDR		43,766		403
MMC Norilsk Nickel PJSC ADR		92,434		2,098
Novolipetsk Steel PJSC GDR		37,865		956
PhosAgro PJSC GDR		56,063		736
PhosAgro PJSC GDR		3,930		52

Description	Shares		Value (000)
Polyus PJSC GDR		4,564	$	211
Sberbank of Russia PJSC ADR		122,106		1,878
Sberbank of Russia PJSC ADR		19,364		296
Severstal PJSC GDR		53,292		898
Tatneft PJSC ADR		5,656		417
VEON ADR		23,598		66
				9,039
Singapore — 2.2%
Ascendas‡		59,000		136
Best World International (B)		17,700		18
Cache Logistics Trust‡		218,300		127
CapitaLand		63,300		165
CapitaLand Commercial Trust‡		54,274		87
CapitaLand Mall Trust‡		65,900		128
City Developments		11,500		80
ComfortDelGro		59,000		116
Dairy Farm International Holdings		31,400		225
DBS Group Holdings		271,734		5,214
Delfi		999,600		960
Frasers Property		82,600		114
Genting Singapore		146,000		99
Golden Agri-Resources		140,800		30
Great Eastern Holdings		49,700		939
Haw Par		35,012		365
Health Management International		148,300		72
Hongkong Land Holdings		781,600		5,034
Hour Glass		112,000		63
Jardine Cycle & Carriage		2,533		68
Jardine Matheson Holdings		142,700		8,993
Jardine Strategic Holdings		5,600		214
Keppel		35,600		175
Keppel Infrastructure Trust		746,900		279
Manulife US‡		118,400		102
Mapletree Commercial Trust‡		97,900		151
Mapletree North Asia Commercial Trust‡		204,400		221
Oversea-Chinese Banking		75,971		640
Parkway Life‡		118,700		266
Sasseur Real Estate Investment Trust‡		206,600		121
SATS		12,700		49
Sembcorp Industries		18,500		33
Silverlake Axis		239,100		95
Singapore Airlines		12,500		86
Singapore Exchange		20,400		119
Singapore Press Holdings		46,200		83

The accompanying notes are an integral part of the financial statements.

51

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Singapore Technologies Engineering		38,700	$	118
Singapore Telecommunications		1,809,200		4,680
Sunningdale Tech		66,700		68
Suntec‡		46,100		66
United Industrial		18,948		41
United Overseas Bank		447,770		8,647
UOL Group		12,285		69
Venture		109,800		1,322
Wilmar International		48,500		133
Yangzijiang Shipbuilding Holdings		874,200		989
				41,800
South Africa — 1.6%
Alviva Holdings		10,469		12
Anglo American		28,053		802
Anglo American Platinum		37,134		2,206
Astral Foods		3,160		35
Bid		61,725		1,345
Bidvest Group		93,324		1,255
Capitec Bank Holdings		27,388		2,526
Cie Financiere Richemont		74,996		636
Clicks Group		112,517		1,640
FirstRand		396,960		1,932
Grindrod		826,152		355
MMI Holdings		121,518		164
Naspers, Cl N		15,295		3,713
Old Mutual		146,030		219
Peregrine Holdings		189,232		248
Raubex Group		307,768		424
Sasol		155,320		3,862
Standard Bank Group		179,911		2,512
Super Group*		130,668		305
Telkom		202,895		1,328
Tiger Brands		294,654		4,681
Tsogo Sun Holdings		153,344		166
Tsogo Sun Hotels*		148,686		44
Wilson Bayly Holmes-Ovcon		9,970		78
				30,488
South Korea — 2.9%
Cheil Worldwide		14,478		369
CJ Hello		26,612		159
Dae Han Flour Mills		86		15
Daelim Industrial		2,794		278
Daeyang Electric*		3,787		43
Deutsch Motors*		36,373		352
Dongyang E&P		10,103		102

Description	Shares		Value (000)
Fila Korea		5,103	$	339
Gravity ADR*		417		19
GS Engineering & Construction		16,789		587
GS Home Shopping		3,559		530
Hana Financial Group		32,063		1,039
Hankook Tire & Technology		15,484		471
Hyundai Glovis		2,881		402
Hyundai Home Shopping Network		3,490		320
Hyundai Motor		6,700		812
Innocean Worldwide		5,643		348
Interpark		21,256		106
Interpark Holdings		47,727		100
JB Financial Group		9,678		50
Kia Motors		51,723		1,971
Korea Investment Holdings		3,062		214
KT		17,542		431
KT ADR		85,488		1,057
LG		16,001		1,066
LG Display*		945		15
LG Electronics		25,078		1,722
LG Household & Health Care		1,610		1,831
LG Uplus		101,551		1,275
LOTTE Himart		1,119		42
MegaStudyEdu		1,335		40
Moorim Paper		15,148		42
Neowiz*		17,804		225
NHN*		6,396		429
POSCO		4,246		900
POSCO ADR		90,000		4,776
S-1, Cl 1		5,884		497
Samsung Electronics		376,667		15,333
Samsung Electronics GDR (A)		6,240		6,350
Samsung Engineering*		11,750		175
Samsung Fire & Marine Insurance		6,140		1,425
Samsung SDS		2,933		546
SeAH Holdings		225		18
Seohan		15,917		22
Shinhan Financial Group		52,750		2,050
SK Hynix		50,613		3,046
SK Telecom		9,902		2,221
UIL		6,402		28
Youngone Holdings		595		31
				54,219
Spain — 1.5%
Acciona		5,568		598
Acerinox*		36,809		370

The accompanying notes are an integral part of the financial statements.

52

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
ACS Actividades de Construccion y Servicios		5,732	$	229
Aena SME (A)		1,551		307
Amadeus IT Group, Cl A		92,749		7,347
Applus Services		21,380		291
Banco Bilbao Vizcaya Argentaria		159,032		890
Banco de Sabadell		122,858		127
Banco Santander		1,604,589		7,446
Bankia		251,021		593
Bankinter		16,736		115
Bolsas y Mercados Espanoles SHMSF		8,837		216
CaixaBank		90,500		259
Cellnex Telecom* (A)		4,931		182
CIE Automotive		7,648		221
Enagas		5,896		157
Endesa		7,469		192
Faes Farma		67,969		320
Ferrovial		21,202		543
Gestamp Automocion (A)		78,474		465
Grifols		7,012		207
Grupo Catalana Occidente		6,096		225
Grupo Empresarial San Jose*		21,683		192
Iberdrola		140,164		1,396
Indra Sistemas*		31,972		323
Industria de Diseno Textil		25,995		782
Mapfre		21,617		63
Masmovil Ibercom*		16,540		369
Mediaset Espana Comunicacion		16,938		123
Merlin Properties Socimi‡		25,920		360
Naturgy Energy Group		7,623		210
Pharma Mar*		99,851		205
Red Electrica		10,976		229
Repsol		33,378		523
Siemens Gamesa Renewable Energy		4,938		82
Talgo* (A)		38,302		239
Telefonica		111,474		915
Viscofan		12,377		648
				27,959
Sweden — 1.8%
AddNode Group, Cl B		3,262		54
AddTech, Cl B		15,246		463
AF POYRY, Cl B		30,221		684
Alfa Laval		7,725		169
Arjo		89,437		405
Assa Abloy, Cl B		135,903		3,071

Description	Shares		Value (000)
Atlas Copco, Cl A		15,957	$	510
Atlas Copco, Cl B		9,208		264
Avanza Bank Holding		10,568		81
Axfood		17,839		353
Bergman & Beving, Cl B		5,478		59
Biotage		26,498		311
Boliden		6,579		168
Bufab		4,757		55
Bure Equity		27,252		465
Catena		1,992		63
Cellavision		4,836		166
Clas Ohlson, Cl B		25,072		249
Cloetta, Cl B		124,791		406
Concentric		5,141		77
Electrolux		5,249		135
Elekta, Cl B		78,426		1,138
Enea*		3,656		55
Eolus Vind, Cl B		9,765		79
Epiroc, Cl A		14,491		151
Epiroc, Cl B		8,001		79
Essity, Cl B		112,134		3,446
Evolution Gaming Group (A)		23,193		458
Fastighets Balder, Cl B*		51,420		1,722
Ferronordic Machines		3,314		53
Fortnox		13,561		205
GARO		1,718		59
Getinge, Cl B		79,719		1,255
Hemfosa Fastigheter		69,919		661
Hennes & Mauritz, Cl B		19,012		339
Hexagon, Cl B		5,984		332
Husqvarna, Cl B		8,598		80
ICA Gruppen		1,859		80
Industrivarden, Cl C		3,830		85
Instalco		9,842		93
Investor, Cl B		10,829		520
Inwido		39,659		275
Kinnevik		5,807		151
Klovern, Cl B		133,029		209
KNOW IT		3,454		79
Kungsleden		22,241		183
L E Lundbergforetagen, Cl B		1,719		64
Lagercrantz Group, Cl B		4,907		70
Lifco, Cl B		3,212		178
Lindab International		63,537		730
Lundin Petroleum		4,862		151
Millicom International Cellular		8,273		466

The accompanying notes are an integral part of the financial statements.

53

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
MIPS		4,559	$	91
Moberg Pharma*		30,769		219
Modern Times Group, Cl B*		15,460		173
NetEnt		37,077		119
Nordea Bank Abp		148,877		1,081
Nordic Entertainment Group, Cl B		30,482		716
Nyfosa*		150,566		944
Orexo*		21,985		169
Pricer, Cl B		39,505		57
Recipharm, Cl B		10,147		124
Sandvik		92,150		1,694
Sectra, Cl B		4,088		148
Securitas, Cl B		8,369		147
Skandinaviska Enskilda Banken, Cl A		38,583		357
Skanska, Cl B		8,469		153
SKF, Cl B		9,670		178
SkiStar		12,571		155
SSAB, Cl A		64,100		223
Svenska Handelsbanken, Cl A		136,505		1,351
Sweco, Cl B		11,893		326
Swedbank, Cl A		21,448		322
Swedish Match		15,487		654
Tele2, Cl B		11,037		161
Telefonaktiebolaget LM Ericsson, Cl B		73,202		694
Telia		70,908		315
Vitec Software Group, Cl B		4,373		50
Vitrolife		18,166		354
Volvo, Cl B		35,326		560
Wihlborgs Fastigheter		40,237		583
				33,772
Switzerland — 6.8%
ABB		43,946		882
Adecco Group		28,092		1,688
Alcon*		47,110		2,909
ALSO Holding		621		89
ams*		3,922		154
Ascom Holding		9,108		119
Baloise Holding		1,148		203
Barry Callebaut		60		120
Bell Food Group*		180		50
Cembra Money Bank		3,595		347
Chocoladefabriken Lindt & Spruengli		2		163
Chocoladefabriken Lindt & Spruengli PC		24		175
Cie Financiere Richemont		116,452		9,882

Description	Shares		Value (000)
Clariant		4,528	$	92
Coca-Cola*		4,706		178
Credit Suisse Group		60,900		730
DKSH Holding		4,900		287
Dufry		879		74
Emmi		474		443
EMS-Chemie Holding		192		125
Geberit		5,587		2,610
Givaudan		220		621
Gurit Holding		53		56
Helvetia Holding		10,098		1,267
Huber + Suhner		1,058		89
Implenia		3,018		89
Interroll Holding		38		96
Julius Baer Group		59,221		2,636
Kardex		1,154		201
Kuehne + Nagel International		1,199		178
LafargeHolcim		156,402		7,637
Landis+Gyr Group*		4,711		375
Lastminute.com*		1,825		53
Logitech International		18,808		752
Lonza Group		1,772		598
Nestle		239,471		24,790
Novartis		247,061		22,574
Pargesa Holding		1,077		83
Partners Group Holding		443		348
Rieter Holding		668		102
Roche Holding		62,692		17,638
Schindler Holding		541		118
Schindler Holding PC		1,038		231
SGS		127		324
SIG Combibloc Group*		20,930		241
Sika		20,252		3,456
Sonova Holding		4,589		1,043
Straumann Holding		243		214
Sulzer		6,753		738
Swatch Group		1,404		76
Swatch Group BR		20,464		5,859
Swiss Life Holding		812		402
Swiss Prime Site		1,822		159
Swiss Re		7,261		738
Swisscom		594		298
Tamedia		514		56
Temenos*		1,511		270
UBS Group		567,252		6,742
Vifor Pharma		1,194		173

The accompanying notes are an integral part of the financial statements.

54

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
VZ Holding		213	$	58
Zurich Insurance Group		15,956		5,557
				128,256
Taiwan — 1.9%
AU Optronics ADR		563,660		1,669
ChipMOS Technologies ADR		1,200		18
Chroma ATE		116,000		515
Chunghwa Telecom ADR		10,167		372
Delta Electronics		231,516		1,174
E.Sun Financial Holding		1,937,000		1,621
Giant Manufacturing		122,414		958
Merida Industry		66,428		392
PChome Online*		150,587		548
Taiwan Semiconductor Manufacturing		456,000		3,509
Taiwan Semiconductor Manufacturing ADR		465,874		18,248
Teco Electric and Machinery		1,223,387		898
Uni-President Enterprises		1,075,000		2,862
United Microelectronics ADR		498,001		1,101
Yungtay Engineering		641,000		1,447
				35,332
Thailand — 0.6%
Airports of Thailand		1,285,600		3,081
Bangchak NVDR		160,900		160
Bangkok Bank		46,900		301
Bangkok Bank NVDR		21,200		136
BEC World*		617,700		177
CP ALL		910,200		2,552
Kasikornbank		108,900		668
PTG Energy NVDR		827,100		526
PTT NVDR		1,459,600		2,321
PTT Exploration & Production NVDR		112,100		493
Sri Trang Agro-Industry NVDR		350,800		145
Thai Oil NVDR		340,100		738
				11,298
Turkey — 0.5%
Akbank T.A.S.*		844,120		991
Albaraka Turk Katilim Bankasi*		44,267		9
Anadolu Cam Sanayii		44,655		21
Arcelik*		39,404		132
Dogan Sirketler Grubu Holding		2,244,390		441
Dogus Otomotiv Servis ve Ticaret*		91,794		87
Enka Insaat ve Sanayi		117,592		111
Eregli Demir ve Celik Fabrikalari		535,664		728

Description	Shares		Value (000)
Ford Otomotiv Sanayi		7,387	$	80
Haci Omer Sabanci Holding		562,312		834
Tekfen Holding		5,919		27
Turk Hava Yollari*		521,091		1,160
Turkiye Garanti Bankasi*		1,393,068		2,189
Turkiye Is Bankasi, Cl C*		883,922		924
Turkiye Sise ve Cam Fabrikalari		421,190		378
Ulker Biskuvi Sanayi*		99,979		336
Vestel Elektronik Sanayi ve Ticaret*		182,299		389
Yapi ve Kredi Bankasi*		1,522,527		634
				9,471
United Arab Emirates — 0.0%
Emirates NBD PJSC		10,430		31
United Kingdom — 14.3%
3i Group		157,392		2,227
4imprint Group		5,899		202
888 Holdings		133,405		276
Adaptimmune Therapeutics ADR*		30,100		121
Admiral Group		40,477		1,135
Aggreko		426,333		4,276
Anglo American		304,384		8,676
Anglo Pacific Group		20,440		54
Antofagasta		63,567		750
Ashmore Group		69,680		451
Ashtead Group		11,174		320
Associated British Foods		8,986		281
AstraZeneca		30,296		2,477
Auto Trader Group (A)		165,539		1,152
Avast (A)		46,657		178
Aviva		92,790		491
BAE Systems		213,709		1,345
Bank of Ireland Group		11,295		59
Barclays		1,894,474		3,604
Barratt Developments		63,178		459
Barrick Gold		6,440		90
Bellway		15,532		549
Berkeley Group Holdings		49,546		2,349
BHP Group		365,066		9,343
BP		806,340		5,618
British American Tobacco		60,933		2,127
British Land‡		22,005		150
Britvic		39,768		449
BT Group, Cl A		200,607		501
Bunzl		67,114		1,770
Burberry Group		9,694		229
Capita*		289,578		388

The accompanying notes are an integral part of the financial statements.

55

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Capital & Regional‡		394,363	$	73
Card Factory		39,835		89
Carnival		77,392		3,420
Centrica		125,717		140
Charter Court Financial Services Group (A)		53,664		202
Cineworld Group		88,818		286
Close Brothers Group		12,842		231
Cobham*		1,891,086		2,559
Codemasters Group Holdings*		32,388		93
Compass Group		393,402		9,428
Consort Medical		4,741		51
ConvaTec Group (A)		408,870		757
Cranswick		6,236		205
Crest Nicholson Holdings		33,163		150
CRH		6,900		224
Croda International		3,023		196
Daily Mail & General Trust, Cl A		20,164		200
Dart Group		67,218		713
DCC		16,904		1,507
Devro		84,569		222
Diageo		435,126		18,699
Dialog Semiconductor*		12,508		504
Direct Line Insurance Group		35,654		150
Diversified Gas & Oil		64,936		92
Drax Group		214,189		708
DS Smith		210,304		968
Dunelm Group		70,383		822
easyJet		43,527		527
EMIS Group		86,633		1,338
Endava ADR*		3,900		157
Euromoney Institutional Investor		7,500		124
Evraz		12,827		108
Experian		304,511		9,220
FDM Group Holdings		30,857		365
Ferguson		5,500		391
Flutter Entertainment		13,097		986
Forterra (A)		29,442		111
Fresnillo		4,917		54
Future		40,695		501
G4S		373,091		986
Games Workshop Group		8,715		550
Genel Energy		41,975		103
Georgia Capital*		21,170		293
GlaxoSmithKline		118,712		2,377
Glencore*		609,592		2,116
Global Ports Investments GDR*		214,134		612

Description	Shares		Value (000)
Globaltrans Investment GDR		37,984	$	353
Go-Ahead Group		16,144		404
Grafton Group		58,544		599
Greene King		158,706		1,246
Greggs		61,978		1,809
Gulf Keystone Petroleum		32,996		94
GVC Holdings		132,084		1,093
Halma		9,640		247
Hargreaves Lansdown		7,211		176
Hays		457,310		912
Hill & Smith Holdings		9,456		141
HomeServe		137,901		2,079
Hon Hai Precision Industry GDR		121,364		597
Howden Joinery Group		44,094		284
HSBC Holdings		479,725		4,002
IG Group Holdings		69,064		512
IMI		220,095		2,902
Imperial Brands		22,772		534
Inchcape		68,520		536
Informa		116,435		1,235
InterContinental Hotels Group		4,066		267
Intermediate Capital Group		37,537		658
International Personal Finance		199,380		304
Intertek Group		49,203		3,438
Investec		92,158		598
ITV		662,032		908
J D Wetherspoon		4,377		79
J Sainsbury		41,496		103
JD Sports Fashion		41,925		312
John Wood Group		72,326		416
Johnson Matthey		4,319		183
Jupiter Fund Management		91,543		491
Just Eat*		255,879		2,031
Kainos Group		8,852		73
KAZ Minerals		35,907		275
Kerry Group, Cl A		3,769		450
Kingfisher		54,348		148
Kingspan Group		3,953		215
Land Securities Group‡		16,532		175
Legal & General Group		141,692		485
Lloyds Banking Group		11,601,938		8,337
London Stock Exchange Group		7,451		519
Lookers		55,987		36
Marks & Spencer Group		50,558		135
Marshalls		9,108		79
Marston’s		913,558		1,354

The accompanying notes are an integral part of the financial statements.

56

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
McCarthy & Stone (A)		82,718	$	143
Meggitt		16,669		111
Melrose Industries		122,461		281
Merlin Entertainments (A)		351,915		2,007
Micro Focus International		4,238		111
Micro Focus International ADR		4,526		119
Mitchells & Butlers*		63,829		232
Mitie Group		74,027		138
Mondi		9,365		213
Moneysupermarket.com Group		17,435		91
National Express Group		105,447		538
National Grid		108,304		1,150
NewRiver‡		59,164		134
Next		3,244		228
NMC Health		2,122		65
Non-Standard Finance (A)		128,595		59
Ocado Group*		11,542		171
OneSavings Bank		27,419		126
Oxford Instruments		3,440		56
Pagegroup		42,996		280
Patisserie Holdings		3,055		—
PayPoint		12,245		151
Pearson		19,839		206
Persimmon		7,115		180
Petrofac		19,226		105
Pets at Home Group		377,771		898
Playtech		31,572		171
Polar Capital Holdings		9,928		76
Primary Health Properties‡		56,842		96
Provident Financial		63,557		333
Prudential		129,458		2,821
PZ Cussons		41,352		112
QinetiQ Group		117,156		416
Rathbone Brothers		7,358		207
Reach		55,123		55
Reckitt Benckiser Group		97,811		7,719
Redrow		43,070		298
Regional‡ (A)		85,190		117
RELX		187,028		4,535
Rentokil Initial		46,956		237
Rhi Magnesita		8,035		494
Rightmove		411,840		2,796
Rio Tinto		114,409		7,091
Rolls-Royce Holdings		419,674		4,478
Rotork		55,988		225
Royal Bank of Scotland Group		114,090		318

Description	Shares		Value (000)
Royal Dutch Shell, Cl A		105,903	$	3,460
Royal Dutch Shell, Cl B		361,401		11,845
RSA Insurance Group		22,837		167
RWS Holdings		53,370		439
Sage Group		25,625		260
Samsung Electronics GDR		770		783
Schroders		2,906		113
SDL		8,777		57
Segro‡		25,572		236
Serco Group*		499,313		913
Severn Trent		6,149		160
Smith & Nephew		38,019		823
Smiths Group		282,828		5,621
Softcat		29,892		369
Spectris		146,427		5,352
Spirax-Sarco Engineering		1,869		218
SSE		24,328		347
SSP Group		158,787		1,383
St. James’s Place		47,284		659
Standard Chartered		214,389		1,945
Standard Life Aberdeen		58,637		219
State Bank of India GDR*		53,780		2,786
Synthomer		11,551		55
Tate & Lyle		61,314		575
Taylor Wimpey		82,862		166
Tesco		3,406,335		9,807
Thomas Cook Group*		693,862		116
Travis Perkins		469,086		7,593
Tritax Big Box‡		94,367		185
TUI		48,634		477
UDG Healthcare		33,860		343
Unilever		62,227		3,868
United Utilities Group		17,592		175
Vodafone Group		770,134		1,265
Weir Group		217,098		4,264
WH Smith		65,147		1,631
Whitbread		4,262		251
WM Morrison Supermarkets		55,255		141
WPP		383,069		4,816
				271,800
United States — 1.0%
Communication Services — 0.2%
Yandex, Cl A*		85,595		3,253
Consumer Discretionary — 0.0%
Eros International, Cl A*		19,800		27

The accompanying notes are an integral part of the financial statements.

57

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Consumer Staples — 0.1%
Coca-Cola European Partners		9,750	$	551
Nomad Foods*		44,400		948
PriceSmart		11,624		594
				2,093
Energy — 0.0%
Frontline*		13,600		109
Industrials — 0.6%
AerCap Holdings*		3,102		161
Canadian National Railway		76,651		7,088
Copa Holdings, Cl A		33,300		3,249
				10,498
Information Technology — 0.1%
AudioCodes		24,000		372
Camtek*		10,300		87
CyberArk Software*		1,600		204
Genpact		14,133		538
KLA-Tencor		742		88
NXP Semiconductors		7,059		689
Sapiens International		3,300		55
Wix.com*		1,200		171
				2,204
Utilities — 0.0%
Atlantica Yield		28,800		653
				18,837
Total Common Stock (Cost $1,720,273) (000)				1,828,370
PREFERRED STOCK (C) — 0.7%
Alpargatas*		431,472		2,318
Banco Bradesco*		77,437		763
Banco do Estado do Rio Grande do Sul		103,400		645
Bayerische Motoren Werke		1,313		82
Cia de Transmissao de Energia Eletrica Paulista		84,400		544
Cia Paranaense de Energia		16,900		215
Corem Property Group		2,375		86
FUCHS PETROLUB		59,360		2,334
Grupo Aval Acciones y Valores		771,793		309
Henkel & KGaA		4,228		414
Itausa - Investimentos Itau		201,217		677
Porsche Automobil Holding		3,611		235
Sartorius		834		171
Schaeffler		48,373		360
STO & KGaA		969		109

Description	Shares		Value (000)
Telefonica Brasil		117,100	$	1,528
Volkswagen		10,854		1,828
Total Preferred Stock (Cost $10,805) (000)				12,618
	Number of Rights
RIGHTS — 0.0%
ACS Actividades de Construccion y Servicios* ‡‡		5,732		9
Pan American Silver‡‡		20,581		8
Regional, Expires 7/18/2019		10,649		—
Repsol* ‡‡		33,378		19
Sacyr* ‡‡		1,824		—
Total Rights (Cost $—) (000)				36
	Number of Warrants
WARRANTS — 0.0%
Ezion Holdings, Expires 4/16/2023* (B)		77,880		—
Total Warrants (Cost $—) (000)				—
	Shares
SHORT-TERM INVESTMENT — 2.0%
State Street Institutional Treasury Money Market Fund, Cl Premier, 2.170% (D)		38,006,831		38,007
Total Short-Term Investment (Cost $38,007) (000)				38,007
Total Investments In Securities — 99.0% (Cost $1,769,085) (000)			$	1,879,031

Percentages are based on net assets of $1,897,677 (000).

A list of the open futures contracts held by the Fund at June 30, 2019, is as follows (000):

Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation) (Thousands)
MSCI EAFE Index		153		Sep-2019	$	14,517	$	14,713	$	196
S&P TSX 60 Index		10		Sep-2019		1,479		1,493		(2	)
					$	15,996	$	16,206	$	194

‡ Real Estate Investment Trust

‡‡ Expiration date not available.

* Non-income producing security.

(A) Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other

The accompanying notes are an integral part of the financial statements.

58

THE KP FUNDS June 30, 2019 (Unaudited)

KP International Equity Fund

“accredited investors.” The total value of these securities at June 30, 2019 was $20,908 (000) and represents 1.1% of Net Assets.

(B) Level 3 security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of June 30, 2019, was $18 (000) and represented 0.0% of Net Assets.

(C) There is currently no rate available.

(D) The rate reported is the 7-day effective yield as of June 30, 2019.

ADR — American Depositary Receipt

Cl — Class

EAFE — Europe, Australasia and Far East

GDR — Global Depositary Receipt

MSCI — Morgan Stanley Capital International

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint Stock Company

S&P — Standard & Poor’s

TSX — Toronto Stock Exchange

The following is a list of the level of inputs used as of June 30, 2019, there in valuing the Fund’s investments and other financial instruments carried at value (000):

Investments In Securities	Level 1		Level 2		Level 3^		Total
Common Stock
Australia	$	69,596	$	—	$	—	$	69,596
Austria		4,495		—		—		4,495
Belgium		11,340		—		—		11,340
Brazil		39,504		—		—		39,504
Canada		77,365		—		—		77,365
Chile		3,730		—		—		3,730
China		52,670		—		—		52,670
Colombia		2,403		—		—		2,403
Czech Republic		600		—		—		600
Denmark		17,107		12,340		—		29,447
Egypt		—		108		—		108
Finland		12,511		—		—		12,511
France		131,819		—		—		131,819
Germany		104,015		—		—		104,015
Greece		6,675		—		—		6,675
Hong Kong		116,606		—		—		116,606
Hungary		1,547		—		—		1,547
India		58,155		—		—		58,155
Indonesia		11,207		—		—		11,207
Ireland		11,490		—		—		11,490
Israel		4,246		5,089		—		9,335
Italy		30,271		—		—		30,271
Japan		269,393		1,848		—		271,241
Kenya		584		—		—		584
Luxembourg		1,081		—		—		1,081
Malaysia		1,781		—		—		1,781
Mexico		11,208		—		—		11,208
Netherlands		52,047		—		—		52,047
New Zealand		1,813		—		—		1,813
Norway		18,453		—		—		18,453
Peru		3,346		—		—		3,346
Philippines		467		—		—		467
Poland		6,409		—		—		6,409
Portugal		1,202		—		—		1,202
Qatar		1,152		395		—		1,547
Russia		9,039		—		—		9,039
Singapore		41,782		—		18		41,800
South Africa		30,488		—		—		30,488
South Korea		54,219		—		—		54,219
Spain		27,959		—		—		27,959
Sweden		33,695		77		—		33,772
Switzerland		128,256		—		—		128,256

Investments In Securities	Level 1			Level 2		Level 3^		Total
Taiwan	$	35,332		$	—	$	—	$	35,332
Thailand		11,298			—		—		11,298
Turkey		9,471			—		—		9,471
United Arab Emirates		31			—		—		31
United Kingdom		271,746			54		—		271,800
United States		18,837			—		—		18,837
Total Common Stock		1,808,441			19,911		18		1,828,370
Preferred Stock	$	12,532		$	86	$	—	$	12,618
Rights		36			—		—		36
Warrants		—			—		—		—
Short-Term Investment		38,007			—		—		38,007
Total Investments in Securities	$	1,859,016		$	19,997	$	18	$	1,879,031
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts**
Unrealized Appreciation	$	196		$	—	$	—	$	196
Unrealized Depreciation		(2	)		—		—		(2	)
Total Other Financial Instruments	$	194		$	—	$	—	$	194

** Futures contracts are valued at the unrealized appreciation/depreciation on the instrument.

^ A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments in at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

For the period ended June 30, 2019, there were transfers between Level 1 and Level 2 assets and liabilities. Changes in the classifications between Levels 1 and 2 occur when foreign equity securities are fair valued using other observable market based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded. Transfers, if any, between levels are considered to have occurred as of the end of the period.

For the period ended June 30, 2019, securities with a total value of $632,078 (000) transferred from Level 2 to Level 1 assets and liabilities. For the period ended June 30, 2019, securities with a total value of $5,534 (000) transferred from Level 1 and Level 2. For the period ended June 30, 2019, securities with a total value of $10 (000) transferred from Level 3 and Level 1. For the period ended June 30, 2019, securities with a total value of $18 (000) transferred from Level 1 and Level 3.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

59

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.    

SCHEDULE OF INVESTMENTS

Description	Face Amount (000)		Value (000)
U.S. TREASURY OBLIGATIONS — 27.0%
U.S. Treasury Bonds 5.375%, 02/15/31	$	1,000	$	1,343
5.000%, 05/15/37		2,240		3,158
4.750%, 02/15/37		10,315		14,125
4.625%, 02/15/40		500		687
4.500%, 02/15/36 - 05/15/38		800		1,057
4.375%, 02/15/38 - 05/15/41		5,562		7,391
4.250%, 11/15/40		1,250		1,640
3.875%, 08/15/40		500		625
3.750%, 08/15/41 - 11/15/43		4,050		4,984
3.625%, 08/15/43 - 02/15/44		2,700		3,262
3.500%, 02/15/39		2,420		2,875
3.375%, 05/15/44 - 11/15/48		14,201		16,686
3.125%, 02/15/42 - 05/15/48		13,207		14,809
3.000%, 11/15/44 - 02/15/49		33,598		36,848
2.875%, 05/15/43 - 05/15/49		6,682		7,163
2.750%, 08/15/42 - 11/15/47		19,686		20,551
2.500%, 02/15/45 - 05/15/46		2,000		1,991
2.250%, 08/15/46		2,120		2,003
U.S. Treasury Notes 3.125%, 11/15/28		3,550		3,894
3.000%, 09/30/25 - 10/31/25		3,000		3,206
2.875%, 10/15/21 - 08/15/28		40,265		42,225
2.750%, 09/30/20 - 02/15/28		41,599		43,172
2.625%, 11/15/20 - 02/15/29		76,033		78,866
2.500%, 02/28/21 - 01/31/25		34,999		36,012
2.375%, 12/31/20 - 05/15/29		43,996		45,204
2.250%, 02/15/21 - 11/15/27		58,801		59,699
2.125%, 05/31/21 - 05/31/26		30,740		31,208
2.000%, 09/30/20 - 11/15/26		31,392		31,696
1.875%, 12/15/20 - 08/31/24		7,750		7,775
1.750%, 11/15/20 - 06/30/24		25,753		25,754
1.625%, 10/15/20 - 05/15/26		13,900		13,811
1.500%, 02/28/23 - 08/15/26		4,250		4,181
1.375%, 09/30/20 - 09/30/23		8,900		8,815
1.250%, 03/31/21 - 10/31/21		3,500		3,465

Description	Face Amount (000)		Value (000)
1.125%, 02/28/21 - 09/30/21	$	9,500	$	9,381
Total U.S. Treasury Obligations (Cost $570,064) (000)				589,562
CORPORATE OBLIGATIONS — 24.3%
Communication Services — 1.8%
Activision Blizzard 3.400%, 09/15/26		50		51
Alphabet 3.375%, 02/25/24		100		106
America Movil 6.125%, 03/30/40		250		325
AT&T 5.250%, 03/01/37		3,709		4,163
4.900%, 08/15/37		150		162
4.850%, 03/01/39		70		75
4.500%, 03/09/48		100		102
4.350%, 06/15/45		600		600
4.300%, 02/15/30		333		356
4.125%, 02/17/26		200		213
4.100%, 02/15/28		253		268
3.800%, 03/01/24		200		210
3.800%, 02/15/27		150		156
3.600%, 07/15/25		2,073		2,150
3.400%, 05/15/25		2,238		2,301
3.200%, 03/01/22		3,050		3,115
2.950%, 07/15/26		200		198
Baidu 4.375%, 05/14/24		550		583
3.875%, 09/29/23		200		207
Bell Canada 4.464%, 04/01/48		15		17
4.300%, 07/29/49		30		32
British Telecommunications 5.125%, 12/04/28		200		224
CBS 3.375%, 03/01/22		150		153
2.900%, 06/01/23		100		101
Charter Communications Operating 6.484%, 10/23/45		150		177
6.384%, 10/23/35		150		176
5.375%, 04/01/38		100		107
5.375%, 05/01/47		100		105
4.500%, 02/01/24		100		107
3.579%, 07/23/20		200		202
Comcast 4.950%, 10/15/58		25		31
4.700%, 10/15/48		2,731		3,199
4.600%, 10/15/38		614		703
4.400%, 08/15/35		100		111
4.250%, 10/15/30		25		28
4.250%, 01/15/33		500		561
4.150%, 10/15/28		45		50
4.049%, 11/01/52		449		474
4.000%, 08/15/47		200		211
3.999%, 11/01/49		300		316

The accompanying notes are an integral part of the financial statements.

60

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
3.950%, 10/15/25	$	50	$	54
3.900%, 03/01/38		100		105
3.700%, 04/15/24		55		58
3.450%, 10/01/21		40		41
3.375%, 02/15/25		125		131
3.300%, 10/01/20		25		25
3.150%, 03/01/26		50		52
2.750%, 03/01/23		100		101
Deutsche Telekom International Finance BV 8.750%, 06/15/30		100		144
2.225%, 01/17/20 (A)		1,009		1,006
Discovery Communications 5.300%, 05/15/49		40		43
5.000%, 09/20/37		150		157
3.800%, 03/13/24		50		52
2.950%, 03/20/23		50		50
Fox 4.709%, 01/25/29 (A)		200		224
Interpublic Group 5.400%, 10/01/48		25		28
3.750%, 10/01/21		100		103
NBCUniversal Media 4.375%, 04/01/21		100		104
Omnicom Group 3.600%, 04/15/26		100		102
Orange 5.375%, 01/13/42		200		242
4.125%, 09/14/21		100		104
RELX Capital 3.125%, 10/15/22		100		102
Rogers Communications 4.350%, 05/01/49		75		81
4.300%, 02/15/48		40		43
2.900%, 11/15/26		50		50
Telefonica Emisiones 5.462%, 02/16/21		110		115
5.213%, 03/08/47		150		165
4.895%, 03/06/48		150		159
TELUS 4.600%, 11/16/48		50		55
Tencent Holdings 3.280%, 04/11/24 (A)		1,961		2,002
2.985%, 01/19/23 (A)		479		483
2.875%, 02/11/20 (A)		643		644
Thomson Reuters 3.350%, 05/15/26		100		100
TWDC Enterprises 18 3.700%, 12/01/42		72		76
3.150%, 09/17/25		100		105
Verizon Communications 5.250%, 03/16/37		100		120
5.012%, 04/15/49		250		298
4.862%, 08/21/46		250		291
4.812%, 03/15/39		100		115
4.400%, 11/01/34		400		443

Description	Face Amount (000)		Value (000)
4.329%, 09/21/28	$	2,055	$	2,277
4.272%, 01/15/36		1,407		1,524
4.016%, 12/03/29 (A)		250		271
3.875%, 02/08/29		10		11
3.376%, 02/15/25		150		156
2.625%, 08/15/26		135		134
Viacom 6.875%, 04/30/36		100		127
4.375%, 03/15/43		398		389
Vodafone Group 4.875%, 06/19/49		1,516		1,593
4.375%, 02/19/43		300		295
3.750%, 01/16/24		200		209
Walt Disney 6.400%, 12/15/35 (A)		962		1,312
6.150%, 02/15/41 (A)		500		695
4.500%, 02/15/21 (A)		100		104
3.700%, 10/15/25 (A)		20		21
				39,917
Consumer Discretionary — 0.7%
AI Candelaria Spain SLU 7.500%, 12/15/28 (A)		1,580		1,738
Alibaba Group Holding 4.000%, 12/06/37		250		256
Amazon.com 4.800%, 12/05/34		100		123
4.050%, 08/22/47		150		171
3.875%, 08/22/37		100		110
2.800%, 08/22/24		250		258
American Honda Finance 2.650%, 02/12/21		100		100
2.600%, 11/16/22		50		51
2.450%, 09/24/20		100		100
1.950%, 07/20/20		45		45
Aptiv 4.150%, 03/15/24		40		42
Arcos Dorados Holdings 5.875%, 04/04/27 (A)		200		206
AutoNation 3.800%, 11/15/27		25		25
AutoZone 3.750%, 06/01/27		100		105
Best Buy 4.450%, 10/01/28		25		26
Block Financial 4.125%, 10/01/20		200		203
Booking Holdings 2.750%, 03/15/23		50		51
Council of Europe Development Bank 2.500%, 02/27/24		60		62
Diageo Investment 2.875%, 05/11/22		100		102

The accompanying notes are an integral part of the financial statements.

61

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
Dollar General 4.150%, 11/01/25		25	$	27
4.125%, 05/01/28		35		37
Dollar Tree 4.200%, 05/15/28		45		47
4.000%, 05/15/25		100		104
eBay 2.750%, 01/30/23		250		251
Expedia Group 4.500%, 08/15/24		100		106
Ford Motor 5.291%, 12/08/46		150		140
4.346%, 12/08/26		45		45
Ford Motor Credit 5.875%, 08/02/21		200		211
5.584%, 03/18/24		200		215
3.339%, 03/28/22		200		201
2.343%, 11/02/20		200		198
General Motors 6.750%, 04/01/46		250		282
6.250%, 10/02/43		641		682
5.950%, 04/01/49		100		105
5.200%, 04/01/45		150		143
5.150%, 04/01/38		100		99
General Motors Financial 4.300%, 07/13/25		100		103
4.200%, 11/06/21		100		103
4.000%, 01/15/25		100		102
4.000%, 10/06/26		50		50
3.700%, 05/09/23		100		102
3.550%, 04/09/21		150		152
Grupo Televisa 7.250%, 05/14/43 (MXN)		2,840		104
5.000%, 05/13/45		200		203
Hasbro 3.500%, 09/15/27		30		30
Home Depot 5.875%, 12/16/36		150		199
4.400%, 04/01/21		100		103
4.250%, 04/01/46		100		113
3.900%, 12/06/28		40		44
3.900%, 06/15/47		50		54
2.950%, 06/15/29		100		102
2.800%, 09/14/27		50		51
2.625%, 06/01/22		100		102
2.000%, 04/01/21		100		100
Hyatt Hotels 4.375%, 09/15/28		50		53
Lear 5.250%, 01/15/25		45		47
Leggett & Platt 4.400%, 03/15/29		50		52
Lowe’s 4.550%, 04/05/49		1,971		2,116
4.050%, 05/03/47		100		99
3.650%, 04/05/29		200		209
3.100%, 05/03/27		100		102

Description	Face Amount (000)		Value (000)
2.500%, 04/15/26	$	50	$	49
Macy’s Retail Holdings 3.625%, 06/01/24		100		98
Magna International 3.625%, 06/15/24		50		52
Marriott International 4.150%, 12/01/23		50		53
3.125%, 10/15/21		100		101
McDonald’s 4.450%, 03/01/47		150		164
3.500%, 03/01/27		100		105
3.375%, 05/26/25		100		105
3.350%, 04/01/23		130		135
2.750%, 12/09/20		20		20
Newell Brands 4.000%, 12/01/24		50		51
Nordstrom 5.000%, 01/15/44		100		93
4.000%, 03/15/27		30		31
O’Reilly Automotive 4.350%, 06/01/28		50		54
3.550%, 03/15/26		50		52
President & Fellows of Harvard College 3.150%, 07/15/46		100		98
QVC 4.450%, 02/15/25		65		65
Sands China 4.600%, 08/08/23		200		210
Starbucks 4.500%, 11/15/48		30		33
4.450%, 08/15/49		100		109
2.450%, 06/15/26		200		198
Target 4.000%, 07/01/42		200		217
3.500%, 07/01/24		100		107
3.375%, 04/15/29		50		53
Time Warner Cable 7.300%, 07/01/38		216		262
5.875%, 11/15/40		200		216
4.000%, 09/01/21		100		103
TJX 2.750%, 06/15/21		100		101
Toyota Motor Credit 4.250%, 01/11/21		100		103
3.650%, 01/08/29		100		108
3.450%, 09/20/23		50		53
2.750%, 05/17/21		100		101
2.700%, 01/11/23		200		203
2.250%, 10/18/23		50		50
USJ Acucar e Alcool 9.875%, 11/09/21 (A)		343		223
Whirlpool 4.000%, 03/01/24		60		63
				15,001

The accompanying notes are an integral part of the financial statements.

62

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Consumer Staples — 0.8%
Adecoagro 6.000%, 09/21/27 (A)	$	1,335	$	1,275
Altria Group 6.200%, 02/14/59		15		17
5.950%, 02/14/49		40		46
5.800%, 02/14/39		165		186
5.375%, 01/31/44		100		107
4.800%, 02/14/29		40		43
4.000%, 01/31/24		300		314
3.800%, 02/14/24		20		21
Anheuser-Busch InBev Finance 3.300%, 02/01/23		225		232
Anheuser-Busch InBev Worldwide 5.800%, 01/23/59		300		376
4.950%, 01/15/42		500		556
4.900%, 02/01/46		1,136		1,265
4.700%, 02/01/36		150		165
4.600%, 04/15/48		35		37
4.439%, 10/06/48		100		105
4.150%, 01/23/25		250		271
4.000%, 04/13/28		55		59
Archer-Daniels-Midland 3.750%, 09/15/47		100		104
3.375%, 03/15/22		60		62
Bunge Finance 3.250%, 08/15/26		120		116
3.000%, 09/25/22		30		30
Campbell Soup 4.800%, 03/15/48		110		111
4.150%, 03/15/28		50		52
3.650%, 03/15/23		50		52
Church & Dwight 2.450%, 08/01/22		100		100
Clorox 3.500%, 12/15/24		50		52
Coca-Cola 3.300%, 09/01/21		100		103
2.875%, 10/27/25		50		52
2.550%, 06/01/26		50		50
2.450%, 11/01/20		50		50
1.875%, 10/27/20		50		50
Colgate-Palmolive 2.300%, 05/03/22		200		202
Conagra Brands 5.400%, 11/01/48		1,739		1,908
5.300%, 11/01/38		10		11
4.850%, 11/01/28		25		28
4.600%, 11/01/25		200		218
4.300%, 05/01/24		15		16
3.800%, 10/22/21		20		20
Constellation Brands 4.650%, 11/15/28		30		34
4.250%, 05/01/23		50		53
3.750%, 05/01/21		15		15
3.200%, 02/15/23		150		154
2.650%, 11/07/22		50		50
Costco Wholesale 2.750%, 05/18/24		150		154

Description	Face Amount (000)		Value (000)
General Mills 4.700%, 04/17/48	$	463	$	499
4.200%, 04/17/28		50		54
3.700%, 10/17/23		100		105
3.150%, 12/15/21		150		152
Hershey 2.300%, 08/15/26		50		49
Ingredion 3.200%, 10/01/26		50		50
JM Smucker 3.375%, 12/15/27		150		153
Kellogg 4.000%, 12/15/20		100		102
3.400%, 11/15/27		25		26
Keurig Dr Pepper 5.085%, 05/25/48		150		167
4.985%, 05/25/38		175		192
4.597%, 05/25/28		50		55
Kimberly-Clark 3.950%, 11/01/28		10		11
2.750%, 02/15/26		100		102
Kraft Heinz Foods 5.000%, 06/04/42		150		155
4.625%, 01/30/29		50		54
3.950%, 07/15/25		150		156
3.500%, 06/06/22		782		803
3.500%, 07/15/22		200		204
3.375%, 06/15/21		115		117
Kroger 3.300%, 01/15/21		100		101
2.650%, 10/15/26		200		193
McCormick 3.150%, 08/15/24		100		102
Mead Johnson Nutrition 3.000%, 11/15/20		30		30
Molson Coors Brewing 4.200%, 07/15/46		200		191
Mondelez International 4.625%, 05/07/48		100		109
4.125%, 05/07/28		50		54
PepsiCo 3.600%, 03/01/24		100		106
3.450%, 10/06/46		200		206
3.000%, 10/15/27		50		52
2.850%, 02/24/26		100		103
2.375%, 10/06/26		200		199
2.000%, 04/15/21		50		50
Philip Morris International 4.500%, 03/20/42		100		108
3.375%, 08/11/25		100		104
3.375%, 08/15/29		462		476
2.500%, 11/02/22		100		100
1.875%, 02/25/21		200		199
Procter & Gamble 3.500%, 10/25/47		100		107
2.450%, 11/03/26		50		50
2.150%, 08/11/22		100		100
Reynolds American 4.450%, 06/12/25		150		159

The accompanying notes are an integral part of the financial statements.

63

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Sysco 4.450%, 03/15/48	$	50	$	55
3.550%, 03/15/25		50		52
2.600%, 10/01/20		50		50
2.500%, 07/15/21		35		35
Tyson Foods 4.875%, 08/15/34		200		228
Unilever Capital 4.250%, 02/10/21		150		155
3.250%, 03/07/24		150		156
2.200%, 05/05/22		100		100
Walgreens Boots Alliance 4.800%, 11/18/44		200		201
3.450%, 06/01/26		165		167
Walmart 4.050%, 06/29/48		35		40
3.950%, 06/28/38		115		128
3.700%, 06/26/28		100		109
3.625%, 12/15/47		250		267
3.400%, 06/26/23		50		53
3.300%, 04/22/24		100		105
3.250%, 07/08/29		140		148
2.650%, 12/15/24		50		51
1.900%, 12/15/20		300		299
				17,426
Energy — 4.0%
Abu Dhabi Crude Oil Pipeline 4.600%, 11/02/47 (A)		3,286		3,606
Anadarko Petroleum 6.600%, 03/15/46		200		261
5.550%, 03/15/26		2,454		2,758
4.850%, 03/15/21		544		563
Andeavor Logistics 5.200%, 12/01/47		150		159
3.500%, 12/01/22		25		25
Apache 5.350%, 07/01/49		50		53
4.375%, 10/15/28		100		104
3.250%, 04/15/22		41		42
Baker Hughes a GE 3.337%, 12/15/27		100		101
Boardwalk Pipelines 4.950%, 12/15/24		50		53
BP Capital Markets 3.561%, 11/01/21		200		206
3.062%, 03/17/22		200		205
2.500%, 11/06/22		250		251
Canadian Natural Resources 3.900%, 02/01/25		150		156
3.850%, 06/01/27		100		104
Cenovus Energy 5.250%, 06/15/37		200		209
3.000%, 08/15/22		20		20
Chevron 2.954%, 05/16/26		50		52

Description	Face Amount (000)		Value (000)
2.566%, 05/16/23	$	50	$	51
2.419%, 11/17/20		100		100
2.355%, 12/05/22		150		151
2.100%, 05/16/21		50		50
Cimarex Energy 3.900%, 05/15/27		100		103
CNOOC Finance 2015 USA 3.500%, 05/05/25		200		206
Concho Resources 4.850%, 08/15/48		15		17
4.375%, 01/15/25		50		52
4.300%, 08/15/28		10		11
ConocoPhillips 6.500%, 02/01/39		300		421
Continental Resources 5.000%, 09/15/22		44		44
4.900%, 06/01/44		20		21
4.500%, 04/15/23		40		42
4.375%, 01/15/28		25		26
3.800%, 06/01/24		25		26
Devon Energy 4.000%, 07/15/21		649		666
3.250%, 05/15/22		100		102
Ecopetrol 7.375%, 09/18/43		200		256
5.875%, 09/18/23		100		111
5.875%, 05/28/45		615		680
Emera US Finance 4.750%, 06/15/46		200		217
2.700%, 06/15/21		745		747
Enbridge 3.700%, 07/15/27		100		103
Enbridge Energy Partners 5.875%, 10/15/25		100		115
Encana 3.900%, 11/15/21		50		51
Energy Transfer Operating 6.250%, 04/15/49		1,530		1,813
6.125%, 12/15/45		150		170
6.000%, 06/15/48		125		143
5.875%, 01/15/24		4,542		5,056
5.800%, 06/15/38		225		250
5.250%, 04/15/29		50		56
4.200%, 04/15/27		200		208
Energy Transfer Partners 4.500%, 11/01/23		100		106
Enterprise Products Operating 6.450%, 09/01/40		150		193
5.950%, 02/01/41		100		122
5.100%, 02/15/45		1,710		1,955
4.800%, 02/01/49		25		28
4.250%, 02/15/48		25		26
4.200%, 01/31/50		35		36
4.150%, 10/16/28		175		190
3.500%, 02/01/22		25		26
3.350%, 03/15/23		100		103
2.850%, 04/15/21		30		30

The accompanying notes are an integral part of the financial statements.

64

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
EOG Resources 3.150%, 04/01/25	$	100	$	103
2.625%, 03/15/23		100		101
EQM Midstream Partners 6.500%, 07/15/48		100		105
Equinor 3.950%, 05/15/43		200		216
3.700%, 03/01/24		100		106
2.450%, 01/17/23		125		126
Equities 3.900%, 10/01/27		50		47
Exxon Mobil 4.114%, 03/01/46		150		172
3.043%, 03/01/26		50		52
2.726%, 03/01/23		35		36
2.709%, 03/06/25		150		153
2.222%, 03/01/21		20		20
Fermaca Enterprises 6.375%, 03/30/38 (A)		1,005		1,044
Halliburton 5.000%, 11/15/45		100		109
3.800%, 11/15/25		150		157
3.500%, 08/01/23		100		104
3.250%, 11/15/21		3,280		3,345
Hess 7.875%, 10/01/29		726		918
7.300%, 08/15/31		248		304
7.125%, 03/15/33		1,036		1,270
4.300%, 04/01/27		200		208
Hunt Oil of Peru Sucursal Del Peru 6.375%, 06/01/28 (A)		730		814
Husky Energy 4.000%, 04/15/24		100		104
KazMunayGas National JSC 5.750%, 04/19/47 (A)		1,050		1,188
Kinder Morgan 5.550%, 06/01/45		300		347
4.300%, 03/01/28		100		107
Kinder Morgan Energy Partners 6.375%, 03/01/41		150		181
5.500%, 03/01/44		100		113
3.500%, 03/01/21		20		20
Kosmos Energy 7.125%, 04/04/26 (A)		590		594
Magellan Midstream Partners 4.250%, 02/01/21		100		103
Marathon Oil 6.600%, 10/01/37		150		185
Marathon Petroleum 6.500%, 03/01/41		250		312
3.800%, 04/01/28		30		30
3.400%, 12/15/20		557		563
MPLX 5.200%, 03/01/47		200		215

Description	Face Amount (000)		Value (000)
4.800%, 02/15/29	$	70	$	77
4.125%, 03/01/27		65		68
4.000%, 02/15/25		25		26
National Oilwell Varco 2.600%, 12/01/22		100		100
Newfield Exploration 5.750%, 01/30/22		3,399		3,638
5.625%, 07/01/24		200		221
5.375%, 01/01/26		4,123		4,518
Nexen 6.400%, 05/15/37		150		199
Noble Energy 6.000%, 03/01/41		869		995
4.950%, 08/15/47		100		106
4.150%, 12/15/21		100		103
Occidental Petroleum 4.400%, 04/15/46		200		207
3.400%, 04/15/26		70		71
Odebrecht Oil & Gas Finance 0.511%, 01/03/68 (A) (B)		97		1
ONEOK 5.200%, 07/15/48		75		83
4.550%, 07/15/28		50		54
4.000%, 07/13/27		30		31
ONEOK Partners 3.375%, 10/01/22		100		102
Pertamina Persero 6.500%, 11/07/48 (A)		1,217		1,504
6.450%, 05/30/44 (A)		1,205		1,475
5.250%, 05/23/21 (A)		503		527
Peru LNG Srl 5.375%, 03/22/30 (A)		785		843
Petrobras Global Finance BV 8.750%, 05/23/26		860		1,062
5.999%, 01/27/28		2,360		2,509
Petroleos de Venezuela 9.000%, 11/17/21 (C)		660		152
8.500%, 10/27/20 (A) (C)		123		107
6.000%, 11/15/26 (A) (C)		785		118
5.375%, 04/12/27 (C)		670		100
Petroleos Mexicanos 6.875%, 08/04/26		50		51
6.750%, 09/21/47		1,843		1,641
6.625%, 06/15/35		480		443
6.500%, 03/13/27		1,975		1,950
6.500%, 01/23/29		685		663
6.500%, 06/02/41		350		311
6.375%, 02/04/21		50		51
6.375%, 01/23/45		190		163
6.350%, 02/12/48		1,461		1,254
5.500%, 01/21/21		100		101
5.350%, 02/12/28		255		232
4.875%, 01/24/22		845		843
4.625%, 09/21/23		200		197
3.500%, 07/23/20		100		100
3.500%, 01/30/23		455		432

The accompanying notes are an integral part of the financial statements.

65

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Phillips 66 4.650%, 11/15/34	$	300	$	334
Phillips 66 Partners 3.605%, 02/15/25		25		26
Pioneer Natural Resources 3.450%, 01/15/21		100		101
Plains All American Pipeline 4.900%, 02/15/45		178		177
4.650%, 10/15/25		6,791		7,243
3.850%, 10/15/23		150		155
Sabine Pass Liquefaction 5.625%, 02/01/21		140		146
5.625%, 03/01/25		85		95
5.000%, 03/15/27		300		329
Saudi Arabian Oil 4.375%, 04/16/49 (A)		354		359
4.250%, 04/16/39 (A)		1,435		1,453
2.875%, 04/16/24 (A)		1,847		1,859
Shell International Finance 4.550%, 08/12/43		400		469
2.875%, 05/10/26		100		102
1.875%, 05/10/21		200		199
Shell International Finance BV 3.875%, 11/13/28		100		109
Sinopec Group Overseas Development 2016 2.750%, 09/29/26 (A)		460		448
Southern Gas Corridor CJSC 6.875%, 03/24/26 (A)		840		974
Spectra Energy Partners 3.500%, 03/15/25		100		103
Stoneway Capital 10.000%, 03/01/27 (A)		444		419
Suncor Energy 6.500%, 06/15/38		150		201
Sunoco Logistics Partners Operations 4.400%, 04/01/21		100		103
Total Capital 3.883%, 10/11/28		50		55
Total Capital Canada 2.750%, 07/15/23		100		102
Total Capital International 3.455%, 02/19/29		25		27
2.700%, 01/25/23		100		101
TransCanada PipeLines 5.100%, 03/15/49		25		29
4.875%, 01/15/26		100		110
4.625%, 03/01/34		300		333
4.250%, 05/15/28		25		27
Transportadora de Gas del Sur 6.750%, 05/02/25 (A)		220		212
Ultrapar International 5.250%, 06/06/29 (A)		870		890

Description	Face Amount (000)(1)		Value (000)
Valero Energy 4.350%, 06/01/28		642	$	685
4.000%, 04/01/29		35		36
3.650%, 03/15/25		100		104
Western Midstream Operating 5.300%, 03/01/48		200		186
Williams 8.750%, 03/15/32		3,208		4,566
5.750%, 06/24/44		20		23
5.100%, 09/15/45		300		324
4.850%, 03/01/48		25		27
4.550%, 06/24/24		45		48
3.700%, 01/15/23		15		16
3.600%, 03/15/22		100		103
YPF 16.500%, 05/09/22 (ARS) (A)		6,000		86
				88,303
Financials — 7.0%
Aflac 4.750%, 01/15/49		15		18
3.625%, 06/15/23		100		105
AIG Global Funding 1.950%, 10/18/19 (A)		1,400		1,398
Allstate 4.200%, 12/15/46		200		224
American Express 4.200%, 11/06/25		105		115
3.400%, 02/27/23		150		155
3.125%, 05/20/26		100		103
2.750%, 05/20/22		4,253		4,305
2.500%, 08/01/22		100		100
American Express Credit 2.700%, 03/03/22		100		101
2.250%, 05/05/21		100		100
American Financial Group 3.500%, 08/15/26		35		35
American International Group 4.750%, 04/01/48		150		166
4.700%, 07/10/35		200		219
4.500%, 07/16/44		2,259		2,388
3.875%, 01/15/35		200		199
Andina de Fomento 4.375%, 06/15/22		100		105
3.750%, 11/23/23		90		94
Aon 5.000%, 09/30/20		100		103
4.500%, 12/15/28		50		55
Ares Capital 4.200%, 06/10/24		65		66
Assurant 4.000%, 03/15/23		74		77
Australia & New Zealand Banking Group NY 2.625%, 05/19/22		250		252

The accompanying notes are an integral part of the financial statements.

66

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
AXA Equitable Holdings 4.350%, 04/20/28		150	$	158
Banco del Estado de Chile 2.668%, 01/08/21 (A)		1,877		1,877
Banco Santander 3.306%, 06/27/29		200		201
3.125%, 02/23/23		200		203
Bank of America 5.000%, 01/21/44		250		305
4.450%, 03/03/26		130		140
4.330%, VAR ICE LIBOR USD 3 Month+1.520%, 03/15/50		150		167
4.271%, VAR ICE LIBOR USD 3 Month+1.310%, 07/23/29		200		218
4.244%, VAR ICE LIBOR USD 3 Month+1.814%, 04/24/38		100		109
4.200%, 08/26/24		165		175
4.183%, 11/25/27		250		265
4.100%, 07/24/23		100		107
4.078%, VAR ICE LIBOR USD 3 Month+1.320%, 04/23/40		100		107
4.000%, 01/22/25		912		959
3.974%, VAR ICE LIBOR USD 3 Month+1.210%, 02/07/30		40		43
3.950%, 04/21/25		200		210
3.946%, VAR ICE LIBOR USD 3 Month+1.190%, 01/23/49		100		105
3.559%, VAR ICE LIBOR USD 3 Month+1.060%, 04/23/27		5,187		5,415
3.550%, VAR ICE LIBOR USD 3 Month+0.780%, 03/05/24		250		259
3.500%, 04/19/26		50		52
3.499%, VAR ICE LIBOR USD 3 Month+0.630%, 05/17/22		2,983		3,041
3.458%, VAR ICE LIBOR USD 3 Month+0.970%, 03/15/25		365		379
3.366%, VAR ICE LIBOR USD 3 Month+0.810%, 01/23/26		200		206
3.093%, VAR ICE LIBOR USD 3 Month+1.090%, 10/01/25		100		103
2.881%, VAR ICE LIBOR USD 3 Month+1.021%, 04/24/23		200		202
2.503%, 10/21/22		100		100
2.151%, 11/09/20		100		100
Bank of Georgia JSC 11.000%, 06/01/20 (GEL) (A)		870		306
6.000%, 07/26/23 (A)		750		754

Description	Face Amount (000)		Value (000)
Bank of Montreal 3.300%, 02/05/24	$	100	$	104
3.100%, 07/13/20		50		50
3.100%, 04/13/21		60		61
2.900%, 03/26/22		4,005		4,066
2.500%, 06/28/24		65		65
Bank of New York Mellon 3.550%, 09/23/21		100		103
3.450%, 08/11/23		50		52
3.400%, 01/29/28		50		52
3.300%, 08/23/29		100		104
3.000%, 02/24/25		100		103
2.950%, 01/29/23		50		51
2.500%, 04/15/21		100		100
2.450%, 11/27/20		50		50
2.450%, 08/17/26		50		50
Bank of Nova Scotia 3.125%, 04/20/21		150		153
2.800%, 07/21/21		100		101
2.450%, 03/22/21		50		50
2.150%, 07/14/20		200		200
Barclays
4.610%, VAR ICE LIBOR USD 3 Month+1.400%, 02/15/23		200		207
4.375%, 01/12/26		200		207
4.338%, VAR ICE LIBOR USD 3 Month+1.356%, 05/16/24		3,259		3,366
Barclays Bank 2.650%, 01/11/21		200		201
BAT Capital 4.540%, 08/15/47		100		93
4.390%, 08/15/37		150		142
3.557%, 08/15/27		100		100
3.222%, 08/15/24		50		50
2.764%, 08/15/22		50		50
2.297%, 08/14/20		50		50
BB&T 3.875%, 03/19/29		100		107
3.750%, 12/06/23		100		106
3.700%, 06/05/25		50		53
3.050%, 06/20/22		5,220		5,332
2.750%, 04/01/22		200		202
Berkshire Hathaway 3.125%, 03/15/26		200		207
Berkshire Hathaway Finance 4.300%, 05/15/43		200		223
4.250%, 01/15/49		50		56
BlackRock 3.250%, 04/30/29		100		105
3.200%, 03/15/27		100		104
BP Capital Markets America 4.234%, 11/06/28		100		110
3.410%, 02/11/26		100		105
2.112%, 09/16/21		100		100
BPCE 4.000%, 04/15/24		250		266

The accompanying notes are an integral part of the financial statements.

67

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Brighthouse Financial 3.700%, 06/22/27	$	50	$	48
Brookfield Finance 3.900%, 01/25/28		100		102
Canadian Imperial Bank of Commerce 3.100%, 04/02/24		100		102
2.700%, 02/02/21		40		41
Capital One Financial 4.250%, 04/30/25		2,047		2,194
3.900%, 01/29/24		1,447		1,521
3.800%, 01/31/28		100		103
3.750%, 07/28/26		100		102
3.450%, 04/30/21		50		51
3.300%, 10/30/24		100		102
3.200%, 02/05/25		50		51
3.050%, 03/09/22		150		152
Charles Schwab 4.450%, 07/22/20		100		102
3.550%, 02/01/24		100		106
Chubb INA Holdings 3.350%, 05/15/24		100		105
3.350%, 05/03/26		150		157
2.875%, 11/03/22		150		153
Citigroup 8.125%, 07/15/39		250		400
4.750%, 05/18/46		100		113
4.650%, 07/23/48		362		421
4.450%, 09/29/27		4,085		4,401
4.281%, VAR ICE LIBOR USD 3 Month+1.839%, 04/24/48		100		112
4.125%, 07/25/28		85		90
4.075%, VAR ICE LIBOR USD 3 Month+1.192%, 04/23/29		150		161
4.044%, VAR ICE LIBOR USD 3 Month+1.023%, 06/01/24		50		53
3.980%, VAR ICE LIBOR USD 3 Month+1.338%, 03/20/30		150		160
3.887%, VAR ICE LIBOR USD 3 Month+1.563%, 01/10/28		200		212
3.750%, 06/16/24		100		106
3.668%, VAR ICE LIBOR USD 3 Month+1.390%, 07/24/28		100		104
3.500%, 05/15/23		100		103
3.352%, VAR ICE LIBOR USD 3 Month+0.897%, 04/24/25		100		103
3.300%, 04/27/25		100		104
3.142%, VAR ICE LIBOR USD 3 Month+0.722%, 01/24/23		185		188
2.900%, 12/08/21		100		101

Description	Face Amount (000)(1)		Value (000)
2.876%, VAR ICE LIBOR USD 3 Month+0.950%, 07/24/23		3,549	$	3,595
2.750%, 04/25/22		100		101
2.700%, 10/27/22		300		303
2.650%, 10/26/20		100		100
Citigroup Global Markets Holdings
16.986%, 09/09/19 (UAH) (A) (B) (D)		29,500		1,092
Citizens Financial Group 2.375%, 07/28/21		30		30
CME Group 3.000%, 03/15/25		150		155
CNO Financial Group 5.250%, 05/30/29		100		108
Comerica 4.000%, 02/01/29		50		54
3.700%, 07/31/23		25		26
Cooperatieve Rabobank UA 5.250%, 05/24/41		100		128
4.625%, 12/01/23		1,085		1,162
3.375%, 05/21/25		250		263
2.750%, 01/10/23		250		253
Credit Suisse Group Funding Guernsey 4.875%, 05/15/45		250		292
3.125%, 12/10/20		250		252
Deutsche Bank NY 3.700%, 05/30/24		85		83
3.150%, 01/22/21		100		99
2.950%, 08/20/20		100		99
2.700%, 07/13/20		150		150
Development Bank of Kazakhstan JSC 8.950%, 05/04/23 (KZT) (A)		290,000		741
Discover Bank 3.450%, 07/27/26		250		254
Discover Financial Services 4.100%, 02/09/27		40		42
E*TRADE Financial 4.500%, 06/20/28		50		53
Fibria Overseas Finance 5.500%, 01/17/27		25		27
Fidelity National Financial 4.500%, 08/15/28		50		52
Fifth Third Bancorp 3.650%, 01/25/24		100		105
Fifth Third Bank 3.950%, 07/28/25		200		216
First Republic Bank 4.625%, 02/13/47		200		215
FMS Wertmanagement 1.375%, 06/08/21		200		198

The accompanying notes are an integral part of the financial statements.

68

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
Goldman Sachs Group 5.750%, 01/24/22		350	$	378
5.150%, 05/22/45		350		401
4.411%, VAR ICE LIBOR USD 3 Month+1.430%, 04/23/39		1,648		1,783
4.223%, VAR ICE LIBOR USD 3 Month+1.301%, 05/01/29		3,005		3,223
4.017%, VAR ICE LIBOR USD 3 Month+1.373%, 10/31/38		150		155
3.750%, 05/22/25		100		105
3.750%, 02/25/26		250		261
3.691%, VAR ICE LIBOR USD 3 Month+1.510%, 06/05/28		165		170
3.625%, 02/20/24		30		31
3.272%, VAR ICE LIBOR USD 3 Month+1.201%, 09/29/25		75		77
3.200%, 02/23/23		150		154
2.908%, VAR ICE LIBOR USD 3 Month+1.053%, 06/05/23		100		101
2.876%, VAR ICE LIBOR USD 3 Month+0.821%, 10/31/22		100		101
2.750%, 09/15/20		75		75
2.625%, 04/25/21		100		100
2.600%, 04/23/20		1,225		1,227
2.600%, 12/27/20		100		100
2.350%, 11/15/21		45		45
Hanover Insurance Group 4.500%, 04/15/26		100		106
Hartford Financial Services Group 5.500%, 03/30/20		630		644
4.400%, 03/15/48		100		109
HSBC Bank
12.508%, 03/09/20 (NGN) (A) (B)		430,000		1,095
HSBC Holdings 5.250%, 03/14/44		200		234
4.583%, VAR ICE LIBOR USD 3 Month+1.535%, 06/19/29		200		219
4.250%, 08/18/25		200		211
4.041%, VAR ICE LIBOR USD 3 Month+1.546%, 03/13/28		200		210
4.000%, 03/30/22		100		104
3.973%, VAR ICE LIBOR USD 3 Month+1.610%, 05/22/30		2,046		2,137
3.950%, VAR ICE LIBOR USD 3 Month+0.987%, 05/18/24		1,332		1,393

Description	Face Amount (000)		Value (000)
3.803%, VAR ICE LIBOR USD 3 Month+1.211%, 03/11/25	$	5,816	$	6,060
3.600%, 05/25/23		200		208
2.950%, 05/25/21		200		202
2.650%, 01/05/22		300		301
Huntington National Bank 2.500%, 08/07/22		250		252
Industrial & Commercial Bank of China NY 2.905%, 11/13/20		250		251
ING Groep 4.100%, 10/02/23		200		211
4.050%, 04/09/29		200		214
Intercontinental Exchange 4.000%, 10/15/23		150		160
Jefferies Group 6.875%, 04/15/21		100		107
JPMorgan Chase 5.600%, 07/15/41		250		325
4.350%, 08/15/21		250		260
4.203%, VAR ICE LIBOR USD 3 Month+1.260%, 07/23/29		100		109
4.005%, VAR ICE LIBOR USD 3 Month+1.120%, 04/23/29		150		162
3.964%, VAR ICE LIBOR USD 3 Month+1.380%, 11/15/48		1,534		1,628
3.897%, VAR ICE LIBOR USD 3 Month+1.220%, 01/23/49		150		157
3.882%, VAR ICE LIBOR USD 3 Month+1.360%, 07/24/38		150		157
3.797%, VAR ICE LIBOR USD 3 Month+0.890%, 07/23/24		100		105
3.702%, VAR ICE LIBOR USD 3 Month+1.160%, 05/06/30		300		316
3.625%, 05/13/24		100		105
3.559%, VAR ICE LIBOR USD 3 Month+0.730%, 04/23/24		75		78
3.540%, VAR ICE LIBOR USD 3 Month+1.380%, 05/01/28		200		208
3.300%, 04/01/26		100		103
3.220%, VAR ICE LIBOR USD 3 Month+1.155%, 03/01/25		160		165
3.200%, 06/15/26		100		103
3.125%, 01/23/25		150		154
2.972%, 01/15/23		400		406
2.776%, VAR ICE LIBOR USD 3 Month+0.935%, 04/25/23		75		76

The accompanying notes are an integral part of the financial statements.

69

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
2.700%, 05/18/23		100	$	101
2.550%, 10/29/20		180		181
2.400%, 06/07/21		50		50
JPMorgan Chase Bank
8.375%, 03/17/34 (IDR) (A) (D)		13,200,000		990
8.250%, 05/17/36 (IDR) (A) (D)		9,300,000		692
5.625%, 05/17/23 (IDR) (A) (D)		16,000,000		1,087
KeyBank 2.400%, 06/09/22		250		251
KFW 2.500%, 11/20/24		300		310
1.875%, 11/30/20		200		200
Kreditanstalt fuer Wiederaufbau 2.875%, 04/03/28		90		96
2.750%, 07/15/20		200		202
2.625%, 04/12/21		100		101
2.500%, 02/15/22		400		407
2.375%, 12/29/22		280		285
2.125%, 03/07/22		150		151
1.750%, 09/15/21		200		200
Lazard Group 3.750%, 02/13/25		50		52
Lincoln National 3.625%, 12/12/26		100		104
Lloyds Banking Group 4.582%, 12/10/25		200		209
4.450%, 05/08/25		200		213
3.900%, 03/12/24		200		208
2.907%, VAR ICE LIBOR USD 3 Month+0.810%, 11/07/23		200		200
Loews 2.625%, 05/15/23		100		101
Manufacturers & Traders Trust 2.625%, 01/25/21		250		251
Manulife Financial 5.375%, 03/04/46		50		61
Markel 3.500%, 11/01/27		50		50
Marsh & McLennan 4.375%, 03/15/29		45		50
3.750%, 03/14/26		150		158
2.750%, 01/30/22		30		30
MetLife 6.400%, 12/15/36		1,841		2,105
3.600%, 04/10/24		100		106
3.600%, 11/13/25		50		53
Mitsubishi UFJ Financial Group 4.153%, 03/07/39		35		38
3.961%, 03/02/28		225		244
3.850%, 03/01/26		200		212
3.741%, 03/07/29		150		161
3.535%, 07/26/21		30		31
3.407%, 03/07/24		50		52

Description	Face Amount (000)		Value (000)
3.287%, 07/25/27	$	50	$	52
3.218%, 03/07/22		1,635		1,670
2.665%, 07/25/22		50		50
Mizuho Financial Group
3.922%, VAR ICE LIBOR USD 3 Month+1.000%, 09/11/24		200		209
2.601%, 09/11/22		200		200
Moody’s 4.250%, 02/01/29		150		164
Morgan Stanley 6.375%, 07/24/42		200		279
4.875%, 11/01/22		100		107
4.431%, VAR ICE LIBOR USD 3 Month+1.628%, 01/23/30		150		166
3.971%, VAR ICE LIBOR USD 3 Month+1.455%, 07/22/38		100		105
3.875%, 04/29/24		400		424
3.875%, 01/27/26		200		213
3.737%, VAR ICE LIBOR USD 3 Month+0.847%, 04/24/24		90		94
3.591%, VAR ICE LIBOR USD 3 Month+1.340%, 07/22/28		150		156
3.125%, 01/23/23		150		153
3.125%, 07/27/26		250		255
2.500%, 04/21/21		250		250
MUFG Americas Holdings 3.000%, 02/10/25		160		162
Nasdaq 3.850%, 06/30/26		150		157
National Australia Bank 3.700%, 11/04/21		1,405		1,449
3.375%, 09/20/21		350		358
National Rural Utilities Cooperative Finance 3.400%, 02/07/28		100		105
2.700%, 02/15/23		100		101
New York Life Global Funding 3.250%, 08/06/21 (A)		1,872		1,914
Northern Trust 3.650%, 08/03/28		25		27
3.375%, VAR ICE LIBOR USD 3 Month+1.131%, 05/08/32		63		64
ORIX 4.050%, 01/16/24		50		53
2.900%, 07/18/22		30		31
PNC Bank 2.500%, 01/22/21		250		251
2.450%, 07/28/22		250		252
PNC Financial Services Group 3.500%, 01/23/24		125		132
3.450%, 04/23/29		50		52

The accompanying notes are an integral part of the financial statements.

70

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
Principal Financial Group 3.400%, 05/15/25		100	$	103
Progressive 4.125%, 04/15/47		100		111
4.000%, 03/01/29		50		55
Prudential Financial 4.600%, 05/15/44		200		230
3.500%, 05/15/24		200		212
Regions Financial 3.800%, 08/14/23		50		52
3.200%, 02/08/21		50		51
2.750%, 08/14/22		50		50
Reinsurance Group of America 3.900%, 05/15/29		50		52
RenaissanceRe Holdings 3.600%, 04/15/29		50		51
Royal Bank of Canada 3.200%, 04/30/21		75		76
2.800%, 04/29/22		100		102
2.750%, 02/01/22		250		254
Royal Bank of Scotland Group 6.125%, 12/15/22		70		75
6.100%, 06/10/23		30		33
6.000%, 12/19/23		60		65
5.125%, 05/28/24		65		69
5.076%, VAR ICE LIBOR USD 3 Month+1.905%, 01/27/30		200		217
4.269%, VAR ICE LIBOR USD 3 Month+1.762%, 03/22/25		200		207
S&P Global 4.000%, 06/15/25		100		109
Santander Holdings USA 4.450%, 12/03/21		30		31
4.400%, 07/13/27		25		26
3.500%, 06/07/24		3,505		3,560
Santander UK 2.875%, 06/18/24		200		201
Santander UK Group Holdings
3.373%, VAR ICE LIBOR USD 3 Month+1.080%, 01/05/24		200		202
3.125%, 01/08/21		100		100
Shriram Transport Finance 5.950%, 10/24/22 (A)		1,080		1,097
Standard Chartered Bank
11.000%, 08/05/25 (LKR) (A) (D)		49,000		288
10.750%, 03/03/21 (LKR) (A) (D)		75,000		435
8.250%, 05/19/36 (IDR) (A) (D)		13,160,000		979
7.610%, 05/13/30 (INR) (A) (D) (E)		24,000		363
Sumitomo Mitsui Financial Group 3.944%, 07/19/28		100		109

Description	Face Amount (000)		Value (000)
3.784%, 03/09/26	$	50	$	53
3.748%, 07/19/23		100		105
3.544%, 01/17/28		50		53
3.446%, 01/11/27		50		52
3.364%, 07/12/27		100		104
3.102%, 01/17/23		50		51
2.934%, 03/09/21		250		252
2.846%, 01/11/22		50		50
2.784%, 07/12/22		50		51
2.778%, 10/18/22		50		50
SunTrust Banks
3.689%, VAR ICE LIBOR USD 3 Month+0.735%, 08/02/24		150		156
2.900%, 03/03/21		50		51
2.700%, 01/27/22		150		151
Svensk Exportkredit 2.875%, 05/22/21		200		204
Svenska Handelsbanken 3.900%, 11/20/23		2,291		2,428
1.950%, 09/08/20		250		249
Synchrony Financial 4.500%, 07/23/25		100		105
4.375%, 03/19/24		35		37
Syngenta Finance 5.676%, 04/24/48 (A)		229		227
4.892%, 04/24/25 (A)		3,199		3,339
4.441%, 04/24/23 (A)		1,087		1,130
TBC Bank JSC 5.750%, 06/19/24 (A)		670		661
TC Ziraat Bankasi 5.125%, 05/03/22 (A)		200		187
TD Ameritrade Holding 3.750%, 04/01/24		100		106
3.300%, 04/01/27		30		31
Toronto-Dominion Bank 3.250%, 06/11/21		50		51
2.650%, 06/12/24		3,547		3,579
2.500%, 12/14/20		150		151
2.125%, 04/07/21		50		50
1.950%, 04/02/20 (A)		473		472
1.800%, 07/13/21		100		99
Travelers 4.050%, 03/07/48		100		111
3.900%, 11/01/20		100		102
UBS 2.450%, 12/01/20 (A)		1,457		1,458
Unum Group 4.000%, 03/15/24		50		52
US Bancorp 3.150%, 04/27/27		200		208
2.625%, 01/24/22		200		202
2.375%, 07/22/26		250		248
Voya Financial 3.125%, 07/15/24		50		51

The accompanying notes are an integral part of the financial statements.

71

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
WEA Finance 3.750%, 09/17/24 (A)	$	1,884	$	1,966
3.500%, 06/15/29 (A)		1,518		1,533
3.150%, 04/05/22 (A)		2,466		2,507
Wells Fargo 4.900%, 11/17/45		817		949
4.650%, 11/04/44		350		390
4.150%, 01/24/29		100		109
4.125%, 08/15/23		200		211
3.584%, VAR ICE LIBOR USD 3 Month+1.310%, 05/22/28		200		209
3.550%, 09/29/25		100		104
3.000%, 01/22/21		100		101
3.000%, 02/19/25		100		102
3.000%, 04/22/26		100		101
3.000%, 10/23/26		250		253
2.625%, 07/22/22		150		151
2.550%, 12/07/20		85		85
2.500%, 03/04/21		3,417		3,424
Wells Fargo Bank 6.600%, 01/15/38		250		348
3.550%, 08/14/23		250		261
2.600%, 01/15/21		250		251
Westpac Banking
4.322%, VAR USD ICE Swap 11:00 NY 5 Yr+2.236%, 11/23/31		200		207
3.300%, 02/26/24		50		52
2.700%, 08/19/26		100		100
2.600%, 11/23/20		150		151
2.000%, 08/19/21		50		50
Willis North America 4.500%, 09/15/28		100		107
3.600%, 05/15/24		50		52
				153,414
Health Care — 1.8%
Abbott Laboratories 4.900%, 11/30/46		200		247
3.750%, 11/30/26		100		108
3.400%, 11/30/23		35		36
2.900%, 11/30/21		5,893		5,991
AbbVie 4.875%, 11/14/48		695		732
4.700%, 05/14/45		200		204
4.500%, 05/14/35		200		206
4.300%, 05/14/36		150		150
4.250%, 11/14/28		15		16
3.750%, 11/14/23		35		36
3.375%, 11/14/21		100		102
3.200%, 11/06/22		100		102
2.850%, 05/14/23		50		50
2.300%, 05/14/21		50		50
Aetna 2.800%, 06/15/23		25		25
2.750%, 11/15/22		150		151

Description	Face Amount (000)		Value (000)
Agilent Technologies 3.050%, 09/22/26	$	65	$	66
Allergan Funding SCS 4.550%, 03/15/35		300		303
3.800%, 03/15/25		190		197
AmerisourceBergen 3.400%, 05/15/24		100		103
Amgen 4.563%, 06/15/48		300		325
1.850%, 08/19/21		200		198
Anthem 4.650%, 01/15/43		150		164
3.650%, 12/01/27		65		68
3.350%, 12/01/24		150		155
3.300%, 01/15/23		200		205
AstraZeneca 4.375%, 08/17/48		100		113
2.375%, 11/16/20		150		150
2.375%, 06/12/22		100		100
Baxter International 2.600%, 08/15/26		100		99
Becton Dickinson 4.685%, 12/15/44		157		174
3.700%, 06/06/27		33		34
3.125%, 11/08/21		100		102
Biogen 3.625%, 09/15/22		100		103
Boston Scientific 4.550%, 03/01/39		150		166
3.375%, 05/15/22		100		103
Bristol-Myers Squibb 4.250%, 10/26/49 (A)		40		44
4.125%, 06/15/39 (A)		994		1,072
3.400%, 07/26/29 (A)		80		84
3.200%, 06/15/26 (A)		250		260
2.900%, 07/26/24 (A)		55		56
2.600%, 05/16/22 (A)		50		51
2.000%, 08/01/22		100		99
Cardinal Health 3.200%, 03/15/23		100		101
3.079%, 06/15/24		150		151
Celgene 5.000%, 08/15/45		250		297
3.875%, 08/15/25		100		107
3.250%, 02/20/23		100		103
2.875%, 02/19/21		45		45
Cigna 4.900%, 12/15/48 (A)		1,120		1,218
4.800%, 08/15/38 (A)		230		248
4.375%, 10/15/28 (A)		190		205
4.125%, 11/15/25 (A)		2,288		2,437
3.750%, 07/15/23 (A)		55		57
3.400%, 09/17/21 (A)		3,806		3,880
3.200%, 09/17/20 (A)		150		151
Cigna Holding 4.000%, 02/15/22		100		103

The accompanying notes are an integral part of the financial statements.

72

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
CVS Health 5.125%, 07/20/45	$	200	$	213
5.050%, 03/25/48		1,820		1,939
4.780%, 03/25/38		100		104
4.300%, 03/25/28		310		327
3.875%, 07/20/25		120		125
3.700%, 03/09/23		115		119
3.350%, 03/09/21		295		299
2.875%, 06/01/26		200		196
2.125%, 06/01/21		50		50
CVS Pass-Through Trust 4.163%, 08/11/36 (A)		583		590
Danaher 3.350%, 09/15/25		30		31
Eli Lilly 3.875%, 03/15/39		150		162
3.100%, 05/15/27		49		51
2.350%, 05/15/22		100		101
Express Scripts Holding 4.750%, 11/15/21		100		105
Gilead Sciences 4.600%, 09/01/35		400		450
4.500%, 02/01/45		150		164
2.550%, 09/01/20		150		151
2.500%, 09/01/23		35		35
1.950%, 03/01/22		15		15
GlaxoSmithKline Capital 3.875%, 05/15/28		150		164
3.375%, 06/01/29		100		106
2.850%, 05/08/22		100		102
2.800%, 03/18/23		125		127
HCA 5.875%, 03/15/22		65		71
5.500%, 06/15/47		40		43
5.250%, 04/15/25		35		39
5.250%, 06/15/26		40		44
5.250%, 06/15/49		1,870		1,944
5.125%, 06/15/39		25		26
5.000%, 03/15/24		55		60
4.750%, 05/01/23		35		37
4.500%, 02/15/27		30		32
4.125%, 06/15/29		20		21
Humana 4.950%, 10/01/44		200		221
Johnson & Johnson 3.625%, 03/03/37		150		161
2.900%, 01/15/28		150		154
2.625%, 01/15/25		100		102
2.450%, 12/05/21		100		101
2.450%, 03/01/26		200		201
Kaiser Foundation Hospitals 4.875%, 04/01/42		150		183
3.150%, 05/01/27		25		26
Laboratory Corp of America Holdings 3.250%, 09/01/24		100		102

Description	Face Amount (000)		Value (000)
McKesson 2.850%, 03/15/23	$	200	$	201
Medtronic 4.625%, 03/15/45		200		242
4.375%, 03/15/35		200		230
2.750%, 04/01/23		100		102
Merck 4.150%, 05/18/43		100		111
4.000%, 03/07/49		1,779		1,978
3.900%, 03/07/39		50		54
3.400%, 03/07/29		50		53
2.900%, 03/07/24		25		26
2.750%, 02/10/25		200		206
Mylan 5.250%, 06/15/46		200		186
3.750%, 12/15/20		100		101
Novartis Capital 4.400%, 05/06/44		150		176
3.400%, 05/06/24		100		105
3.000%, 11/20/25		50		52
2.400%, 05/17/22		50		50
Pfizer 5.200%, 08/12/20		100		103
4.200%, 09/15/48		15		17
4.125%, 12/15/46		100		111
4.100%, 09/15/38		25		28
4.000%, 12/15/36		250		272
4.000%, 03/15/49		50		54
3.900%, 03/15/39		25		27
3.450%, 03/15/29		50		53
3.200%, 09/15/23		25		26
3.000%, 09/15/21		20		20
3.000%, 06/15/23		100		103
2.950%, 03/15/24		50		52
Quest Diagnostics 4.200%, 06/30/29		150		160
Sanofi 3.375%, 06/19/23		200		208
Shire Acquisitions Investments Ireland DAC 3.200%, 09/23/26		60		61
2.875%, 09/23/23		50		50
2.400%, 09/23/21		150		150
SSM Health Care 3.688%, 06/01/23		20		21
Stanford Health Care 3.795%, 11/15/48		100		107
Stryker 4.625%, 03/15/46		100		114
3.500%, 03/15/26		25		26
3.375%, 11/01/25		50		52
Takeda Pharmaceutical 5.000%, 11/26/28 (A)		200		227
Teva Pharmaceutical Finance Netherlands III BV 6.750%, 03/01/28		775		713
4.100%, 10/01/46		521		354

The accompanying notes are an integral part of the financial statements.

73

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Thermo Fisher Scientific 3.600%, 08/15/21	$	100	$	102
3.200%, 08/15/27		100		103
3.000%, 04/15/23		200		205
2.950%, 09/19/26		30		30
UnitedHealth Group 4.750%, 07/15/45		100		118
4.625%, 07/15/35		200		230
4.450%, 12/15/48		10		11
4.250%, 04/15/47		100		110
4.250%, 06/15/48		50		56
3.875%, 12/15/28		10		11
3.850%, 06/15/28		50		54
3.750%, 07/15/25		50		53
3.700%, 12/15/25		10		11
3.500%, 06/15/23		50		52
3.500%, 02/15/24		10		10
3.150%, 06/15/21		50		51
2.950%, 10/15/27		150		153
2.875%, 03/15/22		100		102
Zimmer Biomet Holdings 3.550%, 04/01/25		150		155
Zoetis 4.450%, 08/20/48		125		138
3.250%, 02/01/23		50		51
3.000%, 09/12/27		50		50
				40,035
Industrials — 1.6%
3M 5.700%, 03/15/37		150		193
4.000%, 09/14/48		100		108
ABB Finance USA 3.800%, 04/03/28		150		162
AerCap Ireland Capital 4.625%, 10/30/20		225		231
4.500%, 05/15/21		1,375		1,418
AerCap Ireland Capital DAC 4.125%, 07/03/23		150		156
Aeropuerto Internacional de Tocumen 6.000%, 11/18/48 (A)		390		459
Air Lease 4.625%, 10/01/28		100		107
3.250%, 03/01/25		150		151
Aircastle 5.500%, 02/15/22		15		16
5.125%, 03/15/21		15		16
5.000%, 04/01/23		15		16
4.250%, 06/15/26		3,451		3,491
4.125%, 05/01/24		15		15
Allegion US Holding 3.550%, 10/01/27		50		49
American Airlines Pass-Through Trust 4.950%, 01/15/23		102		107

Description	Face Amount (000)		Value (000)
Boeing 3.900%, 05/01/49	$	25	$	26
3.600%, 05/01/34		25		26
3.450%, 11/01/28		50		53
3.200%, 03/01/29		25		26
3.100%, 05/01/26		25		26
2.350%, 10/30/21		150		150
2.125%, 03/01/22		50		50
Burlington Northern Santa Fe 4.900%, 04/01/44		200		245
4.150%, 12/15/48		105		119
3.750%, 04/01/24		200		213
3.050%, 03/15/22		100		102
Canadian National Railway 4.450%, 01/20/49		150		179
Canadian Pacific Railway 4.000%, 06/01/28		15		16
2.900%, 02/01/25		100		103
Caterpillar 5.200%, 05/27/41		100		127
3.900%, 05/27/21		50		52
3.400%, 05/15/24		100		105
Caterpillar Financial Services 3.650%, 12/07/23		100		105
3.450%, 05/15/23		150		157
3.150%, 09/07/21		55		56
Cintas No. 2 3.700%, 04/01/27		200		213
CNH Industrial Capital 4.875%, 04/01/21		10		10
4.375%, 11/06/20		15		15
4.375%, 04/05/22		10		11
4.200%, 01/15/24		50		52
3.875%, 10/15/21		10		10
CSX 4.250%, 03/15/29		65		72
3.800%, 03/01/28		100		108
3.800%, 11/01/46		200		202
3.250%, 06/01/27		50		52
Delta Air Lines 4.375%, 04/19/28		50		51
2.600%, 12/04/20		45		45
DP World 6.850%, 07/02/37 (A)		556		698
5.625%, 09/25/48 (A)		645		714
Eaton 3.103%, 09/15/27		100		102
Embraer Netherlands Finance BV 5.400%, 02/01/27		65		72
Emerson Electric 2.625%, 02/15/23		100		102
Eskom Holdings SOC 6.750%, 08/06/23 (A)		710		743
6.350%, 08/10/28 (A)		775		839
5.750%, 01/26/21 (A)		690		695

The accompanying notes are an integral part of the financial statements.

74

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
FedEx 4.950%, 10/17/48	$	100	$	109
4.750%, 11/15/45		100		105
4.100%, 02/01/45		379		362
3.200%, 02/01/25		200		206
Fluor 4.250%, 09/15/28		50		52
Fortune Brands Home & Security 4.000%, 09/21/23		50		53
GATX 3.850%, 03/30/27		200		204
GE Capital International Funding Unlimited Co 4.418%, 11/15/35		400		396
2.342%, 11/15/20		250		249
General Dynamics 3.750%, 05/15/28		55		60
3.500%, 05/15/25		200		213
2.250%, 11/15/22		100		101
General Electric 6.875%, 01/10/39		300		376
3.450%, 05/15/24		100		103
2.700%, 10/09/22		1,545		1,543
Georgian Oil and Gas JSC 6.750%, 04/26/21 (A)		200		208
Georgian Railway 7.750%, 07/11/22 (A)		1,300		1,411
Honeywell International 4.250%, 03/01/21		125		129
2.500%, 11/01/26		150		150
Indonesia Asahan Aluminium Persero 6.757%, 11/15/48 (A)		641		788
6.530%, 11/15/28 (A)		380		448
5.710%, 11/15/23 (A)		1,210		1,327
5.230%, 11/15/21 (A)		1,042		1,096
Ingersoll-Rand Global Holding 4.250%, 06/15/23		100		106
Ingersoll-Rand Luxembourg Finance 3.800%, 03/21/29		100		105
John Deere Capital 3.350%, 06/12/24		100		105
3.050%, 01/06/28		150		155
2.800%, 03/04/21		100		101
2.800%, 03/06/23		50		51
2.800%, 09/08/27		50		51
2.650%, 06/24/24		100		101
Johnson Controls International 4.500%, 02/15/47		150		152
3.625%, 07/02/24		40		42
Kansas City Southern 4.700%, 05/01/48		50		56
Kazakhstan Temir Zholy National JSC 4.850%, 11/17/27 (A)		1,210		1,290

Description	Face Amount (000)		Value (000)
Kennametal 4.625%, 06/15/28	$	25	$	26
L3 Technologies 4.400%, 06/15/28		150		164
L3Harris Technologies 5.054%, 04/27/45		100		117
Latam Airlines, Pass-Through Trust 4.500%, 11/15/23		414		410
4.200%, 11/15/27		840		848
Lockheed Martin 4.700%, 05/15/46		150		183
2.900%, 03/01/25		100		103
2.500%, 11/23/20		150		151
Masco 4.500%, 05/15/47		100		94
4.375%, 04/01/26		40		42
3.500%, 04/01/21		50		51
Norfolk Southern 5.100%, 08/01/18		50		57
4.150%, 02/28/48		60		64
3.250%, 12/01/21		100		102
3.150%, 06/01/27		25		26
2.900%, 06/15/26		35		35
Northrop Grumman 4.030%, 10/15/47		150		160
3.500%, 03/15/21		100		102
3.250%, 08/01/23		50		52
Owens Corning 4.200%, 12/01/24		100		104
PACCAR Financial 3.150%, 08/09/21		100		102
Parker-Hannifin 4.000%, 06/14/49		20		21
3.300%, 11/21/24		150		156
Pelabuhan Indonesia III Persero 4.500%, 05/02/23 (A)		350		366
Republic Services 3.950%, 05/15/28		50		54
2.900%, 07/01/26		150		151
Rockwell Automation 3.500%, 03/01/29		85		90
Rockwell Collins 3.200%, 03/15/24		150		154
Roper Technologies 2.800%, 12/15/21		150		151
Ryder System 3.875%, 12/01/23		25		26
3.500%, 06/01/21		50		51
2.800%, 03/01/22		30		30
Stanley Black & Decker 2.900%, 11/01/22		100		102
Textron 3.650%, 03/15/27		100		102

The accompanying notes are an integral part of the financial statements.

75

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Transnet 4.000%, 07/26/22 (A)	$	425	$	425
Union Pacific 4.800%, 09/10/58		100		116
3.799%, 10/01/51		200		201
3.646%, 02/15/24		100		105
3.600%, 09/15/37		150		153
United Airlines, Pass-Through Trust 4.300%, 08/15/25		78		83
3.750%, 09/03/26		80		83
United Parcel Service 4.250%, 03/15/49		1,792		1,966
3.750%, 11/15/47		150		151
3.400%, 03/15/29		115		122
3.125%, 01/15/21		45		46
3.050%, 11/15/27		100		103
United Technologies 4.625%, 11/16/48		215		251
4.450%, 11/16/38		10		11
4.125%, 11/16/28		30		33
3.950%, 08/16/25		15		16
3.750%, 11/01/46		150		153
3.650%, 08/16/23		20		21
3.350%, 08/16/21		10		10
3.100%, 06/01/22		100		102
2.650%, 11/01/26		130		130
2.300%, 05/04/22		100		100
1.950%, 11/01/21		50		50
Verisk Analytics 4.125%, 03/15/29		110		118
4.000%, 06/15/25		50		53
Wabtec 4.950%, 09/15/28		150		161
Waste Connections 3.500%, 05/01/29		50		52
Waste Management 4.150%, 07/15/49		65		71
4.000%, 07/15/39		35		37
3.500%, 05/15/24		100		105
3.450%, 06/15/29		50		53
				34,969
Information Technology — 1.7%
Amphenol 4.350%, 06/01/29		25		27
Analog Devices 3.125%, 12/05/23		150		153
Apple 4.650%, 02/23/46		300		356
3.850%, 08/04/46		100		106
3.750%, 09/12/47		150		157
3.450%, 05/06/24		100		106
3.000%, 06/20/27		25		26
3.000%, 11/13/27		100		103
2.850%, 05/06/21		200		203
2.850%, 05/11/24		250		257

Description	Face Amount (000)		Value (000)
2.500%, 02/09/22	$	50	$	51
2.400%, 01/13/23		200		202
2.300%, 05/11/22		100		101
2.250%, 02/23/21		50		50
2.150%, 02/09/22		250		251
1.550%, 08/04/21		50		49
Applied Materials 3.300%, 04/01/27		125		130
2.625%, 10/01/20		50		50
Arrow Electronics 3.500%, 04/01/22		100		102
Automatic Data Processing 2.250%, 09/15/20		50		50
Broadcom 4.750%, 04/15/29 (A)		100		103
4.250%, 04/15/26 (A)		100		101
3.875%, 01/15/27		100		98
3.625%, 01/15/24		100		101
3.625%, 10/15/24 (A)		100		101
3.125%, 10/15/22 (A)		25		25
3.000%, 01/15/22		100		100
2.200%, 01/15/21		100		99
C&W Senior Financing DAC 6.875%, 09/15/27 (A)		790		816
Cisco Systems 3.625%, 03/04/24		100		107
3.500%, 06/15/25		50		53
2.950%, 02/28/26		50		52
2.500%, 09/20/26		100		101
2.200%, 09/20/23		100		100
1.850%, 09/20/21		100		99
Corning 5.350%, 11/15/48		100		122
Dell International 6.020%, 06/15/26 (A)		260		287
5.450%, 06/15/23 (A)		150		161
5.300%, 10/01/29 (A)		50		53
4.900%, 10/01/26 (A)		50		52
4.420%, 06/15/21 (A)		100		103
Fidelity National Information Services 5.000%, 10/15/25		28		31
3.625%, 10/15/20		200		203
Fiserv 4.400%, 07/01/49		956		1,006
3.800%, 10/01/23		100		105
3.500%, 07/01/29		45		46
3.200%, 07/01/26		150		153
2.750%, 07/01/24		1,254		1,265
Flex 4.875%, 06/15/29		50		51
Hewlett Packard Enterprise 4.900%, 10/15/25		100		109
3.600%, 10/15/20		200		203
HP 6.000%, 09/15/41		150		165

The accompanying notes are an integral part of the financial statements.

76

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
IBM Credit 1.800%, 01/20/21	$	100	$	99
Intel 3.734%, 12/08/47		200		209
3.700%, 07/29/25		25		27
3.150%, 05/11/27		100		104
2.875%, 05/11/24		150		154
2.600%, 05/19/26		100		101
2.450%, 07/29/20		60		60
International Business Machines 4.250%, 05/15/49		100		108
4.150%, 05/15/39		100		107
4.000%, 06/20/42		150		155
3.625%, 02/12/24		100		105
3.500%, 05/15/29		4,537		4,748
3.450%, 02/19/26		50		52
3.300%, 05/15/26		4,236		4,391
3.000%, 05/15/24		150		154
2.850%, 05/13/22		100		102
2.800%, 05/13/21		100		101
2.250%, 02/19/21		50		50
1.875%, 08/01/22		150		148
Juniper Networks 4.500%, 03/15/24		50		53
KLA-Tencor 4.100%, 03/15/29		65		68
Lam Research 4.875%, 03/15/49		1,013		1,116
4.000%, 03/15/29		30		32
3.750%, 03/15/26		3,978		4,186
2.800%, 06/15/21		50		50
Mastercard 3.950%, 02/26/48		10		11
3.650%, 06/01/49		50		53
3.500%, 02/26/28		5		5
2.950%, 11/21/26		50		52
2.950%, 06/01/29		50		52
Microsoft 4.250%, 02/06/47		500		589
4.100%, 02/06/37		200		228
3.700%, 08/08/46		100		108
3.450%, 08/08/36		300		318
3.300%, 02/06/27		160		170
3.125%, 11/03/25		100		105
2.875%, 02/06/24		35		36
2.650%, 11/03/22		150		153
2.400%, 02/06/22		150		152
2.400%, 08/08/26		100		101
Motorola Solutions 4.600%, 05/23/29		25		26
NetApp 3.375%, 06/15/21		50		51
NXP BV 5.350%, 03/01/26 (A)		2,496		2,764
4.300%, 06/18/29 (A)		1,713		1,766
Oracle 4.000%, 11/15/47		2,040		2,192

Description	Face Amount (000)		Value (000)
3.900%, 05/15/35	$	200	$	217
3.850%, 07/15/36		250		265
3.800%, 11/15/37		250		265
2.950%, 11/15/24		200		206
2.950%, 05/15/25		100		103
2.500%, 05/15/22		150		152
2.400%, 09/15/23		200		200
1.900%, 09/15/21		90		90
QUALCOMM 4.300%, 05/20/47		150		157
3.250%, 05/20/27		50		51
3.000%, 05/20/22		100		102
2.600%, 01/30/23		200		201
salesforce.com 3.250%, 04/11/23		150		156
Seagate HDD Cayman 4.750%, 01/01/25		100		101
Texas Instruments 4.150%, 05/15/48		50		57
2.750%, 03/12/21		75		76
Total System Services 4.800%, 04/01/26		100		110
Trimble 4.150%, 06/15/23		100		103
Tyco Electronics Group 3.125%, 08/15/27		25		25
Visa 4.300%, 12/14/45		150		178
3.150%, 12/14/25		200		210
2.800%, 12/14/22		100		102
VMware 2.950%, 08/21/22		100		101
Western Union 4.250%, 06/09/23		50		53
				37,394
Materials — 0.8%
Airgas 3.650%, 07/15/24		100		105
ArcelorMittal 7.000%, 10/15/39		21		25
6.250%, 02/25/22		20		22
6.125%, 06/01/25		15		17
5.500%, 03/01/21		20		21
5.250%, 08/05/20		25		25
Barrick 5.250%, 04/01/42		150		176
BHP Billiton Finance USA 5.000%, 09/30/43		100		125
Celanese US Holdings 5.875%, 06/15/21		20		21
4.625%, 11/15/22		20		21
Cemex 7.750%, 04/16/26 (A)		200		220
5.700%, 01/11/25 (A)		605		628

The accompanying notes are an integral part of the financial statements.

77

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
CNAC HK Finbridge 4.125%, 03/14/21	$	2,000	$	2,035
Dow Chemical 5.550%, 11/30/48 (A)		50		60
4.800%, 11/30/28 (A)		100		112
4.125%, 11/15/21		250		259
DuPont de Nemours 5.419%, 11/15/48		691		840
5.319%, 11/15/38		35		41
4.725%, 11/15/28		100		113
4.205%, 11/15/23		100		107
Eastman Chemical 3.800%, 03/15/25		150		157
Ecolab 3.250%, 01/14/23		100		103
Huntsman International 5.125%, 11/15/22		117		124
4.500%, 05/01/29		2,524		2,605
International Paper 5.150%, 05/15/46		150		160
3.650%, 06/15/24		200		209
LYB International Finance II BV 3.500%, 03/02/27		100		102
Martin Marietta Materials 4.250%, 12/15/47		100		94
Mexichem 5.875%, 09/17/44 (A)		430		449
4.000%, 10/04/27 (A)		625		622
Mosaic 4.050%, 11/15/27		100		103
Nacional del Cobre de Chile 3.625%, 08/01/27 (A)		505		523
Newmont Goldcorp 5.450%, 06/09/44 (A)		100		121
3.700%, 03/15/23 (A)		50		52
3.500%, 03/15/22		100		102
Nucor 3.950%, 05/01/28		150		162
Nutrien 6.125%, 01/15/41		150		184
5.000%, 04/01/49		1,005		1,138
3.625%, 03/15/24		100		104
Packaging Corp of America 3.650%, 09/15/24		100		104
3.400%, 12/15/27		35		35
2.450%, 12/15/20		35		35
Praxair 2.450%, 02/15/22		200		202
Rio Tinto Finance USA 3.750%, 06/15/25		200		215
RPM International 4.550%, 03/01/29		50		53
SASOL Financing USA 5.875%, 03/27/24		200		217

Description	Face Amount (000)		Value (000)
Sherwin-Williams 3.450%, 08/01/25	$	100	$	103
Southern Copper 5.875%, 04/23/45		150		177
3.875%, 04/23/25		30		31
Suzano Austria GmbH 7.000%, 03/16/47 (A)		1,102		1,253
Teck Resources 6.250%, 07/15/41		959		1,077
5.200%, 03/01/42		551		556
Vale Overseas 6.875%, 11/21/36		200		240
4.375%, 01/11/22		80		83
Westlake Chemical 3.600%, 08/15/26		100		102
WRKCo 4.650%, 03/15/26		100		109
4.200%, 06/01/32		50		51
				16,730
Real Estate — 0.9%
Alexandria Real Estate Equities 4.000%, 01/15/24		100		106
3.450%, 04/30/25		25		26
American Campus Communities Operating Partnership 3.300%, 07/15/26		100		101
American Tower 4.000%, 06/01/25		200		211
3.800%, 08/15/29		3,016		3,109
3.375%, 05/15/24		100		103
2.250%, 01/15/22		50		49
AvalonBay Communities 3.500%, 11/15/24		100		105
3.300%, 06/01/29		65		68
Boston Properties 3.850%, 02/01/23		100		104
3.650%, 02/01/26		150		156
Brixmor Operating Partnership 3.875%, 08/15/22		30		31
3.250%, 09/15/23		100		101
Camden Property Trust 4.100%, 10/15/28		10		11
3.150%, 07/01/29		30		30
Crown Castle International 5.250%, 01/15/23		100		109
3.800%, 02/15/28		150		156
3.700%, 06/15/26		35		36
2.250%, 09/01/21		55		55
CubeSmart 4.375%, 02/15/29		15		16
Digital Realty Trust 3.625%, 10/01/22		100		103
3.600%, 07/01/29		3,589		3,639

The accompanying notes are an integral part of the financial statements.

78

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Duke Realty 3.750%, 12/01/24	$	100	$	105
EPR Properties 4.750%, 12/15/26		50		53
ERP Operating 4.625%, 12/15/21		120		126
4.150%, 12/01/28		50		56
Essex Portfolio 3.375%, 04/15/26		100		102
Federal Realty Investment Trust 3.200%, 06/15/29		50		51
GLP Capital 5.750%, 06/01/28		15		16
5.375%, 11/01/23		15		16
5.375%, 04/15/26		25		27
5.250%, 06/01/25		15		16
4.875%, 11/01/20		40		41
HCP 3.875%, 08/15/24		150		157
3.500%, 07/15/29		904		908
3.250%, 07/15/26		2,941		2,964
Healthcare Trust of America Holdings 3.750%, 07/01/27		100		103
Highwoods Realty 4.200%, 04/15/29		50		52
Hospitality Properties Trust 5.250%, 02/15/26		100		103
5.000%, 08/15/22		100		105
Host Hotels & Resorts 3.750%, 10/15/23		100		102
Kilroy Realty 3.450%, 12/15/24		50		51
Kimco Realty 4.450%, 09/01/47		608		636
3.300%, 02/01/25		80		81
3.200%, 05/01/21		50		51
2.800%, 10/01/26		2,326		2,271
Liberty Property 4.125%, 06/15/22		100		104
Life Storage 4.000%, 06/15/29		50		51
Mid-America Apartments 3.950%, 03/15/29		50		53
3.600%, 06/01/27		25		26
National Retail Properties 4.000%, 11/15/25		35		37
3.600%, 12/15/26		100		103
Office Properties Income Trust 4.250%, 05/15/24		50		50
Omega Healthcare Investors 4.375%, 08/01/23		50		52
Prologis 3.875%, 09/15/28		35		38
Public Storage 3.385%, 05/01/29		30		31

Description	Face Amount (000)		Value (000)
Realty Income 3.875%, 04/15/25	$	25	$	27
3.250%, 10/15/22		100		103
3.250%, 06/15/29		25		25
Regency Centers 3.600%, 02/01/27		30		31
Simon Property Group 3.375%, 10/01/24		125		130
3.300%, 01/15/26		100		103
2.625%, 06/15/22		250		253
UDR 4.400%, 01/26/29		25		27
4.000%, 10/01/25		50		53
Ventas Realty 4.250%, 03/01/22		100		104
3.750%, 05/01/24		50		52
2.650%, 01/15/25		100		100
VEREIT Operating Partnership 4.875%, 06/01/26		20		22
4.625%, 11/01/25		50		54
4.600%, 02/06/24		15		16
4.125%, 06/01/21		10		10
Welltower 5.250%, 01/15/22		100		106
4.950%, 09/01/48		100		112
Weyerhaeuser 4.625%, 09/15/23		100		108
WP Carey 4.600%, 04/01/24		50		53
				18,652
Utilities — 3.2%
1MDB Energy 5.990%, 05/11/22		2,000		2,087
ABY Transmision Sur 6.875%, 04/30/43 (A)		625		708
AEP Transmission 3.800%, 06/15/49		50		52
3.100%, 12/01/26		150		152
Alabama Power 4.300%, 07/15/48		30		34
Ameren Illinois 4.500%, 03/15/49		25		29
American Electric Power 4.300%, 12/01/28		2,240		2,455
3.650%, 12/01/21		35		36
American Water Capital 4.200%, 09/01/48		100		108
3.400%, 03/01/25		100		104
Arizona Public Service 4.500%, 04/01/42		100		111
3.150%, 05/15/25		50		52
Atmos Energy 4.125%, 03/15/49		20		22
3.000%, 06/15/27		65		66
Avangrid 3.800%, 06/01/29		50		52

The accompanying notes are an integral part of the financial statements.

79

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Berkshire Hathaway Energy 6.125%, 04/01/36	$	200	$	268
3.750%, 11/15/23		100		105
Black Hills 4.350%, 05/01/33		30		33
CenterPoint Energy 4.250%, 11/01/28		25		27
3.850%, 02/01/24		25		26
3.600%, 11/01/21		10		11
2.500%, 09/01/22		50		50
CenterPoint Energy Houston Electric 4.250%, 02/01/49		25		28
2.250%, 08/01/22		100		100
Cleco Corporate Holdings 3.743%, 05/01/26		100		101
CMS Energy 3.000%, 05/15/26		40		40
Cometa Energia 6.375%, 04/24/35 (A)		1,453		1,494
Connecticut Light & Power 4.000%, 04/01/48		25		27
Consolidated Edison of New York 4.450%, 03/15/44		150		165
4.000%, 12/01/28		100		110
3.875%, 06/15/47		100		103
3.800%, 05/15/28		50		54
Consumers Energy 4.350%, 04/15/49		100		116
Delmarva Power & Light 4.150%, 05/15/45		423		454
Dominion Energy 5.950%, 06/15/35		1,199		1,473
4.050%, 09/15/42		150		152
2.962%, 07/01/19		1,600		1,600
2.750%, 01/15/22		100		101
2.579%, 07/01/20		45		45
2.000%, 08/15/21		456		457
2.000%, 08/15/24		2,004		2,020
Dominion Energy Gas Holdings 2.500%, 12/15/19		1,300		1,299
DPL 4.350%, 04/15/29 (A)		125		127
DTE Electric 3.950%, 03/01/49		70		76
3.750%, 08/15/47		100		105
DTE Energy 3.400%, 06/15/29		70		71
Duke Energy 3.750%, 09/01/46		200		195
2.650%, 09/01/26		150		148
Duke Energy Carolinas 5.300%, 02/15/40		300		374
3.700%, 12/01/47		100		102

Description	Face Amount (000)		Value (000)
3.050%, 03/15/23	$	100	$	103
2.950%, 12/01/26		50		51
Duke Energy Florida 3.800%, 07/15/28		50		54
2.100%, 12/15/19		249		248
Duke Energy Progress 3.700%, 09/01/28		50		53
3.450%, 03/15/29		35		37
Edison International 2.400%, 09/15/22		80		76
Empresa de Transmision Electrica 5.125%, 05/02/49 (A)		400		437
Enel Generacion Chile 4.250%, 04/15/24		50		52
Entergy 4.000%, 07/15/22		50		52
Entergy Louisiana 4.200%, 04/01/50		50		56
4.000%, 03/15/33		130		143
Eversource Energy 3.300%, 01/15/28		100		102
2.750%, 03/15/22		5,309		5,373
Exelon 5.100%, 06/15/45		1,211		1,394
3.400%, 04/15/26		100		103
Exelon Generation 6.250%, 10/01/39		730		863
5.600%, 06/15/42		600		669
FirstEnergy 3.900%, 07/15/27		230		242
FirstEnergy Transmission 5.450%, 07/15/44 (A)		1,217		1,446
4.550%, 04/01/49 (A)		387		423
Florida Power & Light 4.125%, 06/01/48		50		56
3.990%, 03/01/49		50		55
3.700%, 12/01/47		100		104
Fortis 2.100%, 10/04/21		966		958
Georgia Power 4.300%, 03/15/42		926		982
2.000%, 09/08/20		115		114
ITC Holdings 3.650%, 06/15/24		25		26
2.700%, 11/15/22		2,183		2,194
Kansas City Power & Light 3.650%, 08/15/25		100		106
Listrindo Capital BV 4.950%, 09/14/26 (A)		530		523
MidAmerican Energy
4.250%, 07/15/49		1,362		1,550
3.950%, 08/01/47		100		108
Minejesa Capital BV 5.625%, 08/10/37 (A)		870		913

The accompanying notes are an integral part of the financial statements.

80

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
National Fuel Gas 3.950%, 09/15/27	$	50	$	50
Nevada Power 3.700%, 05/01/29		40		43
NextEra Energy Capital Holdings
4.800%, VAR ICE LIBOR USD 3 Month+2.409%, 12/01/77		200		188
3.342%, 09/01/20		5,136		5,194
3.150%, 04/01/24		100		103
2.900%, 04/01/22		2,233		2,272
NiSource 5.800%, 02/01/42		992		1,213
4.375%, 05/15/47		100		107
3.650%, 06/15/23		50		52
2.650%, 11/17/22		20		20
Northern States Power 2.600%, 05/15/23		100		101
2.200%, 08/15/20		50		50
NSTAR Electric 2.375%, 10/15/22		100		101
Oglethorpe Power 5.050%, 10/01/48		50		58
Ohio Power 4.000%, 06/01/49		20		22
Oklahoma Gas & Electric 3.800%, 08/15/28		25		26
3.300%, 03/15/30		25		26
Oncor Electric Delivery 4.100%, 11/15/48		50		56
3.750%, 04/01/45		100		104
3.700%, 11/15/28 (A)		100		108
ONE Gas 4.500%, 11/01/48		45		51
PacifiCorp 4.100%, 02/01/42		150		161
PECO Energy 3.900%, 03/01/48		15		16
Perusahaan Listrik Negara 6.150%, 05/21/48 (A)		845		1,004
Piedmont Natural Gas 3.500%, 06/01/29		100		105
Pinnacle West Capital 2.250%, 11/30/20		1,009		1,007
Power Finance 6.150%, 12/06/28 (A)		1,060		1,218
PPL Capital Funding 4.000%, 09/15/47		100		97
3.500%, 12/01/22		150		154
Progress Energy 7.750%, 03/01/31		1,026		1,439
PSEG Power 3.850%, 06/01/23		50		52
3.000%, 06/15/21		50		51

Description	Face Amount (000)		Value (000)
Public Service Electric & Gas 3.650%, 09/01/28	$	100	$	107
Public Service Enterprise Group 2.650%, 11/15/22		150		150
Public Service of Colorado 4.100%, 06/15/48		65		72
Public Service of New Hampshire 3.600%, 07/01/49		25		25
Puget Energy 6.500%, 12/15/20		100		106
Puget Sound Energy 4.223%, 06/15/48		100		112
Ruwais Power PJSC 6.000%, 08/31/36 (A)		540		649
San Diego Gas & Electric 4.300%, 04/01/42		826		837
4.150%, 05/15/48		867		903
Sempra Energy 6.000%, 10/15/39		1,222		1,473
3.800%, 02/01/38		200		193
3.750%, 11/15/25		100		103
3.550%, 06/15/24		100		103
3.400%, 02/01/28		213		213
2.900%, 02/01/23		35		35
South Carolina Electric & Gas 4.350%, 02/01/42		73		80
Southern 4.250%, 07/01/36		150		155
2.350%, 07/01/21		200		200
Southern California Edison 4.875%, 03/01/49		1,706		1,918
4.125%, 03/01/48		654		660
3.650%, 03/01/28		50		51
3.500%, 10/01/23		150		154
Southern Gas Capital 3.250%, 06/15/26		30		30
Southwestern Electric Power 4.100%, 09/15/28		25		27
3.850%, 02/01/48		100		98
2.750%, 10/01/26		50		49
Southwestern Public Service 4.400%, 11/15/48		100		113
3.750%, 06/15/49		50		50
State Grid Overseas Investment 2013
3.125%, 05/22/23 (A)		440		448
Tampa Electric 4.450%, 06/15/49		25		28
4.300%, 06/15/48		25		27
Terraform Global Operating 6.125%, 03/01/26 (A)		870		874
Union Electric 3.500%, 04/15/24		150		158
Virginia Electric & Power 3.800%, 04/01/28		100		107

The accompanying notes are an integral part of the financial statements.

81

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
3.500%, 03/15/27	$	100	$	105
3.100%, 05/15/25		100		103
Vistra Operations 4.300%, 07/15/29 (A)		2,875		2,915
3.550%, 07/15/24 (A)		2,607		2,622
WEC Energy Group 3.375%, 06/15/21		65		66
3.100%, 03/08/22		25		26
Wisconsin Electric Power 4.300%, 10/15/48		10		11
Wisconsin Power & Light 3.050%, 10/15/27		100		102
Xcel Energy 2.400%, 03/15/21		2,057		2,056
				70,954
Total Corporate Obligations (Cost $513,249) (000)				532,795
MORTGAGE-BACKED SECURITIES — 24.3%
Agency Mortgage-Backed Obligations — 22.7%
FHLMC 5.000%, 02/01/39 - 12/01/48		9,355		9,955
4.500%, 05/01/42 - 01/01/49		8,719		9,245
4.000%, 05/01/26 - 02/01/49		21,329		22,233
3.500%, 06/01/33 - 05/01/49		43,833		45,188
3.000%, 11/01/27 - 02/01/48		33,300		33,764
2.500%, 01/01/32 - 12/01/32		2,679		2,701
FHLMC, Ser 2011-3830, Cl DZ 4.000%, 12/15/30		987		1,049
FHLMC, Ser 2011-3838, Cl FG 2.794%, VAR LIBOR USD 1 Month+0.400%, 03/15/40		133		133
FHLMC, Ser 2011-3896, Cl PA 4.000%, 03/15/40		275		284
FHLMC, Ser 2013-4212, Cl JP 3.000%, 12/15/40		477		487
FHLMC, Ser 2014-4384, Cl LA 3.500%, 09/15/40		224		230
FHLMC, Ser 2017-4681, Cl DA 3.000%, 04/15/45		944		965
FHLMC, Ser 2018-4798, Cl BA 4.000%, 05/15/44		1,438		1,487
FHLMC, Ser 2018-4821, Cl MA 3.500%, 10/15/53		2,836		2,934
FHLMC Multifamily Structured Pass-Through Certificates, Ser K029, Cl A2 3.320%, 02/25/23		1,000		1,042
FHLMC Multifamily Structured Pass-Through Certificates, Ser K055, Cl A2 2.673%, 03/25/26		400		409

Description	Face Amount (000)		Value (000)
FHLMC Multifamily Structured Pass-Through Certificates, Ser K065, Cl A2 3.243%, 04/25/27	$	1,026	$	1,086
FHLMC Multifamily Structured Pass-Through Certificates, Ser K068, Cl A2 3.244%, 08/25/27		723		766
FHLMC Multifamily Structured Pass-Through Certificates, Ser K069, Cl A2 3.187%, 09/25/27 (E)		400		422
FHLMC Multifamily Structured Pass-Through Certificates, Ser K070, Cl A2 3.303%, 11/25/27 (E)		361		384
FHLMC Multifamily Structured Pass-Through Certificates, Ser K072, Cl A2 3.444%, 12/25/27		100		107
FHLMC Multifamily Structured Pass-Through Certificates, Ser K078, Cl A2 3.854%, 06/25/28		200		221
FHLMC Multifamily Structured Pass-Through Certificates, Ser K079, Cl A2 3.926%, 06/25/28		1,505		1,674
FHLMC Multifamily Structured Pass-Through Certificates, Ser K081, Cl A2 3.900%, 08/25/28 (E)		1,156		1,285
FHLMC Multifamily Structured Pass-Through Certificates, Ser K083, Cl A2 4.050%, 09/25/28 (E)		1,092		1,227
FHLMC Multifamily Structured Pass-Through Certificates, Ser K085, Cl A2 4.060%, 10/25/28 (E)		200		225
FHLMC Multifamily Structured Pass-Through Certificates, Ser K086, Cl A2 3.859%, 11/25/28 (E)		120		133
FHLMC Multifamily Structured Pass-Through Certificates, Ser K723, Cl A2 2.454%, 08/25/23		350		355
FHLMC Multifamily Structured Pass-Through Certificates, Ser K730, Cl A2 3.590%, 01/25/25 (E)		425		454
FNMA 5.500%, 09/01/40		774		844
5.000%, 07/01/41 - 01/01/49		5,420		5,816
4.500%, 01/01/30 - 04/01/49		16,574		17,513

The accompanying notes are an integral part of the financial statements.

82

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
4.000%, 08/01/27 - 06/01/49	$	50,651	$	52,778
3.500%, 08/01/31 - 07/01/49		51,406		52,994
3.000%, 02/01/32 - 09/01/47		23,296		23,694
2.500%, 12/01/27 - 01/01/33		4,607		4,643
FNMA TBA 5.000%, 07/15/38		1,100		1,163
4.500%, 07/01/37		10,235		10,695
4.000%, 07/13/39		10,185		10,526
3.500%, 07/25/26 - 07/01/41		18,515		18,971
3.000%, 07/01/26 - 07/01/42		14,935		15,106
2.500%, 07/01/27		10,630		10,704
FNMA, Ser 2006-104, Cl FC 2.654%, VAR LIBOR USD 1 Month+0.250%, 11/25/36		303		302
FNMA, Ser 2013-101, Cl A 3.000%, 09/25/30		275		279
FNMA, Ser 2015-M11, Cl A2 2.923%, 04/25/25 (E)		850		876
FNMA, Ser 2016-54, Cl GA 2.500%, 11/25/45		1,876		1,891
FNMA, Ser 2017-41, Cl MD 4.000%, 05/25/53		1,159		1,227
FNMA, Ser 2017-91, Cl PC 3.000%, 06/25/45		606		614
FNMA, Ser 2018-11, Cl PA 3.000%, 06/25/46		1,543		1,567
FNMA, Ser 2018-3, Cl PA 3.000%, 04/25/46		1,679		1,722
FNMA, Ser 2018-44, Cl PA 3.500%, 06/25/44		1,457		1,483
FNMA, Ser 2018-M12, Cl A2 3.776%, 08/25/30 (E)		100		109
FNMA, Ser 2018-M5, Cl A2 3.560%, 09/25/21 (E)		133		136
FNMA, Ser M7, Cl A2 3.150%, 03/25/28 (E)		500		521
GNMA 5.000%, 09/20/46 - 12/20/48		5,385		5,675
4.500%, 12/20/41 - 01/20/49		15,586		16,297
4.000%, 01/20/47 - 03/20/49		25,369		26,343
3.500%, 11/20/44 - 02/20/49		25,088		25,967
3.000%, 08/20/46 - 03/20/48		9,991		10,224
2.500%, 12/20/46		400		402
GNMA TBA 4.000%, 07/01/39		2,205		2,286
3.500%, 07/15/41		15,490		16,001
3.000%, 07/15/42 - 08/15/42		15,585		15,905
				495,719
Non-Agency Mortgage-Backed Obligations — 1.6%
Alternative Loan Trust, Ser 2003-22CB, Cl 3A1 6.000%, 12/25/33		614		622
BANK, Ser 2017-BNK8, Cl A4 3.488%, 11/15/50		90		95

Description	Face Amount (000)		Value (000)
BANK, Ser 2017-BNK8, Cl B 4.065%, 11/15/50 (E)	$	50	$	53
BANK, Ser 2018-BN13, Cl A5 4.217%, 08/15/61 (E)		1,322		1,476
BANK, Ser 2018-BN14, Cl A4 4.231%, 09/15/60		96		107
BBCMS Mortgage Trust, Ser 2018-C2, Cl A5 4.314%, 12/15/51		50		56
Benchmark Mortgage Trust, Ser 2018-B2, Cl A5, 3.882%, 02/15/51		100		109
Benchmark Mortgage Trust, Ser 2018-B6, Cl A4 4.261%, 10/10/51		50		56
Benchmark Mortgage Trust, Ser 2019-B11, Cl A5 3.542%, 05/15/52		200		213
Benchmark Mortgage Trust, Ser 2019-B9, Cl A5 4.016%, 03/15/52		57		63
CD Mortgage Trust, Ser 2017-CD6, Cl A5 3.456%, 11/13/50		100		105
Citigroup Commercial Mortgage Trust, Ser 2015-GC33, Cl A4 3.778%, 09/10/58		245		262
Citigroup Commercial Mortgage Trust, Ser 2016-C3, Cl A4 3.154%, 11/15/49		1,004		1,038
Citigroup Commercial Mortgage Trust, Ser 2016-P6, Cl A5 3.720%, 11/10/26		738		792
Citigroup Commercial Mortgage Trust, Ser 2017-P7, Cl A4 3.712%, 04/14/50		500		536
Citigroup Commercial Mortgage Trust, Ser 2018-C5, Cl A4 4.228%, 06/10/51 (E)		100		112
Citigroup Mortgage Loan Trust, Ser 2018-A, Cl A1 4.000%, 01/25/68 (A) (E)		603		611
COMM Mortgage Trust, Ser 2013-CCRE9, Cl A4 4.374%, 07/10/45 (E)		300		322
COMM Mortgage Trust, Ser 2013-CR12, Cl A3 3.765%, 10/10/46		1,340		1,407
COMM Mortgage Trust, Ser 2013-CR7, Cl A4 3.213%, 03/10/46		481		495
COMM Mortgage Trust, Ser 2015-DC1, Cl A5 3.350%, 02/10/48		700		728

The accompanying notes are an integral part of the financial statements.

83

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
COMM Mortgage Trust, Ser 2015-LC23, Cl A4 3.774%, 10/10/48	$	1,167	$	1,250
COMM Mortgage Trust, Ser 2016-CR16, Cl A4 4.051%, 04/10/47		683		731
Commercial Mortgage Pass-Through Certificates, Ser CR28, Cl A4 3.762%, 02/10/49		1,241		1,326
Credit Suisse First Boston Mortgage Securities, Ser 2004-AR2, Cl 5A1 4.538%, 03/25/34 (E)		24		25
CSAIL Commercial Mortgage Trust, Ser 2016-C7, Cl A4 3.210%, 11/15/49		500		514
CSAIL Commercial Mortgage Trust, Ser 2016-C7, Cl A5 3.502%, 11/15/49		597		624
CSAIL Commercial Mortgage Trust, Ser 2019-C16, Cl A3 3.329%, 06/15/52		963		999
CSFB Mortgage-Backed Pass-Through Certificates, Ser 2003-27, Cl 4A4 5.750%, 11/25/33		65		68
CSMC Trust, Ser 2018-RPL7, Cl A1 4.000%, 08/26/58 (A)		497		504
GS Mortgage Securities Trust, Ser 2013-GCJ12, Cl A4 3.135%, 06/10/46		367		377
GS Mortgage Securities Trust, Ser 2014-GC18, Cl A3 3.801%, 01/10/47		1,424		1,497
GS Mortgage Securities Trust, Ser 2014-GC18, Cl A4 4.074%, 01/10/47		552		589
GS Mortgage Securities Trust, Ser 2015-GC32, Cl A4 3.764%, 07/10/48		500		534
GS Mortgage Securities Trust, Ser 2016-GS4, Cl A4 3.442%, 11/10/49 (E)		365		385
GS Mortgage Securities Trust, Ser 2019-GC38, Cl A4 3.968%, 02/10/52		100		110
GSR Mortgage Loan Trust, Ser 2005-4F, Cl 6A1 6.500%, 02/25/35		33		33
HarborView Mortgage Loan Trust, Ser 2004-3, Cl 1A 4.696%, 05/19/34 (E)		29		30

Description	Face Amount (000)		Value (000)
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C19, Cl A3 3.669%, 04/15/47	$	500	$	511
JPMCC Commercial Mortgage Securities Trust, Ser 2017-JP5, Cl A2 3.240%, 03/15/50		400		409
JPMorgan Mortgage Trust, Ser 2003-A2, Cl 3A1 4.323%, 11/25/33 (E)		116		119
JPMorgan Mortgage Trust, Ser 2005-A1, Cl 6T1 4.724%, 02/25/35 (E)		152		154
JPMorgan Mortgage Trust, Ser 2005-A2, Cl 3A2 4.557%, 04/25/35 (E)		40		41
JPMorgan Mortgage Trust, Ser 2005-A3, Cl 4A1 4.863%, 06/25/35 (E)		37		39
MLCC Mortgage Investors, Ser 2006-2, Cl 2A 4.435%, 05/25/36 (E)		152		155
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C19, Cl AS 3.832%, 12/15/47		500		525
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C20, Cl A4 3.249%, 02/15/48		935		970
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C23, Cl A4 3.719%, 07/15/50		300		319
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl A4 3.732%, 05/15/48		1,839		1,961
Morgan Stanley Capital I Trust, Ser 2014-CPT, Cl A 3.350%, 07/13/29 (A)		1,104		1,126
Morgan Stanley Capital I Trust, Ser 2017-HR2, Cl A4 3.587%, 12/15/50		250		266
Tharaldson Hotel Portfolio Trust, Ser 2018-THL, Cl A 3.169%, VAR LIBOR USD 1 Month+0.750%, 11/11/34 (A)		293		293
UBS Commercial Mortgage Trust, Ser 2018-C8, Cl A4 3.983%, 02/15/51		300		327
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, Cl A4 3.540%, 05/15/48		700		738

The accompanying notes are an integral part of the financial statements.

84

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Wells Fargo Commercial Mortgage Trust, Ser 2015-C31, Cl A4 3.695%, 11/15/48	$	811	$	864
Wells Fargo Commercial Mortgage Trust, Ser 2015-P2, Cl A4 3.809%, 12/15/48		638		684
Wells Fargo Commercial Mortgage Trust, Ser 2016-C34, Cl A4 3.096%, 06/15/49		1,215		1,249
Wells Fargo Commercial Mortgage Trust, Ser 2016-LC25, Cl A4 3.640%, 12/15/59		999		1,062
Wells Fargo Commercial Mortgage Trust, Ser 2017-C42 3.589%, 12/15/50		1,406		1,492
Wells Fargo Commercial Mortgage Trust, Ser 2019-C49, Cl A4 3.760%, 03/15/52		394		424
Wells Fargo Commercial Mortgage Trust, Ser 2019-C49, Cl A5 4.023%, 03/15/52		100		110
Wells Fargo Mortgage-Backed Securities Trust, Ser 2003-J, Cl 1A9 4.735%, 10/25/33 (E)		361		371
Wells Fargo Mortgage-Backed Securities Trust, Ser 2005-AR10, Cl 2A4 4.947%, 05/01/35 (E)		83		87
WFRBS Commercial Mortgage Trust, Ser 2013-C13, Cl A3 2.749%, 05/15/45		471		479
WFRBS Commercial Mortgage Trust, Ser 2013-C14, Cl A4 3.073%, 06/15/46		696		715
WFRBS Commercial Mortgage Trust, Ser 2013-C14, Cl A5 3.337%, 06/15/46		60		62
WFRBS Commercial Mortgage Trust, Ser 2014-C25, Cl A5 3.631%, 11/15/47		1,387		1,465
				35,871
Total Mortgage-Backed Securities (Cost $522,832) (000)				531,590

Description	Face Amount (000)		Value (000)
LOAN PARTICIPATIONS — 9.8%
Airlines — 0.1%
American Airlines, Inc., 2018 Replacement Term Loan
4.061%, VAR LIBOR+1.750%, 06/27/25	$	1,242	$	1,208
Automotive — 0.3%
Chassix Inc., Term Loan B 8.063%, 11/15/23		241		241
Chassix, Inc., Initial Loan, 1st Lien 10.000%, 11/15/23		1		1
8.063%, 11/15/23		251		250
Dayco Products, LLC , Term Loan, 1st Lien 6.772%, VAR LIBOR+4.250%, 05/08/23		686		663
Honeywell Technologies Sàrl, Dollar Tranche B Term Loan 5.110%, 09/19/25		995		976
Horizon Global Corporation, 2017 Replacement Term Loan 8.499%, 03/30/21 (E)		225		222
Panther BF Aggregator 2 L.P., Initial Dollar Term Loan 5.902%, 04/30/26		1,650		1,637
TI Group Automotive Systems, LLC, Initial US Term Loan, 1st Lien 4.939%, VAR LIBOR+2.500%, 06/24/22		1,438		1,423
				5,413
Building Materials — 0.2%
American Builders & Contractors Supply Co., Inc., Term B-2 Loan, 1st Lien 4.402%, VAR LIBOR+2.000%, 10/31/23		1,600		1,575
Beacon Roofing Supply, Inc., Initial Term Loan, 1st Lien 4.663%, VAR LIBOR+2.250%, 01/02/25		1,238		1,222
Foundation Building Materials Holding Company LLC, Term Loan, 1st Lien 5.402%, 05/09/25		757		753
Priso Acquisition Corporation (aka PrimeSource Building Products), Term B Loan, 1st Lien 5.439%, VAR LIBOR+3.000%, 05/08/22		966		917
				4,467

The accompanying notes are an integral part of the financial statements.

85

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Chemicals — 1.3%
AkzoNobel (Starfruit), Term Loan B 5.669%, 10/01/25	$	1,674	$	1,646
Allnex (Luxembourg) & Cy S.C.A. (f/k/a AI Chem & Cy S.C.A.), Tranche B-2 Term Loan, 1st Lien 5.771%, VAR LIBOR+3.250%, 06/02/23		694		679
5.680%, VAR LIBOR+3.250%, 06/02/23		2		2
Allnex (Luxembourg) & Cy S.C.A. (f/k/a AI Chem & Cy S.C.A.), Tranche B-3 Term Loan 5.771%, VAR LIBOR+3.250%, 06/02/23		523		512
5.680%, VAR LIBOR+3.250%, 06/02/23		1		1
Archroma Finance S.a r.l., Facility B2, 1st Lien 6.601%, VAR LIBOR+4.250%, 08/12/24		4		4
6.581%, VAR LIBOR+4.250%, 08/12/24		809		803
Ascend Performance Materials Operations LLC, Term B Loan, 1st Lien 7.791%, VAR LIBOR+5.250%, 08/12/22		490		489
ASP Chromaflo Intermediate Holdings, Inc., Initial Tranche B-1 Term Loan 5.902%, VAR LIBOR+3.500%, 11/20/23		398		386
ASP Chromaflo Intermediate Holdings, Inc., Initial Tranche B-2 Term Loan 5.902%, VAR LIBOR+3.500%, 11/20/23		517		503
Axalta Coating Systems Dutch Holding B B.V. (Axalta Coating Systems U.S. Holdings, Inc.), Term B-3 Dollar Loan, 1st Lien 4.080%, VAR LIBOR+1.750%, 06/01/24		1,574		1,554
Berry Global, Term Loan, 1st Lien 0.000%, 05/15/26 (F)		1,000		993
Ferro Corporation, Tranche B-1 Term Loan, 1st Lien 4.580%, 02/14/24 (E)		767		760
Flint Group, Term Loan, 1st Lien 5.581%, 09/07/21 (E)		733		607

Description	Face Amount (000)		Value (000)
H.B. Fuller Company, Commitment, 1st Lien 4.383%, VAR LIBOR+2.000%, 10/20/24	$	759	$	745
INEOS Styrolution US Holding LLC (fka Styrolution US Holding LLC), New 2024 Dollar Term Loan 4.330%, 03/29/24 (E)		219		217
Ineos US Finance LLC, New 2024 Dollar Term Loan 4.402%, VAR LIBOR+2.000%, 04/01/24		1,486		1,465
Klockner Pentaplast of America, Inc. (fka Kleopatra Acquisition Corp), Dollar Term Loan, 1st Lien 6.689%, VAR LIBOR+4.250%, 06/30/22		691		611
Messer Industries GmbH, Initial Term B-1 Loan 5.101%, 10/01/25		877		865
OCI Partners LP, Initial Term Loan, 1st Lien 6.601%, 02/14/25		495		494
Orion Engineered Carbons GmbH, Initial Dollar Term Loan, 1st Lien 4.601%, VAR LIBOR+2.000%, 07/25/24		1,348		1,336
PMHC II, Inc., Initial Term Loan 6.415%, 03/31/25		219		199
6.151%, 03/21/25		235		213
5.939%, 03/31/25		290		263
PQ Corporation, Third Amendment Tranche B-1 Term Loan 5.083%, 02/08/25 (E)		918		913
Pregis Holding I Corporation, Term Loan 6.101%, VAR LIBOR+3.500%, 05/20/21		733		732
Ravago Holdings America, Inc., Term Loan, 1st Lien 5.160%, VAR LIBOR+2.750%, 06/30/23		656		640
Reynolds Group Holdings Inc., Incremental U.S. Term Loan 5.189%, VAR LIBOR+2.750%, 02/05/23		553		549
Reynolds Group Holdings Incremental US Term Loans 5.152%, VAR LIBOR+2.750%, 02/05/23		931		923
Schenectady International Group, Inc., Initial Term Loan 7.351%, 10/15/25		30		29

The accompanying notes are an integral part of the financial statements.

86

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Schenectady International Group, Inc., Initial Term Loan, 1st Lien 7.348%, 10/15/25 (E)	$	1,068	$	1,053
Solenis Holdings LLC, Initial Dollar Term Loan 6.522%, 06/26/25		747		737
6.439%, 06/26/25		3		3
Spectrum Holdings III Corp., Closing Date Term Loan, 2nd Lien 9.439%, VAR LIBOR+7.000%, 01/26/26		500		457
Tricorbraun Holdings, Inc., Closing Date Term Loan, 1st Lien 6.351%, 11/30/23 (E)		535		525
6.136%, 11/30/23		48		47
Tronox Finance LLC, Initial Dollar Term Loan 5.330%, VAR LIBOR+3.000%, 09/23/24		1,821		1,801
U.S. Farathane, LLC, Term B-4 Loan, 1st Lien 6.101%, VAR LIBOR+3.500%, 12/31/21		1,161		1,115
Univar USA Inc., Term B-3 Loan, 1st Lien 4.652%, VAR LIBOR+2.500%, 07/01/24		842		839
Vantage Specialty Chemicals, Inc., Closing Date Term Loan 5.981%, 10/28/24		49		49
Vantage Specialty Chemicals, Inc., Closing Date Term Loan, 1st Lien 6.022%, 10/28/24		546		538
5.939%, VAR LIBOR+4.000%, 10/28/24		392		387
Vantage Specialty Chemicals, Inc., Initial Loan 10.580%, VAR LIBOR+8.250%, 10/20/25		205		195
Wilsonart LLC, Tranche D Term Loan, 1st Lien 5.860%, VAR LIBOR+3.250%, 12/19/23		491		479
				27,358
Commercial Services — 0.0%
Autokiniton US Holdings, Inc., Closing Date Term B Loan, 1st Lien 6.402%, 05/17/25 (E)		579		564

Description	Face Amount (000)		Value (000)
Belfor, Term Loan B, 1st Lien 6.402%, 02/13/26	$	350	$	352
				916
Communication Services — 0.5%
Altice Financing S.A., March 2017 Refinancing Term Loan 5.144%, VAR LIBOR+2.750%, 07/15/25		936		886
Centurylink, Term Loan B 5.152%, 01/31/25 (E)		997		973
CommScope, Inc., Term Loan B, 1st Lien 5.689%, 04/06/26		1,225		1,220
CPI International, Inc., Initial Term Loan, 1st Lien 9.689%, 07/25/25 (E)		313		297
Flight Bidco Inc., Initial Term Loan 5.940%, 07/23/25		617		609
Flight Bidco Inc., Initial Term Loan, 1st Lien 9.940%, 06/19/26		556		547
Flint Acquisition Company, Inc 12/29/2023 Lien 1 5.547%, 09/07/21 (E)		2		1
Level 3 Financing, Inc., Tranche B 2024 Term Loan 4.717%, VAR LIBOR+2.250%, 02/22/24		1,670		1,656
MTN Infrastructure TopCo, Inc., Initial Term Loan, 1st Lien 5.439%, VAR LIBOR+3.000%, 11/15/24		1,136		1,128
5.357%, 11/15/24		112		111
Numericable U.S. LLC, USD TLB-11 Term Loan, 1st Lien 5.152%, 07/31/25 (E)		250		238
SBA Senior Finance II LLC, Initial Term Loan, 1st Lien 4.410%, VAR LIBOR+2.000%, 04/11/25		1,212		1,196
Sprint Communications, Inc., Initial Term Loan, 1st Lien 4.938%, VAR LIBOR+2.500%, 02/02/24		1,769		1,740
Zayo Group LLC (Zayo Capital, Inc.), 2017 Incremental Refinancing B-2 Term Facility 4.652%, VAR LIBOR+2.250%, 01/19/24		1,226		1,224
				11,826

The accompanying notes are an integral part of the financial statements.

87

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Computers & Electronics — 1.2%
Air Newco LLC, 2018 Refinancing Dollar Term B Loan 7.162%, 05/31/24	$	707	$	704
Brooks Automation, Inc., Initial Term B Loan 5.360%, 10/04/24 (E)		1,970		1,945
Cohu, Inc., Initial Term B Loan, 1st Lien 5.601%, 09/19/25		1,161		1,117
CPI International, Inc., Initial Term Loan, 1st Lien 5.939%, VAR LIBOR+3.500%, 07/26/24		361		358
Cypress Intermediate Holdings III, Inc. (fka Jaguar Holding Inc.), Initial Term Loan 5.190%, VAR LIBOR+3.000%, 04/29/24		1,237		1,219
Epicor Software Corporation (fka Eagle Parent Inc.), Term B Loan, 1st Lien 5.690%, VAR LIBOR+3.250%, 06/01/22		1,730		1,717
Excelitas Technologies Corp. (fka EXC Holdings III Corp.), Initial USD Term Loan 5.830%, VAR LIBOR+3.500%, 11/15/24		988		984
Flexera Software LLC (fka Flexera Software, Inc.), Initial Term Loan 5.940%, 02/26/25		400		399
Go Daddy Operating Company, LLC (GD Finance Co, Inc.), Tranche B-1 Term Loan, 1st Lien 4.439%, VAR LIBOR+2.250%, 02/15/24		741		741
Infor (US), Inc. (fka Lawson Software Inc.) , Tranche B-6 Term Loan 5.189%, VAR LIBOR+2.750%, 02/01/22		1,680		1,675
Kronos Incorporated, Incremental Term Loan, 1st Lien 5.579%, VAR LIBOR+3.000%, 11/01/23		1,261		1,258
MA Financeco., LLC, Tranche B-2 Term Loan, 1st Lien 4.652%, VAR LIBOR+2.500%, 11/19/21		181		179

Description	Face Amount (000)		Value (000)
MA Financeco., LLC, Tranche B-3 Term Loan 4.902%, VAR LIBOR+2.750%, 06/21/24	$	123	$	120
MACOM Technology Solutions Holdings, Inc. (fka M/A-COM Technology Solutions Holdings, Inc.), Initial Term Loan, 1st Lien 4.689%, VAR LIBOR+2.250%, 05/07/24		1,064		947
Micro Holdings (Internet Brands), Term Loan (2017) 6.152%, 09/13/24 (E)		997		979
Micro Holdings (Internet Brands), Term Loan, 2nd Lien 9.930%, VAR LIBOR+7.500%, 09/15/25		244		244
Microchip Technology Incorporated, Initial Term Loan, 1st Lien 4.410%, VAR LIBOR+2.000%, 05/23/25		1,196		1,188
Oberthur Technologies Holding S.A.S. (fka OT Frenchco 1 SAS), Facility B1 (USD), 1st Lien 6.351%, VAR LIBOR+3.750%, 01/10/24		1,371		1,312
Project Alpha Intermediate Holding, Inc., Term Loan, 1st Lien 6.370%, VAR LIBOR+3.500%, 04/19/24		250		242
Project Alpha, Term Loan B, 1st Lien 6.780%, 04/26/24		1,136		1,128
Project Ruby Ultimate Parent Corp., New Term Loan 5.939%, VAR LIBOR+3.500%, 02/09/24		1,568		1,554
Rovi Solutions Corporation / Rovi Guides, Inc., Term B Loan 4.910%, 07/02/21 (E)		1,250		1,221
Seattle SpinCo, Inc., Initial Term Loan, 1st Lien 4.902%, VAR LIBOR+2.750%, 06/21/24		828		810
Solera, LLC (Solera Finance, Inc.), Dollar Term Loan, 1st Lien 5.152%, VAR LIBOR+2.750%, 03/03/23		1,515		1,503
SS&C Technologies Holdings, Inc., Term B-3 Loan, 1st Lien 4.652%, VAR LIBOR+2.500%, 04/16/25		1,004		999

The accompanying notes are an integral part of the financial statements.

88

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
SS&C Technologies Holdings, Inc., Term B-4 Loan, 1st Lien 4.652%, VAR LIBOR+2.500%, 04/16/25	$	704	$	701
TeamViewer, Term Loan B, 1st Lien 7.351%, 02/22/24		492		493
Vertiv Group Corporation (fka Cortes NP Acquisition Corporation), Term B Loan, 1st Lien 6.330%, VAR LIBOR+4.000%, 11/30/23		703		668
				26,405
Construction — 0.1%
Brand Energy & Infrastructure Services, Inc. (fka FR Brand Acquisition Corp), Initial Term Loan, 1st Lien 6.851%, 06/21/24		11		11
6.842%, VAR LIBOR+4.250%, 06/14/24		436		420
6.842%, VAR LIBOR+4.250%, 06/21/24		1,028		992
				1,423
Consumer Nondurables — 0.1%
Acuity Specialty Products, Inc., Initial Term Loan 6.601%, VAR LIBOR+4.000%, 08/12/24		980		789
Plaze, Inc., Term Loan 5.939%, VAR LIBOR+3.500%, 07/31/22		335		333
				1,122
Educational Services — 0.1%
Adtalem Global Education Inc., Term B Loan, 1st Lien 5.402%, 04/09/25 (E)		243		243
Learning Care Group (US) No. 2 Inc., Initial Term Loan, 1st Lien 5.833%, 03/13/25		221		217
5.830%, 03/13/25		221		217
5.689%, 03/13/25		98		97
Learning Care, Term Loan B, 1st Lien 5.830%, 03/13/25 (E)		663		652
Prometric Holdings Inc. (fka ETS Holdings Inc.), Initial Term Loan 5.440%, VAR LIBOR+3.000%, 01/17/25		993		973
				2,399

Description	Face Amount (000)		Value (000)
Entertainment & Leisure — 0.3%
Alterra Mountain Company, Initial Bluebird Term Loan 5.439%, VAR LIBOR+3.000%, 07/31/24	$	1,736	$	1,727
AMC Entertainment Holdings, Inc. (fka AMC Entertainment Inc.), Term B-1 Loan, 1st Lien 5.230%, 04/22/26		1,812		1,807
Callaway Golf Company, Term Loan, 1st Lien 6.919%, 12/17/25		950		958
Crown Finance US, Inc., Initial Dollar Tranche Term Loan 4.652%, VAR LIBOR+2.500%, 02/28/25		617		606
Seaworld Parks & Entertainment, Inc. (f/k/a SW Acquisitions Co., Inc.), Term B-5 Loan, 1st Lien 5.439%, 04/01/24 (E)		1,244		1,238
Topgolf International, Inc., Initial Term Loan, 1st Lien 7.912%, 02/08/26		230		230
UFC Holdings, LLC, Term Loan 5.660%, 04/29/26		750		748
				7,314
Entertainment Content — 0.0%
Metro-Goldwyn-Mayer Inc., Initial Term Loan 4.940%, 06/27/25		432		427
Environmental Services — 0.1%
GFL Environmental Inc., Effective Date Incremental Term Loan 5.402%, 05/30/25 (E)		1,726		1,696
Strategic Materials Holding Corp., Initial Term Loan 10.329%, 10/31/25		500		360
6.329%, VAR LIBOR+3.750%, 11/01/24		741		659
				2,715
Financial Services — 0.2%
Altisource Solutions, Term Loan B, 1st Lien 6.330%, 03/29/24 (E)		624		612
Citco Funding LLC, 2017 Term Loan, 1st Lien 4.939%, VAR LIBOR+3.000%, 03/23/22		950		943
CPI Acquisition, Inc., Term Loan, 1st Lien 7.081%, VAR LIBOR+4.500%, 08/17/22		138		109

The accompanying notes are an integral part of the financial statements.

89

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Ditech Holding Corporation (fka Walter Investment Management Corp.), Tranche B Term Loan, 1st Lien 12.500%, VAR LIBOR+6.000%, 06/30/22 (C)	$	458	$	160
Hudson River Trading LLC, Repriced Term Loan, 1st Lien 5.939%, 03/20/25		598		597
Liquidnet Holdings, Inc., Term Loan 5.689%, 07/15/24		702		700
Newport Group Holdings II, Inc., Initial Term Loan 8.250%, 08/08/25		—		1
6.152%, 08/08/25		193		190
Triton, Term Loan B, 1st Lien 8.439%, 10/31/24		628		585
VFH Parent LLC, Term Loan B, 1st Lien 6.044%, 03/01/26		1,096		1,097
				4,994
Food & Beverage — 0.1%
Arterra Wines Canada, Inc. (fka Canada Inc.), USD Term Loan B-1 5.169%, 12/15/23 (E)		489		484
JBS USA Lux S.A. (fka JBS USA, LLC), New Term Loan, 1st Lien 4.902%, 05/01/26		672		671
United Natural Foods, Inc., Initial Term Loan, 1st Lien 6.652%, 10/18/25		1,642		1,372
				2,527
Forest Products — 0.0%
ProAmpac PG Borrower LLC, Initial Term Loan 8.000%, VAR LIBOR+3.500%, 11/17/23		1		1
6.082%, VAR LIBOR+3.500%, 11/17/23		80		77
6.065%, VAR LIBOR+3.500%, 11/17/23		122		117
6.020%, VAR LIBOR+3.500%, 11/17/23		107		102
5.883%, 11/17/23		178		171
				468
Gaming & Entertainment — 0.4%
Caesars Resort Collection, LLC (fka Caesars Growth Properties Holdings, LLC), Term B Loan, 1st Lien 5.152%, 12/23/24 (E)		1,991		1,956

Description	Face Amount (000)		Value (000)
CBAC Borrower, LLC, Term B Loan, 1st Lien 6.439%, VAR LIBOR+4.000%, 07/08/24	$	501	$	498
ESH Hospitality, Inc., Third Repriced Term Loan 4.402%, 08/30/23 (E)		700		699
Golden Nugget, Inc., Initial B Term Loan, 1st Lien 5.189%, VAR LIBOR+2.750%, 10/04/23		1,140		1,130
5.144%, VAR LIBOR+2.750%, 10/04/23		511		506
Las Vegas Sands, LLC, Refinancing Term Loan (2018) 4.152%, 03/27/25 (E)		1,742		1,728
MGM Growth Properties Operating Partnership LP, Term B Loan, 1st Lien 4.402%, VAR LIBOR+2.000%, 04/25/23		759		753
Stars Group Holdings B.V., USD Term Loan, 1st Lien 6.101%, 07/10/25		84		84
5.830%, 07/10/25		996		995
				8,349
Gaming & Hotels — 0.0%
Hanjin International Corp., Initial Term Loan 4.904%, VAR LIBOR+2.500%, 09/20/20		1,000		987
Gaming/Leisure — 0.1%
Gateway Casinos & Entertainment, Term Loan B (2018) 5.330%, 12/01/23		1,250		1,228
Health Care — 0.4%
Bausch Health Companies Inc., Initial Term Loan, 1st Lien 5.412%, VAR LIBOR+3.000%, 06/02/25		1,638		1,637
Bulldog Purchaser Inc., Delayed Draw Term Loan 3.750%, 08/22/25		38		38
Bulldog Purchaser Inc., Initial Term Loan 6.189%, 08/22/25		1,356		1,337
Carestream Health, Inc., Extended Term Loan 8.189%, 02/28/21		141		136
Endo Luxembourg Finance Company I S.a r.l., Initial Term Loan, 1st Lien 6.688%, VAR LIBOR+4.250%, 04/27/24		877		822

The accompanying notes are an integral part of the financial statements.

90

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Lifescan Global Corporation, Initial Term Loan 8.660%, 10/01/24 (E)	$	259	$	247
Lifescan Global Corporation, Initial Term Loan, 1st Lien 8.600%, 10/01/24		6		6
Prospect Medical Holdings, Inc., Term B-1 Loan 7.938%, 02/16/24		1,484		1,397
Radiology Partners, Term Loan, 1st Lien 9.895%, 07/09/26		100		98
Radiology Partners, Term Loan, 2nd Lien 9.842%, 07/09/26		150		147
Sterigenics-Nordion Holdings, LLC, Incremental Term Loan, 1st Lien 5.439%, VAR LIBOR+3.000%, 05/15/22		1,237		1,219
Surgery Center Holdings, Inc., Initial Term Loan, 1st Lien 5.690%, VAR LIBOR+3.250%, 09/02/24		2,219		2,138
				9,222
Home Furnishings — 0.1%
Comfort Holding, LLC, Initial Term Loan 7.189%, VAR LIBOR+4.750%, 02/05/24		841		840
Serta Simmons Bedding, LLC, Initial Term Loan 5.912%, VAR LIBOR+3.500%, 10/20/23		820		528
5.894%, VAR LIBOR+3.500%, 10/20/23		232		149
				1,517
Housing — 0.1%
DTZ US Borrower LLC, Term Loan B (2018) 5.652%, 08/15/25		1,000		995
Installed Building Products, Term Loan B (2018) 4.902%, 04/15/25 (E)		995		980
				1,975
Industrial Services — 0.1%
Delachaux Group, Facility B2, 1st Lien 7.101%, 04/01/26		1,250		1,239
PT Intermediate Holdings III, LLC, Term B Loan 6.601%, 12/09/24		750		723

Description	Face Amount (000)		Value (000)
SiteOne Landscape Supply, LLC (fka John Deere Landscapes LLC), Tranche E Term Loan 5.160%, 10/24/29	$	778	$	773
				2,735
Information Technology — 0.0%
Mitchell International, Inc., Initial Term Loan 5.652%, 11/29/24 (E)		621		591
Insurance — 0.4%
Acrisure, LLC, 2017-2 Refinancing Term Loan 6.772%, VAR LIBOR+4.250%, 11/22/23		1,072		1,066
Acrisure, LLC, 2018-1 Additional Term Loan 6.272%, 11/22/23		496		492
Alliant Holdings Intermediate, LLC, Initial Term Loan (2018) 5.404%, VAR LIBOR+3.000%, 05/09/25		1,398		1,356
HIG Finance 2 Limited, Initial Dollar Term Loan 5.938%, 12/13/24		971		968
Hub International Limited, Initial Term Loan 5.292%, 04/25/25		3		3
Hub International, Ltd., Cov-Lite, Term Loan B, 1st Lien 5.336%, 04/25/25		1,239		1,207
NFP Corp., Term B Loan, 1st Lien 5.439%, VAR LIBOR+3.000%, 12/09/23		1,691		1,642
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), Initial Term Loan, 1st Lien 5.652%, 12/31/25		904		890
Viant Medical Holdings, Inc., Initial Term Loan 10.351%, 06/26/26		122		119
				7,743
Investment Company — 0.0%
EIG Management Company, LLC, Initial Term Loan 6.180%, 01/31/25		446		445
StepStone Group, Term Loan B, 1st Lien 6.439%, 03/14/25		479		479
				924

The accompanying notes are an integral part of the financial statements.

91

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Leasing — 0.1%
Fly Funding II S.à r.l., Loan, 1st Lien 4.560%, VAR LIBOR+2.000%, 08/09/19	$	645	$	641
USS Ultimate Holdings, Inc., Initial Term Loan 6.189%, VAR LIBOR+3.750%, 08/09/24		362		361
				1,002
Machinery — 0.3%
Airxcel, Inc., Initial Term Loan 6.939%, VAR LIBOR+4.500%, 04/25/25		744		700
Airxcel, Inc., Initial Term Loan, 1st Lien 11.189%, 04/27/26		500		451
Altra Industrial Motion Corp., Term Loan, 1st Lien 4.439%, 09/26/25		1,944		1,906
CPM Holdings, Inc., Initial Term Loan 10.689%, 10/24/26		247		243
6.152%, 10/24/25		366		361
Douglas Dynamics LLC, 2017 Replacement Term Loan Facility, 1st Lien 5.440%, 12/31/21 (E)		353		352
Filtration Group Corporation, Initial Dollar Term Loan 5.439%, 03/28/25		958		955
Graftech International Ltd., Initial Term Loan, 1st Lien 5.902%, VAR LIBOR+3.500%, 02/12/25		1,149		1,126
Pro Mach Group, Inc., Initial Term Loan 5.144%, 03/07/25		746		718
				6,812
Manufacturing — 0.1%
Blount International, Inc., Term Loan 6.189%, 04/12/23		495		494
LTI Boyd Corporation, Term Loan B 5.939%, 09/06/25		667		629
Pelican Products, Inc., Term Loan 10.162%, 04/17/26		88		84
5.912%, VAR LIBOR+3.500%, 04/19/25		68		67
Utex Industries, Term Loan, 1st Lien 6.439%, 05/14/21 (E)		399		371
				1,645

Description	Face Amount (000)		Value (000)
Media — 0.4%
Charter Communications Operating, LLC (aka CCO Safari LLC), Term B Loan, 1st Lien 4.330%, VAR LIBOR+2.000%, 04/30/25	$	1,415	$	1,413
CSC Holdings, LLC (fka CSC Holdings, Inc.), March 2017 Refinancing Term Loan 4.644%, VAR LIBOR+2.250%, 07/17/25		751		738
Metro-Goldwyn-Mayer Inc., Initial Term Loan 6.940%, 06/29/26		526		508
NEP Group, Inc., Initial Dollar Term Loan 5.689%, 10/20/25		748		746
NEP Group, Inc., Initial Loan 9.439%, 10/05/26		500		492
Numericable U.S. LLC, USD TLB-[12] Term Loan 6.082%, VAR LIBOR+3.000%, 01/31/26		1,480		1,432
Technicolor S.A., First Incremental U.S. Term Loan 5.274%, VAR LIBOR+2.750%, 12/06/23		489		433
Virgin Media Bristol LLC, K Facility, 1st Lien 4.894%, 01/15/26 (E)		1,250		1,245
Ziggo Secured Finance Partnership, Term Loan E Facility, 1st Lien 4.894%, VAR LIBOR+2.500%, 04/15/25		1,250		1,224
				8,231
Medical Devices — 0.0%
MedPlast Holdings Inc., Term Loan, 1st Lien 6.351%, 06/26/25		223		222
Metals & Mining — 0.1%
Dynacast International LLC, Term B-2 Loan, 1st Lien 5.580%, VAR LIBOR+3.250%, 01/28/22		1,236		1,190
Metals/Minerals — 0.1%
Atkore International, Inc., Term Loan (2016) 5.070%, VAR LIBOR+2.750%, 12/22/23		1,211		1,206
Oil & Gas — 0.2%
Apergy Corp, Term Loan B 4.938%, 04/18/25 (E)		459		458

The accompanying notes are an integral part of the financial statements.

92

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Apergy Corporation, Initial Term Loan, 1st Lien 7.000%, 04/18/25	$	7	$	7
BCP Raptor, LLC, Initial Term Loan, 1st Lien 6.652%, VAR LIBOR+4.250%, 06/24/24		464		440
Limetree Bay Terminals, LLC (Limetree Bay Financing, LLC), Advance, 1st Lien 6.439%, VAR LIBOR+4.000%, 02/15/24		727		696
Lower Cadence Holdings LLC, Initial Term Loan, 1st Lien 6.404%, 05/08/26		665		661
Lucid Energy Group II Borrower, LLC, Initial Term Loan, 1st Lien 5.430%, VAR LIBOR+3.000%, 02/17/25		490		466
PES Holdings, LLC, Tranche C Loan 3.101%, 12/31/22		570		268
Seadrill Operating LP (Seadrill Partners Finco LLC), Initial Term Loan, 1st Lien 8.601%, VAR LIBOR+6.000%, 02/21/21		340		242
Traverse Midstream Partners LLC, Advance, 1st Lien 6.590%, VAR LIBOR+4.000%, 09/27/24		774		764
				4,002
Personal Services — 0.1%
William Morris Endeavor Entertainment, LLC (IMG Worldwide Holdings, LLC), Term B-1 Loan, 1st Lien 5.360%, VAR LIBOR+2.750%, 05/18/25		138		133
5.160%, VAR LIBOR+2.750%, 05/18/25		1,512		1,457
				1,590
Professional & Business Services — 0.8%
Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC), Incremental Term Loan, 1st Lien 6.689%, 07/28/22		499		498
Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC), Initial Term Loan 6.189%, VAR LIBOR+3.750%, 07/28/22		686		685

Description	Face Amount (000)		Value (000)
ASGN Incorporated (fka On Assignment, Inc.), Initial Term B-2 Loan 4.439%, VAR LIBOR+2.000%, 02/21/25	$	445	$	444
athenahealth, Inc., Term B Loan, 1st Lien 7.045%, 02/11/26		1,289		1,285
6.912%, 02/11/26		3		3
Avantor, Inc., Initial B-1 Dollar Term Loan 5.402%, VAR LIBOR+4.000%, 11/21/24		1,085		1,089
BCP Renaissance Parent LLC, Initial Term Loan, 1st Lien 6.083%, VAR LIBOR+3.500%, 10/31/24		463		461
Casmar Holdings (Australia) Pty Limited, Initial Term Loan 6.928%, VAR LIBOR+4.500%, 12/08/23		489		445
Cast & Crew Payroll, LLC, Initial Term Loan 6.440%, 02/09/26		538		540
Change Healthcare Holdings, Inc. (fka Emdeon Inc.), Closing Date Term Loan, 1st Lien 5.189%, VAR LIBOR+2.750%, 03/01/24		1,121		1,112
5.152%, VAR LIBOR+2.750%, 03/01/24		966		957
Explorer Holdings, Inc., Initial Term Loan, 1st Lien 6.351%, VAR LIBOR+3.750%, 04/12/23		248		246
Flex Acquisition Company, Inc., Initial Term Loan, 1st Lien 5.440%, VAR LIBOR+3.000%, 12/29/23		1,461		1,386
Focus Financial Partners, LLC, Tranche B-2 Term Loan 4.939%, 07/03/24		876		874
Fortress Investment, Term Loan B (2018) 4.402%, 12/27/22 (E)		938		936
GHX Ultimate Parent Corporation, Initial Term Loan 5.851%, VAR LIBOR+3.000%, 06/21/24		741		726
Inovalon Holdings, Inc., Term Loan, 1st Lien 5.938%, VAR LIBOR+3.500%, 04/02/25		1,491		1,488
KUEHG Corp (fka KC MergerSub, Inc.), Term B-3 Loan, 1st Lien 6.351%, 02/14/25		258		257

The accompanying notes are an integral part of the financial statements.

93

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Safe Fleet Holdings LLC, Initial Term Loan 5.420%, VAR LIBOR+3.000%, 02/03/25	$	743	$	723
Tempo Acquisition, LLC, Initial Term Loan, 1st Lien 5.402%, VAR LIBOR+3.000%, 05/01/24		1,414		1,407
Western Dental Services, Inc., 1st Lien 7.689%, 06/23/23		1,193		1,175
Western Dental, Incremental Term Loan B, 1st Lien 6.939%, 06/30/23		162		160
WEX Inc., Term B-3 Loan 4.652%, 05/14/26		1,480		1,465
				18,362
Real Estate — 0.3%
Capital Automotive L.P., Initial Tranche B Term Loan 8.410%, VAR LIBOR+6.000%, 03/21/25		470		471
Capital Automotive L.P., Initial Tranche B-2 Term Loan 4.910%, VAR LIBOR+2.500%, 03/21/24		1,478		1,457
Forest City Enterprises, L.P., Initial Term Loan, 1st Lien 6.402%, 12/08/25		525		526
iStar Inc. (fka iStar Financial Inc.), Loan, 1st Lien 5.171%, VAR LIBOR+3.000%, 07/01/20		557		556
5.133%, VAR LIBOR+3.000%, 07/01/20		566		564
RE/MAX, LLC (fka RE/MAX International, LLC), Term Loan, 1st Lien 5.189%, VAR LIBOR+2.750%, 12/15/23		488		485
RHP Hotel Properties, LP, Tranche B Term Loan, 1st Lien 4.610%, VAR LIBOR+2.000%, 05/11/24		735		734
VICI Properties 1 LLC, Term B Loan, 1st Lien 4.404%, 12/20/24 (E)		1,164		1,150
				5,943
Restaurants — 0.0%
Miller’s Ale House, Inc., Term B Loan, 1st Lien 7.169%, 05/26/25		991		961

Description	Face Amount (000)		Value (000)
Miller’s Ale House, Inc., Term Loan, 1st Lien 9.250%, 05/26/25	$	3	$	2
				963
Retail Food & Drug — 0.0%
GOBP Holdings, Inc., Initial Term Loan 6.351%, 10/22/25		531		530
Retailing — 0.4%
1011778 B.C. Unlimited Liability Company (New Red Finance, Inc.) (aka Burger King/Tim Hortons), Term B-3 Loan, 1st Lien 4.689%, VAR LIBOR+2.250%, 02/16/24		606		601
4.652%, VAR LIBOR+2.250%, 02/16/24		751		745
Belron Finance US LLC, Initial Term B Loan, 1st Lien 5.065%, VAR LIBOR+2.500%, 11/07/24		988		986
EG Group Limited, Additional Facility Loan (USD) 6.601%, VAR LIBOR+4.000%, 02/07/25		1,151		1,130
Flynn Restaurant Group LP, Initial Term Loan 9.419%, 06/22/26		532		509
5.939%, 06/20/25		1,029		995
IRB Holding Corp., Term B Loan, 1st Lien 5.644%, 02/05/25		1,489		1,469
5.620%, 02/05/25		4		4
K-Mac Holdings Corp., Initial Term Loan 9.152%, VAR LIBOR+6.750%, 03/09/26		296		294
5.680%, 03/07/25 (E)		499		492
Mister Car Wash Holdings, Inc., Initial Term Loan, 1st Lien 5.901%, 05/08/26		766		763
0.500%, 05/08/26		38		38
Trugreen Limited Partnership, Initial Refinancing Term Loan 6.161%, 03/13/26		989		989
				9,015
Securities & Trusts — 0.3%
Achilles Acquisition LLC, Closing Date Term Loan 6.500%, 10/04/25		1,000		997
AI Ladder (Luxembourg) Subco S.a r.l., Facility B, 1st Lien 7.101%, 05/02/25		522		507

The accompanying notes are an integral part of the financial statements.

94

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
AssuredPartners, Inc., 2017 September Refinancing Term Loan 5.939%, VAR LIBOR+3.250%, 10/22/24	$	1,235	$	1,222
Compass Group Diversified Holdings LLC, Term Loan 4.939%, VAR LIBOR+2.500%, 04/04/25		1,138		1,137
Lions Gate Capital Holdings LLC, Term B Loan, 1st Lien 4.652%, VAR LIBOR+2.250%, 03/24/25		665		659
RPI Finance Trust, Initial Term Loan B-6 4.402%, VAR LIBOR+2.000%, 03/27/23		706		707
Starfruit Finco B.V. (Starfruit US Holdco LLC), Initial Dollar Term Loan 5.669%, 10/01/25		326		320
				5,549
Service — 0.0%
KinderCare (KUEHG Corp), Term Loan B-3 6.351%, 02/14/25		742		738
Shipping & Ship Building — 0.1%
AI Mistral Holdco Limited, Initial Term Loan 5.439%, VAR LIBOR+3.000%, 01/17/24		735		641
Hornblower Sub, LLC (American Queen Sub, LLC), Term Loan 6.830%, 03/28/25 (E)		884		883
International Seaways Operating Corporation, Term Loan, 1st Lien 8.440%, VAR LIBOR+5.500%, 06/22/22		577		575
Navios Maritime Partners L.P (Navios Partners Finance (US) Inc.), Initial Term Loan, 1st Lien 7.440%, VAR LIBOR+5.000%, 09/04/20		740		734
				2,833
Software — 0.1%
Ultimate Software Group Inc., The, Initial Term Loan 6.080%, 05/04/26		1,000		1,001

Description	Face Amount (000)		Value (000)
Steel — 0.1%
Zekelman Industries, Inc. (fka JMC Steel Group, Inc.), Term Loan, 1st Lien 4.652%, VAR LIBOR+2.250%, 06/14/21	$	1,305	$	1,301
Technology — 0.0%
Kofax, Term Loan, 1st Lien 6.450%, 07/07/23		1,000		998
Textile & Apparel Manufacturing — 0.0%
Champ Acquisition Corporation, Initial Term Loan 8.101%, 12/17/25		517		511
Transportation — 0.1%
Agro Merchants North America Holdings, Inc., Effective Date Loan 6.351%, VAR LIBOR+3.750%, 11/15/24		325		323
PODS, LLC, Tranche B-4 Term Loan 5.161%, 12/06/24		1,500		1,476
XPO Logistics, Inc., Refinancing Term Loan (2018) 4.439%, VAR LIBOR+2.000%, 02/24/25		1,046		1,037
				2,836
Utilities — 0.0%
AI Alpine AT BidCo GmbH, Facility B (USD), 1st Lien 5.681%, 10/31/25		998		980
Total Loan Participations (Cost $218,028) (000)				213,713
SOVEREIGN DEBT — 8.3%
1MDB Global Investments 4.400%, 03/09/23		5,400		5,127
African Development Bank 3.000%, 09/20/23		100		105
2.625%, 03/22/21		125		127
2.125%, 11/16/22		50		50
Angolan Government International Bond 9.500%, 11/12/25 (A)		1,490		1,707
9.375%, 05/08/48 (A)		1,450		1,597
8.250%, 05/09/28 (A)		255		273
Argentine Republic Government International Bond 8.280%, 12/31/33		2,676		2,231
7.625%, 04/22/46		690		547
7.500%, 04/22/26		3,010		2,542
7.125%, 07/06/36		560		433
7.125%, 06/28/17		420		314

The accompanying notes are an integral part of the financial statements.

95

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
6.875%, 01/11/48		1,090	$	807
5.625%, 01/26/22		480		405
3.750%, 5.250%, 03/31/29 12/31/38 (G)		972		567
Armenia International Bond 7.150%, 03/26/25 (A)		2,215		2,544
6.000%, 09/30/20 (A)		406		418
Asian Development Bank 3.125%, 09/26/28		150		163
2.875%, 11/27/20		150		152
2.750%, 03/17/23		235		243
2.375%, 08/10/27		100		102
2.000%, 01/22/25		100		100
1.750%, 06/08/21		200		200
1.625%, 08/26/20		100		100
1.625%, 03/16/21		200		199
Bahrain Government International Bond 7.000%, 01/26/26 (A)		505		545
6.750%, 09/20/29 (A)		1,060		1,119
Brazil Notas do Tesouro Nacional Serie F 10.000%, 01/01/27 (BRL)		7,300		2,169
Canada Government International Bond 2.000%, 11/15/22		100		101
Chile Government International Bond 3.240%, 02/06/28		200		210
3.125%, 01/21/26		107		111
Colombia Government International Bond 7.375%, 09/18/37		1,345		1,829
6.125%, 01/18/41		975		1,207
5.000%, 06/15/45		1,060		1,170
4.500%, 03/15/29		1,070		1,168
4.375%, 07/12/21		200		207
4.000%, 02/26/24		200		209
3.875%, 04/25/27		980		1,022
Costa Rica Government International Bond 7.158%, 03/12/45 (A)		565		566
7.000%, 04/04/44 (A)		550		546
Council of Europe Development Bank 2.625%, 02/13/23		30		31
Development Bank of Mongolia 7.250%, 10/23/23 (A)		1,160		1,209
Dominican Republic International Bond 9.750%, 06/05/26 (DOP) (A)		44,900		901
7.450%, 04/30/44 (A)		1,205		1,396
6.875%, 01/29/26 (A)		1,035		1,168
6.850%, 01/27/45 (A)		250		273
6.600%, 01/28/24 (A)		400		443
6.500%, 02/15/48 (A)		1,165		1,231
5.950%, 01/25/27 (A)		1,415		1,525
5.500%, 01/27/25 (A)		365		388

Description	Face Amount (000)		Value (000)
Ecuador Government International Bond 10.750%, 01/31/29 (A)	$	790	$	891
9.650%, 12/13/26 (A)		1,125		1,218
8.875%, 10/23/27 (A)		955		993
7.950%, 06/20/24 (A)		1,770		1,854
7.950%, 06/20/24		210		220
7.875%, 01/23/28 (A)		1,865		1,844
Egypt Government International Bond 8.700%, 03/01/49 (A)		990		1,064
8.500%, 01/31/47 (A)		1,265		1,339
7.903%, 02/21/48 (A)		1,400		1,417
7.500%, 01/31/27 (A)		1,465		1,562
6.200%, 03/01/24 (A)		420		437
5.577%, 02/21/23 (A)		360		366
El Salvador Government International Bond 7.650%, 06/15/35 (A)		270		281
6.375%, 01/18/27 (A)		965		963
5.875%, 01/30/25 (A)		720		717
European Bank for Reconstruction & Development 2.750%, 03/07/23		100		103
1.125%, 08/24/20		200		198
European Investment Bank 3.250%, 01/29/24		250		265
3.125%, 12/14/23		150		158
2.875%, 12/15/21		200		205
2.875%, 08/15/23		150		156
2.500%, 03/15/23		295		302
2.375%, 05/13/21		250		253
2.375%, 05/24/27		250		257
2.250%, 03/15/22		150		152
2.250%, 06/24/24		150		153
2.125%, 10/15/21		200		202
2.125%, 04/13/26		100		101
2.000%, 12/15/22		150		151
1.375%, 09/15/21		100		99
Export Development Canada 2.500%, 01/24/23		100		102
2.000%, 05/17/22		200		201
Export-Import Bank of Korea 2.875%, 01/21/25		200		204
2.500%, 05/10/21		200		201
Financiera de Desarrollo 4.750%, 07/15/25 (A)		950		1,019
Gabon Government International Bond 6.375%, 12/12/24 (A)		815		807
Georgia Government International Bond 6.875%, 04/12/21 (A)		1,330		1,400
Ghana Government International Bond 10.750%, 10/14/30 (A)		2,170		2,742
8.950%, 03/26/51 (A)		1,025		1,061

The accompanying notes are an integral part of the financial statements.

96

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
8.627%, 06/16/49 (A)		980	$	988
7.875%, 08/07/23 (A)		359		389
7.875%, 03/26/27 (A)		570		600
7.625%, 05/16/29 (A)		710		721
Guatemala Government Bond 6.125%, 06/01/50 (A)		790		828
4.900%, 06/01/30 (A)		470		483
4.875%, 02/13/28 (A)		1,150		1,184
4.500%, 05/03/26 (A)		1,210		1,221
4.375%, 06/05/27 (A)		830		829
Hashemite Kingdom of Jordan Government AID Bond 2.503%, 10/30/20		200		202
Honduras Government International Bond 6.250%, 01/19/27 (A)		330		354
Hungary Government Bond 3.000%, 10/27/27 (HUF)		284,000		1,057
Indonesia Government International Bond 8.500%, 10/12/35 (A)		970		1,461
8.500%, 10/12/35		260		391
4.450%, 02/11/24		200		212
4.350%, 01/11/48		200		207
3.700%, 01/08/22 (A)		210		215
Inter-American Development Bank 3.125%, 09/18/28		150		163
2.625%, 04/19/21		265		268
2.375%, 07/07/27		100		102
2.125%, 11/09/20		250		251
2.125%, 01/15/25		125		126
1.875%, 03/15/21		150		150
1.750%, 04/14/22		150		150
1.750%, 09/14/22		100		100
International Bank for Reconstruction & Development 2.750%, 07/23/21		250		255
2.500%, 03/19/24		200		206
2.500%, 11/25/24		300		310
2.500%, 07/29/25		150		155
2.500%, 11/22/27		200		207
2.250%, 06/24/21		50		50
2.125%, 12/13/21		200		201
2.125%, 02/13/23		100		101
2.000%, 01/26/22		200		201
1.875%, 06/19/23		100		100
1.625%, 03/09/21		150		149
1.375%, 09/20/21		300		297
International Finance 2.875%, 07/31/23		95		99
2.000%, 10/24/22		50		50
1.625%, 07/16/20		100		100
1.125%, 07/20/21		100		98
Iraq International Bond 5.800%, 01/15/28 (A)		1,225		1,204

Description	Face Amount (000)		Value (000)
Israel Government International Bond 3.150%, 06/30/23	$	200	$	207
Ivory Coast Government International Bond 6.375%, 03/03/28 (A)		585		579
6.125%, 06/15/33 (A)		1,010		940
5.750%, 12/31/32 (A) (C)		1,509		1,465
5.375%, 07/23/24 (A)		1,095		1,104
Japan Bank for International Cooperation 3.375%, 10/31/23		200		210
2.500%, 06/01/22		200		203
2.375%, 04/20/26		200		201
2.250%, 11/04/26		200		200
2.125%, 07/21/20		200		200
Jordan Government International Bond 7.375%, 10/10/47 (A)		550		566
Kenya Government International Bond 8.250%, 02/28/48 (A)		385		400
8.000%, 05/22/32 (A)		690		729
7.250%, 02/28/28 (A)		390		404
7.000%, 05/22/27 (A)		670		700
6.875%, 06/24/24 (A)		1,485		1,579
Korea Development Bank 2.500%, 01/13/21		200		201
Korea International Bond 2.750%, 01/19/27		200		203
Kreditanstalt fuer Wiederaufbau 3.125%, 12/15/21		150		155
2.375%, 03/24/21		210		212
Landwirtschaftliche Rentenbank 3.125%, 11/14/23		150		158
2.500%, 11/15/27		150		155
Lebanon Government International Bond 7.000%, 03/23/32		655		510
6.850%, 03/23/27		310		245
6.750%, 11/29/27		675		527
6.650%, 11/03/28		246		193
6.650%, 02/26/30		220		169
6.600%, 11/27/26		527		417
6.200%, 02/26/25		697		555
Mexico Government International Bond 5.550%, 01/21/45		300		349
4.600%, 02/10/48		497		512
4.500%, 04/22/29		200		215
4.350%, 01/15/47		200		198
4.150%, 03/28/27		975		1,022
4.125%, 01/21/26		200		209
3.750%, 01/11/28		200		204
Mongolia Government International Bond 10.875%, 04/06/21 (A)		2,460		2,738

The accompanying notes are an integral part of the financial statements.

97

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
8.750%, 03/09/24 (A)		880	$	994
5.625%, 05/01/23 (A)		745		758
5.125%, 12/05/22 (A)		695		701
5.125%, 12/05/22		490		494
Nigeria Government International Bond 8.747%, 01/21/31 (A)		520		578
7.875%, 02/16/32 (A)		970		1,013
7.696%, 02/23/38 (A)		960		974
7.625%, 11/21/25 (A)		820		895
7.143%, 02/23/30 (A)		965		976
6.500%, 11/28/27 (A)		1,250		1,251
Nordic Investment Bank 1.500%, 09/29/20		200		199
Oesterreichische Kontrollbank 3.125%, 11/07/23		100		105
2.875%, 03/13/23		50		52
1.875%, 01/20/21		150		150
Oman Government International Bond 6.750%, 01/17/48 (A)		1,400		1,234
6.500%, 03/08/47 (A)		795		686
5.375%, 03/08/27 (A)		775		727
4.750%, 06/15/26 (A)		465		429
Oman Sovereign Sukuk SAOC 4.397%, 06/01/24 (A)		890		859
Panama Government International Bond 9.375%, 04/01/29		535		802
6.700%, 01/26/36		1,455		1,979
4.500%, 05/15/47		200		226
3.875%, 03/17/28		200		213
Peru Government Bond 6.150%, 08/12/32 (PEN) (A)		3,120		1,039
5.940%, 02/12/29 (PEN) (A)		1,390		460
5.400%, 08/12/34 (PEN) (A)		4,880		1,512
Perusahaan Penerbit SBSN Indonesia III 4.400%, 03/01/28 (A)		440		469
4.150%, 03/29/27 (A)		1,090		1,141
Peruvian Government International Bond 7.350%, 07/21/25		100		128
6.950%, 08/12/31 (PEN) (A)		1,790		637
5.625%, 11/18/50		150		206
Philippine Government International Bond 5.500%, 03/30/26		200		236
4.200%, 01/21/24		200		215
3.700%, 02/02/42		300		326
Poland Government International Bond 4.000%, 01/22/24		125		135
3.000%, 03/17/23		150		154
Province of Alberta Canada 3.300%, 03/15/28		200		214
2.200%, 07/26/22		100		101

Description	Face Amount (000)(1)		Value (000)
Province of British Columbia Canada 2.000%, 10/23/22		100	$	100
Province of Manitoba Canada 2.125%, 06/22/26		500		496
2.050%, 11/30/20		150		150
Province of New Brunswick Canada 3.625%, 02/24/28		100		109
Province of Ontario Canada 2.500%, 04/27/26		500		508
2.450%, 06/29/22		200		203
2.300%, 06/15/26		100		101
Province of Quebec Canada 2.875%, 10/16/24		100		104
2.625%, 02/13/23		200		205
2.500%, 04/20/26		300		306
Provincia de Buenos Aires 7.875%, 06/15/27 (A)		495		368
6.500%, 02/15/23 (A)		450		376
Provincia de Cordoba 7.125%, 06/10/21 (A)		970		844
Qatar Government International Bond 5.103%, 04/23/48 (A)		685		816
4.817%, 03/14/49 (A)		1,348		1,545
Republic of Belarus International Bond 7.625%, 06/29/27 (A)		915		1,043
6.875%, 02/28/23 (A)		1,210		1,301
Republic of Italy Government International Bond 5.375%, 06/15/33		300		329
Republic of Poland Government Bond 2.750%, 04/25/28 (PLN)		8,180		2,258
Republic of South Africa Government Bond 6.500%, 02/28/41 (ZAR)		21,100		1,070
Republic of South Africa Government International Bond 5.875%, 06/22/30		600		651
4.300%, 10/12/28		1,870		1,836
Russian Federal Bond - OFZ 8.150%, 02/03/27 (RUB)		130,500		2,171
7.700%, 03/23/33 (RUB)		46,000		746
Russian Foreign Bond - Eurobond 5.250%, 06/23/47 (A)		1,200		1,325
5.100%, 03/28/35 (A)		1,000		1,087
4.750%, 05/27/26		1,000		1,065
4.750%, 05/27/26 (A)		200		213
Saudi Government International Bond 5.250%, 01/16/50 (A)		400		454

The accompanying notes are an integral part of the financial statements.

98

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
4.500%, 04/17/30 (A)		785	$	856
Senegal Government International Bond 8.750%, 05/13/21 (A)		376		410
6.250%, 05/23/33 (A)		735		711
4.750%, 03/13/28 (EUR) (A)		640		729
Sri Lanka Government International Bond 7.850%, 03/14/29 (A)		1,030		1,062
7.550%, 03/28/30 (A)		1,660		1,664
6.850%, 11/03/25 (A)		1,400		1,404
6.825%, 07/18/26 (A)		770		767
6.750%, 04/18/28 (A)		360		348
6.200%, 05/11/27 (A)		2,620		2,483
5.875%, 07/25/22 (A)		1,030		1,033
5.750%, 04/18/23 (A)		1,010		1,001
Turkey Government International Bond 7.375%, 02/05/25		716		739
7.250%, 12/23/23		960		992
6.125%, 10/24/28		1,035		975
6.000%, 03/25/27		1,445		1,373
5.625%, 03/30/21		1,210		1,227
4.250%, 04/14/26		1,250		1,091
Ukraine Government AID Bonds 1.471%, 09/29/21		200		198
Ukraine Government International Bond 8.994%, 02/01/24 (A)		815		887
7.750%, 09/01/21 (A)		214		223
7.750%, 09/01/22 (A)		2,089		2,207
7.750%, 09/01/23 (A)		744		787
7.750%, 09/01/24 (A)		1,509		1,573
7.750%, 09/01/25 (A)		1,024		1,059
7.750%, 09/01/27 (A)		215		221
7.375%, 09/25/32 (A)		1,510		1,483
6.750%, 06/20/26 (EUR) (A)		670		807
3.104%, 05/31/40 (A) (E)		314		225
Uruguay Government International Bond 9.875%, 06/20/22 (UYU) (A)		8,150		229
8.500%, 03/15/28 (UYU) (A)		5,740		142
5.100%, 06/18/50		1,676		1,883
4.975%, 04/20/55		1,100		1,214
4.500%, 08/14/24		100		107
4.375%, 01/23/31		180		195
Venezuela Government International Bond 7.750%, 10/13/19 (C)		705		181
7.650%, 04/21/25 (C)		362		95
7.000%, 03/31/38 (C)		422		108
Zambia Government International Bond 8.970%, 07/30/27 (A)		505		338
5.375%, 09/20/22 (A)		680		450
Total Sovereign Debt (Cost $177,889) (000)				181,249

Description	Face Amount (000)		Value (000)
ASSET-BACKED SECURITIES — 6.5%
Automotive — 3.8%
American Credit Acceptance Receivables Trust, Ser 2018-2, Cl A 2.940%, 01/10/22 (A)	$	191	$	191
American Credit Acceptance Receivables Trust, Ser 2018-3, Cl A 2.920%, 08/12/21 (A)		713		713
American Credit Acceptance Receivables Trust, Ser 2018-3, Cl B 3.490%, 06/13/22 (A)		413		415
American Credit Acceptance Receivables Trust, Ser 2019-2, Cl A 2.850%, 07/12/22 (A)		3,942		3,948
Americredit Automobile Receivables Trust, Ser 2018-1, Cl A2A 2.710%, 07/19/21		708		709
Americredit Automobile Receivables Trust, Ser 2018-2, Cl B 3.450%, 06/18/24		2,063		2,108
AmeriCredit Automobile Receivables Trust, Ser 2017-4, Cl A2A 1.830%, 05/18/21		166		166
AmeriCredit Automobile Receivables Trust, Ser 2017-4, Cl B 2.360%, 12/19/22		1,319		1,320
BMW Floorplan Master Owner Trust, Ser 2018-1, Cl A2 2.714%, VAR ICE LIBOR USD 1 Month+0.320%, 05/15/23 (A)		1,721		1,722
Carmax Auto Owner Trust, Ser 2019-1, Cl A4 3.260%, 08/15/24		2,914		3,013
Carmax Auto Owner Trust, Ser 2019-2, Cl A4 2.770%, 12/16/24		1,556		1,586
CarMax Auto Owner Trust, Ser 2016-4, Cl A4 1.600%, 06/15/22		250		248
CarMax Auto Owner Trust, Ser 2018-2, Cl A4 3.160%, 07/17/23		731		751
CPS Auto Receivables Trust, Ser 2018-A, Cl A 2.160%, 05/17/21 (A)		308		308

The accompanying notes are an integral part of the financial statements.

99

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
CPS Auto Receivables Trust, Ser 2018-D, Cl A 3.060%, 01/18/22 (A)	$	1,943	$	1,948
CPS Auto Receivables Trust, Ser 2019-A, Cl A 3.180%, 06/15/22 (A)		2,245		2,256
CPS Auto Receivables Trust, Ser 2019-B, Cl A 2.890%, 05/16/22 (A)		2,208		2,212
Credit Acceptance Auto Loan Trust, Ser 2018-1A, Cl A 3.010%, 02/16/27 (A)		1,099		1,105
Credit Acceptance Auto Loan Trust, Ser 2018-3A, Cl A 3.550%, 08/15/27 (A)		835		850
Credit Acceptance Auto Loan Trust, Ser 2019-1A, Cl A 3.330%, 02/15/28 (A)		2,183		2,230
Drive Auto Receivables Trust, Ser 2018-1, Cl B 2.880%, 02/15/22		354		354
Drive Auto Receivables Trust, Ser 2018-4, Cl B 3.360%, 10/17/22		1,818		1,826
Drive Auto Receivables Trust, Ser 2018-4, Cl D 4.090%, 01/15/26		100		103
Drive Auto Receivables Trust, Ser 2019-1, Cl A2A 3.080%, 09/15/21		1,987		1,991
Drive Auto Receivables Trust, Ser 2019-2, Cl B 3.170%, 11/15/23		1,599		1,623
DT Auto Owner Trust, Ser 2018-2A, Cl B 3.430%, 05/16/22 (A)		1,913		1,923
DT Auto Owner Trust, Ser 2018-3A, Cl A 3.020%, 02/15/22 (A)		2,261		2,267
DT Auto Owner Trust, Ser 2019-1A, Cl A 3.080%, 09/15/22 (A)		2,623		2,633
DT Auto Owner Trust, Ser 2019-2A, Cl A 2.850%, 09/15/22 (A)		2,644		2,653
Exeter Automobile Receivables Trust, Ser 2018-3A, Cl A 2.900%, 01/18/22 (A)		611		612
Exeter Automobile Receivables Trust, Ser 2019-2A, Cl A 2.930%, 07/15/22 (A)		3,351		3,360
First Investors Auto Owner Trust, Ser 2018-1A, Cl A1 2.840%, 05/16/22 (A)		428		428

Description	Face Amount (000)		Value (000)
Flagship Credit Auto Trust, Ser 2019-1, Cl A 3.110%, 08/15/23 (A)	$	2,769	$	2,791
Flagship Credit Auto Trust, Ser 2019-2, Cl A 2.830%, 10/16/23 (A)		5,156		5,184
Ford Credit Auto Owner Trust, Ser 2017-C, Cl A3 2.010%, 03/15/22		1,197		1,195
Ford Credit Auto Owner Trust, Ser 2019-A, Cl A4 2.850%, 08/15/24		1,859		1,898
Ford Credit Auto Owner Trust, Ser 2019-B, Cl A3 2.230%, 10/15/23		100		100
GM Financial Automobile Leasing Trust, Ser 2019-2, Cl A3 2.670%, 03/21/22		25		25
GM Financial Consumer Automobile, Ser 2017-1A, Cl A3 1.780%, 10/18/21 (A)		1,528		1,524
GM Financial Consumer Automobile Receivables Trust, Ser 2018-1, Cl A3 2.320%, 07/18/22		1,130		1,132
GM Financial Consumer Automobile Receivables Trust, Ser 2019-1, Cl A3 2.970%, 11/16/23		57		58
Honda Auto Receivables Owner Trust, Ser 2017-4, Cl A3 2.050%, 11/22/21		1,076		1,075
Hyundai Auto Receivables Trust, Ser 2019-A, Cl A3 2.660%, 06/15/23		1,911		1,931
Nissan Auto Receivables Owner Trust, Ser 2018-B, Cl A3 3.060%, 03/15/23		30		31
Nissan Auto Receivables Owner Trust, Ser 2019-A, Cl A2A 2.820%, 01/18/22		2,673		2,685
Nissan Auto Receivables Owner Trust, Ser 2019-A, Cl A3 2.900%, 10/16/23		67		68
Santander Drive Auto Receivables Trust, Ser 2018-1, Cl D 3.320%, 03/15/24		85		86
Santander Drive Auto Receivables Trust, Ser 2018-4, Cl C 3.560%, 07/15/24		50		51

The accompanying notes are an integral part of the financial statements.

100

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Santander Drive Auto Receivables Trust, Ser 2019-1, Cl B 3.210%, 09/15/23	$	1,548	$	1,573
Toyota Auto Loan Extended Note Trust, Ser 2019-1A, Cl A 2.560%, 11/25/31 (A)		1,459		1,476
Westlake Automobile Receivables Trust, Ser 2019-1A, Cl A2A 3.060%, 05/16/22 (A)		3,553		3,571
World Omni Auto Receivables Trust, Ser 2018-D, Cl A3 3.330%, 04/15/24		5,000		5,123
World Omni Auto Receivables Trust, Ser 2019-B, Cl A3 2.590%, 07/15/24		2,883		2,915
				82,064
Credit Card — 1.5%
American Express Credit Account Master Trust, Ser 2017-1, Cl A 1.930%, 09/15/22		9,514		9,495
American Express Credit Account Master Trust, Ser 2017-6, Cl A 2.040%, 05/15/23		4,274		4,272
American Express Credit Account Master Trust, Ser 2019-1, Cl A 2.870%, 10/15/24		3,024		3,091
American Express Credit Account Master Trust, Ser 2019-2, Cl A 2.670%, 11/15/24		3,357		3,414
BA Credit Card Trust, Ser 2017-A1, Cl A1 1.950%, 08/15/22		2,103		2,099
Capital One Multi-Asset Execution Trust, Ser 2017-A1, Cl A1 2.000%, 01/17/23		2,123		2,119
Capital One Multi-Asset Execution Trust, Ser 2017-A4, Cl A4 1.990%, 07/17/23		1,427		1,425
Capital One Multi-Asset Execution Trust, Ser 2017-A5, Cl A5 2.974%, VAR ICE LIBOR USD 1 Month+0.580%, 07/15/27		1,924		1,934
Citibank Credit Card Issuance Trust, Ser 2014-A1, Cl A1 2.880%, 01/23/23		200		202

Description	Face Amount (000)		Value (000)
Citibank Credit Card Issuance Trust, Ser 2017-A7, Cl A7 2.782%, VAR ICE LIBOR USD 1 Month+0.370%, 08/08/24	$	2,742	$	2,748
Citibank Credit Card Issuance Trust, Ser 2017-A8, Cl A8 1.860%, 08/08/22		250		249
Citibank Credit Card Issuance Trust, Ser 2018-A2, Cl A2 2.713%, VAR ICE LIBOR USD 1 Month+0.330%, 01/20/25		2,078		2,076
Discover Card Execution Note Trust, Ser 2018-A5, Cl A5 3.320%, 03/15/24		65		67
Discover Card Execution Note Trust, Ser 2019-A1, Cl A1 3.040%, 07/15/24		80		82
Synchrony Credit Card Master Note Trust, Ser 2018-2, Cl A 3.470%, 05/15/26		200		210
				33,483
Other Asset-Backed Securities — 1.2%
AJAX Mortgage Loan Trust, Ser 2017-A, Cl A 3.470%, 04/25/57 (A)		213		213
BANK, Ser 2018-BN15, Cl A4 4.407%, 11/15/61 (E)		50		57
BANK, Ser 2019-BN18, Cl A4 3.584%, 05/15/62		1,433		1,530
Bayview Opportunity Master Fund IVa Trust, Ser 2019-RN2, Cl A1 3.967%, 03/28/34 (A)		418		422
Bayview Opportunity Master Fund Trust, Ser 2018-RN8, Cl A1 4.066%, 09/28/33 (A)		624		629
Bayview Opportunity Master Fund Trust IVb, Ser 2019-RN1, Cl A1 4.090%, 02/28/34 (A)		505		514
CLUB Credit Trust, Ser 2018-P3, Cl A 3.820%, 01/15/26 (A)		1,817		1,833
Consumer Loan Underlying Bond Credit Trust, Ser 2019-P1, Cl A 2.940%, 07/15/26 (A)		1,479		1,480
Ford Credit Floorplan Master Owner Trust, Ser 2017-3, Cl A 2.480%, 09/15/24		150		152
GCAT, Ser 2017-2, Cl A1 3.500%, 04/25/47 (A)		167		167

The accompanying notes are an integral part of the financial statements.

101

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
GCAT, Ser 2018-1, Cl A1 3.844%, 06/25/48 (A)	$	463	$	466
Oak Hill Advisors Residential Loan Trust, Ser 2017-NPL1, Cl A1 3.000%, 06/25/57 (A)		429		428
Oak Hill Advisors Residential Loan Trust, Ser 2017-NPL2, Cl A1 3.000%, 07/25/57 (A)		653		653
PRPM, Ser 2017-2A, Cl A1 3.470%, 09/25/22 (A)		543		545
RCO V Mortgage, Ser 2018-1, Cl A1 4.000%, 05/25/23 (A)		2,768		2,779
SoFi Consumer Loan Program Trust, Ser 2019-3, Cl A 2.900%, 05/25/28 (A)		2,752		2,766
Vericrest Opportunity Loan Trust, Ser 2019-NPL3, Cl A1 3.967%, 03/25/49 (A)		1,899		1,913
Verizon Owner Trust, Ser 2019-A, Cl A1A 2.930%, 09/20/23		1,845		1,878
VOLT LXVIII, Ser 2018-NPL4, Cl A1A 4.336%, 07/27/48 (A)		1,076		1,084
VOLT LXX, Ser 2018-NPL6, Cl A1A 4.115%, 09/25/48 (A)		2,053		2,073
VOLT LXXI, Ser 2018-NPL7, Cl A1A 3.967%, 09/25/48 (A)		1,860		1,875
VOLT LXXII, Ser 2018-NPL8, Cl A1A 4.213%, 10/26/48 (A)		1,694		1,704
VOLT LXXV, Ser 2019-NPL1, Cl A1A 4.336%, 01/25/49 (A)		244		248
				25,409
Total Asset-Backed Securities (Cost $139,853) (000)				140,956
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.6%
FFCB 2.400%, 06/19/23		250		250
1.680%, 10/13/20		100		100
FHLB 3.250%, 06/09/28 - 11/16/28		405		438
3.000%, 10/12/21		400		411
2.875%, 06/14/24		500		524
2.500%, 02/13/24		220		227
2.300%, 07/19/22		200		200
2.260%, 10/04/22		150		150

Description	Face Amount (000)		Value (000)
2.200%, 01/29/21	$	155	$	155
2.160%, 08/17/22		100		100
2.150%, 09/26/22		200		200
1.875%, 11/29/21		150		150
FHLMC 6.250%, 07/15/32		1,279		1,836
2.890%, 04/16/24		100		100
2.820%, 05/20/24		250		251
2.750%, 04/12/22		100		100
2.375%, 01/13/22		250		254
1.330%, 12/30/20		400		397
FNMA 6.625%, 11/15/30		300		429
2.875%, 09/12/23		500		521
2.625%, 09/06/24		1,399		1,452
2.250%, 04/12/22		2,536		2,568
2.125%, 04/24/26		200		201
1.875%, 12/28/20		131		131
1.500%, 07/30/20 - 11/30/20		727		723
Tennessee Valley Authority 5.250%, 09/15/39		200		267
2.875%, 02/01/27		250		261
Total U.S. Government Agency Obligations (Cost $11,981) (000)				12,396
MUNICIPAL BONDS — 0.4%
Bay Area, Toll Authority RB 6.263%, 04/01/49		200		300
California State GO 4.600%, 04/01/38		315		344
4.500%, 04/01/33		25		28
3.500%, 04/01/28		25		27
3.375%, 04/01/25		20		22
2.800%, 04/01/21		15		15
California State, Department of Water Resources, Power Supply Revenue RB 2.000%, 05/01/22		100		100
Chicago, O’Hare International Airport RB 4.572%, 01/01/54		150		178
4.472%, 01/01/49		50		59
Florida State, Hurricane Catastrophe Fund RB 2.995%, 07/01/20		150		151
Houston GO 3.961%, 03/01/47		150		164
Illinois State GO 5.100%, 06/01/33		3,125		3,291
Illinois State, Sales Tax Securitization RB 3.820%, 01/01/48		100		99
New Jersey State, Transportation Trust Fund Authority RB 6.561%, 12/15/40		470		635
5.754%, 12/15/28		1,365		1,571

The accompanying notes are an integral part of the financial statements.

102

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
New York State, Dormitory Authority RB 4.946%, 08/01/48	$	100	$	108
Pennsylvania State, Commonwealth Financing Authority RB 3.864%, 06/01/38		150		158
Port Authority of New York & New Jersey RB 4.031%, 09/01/48		150		169
South Carolina State, Public Service Authority RB 2.388%, 12/01/23		100		99
Texas State, Permanent University Fund - Texas A&M University System RB 3.660%, 07/01/47		100		103
University of California RB 4.858%, 05/15/12		200		243
3.349%, 07/01/29		100		106
University of Texas, Taxable Financing System RB 3.354%, 08/15/47		250		254
Wisconsin State RB 3.154%, 05/01/27		200		209
Total Municipal Bonds (Cost $7,913) (000)				8,433
	Shares
PREFERRED STOCK — 0.0%
PES Energy (H)		26,609		7
Total Preferred Stock (Cost $240) (000)				7
	Number of Warrants
WARRANTS — 0.0%
Horizon Global		2,585		5
Total Warrants (Cost $—) (000)				5
	Shares
SHORT-TERM INVESTMENT — 2.4%
State Street Institutional Treasury Money Market Fund, Cl Premier, 2.170% (I)		51,460,430		51,460
Total Short-Term Investment (Cost $51,460) (000)				51,460
Total Investments In Securities — 103.6% (Cost $2,213,509) (000)			$	2,262,166

Percentages are based on net assets of $2,184,200 (000).

A list of the open forward foreign currency contracts held by the Fund at June 30, 2019 is as follows (000):

Counterparty	Maturity Date	Currency to Deliver		Currency to Receive		Unrealized Appreciation (Depreciation)
HSBC	07/17/19	EUR	1,340	USD	1,514	$	(11	)
HSBC	07/24/19	PEN	4,875	USD	1,451		(28	)
BNP Paribas	07/24/19	USD	2,251	PEN	7,529		33
HSBC	07/25/19	ZAR	15,280	USD	1,076		(5	)
BNP Paribas	07/25/19	ZAR	30,706	USD	2,163		(10	)
HSBC	07/25/19	USD	1,093	ZAR	15,400		(3	)
Barclays PLC	07/25/19	USD	1,041	ZAR	15,306		41
HSBC	08/13/19	USD	545	CLP	373,300		6
HSBC	08/13/19	CLP	1,925,400	USD	2,817		(25	)
HSBC	08/15/19	USD	2,069	BRL	7,985		2
BNP Paribas	08/21/19	RUB	182,940	USD	2,766		(106	)
Barclays PLC	09/16/19	HUF	302,400	USD	1,078		9
HSBC	09/18/19	MXN	34,610	USD	1,780		2
HSBC	09/20/19	USD	1,111	COP	3,626,000		12
HSBC	09/24/19	USD	403	INR	28,360		3
Barclays PLC	09/26/19	PLN	8,651	USD	2,287		(34	)
HSBC	10/01/19	IDR	54,892,000	USD	3,833		(6	)
						$	(120	)

(1) In U.S. dollars unless otherwise indicated.

(A) Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of these securities at June 30, 2019 was $287,636 (000) and represents 13.2% of Net Assets.

(B) Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.

(C) Security in default on interest payments.

(D) Credit-linked note.

(E) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

(F) Unsettled bank loan. Interest rate not available.

(G) Step Bonds — Represents the current rate, the step rate, the step date and the final maturity date.

(H) There is currently no rate available.

(I) The rate reported is the 7-day effective yield as of June 30, 2019.

AID — Agency for International Development

ARS — Argentine Peso

BRL — Brazilian Real

Cl — Class

CLP — Chilean Peso

COP — Colombian Peso

DOP — Dominican Peso

EUR — Euro

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GEL — Georgian Lari

GNMA — Government National Mortgage Association

GO — General Obligation

HUF — Hungarian Forint

ICE — Intercontinental Exchange

IDR — Indonesian Rupiah

The accompanying notes are an integral part of the financial statements.

103

THE KP FUNDS June 30, 2019 (Unaudited)

KP Fixed Income Fund

INR — Indian Rupee

JSC — Joint Stock Company

KZT — Kazakhstan Tenge

LIBOR — London Interbank Offered Rate

LKR — Sri Lanka Rupee

LLC — Limited Liability Company

L.P. — Limited Partnership

Ltd. — Limited

MXN — Mexican Peso

NGN — Nigerian Naira

PEN — Peruvian Sol

PJSC — Public Joint Stock Company

PLC — Public Limited Company

PLN — Polish Zloty

RB — Revenue Bond

RUB — Russian Ruble

Ser — Series

TBA — To Be Announced

UAH — Ukrainian Hryvnia

USD — U.S. Dollar

UYU — Uruguayan Peso

VAR — Variable Rate

ZAR — South African Rand

The following is a list of the level of inputs used as of June 30, 2019, in valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in Securities	Level 1			Level 2		Level 3		Total
U.S. Treasury Obligations	$	—		$	589,562	$	—	$	589,562
Corporate Obligations		—			532,795		—		532,795
Mortgage-Backed Securities		—			531,590		—		531,590
Loan Participations		—			213,713		—		213,713
Sovereign Debt		—			181,249		—		181,249
Asset-Backed Securities		—			140,956		—		140,956
U.S. Government Agency Obligations		—			12,396		—		12,396
Municipal Bonds		—			8,433		—		8,433
Preferred Stock		—			7		—		7
Warrants		—			5		—		5
Short-Term Investment		51,460			—		—		51,460
Total Investments in Securities	$	51,460		$	2,210,706	$	—	$	2,262,166
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Forwards Contracts**
Unrealized Appreciation	$	108		$	—	$	—	$	108
Unrealized Depreciation		(228	)		—		—		(228	)
Total Other Financial Instruments	$	(120	)	$	—	$	—	$	(120	)

** Forward foreign currency contracts are valued at the unrealized appreciation/(depreciation) on the instrument.

For the period ended June 30, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended June 30, 2019, there were no transfers between Level 2 and Level 3 assets and liabilities or Level 1 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

104

THE KP FUNDS June 30, 2019 (Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES (000)

	KP Retirement Path Retirement Income Fund		KP Retirement Path 2020 Fund		KP Retirement Path 2025 Fund		KP Retirement Path 2030 Fund
Assets:
Affiliated Investments at Cost	$	320,164	$	747,352	$	1,012,463	$	1,064,805
Unaffiliated Investments at Cost		129,771		254,123		265,950		197,991
Affiliated Investments at Fair Value	$	337,181	$	792,434	$	1,081,968	$	1,141,788
Unaffiliated Investments at Fair Value		132,401		259,091		271,343		202,309
Cash		196		408		467		390
Receivable for Investment Securities Sold		197		1,437		—		67
Receivable for Capital Shares Sold		—		—		831		—
Prepaid Expenses		9		20		24		24
Total Assets		469,984		1,053,390		1,354,633		1,344,578
Liabilities:
Payable for Investment Securities Purchased		202		418		1,299		396
Payable for Capital Shares Redeemed		194		1,430		—		59
Payable due to Administrator		10		21		27		27
Payable due to Adviser		5		9		9		7
Chief Compliance Officer Fees Payable		1		1		2		2
Other Accrued Expenses		14		35		42		39
Total Liabilities		426		1,914		1,379		530
Net Assets	$	469,558	$	1,051,476	$	1,353,254	$	1,344,048
NET ASSETS:
Paid-in Capital	$	438,621	$	973,328	$	1,236,422	$	1,216,172
Total Distributable Earnings		30,937		78,148		116,832		127,876
Net Assets	$	469,558	$	1,051,476	$	1,353,254	$	1,344,048
Institutional Class Shares:
Net Assets	$	469,558	$	1,051,476	$	1,353,254	$	1,344,048
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		44,611,276		96,283,330		120,418,908		117,543,064
Net Asset Value, Offering and Redemption Price Per Share*	$	10.53	$	10.92	$	11.24	$	11.43

† Shares are presented unrounded.

* The net asset value is calculated by dividing the unrounded net assets by the unrounded shares.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

105

THE KP FUNDS June 30, 2019 (Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES (000)

	KP Retirement Path 2035 Fund		KP Retirement Path 2040 Fund		KP Retirement Path 2045 Fund		KP Retirement Path 2050 Fund
Assets:
Affiliated Investments at Cost	$	1,248,882	$	1,182,869	$	943,879	$	588,944
Unaffiliated Investments at Cost		154,113		97,594		58,896		31,941
Affiliated Investments at Fair Value	$	1,345,712	$	1,276,760	$	1,010,704	$	621,393
Unaffiliated Investments at Fair Value		157,964		100,215		60,344		32,598
Cash		349		244		147		80
Receivable for Investment Securities Sold		510		338		213		271
Prepaid Expenses		26		24		18		11
Total Assets		1,504,561		1,377,581		1,071,426		654,353
Liabilities:
Payable for Capital Shares Redeemed		501		329		206		267
Payable for Investment Securities Purchased		351		244		147		80
Payable due to Administrator		30		28		21		13
Payable due to Adviser		5		3		2		1
Chief Compliance Officer Fees Payable		2		2		1		1
Payable for Trustees’ Fees		1		1		—		—
Other Accrued Expenses		44		41		33		19
Total Liabilities		934		648		410		381
Net Assets	$	1,503,627	$	1,376,933	$	1,071,016	$	653,972
NET ASSETS:
Paid-in Capital	$	1,346,758	$	1,224,666	$	958,962	$	594,934
Total Distributable Earnings		156,869		152,267		112,054		59,038
Net Assets	$	1,503,627	$	1,376,933	$	1,071,016	$	653,972
Institutional Class Shares:
Net Assets	$	1,503,627	$	1,376,933	$	1,071,016	$	653,972
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		129,527,795		117,389,083		90,788,434		54,801,515
Net Asset Value, Offering and Redemption Price Per Share*	$	11.61	$	11.73	$	11.80	$	11.93

† Shares are presented unrounded.

* The net asset value is calculated by dividing the unrounded net assets by the unrounded shares.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

106

THE KP FUNDS June 30, 2019 (Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES (000)

	KP Retirement Path 2055 Fund		KP Retirement Path 2060 Fund		KP Retirement Path 2065 Fund
Assets:
Affiliated Investments at Cost	$	211,432	$	45,064	$	9,500
Unaffiliated Investments at Cost		11,175		2,323		502
Affiliated Investments at Fair Value	$	217,251	$	45,226	$	9,887
Unaffiliated Investments at Fair Value		11,395		2,372		509
Cash		28		6		1
Receivable for Investment Securities Sold		154		17		—
Receivable from Investment Adviser		—		—		5
Deferred Offering Costs		—		—		24
Prepaid Expenses		3		1		—
Total Assets		228,831		47,622		10,426
Liabilities:
Payable for Capital Shares Redeemed		153		17		—
Payable for Investment Securities Purchased		28		6		1
Payable due to Administrator		5		1		—
Offering Costs Payable		—		—		29
Other Accrued Expenses		6		1		—
Total Liabilities		192		25		30
Net Assets	$	228,639	$	47,597	$	10,396
NET ASSETS:
Paid-in Capital	$	213,313	$	45,874	$	10,000
Total Distributable Earnings		15,326		1,723		396
Net Assets	$	228,639	$	47,597	$	10,396
Institutional Class Shares:
Net Assets	$	228,639	$	47,597	$	10,396
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		19,024,207		4,058,467		1,000,010
Net Asset Value, Offering and Redemption Price Per Share*	$	12.02	$	11.73	$	10.40

† Shares are presented unrounded.

* The net asset value is calculated by dividing the unrounded net assets by the unrounded shares.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

107

THE KP FUNDS June 30, 2019 (Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES (000)

	KP Large Cap Equity Fund		KP Small Cap Equity Fund		KP International Equity Fund		KP Fixed Income Fund
Assets:
Investments at Cost	$	2,441,902	$	1,199,614	$	1,769,085	$	2,213,509
Cost of Foreign Currency		—		—		10,770		511
Investments at Fair Value	$	2,924,027	$	1,280,078	$	1,879,031	$	2,262,166
Cash		—		25		—		968
Foreign Currency at Value		—		—		10,854		508
Dividends and Interest Receivable		2,310		950		4,629		13,352
Cash Collateral for Futures Contracts		1,514		397		1,958		—
Receivable for Investment Securities Sold		506		11,081		275		181,390
Reclaims Receivable		242		10		3,499		78
Receivable for Capital Shares Sold		224		54		115		348
Unrealized Appreciation on Forward Foreign Currency Contracts		—		—		—		108
Prepaid Expenses		6		17		4		5
Total Assets		2,928,829		1,292,612		1,900,365		2,458,923
Liabilities:
Payable for Investment Securities Purchased		1,069		11,282		665		272,663
Payable for Capital Shares Redeemed		924		308		574		1,169
Payable due to Sub-Advisers		465		420		452		314
Payable due to Adviser		98		43		63		74
Payable due to Administrator		86		37		55		65
Chief Compliance Officer Fees Payable		1		1		1		1
Unrealized Depreciation on Forward Foreign Currency Contracts		—		—		—		228
Accrued Foreign Capital Gains Tax on Appreciated Securities		—		—		347		—
Other Accrued Expenses		151		115		531		209
Total Liabilities		2,794		12,206		2,688		274,723
Net Assets	$	2,926,035	$	1,280,406	$	1,897,677	$	2,184,200
NET ASSETS:
Paid-in Capital	$	2,381,528	$	1,177,575	$	1,788,059	$	2,109,840
Total Distributable Earnings		544,507		102,831		109,618		74,360
Net Assets	$	2,926,035	$	1,280,406	$	1,897,677	$	2,184,200
Institutional Class Shares:
Net Assets	$	2,926,035	$	1,280,406	$	1,897,677	$	2,184,200
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		219,802,504		115,719,995		183,365,203		211,052,076
Net Asset Value, Offering and Redemption Price Per Share*	$	13.31	$	11.06	$	10.35	$	10.35

† Shares are presented unrounded.

* The net asset value is calculated by dividing the unrounded net assets by the unrounded shares.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

108

THE KP FUNDS For the period ended June 30, 2019 (Unaudited)

STATEMENTS OF OPERATIONS (000)

	KP Retirement Path Retirement Income Fund		KP Retirement Path 2020 Fund		KP Retirement Path 2025 Fund			KP Retirement Path 2030 Fund
Investment Income:
Income Distributions from Unaffiliated Registered Investment Companies	$	992	$	1,960	$	2,035		$	1,498
Total Investment Income		992		1,960		2,035			1,498
Expenses:
Administration Fees		56		123		155			152
Investment Advisory Fees		27		53		54			40
Trustees’ Fees		5		11		13			13
Chief Compliance Officer Fees		2		3		4			4
Transfer Agent Fees		21		45		56			54
Printing Fees		12		26		32			32
Registration Fees		12		30		39			40
Professional Fees		9		20		25			24
Custodian Fees		1		3		4			4
Other Fees		5		10		13			12
Total Expenses		150		324		395			375
Net Investment Income		842		1,636		1,640			1,123
Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Gain on Affiliated Investments		4,130		7,307		8,811			7,745
Net Realized Gain/(Loss) on Unaffiliated Investments		47		18		(83	)		31
Net Change in Unrealized Appreciation on Affiliated Investments		30,795		77,845		113,568			126,961
Net Change in Unrealized Appreciation on Unaffiliated Investments		6,517		13,535		15,586			13,176
Net Realized and Unrealized Gain on Investments		41,489		98,705		137,882			147,913
Net Increase in Net Assets Resulting from Operations	$	42,331	$	100,341	$	139,522		$	149,036

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

109

THE KP FUNDS For the period ended June 30, 2019 (Unaudited)

STATEMENTS OF OPERATIONS (000)

	KP Retirement Path 2035 Fund			KP Retirement Path 2040 Fund		KP Retirement Path 2045 Fund		KP Retirement Path 2050 Fund
Investment Income:
Income Distributions from Unaffiliated Registered Investment Companies	$	1,164		$	717	$	430	$	230
Total Investment Income		1,164			717		430		230
Expenses:
Administration Fees		169			154		119		71
Investment Advisory Fees		31			20		12		6
Trustees’ Fees		14			13		10		6
Chief Compliance Officer Fees		4			4		3		2
Transfer Agent Fees		60			55		42		25
Registration Fees		45			41		33		21
Printing Fees		35			32		25		15
Professional Fees		27			24		19		11
Custodian Fees		4			4		3		2
Other Fees		14			13		10		6
Total Expenses		403			360		276		165
Net Investment Income		761			357		154		65
Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Gain on Affiliated Investments		7,245			6,746		4,478		2,098
Net Realized Gain/(Loss) on Unaffiliated Investments		(27	)		42		113		62
Net Change in Unrealized Appreciation on Affiliated Investments		156,520			152,472		122,182		74,803
Net Change in Unrealized Appreciation on Unaffiliated Investments		12,046			8,693		5,094		2,694
Net Realized and Unrealized Gain on Investments		175,784			167,953		131,867		79,657
Net Increase in Net Assets Resulting from Operations	$	176,545		$	168,310	$	132,021	$	79,722

The accompanying notes are an integral part of the financial statements.

110

THE KP FUNDS For the period ended June 30, 2019 (Unaudited)

STATEMENTS OF OPERATIONS (000)

	KP Retirement Path 2055 Fund			KP Retirement Path 2060 Fund			KP Retirement Path 2065 Fund*
Investment Income:
Income Distributions from Unaffiliated Registered Investment Companies	$	79		$	16		$	2
Total Investment Income		79			16			2
Expenses:
Administration Fees		24			5			—
Investment Advisory Fees		2			—			—
Trustees’ Fees		2			—			—
Chief Compliance Officer Fees		1			—			—
Transfer Agent Fees		8			2			—
Registration Fees		8			2			—
Printing Fees		5			1			—
Professional Fees		4			1			—
Custodian Fees		1			—			—
Offering Costs		—			—			5
Other Fees		2			—			—
Total Expenses		57			11			5
Reimbursement from Investment Advisor		—			—			(5	)
Net Investment Income		22			5			2
Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Gain/(Loss) on Affiliated Investments		1,428			(123	)		—
Net Realized Loss on Unaffiliated Investments		(16	)		(7	)		—
Net Change in Unrealized Appreciation on Affiliated Investments		24,310			5,399			387
Net Change in Unrealized Appreciation on Unaffiliated Investments		937			195			7
Net Realized and Unrealized Gain on Investments		26,659			5,464			394
Net Increase in Net Assets Resulting from Operations	$	26,681		$	5,469		$	396

* Commenced operations on May 24, 2019.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

111

THE KP FUNDS For the period ended June 30, 2019 (Unaudited)

STATEMENTS OF OPERATIONS (000)

	KP Large Cap Equity Fund			KP Small Cap Equity Fund			KP International Equity Fund			KP Fixed Income Fund
Investment Income:
Dividend Income	$	25,170		$	7,821		$	38,727		$	593
Interest Income		1			—			—			37,630
Less: Foreign Taxes Withheld		(77	)		(4	)		(3,176	)		(36	)
Total Investment Income		25,094			7,817			35,551			38,187
Expenses:
Sub-Advisory Fees		2,731			2,505			2,647			1,801
Investment Advisory Fees		579			257			374			426
Administration Fees		499			221			323			367
Trustees’ Fees		12			5			8			9
Chief Compliance Officer Fees		5			2			3			3
Custodian Fees		79			61			289			90
Registration Fees		41			35			25			18
Professional Fees		36			16			23			26
Printing Fees		25			11			16			18
Transfer Agent Fees		5			2			3			4
Pricing Fees		45			20			222			142
Other Fees		35			18			24			28
Total Expenses		4,092			3,153			3,957			2,932
Net Investment Income		21,002			4,664			31,594			35,255
Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Gain/(Loss) on Investments		50,782			33,787			(151	)		16,850
Net Realized Gain/(Loss) on Futures Contracts		1,837			512			1,834			(137	)
Net Realized Loss on Foreign Currency Transactions		(5	)		—			(32	)		(19	)
Net Realized Loss on Forward Foreign Currency Contracts		—			—			(28	)		(15	)
Net Change in Unrealized Appreciation on Investments		361,119			161,278			199,052			81,085
Net Change in Unrealized Appreciation on Futures Contracts		1,024			24			335			145
Net Change in Unrealized Appreciation on Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		3			—			64			5
Net Change in Unrealized Depreciation on Forward Foreign Currency Contracts		—			—			—			(19	)
Change in Accrued Foreign Capital Gains Tax on Appreciated Securities		—			—			(63	)		—
Net Realized and Unrealized Gain on Investments		414,760			195,601			201,011			97,895
Net Increase in Net Assets Resulting from Operations	$	435,762		$	200,265		$	232,605		$	133,150

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

112

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Retirement Path Retirement Income Fund						KP Retirement Path 2020 Fund
	Six-Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six-Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Operations:
Net Investment Income	$	842		$	10,539		$	1,636		$	21,905
Net Realized Gain on Affiliated and Unaffiliated Investments		4,177			8,417			7,325			17,602
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares		—			9,134			—			24,876
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments		37,312			(42,070	)		91,380			(101,362	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		42,331			(13,980	)		100,341			(36,979	)
Distributions:		—			(27,862	)		—			(60,142	)
Capital Share Transactions:
Institutional Shares:
Issued		12,557			101,731			46,376			240,172
Reinvestment of Distributions		—			27,862			—			60,142
Redeemed		(40,665	)		(72,103	)		(72,194	)		(103,774	)
Increase/(Decrease) in Net Assets from Capital Share Transactions		(28,108	)		57,490			(25,818	)		196,540
Total Increase in Net Assets		14,223			15,648			74,523			99,419
Net Assets:
Beginning of Year or Period		455,335			439,687			976,953			877,534
End of Year or Period	$	469,558		$	455,335		$	1,051,476		$	976,953
Share Transactions:
Institutional Shares:
Issued		1,228			9,550			4,396			21,716
Reinvestment of Distributions		—			2,881			—			6,046
Redeemed		(4,004	)		(6,873	)		(6,843	)		(9,540	)
Net Increase/(Decrease) in Shares Outstanding from Share Transactions		(2,776	)		5,558			(2,447	)		18,222

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

113

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Retirement Path 2025 Fund						KP Retirement Path 2030 Fund
	Six-Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six-Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Operations:
Net Investment Income	$	1,640		$	25,900		$	1,123		$	24,039
Net Realized Gain on Affiliated and Unaffiliated Investments		8,728			19,079			7,776			18,897
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares		—			39,623			—			46,878
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments		129,154			(142,100	)		140,137			(158,888	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		139,522			(57,498	)		149,036			(69,074	)
Distributions:		—			(74,737	)		—			(74,951	)
Capital Share Transactions:
Institutional Shares:
Issued		75,784			267,692			90,349			281,167
Reinvestment of Distributions		—			74,737			—			74,951
Redeemed		(57,012	)		(76,547	)		(47,490	)		(73,319	)
Increase in Net Assets from Capital Share Transactions		18,772			265,882			42,859			282,799
Total Increase in Net Assets		158,294			133,647			191,895			138,774
Net Assets:
Beginning of Year or Period		1,194,960			1,061,313			1,152,153			1,013,379
End of Year or Period	$	1,353,254		$	1,194,960		$	1,344,048		$	1,152,153
Share Transactions:
Institutional Shares:
Issued		6,995			23,477			8,201			24,147
Reinvestment of Distributions		—			7,399			—			7,385
Redeemed		(5,255	)		(6,821	)		(4,328	)		(6,408	)
Net Increase in Shares Outstanding from Share Transactions		1,740			24,055			3,873			25,124

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

114

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Retirement Path 2035 Fund						KP Retirement Path 2040 Fund
	Six-Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six-Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Operations:
Net Investment Income	$	761		$	25,383		$	357		$	22,264
Net Realized Gain on Affiliated and Unaffiliated Investments		7,218			22,290			6,788			19,591
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares		—			59,613			—			59,745
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments		168,566			(195,956	)		161,165			(190,609	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		176,545			(88,670	)		168,310			(89,009	)
Distributions:		—			(86,446	)		—			(79,249	)
Capital Share Transactions:
Institutional Shares:
Issued		107,770			302,571			108,761			262,764
Reinvestment of Distributions		—			86,446			—			79,249
Redeemed		(43,166	)		(84,563	)		(46,145	)		(71,446	)
Increase in Net Assets from Capital Share Transactions		64,604			304,454			62,616			270,567
Total Increase in Net Assets		241,149			129,338			230,926			102,309
Net Assets:
Beginning of Year or Period		1,262,478			1,133,140			1,146,007			1,043,698
End of Year or Period	$	1,503,627		$	1,262,478		$	1,376,933		$	1,146,007
Share Transactions:
Institutional Shares:
Issued		9,647			25,466			9,648			21,868
Reinvestment of Distributions		—			8,475			—			7,749
Redeemed		(3,880	)		(7,218	)		(4,109	)		(6,013	)
Net Increase in Shares Outstanding from Share Transactions		5,767			26,723			5,539			23,604

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

115

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Retirement Path 2045 Fund						KP Retirement Path 2050 Fund
	Six-Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six-Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Operations:
Net Investment Income	$	154		$	16,434		$	65		$	9,445
Net Realized Gain on Affiliated and Unaffiliated Investments		4,591			15,157			2,160			8,156
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares		—			48,092			—			29,155
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments		127,276			(151,407	)		77,497			(90,195	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		132,021			(71,724	)		79,722			(43,439	)
Distributions:		—			(60,150	)		—			(33,669	)
Capital Share Transactions:
Institutional Shares:
Issued		100,891			234,804			85,862			174,803
Reinvestment of Distributions		—			60,149			—			33,669
Redeemed		(35,308	)		(56,528	)		(24,144	)		(32,833	)
Increase in Net Assets from Capital Share Transactions		65,583			238,425			61,718			175,639
Total Increase in Net Assets		197,604			106,551			141,440			98,531
Net Assets:
Beginning of Year or Period		873,412			766,861			512,532			414,001
End of Year or Period	$	1,071,016		$	873,412		$	653,972		$	512,532
Share Transactions:
Institutional Shares:
Issued		8,899			19,448			7,491			14,396
Reinvestment of Distributions		—			5,867			—			3,258
Redeemed		(3,130	)		(4,723	)		(2,115	)		(2,710	)
Net Increase in Shares Outstanding from Share Transactions		5,769			20,592			5,376			14,944

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

116

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Retirement Path 2055 Fund						KP Retirement Path 2060 Fund
	Six-Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six-Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Operations:
Net Investment Income	$	22		$	3,027		$	5		$	618
Net Realized Gain/(Loss) on Affiliated and Unaffiliated Investments		1,412			2,590			(130	)		1,359
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares		—			9,529			—			1,931
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments		25,247			(29,637	)		5,594			(6,959	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		26,681			(14,491	)		5,469			(3,051	)
Distributions:		—			(9,951	)		—			(2,711	)
Capital Share Transactions:
Institutional Shares:
Issued		45,354			81,491			12,485			23,578
Reinvestment of Distributions		—			9,951			—			2,711
Redeemed		(9,396	)		(12,748	)		(4,245	)		(9,624	)
Increase in Net Assets from Capital Share Transactions		35,958			78,694			8,240			16,665
Total Increase in Net Assets		62,639			54,252			13,709			10,903
Net Assets:
Beginning of Year or Period		166,000			111,748			33,888			22,985
End of Year or Period	$	228,639		$	166,000		$	47,597		$	33,888
Share Transactions:
Institutional Shares:
Issued		3,929			6,723			1,111			1,946
Reinvestment of Distributions		—			957			—			267
Redeemed		(818	)		(1,060	)		(382	)		(800	)
Net Increase in Shares Outstanding from Share Transactions		3,111			6,620			729			1,413

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

117

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Retirement Path 2065 Fund
	Period Ended June 30, 2019* (Unaudited)
Operations:
Net Investment Income	$	2
Net Change in Unrealized Appreciation on Affiliated and Unaffiliated Investments		394
Net Increase in Net Assets Resulting from Operations		396
Capital Share Transactions:
Institutional Shares:
Issued		10,000
Increase in Net Assets from Capital Share Transactions		10,000
Total Increase in Net Assets		10,396
Net Assets:
Beginning of Period		—
End of Period	$	10,396
Share Transactions:
Institutional Shares:
Issued		1,000
Net Increase in Shares Outstanding from Share Transactions		1,000

* Commenced operations on May 24, 2019.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

118

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Large Cap Equity Fund						KP Small Cap Equity Fund
	Six-Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six-Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Operations:
Net Investment Income	$	21,002		$	39,546		$	4,664		$	6,470
Net Realized Gain on Investments and Futures Contracts		52,619			148,245			34,299			113,150
Net Realized Loss on Foreign Currency Transactions		(5	)		(4	)		—			—
Net Change in Unrealized Appreciation/(Depreciation) on Investments and Futures Contracts		362,143			(323,111	)		161,302			(226,224	)
Net Change in Unrealized Appreciation/(Depreciation) on Forward Contracts and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		3			(2	)		—			—
Net Increase/(Decrease) in Net Assets Resulting from Operations		435,762			(135,326	)		200,265			(106,604	)
Distributions:		—			(199,669	)		—			(150,617	)
Capital Share Transactions:
Institutional Shares:
Issued		346,731			548,789			166,580			207,302
Reinvestment of Distributions		—			199,670			—			150,617
Redeemed		(208,610	)		(312,229	)		(93,417	)		(168,878	)
Increase in Net Assets from Capital Share Transactions		138,121			436,230			73,163			189,041
Total Increase/(Decrease) in Net Assets		573,883			101,235			273,428			(68,180	)
Net Assets:
Beginning of Year or Period		2,352,152			2,250,917			1,006,978			1,075,158
End of Year or Period	$	2,926,035		$	2,352,152		$	1,280,406		$	1,006,978
Share Transactions:
Institutional Shares:
Issued		27,985			40,190			16,155			16,263
Reinvestment of Distributions		—			17,723			—			16,495
Redeemed		(16,395	)		(23,060	)		(8,802	)		(13,425	)
Net Increase in Shares Outstanding from Share Transactions		11,590			34,853			7,353			19,333

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

119

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP International Equity Fund						KP Fixed Income Fund
	Six-Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six-Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Operations:
Net Investment Income	$	31,594		$	33,840		$	35,255		$	56,674
Net Realized Gain/(Loss) on Investments and Futures Contracts		1,683			34,005			16,713			(23,863	)
Net Realized Loss on Foreign Currency Transactions		(60	)		(635	)		(34	)		(1,527	)
Net Change in Unrealized Appreciation/(Depreciation) on Investments and Futures Contracts		199,387			(307,685	)		81,230			(41,199	)
Net Change in Unrealized Appreciation/(Depreciation) on Forward Contracts and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		64			(68	)		(14	)		(50	)
Change in Accrued Foreign Capital Gains Tax on Appreciated Securities		(63	)		360			—			—
Net Increase/(Decrease) in Net Assets Resulting from Operations		232,605			(240,183	)		133,150			(9,965	)
Distributions:		—			(100,442	)		—			(55,856	)
Capital Share Transactions:
Institutional Shares:
Issued		185,151			514,071			299,474			662,327
Reinvestment of Distributions		—			100,442			—			55,855
Redeemed		(111,296	)		(152,639	)		(287,324	)		(195,341	)
Increase in Net Assets from Capital Share Transactions		73,855			461,874			12,150			522,841
Total Increase in Net Assets		306,460			121,249			145,300			457,020
Net Assets:
Beginning of Year or Period		1,591,217			1,469,968			2,038,900			1,581,880
End of Year or Period	$	1,897,677		$	1,591,217		$	2,184,200		$	2,038,900
Share Transactions:
Institutional Shares:
Issued		18,727			47,491			29,889			66,879
Reinvestment of Distributions		—			11,076			—			5,776
Redeemed		(11,207	)		(13,931	)		(29,156	)		(19,771	)
Net Increase in Shares Outstanding from Share Transactions		7,520			44,636			733			52,884

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

120

THE KP FUNDS

FINANCIAL HIGHLIGHTS

For the six-months ended June 30, 2019 (Unaudited) and the year or period ended December 31,

For a share outstanding throughout the periods

	Net Asset Value, Beginning of Year or Period		Net Investment Income†		Net Realized and Unrealized Gain/ (Loss) on Investments			Total from Operations			Distributions from Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value, End of Year or Period		Total Return‡			Net Assets End of Year or Period (000)		Ratio of Expenses to Average Net Assets††			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover‡
KP Retirement Path Retirement Income Fund* - Institutional Shares
2019#	$	9.61	$	0.02	$	0.90		$	0.92		$	—		$	—		$	—		$	10.53		9.57	%	$	469,558		0.06	%		0.37	%		11	%
2018		10.51		0.25		(0.54	)		(0.29	)		(0.25	)		(0.36	)		(0.61	)		9.61		(2.65	)		455,335		0.07			2.43			23
2017		9.96		0.20		0.80			1.00			(0.24	)		(0.21	)		(0.45	)		10.51		10.03			439,687		0.07			1.89			28
2016		9.76		0.17		0.34			0.51			(0.22	)		(0.09	)		(0.31	)		9.96		5.24			462,303		0.08			1.69			15
2015		10.07		0.15		(0.13	)		0.02			(0.20	)		(0.13	)		(0.33	)		9.76		0.14			483,292		0.08			1.45			24
2014@		10.00		0.18		0.20			0.38			(0.24	)		(0.07	)		(0.31	)		10.07		3.82			522,066		0.10			1.81			23
KP Retirement Path 2020 Fund* - Institutional Shares
2019#	$	9.90	$	0.02	$	1.00		$	1.02		$	—		$	—		$	—		$	10.92		10.30	%	$	1,051,476		0.06	%		0.32	%		10	%
2018		10.90		0.26		(0.62	)		(0.36	)		(0.26	)		(0.38	)		(0.64	)		9.90		(3.25	)		976,953		0.07			2.39			17
2017		10.10		0.21		1.01			1.22			(0.25	)		(0.17	)		(0.42	)		10.90		12.04			877,534		0.07			1.98			25
2016		9.82		0.18		0.40			0.58			(0.21	)		(0.09	)		(0.30	)		10.10		5.92			772,111		0.08			1.79			13
2015		10.11		0.16		(0.17	)		(0.01	)		(0.20	)		(0.08	)		(0.28	)		9.82		(0.10	)		707,746		0.07			1.56			19
2014@		10.00		0.19		0.21			0.40			(0.25	)		(0.04	)		(0.29	)		10.11		3.96			679,151		0.09			1.92			11
KP Retirement Path 2025 Fund* - Institutional Shares
2019#	$	10.07	$	0.01	$	1.16		$	1.17		$	—		$	—		$	—		$	11.24		11.62	%	$	1,353,254		0.06	%		0.26	%		10	%
2018		11.22		0.26		(0.75	)		(0.49	)		(0.27	)		(0.39	)		(0.66	)		10.07		(4.28	)		1,194,960		0.06			2.28			13
2017		10.15		0.22		1.26			1.48			(0.26	)		(0.15	)		(0.41	)		11.22		14.59			1,061,313		0.07			2.00			19
2016		9.81		0.19		0.46			0.65			(0.21	)		(0.10	)		(0.31	)		10.15		6.64			842,733		0.07			1.87			10
2015		10.11		0.17		(0.21	)		(0.04	)		(0.21	)		(0.05	)		(0.26	)		9.81		(0.35	)		718,758		0.07			1.64			12
2014@		10.00		0.20		0.20			0.40			(0.26	)		(0.03	)		(0.29	)		10.11		3.92			650,003		0.09			1.98			8
KP Retirement Path 2030 Fund* - Institutional Shares
2019#	$	10.14	$	0.01	$	1.28		$	1.29		$	—		$	—		$	—		$	11.43		12.72	%	$	1,344,048		0.06	%		0.18	%		9	%
2018		11.44		0.25		(0.85	)		(0.60	)		(0.28	)		(0.42	)		(0.70	)		10.14		(5.20	)		1,152,153		0.06			2.20			12
2017		10.15		0.22		1.50			1.72			(0.27	)		(0.16	)		(0.43	)		11.44		16.93			1,013,379		0.07			1.98			18
2016		9.76		0.19		0.52			0.71			(0.20	)		(0.12	)		(0.32	)		10.15		7.32			773,892		0.07			1.91			9
2015		10.09		0.17		(0.22	)		(0.05	)		(0.22	)		(0.06	)		(0.28	)		9.76		(0.52	)		639,173		0.07			1.70			9
2014@		10.00		0.20		0.17			0.37			(0.26	)		(0.02	)		(0.28	)		10.09		3.78			580,413		0.08			2.02			8
KP Retirement Path 2035 Fund* - Institutional Shares
2019#	$	10.20	$	0.01	$	1.40		$	1.41		$	—		$	—		$	—		$	11.61		13.82	%	$	1,503,627		0.06	%		0.11	%		8	%
2018		11.68		0.24		(0.98	)		(0.74	)		(0.29	)		(0.45	)		(0.74	)		10.20		(6.24	)		1,262,478		0.06			2.07			12
2017		10.19		0.22		1.71			1.93			(0.28	)		(0.16	)		(0.44	)		11.68		18.93			1,133,140		0.06			1.96			16
2016		9.75		0.19		0.58			0.77			(0.20	)		(0.13	)		(0.33	)		10.19		7.91			845,902		0.07			1.89			9
2015		10.10		0.18		(0.25	)		(0.07	)		(0.23	)		(0.05	)		(0.28	)		9.75		(0.70	)		691,910		0.06			1.71			7
2014@		10.00		0.20		0.19			0.39			(0.27	)		(0.02	)		(0.29	)		10.10		3.86			620,600		0.08			2.01			7
KP Retirement Path 2040 Fund* - Institutional Shares
2019#	$	10.25	$	—	$	1.48		$	1.48		$	—		$	—		$	—		$	11.73		14.44	%	$	1,376,933		0.06	%		0.06	%		7	%
2018		11.83		0.23		(1.06	)		(0.83	)		(0.29	)		(0.46	)		(0.75	)		10.25		(6.89	)		1,146,007		0.06			1.97			11
2017		10.21		0.22		1.85			2.07			(0.29	)		(0.16	)		(0.45	)		11.83		20.28			1,043,698		0.06			1.94			15
2016		9.75		0.18		0.61			0.79			(0.19	)		(0.14	)		(0.33	)		10.21		8.14			762,771		0.07			1.86			8
2015		10.10		0.17		(0.25	)		(0.08	)		(0.22	)		(0.05	)		(0.27	)		9.75		(0.73	)		611,633		0.06			1.68			7
2014@		10.00		0.20		0.20			0.40			(0.27	)		(0.03	)		(0.30	)		10.10		3.91			543,274		0.08			2.02			8

The accompanying notes are an integral part of the financial statements.

121

THE KP FUNDS

FINANCIAL HIGHLIGHTS

For the six-months or period ended June 30, 2019 (Unaudited) and the year or period ended December 31,

For a share outstanding throughout the periods

	Net Asset Value, Beginning of Year or Period		Net Investment Income†		Net Realized and Unrealized Gain/ (Loss) on Investments			Total from Operations			Distributions from Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value, End of Year or Period		Total Return‡			Net Assets End of Year or Period (000)		Ratio of Expenses to Average Net Assets††			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover‡
KP Retirement Path 2045 Fund* - Institutional Shares
2019#	$	10.27	$	—	$	1.53		$	1.53		$	—		$	—		$	—		$	11.80		14.90	%	$	1,071,016		0.06	%		0.03	%		7	%
2018		11.90		0.23		(1.11	)		(0.88	)		(0.29	)		(0.46	)		(0.75	)		10.27		(7.27	)		873,412		0.06			1.94			11
2017		10.20		0.22		1.92			2.14			(0.29	)		(0.15	)		(0.44	)		11.90		21.00			766,861		0.06			1.93			14
2016		9.74		0.19		0.60			0.79			(0.18	)		(0.15	)		(0.33	)		10.20		8.15			535,836		0.07			1.89			9
2015		10.09		0.18		(0.25	)		(0.07	)		(0.22	)		(0.06	)		(0.28	)		9.74		(0.66	)		413,485		0.06			1.71			9
2014@		10.00		0.21		0.17			0.38			(0.27	)		(0.02	)		(0.29	)		10.09		3.76			354,753		0.08			2.06			8
KP Retirement Path 2050 Fund* - Institutional Shares
2019#	$	10.37	$	—	$	1.56		$	1.56		$	—		$	—		$	—		$	11.93		15.04	%	$	653,972		0.06	%		0.02	%		7	%
2018		12.01		0.24		(1.16	)		(0.92	)		(0.29	)		(0.43	)		(0.72	)		10.37		(7.52	)		512,532		0.06			1.96			10
2017		10.24		0.23		1.97			2.20			(0.29	)		(0.14	)		(0.43	)		12.01		21.52			414,001		0.06			2.02			13
2016		9.75		0.20		0.60			0.80			(0.18	)		(0.13	)		(0.31	)		10.24		8.25			257,588		0.07			1.98			10
2015		10.09		0.19		(0.26	)		(0.07	)		(0.22	)		(0.05	)		(0.27	)		9.75		(0.70	)		172,257		0.06			1.82			9
2014@		10.00		0.22		0.16			0.38			(0.27	)		(0.02	)		(0.29	)		10.09		3.76			124,388		0.08			2.19			10
KP Retirement Path 2055 Fund* - Institutional Shares
2019#	$	10.43	$	—	$	1.59		$	1.59		$	—		$	—		$	—		$	12.02		15.24	%	$	228,639		0.06	%		0.02	%		8	%
2018		12.03		0.25		(1.18	)		(0.93	)		(0.30	)		(0.37	)		(0.67	)		10.43		(7.68	)		166,000		0.06			2.09			12
2017		10.22		0.26		1.94			2.20			(0.29	)		(0.10	)		(0.39	)		12.03		21.59			111,748		0.06			2.24			15
2016		9.70		0.22		0.58			0.80			(0.18	)		(0.10	)		(0.28	)		10.22		8.28			54,819		0.07			2.26			16
2015		10.07		0.23		(0.30	)		(0.07	)		(0.21	)		(0.09	)		(0.30	)		9.70		(0.66	)		27,088		0.06			2.19			21
2014@		10.00		0.24		0.15			0.39			(0.27	)		(0.05	)		(0.32	)		10.07		3.81			12,658		0.10			2.44			28
KP Retirement Path 2060 Fund* - Institutional Shares
2019#	$	10.18	$	—	$	1.55		$	1.55		$	—		$	—		$	—		$	11.73		15.23	%	$	47,597		0.06	%		0.02	%		13	%
2018		12.00		0.25		(1.18	)		(0.93	)		(0.29	)		(0.60	)		(0.89	)		10.18		(7.65	)		33,888		0.06			2.05			36
2017		10.27		0.28		1.94			2.22			(0.29	)		(0.20	)		(0.49	)		12.00		21.66			22,985		0.07			2.43			27
2016		9.78		0.21		0.59			0.80			(0.18	)		(0.13	)		(0.31	)		10.27		8.18			9,097		0.07			2.10			51
2015		10.12		0.22		(0.28	)		(0.06	)		(0.22	)		(0.06	)		(0.28	)		9.78		(0.60	)		5,748		0.06			2.09			100
2014@		10.00		0.20		0.19	^		0.39			(0.27	)		—			(0.27	)		10.12		3.92			2,452		0.15			1.98			340
KP Retirement Path 2065 Fund** - Institutional Shares
2019#	$	10.00	$	—	$	0.40		$	0.40		$	—		$	—		$	—		$	10.40		4.00	%	$	10,396		0.05	%‡‡		0.18	%		—	%
KP Large Cap Equity Fund* - Institutional Shares
2019#	$	11.30	$	0.10	$	1.91		$	2.01		$	—		$	—		$	—		$	13.31		17.79	%	$	2,926,035		0.30	%		1.54	%		21	%
2018		12.98		0.22		(0.87	)		(0.65	)		(0.19	)		(0.84	)		(1.03	)		11.30		(4.82	)		2,352,152		0.30			1.65			49
2017		11.19		0.18		2.49			2.67			(0.17	)		(0.71	)		(0.88	)		12.98		23.84			2,250,917		0.31			1.47			41
2016		10.56		0.18		0.88			1.06			(0.17	)		(0.26	)		(0.43	)		11.19		10.04			1,476,628		0.34			1.65			50
2015		10.82		0.15		0.17			0.32			(0.15	)		(0.43	)		(0.58	)		10.56		2.91			1,239,696		0.35			1.38			126
2014@		10.00		0.16		0.96			1.12			(0.15	)		(0.15	)		(0.30	)		10.82		11.21			1,142,880		0.35			1.62			126
KP Small Cap Equity Fund* - Institutional Shares
2019#	$	9.29	$	0.04	$	1.73		$	1.77		$	—		$	—		$	—		$	11.06		19.05	%	$	1,280,406		0.52	%		0.79	%		44	%
2018		12.08		0.07		(1.24	)		(1.17	)		(0.06	)		(1.56	)		(1.62	)		9.29		(9.30	)		1,006,978		0.52			0.57			85
2017		11.22		0.05		1.97			2.02			(0.06	)		(1.10	)		(1.16	)		12.08		17.95			1,075,158		0.53			0.41			100
2016		9.55		0.08		1.68			1.76			(0.09	)		—			(0.09	)		11.22		18.38			930,815		0.53			0.86			91
2015		10.32		0.07		(0.55	)		(0.48	)		(0.07	)		(0.22	)		(0.29	)		9.55		(4.73	)		780,852		0.55			0.68			154
2014@		10.00		0.09		0.32			0.41			(0.09	)		—			(0.09	)		10.32		4.06			448,240		0.59			0.97			212

The accompanying notes are an integral part of the financial statements.

122

THE KP FUNDS

FINANCIAL HIGHLIGHTS

For the six-months ended June 30, 2019 (Unaudited) and the year or period ended December 31,

For a share outstanding throughout the periods

	Net Asset Value, Beginning of Year or Period		Net Investment Income†		Net Realized and Unrealized Gain/ (Loss) on Investments			Total from Operations			Distributions from Investment Income			Distributions from Net Realized Capital Gains			Return of Capital			Total Distributions			Net Asset Value, End of Year or Period		Total Return‡			Net Assets End of Year or Period (000)		Ratio of Expenses to Average Net Assets††			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover‡
KP International Equity Fund* - Institutional Shares
2019#	$	9.05	$	0.18	$	1.12		$	1.30		$	—		$	—		$	—		$	—		$	10.35		14.36	%	$	1,897,677		0.45	%		3.57	%		27	%
2018		11.20		0.24		(1.79	)		(1.55	)		(0.19	)		(0.41	)		—			(0.60	)		9.05		(13.75	)		1,591,217		0.47			2.19			32
2017		8.93		0.21		2.37			2.58			(0.26	)		(0.05	)		—			(0.31	)		11.20		28.95			1,469,968		0.49			2.06			125
2016		8.84		0.20		0.07			0.27			(0.18	)		—			—			(0.18	)		8.93		3.03			1,232,730		0.49			2.22			23
2015		9.30		0.20		(0.46	)		(0.26	)		(0.19	)		—			(0.01	)		(0.20	)		8.84		(2.79	)		1,026,913		0.50			2.13			21
2014@		10.00		0.26		(0.64	)		(0.38	)		(0.22	)		(0.08	)		(0.02	)		(0.32	)		9.30		(3.83	)		940,105		0.54			2.61			115
KP Fixed Income Fund* - Institutional Shares
2019#	$	9.69	$	0.17	$	0.49		$	0.66		$	—		$	—		$	—		$	—		$	10.35		6.81	%	$	2,184,200		0.29	%		3.49	%		166	%
2018		10.05		0.31		(0.40	)		(0.09	)		(0.27	)		—			—			(0.27	)		9.69		(0.86	)		2,038,900		0.31			3.18			422
2017		9.86		0.27		0.16			0.43			(0.24	)		—			—			(0.24	)		10.05		4.41			1,581,880		0.31			2.63			547
2016		9.79		0.24		0.16			0.40			(0.23	)		(0.10	)		—			(0.33	)		9.86		4.08			1,069,341		0.32			2.37			484
2015		10.00		0.21		(0.16	)		0.05			(0.21	)		(0.05	)		—	(1)		(0.26	)		9.79		0.57			920,322		0.34			2.10			533
2014@		10.00		0.20		0.07			0.27			(0.18	)		(0.09	)		—			(0.27	)		10.00		2.68			825,908		0.36			1.99			496

* Commenced operations on January 10, 2014.

** Commenced operations on May 24, 2019.

@ For the period ended December 31, 2014. All ratios for the period have been annualized.

# For the period ended June 30, 2019. All ratios for the period have been annualized.

† Per share calculations were performed using the average shares method.

†† Ratio does not include the expenses of the underlying funds, as applicable.

‡ Total return and portfolio turnover are for the period indicated and have not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay of Fund distributions or the redemption of Fund shares.

‡‡ The ratio of expense to average Net Assets includes the effect of a waiver. If these offsets were excluded, the ratio would have been 0.59%.

^ The amount shown for a share outstanding throughout the period does not accord with the aggregate net realized and unrealized losses on investments for the period because of the sales and repurchases of Fund shares in relation to fluctuating market value of the investments of the Fund.

(1) Amount less than $0.01 per share.

Amounts designated as “-“ are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

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THE KP FUNDS June 30, 2019 (Unaudited)

NOTES TO FINANCIAL STATEMENTS

1. Organization

The KP Funds (the “Trust”), was organized on March 25, 2013 as a statutory trust under the laws of the Commonwealth of Massachusetts. The Trust is an open-end registered management investment company comprised of fourteen funds: KP Retirement Path Retirement Income Fund (formerly, KP Retirement Path 2015 Fund), KP Retirement Path 2020 Fund, KP Retirement Path 2025 Fund, KP Retirement Path 2030 Fund, KP Retirement Path 2035 Fund, KP Retirement Path 2040 Fund, KP Retirement Path 2045 Fund, KP Retirement Path 2050 Fund, KP Retirement Path 2055 Fund, KP Retirement Path 2060 Fund, and KP Retirement Path 2065 Fund (collectively, the “Target Date Funds”); and the KP Large Cap Equity Fund, KP Small Cap Equity Fund, KP International Equity Fund, and KP Fixed Income Fund (collectively, the “Asset Class Funds” and collectively with the Target Date Funds, the “Funds” and each a “Fund”). The investment objective of the Target Date Funds is to seek a balance of long-term capital growth, inflation protection, and current income. The investment objective of KP Large Cap Equity, KP Small Cap Equity and KP International Equity Funds is to seek long-term capital appreciation. The investment objective of KP Fixed Income Fund is to provide current income consistent with the preservation of capital. The Funds are diversified for purposes of the Investment Company Act of 1940, as amended (the “1940 Act”). The assets of each Fund of the Trust are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Funds are registered to offer Institutional Class Shares.

Callan LLC serves as the Funds’ investment adviser (the “Adviser”). The Adviser has engaged a number of sub-advisers (the “Sub-Advisers”) to manage a portion of the Asset Class Funds’ assets. On September 3, 2013, the Trust was seeded with an issuance of 10,000 shares of the Institutional Class Shares of the KP Fixed Income Fund at an aggregate purchase price of $100,000. The KP Retirement Path 2065 Fund commenced opertaions on May 24, 2019; the remaining Funds commenced operations on January 10, 2014.

2. Significant Accounting Policies

The following are significant accounting policies, which are consistently followed in the preparation of its financial statements of the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

Use of Estimates in the Preparation of Financial Statements — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the fair value of assets, the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm ET if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trusts’ Fair Value Procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

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THE KP FUNDS June 30, 2019 (Unaudited)

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Securities for which market prices are not available through the above methods are valued in accordance with Fair Value Procedures established by the Funds’ Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Pricing Committee (the “Committee”) designated by the Funds’ Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been delisted from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of June 30, 2019, KP Large Cap Equity, KP International Equity and KP Fixed Income Funds had securities valued in accordance with fair value procedures. Refer to each Funds’ schedule of investments for further details.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which the Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates its net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Adviser of the Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its net asset value, it may request that a Committee meeting be called.

KP International Equity Fund uses MarkIt Fair Value (“MarkIt”) as a third party fair valuation vendor. MarkIt provides a fair value for foreign securities held by KP International Equity Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by MarkIt in the event that there is a movement in the U.S. market that exceeds a specific threshold established by the Committee. The Committee establishes a “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, KP International Equity Fund values its non-U.S. securities that exceed the applicable “confidence interval” based upon the fair values provided by MarkIt. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by MarkIt are not reliable, the Adviser may contact SEI Global Fund Services (the “Administrator”) to request that a meeting of the Committee be held.

If a local market in which KP International Equity Fund owns securities is closed for one or more days, the Fund shall value all securities held in that corresponding currency based on the fair value prices provided by MarkIt using the predetermined confidence interval discussed above.

In accordance with the authoritative guidance on fair value measurement under U.S. GAAP, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

• Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

• Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board, etc.); and

125

THE KP FUNDS June 30, 2019 (Unaudited)

• Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For the six-months ended June 30, 2019, there have been no significant changes to the Funds’ fair value methodologies.

Federal Income Taxes — It is each Fund’s intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its income to shareholders. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 2 open tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

KP International Equity Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. KP International Equity Fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. Tax is monitoring and accruing foreign capital cap gains for $347 (000), which $97 (000) is related to India and $250 (000) is related to Thailand. Please refer to the Statement of Assets and Liabilities.

As of and during the six-months ended June 30, 2019, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the six-months ended June 30, 2019 the Funds did not incur any interest or penalties.

Security Transactions and Investment Income — Security transactions are accounted for on trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sales of investment securities are based on the specific identification method. Dividend income is recorded on the ex-dividend date, and interest income is recognized on the accrual basis from settlement date and includes the amortization of premiums and the accretion of discount calculated using the effective interest method. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and gains and losses on investments and net change in unrealized appreciation (depreciation) on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

Forward Foreign Currency Exchange Contracts — The Funds may enter into forward foreign currency exchange contracts to protect the value of securities held and related receivables and payables against changes in future foreign exchange rates. A forward currency contract is an agreement between two parties to buy and sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the current forward rate and the change in market value is recorded by the Funds as unrealized gain or loss. The Funds recognize realized gains or losses when the contract is closed, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Any realized or unrealized gains (losses) during the period are presented on the Statements of Operations. Refer to each Funds’ Schedule of Investments for details regarding open forward foreign currency contracts.

126

THE KP FUNDS June 30, 2019 (Unaudited)

For the six-months ended June 30, 2019, the average balances of forward foreign currency exchange contracts were as follows (000):

	KP Fixed Income Fund
Average Monthly Notional Contracts Purchased	$	(8,678	)
Average Monthly Notional Contracts Sold		11,923

Futures Contracts — To the extent consistent with its investment objective and strategies, the Funds may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of June 30, 2019, if applicable.

For the six-months ended June 30, 2019, the average balances of futures contracts were as follows (000):

	KP Large Cap Equity Fund		KP Small Cap Equity Fund		KP International Equity Fund		KP Fixed Income Fund
Average Monthly Market Value Balance Long	$	26,341	$	4,075	$	20,580	$	—
Average Monthly Market Value Balance Short		—		—		—		—

Master Netting Arrangements — A fund is subject to various netting arrangements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a fund to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets in the Statement of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability in the Statement of Assets and Liabilities as deposits due to counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. A fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

It is the Funds’ policy to present the variation margin of the futures contracts separately on the Statements of Assets and Liabilities as the Funds do not have master netting agreements with the counterparties to the futures contracts. Refer to each Fund’s Schedule of Investments for details regarding futures contracts as of June 30, 2019, if applicable.

127

THE KP FUNDS June 30, 2019 (Unaudited)

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) generally govern OTC financial derivative transactions entered into by a fund and select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add additional counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third party custodian.

As of June 30, 2019, there were no securities pledged as collateral for financial derivative instruments as governed by ISDA master agreements.

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged for the KP Fixed Income Fund as of June 30, 2019 (000):

	Financial Derivative Assets				Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Total Over the Counter		Forward Foreign Currency Contracts			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral (Received)/ Pledged		Net Exposures†
Barclays PLC	$	50	$	50	$	(34	)	$	(34	)	$	16		$	—	$	16
BNP Paribas		33		33		(116	)		(116	)		(83	)		—		(83	)
HSBC		25		25		(78	)		(78	)		(53	)		—		(53	)
Total over the counter	$	108	$	108	$	(228	)	$	(228	)

† Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity.

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

Master Limited Partnerships (“MLPs”) — Entities commonly referred to as “MLPs” are generally organized under state law as limited partnerships or limited liability companies. The Fund intends to invest in MLPs receiving partnership taxation treatment under the Internal Revenue Code of 1986 (the “Code”), and whose interests or “units” are traded on securities exchanges like shares of corporate stock. To be treated as a partnership for U.S. federal income tax purposes, an MLP whose units are traded on a securities exchange must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gain from the sale or disposition of real property, income and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. Mineral or natural resources activities include exploration, development, production, processing, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity and receive cash distributions. The MLPs themselves generally do not pay U.S. federal income taxes. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate dividends). Currently, most MLPs operate in the energy and/or natural resources sector.

Expenses — Expenses of the Trust can be directly attributed to a particular Fund are borne by that Fund. Expenses which cannot be directly attributed to a Fund are apportioned among the Funds of the Trust based on the number of funds and/or relative net assets. In addition to the expenses reflected on the Statement of

128

THE KP FUNDS June 30, 2019 (Unaudited)

Operations, the Target Date Funds indirectly bear expenses of the underlying funds (registered investment companies) in which they invest. Because each of the underlying funds have varied expense and fee levels, and the Target Date Funds may own different amounts of shares of these funds at different times, the amount of fees and expenses incurred indirectly will vary.

Dividends and Distributions to Shareholders — The Funds will distribute substantially all of their net investment income and net realized capital gains, if any, at least annually. All dividends and distributions are recorded on ex-dividend date.

Deferred Offering Costs — Offering costs, including costs of printing initial prospectus, legal and registration fees, are amortized over twelve-months from inception of the Funds. As of June 30, 2019, the KP Retirement Path 2065 Fund has $24 (000) remaining to be amortized.

3. Derivative Transactions:

The following tables include the KP Fixed Income Fund’s exposure by type of risk on derivatives held throughout the period:

The fair value of derivative instruments as of June 30, 2019, is as follows:

	Asset Derivatives				Liability Derivatives
	Statements of Assets and Liabilities Location	Fair Value (000)			Statements of Assets and Liabilities Location	Fair Value (000)
Derivatives not accounted for as hedging instruments:
Foreign Exchange Contracts	Net assets — Unrealized appreciation on forward foreign currency contracts	$	108	*	Net assets — Unrealized depreciation on forward foreign currency contracts	$	228	*
Total Derivatives not accounted for as hedging instruments		$	108			$	228

* Includes cumulative appreciation/(depreciation) of futures and forward contracts as reported in the Schedule of Investments.

The effect of derivative instruments on the Statements of Operations for the six-months ended June 30, 2019, were as follows:

The amount of realized gain/(loss) on derivatives recognized in income:

	Futures Contracts			Forward Foreign Currency Contracts			Total
Interest rate contracts	$	(137	)	$	—		$	(137	)
Foreign exchange contracts		—			(15	)		(15	)
Total	$	(137	)	$	(15	)	$	(152	)

Change in unrealized appreciation/(depreciation) on derivatives recognized in income:

	Futures Contracts		Forward Foreign Currency Contracts			Total
Interest rate contracts	$	145	$	—		$	145
Foreign exchange contracts		—		(19	)		(19	)
Total	$	145	$	(19	)	$	126

As of June 30, 2019, the KP Fixed Income Fund’s derivative instruments are not subject to a master netting arrangement.

129

THE KP FUNDS June 30, 2019 (Unaudited)

4. Administration, Distribution, Transfer Agent and Custody Agreements:

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides administrative services to the Funds. For these services, the Administrator is paid an asset based fee which will vary depending on the average daily net assets of the Funds. For the six-months ended June 30, 2019, the Funds were charged as follows for these services (000):

Fund	Administration Fee		Fund	Administration Fee
KP Retirement Path Retirement Income Fund	$	56	KP Retirement Path 2055 Fund	$	24
KP Retirement Path 2020 Fund	$	123	KP Retirement Path 2060 Fund	$	5
KP Retirement Path 2025 Fund	$	155	KP Retirement Path 2065 Fund	$	—
KP Retirement Path 2030 Fund	$	152	KP Large Cap Equity Fund	$	499
KP Retirement Path 2035 Fund	$	169	KP Small Cap Equity Fund	$	221
KP Retirement Path 2040 Fund	$	154	KP International Equity Fund	$	323
KP Retirement Path 2045 Fund	$	119	KP Fixed Income Fund	$	367
KP Retirement Path 2050 Fund	$	71

The Trust and SEI Investments Distribution Co. (the “Distributor”) are parties to a Distribution Agreement. The Distributor receives no fees under the agreement.

Northeast Retirement Services, Inc. serves as the Transfer Agent and dividend disbursing agent for the Funds under a transfer agency agreement.

State Street Bank and Trust Company serves as custodian (the “Custodian”) for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased and sold by the Funds.

5. Transactions with Affiliates:

Certain officers of the Trust are also officers of the Administrator, which is a wholly-owned subsidiary of SEI Investments Company, and/or the Distributor. Such officers are paid no fees by the Trust, other than the Chief Compliance Officer (“CCO”) as described below, for serving as officers of the Trust.

A portion of the services provided by the CCO and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Advisors and service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.

6. Investment Advisory Agreements:

The Trust will pay to the Adviser as compensation for the Adviser’s services rendered, a fee (the “Advisory Fee”), determined in accordance with the calculation methodology set forth below. The Advisory Fee will be computed and accrued daily on an estimated basis by the Administrator and paid monthly in arrears based on a final determination by the Administrator.

The Advisory Fee payable by each Fund for any particular period will equal its pro rata portion of the total fee calculated by applying the Effective Fee Rate (defined below) to the Fund Asset Base (defined below), with each Fund’s pro rata portion determined by dividing the net assets of such Fund that are included in the Fund Asset Base by the total Fund Asset Base. The “Effective Fee Rate” will be determined by applying the following fee schedule to the Fund Asset Base:

0.05% on the first $4,000,000,000 of the Fund Asset Base;

0.04% on the Fund Asset Base between $4,000,000,001 and $7,000,000,000;

0.03% on the Fund Asset Base between $7,000,000,001 and $10,000,000,000; and

0.025% on the Fund Asset Base over $10,000,000,000.

The “Fund Asset Base” equals the Core Funds Asset Base (defined below) plus the Target Date Funds Asset Base (defined below). The “Core Funds Asset Base” equals the sum of the net assets of each Core Fund. The “Target Date Funds Asset Base” equals the sum of the net assets of each Target Date Fund invested in investment companies to which the Adviser does not serve as investment adviser. The Fund Asset Base will be estimated daily and

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THE KP FUNDS June 30, 2019 (Unaudited)

determined monthly based on the preceding methodology, in all cases based on the net assets as of the close of business on the preceding day in the case of the daily estimate and based on the average daily net assets average daily net assets in the month for the monthly calculation.

The Effective Fee Rate determined at the beginning of a month shall be used throughout the month for purposes of the daily estimate, and shall be recalculated for the month to make the final determination. In the event that the estimated daily fee for a Fund differs from the final determination by an amount sufficient to require an adjustment to the Net Asset Value of the Fund for any day, such difference shall be treated as a pricing error under the Trust’s policy.

The Adviser has entered into sub-advisory agreements with each sub-adviser under which the sub-adviser makes investment decisions for the assets it has been allocated to manage. For its service, each sub-adviser receives a fee based on the specified percentage of that portion of the Fund’s assets allocated to that sub-adviser. The total fees paid to sub-advisors directly are labeled as “Sub-Advisory Fees” on the Statements of Operations.

As of June 30, 2019, the Adviser has entered into investment sub-advisory agreements with the following parties:

Investment Sub-Adviser
KP Large Cap Equity Fund	KP International Equity Fund
AQR Capital Management, LLC	Acadian Asset Management LLC
MFS Investment Management	Lazard Asset Management LLC
PanAgora Asset Management, Inc.	Marathon Asset Management LLP
SSgA Funds Management, Inc.	MFS Investment Management
T. Rowe Price	Sprucegrove Investment Management Ltd.
	SSgA Funds Management, Inc.
	William Blair & Company, LLC
KP Small Cap Equity Fund	KP Fixed Income Fund
Aristotle Capital Boston, LLC	Credit Suisse Asset Management
CastleArk Management, LLC	Loomis, Sayles & Company, LP
Columbus Circle Investors	Payden & Rygel
DePrince Race & Zollo, Inc.	SSgA Funds Management, Inc.
PENN Capital Management Company, Inc.
SSgA Funds Management, Inc.
Walthausen & Co., LLC

7. Investment Transactions:

For the six-months ended June 30, 2019, the Funds had purchases and sales of investment securities other than long-term U.S. Government and short-term securities as follows (000):

	Purchases		Sales and Maturities
KP Retirement Path Retirement Income Fund	$	50,009	$	77,479
KP Retirement Path 2020 Fund		104,902		129,512
KP Retirement Path 2025 Fund		148,935		129,014
KP Retirement Path 2030 Fund		156,301		112,735
KP Retirement Path 2035 Fund		170,836		105,845
KP Retirement Path 2040 Fund		157,687		94,979
KP Retirement Path 2045 Fund		134,124		68,551
KP Retirement Path 2050 Fund		103,726		42,035
KP Retirement Path 2055 Fund		51,148		15,201
KP Retirement Path 2060 Fund		13,572		5,333
KP Retirement Path 2065 Fund*		10,001		—
KP Large Cap Equity Fund		711,586		556,013
KP Small Cap Equity Fund		578,304		516,504
KP International Equity Fund		569,841		470,263
KP Fixed Income Fund		643,761		657,485

* Commenced operations on May 24, 2019.

In addition, KP Fixed Income Fund had purchases and sales of long-term U.S. Government securities of $2,468,208 (000) and $2,437,929 (000), respectively.

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THE KP FUNDS June 30, 2019 (Unaudited)

8. Federal Tax Information:

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital, and undistributed earnings, in the period that the differences arise.

The tax character of dividends and distributions declared during the year or period ended December 31, 2018 and December 31, 2017 were as follows (000):

	Year		Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
KP Retirement Path Retirement Income Fund		2018	$	11,803	$	16,059	$	—	$	27,862
		2017		18,222		—		—		18,222
KP Retirement Path 2020 Fund		2018		25,272		34,870		—		60,142
		2017		32,519		—		—		32,519
KP Retirement Path 2025 Fund		2018		31,490		43,247		—		74,737
		2017		37,756		—		—		37,756
KP Retirement Path 2030 Fund		2018		30,892		44,059		—		74,951
		2017		36,781		—		—		36,781
KP Retirement Path 2035 Fund		2018		34,445		52,001		—		86,446
		2017		41,352		—		—		41,352
KP Retirement Path 2040 Fund		2018		31,604		47,645		—		79,249
		2017		38,654		—		—		38,654
KP Retirement Path 2045 Fund		2018		24,064		36,086		—		60,150
		2017		27,710		—		—		27,710
KP Retirement Path 2050 Fund		2018		14,097		19,572		—		33,669
		2017		14,526		—		—		14,526
KP Retirement Path 2055 Fund		2018		4,535		5,416		—		9,951
		2017		3,591		—		—		3,591
KP Retirement Path 2060 Fund		2018		928		1,783		—		2,711
		2017		914		—		—		914
KP Large Cap Equity Fund		2018		46,521		153,148		—		199,669
		2017		144,245		—		—		144,245
KP Small Cap Equity Fund		2018		62,717		87,900		—		150,617
		2017		94,436		—		—		94,436
KP International Equity Fund		2018		38,316		62,126		—		100,442
		2017		40,026		—		—		40,026
KP Fixed Income Fund		2018		55,856		—		—		55,856
		2017		37,554		—		—		37,554

As of December 31, 2018, the components of distributable earnings/(accumulated losses) on a tax basis were as follows (000):

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards		Post October Losses		Unrealized Appreciation/ (Depreciation)			Other Temporary Differences		Total Distributable Earnings/ (Accumulated Losses)
KP Retirement Path Retirement Income Fund	$	—	$	8,478	$	—	$	—	$	(19,873	)	$	1	$	(11,394	)
KP Retirement Path 2020 Fund		—		22,993		—		—		(45,186	)		—		(22,193	)
KP Retirement Path 2025 Fund		—		35,046		—		—		(57,741	)		5		(22,690	)
KP Retirement Path 2030 Fund		—		41,145		—		—		(62,306	)		1		(21,160	)
KP Retirement Path 2035 Fund		—		51,888		—		—		(71,564	)		—		(19,676	)
KP Retirement Path 2040 Fund		—		51,771		—		—		(67,814	)		—		(16,043	)
KP Retirement Path 2045 Fund		—		41,666		—		—		(61,633	)		—		(19,967	)

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THE KP FUNDS June 30, 2019 (Unaudited)

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Post October Losses			Unrealized Appreciation/ (Depreciation)			Other Temporary Differences			Total Distributable Earnings/ (Accumulated Losses)
KP Retirement Path 2050 Fund	$	—	$	25,049	$	—		$	—		$	(45,734	)	$	1		$	(20,684	)
KP Retirement Path 2055 Fund		—		8,317		—			—			(19,669	)		(3	)		(11,355	)
KP Retirement Path 2060 Fund		—		1,704		—			—			(5,450	)		—			(3,746	)
KP Large Cap Equity Fund		830		15,518		—			(6,112	)		98,507			2			108,745
KP Small Cap Equity Fund		434		—		—			(6,968	)		(90,899	)		(1	)		(97,434	)
KP International Equity Fund		—		—		—			(1,419	)		(121,565	)		(3	)		(122,987	)
KP Fixed Income Fund		—		—		(19,861	)		(2,412	)		(36,197	)		(320	)		(58,790	)

Post-October losses represent losses realized on investment transactions from November 1, 2018 through December 31, 2018, that, in accordance with Federal income tax regulations, the Funds elect to defer and treat as having arisen in the following fiscal year.

For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against all future capital gains. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. Losses carried forward under these new provisions are as follows (000):

	Short-Term Loss			Long-Term Loss
KP Fixed Income Fund	$	(16,365	)	$	(3,496	)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments for Federal income tax purposes at June 30, 2019, were as follows (000):

	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation
KP Retirement Path Retirement Income Fund	$	449,935	$	20,083	$	(436	)	$	19,647
KP Retirement Path 2020 Fund		1,001,475		50,752		(702	)		50,050
KP Retirement Path 2025 Fund		1,278,413		75,908		(1,010	)		74,898
KP Retirement Path 2030 Fund		1,262,796		82,274		(973	)		81,301
KP Retirement Path 2035 Fund		1,402,995		101,676		(995	)		100,681
KP Retirement Path 2040 Fund		1,280,463		97,260		(748	)		96,512
KP Retirement Path 2045 Fund		1,002,775		68,776		(503	)		68,273
KP Retirement Path 2050 Fund		620,885		33,416		(310	)		33,106
KP Retirement Path 2055 Fund		222,607		6,898		(859	)		6,039
KP Retirement Path 2060 Fund		47,387		688		(477	)		211
KP Retirement Path 2065 Fund		10,002		394		—			394
KP Large Cap Equity Fund		2,441,902		559,776		(77,651	)		482,125
KP Small Cap Equity Fund		1,199,614		159,497		(79,033	)		80,464
KP International Equity Fund		1,769,085		221,989		(112,043	)		109,946
KP Fixed Income Fund		2,213,509		60,066		(11,409	)		48,657

9 Risks:

As with all mutual funds, a shareholder of a fund is subject to the risk that his or her investment could lose money. The Funds are subject to the principal risks noted below, any of which may adversely affect the fund’s net asset value and ability to meet its investment objective. A more complete description of principal risks is included in the prospectus under the heading “Principal Risks”.

Allocation Risk — The Adviser’s judgment about, and allocations among, Substrategies and sub-advisers may adversely affect the Fund’s performance.

Asset Allocation Risk — The Fund is subject to asset allocation risk, which is the risk that the selection of the Underlying Funds and the allocation of the Fund’s assets among the various asset classes and market segments will cause the Fund to underperform other funds with a similar investment objective.

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THE KP FUNDS June 30, 2019 (Unaudited)

Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as “high yield bonds,” but there is no guarantee that an investment in these securities will result in a high rate of return.

Common Stock Risk — The prices of common stock may fall over short or extended periods of time. Common stock generally is subordinate to preferred stock and debt upon the liquidation or bankruptcy of the issuing company.

Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible bonds may be more sensitive to changes in interest rates than stocks. Convertible bonds may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

Currency Risk — As a result of the Fund’s investments in securities or other instruments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected.

Depositary Receipts Risk — Depositary receipts are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments.

Derivatives Risk — The Fund’s use of futures contracts, forward contracts, credit linked notes, structured notes and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described below. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on a fund’s share price and may also cause a fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Liquidity risk is described below. The Fund’s use of forward contracts, credit-linked notes, structured notes and swaps is also subject to credit risk and valuation risk. Credit risk is described above and valuation risk is described below. Each of these risks could cause a fund to lose more than the principal amount invested in a derivative instrument. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators are in the process of adopting and implementing regulations governing derivatives markets, the ultimate impact of which remains unclear.

Exchange-Traded Funds (“ETFs”) Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities in which the ETF invests, although lack of liquidity in an ETF could result in its value being more volatile than the value of its underlying securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF’s expenses.

Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.

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Fixed Income Market Risk — The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar.

Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. These additional risks may be heightened with respect to emerging market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries.

Foreign Sovereign Debt Securities Risk — The risk that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there may be no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

Growth Investing Risk — An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions. In addition, growth stocks may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer.

Interest Rate Risk —The risk that the value of fixed income securities, including U.S. Government securities, will fall due to rising interest rates. Rates associated with rising interest rates are heightened given that interest rates in the U.S. are at, or near, historic lows.

Investment in Europe Risk — The European financial markets have recently experienced volatility and adverse trends due to concerns about rising government debt levels of certain European countries, each of which may require external assistance to meet its obligations and run the risk of default on its debt, possible bail-out by the rest of the European Union (“EU”) or debt restructuring. Assistance given to an EU member state may be dependent on a country’s implementation of reforms in order to curb the risk of default on its debt, and a failure to implement these reforms or increase revenues could result in a deep economic downturn. These events may adversely affect the economic and market environment in Europe, which in turn may adversely affect the price or liquidity of high yield securities issued by European issuers and therefore may adversely affect the Fund and its investments in such securities.

Investment in Japan Risk — The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could have a negative impact on Japanese securities. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanoes, typhoons and tsunamis.

Investment in Underlying Funds Risk — The value of an investment in the Fund is based primarily on the prices of the Underlying Funds in which the Fund invests. In turn, the price of each Underlying Fund is based on the value of its assets. The Fund, and thus its shareholders, bears its own direct expenses in addition to bearing a proportionate share of expenses of the Underlying Funds, which may make owning shares of the Fund more costly than owning shares of the Underlying Funds directly. Before investing in the Fund, investors should assess the risks associated with the Underlying Funds and the types of investments made by those Underlying Funds. These risks include any combination of the risks described below, although the Fund’s exposure to a particular risk will be proportionate to the Fund’s overall asset allocation and Underlying Fund allocation.

• Allocation Risk — With respect to an Underlying Fund that uses a multi-manager structure, the Underlying Fund’s investment adviser’s judgment about, and allocations among, sub-advisers and their investment programs may adversely affect the Underlying Fund’s performance.

• Asset-Backed Securities Risk — Payment of principal and interest on assetbacked securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

• Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than

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THE KP FUNDS June 30, 2019 (Unaudited)

investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as “high yield bonds,” but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets.

• Common Stock Risk — The prices of common stock may fall over short or extended periods of time. Common stock generally is subordinate to preferred stock and debt upon the liquidation or bankruptcy of the issuing company.

• Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible bonds may be more sensitive to changes in interest rates than stocks. Convertible bonds may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

• Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

• Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

• Currency Risk — As a result of an Underlying Fund’s investments in securities or other instruments denominated in, and/or receiving revenues in, foreign currencies, the Underlying Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Underlying Fund would be adversely affected.

• Depositary Receipts Risk — Depositary receipts are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments.

• Derivatives Risk — An Underlying Fund’s use of futures contracts, forward contracts, credit-linked notes, structured notes and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk and liquidity risk are described below. Many over-the-counter (“OTC”) derivative instruments will not have liquidity beyond the counterparty to the instrument. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Underlying Fund’s share price and may also cause the Underlying Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. An Underlying Fund’s use of forward contracts, structured notes and swaps is also subject to credit risk and valuation risk. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Credit risk is described above. Each of these risks could cause an Underlying Fund to lose more than the principal amount invested in a derivative instrument. An Underlying Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators are in the process of adopting and implementing regulations governing derivatives markets, the ultimate impact of which remains unclear.

• Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.

• Fixed Income Market Risk — The prices of an Underlying Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar.

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THE KP FUNDS June 30, 2019 (Unaudited)

• Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. These additional risks may be heightened with respect to emerging market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries.

• Foreign Sovereign Debt Securities Risk — The risk that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there may be no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

• Geographic Concentration Risk — An Underlying Fund that focuses its investments in particular foreign countries or geographic regions may be more volatile than a more geographically diversified fund. The performance of the Underlying Fund will be affected by the political, social and economic conditions in those foreign countries and geographic regions and subject to the related risks.

• Growth Investing Risk — An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions. In addition, growth stocks may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer.

• Income Fluctuations Risk — An Underlying Fund’s income distributions may be likely to fluctuate considerably more than the income distributions of other mutual funds, particularly with respect to income fluctuations associated with changes in inflation.

• Inflation Protected Securities Risk — The value of inflation protected securities, including TIPS, will generally fluctuate in response to changes in “real” interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

• Interest Rate Risk — The risk that the value of fixed income securities, including U.S. Government securities, will fall due to rising interest rates. Risks associated with rising interest rates are heightened given that interest rates in the U.S. are at, or near, historic lows.

• Large Capitalization Companies Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

• Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that an Underlying Fund would like. An Underlying Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Underlying Fund management or performance.

• Mortgage-Backed Securities Risk — Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

• Mortgage Dollar Rolls Risk — An Underlying Fund’s use of mortgage dollar rolls may increase its portfolio turnover rate, and may lead to higher transaction costs and increased capital gains for the Underlying Fund. At the time an Underlying Fund enters into a mortgage dollar roll, it will earmark or set aside in a segregated account sufficient cash or liquid assets to cover its obligation under the transaction. Mortgage dollar roll transactions may be considered a borrowing by an Underlying Fund.

• Municipal Securities Risk — There may be economic or political changes that impact the ability of municipal issuers to repay principal and to make interest payments on municipal securities. Changes in the financial condition or credit rating of municipal issuers also may adversely affect the value of an Underlying Fund’s

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THE KP FUNDS June 30, 2019 (Unaudited)

municipal securities. Constitutional or legislative limits on borrowing by municipal issuers may result in reduced supplies of municipal securities. Moreover, certain municipal securities are backed only by a municipal issuer’s ability to levy and collect taxes.

• Passive Sub-strategy Risk — A certain portion of an Underlying Fund’s assets (i.e., a sub-strategy) may not be actively managed. Instead, such sub-strategy may be managed to track the performance of an unmanaged index of securities. As a result, the sub-strategy will hold constituent securities of its index regardless of the current or projected performance of a specific security or a particular industry or market sector, which could cause the Underlying Fund’s return to be lower than if the sub-strategy were managed pursuant to an active strategy. In addition, the return of the sub-strategy may not match or achieve a high degree of correlation with the returns of its index due to expenses and transaction costs, the unavailability of securities included in the index for purchase, the timing of cash flows into and out of such portion, and other reasons.

• Portfolio Turnover Risk — Due to its investment strategy, an Underlying Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities.

• Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring an Underlying Fund to invest the proceeds at generally lower interest rates.

• Senior Loans/Bank Loans Risk — With respect to senior loans, including bank loans, an Underlying Fund, as a direct lender to the borrower, assumes the credit risk of the borrower directly, or, through purchase of a participation in a bank loan, assumes both the credit risk of the direct bank lender as well as the borrower. An Underlying Fund may have difficulty in certain cases of disposing of senior loans and bank loans as the market for such instruments is not as liquid as markets for other types of investments.

• Small and Medium Capitalization Companies Risk — The risk that small and medium capitalization companies in which an Underlying Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter or listed on an exchange. The market for small and medium capitalization stocks may be less liquid than the market for larger capitalization stocks.

• U.S. Government Securities Risk — An Underlying Fund’s investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Obligations issued by some U.S. government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.

Investment Style Risk — The risk that large capitalization equity securities may underperform other segments of the equity markets or the equity markets as a whole.

Large Capitalization Companies Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

Market Risk — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably.

Model and Data Risk — Quantitative models and information, and data supplied by third parties (“Models and Data”), are used to construct sets of transactions and investments, and to provide risk management insights. When

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Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. Some of the models used for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. The Fund bears the risk that the quantitative models used will not be successful in selecting companies for investment or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective. All models rely on correct market data inputs. If incorrect market data is entered into even a well-founded model, the resulting information will be incorrect. However, even if market data is input correctly, “model prices” will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.

Mortgage-Backed Securities Risk — Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

Mortgage Dollar Rolls Risk — The Fund’s use of mortgage dollar rolls may increase its portfolio turnover rate, and may lead to higher transaction costs and increased capital gains for the Fund. At the time the Fund enters into a mortgage dollar roll, it will earmark or set aside in a segregated account sufficient cash or liquid assets to cover its obligation under the transaction. Mortgage dollar roll transactions may be considered a borrowing by the Fund.

Multi-Manager Risk — The Adviser may be unable to identify and retain sub-advisers who achieve superior investment records relative to other similar investments or effectively allocate the Fund’s assets among sub-advisers to enhance the return that would typically be expected of any one management style. While the Adviser monitors the investments of each sub-adviser and monitors the overall management of the Fund, each sub-adviser makes investment decisions for the assets it manages independently from one another. It is possible that the investment styles used by a sub-adviser in an asset class will not always be complementary to those used by others, which could adversely affect the performance of the Fund. A multi-manager fund may, under certain circumstances, incur trading costs that might not occur in a fund that is served by a single adviser.

Municipal Securities Risk — There may be economic or political changes that impact the ability of municipal issuers to repay principal and to make interest payments on municipal securities. Changes in the financial condition or credit rating of municipal issuers also may adversely affect the value of the Fund’s municipal securities. Constitutional or legislative limits on borrowing by municipal issuers may result in reduced supplies of municipal securities. Moreover, certain municipal securities are backed only by a municipal issuer’s ability to levy and collect taxes.

Passive Sub-strategy Risk — The Fund’s Sub-strategy managed by SSGA FM is not actively managed. Instead, SSGA FM attempts to track the performance of an unmanaged index of securities. As a result, the Sub-strategy will hold constituent securities of its index regardless of the current or projected performance of a specific security or a particular industry or market sector, which could cause the Fund’s return to be lower than if the Sub-strategy employed an active strategy. In addition, the Substrategy’s return may not match or achieve a high degree of correlation with the return of its index due to expenses and transaction costs, the unavailability of securities included in the index for purchase, the timing of cash flows into and out of the Sub-strategy, and other reasons.

Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities.

Retirement Income Risk — The Fund is not a complete retirement program and there is no guarantee that the Fund will provide sufficient retirement income to an investor. An investor’s ability to meet his or her retirement goals is dependent upon many factors including the amount the investor saves, the investor’s expected retirement date, the investor’s individual retirement needs, the investor’s other sources of income and other assets, and inflation. The Fund’s glide path (or allocation methodology) will not eliminate the investment volatility that could reduce the amount of funds available for an investor to withdraw when the investor intends to begin to withdraw a portion or all of his or her investment in the Fund. The Fund is considered a “through retirement” fund because it continues to grow more conservative through its target date year, reaching its most conservative asset allocation five years after the target date year. The Fund, therefore, provides greater exposure to equity securities during the first five years

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of an investor’s assumed retirement age and is subject to greater volatility than if it had reached its most conservative allocation during the target date year. This risk is greater for an investor who begins to withdraw a portion or all of his or her investment in the Fund before the Fund reaches its most conservative allocation. Conversely, for an investor who begins to withdraw a portion or all of his or her investment in the Fund sometime after the Fund reaches its most conservative allocation, there is a greater risk that the Fund’s glide path (or allocation methodology) may over-emphasize conservative investments designed to ensure capital conservation and current income, which may ultimately prevent the investor from achieving his or her income and appreciation goals. There can be no assurance that an investor’s investment in the Fund will provide income in amounts adequate to meet the investor’s goals. An investor should consider these and other factors when choosing an overall retirement strategy, including an investment in the Fund.

Rights and Warrants Risk — Rights and warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Rights and warrants may be more speculative than other types of investments. The price of a right or warrant may be more volatile than the price of its underlying security, and an investment in a right or warrant may therefore create greater potential for capital loss than an investment in the underlying security. A right or warrant ceases to have value if it is not exercised prior to its expiration date.

Senior Loans/Bank Loans Risk — With respect to senior loans, including bank loans, the Fund, as a direct lender to the borrower, assumes the credit risk of the borrower directly, or, through purchase of a participation in a bank loan, assumes both the credit risk of the direct bank lender as well as the borrower. The secondary market for loans is a private, unregulated inter-dealer or inter-bank resale market. Purchases and sales of loans in the secondary market generally are subject to contractual restrictions and may have extended settlement periods.

Small and Medium Capitalization Companies Risk — The risk that small and medium capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter or listed on an exchange. The market for small and medium capitalization stocks may be less liquid than the market for larger capitalization stocks.

Tracking Error Risk — The risk that a Sub-strategy’s performance may vary substantially from the performance of the benchmark index it tracks as a result of cash flows, Fund expenses, imperfect correlation between the Sub-strategy’s investments and the benchmark and other factors.

U.S. Government Securities Risk — The Fund’s investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Obligations issued by some U.S. government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.

Value Investing Risk — If a sub-adviser’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds. In addition, “value stocks” can continue to be undervalued by the market for long periods of time.

Valuation Risk — The lack of an active trading market may make it difficult to obtain an accurate price for an instrument held by the Fund.

10. Indemnifications:

In the normal course of business, the Funds enter into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Funds’ organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. The Funds’ maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds. Based on experience, the Adviser is of the view that the risk of loss to the Funds in connection with the Funds’ indemnification obligation is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Funds.

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11. Other:

At June 30, 2019, the percentage of total shares outstanding held by shareholders each owning 10% or greater of the aggregate total shares outstanding for each Fund, which are comprised of either affiliated shareholders, the Target Date Funds, or unaffiliated shareholders, omnibus accounts that are held on behalf of individual shareholders, was as follows:

	Number of affiliated shareholders		% of outstanding shares held		Number of non-affiliated shareholders		% of outstanding shares held
KP Retirement Path Retirement Income Fund		—		0%		1		100%
KP Retirement Path 2020 Fund		—		0%		1		100%
KP Retirement Path 2025 Fund		—		0%		1		100%
KP Retirement Path 2030 Fund		—		0%		1		100%
KP Retirement Path 2035 Fund		—		0%		1		100%
KP Retirement Path 2040 Fund		—		0%		1		100%
KP Retirement Path 2045 Fund		—		0%		1		100%
KP Retirement Path 2050 Fund		—		0%		1		100%
KP Retirement Path 2055 Fund		—		0%		1		100%
KP Retirement Path 2060 Fund		—		0%		1		100%
KP Retirement Path 2065 Fund		—		0%		1		100%
KP Large Cap Equity Fund		5		77%		—		0%
KP Small Cap Equity Fund		3		37%		1		32%
KP International Equity Fund		6		88%		—		0%
KP Fixed Income Fund		5		78%		—		0%

12. Regulatory Matters:

On August 17, 2018, the SEC adopted amendments to Regulation S-X. These changes are effective for periods after November 5, 2018. The updates to Registered Investment Companies were mainly focused on simplifying the presentation of distributable earnings by eliminating the need to present the components of distributable earnings on a book basis in the Statements of Assets and Liabilities. The update also impacted the presentation of undistributed net investment income and distribution to shareholders on the Statements of Changes in Net Assets. The amounts presented in the current Statements of Changes in Net Assets represent the aggregated total distributions of net investment income and realized capital gains, except for distributions classified as return of capital which are still presented separately.

13. New Accounting Pronouncements:

In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosures requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. At this time, management is currently evaluating the impact of this new guidance on the financial statements and disclosures.

14. Subsequent Events:

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

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DISCLOSURE OF FUND EXPENSES (Unaudited)

All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the mutual fund‘s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the mutual fund’s average net assets; this percentage is known as the mutual fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 invested on January 1, 2019 and held for the six-month period ended June 30, 2019.

The table on the next page illustrates your Fund’s costs in two ways:

• Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in your Fund, to estimate the expenses you paid over that period. Simply divide your actual starting account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

• Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that your Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expense Paid During Period” column with those that appear in the same charts in the shareholder reports for other mutual funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown do not apply to your specific investment.

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DISCLOSURE OF FUND EXPENSES (Unaudited) (Concluded)

	Beginning Account Value 1/1/2019		Ending Account Value 6/30/2019		Annualized Expense Ratios			Expenses Paid During Period*
KP Retirement Path Retirement Income Fund
Actual Fund Return	$	1,000.00	$	1,095.70		0.06	%	$	0.31
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2020 Fund
Actual Fund Return	$	1,000.00	$	1,103.00		0.06	%	$	0.31
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2025 Fund
Actual Fund Return	$	1,000.00	$	1,116.20		0.06	%	$	0.31
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2030 Fund
Actual Fund Return	$	1,000.00	$	1,127.20		0.06	%	$	0.32
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2035 Fund
Actual Fund Return	$	1,000.00	$	1,138.20		0.06	%	$	0.32
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2040 Fund
Actual Fund Return	$	1,000.00	$	1,144.40		0.06	%	$	0.32
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2045 Fund
Actual Fund Return	$	1,000.00	$	1,149.00		0.06	%	$	0.32
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2050 Fund
Actual Fund Return	$	1,000.00	$	1,150.40		0.06	%	$	0.32
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30

	Beginning Account Value 1/1/2019		Ending Account Value 6/30/2019		Annualized Expense Ratios			Expenses Paid During Period*
KP Retirement Path 2055 Fund
Actual Fund Return	$	1,000.00	$	1,152.40		0.06	%	$	0.32
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2060 Fund
Actual Fund Return	$	1,000.00	$	1,152.30		0.06	%	$	0.32
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2065 Fund
Actual Fund Return	$	1,000.00	$	1,040.00		0.05	%	$	0.05	**
Hypothetical 5% Return	$	1,000.00	$	1,024.54		0.05	%	$	0.25
KP Large Cap Equity Fund
Actual Fund Return	$	1,000.00	$	1,177.90		0.30	%	$	1.62
Hypothetical 5% Return	$	1,000.00	$	1,023.31		0.30	%	$	1.51
KP Small Cap Equity Fund
Actual Fund Return	$	1,000.00	$	1,190.50		0.52	%	$	2.83
Hypothetical 5% Return	$	1,000.00	$	1,022.22		0.52	%	$	2.61
KP International Equity Fund
Actual Fund Return	$	1,000.00	$	1,143.60		0.45	%	$	2.39
Hypothetical 5% Return	$	1,000.00	$	1,022.56		0.45	%	$	2.26
KP Fixed Income Fund
Actual Fund Return	$	1,000.00	$	1,068.10		0.29	%	$	1.49
Hypothetical 5% Return	$	1,000.00	$	1,023.36		0.29	%	$	1.45

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

** Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 38/365 (to reflect the period since inception to the one-half period shown).

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APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

Board Considerations in Renewing the Sub-Advisory Agreement between the Adviser and Credit Suisse Asset Management, LLC on behalf of the KP Fixed Income Fund and the Sub-Advisory Agreement between the Adviser and Sprucegrove Investment Management Ltd. on behalf of the KP International Equity Fund

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Funds’ sub-advisory agreements must be renewed at least annually after their initial two-year term: (i) by the vote of the Board of Trustees (the “Board” or the “Trustees”) of KP Funds (the “Trust”) or by a vote of a majority of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the sub-advisory agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such renewal.

A Board meeting was held on February 26, 2019 to decide whether to renew the following agreements (the “Agreements”) for additional one-year terms:

• the sub-advisory agreement between the Adviser and Credit Suisse Asset Management, LLC (“Credit Suisse”) on behalf of the KP Fixed Income Fund; and

• the sub-advisory agreement between the Adviser and Sprucegrove Investment Management Ltd. (“Sprucegrove,” and, together with Credit Suisse, the “Sub-Advisers”) on behalf of the KP International Equity Fund.

In preparation for the meeting, the Trustees requested that the Sub-Advisers furnish information necessary to evaluate the terms of the Agreements. Prior to the meeting, the Independent Trustees of the Funds met to review and discuss the information provided and submitted a request for additional information to the Sub-Advisers, and information was provided in response to this request. The Trustees used this information, as well as other information that the Sub-Advisers and other service providers of the Funds presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreements for an additional year.

Specifically, the Board requested and received written materials from the Sub-Advisers and other service providers of the Funds regarding: (i) the nature, extent and quality of the Sub-Advisers’ services; (ii) the Sub-Advisers’ investment management personnel; (iii) the Sub-Advisers’ operations and financial condition; (iv) the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Funds’ sub-advisory fees paid to the Sub-Advisers and overall fees and operating expenses compared with peer groups of mutual funds; (vi) the level of the Sub-Advisers’ profitability from their relationships with the Funds, including both direct and indirect benefits accruing to the Sub-Advisers and their affiliates; (vii) the Sub-Advisers’ potential economies of scale; (viii) the Sub-Advisers’ compliance programs, including a description of material compliance matters and material compliance violations; (ix) the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; and (x) the Funds’ performance attributable to the Sub-Advisers and overall performance compared with peer groups of mutual funds and the Funds’ benchmark indices.

Representatives from the Sub-Advisers, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Board meeting to help the Trustees evaluate the Sub-Advisers’ services, fees and other aspects of the Agreements. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management and the Sub-Advisers.

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Sub-Advisers and other service providers of the Funds, renewed the Agreements. In considering the renewal of the Agreements, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Sub-Advisers; (ii) the investment performance of the Funds and the Sub-Advisers; (iii) the costs of the services provided and profits realized by the Sub-Advisers from their relationships with the Funds, including both direct and indirect benefits accruing to the Sub-Advisers and their affiliates; (iv) the extent to which economies of scale are being realized by the Sub-Advisers; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.

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APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued)

Nature, Extent and Quality of Services Provided by the Sub-Advisers

In considering the nature, extent and quality of the services provided by the Sub-Advisers, the Board reviewed the portfolio management services provided by the Sub-Advisers to the Funds, including the quality and continuity of the Sub-Advisers’ portfolio management personnel, the resources of the Sub-Advisers, and the Sub-Advisers’ compliance histories and compliance programs. The Trustees reviewed the terms of the Agreements. The Trustees also reviewed the Sub-Advisers’ investment and risk management approaches for the Funds. The Trustees considered that the Adviser supervises and monitors the performance of the Sub-Advisers. The most recent investment adviser registration forms (“Form ADV”) for the Sub-Advisers were available to the Board, as were the responses of the Sub-Advisers to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Sub-Advisers to the Funds.

The Trustees also considered other services provided to the Funds by the Sub-Advisers such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds’ investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Funds by the Sub-Advisers were sufficient to support renewal of the Agreements.

Investment Performance of the Funds and the Sub-Advisers

The Board was provided with regular reports regarding the Funds’ performance, and the Sub-Advisers’ contributions thereto, over various time periods. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ performance to their benchmark indices and peer groups of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Sub-Advisers provided information regarding and led discussions of factors impacting the Sub-Advisers’ performance for the Funds, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Sub-Advisers’ performance was satisfactory, or, where the Sub-Advisers’ performance was materially below the Funds’ benchmarks and/or peer groups, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Sub-Advisers in an effort to improve the performance of the Funds. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Sub-Advisers had been able to achieve for the Funds were sufficient to support renewal of the Agreements.

Costs of Sub-Advisory Services, Profitability and Economies of Scale

In considering the sub-advisory fees payable by the Funds to the Sub-Advisers, the Trustees reviewed, among other things, a report of the sub-advisory fees paid to the Sub-Advisers. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ net and gross expense ratios and advisory fees to those paid by peer groups of mutual funds as classified by Lipper. The Trustees reviewed the management fees charged by the Sub-Advisers to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Funds and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Funds are subject. The Trustees also considered that the fees payable to the Sub-Advisers reflected arms-length negotiations between the Adviser and the Sub-Advisers. The Board concluded, within the context of its full deliberations, that the sub-advisory fees were reasonable in light of the nature and quality of the services rendered by the Sub-Advisers.

The Trustees reviewed the costs of services provided by and the profits realized by the Sub-Advisers from their relationship with the Funds, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Sub-Advisers and their affiliates. The Trustees considered how the Sub-Advisers’ profitability was affected by factors such as their organizational structures and methods for allocating expenses. The Trustees concluded that the profit margins of the Sub-Advisers with respect to the management of the Funds were not unreasonable.

The Trustees considered the Sub-Advisers’ views relating to economies of scale in connection with the Funds as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Funds and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed

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APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued)

along to the Funds’ shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the sub-advisory fees were reasonable in light of the information that was provided to the Trustees by the Sub-Advisers with respect to economies of scale.

Renewal of the Agreements

Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously concluded that the terms of the Agreements, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreements for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

146

THE KP FUNDS June 30, 2019

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued)

Board Considerations in Approving the Advisory Agreement for the KP Retirement Path 2065 Fund

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Fund’s advisory agreement (the “Agreement”) must be approved: (i) by a vote of a majority of the shareholders of the Fund; and (ii) by the vote of a majority of the members of the Board of Trustees (the “Board” or the “Trustees”) of KP Funds (the “Trust”) who are not parties to the Agreement or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

A Board meeting was held on February 26, 2019 to decide whether to approve the Agreement for an initial two-year term. In preparation for the meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the Agreement. The Trustees used this information, as well as other information that the Adviser and other service providers of the Fund presented or submitted to the Board at the meeting, to help them decide whether to approve the Agreement for an initial two-year term.

Specifically, the Board requested and received written materials from the Adviser and other service providers of the Fund regarding: (i) the nature, extent and quality of the services to be provided by the Adviser; (ii) the Adviser’s investment management personnel; (iii) the Adviser’s operations; (iv) the Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Fund’s proposed advisory fee to be paid to the Adviser and overall fees and operating expenses compared with a peer group of mutual funds; (vi) the Adviser’s compliance program, including a description of material compliance matters and material compliance violations; (vii) the Adviser’s policies on and compliance procedures for personal securities transactions; (viii) the Adviser’s investment experience; (ix) the Adviser’s rationale for introducing the Fund as well as the Fund’s proposed objective and strategy; and (x) the Adviser’s performance in managing similar accounts.

Representatives from the Adviser, along with other Fund service providers, presented additional information and participated in question and answer sessions at the meeting to help the Trustees evaluate the Adviser’s services, fee and other aspects of the Agreement. The Independent Trustees received advice from independent counsel and met in executive session outside the presence of Fund management and the Adviser.

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser and other service providers of the Fund, approved the Agreement. In considering the approval of the Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser; and (ii) the fees to be paid to the Adviser, as discussed in further detail below.

Nature, Extent and Quality of Services to be Provided by the Adviser

In considering the nature, extent and quality of the services to be provided by the Adviser, the Board reviewed the portfolio management services to be provided by the Adviser to the Fund, including the quality and continuity of the Adviser’s portfolio management personnel, the resources of the Adviser, and the Adviser’s compliance history and compliance program. The Trustees reviewed the terms of the proposed Agreement. The Trustees also reviewed the Adviser’s proposed investment and risk management approaches for the Fund. The most recent investment adviser registration form (“Form ADV”) for the Adviser was available to the Board, as was the response of the Adviser to a detailed series of questions which included, among other things, information about the investment advisory services to be provided by the Adviser to the Fund.

The Trustees also considered other services to be provided to the Fund by the Adviser such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services to be provided to the Fund by the Adviser would be satisfactory.

Costs of Advisory Services

In considering the advisory fee payable by the Fund to the Adviser, the Trustees reviewed, among other things, a report of the proposed advisory fee to be paid to the Adviser. The Trustees also reviewed reports prepared by the

147

THE KP FUNDS June 30, 2019

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued)

Fund’s administrator comparing the Fund’s net and gross expense ratios and advisory fees to those paid by a peer group of mutual funds as classified by Lipper, an independent provider of investment company data. The Trustees reviewed pro forma fee and expense information. The Board concluded, within the context of its full deliberations, that the advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser. The Board also considered the Adviser’s commitment to managing the Fund and its willingness to enter into an expense limitation arrangement with the Fund.

Investment Performance, Profitability and Economies of Scale

Because the Fund was new and had not commenced operations, it did not yet have an investment performance record and it was not possible to determine the profitability that the Adviser might achieve with respect to the Fund or the extent to which economies of scale would be realized by the Adviser as the assets of the Fund grow. Accordingly, the Trustees did not make any conclusions regarding the Fund’s investment performance, the Adviser’s profitability, or the extent to which economies of scale would be realized by the Adviser as the assets of the Fund grow, but will do so during future considerations of the Agreement.

Approval of the Agreement

Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously concluded that the terms of the Agreement, including the fees to be paid thereunder, were fair and reasonable and agreed to approve the Agreement for an initial term of two years. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

148

THE KP FUNDS June 30, 2019

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued)

Board Considerations in Approving the Sub-Advisory Agreement between the Adviser and Lazard Asset Management LLC with Respect to the KP International Equity Fund and the Sub-Advisory Agreement between the Adviser and Acadian Asset Management LLC with Respect to the KP International Equity Fund

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Fund’s sub-advisory agreements must be approved: (i) by a vote of a majority of the shareholders of the Fund; and (ii) by the vote of a majority of the members of the Board of Trustees (the “Board” or the “Trustees”) of KP Funds (the “Trust”) who are not parties to the sub-advisory agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

A Board meeting was held on May 21, 2019 to decide whether to approve the following agreements (the “Agreements”):

• the Sub-Advisory Agreement between the Adviser and Lazard Asset Management LLC (“Lazard”) with respect to the Fund; and

• an amendment to the Sub-Advisory Agreement between the Adviser and Acadian Asset Management LLC (“Acadian,” and, together with Lazard, the “Sub-Advisers”) with respect to the Fund to add an international small cap equity sub-strategy.

In preparation for the meeting, the Trustees requested that the Sub-Advisers furnish information necessary to evaluate the terms of the Agreements. The Trustees used this information, as well as other information that the Sub-Advisers and other service providers of the Fund presented or submitted to the Board at the meeting, to help them decide whether to approve the Agreements.

Specifically, the Board requested and received written materials from the Sub-Advisers and other service providers of the Fund regarding: (i) the nature, extent and quality of the services to be provided by the Sub-Advisers; (ii) the Sub-Advisers’ investment management personnel; (iii) the Sub-Advisers’ operations; (iv) the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Fund’s proposed sub-advisory fees to be paid to the Sub-Advisers; (vi) the Sub-Advisers’ compliance program, including a description of material compliance matters and material compliance violations; (vii) the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (viii) the Sub-Advisers’ investment experience; (ix) the Adviser’s rationale for recommending the Sub-Advisers; and (x) the Sub-Advisers’ performance in managing similar accounts.

Representatives from the Sub-Advisers, along with other Fund service providers, presented additional information and participated in question and answer sessions at the meeting to help the Trustees evaluate the Sub-Advisers’ services, fees and other aspects of the Agreements. The Independent Trustees received advice from independent counsel and met in executive session outside the presence of Fund management and the Sub-Advisers.

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Sub-Advisers and other service providers of the Fund, approved the Agreements. In considering the approval of the Agreements, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Sub-Advisers; and (ii) the fees to be paid to the Sub-Advisers, as discussed in further detail below.

Nature, Extent and Quality of Services to be Provided by the Sub-Advisers

In considering the nature, extent and quality of the services to be provided by the Sub-Advisers, the Board reviewed the portfolio management services to be provided by the Sub-Advisers to the Fund, including the quality and continuity of the Sub-Advisers’ portfolio management personnel, the resources of the Sub-Advisers and the Sub-Advisers’ compliance histories and compliance programs. The Trustees reviewed the terms of the proposed Agreements. The Trustees also reviewed the Sub-Advisers’ proposed investment and risk management approaches for the Fund. The Trustees considered that the Adviser would supervise and monitor the performance of the Sub-Advisers. The most recent investment adviser registration forms (“Form ADV”) for the Sub-Advisers were available to the Board, as were the responses of the Sub-Advisers to a detailed series of questions which included, among other things, information about the investment advisory services to be provided by the Sub-Advisers to the Fund.

149

THE KP FUNDS June 30, 2019

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Concluded)

The Trustees also considered other services to be provided to the Fund by the Sub-Advisers such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services to be provided to the Fund by the Sub-Advisers would be satisfactory.

Costs of Sub-Advisory Services

In considering the sub-advisory fees payable to the Sub-Advisers, the Trustees reviewed, among other things, a report of the proposed sub-advisory fees to be paid to the Sub-Advisers. The Trustees also reviewed the management fees charged by the Sub-Advisers to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Fund and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Fund is subject. The Trustees also considered that the fees payable to the Sub-Advisers would reflect arms-length negotiations between the Adviser and the Sub-Advisers. The Board concluded, within the context of its full deliberations, that the sub-advisory fees were reasonable in light of the nature and quality of the services expected to be rendered by the Sub-Advisers.

Investment Performance, Profitability and Economies of Scale

Because the Sub-Advisers are new to the Fund (in the case of Acadian, with respect to the international small cap equity sub-strategy) and have not managed Fund assets, they did not yet have an investment performance record with respect to the Fund and it was not possible to determine the profitability that the Sub-Advisers might achieve with respect to the Fund or the extent to which economies of scale would be realized by the Sub-Advisers as the assets of the Fund grow. Accordingly, the Trustees did not make any conclusions regarding the Sub-Advisers’ investment performance with respect to the Fund, the Sub-Advisers’ profitability, or the extent to which economies of scale would be realized by the Sub-Advisers as the assets of the Fund grow, but will do so during future considerations of the Agreements.

Approval of the Agreements

Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously concluded that the terms of the Agreements, including the fees to be paid thereunder, were fair and reasonable and agreed to approve the Agreements. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

150

The KP Funds

Investment Adviser

Callan LLC

600 Montgomery Street, Suite 800

San Francisco, CA 94111

Administrator

SEI Investments

Global Funds Services

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Distributor

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Legal Counsel

Morgan, Lewis & Bockius LLP

1701 Market Street

Philadelphia, Pennsylvania 19103-2921

This information must be preceded or accompanied by a current prospectus for the Funds.

To Obtain a Prospectus, SAI, Annual or Semi-Annual Report, or More Information:

By Telephone:	855-457-3637 (855-4KPFNDS)
By Mail:	The KP Funds
	c/o SEI Investments
	One Freedom Valley Drive
	Oaks, PA 19546
By Internet:	www.kp-funds.com

From the SEC: You can also obtain the Prospectus, SAI or the Annual and Semi-Annual Reports, as well as other information about The KP Funds, from the EDGAR Database on the SEC’s website at: http://www.sec.gov. You may review and copy documents at the SEC Public Reference Room in Washington, DC (for information on the operation of the Public Reference Room, call 202-551-8090). You may request documents by mail from the SEC, upon payment of a duplicating fee, by writing to: U.S. Securities and Exchange Commission, Public Reference Section, Washington, DC 20549-1520. You may also obtain this information, upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.

The Trust’s Investment Company Act registration number is 811-22838

KPF-SA-001-0600

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable. Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Items 12. Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	The KP Funds
By (Signature and Title)	/s/ Michael Beattie
	Michael Beattie, President

Date: September 5, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Michael Beattie
	Michael Beattie, President

Date: September 5, 2019

By (Signature and Title)	/s/ Stephen Connors
	Stephen Connors
	Treasurer, Controller & CFO

Date: September 5, 2019