KP Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22838

The KP Funds

(Exact name of registrant as specified in charter)

CT Corporation

101 Federal Street

Boston, MA 02110

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-342-5734

Date of fiscal year end: December 31, 2015

Date of reporting period: June 30, 2015

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

Semi-Annual Report

June 30, 2015

THE KP FUNDS June 30, 2015 (Unaudited)

TABLE OF CONTENTS
Schedules of Investments	1
Statements of Assets and Liabilities	87
Statements of Operations	91
Statements of Changes in Net Assets	95
Financial Highlights	102
Notes to Financial Statements	103
Disclosure of Fund Expenses	113
Approval of Investment Advisory Agreement	115

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 June 30, 2015 (Unaudited)

KP Retirement Path 2015 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 61.4%
KP Fixed Income Fund		17,748,708	$	178,552
KP International Equity Fund		3,309,381		32,498
KP Large Cap Equity Fund		7,904,460		87,819
KP Small Cap Equity Fund		1,528,068		16,656
Total Affiliated Registered Investment Companies (Cost $301,829) (000)				315,525
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 38.6%
DFA Commodity Strategy Portfolio		762,626		5,277
DFA International Real Estate Securities Portfolio		962,370		5,033

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		358,783	$	5,027
T Rowe Price Institutional Floating Rate Fund		535,074		5,420
T Rowe Price New Era Fund		155,459		5,178
Vanguard Inflation-Protected Securities Fund		7,720,777		81,300
Vanguard REIT Index Fund		593,211		9,729
Vanguard Short-Term Bond Index Fund		7,731,179		81,255
Total Unaffiliated Registered Investment Companies (Cost $200,287) (000)				198,219
Total Investments — 100.0% (Cost $502,116) (000)			$	513,744

Percentages are based on Net Assets of $513,714 (000).

REIT — Real Estate Investment Trust

As of June 30, 2015, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2015, 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 June 30, 2015, there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended June 30, 2015 (000):

	Value 12/31/2014		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)		Realized Gain		Value 6/30/2015		Dividend Income
KP Fixed Income Fund	$	179,272	$	6,770	$	(8,566	)	$	930	$	146	$	178,552	$	—
KP International Equity Fund		36,117		1,852		(7,571	)		1,839		261		32,498		—
KP Large Cap Equity Fund		91,163		7,182		(13,158	)		907		1,725		87,819		—
KP Small Cap Equity Fund		18,769		—		(3,125	)		724		288		16,656		—

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

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

1

THE KP FUNDS June 30, 2015 (Unaudited)

KP Retirement Path 2020 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 68.5%
KP Fixed Income Fund		21,878,656	$	220,098
KP International Equity Fund		8,404,701		82,534
KP Large Cap Equity Fund		13,025,171		144,710
KP Small Cap Equity Fund		4,099,970		44,690
Total Affiliated Registered Investment Companies (Cost $467,369) (000)				492,032
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 31.5%
DFA Commodity Strategy Portfolio		1,064,728		7,368
DFA International Real Estate Securities Portfolio		1,363,765		7,132

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		504,342	$	7,066
T Rowe Price Institutional Floating Rate Fund		712,680		7,219
T Rowe Price New Era Fund		208,306		6,939
Vanguard Inflation-Protected Securities Fund		8,725,978		91,885
Vanguard REIT Index Fund		855,134		14,025
Vanguard Short-Term Bond Index Fund		8,006,892		84,152
Total Unaffiliated Registered Investment Companies (Cost $228,245) (000)				225,786
Total Investments — 100.0% (Cost $695,614) (000)			$	717,818

Percentages are based on Net Assets of $717,778 (000).

REIT — Real Estate Investment Trust

As of June 30, 2015, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2015, 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 June 30, 2015, there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended June 30, 2015 (000):

	Value 12/31/2014		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)		Realized Gain		Value 6/30/2015		Dividend Income
KP Fixed Income Fund	$	203,183	$	20,540	$	(4,737	)	$	1,038	$	74	$	220,098	$	—
KP International Equity Fund		83,146		2,678		(8,052	)		4,457		305		82,534		—
KP Large Cap Equity Fund		141,974		4,163		(5,302	)		3,187		688		144,710		—
KP Small Cap Equity Fund		45,732		—		(3,534	)		2,192		300		44,690		—

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

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

2

THE KP FUNDS June 30, 2015 (Unaudited)

KP Retirement Path 2025 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 76.6%
KP Fixed Income Fund		17,459,930	$	175,647
KP International Equity Fund		13,543,459		132,997
KP Large Cap Equity Fund		15,484,901		172,037
KP Small Cap Equity Fund		6,044,347		65,883
Total Affiliated Registered Investment Companies (Cost $516,350) (000)				546,564
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 23.4%
DFA Commodity Strategy Portfolio		1,049,393		7,262
DFA International Real Estate Securities Portfolio		1,341,930		7,018

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		501,065	$	7,020
T Rowe Price Institutional Floating Rate Fund		711,127		7,204
T Rowe Price New Era Fund		204,684		6,818
Vanguard Inflation-Protected Securities Fund		5,911,944		62,253
Vanguard REIT Index Fund		849,577		13,933
Vanguard Short-Term Bond Index Fund		5,266,122		55,347
Total Unaffiliated Registered Investment Companies (Cost $169,047) (000)				166,855
Total Investments — 100.0% (Cost $685,397) (000)			$	713,419

Percentages are based on Net Assets of $713,381 (000).

REIT — Real Estate Investment Trust

As of June 30, 2015, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2015, 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 June 30, 2015, there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended June 30, 2015 (000):

	Value 12/31/2014		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)		Realized Gain		Value 6/30/2015		Dividend Income
KP Fixed Income Fund	$	154,110	$	21,657	$	(914	)	$	781	$	13	$	175,647	$	—
KP International Equity Fund		125,339		6,914		(6,534	)		7,038		240		132,997		—
KP Large Cap Equity Fund		162,823		8,121		(3,338	)		4,039		392		172,037		—
KP Small Cap Equity Fund		64,322		1,121		(3,151	)		3,315		276		65,883		—

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

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

3

THE KP FUNDS June 30, 2015 (Unaudited)

KP Retirement Path 2030 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 85.3%
KP Fixed Income Fund		12,012,774	$	120,849
KP International Equity Fund		17,072,928		167,656
KP Large Cap Equity Fund		16,167,850		179,625
KP Small Cap Equity Fund		7,128,810		77,704
Total Affiliated Registered Investment Companies (Cost $513,982) (000)				545,834
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 14.7%
DFA Commodity Strategy Portfolio		922,483		6,384
DFA International Real Estate Securities Portfolio		1,186,373		6,205

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		452,184	$	6,335
T Rowe Price Institutional Floating Rate Fund		628,114		6,363
T Rowe Price New Era Fund		190,186		6,335
Vanguard Inflation-Protected Securities Fund		2,966,779		31,240
Vanguard REIT Index Fund		772,573		12,669
Vanguard Short-Term Bond Index Fund		1,767,614		18,578
Total Unaffiliated Registered Investment Companies (Cost $95,926) (000)				94,109
Total Investments — 100.0% (Cost $609,908) (000)			$	639,943

Percentages are based on Net Assets of $639,913 (000).

REIT — Real Estate Investment Trust

As of June 30, 2015, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2015, 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 June 30, 2015, there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended June 30, 2015 (000):

	Value 12/31/2014		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)		Realized Gain		Value 6/30/2015		Dividend Income
KP Fixed Income Fund	$	105,525	$	15,666	$	(884	)	$	529	$	13	$	120,849	$	—
KP International Equity Fund		154,873		11,910		(7,988	)		8,637		224		167,656		—
KP Large Cap Equity Fund		168,027		9,183		(2,151	)		4,311		255		179,625		—
KP Small Cap Equity Fund		73,021		3,728		(3,329	)		3,944		340		77,704		—

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

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

4

THE KP FUNDS June 30, 2015 (Unaudited)

KP Retirement Path 2035 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 91.1%
KP Fixed Income Fund		10,249,286	$	103,108
KP International Equity Fund		21,237,377		208,551
KP Large Cap Equity Fund		19,950,466		221,650
KP Small Cap Equity Fund		8,917,011		97,195
Total Affiliated Registered Investment Companies (Cost $592,210) (000)				630,504
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 8.9%
DFA Commodity Strategy Portfolio		789,173		5,461
DFA International Real Estate Securities Portfolio		1,029,660		5,385

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		390,044	$	5,465
T Rowe Price Institutional Floating Rate Fund		540,366		5,474
T Rowe Price New Era Fund		164,050		5,465
Vanguard Inflation-Protected Securities Fund		1,565,652		16,486
Vanguard REIT Index Fund		666,405		10,929	��
Vanguard Short-Term Bond Index Fund		625,921		6,578
Total Unaffiliated Registered Investment Companies (Cost $62,703) (000)				61,243
Total Investments — 100.0% (Cost $654,913) (000)			$	691,747

Percentages are based on Net Assets of $691,716 (000).

REIT — Real Estate Investment Trust

As of June 30, 2015, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2015, 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 June 30, 2015 , there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended June 30, 2015 (000):

	Value 12/31/2014		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)		Realized Gain		Value 6/30/2015		Dividend Income
KP Fixed Income Fund	$	87,544	$	16,807	$	(1,682	)	$	411	$	28	$	103,108	$	—
KP International Equity Fund		188,304		17,414		(7,941	)		10,489		285		208,551		—
KP Large Cap Equity Fund		203,230		14,718		(1,818	)		5,295		225		221,650		—
KP Small Cap Equity Fund		89,785		6,548		(4,418	)		4,864		416		97,195		—

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

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

5

THE KP FUNDS June 30, 2015 (Unaudited)

KP Retirement Path 2040 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 94.0%
KP Fixed Income Fund		6,652,265	$	66,922
KP International Equity Fund		20,470,834		201,024
KP Large Cap Equity Fund		19,259,830		213,976
KP Small Cap Equity Fund		8,389,270		91,443
Total Affiliated Registered Investment Companies (Cost $538,164) (000)				573,365
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 6.0%
DFA Commodity Strategy Portfolio		527,629		3,651
DFA International Real Estate Securities Portfolio		675,386		3,532

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		261,079	$	3,658
T Rowe Price Institutional Floating Rate Fund		360,422		3,651
T Rowe Price New Era Fund		109,809		3,658
Vanguard Inflation-Protected Securities Fund		1,039,838		10,949
Vanguard REIT Index Fund		438,158		7,186
Total Unaffiliated Registered Investment Companies (Cost $37,289) (000)				36,285
Total Investments — 100.0% (Cost $575,453) (000)			$	609,650

Percentages are based on Net Assets of $609,625 (000).

REIT — Real Estate Investment Trust

As of June 30, 2015, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2015, 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 June 30, 2015, there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended June 30, 2015 (000):

	Value 12/31/2014		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)		Realized Gain		Value 6/30/2015		Dividend Income
KP Fixed Income Fund	$	57,133	$	11,251	$	(1,745	)	$	255	$	28	$	66,922	$	—
KP International Equity Fund		180,501		19,381		(9,109	)		10,026		225		201,024		—
KP Large Cap Equity Fund		192,565		18,861		(2,730	)		4,955		325		213,976		—
KP Small Cap Equity Fund		81,843		7,759		(3,061	)		4,595		307		91,443		—

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

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

6

THE KP FUNDS June 30, 2015 (Unaudited)

KP Retirement Path 2045 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.0%
KP Fixed Income Fund		3,301,403	$	33,212
KP International Equity Fund		14,402,049		141,428
KP Large Cap Equity Fund		13,512,793		150,128
KP Small Cap Equity Fund		5,551,513		60,511
Total Affiliated Registered Investment Companies (Cost $362,323) (000)				385,279
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.0%
DFA Commodity Strategy Portfolio		305,952		2,117
DFA International Real Estate Securities Portfolio		387,006		2,024

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		141,691	$	1,985
T Rowe Price Institutional Floating Rate Fund		205,092		2,078
T Rowe Price New Era Fund		59,970		1,998
Vanguard Inflation-Protected Securities Fund		592,108		6,235
Vanguard REIT Index Fund		247,103		4,052
Total Unaffiliated Registered Investment Companies (Cost $21,094) (000)				20,489
Total Investments — 100.0% (Cost $383,417) (000)			$	405,768

Percentages are based on Net Assets of $405,753 (000).

REIT — Real Estate Investment Trust

As of June 30, 2015, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2015, 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 June 30, 2015, there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended June 30, 2015 (000):

	Value 12/31/2014		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)		Realized Gain		Value 6/30/2015		Dividend Income
KP Fixed Income Fund	$	28,127	$	6,602	$	(1,663	)	$	115	$	31	$	33,212	$	—
KP International Equity Fund		123,742		16,807		(6,173	)		6,944		108		141,428		—
KP Large Cap Equity Fund		131,628		17,875		(2,999	)		3,234		390		150,128		—
KP Small Cap Equity Fund		53,723		6,034		(2,495	)		3,006		243		60,511		—

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

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

7

THE KP FUNDS June 30, 2015 (Unaudited)

KP Retirement Path 2050 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.0%
KP Fixed Income Fund		1,267,456	$	12,751
KP International Equity Fund		5,558,470		54,584
KP Large Cap Equity Fund		5,193,564		57,701
KP Small Cap Equity Fund		2,121,081		23,120
Total Affiliated Registered Investment Companies (Cost $140,990) (000)				148,156
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.0%
DFA Commodity Strategy Portfolio		115,142		797
DFA International Real Estate Securities Portfolio		147,635		772

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		54,541	$	764
T Rowe Price Institutional Floating Rate Fund		78,102		791
T Rowe Price New Era Fund		22,842		761
Vanguard Inflation-Protected Securities Fund		225,529		2,375
Vanguard REIT Index Fund		94,119		1,543
Total Unaffiliated Registered Investment Companies (Cost $8,061) (000)				7,803
Total Investments — 100.0% (Cost $149,051) (000)			$	155,959

Percentages are based on Net Assets of $155,958 (000).

REIT — Real Estate Investment Trust

As of June 30, 2015, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2015 , 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 June 30, 2015, there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended June 30, 2015 (000):

	Value 12/31/2014		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)		Realized Gain		Value 6/30/2015		Dividend Income
KP Fixed Income Fund	$	10,063	$	3,085	$	(443	)	$	39	$	7	$	12,751	$	—
KP International Equity Fund		43,120		10,654		(1,661	)		2,467		4		54,584		—
KP Large Cap Equity Fund		46,237		11,668		(1,475	)		1,120		151		57,701		—
KP Small Cap Equity Fund		18,858		4,083		(1,008	)		1,094		93		23,120		—

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

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

8

THE KP FUNDS June 30, 2015 (Unaudited)

KP Retirement Path 2055 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.0%
KP Fixed Income Fund		160,862	$	1,618
KP International Equity Fund		711,003		6,982
KP Large Cap Equity Fund		661,905		7,354
KP Small Cap Equity Fund		274,523		2,992
Total Affiliated Registered Investment Companies (Cost $18,555) (000)				18,946
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.0%
DFA Commodity Strategy Portfolio		14,831		103
DFA International Real Estate Securities Portfolio		18,783		98

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		6,939	$	97
T Rowe Price Institutional Floating Rate Fund		9,980		101
T Rowe Price New Era Fund		2,942		98
Vanguard Inflation-Protected Securities Fund		28,813		303
Vanguard REIT Index Fund		12,024		198
Total Unaffiliated Registered Investment Companies (Cost $1,042) (000)				998
Total Investments — 100.0% (Cost $19,597) (000)			$	19,944

Percentages are based on Net Assets of $19,951 (000).

REIT — Real Estate Investment Trust

As of June 30, 2015, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2015, 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 June 30, 2015, there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended June 30, 2015 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 6/30/2015		Dividend Income
KP Fixed Income Fund	$	1,014	$	735	$	(133	)	$	1	$	1		$	1,618	$	—
KP International Equity Fund		4,418		3,159		(849	)		262		(8	)		6,982		—
KP Large Cap Equity Fund		4,674		3,340		(798	)		53		85			7,354		—
KP Small Cap Equity Fund		1,924		1,279		(351	)		120		20			2,992		—

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

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

9

THE KP FUNDS June 30, 2015 (Unaudited)

KP Retirement Path 2060 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 94.9%
KP Fixed Income Fund		39,397	$	396
KP International Equity Fund		176,540		1,734
KP Large Cap Equity Fund		164,958		1,833
KP Small Cap Equity Fund		67,557		736
Total Affiliated Registered Investment Companies (Cost $4,668) (000)				4,699
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.0%
DFA Commodity Strategy Portfolio		3,644		25
DFA International Real Estate Securities Portfolio		4,722		25

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		1,727	$	24
T Rowe Price Institutional Floating Rate Fund		2,460		25
T Rowe Price New Era Fund		737		25
Vanguard Inflation-Protected Securities Fund		7,171		76
Vanguard REIT Index Fund		3,029		49
Total Unaffiliated Registered Investment Companies (Cost $258) (000)				249
Total Investments — 99.9% (Cost $4,926) (000)			$	4,948

Percentages are based on Net Assets of $4,955 (000).

REIT — Real Estate Investment Trust

As of June 30, 2015, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended June 30, 2015, 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 June 30, 2015, there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended June 30, 2015 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 6/30/2015		Dividend Income
KP Fixed Income Fund	$	196	$	323	$	(123	)	$	1		$	(1	)	$	396	$	—
KP International Equity Fund		858		1,389		(552	)		60			(21	)		1,734		—
KP Large Cap Equity Fund		907		1,475		(568	)		(4	)		23			1,833		—
KP Small Cap Equity Fund		369		577		(235	)		16			9			736		—

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

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

10

THE KP FUNDS June 30, 2015 (Unaudited)

KP Large Cap Equity Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
COMMON STOCK — 98.2%
Consumer Discretionary — 13.7%
Advance Auto Parts		7,035	$	1,121
Amazon.com*		52,096		22,614
AutoNation*		2,113		133
AutoZone*		809		539
Bed Bath & Beyond*		18,154		1,252
Best Buy		7,577		247
BorgWarner		5,797		329
Cablevision Systems, Cl A		5,273		126
CarMax*		41,489		2,747
Carnival		11,564		571
CBS, Cl B		11,876		659
Chipotle Mexican Grill, Cl A*		3,464		2,096
Coach		7,189		249
Comcast, Cl A		141,713		8,508
Darden Restaurants		3,528		251
Delphi Automotive PLC		41,806		3,557
DIRECTV*		13,052		1,211
Discovery Communications, Cl A*		11,386		362
Dollar General		7,814		607
Dollar Tree*		5,263		416
DR Horton		9,495		260
Expedia		2,780		304
Family Dollar Stores		2,569		202
Ford Motor		103,276		1,550
Fossil Group*		1,186		82
GameStop, Cl A		2,704		116
Gannett*		3,049		43
Gap		7,462		285
Garmin		3,549		156

Description	Shares		Value (000)
General Motors		35,286	$	1,176
Genuine Parts		4,269		382
Goodyear Tire & Rubber		7,430		224
H&R Block		7,276		216
Hanesbrands		96,800		3,225
Harley-Davidson		5,885		332
Harman International Industries		1,803		214
Hasbro		30,512		2,282
Hilton Worldwide Holdings*		155,378		4,281
Home Depot		34,326		3,815
Interpublic Group of Companies		11,226		216
Johnson Controls		92,178		4,566
Kohl’s		15,411		965
L Brands		6,325		542
Leggett & Platt		4,046		197
Lennar, Cl A		4,795		245
Lowe’s		92,823		6,216
Macy’s		9,142		617
Marriott International, Cl A		5,292		394
Mattel		8,790		226
McDonald’s		52,800		5,020
MGM Resorts International*		241,018		4,399
Michael Kors Holdings*		5,313		224
Mohawk Industries*		1,606		307
Netflix*		4,457		2,928
Newell Rubbermaid		26,476		1,088
News, Cl A*		13,368		195
NIKE, Cl B		18,330		1,980
Nordstrom		3,749		279
Omnicom Group		63,078		4,383
O’Reilly Automotive*		2,787		630
priceline.com*		13,131		15,119
PulteGroup		9,602		193
PVH		2,242		258
Ralph Lauren, Cl A		1,604		212
Ross Stores		10,572		514
Royal Caribbean Cruises		4,400		346
Scripps Networks Interactive, Cl A		2,491		163
Staples		16,551		253
Starbucks		134,328		7,202
Starwood Hotels & Resorts Worldwide		4,653		377
Target		89,795		7,330
TEGNA		6,097		196
Tesla Motors*		13,550		3,635
Tiffany		2,892		265
Time		3,880		89

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

11

THE KP FUNDS June 30, 2015 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Time Warner		59,539	$	5,204
Time Warner Cable		7,491		1,335
TJX		17,740		1,174
Tractor Supply		52,943		4,762
TripAdvisor*		2,993		261
Twenty-First Century Fox, Cl A		47,735		1,554
Under Armour, Cl A*		4,400		367
Urban Outfitters*		2,490		87
VF		8,814		615
Viacom, Cl B		42,519		2,748
Vipshop Holdings ADR*		81,700		1,818
Walt Disney		62,553		7,140
Whirlpool		2,137		370
Wyndham Worldwide		3,265		267
Wynn Resorts		24,491		2,417
Yum! Brands		11,276		1,016
				169,644
Consumer Staples — 7.6%
Altria Group		88,971		4,352
Archer-Daniels-Midland		32,017		1,544
Brown-Forman, Cl B		3,982		399
Campbell Soup		4,613		220
Clorox		3,625		377
Coca-Cola		104,420		4,096
Coca-Cola Enterprises		6,221		270
Colgate-Palmolive		22,232		1,454
ConAgra Foods		11,842		518
Constellation Brands, Cl A		4,362		506
Costco Wholesale		11,762		1,589
CVS Health		100,473		10,538
Danone		42,006		2,716
Diageo PLC		172,990		5,004
Dr Pepper Snapple Group		5,330		389
Estee Lauder, Cl A		38,746		3,358
General Mills		113,384		6,318
Hershey		4,161		370
Hormel Foods		3,635		205
Imperial Tobacco Group PLC		17,492		843
JM Smucker		2,668		289
Kellogg		20,509		1,286
Keurig Green Mountain		3,300		253
Kimberly-Clark		9,487		1,005
Kraft Foods Group		15,339		1,306
Kroger		12,807		929
McCormick		3,430		278
Mead Johnson Nutrition, Cl A		5,552		501
Molson Coors Brewing, Cl B		4,176		291

Description	Shares		Value (000)
Mondelez International, Cl A		42,777	$	1,760
Monster Beverage*		4,030		540
Nestle		78,751		5,685
PepsiCo		39,374		3,675
Philip Morris International		182,193		14,606
Procter & Gamble		94,162		7,367
Reynolds American		33,701		2,516
Sysco		16,114		582
Tyson Foods, Cl A		7,774		331
Walgreens Boots Alliance		23,277		1,965
Wal-Mart Stores		42,020		2,980
Whole Foods Market		9,949		392
				93,603
Energy — 5.5%
Anadarko Petroleum		13,177		1,029
Apache		9,696		559
Baker Hughes		17,283		1,066
Cabot Oil & Gas		10,934		345
Cameron International*		5,018		263
Chesapeake Energy		13,781		154
Chevron		98,101		9,464
Cimarex Energy		14,800		1,633
ConocoPhillips		32,236		1,980
CONSOL Energy		6,647		144
Devon Energy		9,965		593
Diamond Offshore Drilling		1,621		42
Ensco, Cl A		7,007		156
EOG Resources		33,657		2,947
EQT		43,563		3,543
Exxon Mobil		191,047		15,895
FMC Technologies*		6,612		274
Halliburton		22,079		951
Helmerich & Payne		2,887		203
Hess		6,496		434
Kinder Morgan		45,674		1,753
Marathon Oil		17,314		460
Marathon Petroleum		14,050		735
Murphy Oil		4,746		197
National Oilwell Varco		9,946		480
Newfield Exploration*		4,437		160
Noble		5,842		90
Noble Energy		10,726		458
Occidental Petroleum		70,047		5,448
ONEOK		5,560		219
Phillips 66		14,145		1,140
Pioneer Natural Resources		18,049		2,503
Range Resources		79,471		3,924

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

12

THE KP FUNDS June 30, 2015 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Schlumberger		61,712	$	5,319
Southwestern Energy*		9,611		218
Spectra Energy		17,268		563
Tesoro		3,532		298
Transocean		10,091		163
Valero Energy		13,941		873
Williams		18,191		1,044
				67,720
Financials — 16.4%
ACE		45,434		4,620
Affiliated Managers Group*		1,400		306
Aflac		11,313		704
Allstate		11,293		733
American Express		61,152		4,753
American International Group		35,160		2,174
American Tower, Cl A‡		10,988		1,025
Ameriprise Financial		4,739		592
Aon PLC		52,517		5,235
Apartment Investment & Management, Cl A‡		4,154		153
Assurant		1,627		109
AvalonBay Communities‡		3,612		577
Bank of America		278,211		4,735
Bank of New York Mellon		133,946		5,622
BB&T		19,529		787
Berkshire Hathaway, Cl B*		48,172		6,557
BlackRock, Cl A		13,266		4,590
Boston Properties‡		3,967		480
Capital One Financial		14,405		1,267
CBRE Group, Cl A*		7,285		270
Charles Schwab		29,923		977
Chubb		33,686		3,205
Cincinnati Financial		3,957		199
Citigroup		104,845		5,792
CME Group, Cl A		8,550		796
Comerica		4,819		247
Crown Castle International‡		9,082		729
Discover Financial Services		11,535		665
E*TRADE Financial*		7,801		234
Equinix‡		1,500		381
Equity Residential‡		9,384		658
Essex Property Trust‡		1,800		382
Fifth Third Bancorp		20,839		434
Franklin Resources		100,265		4,916
General Growth Properties‡		16,137		414
Genworth Financial, Cl A*		15,162		115
Goldman Sachs Group		47,635		9,946

Description	Shares		Value (000)
Hartford Financial Services Group		11,379	$	473
HCP‡		11,795		430
Health Care‡		9,503		624
Host Hotels & Resorts‡		21,118		419
Hudson City Bancorp*		14,529		144
Huntington Bancshares		21,848		247
Intercontinental Exchange		20,251		4,528
Invesco		10,973		411
Iron Mountain‡		5,086		158
JPMorgan Chase		356,876		24,182
KeyCorp		23,063		346
Kimco Realty‡		10,845		244
Legg Mason		2,485		128
Leucadia National		8,547		207
Lincoln National		6,857		406
Loews		7,933		305
M&T Bank		3,427		428
Macerich‡		3,545		264
Marsh & McLennan		14,557		825
McGraw Hill Financial		17,862		1,794
MetLife		155,945		8,731
Moody’s		4,530		489
Morgan Stanley		304,115		11,797
NASDAQ OMX Group		60,869		2,971
Navient		11,708		213
Northern Trust		5,592		428
People’s United Financial		7,454		121
Plum Creek Timber‡		4,708		191
PNC Financial Services Group		47,118		4,507
Principal Financial Group		7,177		368
Progressive		14,962		416
Prologis‡		13,969		518
Prudential Financial		49,436		4,327
Public Storage‡		3,752		692
Realty Income‡		6,100		271
Regions Financial		36,201		375
Simon Property Group‡		8,141		1,409
SL Green Realty‡		2,800		308
State Street		117,543		9,051
SunTrust Banks		14,333		617
T Rowe Price Group		7,155		556
TD Ameritrade Holding		109,300		4,024
Torchmark		3,487		203
Travelers		76,468		7,391
Unum Group		7,155		256
US Bancorp		208,289		9,040
Ventas‡		9,013		560

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

13

THE KP FUNDS June 30, 2015 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Vornado Realty Trust‡		4,503	$	427
Wells Fargo		344,302		19,363
Weyerhaeuser‡		14,530		458
XL Group, Cl A		7,593		282
Zions Bancorporation		5,622		178
				202,480
Health Care — 19.1%
Abbott Laboratories		136,153		6,682
AbbVie		45,773		3,075
Aetna		9,396		1,198
Agilent Technologies		8,577		331
Alexion Pharmaceuticals*		70,042		12,662
Allergan*		38,043		11,545
AmerisourceBergen, Cl A		5,701		606
Amgen		20,215		3,103
Anthem		34,915		5,731
Baxter International		14,046		982
Becton Dickinson & Company		18,755		2,657
Biogen*		26,882		10,859
BioMarin Pharmaceutical*		19,500		2,667
Boston Scientific*		36,228		641
Bristol-Myers Squibb		82,670		5,501
Cardinal Health		8,495		711
Celgene*		83,736		9,691
Cerner*		8,315		574
Cigna		24,082		3,901
CR Bard		1,936		330
DaVita HealthCare Partners*		4,408		350
DENTSPLY International		4,049		209
Edwards Lifesciences*		2,891		412
Eli Lilly		74,467		6,217
Endo International*		5,500		438
Express Scripts Holding*		65,531		5,828
Gilead Sciences		104,647		12,252
HCA Holdings*		7,600		689
Henry Schein*		2,100		298
Hospira*		4,695		417
Humana		23,672		4,528
Incyte*		19,800		2,063
Intuitive Surgical*		15,361		7,442
Johnson & Johnson		197,877		19,285
Laboratory Corp of America Holdings*		2,652		321
Mallinckrodt*		3,100		365
McKesson		57,700		12,972
Medtronic		132,738		9,836
Merck		161,993		9,222
Mylan*		10,967		744

Description	Shares		Value (000)
Novartis		12,896	$	1,271
Patterson		2,645		129
PerkinElmer		3,296		174
Perrigo		3,832		708
Pfizer		474,488		15,910
Quest Diagnostics		3,854		280
Regeneron Pharmaceuticals*		7,487		3,819
Roche Holding		5,185		1,453
St. Jude Medical		51,947		3,796
Stryker		8,115		776
Tenet Healthcare*		2,973		172
Thermo Fisher Scientific		39,924		5,181
UnitedHealth Group		82,055		10,011
Universal Health Services, Cl B		2,400		341
Valeant Pharmaceuticals International*		45,760		10,166
Varian Medical Systems*		2,684		226
Vertex Pharmaceuticals*		27,008		3,335
Waters*		2,335		300
Zimmer Biomet Holdings		4,598		502
Zoetis, Cl A		12,872		621
				236,506
Industrials — 13.3%
3M		63,465		9,793
ADT		4,749		159
Allegion		2,556		154
American Airlines Group		191,200		7,636
AMETEK		6,327		347
Boeing		120,141		16,666
Canadian National Railway		30,270		1,748
Canadian Pacific Railway		10,700		1,714
Caterpillar		15,809		1,341
CH Robinson Worldwide		3,864		241
Cintas		2,776		235
CSX		25,704		839
Cummins		4,604		604
Danaher		211,369		18,091
Deere		20,902		2,029
Delta Air Lines		21,391		879
Dover		4,397		309
Dun & Bradstreet		867		106
Eaton PLC		59,755		4,033
Emerson Electric		17,818		988
Equifax		12,672		1,230
Expeditors International of Washington		5,458		252
Fastenal		6,876		290

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

14

THE KP FUNDS June 30, 2015 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
FedEx		32,819	$	5,592
Flowserve		56,143		2,956
Fluor		3,785		201
General Dynamics		8,183		1,159
General Electric		265,926		7,066
Honeywell International		99,905		10,187
Illinois Tool Works		36,090		3,313
Ingersoll-Rand		7,267		490
Jacobs Engineering Group*		3,830		156
JB Hunt Transport Services		9,900		813
Joy Global		2,485		90
Kansas City Southern		2,892		264
L-3 Communications Holdings, Cl 3		2,154		244
Lockheed Martin		44,579		8,287
Masco		9,322		249
Nielsen		10,041		449
Norfolk Southern		8,339		728
Northrop Grumman		25,345		4,020
PACCAR		9,117		582
Pall		2,793		348
Parker-Hannifin		3,660		426
Pentair PLC		33,815		2,325
Pitney Bowes		5,452		113
Precision Castparts		16,933		3,384
Quanta Services*		6,176		178
Raytheon		7,958		761
Republic Services, Cl A		6,671		261
Robert Half International		3,642		202
Rockwell Automation		3,642		454
Rockwell Collins		3,536		327
Roper Technologies		2,773		478
Ryder System		1,492		130
Snap-on		1,501		239
Southwest Airlines		18,315		606
Stanley Black & Decker		22,089		2,325
Stericycle*		2,249		301
Textron		76,190		3,400
Tyco International PLC		131,363		5,055
Union Pacific		35,968		3,430
United Continental Holdings*		35,700		1,892
United Parcel Service, Cl B		68,937		6,681
United Rentals*		2,700		237
United Technologies		88,076		9,770
Wabtec		40,700		3,836
Waste Management		10,961		508
WW Grainger		1,658		392
Xylem		5,022		186
				164,775

Description	Shares		Value (000)
Information Technology — 17.1%
Accenture PLC, Cl A		115,598	$	11,188
Adobe Systems*		12,410		1,005
Akamai Technologies*		14,912		1,041
Alibaba Group Holding ADR*		46,422		3,819
Alliance Data Systems*		1,685		492
Altera		8,060		413
Amphenol, Cl A		8,452		490
Analog Devices		8,042		516
Apple		202,090		25,347
Applied Materials		33,299		640
Autodesk*		6,008		301
Automatic Data Processing		12,339		990
Avago Technologies, Cl A		6,700		891
Baidu ADR*		24,700		4,917
Broadcom, Cl A		14,841		764
CA		8,566		251
Cisco Systems		135,121		3,710
Citrix Systems*		4,325		303
Cognizant Technology Solutions, Cl A*		15,854		968
Computer Sciences		3,757		247
Corning		34,423		679
eBay*		29,331		1,767
Electronic Arts*		8,478		564
EMC		51,787		1,367
F5 Networks*		1,835		221
Facebook, Cl A*		161,967		13,891
Fidelity National Information Services		43,063		2,661
First Solar*		2,123		100
Fiserv*		42,443		3,516
FLIR Systems		3,347		103
Google, Cl A*		51,423		27,301
Harris		2,986		230
Hewlett-Packard		47,427		1,423
Intel		125,766		3,825
International Business Machines		53,743		8,742
Intuit		7,497		755
Juniper Networks		10,380		270
KLA-Tencor		4,391		247
Lam Research		4,029		328
Linear Technology		6,208		275
LinkedIn, Cl A*		15,400		3,182
MasterCard, Cl A		25,905		2,422
Microchip Technology		5,346		254
Micron Technology*		29,134		549
Microsoft		344,198		15,196
Mobileye*		26,600		1,414

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

15

THE KP FUNDS June 30, 2015 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Motorola Solutions		5,052	$	290
NetApp		8,094		255
NetSuite*		26,500		2,431
NVIDIA		31,505		634
Oracle		163,789		6,601
Palo Alto Networks*		7,100		1,240
Paychex		9,067		425
Qorvo*		3,900		313
QUALCOMM		43,045		2,696
Red Hat*		55,830		4,239
salesforce.com*		115,527		8,044
SanDisk		5,894		343
Seagate Technology		8,769		416
ServiceNow*		42,600		3,166
Skyworks Solutions		5,200		541
Symantec		17,437		405
TE Connectivity		11,015		708
Teradata*		3,885		144
Texas Instruments		113,937		5,869
Total System Services		4,891		204
Vantiv, Cl A*		13,900		531
VeriSign*		2,643		163
Visa, Cl A		274,952		18,463
Western Digital		5,567		437
Western Union		13,963		284
Workday, Cl A*		22,700		1,734
Xerox		29,617		315
Xilinx		7,080		313
Yahoo!*		22,645		890
				211,669
Materials — 2.6%
Air Products & Chemicals		4,968		680
Airgas		1,916		203
Alcoa		33,665		375
Allegheny Technologies		2,588		78
Avery Dennison		2,268		138
Ball		3,652		256
CF Industries Holdings		6,250		402
Crown Holdings*		36,276		1,919
Dow Chemical		28,405		1,454
Eastman Chemical		3,968		325
Ecolab		6,973		788
EI du Pont de Nemours		41,256		2,638
FMC		3,632		191
Freeport-McMoRan		26,710		497
International Flavors & Fragrances		2,142		234
International Paper		10,873		518

Description	Shares		Value (000)
LyondellBasell Industries, Cl A		10,314	$	1,068
Martin Marietta Materials		1,500		212
MeadWestvaco		4,810		227
Monsanto		15,601		1,663
Mosaic		8,720		409
Newmont Mining		13,068		305
Nucor		8,155		359
Owens-Illinois*		3,988		92
PPG Industries		63,612		7,298
Praxair		7,514		898
Sealed Air		6,042		310
Sherwin-Williams		8,750		2,406
Sigma-Aldrich		3,040		424
Vulcan Materials		67,927		5,701
WestRock*		1,927		117
				32,185
Telecommunication Services — 1.6%
AT&T		165,431		5,876
CenturyLink		14,530		427
Frontier Communications		28,842		143
Level 3 Communications*		7,900		416
Verizon Communications		238,899		11,135
Vodafone Group PLC		592,363		2,139
				20,136
Utilities — 1.3%
AES		18,437		244
AGL Resources		3,207		149
Ameren		6,923		261
American Electric Power		13,249		702
CenterPoint Energy		11,447		218
CMS Energy		7,264		231
Consolidated Edison		7,511		435
Dominion Resources		15,312		1,024
DTE Energy		4,908		366
Duke Energy		56,020		3,956
Edison International		8,868		493
Entergy		4,954		349
Eversource Energy		8,849		402
Exelon		23,294		732
FirstEnergy		10,729		349
NextEra Energy		11,551		1,132
NiSource		8,046		367
NRG Energy		8,964		205
Pepco Holdings		6,635		179
PG&E		12,283		603
Pinnacle West Capital		2,892		165
PPL		17,199		507

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

16

THE KP FUNDS June 30, 2015 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Public Service Enterprise Group		12,982	$	510
SCANA		3,745		190
Sempra Energy		6,296		623
Southern		23,637		990
TECO Energy		7,111		126
WEC Energy Group		8,421		379
Xcel Energy		12,968		417
				16,304
Total Common Stock (Cost $1,100,773) (000)				1,215,022
PREFERRED STOCK — 0.3%
Air BNB* (A)		11,406		1,062
Dropbox, Cl A* (A)		29,866		571
Dropbox, Cl C* (A)		1,097		21
Flipkart Online Services*		2,120		302
Flipkart Online Services* (A)		3,616		433
Uber Technologies* (A)		21,072		702
United Technologies, 7.500%		3,560		204
				3,295
Total Preferred Stock (Cost $2,661) (000)				3,295
SHORT-TERM INVESTMENT (B) — 1.1%
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.000%		13,219,462		13,219
Total Short-Term Investment (Cost $13,219) (000)				13,219
Total Investments — 99.6% (Cost $1,116,653) (000)			$	1,231,536

Percentages are based on net assets of $1,237,343 (000).

A list of the open futures contracts held by the Fund at June 30, 2015, is as follows:

Type of Contract	Number of Contracts Long	Expiration Date	Unrealized Depreciation
S&P 500 Index E-MINI	69	Sep-2015	$	(96	)

For the period ended June 30, 2015, the monthly average notional value of futures contracts held was $10,349 (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 June 30, 2015, was $2,789 (000) and represented 0.23% of net assets.

(B) The rate reported is the 7-day effective yield as of June 30, 2015.

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 June 30, 2015, 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	$	1,215,022		$	—	$	—	$	1,215,022
Preferred Stock		204			302		2,789		3,295
Short-Term Investment		13,219			—		—		13,219
Total Investments in Securities	$	1,228,445		$	302	$	2,789	$	1,231,536
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts†
Unrealized Depreciation	$	(96	)	$	—	$	—	$	(96	)
Total Other Financial Instruments	$	(96	)	$	—	$	—	$	(96	)

† 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 June 30, 2015, there were transfers between Level 1 and Level 2 assets and liabilities. The transfers between Level 1 and Level 2 were due to changes in the availability of observable inputs to determine fair value. For the period ended June 30, 2015, there were transfers between 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.

17

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
COMMON STOCK — 96.7%
Consumer Discretionary — 17.1%
1-800-Flowers.com, Cl A*		166,322	$	1,739
2U*		1,800		58
Abercrombie & Fitch, Cl A		56,142		1,208
AMC Entertainment Holdings, Cl A		1,700		52
AMC Networks, Cl A*		29,800		2,439
American Axle & Manufacturing Holdings*		5,430		114
American Eagle Outfitters		94,900		1,634
American Public Education*		1,300		33
America’s Car-Mart*		600		30
ANN*		3,464		167
Apollo Education Group, Cl A*		7,000		90
Arctic Cat		900		30
Asbury Automotive Group*		1,989		180
Ascena Retail Group*		66,800		1,113
Ascent Capital Group, Cl A*		1,108		47
Barnes & Noble*		3,297		86
Bassett Furniture Industries		800		23
Beazer Homes USA*		143,593		2,866
bebe stores		3,200		6
Belmond, Cl A*		7,410		93
Big 5 Sporting Goods		1,400		20
Big Lots		63,125		2,841
Biglari Holdings*		134		55
BJ’s Restaurants*		1,761		85
Black Diamond*		1,800		17
Bloomin’ Brands		9,313		199
Blue Nile*		886		27

Description	Shares		Value (000)
Bob Evans Farms		1,731	$	88
Bojangles’*		600		14
Boot Barn Holdings*		500		16
Boyd Gaming*		6,076		91
Bravo Brio Restaurant Group*		76,500		1,037
Bridgepoint Education*		1,200		11
Bright Horizons Family Solutions*		2,800		162
Buckle		2,200		101
Buffalo Wild Wings*		1,427		224
Build-A-Bear Workshop, Cl A*		1,000		16
Burlington Stores*		18,739		959
Caesars Acquisition, Cl A*		3,900		27
Caesars Entertainment*		4,400		27
Caleres		3,496		111
Callaway Golf		6,098		55
Capella Education		900		48
Career Education*		5,800		19
Carmike Cinemas*		63,354		1,681
Carriage Services, Cl A		1,300		31
Carrols Restaurant Group*		2,900		30
Carter’s		20,900		2,222
Cato, Cl A		1,900		74
Cavco Industries*		700		53
Central European Media Enterprises, Cl A*		4,900		11
Century Communities*		1,100		22
Cheesecake Factory		3,663		200
Chegg*		130,173		1,021
Cherokee		600		17
Chico’s FAS		134,312		2,234
Children’s Place		10,600		693
Christopher & Banks*		2,800		11
Churchill Downs		1,007		126
Chuy’s Holdings*		132,303		3,544
Citi Trends*		1,300		31
ClubCorp Holdings		70,506		1,684
Collectors Universe		400		8
Columbia Sportswear		15,250		922
Conn’s*		2,160		86
Container Store Group*		1,500		25
Cooper Tire & Rubber		4,274		145
Cooper-Standard Holding*		1,100		68
Core-Mark Holding		1,856		110
Cracker Barrel Old Country Store		1,417		211
Crocs*		5,990		88
Crown Media Holdings, Cl A*		2,800		13
CSS Industries		800		24

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

18

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares			Value (000)
Ctrip.com International ADR*		5,604		$	407
Culp		700			22
Cumulus Media, Cl A*		12,400			25
Daily Journal*		50			10
Dana Holding		12,272			253
Darden Restaurants		11,800			839
Dave & Buster’s Entertainment*		42,275			1,526
Deckers Outdoor*		2,600			187
Del Frisco’s Restaurant Group*		170,812			3,182
Denny’s*		6,884			80
Destination XL Group*		2,800			14
DeVry Education Group		66,853			2,004
Diamond Resorts International*		2,834			89
DineEquity		1,300			129
Dixie Group*		173,555			1,822
Dorman Products*		2,134			102
DreamWorks Animation SKG, Cl A*		5,700			150
Drew Industries		1,882			109
DSW, Cl A		26,600			888
El Pollo Loco Holdings*		700			14
Eldorado Resorts*		101,813			796
Empire Resorts*		900			5
Entercom Communications, Cl A*		2,100			24
Entravision Communications, Cl A		102,274			842
Eros International, Cl A*		1,700	��		43
Escalade		800			15
Ethan Allen Interiors		2,081			55
Etsy*		1,400			20
EVINE Live*		3,600			10
EW Scripps, Cl A		4,326			99
Expedia		11,700			1,279
Express*		6,745			122
Federal-Mogul Holdings*		2,600			30
Fiesta Restaurant Group*		2,115			106
Finish Line, Cl A		3,400			95
Five Below*		4,163			165
Flexsteel Industries		400			17
Foot Locker		26,400			1,769
Fox Factory Holding*		900			14
Francesca’s Holdings*		3,300			44
Fred’s, Cl A		92,577			1,786
FTD*		1,500			42
Genesco*		1,889			125
Gentherm*		2,804			154
G-III Apparel Group*		64,036			4,504
Global Eagle Entertainment*		3,300			43
GNC Holdings, Cl A		60,840			2,705

Description	Shares		Value (000)
GoPro, Cl A*		26,200	$	1,381
Graham Holdings, Cl B		2,690		2,893
Grand Canyon Education*		3,644		155
Gray Television*		4,500		71
Group 1 Automotive		1,699		154
Guess?		4,896		94
Habit Restaurants, Cl A*		30,458		953
Hanesbrands		45,060		1,501
Harman International Industries		23,603		2,808
Harte-Hanks		4,173		25
Haverty Furniture		1,600		35
Helen of Troy*		17,201		1,677
Hemisphere Media Group, Cl A*		700		8
Hibbett Sports*		2,000		93
Hooker Furniture		800		20
Houghton Mifflin Harcourt*		10,279		259
Hovnanian Enterprises, Cl A*		9,898		26
HSN		21,423		1,504
Iconix Brand Group*		3,823		95
IMAX*		44,950		1,810
Installed Building Products*		1,400		34
International Speedway, Cl A		2,200		81
Interval Leisure Group		3,200		73
Intrawest Resorts Holdings*		1,100		13
iRobot*		2,350		75
Isle of Capri Casinos*		1,800		33
Jack in the Box		31,963		2,818
JAKKS Pacific*		1,500		15
Jamba*		1,200		19
Jarden*		37,991		1,966
John Wiley & Sons, Cl A		17,800		968
Johnson Outdoors, Cl A		400		9
Journal Media Group		1,507		12
K12*		2,700		34
KB Home		6,054		100
Kirkland’s		78,136		2,178
Krispy Kreme Doughnuts*		118,955		2,291
La Quinta Holdings*		7,000		160
Lands’ End*		1,400		35
La-Z-Boy, Cl Z		3,797		100
LGI Homes*		1,200		24
Libbey		1,710		71
Liberty Tax		400		10
Liberty TripAdvisor Holdings, Cl A*		5,600		180
LifeLock*		6,995		115
Lifetime Brands		900		13
Lithia Motors, Cl A		1,735		196

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

19

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Loral Space & Communications*		1,000	$	63
Lumber Liquidators Holdings*		2,149		45
M/I Homes*		46,436		1,146
Malibu Boats, Cl A*		104,190		2,092
Marcus		1,500		29
Marine Products		600		4
MarineMax*		72,533		1,705
Marriott Vacations Worldwide		1,889		173
Martha Stewart Living Omnimedia, Cl A*		2,400		15
Mattress Firm Holding*		1,500		91
MDC Holdings		3,087		93
MDC Partners, Cl A		3,355		66
Media General*		6,389		106
Men’s Wearhouse		36,209		2,319
Meredith		2,813		147
Meritage Homes*		3,087		145
Metaldyne Performance Group		44,700		810
Modine Manufacturing*		3,812		41
Mohawk Industries*		7,200		1,374
Monarch Casino & Resort*		700		14
Monro Muffler Brake		2,433		151
Morgans Hotel Group*		2,400		16
Motorcar Parts of America*		1,400		42
Movado Group		40,751		1,107
NACCO Industries, Cl A		400		24
National CineMedia		73,029		1,166
Nautilus*		2,500		54
New Home*		700		12
New Media Investment Group		58,760		1,054
New York Times, Cl A		10,289		140
Newell Rubbermaid		42,600		1,751
Nexstar Broadcasting Group, Cl A		2,395		134
Noodles, Cl A*		800		12
Nutrisystem		2,300		57
Orbitz Worldwide*		8,300		95
Outerwall		1,426		109
Overstock.com*		1,000		23
Oxford Industries		27,556		2,410
Papa John’s International		2,200		166
Papa Murphy’s Holdings*		400		8
Party City Holdco*		1,800		36
Penn National Gaming*		246,854		4,529
Pep Boys-Manny Moe & Jack*		4,188		51
Performance Sports Group*		3,300		59
Perry Ellis International*		49,674		1,181
PetMed Express		1,500		26

Description	Shares		Value (000)
Pier 1 Imports		30,532	$	386
Pinnacle Entertainment*		4,616		172
Pool		3,230		226
Popeyes Louisiana Kitchen*		49,620		2,977
Potbelly*		38,875		476
Quiksilver*		11,800		8
Reading International, Cl A*		57,927		802
Red Robin Gourmet Burgers*		10,450		897
Regis*		3,000		47
Remy International*		2,100		46
Rent-A-Center, Cl A		4,200		119
Rentrak*		800		56
Restoration Hardware Holdings*		2,410		235
Ruby Tuesday*		5,200		33
Ruth’s Hospitality Group		2,800		45
Ryland Group		3,665		170
Saga Communications, Cl A		300		11
Sally Beauty Holdings*		27,175		858
Scholastic		2,100		93
Scientific Games, Cl A*		3,958		62
SeaWorld Entertainment		148,070		2,730
Select Comfort*		3,887		117
Sequential Brands Group*		1,300		20
SFX Entertainment*		3,200		14
Shake Shack, Cl A*		400		24
Shoe Carnival		1,165		34
Shutterfly*		2,821		135
Signet Jewelers		10,700		1,372
Sinclair Broadcast Group, Cl A		4,909		137
Sizmek*		1,700		12
Skullcandy*		1,600		12
Smith & Wesson Holding*		4,445		74
Sonic		3,900		112
Sonic Automotive, Cl A		2,431		58
Sotheby’s		29,870		1,351
Speedway Motorsports		900		20
Sportsman’s Warehouse Holdings*		600		7
Stage Stores		20,181		354
Standard Motor Products		1,614		57
Standard Pacific*		148,575		1,324
Stein Mart		184,406		1,931
Steiner Leisure*		1,000		54
Steven Madden*		49,665		2,125
Stoneridge*		2,400		28
Strattec Security		272		19
Strayer Education*		908		39
Sturm Ruger		1,489		85

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

20

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Superior Industries International		1,831	$	34
Systemax*		1,100		10
Taylor Morrison Home, Cl A*		2,400		49
Tenneco*		4,608		264
Texas Roadhouse, Cl A		5,260		197
Tile Shop Holdings*		77,550		1,100
Tilly’s, Cl A*		900		9
Time		8,185		188
Tower International*		1,554		40
Townsquare Media, Cl A*		900		12
Tractor Supply		19,300		1,736
Travelport Worldwide		7,884		109
TRI Pointe Homes*		11,443		175
Tribune Publishing		1,900		30
Tuesday Morning*		3,400		38
Tumi Holdings*		4,100		84
UCP, Cl A*		54,349		412
Ulta Salon Cosmetics & Fragrance*		15,740		2,430
Under Armour, Cl A*		21,183		1,768
Unifi*		1,198		40
Universal Electronics*		1,300		65
Universal Technical Institute		1,600		14
Vail Resorts		2,754		301
Vera Bradley*		1,900		21
Vince Holding*		800		10
Vitamin Shoppe*		2,305		86
VOXX International, Cl A*		1,400		12
Wayfair, Cl A*		1,500		56
WCI Communities*		1,000		24
Weight Watchers International*		2,400		12
Wendy’s		106,675		1,203
West Marine*		1,300		13
Weyco Group		500		15
William Lyon Homes, Cl A*		1,300		33
Winmark		100		10
Winnebago Industries		2,100		50
Wolverine World Wide		7,907		225
World Wrestling Entertainment, Cl A		57,700		952
ZAGG*		2,100		17
Zoe’s Kitchen*		1,400		57
zulily, Cl A*		4,800		63
Zumiez*		1,670		44
				144,452
Consumer Staples – 2.0%
Alico		200		9
Andersons		54,749		2,135

Description	Shares		Value (000)
B&G Foods		4,507	$	129
Boston Beer, Cl A*		679		158
Boulder Brands*		5,100		35
Calavo Growers		1,100		57
Cal-Maine Foods		2,400		125
Casey’s General Stores		2,956		283
Central Garden & Pet, Cl A*		3,100		35
Chefs’ Warehouse*		51,300		1,090
Coca-Cola Bottling Consolidated		300		45
Coty, Cl A		18,300		585
Craft Brew Alliance*		900		10
Darling Ingredients*		12,397		182
Dean Foods		7,455		121
Diamond Foods*		1,700		53
Elizabeth Arden*		2,225		32
Fairway Group Holdings, Cl A*		1,700		6
Farmer Bros*		500		12
Fresh Del Monte Produce		2,500		97
Fresh Market*		3,300		106
Freshpet*		30,745		572
Herbalife*		16,500		908
HRG Group*		5,821		76
Ingles Markets, Cl A		900		43
Inter Parfums		1,287		44
Inventure Foods*		66,896		679
J&J Snack Foods		1,180		131
John B Sanfilippo & Son		700		36
Lancaster Colony		1,441		131
Landec*		2,200		32
Lifeway Foods*		300		6
Limoneira		900		20
Medifast*		1,000		32
National Beverage*		1,000		22
Natural Grocers by Vitamin Cottage*		700		17
Natural Health Trends		600		25
Nature’s Sunshine Products		800		11
Nu Skin Enterprises, Cl A		13,800		650
Nutraceutical International*		600		15
Oil-Dri Corp of America		300		9
Omega Protein*		1,700		23
Orchids Paper Products		700		17
Post Holdings*		4,093		221
PriceSmart		1,452		132
Revlon, Cl A*		900		33
Rite Aid*		137,545		1,149
Sanderson Farms		1,626		122
Seaboard*		19		68

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

21

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Seneca Foods, Cl A*		700	$	19
Smart & Final Stores*		1,200		21
Snyder’s-Lance		47,799		1,542
SpartanNash		2,941		96
SUPERVALU*		19,525		158
Synutra International*		1,100		8
Tootsie Roll Industries		1,542		50
TreeHouse Foods*		3,313		268
United Natural Foods*		3,729		237
Universal		21,279		1,220
USANA Health Sciences*		400		55
Vector Group		6,025		141
Village Super Market, Cl A		500		16
WD-40		1,087		95
Weis Markets		897		38
WhiteWave Foods, Cl A*		45,940		2,247
				16,740
Energy — 4.2%
Abraxas Petroleum*		7,700		23
Adams Resources & Energy		200		9
Alon USA Energy		2,200		42
Approach Resources*		3,300		23
Ardmore Shipping		141,997		1,720
Atwood Oceanics		4,800		127
Basic Energy Services*		2,700		20
Bill Barrett*		119,020		1,022
Bonanza Creek Energy*		3,075		56
Bristow Group		16,067		856
C&J Energy Services*		3,800		50
Callon Petroleum*		45,900		382
Capital Product Partners (A)		114,400		893
CARBO Ceramics		79,229		3,299
Carrizo Oil & Gas*		3,865		190
Clayton Williams Energy*		500		33
Clean Energy Fuels*		5,852		33
Cloud Peak Energy*		5,201		24
Comstock Resources		34,000		113
Contango Oil & Gas*		1,241		15
Delek US Holdings		4,300		158
DHT Holdings		7,300		57
Dorian LPG*		1,800		30
Eclipse Resources*		2,500		13
Energy Fuels*		3,000		13
Energy XXI		7,788		20
Era Group*		1,600		33
Evolution Petroleum		1,500		10

Description	Shares		Value (000)
EXCO Resources		12,700	$	15
Exterran Holdings		5,152		168
FMSA Holdings*		4,699		38
Forum Energy Technologies*		4,400		89
Frontline*		6,600		16
GasLog		3,327		66
Gastar Exploration*		245,619		759
Geospace Technologies*		1,114		26
Green Plains		59,195		1,631
Gulfmark Offshore, Cl A		2,155		25
Gulfport Energy*		20,000		805
Halcon Resources*		22,100		26
Hallador Energy		800		7
Helix Energy Solutions Group*		8,171		103
Hornbeck Offshore Services*		2,300		47
Independence Contract Drilling*		600		5
ION Geophysical*		10,870		12
Isramco*		39		5
Jones Energy, Cl A*		64,121		580
Key Energy Services*		11,450		21
Magnum Hunter Resources*		191,166		357
Matador Resources*		37,125		928
Matrix Service*		2,100		38
McDermott International*		18,384		98
Natural Gas Services Group*		1,000		23
Navios Maritime Acquisition		6,900		25
Newpark Resources*		6,698		54
Nordic American Offshore		1,500		12
Nordic American Tankers		6,900		98
North Atlantic Drilling		4,800		6
Northern Oil and Gas*		5,000		34
Oasis Petroleum*		10,400		165
Oceaneering International		22,500		1,048
Oil States International*		3,900		145
Pacific Ethanol*		2,000		21
Panhandle Oil and Gas, Cl A		1,200		25
Par Petroleum*		1,100		21
Parker Drilling*		9,402		31
Parsley Energy, Cl A*		6,188		108
Patterson-UTI Energy		174,046		3,276
PDC Energy*		3,125		168
Peabody Energy		20,400		45
Penn Virginia*		124,124		544
PHI*		1,000		30
Pioneer Energy Services*		5,274		33
Precision Drilling		316,121		2,125

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

22

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Renewable Energy Group*		2,600	$	30
Resolute Energy*		110,100		106
REX American Resources*		500		32
Rex Energy*		153,429		858
RigNet*		900		28
Ring Energy*		56,800		636
Rosetta Resources*		31,574		731
RSP Permian*		4,100		115
Sanchez Energy*		153,857		1,508
SandRidge Energy*		31,200		27
Scorpio Tankers		13,775		139
SEACOR Holdings*		1,400		99
SemGroup, Cl A		3,323		264
Seventy Seven Energy*		4,000		17
Ship Finance International		4,600		75
Solazyme*		6,500		20
Stone Energy*		4,344		55
Superior Energy Services		142,225		2,993
Synergy Resources*		7,700		88
Teekay Tankers, Cl A		6,600		44
Tesco		2,900		32
TETRA Technologies*		6,131		39
Tidewater		60,730		1,380
TransAtlantic Petroleum*		2,200		11
Triangle Petroleum*		3,200		16
Ultra Petroleum*		171,130		2,142
Unit*		3,800		103
US Silica Holdings		4,227		124
W&T Offshore		2,600		14
Western Refining		5,297		231
Westmoreland Coal*		1,324		28
				35,151
Financials — 19.8%
1st Source		1,200		41
Acadia Realty Trust‡		5,300		154
Agree Realty‡		1,400		41
Alexander & Baldwin		3,753		148
Alexander’s ‡		175		72
Altisource Asset Management*		65		9
Altisource Portfolio Solutions*		1,064		33
Altisource Residential‡		4,500		76
Ambac Financial Group*		3,600		60
American Assets Trust‡		2,838		111
American Capital Mortgage Investment‡		4,100		66
American Equity Investment Life Holding		45,750		1,234

Description	Shares		Value (000)
American Financial Group		43,995	$	2,861
American National Bankshares		800		19
American Residential Properties‡		2,400		44
Ameris Bancorp		2,300		58
AMERISAFE		1,466		69
Ames National		700		18
Anchor BanCorp Wisconsin*		500		19
Anworth Mortgage Asset‡		8,498		42
Apollo Commercial Real Estate Finance‡		4,636		76
Apollo Residential Mortgage‡		2,500		37
Ares Commercial Real Estate‡		2,400		27
Argo Group International Holdings		2,099		117
Arlington Asset Investment, Cl A		1,700		33
Armada Hoffler Properties‡		2,000		20
ARMOUR Residential‡		28,903		81
Arrow Financial		910		25
Ashford*		44		4
Ashford Hospitality Prime‡		1,800		27
Ashford Hospitality Trust‡		6,533		55
Associated Estates Realty‡		4,442		127
Assured Guaranty		31,100		746
Astoria Financial		47,984		662
Atlas Financial Holdings*		900		18
AV Homes*		900		13
Baldwin & Lyons, Cl B		700		16
Banc of California		2,900		40
BancFirst		600		39
Banco Latinoamericano de Comercio Exterior, Cl E		2,400		77
Bancorp*		68,713		638
BancorpSouth		7,544		194
Bank Mutual		3,900		30
Bank of Hawaii		46,020		3,069
Bank of Marin Bancorp		500		25
Bank of the Ozarks		34,405		1,574
BankFinancial		1,600		19
Banner		1,616		77
Bar Harbor Bankshares		400		14
BBCN Bancorp		6,236		92
BBX Capital, Cl A*		519		8
Beneficial Bancorp*		6,139		77
Berkshire Hills Bancorp		33,607		957
BGC Partners, Cl A		13,453		118
Blue Hills Bancorp*		2,400		34
Bluerock Residential Growth, Cl A‡		1,300		16
BNC Bancorp		35,963		695

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

23

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
BofI Holding*		1,200	$	127
Boston Private Financial Holdings		6,174		83
Bridge Bancorp		57,144		1,525
Bridge Capital Holdings*		700		21
Brookline Bancorp		132,784		1,499
Bryn Mawr Bank		1,300		39
C1 Financial*		200		4
Calamos Asset Management, Cl A		1,300		16
Camden National		500		19
Campus Crest Communities‡		101,225		561
Capital Bank Financial, Cl A*		83,848		2,437
Capital City Bank Group		800		12
Capitol Acquisition II*		84,684		893
Capitol Federal Financial		10,485		126
Capstead Mortgage‡		7,300		81
Cardinal Financial		21,995		479
CareTrust‡		2,037		26
Cascade Bancorp*		2,506		13
Cash America International		2,300		60
CatchMark Timber Trust, Cl A‡		2,900		34
Cathay General Bancorp		6,211		202
Cedar Realty Trust‡		7,025		45
CenterState Banks		34,911		472
Central Pacific Financial		1,200		29
Century Bancorp, Cl A		300		12
Chambers Street Properties‡		17,721		141
Charter Financial		1,159		14
Chatham Lodging Trust‡		3,000		79
Chemical Financial		56,755		1,876
Chesapeake Lodging Trust‡		4,479		137
CIFC		300		2
Citizens, Cl A*		3,800		28
Citizens & Northern		900		18
City Holding		1,237		61
Clifton Bancorp		2,189		31
CNB Financial		1,200		22
CNO Financial Group		14,726		270
CoBiz Financial		189,573		2,478
Cohen & Steers		1,500		51
Colony Capital, Cl A‡		8,300		188
Columbia Banking System		69,912		2,275
Commerce Bancshares		66,534		3,112
Community Bank System		3,254		123
Community Trust Bancorp		1,188		41
CommunityOne Bancorp*		900		10
ConnectOne Bancorp		1,760		38
Consolidated-Tomoka Land		300		17

Description	Shares		Value (000)
CorEnergy Infrastructure Trust‡		4,000	$	25
CoreSite Realty‡		1,700		77
Cousins Properties‡		16,178		168
Cowen Group, Cl A*		9,004		58
Crawford, Cl B		2,200		19
CU Bancorp*		800		18
CubeSmart‡		12,626		292
Customers Bancorp*		67,292		1,809
CVB Financial		16,201		285
CyrusOne‡		4,008		118
CYS Investments‡		11,704		90
DCT Industrial Trust‡		6,395		201
Diamond Hill Investment Group		200		40
DiamondRock Hospitality‡		15,554		199
Dime Community Bancshares		2,543		43
Donegal Group, Cl A		700		11
DuPont Fabros Technology‡		4,930		145
Dynex Capital‡		4,600		35
Eagle Bancorp*		109,210		4,802
East West Bancorp		18,365		823
Easterly Government Properties‡		1,200		19
EastGroup Properties‡		2,493		140
Education Realty Trust‡		3,685		116
eHealth*		1,500		19
EMC Insurance Group		450		11
Employers Holdings		2,300		52
Encore Capital Group*		2,000		85
Enova International*		1,972		37
Enstar Group*		700		108
Enterprise Bancorp		600		14
Enterprise Financial Services		1,500		34
EPR Properties‡		4,282		235
Equity One‡		5,200		121
Essent Group*		4,117		113
EverBank Financial		7,041		138
Evercore Partners, Cl A		2,563		138
Excel Trust‡		4,933		78
Ezcorp, Cl A*		3,900		29
Farmers Capital Bank*		500		14
FBL Financial Group, Cl A		800		46
FCB Financial Holdings, Cl A*		2,100		67
Federal Agricultural Mortgage, Cl C		900		26
Federated National Holding		1,000		24
FelCor Lodging Trust‡		10,972		108
Fidelity & Guaranty Life		42,100		995
Fidelity Southern		1,312		23
Fifth Street Asset Management, Cl A		300		3

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

24

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Financial Engines		4,035	$	171
Financial Institutions		1,200		30
First American Financial		8,326		310
First Bancorp		2,300		41
First BanCorp*		8,600		41
First Busey		5,609		37
First Business Financial Services		300		14
First Cash Financial Services*		2,117		97
First Citizens BancShares, Cl A		544		143
First Commonwealth Financial		6,738		65
First Community Bancshares		1,300		24
First Connecticut Bancorp		1,356		22
First Defiance Financial		700		26
First Financial		900		32
First Financial Bancorp		119,280		2,140
First Financial Bankshares		4,842		168
First Industrial Realty Trust‡		8,577		161
First Interstate BancSystem, Cl A		1,500		42
First Merchants		37,326		922
First Midwest Bancorp		96,222		1,825
First NBC Bank Holding*		54,620		1,966
First Niagara Financial Group		333,530		3,149
First of Long Island		1,046		29
First Potomac Realty Trust‡		4,618		48
FirstMerit		12,470		260
Flagstar Bancorp*		1,600		30
Flushing Financial		2,486		52
FNB		233,008		3,338
FNFV Group*		5,900		91
Forestar Group*		2,722		36
Fox Chase Bancorp		800		14
Franklin Street Properties‡		6,851		77
FRP Holdings*		500		16
Fulton Financial		13,200		172
GAIN Capital Holdings		1,700		16
GAMCO Investors, Cl A		500		34
GEO Group‡		5,752		196
German American Bancorp		1,000		29
Getty Realty‡		2,006		33
Glacier Bancorp		5,849		172
Gladstone Commercial‡		1,500		25
Global Indemnity, Cl A*		700		20
Government Properties Income Trust‡		5,500		102
Gramercy Property Trust‡		4,575		107
Great Ajax‡		500		7
Great Southern Bancorp		800		34

Description	Shares		Value (000)
Great Western Bancorp		37,688	$	909
Green Bancorp*		300		5
Green Dot, Cl A*		3,400		65
Greenhill		13,614		563
Greenlight Capital, Cl A*		2,251		66
Guaranty Bancorp		1,100		18
Hallmark Financial Services*		1,100		13
Hampton Roads Bankshares*		2,000		4
Hancock Holding		57,633		1,839
Hanmi Financial		2,483		62
Hannon Armstrong Sustainable Infrastructure Capital‡		96,354		1,933
Hatteras Financial‡		7,600		124
HCI Group		700		31
Healthcare Realty Trust‡		7,647		178
Heartland Financial USA		1,300		48
Heritage Commerce		1,400		13
Heritage Financial		120,667		2,156
Heritage Financial Group		600		18
Heritage Insurance Holdings*		1,800		41
Heritage Oaks Bancorp		1,900		15
Hersha Hospitality Trust, Cl A‡		3,600		92
HFF, Cl A		2,621		109
Highwoods Properties‡		7,164		286
Hilltop Holdings*		5,799		140
Home BancShares		4,263		156
HomeStreet*		1,800		41
HomeTrust Bancshares*		1,800		30
Horace Mann Educators		87,970		3,199
Horizon Bancorp		700		17
Hudson Pacific Properties‡		5,774		164
Hudson Valley Holding		1,200		34
IBERIABANK		31,305		2,136
Independence Holding		500		7
Independence Realty Trust‡		1,700		13
Independent Bank		69,265		3,185
Independent Bank Group		700		30
Infinity Property & Casualty		14,671		1,113
InfraREIT‡		1,700		48
Inland Real Estate‡		6,917		65
International Bancshares		4,081		110
International. FCStone*		1,100		37
Invesco Mortgage Capital‡		9,152		131
Investment Technology Group		2,800		69
Investors Bancorp		26,153		322
Investors Real Estate Trust‡		8,906		64
iStar Financial‡ *		6,678		89

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

25

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
James River Group Holdings		800	$	21
Janus Capital Group		10,987		188
JG Wentworth, Cl A*		800		7
Kansas City Life Insurance		300		14
KCG Holdings, Cl A*		3,624		45
Kearny Financial*		6,933		77
Kemper		3,313		128
Kennedy-Wilson Holdings		6,920		170
Kite Realty Group Trust‡		6,218		152
Ladder Capital, Cl A‡		2,900		50
Ladenburg Thalmann Financial Services*		8,400		29
Lakeland Bancorp		2,889		34
Lakeland Financial		1,300		56
LaSalle Hotel Properties‡		8,693		308
LegacyTexas Financial Group		83,066		2,509
LendingTree*		500		39
Lexington Realty Trust‡		16,024		136
LTC Properties‡		2,800		116
Mack-Cali Realty‡		7,064		130
Maiden Holdings		3,934		62
MainSource Financial Group		1,600		35
Marcus & Millichap*		1,000		46
MarketAxess Holdings		12,688		1,176
Marlin Business Services		800		14
MB Financial		20,044		690
MBIA*		11,600		70
Meadowbrook Insurance Group		3,600		31
Medical Properties Trust‡		75,989		996
Medley Management, Cl A		300		4
Mercantile Bank		1,300		28
Merchants Bancshares		300		10
Meridian Bancorp*		4,034		54
Meta Financial Group		600		26
Metro Bancorp		800		21
MGIC Investment*		165,235		1,880
MidWestOne Financial Group		500		16
Moelis, Cl A		1,300		37
Monmouth Real Estate Investment, Cl A‡		4,560		44
Monogram Residential Trust‡		12,400		112
Montpelier Re Holdings		2,700		107
Mortgage Investment Trust‡		2,300		40
National Bank Holdings, Cl A		224,563		4,679
National Bankshares		500		15
National General Holdings		2,900		60
National Health Investors‡		2,899		181

Description	Shares		Value (000)
National Interstate		500	$	14
National Penn Bancshares		163,946		1,849
National Storage Affiliates Trust‡		1,600		20
National Western Life Insurance, Cl A		193		46
Nationstar Mortgage Holdings*		2,900		49
Navigators Group*		787		61
NBT Bancorp		3,422		90
Nelnet, Cl A		1,659		72
New Residential Investment‡		232,739		3,548
New Senior Investment Group‡		4,900		66
New York‡		12,100		120
New York Mortgage Trust‡		8,010		60
NewBridge Bancorp		2,756		25
NewStar Financial*		2,200		24
NexPoint Residential Trust‡		1,300		17
NMI Holdings, Cl A*		4,300		34
Northfield Bancorp		47,666		717
Northwest Bancshares		119,323		1,530
OceanFirst Financial		1,000		19
Ocwen Financial*		8,000		82
OFG Bancorp		34,583		369
Old National Bancorp		161,629		2,337
OM Asset Management		1,900		34
On Deck Capital*		1,000		12
One Liberty Properties‡		1,000		21
OneBeacon Insurance Group, Cl A		1,925		28
Oppenheimer Holdings, Cl A		704		19
Opus Bank		700		25
Orchid Island Capital, Cl A‡		1,300		15
Oritani Financial		3,559		57
Outfront Media‡		99,992		2,525
Pacific Continental		1,500		20
Pacific Premier Bancorp*		1,600		27
PacWest Bancorp		25,016		1,170
Palmetto Bancshares		300		6
Park National		989		86
Park Sterling		307,088		2,211
Parkway Properties‡		6,341		111
Patriot National*		800		13
Peapack Gladstone Financial		1,200		27
Pebblebrook Hotel Trust‡		5,524		237
Penns Woods Bancorp		352		16
Pennsylvania‡		5,138		110
PennyMac Financial Services, Cl A*		1,100		20
PennyMac Mortgage Investment Trust‡		5,867		102
Peoples Bancorp		1,300		30

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

26

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Peoples Financial Services		600	$	24
PHH*		3,717		97
Physicians Realty Trust‡		5,500		84
PICO Holdings*		1,900		28
Pinnacle Financial Partners		2,800		152
Piper Jaffray*		1,300		57
Potlatch‡		3,246		115
PRA Group*		3,661		228
Preferred Apartment Communities, Cl A‡		1,500		15
Preferred Bank		1,000		30
Primerica		54,730		2,501
PrivateBancorp		64,022		2,549
ProAssurance		47,666		2,203
Prosperity Bancshares		5,279		305
Provident Financial Services		55,535		1,055
PS Business Parks‡		1,485		107
Pzena Investment Management, Cl A		800		9
QCR Holdings		800		17
QTS Realty Trust*		40,600		1,481
Radian Group		94,843		1,779
RAIT Financial Trust‡		6,800		42
Ramco-Gershenson Properties Trust‡		5,930		97
RCS Capital, Cl A		3,500		27
RE/MAX Holdings, Cl A		5,786		206
Redwood Trust‡		6,700		105
Regional Management*		900		16
Renasant		2,467		80
Republic Bancorp, Cl A		700		18
Resource America, Cl A		1,100		9
Resource Capital‡		10,633		41
Retail Opportunity Investments‡		7,200		112
Rexford Industrial Realty‡		4,600		67
RLI		3,196		164
RLJ Lodging Trust‡		9,903		295
Rouse Properties‡		2,800		46
Ryman Hospitality Properties‡		3,269		174
S&T Bancorp		2,574		76
Sabra Health Care‡		4,700		121
Safeguard Scientifics*		1,600		31
Safety Insurance Group		1,003		58
Sandy Spring Bancorp		2,070		58
Saul Centers‡		800		39
Sberbank of Russia Via SB Capital* (B)		1,600		25
Select Income‡		4,688		97
Selective Insurance Group		4,348		122
ServisFirst Bancshares		1,600		60

Description	Shares		Value (000)
Sierra Bancorp		800	$	14
Signature Bank*		35,327		5,173
Silver Bay Realty Trust‡		3,000		49
Simmons First National, Cl A		2,254		105
South State		1,900		144
Southside Bancshares		2,028		59
Southwest Bancorp		91,100		1,695
Sovran Self Storage‡		2,692		234
Square 1 Financial, Cl A*		37,200		1,017
St. Joe*		5,079		79
STAG Industrial‡		35,870		717
Starwood Waypoint Residential Trust‡		2,996		71
State Auto Financial		1,300		31
State Bank Financial		80,609		1,749
State National		1,900		21
Sterling Bancorp		37,358		549
Stewart Information Services		6,489		258
Stifel Financial*		5,210		301
Stock Yards Bancorp		1,200		45
Stonegate Bank		57,098		1,694
Stonegate Mortgage*		60,375		608
STORE Capital‡		2,600		52
Strategic Hotels & Resorts‡ *		20,970		254
Suffolk Bancorp		1,000		26
Summit Hotel Properties‡		6,800		88
Sun Bancorp*		740		14
Sun Communities‡		3,495		216
Sunstone Hotel Investors‡		15,977		240
Susquehanna Bancshares		13,651		193
Symetra Financial		118,613		2,867
Talmer Bancorp, Cl A		147,497		2,471
Tejon Ranch*		1,000		26
Terreno Realty‡		3,400		67
Territorial Bancorp		684		17
Texas Capital Bancshares*		12,051		750
Third Point Reinsurance*		6,317		93
Tiptree Financial		500		4
Tompkins Financial		1,191		64
Towne Bank		3,460		56
Trade Street Residential‡		1,400		9
TriCo Bancshares		1,800		43
TriState Capital Holdings*		146,462		1,894
Triumph Bancorp*		700		9
TrustCo Bank		7,370		52
Trustmark		38,768		968
UMB Financial		2,971		169

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

27

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
UMH Properties‡		1,700	$	17
Umpqua Holdings		71,431		1,285
Union Bankshares		58,666		1,363
United Bankshares		5,331		214
United Community Banks		4,000		83
United Community Financial		3,800		20
United Development Funding IV‡		2,200		38
United Financial Bancorp		3,951		53
United Fire Group		1,600		52
United Insurance Holdings		1,100		17
Universal Health Realty Income Trust‡		998		46
Universal Insurance Holdings		2,447		59
Univest Corp of Pennsylvania		1,334		27
Urban Edge Properties‡		6,600		137
Urstadt Biddle Properties, Cl A‡		1,971		37
Valley National Bancorp		17,673		182
Virtu Financial, Cl A*		1,400		33
Virtus Investment Partners		550		73
Walker & Dunlop*		1,900		51
Walter Investment Management*		2,925		67
Washington‡		5,260		136
Washington Federal		7,394		173
Washington Trust Bancorp		1,185		47
Waterstone Financial		2,600		34
Webster Financial		6,785		268
WesBanco		2,602		89
West Bancorporation		1,300		26
Westamerica Bancorporation		46,859		2,373
Western Alliance Bancorp*		5,861		198
Western Asset Mortgage Capital‡		3,451		51
Westwood Holdings Group		600		36
Whitestone, Cl B‡		1,900		25
Wilshire Bancorp		5,300		67
Winthrop Realty Trust‡		32,900		498
Wintrust Financial		3,510		187
WisdomTree Investments		78,229		1,717
World Acceptance*		600		37
WSFS Financial		2,200		60
Xenia Hotels & Resorts‡		8,400		183
Yadkin Financial*		1,581		33
Zions Bancorporation		58,900		1,869
				168,034
Health Care — 13.1%
AAC Holdings*		15,845		690
Abaxis		1,733		89
ABIOMED*		23,683		1,557

Description	Shares		Value (000)
Acadia Healthcare*		22,758	$	1,783
ACADIA Pharmaceuticals*		5,994		251
Accelerate Diagnostics*		1,744		45
Acceleron Pharma*		1,300		41
Accuray*		6,069		41
Aceto		2,200		54
Achillion Pharmaceuticals*		9,100		81
Acorda Therapeutics*		3,204		107
Adamas Pharmaceuticals*		700		18
Addus HomeCare*		500		14
Adeptus Health, Cl A*		6,043		574
Aduro Biotech*		600		18
Advaxis*		2,200		45
Aegerion Pharmaceuticals*		2,198		42
Aerie Pharmaceuticals*		900		16
Affimed*		1,000		13
Affymetrix*		5,894		64
Agenus*		5,100		44
Air Methods*		66,508		2,749
Akebia Therapeutics*		800		8
Albany Molecular Research*		1,900		38
Alder Biopharmaceuticals*		1,500		79
Alere*		29,200		1,540
Alexion Pharmaceuticals*		1		—
Alimera Sciences*		2,600		12
Alliance HealthCare Services*		400		7
Almost Family*		700		28
Alnylam Pharmaceuticals*		18,905		2,266
AMAG Pharmaceuticals*		41,720		2,880
Amedisys*		2,193		87
Amicus Therapeutics*		7,200		102
AMN Healthcare Services*		59,725		1,887
Amphastar Pharmaceuticals*		2,300		40
Amsurg, Cl A*		66,896		4,680
Anacor Pharmaceuticals*		3,100		240
Analogic		971		77
AngioDynamics*		2,100		34
ANI Pharmaceuticals*		500		31
Anika Therapeutics*		1,200		40
Antares Pharma*		10,100		21
Anthera Pharmaceuticals*		2,500		22
Applied Genetic Technologies*		400		6
Aratana Therapeutics*		2,200		33
Ardelyx*		500		8
Arena Pharmaceuticals*		19,028		88
ARIAD Pharmaceuticals*		13,200		109
Array BioPharma*		11,100		80

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

28

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Arrowhead Research*		4,600	$	33
Assembly Biosciences*		1,000		19
Atara Biotherapeutics*		1,100		58
AtriCure*		2,200		54
Atrion		128		50
Avalanche Biotechnologies*		1,400		23
Bellicum Pharmaceuticals*		600		13
BioCryst Pharmaceuticals*		5,637		84
BioDelivery Sciences International*		63,600		506
Bio-Reference Laboratories*		2,000		83
BioScrip*		5,800		21
BioSpecifics Technologies*		300		15
Bio-Techne		26,032		2,564
BioTelemetry*		2,100		20
BioTime*		4,400		16
Bluebird Bio*		1,750		295
Blueprint Medicines*		700		19
Brookdale Senior Living*		33,075		1,148
Calithera Biosciences*		500		4
Cambrex*		26,736		1,175
Cantel Medical		2,693		145
Capital Senior Living*		2,345		57
Cara Therapeutics*		400		5
Cardiovascular Systems*		28,555		755
Castlight Health, Cl B*		1,200		10
Catalent*		6,300		185
Catalyst Pharmaceuticals*		5,300		22
Celldex Therapeutics*		7,404		187
Cellular Biomedicine Group*		700		26
Cempra*		2,400		82
Cepheid*		14,951		914
Cerus*		7,400		38
Charles River Laboratories International*		9,100		640
Chemed		13,260		1,738
ChemoCentryx*		2,400		20
Chimerix*		3,100		143
Civitas Solutions*		1,000		21
Clovis Oncology*		1,937		170
Coherus Biosciences*		22,882		661
Community Health Systems*		19,300		1,215
Computer Programs & Systems		882		47
Concert Pharmaceuticals*		1,100		16
CONMED		16,966		989
Connecture*		700		7
Corcept Therapeutics*		4,500		27
CorVel*		600		19

Description	Shares		Value (000)
Cross Country Healthcare*		59,600	$	756
CryoLife		2,400		27
CTI BioPharma*		12,600		25
Curis*		7,900		26
Cutera*		1,000		15
Cyberonics*		1,922		114
Cynosure, Cl A*		53,412		2,061
Cytokinetics*		3,000		20
CytRx*		4,200		16
Depomed*		94,161		2,021
Dermira*		700		12
DexCom*		29,935		2,395
Dicerna Pharmaceuticals*		400		6
Diplomat Pharmacy*		24,405		1,092
Durect*		7,900		19
Dyax*		27,613		732
Dynavax Technologies*		2,240		52
Eagle Pharmaceuticals*		600		49
Emergent BioSolutions*		2,279		75
Enanta Pharmaceuticals*		1,200		54
Endocyte*		2,600		13
Endologix*		5,339		82
Ensign Group		1,743		89
Entellus Medical*		500		13
Epizyme*		2,100		50
Esperion Therapeutics*		13,400		1,096
Exact Sciences*		6,880		205
Exactech*		800		17
ExamWorks Group*		2,800		109
Exelixis*		14,575		55
FibroGen*		3,500		82
Five Prime Therapeutics*		1,700		42
Five Star Quality Care*		3,300		16
Flamel Technologies ADR*		33,136		702
Flex Pharma*		400		7
Flexion Therapeutics*		400		9
Fluidigm*		2,298		56
Foamix Pharmaceuticals*		1,600		16
Foundation Medicine*		1,102		37
Galena Biopharma*		12,000		20
Genesis Healthcare, Cl A*		2,200		15
GenMark Diagnostics*		3,000		27
Genocea Biosciences*		300		4
Genomic Health*		1,300		36
Geron*		12,900		55
Globus Medical, Cl A*		5,196		133
Greatbatch*		1,937		104

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

29

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Haemonetics*		3,853	$	159
Halozyme Therapeutics*		8,079		182
Halyard Health*		3,500		142
Hanger*		2,815		66
Health Net*		19,200		1,231
HealthEquity*		2,700		87
HealthSouth		77,176		3,555
HealthStream*		1,600		49
Healthways*		2,600		31
HeartWare International*		1,370		100
Heron Therapeutics*		1,900		59
HMS Holdings*		7,042		121
Horizon Pharma*		53,575		1,861
ICU Medical*		11,300		1,081
Idera Pharmaceuticals*		7,300		27
IDEXX Laboratories*		17,620		1,130
IGI Laboratories*		2,800		18
Ignyta*		1,300		20
Immune Design*		500		10
ImmunoGen*		6,845		98
Immunomedics*		7,100		29
Impax Laboratories*		5,378		247
Imprivata*		600		10
INC Research Holdings, Cl A*		900		36
Infinity Pharmaceuticals*		4,000		44
Inogen*		36,450		1,626
Inovalon Holdings, Cl A*		23,837		665
Inovio Pharmaceuticals*		5,200		42
Insmed*		4,624		113
Insulet*		4,413		137
Insys Therapeutics*		1,584		57
Integra LifeSciences Holdings*		1,943		131
Intercept Pharmaceuticals*		3,027		731
Intersect ENT*		30,545		875
Intra-Cellular Therapies*		1,600		51
Invacare		2,504		54
Invitae*		500		7
InVivo Therapeutics Holdings*		1,900		31
IPC Healthcare*		1,300		72
Ironwood Pharmaceuticals, Cl A*		9,448		114
K2M Group Holdings*		59,875		1,438
Karyopharm Therapeutics*		1,700		46
Keryx Biopharmaceuticals*		8,177		82
Kindred Healthcare		139,591		2,832
Kite Pharma*		2,186		133
KYTHERA Biopharmaceuticals*		1,900		143
La Jolla Pharmaceutical*		800		20

Description	Shares		Value (000)
Landauer		800	$	29
Lannett*		2,000		119
LDR Holding*		37,335		1,615
Lexicon Pharmaceuticals*		2,971		24
LHC Group*		900		34
Ligand Pharmaceuticals*		20,700		2,089
Lion Biotechnologies*		3,200		29
Loxo Oncology*		200		4
Luminex*		3,000		52
MacroGenics*		2,100		80
Magellan Health*		2,144		150
MannKind*		18,232		104
Masimo*		3,415		132
MedAssets*		4,800		106
Medicines*		5,090		146
Medidata Solutions*		22,101		1,200
MEDNAX*		25,300		1,875
Merge Healthcare*		5,900		28
Meridian Bioscience		3,316		62
Merit Medical Systems*		88,076		1,897
Merrimack Pharmaceuticals*		8,200		101
MiMedx Group*		103,440		1,199
Mirati Therapeutics*		700		22
Molina Healthcare*		61,667		4,336
Momenta Pharmaceuticals*		4,253		97
Myriad Genetics*		5,200		177
NanoString Technologies*		700		11
National HealthCare		800		52
National Research, Cl A		800		11
Natus Medical*		2,583		110
Navidea Biopharmaceuticals*		12,700		20
Nektar Therapeutics*		10,150		127
Neogen*		2,873		136
NeoGenomics*		3,800		21
Neurocrine Biosciences*		6,383		305
Nevro*		35,886		1,929
NewLink Genetics*		1,541		68
Nobilis Health*		2,200		15
Northwest Biotherapeutics*		3,600		36
Novavax*		20,034		223
NuVasive*		3,721		176
NxStage Medical*		5,000		71
Ocular Therapeutix*		500		11
Omeros*		3,000		54
Omnicell*		26,432		997
OncoMed Pharmaceuticals*		1,000		23
Oncothyreon*		7,800		29

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

30

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Ophthotech*		1,800	$	94
OraSure Technologies*		4,800		26
Orexigen Therapeutics*		7,427		37
Organovo Holdings*		5,300		20
Orthofix International*		1,459		48
Osiris Therapeutics*		1,600		31
Otonomy*		700		16
OvaScience*		1,400		41
Owens & Minor		4,859		165
Oxford Immunotec Global*		1,200		17
Pacific Biosciences of California*		4,900		28
Pacira Pharmaceuticals*		2,810		199
Paratek Pharmaceuticals		900		23
PAREXEL International*		34,618		2,226
PDL BioPharma		13,031		84
Peregrine Pharmaceuticals*		14,200		19
Pernix Therapeutics Holdings*		2,800		17
Pfenex*		1,200		23
PharMerica*		2,400		80
Phibro Animal Health, Cl A		1,200		47
Portola Pharmaceuticals, Cl A*		3,599		164
POZEN*		2,300		24
PRA Health Sciences*		1,600		58
Press Ganey Holdings*		700		20
Prestige Brands Holdings*		27,520		1,273
Progenics Pharmaceuticals*		5,100		38
Prothena*		2,400		127
Providence Service*		38,346		1,698
PTC Therapeutics*		15,570		749
Quality Systems		3,800		63
Quidel*		38,060		873
Radius Health*		2,200		149
RadNet*		2,500		17
Raptor Pharmaceutical*		6,300		99
Regulus Therapeutics*		1,300		14
Relypsa*		2,400		79
Repligen*		14,150		584
Retrophin*		35,525		1,178
Revance Therapeutics*		1,100		35
Rigel Pharmaceuticals*		6,700		22
Rockwell Medical*		3,700		60
RTI Surgical*		4,100		26
Sage Therapeutics*		1,000		73
Sagent Pharmaceuticals*		89,840		2,185
Sangamo BioSciences*		5,400		60
Sarepta Therapeutics*		3,200		97
SciClone Pharmaceuticals*		4,000		39

Description	Shares		Value (000)
Second Sight Medical Products*		200	$	3
Select Medical Holdings		7,800		126
Sequenom*		9,900		30
Sientra*		400		10
Sorrento Therapeutics*		2,100		37
Spark Therapeutics*		600		36
Spectranetics*		3,200		74
Spectrum Pharmaceuticals*		4,799		33
STAAR Surgical*		3,200		31
Stemline Therapeutics*		1,300		15
STERIS		4,459		287
Sucampo Pharmaceuticals, Cl A*		1,500		25
Supernus Pharmaceuticals*		62,250		1,057
Surgical Care Affiliates*		1,600		61
SurModics*		1,100		26
Synergy Pharmaceuticals*		7,900		66
Synta Pharmaceuticals*		5,800		13
T2 Biosystems*		600		10
Tandem Diabetes Care*		89,034		965
Team Health Holdings*		22,880		1,495
TESARO*		1,700		100
Tetraphase Pharmaceuticals*		2,700		128
TG Therapeutics*		2,300		38
TherapeuticsMD*		9,300		73
Theravance		6,600		119
Theravance Biopharma*		1,800		23
Thoratec*		4,048		180
Threshold Pharmaceuticals*		4,700		19
Tobira Therapeutics*		100		2
Tokai Pharmaceuticals*		300		4
Tornier*		2,900		72
TransEnterix*		3,000		9
Triple-S Management, Cl B*		2,069		53
Trovagene*		1,700		17
Trupanion*		500		4
Ultragenyx Pharmaceutical*		2,700		276
Unilife*		9,600		21
Universal American*		3,300		33
US Physical Therapy		1,000		55
Utah Medical Products		300		18
Vanda Pharmaceuticals*		2,600		33
Vascular Solutions*		1,300		45
Veracyte*		500		6
Verastem*		2,500		19
Versartis*		1,600		24
Vitae Pharmaceuticals*		400		6
Vital Therapies*		1,200		25

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

31

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
VIVUS*		7,568	$	18
Vocera Communications*		1,899		22
WellCare Health Plans*		17,680		1,500
West Pharmaceutical Services		5,368		312
Wright Medical Group*		3,971		104
Xencor*		2,100		46
XenoPort*		4,900		30
XOMA*		6,400		25
Zafgen*		1,200		42
Zeltiq Aesthetics*		2,200		65
ZIOPHARM Oncology*		7,610		91
Zogenix*		8,900		15
ZS Pharma*		1,300		68
				110,885
Industrials — 16.0%
AAON		3,012		68
AAR		2,599		83
ABM Industries		4,347		143
Acacia Research		203,350		1,783
ACCO Brands*		8,600		67
Accuride*		3,700		14
Active Power*		219,292		441
Actuant, Cl A		4,381		101
Acuity Brands		5,850		1,053
Advanced Drainage Systems		2,500		73
Advisory Board*		27,862		1,523
Aegion, Cl A*		3,000		57
AerCap Holdings*		33,500		1,533
Aerojet Rocketdyne Holdings*		4,793		99
Aerovironment*		1,500		39
Air Transport Services Group*		3,800		40
Aircastle		4,600		104
Alamo Group		500		27
Albany International, Cl A		2,115		84
Allegiant Travel, Cl A		1,028		183
Allison Transmission Holdings		93,650		2,740
Altra Industrial Motion		30,963		842
Ameresco, Cl A*		1,900		15
American Railcar Industries		700		34
American Science & Engineering		10,800		473
American Woodmark*		1,000		55
AO Smith		14,000		1,008
Apogee Enterprises		30,680		1,615
Applied Industrial Technologies		2,994		119
ARC Document Solutions*		3,500		27
ArcBest		33,300		1,059

Description	Shares		Value (000)
Argan		1,000	$	40
Astec Industries		30,393		1,271
Astronics, Cl A*		1,640		116
Atlas Air Worldwide Holdings*		2,000		110
AZZ		19,297		1,000
Barnes Group		37,040		1,444
Barrett Business Services		600		22
Beacon Roofing Supply*		3,779		126
Blount International*		4,100		45
Brady, Cl A		3,791		94
Briggs & Stratton		160,498		3,092
Brink’s		3,730		110
Builders FirstSource*		3,400		44
CAI International*		43,100		887
Carlisle		29,910		2,995
Casella Waste Systems, Cl A*		48,100		270
CBIZ*		3,491		34
CDI		900		12
CEB		2,542		221
CECO Environmental		1,800		20
Celadon Group		88,813		1,836
Chart Industries*		2,379		85
Chicago Bridge & Iron		56,510		2,828
Cintas		11,240		951
CIRCOR International		1,400		76
Civeo		7,851		24
CLARCOR		21,019		1,308
Columbus McKinnon		40,446		1,011
Comfort Systems USA		2,960		68
Commercial Vehicle Group*		144,469		1,042
Continental Building Products*		62,070		1,315
Con-way		57,690		2,213
Covenant Transportation Group, Cl A*		800		20
CPI Aerostructures*		129,480		1,296
CRA International*		800		22
Crane		45,449		2,669
Cubic		1,649		78
Curtiss-Wright		3,577		259
Deluxe		64,389		3,993
DigitalGlobe*		50,310		1,399
Douglas Dynamics		1,771		38
Ducommun*		900		23
DXP Enterprises*		996		46
Dycom Industries*		55,105		3,243
Echo Global Logistics*		2,100		69
EMCOR Group		65,693		3,138
Encore Wire		1,651		73

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

32

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
EnerSys		3,319	$	233
Engility Holdings		1,400		35
Ennis		2,200		41
Enphase Energy*		1,600		12
EnPro Industries		1,800		103
ESCO Technologies		2,100		79
Essendant		3,004		118
Esterline Technologies*		2,375		226
ExOne*		700		8
Exponent		2,050		92
Federal Signal		5,096		76
Forward Air		2,291		120
Franklin Covey*		900		18
Franklin Electric		3,669		119
FreightCar America		1,000		21
FTI Consulting*		3,128		129
FuelCell Energy*		19,800		19
Furmanite*		3,195		26
G&K Services, Cl A		1,546		107
Generac Holdings*		5,309		211
General Cable		3,842		76
Genesee & Wyoming, Cl A*		11,700		891
Gibraltar Industries*		2,400		49
Global Brass & Copper Holdings		1,800		31
Golden Ocean Group		5,290		20
Gorman-Rupp		1,573		44
GP Strategies*		1,000		33
GrafTech International*		9,080		45
Graham		900		18
Granite Construction		88,880		3,156
Great Lakes Dredge & Dock*		5,100		30
Greenbrier		1,985		93
Griffon		3,000		48
H&E Equipment Services		2,531		51
Harsco		99,467		1,641
Hawaiian Holdings*		3,600		86
Healthcare Services Group		5,578		184
Heartland Express		3,684		75
HEICO		4,402		234
Heidrick & Struggles International		1,500		39
Heritage-Crystal Clean*		800		12
Herman Miller		41,349		1,196
Hexcel		53,902		2,682
Hill International*		2,100		11
Hillenbrand		4,716		145
HNI		3,305		169
Hub Group, Cl A*		2,882		116

Description	Shares		Value (000)
Hurco		500	$	17
Huron Consulting Group*		1,834		129
Hyster-Yale Materials Handling		773		54
ICF International*		1,600		56
InnerWorkings*		140,400		936
Insperity		18,600		947
Insteel Industries		1,475		28
Interface, Cl A		4,923		123
JetBlue Airways*		94,378		1,959
John Bean Technologies		2,200		83
Kadant		900		42
Kaman		2,145		90
KBR		157,282		3,064
Kelly Services, Cl A		1,948		30
KEYW Holding*		2,800		26
Kforce		1,800		41
Kimball International, Cl B		2,900		35
KLX*		3,900		172
Knight Transportation		4,800		128
Knoll		72,471		1,814
Korn		3,966		138
Kratos Defense & Security Solutions*		3,700		23
LB Foster, Cl A		800		28
Lindsay		900		79
LSI Industries		1,600		15
Lydall*		1,305		39
Marten Transport		50,560		1,097
Masonite International*		20,366		1,428
MasTec*		5,202		103
Matson		3,365		142
Matthews International, Cl A		32,275		1,715
McGrath RentCorp		133,327		4,058
Meritor*		7,800		102
Middleby*		20,826		2,337
Miller Industries		900		18
Mistras Group*		1,200		23
Mobile Mini		3,451		145
Moog, Cl A*		3,006		212
MRC Global*		7,700		119
MSA Safety		20,532		996
Mueller Industries		4,374		152
Mueller Water Products, Cl A		12,790		116
Multi-Color		1,000		64
MYR Group*		1,700		53
National Presto Industries		400		32
Navigant Consulting*		3,864		57
Navios Maritime Holdings		6,700		25

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

33

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Navistar International*		3,800	$	86
NCI Building Systems*		2,000		30
Neff, Cl A*		700		7
NL Industries*		300		2
NN		1,500		38
Nortek*		700		58
Northwest Pipe*		700		14
NV5 Holdings*		35,794		868
Omega Flex		200		8
On Assignment*		61,914		2,432
Orbital ATK		17,900		1,314
Orion Marine Group*		2,300		17
PAM Transportation Services*		200		12
Park-Ohio Holdings		700		34
Patrick Industries*		950		36
Pendrell*		12,200		17
PGT*		131,789		1,911
Plug Power*		12,192		30
Ply Gem Holdings*		1,600		19
Polypore International*		3,381		202
Powell Industries		734		26
Power Solutions International*		400		22
PowerSecure International*		110,617		1,632
Preformed Line Products		100		4
Primoris Services		3,000		59
Proto Labs*		1,728		117
Quad		2,200		41
Quality Distribution*		2,300		36
Quanex Building Products		2,800		60
Radiant Logistics*		1,800		13
Raven Industries		2,870		58
RBC Bearings*		1,860		133
Regal Beloit		37,844		2,746
Republic Airways Holdings*		4,000		37
Resources Connection		3,000		48
Revolution Lighting Technologies*		796,839		924
Rexnord*		7,605		182
Roadrunner Transportation Systems*		68,749		1,774
Robert Half International		37,865		2,102
RPX*		4,000		68
Rush Enterprises, Cl A*		2,731		72
Safe Bulkers		3,200		10
Saia*		1,929		76
Scorpio Bulkers*		11,269		18
Simpson Manufacturing		3,285		112
SkyWest		4,000		60
SP Plus*		45,554		1,189

Description	Shares		Value (000)
Sparton*		700	$	19
Standex International		940		75
Steelcase, Cl A		6,366		120
Stock Building Supply Holdings*		124,717		2,437
Sun Hydraulics		1,727		66
Swift Transportation, Cl A*		114,230		2,589
TAL International Group		2,647		84
TASER International*		4,012		134
Team*		1,644		66
Teledyne Technologies*		2,693		284
Tennant		1,441		94
Tetra Tech		108,419		2,780
Textainer Group Holdings		1,600		42
Thermon Group Holdings*		2,600		63
Titan International		3,700		40
Titan Machinery*		22,100		326
Trex*		2,400		119
TriMas*		3,599		107
TriNet Group*		3,000		76
Trinity Industries		97,940		2,589
TrueBlue*		3,289		98
Tutor Perini*		3,009		65
Twin Disc		700		13
Ultrapetrol Bahamas*		2,700		3
UniFirst		24,973		2,794
Universal Forest Products		1,623		84
Universal Truckload Services		400		9
US Ecology		1,700		83
USA Truck*		600		13
UTi Worldwide*		7,289		73
Vectrus*		700		17
Veritiv*		600		22
Viad		1,600		43
Vicor*		1,200		15
Virgin America*		1,800		49
VSE		300		16
Wabash National*		122,170		1,532
WABCO Holdings*		13,300		1,645
Wabtec		13,700		1,291
WageWorks*		2,800		113
Watts Water Technologies, Cl A		2,095		109
Werner Enterprises		3,600		95
Wesco Aircraft Holdings*		4,306		65
West		3,900		117
Woodward		4,892		269
Xerium Technologies*		700		13

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

34

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
XPO Logistics*		65,296	$	2,949
YRC Worldwide*		2,442		32
				135,127
Information Technology — 17.5%
A10 Networks*		1,300		8
ACI Worldwide*		44,268		1,088
Activision Blizzard		68,500		1,658
Actua*		3,207		46
Acxiom*		6,105		107
ADTRAN		123,732		2,011
Advanced Energy Industries*		32,200		885
Advanced Micro Devices*		47,400		114
Advent Software		4,068		180
Aerohive Networks*		500		3
Agilysys*		1,400		13
Akamai Technologies*		28,700		2,003
Alliance Fiber Optic Products		900		17
Allot Communications*		193,604		1,392
Alpha & Omega Semiconductor*		1,800		16
Ambarella*		2,300		236
Amber Road*		900		6
American Software, Cl A		2,000		19
Amkor Technology*		7,000		42
Angie’s List*		3,761		23
Anixter International*		2,100		137
Applied Micro Circuits*		6,000		41
Applied Optoelectronics*		1,200		21
ARRIS Group*		16,900		517
Aspen Technology*		57,069		2,600
Attunity*		51,807		677
Audience*		1,400		7
AVG Technologies*		56,825		1,546
Avid Technology*		2,300		31
Avnet		60,730		2,496
AVX		3,400		46
Axcelis Technologies*		7,800		23
Badger Meter		1,168		74
Bankrate*		5,368		56
Barracuda Networks*		23,000		911
Bazaarvoice*		4,300		25
Bel Fuse, Cl B		900		18
Belden		21,392		1,738
Benchmark Electronics*		33,200		723
Benefitfocus*		400		18
Black Box		1,300		26
Blackbaud		3,629		207

Description	Shares		Value (000)
Blackhawk Network Holdings, Cl A*		4,134	$	170
Blucora*		3,458		56
Bottomline Technologies*		58,903		1,638
Box, Cl A*		1,100		21
Brightcove*		2,500		17
BroadSoft*		2,228		77
Brooks Automation		5,000		57
Cabot Microelectronics*		1,871		88
CACI International, Cl A*		1,869		151
CalAmp*		2,674		49
Calix*		3,500		27
Callidus Software*		87,038		1,356
Canadian Solar*		43,900		1,256
Carbonite*		1,300		15
Cardtronics*		3,363		125
Care.com*		500		3
Cascade Microtech*		1,000		15
Cass Information Systems		900		51
Cavium*		35,390		2,435
CEVA*		1,500		29
ChannelAdvisor*		1,800		22
Checkpoint Systems		3,200		33
Ciber*		6,500		22
Ciena*		56,485		1,338
Cimpress*		2,419		204
Cirrus Logic*		4,783		163
Clearfield*		900		14
Coherent*		1,736		110
Cohu		86,207		1,141
CommScope Holding*		35,000		1,068
CommVault Systems*		3,338		142
comScore*		50,099		2,667
Comtech Telecommunications		1,200		35
Comverse*		1,700		34
Constant Contact*		2,400		69
Control4*		700		6
Convergys		7,414		189
CoreLogic*		33,225		1,319
Cornerstone OnDemand*		4,202		146
Coupons.com*		4,500		49
Cray*		3,200		94
CSG Systems International		2,470		78
CTS		2,766		53
Cvent*		1,400		36
Cyan*		2,000		10
Cypress Semiconductor		58,875		692
Daktronics		3,200		38

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

35

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Datalink*		1,400	$	13
Dealertrack Technologies*		29,930		1,879
Demandware*		2,400		171
DHI Group*		3,300		29
Diebold		101,671		3,557
Digi International*		2,000		19
Digimarc*		500		23
Diodes*		2,800		68
Dot Hill Systems*		5,000		31
DSP Group*		1,700		18
DST Systems		25,810		3,253
DTS*		1,300		40
EarthLink Holdings		8,100		61
Eastman Kodak*		1,500		25
Ebix		2,200		72
Electro Rent		1,200		13
Electronics For Imaging*		47,337		2,060
Ellie Mae*		2,199		153
EMCORE*		208,245		1,254
Endurance International Group Holdings*		4,300		89
EnerNOC*		2,300		22
Entegris*		11,009		160
Envestnet*		2,700		109
EPAM Systems*		3,694		263
Epiq Systems		2,400		41
ePlus*		400		31
Euronet Worldwide*		43,828		2,704
EVERTEC		4,892		104
Everyday Health*		800		10
Exar*		2,900		28
ExlService Holdings*		2,602		90
Extreme Networks*		8,100		22
Fabrinet*		2,759		52
Fair Isaac		2,306		209
Fairchild Semiconductor International, Cl A*		8,700		151
FARO Technologies*		1,400		65
FEI		3,106		258
Finisar*		8,075		144
Five9*		700		4
Fleetmatics Group*		19,291		903
FormFactor*		4,600		42
Forrester Research		800		29
Fortinet*		60,235		2,491
Gartner*		8,900		763
Gigamon*		41,325		1,363

Description	Shares		Value (000)
GigOptix*		834,373	$	1,418
Global Cash Access Holdings*		122,003		944
Global Payments		26,760		2,768
Globant*		1,100		33
Glu Mobile*		7,000		43
Gogo*		4,500		96
GrubHub*		5,600		191
GSI Group*		74,034		1,113
GTT Communications*		1,300		31
Guidance Software*		1,700		14
Guidewire Software*		5,373		284
Hackett Group		2,000		27
Harmonic*		6,927		47
Heartland Payment Systems		2,803		152
Hortonworks*		500		13
HubSpot*		1,400		69
IGATE*		2,700		129
II-VI*		4,235		80
Immersion*		2,352		30
Imperva*		2,040		138
Infinera*		93,512		1,962
Infoblox*		47,080		1,234
Inphi*		2,482		57
Insight Enterprises*		25,574		765
Integrated Device Technology*		89,864		1,950
Integrated Silicon Solution		2,600		58
Interactive Intelligence Group*		1,300		58
InterDigital		2,700		154
Internap*		4,500		42
Intersil, Cl A		10,166		127
Intralinks Holdings*		3,000		36
InvenSense, Cl A*		5,729		87
Itron*		28,000		964
Ixia*		4,300		53
IXYS		2,000		31
j2 Global		23,380		1,588
Jive Software*		3,300		17
Kimball Electronics*		2,150		31
Knowles*		37,349		676
Kopin*		5,200		18
KVH Industries*		1,300		17
Lattice Semiconductor*		9,172		54
Lexmark International, Cl A		66,213		2,926
Limelight Networks*		4,500		18
Lionbridge Technologies*		5,400		33
Liquidity Services*		32,800		316
Littelfuse		1,711		162

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

36

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
LivePerson*		4,240	$	42
LogMeIn*		14,921		962
Luxoft Holding, Cl A*		1,400		79
M/A-COM TTechnology Solutions Holdings*		1,700		65
Manhattan Associates*		5,530		330
ManTech International, Cl A		1,900		55
Marchex, Cl B		2,200		11
Marin Software*		322,318		2,171
Marketo*		2,591		73
Mattson Technology*		5,200		17
MAXIMUS		4,960		326
MaxLinear, Cl A*		3,806		46
Mentor Graphics		7,615		201
Mercury Systems*		50,600		741
Mesa Laboratories		200		18
Methode Electronics		3,000		82
Micrel		64,560		897
Microsemi*		54,168		1,893
MicroStrategy, Cl A*		700		119
Millennial Media*		7,400		12
MKS Instruments		4,138		157
MobileIron*		1,200		7
Mobileye*		38,920		2,069
Model N*		177,548		2,116
ModusLink Global Solutions*		3,600		12
MoneyGram International*		2,486		23
Monolithic Power Systems		3,000		152
Monotype Imaging Holdings		3,200		77
Monster Worldwide*		7,500		49
MoSys*		86,411		164
MTS Systems		1,195		82
Multi-Fineline Electronix*		700		15
Nanometrics*		1,800		29
NeoPhotonics*		2,000		18
NETGEAR*		2,769		83
NetScout Systems*		2,748		101
NeuStar, Cl A*		103,660		3,028
New Relic*		500		18
Newport*		3,150		60
NIC		5,190		95
NICE-Systems ADR		16,525		1,051
Nimble Storage*		3,800		107
Nuance Communications*		117,675		2,060
NVE		400		31
Oclaro*		7,400		17
OmniVision Technologies*		4,462		117

Description	Shares		Value (000)
OPOWER*		800	$	9
OSI Systems*		1,520		108
Palo Alto Networks*		6,615		1,156
Park City Group*		700		9
Park Electrochemical		1,773		34
Paycom Software*		24,675		843
Paylocity Holding*		29,050		1,041
PC Connection		700		17
PDF Solutions*		2,400		38
Pegasystems		2,639		60
Perficient*		2,706		52
Pericom Semiconductor		1,900		25
Photronics*		5,494		52
Plantronics		3,074		173
Plexus*		2,532		111
PMC-Sierra*		13,318		114
Polycom*		10,777		123
Power Integrations		2,183		99
Progress Software*		3,764		104
Proofpoint*		40,046		2,551
PROS Holdings*		68,977		1,456
Q2 Holdings*		61,000		1,723
QAD, Cl A		600		16
Qlik Technologies*		31,106		1,087
QLogic*		7,015		100
Qorvo*		27,900		2,240
Qualys*		1,600		65
Quantum*		256,700		431
QuinStreet*		2,600		17
Radisys*		319,765		819
Radware*		48,900		1,086
Rally Software Development*		1,800		35
Rambus*		8,800		128
RealD*		2,900		36
RealNetworks*		2,200		12
RealPage*		4,100		78
Reis		723		16
RetailMeNot*		2,400		43
Rocket Fuel*		1,600		13
Rofin-Sinar Technologies*		2,300		63
Rogers*		20,100		1,329
Rovi*		35,700		569
Rubicon Project*		36,035		539
Ruckus Wireless*		72,533		750
Rudolph Technologies*		2,800		34
Sanmina*		6,338		128
Sapiens International		2,047		21

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

37

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
ScanSource*		2,247	$	86
Science Applications International		3,409		180
SciQuest*		2,100		31
Seachange International*		2,800		20
Semtech*		4,908		97
ServiceNow*		42,335		3,147	��
ServiceSource International*		5,700		31
ShoreTel*		289,900		1,966
Shutterstock*		1,503		88
Sigma Designs*		2,600		31
Silicon Graphics International*		2,900		19
Silicon Laboratories*		3,200		173
Silver Spring Networks*		2,900		36
SolarEdge Technologies*		15,546		565
Sonus Networks*		3,796		26
SPS Commerce*		16,700		1,099
SS&C Technologies Holdings		19,550		1,222
Stamps.com*		44,230		3,253
Stratasys*		3,800		133
SunEdison*		30,600		915
Super Micro Computer*		2,900		86
Sykes Enterprises*		3,100		75
Synaptics*		2,782		241
Synchronoss Technologies*		2,914		133
SYNNEX		2,194		161
Syntel*		2,500		119
Take-Two Interactive Software*		6,541		180
Tangoe*		3,000		38
Tech Data*		2,700		155
TechTarget*		1,400		13
TeleCommunication Systems, Cl A*		3,900		13
Telenav*		2,100		17
TeleTech Holdings		1,300		35
Tessera Technologies		3,947		150
Textura*		1,400		39
TiVo*		7,291		74
Travelzoo*		700		8
TrueCar*		3,600		43
TTM Technologies*		4,553		45
TubeMogul*		200		3
Tyler Technologies*		11,892		1,539
Ubiquiti Networks		2,332		74
Ultra Clean Holdings*		2,500		16
Ultratech*		2,204		41
Unisys*		3,861		77
United Online*		1,000		16
Universal Display*		3,013		156

Description	Shares		Value (000)
Varonis Systems*		500	$	11
VASCO Data Security International*		2,400		72
Veeco Instruments*		3,226		93
VeriFone Systems*		19,530		663
Verint Systems*		28,469		1,729
ViaSat*		3,273		197
Violin Memory*		6,800		17
VirnetX Holding*		3,600		15
Virtusa*		27,199		1,398
Vishay Intertechnology		208,470		2,434
Vishay Precision Group*		900		14
Web.com Group*		3,251		79
WebMD Health, Cl A*		2,790		124
Wix.com*		1,200		28
Workiva, Cl A*		700		10
Xcerra*		4,100		31
XO Group*		2,200		36
Xoom*		2,400		51
Yodlee*		700		10
Zebra Technologies, Cl A*		12,045		1,338
Zendesk*		4,000		89
Zix*		4,700		24
				147,712
Materials — 5.2%
A Schulman		2,328		102
AEP Industries*		300		17
AK Steel Holding*		13,452		52
American Vanguard		2,200		30
AptarGroup		44,920		2,865
AuRico Gold		103,400		294
Avery Dennison		49,335		3,006
Axiall		58,857		2,122
Balchem		2,365		132
Berry Plastics Group*		49,350		1,599
Boise Cascade*		3,107		114
Cabot		90,522		3,375
Calgon Carbon		4,300		83
Carpenter Technology		3,800		147
Century Aluminum*		4,264		44
Chase		600		24
Chemtura*		5,009		142
Clearwater Paper*		1,500		86
Cliffs Natural Resources		432,780		1,874
Coeur Mining*		10,276		59
Commercial Metals		59,691		960
Compass Minerals International		24,091		1,979

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

38

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Deltic Timber		840	$	57
Ferro*		81,103		1,361
Flotek Industries*		4,300		54
FutureFuel		1,600		21
Globe Specialty Metals		5,000		89
Greif, Cl A		39,202		1,405
Handy & Harman*		200		7
Hawkins		800		32
Haynes International		30,063		1,483
HB Fuller		3,868		157
Headwaters*		117,500		2,141
Hecla Mining		28,222		74
Horsehead Holding*		4,429		52
Innophos Holdings		1,687		89
Innospec		1,890		85
Intrepid Potash*		4,574		55
Kaiser Aluminum		1,308		109
KapStone Paper and Packaging		6,629		153
KMG Chemicals		700		18
Koppers Holdings		1,548		38
Kraton Performance Polymers*		91,744		2,191
Kronos Worldwide		125,151		1,372
Louisiana-Pacific*		10,655		182
LSB Industries*		1,500		61
Materion		1,653		58
Minerals Technologies		2,707		184
Myers Industries		2,098		40
Neenah Paper		1,264		75
Noranda Aluminum Holding		413,420		351
Olin		5,829		157
Olympic Steel		700		12
OM Group		77,993		2,621
OMNOVA Solutions*		4,000		30
PH Glatfelter		3,376		74
PolyOne		77,383		3,030
Quaker Chemical		1,034		92
Rayonier Advanced Materials		3,000		49
Real Industry*		1,700		19
Rentech*		19,100		20
RTI International Metals*		2,400		76
Ryerson Holding*		600		5
Schnitzer Steel Industries, Cl A		2,058		36
Schweitzer-Mauduit International		2,444		97
Senomyx*		3,500		19
Sensient Technologies		3,537		242
Silgan Holdings		12,300		649
Stepan		1,500		81

Description	Shares		Value (000)
Stillwater Mining*		9,628	$	112
Summit Materials, Cl A*		1,900		48
SunCoke Energy		5,324		69
TimkenSteel		76,552		2,066
Trecora Resources*		1,600		24
Tredegar		1,800		40
Trinseo*		1,000		27
Tronox, Cl A		4,797		70
United States Lime & Minerals		100		6
US Concrete*		1,100		42
Vulcan Materials		31,875		2,675
Wausau Paper		3,600		33
Worthington Industries		3,732		112
				43,733
Telecommunication Services — 0.9%
8x8*		296,618		2,657
Alteva*		44,970		323
Atlantic Telegraph-Network		692		48
Boingo Wireless*		1,900		16
Cincinnati Bell*		15,800		60
Cogent Communications Holdings		3,651		124
Consolidated Communications Holdings		3,996		84
FairPoint Communications*		1,600		29
General Communication, Cl A*		2,800		48
Globalstar*		35,282		74
Hawaiian Telcom Holdco*		900		23
IDT, Cl B		1,300		24
inContact*		128,530		1,269
Inteliquent		2,500		46
Intelsat*		2,400		24
Iridium Communications*		6,348		58
Lumos Networks		1,616		24
NTELOS Holdings		1,300		6
ORBCOMM*		3,900		26
Pacific DataVision*		900		38
Premiere Global Services*		3,744		39
RingCentral, Cl A*		110,503		2,043
Shenandoah Telecommunications		1,900		65
Spok Holdings		1,800		30
Straight Path Communications*		700		23
Vonage Holdings*		13,900		68
Windstream Holdings		7,400		47
				7,316
Utilities — 0.9%
Abengoa Yield		3,700		117

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

39

THE KP FUNDS June 30, 2015 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
AGL Resources		17,300	$	805
ALLETE		32,021		1,485
American States Water		2,973		110
Artesian Resources, Cl A		700		15
Atlantic Power		8,600		26
Avista		4,800		147
Black Hills		3,376		147
California Water Service Group		3,800		87
Chesapeake Utilities		1,190		64
Cleco		4,524		244
Connecticut Water Service		923		32
Dynegy, Cl A*		9,637		283
El Paso Electric		3,080		107
Empire District Electric		50,830		1,108
IDACORP		3,774		212
Laclede Group		3,200		167
MGE Energy		2,782		108
Middlesex Water		1,300		29
New Jersey Resources		6,416		177
Northwest Natural Gas		2,140		90
NorthWestern		3,500		171
NRG Yield, Cl A		5,044		110
ONE Gas		4,100		174
Ormat Technologies		2,600		98
Otter Tail		2,974		79
Pattern Energy Group, Cl A		3,501		99
Piedmont Natural Gas		6,023		213
PNM Resources		6,209		153
Portland General Electric		6,100		202
SJW		1,300		40
South Jersey Industries		5,296		131
Southwest Gas		3,505		187
Spark Energy, Cl A		200		3
Talen Energy*		6,200		106
UIL Holdings		4,222		193
Unitil		1,117		37
Vivint Solar*		1,800		22
WGL Holdings		3,753		204
York Water		1,000		21
				7,803
Total Common Stock (Cost $775,869) (000)				816,953
EXCHANGE TRADED FUNDS — 0.3%
iShares Russell 2000		12,276		1,532
iShares Russell 2000 Value		8,245		841
Total Exchange Traded Funds (Cost $2,389) (000)				2,373

Description	Shares		Value (000)
SHORT-TERM INVESTMENT (C) — 3.5%
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.000%		29,694,913	$	29,695
Total Short-Term Investment (Cost $29,695) (000)				29,695
Total Investments — 100.5% (Cost $807,953) (000)			$	849,021

Percentages are based on net assets of $845,155 (000).

A list of the open futures contracts held by the Fund at June 30, 2015, is as follows:

Type of Contract	Number of Contracts Long	Expiration Date	Unrealized Depreciation
Russell 2000 Index E-MINI	41	Sep-2015	$(47)

For the period ended June 30, 2015, the monthly average notional value of futures contracts held was $3,701 (000).

* Non-income producing security.

‡ Real Estate Investment Trust

(A) Security considered Master Limited Partnership. At June 30, 2015, this security amounted to $893 ($ Thousands) or 0.1% of Net Assets.

(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.

(C) The rate reported is the 7-day effective yield as of June 30, 2015.

ADR — American Depositary Receipt

Cl — Class

The following is a list of the level of inputs used as of June 30, 2015, 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	$	816,953		$	—	$	—	$	816,953
Exchange Traded Funds		2,373			—		—		2,373
Short-Term Investment		29,695			—		—		29,695
Total Investments in Securities	$	849,021		$	—	$	—	$	849,021
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts†
Unrealized Depreciation	$	(47	)	$	—	$	—	$	(47	)
Total Other Financial Instruments	$	(47	)	$	—	$	—	$	(47	)

† Futures contracts are valued at the unrealized depreciation on the instrument.

For the period ended June 30, 2015, 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 June 30, 2015, 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.

40

THE KP FUNDS June 30, 2015 (Unaudited)

KP International Equity Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
COMMON STOCK — 97.3%
Australia — 2.6%
AGL Energy		16,399	$	197
ALS		39,720		179
Alumina		615,836		727
Amcor		47,759		505
AMP		66,887		311
Ansell		3,996		74
APA Group		24,927		158
Aristocrat Leisure		12,123		72
Asciano		21,404		110
ASX		4,285		132
Aurizon Holdings		47,703		189
AusNet Services, Cl Miscellaneous		42,607		46
Australia & New Zealand Banking Group		63,318		1,573
Bank of Queensland		8,602		85
Bendigo & Adelaide Bank		11,704		111
BHP Billiton		88,087		1,838
BlueScope Steel		137,142		317
Boral		17,185		78
Brambles		35,560		291
Caltex Australia		6,015		148
CIMIC Group		1,944		33
Coca-Cola Amatil		92,039		650
Cochlear		1,257		78
Commonwealth Bank of Australia		37,483		2,461
Computershare		10,768		97

Description	Shares		Value (000)
Crown Resorts		7,848	$	74
CSL		10,892		727
Dexus Property Group‡		21,934		124
DuluxGroup		40,295		178
Fairfax Media		535,786		337
Federation Centres‡		79,530		179
Flight Centre Travel Group		1,071		28
Fortescue Metals Group		34,218		50
Goodman Group‡		39,395		191
GPT Group‡		42,069		139
GUD Holdings		19,983		136
Harvey Norman Holdings		13,709		48
Healthscope		24,272		51
Iluka Resources		63,121		374
Incitec Pivot		37,797		112
Insurance Australia Group		52,859		228
Lend Lease Group		13,505		157
Macquarie Group		6,667		418
Medibank*		65,309		101
Metcash		160,656		137
Mirvac Group‡		81,526		116
National Australia Bank		60,365		1,551
Newcrest Mining*		24,794		249
Orica		128,262		2,106
Origin Energy		25,009		231
Orora		34,000		55
Platinum Asset Management		5,133		30
Premier Investments		3,000		30
Qantas Airways*		9,442		23
QBE Insurance Group		30,891		326
Ramsay Health Care		3,472		164
REA Group		1,020		31
Rio Tinto PLC		9,955		413
SAI Global		51,692		166
Santos		43,540		263
Scentre Group‡		121,365		351
Seek		7,366		80
Sigma Pharmaceuticals		181,235		108
Sonic Healthcare		9,405		155
South32*		84,515		117
Stockland‡		52,857		167
Suncorp Group		29,076		301
Sydney Airport		25,384		98
Tabcorp Holdings		20,800		73
Tatts Group		34,032		97
Telstra		97,873		464
TPG Telecom		7,269		50

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

41

THE KP FUNDS June 30, 2015 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Transpacific Industries Group		584,073	$	347
Transurban Group		43,561		312
Treasury Wine Estates		16,320		63
Wesfarmers		25,843		778
Westfield‡ *		44,656		314
Westpac Banking		72,073		1,788
Woodside Petroleum		16,959		448
Woolworths		28,972		603
WorleyParsons		4,295		34
				26,751
Austria — 0.2%
ANDRITZ		6,504		360
Erste Group Bank*		6,530		185
Oesterreichische Post		9,415		433
OMV		3,834		105
Raiffeisen Bank International*		2,306		34
Voestalpine		2,444		102
Wienerberger		28,978		456
				1,675
Belgium — 0.7%
Ageas		4,812		185
Anheuser-Busch InBev		34,483		4,134
Colruyt		1,601		72
Delhaize Group		2,492		205
Groupe Bruxelles Lambert		1,979		159
KBC Groep		32,704		2,186
Proximus		3,351		118
Solvay		1,443		199
Telenet Group Holding*		1,219		66
UCB		2,844		204
Umicore		2,068		98
				7,626
Brazil — 1.7%
B2W Cia Digital*		41,168		269
Banco do Brasil		215,400		1,673
Banco Santander Brasil ADR		16,726		91
Bematech		27,400		71
Braskem ADR		46,552		403
BRF		78,200		1,652
Cia de Saneamento de Minas Gerais-COPASA*		9,100		40
Cia Energetica de Minas Gerais ADR		278,359		1,061
CVC Brasil Operadora e Agencia de Viagens		14,400		85
EDP-Energias do Brasil		300,300		1,107
Fibria Celulose		80,300		1,100

Description	Shares		Value (000)
FII BTG Pactual Corporate Office Fund, Cl Institutional‡		4,390	$	151
Grendene		72,300		394
Grupo BTG Pactual, Cl Miscellaneous		36,800		339
Itau Unibanco Holding ADR		125,177		1,371
JBS		430,300		2,265
Kepler Weber		2,700		23
Light		80,600		440
LPS Brasil Consultoria de Imoveis*		78,900		131
Magazine Luiza		126,700		144
MRV Engenharia e Participacoes		202,200		508
Multiplus		16,500		199
Porto Seguro		31,300		416
Raia Drogasil*		8,000		103
Rodobens Negocios Imobiliarios		7,168		12
Smiles		8,600		146
Telefonica Brasil ADR		132,978		1,852
TOTVS		41,200		517
Ultrapar Participacoes		41,300		873
Via Varejo		26,100		94
				17,530
Canada — 1.2%
Brookfield Asset Management, Cl A		15,324		535
Canadian National Railway		72,909		4,210
Canadian Natural Resources		38,344		1,041
Loblaw		37,138		1,876
Rogers Communications, Cl B		20,915		742
Suncor Energy		47,941		1,321
Valeant Pharmaceuticals International*		9,705		2,156
				11,881
Chile — 0.1%
Cia Cervecerias Unidas		58,949		627
Cia Sud Americana de Vapores*		3,215,578		103
Enersis		236,911		75
Quinenco		191,263		399
Sociedad Quimica y Minera de Chile ADR		7,708		123
				1,327
China — 3.1%
361 Degrees International		138,000		46
Agricultural Bank of China, Cl H		453,000		244
Air China, Cl H		210,000		237
Ajisen China Holdings		474,000		254
Alibaba Group Holding ADR*		7,823		644
Baidu ADR*		3,823		761

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

42

THE KP FUNDS June 30, 2015 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Bank of China, Cl H		7,712,000	$	5,014
Bank of Communications, Cl H		1,116,000		1,163
Beijing Capital International Airport, Cl H		132,000		152
BYD Electronic International*		291,000		394
CECEP COSTIN New Materials Group		265,000		162
China Construction Bank, Cl H		7,218,000		6,594
China Eastern Airlines, Cl H*		944,000		790
China Merchants Bank, Cl H		266,500		777
China Petroleum & Chemical, Cl H		1,242,000		1,072
China Railway Construction, Cl H		182,000		281
China Railway Group, Cl H		990,000		1,069
China Southern Airlines, Cl H		1,064,000		1,258
China Telecom, Cl H		3,830,000		2,248
Chongqing Rural Commercial Bank, Cl H		391,000		313
Fufeng Group		138,000		102
Goodbaby International Holdings*		319,000		133
Harbin Electric, Cl H		290,000		227
Huaneng Power International, Cl H		764,000		1,064
Huaxin Cement, Cl B		95,296		101
Jingwei Textile Machinery, Cl H		36,000		47
Jintian Pharmaceutical Group		181,000		97
Li Ning*		1,135,291		518
Mindray Medical International ADR		8,389		239
NetEase ADR		18,731		2,713
Peak Sport Products		376,000		92
Shenzhen Expressway, Cl H		574,000		458
Shenzhou International Group Holdings		20,579		100
Sinotruk Hong Kong		632,500		383
SOHO China		95,000		62
TravelSky Technology, Cl H		568,000		837
Tsingtao Brewery, Cl H		60,000		364
Want Want China Holdings		180,996		191
Wumart Stores, Cl H*		299,000		212
Xiwang Special Steel		393,000		61
Yangzijiang Shipbuilding Holdings		47,000		49
Yingde Gases Group		165,000		114
				31,637
Colombia — 0.2%
Bancolombia ADR		9,700		417
Ecopetrol ADR		60,830		807
Grupo Aval Acciones y Valores ADR		33,427		327
				1,551

Description	Shares		Value (000)
Cyprus — 0.0%
Global Ports Investments GDR		42,963	$	212
Czech Republic — 0.1%
CEZ		26,196		608
Komercni Banka		1,548		343
				951
Denmark — 1.6%
AP Moeller-Maersk, Cl B		247		443
Carlsberg, Cl B		29,406		2,670
Coloplast, Cl B		37,550		2,463
Danske Bank		22,706		668
DSV		3,917		127
GN Store Nord		50,446		1,043
ISS		3,572		118
Novo Nordisk, Cl B		73,518		4,005
Novozymes, Cl B		5,775		275
Pandora		2,602		280
TDC		20,000		147
Topdanmark*		7,644		205
Tryg		3,231		67
Vestas Wind Systems		57,701		2,879
William Demant Holding*		11,234		857
				16,247
Finland — 0.8%
Elisa		3,269		104
Fortum		9,964		177
Kone, Cl B		7,121		289
Metso		23,025		633
Neste		2,764		70
Nokia		84,391		573
Nokian Renkaat		13,388		420
Orion, Cl B		2,254		79
Sampo, Cl A		65,675		3,093
Stora Enso, Cl R		13,600		140
Tikkurila		69,442		1,380
UPM-Kymmene		12,944		229
Wartsila, Cl B		12,062		565
				7,752
France — 6.9%
Accor		5,062		255
Aeroports de Paris		682		77
Air France-KLM*		75,091		527
Air Liquide		53,268		6,737
Alcatel-Lucent*		67,981		248
Alstom*		5,124		145

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

43

THE KP FUNDS June 30, 2015 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Arkema		1,571	$	113
Atos		2,136		160
AXA		75,674		1,909
BNP Paribas		46,832		2,828
Bollore		20,741		110
Bouygues		4,764		178
Bureau Veritas		66,455		1,531
Capital Gemini		3,534		313
Carrefour		12,586		403
Casino Guichard Perrachon		1,355		103
Christian Dior		1,228		240
Cie de Saint-Gobain		10,758		483
Cie Generale des Etablissements Michelin		4,248		445
CNP Assurances		4,000		67
Credit Agricole		23,280		346
Danone		99,657		6,442
Dassault Systemes		24,483		1,780
Edenred		22,678		561
Electricite de France		5,755		128
Essilor International		4,703		561
Eurazeo		998		66
Eurofins Scientific		2,446		745
Eutelsat Communications		4,198		135
Fonciere Des Regions‡		744		63
GDF Suez		203,490		3,775
Gecina‡		840		104
Groupe Eurotunnel		84,327		1,221
Hermes International		1,968		734
ICADE‡		860		61
Iliad		620		137
Imerys		2,378		182
JCDecaux		1,698		71
Kering		1,713		306
Klepierre‡		3,938		173
Lafarge		4,500		297
Lagardere		2,544		74
Legrand		57,802		3,245
L’Oreal		5,820		1,038
LVMH Moet Hennessy Louis Vuitton		29,665		5,197
Natixis		21,895		158
Neopost		9,101		392
Numericable-SFR*		2,290		121
Orange		42,598		656
Pernod Ricard		54,993		6,352
Peugeot*		10,182		209
Publicis Groupe		4,255		315

Description	Shares		Value (000)
Remy Cointreau		502	$	36
Renault		4,397		458
Rexel		6,074		98
Safran		6,678		453
Sanofi		32,104		3,158
Schneider Electric		90,407		6,242
SCOR		3,482		123
Societe BIC		654		104
Societe Generale		16,669		778
Sodexo		2,285		217
Suez Environnement		6,798		126
Technip		4,051		251
Thales		8,164		492
TOTAL		55,623		2,702
Unibail-Rodamco‡		2,249		569
Valeo		1,803		284
Vallourec		10,600		216
Veolia Environnement*		10,570		216
Vicat		3,398		233
Vinci		10,848		628
Vivendi		26,426		667
Wendel		722		89
Zodiac Aerospace		4,931		161
				70,818
Germany — 6.5%
adidas		6,711		514
Allianz		10,553		1,644
Axel Springer		13,020		684
BASF		39,661		3,485
Bayer		90,408		12,654
Bayerische Motoren Werke		20,459		2,240
Beiersdorf		52,426		4,392
Brenntag		9,630		552
Commerzbank*		24,205		309
Continental		2,524		597
CTS Eventim & KGaA		13,790		503
Daimler		22,251		2,025
Deutsche Annington Immobilien		7,761		219
Deutsche Bank		31,766		954
Deutsche Boerse		4,399		364
Deutsche Lufthansa*		5,196		67
Deutsche Post		22,252		650
Deutsche Telekom		150,639		2,595
Deutsche Wohnen		8,191		188
E.ON		71,854		957
Evonik Industries		2,097		80

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

44

THE KP FUNDS June 30, 2015 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Fielmann		3,399	$	231
Fraport Frankfurt Airport Services Worldwide		941		59
Fresenius & KGaA		8,695		558
Fresenius Medical Care & KGaA		31,875		2,631
GEA Group		8,416		375
Gerresheimer		1,454		91
Hannover Rueck		3,375		327
HeidelbergCement		3,191		253
Henkel & KGaA		2,513		240
HUGO BOSS		1,632		182
Infineon Technologies		25,664		318
K+S		4,712		198
Kabel Deutschland Holding*		516		69
LANXESS		2,018		119
Linde		26,786		5,074
MAN		805		83
Merck KGaA		43,562		4,341
METRO		3,567		112
MTU Aero Engines		11,183		1,051
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		3,974		704
OSRAM Licht		2,302		110
ProSiebenSat.1 Media		64,974		3,209
RWE		11,059		238
SAP		86,442		6,033
Siemens		18,318		1,845
Symrise		10,084		626
Telefonica Deutschland Holding		14,583		84
ThyssenKrupp		8,294		216
TUI		84,834		1,373
United Internet		2,937		131
Volkswagen		835		193
				66,747
Greece — 0.1%
Aegean Airlines		24,357		159
Alpha Bank AE*		103,445		31
Athens Water Supply & Sewage		11,513		69
Intracom Holdings*		29,411		13
Metka		3,497		29
Motor Oil Hellas Corinth Refineries*		5,293		48
Mytilineos Holdings*		15,516		93
OPAP		12,002		96
Public Power		22,622		107
				645
Hong Kong — 4.1%
AIA Group		1,160,400		7,598
APT Satellite Holdings		39,750		36

Description	Shares		Value (000)
ASM Pacific Technology		6,000	$	59
AVIC International Holdings, Cl H		72,000		65
Bank of Chongqing, Cl H		99,500		95
Bank of East Asia		27,912		122
BOC Hong Kong Holdings		84,500		352
Cathay Pacific Airways		32,000		79
Cheung Kong Infrastructure Holdings		15,000		116
Cheung Kong Property Holdings*		149,930		1,243
China Lesso Group Holdings		62,000		50
China Lilang		52,000		60
China Mengniu Dairy		122,000		609
China Merchants Holdings International		64,000		274
China Mobile		321,500		4,117
China Power International Development		412,000		314
China Resources Enterprise		380,805		1,228
China Travel International Investment Hong Kong		230,000		101
China Unicom Hong Kong		2,036,000		3,204
CK Hutchison Holdings		150,384		2,210
CLP Holdings		43,000		366
Daphne International Holdings		550,000		138
Esprit Holdings		861,077		806
First Pacific		628,000		530
Fuguiniao, Cl H		19,600		36
Galaxy Entertainment Group*		56,000		223
Genting Singapore		135,000		90
Global Brands Group Holding*		5,870,000		1,234
Guangdong Yueyun Transportation Company, Cl H		214,500		196
Guangnan Holdings		260,000		52
Hang Lung Properties		55,000		164
Hang Seng Bank		17,400		340
Henderson Land Development		26,215		179
HKT Trust, Cl Miscellaneous		57,740		68
Hong Kong & China Gas		157,320		330
Hong Kong Exchanges and Clearing		25,543		901
Hongkong & Shanghai Hotels		236,542		328
Huabao International Holdings		276,000		166
Hysan Development		15,000		65
Jardine Matheson Holdings		19,600		1,112
Kerry Properties		17,500		69
Kingboard Chemical Holdings		60,500		105
Kingboard Laminates Holdings		98,500		47
Li & Fung		2,710,000		2,151
Link‡		52,000		305

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

45

THE KP FUNDS June 30, 2015 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Longfor Properties		133,000	$	212
MGM China Holdings		23,600		39
MTR		32,500		151
New World Development		154,735		202
Noble Group		98,000		55
NWS Holdings		37,455		54
PCCW		83,136		50
People’s Insurance Group of China, Cl H		647,000		414
Ping An Insurance Group of China, Cl H		283,000		3,823
Power Assets Holdings		31,500		287
Real Nutriceutical Group		174,000		52
Scud Group*		252,000		34
Shangri-La Asia		26,000		36
Shenguan Holdings Group		145,730		37
Sino Land		72,172		121
Sinopec Shanghai Petrochemical, Cl H*		1,042,000		566
SJM Holdings		48,000		52
Skyworth Digital Holdings		1,148,000		1,022
SmarTone Telecommunications Holdings		72,385		127
Stella International Holdings		43,948		105
Sun Hung Kai Properties		38,893		630
Swire Pacific, Cl A		14,500		182
Swire Properties		26,800		86
TCC International Holdings		114,000		34
Techtronic Industries		31,500		103
Television Broadcasts		73,400		436
Tianjin Port Development Holdings		658,000		156
Weiqiao Textile, Cl H		196,500		139
WH Group* (A)		131,849		90
Wharf Holdings		31,000		206
Wheelock		20,000		102
Wynn Macau		32,800		55
Xiamen International Port, Cl H		244,000		99
Yue Yuen Industrial Holdings		15,000		50
Yuzhou Properties		225,000		58
				41,798
Hungary — 0.0%
MOL Hungarian Oil & Gas		2,363		121
India — 0.5%
HDFC Bank ADR		1,324		80
Infosys ADR		105,498		1,672
Tata Motors ADR		66,482		2,292
WNS Holdings ADR*		50,063		1,339
				5,383

Description	Shares		Value (000)
Indonesia — 1.1%
Adaro Energy		1,540,100	$	88
Agung Podomoro Land*		9,369,800		265
AKR Corporindo		894,200		397
Bank Mandiri Persero		2,938,700		2,215
Bank Negara Indonesia Persero		6,084,100		2,418
Bank Pembangunan Daerah Jawa Barat Dan Banten		2,147,800		132
Bank Pembangunan Daerah Jawa Timur		912,100		33
Bank Rakyat Indonesia Persero		2,814,500		2,185
Delta Dunia Makmur*		2,232,500		13
Dharma Satya Nusantara		185,000		45
Elnusa		2,968,800		108
Kawasan Industri Jababeka*		2,741,600		54
Lippo Karawaci		1,776,600		157
Pakuwon Jati		2,961,200		96
Panin Financial*		4,957,300		106
PT Energi Mega Persada*		13,967,200		59
PT Multipolar*		5,074,000		238
Telekomunikasi Indonesia Persero		6,049,300		1,330
Tunas Baru Lampung		924,300		36
United Tractors		692,400		1,058
XL Axiata*		369,600		102
				11,135
Ireland — 0.6%
Bank of Ireland*		4,835,102		1,950
CRH		23,693		668
DCC		14,062		1,105
Experian		84,604		1,541
Irish Continental Group		75,807		333
Kerry Group, Cl A		3,585		266
Paddy Power		8,694		745
Ryanair Holdings ADR		700		50
				6,658
Israel — 0.3%
Azrieli Group		819		33
Bank Hapoalim		25,021		135
Bank Leumi Le-Israel*		30,989		131
Bezeq The Israeli Telecommunication		44,326		76
Check Point Software Technologies*		13,167		1,048
Delek Group		88		26
Israel*		72		25
Israel Chemicals		12,849		90
Mizrahi Tefahot Bank		2,580		32

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

46

THE KP FUNDS June 30, 2015 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
NICE-Systems		1,511	$	96
Teva Pharmaceutical Industries		19,848		1,173
				2,865
Italy — 1.3%
Assicurazioni Generali		26,731		482
Atlantia		9,987		247
Banca Monte dei Paschi di Siena*		58,982		115
Banco Popolare*		8,030		132
CNH Industrial		135,975		1,240
Davide Campari-Milano		19,657		150
Enel		162,119		735
Enel Green Power		39,116		76
Eni		58,625		1,041
EXOR		2,147		102
Fiat Chrysler Automobiles*		20,347		298
Finmeccanica*		9,267		117
Intesa Sanpaolo		384,562		1,384
Luxottica Group		38,281		2,545
Mediobanca		13,368		131
Piaggio & C		350,099		1,174
Pirelli & C		6,334		107
Prysmian		4,398		95
Saipem*		59,632		630
Snam		47,420		226
Telecom Italia*		363,158		428
Terna Rete Elettrica Nazionale		35,308		156
UniCredit		296,074		1,988
Unione di Banche Italiane		22,043		177
UnipolSai		23,069		57
				13,833
Japan — 16.3%
ABC-Mart		700		43
Acom*		11,500		44
Advantest		4,100		43
Aeon		15,900		226
AEON Financial Service		2,800		78
Aeon Mall		2,300		43
Air Water		4,000		73
Aisin Seiki		4,700		200
Ajinomoto		13,000		281
Alfresa Holdings		74,400		1,158
Amada Holdings		8,500		90
ANA Holdings		29,000		79
Aozora Bank*		27,000		102
Asahi Glass		23,000		138
Asahi Group Holdings		8,800		280

Description	Shares		Value (000)
Asahi Kasei		28,000	$	230
Asics		3,700		96
Astellas Pharma		83,100		1,186
Azbil		12,800		331
Bank of Kyoto		8,000		92
Bank of Yokohama		95,000		583
Benesse Holdings		1,700		43
Bridgestone		14,900		551
Brother Industries		5,400		77
Calbee		1,800		76
Canon*		24,500		797
Casio Computer		4,300		85
Central Japan Railway		3,300		596
Chiba Bank		80,000		610
Chiyoda		3,000		27
Chubu Electric Power		15,600		233
Chugai Pharmaceutical		5,300		183
Chugoku Bank		3,400		54
Chugoku Electric Power*		6,800		99
Citizen Holdings		5,300		37
COLOPL		1,000		20
Credit Saison		3,200		69
Dai Nippon Printing		13,000		134
Daicel		7,400		95
Daihatsu Motor*		4,300		61
Dai-ichi Life Insurance		153,800		3,024
Daiichi Sankyo		14,400		266
Daikin Industries		5,300		381
Daito Trust Construction		1,700		176
Daiwa House Industry		13,400		312
Daiwa Securities Group*		38,000		285
Denso		127,400		6,346
Dentsu		20,300		1,051
Don Quijote Holdings		3,000		128
East Japan Railway		27,700		2,492
Eisai		5,700		383
Electric Power Development		3,200		113
FamilyMart		1,400		64
FANUC*		20,300		4,160
Fast Retailing		1,200		544
Fuji Electric*		14,000		60
Fuji Heavy Industries*		13,400		494
FUJIFILM Holdings		85,400		3,052
Fujitsu		273,000		1,527
Fukuoka Financial Group		17,000		88
GungHo Online Entertainment		8,100		32
Gunma Bank		8,000		59

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

47

THE KP FUNDS June 30, 2015 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Hachijuni Bank		9,000	$	68
Hakuhodo DY Holdings		5,800		62
Hamamatsu Photonics		3,200		94
Hankyu Hanshin Holdings		27,000		160
Hikari Tsushin		400		27
Hino Motors		5,700		71
Hirose Electric		700		100
Hiroshima Bank		12,000		72
Hisamitsu Pharmaceutical		1,200		47
Hitachi*		418,000		2,756
Hitachi Chemical*		2,500		45
Hitachi Construction Machinery		2,100		37
Hitachi High-Technologies		1,500		42
Hitachi Metals		7,000		108
Hokuhoku Financial Group		30,000		71
Hokuriku Electric Power*		4,500		67
Honda Motor		208,400		6,746
Hoya*		165,300		6,627
Hulic		7,300		65
Ibiden		2,500		42
Idemitsu Kosan		2,100		41
IHI		31,000		144
Iida Group Holdings		4,000		64
Inpex		254,900		2,899
Isetan Mitsukoshi Holdings		61,900		1,108
Isuzu Motors		13,300		175
ITOCHU		36,100		477
Itochu Techno-Solutions		800		20
Iyo Bank		5,800		71
J Front Retailing		5,600		105
Japan Airlines*		3,000		104
Japan Airport Terminal		1,000		55
Japan Display*		7,000		26
Japan Exchange Group		6,700		218
Japan Prime Realty Investment‡		19		59
Japan Real Estate Investment‡		30		136
Japan Retail Fund Investment‡		58		116
Japan Tobacco		138,200		4,924
JFE Holdings*		80,000		1,775
JGC		5,000		94
Joyo Bank		15,000		84
JSR		5,000		88
JTEKT		4,700		89
JX Holdings		54,400		235

Description	Shares		Value (000)
Kajima		19,000	$	89
Kakaku.com*		3,700		54
Kamigumi		5,000		47
Kaneka		6,000		44
Kansai Electric Power*		15,700		174
Kansai Paint		6,000		93
Kao		40,500		1,884
Kawasaki Heavy Industries		32,000		149
KDDI		40,300		973
Keihan Electric Railway		11,000		64
Keikyu		11,000		83
Keio		13,000		93
Keisei Electric Railway		6,000		71
Keyence		1,000		540
Kikkoman		3,000		94
Kinden		12,000		159
Kintetsu Group Holdings		43,000		147
Kirin Holdings		123,500		1,702
Kobe Steel*		71,000		120
Koito Manufacturing*		2,500		98
Komatsu		21,300		428
Konami		2,400		45
Konica Minolta		10,200		119
Kubota*		26,000		412
Kuraray		7,900		97
Kurita Water Industries		2,900		68
Kyocera*		64,400		3,349
Kyowa Hakko Kirin		5,000		65
Kyushu Electric Power*		9,700		113
Lawson		1,400		96
LIXIL Group		33,800		672
M3*		5,100		103
Mabuchi Motor		1,200		76
Makita		2,900		157
Marubeni		37,200		213
Marui Group		79,500		1,074
Maruichi Steel Tube		1,300		32
Mazda Motor		12,200		239
McDonald’s Holdings Japan*		1,700		36
Medipal Holdings		3,500		57
MEIJI Holdings		1,500		194
Minebea*		8,000		132
Miraca Holdings		1,300		65
Mitsubishi		79,800		1,756
Mitsubishi Chemical Holdings		31,500		198
Mitsubishi Electric*		44,000		569
Mitsubishi Estate		83,000		1,789

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

48

THE KP FUNDS June 30, 2015 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Mitsubishi Gas Chemical		8,000	$	45
Mitsubishi Heavy Industries		248,000		1,509
Mitsubishi Logistics		40,000		525
Mitsubishi Materials		26,000		100
Mitsubishi Motors		15,200		129
Mitsubishi Tanabe Pharma		5,200		78
Mitsubishi UFJ Financial Group		522,900		3,759
Mitsubishi UFJ Lease & Finance		12,400		68
Mitsui		39,100		531
Mitsui Chemicals		22,000		82
Mitsui Fudosan		22,000		616
Mitsui OSK Lines		30,000		96
Mixi*		800		40
Mizuho Financial Group		1,403,800		3,040
MS&AD Insurance Group Holdings		78,500		2,446
Murata Manufacturing		4,700		820
Nabtesco		2,800		70
Nagoya Railroad		19,000		71
Namco Bandai Holdings		38,200		738
NEC		58,000		176
Nexon		3,000		41
NGK Insulators		6,000		155
NGK Spark Plug		3,900		108
NH Foods		28,000		638
NHK Spring		4,200		46
Nidec		4,900		367
Nikon		7,800		90
Nintendo*		8,200		1,371
Nippon Building Fund‡		31		136
Nippon Electric Glass		8,000		41
Nippon Express		19,000		93
Nippon Paint Holdings		3,800		107
Nippon Prologis‡		32		59
Nippon Steel & Sumitomo Metal*		174,000		451
Nippon Suisan Kaisha		90,500		259
Nippon Telegraph & Telephone		101,200		3,666
Nippon Yusen		35,000		98
Nissan Motor*		57,000		594
Nisshin Seifun Group		5,300		71
Nissin Foods Holdings		1,700		75
Nitori Holdings		1,800		147
Nitto Denko		3,900		321
NOK		2,500		78
Nomura Holdings*		95,200		646
Nomura Real Estate Holdings		3,300		69
Nomura Research Institute		2,500		98
NSK		11,000		170

Description	Shares		Value (000)
NTT Data		40,800	$	1,783
NTT DOCOMO		35,100		672
NTT Urban Development		2,000		20
Obayashi		205,000		1,495
Odakyu Electric Railway		14,000		131
Oji Holdings		18,000		78
Olympus		6,100		211
Omron*		4,600		200
Ono Pharmaceutical		1,900		208
Onward Holdings		55,000		379
Oracle Japan		1,000		42
Oriental Land		4,800		306
ORIX		30,300		450
Osaka Gas		44,000		174
Otsuka		1,200		56
Otsuka Holdings		31,200		995
Panasonic*		50,700		697
Park24		1,800		31
Rakuten*		18,000		291
Recruit Holdings		3,000		92
Resona Holdings		334,000		1,824
Ricoh		15,800		164
Rinnai		900		71
Rohm		2,400		161
Sankyo		1,100		39
Sanrio		900		24
Santen Pharmaceutical		8,200		116
SBI Holdings*		5,100		70
Secom		23,200		1,507
Sega Sammy Holdings		27,600		361
Seibu Holdings		3,000		70
Seiko Epson		6,100		108
Sekisui Chemical		10,000		123
Sekisui House		57,400		911
Seven & i Holdings		67,700		2,910
Seven Bank		12,800		59
Sharp*		34,000		41
Shikoku Electric Power*		4,800		72
Shimadzu		6,000		82
Shimamura		500		53
Shimano		1,800		246
Shimizu		70,000		590
Shin-Etsu Chemical*		32,900		2,043
Shinsei Bank		47,000		95
Shionogi		7,200		279
Shiseido		39,400		894
Shizuoka Bank		12,000		125

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

49

THE KP FUNDS June 30, 2015 (Unaudited)

KP International Equity Fund

Description	Shares			Value (000)
Showa Shell Sekiyu		4,400		$	38
SMC		1,200			361
SoftBank Group		22,200			1,308
Sompo Japan Nipponkoa Holdings		32,100			1,178
Sony		26,900			761
Sony Financial Holdings		3,900			68
Stanley Electric		3,000	��		63
Sumitomo		25,600			298
Sumitomo Chemical		422,000			2,538
Sumitomo Dainippon Pharma		30,500			336
Sumitomo Electric Industries		67,900			1,052
Sumitomo Forestry		30,800			380
Sumitomo Heavy Industries		13,000			76
Sumitomo Metal Mining		12,000			183
Sumitomo Mitsui Financial Group		90,000			4,015
Sumitomo Mitsui Trust Holdings		76,000			348
Sumitomo Realty & Development		8,000			281
Sumitomo Rubber Industries		4,200			65
Suntory Beverage & Food		3,000			119
Suruga Bank		4,000			86
Suzuken		1,800			58
Suzuki Motor		8,200			277
Sysmex		3,400			203
T&D Holdings		13,600			203
Taiheiyo Cement		26,000			76
Taisei		24,000			138
Taisho Pharmaceutical Holdings		700			47
Taiyo Nippon Sanso		4,000			48
Takashimaya		7,000			63
Takeda Pharmaceutical		18,200			879
TDK		2,800			214
Teijin		21,000			82
Terumo		137,100			3,290
THK		2,800			61
Tobu Railway		23,000			99
Toho		2,800			70
Toho Gas		10,000			59
Tohoku Electric Power*		75,800			1,026
Tokio Marine Holdings		15,900			662
Tokyo Electric Power*		35,300			192
Tokyo Electron		10,600			671
Tokyo Gas		52,000			276
Tokyo Tatemono		5,000			69
Tokyu		26,000			174
Tokyu Fudosan Holdings		13,400			103
TonenGeneral Sekiyu		7,000			65
Toppan Printing		12,000			100

Description	Shares		Value (000)
Toray Industries		35,000	$	296
Toshiba*		91,000		313
TOTO		7,000		126
Toyo Seikan Group Holdings		59,500		954
Toyo Suisan Kaisha		22,000		802
Toyoda Gosei		1,700		41
Toyota Industries		15,200		867
Toyota Motor*		104,000		6,971
Toyota Tsusho		5,000		134
Trend Micro*		2,300		79
Unicharm		9,100		216
United Urban Investment‡		69		98
USS		5,100		92
West Japan Railway		29,400		1,882
Yahoo Japan		32,400		130
Yakult Honsha		2,000		119
Yamada Denki		98,900		396
Yamaguchi Financial Group		5,000		62
Yamaha		4,100		83
Yamaha Motor		5,800		127
Yamato Holdings		56,400		1,092
Yamazaki Baking		3,000		50
Yaskawa Electric		5,100		65
Yokogawa Electric		5,000		64
Yokohama Rubber		2,500		50
				167,677
Luxembourg — 0.2%
Altice*		1,968		271
ArcelorMittal		63,888		621
Millicom International Cellular		5,295		391
O’Key Group GDR		76,540		181
RTL Group		851		77
SES		7,258		244
Tenaris		10,497		141
Ternium ADR		8,233		143
				2,069
Macau — 0.0%
Sands China		54,400		183
Malaysia — 0.8%
AirAsia		711,200		290
Allianz Malaysia		9,000		28
Berjaya Auto		175,200		125
Brem Holding		205,400		55
British American Tobacco Malaysia		8,000		131
Cahya Mata Sarawak		496,100		678
Carlsberg Brewery Malaysia		16,800		56

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

50

THE KP FUNDS June 30, 2015 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
DiGi.Com		317,100	$	450
Engtex Group		86,100		25
George Kent Malaysia		127,200		43
Guinness Anchor		10,000		38
Hong Leong Bank		56,600		201
Hong Leong Industries		19,900		23
Hua Yang		51,600		26
Insas		330,800		72
JCY International		1,111,400		208
K&N Kenanga Holdings		85,500		16
KKB Engineering		89,900		—
KSL Holdings		645,000		296
Land & General		603,500		69
LBS Bina Group		46,900		20
Malaysia Building Society		292,000		131
Malaysian Pacific Industries		84,200		149
MISC		50,600		104
Muda Holdings		27,100		9
Muhibbah Engineering		169,600		102
OSK Property Holdings		17,000		9
Parkson Holdings*		100,200		41
Petronas Dagangan		152,200		830
Pharmaniaga		25,900		49
Press Metal		39,200		27
Protasco		219,013		106
Scientex		21,600		39
Sunway		465,300		423
Sunway Construction Group*		28,780		8
Syarikat Takaful Malaysia		30,000		30
TA Enterprise		139,600		25
Telekom Malaysia		1,159,800		2,011
Tiong NAM Logistics Holdings		81,600		25
Top Glove		287,000		506
Tropicana*		81,648		22
UEM Edgenta		42,200		39
Unisem		551,000		340
VS Industry		200,200		245
WTK Holdings		144,300		40
Yinson Holdings		180,400		146
YTL Power International		801,205		340
				8,646
Mexico — 1.6%
America Movil		729,671		5,491
Banregio Grupo Financiero		36,485		212
Controladora Comercial Mexicana		28,448		89
Gruma, Cl B		61,372		1,054

Description	Shares		Value (000)
Grupo Aeromexico*		276,892	$	442
Grupo Aeroportuario del Pacifico, Cl B		146,210		1,358
Grupo Aeroportuario del Sureste ADR		367		52
Grupo Comercial Chedraui		104,862		298
Grupo Financiero Banorte, Cl O		52,259		287
Grupo Financiero Inbursa, Cl O		993,259		2,254
Grupo Financiero Interacciones, Cl O		177,106		1,079
Grupo Mexico		162,285		488
Grupo Televisa ADR		17,457		677
Industrias Bachoco ADR		267		14
Megacable Holdings		75,380		316
OHL Mexico*		884,576		1,149
Vitro*		41,639		125
Wal-Mart de Mexico		544,794		1,331
				16,716
Netherlands — 3.7%
Aegon		41,156		302
Airbus Group		26,707		1,733
Akzo Nobel		80,612		5,866
ASML Holding		10,636		1,099
Boskalis Westminster		26,720		1,308
Delta Lloyd		5,596		92
Gemalto		1,954		174
Heineken		42,894		3,255
Heineken Holding		2,468		173
ING Groep		443,893		7,330
James Hardie Industries		11,103		148
Koninklijke Ahold		67,588		1,266
Koninklijke DSM		4,382		254
Koninklijke KPN		273,909		1,047
Koninklijke Philips		52,599		1,338
Koninklijke Vopak		1,613		81
NN Group		4,625		130
OCI*		1,766		50
QIAGEN*		5,533		136
Randstad Holding		69,811		4,546
Relx		15,096		358
Royal Dutch Shell, Cl A		203,250		5,740
STMicroelectronics		15,124		124
TNT Express		12,360		105
Unilever		37,610		1,566
Wolters Kluwer		7,321		217
				38,438
New Zealand — 0.1%
Auckland International Airport		23,759		79
Contact Energy		9,563		32

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

51

THE KP FUNDS June 30, 2015 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Fletcher Building		17,911	$	99
Meridian Energy		27,065		40
Mighty River Power		15,091		29
Ryman Healthcare		7,535		40
Spark New Zealand		255,216		483
				802
Norway — 0.3%
DNB		49,195		821
Gjensidige Forsikring		4,380		71
Norsk Hydro		33,011		139
Orkla		18,099		142
Schibsted, Cl A*		22,360		686
Statoil		58,292		1,042
Telenor		17,122		375
Yara International		4,039		210
				3,486
Panama — 0.0%
Avianca Holdings ADR*		3,928		40
Peru — 0.1%
Cia de Minas Buenaventura ADR		23,903		248
Credicorp		4,243		590
				838
Philippines — 0.3%
ABS-CBN Holdings		61,800		86
Cebu Air		270,790		510
Energy Development		2,761,500		458
First Gen		898,300		538
Globe Telecom		7,150		398
Lopez Holdings		1,296,700		204
Pepsi-Cola Products Philippines*		352,000		38
San Miguel		144,580		191
Vista Land & Lifescapes		1,009,400		142
Xurpas		219,500		54
				2,619
Poland — 0.8%
Asseco Poland		16,913		260
Bank Pekao		1,936		93
Boryszew		14,900		23
Ciech*		8,239		127
Enea		149,141		633
Energa		98,001		593
Fabryki Mebli Forte		3,800		58
Grupa Kety		253		20
Orange Polska		321,323		697
PGE		378,477		1,856

Description	Shares		Value (000)
Polski Koncern Naftowy Orlen		104,364	$	2,050
Polskie Gornictwo Naftowe i Gazownictwo		829,185		1,455
Trakcja*		21,426		49
				7,914
Portugal — 0.0%
Banco Comercial Portugues, Cl R*		960,017		84
Banco Espirito Santo* (B)		46,916		—
EDP-Energias de Portugal		52,091		198
Galp Energia		8,385		98
Jeronimo Martins		6,623		85
				465
Qatar — 0.3%
Barwa Real Estate		142,526		2,074
Mannai		6,490		199
Qatar Gas Transport		15,321		93
Qatar Islamic Bank SAQ		3,328		99
Qatar Navigation QSC		7,158		191
				2,656
Russia — 0.5%
Gazprom OAO ADR		350,646		1,806
Globaltrans Investment GDR*		13,181		63
Lukoil OAO ADR		7,973		358
Magnitogorsk Iron & Steel Works GDR		56,380		190
Sberbank of Russia ADR		81,279		424
Sistema GDR		82,600		731
Surgutneftegas OAO ADR		173,726		1,024
Tatneft OAO ADR		10,251		328
Yandex, Cl A*		19,832		302
				5,226
Singapore — 1.1%
Ascendas‡		53,000		96
CapitaLand		61,000		159
CapitaLand Commercial Trust‡		42,000		49
CapitaLand Mall Trust‡		53,000		85
City Developments		9,000		65
ComfortDelGro		47,000		109
DBS Group Holdings		358,416		5,506
Global Logistic Properties		72,000		135
Golden Agri-Resources		163,000		50
Great Eastern Holdings		49,500		902
GuocoLeisure		250,000		185
Haw Par		13,900		93
Hutchison Port Holdings Trust, Cl U		128,000		81
Jardine Cycle & Carriage		2,000		49

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

52

THE KP FUNDS June 30, 2015 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Keppel		34,000	$	207
Oversea-Chinese Banking		68,836		520
Sembcorp Industries		21,000		61
Sembcorp Marine		17,000		36
Singapore Airlines		12,000		96
Singapore Exchange		19,000		110
Singapore Press Holdings		36,000		109
Singapore Technologies Engineering		37,000		91
Singapore Telecommunications		596,600		1,865
StarHub		15,000		44
Suntec‡		51,000		65
United Industrial		24,219		61
United Overseas Bank		43,588		747
UOL Group		11,482		59
Wilmar International		44,000		107
				11,742
South Africa — 1.8%
Aeci		18,200		171
African Bank Investments* (B)		638,711		—
Anglo American Platinum*		1,848		42
Astral Foods		3,506		46
Barclays Africa Group		14,443		217
Barloworld		25,200		200
Blue Label Telecoms		149,723		100
Clicks Group		100,931		746
Comair		12,724		4
FirstRand		855,977		3,751
Gold Fields ADR		16,558		53
Grindrod		128,622		142
Hulamin		54,835		27
Investec		55,752		502
JSE		3,739		39
Liberty Holdings		21,367		255
MMI Holdings		60,998		151
Mpact		11,854		42
MTN Group		22,700		427
Murray & Roberts Holdings*		319,194		337
Netcare		187,519		590
Old Mutual		114,542		364
Peregrine Holdings		153,162		389
Pioneer Foods		5,782		88
Randgold Resources		2,172		146
Raubex Group		27,010		45
Sanlam		93,740		512
Sappi*		123,654		439
Sasol		46,621		1,724
Sibanye Gold		712,630		1,231

Description	Shares		Value (000)
SPAR Group		45,651	$	712
Standard Bank Group		245,922		3,238
Steinhoff International Holdings		129,685		821
Telkom		109,811		579
				18,130
South Korea — 3.4%
Aekyung Petrochemical		513		33
Asia Paper Manufacturing		1,464		34
BGF retail		2,407		346
CJ O Shopping		489		90
CKH Food & Health*		116,805		501
Dae Han Flour Mills		229		46
Daedong		8,015		29
Daeduck Electronics		16,617		110
Daesung Holdings		3,710		45
Daewoo Securities		10,861		148
Daou Data		19,087		347
DK UIL		3,201		35
Dong-A Hwasung, Cl A		6,581		38
Dongbu Securities		8,251		41
Dongwon Development		1,770		87
Dongwon F&B		182		62
Dongyang E&P		10,103		110
DRB Industrial		2,794		37
Eusu Holdings*		10,158		107
GMB Korea		5,250		26
GS Home Shopping		520		98
GS Retail		6,456		270
Hana Financial Group		23,500		612
Hanil Cement		880		134
Hanil E-Hwa		4,880		59
Hanwha Life Insurance		36,927		262
Heungkuk Fire & Marine Insurance*		9,159		35
Hite Jinro		8,270		168
Huvis		7,775		75
HwaSung Industrial		10,892		258
Hyosung		1,655		214
Hyundai Hy Communications & Networks		10,918		43
Hyundai Motor		5,814		709
Ilji Technology		3,304		25
Jahwa Electronics		8,785		90
JB Financial Group		15,673		93
Jinro Distillers		1,394		63
KB Financial Group		13,590		450
KG Chemical		1,920		36

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

53

THE KP FUNDS June 30, 2015 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Kia Motors		63,165	$	2,565
KISCO		1,295		58
Kolon Global*		487		9
Kolon Industries		3,660		212
Korea District Heating		905		63
Korea Electric Power		74,698		3,067
Korea Flange		2,892		39
KT*		14,928		381
Kumkang Kind		2,366		170
Kunsul Chemical Industrial		920		45
Kwangju Bank*		5,257		36
Kyobo Securities		3,946		41
Kyungchang Industrial		16,273		99
LG Display ADR		177,864		2,062
LG Innotek		9,391		847
LG Uplus		50,030		442
Lotte Chemical		1,197		309
Lotte Shopping		3,214		676
Mcnex		1,655		59
Mobase		4,391		34
Moorim Paper*		35,210		121
Nice Information & Telecommunication		11,426		344
NVH Korea		11,697		38
RedcapTour		1,671		42
S&T Motiv		1,240		74
S-1, Cl 1		3,798		267
Saeron Automotive		4,310		38
Sam Young Electronics		8,260		107
Samsung Electronics		10,314		11,724
Samyang Genex		366		69
Seah Besteel		3,277		128
SeAH Holdings		225		39
SeAH Special Steel		3,085		56
Sejong Industrial		3,340		31
Seoyon		3,086		30
Sewon Precision Industry		657		15
Shindaeyang Paper		1,116		40
Shinhan Financial Group		29,240		1,089
SK Hynix		83,678		3,173
SL		3,748		60
Ssangyong Cement Industrial*		4,042		58
Tongyang Life Insurance		14,490		198
Tovis		12,001		137
TS		1,470		37
Woori Bank		50,523		444
				35,539

Description	Shares		Value (000)
Spain — 1.6%
Abertis Infraestructuras		10,613	$	174
Acerinox		44,903		621
ACS Actividades de Construccion y Servicios		4,647		149
Aena* (A)		1,601		167
Amadeus IT Holding, Cl A		79,968		3,188
Banco Bilbao Vizcaya Argentaria		145,733		1,428
Banco de Sabadell		113,915		275
Banco Popular Espanol		40,383		196
Banco Santander		475,609		3,322
Bankia		107,642		137
Bankinter		14,813		109
CaixaBank		55,189		256
Distribuidora Internacional de Alimentacion*		13,482		103
Enagas		5,120		139
Endesa		7,030		135
Ferrovial		10,472		228
Gas Natural SDG		7,856		178
Grifols		3,674		148
Iberdrola		124,963		841
Inditex		25,100		816
International Consolidated Airlines Group*		18,152		141
Mapfre		26,348		91
Mediaset Espana Comunicacion		36,559		479
Red Electrica		2,433		195
Repsol		23,558		414
Telefonica		119,771		1,702
Viscofan		14,061		850
Zardoya Otis		4,167		45
				16,527
Sweden — 1.7%
Alfa Laval		6,607		116
Assa Abloy, Cl B		139,770		2,632
Atlas Copco, Cl A		24,789		665
Boliden		5,982		109
Electrolux		5,878		184
Elekta, Cl B		8,000		50
Getinge, Cl B		4,515		109
Hennes & Mauritz, Cl B		110,833		4,268
Hexagon, Cl B		6,215		225
Husqvarna, Cl B		8,795		66
ICA Gruppen		1,669		59
Industrivarden, Cl C		4,344		82
Investment Kinnevik, Cl B		5,267		167

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

54

THE KP FUNDS June 30, 2015 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Investor, Cl B		10,395	$	387
Lundin Petroleum*		5,719		98	��
Modern Times Group, Cl B		13,205		354
Nordea Bank		109,782		1,370
Oriflame Holding*		1,600		26
Sandvik		25,669		284
Securitas, Cl B		7,131		94
Skandinaviska Enskilda Banken, Cl A		34,731		444
Skanska, Cl B		8,511		172
SKF, Cl B		9,615		219
Svenska Cellulosa, Cl B		13,336		339
Svenska Handelsbanken, Cl A		149,111		2,177
Swedbank, Cl A		20,726		483
Swedish Match		14,845		422
Tele2, Cl B		7,309		85
Telefonaktiebolaget LM Ericsson, Cl B		142,117		1,473
TeliaSonera		59,185		348
Volvo, Cl B		35,093		436
				17,943
Switzerland — 6.7%
ABB		55,927		1,171
Actelion		2,327		340
Adecco		18,990		1,541
Aryzta*		2,039		101
Baloise Holding		1,109		135
Barry Callebaut		56		64
Chocoladefabriken Lindt & Sprungli		26		252
Cie Financiere Richemont		30,731		2,500
Coca-Cola		4,488		96
Credit Suisse Group		35,161		967
Dufry*		634		88
EMS-Chemie Holding		189		80
Geberit		6,234		2,078
Givaudan		209		362
Helvetia Holding		233		133
Holcim		5,225		386
Julius Baer Group		5,053		283
Kuehne + Nagel International		9,321		1,237
Logitech International		38,394		563
Lonza Group		1,253		167
Nestle		195,215		14,094
Novartis		130,154		12,828
Pargesa Holding		788		53
Partners Group Holding		360		108
Roche Holding		46,966		13,162
Schindler Holding		1,555		254

Description	Shares		Value (000)
SGS		132	$	241
Sika		48		169
Sonova Holding		15,425		2,085
Sulzer		599		62
Swatch Group		1,900		362
Swiss Life Holding		747		171
Swiss Prime Site		1,636		124
Swiss Re		8,093		716
Swisscom		586		328
Syngenta		2,140		870
Transocean		8,866		143
UBS Group		441,015		9,354
Zurich Insurance Group		3,449		1,051
				68,719
Taiwan — 2.5%
Advanced Semiconductor Engineering ADR		211,626		1,397
AU Optronics ADR		463,190		2,066
ChipMOS TECHNOLOGIES		13,900		304
Chroma ATE		69,000		153
Delta Electronics		86,000		440
Hon Hai Precision Industry		552,366		2,100
Siliconware Precision Industries ADR		300,959		2,242
Taiwan Semiconductor Manufacturing		874,448		15,682
Teco Electric and Machinery		275,904		214
Yungtay Engineering		360,000		692
				25,290
Thailand — 1.4%
Advanced Information Technology		233,000		204
Amata		259,300		115
AP Thailand		1,321,800		281
Asia Plus Group Holdings Securities		438,100		55
Bangkok Bank		188,400		995
Bangkok Expressway		255,400		299
Cal-Comp Electronics Thailand		1,336,719		137
Delta Electronics Thailand		171,600		460
Dhipaya Insurance		16,800		19
GFPT		1,808,000		643
Hana Microelectronics		682,600		818
Indorama Ventures		165,800		134
KCE Electronics		582,400		956
KGI Securities Thailand		902,000		92
Krung Thai Bank		685,700		347
Krungthai Card		48,000		140
Lalin Property		282,000		34

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

55

THE KP FUNDS June 30, 2015 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Major Cineplex Group		45,700	$	46
MFEC		216,800		47
MK Real Estate Development		283,600		43
Padaeng Industry PLC*		67,600		33
PTT		343,100		3,648
PTT Global Chemical		1,241,200		2,545
Pylon		116,100		41
Raimon Land*		3,087,200		140
Ratchaburi Electricity Generating Holding		157,000		266
Regional Container Lines		164,800		47
RS		164,000		66
SC Asset		371,588		36
Siam Cement		13,500		208
Siamgas & Petrochemicals		496,400		162
SNC Former		76,300		35
Somboon Advance Technology		67,400		37
Sri Trang Agro-Industry		106,400		41
Sriracha Construction		91,700		72
Srithai Superware		442,500		32
Syntec Construction		2,491,000		218
Thai Airways International*		292,100		113
Thai Vegetable Oil		176,300		117
Thanachart Capital		391,300		382
Tipco Asphalt		899,700		610
Tisco Financial Group		77,900		106
Vanachai Group*		221,100		—
				14,820
Turkey — 1.1%
Adana Cimento Sanayii, Cl A		70,647		174
Akcansa Cimento		36,973		221
Akfen Gayrimenkul Yatirim Ortakligi‡ *		81,138		45
Albaraka Turk Katilim Bankasi		44,267		24
Alcatel-Lucent Teletas Telekomunikasyon*		176,119		524
Anadolu Anonim Turk Sigorta Sirketi		148,517		78
Baticim Bati Anadolu Cimento Sanayii		28,063		71
Celebi Hava Servisi		16,773		214
Cimsa Cimento Sanayi ve Ticaret		125,819		721
EGE Endustri VE Ticaret		3,722		318
EGE Seramik Sanayi ve Ticaret		22,722		30
Gubre Fabrikalari		107,083		284
Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret		60,555		100
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.		85,387		79

Description	Shares		Value (000)
Soda Sanayii		419,419	$	910
Tat Gida Sanayi*		111,303		277
Tupras Turkiye Petrol Rafinerileri*		32,126		814
Turk Hava Yollari*		571,867		1,877
Turkiye Garanti Bankasi		230,629		719
Turkiye Is Bankasi, Cl C		919,209		1,934
Turkiye Sise ve Cam Fabrikalari		113,992		154
Vestel Beyaz Esya Sanayi ve Ticaret		112,100		537
Vestel Elektronik Sanayi ve Ticaret*		470,230		860
				10,965
United Arab Emirates — 0.0%
Air Arabia		1,145,485		505
United Kingdom — 16.7%
3i Group		158,544		1,287
Aberdeen Asset Management		20,649		131
Admiral Group		40,328		879
Aggreko		6,088		138
Amec Foster Wheeler		28,378		365
Anglo American		12,191		177
Anglo American PLC		31,968		461
Antofagasta		15,576		169
ARM Holdings		32,361		527
Ashtead Group		11,317		195
Associated British Foods		8,126		367
AstraZeneca		29,185		1,843
Aviva		91,972		712
Babcock International Group		6,506		110
BAE Systems		235,377		1,669
Barclays PLC		1,488,767		6,094
Barratt Developments		50,844		491
Berendsen		25,269		405
Betfair Group		23,342		882
BG Group PLC		252,588		4,205
BHP Billiton		85,582		1,679
BP		756,439		4,993
British American Tobacco		44,956		2,412
British Land‡		21,860		273
BT Group, Cl A		193,114		1,366
Bunzl		76,219		2,082
Burberry Group		10,066		248
Cable & Wireless Communications		604,776		633
Capita		130,454		2,538
Carnival		25,257		1,290
Centrica		136,234		565
Close Brothers Group		6,431		154
Cobham		24,812		103

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

56

THE KP FUNDS June 30, 2015 (Unaudited)

KP International Equity Fund

Description	Shares			Value (000)
Compass Group PLC		655,782		$	10,851
Croda International		3,240			140
Daily Mail & General Trust, Cl A		72,585			1,060
Delphi Automotive PLC		30,655			2,608
Devro		75,444			359
Diageo PLC		266,469			7,708
Direct Line Insurance Group*		30,795			162
Dixons Carphone		21,823			156
easyJet		3,671			89
Fresnillo		4,545			50
G4S		325,412			1,374
GKN		39,875			210
GlaxoSmithKline		118,284			2,458
Glencore*		412,982			1,657
GVC Holdings*		16,667			119
Hammerson‡		17,555			170
Hargreaves Lansdown		6,485			117
Hays PLC		436,607			1,121
HomeServe		130,343			881
HSBC Holdings		120,757			1,093
HSBC Holdings PLC		1,024,062			9,174
ICAP		130,959			1,090
IG Group Holdings		61,624			723
IMI		12,780			226
Imperial Tobacco Group PLC		22,059			1,063
Inchcape		40,787			520
Informa PLC		56,981			489
Inmarsat		10,644			153
InterContinental Hotels Group		5,721	��		231
International Personal Finance		119,828			860
Intertek Group		52,742			2,030
Intu Properties‡		20,506			99
Investec		13,144			118
ITV		583,012			2,412
J Sainsbury		32,261			134
Johnson Matthey		4,959			237
Jupiter Fund Management		61,016			427
Just Eat*		62,742			401
Kingfisher		53,290			291
Land Securities Group‡		17,914			339
Legal & General Group		136,177			533
Lloyds Banking Group		2,759,855			3,696
London Stock Exchange Group		7,041			262
Lonmin*		1,677			3
Lukoil OAO ADR		61			3
Marks & Spencer Group		37,281			314
Meggitt		19,043			140

Description	Shares		Value (000)
Melrose Industries		22,666	$	88
Merlin Entertainments (A)		229,959		1,544
Michael Page International		23,165		198
Millennium & Copthorne Hotels		14,685		132
Mondi		8,231		177
Moneysupermarket.com Group		143,511		657
National Express Group		33,124		160
National Grid		86,183		1,106
Next		3,312		388
Non-Standard Finance* (A)		47,144		76
Northgate		17,597		159
Old Mutual		111,723		354
Pearson		18,696		354
Persimmon		6,906		214
Petrofac		10,755		156
Pets at Home Group		112,755		529
Provident Financial		35,818		1,647
Prudential PLC		172,727		4,158
Reckitt Benckiser Group PLC		104,574		9,017
Reed Elsevier		106,032		1,724
Rexam		105,105		912
Rightmove		47,737		2,458
Rio Tinto PLC		108,360		4,450
Rolls-Royce Holdings PLC		309,171		4,225
Ros Agro PLC*		4,973		—
Royal Bank of Scotland Group*		57,918		320
Royal Mail		17,755		144
RSA Insurance Group		24,054		150
SABMiller		22,351		1,160
Sage Group		26,157		211
Schroders		2,761		138
Segro‡		16,989		108
Serco Group PLC		294,152		545
Severn Trent		5,833		191
Shire		13,605		1,089
Sky PLC		306,576		4,995
Smith & Nephew		32,066		541
Smiths Group PLC		164,233		2,913
South32*		85,044		115
Spectris		20,909		693
Sports Direct International*		6,310		71
SSE		22,646		546
SSP Group		172,750		778
Stagecoach Group		135,113		857
Standard Chartered PLC		265,083		4,244
Standard Life		44,367		310
Subsea 7*		6,331		62

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

57

THE KP FUNDS June 30, 2015 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Tate & Lyle		11,158	$	91
Taylor Wimpey		73,338		214
Tesco		362,476		1,211
Thomas Cook Group*		379,053		815
Travis Perkins		5,585		185
Tullow Oil		21,096		113
Unilever		73,992		3,173
United Utilities Group		16,506		231
Vodafone Group PLC		790,653		2,855
Weir Group		4,852		130
WH Smith		30,081		722
Whitbread		4,134		321
William Hill		21,019		133
WM Morrison Supermarkets		49,184		140
Wolseley		5,933		379
WPP PLC		419,961		9,411
				172,982
United States — 0.6%
Consumer Discretionary — 0.5%
Yum! Brands		54,818		4,938
Energy — 0.1%
Aegean Marine Petroleum Network		4,719		58
Seadrill*		9,011		94
Tsakos Energy Navigation		82,699		788
				940
Information Technology — 0.0%
Genpact*		7,483		160
NCR*		10,614		319
				479
				6,357
Total Common Stock (Cost $988,702) (000)				1,002,437
Preferred Stock — 0.9%
Alpargatas		210,898		559
Banco ABC Brasil*		37,100		140
Banco Bradesco, Cl Preference		240,240		2,202
Bayerische Motoren Werke, Cl Preference		1,207		102
Cia de Gas de Sao Paulo*		3,700		51
Cia Energetica de Minas Gerais		267,700		1,016
Cia Paranaense de Energia		61,000		676
CJ		1,220		159
Eletropaulo Metropolitana Eletricidade de Sao Paulo, Cl B*		72,300		418
FUCHS PETROLUB		1,729		73

Description	Shares		Value (000)
Henkel & KGaA		4,076	$	457
Itau Unibanco Holding		26,400		291
Porsche Automobil Holding		3,462		292
Suzano Papel e Celulose, Cl A		91,200		486
Vale, Cl Preference		40,700		205
Volkswagen		10,222		2,370
Total Preferred Stock (Cost $10,540) (000)				9,497
	Number of Warrants
Warrant — 0.0%
Raimon Land*		771,800		—
Total Warrant (Cost $—) (000)				—
	Number of Rights
Rights — 0.0%
Abertis Infraestructuras*		10,613		9
Acerinox*		44,547		20
Deutsche Annington Immobilien*		8,028		—
Jardine Cycle & Carriage*		333		2
Repsol*		23,795		12
Zardoya Otis*		4,167		—
Total Rights (Cost $—) (000)				43
SHORT-TERM INVESTMENT (C) — 3.3%
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.000%,		33,618,649		33,619
Total Short-Term Investment (Cost $33,619) (000)				33,619
Total Investments — 101.5% (Cost $1,032,861) (000)			$	1,045,596

Percentages are based on net assets of $1,030,373 (000).

A list of the open futures contracts held by the Fund at June 30, 2015, is as follows (000):

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Depreciation
E-MINI MSCI Future		13		Sep-2015	$	(48	)

For the period ended June 30, 2015, the monthly average notional value of futures contracts held was $6,855 (000).

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

58

THE KP FUNDS June 30, 2015 (Unaudited)

KP International Equity Fund

* 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.

(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 June 30, 2015, was $0 (000) and represented 0.00% of net assets.

(C) The rate reported is the 7-day effective yield as of June 30, 2015.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

MSCI — Morgan Stanley Capital International

PLC — Public Limited Company

The following is a list of the level of inputs used as of June 30, 2015, 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	$	26,751	$	—	$	—	$	26,751
Austria		1,675		—		—		1,675
Belgium		7,626		—		—		7,626
Brazil		17,530		—		—		17,530
Canada		11,881		—		—		11,881
Chile		1,327		—		—		1,327
China		31,637		—		—		31,637
Colombia		1,551		—		—		1,551
Cyprus		212		—		—		212
Czech Republic		951		—		—		951
Denmark		16,247		—		—		16,247
Finland		7,752		—		—		7,752
France		70,818		—		—		70,818
Germany		66,747		—		—		66,747
Greece		—		645		—		645
Hong Kong		41,798		—		—		41,798
Hungary		121		—		—		121
India		5,383		—		—		5,383
Indonesia		11,135		—		—		11,135
Ireland		6,658		—		—		6,658
Israel		2,865		—		—		2,865
Italy		13,833		—		—		13,833
Japan		167,677		—		—		167,677
Luxembourg		2,069		—		—		2,069
Macau		183		—		—		183
Malaysia		8,646		—		—		8,646
Mexico		16,716		—		—		16,716
Netherlands		38,438		—		—		38,438
New Zealand		802		—		—		802
Norway		3,486		—		—		3,486
Panama		40		—		—		40
Peru		838		—		—		838
Philippines		2,619		—		—		2,619
Poland		7,914		—		—		7,914
Portugal		465		—		—		465
Qatar		2,656		—		—		2,656
Russia		5,226		—		—		5,226
Singapore		11,742		—		—		11,742
South Africa		18,130		—		—		18,130
South Korea		35,539		—		—		35,539
Spain		16,527		—		—		16,527
Sweden		17,943		—		—		17,943

Investments in Securities	Level 1			Level 2		Level 3		Total
Switzerland	$	68,719		$	—	$	—	$	68,719
Taiwan		25,290			—		—		25,290
Thailand		14,820			—		—		14,820
Turkey		10,965			—		—		10,965
United Arab Emirates		505			—		—		505
United Kingdom		172,982			—		—		172,982
United States		6,357			—		—		6,357
Total Common Stock		1,001,792			645		—		1,002,437
Preferred Stock		9,497			—		—		9,497
Warrants		—			—		—		—
Rights		—			43		—		43
Short-Term Investment		33,619			—		—		33,619
Total Investments in Securities	$	1,044,908		$	688	$	—	$	1,045,596
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*
Unrealized Depreciation	$	(48	)	$	—	$	—	$	(48	)
		��
Total Other Financial Instruments	$	(48	)	$	—	$	—	$	(48	)

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

For the period ended June 30, 2015, there were transfers from Level 1 to Level 2 assets and liabilities that represented securities traded primarily outside the United States, the values of which were adjusted as a result of significant market movements following the close of local trading. For the period ended June 30, 2015, there were no transfers between 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 June 30, 2015, 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.

59

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Face Amount (000)		Value (000)
U.S. TREASURY OBLIGATIONS — 30.5%
U.S. Treasury Bonds
4.750%, 02/15/37	$	5,302	$	6,872
3.000%, 11/15/44		8,846		8,653
2.500%, 02/15/45		3,620		3,186
U.S. Treasury Notes
8.000%, 11/15/21		1,000		1,365
3.625%, 02/15/20		2,100		2,293
3.375%, 11/15/19		2,000		2,159
3.125%, 10/31/16		1,000		1,036
2.750%, 11/30/16-11/15/23		6,650		6,886
2.625%, 08/15/20		2,300		2,405
2.500%, 05/15/24		2,425		2,467
2.375%, 08/15/24		2,150		2,162
2.250%, 04/30/21-11/15/24		3,800		3,844
2.125%, 08/15/21-05/15/25		17,363		17,252
2.000%, 09/30/20-02/15/25		16,450		16,429
1.875%, 05/31/22		1,765		1,745
1.750%, 04/30/22-05/15/23		6,632		6,481
1.625%, 06/30/19-06/30/20		19,982		20,078
1.500%, 07/31/16-05/31/20		21,680		21,615
1.375%, 06/30/18-05/31/20		21,773		21,683
1.250%, 11/30/18-02/29/20		10,410		10,305
1.125%, 06/15/18-12/31/19		6,526		6,476
1.000%, 08/31/16-09/30/19		40,485		40,540
0.875%, 01/31/17-01/31/18		17,775		17,862
0.750%, 03/15/17-04/15/18		5,531		5,546
0.625%, 12/15/16-11/30/17		24,994		25,007
0.500%, 01/31/17-07/31/17		24,008		23,975
Total U.S. Treasury Obligations (Cost $279,177) (000)				278,322
CORPORATE OBLIGATIONS — 29.7%
Consumer Discretionary — 2.7%
21st Century Fox America 4.500%, 02/15/21		100		109
Amazon.com 1.200%, 11/29/17		200		199

Description	Face Amount (000)		Value (000)
American Honda Finance
1.200%, 07/14/17	$	100	$	100
0.950%, 05/05/17		100		100
Atento Luxco 7.375%, 01/29/20 (A)		370		370
AutoZone 2.500%, 04/15/21		100		98
Avianca Holdings 8.375%, 05/10/20 (A)		530		534
Bed Bath & Beyond 3.749%, 08/01/24		25		25
CBS 3.375%, 03/01/22		150		148
Cleveland Clinic Foundation 4.858%, 01/01/14		375		348
Comcast
6.500%, 01/15/17		250		270
4.600%, 08/15/45		500		496
4.200%, 08/15/34		1,460		1,408
3.375%, 02/15/25		125		124
Daimler Finance North America 2.450%, 05/18/20 (A)		2,288		2,273
Delphi 4.150%, 03/15/24		40		41
Diageo Capital 5.750%, 10/23/17		200		218
DIRECTV Holdings
5.150%, 03/15/42		191		180
5.000%, 03/01/21		200		217
4.450%, 04/01/24		100		102
Discovery Communications 5.050%, 06/01/20		100		110
ERAC USA Finance 2.350%, 10/15/19 (A)		1,490		1,480
Ford Motor Credit
4.250%, 02/03/17		200		208
3.000%, 06/12/17		200		205
2.375%, 03/12/19		400		399
1.461%, 03/27/17		2,146		2,136
Gap 5.950%, 04/12/21		100		113
General Motors
5.000%, 04/01/35		665		653
3.500%, 10/02/18		200		206
2.625%, 07/10/17		1,175		1,188
General Motors Financial
4.000%, 01/15/25		100		98
3.150%, 01/15/20		150		151
George Washington University 4.868%, 09/15/45		670		670
Grupo Televisa 7.250%, 05/14/43		2,840		154
Home Depot
4.400%, 04/01/21		100		111
2.000%, 06/15/19		100		100

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

60

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Johnson Controls 3.625%, 07/02/24	$	43	$	43
Kohl’s 4.000%, 11/01/21		100		105
Latam Airlines 2015-1 Pass Through Trust A 4.200%, 11/15/27 (A)		660		647
Lowe’s 4.625%, 04/15/20		100		109
Macy’s Retail Holdings 3.625%, 06/01/24		100		100
Magna International 3.625%, 06/15/24		50		49
Marriott International 3.125%, 10/15/21		100		100
Mattel 2.350%, 05/06/19		100		100
McDonald’s
5.350%, 03/01/18		100		109
4.600%, 05/26/45		779		760
3.375%, 05/26/25		100		98
NBCUniversal Media 4.375%, 04/01/21		100		108
Newell Rubbermaid 4.000%, 12/01/24		50		51
Omnicom Group 4.450%, 08/15/20		100		107
QVC 4.450%, 02/15/25		65		63
Scripps Networks Interactive 2.750%, 11/15/19		100		100
Staples 2.750%, 01/12/18		100		101
Starbucks 6.250%, 08/15/17		100		111
Target 2.900%, 01/15/22		200		202
Time Warner
4.875%, 03/15/20		150		164
4.850%, 07/15/45		552		536
3.600%, 07/15/25		913		888
3.550%, 06/01/24		150		146
2.100%, 06/01/19		100		99
Time Warner Cable
8.250%, 04/01/19		200		235
7.300%, 07/01/38		208		234
4.000%, 09/01/21		100		103
TJX 2.750%, 06/15/21		100		101
Toyota Motor Credit
2.750%, 05/17/21		100		101
2.150%, 03/12/20		900		900
2.100%, 01/17/19		200		201
2.050%, 01/12/17		200		203
1.450%, 01/12/18		1,194		1,195

Description	Face Amount (000)		Value (000)
Viacom
4.250%, 09/01/23	$	100	$	101
2.200%, 04/01/19		100		99
VTR Finance 6.875%, 01/15/24 (A)		380		388
Walt Disney
2.550%, 02/15/22		100		99
1.850%, 05/30/19		150		150
Whirlpool 4.000%, 03/01/24		60		61
Wyndham Worldwide 4.250%, 03/01/22		50		50
Yum! Brands 3.875%, 11/01/23		100		99
				24,558
Consumer Staples — 1.6%
Ajecorp 6.500%, 05/14/22 (A)		350		255
Altria Group 9.250%, 08/06/19		200		251
Anheuser-Busch InBev Finance
3.700%, 02/01/24		100		103
2.150%, 02/01/19		100		100
Anheuser-Busch InBev Worldwide
7.750%, 01/15/19		200		237
5.375%, 01/15/20		100		113
1.375%, 07/15/17		100		101
BAT International Finance
3.950%, 06/15/25 (A)		1,223		1,234
1.850%, 06/15/18 (A)		778		780
Beam Suntory 1.875%, 05/15/17		100		101
Brown-Forman 4.500%, 07/15/45		712		705
Bunge Finance 3.200%, 06/15/17		100		103
Clorox 3.500%, 12/15/24		50		49
Coca-Cola
3.300%, 09/01/21		100		105
3.200%, 11/01/23		100		101
2.450%, 11/01/20		150		152
Coca-Cola Femsa 2.375%, 11/26/18		150		152
Colgate-Palmolive 1.750%, 03/15/19		100		100
ConAgra Foods 1.900%, 01/25/18		100		99
Costco Wholesale 1.700%, 12/15/19		100		99
CVS Health
5.750%, 06/01/17		100		108
3.375%, 08/12/24		100		98
2.250%, 12/05/18		150		152

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

61

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
CVS Pass-Through Trust 4.163%, 08/11/36 (A)	$	126	$	126
General Mills
5.650%, 02/15/19		100		112
3.150%, 12/15/21		61		62
Gruma 4.875%, 12/01/24 (A)		200		208
HJ Heinz
5.200%, 07/15/45 (A)		667		683
5.000%, 07/15/35 (A)		389		394
1.600%, 06/30/17 (A)		1,265		1,265
JB y 3.750%, 05/13/25 (A)		150		146
JBS USA 5.750%, 06/15/25 (A)		170		168
JM Smucker 2.500%, 03/15/20 (A)		100		99
Kimberly-Clark 1.900%, 05/22/19		150		150
Kraft Foods Group
6.875%, 01/26/39		175		215
3.500%, 06/06/22		125		125
Kroger 6.400%, 08/15/17		100		110
Mondelez International
4.000%, 02/01/24		100		104
2.250%, 02/01/19		100		100
PepsiCo
7.900%, 11/01/18		200		239
3.600%, 03/01/24		100		103
2.250%, 01/07/19		100		101
1.250%, 04/30/18		100		100
Philip Morris International
5.650%, 05/16/18		250		277
4.500%, 03/26/20		100		110
Procter & Gamble 1.900%, 11/01/19		100		100
Reynolds American
6.750%, 06/15/17		100		109
5.700%, 08/15/35		989		1,025
4.450%, 06/12/25		150		153
2.300%, 06/12/18		1,713		1,726
RJ Reynolds Tobacco 2.300%, 08/21/17		100		100
Sysco 3.000%, 10/02/21		40		40
2.350%, 10/02/19		100		101
Tyson Foods 4.500%, 06/15/22		150		159
Unilever Capital 2.200%, 03/06/19		100		101
USJ Acucar e Alcool 9.875%, 11/09/19 (A)		340		184
Walgreens Boots Alliance 4.800%, 11/18/44		283		266

Description	Face Amount (000)		Value (000)
3.300%, 11/18/21	$	100	$	100
2.700%, 11/18/19		100		100
Wal-Mart Stores
4.250%, 04/15/21		125		137
3.300%, 04/22/24		50		51
1.125%, 04/11/18		250		249
				14,996
Energy — 3.8%
Anadarko Petroleum 6.375%, 09/15/17		200		220
Apache 5.100%, 09/01/40		644		622
Baker Hughes 7.500%, 11/15/18		150		176
Boardwalk Pipelines 4.950%, 12/15/24		50		49
BP Capital Markets
3.535%, 11/04/24		250		248
2.750%, 05/10/23		200		191
2.315%, 02/13/20		125		124
2.237%, 05/10/19		100		101
Cameron International 1.400%, 06/15/17		50		50
Canadian Natural Resources 5.700%, 05/15/17		100		108
Cenovus Energy
5.700%, 10/15/19		125		140
3.000%, 08/15/22		1,926		1,821
Chevron
2.355%, 12/05/22		150		143
2.193%, 11/15/19		90		90
1.961%, 03/03/20		150		149
1.718%, 06/24/18		100		101
Chevron Phillips Chemical 1.700%, 05/01/18 (A)		837		836
CNOOC Curtis Funding No. 1 4.500%, 10/03/23 (A)		950		997
CNOOC Finance 2015 Australia Property 2.625%, 05/05/20		200		197
CNOOC Nexen Finance 1.625%, 04/30/17		200		200
ConocoPhillips
6.000%, 01/15/20		100		116
5.750%, 02/01/19		125		141
3.350%, 11/15/24		100		99
Continental Resources
5.000%, 09/15/22		100		98
4.500%, 04/15/23		100		97
Devon Energy 2.250%, 12/15/18		150		150
Ecopetrol
5.875%, 09/18/23		280		294
5.375%, 06/26/26		300		297

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

62

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Empresa Nacional del Petroleo 4.375%, 10/30/24 (A)	$	310	$	310
Enable Midstream Partners 2.400%, 05/15/19 (A)		50		48
Enbridge 5.600%, 04/01/17		100		106
Enbridge Energy Partners 5.875%, 12/15/16		50		53
Energy Transfer Partners
6.125%, 12/15/45		290		290
5.200%, 02/01/22		150		157
4.050%, 03/15/25		1,281		1,208
3.600%, 02/01/23		100		95
2.500%, 06/15/18		799		800
Ensco 4.700%, 03/15/21		100		102
Enterprise Products Operating
3.350%, 03/15/23		100		98
2.550%, 10/15/19		200		200
1.650%, 05/07/18		628		627
EOG Resources 2.625%, 03/15/23		100		96
Exxon Mobil
2.709%, 03/06/25		150		146
1.819%, 03/15/19		150		150
Fermaca Enterprises 6.375%, 03/30/38 (A)		199		202
Halliburton 3.500%, 08/01/23		100		101
Hess 8.125%, 02/15/19		150		177
5.600%, 02/15/41		689		706
Husky Energy 4.000%, 04/15/24		100		99
KazMunayGas National
6.375%, 04/09/21 (A)		430		450
6.000%, 11/07/44 (A)		200		170
5.750%, 04/30/43 (A)		470		391
Kinder Morgan
5.300%, 12/01/34		461		429
5.000%, 02/15/21 (A)		522		552
3.050%, 12/01/19		50		50
2.000%, 12/01/17		200		199
Kinder Morgan Energy Partners
6.500%, 02/01/37		318		328
3.950%, 09/01/22		250		244
3.500%, 03/01/21		20		20
Magellan Midstream Partners 4.250%, 02/01/21		100		106
Marathon Oil
5.200%, 06/01/45		397		386
2.800%, 11/01/22		150		142
2.700%, 06/01/20		1,351		1,340
MPLX 4.000%, 02/15/25		25		24

Description	Face Amount (000)		Value (000)
Nabors Industries 5.100%, 09/15/23	$	100	$	99
National Oilwell Varco 2.600%, 12/01/22		100		95
Noble Energy 4.150%, 12/15/21		200		208
Occidental Petroleum
4.625%, 06/15/45		525		522
3.125%, 02/15/22		100		100
ONEOK Partners 3.375%, 10/01/22		100		92
Pacific Rubiales Energy 5.375%, 01/26/19 (A)		370		304
Pertamina Persero
6.450%, 05/30/44 (A)		370		364
6.000%, 05/03/42 (A)		540		501
Petrobras Global Finance
6.250%, 03/17/24		150		145
4.875%, 03/17/20		814		774
Petrobras International Finance
5.375%, 01/27/21		300		288
3.500%, 02/06/17		300		297
Petroleos de Venezuela
9.750%, 05/17/35 (A)		585		237
9.000%, 11/17/21		830		338
6.000%, 11/15/26 (A)		665		235
5.375%, 04/12/27		1,200		411
5.250%, 04/12/17		290		144
Petroleos Mexicanos
8.000%, 05/03/19		250		293
6.625%, 06/15/35		1,220		1,302
6.375%, 01/23/45		190		194
3.500%, 07/18/18 (A)		2,062		2,107
Petronas Capital
4.500%, 03/18/45 (A)		200		193
3.500%, 03/18/25 (A)		200		198
Phillips 66
4.875%, 11/15/44		695		664
3.605%, 02/15/25		25		23
2.950%, 05/01/17		200		206
Plains All American Pipeline 3.850%, 10/15/23		150		148
Schlumberger Investment 3.650%, 12/01/23		100		103
Shell International Finance
4.300%, 09/22/19		200		218
3.250%, 05/11/25		150		148
1.125%, 08/21/17		150		150
Southwestern Energy 4.950%, 01/23/25		100		101
Spectra Energy Capital 3.300%, 03/15/23		150		138
Spectra Energy Partners 3.500%, 03/15/25		100		96

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

63

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
State Oil of the Azerbaijan Republic 4.750%, 03/13/23	$	770	$	733
Statoil
3.700%, 03/01/24		100		103
2.450%, 01/17/23		125		121
2.250%, 11/08/19		150		150
Suncor Energy 6.100%, 06/01/18		100		112
Total Capital Canada 2.750%, 07/15/23		100		97
Total Capital International
2.100%, 06/19/19		100		101
1.550%, 06/28/17		200		202
TransCanada PipeLines
6.350%, 05/15/67 (B)		100		95
2.500%, 08/01/22		100		95
Valero Energy 9.375%, 03/15/19		29		36
Weatherford International 9.625%, 03/01/19		100		117
Western Gas Partners 2.600%, 08/15/18		100		101
Williams 4.550%, 06/24/24		50		49
Williams Partners
6.300%, 04/15/40		446		453
5.250%, 03/15/20		250		272
4.300%, 03/04/24		765		752
4.000%, 09/15/25		460		431
YPF
8.500%, 07/28/25 (A)		280		277
				34,190
Financials — 10.6%
Abbey National Treasury Services 1.650%, 09/29/17		100		100
ACE INA Holdings 3.350%, 05/15/24		100		100
Aflac 2.650%, 02/15/17		200		205
African Development Bank
1.375%, 02/12/20		100		99
0.875%, 05/15/17		205		204
Agricola Senior Trust 6.750%, 06/18/20 (A)		390		398
Alexandria Real Estate Equities 2.750%, 01/15/20‡		50		49
Alleghany 4.950%, 06/27/22		100		108
American Express 7.000%, 03/19/18		150		170
American Express Credit
2.375%, 03/24/17		300		303

Description	Face Amount (000)		Value (000)
2.250%, 08/15/19	$	150	$	150
1.125%, 06/05/17		150		150
American International Group
3.375%, 08/15/20		150		155
2.300%, 07/16/19		100		100
American Tower
3.450%, 09/15/21‡		150		149
3.400%, 02/15/19‡		100		103
Ameriprise Financial 5.300%, 03/15/20		100		113
Andina de Fomento 4.375%, 06/15/22		100		108
Aon 5.000%, 09/30/20		100		110
Ares Capital 3.875%, 01/15/20		60		61
Asian Development Bank
2.125%, 11/24/21		100		100
2.000%, 01/22/25		100		96
1.750%, 03/21/19		100		101
1.125%, 03/15/17		400		403
0.750%, 07/28/17		100		100
Assurant 4.000%, 03/15/23		74		74
Australia & New Zealand Banking Group New York 1.250%, 01/10/17		250		251
AvalonBay Communities 3.500%, 11/15/24‡		100		100
Banco de Costa Rica 5.250%, 08/12/18 (A)		540		554
Banco do Brasil 3.875%, 10/10/22		200		181
Banco Nacional de Costa Rica 4.875%, 11/01/18 (A)		350		353
Banco Regional SAECA 8.125%, 01/24/19 (A)		390		419
Bank of America
6.500%, 08/01/16		250		264
4.200%, 08/26/24		165		165
4.000%, 04/01/24		200		199
3.950%, 04/21/25		100		96
2.650%, 04/01/19		450		455
2.600%, 01/15/19		649		656
2.250%, 04/21/20		250		245
2.000%, 01/11/18		150		151
1.950%, 05/12/18		1,007		1,007
1.750%, 06/05/18		500		499
1.700%, 08/25/17		140		140
1.250%, 02/14/17		250		250
Bank of Ceylon 6.875%, 05/03/17 (A)		210		216
Bank of China 5.000%, 11/13/24 (A)		440		450
Bank of Georgia 7.750%, 07/05/17		330		342

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

64

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Bank of Montreal 1.400%, 04/10/18	$	200	$	199
Bank of New York Mellon
3.550%, 09/23/21		100		104
3.000%, 02/24/25		100		97
2.100%, 08/01/18		200		203
Bank of Nova Scotia
2.050%, 10/30/18		100		101
1.300%, 07/21/17		100		100
1.100%, 12/13/16		150		150
Banque Centrale de Tunisie 5.750%, 01/30/25 (A)		1,030		1,006
Barclays
3.650%, 03/16/25		200		189
2.875%, 06/08/20		250		248
2.750%, 11/08/19		200		199
BB&T
2.625%, 06/29/20		2,076		2,081
2.450%, 01/15/20		100		100
BBVA Bancomer 6.008%, 05/17/22 (A) (B)		380		391
Berkshire Hathaway
2.100%, 08/14/19		100		101
1.900%, 01/31/17		250		254
BioMed Realty 2.625%, 05/01/19‡		50		50
BlackRock 5.000%, 12/10/19		100		112
BMCE Bank 6.250%, 11/27/18		200		209
BNP Paribas
4.250%, 10/15/24		200		197
2.375%, 09/14/17		3,615		3,582
Boston Properties
3.850%, 02/01/23‡		100		103
3.700%, 11/15/18‡		100		105
BPCE 1.625%, 02/10/17		250		252
Branch Banking & Trust 1.000%, 04/03/17		250		249
Camden Property Trust 3.500%, 09/15/24‡		100		97
Capital One 1.650%, 02/05/18		1,737		1,724
Capital One Bank USA 2.150%, 11/21/18		250		248
Capital One Financial
3.200%, 02/05/25		50		47
2.450%, 04/24/19		200		200
CBL & Associates 5.250%, 12/01/23‡		150		154
Charles Schwab 4.450%, 07/22/20		100		111
Chubb 5.750%, 05/15/18		100		112

Description	Face Amount (000)		Value (000)
Cielo 3.750%, 11/16/22 (A)	$	390	$	359
Citigroup
8.500%, 05/22/19		350		427
4.450%, 01/10/17		100		104
4.400%, 06/10/25		1,088		1,084
3.750%, 06/16/24		100		101
3.500%, 05/15/23		100		98
2.500%, 07/29/19		100		100
2.400%, 02/18/20		100		99
1.700%, 04/27/18		2,596		2,579
1.550%, 08/14/17		250		249
CNA Financial 5.875%, 08/15/20		100		114
Comerica 2.125%, 05/23/19		50		50
Commonwealth Bank of Australia 2.250%, 03/13/19		250		251
Cooperatieve Centrale Raiffeisen-Boerenleenbank 3.875%, 02/08/22		300		312
Council of Europe Development Bank
1.750%, 11/14/19		100		100
1.125%, 05/31/18		150		150
Credit Suisse New York
5.400%, 01/14/20		250		276
3.625%, 09/09/24		250		248
1.750%, 01/29/18		250		249
1.700%, 04/27/18		1,350		1,341
Crown Castle Holdings 3.849%, 04/15/23		50		49
DDR 3.500%, 01/15/21‡		100		101
Deutsche Bank
6.000%, 09/01/17		200		217
3.700%, 05/30/24		85		84
1.875%, 02/13/18		50		50
Development Bank of Kazakhstan 4.125%, 12/10/22 (A)		970		863
Digital Realty Trust
3.950%, 07/01/22‡		100		100
3.625%, 10/01/22‡		100		97
Discover Bank 2.000%, 02/21/18		250		249
Duke Realty 3.750%, 12/01/24‡		100		99
ERP Operating
4.625%, 12/15/21‡		200		218
2.375%, 07/01/19‡		2,510		2,521
Essex Portfolio 3.500%, 04/01/25‡		1,470		1,424

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

65

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
European Bank for Reconstruction & Development
1.500%, 03/16/20	$	200	$	198
1.375%, 10/20/16		100		101
1.000%, 02/16/17		200		202
European Investment Bank
3.250%, 01/29/24		250		266
2.125%, 10/15/21		100		100
1.875%, 03/15/19		150		152
1.750%, 06/17/19		300		302
1.625%, 12/18/18		2,258		2,245
1.375%, 06/15/20		150		147
1.250%, 05/15/18		150		150
1.125%, 09/15/17		500		503
1.000%, 08/17/17		100		100
0.875%, 04/18/17		250		251
0.500%, 08/15/16		500		500
Export Credit Bank of Turkey
5.875%, 04/24/19 (A)		200		211
5.000%, 09/23/21 (A)		620		624
Export-Import Bank of India 4.000%, 01/14/23		470		467
Fifth Third Bank 1.150%, 11/18/16		200		200
Goldman Sachs Group
6.150%, 04/01/18		500		556
5.750%, 01/24/22		300		341
4.000%, 03/03/24		100		102
3.750%, 05/22/25		1,046		1,032
3.625%, 01/22/23		673		669
3.500%, 01/23/25		1,924		1,869
2.625%, 01/31/19		150		152
2.600%, 04/23/20		100		99
2.550%, 10/23/19		200		200
Hartford Financial Services Group 5.125%, 04/15/22		100		111
HCP 5.375%, 02/01/21‡		200		221
Health Care 5.250%, 01/15/22‡		100		109
Hospitality Properties Trust 5.000%, 08/15/22‡		100		104
Host Hotels & Resorts 3.750%, 10/15/23‡		100		98
HSBC Finance 6.676%, 01/15/21		100		116
HSBC Holdings 4.000%, 03/30/22		100		105
HSBC USA
2.625%, 09/24/18		150		153
1.500%, 11/13/17		150		150
1.300%, 06/23/17		200		200
Huntington National Bank 2.400%, 04/01/20		250		247

Description	Face Amount (000)		Value (000)
IDBI Bank 4.125%, 04/23/20	$	410	$	410
Industrial & Commercial Bank of China 3.231%, 11/13/19		250		254
Inter-American Development Bank
2.125%, 01/15/25		125		121
1.875%, 06/16/20		200		202
1.750%, 10/15/19		250		247
1.125%, 03/15/17		400		403
1.000%, 07/14/17		100		100
0.875%, 03/15/18		150		150
Intercontinental Exchange 4.000%, 10/15/23		150		156
International Bank for Reconstruction & Development
2.500%, 11/25/24		100		100
2.250%, 06/24/21		50		51
2.125%, 02/13/23		100		101
1.875%, 03/15/19		200		204
1.625%, 02/10/22		200		194
1.375%, 04/10/18		100		101
1.000%, 09/15/16		350		351
0.875%, 04/17/17		250		251
0.625%, 10/14/16		150		150
International Bank of Azerbaijan 5.625%, 06/11/19		400		387
International Finance
1.250%, 07/16/18		100		100
0.875%, 06/15/18		300		298
0.625%, 11/15/16		150		150
Intesa Sanpaolo 5.250%, 01/12/24		250		266
Itau Unibanco Holding 2.850%, 05/26/18 (A)		910		903
Jefferies Group 6.875%, 04/15/21		100		114
JPMorgan Chase
6.000%, 01/15/18		300		331
4.950%, 06/01/45		610		592
4.250%, 10/15/20		450		481
3.625%, 05/13/24		100		99
3.375%, 05/01/23		200		194
3.125%, 01/23/25		150		143
2.750%, 06/23/20		100		100
2.350%, 01/28/19		200		201
2.250%, 01/23/20		3,682		3,618
1.700%, 03/01/18		250		249
1.350%, 02/15/17		300		300
KeyCorp 5.100%, 03/24/21		150		166
KFW
4.875%, 01/17/17		1,131		1,204
2.750%, 10/01/20		200		209
2.500%, 11/20/24		2,440		2,441
2.125%, 01/17/23		250		247

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

66

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
1.875%, 04/01/19	$	150	$	152
1.500%, 04/20/20		1,537		1,516
1.000%, 01/26/18		1,100		1,095
0.875%, 12/15/17		400		399
0.500%, 07/15/16		100		100
Kimco Realty 3.200%, 05/01/21‡		50		50
Korea Development Bank 2.500%, 03/11/20		200		201
Landwirtschaftliche Rentenbank
2.375%, 06/10/25		100		99
2.000%, 01/13/25		150		144
1.750%, 04/15/19		100		101
1.000%, 04/04/18		200		199
Lazard Group 3.750%, 02/13/25		50		48
Liberty Property 4.125%, 06/15/22‡		100		102
Lloyds Bank
3.500%, 05/14/25		1,010		991
1.750%, 05/14/18		200		200
Loews 2.625%, 05/15/23		100		96
Magyar Export-Import Bank 4.000%, 01/30/20 (A)		450		452
Manufacturers & Traders Trust 1.400%, 07/25/17		250		250
Marsh & McLennan 2.350%, 09/10/19		75		75
MetLife
3.600%, 04/10/24		100		101
1.903%, 12/15/17		89		89
Metropolitan Life Global Funding I 1.300%, 04/10/17 (A)		2,266		2,270
MFB Magyar Fejlesztesi Bank 6.250%, 10/21/20 (A)		200		223
Moody’s 2.750%, 07/15/19		100		101
Morgan Stanley
4.875%, 11/01/22		100		106
4.750%, 03/22/17		250		264
3.950%, 04/23/27		920		868
3.700%, 10/23/24		150		149
2.800%, 06/16/20		1,523		1,525
2.650%, 01/27/20		100		100
2.500%, 01/24/19		250		252
2.375%, 07/23/19		550		546
2.125%, 04/25/18		200		201
MUFG Union Bank 1.500%, 09/26/16		250		251
NASDAQ OMX Group 5.250%, 01/16/18		85		92
National Rural Utilities Cooperative Finance 10.375%, 11/01/18		150		191

Description	Face Amount (000)		Value (000)
National Savings Bank 8.875%, 09/18/18 (A)	$	490	$	531
Nomura Holdings 2.750%, 03/19/19		150		151
Nordic Investment Bank 1.125%, 03/19/18		200		200
Oesterreichische Kontrollbank 0.750%, 05/19/17		150		150
Omega Healthcare Investors 6.750%, 10/15/22‡		150		157
PNC Bank
2.700%, 11/01/22		250		240
2.400%, 10/18/19		250		252
1.125%, 01/27/17		100		100
Power Sector Assets & Liabilities Management 7.390%, 12/02/24 (A)		190		249
Principal Financial Group 3.400%, 05/15/25		100		98
Private Export Funding
3.250%, 06/15/25		100		101
2.250%, 03/15/20		200		202
Prologis 6.875%, 03/15/20		100		115
Prudential Financial
5.625%, 06/15/43 (B)		100		104
5.375%, 05/15/45 (B)		100		98
2.350%, 08/15/19		100		100
Realty Income 3.250%, 10/15/22‡		100		97
Royal Bank of Canada
2.200%, 07/27/18		150		153
2.150%, 03/15/19		200		201
Royal Bank of Scotland 5.625%, 08/24/20		100		113
Santander Holdings USA 2.650%, 04/17/20		100		98
Scotiabank Peru 4.500%, 12/13/27 (A) (B)		400		393
Simon Property Group
3.375%, 10/01/24‡		125		124
2.200%, 02/01/19‡		150		152
Standard Chartered Bank 7.280%, 06/05/19 (A)		25,000		385
Sumitomo Mitsui Banking 3.950%, 01/10/24		250		260
SunTrust Banks
3.500%, 01/20/17		100		103
2.500%, 05/01/19		50		50
Svensk Exportkredit 1.875%, 06/17/19		200		202
Svenska Handelsbanken 3.125%, 07/12/16		250		256

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

67

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Synchrony Financial 3.000%, 08/15/19	$	100	$	101
TIAA Asset Management Finance
4.125%, 11/01/24 (A)		184		185
2.950%, 11/01/19 (A)		484		488
Toronto-Dominion Bank
2.375%, 10/19/16		200		204
2.125%, 07/02/19		100		100
1.950%, 04/02/20 (A)		473		469
Travelers 3.900%, 11/01/20		100		108
Turkiye Vakiflar Bankasi Tao 5.000%, 10/31/18 (A)		320		327
UBS
5.875%, 12/20/17		250		275
2.350%, 03/26/20		250		248
1.375%, 06/01/17		1,334		1,331
UDR 4.625%, 01/10/22‡		1,766		1,886
Unifin Financiera 6.250%, 07/22/19		210		208
Unum Group 4.000%, 03/15/24		50		51
US Bancorp
2.950%, 07/15/22		300		295
1.950%, 11/15/18		100		101
Ventas Realty
3.750%, 05/01/24‡		50		49
1.550%, 09/26/16‡		100		101
Vornado Realty 2.500%, 06/30/19‡		100		100
Voya Financial 2.900%, 02/15/18		100		103
WEA Finance 4.750%, 09/17/44 (A)		454		445
Wells Fargo
5.625%, 12/11/17		500		549
4.650%, 11/04/44		448		429
4.125%, 08/15/23		150		156
3.300%, 09/09/24		100		99
3.000%, 01/22/21		200		197
2.125%, 04/22/19		200		201
Westpac Banking
4.875%, 11/19/19		200		222
2.250%, 01/17/19		100		101
Weyerhaeuser 4.625%, 09/15/23‡		100		106
WP Carey 4.600%, 04/01/24‡		50		50
XLIT 5.750%, 10/01/21		74		85
Zenith Bank 6.250%, 04/22/19 (A)		340		326
				96,662

Description	Face Amount (000)		Value (000)
Health Care — 2.2%
Abbott Laboratories 2.550%, 03/15/22	$	150	$	147
AbbVie
4.500%, 05/14/35		726		710
3.200%, 11/06/22		250		248
2.900%, 11/06/22		100		97
2.500%, 05/14/20		823		815
1.800%, 05/14/18		1,599		1,594
1.750%, 11/06/17		200		200
Actavis 1.875%, 10/01/17		100		100
Actavis Funding
4.550%, 03/15/35		160		152
3.850%, 06/15/24		150		148
3.800%, 03/15/25		1,096		1,077
3.450%, 03/15/22		250		248
3.000%, 03/12/20		2,564		2,570
2.350%, 03/12/18		80		80
Aetna 2.750%, 11/15/22		150		142
AmerisourceBergen 3.400%, 05/15/24		100		99
Amgen
5.700%, 02/01/19		250		279
4.400%, 05/01/45		890		820
3.125%, 05/01/25		100		95
Anthem
3.300%, 01/15/23		200		192
2.250%, 08/15/19		100		99
AstraZeneca 1.950%, 09/18/19		100		99
Baxalta
5.250%, 06/23/45 (A)		393		395
3.600%, 06/23/22 (A)		200		200
Baxter International 3.200%, 06/15/23		100		102
Becton Dickinson
3.875%, 05/15/24		100		100
3.125%, 11/08/21		100		99
Boston Scientific
2.850%, 05/15/20		100		99
2.650%, 10/01/18		100		102
Bristol-Myers Squibb 2.000%, 08/01/22		100		95
Cardinal Health 3.200%, 03/15/23		100		99
Celgene 2.250%, 05/15/19		100		100
Cigna 4.000%, 02/15/22		100		103
City of Hope 5.623%, 11/15/43		265		292
Covidien International Finance 6.000%, 10/15/17		100		110

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

68

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Dignity Health 5.267%, 11/01/64	$	272	$	271
Express Scripts Holding
3.900%, 02/15/22		150		154
1.250%, 06/02/17		55		55
Gilead Sciences
3.500%, 02/01/25		100		100
2.350%, 02/01/20		20		20
2.050%, 04/01/19		100		101
GlaxoSmithKline Capital
2.850%, 05/08/22		100		99
2.800%, 03/18/23		125		123
Howard Hughes Medical Institute 3.500%, 09/01/23		150		155
Johnson & Johnson 2.450%, 12/05/21		200		202
Laboratory Corp of America Holdings
4.700%, 02/01/45		50		46
2.625%, 02/01/20		100		99
McKesson
2.284%, 03/15/19		100		100
1.292%, 03/10/17		100		100
Medtronic
4.375%, 03/15/35 (A)		772		766
3.500%, 03/15/25 (A)		717		715
3.150%, 03/15/22 (A)		939		943
2.750%, 04/01/23		200		193
1.375%, 04/01/18		175		174
Merck
3.700%, 02/10/45		398		356
2.750%, 02/10/25		857		822
1.300%, 05/18/18		200		199
Novartis Capital 3.400%, 05/06/24		100		101
Novartis Securities Investment 5.125%, 02/10/19		100		111
NYU Hospitals Center 5.750%, 07/01/43		170		194
Perrigo 4.000%, 11/15/23		200		203
Pfizer
3.000%, 06/15/23		100		100
1.500%, 06/15/18		200		200
1.100%, 05/15/17		100		100
Quest Diagnostics 2.500%, 03/30/20		150		149
Sanofi 1.250%, 04/10/18		125		125
Teva Pharmaceutical Finance 2.950%, 12/18/22		150		145
Thermo Fisher Scientific
3.600%, 08/15/21		100		102
2.400%, 02/01/19		150		150

Description	Face Amount (000)		Value (000)
UnitedHealth Group
2.875%, 03/15/22	$	200	$	194
2.300%, 12/15/19		50		50
Zimmer Biomet Holdings
3.150%, 04/01/22		100		99
2.700%, 04/01/20		150		149
Zoetis 3.250%, 02/01/23		150		145
				20,017
Industrials — 2.7%
3M 1.625%, 06/15/19		100		100
ABB Finance USA 2.875%, 05/08/22		150		148
Aeropuertos Dominicanos Siglo XXI 9.250%, 11/13/19 (A) (C)		300		306
Air Lease 3.375%, 01/15/19		150		153
American Airlines Pass-Through Trust 4.950%, 01/15/23		183		194
Boeing 2.350%, 10/30/21		150		150
Burlington Northern Santa Fe
5.650%, 05/01/17		100		108
3.050%, 03/15/22		100		100
3.000%, 04/01/25		2,700		2,585
Canadian National Railway 5.550%, 03/01/19		100		112
Canadian Pacific Railway 2.900%, 02/01/25		100		94
Caterpillar
3.900%, 05/27/21		150		160
3.400%, 05/15/24		100		101
1.000%, 03/03/17		300		301
CSX 7.375%, 02/01/19		100		117
Deere 2.600%, 06/08/22		150		148
Dover 4.300%, 03/01/21		100		110
DP World
6.850%, 07/02/37 (A)		440		481
3.250%, 05/18/20 (A)		250		248
Eaton 1.500%, 11/02/17		200		200
Embraer 5.150%, 06/15/22		220		227
Emerson Electric 2.625%, 02/15/23		100		98
Eskom Holdings 5.750%, 01/26/21 (A)		650		637

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

69

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
FedEx
4.500%, 02/01/65	$	444	$	387
3.200%, 02/01/25		100		98
GATX 2.500%, 07/30/19		150		149
General Dynamics 2.250%, 11/15/22		100		95
General Electric
5.250%, 12/06/17		150		163
2.700%, 10/09/22		100		98
General Electric Capital
5.625%, 05/01/18		200		221
4.650%, 10/17/21		300		329
3.450%, 05/15/24		100		101
2.900%, 01/09/17		150		155
2.200%, 01/09/20		2,110		2,109
1.250%, 05/15/17		200		201
Georgian Railway 7.750%, 07/11/22 (A)		900		976
Honeywell International 4.250%, 03/01/21		125		138
Illinois Tool Works 1.950%, 03/01/19		100		101
Ingersoll-Rand Global Holding 4.250%, 06/15/23		100		104
International Lease Finance 6.750%, 09/01/16 (A)		100		105
John Deere Capital
2.800%, 03/04/21		100		101
2.050%, 03/10/20		1,340		1,325
1.300%, 03/12/18		150		150
KazAgro National Management Holding 4.625%, 05/24/23 (A)		300		264
Kazakhstan Temir Zholy Finance
6.950%, 07/10/42 (A)		310		297
6.375%, 10/06/20 (A)		730		763
Koninklijke Philips 5.750%, 03/11/18		100		110
L-3 Communications 5.200%, 10/15/19		125		135
Lockheed Martin 2.900%, 03/01/25		100		96
Norfolk Southern 3.250%, 12/01/21		100		103
Northrop Grumman 3.250%, 08/01/23		150		147
Odebrecht Finance 7.125%, 06/26/42 (A)		340		260
Owens Corning 4.200%, 12/01/24		100		98
PACCAR Financial 1.400%, 11/17/17		55		55

Description	Face Amount (000)		Value (000)
Pitney Bowes 4.625%, 03/15/24	$	100	$	101
Precision Castparts 2.500%, 01/15/23		150		144
Raytheon 2.500%, 12/15/22		150		146
Red de Carreteras de Occidente 9.000%, 06/10/28 (A)		6,100		379
Republic Services 3.550%, 06/01/22		150		152
Roper Technologies 2.050%, 10/01/18		100		100
Ryder System 2.550%, 06/01/19		95		95
Siemens Financieringsmaatschappij 1.450%, 05/25/18 (A)		1,259		1,255
Southwest Airlines 2.750%, 11/06/19		50		50
Stanley Black & Decker 2.900%, 11/01/22		100		98
Transnet 4.000%, 07/26/22 (A)		530		509
Union Pacific 3.646%, 02/15/24		100		103
United Parcel Service
5.125%, 04/01/19		100		111
3.125%, 01/15/21		45		47
United Technologies
1.800%, 06/01/17		150		152
1.431%, 05/04/18 (D)		4,124		4,135
Verisk Analytics 4.000%, 06/15/25		50		49
Waste Management
4.100%, 03/01/45		612		558
3.500%, 05/15/24		100		100
				24,596
Information Technology — 1.5%
Alibaba Group Holding 2.500%, 11/28/19 (A)		250		247
Amphenol 1.550%, 09/15/17		100		100
Apple
4.375%, 05/13/45		625		616
3.450%, 05/06/24		100		102
2.700%, 05/13/22		200		198
2.400%, 05/03/23		200		191
1.050%, 05/05/17		200		201
1.000%, 05/03/18		100		99
Arrow Electronics 3.500%, 04/01/22		100		98

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

70

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Baidu
4.125%, 06/30/25	$	310	$	309
3.250%, 08/06/18		200		206
Broadcom 3.500%, 08/01/24		40		40
Cisco Systems
5.500%, 01/15/40		117		133
4.950%, 02/15/19		100		110
4.450%, 01/15/20		200		219
3.500%, 06/15/25		150		152
3.000%, 06/15/22		435		437
2.450%, 06/15/20		1,278		1,287
Corning 1.500%, 05/08/18		100		100
eBay 2.875%, 08/01/21		150		148
EMC 3.375%, 06/01/23		100		100
Fidelity National Information Services 3.500%, 04/15/23		150		146
Fiserv 2.700%, 06/01/20		100		100
Google 3.375%, 02/25/24		100		103
Harris 2.700%, 04/27/20		35		35
Hewlett-Packard
4.650%, 12/09/21		100		106
2.750%, 01/14/19		100		101
2.600%, 09/15/17		200		204
Intel
3.300%, 10/01/21		100		104
2.700%, 12/15/22		100		98
International Business Machines
7.625%, 10/15/18		125		148
3.625%, 02/12/24		100		101
1.950%, 07/22/16		100		102
1.875%, 08/01/22		150		140
1.125%, 02/06/18		100		100
Juniper Networks 4.500%, 03/15/24		50		50
Keysight Technologies 3.300%, 10/30/19 (A)		100		100
KLA-Tencor 3.375%, 11/01/19		150		154
Microsoft
3.625%, 12/15/23		100		104
2.375%, 02/12/22		150		148
1.625%, 12/06/18		150		151
Motorola Solutions 3.500%, 09/01/21		100		99
NetApp 3.375%, 06/15/21		50		49

Description	Face Amount (000)		Value (000)
Oracle
3.900%, 05/15/35	$	618	$	575
2.950%, 05/15/25		100		96
2.800%, 07/08/21		100		101
2.500%, 05/15/22		1,224		1,189
2.375%, 01/15/19		150		152
2.250%, 10/08/19		3,080		3,098
1.200%, 10/15/17		150		150
QUALCOMM
3.000%, 05/20/22		100		99
1.400%, 05/18/18		100		100
Seagate HDD Cayman 4.750%, 01/01/25 (A)		100		99
Telefonaktiebolaget LM Ericsson 4.125%, 05/15/22		150		155
Tyco Electronics Group 2.350%, 08/01/19		50		50
Western Union 2.875%, 12/10/17		100		102
Xerox 4.500%, 05/15/21		150		159
Xilinx 2.125%, 03/15/19		50		50
				13,711
Materials — 0.9%
Air Products & Chemicals 3.350%, 07/31/24		100		100
Airgas 3.650%, 07/15/24		100		100
Anglo American Capital 4.875%, 05/14/25 (A)		78		76
Barrick
5.250%, 04/01/42		327		293
4.100%, 05/01/23		100		97
3.850%, 04/01/22		100		97
BHP Billiton Finance USA
6.500%, 04/01/19		125		145
1.625%, 02/24/17		100		101
Cemex Finance 9.375%, 10/12/22 (A)		330		368
Dow Chemical 8.550%, 05/15/19		225		274
Eastman Chemical 2.400%, 06/01/17		200		203
Ecolab 3.000%, 12/08/16		100		102
EI du Pont de Nemours
4.625%, 01/15/20		100		110
2.800%, 02/15/23		100		97
Evraz Canada 7.500%, 11/15/19 (A)		210		207
First Quantum Minerals 6.750%, 02/15/20 (A)		375		363

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

71

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Freeport-McMoRan
5.450%, 03/15/43	$	131	$	109
5.400%, 11/14/34		578		499
3.550%, 03/01/22		150		139
2.375%, 03/15/18		150		149
Goldcorp 3.700%, 03/15/23		50		48
International Paper 7.950%, 06/15/18		125		146
LyondellBasell Industries
5.000%, 04/15/19		250		271
4.625%, 02/26/55		599		527
Mexichem 5.875%, 09/17/44 (A)		260		241
Monsanto 2.125%, 07/15/19		100		99
Nacional del Cobre de Chile
5.625%, 10/18/43 (A)		310		331
4.875%, 11/04/44 (A)		392		374
3.875%, 11/03/21 (A)		340		350
Newmont Mining 3.500%, 03/15/22		100		95
OCP 5.625%, 04/25/24 (A)		610		636
Packaging Corp of America 3.650%, 09/15/24		100		98
Potash Corp of Saskatchewan 3.625%, 03/15/24		100		101
PPG Industries 2.300%, 11/15/19		100		100
Praxair 3.000%, 09/01/21		150		155
Rio Tinto Finance USA
2.250%, 12/14/18		243		245
1.625%, 08/21/17		200		200
Rock-Tenn 4.450%, 03/01/19		100		106
Southern Copper
5.875%, 04/23/45		250		238
3.875%, 04/23/25		130		125
Teck Resources
6.000%, 08/15/40		276		219
3.000%, 03/01/19		100		96
Vale Overseas 4.375%, 01/11/22		100		98
				8,528
Telecommunication Services — 1.0%
America Movil 5.000%, 03/30/20		200		221
AT&T
5.800%, 02/15/19		150		168
4.500%, 05/15/35		836		769
4.300%, 12/15/42		385		330
3.400%, 05/15/25		598		570

Description	Face Amount (000)			Value (000)
3.000%, 06/30/22	$	195		$	188
2.625%, 12/01/22		125			117
2.450%, 06/30/20		894			876
British Telecommunications 2.350%, 02/14/19		200			201
Columbus International 7.375%, 03/30/21 (A)		200			215
Deutsche Telekom International Finance 6.750%, 08/20/18		100			115
Eileme 2 11.625%, 01/31/20 (A)		400			444
Millicom International Cellular 6.625%, 10/15/21 (A)		240			247
Ooredoo International Finance 3.875%, 01/31/28 (A)		458			435
Orange 4.125%, 09/14/21		100			106
RELX Capital 3.125%, 10/15/22		100			97
Rogers Communications 6.800%, 08/15/18		50			57
Telefonica Emisiones 3.192%, 04/27/18		250			257
Verizon Communications
5.150%, 09/15/23		375			411
4.672%, 03/15/55 (A)		357			311
4.522%, 09/15/48 (A)		667			586
4.500%, 09/15/20		350			377
4.272%, 01/15/36 (A)		1,398			1,261
1.350%, 06/09/17		400			399
VimpelCom Holdings BV 7.504%, 03/01/22 (A)		450			440
Vodafone Group 2.950%, 02/19/23		150			140
			��
					9,338
Utilities – 2.7%
Abengoa Transmision 6.875%, 04/30/43 (A)		250			277
AES Andres Dominicana 9.500%, 11/12/20 (A)		350			367
AES El Salvador Trust II 6.750%, 03/28/23 (A)		360			343
American Electric Power 1.650%, 12/15/17		150			150
Arizona Public Service 3.150%, 05/15/25		50			49
Berkshire Hathaway Energy
3.750%, 11/15/23		100			103
1.100%, 05/15/17		150			149
CenterPoint Energy Houston Electric 2.250%, 08/01/22		100			95

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

72

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
CMS Energy 6.250%, 02/01/20	$	100	$	116
Columbia Pipeline Group 2.450%, 06/01/18 (A)		100		101
Comision Federal de Electricidad 6.125%, 06/16/45 (A)		450		456
Commonwealth Edison 2.150%, 01/15/19		250		251
Consolidated Edison Company of New York 5.850%, 04/01/18		100		111
Dominion Gas Holdings
4.600%, 12/15/44		141		133
2.500%, 12/15/19		464		469
1.050%, 11/01/16		250		250
Dominion Resources 1.900%, 06/15/18		948		949
DTE Energy 2.400%, 12/01/19		100		100
Duke Energy
3.950%, 10/15/23		250		259
2.150%, 11/15/16		100		102
2.100%, 06/15/18		50		50
Empresa Electrica Angamos 4.875%, 05/25/29 (A)		410		403
Empresa Nacional de Electricidad 4.250%, 04/15/24		50		51
Entergy
5.125%, 09/15/20		100		109
4.000%, 07/15/22		50		50
Exelon
5.100%, 06/15/45		233		234
4.950%, 06/15/35		742		749
2.850%, 06/15/20		200		201
1.550%, 06/09/17		778		779
FirstEnergy 7.375%, 11/15/31		260		317
FirstEnergy Transmission 5.450%, 07/15/44 (A)		290		302
Hrvatska Elektroprivreda 6.000%, 11/09/17 (A)		340		355
Hydro-Quebec 1.375%, 06/19/17		200		202
ITC Holdings
5.300%, 07/01/43		557		595
3.650%, 06/15/24		25		25
Metropolitan Edison 7.700%, 01/15/19		100		117
NextEra Energy Capital Holdings
2.700%, 09/15/19		1,121		1,128
1.586%, 06/01/17		1,354		1,357
NiSource Finance 6.400%, 03/15/18		105		118

Description	Face Amount (000)		Value (000)
Northern States Power 2.600%, 05/15/23	$	100	$	97
NSTAR Electric 2.375%, 10/15/22		100		95
Oncor Electric Delivery 7.000%, 09/01/22		100		123
ONE Gas 2.070%, 02/01/19		74		74
Pacific Gas & Electric 3.500%, 10/01/20		1,020		1,025
Perusahaan Gas Negara Persero 5.125%, 05/16/24 (A)		450		453
PPL Capital Funding 3.500%, 12/01/22		150		152
Progress Energy 7.750%, 03/01/31		946		1,277
Public Service Electric & Gas
3.050%, 11/15/24		25		25
2.300%, 09/15/18		100		102
Puget Energy 6.500%, 12/15/20		100		117
SCANA 4.125%, 02/01/22		442		445
Sempra Energy
9.800%, 02/15/19		2,937		3,689
3.550%, 06/15/24		100		100
Southern
2.750%, 06/15/20		100		100
2.450%, 09/01/18		150		153
2.150%, 09/01/19		627		621
1.300%, 08/15/17		521		520
Southern California Edison 3.500%, 10/01/23		150		154
Southern Power 5.250%, 07/15/43		380		403
Southwestern Electric Power 3.550%, 02/15/22		799		824
TransAlta 1.900%, 06/03/17		31		31
Union Electric 3.500%, 04/15/24		150		153
Virginia Electric & Power
3.450%, 02/15/24		100		101
3.100%, 05/15/25		100		99
WEC Energy Group
6.250%, 05/15/67 (B)		100		93
1.650%, 06/15/18		789		789
Xcel Energy 1.200%, 06/01/17		1,015		1,015
				24,802
Total Corporate Obligations (Cost $274,743) (000)				271,398

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

73

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
MORTGAGE-BACKED SECURITIES — 15.5%
Agency Mortgage-Backed Obligations — 13.7%
FHLMC
6.000%, 04/01/29	$	573	$	648
5.500%, 07/01/33-12/01/35		1,567		1,766
5.000%, 05/01/40		76		85
4.500%, 03/01/40-10/01/41		725		786
4.000%, 05/01/24-08/01/44		5,805		6,156
3.500%, 12/01/28-03/01/42		6,818		7,024
3.000%, 07/01/27-08/01/43		6,906		6,944
FHLMC Multifamily Structured Pass-Through Certificates, Ser K036, Cl A2
3.527%, 10/25/23 (B)		1,072		1,132
3.389%, 03/25/24		487		508
3.241%, 09/25/24		622		639
FNMA
6.000%, 03/01/34-08/01/37		1,152		1,318
5.500%, 07/01/34-08/01/37		3,056		3,445
5.000%, 07/15/38-05/01/41		5,351		5,928
4.500%, 07/01/37-10/01/42		7,017		7,610
4.000%, 07/13/39		13,765		14,584
3.500%, 07/25/26-02/01/45		19,976		20,652
3.000%, 07/01/26-06/01/43		18,075		18,159
2.500%, 07/01/27		5,865		5,936
GNMA
4.500%, 05/20/45		4,534		4,899
4.000%, 07/01/39		6,690		7,090
3.500%, 07/15/41		9,595		9,958
				125,267
Non-Agency Mortgage-Backed Obligations — 1.8%
Alternative Loan Trust, Ser 2003-20CB, Cl 2A1 5.750%, 10/25/33		111		115
Aventura Mall Trust, Ser 2013-AVM, Cl A 3.867%, 12/05/32 (A) (B)		682		718
Banc of America Funding, Ser 2005-4, Cl 1A3 5.500%, 08/25/35		107		108
Citigroup Mortgage Loan Trust, Ser 2015-2, Cl 1A1 0.385%, 06/25/47 (A) (B)		581		535
Commercial Mortgage Trust, Ser 2013-CR11, Cl A4
4.258%, 10/10/46		621		673
3.983%, 10/10/46		610		649
3.178%, 02/10/35		325		319
3.147%, 02/10/47		356		371
0.986%, 08/13/27 (A) (B)		964		962
Commercial Mortgage Trust Pass-Through Trust, Ser 2012-9W57, Cl A 2.365%, 02/10/29 (A)		728		740
Credit Suisse Mortgage Trust, Ser 2014-USA, Cl A1 3.304%, 09/15/37 (A)		349		354

Description	Face Amount (000)		Value (000)
CSAIL Commercial Mortgage Trust, Ser 2015-C1, Cl A4
3.505%, 04/15/50	$	338	$	347
3.504%, 06/15/57		275		279
Fosse Master Issuer, Ser 2015-1A, Cl A2 0.575%, 10/18/54 (A) (B)		807		807
GS Mortgage Securities Trust, Ser 2015-GC28, Cl A5
3.396%, 02/10/48		242		243
2.954%, 11/05/34 (A)		509		502
2.933%, 06/05/31 (A)		675		693
GSR Mortgage Loan Trust, Ser 2005-4F, Cl 6A1 6.500%, 02/25/35		179		181
HarborView Mortgage Loan Trust, Ser 2004-3, Cl 1A 2.577%, 05/19/34 (B)		78		77
Houston Galleria Mall Trust, Ser 2015-HGLR, Cl A1A2 3.087%, 03/05/37 (A)		380		372
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl A4 3.801%, 09/15/47		170		176
JPMorgan Mortgage Trust, Ser 2005-A3, Cl 4A1
2.664%, 06/25/35 (B)		233		235
2.594%, 02/25/35 (B)		458		457
2.389%, 04/25/35 (B)		103		100
1.990%, 11/25/33 (B)		324		319
MLCC Mortgage Investors, Ser 2006-2, Cl 2A 2.133%, 05/25/36 (B)		507		502
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C14, Cl A4
3.787%, 01/15/47		218		229
3.451%, 07/15/50		359		362
3.306%, 05/15/46		404		401
Morgan Stanley Capital I Trust, Ser 2014-CPT, Cl A 3.350%, 07/13/29 (A)		646		664
Provident Funding Mortgage Loan Trust, Ser 2005-2, Cl 1A1A 2.530%, 10/25/35 (B)		385		377
Silverstone Master Issuer, Ser 2015-1A, Cl 2A2 0.826%, 01/21/70 (A) (B)		833		835
Structured Adjustable Rate Mortgage Loan Trust, Ser 2004-6, Cl 1A 2.384%, 06/25/34 (B)		630		620

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

74

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Wells Fargo Commercial Mortgage Trust, Ser 2015-C29, Cl A4 3.637%, 06/15/48	$	282	$	288
Wells Fargo Mortgage Backed Securities Trust, Ser 2005-AR10, Cl 2A2
2.652%, 06/25/35 (B)		559		565
2.615%, 10/25/33 (B)		947		950
				16,125
Total Mortgage-Backed Securities (Cost $141,256) (000)				141,392
LOAN PARTICIPATIONS — 9.8%
Aerospace/Defense — 0.0%
TransDigm 5/14 Cov-Lite TLD 3.750%, 05/21/21		149		148
Automotive — 0.4%
Allison Transmission 8/13 TLB3 3.500%, 08/23/19		988		988
Chrysler Automotive 1/14 TLB 3.250%, 12/31/18		272		271
Federal Mogul 4/14 TLC 4.750%, 04/15/21		323		319
Gates Global 7/14 (USD) Cov-Lite TL 4.250%, 06/05/21		623		613
Horizon Global 5/15 Cov-Lite TLB 0.000%, 05/27/21 (E)		50		49
Metaldyne Performance 10/14 Cov-Lite Term Loan 3.750%, 10/20/21		117		117
Metaldyne Performance 10/14 Cov-Lite TL 3.750%, 10/13/21		85		85
TI Automotive 7/14 Cov-Lite TL 4.250%, 07/02/21		298		297
Tower International 1/14 TLB 4.000%, 04/23/20		932		930
Trinseo 4/15 Cov-Lite TLB 4.250%, 11/05/21		225		225
Visteon 4/14 Delayed Draw TLB 3.500%, 04/09/21		58		58
				3,952
Building Materials — 0.1%
Headwaters 3/15 Cov-Lite TL 4.500%, 03/11/22		25		25
Quikrete 9/13 Cov-Lite TL 4.000%, 09/28/20		476		476

Description	Face Amount (000)		Value (000)
Tecomet (Symmetry Medical) 11/14 Cov-Lite TL 5.750%, 11/25/21	$	100	$	98
VAT 6/15 Cov-Lite TL 4.250%, 02/11/21		44		44
				643
Chemicals — 0.7%
Arizona Chemical 6/14 Cov-Lite TL 3.000%, 06/10/21		334		334
Berry Plastics 2/13 Cov-Lite TLD 3.500%, 02/08/20		987		982
DuPont (E.I.) De Nemours 5/15 Cov-Lite TLB 3.750%, 05/12/22		100		99
Entegris 4/14 Cov-Lite TLB 3.500%, 04/30/21		18		18
Flint Group 5/14 (USD) Cov-Lite TLB2 4.750%, 05/03/21		85		85
Flint Group 5/14 (USD) Cov-Lite TLC 4.500%, 09/03/21		14		14
Gemini 7/14 Cov-Lite TLB 4.750%, 07/24/21		149		148
Hilex Poly 12/14 Cov-Lite TL 6.000%, 12/03/21		125		125
Ineos 3/15 (USD) Cov-Lite TL 4.250%, 03/11/22		75		75
Ineos 4/12 (USD) Cov-Lite TL 6.500%, 04/27/18		819		816
MacDermid 1/15 Cov-Lite TLB2 4.750%, 06/07/20		50		50
MacDermid 6/13 (USD) Cov-Lite TLB
4.500%, 06/07/20		13		13
4.000%, 06/05/20		482		482
MacDermid, Tranche B Term Loan (First Lien) 4.500%, 06/07/20		6		6
Minerals Technologies 3.750%, 05/09/21		121		121
PQ Corp 3/14 TL 4.000%, 08/07/17		554		554
Royal Adhesives & Sealants 6/15 Cov-Lite Initial TL (First Lien) 4.500%, 06/19/22		50		50
SIG Combibloc 1/15 (USD) Cov-Lite TL 4.250%, 02/03/22		399		399

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

75

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Signode 5/14 (USD) Cov-Lite TL 3.750%, 05/01/21	$	390	$	385
Solenis 7/14 (USD) Cov-Lite TL 4.250%, 06/02/21		498		495
Univar (2/11) TLB
6.750%, 06/30/17		6		6
5.000%, 06/30/17		294		294
Waddington North America 5/13 Cov-Lite (Canadian Borrower) TL 4.500%, 06/07/20		124		123
Waddington North America 5/13 Cov-Lite (US Borrower) TL 4.500%, 06/07/20		100		99
Zep Initial TL 5.750%, 06/17/22		250		250
				6,023
Computers & Electronics — 1.2%
Answers 10/14 Cov-Lite TL 6.250%, 10/01/21		250		212
Applied Systems 1/14 Cov-Lite TL 4.250%, 01/25/21		480		479
Ascend Learning 5/12 TL 6.000%, 05/23/17		173		173
Avago 5/14 Cov-Lite TL 3.750%, 05/06/21		1,128		1,129
Avast Software 3/14 TL 5.000%, 03/20/20		316		316
Campaign Monitor 4/14 Cov-Lite TL 6.250%, 03/18/21		50		49
CareStream 6/13 Cov-Lite TL 5.000%, 06/07/19		479		478
CompuCom 5/13 Cov-Lite TL 4.250%, 05/07/20		471		436
Dell International TLB2 4.000%, 04/29/20		600		600
Endurance International 11/13 TL 5.000%, 11/09/19		599		596
First Data 7/14 (USD) TL 3.687%, 03/23/18		75		75
Go Daddy 5/14 TL 4.250%, 05/13/21		521		521
Hyland Software 2/14 Cov-Lite TLB 4.750%, 02/19/21		595		595
Infor (Lawson) 1/14 B5 TLB 3.750%, 06/03/20		968		954
Internet Brands 7/14 TL 4.750%, 07/08/21		124		124

Description	Face Amount (000)		Value (000)
ION Trading Technologies 6/14 (USD) TL 4.250%, 06/10/21	$	88	$	87
Kronos 2/13 Cov-Lite TL 4.500%, 10/30/19		297		297
Lattice Semiconductor 3/15 Cov-Lite TLB 5.250%, 03/05/21		50		50
Micro Focus 11/14 Cov-Lite TLB 4.500%, 11/20/19		199		199
Micro Focus 11/14 Cov-Lite TLC 4.250%, 11/20/19		100		100
Misys 6/12 (USD) TL 5.000%, 12/12/18		492		492
RedPrairie 12/13 Cov-Lite TL 6.000%, 12/21/18		397		381
Renaissance Learning 4/14 Cov-Lite TL 4.500%, 04/09/21		300		296
SkillSoft 4/14 Cov-Lite TL 5.750%, 04/28/21		199		193
Sophos 1/14 (USD) Cov-Lite TLB 5.000%, 01/29/21		495		496
SunEdison 5/14 TL 6.500%, 05/27/19		224		224
Vertafore 3/13 TL 4.250%, 11/30/19		937		935
Wall Street Systems 4/14 TL 4.500%, 04/30/21		236		236
				10,723
Consumer Nondurables — 0.1%
Revlon 8/13 Acquisition Facility 4.000%, 10/08/19		970		969
Educational Services — 0.1%
Education Management
8.500%, 07/02/20		219		137
5.500%, 07/02/20		129		96
Laureate Education 10/13 New Series (2018) Extended TL 5.000%, 06/15/18		240		223
Nord Anglia 3/14 Cov-Lite TL 4.500%, 03/31/21		302		302
				758
Entertainment & Leisure — 0.0%
Cirqua Du Soleil 6/15 Cov-Lite (First Lien) 0.000%, 06/24/22 (E)		50		50
Lifetime Fitness TLB 4.250%, 06/03/22		125		124
				174

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

76

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Financial Services — 0.4%
AltiSource Solutions 12/13 TLB 4.500%, 12/09/20	$	50	$	44
American Stock Transfer 6/13 Cov-Lite TL 5.750%, 06/20/26		399		396
Aruba Investments 4.500%, 02/02/22		17		17
Citco (6/11) TL 4.250%, 06/29/18		987		986
MCS Sub-Holdings 7.000%, 10/15/19 (F)		453		349
MoneyGram Payment 3/13 TL 4.250%, 03/26/20		191		181
NXT Capital 9/13 Term Loan B 6.250%, 09/04/18		99		99
NXT Capital 9/13 TLB 6.250%, 09/04/18		494		494
NXT Capital Second Amendment TL 6.250%, 09/04/18		75		75
Ocwen Financial 2/13 TLB 5.000%, 02/15/18		366		365
RCS Cap 3/14 TL 6.500%, 04/29/19		206		206
Salient Partners Initial TL 7.500%, 06/09/21		75		74
SS&C Technologies (First Lien) 0.000%, 06/29/22 (E)		250		250
Walter Investment 12/13 Cov-Lite TL 4.750%, 12/18/20		494		466
				4,002
Food & Beverage — 0.4%
Advance Pierre Foods 10/12 TL 5.750%, 06/20/17		494		494
Blue Buffalo 11/13 TLB3 3.750%, 08/08/19		500		499
Del Monte Foods 2/14 Cov-Lite TL 4.250%, 08/18/21		494		470
Dole Food 11/13 Cov-Lite TLB 4.500%, 11/01/18		954		954
Jacobs Douwe Egberts (JDE) 7/14 (USD) Escrow TLB1 4.250%, 07/23/21		150		149
Phillips Pet Food 1/14 TL 4.500%, 01/31/21		495		454
Pinnacle Foods 4/13 TLG 3.250%, 04/29/20		871		867

Description	Face Amount (000)		Value (000)
Post Holdings 6/14 Incremental TLA 3.750%, 06/02/21	$	50	$	50
				3,937
Forest Products — 0.0%
Ply Gem 1/14 Cov-Lite TL 4.000%, 02/01/21		495		490
Gaming & Hotels — 0.4%
Amaya 7/14 (USD) Cov-Lite TL 5.000%, 08/01/21		249		248
Boyd Gaming 8/13 Cov-Lite TLB 4.000%, 08/14/20		906		907
CityCenter Holdings 10/13 Cov-Lite TLB 4.250%, 10/16/20		250		250
Hilton Hotels 10/13 Cov-Lite TL 3.500%, 10/26/20		783		784
MGM Resorts 12/12 Cov-Lite TLB 4.250%, 12/20/19		987		980
Scientific Games 10/13 Cov-Lite TLB 6.000%, 05/22/20		494		494
Scientific Games 10/14 Incremental TLB2 6.000%, 09/17/21		75		75
				3,738
Health Care — 1.2%
Acadia Healthcare 2/15 TLB 4.250%, 02/11/22		25		25
Alere 6/15 Cov-Lite (First Lien) 0.000%, 06/10/22 (E)		175		175
Alliance Healthcare 6/13 TLB 4.250%, 06/03/19		487		483
AMAG Pharmaceuticals 10/14 TL
7.280%, 10/30/20		1		1
7.250%, 10/30/20		48		48
Amneal Pharmaceuticals 10/13 Cov-Lite TLB
6.250%, 11/01/19		4		3
5.000%, 11/01/19		538		539
Amneal Pharmaceuticals 4/15 Incremental Cov-Lite TL 4.500%, 11/01/19		25		25
Aspen Dental 4/15 Cov-Lite TLB 5.500%, 04/29/22		25		25
Bioscrip 7/13 Cov-Lite Delayed TL 6.500%, 07/31/20		106		105

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

77

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Bioscrip 7/13 Cov-Lite TLB 6.500%, 07/31/20	$	176	$	174
Community Health 5/15 TLG 3.750%, 12/31/19		348		348
Community Health 5/15 TLH 4.000%, 01/27/21		640		640
Concentra 5/15 TL 4.000%, 06/01/22		25		25
Concordia 4/15 Cov-Lite TLB 4.750%, 04/21/22		25		25
DaVita 6/14 TLB 5.000%, 06/19/21		273		273
DJO Finance 4/15 TL 4.250%, 06/08/20		200		200
Equinox Fitness Clubs 4/13 Cov-Lite TLB 5.000%, 01/31/20		245		246
Grifols 2/14 (USD) TLB 3.180%, 02/27/21		396		396
Horizon Pharma 5/15 Cov-Lite TL 4.500%, 05/07/21		225		226
IASIS 2/13 TLB 4.500%, 05/03/18		643		643
Impax Lab 12/14 TL 5.500%, 12/17/20		75		76
Indivior 12/14 (USD) TL 7.000%, 12/19/19		99		96
Kindred Healthcare 3/14 TLB 4.250%, 04/09/21		620		620
Kinetic Concepts 1/14 (USD) E1 TL 4.500%, 05/04/18		496		498
Mallinckrodt 3/14 Cov-Lite TL 3.250%, 03/19/21		149		148
Mallinckrodt 8/14 Add-On Cov-Lite TLB1 3.500%, 03/19/21		100		99
Millennium Laboratories 4/14 Cov-Lite TLB 5.250%, 04/16/21		672		273
One Call Medical 11/13 Cov-Lite TL 5.000%, 11/27/20		349		343
Ortho-Clinical 6/14 Cov-Lite TL 4.750%, 06/30/21		248		242
Par Pharmaceutical 2/14 TLB2 4.000%, 09/30/19		397		397
Patheon 1/14 (USD) TL 4.250%, 03/11/21		496		492
Physio-Control 5/15 Cov-Lite TL 5.500%, 06/06/22		50		50
PRA International 0.000%, 09/23/20 (E)		300		300

Description	Face Amount (000)		Value (000)
RadNet 10/12 TLB
5.500%, 10/10/18	$	1	$	1
4.250%, 10/10/18		24		24
RegionalCare 4/14 TL 5.250%, 04/23/19		224		223
Sage Products 2/13 TL 4.250%, 12/13/19		220		220
Siemens Audiology 12/14 (USD) TLB2 5.500%, 12/10/21		275		275
Sterigenics-Nordion 5/15 Cov-Lite TLB 4.250%, 05/15/22		75		75
Steward Health 4/13 TLB 6.750%, 04/10/20		494		485
Valeant 3/15 Delayed Draw F1 TLB 4.000%, 04/01/22		350		350
Valeant 6/13 TLE 3.500%, 06/26/20		864		860
				10,772
Home Furnishings — 0.0%
AOT Bedding 10/12 TLB 4.250%, 10/01/19		457		456
Insurance — 0.2%
Asurion 6/13 Cov-Lite Incremental TLB2 4.250%, 06/19/20		688		685
Carecore National 3/14 TL 5.500%, 03/05/21		349		350
U.S.I. 12/13 Cov-Lite TLB 4.250%, 12/27/19		398		397
				1,432
Leasing — 0.1%
Avis Budget Car Rental 5/13 TLB 3.000%, 03/15/19		494		494
ILFC (Delos Finance) 2/14 TLB 3.500%, 03/06/21		225		224
				718
Machinery — 0.4%
Apex Tool 1/13 TL 4.500%, 01/25/20		487		477
CPM Holdings (Crown Acquisition) 4/22 TL Lien 1 6.000%, 04/01/22		25		25
Doosan Infracore 5/14 Cov-Lite TLB 4.500%, 05/28/21		590		593
Gardner Denver 7/13 (USD) TL 4.250%, 07/30/20		987		962

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

78

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Husky International (Cov-Lite 6/11) TL 4.250%, 06/02/18	$	221	$	220
International Equipment 8/13 TLB
7.750%, 08/16/19		1		1
6.750%, 08/16/19		459		459
Milacron 4/15 Cov-Lite TLB 4.500%, 09/28/20		175		175
NN 8/14 Cov-Lite TLB 6.000%, 08/27/21		197		198
Rexnord 8/13 Cov-Lite TLB 4.000%, 08/21/20		500		498
Schaeffler 10/14 (USD) TLB 4.250%, 05/15/20		100		101
				3,709
Manufacturing — 0.0%
Spectrum Brands 6/15 Cov-Lite TL (First Lien) 3.750%, 06/23/22		225		225
Media — 0.4%
Endemol 8/14 (USD) Cov-Lite TL 6.750%, 08/13/21		250		246
Hubbard Radio TL (First Lien) 4.250%, 05/20/22		75		75
Mediacom Broadband 6/14 TLJ 3.750%, 06/18/21		74		74
Mission/Nexstar Broadcasting 9/13 TLB2 3.750%, 10/01/20		464		463
Nexstar/Mission Broadcasting 9/13 TLB2 3.750%, 10/01/20		526		525
Sinclair Television 7/14 Add-on Cov-Lite TLB1 3.500%, 07/30/21		800		798
Univision 1/14 TLC4 4.000%, 03/01/20		499		494
Weather Channel 5/15 Extended TL 5.750%, 02/11/20		887		874
Ziggo 2/14 (USD) TLB1 3.500%, 01/15/22		111		110
Ziggo 2/14 (USD) TLB2 3.500%, 01/15/22		71		71
Ziggo 2/14 (USD) TLB3 3.500%, 01/15/22		118		116
				3,846
Metals & Mining — 0.2%
Dynacast 5/15 TLB1 4.500%, 01/28/22		50		50

Description	Face Amount (000)		Value (000)
Murray Energy 3/15 Cov-Lite TLB2 7.500%, 04/09/20	$	175	$	162
Murray Energy 3/15 TLB1 7.000%, 04/14/17		25		25
Novelis 5/15 Cov-Lite TLB 4.000%, 06/02/22		250		248
Oxbow Carbon 7/13 Cov-Lite TLB 4.250%, 07/19/19		936		930
Patriot Coal 9.000%, 12/18/18 (F) (G)		494		271
				1,686
Not For Profit — 0.1%
National Mentor 1/14 TLB 4.250%, 01/31/21		495		493
Oil & Gas — 0.3%
Ameriforge 1/13 TL 5.000%, 01/22/20		342		276
CITGO (Holdco) 2/15 TLB 9.500%, 05/09/18		143		143
CITGO Petroleum (Opco) 7/14 TLB 4.500%, 07/23/21		100		100
Energy Transfer Equity 12/13 TLB 3.250%, 12/02/19		1,175		1,164
Energy Transfer Equity 3/15 TL 4.000%, 12/02/19		46		47
Fieldwood 9/13 TL 3.875%, 10/01/18		400		380
Floatel 5/14 Cov-Lite TL 6.000%, 05/22/20		99		78
Ocean Rig 7/14 TLB 5.500%, 07/25/21		99		84
Seadrill Partners 2/14 TL 4.000%, 02/21/21		370		279
Targa Resources 2/15 Cov-Lite TLB 5.750%, 02/12/22		35		35
				2,586
Personal Services — 0.0%
Wash Multifamily Laundry 5/15 (CAD) TL 4.250%, 05/13/22		4		4
Wash Multifamily Laundry 5/15 (USD) Cov-Lite TL 4.250%, 05/13/22		21		21
				25

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

79

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Printing & Publishing — 0.1%
Houghton Mifflin 5/15 Cov-Lite TLB 4.000%, 05/28/21	$	25	$	25
Media General 7/13 Cov-Lite TLB 4.250%, 07/31/20		49		49
Merrill Communications Initial TL (First Lien) 6.250%, 05/27/22		50		50
Springer 3/15 (USD) B9 TL 4.750%, 08/14/20		325		324
Zebra 10/14 TL 4.750%, 09/30/21		193		195
				643
Professional & Business Services — 1.1%
Acosta 4/15 TLB1 4.250%, 09/24/21		299		297
American Beacon 3/15 TL 5.500%, 04/30/22		25		25
Bass Pro Group TL (First Lien) 4.000%, 06/05/20		900		899
Bright Horizons 1/13 TLB
5.250%, 01/30/20		3		3
4.000%, 01/24/20		985		981
CBS Outdoor 1/14 Cov-Lite TLB 3.000%, 01/31/21		1,000		997
Emerald Expo 6/13 Cov-Lite TL 5.500%, 06/12/20		458		456
Expert Global (4/12) TLb 8.000%, 04/02/18		171		170
Extreme Reach 1/14 TL 6.750%, 01/24/20		466		464
Garda World 11/13 (USD) TLB 4.000%, 11/06/20		834		831
Garda World 11/13 (USD) Tranche B Delayed TL 4.000%, 11/06/20		201		200
Getty Images 10/12 Cov-Lite TLB 4.750%, 10/03/19		687		508
Grosvenor Capital 1/14 Cov-Lite TL 3.750%, 01/04/21		970		961
Guggenheim Partners 7/13 Cov-Lite TL
5.500%, 07/22/20		1		1
4.250%, 07/22/20		546		548
HarbourVest 1/14 Cov-Lite TL 3.250%, 02/04/21		406		402
Informatica TLB (First Lien) 0.000%, 06/03/22 (E)		225		224

Description	Face Amount (000)		Value (000)
Insight Global 1/15 Extended Cov-Lite TLB 6.000%, 10/29/21	$	274	$	275
Interactive Data 5/14 Cov-Lite TL 4.750%, 05/02/21		124		124
inVentiv Health 7/14 TLB4 7.750%, 05/15/18		250		250
Pharmaceutical Product 1/13 Cov-Lite TL 4.000%, 12/05/18		992		990
Vantiv 6/14 TLB 3.750%, 06/13/21		64		64
Wolverine Healthcare 10/12 TLB 4.500%, 06/06/19		200		199
				9,869
Real Estate — 0.1%
Auction.com 5/15 TL 6.000%, 05/12/19		100		99
Ryman Hospitality Properties 6/14 TLB 3.500%, 01/05/21		50		50
ServiceMaster 7/14 Cov-Lite TLB 4.250%, 07/01/21		699		698
				847
Retail Food & Drug — 0.3%
Albertson’s 5/13 (2019) TLB2 5.375%, 05/21/19		500		502
Albertson’s 8/14 Cov-Lite Delayed Draw TLB3 5.000%, 08/09/19		200		200
Albertson’s 8/14 Cov-Lite Delayed Draw TLB4 5.500%, 08/25/21		75		75
GNC 10/12 TL 3.250%, 03/02/18		996		979
New Albertson’s 6/14 Cov-Lite TLB 4.750%, 06/27/21		573		574
Supervalu 5/13 Cov-Lite TLB 4.500%, 03/21/19		595		595
				2,925
Retailing — 0.6%
99 Cents Only Stores 10/13 Cov-Lite TLB2 4.500%, 01/11/19		587		543
Brickman Group 12/13 Cov-Lite TL
5.250%, 12/18/20		1		1
4.000%, 12/18/20		493		489

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

80

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Burger King 5/15 TLB 3.750%, 12/10/21	$	782	$	781
Burlington Coat Factory 8/14 Term Loan B 4.250%, 08/13/21		9		9
Burlington Coat Factory 8/14 TLB 4.250%, 08/13/21		38		37
CEC Entertainment 2/14 TLB 4.000%, 02/12/21		74		72
Dollar Tree 3.500%, 05/26/22		259		259
J. Crew 2/14 Cov-Lite TL 4.000%, 03/05/21		248		213
Men’s Wearhouse 4/14 Cov-Lite TLB 4.500%, 04/15/21		79		79
Michaels Stores 1/13 Cov-Lite TLB 3.750%, 01/24/20		742		740
Michaels Stores 6/14 Incremental Cov-Lite TL 4.000%, 01/28/20		74		74
Neiman Marcus 3/14 Cov-Lite TL 4.250%, 10/25/20		399		396
Party City 2/14 Cov-Lite TLB 4.000%, 07/27/19		988		985
PetSmart 5/15 Cov-Lite TLB1 4.250%, 03/10/22		450		449
Pilot Travel Centers 10/14 TLB 4.250%, 10/01/21		173		175
				5,302
Securities & Trusts — 0.1%
Corporate Capital 5/14 TLB 4.000%, 05/15/19		74		74
TCW Group 1/14 TLB 3.000%, 02/06/20		464		456
				530
Shipping & Ship Building — 0.0%
Stena 2/14 Cov-Lite TLB 4.000%, 03/03/21		173		161
Steel — 0.1%
Fortescue 11/13 Cov-Lite TL 3.750%, 06/30/19		987		875
JMC Steel (Cov-Lite 3/11) TL 4.750%, 04/01/17		275		272
				1,147
Telecommunications — 0.2%
Cable & Wireless 11/14 Cov-Lite TL 5.500%, 11/25/16		25		25

Description	Face Amount (000)		Value (000)
CommScope 5/15 Incremental Cov-Lite TLB 0.000%, 05/27/22 (E)	$	100	$	100
Intelsat Jackson 11/13 TLB2 3.750%, 06/30/19		1,000		992
IPC Information Systems 4/15 TLB1 5.500%, 08/06/21		150		149
Mitel Networks 4/15 TL 5.000%, 04/13/22		75		75
SBA Finance 2/14 Incremental TLB 3.250%, 03/24/21		199		196
Syniverse 6/13 Incremental TL 4.000%, 04/23/19		500		470
				2,007
Transportation — 0.2%
DAE Aviation 1/14 TLB1 5.000%, 11/02/18		444		444
EMSC (Cov-Lite 5/11) TL
6.000%, 05/25/18		54		53
5.250%, 04/27/18		934		933
Swift Transportation 6/14 Cov-Lite TLB 3.750%, 06/09/21		99		99
Travelport 9/14 TL 5.750%, 09/02/21		249		250
				1,779
Utilities — 0.3%
Calpine 5/13 Cov-Lite (2022) TLB2 3.250%, 01/31/22		987		972
Calpine 5/15 B5 Cov-Lite TL 3.500%, 05/20/22		300		297
Dynegy 4/13 TLB2 4.000%, 04/23/20		494		494
EFIH 6/14 DIP Cov-Lite TL 4.250%, 06/19/16		150		150
La Frontera Generation 5/13 TL 4.500%, 09/30/20		348		349
Longview Power 4/15 TLB 7.000%, 04/13/21		25		25
TPF 9/14 Cov-Lite TL 5.500%, 10/02/21		125		126
Viva Alamo 2/14 Cov-Lite TLB 5.250%, 02/22/21		249		245
Wheelabrator Technologies 10/14 TLB 5.000%, 10/15/21		215		217

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

81

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Wheelabrator Technologies 10/14 TLC 5.000%, 10/15/21	$	9	$	9
				2,884
Total Loan Participations (Cost $91,554) (000)				89,599
Sovereign Debt — 6.6%
Argentine Government International Bond
8.750%, 06/02/17 (G)		240		226
8.280%, 12/31/33		873		834
3.750%, 03/31/19 (C) (G)		1,369		732
Armenian Government International Bond
7.150%, 03/26/25 (A)		490		485
6.000%, 09/30/20 (A)		731		714
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/19 (A)		285		308
5.750%, 09/26/23 (A)		390		398
Belarus Government International Bond 8.950%, 01/26/18		810		773
Brazilian Government International Bond
8.250%, 01/20/34		340		422
6.000%, 01/17/17		100		107
5.625%, 01/07/41		150		143
4.250%, 01/07/25		1,660		1,603
2.625%, 01/05/23		600		533
Canada Government International Bond
1.625%, 02/27/19		100		101
1.125%, 03/19/18		200		200
Chile Government International Bond 3.250%, 09/14/21		100		104
Colombia Government International Bond
7.375%, 03/18/19		380		461
6.125%, 01/18/41		520		563
5.625%, 02/26/44		200		202
5.000%, 06/15/45		260		241
4.375%, 07/12/21		200		209
4.000%, 02/26/24		700		696
Costa Rica Government International Bond
7.158%, 03/12/45 (A)		200		194
7.000%, 04/04/44 (A)		420		406
Croatia Government International Bond
6.750%, 11/05/19		1,055		1,161
6.375%, 03/24/21		260		281

Description	Face Amount (000) (1)		Value (000)
Dominican Republic Government International Bond
7.500%, 05/06/21 (A)		540	$	606
7.450%, 04/30/44 (A)		610		665
6.850%, 01/27/45 (A)		250		255
6.600%, 01/28/24 (A)		290		312
5.500%, 01/27/25 (A)		730		732
El Salvador Government International Bond
7.650%, 06/15/35 (A)		365		367
6.375%, 01/18/27 (A)		150		145
5.875%, 01/30/25 (A)		365		352
Export Development Canada 1.000%, 05/15/17		200		200
Export-Import Bank of Korea
4.000%, 01/11/17		400		420
2.625%, 12/30/20		1,084		1,079
FMS Wertmanagement AoeR 1.750%, 03/17/20		200		200
Ghana Government International Bond
8.500%, 10/04/17 (A)		560		577
8.125%, 01/18/26 (A)		910		828
7.875%, 08/07/23 (A)		640		578
Guatemala Government International Bond 5.750%, 06/06/22 (A)		200		215
Hashemite Kingdom of Jordan Government AID Bond 2.503%, 10/30/20		200		207
Honduras Government International Bond
8.750%, 12/16/20 (A)		335		379
7.500%, 03/15/24 (A)		525		568
Hungary Government International Bond
6.250%, 01/29/20		500		560
5.375%, 03/25/24		260		282
4.125%, 02/19/18		760		791
India Government International Bond 7.160%, 05/20/23            (INR)		26,000		389
Indonesia Government International Bond
8.500%, 10/12/35 (A)		800		1,080
5.875%, 01/15/24 (A)		600		663
5.375%, 10/17/23 (A)		200		215
5.250%, 01/17/42 (A)		200		192
5.125%, 01/15/45 (A)		320		305
4.125%, 01/15/25 (A)		280		275
Israel Government International Bond 3.150%, 06/30/23		200		202
Italy Government International Bond 5.375%, 06/12/17		200		215

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

82

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Ivory Coast Government International Bond 5.750%, 12/31/32 (A)	$	1,020	$	956
Jamaica Government International Bond 7.625%, 07/09/25		470		526
Japan Bank for International Cooperation 1.750%, 11/13/18		400		399
Kenya Government International Bond 5.875%, 06/24/19 (A)		1,158		1,178
Korean Government International Bond 7.125%, 04/16/19		100		119
Mexico Government International Bond
5.625%, 01/15/17		150		160
5.550%, 01/21/45		348		370
4.600%, 01/23/46		1,224		1,132
4.000%, 10/02/23		400		411
3.500%, 01/21/21		250		255
Nigeria Government International Bond 6.750%, 01/28/21 (A)		310		320
Pakistan Government International Bond
8.250%, 04/15/24 (A)		200		218
7.250%, 04/15/19 (A)		440		461
Panama Government International Bond
9.375%, 04/01/29		290		429
6.700%, 01/26/36		1,395		1,723
5.200%, 01/30/20		420		463
3.750%, 03/16/25		365		359
Paraguay Government International Bond 6.100%, 08/11/44 (A)		570		579
Peruvian Government International Bond
7.350%, 07/21/25		300		392
6.550%, 03/14/37		620		772
5.625%, 11/18/50		420		468
Philippine Government International Bond
7.750%, 01/14/31		529		763
6.375%, 10/23/34		590		783
4.200%, 01/21/24		200		218
Poland Government International Bond
6.375%, 07/15/19		200		231
4.000%, 01/22/24		125		131
Province of British Columbia Canada 1.200%, 04/25/17		200		202

Description	Face Amount (000)		Value (000)
Province of Manitoba Canada 1.125%, 06/01/18	$	100	$	100
Province of Ontario Canada
2.450%, 06/29/22		200		200
2.000%, 01/30/19		250		254
1.100%, 10/25/17		300		301
Province of Quebec Canada
5.125%, 11/14/16		150		159
2.875%, 10/16/24		100		101
2.625%, 02/13/23		200		201
Republic of Paraguay 4.625%, 01/25/23 (A)		240		242
Republic of Serbia 7.250%, 09/28/21 (A)		410		459
Romanian Government International Bond
6.750%, 02/07/22 (A)		470		549
6.125%, 01/22/44 (A)		300		336
4.875%, 01/22/24 (A)		690		731
4.375%, 08/22/23 (A)		460		471
Russian Federation
4.875%, 09/16/23 (A)		600		593
3.500%, 01/16/19 (A)		200		197
Senegal Government International Bond
8.750%, 05/13/21 (A)		825		916
6.250%, 07/30/24 (A)		780		747
Serbia Government International Bond
5.875%, 12/03/18 (A)		590		619
5.250%, 11/21/17 (A)		410		424
South Africa Government International Bond
5.875%, 05/30/22		490		543
5.500%, 03/09/20		395		430
Sri Lanka Government International Bond
6.250%, 10/04/20 (A)		310		317
6.000%, 01/14/19 (A)		310		317
5.875%, 07/25/22 (A)		430		423
5.125%, 04/11/19 (A)		310		308
Tanzania Government International Bond 6.397%, 03/09/20 (B)		850		860
Turkey Government International Bond
8.000%, 02/14/34		386		498
7.500%, 07/14/17		150		166
7.375%, 02/05/25		540		648
6.875%, 03/17/36		480		557
6.250%, 09/26/22		340		378
5.750%, 03/22/24		200		216
5.625%, 03/30/21		225		243
4.875%, 04/16/43		240		218

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

83

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Ukraine Government International Bond
7.800%, 11/28/22 (A)	$	380	$	196
7.750%, 09/23/20 (A)		990		487
7.500%, 04/17/23 (A)		200		104
Uruguay Government International Bond
5.100%, 06/18/50		901		858
4.500%, 08/14/24		2,124		2,230
Venezuela Government International Bond
7.650%, 04/21/25		652		238
7.000%, 03/31/38		222		78
6.000%, 12/09/20		680		251
Vietnam Government International Bond 4.800%, 11/19/24 (A)		845		845
Zambia Government International Bond 8.500%, 04/14/24 (A)		905		910
Total Sovereign Debt (Cost $61,032) (000)				59,888
ASSET-BACKED SECURITIES — 4.3%
Automotive — 3.2%
AmeriCredit Automobile Receivables Trust, Ser 2014-3, Cl B
1.920%, 11/08/19		320		320
1.820%, 07/08/20		304		303
1.260%, 11/08/19		1,734		1,732
0.830%, 09/10/18		1,465		1,464
0.570%, 07/10/17		1,078		1,078
California Republic Auto Receivables Trust, Ser 2014-2, Cl A4
1.570%, 12/16/19		1,382		1,386
1.310%, 08/15/19		1,725		1,725
CarFinance Capital Auto Trust, Ser 2015-1A, Cl A 1.750%, 06/15/21 (A)		695		693
CarMax Auto Owner Trust, Ser 2015-2, Cl A4 1.800%, 03/15/21		945		945
Carnow Auto Receivables Trust, Ser 2014-1A, Cl A 0.960%, 01/17/17 (A)		364		364
Drive Auto Receivables Trust, Ser 2015-BA, Cl A2A 0.930%, 12/15/17 (A)		1,383		1,384
DT Auto Owner Trust, Ser 2015-1A, Cl A 1.060%, 09/17/18 (A)		833		834
Exeter Automobile Receivables Trust, Ser 2014-3A, Cl A 1.320%, 01/15/19 (A)		1,323		1,321

Description	Face Amount (000)		Value (000)
Ford Credit Auto Owner Trust, Ser 2015-A, Cl A4
1.640%, 06/15/20	$	818	$	821
1.580%, 08/15/20		1,544		1,543
1.420%, 08/15/19		2,026		2,031
Honda Auto Receivables Owner Trust, Ser 2014-3, Cl A4 1.310%, 10/15/20		752		754
Hyundai Auto Receivables Trust, Ser 2015-A, Cl A3
1.050%, 04/15/19		1,098		1,097
0.690%, 04/16/18		2,131		2,130
Nissan Auto Receivables Owner Trust, Ser 2014-B, Cl A3 1.110%, 05/15/19		884		885
Santander Drive Auto Receivables Trust, Ser 2015-3, Cl C
2.740%, 01/15/21		611		613
2.440%, 04/15/21		324		324
2.070%, 03/16/20		807		809
1.830%, 01/15/20		991		989
1.820%, 05/15/19		807		808
1.450%, 05/15/19		1,465		1,467
0.506%, 01/16/18 (B)		881		880
World Omni Auto Receivables Trust, Ser 2014-B, Cl A4 1.680%, 12/15/20		971		971
				29,671
Credit Cards — 0.8%
BA Credit Card Trust, Ser 2015-A2, Cl A 1.360%, 09/15/20		845		843
Capital One Multi-Asset Execution Trust, Ser 2015-A1, Cl A
1.390%, 01/15/21		1,241		1,238
0.534%, 06/15/22		400		400
Chase Issuance Trust, Ser 2015-A2, Cl A2
1.590%, 02/18/20		1,250		1,256
0.436%, 04/15/19 (B)		872		871
0.236%, 04/15/19 (B)		1,087		1,083
Discover Card Execution Note Trust, Ser 2015-A2, Cl A 1.900%, 10/17/22		794		787
Synchrony Credit Card Master Note Trust, Ser 2015-1, Cl A 2.370%, 03/15/23		839		846
World Financial Network Credit Card Master Trust, Ser 2015-A, Cl A 0.666%, 02/15/22 (B)		408		408
				7,732

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

84

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Information Technology — 0.2%
VOLT, Ser 2015-NPL4, Cl A1 3.500%, 02/25/55	$	354	$	354
VOLT XXX, Ser 2015-NPL1, Cl A1 3.625%, 10/25/57 (A)		702		702
VOLT XXXI, Ser 2015-NPL2, Cl A1 3.375%, 02/25/55 (A)		495		493
				1,549
Other Asset-Backed Securities — 0.1%
US Residential Opportunity Fund Trust, Ser 2015-1IV, Cl A 3.721%, 01/27/35 (A)		753		753
Total Asset-Backed Securities (Cost $39,693) (000)				39,705
U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.1%
FFCB
4.875%, 01/17/17		200		213
1.100%, 06/01/18		250		250
FHLB
4.875%, 05/17/17		400		431
4.750%, 12/16/16		200		212
4.125%, 03/13/20		750		833
1.000%, 06/21/17		1,000		1,005
0.625%, 12/28/16		300		301
0.500%, 09/28/16		500		500
FHLMC
6.250%, 07/15/32		674		937
5.500%, 07/18/16		125		132
5.000%, 02/16/17		850		910
4.500%, 08/01/41		526		574
4.000%, 12/01/40		182		194
2.375%, 01/13/22		2,630		2,663
1.250%, 10/02/19		200		197
1.000%, 03/08/17		1,750		1,760
0.875%, 02/22/17		625		628
0.750%, 01/12/18		250		249
FNMA
5.375%, 07/15/16		1,000		1,051
5.000%, 05/11/17		750		809
2.625%, 09/06/24		1,189		1,190
1.875%, 02/19/19		1,000		1,019
1.750%, 06/20/19		300		303
0.875%, 02/08/18		1,000		996
0.750%, 04/20/17		1,000		1,001
Tennessee Valley Authority
3.500%, 12/15/42		750		700
Total U.S. Government Agency Obligations (Cost $18,793) (000)				19,058
MUNICIPAL BONDS — 0.5%
California State GO 7.300%, 10/01/39		690		958

Description	Face Amount (000)/ Shares		Value (000)
Florida State, Hurricane Catastrophe Fund RB 2.995%, 07/01/20	$	150	$	152
Illinois State GO
5.665%, 03/01/18		200		214
5.100%, 06/01/33		540		501
New Jersey State, Transportation Trust Fund RB 5.754%, 12/15/28		635		671
New York State, Dormitory Authority RB 5.628%, 03/15/39		610		716
New York State, Metropolitan Transportation Authority RB 6.814%, 11/15/40		455		594
University of California RB 4.767%, 05/15/15		350		314
Total Municipal Bonds (Cost $4,253) (000)				4,120
PREFERRED STOCK — 0.0%
Education Management*		1,550,903		94
Total Preferred Stock (Cost $188) (000)				94
SHORT-TERM INVESTMENT (H) — 11.2%
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.000%		102,609,426		102,609
Total Short-Term Investment (Cost $102,609) (000)				102,609
Total Investments — 110.2% (Cost $1,013,298) (000)			$	1,006,185

Percentages are based on net assets of $912,946 (000).

A list of the open forward foreign currency contracts held by the Fund at June 30, 2015 is as follows (000):

Counterparty	Maturity Date	Currency to Deliver		Currency to Receive		Unrealized Appreciation (Depreciation)
State Street	8/14/15	HUF	60,400	USD	220	$	7
Barclays	8/14/15	TRY	1,159	USD	439		12
Barclays	8/14/15	USD	426	TRY	1,159		1
Barclays	8/17/15	USD	542	INR	35,460		9
Credit Suisse	8/19/15	MXP	8,740	USD	553		(1	)
Barclays	8/20/15	SGD	1,198	USD	896		7
BNP Paribas	8/20/15	USD	894	PHP	40,000		(10	)
Royal Bank of Scotland	8/26/15	ZAR	5,350	USD	441		6
BNP Paribas	9/1/15	RON	1,813	USD	449		(2	)
Barclays	9/16/15	EUR	2,016	USD	2,243		(7	)
Barclays	9/16/15	JPY	110,800	USD	902		(4	)
Barclays	9/16/15	USD	898	JPY	110,800		9
BNP Paribas	9/23/15	COP	1,158,000	USD	447		7
						$	34

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

85

THE KP FUNDS June 30, 2015 (Unaudited)

KP Fixed Income Fund

For the period ended June 30, 2015, the monthly average notional amount of forward foreign currency contracts held was $83,844 (000).

‡ Real Estate Investment Trust

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

(A) Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” This security has been determined to be liquid under guidelines established by the Board of Trustees.

(B) Variable rate security — Rate disclosed is the rate in effect on June 30, 2015.

(C) Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on June 30, 2015. The coupon on a step bond changes on a specified date.

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

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

(F) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of June 30, 2015, was $620 (000) and represented 0.07% of net assets.

(G) Security in default on interest payments.

(H) The rate reported is the 7-day effective yield as of June 30, 2015.

Cl — Class

COP — Colombian Peso

EUR — Euro

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

HUF — Hungarian Forint

INR — Indian Rupee

JPY — Japanese Yen

MXP — Mexican Peso

PHP — Philippine Peso

RB — Revenue Bond

RON — Romanian Leu

Ser — Series

SGD — Singapore Dollar

TL — Term Loan

TRY — Turkish Lira

USD — United States Dollar

ZAR — South African Rand

The following is a list of the level of inputs used as of June 30, 2015, 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	$	—	$	278,322		$	—	$	278,322
Corporate Obligations		—		271,398			—		271,398
Mortgage-Backed Securities		—		141,392			—		141,392
Loan Participations		—		88,979			620		89,599
Sovereign Debt		—		59,888			—		59,888
Asset-Backed Securities		—		39,705			—		39,705
U.S. Government Agency Obligations		—		19,058			—		19,058
Municipal Bonds		—		4,120			—		4,120
Preferred Stock		—		94			—		94
Short-Term Investment		102,609		—			—		102,609
Total Investments in Securities	$	102,609	$	902,956		$	620	$	1,006,185
Other Financial Instruments	Level 1		Level 2			Level 3		Total
Forward Currency Contracts*
Unrealized Appreciation	$	—	$	58		$	—	$	58
Unrealized Depreciation		—		(24	)		—		(24	)
Total Other Financial Instruments	$	—	$	34		$	—	$	34

^ A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 instruments at the beginning and/or end of the period in relation to net assets.

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

For the period ended June 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended June 30, 2015, there were transfers between Level 2 and Level 3 assets and liabilities. The transfers were due to changes in the availability of observable inputs used to determine fair value. 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.

86

THE KP FUNDS June 30, 2015 (Unaudited)

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	$	301,829	$	467,369	$	516,350	$	513,982
Unaffiliated Investments at Cost		200,287		228,245		169,047		95,926
Affiliated Investments at Fair Value	$	315,525	$	492,032	$	546,564	$	545,834
Unaffiliated Investments at Fair Value		198,219		225,786		166,855		94,109
Receivable for Capital Shares Sold		954		1,718		2,196		2,341
Dividends Receivable		105		114		82		41
Prepaid Expenses		20		26		25		24
Total Assets		514,823		719,676		715,722		642,349
Liabilities:
Payable for Investment Securities Purchased		950		1,712		2,190		2,336
Cash Overdraft		108		120		88		45
Payable due to Administrator		11		15		15		14
Payable due to Adviser		8		9		7		4
Chief Compliance Officer Fees Payable		2		2		2		2
Other Accrued Expenses		30		40		39		35
Total Liabilities		1,109		1,898		2,341		2,436
Net Assets	$	513,714	$	717,778	$	713,381	$	639,913
NET ASSETS:
Paid-in Capital	$	496,523	$	690,734	$	681,778	$	606,821
Undistributed Net Investment Income		724		809		624		370
Accumulated Net Realized Gain on Investments		4,839		4,031		2,957		2,687
Net Unrealized Appreciation on Investments		11,628		22,204		28,022		30,035
Net Assets	$	513,714	$	717,778	$	713,381	$	639,913
Institutional Class Shares:
Net Assets	$	513,714	$	717,778	$	713,381	$	639,913
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		50,327,668		69,731,898		68,896,522		61,552,476
Net Asset Value, Offering and Redemption Price Per Share*	$	10.21	$	10.29	$	10.35	$	10.40

† 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.

87

THE KP FUNDS June 30, 2015 (Unaudited)

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	$	592,210	$	538,164	$	362,323
Unaffiliated Investments at Cost		62,703		37,289		21,094
Affiliated Investments at Fair Value	$	630,504	$	573,365	$	385,279
Unaffiliated Investments at Fair Value		61,243		36,285		20,489
Receivable for Capital Shares Sold		2,837		2,712		2,364
Dividends Receivable		25		13		7
Prepaid Expenses		25		22		14
Total Assets		694,634		612,397		408,153
Liabilities:
Payable for Investment Securities Purchased		2,832		2,707		2,360
Cash Overdraft		30		16		7
Payable due to Administrator		15		13		9
Payable due to Adviser		2		1		1
Chief Compliance Officer Fees Payable		2		2		1
Other Accrued Expenses		37		33		22
Total Liabilities		2,918		2,772		2,400
Net Assets	$	691,716	$	609,625	$	405,753
NET ASSETS:
Paid-in Capital	$	652,096	$	573,240	$	381,868
Undistributed Net Investment Income		226		86		34
Accumulated Net Realized Gain on Investments		2,560		2,102		1,500
Net Unrealized Appreciation on Investments		36,834		34,197		22,351
Net Assets	$	691,716	$	609,625	$	405,753
Institutional Class Shares:
Net Assets	$	691,716	$	609,625	$	405,753
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		66,254,002		58,226,597		38,734,913
Net Asset Value, Offering and Redemption Price Per Share*	$	10.44	$	10.47	$	10.48

† 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.

88

THE KP FUNDS June 30, 2015 (Unaudited)

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	$	140,990	$	18,555	$	4,668
Unaffiliated Investments at Cost		8,061		1,042		258
Affiliated Investments at Fair Value	$	148,156	$	18,946	$	4,699
Unaffiliated Investments at Fair Value		7,803		998		249
Cash		1		5		5
Receivable for Capital Shares Sold		1,405		338		41
Prepaid Expenses		5		1		—
Dividends Receivable		3		—		—
Total Assets		157,373		20,288		4,994
Liabilities:
Payable for Investment Securities Purchased		1,403		336		39
Other Accrued Expenses		12		1		—
Total Liabilities		1,415		337		39
Net Assets	$	155,958	$	19,951	$	4,955
NET ASSETS:
Paid-in Capital	$	148,569	$	19,481	$	4,979
Undistributed Net Investment Income		14		3		1
Accumulated Net Realized Gain/(Loss) on Investments		467		120		(47	)
Net Unrealized Appreciation on Investments		6,908		347		22
Net Assets	$	155,958	$	19,951	$	4,955
Institutional Class Shares:
Net Assets	$	155,958	$	19,951	$	4,955
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		14,885,221		1,908,570		471,486
Net Asset Value, Offering and Redemption Price Per Share*	$	10.48	$	10.45	$	10.51

† 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.

89

THE KP FUNDS June 30, 2015 (Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES (000)

	KP Large Cap Equity Fund			KP Small Cap Equity Fund			KP International Equity Fund			KP Fixed Income Fund
Assets:
Investments at Cost	$	1,116,653		$	807,953		$	1,032,861		$	1,013,298
Cost of Foreign Currency		5			—			6,075			—
Investments at Fair Value	$	1,231,536		$	849,021		$	1,045,596		$	1,006,185
Foreign Currency at Value		5			—			6,063		��	—
Receivable for Capital Shares Sold		4,740			816			2,402			—
Receivable for Investment Securities Sold		1,469			16,673			7,781			29,344
Dividends and Income Receivable		1,231			518			2,758			4,939
Cash Collateral for Futures Contracts		1,179			79			1,100			—
Reclaims Receivable		116			2			1,156			2
Prepaid Expenses		2			16			2			2
Unrealized Appreciation on Foreign Currency Spot Contracts		—			—			5			—
Unrealized Appreciation on Forward Foreign Currency Contracts		—			—			—			58
Total Assets		1,240,278			867,125			1,066,863			1,040,530
Liabilities:
Payable for Investment Securities Purchased		2,478			21,461			33,018			127,214
Payable due to Adviser		297			337			330			191
Payable due to Administrator		38			26			32			27
Cash Overdraft		9			—			2,442			—
Chief Compliance Officer Fees Payable		3			2			2			2
Payable for Trustees’ Fees		1			1			1			1
Unrealized Depreciation on Foreign Currency Spot Contracts		—			—			9			—
Unrealized Depreciation on Forward Foreign Currency Contracts		—			—			—			24
Accrued Foreign Capital Gains Tax		—			—			304			—
Other Accrued Expenses		109			143			352			125
Total Liabilities		2,935			21,970			36,490			127,584
Net Assets	$	1,237,343		$	845,155		$	1,030,373		$	912,946
NET ASSETS:
Paid-in Capital	$	1,088,284		$	790,510		$	1,011,919		$	905,709
Undistributed Net Investment Income		8,271			2,281			13,301			8,941
Accumulated Net Realized Gain/(Loss) on Investments		26,001			11,343			(7,168	)		5,375
Net Unrealized Appreciation/(Depreciation) on Investments		114,883			41,068			12,735			(7,113	)
Net Unrealized Depreciation on Futures Contracts		(96	)		(47	)		(48	)		—
Net Unrealized Appreciation/(Depreciation) on Foreign Currency Contracts and Foreign Currency Translation		—			—			(62	)		34
Accumulated Foreign Capital Gains Tax on Appreciated Securities		—			—			(304	)		—
Net Assets	$	1,237,343		$	845,155		$	1,030,373		$	912,946
Institutional Class Shares:
Net Assets	$	1,237,343		$	845,155		$	1,030,373		$	912,946
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value) †		111,325,898			77,505,143			104,886,741			90,770,737
Net Asset Value, Offering and Redemption Price Per Share*	$	11.11		$	10.90		$	9.82		$	10.06

† 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.

90

THE KP FUNDS For the six-months ended June 30, 2015 (Unaudited)

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 Unaffiliated Registered Investment Companies	$	878		$	1,006		$	801		$	518
Total Investment Income		878			1,006			801			518
Expenses:
Administration Fees		66			89			87			78
Investment Advisory Fees		50			54			39			22
Trustees’ Fees		6			8			8			7
Chief Compliance Officer Fees		3			4			4			4
Custodian Fees/Transfer Agent Fees		27			35			34			31
Professional Fees		16			21			20			18
Registration Fees		16			24			24			19
Printing Fees		6			8			8			7
Offering Costs		2			2			2			2
Other Fees		5			6			5			5
Total Expenses		197			251			231			193
Net Investment Income		681			755			570			325
Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Gain on Affiliated Investments		2,420			1,367			921			832
Net Realized Gain on Unaffiliated Investments		402			368			335			266
Net Change in Unrealized Appreciation on Affiliated Investments		4,400			10,874			15,173			17,421
Net Change in Unrealized Depreciation on Unaffiliated Investments		(924	)		(1,405	)		(1,467	)		(1,341	)
Net Realized and Unrealized Gain on Investments		6,298			11,204			14,962			17,178
Net Increase in Net Assets Resulting from Operations	$	6,979		$	11,959		$	15,532		$	17,503

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

91

THE KP FUNDS For the six-months ended June 30, 2015 (Unaudited)

STATEMENTS OF OPERATIONS (000)

	KP Retirement Path 2035 Fund			KP Retirement Path 2040 Fund			KP Retirement Path 2045 Fund
Investment Income:
Income Distributions from Unaffiliated Registered Investment Companies	$	384		$	232		$	132
Total Investment Income		384			232			132
Expenses:
Administration Fees		84			74			49
Investment Advisory Fees		14			8			5
Trustees’ Fees		8			7			4
Chief Compliance Officer Fees		4			3			2
Custodian Fees/Transfer Agent Fees		33			29			19
Registration Fees		21			19			13
Professional Fees		19			17			11
Printing Fees		7			7			5
Offering Costs		2			1			1
Other Fees		6			5			3
Total Expenses		198			170			112
Net Investment Income		186			62			20
Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Gain on Affiliated Investments		954			885			772
Net Realized Gain on Unaffiliated Investments		228			148			82
Net Change in Unrealized Appreciation on Affiliated Investments		21,059			19,831			13,299
Net Change in Unrealized Depreciation on Unaffiliated Investments		(1,168	)		(782	)		(449	)
Net Realized and Unrealized Gain on Investments		21,073			20,082			13,704
Net Increase in Net Assets Resulting from Operations	$	21,259		$	20,144		$	13,724

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

92

THE KP FUNDS For the six-months ended June 30, 2015 (Unaudited)

STATEMENTS OF OPERATIONS (000)

	KP Retirement Path 2050 Fund			KP Retirement Path 2055 Fund			KP Retirement Path 2060 Fund
Investment Income:
Income Distributions from Unaffiliated Registered Investment Companies	$	50		$	6		$	1
Total Investment Income		50			6			1
Expenses:
Administration Fees		18			2			—
Investment Advisory Fees		2			—			—
Trustees’ Fees		2			—			—
Chief Compliance Officer Fees		1			—			—
Custodian Fees/Transfer Agent Fees		7			1			—
Registration Fees		5			—			—
Professional Fees		4			—			—
Printing Fees		2			—			—
Other Fees		1			—			—
Total Expenses		42			3			—
Net Investment Income		8			3			1
Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Gain on Affiliated Investments		255			98			10
Net Realized Gain/(Loss) on Unaffiliated Investments		29			4			(3	)
Net Change in Unrealized Appreciation on Affiliated Investments		4,720			436			73
Net Change in Unrealized Depreciation on Unaffiliated Investments		(180	)		(27	)		(2	)
Net Realized and Unrealized Gain on Investments		4,824			511			78
Net Increase in Net Assets Resulting from Operations	$	4,832		$	514		$	79

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

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

93

THE KP FUNDS For the six-months ended June 30, 2015 (Unaudited)

STATEMENTS OF OPERATIONS (000)

	KP Large Cap Equity Fund			KP Small Cap Equity Fund			KP International Equity Fund			KP Fixed Income Fund
Investment Income:
Dividend Income	$	10,352		$	4,110		$	18,656		$	42
Interest Income		—			—			—			10,342
Less: Foreign Taxes Withheld		(54	)		(8	)		(1,819	)		—
Total Investment Income		10,298			4,102			16,837			10,384
Expenses:
Investment Advisory Fees		1,690			1,568			1,955			1,115
Administration Fees		219			119			183			159
Trustees’ Fees		7			4			6			5
Chief Compliance Officer Fees		4			2			3			3
Custodian Fees/Transfer Agent Fees		72			73			278			71
Professional Fees		26			21			22			20
Registration Fees		12			20			13			10
Printing Fees		7			4			6			5
Other Fees		27			16			103			71
Total Expenses		2,064			1,827			2,569			1,459
Net Investment Income		8,234			2,275			14,268			8,925
Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Gain/(Loss) on Investments		19,987			18,915			(669	)		4,240
Net Realized Gain/(Loss) on Futures Contracts		492			(92	)		298			—
Net Realized Gain/(Loss) on Foreign Currency Transactions		(19	)		—			(470	)		151
Net Change in Unrealized Appreciation/(Depreciation) on Investments		3,757			8,951			40,979			(8,703	)
Net Change in Unrealized Appreciation/(Depreciation) on Futures Contracts		(240	)		(89	)		183			—
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translation		6			—			53			(20	)
Change in Accrued Foreign Capital Gains Tax on Appreciated Securities		—			—			(101	)		—
Net Realized and Unrealized Gain/(Loss) on Investments		23,983			27,685			40,273			(4,332	)
Net Increase in Net Assets Resulting from Operations	$	32,217		$	29,960		$	54,541		$	4,593

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

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

94

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Retirement Path 2015 Fund						KP Retirement Path 2020 Fund
	Six-Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014*			Six-Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014*
Operations:
Net Investment Income	$	681		$	8,826		$	755		$	11,404
Net Realized Gain on Affiliated and Unaffiliated Investments		2,822			4,501			1,735			3,467
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares		—			4,511			—			6,229
Net Change in Unrealized Appreciation on Affiliated and Unaffiliated Investments		3,476			8,152			9,469			12,735
Net Increase in Net Assets Resulting from Operations		6,979			25,990			11,959			33,835
Distributions to Shareholders:
Investment Income		—			(12,276	)		—			(16,187	)
Net Realized Gains		—			(3,502	)		—			(2,563	)
Total Distributions to Shareholders		—			(15,778	)		—			(18,750	)
Capital Share Transactions:
Institutional Shares:
Issued		26,291			610,854			49,083			714,084
Reinvestment of Distributions		—			15,779			—			18,750
Redeemed		(41,622	)		(114,779	)		(22,415	)		(68,768	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(15,331	)		511,854			26,668			664,066
Total Increase (Decrease) in Net Assets		(8,352	)		522,066			38,627			679,151
Net Assets:
Beginning of Period		522,066			—			679,151			—
End of Period	$	513,714		$	522,066		$	717,778		$	679,151
Undistributed Net Investment Income	$	724		$	43		$	809		$	54
Share Transactions:
Institutional Shares:
Issued		2,567			61,560			4,747			72,092
Reinvestment of Distributions		—			1,555			—			1,843
Redeemed		(4,057	)		(11,297	)		(2,172	)		(6,778	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(1,490	)		51,818			2,575			67,157

* Commenced operations on January 10, 2014.

Amounts designated as “—” are $0.

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

95

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Retirement Path 2025 Fund						KP Retirement Path 2030 Fund
	Six-Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014*			Six-Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014*
Operations:
Net Investment Income	$	570		$	11,036		$	325		$	10,052
Net Realized Gain on Affiliated and Unaffiliated Investments		1,256			2,126			1,098			1,916
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares		—			6,300			—			5,835
Net Change in Unrealized Appreciation on Affiliated and Unaffiliated Investments		13,706			14,316			16,080			13,955
Net Increase in Net Assets Resulting from Operations		15,532			33,778			17,503			31,758
Distributions to Shareholders:
Investment Income		—			(15,973	)		—			(14,781	)
Net Realized Gains		—			(1,734	)		—			(1,388	)
Total Distributions to Shareholders		—			(17,707	)		—			(16,169	)
Capital Share Transactions:
Institutional Shares:
Issued		61,995			665,568			56,160			594,808
Reinvestment of Distributions		—			17,707			—			16,169
Redeemed		(14,149	)		(49,343	)		(14,163	)		(46,153	)
Increase in Net Assets from Capital Share Transactions		47,846			633,932			41,997			564,824
Total Increase in Net Assets		63,378			650,003			59,500			580,413
Net Assets:
Beginning of Period		650,003			—			580,413			—
End of Period	$	713,381		$	650,003		$	639,913		$	580,413
Undistributed Net Investment Income	$	624		$	54		$	370		$	45
Share Transactions:
Institutional Shares:
Issued		5,983			67,419			5,402			60,493
Reinvestment of Distributions		—			1,740			—			1,591
Redeemed		(1,365	)		(4,880	)		(1,362	)		(4,572	)
Net Increase in Shares Outstanding from Share Transactions		4,618			64,279			4,040			57,512

* Commenced operations on January 10, 2014.

Amounts designated as “—” are $0.

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

96

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Retirement Path 2035 Fund						KP Retirement Path 2040 Fund
	Six-Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014*			Six-Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014*
Operations:
Net Investment Income	$	186		$	10,656		$	62		$	9,317
Net Realized Gain on Affiliated and Unaffiliated Investments		1,182			1,641			1,033			1,695
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares		—			6,252			—			5,373
Net Change in Unrealized Appreciation on Affiliated and Unaffiliated Investments		19,891			16,943			19,049			15,148
Net Increase in Net Assets Resulting from Operations		21,259			35,492			20,144			31,533
Distributions to Shareholders:
Investment Income		—			(15,882	)		—			(13,950	)
Net Realized Gains		—			(1,249	)		—			(1,342	)
Total Distributions to Shareholders		—			(17,131	)		—			(15,292	)
Capital Share Transactions:
Institutional Shares:
Issued		65,813			631,139			62,739			559,412
Reinvestment of Distributions		—			17,131			—			15,292
Redeemed		(15,956	)		(46,031	)		(16,532	)		(47,671	)
Increase in Net Assets from Capital Share Transactions		49,857			602,239			46,207			527,033
Total Increase in Net Assets		71,116			620,600			66,351			543,274
Net Assets:
Beginning of Period		620,600			—			543,274			—
End of Period	$	691,716		$	620,600		$	609,625		$	543,274
Undistributed Net Investment Income	$	226		$	40		$	86		$	24
Share Transactions:
Institutional Shares:
Issued		6,315			64,349			6,008			57,035
Reinvestment of Distributions		—			1,685			—			1,503
Redeemed		(1,524	)		(4,571	)		(1,586	)		(4,733	)
Net Increase in Shares Outstanding from Share Transactions		4,791			61,463			4,422			53,805

* Commenced operations on January 10, 2014.

Amounts designated as “—” are $0.

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

97

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Retirement Path 2045 Fund						KP Retirement Path 2050 Fund
	Six-Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014*			Six-Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014*
Operations:
Net Investment Income	$	20		$	6,081		$	8		$	2,119
Net Realized Gain on Affiliated and Unaffiliated Investments		854			915			284			276
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares		—			3,476			—			1,217
Net Change in Unrealized Appreciation on Affiliated and Unaffiliated Investments		12,850			9,501			4,540			2,368
Net Increase in Net Assets Resulting from Operations		13,724			19,973			4,832			5,980
Distributions to Shareholders:
Investment Income		—			(9,126	)		—			(3,181	)
Net Realized Gains		—			(686	)		—			(242	)
Total Distributions to Shareholders		—			(9,812	)		—			(3,423	)
Capital Share Transactions:
Institutional Shares:
Issued		50,741			371,828			31,344			141,817
Reinvestment of Distributions		—			9,812			—			3,423
Redeemed		(13,465	)		(37,048	)		(4,606	)		(23,409	)
Increase in Net Assets from Capital Share Transactions		37,276			344,592			26,738			121,831
Total Increase in Net Assets		51,000			354,753			31,570			124,388
Net Assets:
Beginning of Period		354,753			—			124,388			—
End of Period	$	405,753		$	354,753		$	155,958		$	124,388
Undistributed Net Investment Income	$	34		$	14		$	14		$	6
Share Transactions:
Institutional Shares:
Issued		4,861			37,898			2,998			14,352
Reinvestment of Distributions		—			965			—			337
Redeemed		(1,287	)		(3,702	)		(439	)		(2,363	)
Net Increase in Shares Outstanding from Share Transactions		3,574			35,161			2,559			12,326

* 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.

98

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Retirement Path 2055 Fund						KP Retirement Path 2060 Fund
	Six-Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014*			Six-Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014*
Operations:
Net Investment Income	$	3		$	212		$	1		$	40
Net Realized Gain/(Loss) on Affiliated and Unaffiliated Investments		102			58			7			(57	)
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares		—			124			—			27
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments		409			(62	)		71			(49	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		514			332			79			(39	)
Distributions to Shareholders:
Investment Income		—			(321	)		—			(64	)
Net Realized Gains		—			(55	)		—			—
Total Distributions to Shareholders		—			(376	)		—			(64	)
Capital Share Transactions:
Institutional Shares:
Issued		8,973			20,142			3,968			10,241
Reinvestment of Distributions		—			376			—			64
Redeemed		(2,194	)		(7,816	)		(1,544	)		(7,750	)
Increase in Net Assets from Capital Share Transactions		6,779			12,702			2,424			2,555
Total Increase in Net Assets		7,293			12,658			2,503			2,452
Net Assets:
Beginning of Period		12,658			—			2,452			—
End of Period	$	19,951		$	12,658		$	4,955		$	2,452
Undistributed Net Investment Income	$	3		$	—		$	1		$	—
Share Transactions:
Institutional Shares:
Issued		861			2,013			376			1,016
Reinvestment of Distributions		—			37			—			6
Redeemed		(209	)		(793	)		(147	)		(780	)
Net Increase in Shares Outstanding from Share Transactions		652			1,257			229			242

* 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.

99

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Large Cap Equity Fund						KP Small Cap Equity Fund
	Six-Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014*			Six-Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014*
Operations:
Net Investment Income	$	8,234		$	16,059		$	2,275		$	3,707
Net Realized Gain/(Loss) on Investments and Futures Contracts		20,479			20,967			18,823			(7,413	)
Net Realized Gain/(Loss) on Foreign Currency Transactions		(19	)		11			—			—
Net Change in Unrealized Appreciation on Investments and Futures Contracts		3,517			111,270			8,862			32,159
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translation		6			(6	)		—			—
Net Increase in Net Assets Resulting from Operations		32,217			148,301			29,960			28,453
Distributions to Shareholders:
Investment Income		—			(16,071	)		—			(3,768	)
Net Realized Gains		—			(15,388	)		—			—
Total Distributions to Shareholders		—			(31,459	)		—			(3,768	)
Capital Share Transactions:
Institutional Shares:
Issued		96,586			1,130,162			418,162			490,707
Reinvestment of Distributions		—			31,459			—			3,768
Redeemed		(34,340	)		(135,583	)		(51,207	)		(70,920	)
Increase in Net Assets from Capital Share Transactions		62,246			1,026,038			366,955			423,555
Total Increase in Net Assets		94,463			1,142,880			396,915			448,240
Net Assets:
Beginning of Period		1,142,880			—			448,240			—
End of Period	$	1,237,343		$	1,142,880		$	845,155		$	448,240
Undistributed Net Investment Income	$	8,271		$	37		$	2,281		$	6
Share Transactions:
Institutional Shares:
Issued		8,757			115,747			38,807			50,097
Reinvestment of Distributions		—			2,859			—			361
Redeemed		(3,090	)		(12,947	)		(4,746	)		(7,014	)
Net Increase in Shares Outstanding from Share Transactions		5,667			105,659			34,061			43,444

* 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.

100

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP International Equity Fund						KP Fixed Income Fund
	Six-Months Ended June 30, 2015 (Unaudited)			Period Ended December 31, 2014*			Six-Months Ended June 30,  2015 (Unaudited)			Period Ended December 31, 2014*
Operations:
Net Investment Income	$	14,268		$	21,257		$	8,925		$	14,382
Net Realized Gain/(Loss) on Investments and Futures Contracts		(371	)		1,800			4,240			8,446
Net Realized Gain/(Loss) on Foreign Currency Transactions		(470	)		(476	)		151			(316	)
Net Change in Unrealized Appreciation/(Depreciation) on Investments and Futures Contracts		41,162			(28,475	)		(8,703	)		1,590
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translation		53			(115	)		(20	)		54
Change in Accrued Foreign Capital Gains Tax on Appreciated Securities		(101	)		(203	)		—			—
Net Increase/(Decrease) in Net Assets Resulting from Operations		54,541			(6,212	)		4,593			24,156
Distributions to Shareholders:
Investment Income		—			(21,912	)		—			(14,362	)
Net Realized Gains		—			(7,963	)		—			(7,150	)
Return of Capital		—			(1,486	)		—			—
Total Distributions to Shareholders		—			(31,361	)		—			(21,512	)
Capital Share Transactions:
Institutional Shares:
Issued		92,158			1,023,253			103,436			1,031,745
Reinvestment of Distributions		—			31,361			—			21,511
Redeemed		(56,431	)		(76,936	)		(20,991	)		(230,092	)
Increase in Net Assets from Capital Share Transactions		35,727			977,678			82,445			823,164
Total Increase in Net Assets		90,268			940,105			87,038			825,808
Net Assets:
Beginning of Period		940,105			—			825,908			100
End of Period	$	1,030,373		$	940,105		$	912,946		$	825,908
Undistributed/(Distributions in Excess of) Net Investment Income	$	13,301		$	(967	)	$	8,941		$	16
Share Transactions:
Institutional Shares:
Issued		9,453			105,541			10,223			103,538
Reinvestment of Distributions		—			3,317			—			2,143
Redeemed		(5,686	)		(7,738	)		(2,079	)		(23,064	)
Net Increase in Shares Outstanding from Share Transactions		3,767			101,120			8,144			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.

101

THE KP FUNDS

FINANCIAL HIGHLIGHTS

For the six-months ended June 30, 2015 (Unaudited) and the period ended December 31,

For a share outstanding throughout the periods

	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
2015#	$	10.07	$	0.01	$	0.13		$	0.14		$	—		$	—		$	—		$	—		$	10.21		1.39	%	$	513,714		0.08	%		0.26	%		5	%
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
2015#	$	10.11	$	0.01	$	0.17		$	0.18		$	—		$	—		$	—		$	—		$	10.29		1.78	%	$	717,778		0.07	%		0.22	%		3	%
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
2015#	$	10.11	$	0.01	$	0.23		$	0.24		$	—		$	—		$	—		$	—		$	10.35		2.37	%	$	713,381		0.07	%		0.17	%		2	%
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
2015#	$	10.09	$	0.01	$	0.30		$	0.31		$	—		$	—		$	—		$	—		$	10.40		3.07	%	$	639,913		0.06	%		0.11	%		3	%
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
2015#	$	10.10	$	—	$	0.34		$	0.34		$	—		$	—		$	—		$	—		$	10.44		3.37	%	$	691,716		0.06	%		0.06	%		3	%
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
2015#	$	10.10	$	—	$	0.37		$	0.37		$	—		$	—		$	—		$	—		$	10.47		3.66	%	$	609,625		0.06	%		0.02	%		3	%
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
2015#	$	10.09	$	—	$	0.39		$	0.39		$	—		$	—		$	—		$	—		$	10.48		3.87	%	$	405,753		0.06	%		0.01	%		4	%
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
2015#	$	10.09	$	—	$	0.39		$	0.39		$	—		$	—		$	—		$	—		$	10.48		3.87	%	$	155,958		0.06	%		0.01	%		3	%
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
2015#	$	10.07	$	—	$	0.38		$	0.38		$	—		$	—		$	—		$	—		$	10.45		3.77	%	$	19,951		0.06	%		0.02	%		13	%
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
2015#	$	10.12	$	—	$	0.39		$	0.39		$	—		$	—		$	—		$	—		$	10.51		3.85	%	$	4,955		0.05	%		0.03	%		45	%
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
2015#	$	10.82	$	0.08	$	0.21		$	0.29		$	—		$	—		$	—		$	—		$	11.11		2.68	%	$	1,237,343		0.34	%		1.38	%		14	%
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
2015#	$	10.32	$	0.04	$	0.54		$	0.58		$	—		$	—		$	—		$	—		$	10.90		5.62	%	$	845,155		0.55	%		0.68	%		121	%
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
2015#	$	9.30	$	0.14	$	0.38		$	0.52		$	—		$	—		$	—		$	—		$	9.82		5.59	%	$	1,030,373		0.51	%		2.86	%		13	%
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
2015#	$	10.00	$	0.10	$	(0.04	)	$	0.06		$	—		$	—		$	—		$	—		$	10.06		0.60	%	$	912,946		0.34	%		2.05	%		286	%
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 six-months ended June 30, 2015. All ratios for the period have been annualized.

@ 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.

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THE KP FUNDS June 30, 2015 (Unaudited)

NOTES TO FINANCIAL STATEMENTS

1. Organization

The KP Funds (the “Trust”), was organized on March 25, 2013 as a statutory trust under the laws of the Commonwealth of Massachusetts. The Trust is an open-end registered management investment company comprised of fourteen funds: KP Retirement Path 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

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THE KP FUNDS June 30, 2015 (Unaudited)

of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been delisted from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of June 30, 2015, 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).

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THE KP FUNDS June 30, 2015 (Unaudited)

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For the period ended June 30, 2015, 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 six-month period ended June 30, 2015, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the six-month period ended June 30, 2015, 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 six-month period ended June 30, 2015, 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

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THE KP FUNDS June 30, 2015 (Unaudited)

cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

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

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of June 30, 2015, if applicable.

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

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

Expenses — Expenses of the Trust can be directly attributed to a particular Fund are borne by that Fund. Expenses which cannot be directly attributed to a Fund are apportioned among the Funds of the Trust based on the number of funds and/or relative net assets. In addition to the expenses reflected on the Statement of 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 June 30, 2015, offering costs have been fully amortized.

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THE KP FUNDS June 30, 2015 (Unaudited)

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

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

It is the Funds’ policy to present the variation margin of the futures contracts separately on the Statements of Assets and Liabilities as the Funds do not have master netting agreements with the counterparties to the futures contracts. Refer to each Fund’s Schedule of Investments for details regarding futures contracts as of June 30, 2015, if applicable.

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

As of June 30, 2015, there were no securities pledged as collateral for financial derivative instruments as governed by ISDA master agreements.

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged for the KP Fixed Income Fund as of June 30, 2015 (000):

	Financial Derivative Assets				Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Total Over the Counter		Forward Foreign Currency Contracts			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral (Received)/ Pledged		Net Exposures†
Barclays	$	38	$	38	$	(11	)	$	(11	)	$	27		$	—	$	27
BNP Paribas		7		7		(12	)		(12	)		(5	)		—		(5	)
Credit Suisse First Boston		—		—		(1	)		(1	)		(1	)		—		(1	)
Royal Bank of Scotland		6		6		—			—			6			—		6
State Street		7		7		—			—			7			—		7
Total over the counter	$	58	$	58	$	(24	)	$	(24	)

† 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.

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THE KP FUNDS June 30, 2015 (Unaudited)

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 six-month period ended June 30, 2015, the Funds were charged as follows for these services (000):

Fund	Administration Fee		Fund	Administration Fee
KP Retirement Path 2015 Fund	$	66	KP Retirement Path 2050 Fund	$	18
KP Retirement Path 2020 Fund	$	89	KP Retirement Path 2055 Fund	$	2
KP Retirement Path 2025 Fund	$	87	KP Retirement Path 2060 Fund	$	0
KP Retirement Path 2030 Fund	$	78	KP Large Cap Equity Fund	$	219
KP Retirement Path 2035 Fund	$	84	KP Small Cap Equity Fund	$	119
KP Retirement Path 2040 Fund	$	74	KP International Equity Fund	$	183
KP Retirement Path 2045 Fund	$	49	KP Fixed Income Fund	$	159

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

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.

108

THE KP FUNDS June 30, 2015 (Unaudited)

As of June 30, 2015, 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.
Aristotle Capital Boston, LLC	KP Fixed Income Fund
CastleArk Management, LLC	Eaton Vance Management
Columbus Circle Investors	Loomis, Sayles & Company, LP
DePrince Race & Zollo, Inc.	Payden & Rygel
PENN Capital Management Company, Inc.	SSgA Funds Management, Inc.
SSgA Funds Management, Inc.
Walthausen & Co., LLC

5. Investment Transactions:

For the six-month period ended June 30, 2015, 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	$	28,570	$	43,241
KP Retirement Path 2020 Fund		51,894		24,506
KP Retirement Path 2025 Fund		64,410		16,037
KP Retirement Path 2030 Fund		58,138		15,868
KP Retirement Path 2035 Fund		67,409		17,426
KP Retirement Path 2040 Fund		63,723		17,508
KP Retirement Path 2045 Fund		51,324		14,065
KP Retirement Path 2050 Fund		31,541		4,811
KP Retirement Path 2055 Fund		8,972		2,199
KP Retirement Path 2060 Fund		3,966		1,548
KP Large Cap Equity Fund		231,316		162,047
KP Small Cap Equity Fund		1,146,037		792,680
KP International Equity Fund		192,660		128,316
KP Fixed Income Fund		442,450		373,269

In addition, KP Fixed Income Fund had purchases and sales of long-term U.S. Government securities of $1,829,520 (000) and $1,809,062 (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 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

109

THE KP FUNDS June 30, 2015 (Unaudited)

	Year		Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
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.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments and purchased equity options for Federal income tax purposes at June 30, 2015, were as follows (000):

	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
KP Retirement Path 2015 Fund	$	502,116	$	14,568	$	(2,940	)	$	11,628
KP Retirement Path 2020 Fund		695,614		25,901		(3,697	)		22,204
KP Retirement Path 2025 Fund		685,397		31,289		(3,267	)		28,022
KP Retirement Path 2030 Fund		609,908		32,650		(2,615	)		30,035
KP Retirement Path 2035 Fund		654,913		38,915		(2,081	)		36,834
KP Retirement Path 2040 Fund		575,453		37,665		(3,468	)		34,197

110

THE KP FUNDS June 30, 2015 (Unaudited)

	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
KP Retirement Path 2045 Fund	$	383,417	$	24,474	$	(2,123	)	$	22,351
KP Retirement Path 2050 Fund		149,051		7,970		(1,062	)		6,908
KP Retirement Path 2055 Fund		19,597		568		(221	)		347
KP Retirement Path 2060 Fund		4,926		81		(59	)		22
KP Large Cap Equity Fund		1,116,653		146,074		(31,191	)		114,883
KP Small Cap Equity Fund		807,953		73,902		(32,834	)		41,068
KP International Equity Fund		1,032,861		78,481		(65,746	)		12,735
KP Fixed Income Fund		1,013,298		3,791		(10,904	)		(7,113	)

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.

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.

111

THE KP FUNDS June 30, 2015 (Unaudited)

9. Other:

At June 30, 2015, 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		83%
KP Fixed Income Fund		5		87%

10. New Accounting Pronouncement:

In May 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-07 regarding “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share”. The amendments in this update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. ASU No. 2015-07 will eliminate the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value (“NAV”) per share (or its equivalent) using the practical expedient in the FASB’s fair value measurement guidance. At this time, management is evaluating the implications of ASU No. 2015-07 and its impact on the financial statement disclosures has not yet been determined.

11. 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 June 30, 2015.

112

THE KP FUNDS June 30, 2015

DISCLOSURE OF FUND EXPENSES (Unaudited)

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 invested on January 1, 2015 and held for the six-month period ended June 30, 2015.

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.

113

THE KP FUNDS June 30, 2015

DISCLOSURE OF FUND EXPENSES (Unaudited) (Concluded)

	Beginning Account Value 1/1/2015		Ending Account Value 6/30/2015		Annualized Expense Ratios			Expenses Paid During Period*
KP Retirement Path 2015 Fund
Actual Fund Return	$	1,000.00	$	1,013.90		0.08	%	$	0.40
Hypothetical 5% Return	$	1,000.00	$	1,024.40		0.08	%	$	0.40
KP Retirement Path 2020 Fund
Actual Fund Return	$	1,000.00	$	1,017.80		0.07	%	$	0.35
Hypothetical 5% Return	$	1,000.00	$	1,024.45		0.07	%	$	0.35
KP Retirement Path 2025 Fund
Actual Fund Return	$	1,000.00	$	1,023.70		0.07	%	$	0.35
Hypothetical 5% Return	$	1,000.00	$	1,024.45		0.07	%	$	0.35
KP Retirement Path 2030 Fund
Actual Fund Return	$	1,000.00	$	1,030.70		0.06	%	$	0.30
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2035 Fund
Actual Fund Return	$	1,000.00	$	1,033.70		0.06	%	$	0.30
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2040 Fund
Actual Fund Return	$	1,000.00	$	1,036.60		0.06	%	$	0.30
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2045 Fund
Actual Fund Return	$	1,000.00	$	1,038.70		0.06	%	$	0.30
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30

	Beginning Account Value 1/1/2015		Ending Account Value 6/30/2015		Annualized Expense Ratios			Expenses Paid During Period*
KP Retirement Path 2050 Fund
Actual Fund Return	$	1,000.00	$	1,017.80		0.06	%	$	0.35
Hypothetical 5% Return	$	1,000.00	$	1,024.45		0.06	%	$	0.35
KP Retirement Path 2055 Fund
Actual Fund Return	$	1,000.00	$	1,037.70		0.06	%	$	0.30
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2060 Fund
Actual Fund Return	$	1,000.00	$	1,038.50		0.05	%	$	0.25
Hypothetical 5% Return	$	1,000.00	$	1,024.55		0.05	%	$	0.25
KP Large Cap Equity Fund
Actual Fund Return	$	1,000.00	$	1,026.80		0.34	%	$	1.71
Hypothetical 5% Return	$	1,000.00	$	1,023.11		0.34	%	$	1.71
KP Small Cap Equity Fund
Actual Fund Return	$	1,000.00	$	1,056.20		0.55	%	$	2.80
Hypothetical 5% Return	$	1,000.00	$	1,022.07		0.55	%	$	2.76
KP International Equity Fund
Actual Fund Return	$	1,000.00	$	1,055.90		0.51	%	$	2.60
Hypothetical 5% Return	$	1,000.00	$	1,022.27		0.51	%	$	2.56
KP Fixed Income Fund
Actual Fund Return	$	1,000.00	$	1,006.00		0.34	%	$	1.69
Hypothetical 5% Return	$	1,000.00	$	1,023.11		0.34	%	$	1.71

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

114

THE KP FUNDS June 30, 2015

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

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

A Board meeting was held on February 9, 2015 to decide whether to approve the following agreements (the “Agreements”) for initial two-year terms:

• the Sub-Advisory Agreements between the Adviser and Aristotle Capital Management, LLC and PENN Capital Management Company, Inc. (the “Sub-Advisers”) on behalf of the KP Small Cap Equity Fund.

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

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

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

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

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

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

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

115

THE KP FUNDS June 30, 2015

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Concluded)

Costs of Advisory Services

In considering the advisory fees payable by the Adviser to the Sub-Advisers, the Trustees reviewed, among other things, a report of the proposed advisory fees to be paid to the Sub-Advisers. The Trustees also reviewed pro forma fee and expense information. The Trustees also considered that the Adviser, not the Fund, would pay the Sub-Advisers pursuant to the sub-advisory agreements and that the fees payable to the Sub-Advisers would reflect arms-length negotiations between the Adviser and the Sub-Advisers. The Trustees evaluated both the fee that would be payable under the sub-advisory agreements and the portion of the fee under the advisory agreement that would be retained by the Adviser. The Board concluded, within the context of its full deliberations, that the advisory fees were reasonable in light of the nature and quality of the services expected to be rendered by the Sub-Advisers. The Board also considered the Sub-Advisers’ commitment to managing the Fund.

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

Approval of the Agreements

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

116

The KP Funds

Investment Adviser

Callan Associates Inc.

600 Montgomery Street,

Suite 800

San Francisco, CA 94111

Administrator

SEI Investments

Global Funds Services

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Distributor

SEI Investments

Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Legal Counsel

Morgan, Lewis & Bockius LLP

1701 Market Street

Philadelphia, Pennsylvania

19103-2921

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-SA-001-0200

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments.

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

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

Not applicable to open-end management investment companies.

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

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

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

Not applicable to open-end management investment companies.

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

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

Item 11. Controls and Procedures.

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

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

Items 12. Exhibits.

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

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

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

SIGNATURES

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

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

Date: September 4, 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: September 4, 2015

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

Date: September 4, 2015