UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
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)
CT Corporation
101 Federal Street
Boston, MA 02110
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 342-5734
Date of fiscal year end: December 31, 2014
Date of reporting period: December 31, 2014
Item 1. Reports to Stockholders.
| The KP Funds |  |
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 Large Cap Equity Fund: KPLCX
KP Small Cap Equity Fund: KPSCX
KP International Equity Fund: KPIEX
KP Fixed Income Fund: KPFIX
Annual Report
December 31, 2014
| THE KP FUNDS | December 31, 2014 |
| TABLE OF CONTENTS | ||||
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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 within sixty days after period end. The Funds’ Forms N-Q 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 | December 31, 2014 |
Fiscal Year 2014 was characterized by a recovering economy in the US, continuing weakness across Europe and Asia, declining global interest rates, and a precipitous drop in oil prices. The top performing major asset class for the year was large capitalization US stocks with the Russell 1000 Index returning over 13%. US bonds also performed surprisingly well with the Barclays US Aggregate Index returning almost 6% for the year. Non-US equity markets did not fare as well with the MSCI EAFE Index losing over 4% for the year and the MSCI Emerging Markets Equity Index losing just over 1.8%. Returns for inflation sensitive (or real) assets were mixed with US REITs (as measured by the FTSE NAREIT Composite Index) returning over 27% for the year and commodities (as measured by the Bloomberg Commodity Total Return Index) posting a loss of over 17%.
The KP Retirement Path Funds (the “Funds”) were launched during the early part of January 2014 to provide participants in KP sponsored defined contribution plans with diversified exposure to all of these asset classes, as well as a number of others including small cap US equity, natural resource equity, global listed infrastructure, Treasury Inflation Protected Securities, floating rate notes, emerging market debt, and short term bonds. The Funds were open to investment by participants in KP sponsored defined contribution plans on January 31st, and over that first weekend in February, more than $3.4 billion in assets was mapped into the Funds. These assets were subsequently invested into a broad array of investment strategies and asset classes to provide the Funds’ shareholders with efficient and diversified exposure to a full spectrum of investment opportunities across the global capital markets.
Each of the 10 KP Retirement Path Funds is designed with a specific retirement date in mind. Participants are expected to choose the Fund that best aligns with the year that they turn 65 and then contribute to the Fund appropriately over the course of their career. The Funds are designed to take care of the rest by investing in a diversified mix of strategies and asset classes which automatically adjusts to become increasingly conservative over time. By gradually changing its asset allocation in this way, each Fund is designed to help shareholders achieve the appropriate balance between long-term capital growth, inflation protection, and current income for each stage of their savings and investing career.
Over the course of the first year for the Funds we have been quite satisfied with their design. We have also been satisfied with the performance of the operational infrastructure that was assembled to coordinate the activities of the 16 different investment management organizations responsible for the management of the Funds’ assets. From an overall investment performance standpoint, however, we were somewhat disappointed with the first year. We will discuss this in greater detail in the performance section of the report, but all of the Funds lagged their strategic performance benchmarks during the period from inception (January 10, 2014), through December 31, 2014. The relative underperformance ranged from the 2035 Fund lagging its benchmark by -1.08%, to the 2050 Fund lagging by -2.19%.
While we regret the relative underperformance in our first fiscal year, we must acknowledge the fact that it was generally a difficult year for active management across most major markets. We continue to believe that we have assembled a highly capable team of sub-advisors, and that the Funds are well positioned to achieve their objectives going into 2015 and beyond.
Respectfully Submitted,
 |  | |||
| Gregory C. Allen | Ivan S. Cliff, CFA | |||
| Portfolio Manager | Portfolio Manager | |||
| President, Director of Research | Director of Investment Research | |||
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth less than their original cost and current performance may be lower than the performance quoted. Returns greater than one year are average annual total returns. For performance data current to the most recent month end, please call 855-4-KPFNDS.
1
| THE KP FUNDS | December 31, 2014 |
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Performance for the KP Retirement Path Funds for Fiscal Year ended December 31, 2014 was positive on an absolute basis but was disappointing on a relative basis compared to the Funds’ strategic benchmarks. In order to better understand the sources of underperformance for the year it is helpful to review the design of the Funds.
Each of the KP Retirement Path Funds is itself a “fund-of-funds”. This means that each of the Funds is composed of a collection of sub-funds, each with a specific purpose that contributes to the overall design. At the highest level these sub-funds can be grouped into six major categories which include: large cap US equities, small cap US equities, international equities, broad fixed income, real (or inflation sensitive) assets, and short term fixed income. Each of the KP Retirement Path Funds varies its exposure to these asset categories over time to ensure that it is achieving the appropriate balance of capital appreciation, current income, inflation protection, and capital preservation. The 2060 Fund, for example, is primarily invested in large cap US equity, small cap US equity, and international equity. The 2015 Fund, on the other hand, has a much greater emphasis on broad fixed income, real assets, and short term fixed income.
The performance of each Fund is compared to its own strategic benchmark. The strategic benchmarks are designed to reflect the target asset allocation for each Fund, while also assuming that each of the underlying asset classes is implemented using a passive index. While Management makes extensive use of passive strategies in the Funds’ implementation to keep costs low, we also employ a number of active strategies in our attempt to add value relative to the strategic benchmarks. Management does not attempt to add value by trying to time markets using tactical asset allocation. Instead we have designed a sophisticated rebalancing algorithm that keeps the Funds very close to their strategic asset allocation targets over time. As a result, virtually all of the relative performance of the Funds versus their strategic benchmarks can be explained by the relative performance of the strategies within each of the six underlying asset classes. Given this understanding, we can now put the relative performance of the KP Retirement Path Funds into perspective by examining the relative performance of each of the underlying asset classes.
Throughout the performance discussion, unless otherwise noted, the performance period will be from the Funds’ inception on January 10, 2014, through December 31, 2014 (“the performance period”).
The KP Retirement Path Funds achieve their large cap US equity exposure through the use of the KP Large Cap Equity Fund. This Fund is benchmarked to the Russell 1000 Index. The Fund employs three strategies including a passive S&P 500 index strategy, an active large cap growth strategy, and an active large cap value strategy. The Fund returned 11.21% over the performance period versus 13.41% for the benchmark. This underperformance of -2.20% was largely explained by the large cap growth strategy which significantly underperformed its benchmark during the first half of the year. This was an extremely difficult period for active growth strategies relative to the benchmark with over 80% of active strategies underperforming the Russell 1000 Growth index. During this time in particular, the large cap growth strategy was hurt by poor stock selection in the Information Technology and Consumer Discretionary sectors. Notable securities in these sectors included an underweight to Apple, which performed well over the period, and an overweight to Amazon.com which performed poorly. Because large cap is a significant part of the asset allocation for all of the KP Retirement Path Funds, this was the greatest source of relative underperformance across the entire family.
The KP Retirement Path Funds achieve their small cap US equity exposure through the use of the KP Small Cap Equity Fund. This Fund is benchmarked to the Russell 2000 Index. The Fund employs five strategies including a passive Russell 2000 strategy, two active small cap growth strategies, and two active small cap value strategies. The Fund returned 4.06% over the performance period versus 4.80% for the benchmark. This underperformance of -0.74% was the result of a very difficult fourth quarter during which over 75% of actively-managed small cap strategies underperformed the Russell 2000 index. Because small cap is a relatively small part of the asset allocation for the KP Retirement Path Funds, this was not a significant source of relative underperformance.
The KP Retirement Path Funds achieve their international equity exposure through the use of the KP International Equity Fund. This Fund is benchmarked to the MSCI ACWI ex-US Index. The Fund employs four strategies including a passive MSCI EAFE strategy, two active ACWI ex-US strategies, and a dedicated active emerging markets strategy. The Fund returned -3.83% over the performance period versus -3.18% for the benchmark. This underperformance of -0.65% was primarily attributable to the first quarter with the Fund steadily gaining ground over the rest of the year. Because international equity is a large part of the asset allocation for the KP Retirement Path Funds, this was a significant source of relative underperformance.
2
| THE KP FUNDS | December 31, 2014 |
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
The KP Retirement Path Funds achieve their broad fixed income exposure through the use of the KP Fixed Income Fund. This Fund is benchmarked to the Barclays US Aggregate Index. The Fund employs four strategies including a passive Barclays Intermediate Government/Credit Index strategy, an active core bond strategy, an active emerging markets debt strategy, and an active bank loans strategy. The Fund returned 2.68% over the performance period versus 5.21% for the benchmark. This underperformance of -2.53% came primarily from two sources. Roughly -1.46% (almost 3/5 of the total) of the underperformance was achieved during the period between January 13, 2014 and January 31, 2014, before KP participants were invested in the Fund. During this period Management elected to pre-fund the emerging markets and bank loans strategies in order to facilitate the transition of participant assets into the fund and to save them significant transactions costs. Over this period the Fund was almost entirely invested in those two strategies, both of which underperformed the index. The remaining roughly 1.07% of underperformance was largely explained by the shorter duration of the Fund relative to the Barclays Aggregate Index during a period of falling interest rates. The underperformance of the Fixed Income allocation had a greater impact on the 2025, 2020, and 2015 Funds than on the rest of the series.
The KP Retirement Path Funds achieve their real assets exposure through the use of a diversified collection of non-affiliated sub-funds each specializing in a different inflation-sensitive strategy. Collectively these strategies returned 6.69% over the measurement period versus 5.08% for their composite benchmark. Six of the seven underlying real assets funds met or exceeded the performance of their respective benchmarks over the measurement period. The international real estate, global infrastructure, and commodities strategies did particularly well outperforming by 6.94%, 3.83% and 2.43% respectively. Because real assets are a relatively small part of the asset allocation for the KP Retirement Path Funds, they did not contribute significantly to relative performance across the series.
The KP Retirement Path Funds achieve their short term fixed income exposure through the use of a low-cost index strategy. This sub-fund outperformed its benchmark by 1.14%. This outperformance primarily impacted the 2025, 2020 and 2015 Funds, as the rest of the Funds in the series have little to no exposure to this asset class.
The following tables show the performance of each of the KP Retirement Path Funds since inception through December 31, 2014.
To determine if one of these funds is an appropriate investment for you, carefully consider the fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information may be found in the fund’s summary and full prospectuses, which may be obtained by calling (855)4-KPFNDS or by visiting the website at www.kp-funds.com. Please read the prospectus carefully before investing.
The KP Retirement Path Funds and the KP Core Funds are mutual funds. They are part of The KP Funds Series Trust, an open-end management investment company that offers shares of diversified portfolios. The funds are advised by Callan Associates Inc., a registered investment advisor. They are administered by SEI Investments Global Funds Services and distributed by SEI investments Distribution Co., which are not affiliated with Callan Associates.
Only participants in the Kaiser Permanente defined contribution plans and 403(b) plans can invest in the funds.
There can be no assurance that a Fund will achieve its stated objectives. An investor may experience losses, at any time, including near, at or after the Fund’s target year. In addition, there is no guarantee that an investor’s investment in the fund will provide any income at or through the years following the Fund’s target year in amounts adequate to meet the investor’s goals or retirement needs.
Investing involves risk including loss of principal. Bond and bond funds are subject to interest rate risk and will decline in value as interest rates rise. Mortgage-backed securities are subject to pre-payment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities. Non-investment grade bonds involve greater risks of default and are more volatile than investment grade securities, due to the speculative nature of the investment. International investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. These risks are heightened when investing in emerging markets or in a single state.
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. The use of leverage by the fund managers may accelerate the velocity of potential losses. Furthermore, the use of derivatives are often more volatile than other investments and magnify the Fund’s gains or losses. Diversification does not protect against market loss.
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth less than their original cost and current performance may be lower than the performance quoted. Returns greater than one year are average annual total returns. For performance data current to the most recent month end, please call 855-4-KPFNDS.
3
| THE KP FUNDS | December 31, 2014 |
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Definition of Comparitive Indices
The S&P Target Date® Series comprises eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date.
The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the Russell 3000 Index.
The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 8% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.
The MSCI ACWI ex-US Index captures large, mid and small cap representation across 22 of 23 Developed Markets countries (excluding the United States) and 23 Emerging Markets countries. With 6,092 constituents, the index covers approximately 99% of the global equity opportunity set outside the US.
The MSCI EAFE Index captures large, mid, small and micro cap representation across 21 Developed Markets countries (excluding Canada and the United States).
The MSCI Emerging Markets Equity Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
The Barclays US Aggregate Index is a broad-based and measures the performance of the U.S. investment grade bond market. It invests in a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States – including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities, all with maturities of more than 1 year.
The FTSE NAREIT Composite Index is a headline index that consists of all REITs included in the FTSE NAREIT All REITs Index that also meet the minimum size and liquidity criteria. The FTSE NAREIT Composite Index is free float adjusted.
The Bloomberg Commodity Total Return Index is composed of futures contracts and reflects the returns on a fully collateralized investment in the Bloomberg Commodity Index (“BCOM”). This combines the returns of the BCOM with the returns on cash collateral invested in 13 week (3 Month) US Treasury Bills.
4
| THE KP FUNDS | December 31, 2014 |
| KP Retirement Path 2015 Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| TOTAL RETURN FOR THE PERIOD ENDED DECEMBER 31, 2014 | ||||
| Cumulative Inception to Date* | ||||
KP Retirement Path 2015 Fund | 3.82 | % | ||
S&P Target Date 2015 Index | 5.29 | % | ||
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
5
| THE KP FUNDS | December 31, 2014 |
| KP Retirement Path 2020 Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| TOTAL RETURN FOR THE PERIOD ENDED DECEMBER 31, 2014 | ||||
| Cumulative Inception to Date* | ||||
KP Retirement Path 2020 Fund | 3.96 | % | ||
S&P Target Date 2020 Index | 5.55 | % | ||
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
6
| THE KP FUNDS | December 31, 2014 |
| KP Retirement Path 2025 Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
TOTAL RETURN FOR THE PERIOD ENDED DECEMBER 31, 2014 | ||||
| Cumulative Inception to Date* | ||||
KP Retirement Path 2025 Fund | 3.92 | % | ||
S&P Target Date 2025 Index | 5.55 | % | ||
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
7
| THE KP FUNDS | December 31, 2014 |
| KP Retirement Path 2030 Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| TOTAL RETURN FOR THE PERIOD ENDED DECEMBER 31, 2014 | ||||
| Cumulative Inception to Date* | ||||
KP Retirement Path 2030 Fund | 3.78 | % | ||
S&P Target Date 2030 Index | 5.69 | % | ||
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
8
| THE KP FUNDS | December 31, 2014 |
| KP Retirement Path 2035 Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
TOTAL RETURN FOR THE PERIOD ENDED DECEMBER 31, 2014 | ||||
| Cumulative Inception to Date* | ||||
KP Retirement Path 2035 Fund | 3.86 | % | ||
S&P Target Date 2035 Index | 4.94 | % | ||
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
9
| THE KP FUNDS | December 31, 2014 |
| KP Retirement Path 2040 Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
TOTAL RETURN FOR THE PERIOD ENDED DECEMBER 31, 2014 | ||||
| Cumulative Inception to Date* | ||||
KP Retirement Path 2040 Fund | 3.91 | % | ||
S&P Target Date 2040 Index | 5.87 | % | ||
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
10
| THE KP FUNDS | December 31, 2014 |
| KP Retirement Path 2045 Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| TOTAL RETURN FOR THE PERIOD ENDED DECEMBER 31, 2014 | ||||
| Cumulative Inception to Date* | ||||
KP Retirement Path 2045 Fund | 3.76 | % | ||
S&P Target Date 2045 Index | 5.88 | % | ||
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
11
| THE KP FUNDS | December 31, 2014 |
| KP Retirement Path 2050 Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| TOTAL RETURN FOR THE PERIOD ENDED DECEMBER 31, 2014 | ||
| Cumulative Inception to Date* | ||
KP Retirement Path 2050 Fund | 3.76% | |
S&P Target Date 2050 Index | 5.95% |
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
12
| THE KP FUNDS | December 31, 2014 |
| KP Retirement Path 2055 Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| TOTAL RETURN FOR THE PERIOD ENDED DECEMBER 31, 2014 | ||||
| Cumulative Inception to Date* | ||||
KP Retirement Path 2055 Fund | 3.81 | % | ||
S&P Target Date 2055+ Index | 5.95 | % | ||
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
13
| THE KP FUNDS | December 31, 2014 |
| KP Retirement Path 2060 Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| TOTAL RETURN FOR THE PERIOD ENDED DECEMBER 31, 2014 | ||||
| Cumulative Inception to Date* | ||||
KP Retirement Path 2060 Fund | 3.92 | % | ||
S&P Target Date 2055+ Index | 5.95 | % | ||
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
14
| THE KP FUNDS | December 31, 2014 |
| KP Large Cap Equity Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| TOTAL RETURN FOR THE PERIOD ENDED DECEMBER 31, 2014 | ||
| Cumulative Inception to Date* | ||
KP Large Cap Equity Fund | 11.21% | |
Russell 1000 Index | 13.41% |
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
15
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
TOTAL RETURN FOR THE PERIOD ENDED DECEMBER 31, 2014 | ||||
| Cumulative Inception to Date* | ||||
KP Small Cap Equity Fund | 4.06 | % | ||
Russell 2000 Index | 4.80 | % | ||
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
16
| THE KP FUNDS | December 31, 2014 |
| KP International Equity Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| TOTAL RETURN FOR THE PERIOD ENDED DECEMBER 31, 2014 | ||||
| Cumulative Inception to Date* | ||||
KP International Equity Fund | (3.83 | %) | ||
MSCI ACWI ex-US Index | (3.18 | %) | ||
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
17
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| TOTAL RETURN FOR THE PERIOD ENDED DECEMBER 31, 2014 | ||
| Cumulative Inception to Date* | ||
KP Fixed Income Fund | 2.68% | |
Barclays US Aggregate Index | 5.21% |
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
18
| THE KP FUNDS | December 31, 2014 |
| KP Retirement Path 2015 Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 62.3% |
| |||||||
KP Fixed Income Fund | 17,927,189 | $ | 179,272 | |||||
KP International Equity Fund | 3,883,571 | 36,117 | ||||||
KP Large Cap Equity Fund | 8,425,392 | 91,163 | ||||||
KP Small Cap Equity Fund | 1,818,731 | 18,769 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 325,321 | ||||||
|
| |||||||
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 37.7% |
| |||||||
DFA Commodity Strategy Portfolio | 670,253 | 4,699 | ||||||
DFA International Real Estate Securities Portfolio | 980,821 | 5,140 | ||||||
| Description | Shares | Value (000) | ||||||
Lazard Global Listed Infrastructure Portfolio | 385,635 | $ | 5,291 | |||||
T Rowe Price Institutional Floating Rate Fund | 513,687 | 5,152 | ||||||
T Rowe Price New Era Fund | 144,628 | 4,982 | ||||||
Vanguard Inflation-Protected Securities Fund | 7,657,541 | 80,710 | ||||||
Vanguard REIT Index Fund | 627,899 | 11,158 | ||||||
Vanguard Short-Term Bond Index Fund | 7,604,581 | 79,696 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 196,828 | ||||||
|
| |||||||
Total Investments — 100.0% | $ | 522,149 | ||||||
|
| |||||||
Percentages are based on Net Assets of $522,066 (000).
REIT — Real Estate Investment Trust
As of December 31, 2014, 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 December 31, 2014, 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. As of December 31, 2014, there were no Level 3 investments.
The following is a summary of the transactions with affiliates for the period ended December 31, 2014 (000):
| Value 1/10/2014* | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Realized Gain | Value 12/31/2014 | Dividend Income | ||||||||||||||||||||||
| KP Fixed Income Fund | $ | — | $ | 200,073 | $ | (22,178 | ) | $ | 1,072 | $ | 305 | $ | 179,272 | $ | 4,685 | |||||||||||||
| KP International Equity Fund | — | 47,563 | (10,677 | ) | (1,290 | ) | 521 | 36,117 | 1,195 | |||||||||||||||||||
| KP Large Cap Equity Fund | — | 114,561 | (34,305 | ) | 8,532 | 2,375 | 91,163 | 2,461 | ||||||||||||||||||||
| KP Small Cap Equity Fund | — | 25,006 | (7,477 | ) | 982 | 258 | 18,769 | 157 | ||||||||||||||||||||
| * | The Fund commenced operations on January 10, 2014. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
19
| THE KP FUNDS | December 31, 2014 |
| KP Retirement Path 2020 Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 69.8% |
| |||||||
KP Fixed Income Fund | 20,318,286 | $ | 203,183 | |||||
KP International Equity Fund | 8,940,385 | 83,146 | ||||||
KP Large Cap Equity Fund | 13,121,488 | 141,974 | ||||||
KP Small Cap Equity Fund | 4,431,353 | 45,732 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 474,035 | ||||||
|
| |||||||
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 30.2% |
| |||||||
DFA Commodity Strategy Portfolio | 873,498 | 6,123 | ||||||
DFA International Real Estate Securities Portfolio | 1,278,243 | 6,698 | ||||||
| Description | Shares | Value (000) | ||||||
Lazard Global Listed Infrastructure Portfolio | 502,575 | $ | 6,895 | |||||
T Rowe Price Institutional Floating Rate Fund | 669,457 | 6,715 | ||||||
T Rowe Price New Era Fund | 188,485 | 6,493 | ||||||
Vanguard Inflation-Protected Securities Fund | 7,792,252 | 82,130 | ||||||
Vanguard REIT Index Fund | 818,301 | 14,541 | ||||||
Vanguard Short-Term Bond Index Fund | 7,216,383 | 75,628 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 205,223 | ||||||
|
| |||||||
Total Investments — 100.0% |
| $ | 679,258 | |||||
|
| |||||||
Percentages are based on Net Assets of $679,151 (000).
REIT — Real Estate Investment Trust
As of December 31, 2014, 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 December 31, 2014, 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. As of December 31, 2014, there were no Level 3 investments.
The following is a summary of the transactions with affiliates for the period ended December 31, 2014 (000):
| Value 1/10/2014* | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Realized Gain | Value 12/31/2014 | Dividend Income | ||||||||||||||||||||||
| KP Fixed Income Fund | $ | — | $ | 210,013 | $ | (7,864 | ) | $ | 935 | $ | 99 | $ | 203,183 | $ | 5,270 | |||||||||||||
| KP International Equity Fund | — | 95,590 | (9,909 | ) | (2,994 | ) | 459 | 83,146 | 2,744 | |||||||||||||||||||
| KP Large Cap Equity Fund | — | 151,559 | (24,913 | ) | 13,478 | 1,850 | 141,974 | 3,814 | ||||||||||||||||||||
| KP Small Cap Equity Fund | — | 51,807 | (8,832 | ) | 2,370 | 387 | 45,732 | 383 | ||||||||||||||||||||
| * | The Fund commenced operations on January 10, 2014. |
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 | December 31, 2014 |
| KP Retirement Path 2025 Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 77.9% |
| |||||||
KP Fixed Income Fund | 15,410,998 | $ | 154,110 | |||||
KP International Equity Fund | 13,477,277 | 125,339 | ||||||
KP Large Cap Equity Fund | 15,048,370 | 162,823 | ||||||
KP Small Cap Equity Fund | 6,232,761 | 64,322 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 506,594 | ||||||
|
| |||||||
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 22.1% |
| |||||||
DFA Commodity Strategy Portfolio | 834,023 | 5,847 | ||||||
DFA International Real Estate Securities Portfolio | 1,220,476 | 6,395 | ||||||
| Description | Shares | Value (000) | ||||||
Lazard Global Listed Infrastructure Portfolio | 479,862 | $ | 6,584 | |||||
T Rowe Price Institutional Floating Rate Fund | 639,203 | 6,411 | ||||||
T Rowe Price New Era Fund | 179,967 | 6,200 | ||||||
Vanguard Inflation-Protected Securities Fund | 4,994,157 | 52,638 | ||||||
Vanguard REIT Index Fund | 781,321 | 13,884 | ||||||
Vanguard Short-Term Bond Index Fund | 4,346,438 | 45,551 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 143,510 | ||||||
|
| |||||||
Total Investments — 100.0% |
| $ | 650,104 | |||||
|
| |||||||
Percentages are based on Net Assets of $650,003 (000).
REIT — Real Estate Investment Trust
As of December 31, 2014, 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 December 31, 2014, 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. As of December 31, 2014, there were no Level 3 investments.
The following is a summary of the transactions with affiliates for the period ended December 31, 2014 (000):
| Value 1/10/2014* | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Realized Gain | Value 12/31/2014 | Dividend Income | ||||||||||||||||||||||
| KP Fixed Income Fund | $ | — | $ | 158,302 | $ | (4,877 | ) | $ | 596 | $ | 89 | $ | 154,110 | $ | 4,016 | |||||||||||||
| KP International Equity Fund | — | 136,041 | (6,417 | ) | (4,526 | ) | 241 | 125,339 | 4,148 | |||||||||||||||||||
| KP Large Cap Equity Fund | — | 161,179 | (15,044 | ) | 15,620 | 1,068 | 162,823 | 4,359 | ||||||||||||||||||||
| KP Small Cap Equity Fund | — | 68,139 | (7,420 | ) | 3,351 | 252 | 64,322 | 541 | ||||||||||||||||||||
| * | The Fund commenced operations on January 10, 2014. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
21
| THE KP FUNDS | December 31, 2014 |
| KP Retirement Path 2030 Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 86.4% |
| |||||||
KP Fixed Income Fund | 10,552,472 | $ | 105,525 | |||||
KP International Equity Fund | 16,652,991 | 154,873 | ||||||
KP Large Cap Equity Fund | 15,529,340 | 168,027 | ||||||
KP Small Cap Equity Fund | 7,075,690 | 73,021 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 501,446 | ||||||
|
| |||||||
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 13.6% |
| |||||||
DFA Commodity Strategy Portfolio | 709,469 | 4,973 | ||||||
DFA International Real Estate Securities Portfolio | 1,038,209 | 5,440 | ||||||
| Description | Shares | Value (000) | ||||||
Lazard Global Listed Infrastructure Portfolio | 408,199 | $ | 5,600 | |||||
T Rowe Price Institutional Floating Rate Fund | 543,744 | 5,454 | ||||||
T Rowe Price New Era Fund | 153,091 | 5,274 | ||||||
Vanguard Inflation-Protected Securities Fund | 2,434,487 | 25,660 | ||||||
Vanguard REIT Index Fund | 664,637 | 11,811 | ||||||
Vanguard Short-Term Bond Index Fund | 1,416,470 | 14,845 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 79,057 | ||||||
|
| |||||||
Total Investments — 100.0% | $ | 580,503 | ||||||
|
| |||||||
Percentages are based on Net Assets of $580,413 (000).
REIT — Real Estate Investment Trust
As of December 31, 2014, 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 December 31, 2014, 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. As of December 31, 2014, there were no Level 3 investments.
The following is a summary of the transactions with affiliates for the period ended December 31, 2014 (000):
| Value 1/10/2014* | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Realized Gain | Value 12/31/2014 | Dividend Income | ||||||||||||||||||||||
| KP Fixed Income Fund | $ | — | $ | 111,394 | $ | (6,329 | ) | $ | 349 | $ | 111 | $ | 105,525 | $ | 2,752 | |||||||||||||
| KP International Equity Fund | — | 165,196 | (4,513 | ) | (5,917 | ) | 107 | 154,873 | 5,112 | |||||||||||||||||||
| KP Large Cap Equity Fund | — | 163,465 | (12,624 | ) | 16,221 | 965 | 168,027 | 4,495 | ||||||||||||||||||||
| KP Small Cap Equity Fund | — | 77,460 | (8,557 | ) | 3,778 | 340 | 73,021 | 617 | ||||||||||||||||||||
| * | The Fund commenced operations on January 10, 2014. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
22
| THE KP FUNDS | December 31, 2014 |
| KP Retirement Path 2035 Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 91.7% |
| |||||||
KP Fixed Income Fund | 8,754,462 | $ | 87,544 | |||||
KP International Equity Fund | 20,247,703 | 188,304 | ||||||
KP Large Cap Equity Fund | 18,782,792 | 203,230 | ||||||
KP Small Cap Equity Fund | 8,700,082 | 89,785 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 568,863 | ||||||
|
| |||||||
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 8.3% |
| |||||||
DFA Commodity Strategy Portfolio | 605,819 | 4,247 | ||||||
DFA International Real Estate Securities Portfolio | 886,532 | 4,645 | ||||||
| Description | Shares | Value (000) | ||||||
Lazard Global Listed Infrastructure Portfolio | 348,563 | $ | 4,782 | |||||
T Rowe Price Institutional Floating Rate Fund | 464,305 | 4,657 | ||||||
T Rowe Price New Era Fund | 130,725 | 4,504 | ||||||
Vanguard Inflation-Protected Securities Fund | 1,330,872 | 14,027 | ||||||
Vanguard REIT Index Fund | 567,537 | 10,085 | ||||||
Vanguard Short-Term Bond Index Fund | 466,028 | 4,884 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 51,831 | ||||||
|
| |||||||
Total Investments — 100.0% | $ | 620,694 | ||||||
|
| |||||||
Percentages are based on Net Assets of $620,600 (000).
REIT — Real Estate Investment Trust
As of December 31, 2014, 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 December 31, 2014, 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. As of December 31, 2014, there were no Level 3 investments.
The following is a summary of the transactions with affiliates for the period ended December 31, 2014 (000):
| Value 1/10/2014* | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Realized Gain | Value 12/31/2014 | Dividend Income | ||||||||||||||||||||||
| KP Fixed Income Fund | $ | — | $ | 93,133 | $ | (5,952 | ) | $ | 239 | $ | 124 | $ | 87,544 | $ | 2,283 | |||||||||||||
| KP International Equity Fund | — | 199,851 | (4,317 | ) | (7,275 | ) | 45 | 188,304 | 6,215 | |||||||||||||||||||
| KP Large Cap Equity Fund | — | 194,767 | (12,055 | ) | 19,610 | 908 | 203,230 | 5,435 | ||||||||||||||||||||
| KP Small Cap Equity Fund | — | 93,194 | (8,371 | ) | 4,661 | 301 | 89,785 | 753 | ||||||||||||||||||||
| * | The Fund commenced operations on January 10, 2014. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
23
| THE KP FUNDS | December 31, 2014 |
| KP Retirement Path 2040 Fund |
| SECTOR WEIGHTINGS† (unaudited) |
† Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 94.2% |
| |||||||
KP Fixed Income Fund | 5,713,302 | $ | 57,133 | |||||
KP International Equity Fund | 19,408,729 | 180,501 | ||||||
KP Large Cap Equity Fund | 17,797,123 | 192,565 | ||||||
KP Small Cap Equity Fund | 7,930,483 | 81,843 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 512,042 | ||||||
|
| |||||||
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.8% |
| |||||||
DFA Commodity Strategy Portfolio | 404,071 | 2,832 | ||||||
DFA International Real Estate Securities Portfolio | 591,301 | 3,098 | ||||||
| Description | Shares | Value (000) | ||||||
Lazard Global Listed Infrastructure Portfolio | 232,485 | $ | 3,190 | |||||
T Rowe Price Institutional Floating Rate Fund | 309,684 | 3,106 | ||||||
T Rowe Price New Era Fund | 87,191 | 3,004 | ||||||
Vanguard Inflation-Protected Securities Fund | 887,669 | 9,356 | ||||||
Vanguard REIT Index Fund | 378,538 | 6,727 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 31,313 | ||||||
|
| |||||||
Total Investments — 100.0% | $ | 543,355 | ||||||
|
| |||||||
Percentages are based on Net Assets of $543,274 (000).
REIT — Real Estate Investment Trust
As of December 31, 2014, 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 December 31, 2014, 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. As of December 31, 2014, there were no Level 3 investments.
The following is a summary of the transactions with affiliates for the period ended December 31, 2014 (000):
| Value 1/10/2014* | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Realized Gain | Value 12/31/2014 | Dividend Income | ||||||||||||||||||||||
| KP Fixed Income Fund | $ | — | $ | 59,804 | $ | (2,877 | ) | $ | 152 | $ | 54 | $ | 57,133 | $ | 1,481 | |||||||||||||
| KP International Equity Fund | — | 194,140 | (5,886 | ) | (7,786 | ) | 33 | 180,501 | 5,955 | |||||||||||||||||||
| KP Large Cap Equity Fund | — | 187,685 | (15,005 | ) | 18,811 | 1,074 | 192,565 | 5,141 | ||||||||||||||||||||
| KP Small Cap Equity Fund | — | 87,152 | (9,855 | ) | 4,193 | 353 | 81,843 | 689 | ||||||||||||||||||||
| * | The Fund commenced operations on January 10, 2014. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
24
| THE KP FUNDS | December 31, 2014 |
| KP Retirement Path 2045 Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.1% |
| |||||||
KP Fixed Income Fund | 2,812,707 | $ | 28,127 | |||||
KP International Equity Fund | 13,305,635 | 123,742 | ||||||
KP Large Cap Equity Fund | 12,165,202 | 131,628 | ||||||
KP Small Cap Equity Fund | 5,205,748 | 53,723 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 337,220 | ||||||
|
| |||||||
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 4.9% |
| |||||||
DFA Commodity Strategy Portfolio | 226,918 | 1,591 | ||||||
DFA International Real Estate Securities Portfolio | 332,062 | 1,740 | ||||||
| Description | Shares | Value (000) | ||||||
Lazard Global Listed Infrastructure Portfolio | 130,558 | $ | 1,791 | |||||
T Rowe Price Institutional Floating Rate Fund | 173,912 | 1,744 | ||||||
T Rowe Price New Era Fund | 48,965 | 1,687 | ||||||
Vanguard Inflation-Protected Securities Fund | 498,497 | 5,254 | ||||||
Vanguard REIT Index Fund | 212,579 | 3,778 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 17,585 | ||||||
|
| |||||||
Total Investments — 100.0% | $ | 354,805 | ||||||
|
| |||||||
Percentages are based on Net Assets of $354,753 (000).
REIT — Real Estate Investment Trust
As of December 31, 2014, 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 December 31, 2014, 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. As of December 31, 2014, there were no Level 3 investments.
The following is a summary of the transactions with affiliates for the period ended December 31, 2014 (000):
| Value 1/10/2014* | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Realized Gain | Value 12/31/2014 | Dividend Income | ||||||||||||||||||||||
| KP Fixed Income Fund | $ | — | $ | 31,286 | $ | (3,274 | ) | $ | 41 | $ | 74 | $ | 28,127 | $ | 732 | |||||||||||||
| KP International Equity Fund | — | 132,905 | (3,982 | ) | (5,279 | ) | 98 | 123,742 | 4,075 | |||||||||||||||||||
| KP Large Cap Equity Fund | — | 126,661 | (7,687 | ) | 12,239 | 415 | 131,628 | 3,512 | ||||||||||||||||||||
| KP Small Cap Equity Fund | — | 57,190 | (6,299 | ) | 2,656 | 176 | 53,723 | 450 | ||||||||||||||||||||
| * | The Fund commenced operations on January 10, 2014. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
25
| THE KP FUNDS | December 31, 2014 |
| KP Retirement Path 2050 Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.1% |
| |||||||
KP Fixed Income Fund | 1,006,288 | $ | 10,063 | |||||
KP International Equity Fund | 4,636,524 | 43,120 | ||||||
KP Large Cap Equity Fund | 4,273,326 | 46,237 | ||||||
KP Small Cap Equity Fund | 1,827,322 | 18,858 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 118,278 | ||||||
|
| |||||||
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 4.9% |
| |||||||
DFA Commodity Strategy Portfolio | 79,077 | 554 | ||||||
DFA International Real Estate Securities Portfolio | 115,717 | 606 | ||||||
| Description | Shares | Value (000) | ||||||
Lazard Global Listed Infrastructure Portfolio | 45,496 | $ | 624 | |||||
T Rowe Price Institutional Floating Rate Fund | 60,605 | 608 | ||||||
T Rowe Price New Era Fund | 17,064 | 588 | ||||||
Vanguard Inflation-Protected Securities Fund | 173,717 | 1,831 | ||||||
Vanguard REIT Index Fund | 74,080 | 1,317 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies | 6,128 | |||||||
|
| |||||||
Total Investments — 100.0% | $ | 124,406 | ||||||
|
| |||||||
Percentages are based on Net Assets of $124,388 (000).
| REIT | — Real Estate Investment Trust |
As of December 31, 2014, 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 December 31, 2014 , 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. As of December 31, 2014, there were no Level 3 investments.
The following is a summary of the transactions with affiliates for the period ended December 31, 2014 (000):
| Value 1/10/2014* | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Realized Gain | Value 12/31/2014 | Dividend Income | ||||||||||||||||||||||
| KP Fixed Income Fund | $ | — | $ | 11,228 | $ | (1,173 | ) | $ | (12 | ) | $ | 20 | $ | 10,063 | $ | 258 | ||||||||||||
| KP International Equity Fund | — | 47,171 | (1,889 | ) | (2,191 | ) | 29 | 43,120 | 1,416 | |||||||||||||||||||
| KP Large Cap Equity Fund | — | 45,592 | (3,285 | ) | 3,778 | 152 | 46,237 | 1,230 | ||||||||||||||||||||
| KP Small Cap Equity Fund | — | 20,706 | (2,754 | ) | 870 | 36 | 18,858 | 158 | ||||||||||||||||||||
| * | The Fund commenced operations on January 10, 2014. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
26
| THE KP FUNDS | December 31, 2014 |
| KP Retirement Path 2055 Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.0% |
| |||||||
KP Fixed Income Fund | 101,358 | $ | 1,014 | |||||
KP International Equity Fund | 475,087 | 4,418 | ||||||
KP Large Cap Equity Fund | 432,027 | 4,674 | ||||||
KP Small Cap Equity Fund | 186,392 | 1,924 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 12,030 | ||||||
|
| |||||||
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.0% |
| |||||||
DFA Commodity Strategy Portfolio | 8,125 | 57 | ||||||
DFA International Real Estate Securities Portfolio | 11,888 | 62 | ||||||
| Description | Shares | Value (000) | ||||||
Lazard Global Listed Infrastructure Portfolio | 4,673 | $ | 64 | |||||
T Rowe Price Institutional Floating Rate Fund | 6,226 | 63 | ||||||
T Rowe Price New Era Fund | 1,753 | 61 | ||||||
Vanguard Inflation-Protected Securities Fund | 17,849 | 188 | ||||||
Vanguard REIT Index Fund | 7,612 | 135 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies | 630 | |||||||
|
| |||||||
Total Investments — 100.0% | $ | 12,660 | ||||||
|
| |||||||
Percentages are based on Net Assets of $12,658 (000).
| REIT | — Real Estate Investment Trust |
As of December 31, 2014, all of the Fund’s investments were considered Level 1 in accordance with t17131he authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
For the period ended December 31, 2014, 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. As of December 31, 2014, there were no Level 3 investments.
The following is a summary of the transactions with affiliates for the period ended December 31, 2014 (000):
| Value 1/10/2014* | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value 12/31/2014 | Dividend Income | ||||||||||||||||||||||
| KP Fixed Income Fund | $ | — | $ | 1,201 | $ | (181 | ) | $ | (9 | ) | $ | 3 | $ | 1,014 | $ | 26 | ||||||||||||
| KP International Equity Fund | — | 5,495 | (747 | ) | (331 | ) | 1 | 4,418 | 144 | |||||||||||||||||||
| KP Large Cap Equity Fund | — | 5,422 | (1,028 | ) | 226 | 54 | 4,674 | 124 | ||||||||||||||||||||
| KP Small Cap Equity Fund | — | 2,303 | (443 | ) | 69 | (5 | ) | 1,924 | 16 | |||||||||||||||||||
| * | The Fund commenced operations on January 10, 2014. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
27
| THE KP FUNDS | December 31, 2014 |
| KP Retirement Path 2060 Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.0% |
| |||||||
KP Fixed Income Fund | 19,618 | $ | 196 | |||||
KP International Equity Fund | 92,216 | 858 | ||||||
KP Large Cap Equity Fund | 83,798 | 907 | ||||||
KP Small Cap Equity Fund | 35,803 | 369 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 2,330 | ||||||
|
| |||||||
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.0% |
| |||||||
DFA Commodity Strategy Portfolio | 1,585 | 11 | ||||||
DFA International Real Estate Securities Portfolio | 2,317 | 12 | ||||||
| Description | Shares | Value (000) | ||||||
Lazard Global Listed Infrastructure Portfolio | 910 | $ | 13 | |||||
T Rowe Price Institutional Floating Rate Fund | 1,213 | 12 | ||||||
T Rowe Price New Era Fund | 342 | 12 | ||||||
Vanguard Inflation-Protected Securities Fund | 3,481 | 37 | ||||||
Vanguard REIT Index Fund | 1,484 | 26 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 123 | ||||||
|
| |||||||
Total Investments — 100.0% | $ | 2,453 | ||||||
|
| |||||||
Percentages are based on Net Assets of $2,452 (000).
REIT — Real Estate Investment Trust
As of December 31, 2014, 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 December 31, 2014, 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. As of December 31, 2014, there were no Level 3 investments.
The following is a summary of the transactions with affiliates for the period ended December 31, 2014 (000):
| Value 1/10/2014* | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value 12/31/2014 | Dividend Income | ||||||||||||||||||||||
| KP Fixed Income Fund | $ | — | $ | 820 | $ | (620 | ) | $ | (4 | ) | $ | — | $ | 196 | $ | 5 | ||||||||||||
| KP International Equity Fund | — | 3,663 | (2,680 | ) | (69 | ) | (56 | ) | 858 | 29 | ||||||||||||||||||
| KP Large Cap Equity Fund | — | 3,736 | (2,852 | ) | 19 | 4 | 907 | 25 | ||||||||||||||||||||
| KP Small Cap Equity Fund | — | 1,517 | (1,151 | ) | 12 | (9 | ) | 369 | 3 | |||||||||||||||||||
| * | The Fund commenced operations on January 10, 2014. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
28
| THE KP FUNDS | December 31, 2014 |
| KP Large Cap Equity Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
COMMON STOCK — 98.3% | ||||||||
Consumer Discretionary — 14.9% | ||||||||
Advance Auto Parts | 14,523 | $ | 2,313 | |||||
Amazon.com* | 53,596 | 16,634 | ||||||
AutoNation* | 1,613 | 97 | ||||||
AutoZone* | 709 | 439 | ||||||
Bed Bath & Beyond* | 16,755 | 1,276 | ||||||
Best Buy | 6,677 | 260 | ||||||
BorgWarner | 5,297 | 291 | ||||||
Cablevision Systems, Cl A | 5,073 | 105 | ||||||
CarMax* | 46,589 | 3,102 | ||||||
Carnival | 10,564 | 479 | ||||||
CBS, Cl B | 11,376 | 630 | ||||||
Chipotle Mexican Grill, Cl A* | 4,264 | 2,919 | ||||||
Coach | 6,289 | 236 | ||||||
Comcast, Cl A | 132,235 | 7,639 | ||||||
Ctrip.com International ADR* | 39,200 | 1,784 | ||||||
Darden Restaurants | 3,028 | 178 | ||||||
Delphi Automotive PLC | 92,095 | 6,697 | ||||||
DIRECTV* | 11,952 | 1,036 | ||||||
Discovery Communications, Cl C* | 10,286 | 349 | ||||||
Dollar General* | 6,614 | 468 | ||||||
Dollar Tree* | 4,863 | 342 | ||||||
DR Horton | 8,195 | 207 | ||||||
Expedia | 2,380 | 203 | ||||||
Family Dollar Stores | 2,269 | 180 | ||||||
Ford Motor | 91,076 | 1,412 | ||||||
Fossil Group* | 1,186 | 131 | ||||||
GameStop, Cl A | 2,704 | 91 | ||||||
Gannett | 5,297 | 169 | ||||||
Gap | 6,562 | 276 | ||||||
| Description | Shares | Value (000) | ||||||
Garmin | 2,849 | $ | 151 | |||||
General Motors | 31,986 | 1,117 | ||||||
Genuine Parts | 3,569 | 380 | ||||||
Goodyear Tire & Rubber | 6,330 | 181 | ||||||
H&R Block | 6,176 | 208 | ||||||
Hanesbrands | 16,400 | 1,831 | ||||||
Harley-Davidson | 4,885 | 322 | ||||||
Harman International Industries | 1,603 | 171 | ||||||
Hasbro | 31,073 | 1,709 | ||||||
Hilton Worldwide Holdings* | 113,478 | 2,961 | ||||||
Home Depot | 31,026 | 3,257 | ||||||
Interpublic Group of Companies | 9,726 | 202 | ||||||
Johnson Controls | 86,809 | 4,196 | ||||||
Kohl’s | 18,258 | 1,114 | ||||||
L Brands | 5,425 | 470 | ||||||
Leggett & Platt | 3,246 | 138 | ||||||
Lennar, Cl A | 4,195 | 188 | ||||||
Lowe’s | 110,523 | 7,604 | ||||||
Macy’s | 7,542 | 496 | ||||||
Marriott International, Cl A | 4,892 | 382 | ||||||
Mattel | 23,429 | 725 | ||||||
McDonald’s | 55,453 | 5,196 | ||||||
MGM Resorts International* | 242,718 | 5,189 | ||||||
Michael Kors Holdings* | 22,013 | 1,653 | ||||||
Mohawk Industries* | 1,406 | 218 | ||||||
Netflix* | 7,857 | 2,684 | ||||||
Newell Rubbermaid | 6,401 | 244 | ||||||
News* | 11,468 | 180 | ||||||
NIKE, Cl B | 16,530 | 1,589 | ||||||
Nordstrom | 3,349 | 266 | ||||||
Omnicom Group | 59,806 | 4,633 | ||||||
O’Reilly Automotive* | 2,387 | 460 | ||||||
PetSmart | 2,481 | 202 | ||||||
priceline.com* | 12,431 | 14,174 | ||||||
PulteGroup | 8,202 | 176 | ||||||
PVH | 1,942 | 249 | ||||||
Ralph Lauren, Cl A | 1,404 | 260 | ||||||
Ross Stores | 4,786 | 451 | ||||||
Royal Caribbean Cruises | 4,000 | 330 | ||||||
Scripps Networks Interactive, Cl A | 2,491 | 187 | ||||||
Staples | 14,751 | 267 | ||||||
Starbucks | 84,114 | 6,902 | ||||||
Starwood Hotels & Resorts Worldwide | 4,253 | 345 | ||||||
Target | 91,005 | 6,908 | ||||||
Tesla Motors* | 12,450 | 2,769 | ||||||
Tiffany | 2,592 | 277 | ||||||
Time | 3,690 | 91 | ||||||
The accompanying notes are an integral part of the financial statements.
29
| THE KP FUNDS | December 31, 2014 |
| KP Large Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Time Warner | 55,314 | $ | 4,725 | |||||
Time Warner Cable | 6,691 | 1,017 | ||||||
TJX | 16,340 | 1,121 | ||||||
Tractor Supply | 53,443 | 4,212 | ||||||
TripAdvisor* | 2,593 | 194 | ||||||
Twenty-First Century Fox, Cl A | 43,835 | 1,683 | ||||||
Under Armour, Cl A* | 15,800 | 1,073 | ||||||
Urban Outfitters* | 2,490 | 87 | ||||||
VF | 7,614 | 570 | ||||||
Viacom, Cl B | 40,002 | 3,010 | ||||||
Vipshop Holdings ADR* | 91,300 | 1,784 | ||||||
Walt Disney | 74,191 | 6,988 | ||||||
Whirlpool | 1,737 | 337 | ||||||
Wyndham Worldwide | 2,965 | 254 | ||||||
Wynn Resorts | 56,991 | 8,478 | ||||||
Yum! Brands | 10,376 | 756 | ||||||
|
| |||||||
| 169,935 | ||||||||
|
| |||||||
Consumer Staples — 7.9% | ||||||||
Altria Group | 83,911 | 4,134 | ||||||
Archer-Daniels-Midland | 15,348 | 798 | ||||||
Avon Products | 10,056 | 95 | ||||||
Brown-Forman, Cl B | 3,582 | 315 | ||||||
Campbell Soup | 3,913 | 172 | ||||||
Clorox | 3,025 | 315 | ||||||
Coca-Cola | 92,820 | 3,919 | ||||||
Coca-Cola Enterprises | 5,521 | 244 | ||||||
Colgate-Palmolive | 20,232 | 1,400 | ||||||
ConAgra Foods | 9,242 | 335 | ||||||
Constellation Brands, Cl A* | 3,662 | 360 | ||||||
Costco Wholesale | 10,362 | 1,469 | ||||||
CVS Health | 94,124 | 9,065 | ||||||
Danone | 39,282 | 2,588 | ||||||
Diageo PLC | 164,537 | 4,740 | ||||||
Dr Pepper Snapple Group | 13,779 | 988 | ||||||
Estee Lauder, Cl A | 42,346 | 3,227 | ||||||
General Mills | 106,740 | 5,692 | ||||||
Hershey | 3,461 | 360 | ||||||
Hormel Foods | 3,035 | 158 | ||||||
Imperial Tobacco Group PLC | 16,637 | 735 | ||||||
JM Smucker | 2,468 | 249 | ||||||
Kellogg | 19,282 | 1,262 | ||||||
Keurig Green Mountain | 2,800 | 371 | ||||||
Kimberly-Clark | 8,787 | 1,015 | ||||||
Kraft Foods Group | 14,039 | 880 | ||||||
Kroger | 11,707 | 752 | ||||||
Lorillard | 65,497 | 4,122 | ||||||
| Description | Shares | Value (000) | ||||||
McCormick | 3,030 | $ | 225 | |||||
Mead Johnson Nutrition, Cl A | 4,752 | 478 | ||||||
Molson Coors Brewing, Cl B | 3,676 | 274 | ||||||
Mondelez International, Cl A | 39,677 | 1,441 | ||||||
Monster Beverage* | 3,430 | 372 | ||||||
Nestle | 79,092 | 5,803 | ||||||
PepsiCo | 35,274 | 3,336 | ||||||
Philip Morris International | 178,167 | 14,512 | ||||||
Procter & Gamble | 85,150 | 7,756 | ||||||
Reynolds American | 7,246 | 466 | ||||||
Safeway | 5,730 | 201 | ||||||
Sysco | 13,814 | 548 | ||||||
Tyson Foods, Cl A | 7,074 | 284 | ||||||
Walgreens Boots Alliance | 20,577 | 1,568 | ||||||
Wal-Mart Stores | 37,220 | 3,196 | ||||||
Whole Foods Market | 8,349 | 421 | ||||||
|
| |||||||
| 90,641 | ||||||||
|
| |||||||
Energy — 6.1% | ||||||||
Anadarko Petroleum | 11,977 | 988 | ||||||
Apache | 8,296 | 520 | ||||||
Baker Hughes | 21,256 | 1,192 | ||||||
Cabot Oil & Gas | 9,934 | 294 | ||||||
California Resources* | 1 | — | ||||||
Cameron International* | 4,218 | 211 | ||||||
Chesapeake Energy | 12,081 | 236 | ||||||
Chevron | 90,437 | 10,145 | ||||||
Cimarex Energy | 2,100 | 223 | ||||||
ConocoPhillips | 29,036 | 2,005 | ||||||
CONSOL Energy | 5,447 | 184 | ||||||
Denbury Resources | 8,539 | 69 | ||||||
Devon Energy | 8,465 | 518 | ||||||
Diamond Offshore Drilling | 1,621 | 59 | ||||||
Ensco, Cl A | 5,507 | 165 | ||||||
EOG Resources | 34,911 | 3,214 | ||||||
EQT | 43,263 | 3,275 | ||||||
Exxon Mobil | 175,445 | 16,220 | ||||||
FMC Technologies* | 5,612 | 263 | ||||||
Halliburton | 20,179 | 794 | ||||||
Helmerich & Payne | 2,487 | 168 | ||||||
Hess | 5,996 | 443 | ||||||
Kinder Morgan | 40,174 | 1,700 | ||||||
Marathon Oil | 15,714 | 445 | ||||||
Marathon Petroleum | 6,525 | 589 | ||||||
Murphy Oil | 4,046 | 204 | ||||||
Nabors Industries | 7,453 | 97 | ||||||
National Oilwell Varco | 10,046 | 658 | ||||||
The accompanying notes are an integral part of the financial statements.
30
| THE KP FUNDS | December 31, 2014 |
| KP Large Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Newfield Exploration* | 3,137 | $ | 85 | |||||
Noble | 5,842 | 97 | ||||||
Noble Energy | 7,826 | 371 | ||||||
Occidental Petroleum | 65,429 | 5,274 | ||||||
ONEOK | 4,860 | 242 | ||||||
Phillips 66 | 13,145 | 942 | ||||||
Pioneer Natural Resources | 38,849 | 5,783 | ||||||
QEP Resources | 4,213 | 85 | ||||||
Range Resources | 81,071 | 4,333 | ||||||
Schlumberger | 56,753 | 4,847 | ||||||
Southwestern Energy* | 8,411 | 230 | ||||||
Spectra Energy | 14,768 | 536 | ||||||
Tesoro | 3,132 | 233 | ||||||
Transocean | 8,091 | 148 | ||||||
Valero Energy | 12,441 | 616 | ||||||
Williams | 15,991 | 719 | ||||||
|
| |||||||
| 69,420 | ||||||||
|
| |||||||
Financials — 15.9% | ||||||||
ACE | 42,829 | 4,920 | ||||||
Affiliated Managers Group* | 1,300 | 276 | ||||||
Aflac | 10,713 | 654 | ||||||
Allstate | 9,993 | 702 | ||||||
American Express | 20,977 | 1,952 | ||||||
American International Group | 33,060 | 1,852 | ||||||
American Tower, Cl A‡ | 9,388 | 928 | ||||||
Ameriprise Financial | 4,339 | 574 | ||||||
Aon PLC | 49,404 | 4,685 | ||||||
Apartment Investment & Management, Cl A‡ | 3,354 | 125 | ||||||
Assurant | 1,627 | 111 | ||||||
AvalonBay Communities‡ | 3,012 | 492 | ||||||
Bank of America | 247,411 | 4,426 | ||||||
Bank of New York Mellon | 133,769 | 5,427 | ||||||
BB&T | 17,229 | 670 | ||||||
Berkshire Hathaway, Cl B* | 42,872 | 6,437 | ||||||
BlackRock, Cl A | 12,383 | 4,428 | ||||||
Boston Properties‡ | 3,567 | 459 | ||||||
Capital One Financial | 13,205 | 1,090 | ||||||
CBRE Group, Cl A* | 6,385 | 219 | ||||||
Charles Schwab | 26,523 | 801 | ||||||
Chubb | 31,630 | 3,273 | ||||||
Cincinnati Financial | 3,357 | 174 | ||||||
Citigroup | 94,645 | 5,121 | ||||||
CME Group, Cl A | 7,550 | 669 | ||||||
Comerica | 4,219 | 198 | ||||||
Crown Castle International‡ | 7,782 | 612 | ||||||
| Description | Shares | Value (000) | ||||||
Discover Financial Services | 10,435 | $ | 683 | |||||
E*TRADE Financial* | 6,701 | 163 | ||||||
Equity Residential‡ | 8,384 | 602 | ||||||
Essex Property Trust‡ | 1,500 | 310 | ||||||
Fifth Third Bancorp | 18,939 | 386 | ||||||
Franklin Resources | 88,095 | 4,878 | ||||||
General Growth Properties‡ | 13,637 | 384 | ||||||
Genworth Financial, Cl A* | 11,362 | 97 | ||||||
Goldman Sachs Group | 44,727 | 8,669 | ||||||
Hartford Financial Services Group | 9,879 | 412 | ||||||
HCP‡ | 10,895 | 480 | ||||||
Health Care‡ | 7,603 | 575 | ||||||
Host Hotels & Resorts‡ | 18,018 | 428 | ||||||
Hudson City Bancorp | 11,129 | 113 | ||||||
Huntington Bancshares | 18,948 | 199 | ||||||
Intercontinental Exchange | 13,651 | 2,993 | ||||||
Invesco | 10,273 | 406 | ||||||
Iron Mountain‡ | 4,286 | 166 | ||||||
JPMorgan Chase | 327,283 | 20,481 | ||||||
KeyCorp | 20,963 | 291 | ||||||
Kimco Realty‡ | 9,745 | 245 | ||||||
Legg Mason | 2,485 | 133 | ||||||
Leucadia National | 7,347 | 165 | ||||||
Lincoln National | 6,257 | 361 | ||||||
Loews | 7,233 | 304 | ||||||
M&T Bank | 3,127 | 393 | ||||||
Macerich‡ | 3,245 | 271 | ||||||
Marsh & McLennan | 12,857 | 736 | ||||||
McGraw Hill Financial | 22,185 | 1,974 | ||||||
MetLife | 146,784 | 7,940 | ||||||
Moody’s | 4,230 | 405 | ||||||
Morgan Stanley | 220,315 | 8,548 | ||||||
NASDAQ OMX Group | 57,451 | 2,755 | ||||||
Navient | 9,908 | 214 | ||||||
Northern Trust | 5,292 | 357 | ||||||
People’s United Financial | 7,454 | 113 | ||||||
Plum Creek Timber‡ | 4,008 | 171 | ||||||
PNC Financial Services Group | 43,996 | 4,014 | ||||||
Principal Financial Group | 6,477 | 336 | ||||||
Progressive | 11,562 | 312 | ||||||
Prologis‡ | 10,969 | 472 | ||||||
Prudential Financial | 49,297 | 4,459 | ||||||
Public Storage‡ | 3,352 | 620 | ||||||
Regions Financial | 32,801 | 346 | ||||||
Simon Property Group‡ | 7,341 | 1,337 | ||||||
State Street | 107,835 | 8,465 | ||||||
The accompanying notes are an integral part of the financial statements.
31
| THE KP FUNDS | December 31, 2014 |
| KP Large Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
SunTrust Banks | 12,233 | $ | 513 | |||||
T Rowe Price Group | 6,055 | 520 | ||||||
TD Ameritrade Holding | 163,600 | 5,854 | ||||||
Torchmark | 2,987 | 162 | ||||||
Travelers | 69,952 | 7,404 | ||||||
Unum Group | 6,055 | 211 | ||||||
US Bancorp | 195,132 | 8,771 | ||||||
Ventas‡ | 6,713 | 481 | ||||||
Vornado Realty Trust‡ | 3,803 | 448 | ||||||
Wells Fargo | 320,632 | 17,577 | ||||||
Weyerhaeuser‡ | 12,430 | 446 | ||||||
XL Group, Cl A | 6,393 | 220 | ||||||
Zions Bancorporation | 4,622 | 132 | ||||||
|
| |||||||
| 182,176 | ||||||||
|
| |||||||
Health Care — 17.0% | ||||||||
Abbott Laboratories | 127,815 | 5,754 | ||||||
AbbVie | 37,573 | 2,459 | ||||||
Actavis* | 14,236 | 3,665 | ||||||
Aetna | 8,396 | 746 | ||||||
Agilent Technologies | 7,977 | 327 | ||||||
Alexion Pharmaceuticals* | 53,342 | 9,870 | ||||||
Allergan | 33,818 | 7,189 | ||||||
AmerisourceBergen, Cl A | 4,901 | 442 | ||||||
Amgen | 17,915 | 2,854 | ||||||
Anthem | 6,215 | 781 | ||||||
Baxter International | 12,846 | 942 | ||||||
Becton Dickinson & Company | 4,438 | 618 | ||||||
Biogen Idec* | 30,082 | 10,211 | ||||||
Boston Scientific* | 31,628 | 419 | ||||||
Bristol-Myers Squibb | 39,070 | 2,306 | ||||||
Cardinal Health | 7,895 | 637 | ||||||
CareFusion* | 4,868 | 289 | ||||||
Celgene* | 85,136 | 9,523 | ||||||
Cerner* | 7,115 | 460 | ||||||
Cigna | 6,082 | 626 | ||||||
Covidien PLC | 38,884 | 3,977 | ||||||
CR Bard | 1,736 | 289 | ||||||
DaVita HealthCare Partners* | 4,108 | 311 | ||||||
DENTSPLY International | 3,349 | 178 | ||||||
Edwards Lifesciences* | 2,491 | 317 | ||||||
Eli Lilly | 77,467 | 5,345 | ||||||
Express Scripts Holding* | 61,178 | 5,180 | ||||||
Gilead Sciences* | 125,847 | 11,862 | ||||||
Hospira* | 3,995 | 245 | ||||||
Humana | 27,372 | 3,932 | ||||||
Intuitive Surgical* | 14,461 | 7,649 | ||||||
| Description | Shares | Value (000) | ||||||
Johnson & Johnson | 184,196 | $ | 19,261 | |||||
Laboratory Corp of America Holdings* | 1,952 | 211 | ||||||
Mallinckrodt* | 2,800 | 277 | ||||||
McKesson | 58,200 | 12,081 | ||||||
Medtronic | 86,645 | 6,256 | ||||||
Merck | 149,749 | 8,504 | ||||||
Mylan* | 8,167 | 460 | ||||||
Novartis | 12,266 | 1,139 | ||||||
Patterson | 1,945 | 94 | ||||||
PerkinElmer | 2,596 | 114 | ||||||
Perrigo | 3,332 | 557 | ||||||
Pfizer | 455,871 | 14,200 | ||||||
Quest Diagnostics | 3,354 | 225 | ||||||
Regeneron Pharmaceuticals* | 6,887 | 2,825 | ||||||
Roche Holding | 4,932 | 1,339 | ||||||
St. Jude Medical | 49,261 | 3,204 | ||||||
Stryker | 7,115 | 671 | ||||||
Tenet Healthcare* | 2,273 | 115 | ||||||
Thermo Fisher Scientific | 39,623 | 4,964 | ||||||
UnitedHealth Group | 68,455 | 6,920 | ||||||
Universal Health Services, Cl B | 2,200 | 245 | ||||||
Valeant Pharmaceuticals International* | 49,600 | 7,098 | ||||||
Varian Medical Systems* | 2,384 | 206 | ||||||
Vertex Pharmaceuticals* | 26,508 | 3,149 | ||||||
Waters* | 2,035 | 229 | ||||||
Zimmer Holdings | 3,998 | 454 | ||||||
Zoetis, Cl A | 10,972 | 472 | ||||||
|
| |||||||
| 194,673 | ||||||||
|
| |||||||
Industrials — 14.2% | ||||||||
3M | 59,390 | 9,759 | ||||||
ADT | 3,849 | 139 | ||||||
Allegion | 2,056 | 114 | ||||||
American Airlines Group | 183,900 | 9,863 | ||||||
AMETEK | 5,727 | 301 | ||||||
Boeing | 104,141 | 13,536 | ||||||
Canadian National Railway | 30,882 | 2,128 | ||||||
Caterpillar | 14,309 | 1,310 | ||||||
CH Robinson Worldwide | 3,464 | 259 | ||||||
Cintas | 2,376 | 186 | ||||||
CSX | 23,104 | 837 | ||||||
Cummins | 4,104 | 592 | ||||||
Danaher | 197,410 | 16,920 | ||||||
Deere | 8,567 | 758 | ||||||
Delta Air Lines | 19,891 | 978 | ||||||
Dover | 3,997 | 287 | ||||||
Dun & Bradstreet | 867 | 105 | ||||||
The accompanying notes are an integral part of the financial statements.
32
| THE KP FUNDS | December 31, 2014 |
| KP Large Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Eaton PLC | 55,962 | $ | 3,803 | |||||
Emerson Electric | 16,418 | 1,013 | ||||||
Equifax | 9,892 | 800 | ||||||
Expeditors International of Washington | 4,758 | 212 | ||||||
Fastenal | 6,376 | 303 | ||||||
FedEx | 25,419 | 4,414 | ||||||
Flowserve | 35,243 | 2,109 | ||||||
Fluor | 3,785 | 230 | ||||||
General Dynamics | 7,483 | 1,030 | ||||||
General Electric | 236,126 | 5,967 | ||||||
Honeywell International | 93,643 | 9,357 | ||||||
Illinois Tool Works | 24,933 | 2,361 | ||||||
Ingersoll-Rand | 6,267 | 397 | ||||||
Jacobs Engineering Group* | 3,130 | 140 | ||||||
JB Hunt Transport Services | 43,200 | 3,640 | ||||||
Joy Global | 2,485 | 116 | ||||||
Kansas City Southern | 19,992 | 2,440 | ||||||
L-3 Communications Holdings | 1,954 | 247 | ||||||
Lockheed Martin | 43,854 | 8,445 | ||||||
Masco | 8,122 | 205 | ||||||
Nielsen | 6,941 | 310 | ||||||
Norfolk Southern | 7,339 | 804 | ||||||
Northrop Grumman | 23,860 | 3,517 | ||||||
PACCAR | 7,817 | 532 | ||||||
Pall | 2,393 | 242 | ||||||
Parker-Hannifin | 3,460 | 446 | ||||||
Pentair PLC | 24,917 | 1,655 | ||||||
Pitney Bowes | 4,252 | 104 | ||||||
Precision Castparts | 35,333 | 8,511 | ||||||
Quanta Services* | 5,076 | 144 | ||||||
Raytheon | 7,158 | 774 | ||||||
Republic Services, Cl A | 5,871 | 236 | ||||||
Robert Half International | 3,242 | 189 | ||||||
Rockwell Automation | 3,242 | 361 | ||||||
Rockwell Collins | 3,136 | 265 | ||||||
Roper Industries | 2,373 | 371 | ||||||
Ryder System | 1,192 | 111 | ||||||
Snap-on | 1,401 | 192 | ||||||
Southwest Airlines | 16,215 | 686 | ||||||
Stanley Black & Decker | 25,389 | 2,439 | ||||||
Stericycle* | 1,949 | 256 | ||||||
Textron | 6,490 | 273 | ||||||
Tyco International PLC | 102,978 | 4,517 | ||||||
Union Pacific | 21,006 | 2,502 | ||||||
United Continental Holdings* | 49,100 | 3,284 | ||||||
United Parcel Service, Cl B | 67,899 | 7,548 | ||||||
| Description | Shares | Value (000) | ||||||
United Rentals* | 2,300 | $ | 235 | |||||
United Technologies | 83,132 | 9,560 | ||||||
Verisk Analytics, Cl A* | 31,100 | 1,992 | ||||||
Wabtec | 42,100 | 3,658 | ||||||
Waste Management | 9,361 | 480 | ||||||
WW Grainger | 1,458 | 372 | ||||||
Xylem | 4,222 | 161 | ||||||
|
| |||||||
| 162,028 | ||||||||
|
| |||||||
Information Technology — 16.7% | ||||||||
Accenture PLC, Cl A | 103,299 | 9,226 | ||||||
Adobe Systems* | 11,310 | 822 | ||||||
Akamai Technologies* | 4,112 | 259 | ||||||
Alibaba Group Holding ADR* | 28,722 | 2,985 | ||||||
Alliance Data Systems* | 1,385 | 396 | ||||||
Altera | 7,260 | 268 | ||||||
Amphenol, Cl A | 6,752 | 363 | ||||||
Analog Devices | 7,342 | 408 | ||||||
Apple | 173,590 | 19,161 | ||||||
Applied Materials | 28,099 | 700 | ||||||
ASML Holding, Cl G | 21,200 | 2,286 | ||||||
Autodesk* | 5,508 | 331 | ||||||
Automatic Data Processing | 11,439 | 954 | ||||||
Avago Technologies, Cl A | 5,600 | 563 | ||||||
Baidu ADR* | 25,900 | 5,904 | ||||||
Broadcom, Cl A | 12,541 | 543 | ||||||
CA | 7,466 | 227 | ||||||
Cisco Systems | 120,421 | 3,350 | ||||||
Citrix Systems* | 3,825 | 244 | ||||||
Cognizant Technology Solutions, Cl A* | 14,054 | 740 | ||||||
Computer Sciences | 3,157 | 199 | ||||||
Corning | 30,523 | 700 | ||||||
eBay* | 26,731 | 1,500 | ||||||
Electronic Arts* | 6,678 | 314 | ||||||
EMC | 48,087 | 1,430 | ||||||
F5 Networks* | 1,835 | 239 | ||||||
Facebook, Cl A* | 149,367 | 11,654 | ||||||
Fidelity National Information Services | 34,764 | 2,162 | ||||||
First Solar* | 1,623 | 72 | ||||||
Fiserv* | 39,880 | 2,830 | ||||||
FLIR Systems | 3,347 | 108 | ||||||
Google, Cl A* | 47,758 | 25,244 | ||||||
Harris | 2,486 | 179 | ||||||
Hewlett-Packard | 44,027 | 1,767 | ||||||
Intel | 113,766 | 4,129 | ||||||
International Business Machines | 51,739 | 8,301 | ||||||
The accompanying notes are an integral part of the financial statements.
33
| THE KP FUNDS | December 31, 2014 |
| KP Large Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Intuit | 6,597 | $ | 608 | |||||
Juniper Networks | 8,580 | 191 | ||||||
KLA-Tencor | 3,891 | 274 | ||||||
Lam Research | 3,429 | 272 | ||||||
Linear Technology | 5,508 | 251 | ||||||
LinkedIn, Cl A* | 10,800 | 2,481 | ||||||
MasterCard, Cl A | 23,105 | 1,991 | ||||||
Microchip Technology | 4,646 | 210 | ||||||
Micron Technology* | 25,534 | 894 | ||||||
Microsoft | 193,698 | 8,997 | ||||||
Motorola Solutions | 4,852 | 325 | ||||||
NetApp | 7,194 | 298 | ||||||
NetSuite* | 23,900 | 2,609 | ||||||
NVIDIA | 11,909 | 239 | ||||||
Oracle | 156,687 | 7,046 | ||||||
Palo Alto Networks* | 7,800 | 956 | ||||||
Paychex | 7,667 | 354 | ||||||
QUALCOMM | 39,145 | 2,910 | ||||||
Red Hat* | 65,230 | 4,510 | ||||||
salesforce.com* | 114,627 | 6,799 | ||||||
SanDisk | 5,294 | 519 | ||||||
Seagate Technology | 7,169 | 477 | ||||||
ServiceNow* | 43,400 | 2,945 | ||||||
Symantec | 15,037 | 386 | ||||||
TE Connectivity | 9,715 | 614 | ||||||
Teradata* | 3,885 | 170 | ||||||
Texas Instruments | 102,088 | 5,458 | ||||||
Total System Services | 3,991 | 136 | ||||||
Twitter* | 35,900 | 1,288 | ||||||
Vantiv, Cl A* | 60,600 | 2,056 | ||||||
VeriSign* | 2,643 | 151 | ||||||
Visa, Cl A | 69,338 | 18,180 | ||||||
VMware, Cl A* | 16,600 | 1,370 | ||||||
Western Digital | 5,267 | 583 | ||||||
Western Union | 12,463 | 223 | ||||||
Workday, Cl A* | 20,100 | 1,640 | ||||||
Xerox | 24,417 | 338 | ||||||
Xilinx | 6,380 | 276 | ||||||
Yahoo!* | 20,845 | 1,053 | ||||||
|
| |||||||
| 190,636 | ||||||||
|
| |||||||
Materials — 2.7% |
| |||||||
Air Products & Chemicals | 4,468 | 644 | ||||||
Airgas | 1,616 | 186 | ||||||
Alcoa | 27,565 | 435 | ||||||
Allegheny Technologies | 2,588 | 90 | ||||||
Avery Dennison | 2,268 | 118 | ||||||
Ball | 3,252 | 222 | ||||||
| Description | Shares | Value (000) | ||||||
CF Industries Holdings | 1,150 | $ | 313 | |||||
Crown Holdings* | 34,503 | 1,756 | ||||||
Dow Chemical | 26,205 | 1,195 | ||||||
Eastman Chemical | 3,568 | 271 | ||||||
Ecolab | 10,173 | 1,063 | ||||||
EI du Pont de Nemours | 33,080 | 2,446 | ||||||
FMC | 3,032 | 173 | ||||||
Freeport-McMoRan | 22,810 | 533 | ||||||
International Flavors & Fragrances | 1,842 | 187 | ||||||
International Paper | 9,273 | 497 | ||||||
LyondellBasell Industries, Cl A | 9,914 | 787 | ||||||
Martin Marietta Materials | 1,500 | 166 | ||||||
MeadWestvaco | 4,010 | 178 | ||||||
Monsanto | 11,446 | 1,367 | ||||||
Mosaic | 6,820 | 311 | ||||||
Newmont Mining | 11,368 | 215 | ||||||
Nucor | 7,555 | 371 | ||||||
Owens-Illinois* | 3,988 | 108 | ||||||
PPG Industries | 24,153 | 5,583 | ||||||
Praxair | 6,714 | 870 | ||||||
Sealed Air | 4,642 | 197 | ||||||
Sherwin-Williams | 21,150 | 5,563 | ||||||
Sigma-Aldrich | 2,840 | 390 | ||||||
Vulcan Materials | 62,927 | 4,136 | ||||||
|
| |||||||
| 30,371 | ||||||||
|
| |||||||
Telecommunication Services — 1.6% |
| |||||||
AT&T | 150,700 | 5,062 | ||||||
CenturyLink | 13,230 | 524 | ||||||
Frontier Communications | 23,842 | 159 | ||||||
Level 3 Communications* | 6,000 | 296 | ||||||
Verizon Communications | 222,197 | 10,395 | ||||||
Vodafone Group PLC | 563,419 | 1,955 | ||||||
Windstream Holdings | 13,739 | 113 | ||||||
|
| |||||||
| 18,504 | ||||||||
|
| |||||||
Utilities — 1.3% | ||||||||
AES | 15,737 | 217 | ||||||
AGL Resources | 2,707 | 147 | ||||||
Ameren | 5,623 | 259 | ||||||
American Electric Power | 11,649 | 707 | ||||||
CenterPoint Energy | 9,947 | 233 | ||||||
CMS Energy | 6,164 | 214 | ||||||
Consolidated Edison | 6,411 | 423 | ||||||
Dominion Resources | 13,812 | 1,062 | ||||||
DTE Energy | 4,208 | 363 | ||||||
Duke Energy | 27,049 | 2,260 | ||||||
Edison International | 7,668 | 502 | ||||||
The accompanying notes are an integral part of the financial statements.
34
| THE KP FUNDS | December 31, 2014 |
| KP Large Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Entergy | 3,954 | $ | 346 | |||||
Exelon | 20,494 | 760 | ||||||
FirstEnergy | 9,829 | 383 | ||||||
Integrys Energy Group | 1,839 | 143 | ||||||
NextEra Energy | 10,351 | 1,100 | ||||||
NiSource | 7,346 | 312 | ||||||
Northeast Utilities | 7,449 | 399 | ||||||
NRG Energy | 7,564 | 204 | ||||||
Pepco Holdings | 5,635 | 152 | ||||||
PG&E | 10,983 | 585 | ||||||
Pinnacle West Capital | 2,492 | 170 | ||||||
PPL | 15,299 | 556 | ||||||
Public Service Enterprise Group | 11,082 | 459 | ||||||
SCANA | 3,245 | 196 | ||||||
Sempra Energy | 5,496 | 612 | ||||||
Southern | 21,337 | 1,048 | ||||||
TECO Energy | 5,411 | 111 | ||||||
Wisconsin Energy | 5,195 | 274 | ||||||
Xcel Energy | 11,768 | 423 | ||||||
|
| |||||||
| 14,620 | ||||||||
|
| |||||||
Total Common Stock | 1,123,004 | |||||||
|
| |||||||
PREFERRED STOCK — 0.2% |
| |||||||
Air BNB* (A) | 11,406 | 464 | ||||||
Dropbox, Cl A* (A) | 29,866 | 571 | ||||||
Dropbox, Cl C* (A) | 1,097 | 21 | ||||||
Flipkart Online Services* (A) | 3,616 | 433 | ||||||
Uber Technologies* (A) | 21,072 | 702 | ||||||
United Technologies, | 3,560 | 218 | ||||||
|
| |||||||
Total Preferred Stock | 2,409 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT (B) — 3.0% |
| |||||||
State Street Institutional Liquid Reserves Fund, | 34,425,252 | 34,425 | ||||||
|
| |||||||
Total Short-Term Investment | 34,425 | |||||||
|
| |||||||
Total Investments — 101.5% | $ | 1,159,838 | ||||||
|
| |||||||
Percentages are based on net assets of $1,142,880 (000).
A list of the open futures contracts held by the Fund at December 31, 2014, is as follows (000):
| Type of Contract | Number of Contracts Long | Expiration Date | Unrealized Appreciation | |||
| S&P 500 Index EMINI | 115 | Mar-2015 | $144 | |||
|
For the period ended December 31, 2014, the monthly average value of futures contracts held was $9,603 (000).
| * | Non-income producing security. |
| ‡ | Real Estate Investment Trust |
| (A) | 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 December 31, 2014, was $2,191 (000) and represented 0.19% of net assets. |
| (B) | The rate reported is the 7-day effective yield as of December 31, 2014. |
ADR — American Depositary Receipt
Cl — Class
PLC — Public Limited Company
S&P — Standard & Poors
The following is a list of the level of inputs used as of December 31, 2014, 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 | $ | 1,123,004 | $ | — | $ | — | $ | 1,123,004 | ||||||||
Preferred Stock | 218 | — | 2,191 | 2,409 | ||||||||||||
Short-Term Investment | 34,425 | — | — | 34,425 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 1,157,647 | $ | — | $ | 2,191 | $ | 1,159,838 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts† |
| |||||||||||||||
Unrealized Appreciation | $ | 144 | $ | — | $ | — | $ | 144 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | 144 | $ | — | $ | — | $ | 144 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| † | Futures contracts are valued at the unrealized appreciation on the instrument. |
| ^ | A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments in at the beginning and/or end of the period in relation to net assets. |
For the period ended December 31, 2014, 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.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
35
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| SECTOR WEIGHTINGS† |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
COMMON STOCK — 97.6% |
| |||||||
Consumer Discretionary — 17.3% |
| |||||||
1-800-Flowers.com, Cl A* | 1,500 | $ | 12 | |||||
2U* | 500 | 10 | ||||||
Abercrombie & Fitch, Cl A | 35,876 | 1,027 | ||||||
Aeropostale* | 4,800 | 11 | ||||||
AH Belo, Cl A | 1,200 | 13 | ||||||
AMC Entertainment Holdings, Cl A | 1,100 | 29 | ||||||
American Axle & Manufacturing Holdings* | 3,330 | 75 | ||||||
American Eagle Outfitters | 79,450 | 1,103 | ||||||
American Public Education* | 900 | 33 | ||||||
America’s Car-Mart* | 400 | 21 | ||||||
ANN* | 18,864 | 688 | ||||||
Arctic Cat | 700 | 25 | ||||||
Asbury Automotive Group* | 1,489 | 113 | ||||||
Ascent Capital Group, Cl A* | 708 | 38 | ||||||
Barnes & Noble* | 2,200 | 51 | ||||||
Beazer Homes USA* | 1,300 | 25 | ||||||
bebe stores | 1,400 | 3 | ||||||
Belmond, Cl A* | 4,710 | 58 | ||||||
Big 5 Sporting Goods | 800 | 12 | ||||||
Big Lots | 73,959 | 2,961 | ||||||
Biglari Holdings* | 84 | 34 | ||||||
BJ’s Restaurants* | 18,714 | 940 | ||||||
Black Diamond* | 1,000 | 9 | ||||||
Bloomin’ Brands* | 3,613 | 90 | ||||||
Blue Nile* | 586 | 21 | ||||||
Bob Evans Farms | 1,231 | 63 | ||||||
Bon-Ton Stores | 800 | 6 | ||||||
Boyd Gaming* | 3,876 | 50 | ||||||
| Description | Shares | Value (000) | ||||||
Bravo Brio Restaurant Group* | 800 | $ | 11 | |||||
Bridgepoint Education* | 700 | 8 | ||||||
Bright Horizons Family Solutions* | 1,600 | 75 | ||||||
Brown Shoe | 2,296 | 74 | ||||||
Brunswick | 26,531 | 1,360 | ||||||
Buckle | 1,400 | 74 | ||||||
Buffalo Wild Wings* | 6,427 | 1,159 | ||||||
Build-A-Bear Workshop, Cl A* | 600 | 12 | ||||||
Burlington Stores* | 22,800 | 1,078 | ||||||
Caesars Acquisition, Cl A* | 2,400 | 25 | ||||||
Caesars Entertainment* | 2,800 | 44 | ||||||
Callaway Golf | 3,698 | 29 | ||||||
Capella Education | 500 | 39 | ||||||
Career Education* | 3,300 | 23 | ||||||
Carmike Cinemas* | 1,168 | 31 | ||||||
Carriage Services, Cl A | 800 | 17 | ||||||
Carrols Restaurant Group* | 1,500 | 11 | ||||||
Carter’s | 6,400 | 559 | ||||||
Cato, Cl A | 1,400 | 59 | ||||||
Cavco Industries* | 400 | 32 | ||||||
Central European Media Enterprises, Cl A* | 3,100 | 10 | ||||||
Century Communities* | 300 | 5 | ||||||
Cheesecake Factory | 2,563 | 129 | ||||||
Chegg* | 3,900 | 27 | ||||||
Chico’s FAS | 121,675 | 1,972 | ||||||
Children’s Place | 1,111 | 63 | ||||||
Christopher & Banks* | 1,600 | 9 | ||||||
Churchill Downs | 707 | 67 | ||||||
Chuy’s Holdings* | 978 | 19 | ||||||
Cinedigm, Cl A* | 3,100 | 5 | ||||||
Citi Trends* | 700 | 18 | ||||||
ClubCorp Holdings | 1,000 | 18 | ||||||
Collectors Universe | 300 | 6 | ||||||
Columbia Sportswear | 1,400 | 62 | ||||||
Conn’s* | 1,367 | 26 | ||||||
Container Store Group* | 1,000 | 19 | ||||||
Cooper Tire & Rubber | 2,874 | 100 | ||||||
Cooper-Standard Holding* | 700 | 41 | ||||||
Core-Mark Holding | 1,156 | 72 | ||||||
Coupons.com* | 500 | 9 | ||||||
Cracker Barrel Old Country Store | 967 | 136 | ||||||
Crocs* | 4,090 | 51 | ||||||
Crown Media Holdings, Cl A* | 2,200 | 8 | ||||||
CSS Industries | 500 | 14 | ||||||
Culp | 600 | 13 | ||||||
Cumulus Media, Cl A* | 6,900 | 29 | ||||||
Daily Journal* | 50 | 13 | ||||||
Dana Holding | 8,372 | 182 | ||||||
The accompanying notes are an integral part of the financial statements.
36
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Deckers Outdoor* | 19,391 | $ | 1,765 | |||||
Del Frisco’s Restaurant Group* | 1,100 | 26 | ||||||
Denny’s* | 4,584 | 47 | ||||||
Destination Maternity | 800 | 13 | ||||||
Destination XL Group* | 1,800 | 10 | ||||||
DeVry Education Group | 48,643 | 2,309 | ||||||
Dex Media* | 500 | 4 | ||||||
Diamond Resorts International* | 1,734 | 48 | ||||||
DineEquity | 800 | 83 | ||||||
Dixie Group* | 700 | 6 | ||||||
Dorman Products* | 1,334 | 64 | ||||||
Drew Industries* | 1,182 | 60 | ||||||
El Pollo Loco Holdings* | 400 | 8 | ||||||
Empire Resorts* | 800 | 6 | ||||||
Entercom Communications, Cl A* | 1,100 | 13 | ||||||
Entravision Communications, Cl A | 3,200 | 21 | ||||||
Eros International, Cl A* | 1,200 | 25 | ||||||
Escalade | 500 | 8 | ||||||
Ethan Allen Interiors | 26,849 | 832 | ||||||
EVINE Live* | 1,900 | 13 | ||||||
EW Scripps, Cl A* | 1,553 | 35 | ||||||
Expedia | 10,480 | 895 | ||||||
Express* | 4,145 | 61 | ||||||
Famous Dave’s of America* | 200 | 5 | ||||||
Federal-Mogul Holdings* | 1,300 | 21 | ||||||
Fiesta Restaurant Group* | 41,579 | 2,528 | ||||||
Finish Line, Cl A | 2,400 | 58 | ||||||
Five Below* | 2,663 | 109 | ||||||
Flexsteel Industries | 200 | 6 | ||||||
Fox Factory Holding* | 700 | 11 | ||||||
Francesca’s Holdings* | 2,300 | 38 | ||||||
Fred’s, Cl A | 2,033 | 35 | ||||||
FTD* | 1,000 | 35 | ||||||
Fuel Systems Solutions* | 600 | 7 | ||||||
Gaiam, Cl A* | 800 | 6 | ||||||
GameStop, Cl A | 58,960 | 1,993 | ||||||
Genesco* | 1,189 | 91 | ||||||
Gentherm* | 1,704 | 62 | ||||||
G-III Apparel Group* | 28,453 | 2,874 | ||||||
Global Eagle Entertainment* | 1,800 | 24 | ||||||
Global Sources* | 573 | 4 | ||||||
GNC Holdings, Cl A | 47,760 | 2,243 | ||||||
Graham Holdings, Cl B | 2,460 | 2,125 | ||||||
Grand Canyon Education* | 2,214 | 103 | ||||||
Gray Television* | 2,300 | 26 | ||||||
Group 1 Automotive | 1,199 | 107 | ||||||
Guess? | 2,996 | 63 | ||||||
| Description | Shares | Value (000) | ||||||
Habit Restaurants, Cl A* | 10,800 | $ | 349 | |||||
Hanesbrands | 11,755 | 1,312 | ||||||
Harman International Industries | 24,203 | 2,583 | ||||||
Harte-Hanks | 2,373 | 18 | ||||||
Haverty Furniture | 1,100 | 24 | ||||||
Helen of Troy* | 1,439 | 94 | ||||||
Hemisphere Media Group* | 600 | 8 | ||||||
hhgregg* | 300 | 2 | ||||||
Hibbett Sports* | 1,200 | 58 | ||||||
Houghton Mifflin Harcourt* | 5,400 | 112 | ||||||
Hovnanian Enterprises, Cl A* | 5,098 | 21 | ||||||
HSN | 13,523 | 1,028 | ||||||
Iconix Brand Group* | 2,323 | 78 | ||||||
Ignite Restaurant Group* | 200 | 2 | ||||||
IMAX* | 33,450 | 1,034 | ||||||
Installed Building Products* | 300 | 5 | ||||||
International Speedway, Cl A | 1,400 | 44 | ||||||
Interval Leisure Group | 2,000 | 42 | ||||||
Intrawest Resorts Holdings* | 900 | 11 | ||||||
iRobot* | 1,550 | 54 | ||||||
Isle of Capri Casinos* | 900 | 8 | ||||||
ITT Educational Services* | 1,000 | 10 | ||||||
Jack in the Box | 29,208 | 2,335 | ||||||
JAKKS Pacific* | 1,300 | 9 | ||||||
Jamba* | 1,100 | 17 | ||||||
Johnson Outdoors, Cl A | 300 | 9 | ||||||
Journal Communications, Cl A* | 2,200 | 25 | ||||||
K12* | 1,800 | 21 | ||||||
KB Home | 4,054 | 67 | ||||||
Kirkland’s* | 700 | 17 | ||||||
Krispy Kreme Doughnuts* | 3,200 | 63 | ||||||
La Quinta Holdings* | 2,100 | 46 | ||||||
Lands’ End* | 15,876 | 857 | ||||||
La-Z-Boy, Cl Z | 2,597 | 70 | ||||||
LeapFrog Enterprises, Cl A* | 3,500 | 17 | ||||||
Lee Enterprises* | 2,200 | 8 | ||||||
Lennar, Cl A | 24,008 | 1,076 | ||||||
LGI Homes* | 700 | 10 | ||||||
Libbey* | 1,010 | 32 | ||||||
Liberty Tax* | 200 | 7 | ||||||
Life Time Fitness* | 2,019 | 114 | ||||||
LifeLock* | 3,895 | 72 | ||||||
Lifetime Brands | 600 | 10 | ||||||
Lithia Motors, Cl A | 1,135 | 98 | ||||||
Loral Space & Communications* | 700 | 55 | ||||||
lululemon athletica* | 22,100 | 1,233 | ||||||
Lumber Liquidators Holdings* | 1,349 | 89 | ||||||
The accompanying notes are an integral part of the financial statements.
37
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
M/I Homes* | 1,300 | $ | 30 | |||||
Malibu Boats, Cl A* | 300 | 6 | ||||||
Marcus | 800 | 15 | ||||||
Marine Products | 700 | 6 | ||||||
MarineMax* | 1,200 | 24 | ||||||
Marriott Vacations Worldwide | 1,389 | 104 | ||||||
Martha Stewart Living Omnimedia, Cl A* | 1,600 | 7 | ||||||
Mattress Firm Holding* | 800 | 46 | ||||||
McClatchy, Cl A* | 2,600 | 9 | ||||||
MDC Holdings | 10,969 | 290 | ||||||
MDC Partners, Cl A | 2,155 | 49 | ||||||
Media General* | 2,589 | 43 | ||||||
Men’s Wearhouse | 14,368 | 634 | ||||||
Meredith | 22,224 | 1,207 | ||||||
Meritage Homes* | 2,041 | 73 | ||||||
Modine Manufacturing* | 2,412 | 33 | ||||||
Monarch Casino & Resort* | 500 | 8 | ||||||
Monro Muffler Brake | 1,634 | 94 | ||||||
Morgans Hotel Group* | 1,800 | 14 | ||||||
Motorcar Parts of America* | 23,300 | 724 | ||||||
Movado Group | 851 | 24 | ||||||
NACCO Industries, Cl A | 200 | 12 | ||||||
Nathan’s Famous* | 200 | 16 | ||||||
National CineMedia | 3,294 | 47 | ||||||
Nautilus* | 1,500 | 23 | ||||||
New Home* | 600 | 9 | ||||||
New Media Investment Group | 43,501 | 1,028 | ||||||
New York & Company* | 1,800 | 5 | ||||||
New York Times, Cl A | 6,489 | 86 | ||||||
Nexstar Broadcasting Group, Cl A | 1,595 | 83 | ||||||
Noodles, Cl A* | 500 | 13 | ||||||
Norwegian Cruise Line Holdings* | 37,000 | 1,730 | ||||||
Nutrisystem | 1,400 | 27 | ||||||
Office Depot* | 75,505 | 647 | ||||||
Orbitz Worldwide* | 3,000 | 25 | ||||||
Outerwall* | 933 | 70 | ||||||
Overstock.com* | 500 | 12 | ||||||
Oxford Industries | 718 | 40 | ||||||
Pacific Sunwear of California* | 2,800 | 6 | ||||||
Papa John’s International | 1,500 | 84 | ||||||
Penn National Gaming* | 53,844 | 739 | ||||||
Pep Boys-Manny Moe & Jack* | 2,488 | 24 | ||||||
Perry Ellis International* | 600 | 16 | ||||||
PetMed Express | 900 | 13 | ||||||
Pier 1 Imports | 4,732 | 73 | ||||||
Pinnacle Entertainment* | 3,016 | 67 | ||||||
| Description | Shares | Value (000) | ||||||
Pool | 2,241 | $ | 142 | |||||
Popeyes Louisiana Kitchen* | 16,695 | 939 | ||||||
Potbelly* | 900 | 12 | ||||||
PVH | 7,600 | 974 | ||||||
Quiksilver* | 6,200 | 14 | ||||||
Radio One, Cl D* | 1,200 | 2 | ||||||
ReachLocal* | 600 | 2 | ||||||
Reading International, Cl A* | 800 | 11 | ||||||
Red Robin Gourmet Burgers* | 11,050 | 851 | ||||||
Regis* | 2,100 | 35 | ||||||
Remy International | 600 | 13 | ||||||
Rent-A-Center, Cl A | 2,600 | 94 | ||||||
Rentrak* | 10,083 | 734 | ||||||
Restoration Hardware Holdings* | 7,040 | 676 | ||||||
RetailMeNot* | 1,600 | 23 | ||||||
Ruby Tuesday* | 3,000 | 21 | ||||||
Ruth’s Hospitality Group | 1,700 | 26 | ||||||
Ryland Group | 2,265 | 87 | ||||||
Saga Communications, Cl A | 200 | 9 | ||||||
Salem Communications, Cl A | 700 | 5 | ||||||
Scholastic | 1,400 | 51 | ||||||
Scientific Games, Cl A* | 2,599 | 33 | ||||||
Sears Hometown and Outlet Stores* | 800 | 11 | ||||||
SeaWorld Entertainment | 112,110 | 2,007 | ||||||
Select Comfort* | 2,687 | 73 | ||||||
Sequential Brands Group* | 34,857 | 456 | ||||||
SFX Entertainment* | 1,800 | 8 | ||||||
Shiloh Industries* | 400 | 6 | ||||||
Shoe Carnival | 665 | 17 | ||||||
Shutterfly* | 1,921 | 80 | ||||||
Signet Jewelers | 20,000 | 2,631 | ||||||
Sinclair Broadcast Group, Cl A | 3,409 | 93 | ||||||
Sizmek* | 1,000 | 6 | ||||||
Skechers U.S.A., Cl A* | 2,017 | 111 | ||||||
Skullcandy* | 1,100 | 10 | ||||||
Smith & Wesson Holding* | 2,745 | 26 | ||||||
Sonic | 2,700 | 74 | ||||||
Sonic Automotive, Cl A | 1,931 | 52 | ||||||
Sotheby’s | 43,538 | 1,880 | ||||||
Spartan Motors | 1,400 | 7 | ||||||
Speedway Motorsports | 500 | 11 | ||||||
Stage Stores | 29,599 | 613 | ||||||
Standard Motor Products | 1,014 | 39 | ||||||
Standard Pacific* | 7,000 | 51 | ||||||
Stein Mart | 1,500 | 22 | ||||||
Steiner Leisure* | 600 | 28 | ||||||
Steven Madden* | 2,865 | 91 | ||||||
The accompanying notes are an integral part of the financial statements.
38
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Stoneridge* | 1,700 | $ | 22 | |||||
Strattec Security | 172 | 14 | ||||||
Strayer Education* | 508 | 38 | ||||||
Sturm Ruger | 989 | 34 | ||||||
Superior Industries International | 1,131 | 22 | ||||||
Systemax* | 500 | 7 | ||||||
Tenneco* | 3,044 | 172 | ||||||
Texas Roadhouse, Cl A | 28,768 | 971 | ||||||
Tile Shop Holdings* | 1,200 | 11 | ||||||
Tilly’s, Cl A* | 600 | 6 | ||||||
Time | 5,485 | 135 | ||||||
Tower International* | 954 | 24 | ||||||
Tractor Supply | 9,600 | 757 | ||||||
Travelport Worldwide | 1,500 | 27 | ||||||
TRI Pointe Homes* | 7,243 | 110 | ||||||
Tuesday Morning* | 34,620 | 751 | ||||||
Tumi Holdings* | 2,500 | 59 | ||||||
UCP, Cl A* | 500 | 5 | ||||||
Ulta Salon Cosmetics & Fragrance* | 14,200 | 1,815 | ||||||
Under Armour, Cl A* | 19,088 | 1,296 | ||||||
Unifi* | 698 | 21 | ||||||
Universal Electronics* | 18,000 | 1,171 | ||||||
Universal Technical Institute | 900 | 9 | ||||||
Vail Resorts | 1,834 | 167 | ||||||
Vera Bradley* | 1,100 | 22 | ||||||
Vince Holding* | 500 | 13 | ||||||
Vitamin Shoppe* | 1,605 | 78 | ||||||
VOXX International, Cl A* | 800 | 7 | ||||||
Wayfair, Cl A* | 600 | 12 | ||||||
WCI Communities* | 700 | 14 | ||||||
Weight Watchers International* | 1,400 | 35 | ||||||
West Marine* | 700 | 9 | ||||||
Weyco Group | 300 | 9 | ||||||
William Lyon Homes, Cl A* | 900 | 18 | ||||||
Williams-Sonoma | 6,900 | 522 | ||||||
Winmark | 100 | 9 | ||||||
Winnebago Industries | 1,500 | 33 | ||||||
Wolverine World Wide | 5,107 | 151 | ||||||
World Wrestling Entertainment, Cl A | 1,600 | 20 | ||||||
Zoe’s Kitchen* | 300 | 9 | ||||||
Zumiez* | 970 | 37 | ||||||
|
| |||||||
| 77,678 | ||||||||
|
| |||||||
Consumer Staples — 4.1% | ||||||||
22nd Century Group* | 2,100 | 3 | ||||||
Alico | 100 | 5 | ||||||
Alliance One International* | 3,600 | 6 | ||||||
| Description | Shares | Value (000) | ||||||
Andersons | 1,384 | $ | 73 | |||||
B&G Foods | 2,707 | 81 | ||||||
Boston Beer, Cl A* | 1,979 | 573 | ||||||
Boulder Brands* | 3,300 | 36 | ||||||
Calavo Growers | 700 | 33 | ||||||
Cal-Maine Foods | 1,600 | 62 | ||||||
Casey’s General Stores | 1,941 | 175 | ||||||
Central Garden and Pet, Cl A* | 2,500 | 24 | ||||||
Chefs’ Warehouse* | 800 | 18 | ||||||
Chiquita Brands International* | 2,600 | 37 | ||||||
Coca-Cola Bottling Consolidated | 200 | 18 | ||||||
Craft Brew Alliance* | 700 | 9 | ||||||
Darling Ingredients* | 123,987 | 2,252 | ||||||
Dean Foods | 95,497 | 1,851 | ||||||
Diamond Foods* | 20,787 | 587 | ||||||
Diplomat Pharmacy* | 800 | 22 | ||||||
Elizabeth Arden* | 1,125 | 24 | ||||||
Energizer Holdings | 10,530 | 1,354 | ||||||
Fairway Group Holdings, Cl A* | 600 | 2 | ||||||
Farmer Bros* | 300 | 9 | ||||||
Female Health | 900 | 3 | ||||||
Fresh Del Monte Produce | 1,600 | 54 | ||||||
Fresh Market* | 2,200 | 91 | ||||||
Freshpet* | 33,340 | 569 | ||||||
Hain Celestial Group* | 17,800 | 1,037 | ||||||
Harbinger Group* | 4,121 | 58 | ||||||
IGI Laboratories* | 71,670 | 631 | ||||||
Ingles Markets, Cl A | 600 | 22 | ||||||
Inter Parfums | 787 | 22 | ||||||
Inventure Foods* | 1,000 | 13 | ||||||
J&J Snack Foods | 680 | 74 | ||||||
John B Sanfilippo & Son | 400 | 18 | ||||||
Lancaster Colony | 941 | 88 | ||||||
Liberator Medical Holdings | 1,600 | 5 | ||||||
Lifeway Foods* | 300 | 5 | ||||||
Limoneira | 600 | 15 | ||||||
Medifast* | 600 | 20 | ||||||
National Beverage* | 500 | 11 | ||||||
Natural Grocers by Vitamin Cottage* | 400 | 11 | ||||||
Nature’s Sunshine Products | 500 | 7 | ||||||
Nutraceutical International* | 400 | 9 | ||||||
Oil-Dri Corp of America | 200 | 7 | ||||||
Omega Protein* | 1,300 | 14 | ||||||
Orchids Paper Products | 500 | 15 | ||||||
Pantry* | 1,100 | 41 | ||||||
Post Holdings* | 2,193 | 92 | ||||||
PriceSmart | 952 | 87 | ||||||
The accompanying notes are an integral part of the financial statements.
39
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Revlon, Cl A* | 500 | $ | 17 | |||||
Rite Aid* | 136,400 | 1,026 | ||||||
Roundy’s* | 2,100 | 10 | ||||||
Sanderson Farms | 1,126 | 95 | ||||||
Seaboard* | 15 | 63 | ||||||
Seneca Foods, Cl A* | 400 | 11 | ||||||
Smart & Final Stores* | 700 | 11 | ||||||
Snyder’s-Lance | 48,166 | 1,471 | ||||||
SpartanNash | 1,841 | 48 | ||||||
Spectrum Brands Holdings | 10,892 | 1,042 | ||||||
SUPERVALU* | 9,925 | 96 | ||||||
Synutra International* | 1,000 | 6 | ||||||
Tootsie Roll Industries | 1,027 | 31 | ||||||
TreeHouse Foods* | 12,084 | 1,034 | ||||||
United Natural Foods* | 2,442 | 189 | ||||||
Universal | 39,081 | 1,719 | ||||||
USANA Health Sciences* | 300 | 31 | ||||||
Vector Group | 3,550 | 76 | ||||||
Village Super Market, Cl A | 300 | 8 | ||||||
WD-40 | 787 | 67 | ||||||
Weis Markets | 497 | 24 | ||||||
WhiteWave Foods, Cl A* | 31,500 | 1,102 | ||||||
|
| |||||||
| 18,450 | ||||||||
|
| |||||||
Energy — 3.1% | ||||||||
Abraxas Petroleum* | 4,900 | 14 | ||||||
Adams Resources & Energy | 100 | 5 | ||||||
Alon USA Energy | 1,300 | 16 | ||||||
Alpha Natural Resources* | 11,059 | 18 | ||||||
American Eagle Energy* | 1,200 | 1 | ||||||
Amyris* | 1,700 | 3 | ||||||
Apco Oil and Gas International* | 600 | 8 | ||||||
Approach Resources* | 2,300 | 15 | ||||||
Arch Coal | 9,889 | 18 | ||||||
Ardmore Shipping | 1,200 | 14 | ||||||
Aspen Aerogels* | 500 | 4 | ||||||
Basic Energy Services* | 1,800 | 13 | ||||||
Bill Barrett* | 2,671 | 30 | ||||||
Bonanza Creek Energy* | 1,617 | 39 | ||||||
BPZ Resources* | 5,100 | 1 | ||||||
Bristow Group | 1,810 | 119 | ||||||
C&J Energy Services* | 2,100 | 28 | ||||||
Callon Petroleum* | 2,800 | 15 | ||||||
CARBO Ceramics | 39,161 | 1,568 | ||||||
Carrizo Oil & Gas* | 2,190 | 91 | ||||||
CHC Group* | 2,000 | 6 | ||||||
Clayton Williams Energy* | 300 | 19 | ||||||
| Description | Shares | Value (000) | ||||||
Clean Energy Fuels* | 3,252 | $ | 16 | |||||
Cloud Peak Energy* | 2,701 | 25 | ||||||
Comstock Resources | 137,037 | 933 | ||||||
Contango Oil & Gas* | 941 | 28 | ||||||
Dawson Geophysical | 400 | 5 | ||||||
Delek US Holdings | 3,100 | 85 | ||||||
DHT Holdings | 5,000 | 37 | ||||||
Diamondback Energy* | 2,119 | 127 | ||||||
Dorian LPG* | 400 | 6 | ||||||
Eclipse Resources* | 1,600 | 11 | ||||||
Emerald Oil* | 3,500 | 4 | ||||||
Energy XXI | 5,288 | 17 | ||||||
Era Group* | 1,100 | 23 | ||||||
Evolution Petroleum | 1,300 | 10 | ||||||
EXCO Resources | 7,200 | 16 | ||||||
Exterran Holdings | 2,852 | 93 | ||||||
FMSA Holdings* | 1,300 | 9 | ||||||
Forum Energy Technologies* | 2,900 | 60 | ||||||
Frontline* | 4,200 | 11 | ||||||
FX Energy* | 2,400 | 4 | ||||||
GasLog | 2,227 | 45 | ||||||
Gastar Exploration* | 3,600 | 9 | ||||||
Geospace Technologies* | 614 | 16 | ||||||
Glori Energy* | 600 | 3 | ||||||
Goodrich Petroleum* | 2,109 | 9 | ||||||
Green Plains | 2,005 | 50 | ||||||
Gulf Island Fabrication | 600 | 12 | ||||||
Gulfmark Offshore, Cl A | 34,670 | 847 | ||||||
Halcon Resources* | 12,800 | 23 | ||||||
Hallador Energy | 600 | 7 | ||||||
Harvest Natural Resources* | 1,700 | 3 | ||||||
Helix Energy Solutions Group* | 5,171 | 112 | ||||||
Hercules Offshore* | 8,360 | 8 | ||||||
Hornbeck Offshore Services* | 1,700 | 42 | ||||||
ION Geophysical* | 6,070 | 17 | ||||||
Isramco* | 18 | 2 | ||||||
Jones Energy, Cl A* | 500 | 6 | ||||||
Key Energy Services* | 7,550 | 13 | ||||||
Magnum Hunter Resources* | 10,166 | 32 | ||||||
Matador Resources* | 3,600 | 73 | ||||||
Matrix Service* | 1,400 | 31 | ||||||
McDermott International* | 12,684 | 37 | ||||||
Midstates Petroleum* | 1,400 | 2 | ||||||
Miller Energy Resources* | 1,200 | 2 | ||||||
Mitcham Industries* | 500 | 3 | ||||||
Natural Gas Services Group* | 600 | 14 | ||||||
Navios Maritime Acquisition | 3,600 | 13 | ||||||
The accompanying notes are an integral part of the financial statements.
40
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Newpark Resources* | 4,598 | $ | 44 | |||||
Nordic American Offshore | 1,000 | 12 | ||||||
Nordic American Tankers | 4,300 | 43 | ||||||
North Atlantic Drilling | 3,700 | 6 | ||||||
Northern Oil and Gas* | 3,100 | 18 | ||||||
Nuverra Environmental Solutions* | 1,000 | 6 | ||||||
Pacific Ethanol* | 1,400 | 14 | ||||||
Panhandle Oil and Gas, Cl A | 800 | 19 | ||||||
Parker Drilling* | 5,202 | 16 | ||||||
Parsley Energy, Cl A* | 2,588 | 41 | ||||||
PBF Energy, Cl A | 67,060 | 1,786 | ||||||
PDC Energy* | 1,725 | 71 | ||||||
Penn Virginia* | 3,614 | 24 | ||||||
PetroQuest Energy* | 3,600 | 13 | ||||||
PHI* | 700 | 26 | ||||||
Pioneer Energy Services* | 3,374 | 19 | ||||||
Quicksilver Resources* | 4,800 | 1 | ||||||
Renewable Energy Group* | 1,500 | 15 | ||||||
Resolute Energy* | 4,636 | 6 | ||||||
REX American Resources* | 300 | 19 | ||||||
Rex Energy* | 2,829 | 14 | ||||||
RigNet* | 600 | 25 | ||||||
Ring Energy* | 1,200 | 13 | ||||||
Rosetta Resources* | 3,174 | 71 | ||||||
RSP Permian* | 1,200 | 30 | ||||||
Sanchez Energy* | 2,596 | 24 | ||||||
Scorpio Tankers | 8,075 | 70 | ||||||
SEACOR Holdings* | 900 | 66 | ||||||
SemGroup, Cl A | 2,123 | 145 | ||||||
Ship Finance International | 3,200 | 45 | ||||||
Solazyme* | 3,900 | 10 | ||||||
Stone Energy* | 2,944 | 50 | ||||||
Swift Energy* | 2,600 | 11 | ||||||
Synergy Resources* | 3,400 | 43 | ||||||
Teekay Tankers, Cl A | 2,600 | 13 | ||||||
Tesco | 1,900 | 24 | ||||||
TETRA Technologies* | 3,531 | 24 | ||||||
Tidewater | 36,262 | 1,175 | ||||||
TransAtlantic Petroleum* | 900 | 5 | ||||||
Triangle Petroleum* | 3,000 | 14 | ||||||
Tsakos Energy Navigation* | 54,870 | 383 | ||||||
Ultra Petroleum* | 98,130 | 1,291 | ||||||
US Silica Holdings | 2,627 | 67 | ||||||
VAALCO Energy* | 2,382 | 11 | ||||||
Vantage Drilling* | 11,200 | 5 | ||||||
Vertex Energy* | 600 | 3 | ||||||
W&T Offshore | 136,590 | 1,003 | ||||||
| Description | Shares | Value (000) | ||||||
Warren Resources* | 3,900 | $ | 6 | |||||
Western Refining | 2,743 | 104 | ||||||
Westmoreland Coal* | 824 | 27 | ||||||
Willbros Group* | 2,100 | 13 | ||||||
WPX Energy* | 177,864 | 2,069 | ||||||
|
| |||||||
| 14,049 | ||||||||
|
| |||||||
Financials — 19.5% | ||||||||
1st Source | 700 | 24 | ||||||
Acadia Realty Trust‡ | 3,000 | 96 | ||||||
Agree Realty‡ | 700 | 22 | ||||||
Alexander & Baldwin | 2,353 | 92 | ||||||
Alexander’s‡ | 100 | 44 | ||||||
Altisource Asset Management* | 65 | 20 | ||||||
Altisource Portfolio Solutions* | 664 | 23 | ||||||
Altisource Residential‡ | 2,900 | 56 | ||||||
Ambac Financial Group* | 3,200 | 80 | ||||||
American Assets Trust‡ | 1,838 | 73 | ||||||
American Capital Mortgage Investment‡ | 2,600 | 49 | ||||||
American Equity Investment Life Holding | 3,710 | 108 | ||||||
American Financial Group | 34,525 | 2,096 | ||||||
American National Bankshares | 300 | 8 | ||||||
American Realty Capital Healthcare Trust‡ | 8,390 | 100 | ||||||
American Residential Properties‡* | 1,700 | 30 | ||||||
Ameris Bancorp | 1,200 | 31 | ||||||
AMERISAFE | 966 | 41 | ||||||
Ames National | 400 | 10 | ||||||
AmTrust Financial Services | 1,500 | 84 | ||||||
Anchor BanCorp Wisconsin* | 300 | 10 | ||||||
Anworth Mortgage Asset‡ | 5,398 | 28 | ||||||
Apollo Commercial Real Estate Finance‡ | 2,236 | 37 | ||||||
Apollo Residential Mortgage‡ | 1,800 | 28 | ||||||
Ares Commercial Real Estate‡ | 1,400 | 16 | ||||||
Argo Group International Holdings | 1,309 | 73 | ||||||
Arlington Asset Investment, Cl A | 1,100 | 29 | ||||||
Armada Hoffler Properties‡ | 1,500 | 14 | ||||||
ARMOUR Residential‡ | 17,403 | 64 | ||||||
Arrow Financial | 510 | 14 | ||||||
Ashford* | 44 | 4 | ||||||
Ashford Hospitality Prime‡ | 1,200 | 21 | ||||||
Ashford Hospitality Trust‡ | 3,833 | 40 | ||||||
Associated Estates Realty‡ | 2,942 | 68 | ||||||
Assurant | 31,183 | 2,134 | ||||||
Astoria Financial | 87,297 | 1,166 | ||||||
The accompanying notes are an integral part of the financial statements.
41
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Atlas Financial Holdings* | 500 | $ | 8 | |||||
AV Homes* | 700 | 10 | ||||||
Aviv‡ | 900 | 31 | ||||||
Baldwin & Lyons, Cl B | 400 | 10 | ||||||
Banc of California | 1,400 | 16 | ||||||
BancFirst | 400 | 25 | ||||||
Banco Latinoamericano de Comercio Exterior, Cl E | 1,500 | 45 | ||||||
Bancorp* | 1,800 | 20 | ||||||
BancorpSouth | 4,944 | 111 | ||||||
Bank Mutual | 2,700 | 19 | ||||||
Bank of Hawaii | 36,110 | 2,142 | ||||||
Bank of Kentucky Financial | 300 | 14 | ||||||
Bank of Marin Bancorp | 300 | 16 | ||||||
Bank of the Ozarks | 4,005 | 152 | ||||||
BankFinancial | 900 | 11 | ||||||
Banner | 1,016 | 44 | ||||||
BBCN Bancorp | 3,836 | 55 | ||||||
BBX Capital, Cl A* | 300 | 5 | ||||||
Beneficial Mutual Bancorp* | 1,400 | 17 | ||||||
Berkshire Hills Bancorp | 1,207 | 32 | ||||||
BGC Partners, Cl A | 8,653 | 79 | ||||||
Blue Hills Bancorp* | 1,500 | 20 | ||||||
BNC Bancorp | 1,100 | 19 | ||||||
BofI Holding* | 700 | 54 | ||||||
Boston Private Financial Holdings | 3,974 | 54 | ||||||
Bridge Bancorp | 500 | 13 | ||||||
Bridge Capital Holdings* | 600 | 13 | ||||||
Brookline Bancorp | 151,635 | 1,521 | ||||||
Bryn Mawr Bank | 700 | 22 | ||||||
Calamos Asset Management, Cl A | 700 | 9 | ||||||
Camden National | 300 | 12 | ||||||
Campus Crest Communities‡ | 3,025 | 22 | ||||||
Capital Bank Financial, Cl A* | 1,034 | 28 | ||||||
Capital City Bank Group | 700 | 11 | ||||||
Capitol Federal Financial | 104,048 | 1,330 | ||||||
Capstead Mortgage‡ | 4,700 | 58 | ||||||
Cardinal Financial | 1,595 | 32 | ||||||
CareTrust‡ | 837 | 10 | ||||||
Cascade Bancorp* | 2,006 | 10 | ||||||
Cash America International | 1,500 | 34 | ||||||
CatchMark Timber Trust, Cl A‡ | 1,100 | 12 | ||||||
Cathay General Bancorp | 4,011 | 103 | ||||||
Cedar Realty Trust‡ | 3,725 | 27 | ||||||
Centerstate Banks | 1,700 | 20 | ||||||
Central Pacific Financial | 800 | 17 | ||||||
Century Bancorp, Cl A | 200 | 8 | ||||||
| Description | Shares | Value (000) | ||||||
Chambers Street Properties‡ | 11,768 | $ | 95 | |||||
Charter Financial | 659 | 8 | ||||||
Chatham Lodging Trust‡ | 1,800 | 52 | ||||||
Chemical Financial | 48,137 | 1,475 | ||||||
Chesapeake Lodging Trust‡ | 2,679 | 100 | ||||||
Citizens, Cl A* | 1,900 | 14 | ||||||
Citizens & Northern | 500 | 10 | ||||||
City Holding | 737 | 34 | ||||||
Clifton Bancorp | 1,589 | 22 | ||||||
CNB Financial | 900 | 17 | ||||||
CNO Financial Group | 10,326 | 178 | ||||||
CoBiz Financial | 1,600 | 21 | ||||||
Cohen & Steers | 1,000 | 42 | ||||||
Colony Financial‡ | 5,500 | 131 | ||||||
Columbia Banking System | 54,082 | 1,493 | ||||||
Commerce Bancshares | 52,174 | 2,269 | ||||||
Community Bank System | 1,954 | 75 | ||||||
Community Trust Bancorp | 688 | 25 | ||||||
CommunityOne Bancorp* | 800 | 9 | ||||||
ConnectOne Bancorp | 1,060 | 20 | ||||||
Consolidated-Tomoka Land | 200 | 11 | ||||||
Consumer Portfolio Services* | 1,100 | 8 | ||||||
CorEnergy Infrastructure Trust‡ | 2,000 | 13 | ||||||
CoreSite Realty‡ | 1,100 | 43 | ||||||
Cousins Properties‡ | 11,278 | 129 | ||||||
Cowen Group, Cl A* | 5,433 | 26 | ||||||
Crawford, Cl B | 1,200 | 12 | ||||||
Credit Acceptance* | 291 | 40 | ||||||
CU Bancorp* | 400 | 9 | ||||||
CubeSmart‡ | 8,126 | 179 | ||||||
Customers Bancorp* | 1,206 | 23 | ||||||
CVB Financial | 51,108 | 819 | ||||||
CyrusOne‡ | 1,608 | 44 | ||||||
CYS Investments‡ | 8,004 | 70 | ||||||
DCT Industrial Trust‡ | 4,195 | 150 | ||||||
Diamond Hill Investment Group | 100 | 14 | ||||||
DiamondRock Hospitality‡ | 9,654 | 144 | ||||||
Dime Community Bancshares | 1,643 | 27 | ||||||
Donegal Group, Cl A | 600 | 10 | ||||||
DuPont Fabros Technology‡ | 3,149 | 105 | ||||||
Dynex Capital‡ | 2,600 | 21 | ||||||
Eagle Bancorp* | 66,314 | 2,355 | ||||||
East West Bancorp | 16,600 | 643 | ||||||
EastGroup Properties‡ | 1,593 | 101 | ||||||
Education Realty Trust‡ | 2,285 | 84 | ||||||
eHealth* | 900 | 22 | ||||||
EMC Insurance Group | 200 | 7 | ||||||
The accompanying notes are an integral part of the financial statements.
42
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Empire State Realty Trust, Cl A‡ | 4,500 | $ | 79 | |||||
Employers Holdings | 1,600 | 38 | ||||||
Encore Capital Group* | 1,300 | 58 | ||||||
Enova International* | 1,372 | 31 | ||||||
Enstar Group* | 400 | 61 | ||||||
Enterprise Bancorp | 400 | 10 | ||||||
Enterprise Financial Services | 900 | 18 | ||||||
EPR Properties‡ | 2,914 | 168 | ||||||
Equity One‡ | 3,000 | 76 | ||||||
ESB Financial | 500 | 9 | ||||||
Essent Group* | 2,200 | 57 | ||||||
EverBank Financial | 4,541 | 87 | ||||||
Evercore Partners, Cl A | 1,563 | 82 | ||||||
Excel Trust‡ | 3,133 | 42 | ||||||
Ezcorp, Cl A* | 2,500 | 29 | ||||||
FBL Financial Group, Cl A | 500 | 29 | ||||||
FBR* | 400 | 10 | ||||||
FCB Financial Holdings, Cl A* | 400 | 10 | ||||||
Federal Agricultural Mortgage, Cl C | 500 | 15 | ||||||
Federated National Holding | 600 | 14 | ||||||
FelCor Lodging Trust‡ | 6,172 | 67 | ||||||
Fidelity & Guaranty Life | 500 | 12 | ||||||
Fidelity Southern | 700 | 11 | ||||||
Financial Engines | 2,535 | 93 | ||||||
Financial Institutions | 600 | 15 | ||||||
First American Financial | 5,326 | 181 | ||||||
First Bancorp | 1,300 | 24 | ||||||
First BanCorp* | 5,500 | 32 | ||||||
First Busey | 3,609 | 23 | ||||||
First Business Financial Services | 200 | 10 | ||||||
First Cash Financial Services* | 1,417 | 79 | ||||||
First Citizens BancShares, Cl A | 344 | 87 | ||||||
First Commonwealth Financial | 4,838 | 45 | ||||||
First Community Bancshares | 700 | 12 | ||||||
First Connecticut Bancorp | 756 | 12 | ||||||
First Defiance Financial | 400 | 14 | ||||||
First Financial | 600 | 21 | ||||||
First Financial Bancorp | 84,792 | 1,576 | ||||||
First Financial Bankshares | 71,848 | 2,147 | ||||||
First Financial Northwest | 600 | 7 | ||||||
First Industrial Realty Trust‡ | 5,677 | 117 | ||||||
First Interstate BancSystem, Cl A | 900 | 25 | ||||||
First Merchants | 26,440 | 602 | ||||||
First Midwest Bancorp | 25,546 | �� | 437 | |||||
First NBC Bank Holding* | 800 | 28 | ||||||
First of Long Island | 546 | 15 | ||||||
First Potomac Realty Trust‡ | 3,218 | 40 | ||||||
| Description | Shares | Value (000) | ||||||
FirstMerit | 8,170 | $ | 154 | |||||
Flagstar Bancorp* | 900 | 14 | ||||||
Flushing Financial | 1,586 | 32 | ||||||
FNB | 177,483 | 2,364 | ||||||
Forestar Group* | 1,722 | 27 | ||||||
Fox Chase Bancorp | 500 | 8 | ||||||
Franklin Financial* | 400 | 8 | ||||||
Franklin Street Properties‡ | 4,351 | 53 | ||||||
FXCM, Cl A | 46,800 | 775 | ||||||
Gain Capital Holdings | 900 | 8 | ||||||
GAMCO Investors, Cl A | 300 | 27 | ||||||
Geo Group‡ | 3,552 | 143 | ||||||
German American Bancorp | 700 | 21 | ||||||
Getty Realty‡ | 1,206 | 22 | ||||||
GFI Group | 3,300 | 18 | ||||||
Glacier Bancorp | 3,716 | 103 | ||||||
Gladstone Commercial‡ | 1,000 | 17 | ||||||
Glimcher Realty Trust‡ | 6,747 | 93 | ||||||
Global Indemnity, Cl A* | 500 | 14 | ||||||
Government Properties Income Trust‡ | 3,300 | 76 | ||||||
Gramercy Property Trust‡ | 9,500 | 66 | ||||||
Great Southern Bancorp | 600 | 24 | ||||||
Great Western Bancorp* | 900 | 21 | ||||||
Green Dot, Cl A* | 1,700 | 35 | ||||||
Greenhill | 1,492 | 65 | ||||||
Greenlight Capital, Cl A* | 1,351 | 44 | ||||||
Guaranty Bancorp | 600 | 9 | ||||||
Hallmark Financial Services* | 900 | 11 | ||||||
Hancock Holding | 59,139 | 1,816 | ||||||
Hanmi Financial | 1,600 | 35 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital‡ | 1,054 | 15 | ||||||
Hatteras Financial‡ | 4,800 | 88 | ||||||
HCI Group | 500 | 22 | ||||||
Healthcare Realty Trust‡ | 4,547 | 124 | ||||||
Heartland Financial USA | 700 | 19 | ||||||
Heritage Commerce | 900 | 8 | ||||||
Heritage Financial | 1,425 | 25 | ||||||
Heritage Insurance Holdings* | 400 | 8 | ||||||
Heritage Oaks Bancorp | 1,200 | 10 | ||||||
Hersha Hospitality Trust, Cl A‡ | 9,900 | 70 | ||||||
HFF, Cl A | 1,700 | 61 | ||||||
Highwoods Properties‡ | 4,564 | 202 | ||||||
Hilltop Holdings* | 3,300 | 66 | ||||||
Home BancShares | 2,663 | 86 | ||||||
Home Loan Servicing Solutions | 3,731 | 73 | ||||||
HomeStreet | 900 | 16 | ||||||
The accompanying notes are an integral part of the financial statements.
43
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
HomeTrust Bancshares* | 900 | $ | 15 | |||||
Horace Mann Educators | 68,570 | 2,275 | ||||||
Horizon Bancorp | 400 | 10 | ||||||
Hudson Pacific Properties‡ | 2,700 | 81 | ||||||
Hudson Valley Holding | 700 | 19 | ||||||
Iberiabank | 20,380 | 1,322 | ||||||
Independence Holding | 500 | 7 | ||||||
Independent Bank | 53,445 | 2,258 | ||||||
Independent Bank Group | 500 | 20 | ||||||
Infinity Property & Casualty | 18,876 | 1,458 | ||||||
Inland Real Estate‡ | 4,217 | 46 | ||||||
International Bancshares | 2,681 | 71 | ||||||
International. FCStone* | 900 | 19 | ||||||
Invesco Mortgage Capital‡ | 6,052 | 94 | ||||||
Investment Technology Group* | 1,900 | 40 | ||||||
Investors Bancorp | 17,953 | 202 | ||||||
Investors Real Estate Trust‡ | 5,406 | 44 | ||||||
iStar Financial‡* | 4,078 | 56 | ||||||
Janus Capital Group | 7,387 | 119 | ||||||
JG Wentworth, Cl A* | 500 | 5 | ||||||
Kansas City Life Insurance | 200 | 10 | ||||||
KCG Holdings, Cl A* | 2,200 | 26 | ||||||
Kearny Financial* | 600 | 8 | ||||||
Kemper | 2,313 | 84 | ||||||
Kennedy-Wilson Holdings | 3,602 | 91 | ||||||
Kite Realty Group Trust‡ | 1,618 | 47 | ||||||
Ladder Capital, Cl A‡* | 900 | 18 | ||||||
Ladenburg Thalmann Financial Services* | 4,600 | 18 | ||||||
Lakeland Bancorp | 2,189 | 26 | ||||||
Lakeland Financial | 900 | 39 | ||||||
LaSalle Hotel Properties‡ | 5,593 | 226 | ||||||
LegacyTexas Financial Group | 2,135 | 51 | ||||||
Lexington Realty Trust‡ | 10,300 | 113 | ||||||
LTC Properties‡ | 1,800 | 78 | ||||||
Macatawa Bank | 1,500 | 8 | ||||||
Mack-Cali Realty‡ | 4,425 | 84 | ||||||
Maiden Holdings | 2,534 | 32 | ||||||
MainSource Financial Group | 900 | 19 | ||||||
Manning & Napier, Cl A | 600 | 8 | ||||||
Marcus & Millichap* | 400 | 13 | ||||||
MarketAxess Holdings | 1,863 | 134 | ||||||
Marlin Business Services | 300 | 6 | ||||||
MB Financial | 35,011 | 1,150 | ||||||
Meadowbrook Insurance Group | 3,000 | 25 | ||||||
Medical Properties Trust‡ | 8,811 | 121 | ||||||
Mercantile Bank | 900 | 19 | ||||||
| Description | Shares | Value (000) | ||||||
Merchants Bancshares | 200 | $ | 6 | |||||
Meridian Bancorp* | 1,234 | 14 | ||||||
Meta Financial Group | 300 | 11 | ||||||
Metro Bancorp* | 700 | 18 | ||||||
MGIC Investment* | 119,235 | 1,111 | ||||||
MidSouth Bancorp | 500 | 9 | ||||||
MidWestOne Financial Group | 300 | 9 | ||||||
Moelis, Cl A | 300 | 10 | ||||||
Monmouth, Cl A‡ | 2,960 | 33 | ||||||
Montpelier Re Holdings | 1,800 | 64 | ||||||
Mortgage Investment Trust‡ | 1,600 | 30 | ||||||
National Bank Holdings, Cl A | 117,120 | 2,273 | ||||||
National Bankshares | 300 | 9 | ||||||
National General Holdings | 1,800 | 33 | ||||||
National Health Investors‡ | 1,899 | 133 | ||||||
National Interstate | 300 | 9 | ||||||
National Penn Bancshares | 137,494 | 1,447 | ||||||
National Western Life Insurance, Cl A | 93 | 25 | ||||||
Navigators Group* | 487 | 36 | ||||||
NBT Bancorp | 2,322 | 61 | ||||||
Nelnet, Cl A | 1,059 | 49 | ||||||
New Residential Investment‡ | 110,781 | 1,415 | ||||||
New York‡ | 8,100 | 86 | ||||||
New York Mortgage Trust‡ | 4,610 | 36 | ||||||
NewBridge Bancorp* | 1,656 | 14 | ||||||
NewStar Financial* | 1,600 | 20 | ||||||
Nicholas Financial* | 600 | 9 | ||||||
NMI Holdings, Cl A* | 2,900 | 26 | ||||||
Northfield Bancorp | 35,530 | 526 | ||||||
Northrim BanCorp | 400 | 10 | ||||||
NorthStar Realty Finance‡ | 52,800 | 928 | ||||||
Northwest Bancshares | 89,600 | 1,123 | ||||||
OceanFirst Financial | 600 | 10 | ||||||
OFG Bancorp | 2,183 | 36 | ||||||
Old Line Bancshares | 400 | 6 | ||||||
Old National Bancorp | 99,760 | 1,484 | ||||||
OM Asset Management* | 1,200 | 19 | ||||||
One Liberty Properties‡ | 600 | 14 | ||||||
OneBeacon Insurance Group, Cl A | 1,325 | 21 | ||||||
Oppenheimer Holdings, Cl A | 504 | 12 | ||||||
Opus Bank* | 200 | 6 | ||||||
Oritani Financial | 2,100 | 32 | ||||||
Outfront Media‡ | 84,822 | 2,277 | ||||||
Owens Realty Mortgage‡ | 400 | 6 | ||||||
Pacific Continental | 1,100 | 16 | ||||||
Pacific Premier Bancorp* | 800 | 14 | ||||||
PacWest Bancorp | 23,016 | 1,046 | ||||||
The accompanying notes are an integral part of the financial statements.
44
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Park National | 589 | $ | 52 | |||||
Park Sterling | 1,900 | 14 | ||||||
Parkway Properties‡ | 3,841 | 71 | ||||||
Peapack Gladstone Financial | 700 | 13 | ||||||
Pebblebrook Hotel Trust‡ | 3,493 | 159 | ||||||
Penns Woods Bancorp | 200 | 10 | ||||||
Pennsylvania‡ | 3,338 | 78 | ||||||
PennyMac Financial Services, Cl A* | 500 | 9 | ||||||
PennyMac Mortgage Investment Trust‡ | 3,667 | 77 | ||||||
Peoples Bancorp | 500 | 13 | ||||||
Peoples Financial Services | 400 | 20 | ||||||
PHH* | 2,517 | 60 | ||||||
Phoenix* | 300 | 21 | ||||||
Physicians Realty Trust‡ | 67,350 | 1,118 | ||||||
PICO Holdings* | 1,300 | 25 | ||||||
Pinnacle Financial Partners | 1,800 | 71 | ||||||
Piper Jaffray* | 800 | 46 | ||||||
Platinum Underwriters Holdings | 1,225 | 90 | ||||||
Potlatch‡ | 1,946 | 81 | ||||||
PRA Group* | 2,561 | 148 | ||||||
Preferred Bank | 500 | 14 | ||||||
Primerica | 42,550 | 2,309 | ||||||
PrivateBancorp | 3,597 | 120 | ||||||
ProAssurance | 33,180 | 1,498 | ||||||
Prosperity Bancshares | 3,479 | 193 | ||||||
Provident Financial Services | 16,353 | 295 | ||||||
PS Business Parks‡ | 985 | 78 | ||||||
Pzena Investment Management, Cl A | 700 | 7 | ||||||
QTS Realty Trust* | 700 | 24 | ||||||
Radian Group | 98,943 | 1,654 | ||||||
RAIT Financial Trust‡ | 4,300 | 33 | ||||||
Ramco-Gershenson Properties Trust‡ | 3,830 | 72 | ||||||
RCS Capital, Cl A | 600 | 7 | ||||||
RE/MAX Holdings, Cl A | 500 | 17 | ||||||
Redwood Trust‡ | 4,100 | 81 | ||||||
Regional Management* | 600 | 9 | ||||||
Renasant | 1,567 | 45 | ||||||
Republic Bancorp, Cl A | 600 | 15 | ||||||
Republic First Bancorp* | 1,500 | 6 | ||||||
Resource America, Cl A | 800 | 7 | ||||||
Resource Capital‡ | 6,133 | 31 | ||||||
Retail Opportunity Investments‡ | 4,200 | 71 | ||||||
Rexford Industrial Realty‡ | 2,500 | 39 | ||||||
RLI | 2,196 | 108 | ||||||
RLJ Lodging Trust‡ | 6,603 | 221 | ||||||
Rouse Properties‡ | 1,900 | 35 | ||||||
Ryman Hospitality Properties‡ | 2,069 | 109 | ||||||
| Description | Shares | Value (000) | ||||||
S&T Bancorp | 1,474 | $ | 44 | |||||
Sabra Health Care‡ | 2,700 | 82 | ||||||
Safeguard Scientifics* | 1,100 | 22 | ||||||
Safety Insurance Group | 703 | 45 | ||||||
Sandy Spring Bancorp | 1,270 | 33 | ||||||
Saul Centers‡ | 500 | 29 | ||||||
Sberbank of Russia Via SB Capital* (A) | 1,200 | 17 | ||||||
Select Income‡ | 1,788 | 44 | ||||||
Selective Insurance Group | 2,648 | 72 | ||||||
Sierra Bancorp | 500 | 9 | ||||||
Signature Bank* | 28,797 | 3,627 | ||||||
Silver Bay Realty Trust‡ | 2,000 | 33 | ||||||
Silvercrest Asset Management Group, Cl A | 100 | 2 | ||||||
Simmons First National, Cl A | 900 | 37 | ||||||
South State | 1,200 | 80 | ||||||
Southside Bancshares | 1,122 | 32 | ||||||
Southwest Bancorp | 1,200 | 21 | ||||||
Sovran Self Storage‡ | 1,592 | 139 | ||||||
Springleaf Holdings, Cl A* | 1,300 | 47 | ||||||
Square 1 Financial, Cl A* | 300 | 7 | ||||||
St. Joe* | 3,079 | 57 | ||||||
STAG Industrial‡ | 2,770 | 68 | �� | |||||
Starwood Waypoint Residential Trust‡ | 1,896 | 50 | ||||||
State Auto Financial | 900 | 20 | ||||||
State Bank Financial | 1,609 | 32 | ||||||
Sterling Bancorp | 4,141 | 60 | ||||||
Stewart Information Services | 1,100 | 41 | ||||||
Stifel Financial* | 3,258 | 166 | ||||||
Stock Yards Bancorp | 800 | 27 | ||||||
Stonegate Bank | 600 | 18 | ||||||
Stonegate Mortgage* | 900 | 11 | ||||||
STORE Capital‡ | 1,600 | 35 | ||||||
Strategic Hotels & Resorts‡ * | 90,470 | 1,197 | ||||||
Suffolk Bancorp | 500 | 11 | ||||||
Summit Hotel Properties‡ | 4,100 | 51 | ||||||
Sun Bancorp* | 540 | 10 | ||||||
Sun Communities‡ | 2,395 | 145 | ||||||
Sunstone Hotel Investors‡ | 10,189 | 168 | ||||||
Susquehanna Bancshares | 29,013 | 390 | ||||||
SWS Group* | 1,200 | 8 | ||||||
Symetra Financial | 92,490 | 2,132 | ||||||
Talmer Bancorp, Cl A | 900 | 13 | ||||||
Tejon Ranch* | 800 | 24 | ||||||
Terreno Realty‡ | 1,800 | 37 | ||||||
Territorial Bancorp | 384 | 8 | ||||||
Texas Capital Bancshares* | 2,151 | 117 | ||||||
The accompanying notes are an integral part of the financial statements.
45
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Third Point Reinsurance* | 2,717 | $ | 39 | |||||
Tompkins Financial | 791 | 44 | ||||||
Towne Bank | 1,700 | 26 | ||||||
Trade Street Residential‡ | 900 | 7 | ||||||
Tree.com* | 300 | 15 | ||||||
Trico Bancshares | 1,100 | 27 | ||||||
TriState Capital Holdings* | 900 | 9 | ||||||
TrustCo Bank | 4,612 | 33 | ||||||
Trustmark | 39,020 | 958 | ||||||
UMB Financial | 1,910 | 109 | ||||||
UMH Properties‡ | 1,000 | 10 | ||||||
Umpqua Holdings | 8,231 | 140 | ||||||
Union Bankshares | 2,276 | 55 | ||||||
United Bankshares | 3,431 | 128 | ||||||
United Community Banks | 2,400 | 45 | ||||||
United Community Financial | 2,100 | 11 | ||||||
United Financial Bancorp | 2,651 | 38 | ||||||
United Fire Group | 1,000 | 30 | ||||||
United Insurance Holdings | 700 | 15 | ||||||
Universal Health Realty Income Trust‡ | 598 | 29 | ||||||
Universal Insurance Holdings | 1,500 | 31 | ||||||
Univest Corp of Pennsylvania | 934 | 19 | ||||||
Urstadt Biddle Properties, Cl A‡ | 1,271 | 28 | ||||||
Valley National Bancorp | 11,157 | 108 | ||||||
Virtus Investment Partners | 350 | 60 | ||||||
Walker & Dunlop* | 800 | 14 | ||||||
Walter Investment Management* | 1,725 | 28 | ||||||
Washington‡ | 3,360 | 93 | ||||||
Washington Federal | 5,000 | 111 | ||||||
Washington Trust Bancorp | 785 | 32 | ||||||
Waterstone Financial | 1,600 | 21 | ||||||
Webster Financial | 4,585 | 149 | ||||||
WesBanco | 1,351 | 47 | ||||||
West Bancorporation | 700 | 12 | ||||||
Westamerica Bancorporation | 37,130 | 1,820 | ||||||
Western Alliance Bancorp* | 3,661 | 102 | ||||||
Western Asset Mortgage Capital‡ | 2,051 | 30 | ||||||
Westwood Holdings Group | 400 | 25 | ||||||
Whitestone, Cl B‡ | 1,100 | 17 | ||||||
Wilshire Bancorp | 3,600 | 36 | ||||||
Wintrust Financial | 2,210 | 103 | ||||||
WisdomTree Investments | 63,229 | 991 | ||||||
World Acceptance* | 400 | 32 | ||||||
WSFS Financial | 400 | 31 | ||||||
Yadkin Financial* | 1,081 | 21 | ||||||
|
| |||||||
| 87,522 | ||||||||
|
| |||||||
| Description | Shares | Value (000) | ||||||
Health Care — 12.4% | ||||||||
AAC Holdings* | 10,100 | $ | 312 | |||||
Abaxis | 1,133 | 64 | ||||||
ABIOMED* | 16,933 | 645 | ||||||
Acadia Healthcare* | 21,011 | 1,286 | ||||||
ACADIA Pharmaceuticals* | 3,994 | 127 | ||||||
Accelerate Diagnostics* | 1,044 | 20 | ||||||
Acceleron Pharma* | 900 | 35 | ||||||
Accuray* | 3,669 | 28 | ||||||
AcelRx Pharmaceuticals* | 1,700 | 12 | ||||||
Achaogen* | 500 | 7 | ||||||
Achillion Pharmaceuticals* | 4,800 | 59 | ||||||
Acorda Therapeutics* | 12,371 | 506 | ||||||
Actinium Pharmaceuticals* | 1,000 | 6 | ||||||
Addus HomeCare* | 300 | 7 | ||||||
Adeptus Health, Cl A* | 16,900 | 632 | ||||||
Aegerion Pharmaceuticals* | 1,562 | 33 | ||||||
Aerie Pharmaceuticals* | 500 | 15 | ||||||
Affymetrix* | 3,694 | 37 | ||||||
Agenus* | 2,500 | 10 | ||||||
Agios Pharmaceuticals* | 700 | 79 | ||||||
Air Methods* | 2,040 | 90 | ||||||
Akebia Therapeutics* | 300 | 4 | ||||||
Akorn* | 35,326 | 1,279 | ||||||
Albany Molecular Research* | 1,300 | 21 | ||||||
Alder Biopharmaceuticals* | 400 | 12 | ||||||
Alimera Sciences* | 1,100 | 6 | ||||||
Alliance HealthCare Services* | 300 | 6 | ||||||
Almost Family* | 500 | 15 | ||||||
Alnylam Pharmaceuticals* | 13,442 | 1,304 | ||||||
AMAG Pharmaceuticals* | 31,570 | 1,346 | ||||||
Amedisys* | 1,393 | 41 | ||||||
AMN Healthcare Services* | 2,300 | 45 | ||||||
Ampio Pharmaceuticals* | 1,700 | 6 | ||||||
Amsurg, Cl A* | 2,181 | 119 | ||||||
Anacor Pharmaceuticals* | 1,700 | 55 | ||||||
Analogic | 571 | 48 | ||||||
AngioDynamics* | 1,200 | 23 | ||||||
ANI Pharmaceuticals* | 14,625 | 825 | ||||||
Anika Therapeutics* | 800 | 33 | ||||||
Antares Pharma* | 5,200 | 13 | ||||||
Applied Genetic Technologies* | 300 | 6 | ||||||
Aratana Therapeutics* | 1,300 | 23 | ||||||
Arena Pharmaceuticals* | 11,328 | 39 | ||||||
ARIAD Pharmaceuticals* | 8,500 | 58 | ||||||
Array BioPharma* | 5,600 | 27 | ||||||
Arrowhead Research* | 2,800 | 21 | ||||||
The accompanying notes are an integral part of the financial statements.
46
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
AtriCure* | 1,300 | $ | 26 | |||||
Atrion | 62 | 21 | ||||||
Auspex Pharmaceuticals* | 400 | 21 | ||||||
Auxilium Pharmaceuticals* | 2,510 | 86 | ||||||
Avalanche Biotechnologies* | 300 | 16 | ||||||
Avanir Pharmaceuticals, Cl A* | 9,576 | 162 | ||||||
BioCryst Pharmaceuticals* | 3,337 | 41 | ||||||
BioDelivery Sciences International* | 2,300 | 28 | ||||||
Bio-Path Holdings* | 3,000 | 8 | ||||||
Bio-Reference Laboratories* | 1,200 | 39 | ||||||
BioScrip* | 3,600 | 25 | ||||||
BioSpecifics Technologies* | 200 | 8 | ||||||
Bio-Techne | 21,080 | 1,948 | ||||||
BioTelemetry* | 1,100 | 11 | ||||||
BioTime* | 2,300 | 9 | ||||||
Bluebird Bio* | 1,100 | 101 | ||||||
Brookdale Senior Living* | 25,600 | 939 | ||||||
Calithera Biosciences* | 400 | 8 | ||||||
Cambrex* | 1,600 | 35 | ||||||
Cantel Medical | 1,693 | 73 | ||||||
Capital Senior Living* | 1,445 | 36 | ||||||
Cara Therapeutics* | 100 | 1 | ||||||
Cardiovascular Systems* | 1,379 | 42 | ||||||
Castlight Health, Cl B* | 500 | 6 | ||||||
Catalent* | 2,400 | 67 | ||||||
Celldex Therapeutics* | 4,504 | 82 | ||||||
Cellular Dynamics International* | 300 | 2 | ||||||
Cempra* | 1,300 | 31 | ||||||
Cepheid* | 3,451 | 187 | ||||||
Cerus* | 4,400 | 27 | ||||||
Chemed | 897 | 95 | ||||||
ChemoCentryx* | 1,400 | 10 | ||||||
Chimerix* | 1,400 | 56 | ||||||
Civitas Solutions* | 600 | 10 | ||||||
Clovis Oncology* | 1,237 | 69 | ||||||
Computer Programs & Systems | 582 | 35 | ||||||
CONMED | 1,366 | 61 | ||||||
Corcept Therapeutics* | 3,100 | 9 | ||||||
CorVel* | 500 | 19 | ||||||
Cross Country Healthcare* | 1,800 | 22 | ||||||
CryoLife | 1,600 | 18 | ||||||
CTI BioPharma* | 8,100 | 19 | ||||||
Cyberonics* | 1,322 | 74 | ||||||
Cynosure, Cl A* | 1,100 | 30 | ||||||
Cytokinetics* | 1,600 | 13 | ||||||
Cytori Therapeutics* | 2,600 | 1 | ||||||
CytRx* | 2,300 | 6 | ||||||
| Description | Shares | Value (000) | ||||||
Depomed* | 48,275 | $ | 778 | |||||
Derma Sciences* | 1,400 | 13 | ||||||
DexCom* | 23,667 | 1,303 | ||||||
Dyax* | 6,813 | 96 | ||||||
Dynavax Technologies* | 1,540 | 26 | ||||||
Edwards Lifesciences* | 6,470 | 824 | ||||||
Emergent Biosolutions* | 1,479 | 40 | ||||||
Enanta Pharmaceuticals* | 500 | 25 | ||||||
Endocyte* | 1,500 | 9 | ||||||
Endologix* | 3,039 | 46 | ||||||
Ensign Group | 1,043 | 46 | ||||||
Envision Healthcare Holdings* | 28,255 | 980 | ||||||
Enzo Biochem* | 1,600 | 7 | ||||||
Epizyme* | 700 | 13 | ||||||
Esperion Therapeutics* | 300 | 12 | ||||||
Exact Sciences* | 37,587 | 1,031 | ||||||
Exactech* | 600 | 14 | ||||||
ExamWorks Group* | 33,051 | 1,375 | ||||||
Exelixis* | 9,975 | 14 | ||||||
FibroGen* | 500 | 14 | ||||||
Five Prime Therapeutics* | 800 | 22 | ||||||
Five Star Quality Care* | 1,800 | 7 | ||||||
Flamel Technologies ADR* | 61,964 | 1,061 | ||||||
Fluidigm* | 1,398 | 47 | ||||||
Foundation Medicine* | 700 | 16 | ||||||
Galectin Therapeutics* | 700 | 2 | ||||||
Galena Biopharma* | 6,500 | 10 | ||||||
GenMark Diagnostics* | 2,200 | 30 | ||||||
Genocea Biosciences* | 100 | 1 | ||||||
Genomic Health* | 900 | 29 | ||||||
Gentiva Health Services* | 1,600 | 30 | ||||||
Geron* | 7,700 | 25 | ||||||
Globus Medical, Cl A* | 3,096 | 74 | ||||||
Greatbatch* | 1,237 | 61 | ||||||
Haemonetics* | 2,553 | 96 | ||||||
Halozyme Therapeutics* | 4,979 | 48 | ||||||
Hanger* | 1,915 | 42 | ||||||
Health Net* | 21,500 | 1,151 | ||||||
HealthEquity* | 500 | 13 | ||||||
HealthSouth | 64,726 | 2,489 | ||||||
HealthStream* | 1,000 | 29 | ||||||
Healthways* | 1,500 | 30 | ||||||
HeartWare International* | 870 | 64 | ||||||
Heron Therapeutics* | 1,500 | 15 | ||||||
HMS Holdings* | 4,342 | 92 | ||||||
Horizon Pharma* | 47,871 | 617 | ||||||
Hospira* | 14,800 | 907 | ||||||
The accompanying notes are an integral part of the financial statements.
47
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Hyperion Therapeutics* | 800 | $ | 19 | |||||
ICU Medical* | 700 | 57 | ||||||
Idera Pharmaceuticals* | 2,400 | 11 | ||||||
IDEXX Laboratories* | 4,400 | 652 | ||||||
Immune Design* | 300 | 9 | ||||||
ImmunoGen* | 3,845 | 23 | ||||||
Immunomedics* | 3,600 | 17 | ||||||
Impax Laboratories* | 3,478 | 110 | ||||||
INC Research Holdings, Cl A* | 500 | 13 | ||||||
Incyte* | 6,300 | 461 | ||||||
Infinity Pharmaceuticals* | 2,400 | 41 | ||||||
Inogen* | 17,875 | 561 | ||||||
Inovio Pharmaceuticals* | 3,100 | 28 | ||||||
Insmed* | 2,324 | 36 | ||||||
Insulet* | 2,813 | 130 | ||||||
Insys Therapeutics* | 492 | 21 | ||||||
Integra LifeSciences Holdings* | 1,243 | 67 | ||||||
Intra-Cellular Therapies* | 700 | 12 | ||||||
Intrexon* | 1,648 | 45 | ||||||
Invacare | 1,604 | 27 | ||||||
IPC The Hospitalist* | 900 | 41 | ||||||
Ironwood Pharmaceuticals, Cl A* | 5,983 | 92 | ||||||
Isis Pharmaceuticals* | 28,105 | 1,735 | ||||||
Jazz Pharmaceuticals* | 2,800 | 458 | ||||||
K2M Group Holdings* | 400 | 8 | ||||||
Karyopharm Therapeutics* | 700 | 26 | ||||||
Keryx Biopharmaceuticals* | 4,477 | 63 | ||||||
Kindred Biosciences* | 300 | 2 | ||||||
Kindred Healthcare | 116,570 | 2,119 | ||||||
Kite Pharma* | 400 | 23 | ||||||
KYTHERA Biopharmaceuticals* | 900 | 31 | ||||||
Landauer | 500 | 17 | ||||||
Lannett* | 1,300 | 56 | ||||||
LDR Holding* | 30,335 | 994 | ||||||
Lexicon Pharmaceuticals* | 14,000 | 13 | ||||||
LHC Group* | 600 | 19 | ||||||
LifePoint Hospitals* | 13,600 | 978 | ||||||
Ligand Pharmaceuticals* | 900 | 48 | ||||||
Luminex* | 1,800 | 34 | ||||||
MacroGenics* | 1,000 | 35 | ||||||
Magellan Health* | 1,344 | 81 | ||||||
MannKind* | 11,032 | 58 | ||||||
Masimo* | 2,215 | 58 | ||||||
MedAssets* | 3,200 | 63 | ||||||
Medicines* | 3,290 | 91 | ||||||
Medidata Solutions* | 2,751 | 131 | ||||||
Medivation* | 16,708 | 1,664 | ||||||
| Description | Shares | Value (000) | ||||||
Merge Healthcare* | 3,900 | $ | 14 | |||||
Meridian Bioscience | 1,916 | 32 | ||||||
Merit Medical Systems* | 2,100 | 36 | ||||||
Merrimack Pharmaceuticals* | 5,100 | 58 | ||||||
MiMedx Group* | 48,415 | 558 | ||||||
Mirati Therapeutics* | 400 | 7 | ||||||
Molina Healthcare* | 1,477 | 79 | ||||||
Momenta Pharmaceuticals* | 2,353 | 28 | ||||||
MWI Veterinary Supply* | 4,859 | 826 | ||||||
NanoString Technologies* | 500 | 7 | ||||||
NanoViricides* | 1,600 | 4 | ||||||
National Healthcare | 500 | 31 | ||||||
National Research, Cl A | 600 | 8 | ||||||
Natus Medical* | 1,583 | 57 | ||||||
Navidea Biopharmaceuticals* | 6,600 | 12 | ||||||
Nektar Therapeutics* | 6,350 | 98 | ||||||
Neogen* | 1,873 | 93 | ||||||
NeoStem* | 1,200 | 5 | ||||||
Neuralstem* | 4,300 | 12 | ||||||
Neurocrine Biosciences* | 3,883 | 87 | ||||||
Nevro* | 400 | 15 | ||||||
NewLink Genetics* | 941 | 37 | ||||||
Northwest Biotherapeutics* | 1,400 | 7 | ||||||
Novavax* | 12,000 | 71 | ||||||
NPS Pharmaceuticals* | 5,301 | 190 | ||||||
NuVasive* | 2,221 | 105 | ||||||
NxStage Medical* | 61,426 | 1,101 | ||||||
Ohr Pharmaceutical* | 1,000 | 8 | ||||||
Omeros* | 1,700 | 42 | ||||||
Omnicell* | 1,782 | 59 | ||||||
OncoMed Pharmaceuticals* | 500 | 11 | ||||||
Oncothyreon* | 5,300 | 10 | ||||||
Ophthotech* | 700 | 31 | ||||||
OPKO Health* | 9,774 | 98 | ||||||
OraSure Technologies* | 2,800 | 28 | ||||||
Orexigen Therapeutics* | 6,227 | 38 | ||||||
Organovo Holdings* | 3,300 | 24 | ||||||
Orthofix International* | 959 | 29 | ||||||
Osiris Therapeutics* | 900 | 14 | ||||||
Otonomy* | 400 | 13 | ||||||
OvaScience* | 700 | 31 | ||||||
Owens & Minor | 3,159 | 111 | ||||||
Oxford Immunotec Global* | 800 | 11 | ||||||
Pacific Biosciences of California* | 2,800 | 22 | ||||||
Pacira Pharmaceuticals* | 16,486 | 1,462 | ||||||
Pain Therapeutics* | 1,500 | 3 | ||||||
PAREXEL International* | 2,869 | 159 | ||||||
The accompanying notes are an integral part of the financial statements.
48
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
PDL BioPharma | 7,931 | $ | 61 | |||||
Peregrine Pharmaceuticals* | 7,200 | 10 | ||||||
Pernix Therapeutics Holdings* | 76,650 | 720 | ||||||
PharMerica* | 1,500 | 31 | ||||||
Phibro Animal Health, Cl A | 700 | 22 | ||||||
PhotoMedex* | 400 | 1 | ||||||
Portola Pharmaceuticals* | 1,999 | 57 | ||||||
POZEN* | 1,700 | 14 | ||||||
PRA Health Sciences* | 1,000 | 24 | ||||||
Prestige Brands Holdings* | 2,560 | 89 | ||||||
Progenics Pharmaceuticals* | 3,500 | 26 | ||||||
Prothena* | 1,400 | 29 | ||||||
Providence Service* | 646 | 24 | ||||||
PTC Therapeutics* | 12,100 | 626 | ||||||
Puma Biotechnology* | 3,438 | 651 | ||||||
Quality Systems | 2,700 | 42 | ||||||
Quidel* | 1,500 | 43 | ||||||
Radius Health* | 400 | 16 | ||||||
RadNet* | 1,400 | 12 | ||||||
Raptor Pharmaceutical* | 3,300 | 35 | ||||||
Receptos* | 1,100 | 135 | ||||||
Regulus Therapeutics* | 700 | 11 | ||||||
Relypsa* | 800 | 25 | ||||||
Repligen* | 1,600 | 32 | ||||||
Repros Therapeutics* | 1,000 | 10 | ||||||
Retrophin* | 1,000 | 12 | ||||||
Revance Therapeutics* | 500 | 8 | ||||||
Rigel Pharmaceuticals* | 3,500 | 8 | ||||||
Rockwell Medical* | 2,400 | 25 | ||||||
RTI Surgical* | 2,500 | 13 | ||||||
Sage Therapeutics* | 300 | 11 | ||||||
Sagent Pharmaceuticals* | 1,023 | 26 | ||||||
Sangamo BioSciences* | 3,300 | 50 | ||||||
Sarepta Therapeutics* | 2,200 | 32 | ||||||
SciClone Pharmaceuticals* | 2,400 | 21 | ||||||
Select Medical Holdings | 4,000 | 58 | ||||||
Sequenom* | 5,500 | 20 | ||||||
Skilled Healthcare Group, Cl A* | 900 | 8 | ||||||
Spectranetics* | 38,300 | 1,324 | ||||||
Spectrum Pharmaceuticals* | 3,199 | 22 | ||||||
STAAR Surgical* | 2,000 | 18 | ||||||
Stemline Therapeutics* | 400 | 7 | ||||||
STERIS | 19,568 | 1,269 | ||||||
Sucampo Pharmaceuticals, Cl A* | 900 | 13 | ||||||
Sunesis Pharmaceuticals* | 2,200 | 6 | ||||||
Supernus Pharmaceuticals* | 1,700 | 14 | ||||||
Surgical Care Affiliates* | 600 | 20 | ||||||
| Description | Shares | Value (000) | ||||||
SurModics* | 800 | $ | 18 | |||||
Symmetry Surgical* | 550 | 4 | ||||||
Synageva BioPharma* | 1,011 | 94 | ||||||
Synergy Pharmaceuticals* | 5,200 | 16 | ||||||
Synta Pharmaceuticals* | 4,100 | 11 | ||||||
Tandem Diabetes Care* | 400 | 5 | ||||||
Team Health Holdings* | 31,268 | 1,799 | ||||||
Tenet Healthcare* | 9,000 | 456 | ||||||
TESARO* | 1,000 | 37 | ||||||
Tetraphase Pharmaceuticals* | 1,100 | 44 | ||||||
TG Therapeutics* | 1,000 | 16 | ||||||
TherapeuticsMD* | 5,900 | 26 | ||||||
Theravance | 4,000 | 57 | ||||||
Theravance Biopharma* | 1,200 | 18 | ||||||
Thoratec* | 2,848 | 92 | ||||||
Threshold Pharmaceuticals* | 3,400 | 11 | ||||||
Tornier* | 1,800 | 46 | ||||||
TransEnterix* | 1,400 | 4 | ||||||
Triple-S Management, Cl B* | 1,300 | 31 | ||||||
TriVascular Technologies* | 400 | 5 | ||||||
Ultragenyx Pharmaceutical* | 400 | 18 | ||||||
Unilife* | 6,400 | 21 | ||||||
Universal American* | 1,800 | 17 | ||||||
Universal Health Services, Cl B | 4,500 | 501 | ||||||
US Physical Therapy | 600 | 25 | ||||||
Utah Medical Products | 200 | 12 | ||||||
Vanda Pharmaceuticals* | 1,600 | 23 | ||||||
Vascular Solutions* | 800 | 22 | ||||||
Veracyte* | 100 | 1 | ||||||
Verastem* | 900 | 8 | ||||||
Versartis* | 300 | 7 | ||||||
Vital Therapies* | 300 | 7 | ||||||
VIVUS* | 4,268 | 12 | ||||||
Vocera Communications* | 1,099 | 11 | ||||||
Volcano* | 2,466 | 44 | ||||||
WellCare Health Plans* | 2,180 | 179 | ||||||
West Pharmaceutical Services | 3,594 | 191 | ||||||
Wright Medical Group* | 2,471 | 66 | ||||||
Xencor* | 600 | 10 | ||||||
XenoPort* | 2,800 | 25 | ||||||
XOMA* | 4,000 | 14 | ||||||
Zeltiq Aesthetics* | 34,324 | 958 | ||||||
ZIOPHARM Oncology* | 3,600 | 18 | ||||||
Zogenix* | 4,400 | 6 | ||||||
ZS Pharma* | 400 | 17 | ||||||
|
| |||||||
| 55,486 | ||||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
49
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Industrials — 17.0% | ||||||||
AAON | 2,000 | $ | 45 | |||||
AAR | 1,914 | 53 | ||||||
ABM Industries | 48,557 | 1,391 | ||||||
Acacia Research | 98,519 | 1,669 | ||||||
ACCO Brands* | 5,600 | 51 | ||||||
Accuride* | 1,500 | 7 | ||||||
Aceto | 1,600 | 35 | ||||||
Actuant, Cl A | 3,281 | 89 | ||||||
Acuity Brands | 7,300 | 1,023 | ||||||
Advanced Drainage Systems | 800 | 18 | ||||||
Advisory Board* | 1,862 | 91 | ||||||
Aegion, Cl A* | 1,900 | 35 | ||||||
Aerovironment* | 1,000 | 27 | ||||||
Air Transport Services Group* | 2,500 | 21 | ||||||
Aircastle | 3,400 | 73 | ||||||
Alamo Group | 300 | 15 | ||||||
Albany International, Cl A | 1,415 | 54 | ||||||
Allegiant Travel, Cl A | 628 | 94 | ||||||
Altra Industrial Motion | 1,300 | 37 | ||||||
Ameresco, Cl A* | 800 | 6 | ||||||
American Railcar Industries | 500 | 26 | ||||||
American Science & Engineering | 400 | 21 | ||||||
American Woodmark* | 700 | 28 | ||||||
Apogee Enterprises | 36,760 | 1,558 | ||||||
Applied Industrial Technologies | 1,994 | 91 | ||||||
ARC Document Solutions* | 2,000 | 20 | ||||||
ArcBest | 1,300 | 60 | ||||||
Argan | 700 | 24 | ||||||
Astec Industries | 35,092 | 1,379 | ||||||
Astronics, Cl A* | 1,040 | 57 | ||||||
Atlas Air Worldwide Holdings* | 1,200 | 59 | ||||||
AZZ | 1,190 | 56 | ||||||
Baltic Trading | 2,000 | 5 | ||||||
Barnes Group | 2,640 | 98 | ||||||
Barrett Business Services | 400 | 11 | ||||||
Beacon Roofing Supply* | 2,479 | 69 | ||||||
Blount International* | 2,400 | 42 | ||||||
Brady, Cl A | 2,391 | 65 | ||||||
Briggs & Stratton | 76,673 | 1,566 | ||||||
Brink’s | 2,330 | 57 | ||||||
Builders FirstSource* | 2,800 | 19 | ||||||
CAI International* | 800 | 19 | ||||||
Capstone Turbine* | 19,700 | 15 | ||||||
Carlisle | 23,490 | 2,120 | ||||||
Casella Waste Systems, Cl A* | 1,600 | 6 | ||||||
CBIZ* | 1,991 | 17 | ||||||
| Description | Shares | Value (000) | ||||||
CDI | 600 | $ | 11 | |||||
Ceco Environmental | 1,200 | 19 | ||||||
Celadon Group | 1,200 | 27 | ||||||
Cenveo* | 2,200 | 5 | ||||||
Chart Industries* | 1,579 | 54 | ||||||
Chicago Bridge & Iron | 52,280 | 2,195 | ||||||
Cintas | 16,100 | 1,263 | ||||||
CIRCOR International | 900 | 54 | ||||||
Civeo | 4,951 | 20 | ||||||
CLARCOR | 27,825 | 1,854 | ||||||
Columbus McKinnon | 1,000 | 28 | ||||||
Comfort Systems USA | 1,860 | 32 | ||||||
Commercial Vehicle Group* | 1,000 | 7 | ||||||
Continental Building Products* | 500 | 9 | ||||||
Corporate Executive Board | 1,731 | 126 | ||||||
CRA International* | 400 | 12 | ||||||
Crane | 10,075 | 591 | ||||||
Cubic | 949 | 50 | ||||||
Curtiss-Wright | 2,377 | 168 | ||||||
Deluxe | 38,742 | 2,412 | ||||||
DigitalGlobe* | 3,808 | 118 | ||||||
Douglas Dynamics | 1,271 | 27 | ||||||
Ducommun* | 500 | 13 | ||||||
DXP Enterprises* | 33,966 | 1,716 | ||||||
Dycom Industries* | 1,659 | 58 | ||||||
Dynamic Materials | 800 | 13 | ||||||
Echo Global Logistics* | 1,200 | 35 | ||||||
EMCOR Group | 3,340 | 149 | ||||||
Encore Wire | 1,051 | 39 | ||||||
Energy Recovery* | 1,900 | 10 | ||||||
EnerSys | 2,319 | 143 | ||||||
Engility Holdings* | 900 | 39 | ||||||
Ennis | 1,300 | 18 | ||||||
Enphase Energy* | 1,000 | 14 | ||||||
EnPro Industries* | 1,100 | 69 | ||||||
Erickson* | 300 | 3 | ||||||
ESCO Technologies | 1,400 | 52 | ||||||
Esterline Technologies* | 1,535 | 168 | ||||||
ExOne* | 500 | 8 | ||||||
Exponent | 600 | 50 | ||||||
Federal Signal | 2,996 | 46 | ||||||
Forward Air | 9,746 | 491 | ||||||
Franklin Covey* | 700 | 14 | ||||||
Franklin Electric | 2,469 | 93 | ||||||
FreightCar America | 500 | 13 | ||||||
FRP Holdings* | 300 | 12 | ||||||
FTI Consulting* | 2,109 | 81 | ||||||
The accompanying notes are an integral part of the financial statements.
50
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
FuelCell Energy* | 11,600 | $ | 18 | |||||
Furmanite* | 1,795 | 14 | ||||||
G&K Services, Cl A | 1,046 | 74 | ||||||
GenCorp* | 2,793 | 51 | ||||||
Generac Holdings* | 3,509 | 164 | ||||||
General Cable | 2,442 | 36 | ||||||
General Finance* | 600 | 6 | ||||||
Gibraltar Industries* | 1,500 | 24 | ||||||
Global Brass & Copper Holdings | 900 | 12 | ||||||
Global Power Equipment Group | 800 | 11 | ||||||
Gorman-Rupp | 900 | 29 | ||||||
GP Strategies* | 600 | 20 | ||||||
GrafTech International* | 5,280 | 27 | ||||||
Graham | 600 | 17 | ||||||
Granite Construction | 67,794 | 2,578 | ||||||
Great Lakes Dredge & Dock | 2,900 | 25 | ||||||
Greenbrier | 1,300 | 70 | ||||||
Griffon | 1,900 | 25 | ||||||
H&E Equipment Services | 1,531 | 43 | ||||||
Harsco | 189,463 | 3,579 | ||||||
Hawaiian Holdings* | 59,000 | 1,537 | ||||||
Healthcare Services Group | 3,478 | 108 | ||||||
Heartland Express | 46,066 | 1,244 | ||||||
HEICO | 3,302 | 199 | ||||||
Heidrick & Struggles International | 900 | 21 | ||||||
Heritage-Crystal Clean* | 500 | 6 | ||||||
Herman Miller | 57,426 | 1,690 | ||||||
Hexcel* | 48,502 | 2,012 | ||||||
Hill International* | 1,200 | 5 | ||||||
Hillenbrand | 3,116 | 108 | ||||||
HNI | 2,305 | 118 | ||||||
Houston Wire & Cable | 1,100 | 13 | ||||||
Hub Group, Cl A* | 1,782 | 68 | ||||||
Hurco | 300 | 10 | ||||||
Huron Consulting Group* | 1,137 | 78 | ||||||
Hyster-Yale Materials Handling | 473 | 35 | ||||||
ICF International* | 1,000 | 41 | ||||||
InnerWorkings* | 2,000 | 16 | ||||||
Insperity | 1,100 | 37 | ||||||
Insteel Industries | 875 | 21 | ||||||
Interface, Cl A | 3,423 | 56 | ||||||
International Shipholding | 300 | 4 | ||||||
JetBlue Airways* | 102,160 | 1,620 | ||||||
John Bean Technologies | 1,400 | 46 | ||||||
Kadant | 600 | 26 | ||||||
Kaman | 1,445 | 58 | ||||||
Kelly Services, Cl A | 1,348 | 23 | ||||||
| Description | Shares | Value (000) | ||||||
KEYW Holding* | 1,700 | $ | 18 | |||||
Kforce | 1,200 | 29 | ||||||
Kimball International, Cl B | 1,800 | 16 | ||||||
Knight Transportation | 40,800 | 1,373 | ||||||
Knightsbridge Shipping | 1,590 | 7 | ||||||
Knoll | 43,734 | 926 | ||||||
Korn* | 2,466 | 71 | ||||||
Kratos Defense & Security Solutions* | 2,700 | 14 | ||||||
Layne Christensen* | 800 | 8 | ||||||
LB Foster, Cl A | 500 | 24 | ||||||
Lindsay | 600 | 51 | ||||||
LMI Aerospace* | 600 | 8 | ||||||
LSI Industries | 900 | 6 | ||||||
Lydall* | 805 | 26 | ||||||
Manitex International* | 600 | 8 | ||||||
Marten Transport | 1,300 | 28 | ||||||
Masonite International* | 13,066 | 803 | ||||||
MasTec* | 3,202 | 72 | ||||||
Matson | 2,065 | 71 | ||||||
Matthews International, Cl A | 1,405 | 68 | ||||||
McGrath RentCorp | 26,550 | 952 | ||||||
Meritor* | 5,000 | 76 | ||||||
Middleby* | 16,851 | 1,670 | ||||||
Miller Industries | 500 | 10 | ||||||
Mistras Group* | 700 | 13 | ||||||
Mobile Mini | 2,418 | 98 | ||||||
Moog, Cl A* | 2,109 | 156 | ||||||
MSA Safety | 1,370 | 73 | ||||||
Mueller Industries | 2,774 | 95 | ||||||
Mueller Water Products, Cl A | 7,890 | 81 | ||||||
Multi-Color | 600 | 33 | ||||||
MYR Group* | 1,000 | 27 | ||||||
National Presto Industries | 300 | 17 | ||||||
Navigant Consulting* | 2,664 | 41 | ||||||
Navios Maritime Holdings | 4,100 | 17 | ||||||
NCI Building Systems* | 1,600 | 30 | ||||||
NL Industries | 500 | 4 | ||||||
NN | 1,000 | 21 | ||||||
Norcraft* | 500 | 10 | ||||||
Nortek* | 500 | 41 | ||||||
Northwest Pipe* | 500 | 15 | ||||||
On Assignment* | 2,681 | 89 | ||||||
Orbital Sciences* | 3,108 | 84 | ||||||
Orion Marine Group* | 1,200 | 13 | ||||||
Pall | 7,700 | 779 | ||||||
PAM Transportation Services* | 200 | 10 | ||||||
Park-Ohio Holdings | 400 | 25 | ||||||
The accompanying notes are an integral part of the financial statements.
51
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Patrick Industries* | 400 | $ | 18 | |||||
Paylocity Holding* | 400 | 10 | ||||||
Pendrell* | 6,500 | 9 | ||||||
Performant Financial* | 1,500 | 10 | ||||||
PGT* | 2,100 | 20 | ||||||
Pitney Bowes | 37,268 | 908 | ||||||
Plug Power* | 9,192 | 28 | ||||||
Ply Gem Holdings* | 900 | 13 | ||||||
Polypore International* | 2,281 | 107 | ||||||
Powell Industries | 434 | 21 | ||||||
Power Solutions International* | 200 | 10 | ||||||
PowerSecure International* | 1,300 | 15 | ||||||
Preformed Line Products | 100 | 5 | ||||||
Primoris Services | 2,000 | 46 | ||||||
Proto Labs* | 1,128 | 76 | ||||||
Quad | 1,400 | 32 | ||||||
Quality Distribution* | 1,500 | 16 | ||||||
Quanex Building Products | 1,900 | 36 | ||||||
Raven Industries | 1,770 | 44 | ||||||
RBC Bearings | 1,160 | 75 | ||||||
Regal-Beloit | 27,537 | 2,071 | ||||||
Republic Airways Holdings* | 2,600 | 38 | ||||||
Resources Connection | 79,899 | 1,314 | ||||||
Revolution Lighting Technologies* | 1,900 | 3 | ||||||
Rexnord* | 3,805 | 107 | ||||||
Roadrunner Transportation Systems* | 1,389 | 32 | ||||||
Robert Half International | 41,600 | 2,429 | ||||||
RPX* | 2,700 | 37 | ||||||
Rush Enterprises, Cl A* | 1,772 | 57 | ||||||
Ryder System | 9,800 | 910 | ||||||
Safe Bulkers | 2,400 | 9 | ||||||
Saia* | 1,229 | 68 | ||||||
Scorpio Bulkers* | 7,369 | 15 | ||||||
SIFCO Industries | 150 | 4 | ||||||
Simpson Manufacturing | 16,418 | 568 | ||||||
SkyWest | 2,300 | 31 | ||||||
SP Plus* | 700 | 18 | ||||||
Sparton* | 500 | 14 | ||||||
Standex International | 640 | 49 | ||||||
Steelcase, Cl A | 139,266 | 2,500 | ||||||
Sterling Construction* | 700 | 4 | ||||||
Stock Building Supply Holdings* | 600 | 9 | ||||||
Sun Hydraulics | 1,127 | 44 | ||||||
Swift Transportation, Cl A* | 88,824 | 2,543 | ||||||
TAL International Group | 1,747 | 76 | ||||||
TASER International* | 40,737 | 1,079 | ||||||
Team* | 1,044 | 42 | ||||||
| Description | Shares | Value (000) | ||||||
Teledyne Technologies* | 1,893 | $ | 194 | |||||
Tennant | 941 | 68 | ||||||
Tetra Tech | 3,282 | 88 | ||||||
Textainer Group Holdings | 1,100 | 38 | ||||||
Thermon Group Holdings* | 1,600 | 39 | ||||||
Titan International | 2,300 | 24 | ||||||
Titan Machinery* | 1,100 | 15 | ||||||
Trex* | 1,700 | 72 | ||||||
TriMas* | 2,199 | 69 | ||||||
TriNet Group* | 700 | 22 | ||||||
Trinity Industries | 62,190 | 1,742 | ||||||
TrueBlue* | 2,189 | 49 | ||||||
Tutor Perini* | 2,009 | 48 | ||||||
Twin Disc | 500 | 10 | ||||||
Ultrapetrol Bahamas* | 1,500 | 3 | ||||||
UniFirst | 19,483 | 2,366 | ||||||
United Stationers | 1,963 | 83 | ||||||
Universal Forest Products | 923 | 49 | ||||||
Universal Truckload Services | 300 | 9 | ||||||
US Ecology | 1,100 | 44 | ||||||
USA Truck* | 300 | 9 | ||||||
UTi Worldwide* | 4,410 | 53 | ||||||
Viad | 1,000 | 27 | ||||||
Vicor* | 700 | 8 | ||||||
Virgin America* | 800 | 35 | ||||||
VSE | 200 | 13 | ||||||
Wabash National* | 3,270 | 40 | ||||||
WageWorks* | 29,255 | 1,889 | ||||||
Watsco | 10,100 | 1,081 | ||||||
Watts Water Technologies, Cl A | 1,395 | 88 | ||||||
Werner Enterprises | 2,300 | 72 | ||||||
Wesco Aircraft Holdings* | 2,806 | 39 | ||||||
West | 2,000 | 66 | ||||||
Woodward | 3,292 | 162 | ||||||
Xerium Technologies* | 500 | 8 | ||||||
XPO Logistics* | 76,071 | 3,110 | ||||||
YRC Worldwide* | 1,542 | 35 | ||||||
|
| |||||||
| 76,218 | ||||||||
|
| |||||||
Information Technology — 18.6% | ||||||||
A10 Networks* | 600 | 3 | ||||||
ACI Worldwide* | 5,768 | 116 | ||||||
Actua* | 59,212 | 1,094 | ||||||
Actuate* | 2,100 | 14 | ||||||
Acxiom* | 3,805 | 77 | ||||||
ADTRAN | 53,754 | 1,172 | ||||||
Advanced Energy Industries* | 2,200 | 52 | ||||||
Advent Software | 2,541 | 78 | ||||||
The accompanying notes are an integral part of the financial statements.
52
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Agilysys* | 600 | $ | 7 | |||||
Alliance Fiber Optic Products | 500 | 7 | ||||||
Alpha & Omega Semiconductor* | 1,100 | 10 | ||||||
Ambarella* | 1,500 | 76 | ||||||
Amber Road* | 400 | 4 | ||||||
American Software, Cl A | 1,500 | 14 | ||||||
Amkor Technology* | 4,700 | 33 | ||||||
Angie’s List* | 2,061 | 13 | ||||||
Anixter International* | 1,300 | 115 | ||||||
Applied Micro Circuits* | 4,000 | 26 | ||||||
Applied Optoelectronics* | 900 | 10 | ||||||
Aruba Networks* | 5,202 | 94 | ||||||
Aspen Technology* | 4,550 | 159 | ||||||
Audience* | 600 | 3 | ||||||
Autodesk* | 23,605 | 1,418 | ||||||
AVG Technologies* | 1,800 | 35 | ||||||
Avnet | 50,850 | 2,188 | ||||||
Axcelis Technologies* | 4,900 | 12 | ||||||
Badger Meter | 768 | 45 | ||||||
Bankrate* | 3,168 | 39 | ||||||
Barracuda Networks* | 26,475 | 949 | ||||||
Bazaarvoice* | 2,200 | 18 | ||||||
Bel Fuse, Cl B | 600 | 16 | ||||||
Belden | 2,168 | 171 | ||||||
Benchmark Electronics* | 2,500 | 64 | ||||||
Benefitfocus* | 200 | 7 | ||||||
Black Box | 700 | 17 | ||||||
Blackbaud | 9,885 | 428 | ||||||
Blackhawk Network Holdings, Cl A* | 22,534 | 874 | ||||||
Blucora* | 2,158 | 30 | ||||||
Borderfree* | 400 | 4 | ||||||
Bottomline Technologies* | 2,103 | 53 | ||||||
Brightcove* | 1,400 | 11 | ||||||
BroadSoft* | 1,428 | 41 | ||||||
Brocade Communications Systems | 196,400 | 2,325 | ||||||
Brooks Automation | 3,200 | 41 | ||||||
Cabot Microelectronics* | 1,206 | 57 | ||||||
CACI International, Cl A* | 1,169 | 101 | ||||||
CalAmp* | 1,774 | 32 | ||||||
Calix* | 2,300 | 23 | ||||||
Callidus Software* | 65,763 | 1,074 | ||||||
Carbonite* | 700 | 10 | ||||||
Cardtronics* | 2,163 | 83 | ||||||
Care.com* | 100 | 1 | ||||||
Cascade Microtech* | 600 | 9 | ||||||
Cass Information Systems | 600 | 32 | ||||||
Cavium* | 19,510 | 1,206 | ||||||
| Description | Shares | Value (000) | ||||||
CEVA* | 1,000 | $ | 18 | |||||
ChannelAdvisor* | 1,100 | 24 | ||||||
Checkpoint Systems* | 2,200 | 30 | ||||||
Ciber* | 4,800 | 17 | ||||||
Ciena* | 5,146 | 100 | ||||||
Cimpress* | 1,619 | 121 | ||||||
Cirrus Logic* | 3,000 | 71 | ||||||
Clearfield* | 500 | 6 | ||||||
Cognex* | 4,419 | 183 | ||||||
Coherent* | 1,236 | 75 | ||||||
Cohu | 64,300 | 765 | ||||||
CommVault Systems* | 2,238 | 116 | ||||||
Computer Task Group | 600 | 6 | ||||||
comScore* | 59,149 | 2,746 | ||||||
Comtech Telecommunications | 800 | 25 | ||||||
Comverse* | 1,300 | 24 | ||||||
Constant Contact* | 30,119 | 1,105 | ||||||
Control4* | 600 | 9 | �� | |||||
Convergys | 5,031 | 102 | ||||||
Cornerstone OnDemand* | 2,602 | 92 | ||||||
CoStar Group* | 4,950 | 909 | ||||||
Covisint* | 2,211 | 6 | ||||||
Cray* | 19,050 | 657 | ||||||
CSG Systems International | 1,670 | 42 | ||||||
CTS | 1,866 | 33 | ||||||
CUI Global* | 800 | 6 | ||||||
Cvent* | 1,000 | 28 | ||||||
Cyan* | 1,400 | 4 | ||||||
Cypress Semiconductor | 80,665 | 1,152 | ||||||
Daktronics | 2,000 | 25 | ||||||
Datalink* | 800 | 10 | ||||||
Dealertrack Technologies* | 16,630 | 737 | ||||||
Demand Media* | 300 | 2 | ||||||
Demandware* | 1,500 | 86 | ||||||
Dice Holdings* | 1,700 | 17 | ||||||
Diebold | 54,654 | 1,893 | ||||||
Digi International* | 1,600 | 15 | ||||||
Digimarc* | 300 | 8 | ||||||
Digital River* | 1,673 | 41 | ||||||
Diodes* | 1,700 | 47 | ||||||
Dot Hill Systems* | 2,800 | 12 | ||||||
DSP Group* | 900 | 10 | ||||||
DTS* | 27,400 | 843 | ||||||
E2open* | 1,000 | 10 | ||||||
EarthLink Holdings | 4,700 | 21 | ||||||
Eastman Kodak* | 900 | 20 | ||||||
Ebix | 1,400 | 24 | ||||||
The accompanying notes are an integral part of the financial statements.
53
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Electro Rent | 700 | $ | 10 | |||||
Electro Scientific Industries | 1,000 | 8 | ||||||
Electronic Arts* | 14,680 | 690 | ||||||
Electronics For Imaging* | 23,119 | 990 | ||||||
Ellie Mae* | 1,399 | 56 | ||||||
Emulex* | 3,764 | 21 | ||||||
Endurance International Group Holdings* | 67,820 | 1,250 | ||||||
EnerNOC* | 1,300 | 20 | ||||||
Entegris* | 6,509 | 86 | ||||||
Entropic Communications* | 5,600 | 14 | ||||||
Envestnet* | 21,800 | 1,071 | ||||||
EPAM Systems* | 1,700 | 81 | ||||||
Epiq Systems | 1,400 | 24 | ||||||
ePlus* | 300 | 23 | ||||||
Euronet Worldwide* | 2,528 | 139 | ||||||
EVERTEC | 3,192 | 71 | ||||||
Everyday Health* | 400 | 6 | ||||||
Exar* | 1,900 | 19 | ||||||
ExlService Holdings* | 1,602 | 46 | ||||||
Extreme Networks* | 5,700 | 20 | ||||||
F5 Networks* | 16,100 | 2,100 | ||||||
Fabrinet* | 1,700 | 30 | ||||||
Fair Isaac | 1,606 | 116 | ||||||
Fairchild Semiconductor International, Cl A* | 6,200 | 105 | ||||||
FARO Technologies* | 19,663 | 1,232 | ||||||
FEI | 2,106 | 190 | ||||||
Finisar* | 4,990 | 97 | ||||||
Five9* | 800 | 4 | ||||||
FleetMatics Group* | 23,891 | 848 | ||||||
FormFactor* | 2,600 | 22 | ||||||
Forrester Research | 600 | 24 | ||||||
Fortinet* | 48,700 | 1,493 | ||||||
Gigamon* | 1,200 | 21 | ||||||
Global Cash Access Holdings* | 3,078 | 22 | ||||||
Global Payments | 22,100 | 1,784 | ||||||
Glu Mobile* | 4,700 | 18 | ||||||
Gogo* | 2,600 | 43 | ||||||
GrubHub* | 500 | 18 | ||||||
GSI Group* | 1,400 | 21 | ||||||
GTT Communications* | 700 | 9 | ||||||
Guidance Software* | 700 | 5 | ||||||
Guidewire Software* | 3,373 | 171 | ||||||
Hackett Group | 1,000 | 9 | ||||||
Harmonic* | 4,727 | 33 | ||||||
Heartland Payment Systems | 1,703 | 92 | ||||||
| Description | Shares | Value (000) | ||||||
Higher One Holdings* | 1,300 | $ | 5 | |||||
HubSpot* | 300 | 10 | ||||||
iGATE* | 1,900 | 75 | ||||||
II-VI* | 2,635 | 36 | ||||||
Immersion* | 1,352 | 13 | ||||||
Imperva* | 1,040 | 51 | ||||||
Infinera* | 59,027 | 869 | ||||||
Infoblox* | 2,655 | 54 | ||||||
Information Services Group* | 1,600 | 7 | ||||||
Inphi* | 1,482 | 27 | ||||||
Insight Enterprises* | 2,174 | 56 | ||||||
Integrated Device Technology* | 103,078 | 2,020 | ||||||
Integrated Silicon Solution | 1,400 | 23 | ||||||
Interactive Intelligence Group* | 800 | 38 | ||||||
InterDigital | 1,900 | 101 | ||||||
Internap* | 2,600 | 21 | ||||||
International Rectifier* | 3,476 | 139 | ||||||
Intersil, Cl A | 6,666 | 96 | ||||||
Intevac* | 1,000 | 8 | ||||||
Intralinks Holdings* | 1,900 | 23 | ||||||
InvenSense, Cl A* | 3,429 | 56 | ||||||
Itron* | 2,000 | 85 | ||||||
Ixia* | 2,800 | 32 | ||||||
IXYS | 1,400 | 18 | ||||||
j2 Global | 16,389 | 1,016 | ||||||
Jive Software* | 1,800 | 11 | ||||||
Kemet* | 2,900 | 12 | ||||||
Kimball Electronics* | 1,350 | 16 | ||||||
Kofax* | 3,900 | 27 | ||||||
Kopin* | 2,700 | 10 | ||||||
KVH Industries* | 1,000 | 13 | ||||||
Lattice Semiconductor* | 6,412 | 44 | ||||||
Lexmark International, Cl A | 49,353 | 2,037 | ||||||
Limelight Networks* | 2,300 | 6 | ||||||
Lionbridge Technologies* | 3,500 | 20 | ||||||
Liquidity Services* | 1,500 | 12 | ||||||
Littelfuse | 1,111 | 107 | ||||||
LivePerson* | 44,181 | 623 | ||||||
LogMeIn* | 19,821 | 978 | ||||||
Luxoft Holding, Cl A* | 400 | 15 | ||||||
M/A-COM TTechnology Solutions Holdings* | 700 | 22 | ||||||
Manhattan Associates* | 3,730 | 152 | ||||||
ManTech International, Cl A | 1,200 | 36 | ||||||
Marchex, Cl B | 1,600 | 7 | ||||||
Marin Software* | 1,200 | 10 | ||||||
Marketo* | 1,191 | 39 | ||||||
The accompanying notes are an integral part of the financial statements.
54
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Mavenir Systems* | 400 | $ | 5 | |||||
MAXIMUS | 3,360 | 184 | ||||||
MaxLinear, Cl A* | 1,100 | 8 | ||||||
Maxwell Technologies* | 1,300 | 12 | ||||||
Mellanox Technologies* | 11,600 | 496 | ||||||
Mentor Graphics | 4,792 | 105 | ||||||
Mercury Systems* | 1,900 | 26 | ||||||
Mesa Laboratories | 100 | 8 | ||||||
Methode Electronics | 1,800 | 66 | ||||||
Micrel | 139,735 | 2,028 | ||||||
Microsemi* | 4,723 | 134 | ||||||
MicroStrategy, Cl A* | 400 | 65 | ||||||
Millennial Media* | 3,100 | 5 | ||||||
MKS Instruments | 2,638 | 97 | ||||||
Model N* | 977 | 10 | ||||||
ModusLink Global Solutions* | 1,500 | 6 | ||||||
MoneyGram International* | 1,386 | 13 | ||||||
Monolithic Power Systems | 2,000 | 99 | ||||||
Monotype Imaging Holdings | 1,910 | 55 | ||||||
Monster Worldwide* | 5,000 | 23 | ||||||
MTS Systems | 795 | 60 | ||||||
Multi-Fineline Electronix* | 500 | 6 | ||||||
Nanometrics* | 1,400 | 24 | ||||||
NETGEAR* | 1,669 | 59 | ||||||
NetScout Systems* | 1,800 | 66 | ||||||
NeuStar, Cl A* | 2,600 | 72 | ||||||
Newport* | 2,150 | 41 | ||||||
NIC | 3,190 | 57 | ||||||
Nimble Storage* | 400 | 11 | ||||||
Numerex, Cl A* | 600 | 7 | ||||||
NVE* | 200 | 14 | ||||||
Oclaro* | 3,800 | 7 | ||||||
OmniVision Technologies* | 2,762 | 72 | ||||||
OPOWER* | 400 | 6 | ||||||
OSI Systems* | 1,010 | 71 | ||||||
Palo Alto Networks* | 8,000 | 981 | ||||||
Pandora Media* | 15,750 | 281 | ||||||
Park City Group* | 500 | 5 | ||||||
Park Electrochemical | 1,073 | 27 | ||||||
ParkerVision* | 3,900 | 4 | ||||||
Paycom Software* | 400 | 11 | ||||||
PC Connection | 400 | 10 | ||||||
PDF Solutions* | 1,600 | 24 | ||||||
Pegasystems | 1,839 | 38 | ||||||
Perficient* | 1,706 | 32 | ||||||
Pericom Semiconductor* | 900 | 12 | ||||||
Photronics* | 2,894 | 24 | ||||||
| Description | Shares | Value (000) | ||||||
Plantronics | 21,024 | $ | 1,115 | |||||
Plexus* | 1,632 | 67 | ||||||
PMC-Sierra* | 8,018 | 73 | ||||||
Polycom* | 6,777 | 91 | ||||||
Power Integrations | 1,583 | 82 | ||||||
PRGX Global* | 1,200 | 7 | ||||||
Procera Networks* | 1,300 | 9 | ||||||
Progress Software* | 2,664 | 72 | ||||||
Proofpoint* | 53,506 | 2,581 | ||||||
PROS Holdings* | 1,133 | 31 | ||||||
Q2 Holdings* | 500 | 9 | ||||||
QAD, Cl A | 200 | 5 | ||||||
Qlik Technologies* | 4,422 | 137 | ||||||
QLogic* | 4,015 | 53 | ||||||
Qualys* | 30,900 | 1,166 | ||||||
Quantum* | 296,675 | 522 | ||||||
QuickLogic* | 2,200 | 7 | ||||||
QuinStreet* | 1,300 | 8 | ||||||
Rackspace Hosting* | 29,100 | 1,362 | ||||||
Radware* | 69,825 | 1,538 | ||||||
Rally Software Development* | 1,500 | 17 | ||||||
Rambus* | 5,600 | 62 | ||||||
RealD* | 2,200 | 26 | ||||||
RealNetworks* | 900 | 6 | ||||||
RealPage* | 2,500 | 55 | ||||||
Reis | 423 | 11 | ||||||
RF Micro Devices* | 14,425 | 239 | ||||||
Rightside Group* | 300 | 2 | ||||||
Rocket Fuel* | 1,000 | 16 | ||||||
Rofin-Sinar Technologies* | 1,400 | 40 | ||||||
Rogers* | 900 | 73 | ||||||
Rosetta Stone* | 900 | 9 | ||||||
Rubicon Project* | 500 | 8 | ||||||
Rubicon Technology* | 900 | 4 | ||||||
Ruckus Wireless* | 3,500 | 42 | ||||||
Rudolph Technologies* | 1,900 | 19 | ||||||
Sanmina* | 4,215 | 99 | ||||||
Sapiens International* | 1,247 | 9 | ||||||
Sapient* | 5,881 | 146 | ||||||
ScanSource* | 1,509 | 61 | ||||||
Science Applications International | 2,009 | 100 | ||||||
SciQuest* | 1,600 | 23 | ||||||
Seachange International* | 1,500 | 10 | ||||||
Semtech* | 3,408 | 94 | ||||||
ServiceNow* | 40,145 | 2,724 | ||||||
ServiceSource International* | 3,800 | 18 | ||||||
ShoreTel* | 3,600 | 26 | ||||||
The accompanying notes are an integral part of the financial statements.
55
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Shutterstock* | 797 | $ | 55 | |||||
Silicon Graphics International* | 1,600 | 18 | ||||||
Silicon Image* | 3,600 | 20 | ||||||
Silicon Laboratories* | 2,200 | 105 | ||||||
Silver Spring Networks* | 2,000 | 17 | ||||||
SolarWinds* | 19,275 | 960 | ||||||
Sonus Networks* | 11,881 | 47 | ||||||
Spansion, Cl A* | 3,055 | 105 | ||||||
Speed Commerce* | 1,900 | 6 | ||||||
SPS Commerce* | 800 | 45 | ||||||
SS&C Technologies Holdings | 3,378 | 198 | ||||||
Stamps.com* | 14,700 | 705 | ||||||
Super Micro Computer* | 23,700 | 827 | ||||||
Sykes Enterprises* | 2,000 | 47 | ||||||
Synaptics* | 1,782 | 123 | ||||||
Synchronoss Technologies* | 20,239 | 847 | ||||||
SYNNEX | 1,394 | 109 | ||||||
Syntel* | 1,600 | 72 | ||||||
Take-Two Interactive Software* | 4,122 | 116 | ||||||
Tangoe* | 2,000 | 26 | ||||||
TechTarget* | 800 | 9 | ||||||
TeleCommunication Systems, Cl A* | 3,200 | 10 | ||||||
Telenav* | 1,100 | 7 | ||||||
TeleTech Holdings* | 800 | 19 | ||||||
Tessco Technologies | 200 | 6 | ||||||
Tessera Technologies | 25,747 | 921 | ||||||
Textura* | 900 | 26 | ||||||
TiVo* | 5,091 | 60 | ||||||
Travelzoo* | 300 | 4 | ||||||
Tremor Video* | 1,700 | 5 | ||||||
TriQuint Semiconductor* | 8,639 | 238 | ||||||
TrueCar* | 400 | 9 | ||||||
Trulia* | 1,882 | 87 | ||||||
TTM Technologies* | 2,900 | 22 | ||||||
TubeMogul* | 19,525 | 440 | ||||||
Tyler Technologies* | 8,942 | 979 | ||||||
Ubiquiti Networks | 1,560 | 46 | ||||||
Ultimate Software Group* | 1,379 | 202 | ||||||
Ultra Clean Holdings* | 1,700 | 16 | ||||||
Ultratech* | 1,404 | 26 | ||||||
Unisys* | 2,561 | 75 | ||||||
Universal Display* | 2,153 | 60 | ||||||
Unwired Planet* | 4,100 | 4 | ||||||
Varonis Systems* | 200 | 7 | ||||||
VASCO Data Security International* | 44,250 | 1,248 | ||||||
Veeco Instruments* | 1,926 | 67 | ||||||
VeriFone Systems* | 40,900 | 1,521 | ||||||
| Description | Shares | Value (000) | ||||||
Verint Systems* | 28,094 | $ | 1,637 | |||||
ViaSat* | 2,073 | 131 | ||||||
Violin Memory* | 3,500 | 17 | ||||||
VirnetX Holding* | 2,200 | 12 | ||||||
Virtusa* | 1,299 | 54 | ||||||
Vishay Intertechnology | 155,460 | 2,200 | ||||||
Vishay Precision Group* | 500 | 9 | ||||||
Vitesse Semiconductor* | 2,300 | 9 | ||||||
Vringo* | 4,200 | 2 | ||||||
Web.com Group* | 2,651 | 50 | ||||||
WebMD Health, Cl A* | 1,990 | 79 | ||||||
WEX* | 1,946 | 192 | ||||||
Wix.com* | 700 | 15 | ||||||
Xcerra* | 2,300 | 21 | ||||||
XO Group* | 1,300 | 24 | ||||||
Xoom* | 1,600 | 28 | ||||||
Yelp, Cl A* | 17,090 | 935 | ||||||
YuMe* | 900 | 5 | ||||||
Zendesk* | 500 | 12 | ||||||
Zix* | 2,400 | 9 | ||||||
|
| |||||||
| 83,456 | ||||||||
|
| |||||||
Materials — 4.1% | ||||||||
A Schulman | 1,528 | 62 | ||||||
Advanced Emissions Solutions* | 1,000 | 23 | ||||||
AEP Industries* | 200 | 12 | ||||||
AK Steel Holding* | 9,152 | 54 | ||||||
Allied Nevada Gold* | 6,100 | 5 | ||||||
AM Castle* | 1,300 | 10 | ||||||
American Vanguard | 1,400 | 16 | ||||||
Ampco-Pittsburgh | 500 | 10 | ||||||
AptarGroup | 32,100 | 2,145 | ||||||
Avery Dennison | 47,815 | 2,481 | ||||||
Axiall | 3,457 | 147 | ||||||
Balchem | 1,565 | 104 | ||||||
Berry Plastics Group* | 4,600 | 145 | ||||||
Boise Cascade* | 1,907 | 71 | ||||||
Calgon Carbon* | 2,600 | 54 | ||||||
Century Aluminum* | 2,564 | 63 | ||||||
Chase | 300 | 11 | ||||||
Chemtura* | 4,348 | 108 | ||||||
Clearwater Paper* | 1,000 | 69 | ||||||
Coeur Mining* | 4,776 | 24 | ||||||
Commercial Metals | 5,737 | 93 | ||||||
Compass Minerals International | 5,800 | 504 | ||||||
Deltic Timber | 542 | 37 | ||||||
Ferro* | 3,403 | 44 | ||||||
The accompanying notes are an integral part of the financial statements.
56
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Flotek Industries* | 2,600 | $ | 49 | |||||
FutureFuel | 900 | 12 | ||||||
Globe Specialty Metals | 4,400 | 76 | ||||||
Gold Resource | 1,900 | 6 | ||||||
Graphic Packaging Holding* | 96,245 | 1,311 | ||||||
Greif, Cl A | 28,680 | 1,355 | ||||||
Handy & Harman* | 200 | 9 | ||||||
Hawkins | 600 | 26 | ||||||
Haynes International | 19,423 | 942 | ||||||
HB Fuller | 2,468 | 110 | ||||||
Headwaters* | 71,655 | 1,074 | ||||||
Hecla Mining | 18,622 | 52 | ||||||
Horsehead Holding* | 2,729 | �� | 43 | |||||
Innophos Holdings | 1,103 | 64 | ||||||
Innospec | 1,244 | 53 | ||||||
Intrepid Potash* | 2,674 | 37 | ||||||
Kaiser Aluminum | 908 | 65 | ||||||
KapStone Paper and Packaging | 4,329 | 127 | ||||||
KMG Chemicals | 500 | 10 | ||||||
Koppers Holdings | 948 | 25 | ||||||
Kraton Performance Polymers* | 1,700 | 35 | ||||||
Kronos Worldwide | 89,074 | 1,160 | ||||||
Landec* | 1,500 | 21 | ||||||
Louisiana-Pacific* | 7,003 | 116 | ||||||
LSB Industries* | 1,000 | 31 | ||||||
Marrone Bio Innovations* | 400 | 1 | ||||||
Materion | 1,053 | 37 | ||||||
Minerals Technologies | 1,707 | 119 | ||||||
Molycorp* | 11,200 | 10 | ||||||
Myers Industries | 1,198 | 21 | ||||||
Neenah Paper | 864 | 52 | ||||||
Noranda Aluminum Holding | 2,100 | 7 | ||||||
Olin | 4,029 | 92 | ||||||
Olympic Steel | 400 | 7 | ||||||
OM Group | 1,619 | 48 | ||||||
OMNOVA Solutions* | 2,100 | 17 | ||||||
PH Glatfelter | 1,976 | 51 | ||||||
PolyOne | 64,433 | 2,443 | ||||||
Quaker Chemical | 610 | 56 | ||||||
Rentech* | 13,500 | 17 | ||||||
Resolute Forest Products* | 3,200 | 56 | ||||||
RTI International Metals* | 1,500 | 38 | ||||||
Schnitzer Steel Industries, Cl A | 1,458 | 33 | ||||||
Schweitzer-Mauduit International | 1,544 | 65 | ||||||
Senomyx* | 2,400 | 14 | ||||||
Sensient Technologies | 2,437 | 147 | ||||||
Stepan | 1,000 | 40 | ||||||
| Description | Shares | Value (000) | ||||||
Stillwater Mining* | 6,228 | $ | 92 | |||||
SunCoke Energy | 3,224 | 62 | ||||||
Trecora Resources* | 1,200 | 18 | ||||||
Tredegar | 1,200 | 27 | ||||||
Trinseo* | 600 | 10 | ||||||
Tronox, Cl A | 2,997 | 72 | ||||||
UFP Technologies* | 300 | 7 | ||||||
United States Lime & Minerals | 100 | 7 | ||||||
Universal Stainless & Alloy Products* | 300 | 8 | ||||||
US Concrete* | 800 | 23 | ||||||
Vulcan Materials | 20,600 | 1,354 | ||||||
Walter Energy | 3,146 | 4 | ||||||
Wausau Paper | 2,000 | 23 | ||||||
Worthington Industries | 2,532 | 76 | ||||||
Zep | 1,100 | 17 | ||||||
|
| |||||||
| 18,272 | ||||||||
|
| |||||||
Telecommunication Services — 0.7% | ||||||||
8x8* | 89,300 | 818 | ||||||
Atlantic Telegraph-Network | 492 | 33 | ||||||
Boingo Wireless* | 1,200 | 9 | ||||||
Cincinnati Bell* | 11,500 | 37 | ||||||
Cogent Communications Holdings | 2,251 | 80 | ||||||
Consolidated Communications Holdings | 2,596 | 72 | ||||||
FairPoint Communications* | 1,200 | 17 | ||||||
General Communication, Cl A* | 1,900 | 26 | ||||||
Globalstar* | 14,782 | 41 | ||||||
Hawaiian Telcom Holdco* | 600 | 17 | ||||||
IDT, Cl B | 1,000 | 20 | ||||||
inContact* | 87,480 | 769 | ||||||
Inteliquent | 1,600 | 31 | ||||||
Intelsat* | 1,400 | 24 | ||||||
Iridium Communications* | 4,148 | 40 | ||||||
Lumos Networks | 916 | 15 | ||||||
magicJack VocalTec* | 700 | 6 | ||||||
NTELOS Holdings | 1,100 | 5 | ||||||
ORBCOMM* | 2,700 | 18 | ||||||
Premiere Global Services* | 2,744 | 29 | ||||||
RingCentral, Cl A* | 47,703 | 712 | ||||||
Shenandoah Telecommunications | 1,200 | 38 | ||||||
Spok Holdings | 1,200 | 21 | ||||||
Vonage Holdings* | 8,700 | 33 | ||||||
|
| |||||||
| 2,911 | ||||||||
|
| |||||||
Utilities — 0.8% | ||||||||
Abengoa Yield | 1,300 | 36 | ||||||
ALLETE | 2,221 | 122 | ||||||
American States Water | 1,873 | 71 | ||||||
The accompanying notes are an integral part of the financial statements.
57
| THE KP FUNDS | December 31, 2014 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Artesian Resources, Cl A | 300 | $ | 7 | |||||
Atlantic Power | 5,300 | 14 | ||||||
Avista | 3,000 | 106 | ||||||
Black Hills | 2,119 | 112 | ||||||
California Water Service Group | 11,530 | 284 | ||||||
Chesapeake Utilities | 690 | 34 | ||||||
Cleco | 3,024 | 165 | ||||||
Connecticut Water Service | 523 | 19 | ||||||
Dynegy, Cl A* | 6,137 | 186 | ||||||
El Paso Electric | 1,958 | 78 | ||||||
Empire District Electric | 2,181 | 65 | ||||||
IDACORP | 2,474 | 164 | ||||||
Laclede Group | 2,200 | 117 | ||||||
MGE Energy | 1,782 | 81 | ||||||
Middlesex Water | 800 | 18 | ||||||
New Jersey Resources | 2,108 | 129 | ||||||
Northwest Natural Gas | 1,340 | 67 | ||||||
NorthWestern | 2,400 | 136 | ||||||
NRG Yield, Cl A | 1,122 | 53 | ||||||
ONE Gas | 2,600 | 107 | ||||||
Ormat Technologies | 800 | 22 | ||||||
Otter Tail | 1,774 | 55 | ||||||
Pattern Energy Group, Cl A | 2,101 | 52 | ||||||
Piedmont Natural Gas | 3,823 | 151 | ||||||
PNM Resources | 4,009 | 119 | ||||||
Portland General Electric | 3,900 | 148 | ||||||
SJW | 800 | 26 | ||||||
South Jersey Industries | 1,698 | 100 | ||||||
Southwest Gas | 2,305 | 142 | ||||||
TerraForm Power, Cl A | 1,200 | 37 | ||||||
UIL Holdings | 2,863 | 125 | ||||||
Unitil | 717 | 26 | ||||||
Vivint Solar* | 1,000 | 9 | ||||||
WGL Holdings | 2,553 | 139 | ||||||
York Water | 600 | 14 | ||||||
|
| |||||||
| 3,336 | ||||||||
|
| |||||||
Total Common Stock | 437,378 | |||||||
|
| |||||||
| Number of Rights | ||||||||
RIGHTS — 0.0% | ||||||||
Central European Media* | 50 | — | ||||||
Chelsea Therapeutics | 2,000 | — | ||||||
Durata Therapeutics (B)* | 900 | — | ||||||
Furiex Pharmaceuticals (B)* | 300 | — | ||||||
Leap Wireless (B)* | 2,300 | — | ||||||
|
| |||||||
Total Rights | — | |||||||
|
| |||||||
| Description | Shares | Value (000) | ||||||
SHORT-TERM INVESTMENT (C) — 3.8% |
| |||||||
State Street Institutional Liquid Reserves Fund, 0.000% | 16,990,281 | $ | 16,990 | |||||
|
| |||||||
Total Short-Term Investment | 16,990 | |||||||
|
| |||||||
Total Investments — 101.4% | $ | 454,368 | ||||||
|
| |||||||
Percentages are based on net assets of $448,240 (000).
A list of the open futures contracts held by the Fund at December 31, 2014, is as follows (000):
| Type of Contract | Number of Contracts Long | Expiration Date | Unrealized Appreciation | |||
Russell 2000 Index E-MINI | 26 | Mar-2015 | $42 | |||
|
For the period ended December 31, 2014, the monthly average value of futures contracts held was $3,047 (000).
| * | Non-income producing security. |
| ‡ | Real Estate Investment Trust |
| (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.” This security has been determined to be liquid under guidelines established by the Board of Trustees. The total value of such securities as of December 31, 2014, was $17 (000) and represented 0.00% of net assets. |
| (B) | 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 December 31, 2014, was $0 (000) and represented 0.00% of net assets. |
| (C) | The rate reported is the 7-day effective yield as of December 31, 2014. |
ADR — American Depositary Receipt
Cl — Class
The following is a list of the level of inputs used as of December 31, 2014, 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 | $ | 437,378 | $ | — | $ | — | $ | 437,378 | ||||||||
Rights | — | — | — | — | ||||||||||||
Short-Term Investment | 16,990 | — | — | 16,990 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 454,368 | $ | — | $ | — | $ | 454,368 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts† | ||||||||||||||||
Unrealized Depreciation | $ | 42 | $ | — | $ | — | $ | 42 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | 42 | $ | — | $ | — | $ | 42 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| † | Futures contracts are valued at the unrealized appreciation on the instrument. |
For the period ended December 31, 2014, 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. As of December 31, 2014, there were Level 3 investments with a total value of $0 and represented 0.00% of net assets.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
58
| THE KP FUNDS | December 31, 2014 |
| KP International Equity Fund |
| SECTOR WEIGHTINGS† |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
COMMON STOCK — 95.9% |
| |||||||
Australia — 2.9% |
| |||||||
AGL Energy | 15,692 | $ | 171 | |||||
ALS | 30,693 | 133 | ||||||
Alumina* | 488,481 | 706 | ||||||
Amcor | 63,869 | 703 | ||||||
AMP | 70,529 | 314 | ||||||
Ansell | 4,325 | 79 | ||||||
APA Group | 25,326 | 153 | ||||||
Asciano | 21,574 | 106 | ||||||
ASX | 4,564 | 136 | ||||||
Aurizon Holdings | 48,621 | 182 | ||||||
AusNet Services | 41,355 | 45 | ||||||
Australia & New Zealand Banking Group | 68,115 | 1,772 | ||||||
Bank of Queensland | 8,372 | 82 | ||||||
Bendigo & Adelaide Bank | 11,067 | 115 | ||||||
BHP Billiton | 85,689 | 2,026 | ||||||
BlueScope Steel* | 88,829 | 402 | ||||||
Boral | 17,185 | 74 | ||||||
Brambles | 37,279 | 321 | ||||||
Caltex Australia | 3,293 | 91 | ||||||
Coca-Cola Amatil | 85,192 | 643 | ||||||
Cochlear | 1,257 | 79 | ||||||
Commonwealth Bank of Australia | 36,849 | 2,560 | ||||||
Computershare | 10,305 | 99 | ||||||
Crown Resorts | 7,848 | 81 | ||||||
CSL | 11,187 | 786 | ||||||
Dexus Property Group‡ | 21,442 | 121 | ||||||
DuluxGroup | 30,731 | 145 | ||||||
| Description | Shares | Value (000) | ||||||
Fairfax Media | 598,562 | $ | 425 | |||||
Federation Centres‡ | 33,270 | 77 | ||||||
Flight Centre Travel Group | 1,071 | 28 | ||||||
Fortescue Metals Group | 34,218 | 75 | ||||||
Goodman Fielder | 304,203 | 159 | ||||||
Goodman Group‡ | 39,400 | 182 | ||||||
GPT Group‡ | 39,727 | 141 | ||||||
Harvey Norman Holdings | 13,709 | 37 | ||||||
Healthscope* | 24,272 | 54 | ||||||
Iluka Resources | 52,606 | 253 | ||||||
Incitec Pivot | 36,861 | 95 | ||||||
Insurance Australia Group | 55,935 | 284 | ||||||
Leighton Holdings | 1,817 | 33 | ||||||
Lend Lease Group | 12,834 | 171 | ||||||
Macquarie Group | 6,888 | 325 | ||||||
Medibank* | 65,309 | 128 | ||||||
Metcash | 70,447 | 106 | ||||||
Mirvac Group‡ | 87,338 | 126 | ||||||
National Australia Bank | 53,768 | 1,466 | ||||||
Newcrest Mining | 18,610 | 164 | ||||||
Novion Property Group‡ | 51,256 | 88 | ||||||
Orica | 91,666 | 1,405 | ||||||
Origin Energy | 24,780 | 234 | ||||||
Orora | 34,000 | 54 | ||||||
Premier Investments | 3,000 | 24 | ||||||
Qantas Airways* | 17,713 | 34 | ||||||
QBE Insurance Group | 32,068 | 291 | ||||||
Ramsay Health Care | 3,092 | 143 | ||||||
REA Group | 1,020 | 37 | ||||||
Rio Tinto | 9,968 | 467 | ||||||
SAI Global | 61,213 | 199 | ||||||
Santos | 41,905 | 280 | ||||||
Scentre Group‡ * | 126,560 | 359 | ||||||
Seek | 6,993 | 98 | ||||||
Sigma Pharmaceuticals | 204,193 | 123 | ||||||
Sonic Healthcare | 8,995 | 135 | ||||||
Stockland‡ | 52,979 | 177 | ||||||
Suncorp Group | 30,623 | 350 | ||||||
Sydney Airport | 24,784 | 95 | ||||||
Tabcorp Holdings | 19,623 | 66 | ||||||
Tatts Group | 33,261 | 94 | ||||||
Telstra | 103,128 | 501 | ||||||
Toll Holdings | 80,559 | 384 | ||||||
TPG Telecom | 5,030 | 28 | ||||||
Transpacific Industries Group | 293,569 | 206 | ||||||
Transurban Group | 43,190 | 301 | ||||||
Treasury Wine Estates | 16,320 | 63 | ||||||
Wesfarmers | 26,462 | 896 | ||||||
Westfield‡ | 46,978 | 344 | ||||||
The accompanying notes are an integral part of the financial statements.
59
| THE KP FUNDS | December 31, 2014 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Westpac Banking | 70,661 | $ | 1,900 | |||||
Woodside Petroleum | 17,554 | 543 | ||||||
Woolworths | 29,720 | 739 | ||||||
WorleyParsons | 4,295 | 35 | ||||||
|
| |||||||
| 27,147 | ||||||||
|
| |||||||
Austria — 0.2% |
| |||||||
ANDRITZ | 5,900 | 324 | ||||||
Erste Group Bank | 6,530 | 152 | ||||||
IMMOFINANZ | 19,915 | 50 | ||||||
Oesterreichische Post | 8,806 | 430 | ||||||
OMV | 3,670 | 98 | ||||||
Raiffeisen Bank International | 2,306 | 35 | ||||||
Vienna Insurance Group Wiener Versicherung Gruppe | 948 | 43 | ||||||
Voestalpine | 2,432 | 96 | ||||||
Wienerberger | 27,104 | 373 | ||||||
|
| |||||||
| 1,601 | ||||||||
|
| |||||||
Belgium — 0.6% | ||||||||
Ageas | 5,120 | 182 | ||||||
Anheuser-Busch InBev | 33,144 | 3,730 | ||||||
Belgacom | 3,282 | 119 | ||||||
Colruyt | 1,426 | 66 | ||||||
Delhaize Group | 2,325 | 169 | ||||||
Groupe Bruxelles Lambert | 1,887 | 161 | ||||||
KBC Groep | 5,962 | 333 | ||||||
Solvay | 1,381 | 187 | ||||||
Telenet Group Holding* | 1,219 | 68 | ||||||
UCB | 2,844 | 216 | ||||||
Umicore | 2,441 | 98 | ||||||
|
| |||||||
| 5,329 | ||||||||
|
| |||||||
Brazil — 2.5% | ||||||||
B2W Cia Digital* | 48,168 | 407 | ||||||
Banco do Brasil | 215,400 | 1,926 | ||||||
Bematech | 27,400 | 98 | ||||||
Brasil Pharma* | 143,715 | 140 | ||||||
Braskem | 46,552 | 601 | ||||||
BRF | 15,200 | 363 | ||||||
CETIP-Mercados Organizados | 262,000 | 3,174 | ||||||
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR | 67,735 | 2,495 | ||||||
Cia de Saneamento de Minas Gerais-COPASA | 9,100 | 86 | ||||||
Cia Energetica de Minas Gerais ADR | 278,359 | 1,383 | ||||||
EDP-Energias do Brasil | 201,900 | 681 | ||||||
Embraer ADR | 58,350 | 2,151 | ||||||
Fibria Celulose* | 58,900 | 720 | ||||||
| Description | Shares | Value (000) | ||||||
Gafisa | 51,500 | $ | 43 | |||||
Grupo BTG Pactual | 20,500 | 217 | ||||||
Itau Unibanco Holding ADR | 142,042 | 1,848 | ||||||
JBS | 196,200 | 827 | ||||||
Kepler Weber | 2,700 | 51 | ||||||
Kroton Educacional | 313,200 | 1,826 | ||||||
Light | 80,600 | 516 | ||||||
LPS Brasil Consultoria de Imoveis | 80,000 | 196 | ||||||
Magazine Luiza* | 126,700 | 367 | ||||||
Marfrig Global Foods* | 58,100 | 133 | ||||||
MRV Engenharia e Participacoes | 220,800 | 623 | ||||||
Porto Seguro | 31,300 | 358 | ||||||
Rodobens Negocios Imobiliarios | 7,500 | 28 | ||||||
Sao Martinho | 22,600 | 308 | ||||||
Telefonica Brasil ADR | 43,283 | 765 | ||||||
TOTVS | 41,700 | 549 | ||||||
Via Varejo* | 26,100 | 204 | ||||||
|
| |||||||
| 23,084 | ||||||||
|
| |||||||
Canada — 1.4% | ||||||||
Brookfield Asset Management, Cl A | 9,559 | 479 | ||||||
Canadian National Railway | 72,909 | 5,024 | ||||||
Canadian Natural Resources | 35,876 | 1,109 | ||||||
Loblaw | 48,433 | 2,592 | ||||||
Rogers Communications, Cl B | 19,568 | 761 | ||||||
Valeant Pharmaceuticals International* | 23,216 | 3,322 | ||||||
|
| |||||||
| 13,287 | ||||||||
|
| |||||||
Chile — 0.1% | ||||||||
Cia Cervecerias Unidas | 61,779 | 584 | ||||||
Quinenco | 218,207 | 468 | ||||||
Sociedad Quimica y Minera de Chile ADR | 8,578 | 205 | ||||||
|
| |||||||
| 1,257 | ||||||||
|
| |||||||
China — 2.6% | ||||||||
Agricultural Bank of China, Cl H | 453,000 | 228 | ||||||
Ajisen China Holdings | 355,000 | 270 | ||||||
Asia Cement China Holdings | 50,500 | 29 | ||||||
Baidu ADR* | 3,325 | 758 | ||||||
Bank of China, Cl H | 7,712,000 | 4,328 | ||||||
Bank of Communications, Cl H | 441,000 | 410 | ||||||
Beijing Capital International Airport, Cl H | 132,000 | 105 | ||||||
BYD Electronic International | 291,000 | 279 | ||||||
China Construction Bank, Cl H | 7,218,000 | 5,896 | ||||||
China Life Insurance, Cl H | 102,000 | 400 | ||||||
China Merchants Bank, Cl H | 266,500 | 665 | ||||||
The accompanying notes are an integral part of the financial statements.
60
| THE KP FUNDS | December 31, 2014 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
China Railway Construction, Cl H | 182,000 | $ | 231 | |||||
China Railway Group, Cl H | 886,000 | 725 | ||||||
China Southern Airlines, Cl H | 528,000 | 250 | ||||||
China Telecom, Cl H | 3,422,000 | 1,985 | ||||||
China Zhongwang Holdings | 319,600 | 141 | ||||||
Goodbaby International Holdings | 368,000 | 128 | ||||||
Harbin Electric, Cl H | 118,000 | 73 | ||||||
Huaneng Power International, Cl H | 764,000 | 1,032 | ||||||
Huaxin Cement, Cl B | 95,296 | 117 | ||||||
Jingwei Textile Machinery, Cl H | 36,000 | 42 | ||||||
Jintian Pharmaceutical Group | 181,000 | 62 | ||||||
Li Ning* | 725,500 | 353 | ||||||
Mindray Medical International ADR | 10,853 | 287 | ||||||
NetEase ADR | 23,797 | 2,359 | ||||||
Peak Sport Products | 376,000 | 104 | ||||||
Shanghai Electric Group, Cl H | 264,000 | 140 | ||||||
Shenzhen Expressway, Cl H | 282,000 | 188 | ||||||
Sichuan Expressway, Cl H | 220,000 | 94 | ||||||
Sinotruk Hong Kong | 214,500 | 119 | ||||||
SOHO China | 346,000 | 244 | ||||||
TravelSky Technology, Cl H | 594,000 | 639 | ||||||
Tsingtao Brewery, Cl H | 68,000 | 459 | ||||||
Vipshop Holdings ADR* | 37,842 | 739 | ||||||
Wumart Stores, Cl H | 304,000 | 260 | ||||||
Xingda International Holdings | 111,000 | 40 | ||||||
Xiwang Special Steel | 393,000 | 61 | ||||||
Yangzijiang Shipbuilding Holdings | 47,000 | 43 | ||||||
Yingde Gases Group | 263,000 | 184 | ||||||
|
| |||||||
| 24,467 | ||||||||
|
| |||||||
Colombia — 0.0% | ||||||||
Bancolombia ADR | 7,500 | 359 | ||||||
|
| |||||||
| 359 | ||||||||
|
| |||||||
Czech Republic — 0.1% | ||||||||
CEZ | 30,700 | 788 | ||||||
Komercni Banka | 972 | 200 | ||||||
|
| |||||||
| 988 | ||||||||
|
| |||||||
Denmark — 1.6% | ||||||||
AP Moeller-Maersk, Cl A | 257 | 505 | ||||||
Carlsberg, Cl B | 29,790 | 2,288 | ||||||
Coloplast, Cl B | 35,300 | 2,954 | ||||||
Danske Bank | 21,731 | 588 | ||||||
DSV | 4,185 | 127 | ||||||
GN Store Nord | 47,184 | 1,031 | ||||||
ISS* | 2,001 | 57 | ||||||
Novo Nordisk, Cl B | 74,744 | 3,162 | ||||||
Novozymes, Cl B | 5,377 | 226 | ||||||
| Description | Shares | Value (000) | ||||||
Pandora | 2,593 | $ | 210 | |||||
TDC | 19,100 | 146 | ||||||
Topdanmark* | 7,204 | 234 | ||||||
Tryg | 475 | 53 | ||||||
Vestas Wind Systems* | 60,613 | 2,201 | ||||||
William Demant Holding* | 10,362 | 788 | ||||||
|
| |||||||
| 14,570 | ||||||||
|
| |||||||
Finland — 0.8% | ||||||||
Cargotec, Cl B | 2,966 | 91 | ||||||
Elisa | 3,269 | 89 | ||||||
Fortum | 9,976 | 217 | ||||||
Kone, Cl B | 7,447 | 339 | ||||||
Metso | 21,712 | 650 | ||||||
Neste Oil | 2,764 | 67 | ||||||
Nokia | 88,360 | 699 | ||||||
Nokian Renkaat | 2,610 | 64 | ||||||
Orion, Cl B | 2,254 | 70 | ||||||
Outokumpu | 968 | 5 | ||||||
Sampo, Cl A | 62,440 | 2,923 | ||||||
Stora Enso, Cl R | 13,084 | 117 | ||||||
Tikkurila | 65,423 | 1,143 | ||||||
UPM-Kymmene | 11,997 | 197 | ||||||
Wartsila, Cl B | 11,481 | 514 | ||||||
|
| |||||||
| 7,185 | ||||||||
|
| |||||||
France — 7.0% | ||||||||
Accor | 4,167 | 187 | ||||||
Aeroports de Paris | 682 | 83 | ||||||
Air France-KLM* | 54,553 | 523 | ||||||
Air Liquide | 49,284 | 6,098 | ||||||
Alcatel-Lucent* | 63,990 | 229 | ||||||
Alstom | 5,055 | 163 | ||||||
Arkema | 1,426 | 94 | ||||||
AtoS | 1,842 | 146 | ||||||
AXA | 69,931 | 1,611 | ||||||
BNP Paribas | 45,012 | 2,657 | ||||||
Bollore | 12,400 | 56 | ||||||
Bouygues | 3,920 | 142 | ||||||
Bureau Veritas | 49,510 | 1,097 | ||||||
Capital Gemini | 3,217 | 230 | ||||||
Carrefour | 20,965 | 638 | ||||||
Casino Guichard Perrachon | 1,386 | 127 | ||||||
Christian Dior | 1,239 | 212 | ||||||
Cie de Saint-Gobain | 10,769 | 456 | ||||||
Cie Generale des Etablissements Michelin | 4,428 | 400 | ||||||
CNP Assurances | 4,000 | 71 | ||||||
The accompanying notes are an integral part of the financial statements.
61
| THE KP FUNDS | December 31, 2014 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Credit Agricole | 24,551 | $ | 317 | |||||
Danone | 91,185 | 5,962 | ||||||
Dassault Systemes | 22,459 | 1,370 | ||||||
Edenred | 21,204 | 586 | ||||||
Electricite de France | 5,865 | 161 | ||||||
Essilor International | 4,834 | 539 | ||||||
Eurazeo | 751 | 53 | ||||||
Eurofins Scientific | 2,287 | 584 | ||||||
Eutelsat Communications | 3,641 | 118 | ||||||
Fonciere Des Regions‡ | 726 | 67 | ||||||
GDF Suez | 165,470 | 3,859 | ||||||
Gecina‡ | 620 | 77 | ||||||
Groupe Eurotunnel | 68,754 | 888 | ||||||
Hermes International | 1,701 | 606 | ||||||
ICADE‡ | 860 | 69 | ||||||
Iliad | 614 | 148 | ||||||
Imerys | 2,116 | 156 | ||||||
JCDecaux | 1,355 | 47 | ||||||
Kering | 1,802 | 346 | ||||||
Klepierre‡ | 2,229 | 96 | ||||||
Lafarge | 4,453 | 313 | ||||||
Lagardere | 2,544 | 66 | ||||||
Legrand | 50,147 | 2,631 | ||||||
L’Oreal | 5,713 | 956 | ||||||
LVMH Moet Hennessy Louis Vuitton | 33,646 | 5,330 | ||||||
Natixis | 21,948 | 145 | ||||||
Neopost | 8,578 | 489 | ||||||
Numericable-SFR* | 2,069 | 102 | ||||||
Orange | 43,721 | 744 | ||||||
Pernod Ricard | 50,917 | 5,659 | ||||||
Peugeot | 8,429 | 103 | ||||||
Publicis Groupe | 4,287 | 307 | ||||||
Remy Cointreau | 499 | 33 | ||||||
Renault | 4,578 | 333 | ||||||
Rexel | 6,205 | 111 | ||||||
Safran | 6,437 | 397 | ||||||
Sanofi | 31,374 | 2,860 | ||||||
Schneider Electric | 83,366 | 6,072 | ||||||
SCOR | 3,482 | 106 | ||||||
Societe BIC | 654 | 87 | ||||||
Societe Generale | 17,091 | 715 | ||||||
Sodexo | 2,142 | 210 | ||||||
Suez Environnement | 6,798 | 118 | ||||||
Technip | 3,813 | 227 | ||||||
Thales | 7,270 | 393 | ||||||
Total | 55,053 | 2,820 | ||||||
Unibail-Rodamco‡ | 2,317 | 594 | ||||||
| Description | Shares | Value (000) | ||||||
Valeo | 1,701 | $ | 212 | |||||
Vallourec | 9,726 | 264 | ||||||
Veolia Environnement* | 9,848 | 174 | ||||||
Vicat | 3,202 | 230 | ||||||
Vinci | 11,555 | 631 | ||||||
Vivendi | 28,633 | 713 | ||||||
Wendel | 656 | 74 | ||||||
Zodiac Aerospace | 4,523 | 152 | ||||||
|
| |||||||
| 65,640 | ||||||||
|
| |||||||
Germany — 6.9% |
| |||||||
adidas | 6,809 | 473 | ||||||
Allianz | 10,716 | 1,775 | ||||||
Axel Springer | 2,743 | 165 | ||||||
BASF | 38,805 | 3,255 | ||||||
Bayer | 98,346 | 13,405 | ||||||
Bayerische Motoren Werke | 19,809 | 2,138 | ||||||
Beiersdorf | 48,227 | 3,916 | ||||||
Brenntag | 6,856 | 383 | ||||||
Celesio | 1,080 | 35 | ||||||
Commerzbank* | 23,058 | 302 | ||||||
Continental | 2,601 | 549 | ||||||
CTS Eventim & KGaA | 12,899 | 380 | ||||||
Daimler | 22,598 | 1,877 | ||||||
Deutsche Annington Immobilien | 5,894 | 200 | ||||||
Deutsche Bank | 32,462 | 972 | ||||||
Deutsche Boerse | 4,595 | 326 | ||||||
Deutsche Lufthansa | 5,196 | 86 | ||||||
Deutsche Post | 22,819 | 741 | ||||||
Deutsche Telekom | 147,041 | 2,353 | ||||||
Deutsche Wohnen | 6,944 | 164 | ||||||
E.ON | 71,399 | 1,220 | ||||||
Fielmann | 3,203 | 219 | ||||||
Fraport Frankfurt Airport Services Worldwide | 715 | 41 | ||||||
Fresenius & KGaA | 8,658 | 450 | ||||||
Fresenius Medical Care & KGaA | 30,316 | 2,263 | ||||||
GEA Group | 8,014 | 352 | ||||||
Gerresheimer | 1,454 | 79 | ||||||
Hannover Rueck | 3,135 | 283 | ||||||
HeidelbergCement | 3,379 | 238 | ||||||
Henkel & KGaA | 2,794 | 271 | ||||||
HUGO BOSS | 965 | 118 | ||||||
Infineon Technologies | 26,939 | 285 | ||||||
K+S | 4,088 | 113 | ||||||
Kabel Deutschland Holding | 516 | 70 | ||||||
LANXESS | 2,026 | 94 | ||||||
Linde | 28,132 | 5,182 | ||||||
The accompanying notes are an integral part of the financial statements.
62
| THE KP FUNDS | December 31, 2014 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
MAN | 805 | $ | 90 | |||||
Merck KGaA | 47,203 | 4,442 | ||||||
METRO | 3,584 | 109 | ||||||
MTU Aero Engines | 10,240 | 890 | ||||||
Muenchener Rueckversicherungs-Gesellschaft in Muenchen | 4,076 | 812 | ||||||
OSRAM Licht* | 1,957 | 77 | ||||||
ProSiebenSat.1 Media | 69,302 | 2,896 | ||||||
RWE | 11,625 | 359 | ||||||
SAP | 79,951 | 5,583 | ||||||
Siemens | 18,603 | 2,087 | ||||||
Symrise | 9,830 | 592 | ||||||
Telefonica Deutschland Holding | 15,012 | 79 | ||||||
ThyssenKrupp | 10,817 | 276 | ||||||
TUI* | 74,498 | 1,207 | ||||||
United Internet | 3,005 | 135 | ||||||
Volkswagen | 692 | 150 | ||||||
|
| |||||||
| 64,557 | ||||||||
|
| |||||||
Greece — 0.1% |
| |||||||
Aegean Airlines | 17,695 | 148 | ||||||
Athens Water Supply & Sewage | 11,513 | 87 | ||||||
Ellaktor | 6,925 | 18 | ||||||
Intracom Holdings* | 29,411 | 15 | ||||||
Metka | 3,497 | 35 | ||||||
Mytilineos Holdings* | 15,516 | 87 | ||||||
Public Power | 22,622 | 148 | ||||||
Tsakos Energy Navigation* | 68,779 | 480 | ||||||
|
| |||||||
| 1,018 | ||||||||
|
| |||||||
Guernsey — 0.0% |
| |||||||
Friends Life Group | 32,356 | 184 | ||||||
|
| |||||||
Hong Kong — 3.4% |
| |||||||
AIA Group | 1,080,000 | 5,957 | ||||||
APT Satellite Holdings | 98,000 | 138 | ||||||
ASM Pacific Technology | 6,000 | 57 | ||||||
Bank of East Asia | 30,469 | 122 | ||||||
BOC Hong Kong Holdings | 88,500 | 295 | ||||||
Cathay Pacific Airways | 31,000 | 68 | ||||||
Cheung Kong Holdings | 32,000 | 536 | ||||||
Cheung Kong Infrastructure Holdings | 13,000 | 96 | ||||||
China Mengniu Dairy | 129,000 | 531 | ||||||
China Mobile | 321,500 | 3,766 | ||||||
China Ocean Resources* | 78,242 | 341 | ||||||
China Power International Development | 457,000 | 231 | ||||||
China Resources Cement Holdings | 56,000 | 36 | ||||||
China Resources Enterprise | 462,805 | 967 | ||||||
| Description | Shares | Value (000) | ||||||
China Travel International Investment Hong Kong | 230,000 | $ | 79 | |||||
China Unicom Hong Kong | 2,036,000 | 2,728 | ||||||
CLP Holdings | 43,500 | 377 | ||||||
Daphne International Holdings | 516,000 | 188 | ||||||
Esprit Holdings | 728,000 | 868 | ||||||
First Pacific | 556,000 | 549 | ||||||
Galaxy Entertainment Group | 54,000 | 300 | ||||||
Genting Singapore | 135,000 | 109 | ||||||
Global Brands Group Holding* | 5,386,000 | 1,052 | ||||||
GOME Electrical Appliances Holding | 4,404,000 | 644 | ||||||
Guangdong Yueyun Transportation Company, Cl H | 93,000 | 73 | ||||||
Guangnan Holdings | 260,000 | 35 | ||||||
Hang Lung Properties | 53,000 | 148 | ||||||
Hang Seng Bank | 18,200 | 302 | ||||||
Henderson Land Development | 23,832 | 166 | ||||||
HKT Trust | 57,740 | 75 | ||||||
Hong Kong & China Gas | 150,200 | 342 | ||||||
Hong Kong Exchanges and Clearing | 26,253 | 580 | ||||||
Hongkong & Shanghai Hotels | 281,286 | 416 | ||||||
Huabao International Holdings | 276,000 | 225 | ||||||
Hutchison Whampoa | 170,000 | 1,943 | ||||||
Hysan Development | 13,000 | 58 | ||||||
Jardine Matheson Holdings | 20,400 | 1,240 | ||||||
Kerry Properties | 17,000 | 61 | ||||||
Kingboard Laminates Holdings | 184,500 | 68 | ||||||
Li & Fung | 2,550,000 | 2,387 | ||||||
Link‡ | 55,000 | 344 | ||||||
MGM China Holdings | 23,600 | 60 | ||||||
MMG | 104,000 | 32 | ||||||
MTR | 34,500 | 141 | ||||||
New World Development | 145,969 | 168 | ||||||
Noble Group | 98,000 | 84 | ||||||
NWS Holdings | 36,697 | 67 | ||||||
PCCW | 83,136 | 57 | ||||||
Ports Design | 124,500 | 38 | ||||||
Power Assets Holdings | 33,000 | 319 | ||||||
Real Nutriceutical Group | 174,000 | 45 | ||||||
Scud Group | 252,000 | 28 | ||||||
Shangri-La Asia | 26,000 | 36 | ||||||
Shui On Land | 606,500 | 143 | ||||||
Sino Land | 74,172 | 119 | ||||||
SJM Holdings | 48,000 | 76 | ||||||
SmarTone Telecommunications Holdings | 77,404 | 130 | ||||||
Sun Hung Kai Properties | 38,893 | 589 | ||||||
The accompanying notes are an integral part of the financial statements.
63
| THE KP FUNDS | December 31, 2014 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Swire Pacific, Cl A | 14,500 | $ | 188 | |||||
Swire Properties | 26,800 | 79 | ||||||
TCC International Holdings | 114,000 | 44 | ||||||
Techtronic Industries | 29,500 | 95 | ||||||
Television Broadcasts | 53,100 | 309 | ||||||
Tianjin Port Development Holdings | 198,000 | 41 | ||||||
WH Group* (A) | 78,949 | 45 | ||||||
Wharf Holdings | 35,000 | 251 | ||||||
Wheelock | 20,000 | 93 | ||||||
Wynn Macau | 38,400 | 107 | ||||||
Xiamen International Port, Cl H | 406,000 | 104 | ||||||
Yue Yuen Industrial Holdings | 19,000 | 68 | ||||||
Yuzhou Properties | 225,000 | 57 | ||||||
|
| |||||||
| 32,111 | ||||||||
|
| |||||||
India — 0.9% |
| |||||||
Dr Reddy’s Laboratories ADR | 26,523 | 1,338 | ||||||
Infosys ADR | 125,626 | 3,952 | ||||||
Tata Motors ADR | 64,860 | 2,743 | ||||||
WNS Holdings ADR* | 27,545 | 569 | ||||||
|
| |||||||
| 8,602 | ||||||||
|
| |||||||
Indonesia — 1.0% |
| |||||||
Agung Podomoro Land | 6,302,700 | 170 | ||||||
Bank Mandiri Persero | 1,040,300 | 905 | ||||||
Bank Negara Indonesia Persero | 4,570,600 | 2,240 | ||||||
Bank Rakyat Indonesia Persero | 3,430,600 | 3,225 | ||||||
Benakat Integra | 3,542,800 | 35 | ||||||
Delta Dunia Makmur* | 3,345,500 | 52 | ||||||
Elnusa | 4,079,000 | 224 | ||||||
PT Energi Mega Persada* | 13,967,200 | 112 | ||||||
PT Multipolar* | 5,074,000 | 340 | ||||||
Telekomunikasi Indonesia Persero | 2,974,900 | 684 | ||||||
Tunas Baru Lampung | 924,300 | 56 | ||||||
United Tractors | 355,500 | 496 | ||||||
Vale Indonesia | 1,596,900 | 464 | ||||||
XL Axiata | 289,600 | 114 | ||||||
|
| |||||||
| 9,117 | ||||||||
|
| |||||||
Ireland — 0.6% |
| |||||||
Bank of Ireland* | 4,559,964 | 1,711 | ||||||
CRH | 22,272 | 535 | ||||||
DCC | 13,152 | 724 | ||||||
Experian | 73,853 | 1,245 | ||||||
Independent News & Media* | 210,877 | 35 | ||||||
Irish Continental Group | 70,904 | 279 | ||||||
Kerry Group, Cl A | 3,783 | 261 | ||||||
Paddy Power | 9,035 | 754 | ||||||
| Description | Shares | Value (000) | ||||||
Ryanair Holdings ADR* | 700 | $ | 50 | |||||
|
| |||||||
| 5,594 | ||||||||
|
| |||||||
Israel — 0.3% |
| |||||||
Bank Hapoalim | 25,021 | 118 | ||||||
Bank Leumi Le-Israel* | 31,577 | 108 | ||||||
Bezeq The Israeli Telecommunication | 44,326 | 79 | ||||||
Check Point Software Technologies* | 14,849 | 1,167 | ||||||
Delek Group | 88 | 22 | ||||||
Israel* | 72 | 34 | ||||||
Israel Chemicals | 10,314 | 74 | ||||||
Mizrahi Tefahot Bank* | 2,580 | 27 | ||||||
NICE-Systems | 1,126 | 57 | ||||||
Teva Pharmaceutical Industries | 19,475 | 1,116 | ||||||
|
| |||||||
| 2,802 | ||||||||
|
| |||||||
Italy — 1.2% |
| |||||||
Assicurazioni Generali | 27,598 | 567 | ||||||
Atlantia | 9,283 | 216 | ||||||
Banca Monte dei Paschi di Siena* | 107,246 | 61 | ||||||
Banco Popolare* | 7,997 | 96 | ||||||
CNH Industrial | 113,960 | 922 | ||||||
Davide Campari-Milano | 18,526 | 116 | ||||||
Enel | 155,276 | 692 | ||||||
Enel Green Power | 39,116 | 82 | ||||||
Eni | 59,858 | 1,048 | ||||||
EXOR | 2,123 | 87 | ||||||
Fiat Chrysler Automobiles* | 20,987 | 244 | ||||||
Finmeccanica | 9,267 | 86 | ||||||
Intesa Sanpaolo | 357,601 | 1,029 | ||||||
Luxottica Group | 36,056 | 1,977 | ||||||
Mediobanca | 13,368 | 109 | ||||||
Piaggio & C | 472,088 | 1,364 | ||||||
Pirelli & C. | 5,128 | 69 | ||||||
Prysmian | 4,955 | 90 | ||||||
Saipem | 56,144 | 589 | ||||||
Snam | 45,585 | 226 | ||||||
Telecom Italia | 374,887 | 369 | ||||||
Terna Rete Elettrica Nazionale | 35,262 | 160 | ||||||
UniCredit | 173,629 | 1,112 | ||||||
Unione di Banche Italiane | 19,540 | 140 | ||||||
UnipolSai | 18,094 | 49 | ||||||
|
| |||||||
| 11,500 | ||||||||
|
| |||||||
Japan — 14.8% | ||||||||
ABC-Mart | 700 | 34 | ||||||
Acom* | 6,400 | 19 | ||||||
Advantest | 3,000 | 37 | ||||||
The accompanying notes are an integral part of the financial statements.
64
| THE KP FUNDS | December 31, 2014 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Aeon | 14,900 | $ | 150 | |||||
AEON Financial Service | 3,000 | 59 | ||||||
Aeon Mall | 2,300 | 41 | ||||||
Air Water | 3,000 | 47 | ||||||
Aisin Seiki | 4,300 | 154 | ||||||
Ajinomoto | 13,000 | 242 | ||||||
Alfresa Holdings | 69,900 | 844 | ||||||
Amada | 8,700 | 74 | ||||||
ANA Holdings | 24,000 | 59 | ||||||
Aozora Bank | 25,000 | 77 | ||||||
Asahi Glass | 22,000 | 107 | ||||||
Asahi Group Holdings | 9,200 | 285 | ||||||
Asahi Kasei | 30,000 | 274 | ||||||
Asics | 3,700 | 89 | ||||||
Astellas Pharma | 94,100 | 1,310 | ||||||
Azbil | 12,000 | 276 | ||||||
Bank of Kyoto | 7,000 | 58 | ||||||
Bank of Yokohama | 90,000 | 489 | ||||||
Benesse Holdings | 1,300 | 38 | ||||||
Bridgestone | 15,400 | 534 | ||||||
Brother Industries | 5,100 | 92 | ||||||
Calbee | 1,900 | 65 | ||||||
Canon | 26,700 | 849 | ||||||
Casio Computer | 4,300 | 66 | ||||||
Central Japan Railway | 3,400 | 509 | ||||||
Chiba Bank | 76,000 | 498 | ||||||
Chiyoda | 3,000 | 25 | ||||||
Chubu Electric Power | 15,000 | 176 | ||||||
Chugai Pharmaceutical | 5,300 | 130 | ||||||
Chugoku Bank | 3,400 | 46 | ||||||
Chugoku Electric Power | 6,800 | 89 | ||||||
Citizen Holdings | 5,000 | 38 | ||||||
COLOPL* | 1,000 | 22 | ||||||
Credit Saison | 3,200 | 59 | ||||||
Dai Nippon Printing | 13,000 | 117 | ||||||
Daicel | 6,000 | 70 | ||||||
Daihatsu Motor | 4,300 | 56 | ||||||
Dai-ichi Life Insurance | 141,800 | 2,152 | ||||||
Daiichi Sankyo | 14,400 | 201 | ||||||
Daikin Industries | 5,600 | 359 | ||||||
Daito Trust Construction | 1,700 | 193 | ||||||
Daiwa House Industry | 14,200 | 268 | ||||||
Daiwa Securities Group | 40,000 | 313 | ||||||
Denso | 117,900 | 5,495 | ||||||
Dentsu | 21,300 | 895 | ||||||
Don Quijote Holdings | 1,300 | 89 | ||||||
East Japan Railway | 26,600 | 2,005 | ||||||
| Description | Shares | Value (000) | ||||||
Eisai | 5,700 | $ | 220 | |||||
Electric Power Development | 2,700 | 91 | ||||||
FamilyMart | 1,400 | 53 | ||||||
FANUC | 20,300 | 3,347 | ||||||
Fast Retailing | 1,200 | 437 | ||||||
Fuji Electric | 11,000 | 44 | ||||||
Fuji Heavy Industries | 13,900 | 492 | ||||||
FUJIFILM Holdings | 80,900 | 2,469 | ||||||
Fujitsu | 258,000 | 1,376 | ||||||
Fukuoka Financial Group | 17,000 | 88 | ||||||
GungHo Online Entertainment | 8,100 | 29 | ||||||
Gunma Bank | 10,000 | 65 | ||||||
Hachijuni Bank | 9,000 | 58 | ||||||
Hakuhodo DY Holdings | 4,400 | 42 | ||||||
Hamamatsu Photonics | 1,600 | 76 | ||||||
Hankyu Hanshin Holdings | 25,000 | 134 | ||||||
Hikari Tsushin | 400 | 24 | ||||||
Hino Motors | 5,700 | 75 | ||||||
Hirose Electric | 700 | 81 | ||||||
Hiroshima Bank | 13,000 | 62 | ||||||
Hisamitsu Pharmaceutical | 1,200 | 38 | ||||||
Hitachi | 401,000 | 2,960 | ||||||
Hitachi Chemical | 2,500 | 44 | ||||||
Hitachi Construction Machinery | 2,800 | 59 | ||||||
Hitachi High-Technologies | 1,500 | 43 | ||||||
Hitachi Metals | 20,000 | 340 | ||||||
Hokuhoku Financial Group | 31,000 | 63 | ||||||
Hokuriku Electric Power | 3,200 | 41 | ||||||
Honda Motor | 193,000 | 5,662 | ||||||
Hoya | 152,000 | 5,141 | ||||||
Hulic | 5,000 | 50 | ||||||
Ibiden | 2,500 | 37 | ||||||
Idemitsu Kosan | 2,100 | 35 | ||||||
IHI | 31,000 | 157 | ||||||
Iida Group Holdings | 3,000 | 37 | ||||||
Inpex | 232,900 | 2,593 | ||||||
Isetan Mitsukoshi Holdings | 80,800 | 1,000 | ||||||
Isuzu Motors | 13,500 | 164 | ||||||
ITOCHU | 35,800 | 382 | ||||||
Itochu Techno-Solutions | 400 | 14 | ||||||
Iyo Bank | 5,800 | 63 | ||||||
J Front Retailing | 5,600 | 65 | ||||||
Japan Airlines | 3,000 | 89 | ||||||
Japan Display | 7,000 | 21 | ||||||
Japan Exchange Group | 6,100 | 142 | ||||||
Japan Prime Realty Investment‡ | 19 | 66 | ||||||
Japan Real Estate Investment‡ | 30 | 145 | ||||||
The accompanying notes are an integral part of the financial statements.
65
| THE KP FUNDS | December 31, 2014 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Japan Retail Fund Investment‡ | 58 | $ | 123 | |||||
Japan Tobacco | 115,500 | 3,179 | ||||||
JFE Holdings | 63,700 | 1,421 | ||||||
JGC | 5,000 | 103 | ||||||
Joyo Bank | 15,000 | 74 | ||||||
JSR | 4,000 | 69 | ||||||
JTEKT | 4,200 | 71 | ||||||
JX Holdings | 52,300 | 204 | ||||||
Kajima | 19,000 | 78 | ||||||
Kakaku.com | 2,900 | 41 | ||||||
Kamigumi | 6,000 | 53 | ||||||
Kaneka | 6,000 | 32 | ||||||
Kansai Electric Power | 15,500 | 147 | ||||||
Kansai Paint | 5,000 | 77 | ||||||
Kao | 47,600 | 1,877 | ||||||
Kawasaki Heavy Industries | 31,000 | 141 | ||||||
KDDI | 13,700 | 861 | ||||||
Keihan Electric Railway | 11,000 | 59 | ||||||
Keikyu | 11,000 | 81 | ||||||
Keio | 13,000 | 94 | ||||||
Keisei Electric Railway | 6,000 | 73 | ||||||
Keyence | 1,100 | 490 | ||||||
Kikkoman | 4,000 | 98 | ||||||
Kinden | 20,000 | 202 | ||||||
Kintetsu | 44,000 | 145 | ||||||
Kirin Holdings | 89,800 | 1,116 | ||||||
Kobe Steel | 67,000 | 115 | ||||||
Koito Manufacturing | 2,000 | 61 | ||||||
Komatsu | 22,100 | 489 | ||||||
Konami | 2,400 | 44 | ||||||
Konica Minolta | 10,300 | 112 | ||||||
Kubota | 27,000 | 392 | ||||||
Kuraray | 7,900 | 90 | ||||||
Kurita Water Industries | 2,100 | 44 | ||||||
Kyocera | 59,700 | 2,732 | ||||||
Kyowa Hakko Kirin | 5,000 | 47 | ||||||
Kyushu Electric Power | 9,300 | 93 | ||||||
Lawson | 1,400 | 85 | ||||||
LIXIL Group | 26,300 | 554 | ||||||
M3 | 4,200 | 70 | ||||||
Mabuchi Motor | 1,200 | 48 | ||||||
Makita | 2,600 | 117 | ||||||
Marubeni | 37,100 | 222 | ||||||
Marui Group | 73,200 | 660 | ||||||
Maruichi Steel Tube | 700 | 15 | ||||||
Mazda Motor | 12,900 | 310 | ||||||
McDonald’s Holdings Japan | 1,700 | 37 | ||||||
| Description | Shares | Value (000) | ||||||
Medipal Holdings | 3,500 | $ | 41 | |||||
MEIJI Holdings | 1,400 | 127 | ||||||
Minebea | 7,000 | 103 | ||||||
Miraca Holdings | 1,100 | 47 | ||||||
Mitsubishi | 80,600 | 1,475 | ||||||
Mitsubishi Chemical Holdings | 31,700 | 154 | ||||||
Mitsubishi Electric | 46,000 | 546 | ||||||
Mitsubishi Estate | 76,000 | 1,601 | ||||||
Mitsubishi Gas Chemical | 8,000 | 40 | ||||||
Mitsubishi Heavy Industries | 240,000 | 1,324 | ||||||
Mitsubishi Logistics | 35,000 | 509 | ||||||
Mitsubishi Materials | 26,000 | 86 | ||||||
Mitsubishi Motors | 15,600 | 143 | ||||||
Mitsubishi Tanabe Pharma | 5,200 | 76 | ||||||
Mitsubishi UFJ Financial Group | 564,200 | 3,100 | ||||||
Mitsubishi UFJ Lease & Finance | 9,900 | 47 | ||||||
Mitsui | 40,400 | 541 | ||||||
Mitsui Chemicals | 21,000 | 59 | ||||||
Mitsui Fudosan | 22,000 | 590 | ||||||
Mitsui OSK Lines | 24,000 | 71 | ||||||
Mixi | 800 | 29 | ||||||
Mizuho Financial Group | 1,095,800 | 1,837 | ||||||
MS&AD Insurance Group Holdings | 74,800 | 1,773 | ||||||
Murata Manufacturing | 4,800 | 524 | ||||||
Nabtesco | 2,400 | 58 | ||||||
Nagoya Railroad | 19,000 | 71 | ||||||
Namco Bandai Holdings | 35,400 | 749 | ||||||
NEC | 59,000 | 171 | ||||||
Nexon | 3,000 | 28 | ||||||
NGK Insulators | 6,000 | 123 | ||||||
NGK Spark Plug | 4,000 | 122 | ||||||
NH Foods | 33,000 | 722 | ||||||
NHK Spring | 4,200 | 37 | ||||||
Nidec | 5,000 | 323 | ||||||
Nikon | 7,400 | 98 | ||||||
Nintendo | 7,900 | 824 | ||||||
Nippon Building Fund‡ | 34 | 171 | ||||||
Nippon Electric Glass | 7,000 | 31 | ||||||
Nippon Express | 19,000 | 96 | ||||||
Nippon Paint Holdings | 4,000 | 116 | ||||||
Nippon Prologis‡ | 32 | 69 | ||||||
Nippon Steel & Sumitomo Metal | 174,000 | 432 | ||||||
Nippon Suisan Kaisha | 84,600 | 263 | ||||||
Nippon Telegraph & Telephone | 47,900 | 2,447 | ||||||
Nippon Yusen | 35,000 | 99 | ||||||
Nissan Motor | 58,800 | 513 | ||||||
Nisshin Seifun Group | 5,440 | 53 | ||||||
The accompanying notes are an integral part of the financial statements.
66
| THE KP FUNDS | December 31, 2014 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Nissin Foods Holdings | 1,300 | $ | 62 | |||||
Nitori Holdings | 1,600 | 86 | ||||||
Nitto Denko | 3,500 | 196 | ||||||
NOK | 1,800 | 46 | ||||||
Nomura Holdings | 86,000 | 487 | ||||||
Nomura Real Estate Holdings | 2,400 | 41 | ||||||
Nomura Research Institute | 2,500 | 76 | ||||||
NSK | 11,000 | 130 | ||||||
NTT Data | 38,100 | 1,419 | ||||||
NTT DOCOMO | 36,100 | 526 | ||||||
NTT Urban Development | 1,800 | 18 | ||||||
Obayashi | 183,000 | 1,180 | ||||||
Odakyu Electric Railway | 14,000 | 124 | ||||||
Oji Holdings | 16,000 | 57 | ||||||
Olympus | 5,400 | 189 | ||||||
Omron | 4,600 | 206 | ||||||
Ono Pharmaceutical | 1,900 | 168 | ||||||
Onward Holdings | 52,000 | 313 | ||||||
Oracle Japan | 1,000 | 41 | ||||||
Oriental Land | 1,200 | 277 | ||||||
ORIX | 30,300 | 381 | ||||||
Osaka Gas | 44,000 | 164 | ||||||
Otsuka | 900 | 29 | ||||||
Otsuka Holdings | 30,100 | 902 | ||||||
Panasonic | 52,100 | 614 | ||||||
Park24 | 2,600 | 38 | ||||||
Rakuten | 19,100 | 266 | ||||||
Recruit Holdings | 4,000 | 115 | ||||||
Resona Holdings | 272,600 | 1,377 | ||||||
Ricoh | 16,000 | 162 | ||||||
Rinnai | 900 | 60 | ||||||
Rohm | 2,100 | 127 | ||||||
Sankyo | 1,100 | 38 | ||||||
Sanrio | 800 | 20 | ||||||
Santen Pharmaceutical | 1,800 | 97 | ||||||
SBI Holdings | 3,900 | 43 | ||||||
Secom | 22,100 | 1,270 | ||||||
Sega Sammy Holdings | 25,200 | 322 | ||||||
Seibu Holdings | 3,000 | 61 | ||||||
Seiko Epson | 3,000 | 126 | ||||||
Sekisui Chemical | 10,000 | 120 | ||||||
Sekisui House | 65,300 | 859 | ||||||
Seven & i Holdings | 64,900 | 2,335 | ||||||
Seven Bank | 12,800 | 54 | ||||||
Sharp | 34,000 | 75 | ||||||
Shikoku Electric Power | 4,700 | 57 | ||||||
Shimadzu | 6,000 | 61 | ||||||
| Description | Shares | Value (000) | ||||||
Shimamura | 600 | $ | 52 | |||||
Shimano | 1,900 | 246 | ||||||
Shimizu | 65,000 | 441 | ||||||
Shin-Etsu Chemical | 41,300 | 2,689 | ||||||
Shinsei Bank | 38,000 | 66 | ||||||
Shionogi | 6,700 | 173 | ||||||
Shiseido | 37,500 | 526 | ||||||
Shizuoka Bank | 13,000 | 119 | ||||||
Showa Shell Sekiyu | 4,400 | 43 | ||||||
SMC | 1,300 | 341 | ||||||
SoftBank | 21,800 | 1,298 | ||||||
Sompo Japan Nipponkoa Holdings | 30,000 | 754 | ||||||
Sony | 24,800 | 506 | ||||||
Sony Financial Holdings | 3,900 | 57 | ||||||
Stanley Electric | 3,600 | 78 | ||||||
Sumitomo | 26,900 | 276 | ||||||
Sumitomo Chemical | 374,000 | 1,472 | ||||||
Sumitomo Dainippon Pharma | 3,300 | 32 | ||||||
Sumitomo Electric Industries | 77,000 | 962 | ||||||
Sumitomo Forestry | 28,800 | 282 | ||||||
Sumitomo Heavy Industries | 13,000 | 70 | ||||||
Sumitomo Metal Mining | 12,000 | 179 | ||||||
Sumitomo Mitsui Financial Group | 85,500 | 3,091 | ||||||
Sumitomo Mitsui Trust Holdings | 79,000 | 303 | ||||||
Sumitomo Realty & Development | 9,000 | 307 | ||||||
Sumitomo Rubber Industries | 4,300 | 64 | ||||||
Suntory Beverage & Food | 3,000 | 104 | ||||||
Suruga Bank | 4,000 | 74 | ||||||
Suzuken | 1,700 | 47 | ||||||
Suzuki Motor | 8,200 | 246 | ||||||
Sysmex | 3,400 | 151 | ||||||
T&D Holdings | 14,000 | 168 | ||||||
Taiheiyo Cement | 26,000 | 82 | ||||||
Taisei | 25,000 | 142 | ||||||
Taisho Pharmaceutical Holdings | 600 | 37 | ||||||
Taiyo Nippon Sanso | 4,000 | 44 | ||||||
Takashimaya | 5,000 | 40 | ||||||
Takeda Pharmaceutical | 18,600 | 770 | ||||||
TDK | 3,000 | 177 | ||||||
Teijin | 18,000 | 48 | ||||||
Terumo | 95,800 | 2,174 | ||||||
THK | 2,900 | 70 | ||||||
Tobu Railway | 23,000 | 98 | ||||||
Toho | 2,200 | 50 | ||||||
Toho Gas | 10,000 | 49 | ||||||
Tohoku Electric Power | 57,200 | 666 | ||||||
Tokio Marine Holdings | 16,400 | 533 | ||||||
The accompanying notes are an integral part of the financial statements.
67
| THE KP FUNDS | December 31, 2014 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Tokyo Electric Power | 32,600 | $ | 133 | |||||
Tokyo Electron | 4,100 | 311 | ||||||
Tokyo Gas | 132,000 | 712 | ||||||
Tokyo Tatemono | 10,000 | 73 | ||||||
Tokyu | 26,000 | 161 | ||||||
Tokyu Fudosan Holdings | 9,700 | 67 | ||||||
TonenGeneral Sekiyu | 7,000 | 60 | ||||||
Toppan Printing | 12,000 | 78 | ||||||
Toray Industries | 33,000 | 264 | ||||||
Toshiba | 92,000 | 388 | ||||||
TOTO | 6,000 | 70 | ||||||
Toyo Seikan Group Holdings | 44,600 | 554 | ||||||
Toyo Suisan Kaisha | 24,000 | 773 | ||||||
Toyoda Gosei | 1,800 | 36 | ||||||
Toyota Industries | 22,100 | 1,133 | ||||||
Toyota Motor | 100,500 | 6,263 | ||||||
Toyota Tsusho | 4,600 | 107 | ||||||
Trend Micro | 2,300 | 64 | ||||||
Unicharm | 8,500 | 204 | ||||||
United Urban Investment‡ | 55 | 87 | ||||||
USS | 5,100 | 78 | ||||||
West Japan Railway | 25,200 | 1,191 | ||||||
Yahoo Japan | 31,500 | 113 | ||||||
Yakult Honsha | 1,900 | 100 | ||||||
Yamada Denki | 98,700 | 331 | ||||||
Yamaguchi Financial Group | 4,000 | 41 | ||||||
Yamaha | 3,400 | 50 | ||||||
Yamaha Motor | 5,700 | 114 | ||||||
Yamato Holdings | 56,400 | 1,117 | ||||||
Yamato Kogyo | 700 | 20 | ||||||
Yamazaki Baking | 2,000 | 25 | ||||||
Yaskawa Electric | 5,100 | 65 | ||||||
Yokogawa Electric | 5,000 | 55 | ||||||
Yokohama Rubber | 4,000 | 36 | ||||||
|
| |||||||
| 139,079 | ||||||||
|
| |||||||
Luxembourg — 0.2% | ||||||||
Altice* | 2,109 | 166 | ||||||
ArcelorMittal | 62,559 | 685 | ||||||
Millicom International Cellular | 4,717 | 350 | ||||||
O’Key Group GDR | 44,795 | 197 | ||||||
Oriflame Cosmetics | 1,600 | 22 | ||||||
RTL Group | 851 | 81 | ||||||
SES | 7,266 | 261 | ||||||
Tenaris | 11,038 | 167 | ||||||
Ternium ADR | 8,233 | 145 | ||||||
|
| |||||||
| 2,074 | ||||||||
|
| |||||||
| Description | Shares | Value (000) | ||||||
Macau — 0.0% | ||||||||
Sands China | 57,600 | $ | 280 | |||||
|
| |||||||
Malaysia — 0.7% | ||||||||
AirAsia | 795,300 | 619 | ||||||
Allianz Malaysia | 9,000 | 29 | ||||||
Brem Holding | 205,400 | 60 | ||||||
Cahya Mata Sarawak | 539,700 | 608 | ||||||
CB Industrial Product Holdings | 62,400 | 36 | ||||||
DiGi.Com | 317,100 | 559 | ||||||
Engtex Group | 86,100 | 27 | ||||||
Fitters Diversified | 288,540 | 51 | ||||||
George Kent Malaysia | 127,200 | 42 | ||||||
Hong Leong Financial Group | 11,700 | 55 | ||||||
Hong Leong Industries | 19,900 | 25 | ||||||
Hua Yang | 51,600 | 30 | ||||||
Insas | 330,800 | 74 | ||||||
JCY International | 162,700 | 25 | ||||||
KSL Holdings* | 645,000 | 342 | ||||||
Land & General | 877,700 | 129 | ||||||
LBS Bina Group | 110,800 | 51 | ||||||
Malayan Flour Mills | 67,100 | 30 | ||||||
Malaysia Building Society | 196,000 | 136 | ||||||
Malaysian Pacific Industries | 84,200 | 108 | ||||||
Mega First | 48,700 | 33 | ||||||
MISC | 24,300 | 50 | ||||||
Muda Holdings | 62,500 | 23 | ||||||
Muhibbah Engineering | 248,700 | 133 | ||||||
Naim Holdings | 34,600 | 29 | ||||||
OSK Property Holdings | 44,800 | 26 | ||||||
Press Metal | 68,400 | 50 | ||||||
Protasco | 246,500 | 100 | ||||||
Scientex | 21,600 | 44 | ||||||
Sunway | 226,100 | 211 | ||||||
Syarikat Takaful Malaysia | 6,000 | 19 | ||||||
TA Enterprise | 139,600 | 28 | ||||||
Telekom Malaysia | 1,159,800 | 2,277 | ||||||
Tiong NAM Logistics Holdings | 81,600 | 26 | ||||||
Tropicana | 80,600 | 24 | ||||||
Unisem | 431,200 | 218 | ||||||
VS Industry | 148,800 | 107 | ||||||
WTK Holdings | 488,200 | 152 | ||||||
YTL Power International | 329,905 | 139 | ||||||
|
| |||||||
| 6,725 | ||||||||
|
| |||||||
Mexico — 1.7% | ||||||||
America Movil ADR | 259,069 | 5,746 | ||||||
Compartamos* | 105,540 | 212 | ||||||
The accompanying notes are an integral part of the financial statements.
68
| THE KP FUNDS | December 31, 2014 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Gruma, Cl B | 61,372 | $ | 864 | |||||
Grupo Aeromexico* | 247,363 | 343 | ||||||
Grupo Aeroportuario del Pacifico ADR | 146,210 | 1,249 | ||||||
Grupo Comercial Chedraui* | 217,400 | 623 | ||||||
Grupo Financiero Inbursa, Cl O | 993,259 | 2,564 | ||||||
Grupo Financiero Interacciones, Cl O | 177,106 | 1,207 | ||||||
Grupo Simec, Cl B* | 99,000 | 340 | ||||||
Grupo Televisa ADR* | 29,629 | 1,009 | ||||||
Industrias Bachoco ADR* | 267 | 14 | ||||||
Megacable Holdings* | 32,374 | 126 | ||||||
OHL Mexico* | 625,521 | 1,160 | ||||||
Vitro* | 41,639 | 99 | ||||||
|
| |||||||
| 15,556 | ||||||||
|
| |||||||
Netherlands — 3.9% | ||||||||
Aegon | 43,439 | 326 | ||||||
Airbus Group | 26,179 | 1,294 | ||||||
Akzo Nobel | 70,351 | 4,868 | ||||||
ASML Holding | 10,820 | 1,169 | ||||||
Boskalis Westminster | 24,531 | 1,342 | ||||||
Corio‡ | 1,725 | 84 | ||||||
Delta Lloyd | 4,498 | 99 | ||||||
Gemalto | 1,925 | 157 | ||||||
Heineken | 51,796 | 3,678 | ||||||
Heineken Holding | 2,366 | 148 | ||||||
ING Groep* | 477,136 | 6,164 | ||||||
James Hardie Industries | 10,970 | 117 | ||||||
Koninklijke Ahold | 64,636 | 1,149 | ||||||
Koninklijke DSM | 4,126 | 252 | ||||||
Koninklijke KPN | 260,562 | 823 | ||||||
Koninklijke Philips | 50,813 | 1,473 | ||||||
Koninklijke Vopak | 1,613 | 84 | ||||||
NN Group* | 2,641 | 79 | ||||||
OCI* | 1,766 | 61 | ||||||
QIAGEN* | 5,014 | 117 | ||||||
Randstad Holding | 93,605 | 4,504 | ||||||
Reed Elsevier | 16,609 | 397 | ||||||
Royal Dutch Shell, Cl A | 197,858 | 6,699 | ||||||
STMicroelectronics | 15,157 | 113 | ||||||
TNT Express | 10,238 | 68 | ||||||
Unilever | 37,023 | 1,448 | ||||||
Wolters Kluwer | 6,805 | 208 | ||||||
|
| |||||||
| 36,921 | ||||||||
|
| |||||||
New Zealand — 0.1% | ||||||||
Auckland International Airport | 23,523 | 77 | ||||||
Contact Energy | 9,563 | 48 | ||||||
Fletcher Building | 17,022 | 110 | ||||||
| Description | Shares | Value (000) | ||||||
Meridian Energy | 27,065 | $ | 37 | |||||
Mighty River Power | 15,091 | 35 | ||||||
Ryman Healthcare | 7,227 | 48 | ||||||
Spark New Zealand | 236,810 | 574 | ||||||
|
| |||||||
| 929 | ||||||||
|
| |||||||
Norway — 0.4% | ||||||||
DNB | 82,754 | 1,221 | ||||||
Gjensidige Forsikring | 4,380 | 72 | ||||||
Norsk Hydro | 31,360 | 177 | ||||||
Orkla | 17,573 | 120 | ||||||
Schibsted | 10,457 | 663 | ||||||
Statoil | 56,191 | 989 | ||||||
Telenor | 17,865 | 361 | ||||||
Yara International | 4,341 | 193 | ||||||
|
| |||||||
| 3,796 | ||||||||
|
| |||||||
Panama — 0.0% | ||||||||
Avianca Holdings ADR | 3,928 | 46 | ||||||
|
| |||||||
Peru — 0.0% | ||||||||
Cia de Minas Buenaventura ADR | 30,141 | 288 | ||||||
|
| |||||||
Philippines — 0.4% | ||||||||
ABS-CBN Holdings | 61,800 | 64 | ||||||
Cebu Air | 159,080 | 304 | ||||||
Energy Development | 3,687,700 | 670 | ||||||
First Gen | 517,900 | 294 | ||||||
Globe Telecom | 7,150 | 275 | ||||||
GT Capital Holdings | 6,400 | 147 | ||||||
Lopez Holdings | 1,703,000 | 254 | ||||||
Pepsi-Cola Products Philippines* | 725,000 | 66 | ||||||
San Miguel | 144,580 | 238 | ||||||
Universal Robina | 216,370 | 943 | ||||||
Vista Land & Lifescapes | 1,009,400 | 162 | ||||||
|
| |||||||
| 3,417 | ||||||||
|
| |||||||
Poland — 0.6% | ||||||||
Asseco Poland | 16,913 | 243 | ||||||
Boryszew* | 28,124 | 46 | ||||||
Ciech | 3,026 | 37 | ||||||
Enea | 119,958 | 516 | ||||||
Energa | 127,200 | 827 | ||||||
Fabryki Mebli Forte | 3,800 | 55 | ||||||
Getin Noble Bank* | 229,697 | 141 | ||||||
KGHM Polska Miedz | 28,847 | 879 | ||||||
Orange Polska | 383,554 | 896 | ||||||
PGE | 378,477 | 2,001 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo | 92,541 | 116 | ||||||
|
| |||||||
| 5,757 | ||||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
69
| THE KP FUNDS | December 31, 2014 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Portugal — 0.0% | ||||||||
Banco Comercial Portugues, Cl R* | 52,125 | $ | 60 | |||||
Banco Espirito Santo (B)* | 46,916 | — | ||||||
EDP-Energias de Portugal | 52,125 | 202 | ||||||
Galp Energia | 9,576 | 97 | ||||||
Jeronimo Martins | 6,261 | 63 | ||||||
|
| |||||||
| 422 | ||||||||
|
| |||||||
Qatar — 0.0% | ||||||||
Mannai | 2,592 | 77 | ||||||
|
| |||||||
Russia — 0.3% | ||||||||
Gazprom OAO ADR | 48,128 | 222 | ||||||
Globaltrans Investment GDR | 8,349 | 42 | ||||||
LSR Group GDR | 9,200 | 14 | ||||||
Lukoil OAO ADR | 8,701 | 334 | ||||||
Magnitogorsk Iron & Steel Works GDR | 56,380 | 136 | ||||||
Sberbank of Russia ADR | 217,801 | 880 | ||||||
Sistema GDR | 82,600 | 433 | ||||||
Surgutneftegas OAO ADR | 173,726 | 735 | ||||||
Tatneft OAO ADR | 16,187 | 397 | ||||||
United RUSAL* | 51,000 | 34 | ||||||
|
| |||||||
| 3,227 | ||||||||
|
| |||||||
Singapore — 1.3% | ||||||||
Ascendas‡ | 44,000 | 79 | ||||||
CapitaCommercial Trust‡ | 52,000 | 69 | ||||||
CapitaLand | 60,000 | 149 | ||||||
CapitaMall Trust‡ | 53,000 | 81 | ||||||
City Developments | 9,000 | 70 | ||||||
ComfortDelGro | 46,000 | 90 | ||||||
DBS Group Holdings | 381,543 | 5,907 | ||||||
Global Logistic Properties | 72,000 | 134 | ||||||
Golden Agri-Resources | 163,000 | 57 | ||||||
Great Eastern Holdings | 55,000 | 994 | ||||||
GuocoLeisure | 300,000 | 202 | ||||||
Hutchison Port Holdings Trust, Cl U | 128,000 | 88 | ||||||
Jardine Cycle & Carriage | 3,000 | 96 | ||||||
Keppel | 35,000 | 233 | ||||||
Keppel Land | 17,000 | 44 | ||||||
Oversea-Chinese Banking | 68,545 | 539 | ||||||
Sembcorp Industries | 20,000 | 67 | ||||||
Sembcorp Marine | 17,000 | 42 | ||||||
Singapore Airlines | 13,000 | 113 | ||||||
Singapore Exchange | 19,000 | 112 | ||||||
Singapore Press Holdings | 35,000 | 111 | ||||||
Singapore Technologies Engineering | 37,000 | 95 | ||||||
Singapore Telecommunications | 566,000 | 1,661 | ||||||
StarHub | 15,000 | 47 | ||||||
| Description | Shares | Value (000) | ||||||
Suntec‡ | 51,000 | $ | 75 | |||||
United Industrial | 24,000 | 61 | ||||||
United Overseas Bank | 30,588 | 564 | ||||||
UOL Group | 11,257 | 59 | ||||||
Wilmar International | 44,000 | 107 | ||||||
|
| |||||||
| 11,946 | ||||||||
|
| |||||||
South Africa — 1.7% | ||||||||
African Bank Investments (B) | 638,711 | — | ||||||
Astral Foods | 3,506 | 53 | ||||||
Barclays Africa Group | 14,443 | 226 | ||||||
Barloworld | 25,200 | 207 | ||||||
Blue Label Telecoms | 149,723 | 114 | ||||||
Capital Property Fund‡ | 60,673 | 70 | ||||||
Clicks Group | 11,660 | 82 | ||||||
Coronation Fund Managers | 73,197 | 724 | ||||||
FirstRand | 855,977 | 3,721 | ||||||
Group Five | 10,037 | 25 | ||||||
Hulamin* | 54,835 | 38 | ||||||
Investec | 55,752 | 467 | ||||||
Mpact | 11,854 | 38 | ||||||
MTN Group | 22,343 | 425 | ||||||
Murray & Roberts Holdings | 319,194 | 587 | ||||||
Netcare | 187,519 | 613 | ||||||
Oceana Group | 4,049 | 37 | ||||||
Old Mutual | 171,421 | 511 | ||||||
Peregrine Holdings | 93,567 | 187 | ||||||
Randgold Resources | 1,898 | 129 | ||||||
Sanlam | 93,740 | 564 | ||||||
Sappi* | 23,828 | 86 | ||||||
Sasol | 55,180 | 2,060 | ||||||
Sibanye Gold ADR | 559,892 | 1,181 | ||||||
Standard Bank Group | 242,799 | 2,992 | ||||||
Telkom | 88,926 | 535 | ||||||
Tongaat Hulett | 4,465 | 67 | ||||||
|
| |||||||
| 15,739 | ||||||||
|
| |||||||
South Korea — 3.8% | ||||||||
Aekyung Petrochemical* | 513 | 29 | ||||||
AMOREPACIFIC Group* | 180 | 163 | ||||||
Asia Cement* | 400 | 44 | ||||||
Asia Paper Manufacturing* | 1,464 | 32 | ||||||
CKH Food & Health* | 116,805 | 415 | ||||||
Dae Han Flour Mills* | 229 | 32 | ||||||
Daedong* | 8,015 | 30 | ||||||
Daeduck* | 6,744 | 74 | ||||||
Daeduck Electronics* | 22,500 | 183 | ||||||
Daesung Holdings* | 3,710 | 36 | ||||||
The accompanying notes are an integral part of the financial statements.
70
| THE KP FUNDS | December 31, 2014 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Daewoo Securities* | 10,861 | $ | 96 | |||||
Daou Data* | 19,087 | 123 | ||||||
DAP* | 6,942 | 23 | ||||||
Dayou Smart Aluminium* | 77,280 | 86 | ||||||
Dong-A Hwasung, Cl A* | 6,581 | 33 | ||||||
Dongbu Securities* | 8,251 | 28 | ||||||
Dongwon Development* | 1,770 | 48 | ||||||
Dongwon F&B* | 354 | 94 | ||||||
Dongyang E&P* | 10,103 | 99 | ||||||
DRB Industrial | 4,249 | 35 | ||||||
Easy Bio* | 12,255 | 60 | ||||||
Eugene Investment & Securities* | 14,700 | 26 | ||||||
Eusu Holdings* | 10,158 | 78 | ||||||
FarmStory* | 26,064 | 30 | ||||||
GMB Korea* | 5,250 | 30 | ||||||
Hana Financial Group | 57,336 | 1,661 | ||||||
Hanil Cement* | 880 | 116 | ||||||
Hanil E-Hwa* | 9,130 | 113 | ||||||
Heungkuk Fire & Marine Insurance* | 9,159 | 31 | ||||||
Huvis* | 5,330 | 54 | ||||||
HwaSung Industrial* | 8,260 | 91 | ||||||
Hyundai Hy Communications & Networks* | 10,918 | 44 | ||||||
Hyundai Motor* | 5,869 | 896 | ||||||
Ilji Technology* | 3,304 | 33 | ||||||
Jahwa Electronics* | 8,785 | 98 | ||||||
Jinro Distillers* | 1,394 | 37 | ||||||
KB Financial Group* | 13,820 | 452 | ||||||
KG Chemical* | 1,920 | 29 | ||||||
Kia Motors* | 63,165 | 3,001 | ||||||
KISCO* | 1,295 | 34 | ||||||
Kolon Industries* | 10,149 | 446 | ||||||
Korea Electric Power* | 73,180 | 2,820 | ||||||
Korea Flange* | 2,892 | 45 | ||||||
Korea Info & Comm* | 11,567 | 83 | ||||||
KT* | 12,119 | 343 | ||||||
Kukbo Design* | 2,215 | 27 | ||||||
Kumkang Kind* | 2,366 | 129 | ||||||
Kunsul Chemical Industrial* | 920 | 40 | ||||||
Kwangju Bank* | 5,257 | 46 | ||||||
Kyobo Securities* | 3,946 | 29 | ||||||
Kyungchang Industrial* | 16,273 | 131 | ||||||
LF* | 1,609 | 44 | ||||||
LG Display ADR | 177,864 | 2,695 | ||||||
LG Innotek* | 9,391 | 955 | ||||||
LG Uplus* | 45,390 | 473 | ||||||
Lotte Shopping* | 3,698 | 915 | ||||||
| Description | Shares | Value (000) | ||||||
Mobase* | 3,657 | $ | 35 | |||||
Moorim Paper* | 35,210 | 67 | ||||||
Neowiz Games* | 10,118 | 209 | ||||||
Nice Information & Telecommunication* | 14,278 | 319 | ||||||
NVH Korea* | 11,697 | 42 | ||||||
RedcapTour* | 1,671 | 48 | ||||||
S&T Motiv* | 1,240 | 47 | ||||||
S-1* | 6,688 | 431 | ||||||
Saeron Automotive* | 4,310 | 43 | ||||||
Sam Young Electronics* | 8,260 | 89 | ||||||
Samkee Automotive* | 26,764 | 99 | ||||||
Samsung Electronics | 9,452 | 11,364 | ||||||
Samyang Genex* | 366 | 32 | ||||||
Seah Besteel* | 3,277 | 83 | ||||||
SeAH Holdings* | 225 | 33 | ||||||
SeAH Special Steel* | 3,085 | 68 | ||||||
SeAH Steel* | 704 | 51 | ||||||
Sejong Industrial* | 3,340 | 39 | ||||||
Seoyeon* | 3,086 | 34 | ||||||
Sewon Precision Industry | 1,240 | 28 | ||||||
Shindaeyang Paper* | 1,116 | 34 | ||||||
Shinhan Financial Group* | 26,850 | 1,079 | ||||||
SK Gas* | 3,435 | 302 | ||||||
SK Hynix* | 76,860 | 3,285 | ||||||
SL* | 3,748 | 59 | ||||||
Ssangyong Cement Industrial* | 4,042 | 44 | ||||||
Tongyang Life Insurance* | 7,647 | 75 | ||||||
TS* | 1,470 | 33 | ||||||
|
| |||||||
| 35,910 | ||||||||
|
| |||||||
Spain — 1.7% | ||||||||
Abertis Infraestructuras | 9,119 | 181 | ||||||
Acciona | 5,604 | 378 | ||||||
Acerinox | 41,999 | 634 | ||||||
ACS Actividades de Construccion y Servicios | 4,269 | 149 | ||||||
Amadeus IT Holding, Cl A | 79,157 | 3,153 | ||||||
Banco Bilbao Vizcaya Argentaria | 138,412 | 1,307 | ||||||
Banco de Sabadell | 76,756 | 203 | ||||||
Banco Popular Espanol | 40,092 | 200 | ||||||
Banco Santander | 409,480 | 3,437 | ||||||
Bankia* | 107,642 | 160 | ||||||
Bankinter | 16,441 | 132 | ||||||
CaixaBank | 53,322 | 279 | ||||||
Distribuidora Internacional de Alimentacion | 13,334 | 90 | ||||||
Enagas | 4,762 | 150 | ||||||
Ferrovial | 9,699 | 192 | ||||||
The accompanying notes are an integral part of the financial statements.
71
| THE KP FUNDS | December 31, 2014 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Gas Natural SDG | 7,880 | $ | 198 | |||||
Grifols | 3,517 | 140 | ||||||
Iberdrola | 121,771 | 821 | ||||||
Inditex | 25,729 | 734 | ||||||
International Consolidated Airlines Group* | 23,823 | 177 | ||||||
Mapfre | 21,046 | 71 | ||||||
Mediaset Espana Comunicacion | 34,195 | 430 | ||||||
Red Electrica | 2,458 | 217 | ||||||
Repsol | 23,990 | 449 | ||||||
Telefonica* | 110,807 | 1,591 | ||||||
Viscofan | 13,152 | 698 | ||||||
Zardoya Otis | 4,167 | 46 | ||||||
|
| |||||||
| 16,217 | ||||||||
|
| |||||||
Sweden — 1.9% | ||||||||
Alfa Laval | 7,403 | 140 | ||||||
Assa Abloy, Cl B | 50,845 | 2,685 | ||||||
Atlas Copco, Cl B | 24,145 | 652 | ||||||
Boliden | 6,128 | 98 | ||||||
Electrolux | 5,630 | 165 | ||||||
Elekta, Cl B | 8,000 | 82 | ||||||
Getinge, Cl B | 4,515 | 103 | ||||||
Hennes & Mauritz, Cl B | 92,163 | 3,829 | ||||||
Hexagon, Cl B | 5,951 | 184 | ||||||
Husqvarna, Cl B | 8,795 | 65 | ||||||
ICA Gruppen | 1,669 | 65 | ||||||
Industrivarden, Cl C | 3,317 | 58 | ||||||
Investment Kinnevik, Cl B | 5,319 | 173 | ||||||
Investor, Cl B | 10,820 | 393 | ||||||
Lundin Petroleum* | 4,519 | 65 | ||||||
Modern Times Group, Cl B | 12,351 | 392 | ||||||
Nordea Bank | 108,859 | 1,260 | ||||||
Sandvik | 23,939 | 233 | ||||||
Securitas, Cl B | 6,498 | 79 | ||||||
Skandinaviska Enskilda Banken, Cl A | 34,749 | 441 | ||||||
Skanska, Cl B | 8,584 | 184 | ||||||
SKF, Cl B | 9,011 | 190 | ||||||
Svenska Cellulosa, Cl B | 14,012 | 302 | ||||||
Svenska Handelsbanken, Cl A | 47,597 | 2,227 | ||||||
Swedbank, Cl A | 21,421 | 531 | ||||||
Swedish Match | 29,634 | 928 | ||||||
Tele2, Cl B | 7,309 | 88 | ||||||
Telefonaktiebolaget LM Ericsson, Cl B | 139,170 | 1,685 | ||||||
TeliaSonera | 56,614 | 364 | ||||||
Volvo, Cl B | 36,434 | 393 | ||||||
|
| |||||||
| 18,054 | ||||||||
|
| |||||||
| Description | Shares | Value (000) | ||||||
Switzerland — 6.1% | ||||||||
ABB | 56,671 | $ | 1,199 | |||||
Actelion | 2,453 | 282 | ||||||
Adecco | 16,760 | 1,152 | ||||||
Aryzta | 2,041 | 157 | ||||||
Baloise Holding | 1,117 | 143 | ||||||
Barry Callebaut | 46 | 47 | ||||||
Chocoladefabriken Lindt & Sprungli | 25 | 229 | ||||||
Cie Financiere Richemont | 29,777 | 2,640 | ||||||
Coca-Cola | 4,488 | 85 | ||||||
Credit Suisse Group | 35,954 | 903 | ||||||
EMS-Chemie Holding | 189 | 77 | ||||||
Geberit | 5,933 | 2,007 | ||||||
Givaudan | 219 | 393 | ||||||
Helvetia Holding | 220 | 105 | ||||||
Holcim | 5,438 | 389 | ||||||
Julius Baer Group | 5,032 | 230 | ||||||
Kuehne + Nagel International | 11,836 | 1,608 | ||||||
Logitech International | 35,911 | 487 | ||||||
Lonza Group | 1,246 | 140 | ||||||
Nestle | 197,310 | 14,384 | ||||||
Novartis | 75,361 | 6,989 | ||||||
Pargesa Holding | 626 | 48 | ||||||
Partners Group Holding | 378 | 110 | ||||||
Roche Holding | 35,596 | 9,644 | ||||||
Schindler Holding | 1,525 | 220 | ||||||
SGS | 123 | 251 | ||||||
Sika | 49 | 145 | ||||||
Sonova Holding | 18,619 | 2,735 | ||||||
Sulzer | 498 | 53 | ||||||
Swatch Group | 1,858 | 423 | ||||||
Swiss Life Holding | 749 | 177 | ||||||
Swiss Prime Site | 1,250 | 92 | ||||||
Swiss Re | 8,308 | 696 | ||||||
Swisscom | 555 | 291 | ||||||
Syngenta | 2,193 | 705 | ||||||
Transocean | 8,494 | 156 | ||||||
UBS Group* | 413,257 | 7,104 | ||||||
Zurich Insurance Group | 3,515 | 1,099 | ||||||
|
| |||||||
| 57,595 | ||||||||
|
| |||||||
Taiwan — 2.5% | ||||||||
Advanced Semiconductor Engineering ADR | 232,845 | 1,427 | ||||||
AU Optronics ADR | 463,190 | 2,358 | ||||||
ChipMOS TECHNOLOGIES | 13,900 | 324 | ||||||
Delta Electronics | 74,000 | 437 | ||||||
The accompanying notes are an integral part of the financial statements.
72
| THE KP FUNDS | December 31, 2014 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Hon Hai Precision Industry GDR | 273,458 | $ | 1,520 | |||||
Siliconware Precision Industries ADR | 285,354 | 2,155 | ||||||
Taiwan Semiconductor Manufacturing ADR | 835,791 | 14,571 | ||||||
Yungtay Engineering | 423,000 | 1,058 | ||||||
|
| |||||||
| 23,850 | ||||||||
|
| |||||||
Thailand — 1.4% | ||||||||
Asia Plus Securities | 438,100 | 54 | ||||||
Bangkok Bank | 172,100 | 1,018 | ||||||
Cal-Comp Electronics Thailand | 829,992 | 70 | ||||||
Delta Electronics Thailand | 171,600 | 366 | ||||||
Electricity Generating | 14,500 | 73 | ||||||
GFPT | 1,708,800 | 917 | ||||||
Hana Microelectronics | 682,600 | 786 | ||||||
Kasikornbank PLC | 129,700 | 898 | ||||||
KCE Electronics | 523,600 | 541 | ||||||
KGI Securities Thailand | 399,600 | 42 | ||||||
Krung Thai Bank | 943,200 | 647 | ||||||
Krungthai Card | 26,200 | 51 | ||||||
Lalin Property | 282,000 | 35 | ||||||
Loxley | 513,100 | 66 | ||||||
MFEC | 216,800 | 52 | ||||||
MK Real Estate | 283,600 | 37 | ||||||
Pruksa Real Estate | 66,900 | 58 | ||||||
PTT | 343,100 | 3,361 | ||||||
PTT Global Chemical | 779,400 | 1,209 | ||||||
Raimon Land* | 3,087,200 | 174 | ||||||
Ratchaburi Electricity Generating Holding | 123,900 | 220 | ||||||
RS | 164,000 | 84 | ||||||
SC Asset | 330,300 | 35 | ||||||
Siam Commercial Bank | 107,100 | 590 | ||||||
Siamgas & Petrochemicals | 496,400 | 143 | ||||||
Somboon Advance Technology | 67,400 | 33 | ||||||
SVI | 1,989,900 | 241 | ||||||
Syntec Construction | 2,491,000 | 202 | ||||||
Thai Vegetable Oil | 176,300 | 114 | ||||||
Thanachart Capital | 645,900 | 620 | ||||||
|
| |||||||
| 12,737 | ||||||||
|
| |||||||
Turkey — 1.3% | ||||||||
Adana Cimento Sanayii, Cl A | 53,391 | 125 | ||||||
Akcansa Cimento | 36,973 | 246 | ||||||
Aksigorta | 25,000 | 27 | ||||||
Albaraka Turk Katilim Bankasi | 44,267 | 33 | ||||||
Anadolu Anonim Turk Sigorta Sirketi* | 148,517 | 90 | ||||||
Baticim Bati Anadolu Cimento Sanayii | 13,568 | 42 | ||||||
| Description | Shares | Value (000) | ||||||
Bossa Ticaret Ve Sanayi Isletmeleri Tas | 34,718 | $ | 54 | |||||
Cimsa Cimento Sanayi ve Ticaret | 107,157 | 732 | ||||||
EGE Seramik Sanayi ve Ticaret | 22,722 | 39 | ||||||
Goodyear Lastikleri | 24,266 | 942 | ||||||
Gubre Fabrikalari | 107,083 | 230 | ||||||
Haci Omer Sabanci Holding | 66,460 | 288 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret, Cl B* | 278,175 | 301 | ||||||
KOC Holding | 55,127 | 292 | ||||||
Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret* | 76,167 | 141 | ||||||
Selcuk Ecza Deposu Ticaret ve Sanayi A.S. | 39,922 | 37 | ||||||
Soda Sanayii | 175,191 | 320 | ||||||
Tat Gida Sanayi* | 111,303 | 190 | ||||||
Tupras Turkiye Petrol Rafinerileri | 17,970 | 425 | ||||||
Turk Ekonomi Bankasi* | 51,500 | 54 | ||||||
Turk Hava Yollari* | 571,867 | 2,350 | ||||||
Turkiye Garanti Bankasi | 261,071 | 1,049 | ||||||
Turkiye Is Bankasi, Cl C | 919,209 | 2,643 | ||||||
Vestel Beyaz Esya Sanayi ve Ticaret | 112,100 | 519 | ||||||
Vestel Elektronik Sanayi ve Ticaret* | 470,230 | 1,278 | ||||||
|
| |||||||
| 12,447 | ||||||||
|
| |||||||
United Kingdom — 16.4% | ||||||||
3i Group | 148,930 | 1,039 | ||||||
Aberdeen Asset Management | 20,257 | 135 | ||||||
Admiral Group | 37,911 | 778 | ||||||
Aggreko | 6,030 | 141 | ||||||
Amec Foster Wheeler | 27,247 | 360 | ||||||
Anglo American | 15,580 | 289 | ||||||
Anglo American PLC | 33,001 | 611 | ||||||
Antofagasta | 9,750 | 114 | ||||||
ARM Holdings | 33,255 | 511 | ||||||
Ashtead Group | 12,099 | 215 | ||||||
Associated British Foods | 8,455 | 413 | ||||||
AstraZeneca | 28,696 | 2,027 | ||||||
Aviva | 69,749 | 524 | ||||||
Babcock International Group | 6,220 | 102 | ||||||
BAE Systems | 227,228 | 1,662 | ||||||
Barclays | 1,394,107 | 5,241 | ||||||
Barratt Developments | 26,645 | 194 | ||||||
Berendsen | 14,677 | 251 | ||||||
Betfair Group | 30,200 | 737 | ||||||
BG Group | 290,414 | 3,886 | ||||||
BHP Billiton | 82,541 | 1,769 | ||||||
BP | 731,606 | 4,644 | ||||||
The accompanying notes are an integral part of the financial statements.
73
| THE KP FUNDS | December 31, 2014 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
British American Tobacco | 44,122 | $ | 2,391 | |||||
British Land‡ | 23,096 | 279 | ||||||
BT Group PLC, Cl A | 185,004 | 1,151 | ||||||
Bunzl | 71,294 | 1,949 | ||||||
Burberry Group | 10,616 | 269 | ||||||
Cable & Wireless Communications | 565,659 | 435 | ||||||
Capita | 123,773 | 2,075 | ||||||
Carnival | 23,632 | 1,068 | ||||||
Centrica | 139,986 | 606 | ||||||
Close Brothers Group | 6,061 | 140 | ||||||
Cobham | 27,784 | 139 | ||||||
Compass Group PLC | 607,662 | 10,387 | ||||||
Croda International | 3,210 | 132 | ||||||
Daily Mail & General Trust, Cl A | 55,636 | 711 | ||||||
Delphi Automotive PLC | 28,005 | 2,036 | ||||||
Devro | 70,565 | 333 | ||||||
Diageo PLC | 223,593 | 6,405 | ||||||
Direct Line Insurance Group | 34,218 | 155 | ||||||
Dixons Carphone | 21,655 | 156 | ||||||
easyJet | 3,671 | 95 | ||||||
Fresnillo | 5,505 | 65 | ||||||
G4S | 306,376 | 1,322 | ||||||
GKN | 37,317 | 199 | ||||||
GlaxoSmithKline | 115,707 | 2,482 | ||||||
Glencore | 387,825 | 1,790 | ||||||
GVC Holdings* | 15,708 | 118 | ||||||
Hammerson‡ | 18,965 | 178 | ||||||
Hargreaves Lansdown | 5,453 | 85 | ||||||
Hays PLC | 672,944 | 1,514 | ||||||
HomeServe | 121,912 | 639 | ||||||
HSBC Holdings PLC | 1,157,766 | 10,947 | ||||||
ICAP | 123,489 | 865 | ||||||
IG Group Holdings | 57,638 | 644 | ||||||
IMI | 11,856 | 232 | ||||||
Imperial Tobacco Group | 21,752 | 958 | ||||||
Inchcape | 38,149 | 429 | ||||||
Indivior PLC* | 82,643 | 192 | ||||||
Informa PLC | 53,295 | 389 | ||||||
Inmarsat | 9,480 | 118 | ||||||
InterContinental Hotels Group | 5,315 | 214 | ||||||
International Personal Finance | 112,077 | 779 | ||||||
Intertek Group | 49,683 | 1,798 | ||||||
Intu Properties‡ | 19,475 | 101 | ||||||
Investec | 13,144 | 110 | ||||||
ITV | 555,047 | 1,851 | ||||||
J Sainsbury | 27,429 | 105 | ||||||
Johnson Matthey | 4,603 | 242 | ||||||
| Description | Shares | Value (000) | ||||||
Jupiter Fund Management | 57,069 | $ | 322 | |||||
Kingfisher | 56,554 | 299 | ||||||
Land Securities Group‡ | 18,812 | 338 | ||||||
Legal & General Group | 140,487 | 542 | ||||||
Lloyds Banking Group* | 2,645,616 | 3,112 | ||||||
London Stock Exchange Group | 5,098 | 175 | ||||||
Marks & Spencer Group | 39,051 | 289 | ||||||
Meggitt | 18,933 | 152 | ||||||
Melrose Industries | 23,105 | 96 | ||||||
Merlin Entertainments (A) | 162,038 | 1,003 | ||||||
Michael Page International | 21,832 | 139 | ||||||
Millennium & Copthorne Hotels | 13,840 | 127 | ||||||
Moneysupermarket.com Group | 129,613 | 469 | ||||||
National Express Group | 31,219 | 120 | ||||||
National Grid | 85,709 | 1,216 | ||||||
Next | 3,645 | 387 | ||||||
Northgate | 16,584 | 157 | ||||||
Old Mutual | 116,817 | 344 | ||||||
Pearson | 19,500 | 360 | ||||||
Persimmon | 7,145 | 175 | ||||||
Petrofac | 10,755 | 117 | ||||||
Provident Financial | 33,502 | 1,279 | ||||||
Prudential PLC | 128,929 | 2,981 | ||||||
Reckitt Benckiser Group PLC | 97,922 | 7,931 | ||||||
Reed Elsevier | 102,093 | 1,744 | ||||||
Rexam | 99,389 | 700 | ||||||
Rightmove | 45,632 | 1,591 | ||||||
Rio Tinto PLC | 110,256 | 5,082 | ||||||
Rolls-Royce Holdings PLC | 241,716 | 3,247 | ||||||
Royal Bank of Scotland Group* | 60,146 | 366 | ||||||
Royal Mail | 16,130 | 107 | ||||||
RSA Insurance Group | 23,736 | 160 | ||||||
SABMiller | 21,980 | 1,146 | ||||||
Sage Group | 25,345 | 183 | ||||||
Schroders | 2,815 | 117 | ||||||
Segro‡ | 16,666 | 95 | ||||||
Serco Group | 137,563 | 345 | ||||||
Severn Trent | 5,600 | 175 | ||||||
Shire | 13,399 | 950 | ||||||
Sky PLC | 242,503 | 3,384 | ||||||
Smith & Nephew | 32,334 | 583 | ||||||
Smiths Group PLC | 178,229 | 3,031 | ||||||
Spectris | 19,556 | 639 | ||||||
Sports Direct International* | 6,310 | 69 | ||||||
SSE | 23,040 | 582 | ||||||
Stagecoach Group | 126,374 | 725 | ||||||
Standard Chartered PLC | 259,811 | 3,886 | ||||||
The accompanying notes are an integral part of the financial statements.
74
| THE KP FUNDS | December 31, 2014 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Standard Life | 56,879 | $ | 352 | |||||
Subsea 7 | 6,331 | 65 | ||||||
Tate & Lyle | 10,055 | 94 | ||||||
Tesco | 271,419 | 791 | ||||||
Thomas Cook Group* | 354,536 | 702 | ||||||
Travis Perkins | 5,985 | 172 | ||||||
Tullow Oil | 21,096 | 136 | ||||||
Unilever | 70,685 | 2,872 | ||||||
United Utilities Group | 15,348 | 218 | ||||||
Vodafone Group | 768,653 | 2,635 | ||||||
Weir Group | 4,852 | 139 | ||||||
WH Smith | 28,135 | 588 | ||||||
Whitbread | 4,328 | 320 | ||||||
William Hill | 20,795 | 117 | ||||||
WM Morrison Supermarkets | 49,545 | 141 | ||||||
Wolseley | 6,338 | 362 | ||||||
WPP PLC | 388,941 | 8,087 | ||||||
|
| |||||||
| 153,749 | ||||||||
|
| |||||||
United States — 0.5% |
| |||||||
Consumer Discretionary — 0.4% |
| |||||||
Yum! Brands | 50,081 | 3,648 | ||||||
|
| |||||||
Energy — 0.0% | ||||||||
Seadrill | 9,011 | 105 | ||||||
|
| |||||||
Information Technology — 0.1% |
| |||||||
NCR* | 25,097 | 731 | ||||||
|
| |||||||
| 4,484 | ||||||||
|
| |||||||
Total Common Stock | 901,721 | |||||||
|
| |||||||
PREFERRED STOCK — 0.6% | ||||||||
Alpargatas | 139,000 | 379 | ||||||
Banco ABC Brasil | 37,100 | 188 | ||||||
Banco Bradesco | 24,200 | 319 | ||||||
Bayerische Motoren Werke | 1,207 | 99 | ||||||
Cia Paranaense de Energia | 61,000 | 824 | ||||||
CJ* | 838 | 58 | ||||||
FUCHS PETROLUB | 1,771 | 71 | ||||||
Henkel & KGaA | 4,077 | 439 | ||||||
Itau Unibanco Holding | 26,400 | 343 | ||||||
Porsche Automobil Holding | 3,654 | 296 | ||||||
Vale | 52,100 | 377 | ||||||
Volkswagen | 9,890 | 2,198 | ||||||
|
| |||||||
Total Preferred Stock | 5,591 | |||||||
|
| |||||||
| Description | Number of Rights | Value (000) | ||||||
RIGHTS — 0.0% | ||||||||
Banco Bilbao Vizcaya Argentaria* | 138,412 | $ | 13 | |||||
Repsol* | 23,990 | 13 | ||||||
|
| |||||||
Total Rights | 26 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
| Number of Warrants | ||||||||
CB Industrial Product Holdings* | 10,400 | 1 | ||||||
|
| |||||||
Total Warrants | 1 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT (C) — 2.9% |
| |||||||
| Shares | ||||||||
State Street Institutional Liquid Reserves Fund, 0.000% | 27,187,562 | 27,188 | ||||||
|
| |||||||
Total Short-Term Investment | 27,188 | |||||||
|
| |||||||
Total Investments — 99.4% (Cost $962,771) (000) | $ | 934,527 | ||||||
|
| |||||||
Percentages are based on net assets of $940,105 (000).
A list of the open futures contracts held by the Fund at December 31, 2014, is as follows (000):
| Type of Contract | Number of Contracts Long | Expiration Date | Unrealized Depreciation | |||||||||
| E-MINI MSCI Future | 185 | Mar-2015 | $ | (231 | ) | |||||||
|
| |||||||||||
For the period ended December 31, 2014, the monthly average value of futures contracts held was $10,674 (000).
| * | Non-income producing security. |
| ‡ | Real Estate Investment Trust |
| (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.” This security has been determined to be liquid under guidelines established by the Board of Trustees. The total value of such securities as of December 31, 2014, was $1,048 (000) and represented 0.11% of net assets. |
| (B) | 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 December 31, 2014, was $0 (000) and represented 0.00% of net assets. |
| (C) | The rate reported is the 7-day effective yield as of December 31, 2014. |
| ADR | — American Depositary Receipt |
| Cl | — Class |
| GDR | — Global Depositary Receipt |
| MSCI | — Morgan Stanley Capital International |
| PLC | — Public Limited Company |
The accompanying notes are an integral part of the financial statements.
75
| THE KP FUNDS | December 31, 2014 |
| KP International Equity Fund |
The following is a list of the level of inputs used as of December 31, 2014, 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 | $ | 665 | $ | 26,482 | $ | — | $ | 27,147 | ||||||||
Austria | 430 | 1,171 | — | 1,601 | ||||||||||||
Belgium | — | 5,329 | — | 5,329 | ||||||||||||
Brazil | 23,084 | — | — | 23,084 | ||||||||||||
Canada | 13,287 | — | — | 13,287 | ||||||||||||
Chile | 1,257 | — | — | 1,257 | ||||||||||||
China | 4,342 | 20,125 | — | 24,467 | ||||||||||||
Colombia | 359 | — | — | 359 | ||||||||||||
Czech Republic | — | 988 | — | 988 | ||||||||||||
Denmark | 788 | 13,782 | — | 14,570 | ||||||||||||
Finland | — | 7,185 | — | 7,185 | ||||||||||||
France | 826 | 64,814 | — | 65,640 | ||||||||||||
Germany | 899 | 63,658 | — | 64,557 | ||||||||||||
Greece | 628 | 390 | — | 1,018 | ||||||||||||
Guernsey | 184 | — | — | 184 | ||||||||||||
Hong Kong | 3,551 | 28,560 | — | 32,111 | ||||||||||||
India | 8,602 | — | — | 8,602 | ||||||||||||
Indonesia | — | 9,117 | — | 9,117 | ||||||||||||
Ireland | 838 | 4,756 | — | 5,594 | ||||||||||||
Israel | 1,167 | 1,635 | — | 2,802 | ||||||||||||
Italy | — | 11,500 | — | 11,500 | ||||||||||||
Japan | 115 | 138,964 | — | 139,079 | ||||||||||||
Luxembourg | 508 | 1,566 | — | 2,074 | ||||||||||||
Macau | — | 280 | — | 280 | ||||||||||||
Malaysia | 667 | 6,058 | — | 6,725 | ||||||||||||
Mexico | 15,556 | — | — | 15,556 | ||||||||||||
Netherlands | — | 36,921 | — | 36,921 | ||||||||||||
New Zealand | — | 929 | — | 929 | ||||||||||||
Norway | — | 3,796 | — | 3,796 | ||||||||||||
Panama | 46 | — | — | 46 | ||||||||||||
Peru | 288 | — | — | 288 | ||||||||||||
Philippines | — | 3,417 | — | 3,417 | ||||||||||||
Poland | — | 5,757 | — | 5,757 | ||||||||||||
Portugal | — | 422 | — | 422 | ||||||||||||
Qatar | — | 77 | — | 77 | ||||||||||||
Russia | 348 | 2,879 | — | 3,227 | ||||||||||||
Singapore | 61 | 11,885 | — | 11,946 | ||||||||||||
South Africa | 824 | 14,915 | — | 15,739 | ||||||||||||
South Korea | 3,425 | 32,485 | — | 35,910 | ||||||||||||
Spain | — | 16,217 | — | 16,217 | ||||||||||||
Sweden | 82 | 17,972 | — | 18,054 | ||||||||||||
Switzerland | 7,104 | 50,491 | — | 57,595 | ||||||||||||
Taiwan | 19,821 | 4,029 | — | 23,850 | ||||||||||||
Thailand | — | 12,737 | — | 12,737 | ||||||||||||
Turkey | 518 | 11,929 | — | 12,447 | ||||||||||||
United Kingdom | 2,691 | 151,058 | — | 153,749 | ||||||||||||
United States | 4,380 | 104 | — | 4,484 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stock | 117,341 | 784,380 | — | 901,721 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Preferred Stock | $ | 2,431 | $ | 3,160 | $ | — | $ | 5,591 | ||||||||
Rights | — | 26 | — | 26 | ||||||||||||
Warrants | — | 1 | — | 1 | ||||||||||||
Short-Term Investment | 27,188 | — | — | 27,188 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 146,960 | $ | 787,567 | $ | — | $ | 934,527 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Futures Contracts* | ||||||||||||||||
Unrealized Depreci | $ | (231 | ) | $ | — | $ | — | $ | (231 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (231 | ) | $ | — | $ | — | $ | (231 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
| * | Futures contracts are valued at the unrealized depreciation on the instrument. |
For the period ended December 31, 2014, 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. As of December 31, 2014, there were two Level 3 investments with a total value of $0 and represented 0.00% of net assets.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
76
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| SECTOR WEIGHTINGS† |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Face Amount (000) | Value (000) | ||||||
U.S. TREASURY OBLIGATIONS — 32.0% |
| |||||||
U.S. Treasury Bill | ||||||||
0.008%, 01/08/15 (A) | $ | 275 | $ | 275 | ||||
U.S. Treasury Bonds | ||||||||
5.375%, 02/15/31 | 1,683 | 2,346 | ||||||
4.500%, 02/15/36 | 4,947 | 6,598 | ||||||
3.125%, 08/15/44 | 9,525 | 10,254 | ||||||
U.S. Treasury Notes | ||||||||
5.125%, 05/15/16 | 500 | 532 | ||||||
3.625%, 02/15/20 | 7,000 | 7,675 | ||||||
3.375%, 11/15/19 | 3,500 | 3,792 | ||||||
3.125%, 10/31/16 | 1,000 | 1,045 | ||||||
2.750%, 11/30/16-11/15/23 | 6,650 | 6,953 | ||||||
2.625%, 08/15/20 | 2,300 | 2,402 | ||||||
2.500%, 05/15/24 | 3,425 | 3,528 | ||||||
2.375%, 08/15/24 | 2,750 | 2,799 | ||||||
2.250%, 04/30/21-11/15/24 | 4,439 | 4,510 | ||||||
2.125%, 08/15/21 | 2,600 | 2,630 | ||||||
2.000%, 09/30/20-02/15/23 | 13,450 | 13,522 | ||||||
1.875%, 11/30/21 | 961 | 955 | ||||||
1.750%, 05/15/22 | 3,000 | 2,949 | ||||||
1.625%, 06/30/19-12/31/19 | 6,850 | 6,854 | ||||||
1.500%, 07/31/16-11/30/19 | 29,886 | 29,734 | ||||||
1.375%, 09/30/18 | 3,175 | 3,172 | ||||||
1.250%, 04/30/19-02/29/20 | 4,450 | 4,384 | ||||||
1.125%, 12/31/19 | 1,750 | 1,707 | ||||||
1.000%, 08/31/16-12/31/19 | 18,838 | 18,720 | ||||||
0.875%, 01/31/17-11/15/17 | 49,680 | 49,546 | ||||||
0.625%, 12/15/16-11/30/17 | 24,784 | 24,741 | ||||||
0.500%, 06/15/16-07/31/17 | 35,925 | 35,712 | ||||||
0.375%, 01/31/16-10/31/16 | 9,049 | 9,050 | ||||||
0.250%, 02/29/16-04/15/16 | 7,900 | 7,889 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 264,274 | |||||||
|
| |||||||
CORPORATE OBLIGATIONS — 26.0% |
| |||||||
Consumer Discretionary — 2.8% |
| |||||||
21st Century Fox America | 100 | 109 | ||||||
3.700%, 09/15/24 (B) | 1,480 | 1,522 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Amazon.com | $ | 651 | $ | 683 | ||||
1.200%, 11/29/17 | 200 | 198 | ||||||
American Honda Finance | 2,271 | 2,278 | ||||||
1.200%, 07/14/17 | 100 | 100 | ||||||
Atento Luxco 1 | 370 | 370 | ||||||
AutoZone | 100 | 100 | ||||||
Avianca Holdings | 330 | 340 | ||||||
Bed Bath & Beyond | 25 | 25 | ||||||
Carnival | 100 | 100 | ||||||
CBS | 150 | 151 | ||||||
Cleveland Clinic Foundation | 375 | 385 | ||||||
Comcast | 250 | 276 | ||||||
4.750%, 03/01/44 | 262 | 292 | ||||||
4.200%, 08/15/34 | 1,021 | 1,068 | ||||||
Delphi | 40 | 41 | ||||||
Diageo Capital | 200 | 223 | ||||||
DIRECTV Holdings | 200 | 218 | ||||||
4.450%, 04/01/24 | 100 | 105 | ||||||
Discovery Communications | 100 | 110 | ||||||
ERAC USA Finance | 1,335 | 1,325 | ||||||
Ford Motor Credit | 200 | 210 | ||||||
3.664%, 09/08/24 | 200 | 200 | ||||||
3.000%, 06/12/17 | 250 | 256 | ||||||
2.375%, 03/12/19 | 200 | 199 | ||||||
1.684%, 09/08/17 | 3,073 | 3,049 | ||||||
Gap | 100 | 114 | ||||||
General Motors | 268 | 279 | ||||||
3.000%, 09/25/17 | 1,581 | 1,599 | ||||||
2.625%, 07/10/17 | 1,175 | 1,180 | ||||||
Golden Eagle Retail Group | 370 | 342 | ||||||
Grupo Televisa | 2,840 | 165 | ||||||
Home Depot | 250 | 264 | ||||||
Johnson Controls | 43 | 43 | ||||||
The accompanying notes are an integral part of the financial statements.
77
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Kohl’s | $ | 100 | $ | 104 | ||||
Lowe’s | 100 | 110 | ||||||
Macy’s Retail Holdings | 710 | 715 | ||||||
3.625%, 06/01/24 | 100 | 101 | ||||||
Magna International | 50 | 50 | ||||||
Marriott International | 100 | 101 | ||||||
Massachusetts Institute of Technology | 334 | 354 | ||||||
Mattel | 100 | 100 | ||||||
McDonald’s | 100 | 111 | ||||||
NBCUniversal Media | 250 | 275 | ||||||
Newell Rubbermaid | 50 | 51 | ||||||
Omnicom Group | 100 | 108 | ||||||
QVC | 65 | 64 | ||||||
Scripps Networks Interactive | 100 | 100 | ||||||
Staples | 100 | 100 | ||||||
Starbucks | 100 | 112 | ||||||
Target | 200 | 202 | ||||||
Thomson Reuters | 100 | 99 | ||||||
Time Warner | 150 | 165 | ||||||
2.100%, 06/01/19 | 100 | 99 | ||||||
Time Warner Cable | 224 | 309 | ||||||
6.750%, 07/01/18 | 250 | 287 | ||||||
TJX | 100 | 101 | ||||||
Toyota Motor Credit | 100 | 101 | ||||||
Viacom | 100 | 103 | ||||||
2.200%, 04/01/19 | 100 | 99 | ||||||
VTR Finance BV | 380 | 388 | ||||||
Walt Disney | 100 | 99 | ||||||
1.850%, 05/30/19 | 150 | 149 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Whirlpool | $ | 60 | $ | 62 | ||||
Wyndham Worldwide | 150 | 153 | ||||||
Yum! Brands | 100 | 102 | ||||||
|
| |||||||
| 22,993 | ||||||||
|
| |||||||
Consumer Staples — 1.4% | ||||||||
Ajecorp BV | 350 | 295 | ||||||
Altria Group | 200 | 257 | ||||||
2.625%, 01/14/20 | 2,563 | 2,570 | ||||||
Anheuser-Busch InBev Finance | 100 | 104 | ||||||
Anheuser-Busch InBev Worldwide | 200 | 242 | ||||||
2.500%, 07/15/22 | 100 | 97 | ||||||
1.375%, 07/15/17 | 200 | 200 | ||||||
Beam Suntory | 100 | 100 | ||||||
Bunge Finance | 100 | 103 | ||||||
Clorox | 50 | 50 | ||||||
Coca-Cola | 100 | 103 | ||||||
2.450%, 11/01/20 | 150 | 152 | ||||||
Coca-Cola Company | 200 | 203 | ||||||
Coca-Cola Femsa | 150 | 153 | ||||||
Colgate-Palmolive | 100 | 99 | ||||||
ConAgra Foods | 100 | 99 | ||||||
Costco Wholesale | 100 | 98 | ||||||
CVS Health | 200 | 221 | ||||||
3.375%, 08/12/24 | 100 | 101 | ||||||
CVS Pass-Through Trust | 128 | 132 | ||||||
ESAL GmbH | 200 | 190 | ||||||
General Mills | 100 | 114 | ||||||
3.150%, 12/15/21 | 61 | 63 | ||||||
Gruma | 200 | 207 | ||||||
JBS Investments | 200 | 197 | ||||||
Kellogg | 100 | 105 | ||||||
The accompanying notes are an integral part of the financial statements.
78
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Kimberly-Clark | $ | 150 | $ | 149 | ||||
Kraft Foods Group | 125 | 128 | ||||||
Kroger | 100 | 112 | ||||||
4.000%, 02/01/24 | 100 | 105 | ||||||
Lorillard Tobacco | 100 | 101 | ||||||
Mondelez International | 200 | 207 | ||||||
PepsiCo | 200 | 244 | ||||||
2.500%, 05/10/16 | 200 | 204 | ||||||
Philip Morris International | ||||||||
5.650%, 05/16/18 | 250 | 282 | ||||||
3.250%, 11/10/24 | 1,900 | 1,901 | ||||||
Procter & Gamble | ||||||||
1.900%, 11/01/19 | 100 | 100 | ||||||
0.750%, 11/04/16 | 150 | 150 | ||||||
Reynolds American | 100 | 111 | ||||||
Sysco | ||||||||
3.000%, 10/02/21 | 40 | 41 | ||||||
2.350%, 10/02/19 | 100 | 101 | ||||||
Tyson Foods | 150 | 162 | ||||||
Unilever Capital | 100 | 101 | ||||||
Walgreens Boots Alliance | ||||||||
4.800%, 11/18/44 | 656 | 692 | ||||||
3.300%, 11/18/21 | 100 | 101 | ||||||
2.700%, 11/18/19 | 100 | 100 | ||||||
Wal-Mart Stores | ||||||||
3.300%, 04/22/24 | 50 | 52 | ||||||
2.550%, 04/11/23 | 150 | 148 | ||||||
1.125%, 04/11/18 | 250 | 247 | ||||||
|
| |||||||
| 11,794 | ||||||||
|
| |||||||
Energy — 4.0% | ||||||||
Anadarko Petroleum | ||||||||
6.450%, 09/15/36 | 517 | 621 | ||||||
6.375%, 09/15/17 | 200 | 222 | ||||||
Apache | 477 | 519 | ||||||
Boardwalk Pipelines | 50 | 50 | ||||||
BP Capital Markets | ||||||||
3.535%, 11/04/24 | 250 | 249 | ||||||
2.750%, 05/10/23 | 200 | 187 | ||||||
2.237%, 05/10/19 | 100 | 100 | ||||||
Cameron International | 50 | 49 | ||||||
Canadian Natural Resources | 100 | 108 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Cenovus Energy | $ | 125 | $ | 138 | ||||
Chevron | ||||||||
2.355%, 12/05/22 | 150 | 145 | ||||||
2.193%, 11/15/19 | 90 | 90 | ||||||
1.718%, 06/24/18 | 100 | 100 | ||||||
CNOOC Curtis Funding No. 1 | 750 | 791 | ||||||
CNOOC Nexen Finance | 200 | 199 | ||||||
ConocoPhillips | ||||||||
5.750%, 02/01/19 | 125 | 142 | ||||||
3.350%, 11/15/24 | 100 | 101 | ||||||
2.875%, 11/15/21 | 3,646 | 3,682 | ||||||
Continental Resources | ||||||||
5.000%, 09/15/22 | 100 | 97 | ||||||
4.500%, 04/15/23 | 100 | 95 | ||||||
DCP Midstream Operating | ||||||||
3.875%, 03/15/23 | 150 | 144 | ||||||
Ecopetrol | 700 | 709 | ||||||
El Paso Pipeline Partners | ||||||||
6.500%, 04/01/20 | 448 | 507 | ||||||
5.000%, 10/01/21 | 1,237 | 1,301 | ||||||
Empresa Nacional del Petroleo | 310 | 304 | ||||||
Enable Midstream Partners | 50 | 49 | ||||||
Enbridge | 100 | 109 | ||||||
Enbridge Energy Partners | 50 | 54 | ||||||
Energy Transfer Partners | ||||||||
5.200%, 02/01/22 | 150 | 160 | ||||||
4.150%, 10/01/20 | 823 | 844 | ||||||
Ensco | 100 | 100 | ||||||
Enterprise Products Operating | ||||||||
3.350%, 03/15/23 | 100 | 99 | ||||||
3.200%, 02/01/16 | 150 | 154 | ||||||
2.550%, 10/15/19 | 2,104 | 2,083 | ||||||
EOG Resources | 100 | 96 | ||||||
Exxon Mobil | 150 | 150 | ||||||
Fermaca Enterprises | 200 | 204 | ||||||
Halliburton | 100 | 101 | ||||||
Hess | 150 | 178 | ||||||
KazMunayGas National | ||||||||
11.750%, 01/23/15 (B) | 240 | 241 | ||||||
6.375%, 04/09/21 (B) | 430 | 435 | ||||||
6.000%, 11/07/44 (B) | 290 | 247 | ||||||
5.750%, 04/30/43 (B) | 470 | 393 | ||||||
The accompanying notes are an integral part of the financial statements.
79
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Kinder Morgan | $ | 417 | $ | 423 | ||||
3.050%, 12/01/19 | 1,855 | 1,840 | ||||||
Kinder Morgan Energy Partners | 168 | 189 | ||||||
3.950%, 09/01/22 | 250 | 248 | ||||||
3.500%, 03/01/21 | 20 | 20 | ||||||
Marathon Oil | 150 | 140 | ||||||
Marathon Petroleum | 523 | 494 | ||||||
3.500%, 03/01/16 | 100 | 102 | ||||||
National Oilwell Varco | 200 | 188 | ||||||
Noble Energy | 514 | 522 | ||||||
4.150%, 12/15/21 | 200 | 204 | ||||||
Occidental Petroleum | 100 | 99 | ||||||
ONEOK Partners | 100 | 93 | ||||||
Pacific Rubiales Energy | 370 | 319 | ||||||
Pertamina Persero | 370 | 386 | ||||||
6.000%, 05/03/42 (B) | 740 | 722 | ||||||
Petrobras Global Finance | 150 | 143 | ||||||
Petrobras International Finance | 650 | 602 | ||||||
3.500%, 02/06/17 | 300 | 286 | ||||||
Petroleos de Venezuela | 585 | 260 | ||||||
9.000%, 11/17/21 | 830 | 363 | ||||||
6.000%, 11/15/26 (B) | 665 | 243 | ||||||
5.375%, 04/12/27 | 1,200 | 420 | ||||||
5.250%, 04/12/17 | 290 | 131 | ||||||
Petroleos Mexicanos | 250 | 296 | ||||||
6.625%, 06/15/35 | 940 | 1,086 | ||||||
6.375%, 01/23/45 (B) | 190 | 213 | ||||||
5.500%, 06/27/44 | 540 | 551 | ||||||
3.500%, 01/30/23 | 200 | 191 | ||||||
Phillips 66 | 597 | 611 | ||||||
2.950%, 05/01/17 | 200 | 207 | ||||||
Plains All American Pipeline | 196 | 199 | ||||||
3.850%, 10/15/23 | 150 | 152 | ||||||
3.600%, 11/01/24 | 1,095 | 1,075 | ||||||
Schlumberger Investment | 100 | 105 | ||||||
Shell International Finance | 200 | 219 | ||||||
1.125%, 08/21/17 | 150 | 150 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Spectra Energy Capital | $ | 150 | $ | 142 | ||||
State Oil of the Azerbaijan Republic | 570 | 550 | ||||||
Statoil | 100 | 104 | ||||||
2.450%, 01/17/23 | 125 | 119 | ||||||
2.250%, 11/08/19 | 150 | 150 | ||||||
Suncor Energy | 100 | 112 | ||||||
Total Capital Canada | 100 | 97 | ||||||
Total Capital International | 100 | 100 | ||||||
1.550%, 06/28/17 | 200 | 201 | ||||||
TransCanada PipeLines | 100 | 97 | ||||||
0.750%, 01/15/16 | 100 | 100 | ||||||
Transocean | 200 | 184 | ||||||
Valero Energy | 29 | 36 | ||||||
Williams | ||||||||
8.750%, 03/15/32 | 277 | 323 | ||||||
4.550%, 06/24/24 | 50 | 46 | ||||||
Williams Partners | 644 | 699 | ||||||
Yingde Gases Investment | 330 | 303 | ||||||
|
| |||||||
| 33,202 | ||||||||
|
| |||||||
Financials — 8.4% | ||||||||
Abbey National Treasury Services | 100 | 104 | ||||||
1.650%, 09/29/17 | 100 | 100 | ||||||
Aflac | 100 | 125 | ||||||
Alexandria Real Estate Equities | 50 | 49 | ||||||
Alleghany | 100 | 110 | ||||||
American Express | 150 | 173 | ||||||
American Express Credit | 250 | 257 | ||||||
2.250%, 08/15/19 | 150 | 150 | ||||||
American International Group | 220 | 298 | ||||||
5.850%, 01/16/18 | 1,997 | 2,233 | ||||||
3.375%, 08/15/20 | 350 | 363 | ||||||
2.300%, 07/16/19 | 100 | 100 | ||||||
American Tower | 150 | 147 | ||||||
3.400%, 02/15/19‡ | 100 | 102 | ||||||
The accompanying notes are an integral part of the financial statements.
80
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Ameriprise Financial | $ | 100 | $ | 113 | ||||
Andina de Fomento | 100 | 107 | ||||||
Aon | 100 | 112 | ||||||
ARC Properties Operating Partnership | ||||||||
3.000%, 02/06/19‡ | 100 | 92 | ||||||
2.000%, 02/06/17‡ | 100 | 95 | ||||||
Ares Capital | 60 | 60 | ||||||
Assurant | 74 | 76 | ||||||
Australia & New Zealand Banking Group New York | 250 | 250 | ||||||
AvalonBay Communities | 100 | 100 | ||||||
Banco de Costa Rica | 340 | 342 | ||||||
Banco do Brasil | 200 | 183 | ||||||
Banco Nacional de Costa Rica | 350 | 346 | ||||||
Banco Regional SAECA | 390 | 415 | ||||||
Bank of America | ||||||||
6.500%, 08/01/16 | 500 | 539 | ||||||
5.000%, 01/21/44 | 427 | 478 | ||||||
4.250%, 10/22/26 | 427 | 426 | ||||||
4.200%, 08/26/24 | 165 | 168 | ||||||
4.000%, 04/01/24 | 100 | 104 | ||||||
3.300%, 01/11/23 | 400 | 400 | ||||||
2.650%, 04/01/19 | 450 | 453 | ||||||
2.600%, 01/15/19 | 2,039 | 2,055 | ||||||
2.000%, 01/11/18 | 400 | 400 | ||||||
1.700%, 08/25/17 | 140 | 140 | ||||||
Bank of Ceylon | 210 | 221 | ||||||
Bank of Georgia | 330 | 337 | ||||||
Bank of Montreal | 200 | 200 | ||||||
Bank of New York Mellon | ||||||||
3.550%, 09/23/21 | 100 | 105 | ||||||
2.100%, 08/01/18 | 200 | 202 | ||||||
Bank of Nova Scotia | ||||||||
2.050%, 10/30/18 | 100 | 100 | ||||||
1.300%, 07/21/17 | 100 | 100 | ||||||
1.100%, 12/13/16 | 150 | 150 | ||||||
Barclays Bank | ||||||||
5.140%, 10/14/20 | 150 | 161 | ||||||
5.000%, 09/22/16 | 150 | 160 | ||||||
2.750%, 11/08/19 | 200 | 200 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
BB&T | $ | 2,661 | $ | 2,650 | ||||
BBVA Bancomer | 380 | 388 | ||||||
Berkshire Hathaway | 250 | 254 | ||||||
Berkshire Hathaway Finance | 150 | 150 | ||||||
BioMed Realty | 50 | 50 | ||||||
BlackRock | 100 | 113 | ||||||
BMCE Bank | 200 | 204 | ||||||
BNP Paribas | ||||||||
3.600%, 02/23/16 | 150 | 154 | ||||||
2.375%, 09/14/17 | 150 | 153 | ||||||
Boston Properties | ||||||||
3.850%, 02/01/23 ‡ | 100 | 104 | ||||||
3.700%, 11/15/18 ‡ | 100 | 105 | ||||||
BPCE | 250 | 251 | ||||||
Branch Banking & Trust | 250 | 248 | ||||||
Camden Property Trust | 100 | 99 | ||||||
Capital One Bank USA | 250 | 250 | ||||||
Capital One Financial | 100 | 100 | ||||||
Charles Schwab | 100 | 110 | ||||||
China Overseas Finance Cayman III | 390 | 414 | ||||||
Cielo | 390 | 351 | ||||||
Citigroup | ||||||||
8.500%, 05/22/19 | 350 | 436 | ||||||
4.300%, 11/20/26 | 494 | 493 | ||||||
3.750%, 06/16/24 | 100 | 102 | ||||||
3.500%, 05/15/23 | 100 | 97 | ||||||
2.500%, 07/29/19 | 100 | 100 | ||||||
1.700%, 07/25/16 | 250 | 252 | ||||||
1.550%, 08/14/17 | 250 | 249 | ||||||
CNA Financial | 100 | 114 | ||||||
Comerica | 50 | 50 | ||||||
Commonwealth Bank of Australia | 250 | 251 | ||||||
Cooperatieve Centrale Raiffeisen-Boerenleenbank | 300 | 319 | ||||||
The accompanying notes are an integral part of the financial statements.
81
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Corporate Office Properties | $ | 527 | $ | 525 | ||||
Credit Suisse New York | ||||||||
5.400%, 01/14/20 | 250 | 280 | ||||||
3.625%, 09/09/24 | 250 | 254 | ||||||
Crown Castle Holdings | 150 | 149 | ||||||
Deutsche Bank | ||||||||
6.000%, 09/01/17 | 200 | 222 | ||||||
3.700%, 05/30/24 | 85 | 86 | ||||||
Development Bank of Kazakhstan | 970 | 815 | ||||||
Digital Realty Trust | 100 | 98 | ||||||
Discover Bank | 250 | 249 | ||||||
Duke Realty | 100 | 101 | ||||||
Education Realty Operating Partnership | 490 | 502 | ||||||
ERP Operating | ||||||||
4.625%, 12/15/21‡ | 200 | 219 | ||||||
2.375%, 07/01/19‡ | 2,321 | 2,311 | ||||||
Fifth Third Bank | 200 | 200 | ||||||
FMS Wertmanagement AoeR | 200 | 200 | ||||||
Fondo MIVIVIENDA | ||||||||
3.500%, 01/31/23 (B) | 150 | 143 | ||||||
3.375%, 04/02/19 (B) | 340 | 340 | ||||||
Goldman Sachs Group | ||||||||
6.150%, 04/01/18 | 300 | 337 | ||||||
5.750%, 01/24/22 | 400 | 463 | ||||||
3.850%, 07/08/24 | 100 | 102 | ||||||
3.625%, 02/07/16 | 1,173 | 1,195 | ||||||
2.625%, 01/31/19 | 1,323 | 1,331 | ||||||
2.550%, 10/23/19 | 1,475 | 1,470 | ||||||
GTB Finance | 350 | 326 | ||||||
HCP | 200 | 223 | ||||||
Health Care | 100 | 111 | ||||||
Hospitality Properties Trust | 100 | 105 | ||||||
Host Hotels & Resorts | 100 | 100 | ||||||
HSBC Finance | 200 | 237 | ||||||
HSBC USA | ||||||||
2.625%, 09/24/18 | 150 | 154 | ||||||
1.300%, 06/23/17 | 200 | 200 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Inter-American Development Bank | ||||||||
2.125%, 11/09/20 | $ | 150 | $ | 151 | ||||
1.750%, 10/15/19 | 100 | 100 | ||||||
1.125%, 03/15/17 | 400 | 402 | ||||||
1.000%, 07/14/17 | 100 | 100 | ||||||
0.875%, 03/15/18 | 150 | 148 | ||||||
Intercontinental Exchange | 150 | 158 | ||||||
International Bank of Azerbaijan | 400 | 376 | ||||||
International Finance | ||||||||
1.250%, 07/16/18 | 100 | 100 | ||||||
0.875%, 06/15/18 | 300 | 295 | ||||||
0.625%, 11/15/16 | 150 | 149 | ||||||
Intesa Sanpaolo | ||||||||
5.250%, 01/12/24 | 250 | 271 | ||||||
5.017%, 06/26/24 (B) | 550 | 534 | ||||||
Jefferies Group | 100 | 114 | ||||||
JPMorgan Chase | ||||||||
6.000%, 01/15/18 | 300 | 336 | ||||||
4.250%, 10/15/20 | 250 | 269 | ||||||
3.875%, 02/01/24 | 1,127 | 1,167 | ||||||
3.625%, 05/13/24 | 100 | 102 | ||||||
3.375%, 05/01/23 | 100 | 99 | ||||||
3.150%, 07/05/16 | 500 | 514 | ||||||
2.350%, 01/28/19 | 200 | 201 | ||||||
2.200%, 10/22/19 | 200 | 198 | ||||||
1.350%, 02/15/17 | 150 | 150 | ||||||
Kaisa Group Holdings | 330 | 220 | ||||||
KeyCorp | 150 | 169 | ||||||
Kimco Realty | 50 | 51 | ||||||
Korea Finance | 200 | 204 | ||||||
Liberty Property | 100 | 104 | ||||||
Lincoln National | 150 | 150 | ||||||
Lloyds Bank | 200 | 200 | ||||||
Lloyds Banking Group | 524 | 529 | ||||||
Loews | 100 | 94 | ||||||
Magyar Export-Import Bank | 450 | 447 | ||||||
Majapahit Holding | 175 | 205 | ||||||
Manufacturers & Traders Trust | 250 | 250 | ||||||
Marsh & McLennan | 75 | 75 | ||||||
The accompanying notes are an integral part of the financial statements.
82
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
MetLife | ||||||||
6.750%, 06/01/16 | $ | 100 | $ | 108 | ||||
3.600%, 04/10/24 | 100 | 103 | ||||||
MFB Magyar Fejlesztesi Bank | 200 | 221 | ||||||
Moody’s | 100 | 101 | ||||||
Morgan Stanley | ||||||||
4.875%, 11/01/22 | 100 | 106 | ||||||
3.875%, 04/29/24 | 1,194 | 1,225 | ||||||
3.700%, 10/23/24 | 415 | 421 | ||||||
2.500%, 01/24/19 | 250 | 250 | ||||||
2.375%, 07/23/19 | 550 | 548 | ||||||
2.125%, 04/25/18 | 500 | 500 | ||||||
1.875%, 01/05/18 | 1,466 | 1,461 | ||||||
1.750%, 02/25/16 | 100 | 101 | ||||||
MUFG Union Bank | 250 | 251 | ||||||
National Australia Bank | ||||||||
2.750%, 03/09/17 | 250 | 258 | ||||||
2.400%, 12/09/19 (B) | 2,149 | 2,145 | ||||||
National Rural Utilities Cooperative Finance | 150 | 195 | ||||||
National Savings Bank | 490 | 545 | ||||||
Nomura Holdings | 200 | 206 | ||||||
Nordic Investment Bank | 200 | 200 | ||||||
Omega Healthcare Investors | 150 | 159 | ||||||
Pacific LifeCorp | 329 | 362 | ||||||
PNC Bank | ||||||||
2.700%, 11/01/22 | 250 | 239 | ||||||
1.125%, 01/27/17 | 100 | 100 | ||||||
PNC Financial Services Group | 100 | 102 | ||||||
Power Sector Assets & Liabilities Management | 290 | 378 | ||||||
Principal Financial Group | 1,017 | 1,017 | ||||||
Private Export Funding | 200 | 202 | ||||||
Prologis | 100 | 117 | ||||||
Prudential Financial | 150 | 153 | ||||||
Realty Income | 100 | 99 | ||||||
Royal Bank of Canada | ||||||||
2.200%, 07/27/18 | 150 | 152 | ||||||
2.150%, 03/15/19 | 200 | 201 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Royal Bank of Scotland | $ | 250 | $ | 285 | ||||
Scentre Group Trust 1 | ||||||||
3.500%, 02/12/25 (B) | 189 | 190 | ||||||
2.375%, 11/05/19 (B) | 1,974 | 1,960 | ||||||
Scotiabank Peru | 400 | 388 | ||||||
Simon Property Group | ||||||||
3.375%, 10/01/24‡ | 125 | 127 | ||||||
2.200%, 02/01/19‡ | 150 | 151 | ||||||
Standard Chartered Bank | 25,000 | 387 | ||||||
Sumitomo Mitsui Banking | 250 | 264 | ||||||
SunTrust Banks | ||||||||
3.500%, 01/20/17 | 100 | 104 | ||||||
2.500%, 05/01/19 | 50 | 50 | ||||||
Svensk Exportkredit | 200 | 201 | ||||||
Svenska Handelsbanken | 250 | 258 | ||||||
Synchrony Financial | 100 | 101 | ||||||
TIAA Asset Management Finance | ||||||||
4.125%, 11/01/24 (B) | 184 | 188 | ||||||
2.950%, 11/01/19 (B) | 348 | 349 | ||||||
Toronto-Dominion Bank | ||||||||
2.375%, 10/19/16 | 200 | 205 | ||||||
2.125%, 07/02/19 | 100 | 100 | ||||||
Toyota Motor Credit | ||||||||
2.100%, 01/17/19 | 200 | 201 | ||||||
2.050%, 01/12/17 | 200 | 204 | ||||||
Travelers | 100 | 107 | ||||||
Turkiye Vakiflar Bankasi Tao | 320 | 326 | ||||||
UBS | 250 | 279 | ||||||
UDR | 1,108 | 1,196 | ||||||
Unifin Financiera | 410 | 373 | ||||||
Unum Group | 50 | 51 | ||||||
US Bancorp | ||||||||
2.950%, 07/15/22 | 200 | 197 | ||||||
1.950%, 11/15/18 | 100 | 100 | ||||||
Ventas Realty | ||||||||
3.750%, 05/01/24 | 50 | 50 | ||||||
1.550%, 09/26/16 | 100 | 100 | ||||||
WEA Finance | ||||||||
4.750%, 09/17/44 (B) | 286 | 305 | ||||||
2.700%, 09/17/19 (B) | 1,673 | 1,673 | ||||||
The accompanying notes are an integral part of the financial statements.
83
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Wells Fargo | ||||||||
5.625%, 12/11/17 | $ | 500 | $ | 556 | ||||
4.650%, 11/04/44 | 641 | 661 | ||||||
4.125%, 08/15/23 | 150 | 157 | ||||||
3.300%, 09/09/24 | 100 | 101 | ||||||
2.125%, 04/22/19 | 200 | 200 | ||||||
0.798%, 06/15/16 (D) | 100 | 104 | ||||||
Westpac Banking | ||||||||
4.875%, 11/19/19 | 200 | 223 | ||||||
2.250%, 01/17/19 | 100 | 101 | ||||||
Weyerhaeuser | 100 | 108 | ||||||
Willis Group Holdings | 14 | 14 | ||||||
WP Carey | 50 | 53 | ||||||
XLIT | 74 | 86 | ||||||
Zenith Bank | 340 | 313 | ||||||
|
| |||||||
| 69,365 | ||||||||
|
| |||||||
Health Care — 1.9% | ||||||||
AbbVie | 200 | 200 | ||||||
Actavis | 100 | 100 | ||||||
Actavis Funding SCS | 100 | 101 | ||||||
Aetna | 150 | 145 | ||||||
AmerisourceBergen | 100 | 100 | ||||||
Amgen | ||||||||
5.700%, 02/01/19 | 250 | 281 | ||||||
3.625%, 05/22/24 | 100 | 102 | ||||||
Anthem | ||||||||
3.300%, 01/15/23 | 200 | 200 | ||||||
2.250%, 08/15/19 | 100 | 99 | ||||||
AstraZeneca | 100 | 100 | ||||||
Baxter International | ||||||||
3.200%, 06/15/23 | 100 | 101 | ||||||
0.950%, 06/01/16 | 100 | 100 | ||||||
Becton Dickinson | ||||||||
4.685%, 12/15/44 | 156 | 168 | ||||||
3.734%, 12/15/24 | 500 | 515 | ||||||
3.125%, 11/08/21 | 100 | 100 | ||||||
2.675%, 12/15/19 | 629 | 637 | ||||||
Boston Scientific | 100 | 100 | ||||||
Cardinal Health | 100 | 99 | ||||||
CareFusion | 100 | 103 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Catholic Health Initiatives | $ | 599 | $ | 595 | ||||
Celgene | 100 | 99 | ||||||
Cigna | 100 | 105 | ||||||
City of Hope | 265 | 313 | ||||||
Covidien International Finance | 200 | 224 | ||||||
Dignity Health | 272 | 295 | ||||||
Express Scripts Holding | ||||||||
3.900%, 02/15/22 | 150 | 156 | ||||||
3.125%, 05/15/16 | 100 | 103 | ||||||
1.250%, 06/02/17 | 55 | 54 | ||||||
Gilead Sciences | ||||||||
4.800%, 04/01/44 | 429 | 476 | ||||||
2.350%, 02/01/20 | 20 | 20 | ||||||
2.050%, 04/01/19 | 100 | 100 | ||||||
GlaxoSmithKline Capital | ||||||||
2.800%, 03/18/23 | 125 | 123 | ||||||
0.700%, 03/18/16 | 100 | 100 | ||||||
Howard Hughes Medical Institute | 150 | 158 | ||||||
Johnson & Johnson | 200 | 201 | ||||||
McKesson | ||||||||
4.883%, 03/15/44 | 610 | 672 | ||||||
3.250%, 03/01/16 | 150 | 154 | ||||||
Medtronic | ||||||||
4.375%, 03/15/35 (B) | 706 | 749 | ||||||
3.150%, 03/15/22 (B) | 1,500 | 1,519 | ||||||
1.375%, 04/01/18 | 175 | 173 | ||||||
0.875%, 02/27/17 | 100 | 100 | ||||||
Merck | 200 | 198 | ||||||
Novartis Securities Investment | 200 | 225 | ||||||
NYU Hospitals Center | 240 | 294 | ||||||
Perrigo | 200 | 206 | ||||||
Perrigo Finance | ||||||||
4.900%, 12/15/44 | 252 | 267 | ||||||
3.500%, 12/15/21 | 639 | 646 | ||||||
Pfizer | ||||||||
3.000%, 06/15/23 | 100 | 101 | ||||||
1.500%, 06/15/18 | 200 | 200 | ||||||
1.100%, 05/15/17 | 100 | 100 | ||||||
Sanofi | 200 | 205 | ||||||
Teva Pharmaceutical Finance | 150 | 146 | ||||||
The accompanying notes are an integral part of the financial statements.
84
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Thermo Fisher Scientific | ||||||||
3.600%, 08/15/21 | $ | 100 | $ | 103 | ||||
2.400%, 02/01/19 | 150 | 150 | ||||||
2.250%, 08/15/16 | 100 | 102 | ||||||
UnitedHealth Group | ||||||||
2.875%, 12/15/21 | 684 | 690 | ||||||
2.300%, 12/15/19 | 2,073 | 2,082 | ||||||
Zoetis | 150 | 148 | ||||||
|
| |||||||
| 15,703 | ||||||||
|
| |||||||
Industrials — 1.5% | ||||||||
3M | 100 | 99 | ||||||
ABB Finance USA | 150 | 151 | ||||||
Air Lease | 150 | 152 | ||||||
American Airlines Pass-Through Trust | 200 | 213 | ||||||
Boeing | 150 | 149 | ||||||
Burlington Northern Santa Fe | ||||||||
5.650%, 05/01/17 | 100 | 110 | ||||||
3.050%, 03/15/22 | 100 | 101 | ||||||
Canadian National Railway | 100 | 114 | ||||||
Caterpillar | ||||||||
3.900%, 05/27/21 | 150 | 162 | ||||||
3.400%, 05/15/24 | 100 | 103 | ||||||
Caterpillar Financial Services | 200 | 204 | ||||||
CSX | ||||||||
7.375%, 02/01/19 | 100 | 120 | ||||||
4.500%, 08/01/54 | 500 | 524 | ||||||
Deere | 150 | 148 | ||||||
Dover | 100 | 110 | ||||||
Eaton | 200 | 199 | ||||||
Emerson Electric | 100 | 99 | ||||||
Eskom Holdings | 850 | 854 | ||||||
GATX | 150 | 149 | ||||||
General Electric | ||||||||
5.250%, 12/06/17 | 150 | 166 | ||||||
3.375%, 03/11/24 | 100 | 103 | ||||||
2.700%, 10/09/22 | 100 | 100 | ||||||
General Electric Capital | ||||||||
5.625%, 05/01/18 | 300 | 338 | ||||||
4.650%, 10/17/21 | 400 | 451 | ||||||
1.250%, 05/15/17 | 200 | 200 | ||||||
1.000%, 01/08/16 | 300 | 301 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Georgian Railway | $ | 700 | $ | 731 | ||||
Illinois Tool Works | 100 | 100 | ||||||
Ingersoll-Rand Global Holding | 100 | 105 | ||||||
International Lease Finance | 100 | 107 | ||||||
John Deere Capital | ||||||||
2.800%, 03/04/21 | 100 | 101 | ||||||
1.300%, 03/12/18 | 150 | 148 | ||||||
KazAgro National Management Holding | 300 | 251 | ||||||
Kazakhstan Temir Zholy Finance | ||||||||
6.950%, 07/10/42 (B) | 310 | 300 | ||||||
6.375%, 10/06/20 (B) | 730 | 719 | ||||||
Koninklijke Philips | 200 | 222 | ||||||
L-3 Communications | 125 | 137 | ||||||
Norfolk Southern | ||||||||
5.750%, 01/15/16 | 45 | 47 | ||||||
3.250%, 12/01/21 | 100 | 102 | ||||||
Northrop Grumman | 150 | 151 | ||||||
Odebrecht Finance | 340 | 285 | ||||||
Owens Corning | 100 | 99 | ||||||
PACCAR Financial | 55 | 55 | ||||||
Parker-Hannifin | 414 | 446 | ||||||
Pitney Bowes | 100 | 102 | ||||||
Precision Castparts | 150 | 144 | ||||||
Raytheon | 150 | 146 | ||||||
Red de Carreteras de Occidente | 6,100 | 401 | ||||||
Republic Services | 150 | 154 | ||||||
Ryder System | 95 | 95 | ||||||
San Miguel | 420 | 390 | ||||||
Southwest Airlines | 50 | 50 | ||||||
Stanley Black & Decker | 100 | 99 | ||||||
Transnet | 770 | 728 | ||||||
Union Pacific | 100 | 106 | ||||||
The accompanying notes are an integral part of the financial statements.
85
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
United Parcel Service | ||||||||
5.125%, 04/01/19 | $ | 100 | $ | 112 | ||||
3.125%, 01/15/21 | 45 | 47 | ||||||
United Technologies | 200 | 222 | ||||||
Waste Management | 100 | 101 | ||||||
|
| |||||||
| 12,423 | ||||||||
|
| |||||||
Information Technology — 1.0% | ||||||||
Alibaba Group Holding | ||||||||
3.600%, 11/28/24 (B) | 1,122 | 1,113 | ||||||
2.500%, 11/28/19 (B) | 250 | 247 | ||||||
Amphenol | 100 | 100 | ||||||
Apple | ||||||||
3.850%, 05/04/43 | 536 | 536 | ||||||
2.400%, 05/03/23 | 200 | 194 | ||||||
1.050%, 05/05/17 | 200 | 201 | ||||||
1.000%, 05/03/18 | 100 | 99 | ||||||
Baidu | 200 | 204 | ||||||
Broadcom | 40 | 40 | ||||||
Cisco Systems | ||||||||
5.500%, 02/22/16 | 200 | 211 | ||||||
4.450%, 01/15/20 | 200 | 220 | ||||||
eBay | 150 | 148 | ||||||
EMC | 100 | 100 | ||||||
Fidelity National Information Services | 150 | 149 | ||||||
Fiserv | 150 | 154 | ||||||
Google | 100 | 104 | ||||||
Hewlett-Packard | ||||||||
4.650%, 12/09/21 | 100 | 107 | ||||||
2.600%, 09/15/17 | 200 | 204 | ||||||
Intel | ||||||||
3.300%, 10/01/21 | 100 | 105 | ||||||
2.700%, 12/15/22 | 100 | 99 | ||||||
International Business Machines | ||||||||
7.625%, 10/15/18 | 125 | 151 | ||||||
3.375%, 08/01/23 | 100 | 102 | ||||||
1.625%, 05/15/20 | 100 | 96 | ||||||
1.250%, 02/06/17 | 200 | 201 | ||||||
Juniper Networks | 50 | 50 | ||||||
Keysight Technologies | 100 | 99 | ||||||
KLA-Tencor | ||||||||
4.650%, 11/01/24 | 707 | 732 | ||||||
3.375%, 11/01/19 | 150 | 153 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Microsoft | ||||||||
3.625%, 12/15/23 | $ | 100 | $ | 107 | ||||
1.625%, 12/06/18 | 150 | 150 | ||||||
Motorola Solutions | 100 | 100 | ||||||
NetApp | 50 | 50 | ||||||
Oracle | ||||||||
4.300%, 07/08/34 | 636 | 681 | ||||||
2.800%, 07/08/21 | 100 | 101 | ||||||
2.375%, 01/15/19 | 150 | 153 | ||||||
2.250%, 10/08/19 | 100 | 101 | ||||||
1.200%, 10/15/17 | 250 | 249 | ||||||
Telefonaktiebolaget LM Ericsson | 150 | 157 | ||||||
Texas Instruments | 200 | 205 | ||||||
Tyco Electronics Group | 50 | 50 | ||||||
Xerox | 150 | 160 | ||||||
Xilinx | 50 | 50 | ||||||
|
| |||||||
| 8,233 | ||||||||
|
| |||||||
Materials — 1.1% | ||||||||
Air Products & Chemicals | 100 | 101 | ||||||
Airgas | 100 | 102 | ||||||
Barrick | 100 | 96 | ||||||
BHP Billiton Finance USA | 125 | 147 | ||||||
5.000%, 09/30/43 | 396 | 449 | ||||||
1.625%, 02/24/17 | 200 | 202 | ||||||
Cemex Finance | 330 | 368 | ||||||
CRH America | 100 | 108 | ||||||
Dow Chemical | 225 | 280 | ||||||
Eastman Chemical | 200 | 203 | ||||||
Ecolab | 100 | 103 | ||||||
EI du Pont de Nemours | 100 | 111 | ||||||
2.800%, 02/15/23 | 100 | 98 | ||||||
Evraz Canada | 350 | 339 | ||||||
First Quantum Minerals | 375 | 339 | ||||||
Freeport-McMoRan | 150 | 142 | ||||||
2.375%, 03/15/18 | 250 | 247 | ||||||
The accompanying notes are an integral part of the financial statements.
86
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Goldcorp | $ | 150 | $ | 146 | ||||
International Paper | 125 | 147 | ||||||
LYB International Finance BV | 394 | 405 | ||||||
LyondellBasell Industries | 250 | 273 | ||||||
Mexichem | 260 | 246 | ||||||
Monsanto | 100 | 100 | ||||||
Mosaic | 547 | 619 | ||||||
Nacional del Cobre de Chile | 310 | 350 | ||||||
4.875%, 11/04/44 (B) | 392 | 398 | ||||||
Newmont Mining | 100 | 94 | ||||||
OCP | 610 | 641 | ||||||
Packaging Corp of America | 100 | 98 | ||||||
Potash Corp of Saskatchewan | 100 | 103 | ||||||
PPG Industries | 100 | 100 | ||||||
Praxair | 150 | 153 | ||||||
Rio Tinto Finance USA | 150 | 150 | ||||||
1.625%, 08/21/17 | 200 | 200 | ||||||
Rock-Tenn | 100 | 106 | ||||||
Samarco Mineracao | 380 | 352 | ||||||
TAM Capital | 330 | 339 | ||||||
Teck Resources | 247 | 228 | ||||||
3.000%, 03/01/19 | 100 | 97 | ||||||
Union Andina de Cementos | 340 | 345 | ||||||
Vale Overseas | 100 | 96 | ||||||
|
| |||||||
| 9,221 | ||||||||
|
| |||||||
Telecommunication Services — 1.3% |
| |||||||
America Movil | 200 | 220 | ||||||
AT&T | 250 | 284 | ||||||
4.300%, 12/15/42 | 385 | 366 | ||||||
2.400%, 08/15/16 | 200 | 204 | ||||||
2.300%, 03/11/19 | 150 | 150 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
British Telecommunications | $ | 200 | $ | 200 | ||||
Columbus International | 400 | 419 | ||||||
Comcel Trust via Comunicaciones Celulares | 240 | 251 | ||||||
Cox Communications | 546 | 569 | ||||||
Deutsche Telekom International Finance BV | 100 | 116 | ||||||
Digicel | 385 | 390 | ||||||
Eileme 2 | 400 | 448 | ||||||
Ooredoo International Finance | 458 | 439 | ||||||
Orange | 100 | 107 | ||||||
Reed Elsevier Capital | 100 | 99 | ||||||
Rogers Communications | 50 | 58 | ||||||
TBG Global Pte | 250 | 246 | ||||||
Telefonica Emisiones | 250 | 257 | ||||||
Verizon Communications | 524 | 671 | ||||||
6.400%, 09/15/33 | 450 | 554 | ||||||
5.150%, 09/15/23 | 2,483 | 2,742 | ||||||
4.500%, 09/15/20 | 200 | 217 | ||||||
3.650%, 09/14/18 | 200 | 211 | ||||||
1.350%, 06/09/17 | 300 | 299 | ||||||
Vimpel Communications Via VIP Finance Ireland | 300 | 282 | ||||||
Vodafone Group | ||||||||
6.150%, 02/27/37 | 231 | 279 | ||||||
2.950%, 02/19/23 | 150 | 145 | ||||||
1.500%, 02/19/18 | 150 | 147 | ||||||
|
| |||||||
| 10,370 | ||||||||
|
| |||||||
Utilities — 2.6% | ||||||||
Abengoa Transmision | 250 | 277 | ||||||
AES Andres Dominicana | 350 | 378 | ||||||
AES El Salvador Trust II | 360 | 339 | ||||||
Ameren Illinois | 627 | 636 | ||||||
The accompanying notes are an integral part of the financial statements.
87
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
American Electric Power | $ | 150 | $ | 150 | ||||
Berkshire Hathaway Energy | 100 | 104 | ||||||
1.100%, 05/15/17 | 150 | 148 | ||||||
CMS Energy | 100 | 116 | ||||||
Commonwealth Edison | 250 | 252 | ||||||
Consolidated Edison Company of New York | 100 | 113 | ||||||
4.625%, 12/01/54 | 521 | 571 | ||||||
4.450%, 03/15/44 | 238 | 257 | ||||||
Dominion Gas Holdings | 141 | 148 | ||||||
2.500%, 12/15/19 | 464 | 465 | ||||||
1.050%, 11/01/16 | 250 | 249 | ||||||
Dominion Resources | 542 | 529 | ||||||
3.625%, 12/01/24 | 850 | 861 | ||||||
DTE Energy | 50 | 51 | ||||||
Duke Energy | 250 | 265 | ||||||
2.150%, 11/15/16 | 100 | 102 | ||||||
Empresa Electrica Angamos | 410 | 403 | ||||||
Empresa Nacional de Electricidad | 50 | 50 | ||||||
Entergy | 100 | 109 | ||||||
FirstEnergy | 260 | 315 | ||||||
FirstEnergy Transmission | 196 | 211 | ||||||
Hrvatska Elektroprivreda | 340 | 355 | ||||||
ITC Holdings | 25 | 25 | ||||||
NextEra Energy Capital Holdings | 1,215 | 1,233 | ||||||
2.700%, 09/15/19 | 688 | 695 | ||||||
Niagara Mohawk Power | 735 | 778 | ||||||
NiSource Finance | 150 | 171 | ||||||
NSTAR Electric | 100 | 96 | ||||||
Oncor Electric Delivery | 100 | 127 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
ONE Gas | $ | 74 | $ | 74 | ||||
Pacific Gas & Electric | 619 | 681 | ||||||
4.300%, 03/15/45 | 490 | 503 | ||||||
3.500%, 10/01/20 | 150 | 156 | ||||||
PPL Capital Funding | 150 | 152 | ||||||
Progress Energy | 918 | 1,329 | ||||||
5.625%, 01/15/16 | 100 | 105 | ||||||
Public Service Electric & Gas | 25 | 25 | ||||||
2.300%, 09/15/18 | 100 | 101 | ||||||
Puget Energy | 100 | 117 | ||||||
SCANA | 442 | 458 | ||||||
Sempra Energy | 2,937 | 3,771 | ||||||
6.500%, 06/01/16 | 100 | 107 | ||||||
3.550%, 06/15/24 | 100 | 101 | ||||||
Southern | 150 | 153 | ||||||
2.150%, 09/01/19 | 487 | 484 | ||||||
1.300%, 08/15/17 | 521 | 519 | ||||||
Southern California Edison | 150 | 158 | ||||||
Southern Power | 380 | 438 | ||||||
Southwestern Electric Power | 777 | 797 | ||||||
Star Energy Geothermal Wayang Windu | 370 | 364 | ||||||
TECO Finance | 150 | 155 | ||||||
TransAlta | 31 | 31 | ||||||
Union Electric | 150 | 154 | ||||||
Virginia Electric & Power | 100 | 103 | ||||||
Wisconsin Energy | 100 | 101 | ||||||
Xcel Energy | 150 | 150 | ||||||
|
| |||||||
| 21,866 | ||||||||
|
| |||||||
Total Corporate Obligations | 215,170 | |||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
88
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
MORTGAGE-BACKED SECURITIES — 16.9% |
| |||||||
Agency Mortgage-Backed Obligations — 15.2% |
| |||||||
FHLMC | $ | 1,779 | $ | 2,008 | ||||
5.000%, 01/01/38 | 2,030 | 2,240 | ||||||
4.500%, 01/12/36-02/01/44 | 3,224 | 3,519 | ||||||
4.000%, 05/01/24-01/15/41 | 5,895 | 6,285 | ||||||
3.500%, 12/01/28-01/01/44 | 5,408 | 5,648 | ||||||
3.000%, 01/01/27-04/01/43 | 5,825 | 5,933 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K036, Cl A2 | ||||||||
3.527%, 10/25/23 (C) | 1,541 | 1,645 | ||||||
3.389%, 03/25/24 | 487 | 514 | ||||||
3.241%, 09/25/24 | 622 | 649 | ||||||
3.171%, 10/25/24 | 415 | 430 | ||||||
3.130%, 06/25/21 | 717 | 749 | ||||||
2.856%, 01/25/21 | 620 | 641 | ||||||
FNMA | 2,016 | 2,297 | ||||||
5.500%, 07/01/34-08/01/37 | 3,172 | 3,570 | ||||||
5.000%, 01/01/38-07/01/41 | 5,218 | 5,780 | ||||||
4.500%, 01/01/38-12/01/43 | 7,105 | 7,749 | ||||||
4.000%, 03/01/24-07/01/43 | 16,602 | 17,722 | ||||||
3.500%, 12/01/40-09/01/43 | 15,196 | 15,891 | ||||||
3.000%, 01/16/26-05/01/43 | 11,938 | 12,180 | ||||||
2.500%, 01/01/26 | 5,570 | 5,671 | ||||||
GNMA | 4,941 | 5,429 | ||||||
4.000%, 01/01/40-08/20/44 | 6,137 | 6,588 | ||||||
3.500%, 01/15/41 | 7,760 | 8,145 | ||||||
3.000%, 01/15/43 | 4,340 | 4,438 | ||||||
|
| |||||||
| 125,721 | ||||||||
|
| |||||||
Non-Agency Mortgage-Backed Obligations — 1.7% |
| |||||||
Alternative Loan Trust, Ser 2003-20CB, Cl 2A1 | 119 | 123 | ||||||
Aventura Mall Trust, | 682 | 724 | ||||||
Banc of America Funding, Ser 2005-4, Cl 1A3 | 42 | 42 | ||||||
Citigroup Commercial Mortgage Trust, Ser GC25, Cl A4 | 240 | 250 | ||||||
Commercial Mortgage Pass-Through Certificates, | 318 | 331 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Commercial Mortgage Trust, Ser 2007-C9, Cl A4 | $ | 1,493 | $ | 1,631 | ||||
4.258%, 10/10/46 | 621 | 679 | ||||||
4.006%, 04/10/47 | 199 | 214 | ||||||
3.983%, 10/10/46 | 550 | 592 | ||||||
3.611%, 08/10/49 (B)(C) | 231 | 241 | ||||||
3.147%, 02/10/47 | 356 | 369 | ||||||
0.961%, 08/13/27 (B)(C) | 964 | 962 | ||||||
Credit Suisse Mortgage Trust, Ser 2014-USA, Cl A1 | 349 | 356 | ||||||
GS Mortgage Securities II, Ser 2012-BWTR, Cl A | 682 | 681 | ||||||
GS Mortgage Securities Trust, Ser 2012-SHOP, Cl A | 534 | 547 | ||||||
GSR Mortgage Loan Trust, Ser 2005-4F, Cl 6A1 | 227 | 230 | ||||||
HarborView Mortgage Loan Trust, Ser 2004-3, Cl 1A | 84 | 84 | ||||||
JP Morgan Mortgage Trust, Ser 2005-A3, Cl 4A1 | 258 | 261 | ||||||
JPMBB Commercial Mortgage Securities Trust, | 530 | 570 | ||||||
JPMorgan Mortgage Trust, Ser 2005-A2, Cl 3A2 | 122 | 118 | ||||||
1.990%, 11/25/33 (C) | 369 | 364 | ||||||
MLCC Mortgage Investors, Ser 2006-2, Cl 2A | 561 | 556 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C15, Cl A4 | 345 | 372 | ||||||
3.787%, 01/15/47 | 218 | 230 | ||||||
Morgan Stanley Capital I Trust, Ser 2014-CPT, Cl A | 646 | 668 | ||||||
Provident Funding Mortgage Loan Trust, Ser 2005-2, Cl 1A1A | 409 | 399 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Ser 2004-6, Cl 1A | 601 | 594 | ||||||
The accompanying notes are an integral part of the financial statements.
89
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Wells Fargo Mortgage Backed Securities Trust, Ser 2005-AR10, Cl 2A2 | $ | 629 | $ | 635 | ||||
2.612%, 10/25/33 (C) | 1,043 | 1,046 | ||||||
|
| |||||||
| 13,869 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities (Cost $138,270) (000) | 139,590 | |||||||
|
| |||||||
LOAN PARTICIPATIONS — 9.4% | ||||||||
Aerospace/Defense — 0.0% | ||||||||
B/E Aerospace, Inc., Term Loan | 100 | 99 | ||||||
Transdigm Inc., Tranche D Term Loan | 150 | 147 | ||||||
|
| |||||||
| 246 | ||||||||
|
| |||||||
Automotive — 0.4% | ||||||||
Allison Transmission, Inc., Term B-3 Loan | 993 | 980 | ||||||
Chrysler Group LLC, Tranche B Term Loan | 274 | 270 | ||||||
Federal-Mogul Corporation, Tranche C Term Loan (2014) | 322 | 319 | ||||||
Gates Global LLC, Initial Dollar Term Loan | 125 | 121 | ||||||
Metaldyne Performance 10/14 Cov-Lite Term Loan | 167 | 166 | ||||||
MPG Holdco I Inc., Initial Term Loan | 81 | 81 | ||||||
TI Group Automotive Systems, LLC Additional Term Loan | 299 | 295 | ||||||
Tower Automotive Holdings USA, LLC, Initial Term Loan (2014) | 993 | 973 | ||||||
Visteon Corporation, Initial Term Loan | 100 | 98 | ||||||
|
| |||||||
| 3,303 | ||||||||
|
| |||||||
Building Materials — 0.1% | ||||||||
Quikrete Holdings, Inc., Initial Loan (First Lien) | 461 | 454 | ||||||
0.000%, 09/28/20 (E) | 15 | 15 | ||||||
Tecomet (Symmetry Medical) 11/14 Cov-Lite Term Loan | 100 | 96 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
VAT Lux III S.a.r.l. (fka Polyusus Lux 2 S.a.r.l.), Initial Term Loan | $ | 50 | $ | 49 | ||||
|
| |||||||
| 614 | ||||||||
|
| |||||||
Chemicals — 0.5% | ||||||||
Arizona Chemical 6/14 Cov-Lite Term Loan | 300 | 293 | ||||||
AZ Chem US Inc., Initial Term Loan (First Lien) | 48 | 47 | ||||||
Berry Plastics Corporation, Term D Loan | 992 | 958 | ||||||
Entegris, Inc., Tranche B Term Loan | 22 | 22 | ||||||
Flint Group 5/14 (USD) Cov-Lite Term Loan B2 | 86 | 83 | ||||||
Flint Group 5/14 (USD) Cov-Lite Term Loan C | 14 | 14 | ||||||
Gemini HDPE LLC, Advance | 150 | 144 | ||||||
Hilex Poly 12/14 Cov-Lite Term Loan | 125 | 123 | ||||||
Ineos US Finance LLC, Cash Dollar Term Loan | 992 | 960 | ||||||
MacDermid, Incorporated , Tranche B Term Loan (First Lien) | 44 | 44 | ||||||
4.000%, 06/05/20 | 6 | 5 | ||||||
Minerals Technologies Inc., Initial Term Loan | 165 | 163 | ||||||
PQ Corporation, 2014 Term Loan | 557 | 546 | ||||||
Signode Industrial Group Lux S.A. (Signode Industrial Group US Inc.), Initial Term B Loan | 106 | 101 | ||||||
Solenis International, LP (Solenis Holdings 3 LLC), Initial Dollar Term Loan (First Lien) | 500 | 486 | ||||||
Waddington North America 5/13 Cov-Lite (Canadian Borrower) Term Loan | 125 | 122 | ||||||
The accompanying notes are an integral part of the financial statements.
90
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Waddington North America 5/13 Cov-Lite (US Borrower) Term Loan | $ | 100 | $ | 98 | ||||
|
| |||||||
| 4,209 | ||||||||
|
| |||||||
Computers & Electronics — 1.0% | ||||||||
Answers 10/14 Cov-Lite Term Loan | 100 | 95 | ||||||
Applied Systems, Inc., Initial Term Loan (First Lien) | 496 | 487 | ||||||
Ascend Learning, LLC, Term Loan (First Lien) | 174 | 172 | ||||||
4.500%, 01/25/21 | 34 | 33 | ||||||
Avago Technologies Cayman Ltd. (Avago Technologies Holdings Luxembourg S.A R.L.), Term Loan | 498 | 495 | ||||||
Campaign Monitor Finance Pty Limited (CM Delaware LLC), Term Loan | 50 | 49 | ||||||
CompuCom Systems, Inc., Term Loan | 479 | 457 | ||||||
Dell International LLC, Term B Loan | 990 | 987 | ||||||
Evergreen Skills Lux S.À R.L., Initial Term Loan (First Lien) | 97 | 95 | ||||||
4.500%, 04/28/21 | 102 | 100 | ||||||
First Data Corporation, 2018 New Dollar Term Loan | 75 | 73 | ||||||
Go Daddy Operating Company, LLC, Initial Term Loan | 524 | 519 | ||||||
Hyland Software, Inc., Initial Term Loan | 498 | 492 | ||||||
Infor (US), Inc. (fka Lawson Software Inc.) , Tranche B-5 Term Loan | 973 | 943 | ||||||
Internet Brands 7/14 Delayed Term Loan | 5 | 5 | ||||||
ION Trading Technologies S.A.R.L., Initial Dollar Term Loan (First Lien) | 100 | 98 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Kronos Incorporated, Incremental Term Loan (First Lien) | $ | 300 | $ | 297 | ||||
MA Financeco., LLC, Initial Tranche B Term Loan | 100 | 96 | ||||||
MA Financeco., LLC, Initial Tranche C Term Loan | 100 | 96 | ||||||
Magic Newco, LLC, USD Term Loan (First Lien) | 495 | 492 | ||||||
MH Sub I, LLC (Micro Holding Corp.), Initial Term Loan (First Lien) | 66 | 65 | ||||||
0.000%, 07/08/21 (E) | 70 | 69 | ||||||
RP Crown Parent, LLC, New Term Loan (First Lien) | 399 | 370 | ||||||
Shield Finance Co S.à r.l., Dollar Term B Loan | 496 | 495 | ||||||
0.000%, 01/29/21 (E) | 1 | 1 | ||||||
SunEdison 5/14, Term Loan | 75 | 74 | ||||||
Sybil Finance B.V., Initial Term Loan | 295 | 291 | ||||||
Vertafore, Inc., Term Loan 2013 | 994 | 981 | ||||||
Wall Street Systems Delaware, Inc., Term Loan | 262 | 258 | ||||||
|
| |||||||
| 8,685 | ||||||||
|
| |||||||
Consumer Nondurables — 0.1% | ||||||||
Revlon 8/13 Acquisition Facility | 993 | 973 | ||||||
|
| |||||||
Educational Services — 0.1% | ||||||||
Education Management LLC, Tranche C-2 Term Loan | 1,006 | 447 | ||||||
Laureate Education, Inc., New Series 2018 Extended Term Loan | 492 | 468 | ||||||
Nord Anglia Education Finance LLC, Initial Term Loan | 279 | 275 | ||||||
|
| |||||||
| 1,190 | ||||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
91
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Financial Services — 0.4% | ||||||||
Altisource Solutions S.A R.L. , Term B Loan | $ | 50 | $ | 38 | ||||
Citco (6/11) Term Loan | 992 | 984 | ||||||
MCS AMS 10/13 Term Loan | 472 | 415 | ||||||
Moneygram International, Inc., Term Loan | 494 | 451 | ||||||
NXT Capital 9/13 Term Loan B | 594 | 593 | ||||||
Ocwen Loan Servicing, LLC, Initial Term Loan | 499 | 467 | ||||||
RCS Capital Corporation, Term Loan (First Lien) | 212 | 196 | ||||||
Sable International Finance Term Loan (First Lien) | 25 | 25 | ||||||
Walter Investment Management Corp., Tranche B Term Loan | 496 | 447 | ||||||
|
| |||||||
| 3,616 | ||||||||
|
| |||||||
Food & Beverage — 0.4% | ||||||||
AdvancePierre Foods, Inc., Term Loan (First Lien) | 496 | 491 | ||||||
Del Monte Foods, Inc., Initial Loan (First Lien) | 495 | 450 | ||||||
Dole Food 11/13 Cov-Lite Term Loan B | 987 | 974 | ||||||
Jacobs Douwe Edberts 7/14 (EUR) Escrow Term Loan B1 | 150 | 147 | ||||||
Phillips Pet Food 1/14 Term Loan | 498 | 409 | ||||||
Pinnacle Foods Finance LLC, Tranche G Term Loan | 871 | 844 | ||||||
|
| |||||||
| 3,315 | ||||||||
|
| |||||||
Forest Products – 0.0% | ||||||||
Ply Gem Industries, Inc., Term Loan | 498 | 484 | ||||||
|
| |||||||
Gaming & Hotels – 0.4% | ||||||||
Amaya Holdings B.V., Initial Term B Loan (First Lien) | 250 | 247 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Boyd Gaming Corporation, Term B Loan | $ | 937 | $ | 917 | ||||
Citycenter Holdings LLC, (10/13) Cov-Lite Term Loan B, 1st Lien | 250 | 247 | ||||||
Hilton Worldwide Finance LLC, Initial Term Loan | 833 | 823 | ||||||
La Quinta Intermediate Holdings L.L.C., Initial Term Loan | 113 | 111 | ||||||
MGM Resorts International (MGM Grand Detroit, LLC), Term B Loan | 992 | 965 | ||||||
Scientific Games International, Inc., Initial Term B-2 Loan | 75 | 74 | ||||||
|
| |||||||
| 3,384 | ||||||||
|
| |||||||
Health Care – 1.2% | ||||||||
Alliance HealthCare Services, Inc. , Initial Term Loan | 495 | 487 | ||||||
Amag Pharmaceuticals | 50 | 50 | ||||||
Amneal Pharmaceuticals LLC, Term Loan B | ||||||||
6.000%, 11/01/19 | 496 | 494 | ||||||
4.250%, 05/22/20 | 496 | 494 | ||||||
0.000%, 11/01/19 (E) | 50 | 50 | ||||||
BioScrip, Inc., Delayed Draw Term Loan | 106 | 105 | ||||||
BioScrip, Inc., Initial Term B Loan | 176 | 175 | ||||||
CHS/Community Health Systems, Inc., 2021 Term D Loan | 993 | 989 | ||||||
DaVita HealthCare Partners Inc. (fka DaVita Inc.), Tranche B Term Loan | 274 | 271 | ||||||
DPX Holdings B.V. (fka JLL/Delta Dutch Newco B.V.), Initial Dollar Term Loan | 498 | 482 | ||||||
Equinox Holdings Inc. , New Initial Term Loan (First Lien) | 247 | 244 | ||||||
Gentiva Health Services, Inc., Initial Term B Loan | 496 | 495 | ||||||
The accompanying notes are an integral part of the financial statements.
92
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Grifols Worldwide Operations Limited, U.S. Tranche B Term Loan | $ | 398 | $ | 392 | ||||
Iasis Healthcare LLC , Term B-2 Loan | 647 | 640 | ||||||
Ikaria, Inc., Initial Term Loan (First Lien) | ||||||||
5.000%, 02/12/21 | 110 | 110 | ||||||
0.000%, 02/12/21 (E) | 7 | 7 | ||||||
Impax Laboratories, Initial Term Loan (First Lien) | 75 | 75 | ||||||
Kindred Healthcare, Inc., New Term Loan | 623 | 602 | ||||||
Kinetic Concepts, Inc., Dollar Term E-1 Loan | 499 | 491 | ||||||
Mallinckrodt International Finance S.A., Incremental Term B-1 Loan | 100 | 98 | ||||||
Mallinckrodt International Finance S.A., Initial Term B Loan | 149 | 146 | ||||||
Millennium Laboratories 4/14, Term Loan B | 175 | 173 | ||||||
Ortho-Clinical Diagnostics Holdings Luxembourg S.À R.L., Initial Term Loan | ||||||||
4.750%, 06/30/21 | 42 | 41 | ||||||
0.000%, 06/30/21 (E) | 207 | 203 | ||||||
Par Pharmaceutical Companies, Inc. (Par Pharmaceutical, Inc.), Term B-2 Loan | 399 | 387 | ||||||
Regionalcare Hospital Partners Term Loan (First Lien) | 25 | 25 | ||||||
Sage Products Holdings III, LLC, Replacement Term Loan (First Lien) | 75 | 74 | ||||||
Salix Pharmaceuticals, Ltd., Term Loan | 481 | 474 | ||||||
Steward Health 4/13 Term Loan B | 495 | 491 | ||||||
Valeant Pharmaceuticals International, Inc., Series E-1 Tranche B Term Loan | 864 | 854 | ||||||
|
| |||||||
| 9,619 | ||||||||
|
| |||||||
| Description | Face Amount (000) | Value (000) | ||||||
Home Furnishings — 0.1% | ||||||||
Serta Simmons Holdings, LLC , Term Loan | $ | 472 | $ | 464 | ||||
|
| |||||||
Insurance — 0.2% | ||||||||
Asurion, LLC (fka Asurion Corporation), Incremental Tranche B-2 Term Loan | 992 | 958 | ||||||
Carecore National, LLC, Term Loan | 50 | 49 | ||||||
USI, Inc. (fka Compass Investors Inc.), Initial Term Loan | 299 | 294 | ||||||
|
| |||||||
| 1,301 | ||||||||
|
| |||||||
Leasing — 0.1% | ||||||||
Avis Budget Car Rental, LLC, Tranche B Term Loan | 496 | 488 | ||||||
AVSC Holding Corp., Initial Term Loan (First Lien) | 16 | 16 | ||||||
BakerCorp 2/13 Term Loan | 197 | 179 | ||||||
Delos Finance S.à r.l., Loan | 225 | 223 | ||||||
|
| |||||||
| 906 | ||||||||
|
| |||||||
Machinery — 0.3% | ||||||||
Apex Tool Group, LLC, Term Loan | 992 | 963 | ||||||
Doosan Infracore International, Inc. (Doosan Holdings Europe Limited), Tranche B Term Loan | 92 | 91 | ||||||
Gardner Denver, Inc., Initial Dollar Term Loan | 795 | 742 | ||||||
0.000%, 07/30/20 (E) | 198 | 185 | ||||||
Husky Injection Molding Systems Ltd. , New Term Loan | 224 | 219 | ||||||
IES Global B.V., Initial Loan | 475 | 470 | ||||||
Schaeffler AG (formerly named INA Beteiligungsgesellschaft mit beschränkter Haftung), | 100 | 100 | ||||||
|
| |||||||
| 2,770 | ||||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
93
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Media — 0.3% | ||||||||
MCC Iowa LLC, Tranche J Term Loan | $ | 75 | $ | 73 | ||||
Media General Term Loan (First Lien) | 50 | 49 | ||||||
Mediacom LLC 8/14 Term Loan G | 50 | 49 | ||||||
Mission/Nexstar Broadcasting 9/13 Term Loan B2 | 466 | 461 | ||||||
Nexstar/Mission Broadcasting 9/13 Term Loan B2 | 528 | 523 | ||||||
TWCC Holding Corp., Term Loan | 970 | 945 | ||||||
Ziggo B.V., US$ B1 Facility | 111 | 108 | ||||||
Ziggo B.V., US$ B2 Facility | 71 | 69 | ||||||
Ziggo B.V., US$ B3 Facility | 118 | 114 | ||||||
|
| |||||||
| 2,391 | ||||||||
|
| |||||||
Metals & Mining — 0.2% | ||||||||
Oxbow Carbon LLC(Oxbow Calcining LLC.), Tranche B Term Loan (2013) | 962 | 884 | ||||||
Patriot Coal 12/13 Exit Term Loan | 496 | 472 | ||||||
|
| |||||||
| 1,356 | ||||||||
|
| |||||||
Not For Profit — 0.1% | ||||||||
National Mentor Holdings, Inc., Tranche B Term Loan | 498 | 487 | ||||||
|
| |||||||
Oil & Gas — 0.4% | ||||||||
Ameriforge 1/13 Term Loan | 646 | 581 | ||||||
CITGO Petroleum Corporation, Term B Loan | 100 | 99 | ||||||
Drillships Ocean Ventures Inc., Term Loan | 100 | 80 | ||||||
Energy Transfer Equity LP, Loan | 1,175 | 1,130 | ||||||
Floatel Delaware LLC (Floatel International Ltd.), Initial Term Loan | 100 | 79 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Seadrill Operating LP (Seadrill Partners Finco LLC), | $ | 372 | $ | 288 | ||||
Tallgrass Energy 11/13 | 823 | 801 | ||||||
|
| |||||||
| 3,058 | ||||||||
|
| |||||||
Printing & Publishing — 0.0% |
| |||||||
Zebra Technologies Corporation, Initial Term Loan | 200 | 201 | ||||||
|
| |||||||
Professional & Business Services — 1.1% |
| |||||||
Acosta Holdco, Inc., Initial Term Loan | 300 | 299 | ||||||
Bright Horizons 1/13 Term Loan B | 3 | 2 | ||||||
4.000%, 01/24/20 | 990 | 973 | ||||||
CBS Outdoor 1/14 Cov-Lite Term Loan B | 1,000 | 974 | ||||||
Emerald Expositions Holding, Inc., Initial Term Loan | 476 | 466 | ||||||
Expert Global Solutions, Inc. (fka NCO Group, Inc.), Term B Advance (First Lien) | 3 | 3 | ||||||
8.000%, 04/02/18 | 167 | 166 | ||||||
Extreme Reach, Inc., Initial Term Loan (First Lien) | 475 | 471 | ||||||
Garda World 11/13 (USD) Term Loan B | 788 | 768 | ||||||
Garda World 11/13 (USD) Tranche B Delayed Term Loan | 202 | 196 | ||||||
Getty Images, Inc., Initial Term Loan | 992 | 908 | ||||||
Grosvenor Capital 1/14 Cov-Lite Term Loan | 993 | 971 | ||||||
Guggenheim Partners Investment Management Holdings, LLC, Initial Term Loan | 550 | 544 | ||||||
Harbourvest Partners LP, New Term Loan | 429 | 414 | ||||||
Interactive Data Corporation, Term Loan | 125 | 124 | ||||||
The accompanying notes are an integral part of the financial statements.
94
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
InVentiv Health, Inc. (f.k.a. Ventiv Health, Inc.), Term B-4 Loan | $ | 250 | $ | 249 | ||||
6.750%, 08/13/21 | 50 | 50 | ||||||
Pharmaceutical Product Development, Inc., 2013 Term Loan | 997 | 989 | ||||||
Trans Union LLC, 2014 Replacement Term Loan | 348 | 343 | ||||||
Vantiv, LLC (fka Fifth Third Processing Solutions, LLC), | 75 | 74 | ||||||
|
| |||||||
| 8,984 | ||||||||
|
| |||||||
Real Estate — 0.0% | ||||||||
RHP Hotel Properties, LP, | 50 | 50 | ||||||
Servicemaster Company, LLC, The, Initial Term Loan | 200 | 196 | ||||||
|
| |||||||
| 246 | ||||||||
|
| |||||||
Retail Food & Drug — 0.4% | ||||||||
Albertson’s 8/14 Cov-Lite Delayed Draw Term Loan B3 | 200 | 197 | ||||||
Albertson’s LLC, Term B-4 Loan | 75 | 75 | ||||||
General Nutrition Centers, Inc., Amended Tranche B Term Loan | 997 | 969 | ||||||
New Albertson’s, Inc., Term B Loan | 75 | 74 | ||||||
Rite Aid Corporation, Tranche 7 Term Loan | 995 | 989 | ||||||
Supervalu Inc., New Term Loan | 600 | 588 | ||||||
|
| |||||||
| 2,892 | ||||||||
|
| |||||||
Retailing — 0.7% | ||||||||
1011778 B.C. Unlimited Liability Company (New Red Finance, Inc.) (aka Burger King/Tim Horton’s), Term B Loan | 775 | 772 | ||||||
99 Cents Only Stores 10/13 Cov-Lite Term Loan B2 | 992 | 981 | ||||||
Brickman Group Ltd. LLC, The, Initial Term Loan (First Lien) | 495 | 480 | ||||||
0.000%, 12/18/20 (E) | 1 | 1 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Burlington Coat Factory 8/14 Term Loan B | $ | 50 | $ | 49 | ||||
CEC Entertainment, Inc., Term B Loan | 75 | 72 | ||||||
Dunkin’ Brands, Inc., Term B-4 Loan | 996 | 967 | ||||||
J. Crew Group, Inc., Initial Loan | 249 | 234 | ||||||
Men’s Wearhouse, Inc., The, Tranche B Term Loan | 125 | 124 | ||||||
Michaels Stores, Inc., Incremental 2014 Term Loan | 73 | 72 | ||||||
0.000%, 01/28/20 (E) | 2 | 1 | ||||||
Michaels Stores, Inc., Term B Loan | 746 | 730 | ||||||
OSI Restaurant Partners, LLC, 2013 Replacement Term Loan | 241 | 238 | ||||||
Party City Holdings Inc., 2014 Replacement Term Loan | 993 | 969 | ||||||
Pilot Travel Centers 10/14 Term Loan B | 175 | 175 | ||||||
|
| |||||||
| 5,865 | ||||||||
|
| |||||||
Securities & Trusts — 0.1% |
| |||||||
Corporate Capital Trust, Inc., Initial Term B Loan | 75 | 74 | ||||||
TCW Group 1/14 Term Loan B | 466 | 447 | ||||||
|
| |||||||
| 521 | ||||||||
|
| |||||||
Shipping & Ship Building — 0.0% |
| |||||||
Stena International S.A., Term Loan | 174 | 155 | ||||||
|
| |||||||
Steel — 0.1% |
| |||||||
FMG Resources (August 2006) Pty LTD (FMG America Finance, Inc.), Loan | 992 | 899 | ||||||
JMP Steel Group | 276 | 271 | ||||||
|
| |||||||
| 1,170 | ||||||||
|
| |||||||
Telecommunications — 0.2% |
| |||||||
IPC Systems, Inc., Term Loan (First Lien) | 100 | 99 | ||||||
The accompanying notes are an integral part of the financial statements.
95
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
SBA Senior Finance II LLC, Incremental Tranche B-1 Term Loan | $ | 199 | $ | 194 | ||||
0.000%, 03/24/21 (E) | 1 | — | ||||||
Windstream Corporation, Tranche B-4 Term Loan | 990 | 977 | ||||||
3.500%, 01/23/20 | 3 | 2 | ||||||
|
| |||||||
| 1,272 | ||||||||
|
| |||||||
Transportation — 0.2% |
| |||||||
DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan | 495 | 493 | ||||||
Envision Healthcare Corporation (fka Emergency Medical Services Corporation), Initial Term Loan | 59 | 58 | ||||||
5.250%, 04/27/18 | 934 | 927 | ||||||
Swift Transportation Co., LLC, Tranche B Loan | 50 | 49 | ||||||
0.000%, 06/09/21 (E) | 50 | 49 | ||||||
Travelport Finance (Luxembourg) S.à r.l., Initial Term Loan | 100 | 99 | ||||||
|
| |||||||
| 1,675 | ||||||||
|
| |||||||
Utilities — 0.3% |
| |||||||
Calpine Construction Finance Company LP, Term B-2 Loan | 992 | 955 | ||||||
Dynegy Inc., Tranche B-2 Term Loan | 496 | 488 | ||||||
Energy Future Intermediate Holding Company LLC (EFIH Finance Inc.), Term Loan | 150 | 150 | ||||||
Granite Acquisition, Inc., Term B Loan (First Lien) | 216 | 216 | ||||||
Granite Acquisition, Inc., Term C Loan (First Lien) |
| 9 |
|
| 10 |
| ||
La Frontera Generation 5/13 Term Loan | 349 | 343 | ||||||
TPF II Power, LLC (TPF II Covert Midco, LLC), Term Loan | 125 | 125 | ||||||
Viva Alamo LLC, Initial Term Loan | 50 | 49 | ||||||
|
| |||||||
| 2,336 | ||||||||
|
| |||||||
Total Loan Participations | 77,688 | |||||||
|
| |||||||
| Description | Face Amount (000)(1) | Value (000) | ||||||
SOVEREIGN DEBT — 7.4% |
| |||||||
African Development Bank | 205 | $ | 203 | |||||
Argentine Government International Bond | 195 | 172 | ||||||
8.280%, 12/31/33 | 827 | 738 | ||||||
3.750%, 03/31/19 (D) | 1,190 | 607 | ||||||
Armenian Government International Bond | 1,260 | 1,222 | ||||||
Asian Development Bank | 100 | 100 | ||||||
1.750%, 03/21/19 | 100 | 101 | ||||||
1.125%, 03/15/17 | 400 | 402 | ||||||
Banco Nacional de Desenvolvimento Economico e Social | 135 | 143 | ||||||
5.750%, 09/26/23 (B) | 390 | 402 | ||||||
Belarus Government International Bond | 710 | 651 | ||||||
Brazilian Government International Bond | 200 | 215 | ||||||
4.250%, 01/07/25 | 1,260 | 1,260 | ||||||
2.625%, 01/05/23 | 200 | 182 | ||||||
Canada Government International Bond 1.625%, 02/27/19 | 100 | 100 | ||||||
Chile Government International Bond 3.125%, 03/27/25 | 1,579 | 1,571 | ||||||
Colombia Government International Bond | 280 | 360 | ||||||
6.125%, 01/18/41 | 520 | 623 | ||||||
5.625%, 02/26/44 | 200 | 225 | ||||||
4.375%, 07/12/21 | 200 | 211 | ||||||
4.000%, 02/26/24 | 700 | 716 | ||||||
Costa Rica Government International Bond | 80,000 | 147 | ||||||
Council of Europe Development Bank | 100 | 100 | ||||||
1.125%, 05/31/18 | 150 | 149 | ||||||
Croatia Government International Bond | 855 | 936 | ||||||
6.375%, 03/24/21 | 260 | 284 | ||||||
6.000%, 01/26/24 (B) | 380 | 409 | ||||||
Dominican Republic Government International Bond | 540 | 592 | ||||||
7.450%, 04/30/44 (B) | 860 | 941 | ||||||
6.600%, 01/28/24 (B) | 190 | 202 | ||||||
The accompanying notes are an integral part of the financial statements.
96
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000)(1) | Value (000) | ||||||
El Salvador Government International Bond | 265 | $ | 281 | |||||
6.375%, 01/18/27 (B) | 150 | 150 | ||||||
5.875%, 01/30/25 (B) | 460 | 454 | ||||||
European Bank for Reconstruction & Development | 200 | 197 | ||||||
1.000%, 02/16/17 | 200 | 201 | ||||||
European Investment Bank | 250 | 269 | ||||||
1.875%, 03/15/19 | 150 | 152 | ||||||
1.750%, 06/17/19 | 600 | 602 | ||||||
1.625%, 12/18/18 | 100 | 100 | ||||||
1.125%, 09/15/17 | 500 | 501 | ||||||
1.000%, 08/17/17 | 100 | 100 | ||||||
0.875%, 04/18/17 | 250 | 250 | ||||||
0.500%, 08/15/16 | 500 | 499 | ||||||
Export Credit Bank of Turkey | 200 | 213 | ||||||
5.000%, 09/23/21 (B) | 620 | 631 | ||||||
Export Development Canada | 250 | 250 | ||||||
Export-Import Bank of Korea | 400 | 426 | ||||||
Georgia Government International Bond | 460 | 483 | ||||||
Ghana Government International Bond | 460 | 459 | ||||||
8.125%, 01/18/26 (B) | 910 | 842 | ||||||
7.875%, 08/07/23 (B) | 640 | 592 | ||||||
Honduras Government International Bond | 730 | 761 | ||||||
Hungary Government International Bond | 500 | 562 | ||||||
5.375%, 03/25/24 | 260 | 281 | ||||||
4.125%, 02/19/18 | 510 | 529 | ||||||
Hydro-Quebec | 200 | 201 | ||||||
India Government International Bond | 26,000 | 386 | ||||||
Indonesia Government International Bond | 1,040 | 1,446 | ||||||
5.875%, 01/15/24 (B) | 600 | 678 | ||||||
International Bank for Reconstruction & Development | 50 | 50 | ||||||
2.125%, 03/15/16 | 600 | 611 | ||||||
1.875%, 03/15/19 | 100 | 101 | ||||||
1.375%, 04/10/18 | 100 | 101 | ||||||
0.875%, 04/17/17 | 250 | 250 | ||||||
0.625%, 10/14/16 | 150 | 150 | ||||||
0.500%, 05/16/16 | 100 | 100 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Israel Government International Bond | $ | 200 | $ | 203 | ||||
Italy Government International Bond | 200 | 217 | ||||||
4.750%, 01/25/16 | 100 | 104 | ||||||
Ivory Coast Government International Bond | 1,620 | 1,547 | ||||||
Jamaica Government International Bond | 655 | 683 | ||||||
Japan Bank for International Cooperation | 200 | 205 | ||||||
1.750%, 11/13/18 | 200 | 201 | ||||||
Kazakhstan Government International Bond | 450 | 412 | ||||||
Kenya Government International Bond | 480 | 503 | ||||||
5.875%, 06/24/19 (B) | 870 | 881 | ||||||
KFW | 100 | 104 | ||||||
2.500%, 11/20/24 | 150 | 152 | ||||||
2.125%, 01/17/23 | 250 | 250 | ||||||
1.875%, 04/01/19 | 150 | 152 | ||||||
1.000%, 06/11/18 | 1,000 | 987 | ||||||
0.875%, 12/15/17 | 400 | 396 | ||||||
0.500%, 04/19/16 | 450 | 450 | ||||||
Korea Development Bank | 200 | 197 | ||||||
Korean Government International Bond | 100 | 121 | ||||||
Landwirtschaftliche Rentenbank | 100 | 100 | ||||||
1.000%, 04/04/18 | 200 | 198 | ||||||
Mexico Government International Bond | 260 | 340 | ||||||
5.550%, 01/21/45 | 984 | 1,144 | ||||||
4.000%, 10/02/23 | 200 | 208 | ||||||
3.600%, 01/30/25 | 1,444 | 1,439 | ||||||
3.500%, 01/21/21 | 250 | 255 | ||||||
Oesterreichische Kontrollbank | 250 | 250 | ||||||
Pakistan Government International Bond | 290 | 298 | ||||||
7.250%, 04/15/19 (B) | 440 | 446 | ||||||
Panama Government International Bond | 290 | 440 | ||||||
6.700%, 01/26/36 | 1,170 | 1,512 | ||||||
5.200%, 01/30/20 | 420 | 463 | ||||||
The accompanying notes are an integral part of the financial statements.
97
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Paraguay Government International Bond | $ | 570 | $ | 607 | ||||
Peruvian Government International Bond | 420 | 545 | ||||||
5.625%, 11/18/50 | 230 | 271 | ||||||
Philippine Government International Bond | 100 | 127 | ||||||
7.750%, 01/14/31 | 850 | 1,224 | ||||||
6.375%, 10/23/34 | 590 | 791 | ||||||
Poland Government International Bond | 200 | 234 | ||||||
4.000%, 01/22/24 | 125 | 133 | ||||||
Province of British Columbia | 200 | 201 | ||||||
Province of Manitoba | 100 | 99 | ||||||
Province of Ontario | 200 | 199 | ||||||
2.300%, 05/10/16 | 125 | 128 | ||||||
2.000%, 01/30/19 | 250 | 253 | ||||||
1.100%, 10/25/17 | 300 | 298 | ||||||
Province of Quebec | 150 | 162 | ||||||
2.625%, 02/13/23 | 200 | 200 | ||||||
Romanian Government International Bond | 270 | 325 | ||||||
6.125%, 01/22/44 (B) | 300 | 364 | ||||||
4.875%, 01/22/24 (B) | 150 | 164 | ||||||
4.375%, 08/22/23 (B) | 360 | 378 | ||||||
Russian Federation | 459 | 475 | ||||||
4.875%, 09/16/23 (B) | 200 | 178 | ||||||
3.500%, 01/16/19 (B) | 200 | 180 | ||||||
Sebia Government International Bond | 200 | 208 | ||||||
5.250%, 11/21/17 (B) | 210 | 216 | ||||||
Senegal Government International Bond | 300 | 329 | ||||||
6.250%, 07/30/24 (B) | 780 | 743 | ||||||
South Africa Government International Bond | 455 | 498 | ||||||
Sri Lanka Government International Bond | 680 | 708 | ||||||
6.000%, 01/14/19 (B) | 310 | 322 | ||||||
5.125%, 04/11/19 (B) | 310 | 312 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Tanzania Government International Bond | $ | 650 | $ | 679 | ||||
Turkey Government International Bond | 386 | 528 | ||||||
7.500%, 07/14/17 | 785 | 912 | ||||||
7.375%, 02/05/25 | 340 | 423 | ||||||
6.875%, 03/17/36 | 310 | 383 | ||||||
5.625%, 03/30/21 | 225 | 247 | ||||||
3.250%, 03/23/23 | 200 | 190 | ||||||
Ukraine Government International Bond | 380 | 232 | ||||||
7.750%, 09/23/20 (B) | 990 | 594 | ||||||
7.500%, 04/17/23 (B) | 200 | 118 | ||||||
Uruguay Government International Bond | 276 | 280 | ||||||
4.500%, 08/14/24 | 1,804 | 1,894 | ||||||
Venezuela Government International Bond | 652 | 276 | ||||||
7.000%, 03/31/38 | 222 | 91 | ||||||
6.000%, 12/09/20 | 680 | 288 | ||||||
Zambia Government International Bond | 705 | 772 | ||||||
|
| |||||||
Total Sovereign Debt | 61,460 | |||||||
|
| |||||||
ASSET-BACKED SECURITIES — 3.4% |
| |||||||
Automotive — 2.8% | ||||||||
Ally Auto Receivables Trust, Ser 2014-2, Cl A3 | 559 | 560 | ||||||
Ally Auto Receivables Trust, Ser 2014-3, Cl A2 | 1,840 | 1,840 | ||||||
Americredit Automobile Receivables Trust, Ser 2014-1, Cl A2 | 1,790 | 1,789 | ||||||
AmeriCredit Automobile Receivables Trust, Ser 2014-3, Cl B | 320 | 318 | ||||||
California Republic Auto Receivables Trust, Ser 2014-2, Cl A4 | 1,382 | 1,378 | ||||||
CarMax Auto Owner Trust, Ser 2014-4, Cl A4 | 972 | 970 | ||||||
0.670%, 02/15/18 | 1,943 | 1,941 | ||||||
The accompanying notes are an integral part of the financial statements.
98
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Carnow Auto Receivables Trust, Ser 2014-1A, Cl A | $ | 861 | $ | 861 | ||||
CPS Auto Receivables Trust, | 694 | 692 | ||||||
Credit Acceptance Auto Loan Trust, | 626 | 627 | ||||||
Exeter Automobile Receivables Trust, | 979 | 978 | ||||||
Flagship Credit Auto Trust, | 948 | 945 | ||||||
Ford Credit Auto Lease Trust, | 1,166 | 1,168 | ||||||
Ford Credit Auto Owner Trust, | 2,026 | 2,026 | ||||||
Honda Auto Receivables Owner Trust, | 752 | 749 | ||||||
Nissan Auto Receivables Owner Trust, | 884 | 882 | ||||||
Santander Drive Auto Receivables Trust, | 759 | 759 | ||||||
1.450%, 05/15/19 | 1,381 | 1,379 | ||||||
0.481%, 01/16/18 (C) | 1,226 | 1,225 | ||||||
Volkswagen Credit Auto Master Trust, | 877 | 877 | ||||||
World Omni Auto Receivables Trust, | 971 | 965 | ||||||
|
| |||||||
| 22,929 | ||||||||
|
| |||||||
Credit Cards — 0.5% | ||||||||
Chase Issuance Trust, | 1,087 | 1,081 | ||||||
Citibank Credit Card Issuance Trust, | 1,141 | 1,141 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Discover Card Execution Note Trust, | $ | 808 | $ | 811 | ||||
0.531%, 11/15/19 (C) | 787 | 788 | ||||||
|
| |||||||
| 3,821 | ||||||||
|
| |||||||
Other Asset-Backed Securities — 0.1% |
| |||||||
Bayview Opportunity Master Fund Trust, | 356 | 357 | ||||||
Selene Non-Performing Loans, | 739 | 733 | ||||||
|
| |||||||
| 1,090 | ||||||||
|
| |||||||
Total Asset-Backed Securities | 27,840 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.2% |
| |||||||
FHLB | 1,000 | 1,067 | ||||||
4.750%, 12/16/16 | 200 | 217 | ||||||
4.125%, 03/13/20 | 750 | 834 | ||||||
1.000%, 06/21/17 | 1,000 | 1,001 | ||||||
FHLMC | 674 | 985 | ||||||
5.250%, 04/18/16 | 500 | 531 | ||||||
5.000%, 02/16/17 | 850 | 925 | ||||||
2.375%, 01/13/22 | 2,755 | 2,783 | ||||||
1.250%, 10/02/19 | 500 | 489 | ||||||
1.000%, 03/08/17 | 1,000 | 1,003 | ||||||
0.750%, 01/12/18 | 250 | 246 | ||||||
0.580%, 08/26/16 | 100 | 100 | ||||||
0.500%, 05/27/16 | 600 | 600 | ||||||
FNMA | 2,250 | 2,402 | ||||||
2.625%, 09/06/24 | 1,089 | 1,103 | ||||||
0.875%, 05/21/18 | 500 | 492 | ||||||
0.750%, 04/20/17 | 1,000 | 997 | ||||||
0.500%, 03/30/16 | 500 | 503 | ||||||
1.875%, 02/19/19 | 1,000 | 1,015 | ||||||
1.750%, 06/20/19 | 300 | 301 | ||||||
Tennessee Valley Authority | 750 | 742 | ||||||
|
| |||||||
Total U.S. Government Agency Obligations |
| 18,336 | ||||||
|
| |||||||
MUNICIPAL BONDS — 0.5% | ||||||||
California State, GO | 557 | 820 | ||||||
Florida State, Hurricane Catastrophy Fund, RB | 150 | 152 | ||||||
The accompanying notes are an integral part of the financial statements.
99
| THE KP FUNDS | December 31, 2014 |
| KP Fixed Income Fund |
| Description | Face Amount Shares | Value (000) | ||||||
Illinois State, GO | $ | 200 | $ | 219 | ||||
5.100%, 06/01/33 | 540 | 536 | ||||||
New Jersey State, Transportation Trust Fund, RB | 635 | 726 | ||||||
New York State, Dormitory Authority, RB | 610 | 757 | ||||||
New York State, Metropolitan Transportation Authority, RB | 455 | 629 | ||||||
|
| |||||||
Total Municipal Bonds | 3,839 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT (F) — 11.9% |
| |||||||
State Street Institutional Liquid Reserves Fund, 0.000% | 97,992,635 | 97,993 | ||||||
|
| |||||||
Total Short-Term Investment | 97,993 | |||||||
|
| |||||||
Total Investments — 109.7% | $ | 906,190 | ||||||
|
| |||||||
Percentages are based on net assets of $825,908 (000).
A list of the open forward foreign currency contracts held by the Fund at December 31, 2014 is as follows (000):
| Counterparty | Maturity Date | Currency to Deliver | Currency to Receive | Unrealized Appreciation (Depreciation) | ||||||||||
| Barclays | 1/26/15 | JPY | 47,700 | USD | 405 | $ | 7 | |||||||
| Barclays | 2/25/15 | JPY | 47,200 | USD | 392 | (2 | ) | |||||||
| Barclays | 2/25/15 | EUR | 1,810 | USD | 2,247 | 56 | ||||||||
| Barclays | 2/25/15 | USD | 243 | EUR | 196 | (6 | ) | |||||||
|
| |||||||||||||
| $ | 55 | |||||||||||||
|
| |||||||||||||
For the period ended December 31, 2014, the monthly average notional amount of forward foreign currency contracts held was $50,209 (000).
| ‡ | Real Estate Investment Trust |
| (1) | In U.S. Dollars unless otherwise indicated. |
| (A) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase. |
| (B) | 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.” This security has been determined to be liquid under guidelines established by the Board of Trustees. The total value of such securities as of December 31, 2014, was $75,910 (000) and represented 9.19% of net assets. |
| (C) | Variable rate security — Rate disclosed is the rate in effect on December 31, 2014. |
| (D) | Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on December 31, 2014. The coupon on a step bond changes on a specified date. |
| (E) | Unsettled bank loan. Interest rate not available. |
| (F) | The rate reported is the 7-day effective yield as of December 31, 2014. |
| Cl | — Class |
| CRC | — Costa Rican Colon |
| EUR | — Euro |
| FHLB | — Federal Home Loan Bank |
| FHLMC | — Federal Home Loan Mortgage Corporation |
| FNMA | — Federal National Mortgage Association |
| GNMA | — Government National Mortgage Association |
| GO | — General Obligation |
| INR | — Indian Rupee |
| JPY | — Japanese Yen |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| Ltd. | — Limited |
| RB | — Revenue Bond |
| Ser | — Series |
| USD | — U.S. Dollar |
The following is a list of the level of inputs used as of December 31, 2014, 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 | $ | — | $ | 264,274 | $ | — | $ | 264,274 | ||||||||
Corporate Obligations | — | 215,170 | — | 215,170 | ||||||||||||
Mortgage-Backed Securities | — | 139,590 | — | 139,590 | ||||||||||||
Loan Participations | — | 77,688 | — | 77,688 | ||||||||||||
Sovereign Debt | — | 61,460 | — | 61,460 | ||||||||||||
Asset-Backed Securities | — | 27,840 | — | 27,840 | ||||||||||||
U.S. Government Agency Obligations | — | 18,336 | — | 18,336 | ||||||||||||
Municipal Bonds | — | 3,839 | — | 3,839 | ||||||||||||
Short-Term Investment | 97,993 | — | — | 97,993 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 97,993 | $ | 808,197 | $ | — | $ | 906,190 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | ||||||||||||||||
Forward Currency Contracts* | ||||||||||||||||
Unrealized Appreciation | $ | — | $ | 63 | $ | — | $ | 63 | ||||||||
Unrealized Depreciation | — | (8 | ) | — | (8 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | — | $ | 55 | $ | — | $ | 55 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| * | Forward foreign currency contracts are valued at the unrealized appreciation/(depreciation) on the instrument. |
For the period ended December 31, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of December 31, 2014, there were no Level 3 investments.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
100
| THE KP FUNDS | December 31, 2014 |
| STATEMENTS OF ASSETS AND LIABILITIES (000) |
| KP Retirement Path 2015 Fund | KP Retirement Path 2020 Fund | KP Retirement Path 2025 Fund | KP Retirement Path 2030 Fund | |||||||||||||
Assets: | ||||||||||||||||
Affiliated Investments at Cost | $ | 316,025 | $ | 460,246 | $ | 491,553 | $ | 487,015 | ||||||||
Unaffiliated Investments at Cost | 197,972 | 206,277 | 144,235 | 79,533 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated Investments at Fair Value | $ | 325,321 | $ | 474,035 | $ | 506,594 | $ | 501,446 | ||||||||
Unaffiliated Investments at Fair Value | 196,828 | 205,223 | 143,510 | 79,057 | ||||||||||||
Cash | 19 | 23 | 22 | 19 | ||||||||||||
Receivable for Investment Securities Sold | 173 | 427 | 144 | 352 | ||||||||||||
Dividends Receivable | 134 | 143 | 106 | 63 | ||||||||||||
Prepaid Expenses | 14 | 18 | 16 | 14 | ||||||||||||
Deferred Offering Costs | 2 | 2 | 2 | 1 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 522,491 | 679,871 | 650,394 | 580,952 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Payable for Capital Shares Redeemed | 158 | 409 | 126 | 337 | ||||||||||||
Payable for Investment Securities Purchased | 152 | 167 | 130 | 84 | ||||||||||||
Payable due to Administrator | 11 | 14 | 14 | 12 | ||||||||||||
Payable due to Adviser | 8 | 9 | 6 | 3 | ||||||||||||
Chief Compliance Officer Fees Payable | 2 | 2 | 2 | 2 | ||||||||||||
Other Accrued Expenses | 94 | 119 | 113 | 101 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 425 | 720 | 391 | 539 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 522,066 | $ | 679,151 | $ | 650,003 | $ | 580,413 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 511,854 | $ | 664,066 | $ | 633,932 | $ | 564,824 | ||||||||
Undistributed Net Investment Income | 43 | 54 | 54 | 45 | ||||||||||||
Accumulated Net Realized Gain on Investments | 2,017 | 2,296 | 1,701 | 1,589 | ||||||||||||
Net Unrealized Appreciation on Investments | 8,152 | 12,735 | 14,316 | 13,955 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 522,066 | $ | 679,151 | $ | 650,003 | $ | 580,413 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class Shares: | ||||||||||||||||
Net Assets | $ | 522,066 | $ | 679,151 | $ | 650,003 | $ | 580,413 | ||||||||
Outstanding Shares of Beneficial Interest | 51,818,471 | 67,157,452 | 64,278,932 | 57,511,961 | ||||||||||||
Net Asset Value, Offering and Redemption Price Per Share* | $ | 10.07 | $ | 10.11 | $ | 10.11 | $ | 10.09 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| † | Shares are presented unrounded. |
| * | The net asset value is calculated by dividing the unrounded net assets by the unrounded shares. |
The accompanying notes are an integral part of the financial statements.
101
| THE KP FUNDS | December 31, 2014 |
| STATEMENTS OF ASSETS AND LIABILITIES (000) |
| KP Retirement Path 2035 Fund | KP Retirement Path 2040 Fund | KP Retirement Path 2045 Fund | ||||||||||
Assets: | ||||||||||||
Affiliated Investments at Cost | $ | 551,628 | $ | 496,672 | $ | 327,563 | ||||||
Unaffiliated Investments at Cost | 52,123 | 31,535 | 17,741 | |||||||||
|
|
|
|
|
| |||||||
Affiliated Investments at Fair Value | $ | 568,863 | $ | 512,042 | $ | 337,220 | ||||||
Unaffiliated Investments at Fair Value | 51,831 | 31,313 | 17,585 | |||||||||
Cash | 16 | 11 | 6 | |||||||||
Receivable for Investment Securities Sold | 100 | 388 | 102 | |||||||||
Dividends Receivable | 45 | 27 | 15 | |||||||||
Prepaid Expenses | 14 | 13 | 8 | |||||||||
Deferred Offering Costs | 2 | 1 | 1 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 620,871 | 543,795 | 354,937 | |||||||||
|
|
|
|
|
| |||||||
Liabilities: | ||||||||||||
Payable for Capital Shares Redeemed | 83 | 374 | 92 | |||||||||
Payable for Investment Securities Purchased | 63 | 39 | 22 | |||||||||
Payable due to Administrator | 13 | 11 | 7 | |||||||||
Payable due to Adviser | 2 | 1 | 1 | |||||||||
Chief Compliance Officer Fees Payable | 2 | 2 | 1 | |||||||||
Other Accrued Expenses | 108 | 94 | 61 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 271 | 521 | 184 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 620,600 | $ | 543,274 | $ | 354,753 | ||||||
|
|
|
|
|
| |||||||
NET ASSETS: | ||||||||||||
Paid-in Capital | $ | 602,239 | $ | 527,033 | $ | 344,592 | ||||||
Undistributed Net Investment Income | 40 | 24 | 14 | |||||||||
Accumulated Net Realized Gain on Investments | 1,378 | 1,069 | 646 | |||||||||
Net Unrealized Appreciation on Investments | 16,943 | 15,148 | 9,501 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 620,600 | $ | 543,274 | $ | 354,753 | ||||||
|
|
|
|
|
| |||||||
Institutional Class Shares: | ||||||||||||
Net Assets | $ | 620,600 | $ | 543,274 | $ | 354,753 | ||||||
Outstanding Shares of Beneficial Interest | 61,462,540 | 53,804,836 | 35,160,954 | |||||||||
Net Asset Value, Offering and Redemption Price Per Share* | $ | 10.10 | $ | 10.10 | $ | 10.09 | ||||||
|
|
|
|
|
| |||||||
| † | Shares are presented unrounded. |
| * | The net asset value is calculated by dividing the unrounded net assets by the unrounded shares. |
The accompanying notes are an integral part of the financial statements.
102
| THE KP FUNDS | December 31, 2014 |
| STATEMENTS OF ASSETS AND LIABILITIES (000) |
| KP Retirement Path 2050 Fund | KP Retirement Path 2055 Fund | KP Retirement Path 2060 Fund | ||||||||||
Assets: | ||||||||||||
Affiliated Investments at Cost | $ | 115,833 | $ | 12,075 | $ | 2,372 | ||||||
Unaffiliated Investments at Cost | 6,205 | 647 | 130 | |||||||||
|
|
|
|
|
| |||||||
Affiliated Investments at Fair Value | $ | 118,278 | $ | 12,030 | $ | 2,330 | ||||||
Unaffiliated Investments at Fair Value | 6,128 | 630 | 123 | |||||||||
Cash | 2 | — | — | |||||||||
Receivable for Investment Securities Sold | 70 | 11 | 3 | |||||||||
Dividends Receivable | 5 | 1 | — | |||||||||
Prepaid Expenses | 3 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 124,486 | 12,672 | 2,456 | |||||||||
|
|
|
|
|
| |||||||
Liabilities: | ||||||||||||
Payable for Capital Shares Redeemed | 66 | 11 | 3 | |||||||||
Payable for Investment Securities Purchased | 8 | 1 | — | |||||||||
Payable due to Administrator | 3 | ��� | — | |||||||||
Other Accrued Expenses | 21 | 2 | 1 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 98 | 14 | 4 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 124,388 | $ | 12,658 | $ | 2,452 | ||||||
|
|
|
|
|
| |||||||
NET ASSETS: | ||||||||||||
Paid-in Capital | $ | 121,831 | $ | 12,702 | $ | 2,555 | ||||||
Undistributed Net Investment Income | 6 | — | — | |||||||||
Accumulated Net Realized Gain/(Loss) on Investments | 183 | 18 | (54 | ) | ||||||||
Net Unrealized Appreciation/(Depreciation) on Investments | 2,368 | (62 | ) | (49 | ) | |||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 124,388 | $ | 12,658 | $ | 2,452 | ||||||
|
|
|
|
|
| |||||||
Institutional Class Shares: | ||||||||||||
Net Assets | $ | 124,388 | $ | 12,658 | $ | 2,452 | ||||||
Outstanding Shares of Beneficial Interest | 12,325,513 | 1,257,135 | 242,301 | |||||||||
Net Asset Value, Offering and Redemption Price Per Share* | $ | 10.09 | $ | 10.07 | $ | 10.12 | ||||||
|
|
|
|
|
| |||||||
| † | 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.
103
| THE KP FUNDS | December 31, 2014 |
| 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 | $ | 1,048,712 | $ | 422,251 | $ | 962,771 | $ | 904,600 | ||||||||
Cost of Foreign Currency | — | — | 4,822 | 27 | ||||||||||||
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|
|
| |||||||||
Investments at Fair Value | $ | 1,159,838 | $ | 454,368 | $ | 934,527 | $ | 906,190 | ||||||||
Cash | 8 | — | — | 1,199 | ||||||||||||
Foreign Currency at Value | — | — | 4,777 | 26 | ||||||||||||
Dividends and Income Receivable | 1,220 | 726 | 741 | 4,918 | ||||||||||||
Receivable for Investment Securities Sold | 244 | 1,026 | 84 | 5,328 | ||||||||||||
Cash Collateral for Futures Contracts | 198 | 29 | 698 | — | ||||||||||||
Reclaims Receivable | 47 | — | 563 | 1 | ||||||||||||
Prepaid Expenses | 8 | 3 | 6 | 5 | ||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | — | — | 63 | ||||||||||||
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|
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|
|
| |||||||||
Total Assets | 1,161,563 | 456,152 | 941,396 | 917,730 | ||||||||||||
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| |||||||||
Liabilities: | ||||||||||||||||
Payable for Investment Securities Purchased | 17,728 | 6,353 | 13 | 91,226 | ||||||||||||
Payable for Capital Shares Redeemed | 428 | 1,168 | — | 175 | ||||||||||||
Payable due to Adviser | 278 | 177 | 309 | 179 | ||||||||||||
Payable due to Administrator | 22 | 9 | 18 | 16 | ||||||||||||
Chief Compliance Officer Fees Payable | 2 | 1 | 2 | 1 | ||||||||||||
Payable for Trustees’ Fees | 1 | — | 1 | 1 | ||||||||||||
Cash overdraft | — | — | 288 | — | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | — | — | 8 | ||||||||||||
Accrued Foreign Capital Gains Tax | — | — | 203 | — | ||||||||||||
Other Accrued Expenses | 224 | 204 | 457 | 216 | ||||||||||||
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| |||||||||
Total Liabilities | 18,683 | 7,912 | 1,291 | 91,822 | ||||||||||||
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| |||||||||
Net Assets | $ | 1,142,880 | $ | 448,240 | $ | 940,105 | $ | 825,908 | ||||||||
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|
| |||||||||
NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 1,026,038 | $ | 423,555 | $ | 976,192 | $ | 823,264 | ||||||||
Undistributed/(Distributions in Excess of) Net Investment Income | 37 | 6 | (967 | ) | 16 | |||||||||||
Accumulated Net Realized Gain/(Loss) on Investments | 5,541 | (7,480 | ) | (6,327 | ) | 984 | ||||||||||
Net Unrealized Appreciation/(Depreciation) on Investments | 111,126 | 32,117 | (28,244 | ) | 1,590 | |||||||||||
Net Unrealized Appreciation/(Depreciation) on Futures Contracts | 144 | 42 | (231 | ) | — | |||||||||||
Net Unrealized Appreciation/(Depreciation) on Foreign Currency Contracts and Foreign Currency Translation | (6 | ) | — | (115 | ) | 54 | ||||||||||
Accumulated Foreign Capital Gains Tax on Appreciated Securities | — | — | (203 | ) | — | |||||||||||
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|
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|
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| |||||||||
Net Assets | $ | 1,142,880 | $ | 448,240 | $ | 940,105 | $ | 825,908 | ||||||||
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| |||||||||
Institutional Class Shares: | ||||||||||||||||
Net Assets | $ | 1,142,880 | $ | 448,240 | $ | 940,105 | $ | 825,908 | ||||||||
Outstanding Shares of Beneficial Interest | 105,658,869 | 43,444,374 | 101,120,127 | 82,626,958 | ||||||||||||
Net Asset Value, Offering and Redemption Price | $ | 10.82 | $ | 10.32 | $ | 9.30 | $ | 10.00 | ||||||||
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| |||||||||
| † | 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.
104
| THE KP FUNDS | For the period January 10, 2014 (commencement of operations) through December 31, 2014 | |
| STATEMENTS OF OPERATIONS (000) |
| KP Retirement Path 2015 Fund | KP Retirement Path 2020 Fund | KP Retirement Path 2025 Fund | KP Retirement Path 2030 Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Income Distributions from Affiliated Registered Investment Companies | $ | 5,466 | $ | 7,974 | $ | 8,639 | $ | 8,672 | ||||||||
Income Distributions from Unaffiliated Registered Investment Companies | 3,829 | 3,982 | 2,893 | 1,803 | ||||||||||||
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|
|
|
|
|
| |||||||||
Total Investment Income | 9,295 | 11,956 | 11,532 | 10,475 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Administration Fees | 126 | 152 | 143 | 128 | ||||||||||||
Investment Advisory Fees | 91 | 88 | 60 | 33 | ||||||||||||
Trustees’ Fees | 12 | 15 | 14 | 12 | ||||||||||||
Chief Compliance Officer Fees | 6 | 8 | 7 | 7 | ||||||||||||
Registration Fees | 64 | 80 | 76 | 68 | ||||||||||||
Custodian Fees | 58 | 72 | 69 | 61 | ||||||||||||
Offering Costs | 48 | 55 | 50 | 45 | ||||||||||||
Professional Fees | 43 | 55 | 52 | 47 | ||||||||||||
Printing Fees | 14 | 18 | 17 | 15 | ||||||||||||
Other Fees | 7 | 9 | 8 | 7 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
Total Expenses | 469 | 552 | 496 | 423 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 8,826 | 11,404 | 11,036 | 10,052 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Gain on Investments: | ||||||||||||||||
Net Realized Gain on Affiliated Investments | 3,376 | 2,658 | 1,483 | 1,342 | ||||||||||||
Net Realized Gain on Unaffiliated Investments | 1,125 | 809 | 643 | 574 | ||||||||||||
Distributions of Realized Gains from Affiliated Registered Investment Company Shares | 3,115 | 4,374 | 4,592 | 4,485 | ||||||||||||
Distributions of Realized Gains from Unaffiliated Registered Investment Company Shares | 1,396 | 1,855 | 1,708 | 1,350 | ||||||||||||
Net Change in Unrealized Appreciation on Affiliated Investments | 9,296 | 13,789 | 15,041 | 14,431 | ||||||||||||
Net Change in Unrealized Depreciation on Unaffiliated Investments | (1,144 | ) | (1,054 | ) | (725 | ) | (476 | ) | ||||||||
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|
|
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| |||||||||
Net Realized and Unrealized Gain on Investments | 17,164 | 22,431 | 22,742 | 21,706 | ||||||||||||
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|
|
|
|
|
| |||||||||
Net Increase in Net Assets Resulting from Operations | $ | 25,990 | $ | 33,835 | $ | 33,778 | $ | 31,758 | ||||||||
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|
|
| |||||||||
The accompanying notes are an integral part of the financial statements.
105
| THE KP FUNDS | For the period January 10, 2014 (commencement of operations) through December 31, 2014 | |
| STATEMENTS OF OPERATIONS (000) |
| KP Retirement Path 2035 Fund | KP Retirement Path 2040 Fund | KP Retirement Path 2045 Fund | ||||||||||
Investment Income: | ||||||||||||
Income Distributions from Affiliated Registered Investment Companies | $ | 9,821 | $ | 8,875 | $ | 5,859 | ||||||
Income Distributions from Unaffiliated Registered Investment Companies | 1,271 | 816 | 461 | |||||||||
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|
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| |||||||
Total Investment Income | 11,092 | 9,691 | 6,320 | |||||||||
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| |||||||
Expenses: | ||||||||||||
Administration Fees | 136 | 119 | 77 | |||||||||
Investment Advisory Fees | 22 | 13 | 7 | |||||||||
Trustees’ Fees | 13 | 11 | 7 | |||||||||
Chief Compliance Officer Fees | 7 | 6 | 4 | |||||||||
Registration Fees | 73 | 63 | 41 | |||||||||
Custodian Fees | 65 | 57 | 36 | |||||||||
Professional Fees | 49 | 43 | 28 | |||||||||
Offering Costs | 47 | 41 | 26 | |||||||||
Printing Fees | 16 | 14 | 9 | |||||||||
Other Fees | 8 | 7 | 4 | |||||||||
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|
|
|
|
| |||||||
Total Expenses | 436 | 374 | 239 | |||||||||
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|
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|
|
| |||||||
Net Investment Income | 10,656 | 9,317 | 6,081 | |||||||||
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|
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|
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| |||||||
Net Realized and Unrealized Gain on Investments: | ||||||||||||
Net Realized Gain on Affiliated Investments | 1,159 | 1,306 | 621 | |||||||||
Net Realized Gain on Unaffiliated Investments | 482 | 389 | 294 | |||||||||
Distributions of Realized Gains from Affiliated Registered Investment Company Shares | 5,084 | 4,599 | 3,052 | |||||||||
Distributions of Realized Gains from Unaffiliated Registered Investment Company Shares | 1,168 | 774 | 424 | |||||||||
Net Change in Unrealized Appreciation on Affiliated Investments | 17,235 | 15,370 | 9,657 | |||||||||
Net Change in Unrealized Depreciation on Unaffiliated Investments | (292 | ) | (222 | ) | (156 | ) | ||||||
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|
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| |||||||
Net Realized and Unrealized Gain on Investments | 24,836 | 22,216 | 13,892 | |||||||||
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| |||||||
Net Increase in Net Assets Resulting from Operations | $ | 35,492 | $ | 31,533 | $ | 19,973 | ||||||
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|
|
| |||||||
The accompanying notes are an integral part of the financial statements.
106
| THE KP FUNDS | For the period January 10, 2014 (commencement of operations) through December 31, 2014 | |
| STATEMENTS OF OPERATIONS (000) |
| KP Retirement Path 2050 Fund | KP Retirement Path 2055 Fund | KP Retirement Path 2060 Fund | ||||||||||
Investment Income: | ||||||||||||
Income Distributions from Affiliated Registered Investment Companies | $ | 2,046 | $ | 206 | $ | 39 | ||||||
Income Distributions from Unaffiliated Registered Investment Companies | 153 | 15 | 4 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 2,199 | 221 | 43 | |||||||||
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|
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| |||||||
Expenses: | ||||||||||||
Administration Fees | 28 | 3 | 2 | |||||||||
Investment Advisory Fees | 2 | — | — | |||||||||
Trustees’ Fees | 2 | — | — | |||||||||
Chief Compliance Officer Fees | 1 | — | — | |||||||||
Registration Fees | 14 | 2 | 1 | |||||||||
Custodian Fees | 12 | 1 | — | |||||||||
Professional Fees | 9 | 1 | — | |||||||||
Offering Costs | 8 | 1 | — | |||||||||
Printing Fees | 3 | 1 | — | |||||||||
Other Fees | 1 | — | — | |||||||||
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| |||||||
Total Expenses | 80 | 9 | 3 | |||||||||
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| |||||||
Net Investment Income | 2,119 | 212 | 40 | |||||||||
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|
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| |||||||
Net Realized and Unrealized Gain/(Loss) on Investments: | ||||||||||||
Net Realized Gain/(Loss) on Affiliated Investments | 187 | 48 | (62 | ) | ||||||||
Net Realized Gain on Unaffiliated Investments | 89 | 10 | 5 | |||||||||
Distributions of Realized Gains from Affiliated Registered Investment Company Shares | 1,066 | 109 | 24 | |||||||||
Distributions of Realized Gains from Unaffiliated Registered Investment Company Shares | 151 | 15 | 3 | |||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated Investments | 2,445 | (45 | ) | (42 | ) | |||||||
Net Change in Unrealized Depreciation on Unaffiliated Investments | (77 | ) | (17 | ) | (7 | ) | ||||||
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|
|
| |||||||
Net Realized and Unrealized Gain/(Loss) on Investments | 3,861 | 120 | (79 | ) | ||||||||
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| |||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | 5,980 | $ | 332 | $ | (39 | ) | |||||
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|
|
| |||||||
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 | For the period January 10, 2014 (commencement of operations) through December 31, 2014 | |
| 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 | $ | 19,620 | $ | 5,960 | $ | 28,237 | $ | 61 | ||||||||
Interest Income | — | — | 7 | 16,928 | ||||||||||||
Less: Foreign Taxes Withheld | (80 | ) | (2 | ) | (2,604 | ) | (32 | ) | ||||||||
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|
|
|
|
|
| |||||||||
Total Investment Income | 19,540 | 5,958 | 25,640 | 16,957 | ||||||||||||
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|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Investment Advisory Fees | 2,794 | 1,764 | 3,250 | 1,895 | ||||||||||||
Administration Fees | 300 | 116 | 248 | 228 | ||||||||||||
Trustees’ Fees | 13 | 5 | 11 | 15 | ||||||||||||
Chief Compliance Officer Fees | 8 | 3 | 7 | 6 | ||||||||||||
Registration Fees | 116 | 50 | 107 | 93 | ||||||||||||
Custodian Fees | 115 | 245 | 475 | 103 | ||||||||||||
Professional Fees | 67 | 26 | 55 | 48 | ||||||||||||
Offering Costs | 27 | 11 | 23 | 22 | ||||||||||||
Printing Fees | 16 | 6 | 13 | 12 | ||||||||||||
Other Fees | 25 | 25 | 194 | 153 | ||||||||||||
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|
|
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| |||||||||
Total Expenses | 3,481 | 2,251 | 4,383 | 2,575 | ||||||||||||
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| |||||||||
Net Investment Income | 16,059 | 3,707 | 21,257 | 14,382 | ||||||||||||
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|
| |||||||||
Net Realized and Unrealized Gain/(Loss) on Investments: | ||||||||||||||||
Net Realized Gain/(Loss) on Investments | 19,384 | (7,636 | ) | 1,526 | 8,474 | |||||||||||
Net Realized Gain/(Loss) on Futures Contracts | 1,583 | 223 | 274 | (28 | ) | |||||||||||
Net Realized Gain/(Loss) on Foreign Currency Transactions | 11 | — | (476 | ) | (316 | ) | ||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Investments | 111,126 | 32,117 | (28,244 | ) | 1,590 | |||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Futures Contracts | 144 | 42 | (231 | ) | — | |||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translation | (6 | ) | — | (115 | ) | 54 | ||||||||||
Change in Accrued Foreign Capital Gains Tax on Appreciated Securities | — | — | (203 | ) | — | |||||||||||
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|
|
|
|
| |||||||||
Net Realized and Unrealized Gain/(Loss) on Investments | 132,242 | 24,746 | (27,469 | ) | 9,774 | |||||||||||
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|
|
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| |||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | 148,301 | $ | 28,453 | $ | (6,212 | ) | $ | 24,156 | |||||||
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| |||||||||
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 |
| STATEMENTS OF CHANGES IN NET ASSETS (000) |
| KP Retirement Path 2015 Fund* | KP Retirement Path 2020 Fund* | KP Retirement Path 2025 Fund* | KP Retirement Path 2030 Fund* | |||||||||||||
| Period Ended December 31, 2014 | Period Ended December 31, 2014 | Period Ended December 31, 2014 | Period Ended December 31, 2014 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 8,826 | $ | 11,404 | $ | 11,036 | $ | 10,052 | ||||||||
Net Realized Gain on Affiliated and Unaffiliated Investments | 4,501 | 3,467 | 2,126 | 1,916 | ||||||||||||
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares | 4,511 | 6,229 | 6,300 | 5,835 | ||||||||||||
Net Change in Unrealized Appreciation on Affiliated and Unaffiliated Investments | 8,152 | 12,735 | 14,316 | 13,955 | ||||||||||||
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|
|
|
|
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| |||||||||
Net Increase in Net Assets Resulting from Operations | 25,990 | 33,835 | 33,778 | 31,758 | ||||||||||||
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| |||||||||
Distributions to Shareholders: | ||||||||||||||||
Investment Income | (12,276 | ) | (16,187 | ) | (15,973 | ) | (14,781 | ) | ||||||||
Net Realized Gains | (3,502 | ) | (2,563 | ) | (1,734 | ) | (1,388 | ) | ||||||||
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|
|
|
|
|
|
| |||||||||
Total Distributions to Shareholders | (15,778 | ) | (18,750 | ) | (17,707 | ) | (16,169 | ) | ||||||||
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| |||||||||
Capital Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 610,854 | 714,084 | 665,568 | 594,808 | ||||||||||||
Reinvestment of Distributions | 15,779 | 18,750 | 17,707 | 16,169 | ||||||||||||
Redeemed | (114,779 | ) | (68,768 | ) | (49,343 | ) | (46,153 | ) | ||||||||
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|
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| |||||||||
Increase in Net Assets from Capital Share Transactions | 511,854 | 664,066 | 633,932 | 564,824 | ||||||||||||
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|
|
|
|
|
| |||||||||
Total Increase in Net Assets | 522,066 | 679,151 | 650,003 | 580,413 | ||||||||||||
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| |||||||||
Net Assets: | ||||||||||||||||
Beginning of Period | — | — | — | — | ||||||||||||
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|
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| |||||||||
End of Period | $ | 522,066 | $ | 679,151 | $ | 650,003 | $ | 580,413 | ||||||||
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| |||||||||
Undistributed Net Investment Income | $ | 43 | $ | 54 | $ | 54 | $ | 45 | ||||||||
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|
|
|
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|
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| |||||||||
Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 61,560 | 72,092 | 67,419 | 60,493 | ||||||||||||
Reinvestment of Distributions | 1,555 | 1,843 | 1,740 | 1,591 | ||||||||||||
Redeemed | (11,297 | ) | (6,778 | ) | (4,880 | ) | (4,572 | ) | ||||||||
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|
|
|
|
|
| |||||||||
Net Increase in Shares Outstanding from Share Transactions | 51,818 | 67,157 | 64,279 | 57,512 | ||||||||||||
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|
|
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|
|
| |||||||||
| * | Commenced operations on January 10, 2014. |
Amounts designated as “—” are $0.
The accompanying notes are an integral part of the financial statements.
109
| THE KP FUNDS |
| STATEMENTS OF CHANGES IN NET ASSETS (000) |
| KP Retirement Path 2035 Fund* | KP Retirement Path 2040 Fund* | KP Retirement Path 2045 Fund* | ||||||||||
| Period Ended December 31, 2014 | Period Ended December 31, 2014 | Period Ended December 31, 2014 | ||||||||||
Operations: | ||||||||||||
Net Investment Income | $ | 10,656 | $ | 9,317 | $ | 6,081 | ||||||
Net Realized Gain on Affiliated and Unaffiliated Investments | 1,641 | 1,695 | 915 | |||||||||
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares | 6,252 | 5,373 | 3,476 | |||||||||
Net Change in Unrealized Appreciation on Affiliated and Unaffiliated Investments | 16,943 | 15,148 | 9,501 | |||||||||
|
|
|
|
|
| |||||||
Net Increase in Net Assets Resulting from Operations | 35,492 | 31,533 | 19,973 | |||||||||
|
|
|
|
|
| |||||||
Distributions to Shareholders: | ||||||||||||
Investment Income | (15,882 | ) | (13,950 | ) | (9,126 | ) | ||||||
Net Realized Gains | (1,249 | ) | (1,342 | ) | (686 | ) | ||||||
|
|
|
|
|
| |||||||
Total Distributions to Shareholders | (17,131 | ) | (15,292 | ) | (9,812 | ) | ||||||
|
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|
| |||||||
Capital Share Transactions: | ||||||||||||
Institutional Shares: | ||||||||||||
Issued | 631,139 | 559,412 | 371,828 | |||||||||
Reinvestment of Distributions | 17,131 | 15,292 | 9,812 | |||||||||
Redeemed | (46,031 | ) | (47,671 | ) | (37,048 | ) | ||||||
|
|
|
|
|
| |||||||
Increase in Net Assets from Capital Share Transactions | 602,239 | 527,033 | 344,592 | |||||||||
|
|
|
|
|
| |||||||
Total Increase in Net Assets | 620,600 | 543,274 | 354,753 | |||||||||
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| |||||||
Net Assets: | ||||||||||||
Beginning of Period | — | — | — | |||||||||
|
|
|
|
|
| |||||||
End of Period | $ | 620,600 | $ | 543,274 | $ | 354,753 | ||||||
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| |||||||
Undistributed Net Investment Income | $ | 40 | $ | 24 | $ | 14 | ||||||
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|
|
|
| |||||||
Share Transactions: | ||||||||||||
Institutional Shares: | ||||||||||||
Issued | 64,349 | 57,035 | 37,898 | |||||||||
Reinvestment of Distributions | 1,685 | 1,503 | 965 | |||||||||
Redeemed | (4,571 | ) | (4,733 | ) | (3,702 | ) | ||||||
|
|
|
|
|
| |||||||
Net Increase in Shares Outstanding from Share Transactions | 61,463 | 53,805 | 35,161 | |||||||||
|
|
|
|
|
| |||||||
| * | Commenced operations on January 10, 2014. |
Amounts designated as “—” are $0.
The accompanying notes are an integral part of the financial statements.
110
| THE KP FUNDS |
| STATEMENTS OF CHANGES IN NET ASSETS (000) |
| KP Retirement Path 2050 Fund* | KP Retirement Path 2055 Fund* | KP Retirement Path 2060 Fund* | ||||||||||
| Period Ended December 31, 2014 | Period Ended December 31, 2014 | Period Ended December 31, 2014 | ||||||||||
Operations: | ||||||||||||
Net Investment Income | $ | 2,119 | $ | 212 | $ | 40 | ||||||
Net Realized Gain/(Loss) on Affiliated and Unaffiliated Investments | 276 | 58 | (57 | ) | ||||||||
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares | 1,217 | 124 | 27 | |||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments | 2,368 | (62 | ) | (49 | ) | |||||||
|
|
|
|
|
| |||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | 5,980 | 332 | (39 | ) | ||||||||
|
|
|
|
|
| |||||||
Distributions to Shareholders: | ||||||||||||
Investment Income | (3,181 | ) | (321 | ) | (64 | ) | ||||||
Net Realized Gains | (242 | ) | (55 | ) | — | |||||||
|
|
|
|
|
| |||||||
Total Distributions to Shareholders | (3,423 | ) | (376 | ) | (64 | ) | ||||||
|
|
|
|
|
| |||||||
Capital Share Transactions: | ||||||||||||
Institutional Shares: | ||||||||||||
Issued | 141,817 | 20,142 | 10,241 | |||||||||
Reinvestment of Distributions | 3,423 | 376 | 64 | |||||||||
Redeemed | (23,409 | ) | (7,816 | ) | (7,750 | ) | ||||||
|
|
|
|
|
| |||||||
Increase in Net Assets from Capital Share Transactions | 121,831 | 12,702 | 2,555 | |||||||||
|
|
|
|
|
| |||||||
Total Increase in Net Assets | 124,388 | 12,658 | 2,452 | |||||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Beginning of Period | — | — | — | |||||||||
|
|
|
|
|
| |||||||
End of Period | $ | 124,388 | $ | 12,658 | $ | 2,452 | ||||||
|
|
|
|
|
| |||||||
Undistributed Net Investment Income | $ | 6 | $ | — | $ | — | ||||||
|
|
|
|
|
| |||||||
Share Transactions: | ||||||||||||
Institutional Shares: | ||||||||||||
Issued | 14,352 | 2,013 | 1,016 | |||||||||
Reinvestment of Distributions | 337 | 37 | 6 | |||||||||
Redeemed | (2,363 | ) | (793 | ) | (780 | ) | ||||||
|
|
|
|
|
| |||||||
Net Increase in Shares Outstanding from Share Transactions | 12,326 | 1,257 | 242 | |||||||||
|
|
|
|
|
| |||||||
| * | Commenced operations on January 10, 2014. |
Amounts designated as “—” are $0.
The accompanying notes are an integral part of the financial statements.
111
| THE KP FUNDS |
| STATEMENTS OF CHANGES IN NET ASSETS (000) |
| KP Large Cap Equity Fund* | KP Small Cap Equity Fund* | KP International Equity Fund* | KP Fixed Income Fund* | |||||||||||||
| Period Ended December 31, 2014 | Period Ended December 31, 2014 | Period Ended December 31, 2014 | Period Ended December 31, 2014 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 16,059 | $ | 3,707 | $ | 21,257 | $ | 14,382 | ||||||||
Net Realized Gain/(Loss) on Investments and Futures Contracts | 20,967 | (7,413 | ) | 1,800 | 8,446 | |||||||||||
Net Realized Gain/(Loss) on Foreign Currency Transactions | 11 | — | (476 | ) | (316 | ) | ||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Investments and Futures Contracts | 111,270 | 32,159 | (28,475 | ) | 1,590 | |||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translation | (6 | ) | — | (115 | ) | 54 | ||||||||||
Change in Accrued Foreign Capital Gains Tax on Appreciated Securities | — | — | (203 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | 148,301 | 28,453 | (6,212 | ) | 24,156 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders: | ||||||||||||||||
Investment Income | (16,071 | ) | (3,768 | ) | (21,912 | ) | (14,362 | ) | ||||||||
Net Realized Gains | (15,388 | ) | — | (7,963 | ) | (7,150 | ) | |||||||||
Return of Capital | — | — | (1,486 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Distributions to Shareholders | (31,459 | ) | (3,768 | ) | (31,361 | ) | (21,512 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 1,130,162 | 490,707 | 1,023,253 | 1,031,745 | ||||||||||||
Reinvestment of Distributions | 31,459 | 3,768 | 31,361 | 21,511 | ||||||||||||
Redeemed | (135,583 | ) | (70,920 | ) | (76,936 | ) | (230,092 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets from Capital Share Transactions | 1,026,038 | 423,555 | 977,678 | 823,164 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase in Net Assets | 1,142,880 | 448,240 | 940,105 | 825,808 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of Period | — | — | — | 100 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 1,142,880 | $ | 448,240 | $ | 940,105 | $ | 825,908 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed/(Distributions in Excess of) Net Investment Income | $ | 37 | $ | 6 | $ | (967 | ) | $ | 16 | |||||||
|
|
|
|
|
|
|
| |||||||||
Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 115,747 | 50,097 | 105,541 | 103,538 | ||||||||||||
Reinvestment of Distributions | 2,859 | 361 | 3,317 | 2,143 | ||||||||||||
Redeemed | (12,947 | ) | (7,014 | ) | (7,738 | ) | (23,064 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase in Shares Outstanding from Share Transactions | 105,659 | 43,444 | 101,120 | 82,617 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| * | Commenced operations on January 10, 2014. |
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 |
| FINANCIAL HIGHLIGHTS |
For the period ended December 31, 2014
For a share outstanding throughout the period
| Net Asset Value, Beginning of 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 Period | Total Return‡ | Net Assets End of Period (000) | Ratio of Expenses to Average Net Assets†† | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover‡ | |||||||||||||||||||||||||||||||||||||||||||
KP Retirement Path 2015 Fund* - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||
KP Retirement Path 2045 Fund* - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Large Cap Equity Fund* - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014@ | $ | 10.00 | $ | 0.09 | $ | 0.32 | $ | 0.41 | $ | (0.09 | ) | $ | — | $ | — | $ | (0.09 | ) | $ | 10.32 | 4.06 | % | $ | 448,240 | 0.59 | % | 0.97 | % | 212 | % | ||||||||||||||||||||||||||
KP International Equity Fund* - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. |
| @ | For the period ended December 31, 2014. All ratios for the period have been annualized. |
| † | Per share calculations were performed using the average shares method. |
| ‡ | 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 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. |
| †† | Ratio does not include the expenses of the underlying funds, as applicable. |
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 | December 31, 2014 |
| 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 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, and KP Retirement Path 2060 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 Associates Inc. serves as the Funds’ investment adviser (the “Adviser”). The Adviser will engage 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 Funds commenced operations on January 10, 2014.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Trust.
Use of Estimates in the Preparation of Financial Statements — The Funds are investment companies in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Therefore, the Funds follow the accounting and reporting guidance for investment companies. The preparation of financial statements in conformity with 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 — The Funds’ investments in equity 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 the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Debt securities are priced based upon valuations provided by independent, third-party pricing agents, if available. Such values generally reflect the last reported sales price in the most advantageous market, 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 fair value for such securities. Such methodologies typically include matrix systems which reflect such factors as security prices, yields, maturities and ratings. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.
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
114
| THE KP FUNDS | December 31, 2014 |
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 December 31, 2014, KP Large Cap Equity, KP Small Cap Equity and KP International Equity Funds had securities valued in accordance with fair value procedures. Refer to the 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. In addition, SEI Investments Global Fund Services (the “Administrator”) monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Fund calculates net asset value. If price movements in a monitored index or security exceed levels established by the Administrator, the Administrator notifies the Adviser that such limits have been exceeded. In such event, the adviser makes the determination whether a Committee meeting should be called based on the information provided.
KP International Equity Fund uses Interactive Data Pricing and Reference Data, Inc., (“Interactive Data”) as a third party fair valuation vendor. Interactive Data 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 Interactive Data 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 Interactive Data. 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 Interactive Data are not reliable, the Adviser may contact 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 Interactive Data using the predetermined confidence interval discussed above.
In accordance with the authoritative guidance on fair value measurements and disclosure 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, etc.); and |
| • | 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
115
| THE KP FUNDS | December 31, 2014 |
or Level 2 inputs as components of the overall fair value measurement. For the period ended December 31, 2014, 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 share-holders. 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 initial open tax year end, 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 they invest. 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.
As of and during the period ended December 31, 2014, 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 period ended December 31, 2014 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 and includes the amortization of premiums and the accretion of discount. 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. As of and during the period ended December 31, 2014, KP Fixed Income Fund held forward foreign currency contracts.
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
116
| THE KP FUNDS | December 31, 2014 |
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 December 31, 2014, if applicable.
During the period ended December 31, 2014, the monthly average value of futures contracts held by the KP Fixed Income Fund was $(112) (000). As of December 31, 2014, the KP Fixed Income Fund did not hold futures contracts.
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.
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 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.
Offering Costs — Offering costs, including costs of printing initial prospectuses, legal and registration fees are amortized over twelve months from the inception dates of the Funds. As of December 31, 2014, the Funds had deferred offering costs left to be amortized as follows:
| Fund | Offering Costs | Fund | Offering Costs | |||||||
KP Retirement Path 2015 Fund | $ | 1,618 | KP Retirement Path 2050 Fund | $ | 206 | |||||
KP Retirement Path 2020 Fund | 1,862 | KP Retirement Path 2055 Fund | 25 | |||||||
KP Retirement Path 2025 Fund | 1,690 | KP Retirement Path 2060 Fund | 8 | |||||||
KP Retirement Path 2030 Fund | 1,509 | KP Large Cap Equity Fund | 0 | |||||||
KP Retirement Path 2035 Fund | 1,602 | KP Small Cap Equity Fund | 0 | |||||||
KP Retirement Path 2040 Fund | 1,384 | KP International Equity Fund | 0 | |||||||
KP Retirement Path 2045 Fund | 841 | KP Fixed Income Fund | 0 | |||||||
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
117
| THE KP FUNDS | December 31, 2014 |
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 December 31, 2014, if applicable.
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 December 31, 2014, 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 December 31, 2014 (000):
| Financial Derivative Assets | Financial Derivative Liabilities | |||||||||||||||||||||||||||
| Counterparty | Forward Foreign Currency Contracts | Total Over the Counter | Forward Foreign Currency Contracts | Total Over the | Net Market Value of OTC Derivatives | Collateral (Received)/ Pledged | Net Exposures† | |||||||||||||||||||||
Barclays | $ | 63 | $ | 63 | $ | (8 | ) | $ | (8 | ) | $ | 55 | $ | — | $ | 55 | ||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total over the counter | $ | 63 | $ | 63 | $ | (8 | ) | $ | (8 | ) | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
| † | 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. |
3. 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 fiscal year ended December 31, 2014, the Funds were charged as follows for these services (000):
| Fund | Administration Fee | Fund | Administration Fee | |||||||
KP Retirement Path 2015 Fund | $ | 126 | KP Retirement Path 2050 Fund | $ | 28 | |||||
KP Retirement Path 2020 Fund | 152 | KP Retirement Path 2055 Fund | 3 | |||||||
KP Retirement Path 2025 Fund | 143 | KP Retirement Path 2060 Fund | 2 | |||||||
KP Retirement Path 2030 Fund | 128 | KP Large Cap Equity Fund | 300 | |||||||
KP Retirement Path 2035 Fund | 136 | KP Small Cap Equity Fund | 116 | |||||||
KP Retirement Path 2040 Fund | 119 | KP International Equity Fund | 248 | |||||||
KP Retirement Path 2045 Fund | 77 | KP Fixed Income Fund | 228 | |||||||
The Trust and SEI Investments Distribution Co. (the “Distributor”) are parties to a Distribution Agreement. The Distributor receives no fees under the agreement.
118
| THE KP FUNDS | December 31, 2014 |
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 for serving as officers of the Trust.
A portion of the services provided by the Chief Compliance Officer (“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 have been approved by and are reviewed by the Board.
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.
4. Investment Advisory Agreements:
Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Funds, calculated daily and paid monthly at the following annual rates (shown as a percentage of the average daily net assets of each Fund):
| Fund | Annual Advisory Fee | |
KP Retirement Path 2015 Fund | 0.00% of the Fund’s average daily net assets invested in Affiliated Underlying Funds.1 0.05% of the Fund’s average daily net assets invested in Unaffiliated Underlying Funds.2 | |
KP Retirement Path 2020 Fund | 0.00% of the Fund’s average daily net assets invested in Affiliated Underlying Funds.1 0.05% of the Fund’s average daily net assets invested in Unaffiliated Underlying Funds.2 | |
KP Retirement Path 2025 Fund | 0.00% of the Fund’s average daily net assets invested in Affiliated Underlying Funds.1 0.05% of the Fund’s average daily net assets invested in Unaffiliated Underlying Funds.2 | |
KP Retirement Path 2030 Fund | 0.00% of the Fund’s average daily net assets invested in Affiliated Underlying Funds.1 0.05% of the Fund’s average daily net assets invested in Unaffiliated Underlying Funds.2 | |
KP Retirement Path 2035 Fund | 0.00% of the Fund’s average daily net assets invested in Affiliated Underlying Funds.1 0.05% of the Fund’s average daily net assets invested in Unaffiliated Underlying Funds.2 | |
KP Retirement Path 2040 Fund | 0.00% of the Fund’s average daily net assets invested in Affiliated Underlying Funds.1 0.05% of the Fund’s average daily net assets invested in Unaffiliated Underlying Funds.2 | |
KP Retirement Path 2045 Fund | 0.00% of the Fund’s average daily net assets invested in Affiliated Underlying Funds.1 0.05% of the Fund’s average daily net assets invested in Unaffiliated Underlying Funds.2 | |
KP Retirement Path 2050 Fund | 0.00% of the Fund’s average daily net assets invested in Affiliated Underlying Funds.1 0.05% of the Fund’s average daily net assets invested in Unaffiliated Underlying Funds.2 | |
KP Retirement Path 2055 Fund | 0.00% of the Fund’s average daily net assets invested in Affiliated Underlying Funds.1 0.05% of the Fund’s average daily net assets invested in Unaffiliated Underlying Funds.2 | |
KP Retirement Path 2060 Fund | 0.00% of the Fund’s average daily net assets invested in Affiliated Underlying Funds.1 0.05% of the Fund’s average daily net assets invested in Unaffiliated Underlying Funds.2 | |
KP Large Cap Equity Fund | 0.05% of the Fund’s average daily net assets. | |
KP Small Cap Equity Fund | 0.05% of the Fund’s average daily net assets. | |
KP International Equity Fund | 0.05% of the Fund’s average daily net assets. | |
KP Fixed Income Fund | 0.05% of the Fund’s average daily net assets. |
| 1 | “Affiliated Underlying Funds” are Underlying Funds to which the Adviser serves as investment adviser. |
| 2 | “Unaffiliated Underlying Funds” are Underlying Funds to which the Adviser does not serve as investment adviser. |
As of December 31, 2014, the Adviser has entered into investment sub-advisory agreements with the following parties and pays the sub-advisers out of the fee that it receives from the Funds:
| Investment Sub-Adviser | ||
| KP Large Cap Equity Fund | KP International Equity Fund | |
| MFS Investment Management | Acadian Asset Management LLC | |
| SSgA Funds Management, Inc. | Marathon Asset Management LLP | |
| T.Rowe Price Associates, Inc. | MFS Investment Management | |
| KP Small Cap Equity Fund | SSgA Funds Management, Inc. | |
| CastleArk Management, LLC | KP Fixed Income Fund | |
| Columbus Circle Investors | Eaton Vance Management | |
| DePrince Race & Zollo, Inc. | Loomis, Sayles & Company, LP | |
| SSgA Funds Management, Inc. | Payden & Rygel | |
| Walthausen & Co., LLC | SSgA Funds Management, Inc. |
119
| THE KP FUNDS | December 31, 2014 |
5. Investment Transactions:
For the period ended December 31, 2014, 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 2015 Fund | $ | 621,171 | $ | 111,675 | ||||
KP Retirement Path 2020 Fund | 731,211 | 68,155 | ||||||
KP Retirement Path 2025 Fund | 680,223 | 46,561 | ||||||
KP Retirement Path 2030 Fund | 606,784 | 42,153 | ||||||
KP Retirement Path 2035 Fund | 641,804 | 39,694 | ||||||
KP Retirement Path 2040 Fund | 566,314 | 39,802 | ||||||
KP Retirement Path 2045 Fund | 369,689 | 25,300 | ||||||
KP Retirement Path 2050 Fund | 132,139 | 10,378 | ||||||
KP Retirement Path 2055 Fund | 15,232 | 2,568 | ||||||
KP Retirement Path 2060 Fund | 10,249 | 7,690 | ||||||
KP Large Cap Equity Fund | 2,247,755 | 1,252,814 | ||||||
KP Small Cap Equity Fund | 1,223,141 | 810,452 | ||||||
KP International Equity Fund | 1,862,076 | 928,020 | ||||||
KP Fixed Income Fund | 790,959 | 465,320 | ||||||
In addition, KP Fixed Income Fund had purchases and sales of long-term U.S. Government securities of $3,146,411 (000) and $2,753,193 (000), respectively.
6. 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, undistributed net investment income or accumulated net realized gain, as appropriate, in the period that the differences arise.
The following permanent differences primarily attributable to the reclassification of short-term capital gains from affiliated registered investment companies, return of capital, REIT adjustments, PFIC gain reclass, paydowns and foreign exchange gain/(loss), have been reclassified to/from the following accounts during the period ended December 31, 2014 (000):
| Paid-in Capital | Undistributed Net Investment Income/(Loss) | Accumulated Net Realized Gain/(Loss) | ||||||||||
KP Retirement Path 2015 Fund | $ | — | $ | 3,493 | $ | (3,493 | ) | |||||
KP Retirement Path 2020 Fund | — | 4,837 | (4,837 | ) | ||||||||
KP Retirement Path 2025 Fund | — | 4,991 | (4,991 | ) | ||||||||
KP Retirement Path 2030 Fund | — | 4,774 | (4,774 | ) | ||||||||
KP Retirement Path 2035 Fund | — | 5,266 | (5,266 | ) | ||||||||
KP Retirement Path 2040 Fund | — | 4,657 | (4,657 | ) | ||||||||
KP Retirement Path 2045 Fund | — | 3,059 | (3,059 | ) | ||||||||
KP Retirement Path 2050 Fund | — | 1,068 | (1,068 | ) | ||||||||
KP Retirement Path 2055 Fund | — | 109 | (109 | ) | ||||||||
KP Retirement Path 2060 Fund | — | 24 | (24 | ) | ||||||||
KP Large Cap Equity Fund | — | 49 | (49 | ) | ||||||||
KP Small Cap Equity Fund | — | 67 | (67 | ) | ||||||||
KP International Equity Fund | (1,486 | ) | 1,174 | 312 | ||||||||
KP Fixed Income Fund | — | (4 | ) | 4 | ||||||||
These reclassifications have no impact on net assets or net asset value per share.
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| THE KP FUNDS | December 31, 2014 |
The tax character of dividends and distributions declared during the period ended and December 31, 2014, were as follows (000):
| Year | Ordinary Income | Long-Term Capital Gain | Return of Capital | Total | ||||||||||||||||
KP Retirement Path 2015 Fund | 2014 | $ | 15,778 | $ | — | $ | — | $ | 15,778 | |||||||||||
KP Retirement Path 2020 Fund | 2014 | 18,750 | — | — | 18,750 | |||||||||||||||
KP Retirement Path 2025 Fund | 2014 | 17,707 | — | — | 17,707 | |||||||||||||||
KP Retirement Path 2030 Fund | 2014 | 16,169 | — | — | 16,169 | |||||||||||||||
KP Retirement Path 2035 Fund | 2014 | 17,131 | — | — | 17,131 | |||||||||||||||
KP Retirement Path 2040 Fund | 2014 | 15,292 | — | — | 15,292 | |||||||||||||||
KP Retirement Path 2045 Fund | 2014 | 9,812 | — | — | 9,812 | |||||||||||||||
KP Retirement Path 2050 Fund | 2014 | 3,423 | — | — | 3,423 | |||||||||||||||
KP Retirement Path 2055 Fund | 2014 | 376 | — | — | 376 | |||||||||||||||
KP Retirement Path 2060 Fund | 2014 | 64 | — | — | 64 | |||||||||||||||
KP Large Cap Equity Fund | 2014 | 30,595 | 864 | — | 31,459 | |||||||||||||||
KP Small Cap Equity Fund | 2014 | 3,768 | — | — | 3,768 | |||||||||||||||
KP International Equity Fund | 2014 | 29,553 | 322 | 1,486 | 31,361 | |||||||||||||||
KP Fixed Income Fund | 2014 | 21,512 | — | — | 21,512 | |||||||||||||||
As of December 31, 2014, 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) | Total Distributable Earnings/ (Accumulated Losses) | |||||||||||||||||||
KP Retirement Path 2015 Fund | $ | 1,068 | $ | 1,019 | $ | — | $ | — | $ | 8,125 | $ | 10,212 | ||||||||||||
KP Retirement Path 2020 Fund | 1,009 | 1,392 | — | — | 12,684 | 15,085 | ||||||||||||||||||
KP Retirement Path 2025 Fund | 506 | 1,309 | — | — | 14,256 | 16,071 | ||||||||||||||||||
KP Retirement Path 2030 Fund | 578 | 1,062 | — | — | 13,949 | 15,589 | ||||||||||||||||||
KP Retirement Path 2035 Fund | 528 | 986 | — | — | 16,847 | 18,361 | ||||||||||||||||||
KP Retirement Path 2040 Fund | 458 | 716 | — | — | 15,067 | 16,241 | ||||||||||||||||||
KP Retirement Path 2045 Fund | 276 | 418 | — | — | 9,467 | 10,161 | ||||||||||||||||||
KP Retirement Path 2050 Fund | 73 | 149 | — | — | 2,335 | 2,557 | ||||||||||||||||||
KP Retirement Path 2055 Fund | 21 | 15 | — | — | (80 | ) | (44 | ) | ||||||||||||||||
KP Retirement Path 2060 Fund | — | — | (26 | ) | — | (77 | ) | (103 | ) | |||||||||||||||
KP Large Cap Equity Fund | 7,260 | 173 | — | — | 109,409 | 116,842 | ||||||||||||||||||
KP Small Cap Equity Fund | 18 | — | (3,557 | ) | — | 28,224 | 24,685 | |||||||||||||||||
KP International Equity Fund | — | — | — | (2,292 | ) | (33,795 | ) | (36,087 | ) | |||||||||||||||
KP Fixed Income Fund | 1,139 | — | — | — | 1,505 | 2,644 | ||||||||||||||||||
Post-October losses represent losses realized on investment transactions from November 1, 2014 through December 31, 2014, 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 as follows (000):
| Short-Term | Total Capital Loss Carryforwards | |||||||
KP Retirement Path 2060 Fund | $ | 26 | $ | 26 | ||||
KP Small Cap Equity Fund | 3,557 | 3,557 | ||||||
During the period ended December 31, 2014, the Funds did not utilize capital loss carryforwards to offset capital gains.
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| THE KP FUNDS | December 31, 2014 |
The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments and purchased equity options for Federal income tax purposes at December 31, 2014, were as follows (000):
| Federal Tax Cost | Aggregated Gross Unrealized Appreciation | Aggregated Gross Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) | |||||||||||||
KP Retirement Path 2015 Fund | $ | 514,024 | $ | 12,422 | $ | (4,297 | ) | $ | 8,125 | |||||||
KP Retirement Path 2020 Fund | 666,574 | 19,264 | (6,580 | ) | 12,684 | |||||||||||
KP Retirement Path 2025 Fund | 635,848 | 21,931 | (7,675 | ) | 14,256 | |||||||||||
KP Retirement Path 2030 Fund | 566,554 | 22,305 | (8,356 | ) | 13,949 | |||||||||||
KP Retirement Path 2035 Fund | 603,847 | 26,146 | (9,299 | ) | 16,847 | |||||||||||
KP Retirement Path 2040 Fund | 528,288 | 24,228 | (9,161 | ) | 15,067 | |||||||||||
KP Retirement Path 2045 Fund | 345,338 | 15,530 | (6,063 | ) | 9,467 | |||||||||||
KP Retirement Path 2050 Fund | 122,071 | 4,833 | (2,498 | ) | 2,335 | |||||||||||
KP Retirement Path 2055 Fund | 12,740 | 308 | (388 | ) | (80 | ) | ||||||||||
KP Retirement Path 2060 Fund | 2,530 | 33 | (110 | ) | (77 | ) | ||||||||||
KP Large Cap Equity Fund | 1,050,423 | 134,998 | (25,583 | ) | 109,415 | |||||||||||
KP Small Cap Equity Fund | 426,144 | 46,990 | (18,766 | ) | 28,224 | |||||||||||
KP International Equity Fund | 967,772 | 44,604 | (77,849 | ) | (33,245 | ) | ||||||||||
KP Fixed Income Fund | 904,739 | 8,935 | (7,484 | ) | 1,451 | |||||||||||
7. 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”.
Credit Risk — Credit risk is 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.
Fixed Income Market Risk — Fixed income market risk is the risk that the prices of a funds’ fixed income securities, including structured notes, 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.
Interest Rate Risk — Interest rate risk is the risk that the value of fixed income securities, including U.S. Government securities, will fall due to rising interest rates.
Derivatives Risk — A fund’s use of futures contracts and forward contracts is subject to market risk, leverage risk, correlation risk and liquidity risk. 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. Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and the price that a fund would like. A fund may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on a fund’s management or performance. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. A fund’s use of forward contracts is also subject to credit risk and valuation risk. Credit risk is described above. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause a fund to lose more than the principal amount invested in a derivative instrument.
Foreign Currency Risk — Foreign currency risk may arise from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Risks may also arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gain on the contracts at the date of default.
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| THE KP FUNDS | December 31, 2014 |
8. 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.
9. Other:
At December 31, 2014, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of an omnibus account that are held on behalf of various individual shareholders, was as follows:
| Fund | No. of Shareholders | % Ownership | ||||||||
KP Retirement Path 2015 Fund | 1 | 100% | ||||||||
KP Retirement Path 2020 Fund | 1 | 100% | ||||||||
KP Retirement Path 2025 Fund | 1 | 100% | ||||||||
KP Retirement Path 2030 Fund | 1 | 100% | ||||||||
KP Retirement Path 2035 Fund | 1 | 100% | ||||||||
KP Retirement Path 2040 Fund | 1 | 100% | ||||||||
KP Retirement Path 2045 Fund | 1 | 100% | ||||||||
KP Retirement Path 2050 Fund | 1 | 100% | ||||||||
KP Retirement Path 2055 Fund | 1 | 100% | ||||||||
KP Retirement Path 2060 Fund | 1 | 100% | ||||||||
KP Large Cap Equity Fund | 6 | 88% | ||||||||
KP Small Cap Equity Fund | 6 | 91% | ||||||||
KP International Equity Fund | 5 | 82% | ||||||||
KP Fixed Income Fund | 5 | 88% | ||||||||
10. 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 as of December 31, 2014.
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| THE KP FUNDS | December 31, 2014 |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
To the Board of Trustees of The KP Funds
and Shareholders of the Funds, as defined:
In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of 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, KP Large Cap Equity Fund, KP Small Cap Equity Fund, KP International Equity Fund and KP Fixed Income Fund (constituting The KP Funds, hereafter referred to as the “Funds”) at December 31, 2014, the results of each of their operations, the changes in each of their net assets and the financial highlights for the period January 10, 2014 (commencement of operations) through December 31, 2014, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2014 by correspondence with the custodian and brokers and the transfer agent of the investee funds, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
March 2, 2015
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| THE KP FUNDS | December 31, 2014 |
| TRUSTEES AND OFFICERS OF THE TRUST (Unaudited) |
Set forth below are the names, ages, position with the Trust, term of office, length of time served and the principal occupations for the last five years of each of the persons currently serving as Trustees and Officers of the Trust. Trustees who are deemed not to be “interested persons” of the Trust are referred to as “Independent Board Members.” Messrs. Nesher and Doran are Trustees who may be deemed to be “interested” persons of the Fund as
Name, Address, Age1 | Position(s) Held with the Trust and Length of Time Served2 | Principal Occupation(s) During the Past 5 Years | ||
| INTERESTED | ||||
| BOARD MEMBERS3,4 | ||||
ROBERT A. NESHER 68 yrs. old | Chairman of (Since 1991) | SEI employee 1974 to present; currently performs various services on behalf of SEI Investments for which Mr. Nesher is compensated. Vice Chairman of The Advisors’ Inner Circle Fund III and O’Connor EQUUS. President and Director of SEI Structured Credit Fund, LP. President and Chief Executive Officer of SEI Alpha Strategy Portfolios, LP, June 2007 to September 2013. President and Director of SEI Opportunity Fund, L.P. to 2010. | ||
WILLIAM M. DORAN 1701 Market Street Philadelphia, PA 19103 74 yrs. old | Trustee (Since 1991) | Self-Employed Consultant since 2003. Partner at Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003, counsel to the Trust, SEI Investments, SIMC, the Administrator and the Distributor. | ||
| 1 | Unless otherwise noted, the business address of each trustee is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456. |
| 2 | Each Trustee shall hold office during the lifetime of this trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust’s Declaration of Trust. |
| 3 | Denotes Trustees who may be deemed to be “interested” persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with the Distributor and/or its affiliates. |
| 4 | Board Members oversee 14 funds in The KP Funds Trust. |
| 5 | Directorships of Companies required to report to the securities and Exchange Commission under the Securities Exchange act of 1934 (i.e., “public companies”) or other investment companies under the 1940 Act. |
126
| THE KP FUNDS | December 31, 2014 |
that term is defined in the 1940 Act by virtue of their affiliation with the Trust’s Distributor. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-877-386-3944. The following chart lists Trustees and Officers as of December 31, 2014.
Other Directorships Held by Board Member5 |
Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Asset Allocation Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds and SEI Insurance Products Trust. President and Director of SEI Structured Credit Fund, L.P. Director of SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments – Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Investments – Unit Trust Management (UK) Limited, SEI Multi-Strategy Funds PLC and SEI Global Nominee Ltd.
Former Directorships: Director of SEI Opportunity Fund, L.P. to 2010. |
Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, The Advisors’ Inner Circle Fund III, Bishop Street Funds, O’Connor EQUUS, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investtrments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Asset Allocation Trust and SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds and SEI Insurance Products Trust. Director of SEI Investments (Europe), Limited, SEI Investments – Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Asia), Limited, SEI Global Nominee Ltd. and SEI Investments – Unit Trust Management (UK) Limited. Director of the Distributor since 2003. Former Dirctorships: Director of SEI Alpha Strategy Portfolios, LP to 2013. |
127
| THE KP FUNDS | December 31, 2014 |
| TRUSTEES AND OFFICERS OF THE TRUST (Unaudited) |
Name, Address, Age1 | Position(s) Held and Length of Time Served2 | Principal Occupation(s) During the Past 5 Years | ||
| INDEPENDENT | ||||
| BOARD MEMBERS3,4 | ||||
JOHN K. DARR 70 yrs. old | Trustee (Since 2008) | Retired. CEO, Office of Finance, Federal Home Loan Banks, from 1992 to 2007. | ||
JOSEPH T. GRAUSE JR. 62 yrs. old | Trustee (Since 2011) | Self-employed consultant since January 2012. Director of Endowments and Foundations, Morningstar Investment Management, Morningstar, Inc., February 2010 to May 2011; Director of International Consulting and Chief Executive Officer of Morningstar Associates Europe Limited, Morningstar, Inc., May 2007 to February 2010; Country Manager – Morningstar UK Limited, Morningstar, Inc., June 2005 to May 2007. | ||
MITCHELL A. JOHNSON 72 yrs. old | Trustee (Since 2005) | Retired. Private investor and self-employed consultant (strategic investments) since 1994. | ||
BETTY L. KRIKORIAN 71 yrs. old | Trustee (Since 2005) | Vice President, Compliance, AARP Financial Inc. from 2008 to 2010. Self-Employed Legal and Financial Services Consultant since 2003. Counsel (in-house) for State Street Bank from 1995 to 2003. | ||
| 1 | Unless otherwise noted, the business address of each trustee is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456. |
| 2 | Each Trustee shall hold office during the lifetime of this trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust’s Declaration of Trust. |
| 3 | Denotes Trustees who may be deemed to be “interested” persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with the Distributor and/or its affiliates. |
| 4 | Board Members oversee 14 funds in The KP Funds Trust. |
| 5 | Directorships of Companies required to report to the securities and Exchange Commission under the Securities Exchange act of 1934 (i.e., “public companies”) or other investment companies under the 1940 Act. |
128
Other Directorships Held by Board Member5 |
Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds. Director, Federal Home Loan Banks of Pittsburgh. Director, Manna, Inc. (non-profit developer of affordable housing for ownership). |
Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds. Director, The Korea Fund, Inc. |
Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Institutional Investments Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds and SEI Insurance Products Trust. Director, Federal Agricultural Mortgage Corporation (Farmer Mac) since 1997.
Former Directorships: Director of SEI Alpha Strategy Porfolios, LP to 2013. |
Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds. |
129
| THE KP FUNDS | December 31, 2014 |
| TRUSTEES AND OFFICERS OF THE TRUST (Unaudited) |
Name, Address, Age1 | Position(s) Held and Length of Time Served2 | Principal Occupation(s) During the Past 5 Years | ||
| INDEPENDENT | ||||
| BOARD MEMBERS3,4 | ||||
BRUCE R. SPECA 58 yrs. old | Trustee (Since 2011) | Global Head of Asset Allocation, Manulife Asset Management (subsidiary of Manulife Financial), June 2010 to May 2011; Executive Vice President – Investment Management Services, John Hancock Financial Services (subsidiary of Manulife Financial), June 2003 to June 2010. | ||
GEORGE J. SULLIVAN, JR. 71 yrs. old | Trustee Lead Independent Trustee (Since 1999) | Retired since January 2012. Self-employed Consultant, Newfound Consultants Inc. April 1997 to December 2011. | ||
| OFFICERS | ||||
MICHAEL BEATTIE 49 yrs. old | President (Since 2011) | Director of Client Service at SEI from 2004 to 2011. Vice President at SEI from 2009 to November 2011. | ||
RAMI ABDEL-RAHMAN 40 yrs. old | Treasurer, Controller and Chief Financial Officer (Since 2014) | Director, SEI Investments, Fund Accounting since June 2014. Fund Accounting Director, BNY Mellon from 2006 to 2014. | ||
| 1 | Unless otherwise noted, the business address of each trustee is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456. |
| 2 | Each Trustee shall hold office during the lifetime of this trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust’s Declaration of Trust. |
| 3 | Denotes Trustees who may be deemed to be “interested” persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with the Distributor and/or its affiliates. |
| 4 | Board Members oversee 14 funds in The KP Funds Trust. |
| 5 | Directorships of Companies required to report to the securities and Exchange Commission under the Securities Exchange act of 1934 (i.e., “public companies”) or other investment companies under the 1940 Act. |
130
| THE KP FUNDS | December 31, 2014 |
Other Directorships Held by Board Member/Officer5 |
Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds. |
Current Directorships: Trustee/ Director of State Street Navigator Securities Lending Trust, The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, SEI Structured Credit Fund, LP, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Asset Allocation Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds and SEI Insurance Products Trust. Member of the independent review committee for SEI’s Canadian-registered mutual funds. Former Directorships: Director of SEI Opportunity Fund, L.P. to 2010. Director of SEI Alpha Strategy Porfolios, LP to 2013. |
None. |
None. |
131
| THE KP FUNDS | December 31, 2014 |
| TRUSTEES AND OFFICERS OF THE TRUST (Unaudited) |
Name, Address, Age1 | Position(s) Held with the Trust and Length of Time Served2 | Principal Occupation(s) During the Past 5 Years | ||
| OFFICERS (continued) | ||||
RUSSELL EMERY 51 yrs. old | Chief Compliance Officer (Since 2006) | Chief Compliance Officer of SEI Structured Credit Fund, LP since 2007. Chief Compliance Officer of SEI Opportunity Fund, L.P., SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Daily Income Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds since 2006, SEI Adviser Managed Trust since 2010, New Covenant Funds since 2012, SEI Insurance Products Trust and The KP Funds since 2013, The Advisors’ Inner Circle Fund III and O’Connor EQUUS since 2014. | ||
DIANNE M. DESCOTEAUX 37 yrs. old | Vice President and Secretary (Since 2011) | Counsel at SEI Investments since 2010. Associate at Morgan, Lewis & Bockius LLP from 2006 to 2010. | ||
JOHN MUNCH 43yrs.old | Vice President and Assistant Secretary (since 2012) | Attorney - SEI Investments Company since 2001 | ||
LISA WHITTAKER 36 yrs.old | Vice President and Assistant Secretary (since 2013) | Attorney, SEI Investments Company (2012-present). Associate Counsel, The Glenmede Trust Company (2011-2012). Associate, Drinker Biddle & Reath LLP (2006-2011). | ||
JOHN Y. KIM 33 yrs. old | Vice President and Assistant Secretary (since 2014) | Attorney, SEI Investments Company (2014-present). Associate Stradley Ronon Stevens & Young (2009-2014). | ||
| 1 | Unless otherwise noted, the business address of each trustee is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456. |
| 2 | Each Trustee shall hold office during the lifetime of this trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust’s Declaration of Trust. |
132
| THE KP FUNDS | December 31, 2014 |
Held by Officer |
None. |
None |
None. |
None. |
None. |
133
| THE KP FUNDS | December 31, 2014 |
| 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 made at the beginning of the period shown and held for the entire period.
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.
134
| THE KP FUNDS | December 31, 2014 |
| DISCLOSURE OF FUND EXPENSES (Unaudited) (Concluded) |
| Beginning Account Value 7/1/2014 | Ending Account Value 12/31/2014 | Annualized Expense Ratios | Expenses Paid During Period* | |||||||||||||
KP Retirement Path 2015 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,001.20 | 0.10 | % | $ | 0.50 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,024.70 | 0.10 | % | $ | 0.51 | ||||||||
KP Retirement Path 2020 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 999.60 | 0.09 | % | $ | 0.45 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,024.75 | 0.09 | % | $ | 0.46 | ||||||||
KP Retirement Path 2025 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 995.40 | 0.09 | % | $ | 0.45 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,024.75 | 0.09 | % | $ | 0.46 | ||||||||
KP Retirement Path 2030 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 991.20 | 0.09 | % | $ | 0.45 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,024.75 | 0.09 | % | $ | 0.46 | ||||||||
KP Retirement Path 2035 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 991.00 | 0.08 | % | $ | 0.40 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,024.80 | 0.08 | % | $ | 0.41 | ||||||||
KP Retirement Path 2040 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 989.70 | 0.08 | % | $ | 0.40 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,024.80 | 0.08 | % | $ | 0.41 | ||||||||
KP Retirement Path 2045 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 989.20 | 0.08 | % | $ | 0.40 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,024.80 | 0.08 | % | $ | 0.41 | ||||||||
| Beginning Account Value 7/1/2014 | Ending Account Value 12/31/2014 | Annualized Expense Ratios | Expenses Paid During Period* | |||||||||||||
KP Retirement Path 2050 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 999.60 | 0.09 | % | $ | 0.45 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,024.75 | 0.09 | % | $ | 0.46 | ||||||||
KP Retirement Path 2055 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 989.60 | 0.10 | % | $ | 0.50 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,024.70 | 0.10 | % | $ | 0.51 | ||||||||
KP Retirement Path 2060 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 989.70 | 0.15 | % | $ | 0.75 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,024.45 | 0.15 | % | $ | 0.77 | ||||||||
KP Large Cap Equity Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,056.20 | 0.35 | % | $ | 1.81 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,023.44 | 0.35 | % | $ | 1.79 | ||||||||
KP Small Cap Equity Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,004.50 | 0.63 | % | $ | 3.18 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,022.03 | 0.63 | % | $ | 3.21 | ||||||||
KP International Equity Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 912.40 | 0.53 | % | $ | 2.55 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,022.53 | 0.53 | % | $ | 2.70 | ||||||||
KP Fixed Income Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,009.60 | 0.35 | % | $ | 1.77 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,023.44 | 0.35 | % | $ | 1.79 | ||||||||
| * | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). |
135
| THE KP FUNDS | December 31, 2014 |
| NOTICE TO SHAREHOLDERS (Unaudited) |
For shareholders that do not have a December 31, 2014 taxable year end, this notice is for informational purposes only. For shareholders with a December 31, 2014 tax year end, please consult your tax adviser as to the pertinence of this notice.
For the fiscal period ended December 31, 2014 the Funds are designating the following with regard to distributions paid during the period:
Fund | Return of Capital (Tax Basis) | Long-Term Capital Gains Distributions (Tax Basis) | Ordinary Income Distributions (Tax Basis) | Total Distributions (Tax Basis) | Corporate Dividends Received Deduction(1) | Qualifying Dividend Income(2) | U.S. Government Interest (3) | Interest Related Dividends(4) | Short-Term Capital Gains Dividends(5) | |||||||||||||||||||||||||||
KP Retirement Path 2015 Fund | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | ||||||||||||||||||
KP Retirement Path 2020 Fund | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | ||||||||||||||||||
KP Retirement Path 2025 Fund | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | ||||||||||||||||||
KP Retirement Path 2030 Fund | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | ||||||||||||||||||
KP Retirement Path 2035 Fund | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | ||||||||||||||||||
KP Retirement Path 2040 Fund | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | ||||||||||||||||||
KP Retirement Path 2045 Fund | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | ||||||||||||||||||
KP Retirement Path 2050 Fund | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | ||||||||||||||||||
KP Retirement Path 2055 Fund | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | ||||||||||||||||||
KP Retirement Path 2060 Fund | 0.15 | % | 0.00 | % | 99.85 | % | 100.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||
KP Large Cap Equity Fund | 0.00 | % | 2.74 | % | 97.26 | % | 100.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | ||||||||||||||||||
KP Small Cap Equity Fund | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||
KP International Equity Fund | 4.74 | % | 1.03 | % | 94.23 | % | 100.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | ||||||||||||||||||
KP Fixed Income Fund | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | 12.62 | % | 0.00 | % | 100.00 | % | ||||||||||||||||||
| (1) | Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). |
| (2) | The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Relief Reconciliation Act of 2003 and its reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law. |
136
| THE KP FUNDS | December 31, 2014 |
| NOTICE TO SHAREHOLDERS (Unaudited) (Continued) |
| (3) | “U.S. Government Interest represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of total ordinary income distributions (the total of short term capital gain and net investment income distributions). Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders of the Funds who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income. |
| (4) | The percentage in this column represents the amount of “Interest Related Dividends” and is reflected as a percentage of ordinary income distribution. Interest related dividends are exempt from U.S. withholding tax when paid for foreign investors. |
| (5) | The percentage in this column represents the amount of “Short-Term Capital Gain Dividends” and is reflected as a percentage of short-term capital gain distribution that is exempt from U.S. withholding tax when paid to foreign investors. |
137
The KP Funds
Investment Adviser
Callan Associates Inc.
600 Montgomery Street, Suite 800
San Francisco, CA 94111
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
More information about the Funds is available, without charge, through the following:
Statement of Additional Information (“SAI”): The SAI includes detailed information about the Funds. The SAI is on file with the SEC and is incorporated by reference into this prospectus. This means that the SAI, for legal purposes, is a part of this prospectus.
Annual and Semi-Annual Reports: These reports list the Funds’ holdings and contain information from the Adviser about investment strategies, and recent market conditions and trends and their impact on Fund performance. The reports also contain detailed financial information about the Funds.
To Obtain an 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 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-AR-001-0100
Item 2. Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function. There have been no amendments to or waivers granted to this code of ethics.
Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant’s board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.
(a)(2) The audit committee financial experts are John Darr and George Sullivan, and they are independent as defined in Form N-CSR Item 3(a)(2).
Item 4. Principal Accountant Fees and Services.
Fees billed by PricewaterhouseCoopers LLP (“PwC”) related to the Trust
PwC billed the Trust aggregate fees for services rendered to the Trust for the last fiscal year were as follows:
2014
| ||||||||
All fees and pre- approved
| All fees and affiliates that approved
| All other services to service affiliates that did not require pre- approval
| ||||||
(a) | Audit Fees
| $205,650 | $0 | $0 | ||||
(b) | Audit- Related Fees | N/A | $0 | $0 | ||||
(c) | Tax Fees
| N/A | $0 | $0 | ||||
(d) | All Other | N/A | $0 | $0 | ||||
(e)(1)
All requests or applications for services to be provided by the independent auditor shall be submitted to the Chief Financial Officer (“CFO”) of the Registrant and must include a detailed description of the services proposed to be rendered. The Registrant ‘s CFO will determine whether such services (1) require specific pre-approval, (2) are included within the list of services that have received the general pre-approval of the audit committee or (3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise.
Requests or applications to provide services that require specific pre-approval by the audit committee will be submitted to the audit committee by the CFO. The audit committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The audit committee has delegated specific pre-approval authority to either the audit committee chair or financial experts, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the audit committee at its next regularly scheduled meeting.
All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment advisor or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.
In addition, the audit committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor’s independence from the Registrant, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and discussing with the independent auditor its methods and procedures for ensuring independence.
(e)(2) Percentage of fees billed applicable to non-audit services approved pursuant to the “de minimus” exception of Rule 2-01(c)(7)(i)(C) were as follows (PwC):
| 2014 | ||
Audit-Related Fees | 0% | |
Tax Fees | 0% | |
All Other Fees | 0% | |
(f) Not applicable.
(g) The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last fiscal year were $0.
(h) During the past fiscal year, all non-audit services provided by Registrant’s principal accountant to either Registrant’s investment adviser or to any entity controlling, controlled by, or under common control with Registrant’s investment adviser that provides ongoing services to Registrant were pre-approved by the audit committee of Registrant’s Board of Trustees. Included in the audit committee’s pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.
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.
Item 12. Exhibits.
(a)(1) Code of Ethics attached hereto.
(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: March 10, 2015 | ||||||||||
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: March 10, 2015 | ||||||||||
| By (Signature and Title)* | /s/ Rami Abdel-Rahman, | |||||||||
| Rami Abdel-Rahman, | ||||||||||
| Treasurer, Controller & CFO | ||||||||||
| Date: March 10, 2015 | ||||||||||
| * | Print the name and title of each signing officer under his or her signature. |