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, 2016

Date of reporting period: June 30, 2016

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, 2016

THE KP FUNDS June 30, 2016 (Unaudited)

TABLE OF CONTENTS
Schedules of Investments	1
Statements of Assets and Liabilities	93
Statements of Operations	97
Statements of Changes in Net Assets	101
Financial Highlights	108
Notes to Financial Statements	110
Disclosure of Fund Expenses	121
Approval of Sub-Advisory Agreement	123
Renewal of Investment Advisory and Sub-Advisory Agreements	125

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, 2016 (Unaudited)

KP Retirement Path 2015 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 59.6%
KP Fixed Income Fund		16,498,155	$	170,261
KP International Equity Fund		3,167,977		27,625
KP Large Cap Equity Fund		7,464,712		79,798
KP Small Cap Equity Fund		1,423,910		13,840
Total Affiliated Registered Investment Companies (Cost $283,680) (000)				291,524
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 40.4%
DFA Commodity Strategy Portfolio		910,360		5,562
DFA International Real Estate Securities Portfolio		897,824		4,929
Lazard Global Listed Infrastructure Portfolio		350,828		4,824

Description	Shares		Value (000)
T Rowe Price Institutional Floating Rate Fund		496,722	$	4,913
T Rowe Price New Era Fund		165,720		5,298
Vanguard Inflation-Protected Securities Fund		1,404,664		15,353
Vanguard REIT Index Fund		555,129		10,797
Vanguard Short-Term Bond Index Fund		7,587,917		80,584
Vanguard Short-Term Inflation-Protected Securities Index Fund		2,630,342		65,311
Total Unaffiliated Registered Investment Companies (Cost $194,088) (000)				197,571
Total Investments — 100.0% (Cost $477,768) (000)			$	489,095

Percentages are based on Net Assets of $489,070 (000).

REIT — Real Estate Investment Trust

As of June 30, 2016, 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, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2016, there were no Level 3 investments.

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

The following is a summary of the transactions with affiliates for the period ended June 30, 2016 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 6/30/2016		Dividend Income
KP Fixed Income Fund	$	169,178	$	16,232	$	(24,128	)	$	8,680		$	299		$	170,261	$	—
KP International Equity Fund		28,750		1,499		(2,227	)		(150	)		(247	)		27,625		—
KP Large Cap Equity Fund		80,962		4,302		(6,393	)		548			379			79,798		—
KP Small Cap Equity Fund		13,967		740		(1,098	)		296			(65	)		13,840		—

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

1

THE KP FUNDS June 30, 2016 (Unaudited)

KP Retirement Path 2020 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 68.1%
KP Fixed Income Fund		23,722,353	$	244,815
KP International Equity Fund		8,970,904		78,226
KP Large Cap Equity Fund		13,733,323		146,809
KP Small Cap Equity Fund		4,390,065		42,671
Total Affiliated Registered Investment Companies (Cost $501,629) (000)				512,521
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 31.9%
DFA Commodity Strategy Portfolio		1,441,852		8,810
DFA International Real Estate Securities Portfolio		1,425,844		7,828
Lazard Global Listed Infrastructure Portfolio		557,843		7,670

Description	Shares		Value (000)
T Rowe Price Institutional Floating Rate Fund		789,645	$	7,810
T Rowe Price New Era Fund		262,571		8,394
Vanguard Inflation-Protected Securities Fund		2,112,707		23,092
Vanguard REIT Index Fund		835,277		16,246
Vanguard Short-Term Bond Index Fund		8,280,148		87,936
Vanguard Short-Term Inflation-Protected Securities Index Fund		2,921,466		72,540
Total Unaffiliated Registered Investment Companies (Cost $236,034) (000)				240,326
Total Investments — 100.0% (Cost $737,663) (000)			$	752,847

Percentages are based on Net Assets of $752,817 (000).

REIT — Real Estate Investment Trust

As of June 30, 2016, 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, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2016, there were no Level 3 investments.

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

The following is a summary of the transactions with affiliates for the period ended June 30, 2016 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 6/30/2016		Dividend Income
KP Fixed Income Fund	$	221,728	$	27,266	$	(16,537	)	$	12,163		$	195		$	244,815	$	—
KP International Equity Fund		77,118		5,387		(3,262	)		(663	)		(354	)		78,226		—
KP Large Cap Equity Fund		140,979		10,022		(6,072	)		1,555			325			146,809		—
KP Small Cap Equity Fund		40,717		2,928		(1,772	)		916			(118	)		42,671		—

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

2

THE KP FUNDS June 30, 2016 (Unaudited)

KP Retirement Path 2025 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 76.1%
KP Fixed Income Fund		20,161,110	$	208,062
KP International Equity Fund		15,232,021		132,823
KP Large Cap Equity Fund		17,335,255		185,314
KP Small Cap Equity Fund		7,024,049		68,274
Total Affiliated Registered Investment Companies (Cost $587,505) (000)				594,473
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 23.9%
DFA Commodity Strategy Portfolio		1,515,939		9,262
DFA International Real Estate Securities Portfolio		1,503,074		8,252
Lazard Global Listed Infrastructure Portfolio		588,352		8,090

Description	Shares		Value (000)
T Rowe Price Institutional Floating Rate Fund		832,335	$	8,232
T Rowe Price New Era Fund		276,366		8,835
Vanguard Inflation-Protected Securities Fund		2,165,780		23,672
Vanguard REIT Index Fund		856,407		16,657
Vanguard Short-Term Bond Index Fund		5,573,894		59,195
Vanguard Short-Term Inflation-Protected Securities Index Fund		1,779,476		44,185
Total Unaffiliated Registered Investment Companies (Cost $183,156) (000)				186,380
Total Investments — 100.0% (Cost $770,661) (000)			$	780,853

Percentages are based on Net Assets of $780,830 (000).

REIT — Real Estate Investment Trust

As of June 30, 2016, 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, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2016, there were no Level 3 investments.

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

The following is a summary of the transactions with affiliates for the period ended June 30, 2016 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 6/30/2016		Dividend Income
KP Fixed Income Fund	$	181,849	$	23,971	$	(8,040	)	$	10,202		$	80		$	208,062	$	—
KP International Equity Fund		127,484		10,464		(3,512	)		(1,244	)		(369	)		132,823		—
KP Large Cap Equity Fund		173,397		14,189		(4,761	)		2,249			240			185,314		—
KP Small Cap Equity Fund		63,440		5,254		(1,762	)		1,466			(124	)		68,274		—

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

3

THE KP FUNDS June 30, 2016 (Unaudited)

KP Retirement Path 2030 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 84.7%
KP Fixed Income Fund		13,680,654	$	141,184
KP International Equity Fund		20,123,647		175,478
KP Large Cap Equity Fund		18,178,334		194,327
KP Small Cap Equity Fund		8,465,027		82,280
Total Affiliated Registered Investment Companies (Cost $591,887) (000)				593,269
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 15.3%
DFA Commodity Strategy Portfolio		1,360,487		8,312
DFA International Real Estate Securities Portfolio		1,349,282		7,408
Lazard Global Listed Infrastructure Portfolio		528,287		7,264

Description	Shares		Value (000)
T Rowe Price Institutional Floating Rate Fund		747,377	$	7,392
T Rowe Price New Era Fund		248,099		7,932
Vanguard Inflation-Protected Securities Fund		1,931,209		21,108
Vanguard REIT Index Fund		763,795		14,855
Vanguard Short-Term Bond Index Fund		1,840,949		19,551
Vanguard Short-Term Inflation-Protected Securities Index Fund		526,086		13,063
Total Unaffiliated Registered Investment Companies (Cost $105,218) (000)				106,885
Total Investments — 100.0% (Cost $697,105) (000)			$	700,154

Percentages are based on Net Assets of $700,140 (000).

REIT — Real Estate Investment Trust

As of June 30, 2016, 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, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2016, there were no Level 3 investments.

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

The following is a summary of the transactions with affiliates for the period ended June 30, 2016 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 6/30/2016		Dividend Income
KP Fixed Income Fund	$	123,062	$	14,658	$	(3,511	)	$	6,933		$	42		$	141,184	$	—
KP International Equity Fund		166,221		14,823		(3,535	)		(1,706	)		(325	)		175,478		—
KP Large Cap Equity Fund		179,313		16,164		(3,857	)		2,490			217			194,327		—
KP Small Cap Equity Fund		75,370		6,871		(1,639	)		1,776			(98	)		82,280		—

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

4

THE KP FUNDS June 30, 2016 (Unaudited)

KP Retirement Path 2035 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 90.5%
KP Fixed Income Fund		11,626,827	$	119,989
KP International Equity Fund		25,171,421		219,495
KP Large Cap Equity Fund		22,487,996		240,397
KP Small Cap Equity Fund		10,661,909		103,634
Total Affiliated Registered Investment Companies (Cost $684,298) (000)				683,515
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 9.5%
DFA Commodity Strategy Portfolio		1,189,722		7,269
DFA International Real Estate Securities Portfolio		1,180,396		6,480
Lazard Global Listed Infrastructure Portfolio		462,185		6,355

Description	Shares		Value (000)
T Rowe Price Institutional Floating Rate Fund		653,760	$	6,465
T Rowe Price New Era Fund		216,934		6,935
Vanguard Inflation-Protected Securities Fund		1,681,863		18,383
Vanguard REIT Index Fund		665,240		12,939
Vanguard Short-Term Bond Index Fund		642,551		6,824
Total Unaffiliated Registered Investment Companies (Cost $70,470) (000)				71,650
Total Investments — 100.0% (Cost $754,768) (000)			$	755,165

Percentages are based on Net Assets of $755,153 (000).

REIT — Real Estate Investment Trust

As of June 30, 2016, 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, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2016 , there were no Level 3 investments.

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

The following is a summary of the transactions with affiliates for the period ended June 30, 2016 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 6/30/2016		Dividend Income
KP Fixed Income Fund	$	105,958	$	11,461	$	(3,389	)	$	5,927		$	32		$	119,989	$	—
KP International Equity Fund		207,592		20,512		(6,066	)		(1,907	)		(636	)		219,495		—
KP Large Cap Equity Fund		221,641		21,893		(6,475	)		3,003			335			240,397		—
KP Small Cap Equity Fund		94,783		9,565		(2,829	)		2,306			(191	)		103,634		—

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

5

THE KP FUNDS June 30, 2016 (Unaudited)

KP Retirement Path 2040 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 93.5%
KP Fixed Income Fund		7,558,462	$	78,003
KP International Equity Fund		24,822,536		216,453
KP Large Cap Equity Fund		21,990,300		235,076
KP Small Cap Equity Fund		10,219,510		99,334
Total Affiliated Registered Investment Companies (Cost $632,177) (000)				628,866
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 6.5%
DFA Commodity Strategy Portfolio		800,794		4,893
DFA International Real Estate Securities Portfolio		795,300		4,366
Lazard Global Listed Infrastructure Portfolio		311,316		4,280

Description	Shares		Value (000)
T Rowe Price Institutional Floating Rate Fund		440,337	$	4,354
T Rowe Price New Era Fund		146,069		4,670
Vanguard Inflation-Protected Securities Fund		1,124,766		12,294
Vanguard REIT Index Fund		444,799		8,652
Total Unaffiliated Registered Investment Companies (Cost $42,761) (000)				43,509
Total Investments — 100.0% (Cost $674,938) (000)			$	672,375

Percentages are based on Net Assets of $672,365 (000).

REIT — Real Estate Investment Trust

As of June 30, 2016, 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, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2016, there were no Level 3 investments.

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

The following is a summary of the transactions with affiliates for the period ended June 30, 2016 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 6/30/2016		Dividend Income
KP Fixed Income Fund	$	68,440	$	7,769	$	(2,071	)	$	3,841		$	24		$	78,003	$	—
KP International Equity Fund		202,440		22,387		(5,958	)		(1,817	)		(599	)		216,453		—
KP Large Cap Equity Fund		214,291		23,753		(6,321	)		2,995			358			235,076		—
KP Small Cap Equity Fund		89,769		10,195		(2,712	)		2,247			(165	)		99,334		—

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

6

THE KP FUNDS June 30, 2016 (Unaudited)

KP Retirement Path 2045 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 94.6%
KP Fixed Income Fund		3,796,445	$	39,179
KP International Equity Fund		18,182,051		158,547
KP Large Cap Equity Fund		16,024,805		171,305
KP Small Cap Equity Fund		7,055,626		68,581
Total Affiliated Registered Investment Companies (Cost $441,798) (000)				437,612
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.4%
DFA Commodity Strategy Portfolio		463,145		2,830
DFA International Real Estate Securities Portfolio		460,212		2,527
Lazard Global Listed Infrastructure Portfolio		180,320		2,479

Description	Shares		Value (000)
T Rowe Price Institutional Floating Rate Fund		255,013	$	2,522
T Rowe Price New Era Fund		84,498		2,701
Vanguard Inflation-Protected Securities Fund		639,045		6,985
Vanguard REIT Index Fund		252,791		4,917
Total Unaffiliated Registered Investment Companies (Cost $24,531) (000)				24,961
Total Investments — 100.0% (Cost $466,329) (000)			$	462,573

Percentages are based on Net Assets of $462,566 (000).

REIT — Real Estate Investment Trust

As of June 30, 2016, 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, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2016, there were no Level 3 investments.

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

The following is a summary of the transactions with affiliates for the period ended June 30, 2016 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 6/30/2016		Dividend Income
KP Fixed Income Fund	$	33,738	$	4,711	$	(1,194	)	$	1,911		$	13		$	39,179	$	—
KP International Equity Fund		145,354		19,962		(5,060	)		(1,080	)		(629	)		158,547		—
KP Large Cap Equity Fund		153,047		21,107		(5,350	)		2,207			294			171,305		—
KP Small Cap Equity Fund		60,686		8,592		(2,177	)		1,622			(142	)		68,581		—

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

7

THE KP FUNDS June 30, 2016 (Unaudited)

KP Retirement Path 2050 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 94.6%
KP Fixed Income Fund		1,696,225	$	17,505
KP International Equity Fund		8,202,238		71,524
KP Large Cap Equity Fund		7,242,506		77,422
KP Small Cap Equity Fund		3,186,414		30,972
Total Affiliated Registered Investment Companies (Cost $200,417) (000)				197,423
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.4%
DFA Commodity Strategy Portfolio		213,760		1,306
DFA International Real Estate Securities Portfolio		213,144		1,170
Lazard Global Listed Infrastructure Portfolio		83,625		1,150

Description	Shares		Value (000)
T Rowe Price Institutional Floating Rate Fund		118,183	$	1,169
T Rowe Price New Era Fund		39,036		1,248
Vanguard Inflation-Protected Securities Fund		280,621		3,067
Vanguard REIT Index Fund		111,088		2,160
Total Unaffiliated Registered Investment Companies (Cost $10,979) (000)				11,270
Total Investments — 100.0% (Cost $211,396) (000)			$	208,693

Percentages are based on Net Assets of $208,690 (000).

REIT — Real Estate Investment Trust

As of June 30, 2016, 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, 2016 , there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2016, there were no Level 3 investments.

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

The following is a summary of the transactions with affiliates for the period ended June 30, 2016 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 6/30/2016		Dividend Income
KP Fixed Income Fund	$	14,013	$	3,203	$	(544	)	$	827		$	6		$	17,505	$	—
KP International Equity Fund		60,493		14,014		(2,381	)		(358	)		(244	)		71,524		—
KP Large Cap Equity Fund		63,855		14,814		(2,518	)		1,124			147			77,422		—
KP Small Cap Equity Fund		25,226		6,006		(1,020	)		819			(59	)		30,972		—

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

8

THE KP FUNDS June 30, 2016 (Unaudited)

KP Retirement Path 2055 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 94.6%
KP Fixed Income Fund		312,159	$	3,221
KP International Equity Fund		1,517,796		13,235
KP Large Cap Equity Fund		1,340,942		14,335
KP Small Cap Equity Fund		591,216		5,747
Total Affiliated Registered Investment Companies (Cost $37,240) (000)				36,538
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.4%
DFA Commodity Strategy Portfolio		41,220		252
DFA International Real Estate Securities Portfolio		41,420		227

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		16,292	$	224
T Rowe Price Institutional Floating Rate Fund		22,982		227
T Rowe Price New Era Fund		7,548		241
Vanguard Inflation-Protected Securities Fund		48,368		529
Vanguard REIT Index Fund		19,166		373
Total Unaffiliated Registered Investment Companies (Cost $1,975) (000)				2,073
Total Investments — 100.0% (Cost $39,215) (000)			$	38,611

Percentages are based on Net Assets of $38,611 (000).

REIT — Real Estate Investment Trust

As of June 30, 2016, 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, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2016, there were no Level 3 investments.

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

The following is a summary of the transactions with affiliates for the period ended June 30, 2016 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 6/30/2016		Dividend Income
KP Fixed Income Fund	$	2,212	$	1,082	$	(217	)	$	144	$	—		$	3,221	$	—
KP International Equity Fund		9,504		4,732		(945	)		116		(172	)		13,235		—
KP Large Cap Equity Fund		10,050		5,003		(999	)		266		15			14,335		—
KP Small Cap Equity Fund		3,953		2,028		(405	)		204		(33	)		5,747		—

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

9

THE KP FUNDS June 30, 2016 (Unaudited)

KP Retirement Path 2060 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 94.6%
KP Fixed Income Fund		56,530	$	583
KP International Equity Fund		273,737		2,387
KP Large Cap Equity Fund		242,155		2,589
KP Small Cap Equity Fund		106,376		1,034
Total Affiliated Registered Investment Companies (Cost $6,575) (000)				6,593
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.4%
DFA Commodity Strategy Portfolio		7,030		43
DFA International Real Estate Securities Portfolio		7,004		38

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		2,750	$	38
T Rowe Price Institutional Floating Rate Fund		3,886		38
T Rowe Price New Era Fund		1,284		41
Vanguard Inflation-Protected Securities Fund		9,534		104
Vanguard REIT Index Fund		3,776		74
Total Unaffiliated Registered Investment Companies (Cost $353) (000)				376
Total Investments — 100.0% (Cost $6,928) (000)			$	6,969

Percentages are based on Net Assets of $6,969 (000).

REIT — Real Estate Investment Trust

As of June 30, 2016, 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, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended June 30, 2016, there were no Level 3 investments.

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

The following is a summary of the transactions with affiliates for the period ended June 30, 2016 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 6/30/2016		Dividend Income
KP Fixed Income Fund	$	467	$	228	$	(140	)	$	29	$	(1	)	$	583	$	—
KP International Equity Fund		2,017		997		(612	)		91		(106	)		2,387		—
KP Large Cap Equity Fund		2,133		1,054		(648	)		111		(61	)		2,589		—
KP Small Cap Equity Fund		841		427		(262	)		75		(47	)		1,034		—

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

10

THE KP FUNDS June 30, 2016 (Unaudited)

KP Large Cap Equity Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
COMMON STOCK — 97.3%
Consumer Discretionary — 14.1%
Aaron’s		3,256	$	71
Advance Auto Parts		5,802		938
Amazon.com*		44,701		31,989
AutoNation*		1,013		48
AutoZone*		432		343
Bed Bath & Beyond		2,474		107
Best Buy		35,226		1,078
BorgWarner		3,097		91
Brinker International		2,620		119
Brunswick		4,900		222
CarMax*		2,989		147
Carnival		52,654		2,327
Carter’s		4,926		524
CBS, Cl B		27,791		1,513
Charter Communications, Cl A*		1,603		366
Chipotle Mexican Grill, Cl A*		451		182
Choice Hotels International		2,644		126
Coach		3,989		162
Comcast, Cl A		176,137		11,482
Darden Restaurants		14,491		918
Delphi Automotive PLC		25,606		1,603
Dick’s Sporting Goods		5,336		240
Dillard’s, Cl A		5,859		355
Discovery Communications, Cl A*		6,486		158
Dollar General		46,714		4,391
Dollar Tree*		3,401		320
DR Horton		39,812		1,253
DSW, Cl A		15,231		323
Expedia		1,680		179

Description	Shares		Value (000)
Ferrari		31,060	$	1,271
Foot Locker		7,781		427
Ford Motor		88,133		1,108
Fossil Group*		700		20
GameStop, Cl A		10,083		268
Gannett		26,672		368
Gap		3,562		76
Garmin		2,049		87
General Motors		49,760		1,408
Genuine Parts		8,874		898
GNC Holdings, Cl A		17,608		428
Goodyear Tire & Rubber		46,619		1,196
GoPro, Cl A*		27,522		298
Groupon, Cl A*		77,396		252
H&R Block		3,576		82
Hanesbrands		99,900		2,510
Harley-Davidson		27,555		1,248
Harman International Industries		1,103		79
Hasbro		10,264		862
Hilton Worldwide Holdings		233,568		5,262
Home Depot		56,213		7,178
Hyatt Hotels, Cl A*		5,416		266
International Game Technology		7,991		150
Interpublic Group of Companies		32,951		761
John Wiley & Sons, Cl A		8,939		466
Johnson Controls		62,143		2,750
Kohl’s		5,089		193
L Brands		8,067		542
Las Vegas Sands		14,618		636
Lear		8,952		911
Leggett & Platt		2,146		110
Lennar, Cl A		2,795		129
Liberty Braves Group, Cl A*		572		9
Liberty Interactive QVC Group, Cl A*		4,127		105
Liberty Media Group, Cl A*		1,431		27
Liberty SiriusXM Group, Cl A*		5,727		180
Live Nation Entertainment*		12,271		288
LKQ*		4,800		152
Lowe’s		114,345		9,053
Macy’s		27,322		918
Marriott International, Cl A		2,692		179
Mattel		4,890		153
McDonald’s		38,272		4,606
MGM Resorts International*		192,418		4,354
Michael Kors Holdings*		11,182		553
Mohawk Industries*		1,001		190
Murphy USA*		9,386		696

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

11

THE KP FUNDS June 30, 2016 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Netflix*		43,266	$	3,958
Newell Brands		25,778		1,252
News, Cl A		30,972		352
NIKE, Cl B		59,687		3,295
Nordstrom		2,049		78
NVR*		51		91
Omnicom Group		52,415		4,271
O’Reilly Automotive*		1,369		371
priceline.com*		11,356		14,177
PulteGroup		4,802		94
PVH		1,242		117
Ralph Lauren, Cl A		804		72
Ross Stores		7,835		444
Royal Caribbean Cruises		18,300		1,229
Sally Beauty Holdings*		3,602		106
Scripps Networks Interactive, Cl A		1,491		93
Signet Jewelers		1,300		107
Sirius XM Holdings*		159,266		629
Skechers U.S.A., Cl A*		9,448		281
Staples		23,552		203
Starbucks		91,417		5,222
Starwood Hotels & Resorts Worldwide		4,650		344
Target		63,737		4,450
TEGNA		30,848		715
Tesla Motors*		18,650		3,959
Thomson Reuters		42,532		1,719
Tiffany		1,692		103
Time		2,659		44
Time Warner		77,353		5,689
TJX		26,522		2,048
TopBuild*		36,154		1,309
Tractor Supply		42,869		3,909
TripAdvisor*		1,793		115
Tupperware Brands		9,040		509
Twenty-First Century Fox, Cl A		21,835		592
Ulta Salon Cosmetics & Fragrance*		900		219
Under Armour, Cl A*		5,821		223
Urban Outfitters*		17,346		477
VF		4,814		296
Viacom, Cl B		40,969		1,699
Visteon		3,843		253
Walt Disney		66,043		6,460
Whirlpool		3,988		665
Wyndham Worldwide		3,268		233
Wynn Resorts		1,291		117
Yum! Brands		27,824		2,307
				190,174

Description	Shares		Value (000)
Consumer Staples — 9.2%
Altria Group		76,307	$	5,262
Archer-Daniels-Midland		120,484		5,168
Brown-Forman, Cl B		1,582		158
Bunge		15,437		913
Campbell Soup		15,028		1,000
Church & Dwight		1,800		185
Clorox		1,825		253
Coca-Cola		140,723		6,379
Coca-Cola European Partners		15,181		542
Colgate-Palmolive		12,931		946
ConAgra Foods		20,298		970
Constellation Brands, Cl A		8,708		1,440
Costco Wholesale		20,847		3,274
CVS Health		86,435		8,275
Danone		29,565		2,080
Diageo PLC		107,759		2,993
Dr Pepper Snapple Group		17,114		1,654
Energizer Holdings		6,072		313
Estee Lauder, Cl A		14,659		1,334
Flowers Foods		6,968		131
General Mills		108,955		7,771
Hershey		1,961		222
Hormel Foods		3,870		142
Ingredion		12,639		1,636
JM Smucker		18,610		2,836
Kellogg		3,603		294
Kimberly-Clark		13,310		1,830
Kraft Heinz		15,567		1,377
Kroger		42,923		1,579
McCormick		1,630		174
Mead Johnson Nutrition, Cl A		2,652		241
Molson Coors Brewing, Cl B		7,130		721
Mondelez International, Cl A		46,266		2,106
Monster Beverage*		3,151		506
Nestle		55,429		4,266
Nu Skin Enterprises, Cl A		17,663		816
PepsiCo		76,878		8,144
Philip Morris International		161,279		16,405
Pilgrim’s Pride		41,838		1,066
Procter & Gamble		153,913		13,032
Reynolds American		21,563		1,163
Rite Aid*		11,397		85
Sysco		35,506		1,802
Tyson Foods, Cl A		55,396		3,700
Walgreens Boots Alliance		21,905		1,824
Wal-Mart Stores		102,949		7,517

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

12

THE KP FUNDS June 30, 2016 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Whole Foods Market		5,049	$	162
				124,687
Energy — 5.0%
Anadarko Petroleum		9,008		480
Antero Resources*		12,707		330
Apache		20,371		1,134
Baker Hughes		6,323		285
Cabot Oil & Gas		6,634		171
California Resources		21,737		265
Chesapeake Energy		11,281		48
Chevron		84,890		8,899
Cimarex Energy		1,300		155
Columbia Pipeline Group		5,646		144
Concho Resources*		1,900		227
ConocoPhillips		71,790		3,130
Denbury Resources		113,908		409
Devon Energy		25,246		915
Diamond Offshore Drilling		921		22
Ensco, Cl A		50,646		492
EOG Resources		52,879		4,411
EP Energy, Cl A*		38,084		197
EQT		2,463		191
Exxon Mobil		156,844		14,703
FMC Technologies*		13,781		368
Frank���s International		10,237		150
Halliburton		30,930		1,401
Helmerich & Payne		1,687		113
Hess		3,796		228
HollyFrontier		30,715		730
Kinder Morgan		74,278		1,390
Marathon Oil		25,833		388
Marathon Petroleum		53,447		2,029
Murphy Oil		13,248		421
Nabors Industries		34,791		350
National Oilwell Varco		34,785		1,170
Newfield Exploration*		3,137		139
Noble		25,040		206
Noble Energy		6,126		220
Occidental Petroleum		54,230		4,098
Oceaneering International		2,359		70
Oil States International*		7,038		231
ONEOK		3,360		159
PBF Energy, Cl A		12,606		300
PDC Energy*		7,981		460
Phillips 66		24,479		1,942
Pioneer Natural Resources		4,095		619
QEP Resources		20,414		360

Description	Shares		Value (000)
Range Resources		2,685	$	116
Rowan, Cl A		11,336		200
Schlumberger		86,797		6,864
Southwestern Energy*		11,952		150
Spectra Energy		32,607		1,194
Superior Energy Services		24,208		446
Teekay		65,943		470
Tesoro		15,558		1,166
Transocean		6,291		75
Valero Energy		28,436		1,450
Williams		43,923		950
World Fuel Services		2,987		142
				67,373
Financials — 15.2%
Affiliated Managers Group*		800		113
Aflac		5,913		427
Alleghany*		846		465
Allied World Assurance Holdings		9,484		333
Allstate		29,420		2,058
American Express		63,511		3,859
American Financial Group		8,523		630
American International Group		36,572		1,934
American National Insurance		4,741		536
American Tower, Cl A‡		6,088		692
Ameriprise Financial		10,555		948
Aon PLC		42,557		4,648
Apartment Investment & Management, Cl A‡		24,456		1,080
Arthur J Gallagher		2,800		133
Aspen Insurance Holdings		32,465		1,506
Assurant		927		80
Assured Guaranty		28,569		725
AvalonBay Communities‡		2,012		363
Axis Capital Holdings		18,258		1,004
Bank of America		362,526		4,811
Bank of New York Mellon		95,458		3,709
BB&T		50,873		1,812
Berkshire Hathaway, Cl B*		49,071		7,105
BlackRock, Cl A		8,805		3,016
Boston Properties‡		7,535		994
Brixmor Property Group		11,987		317
Camden Property Trust‡		1,489		132
Capital One Financial		32,675		2,075
Care Capital Properties‡		11,277		296
CBL & Associates Properties‡		39,345		366
CBRE Group, Cl A*		42,169		1,117
Charles Schwab		17,323		438

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

13

THE KP FUNDS June 30, 2016 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Chubb		47,828	$	6,252
Cincinnati Financial		2,057		154
Citigroup		200,358		8,493
Citizens Financial Group		7,500		150
CME Group, Cl A		21,650		2,109
CNA Financial		5,964		187
Columbia Property Trust‡		25,848		553
Comerica		2,819		116
Corporate Office Properties Trust		13,179		390
Corrections Corp of America‡		24,726		866
Crown Castle International‡		14,322		1,453
Digital Realty Trust‡		2,100		229
Discover Financial Services		31,952		1,712
E*TRADE Financial*		3,901		92
Equinix‡		994		385
Equity Commonwealth‡ *		7,155		208
Equity LifeStyle Properties‡		18,342		1,468
Equity Residential‡		9,017		621
Essex Property Trust‡		932		213
Everest Re Group		4,786		874
Extra Space Storage‡		1,800		167
Federal Realty Investment Trust‡		1,000		166
Federated Investors, Cl B		12,454		358
Fifth Third Bancorp		10,914		192
Franklin Resources		71,149		2,374
General Growth Properties‡		70,331		2,097
Goldman Sachs Group		37,155		5,520
Hanover Insurance Group		21,173		1,792
Hartford Financial Services Group		17,711		786
HCP‡		6,695		237
Healthcare Trust of America, Cl A‡		2,675		87
Host Hotels & Resorts‡		10,618		172
Huntington Bancshares		13,348		119
Intercontinental Exchange		19,478		4,986
Invesco		5,973		153
Iron Mountain‡		3,386		135
Jones Lang LaSalle		6,036		588
JPMorgan Chase		321,901		20,003
KeyCorp		46,495		514
Kimco Realty‡		27,141		852
Lamar Advertising, Cl A‡		1,193		79
Legg Mason		1,885		56
Leucadia National		5,447		94
Lincoln National		9,756		378
Loews		3,833		157
M&T Bank		2,324		275
Macerich‡		1,845		158

Description	Shares		Value (000)
Marsh & McLennan		7,501	$	514
MetLife		116,216		4,629
Mid-America Apartment Communities‡		17,088		1,818
Moody’s		15,036		1,409
Morgan Stanley		287,351		7,465
Morningstar		588		48
MSCI, Cl A		8,645		667
Nasdaq		60,474		3,911
Navient		5,308		63
Northern Trust		3,092		205
Old Republic International		37,676		727
Outfront Media‡		26,937		651
People’s United Financial		5,454		80
PNC Financial Services Group		55,957		4,554
Popular		23,594		691
Post Properties‡		20,815		1,271
Principal Financial Group		25,735		1,058
Progressive		8,362		280
Prologis‡		7,569		371
Prudential Financial		39,524		2,820
Public Storage‡		6,317		1,615
Realty Income‡		18,644		1,293
Regions Financial		18,001		153
Reinsurance Group of America, Cl A		1,185		115
Retail Properties of America, Cl A‡		9,580		162
S&P Global		12,003		1,287
Senior Housing Properties Trust‡		6,168		128
Simon Property Group‡		10,846		2,352
SL Green Realty‡		2,914		310
SLM*		153,939		951
State Street		75,903		4,093
SunTrust Banks		93,728		3,850
Synchrony Financial		47,403		1,198
Synovus Financial		52,063		1,509
T Rowe Price Group		3,555		259
Tanger Factory Outlet Centers‡		3,398		137
TD Ameritrade Holding		92,171		2,625
Torchmark		1,787		110
Travelers		70,754		8,423
UDR‡		3,800		140
Unum Group		10,283		327
US Bancorp		155,486		6,271
Validus Holdings		13,474		655
Ventas‡		4,813		350
Vornado Realty Trust‡		2,503		251
Waddell & Reed Financial, Cl A		6,167		106

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

14

THE KP FUNDS June 30, 2016 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Wells Fargo		280,391	$	13,271
Welltower‡		5,103		389
Weyerhaeuser‡		10,682		318
Willis Towers Watson		1,949		242
WP Glimcher‡		7,357		82
WR Berkley		23,371		1,400
XL Group, Cl A		9,084		303
Zions Bancorporation		3,522		89
				204,738
Health Care — 15.2%
Abbott Laboratories		155,544		6,114
AbbVie		23,373		1,447
ACADIA Pharmaceuticals*		20,787		675
Aetna		40,851		4,989
Agilent Technologies		32,473		1,440
Agios Pharmaceuticals*		10,510		440
Alexion Pharmaceuticals*		39,577		4,621
Allergan*		29,005		6,703
Allscripts Healthcare Solutions*		27,247		346
AmerisourceBergen, Cl A		16,124		1,279
Amgen		15,377		2,340
Anthem		39,104		5,136
Baxter International		42,214		1,909
Becton Dickinson & Company		3,055		518
Biogen*		9,813		2,373
BioMarin Pharmaceutical*		8,000		622
Boston Scientific*		19,528		456
Bristol-Myers Squibb		157,575		11,590
Brookdale Senior Living*		7,068		109
Bruker		25,937		590
Cardinal Health		35,108		2,739
Celgene*		34,167		3,370
Centene*		21,600		1,542
Cerner*		4,315		253
Charles River Laboratories International*		12,279		1,012
Cigna		35,512		4,545
Community Health Systems*		60,540		730
CR Bard		11,061		2,601
DaVita HealthCare Partners*		2,348		182
Dentsply Sirona		11,486		713
Edwards Lifesciences*		3,082		307
Eli Lilly		33,355		2,627
Endo International*		19,226		300
Express Scripts Holding*		54,952		4,165
Gilead Sciences		48,925		4,081
HCA Holdings*		10,041		773

Description	Shares		Value (000)
Henry Schein*		1,200	$	212
Hologic*		55,164		1,909
Humana		23,754		4,273
Illumina*		6,900		969
IMS Health Holdings*		13,149		333
Incyte*		22,870		1,829
Intuitive Surgical*		10,560		6,984
Ionis Pharmaceuticals*		57,281		1,334
Johnson & Johnson		197,721		23,984
Laboratory Corp of America Holdings*		1,452		189
LifePoint Health*		7,857		514
Mallinckrodt*		1,800		109
McKesson		20,917		3,904
Medivation*		1,834		111
Medtronic		98,826		8,575
Merck		198,635		11,443
Mettler-Toledo International*		1,592		581
Mylan*		6,167		267
Novartis		9,078		745
Patterson		1,145		55
PerkinElmer		1,596		84
Perrigo		2,032		184
Pfizer		396,266		13,953
Quest Diagnostics		4,428		360
Quintiles Transnational Holdings*		1,143		75
Regeneron Pharmaceuticals*		4,003		1,398
ResMed		20,904		1,322
Roche Holding		3,650		957
St. Jude Medical		53,162		4,147
Stryker		23,815		2,854
Teleflex		3,240		574
Thermo Fisher Scientific		26,365		3,896
United Therapeutics*		8,185		867
UnitedHealth Group		90,744		12,813
Universal Health Services, Cl B		9,623		1,290
Varian Medical Systems*		12,434		1,022
Vertex Pharmaceuticals*		41,705		3,587
VWR*		17,441		504
Waters*		7,308		1,028
WellCare Health Plans*		8,326		893
Zimmer Biomet Holdings		2,898		349
Zoetis, Cl A		6,572		312
				204,426
Industrials — 12.4%
3M		62,460		10,938
Acuity Brands		600		149
AECOM*		14,602		464

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

15

THE KP FUNDS June 30, 2016 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Alaska Air Group		62,837	$	3,663
Allegion		1,456		101
American Airlines Group		185,656		5,256
AMETEK		3,627		168
AO Smith		3,094		273
Babcock & Wilcox Enterprises*		7,326		108
Boeing		97,955		12,721
BWX Technologies, Cl W		40,148		1,436
Canadian National Railway		21,122		1,247
Carlisle		817		86
Caterpillar		19,282		1,462
CH Robinson Worldwide		2,064		153
Chicago Bridge & Iron		11,984		415
Cintas		7,871		772
Crane		3,183		181
CSX		41,889		1,092
Cummins		13,131		1,476
Danaher		150,740		15,225
Deere		12,808		1,038
Delta Air Lines		47,204		1,720
Dover		2,197		152
Dun & Bradstreet		467		57
Eaton PLC		47,861		2,859
Emerson Electric		9,218		481
Equifax		11,931		1,532
Expeditors International of Washington		2,558		125
Fastenal		4,076		181
FedEx		33,728		5,119
Flowserve		27,123		1,225
Fluor		1,985		98
Fortune Brands Home & Security		2,200		128
General Dynamics		23,754		3,308
General Electric		250,411		7,883
HD Supply Holdings*		4,943		172
Honeywell International		60,082		6,989
Huntington Ingalls Industries		24,865		4,178
Illinois Tool Works		25,816		2,689
Ingersoll-Rand		19,370		1,233
Jacobs Engineering Group*		11,922		594
JB Hunt Transport Services		1,300		105
JetBlue Airways*		83,855		1,389
Joy Global		19,063		403
Kansas City Southern		1,492		134
KBR		6,924		92
Kennametal		29,439		651
L-3 Communications Holdings, Cl 3		6,867		1,007

Description	Shares		Value (000)
Lockheed Martin		20,685	$	5,133
Manitowoc		99,714		543
ManpowerGroup		3,131		201
Masco		22,276		689
MSC Industrial Direct, Cl A		16,720		1,180
Nielsen Holdings		5,200		270
Norfolk Southern		8,518		725
Northrop Grumman		30,075		6,685
Owens Corning		18,326		944
PACCAR		22,695		1,177
Parker-Hannifin		7,522		813
Pentair PLC		23,237		1,355
Pitney Bowes		13,217		235
Quanta Services*		77,647		1,795
Raytheon		10,548		1,434
Regal Beloit		5,913		326
Republic Services, Cl A		19,699		1,011
Robert Half International		2,242		86
Rockwell Automation		7,072		812
Rockwell Collins		1,836		156
Roper Technologies		1,473		251
RR Donnelley & Sons		29,676		502
Ryder System		992		61
Snap-on		929		147
Southwest Airlines		31,496		1,235
Spirit AeroSystems Holdings, Cl A*		59,293		2,550
SPX		10,587		157
SPX FLOW*		15,306		399
Stanley Black & Decker		14,641		1,628
Stericycle*		1,321		138
Textron		61,378		2,244
Timken		18,695		573
TransDigm Group*		800		211
Trinity Industries		24,219		450
Triumph Group		7,505		266
Tyco International PLC		94,058		4,007
Union Pacific		34,315		2,994
United Continental Holdings*		52,048		2,136
United Parcel Service, Cl B		58,066		6,255
United Rentals*		4,875		327
United Technologies		88,965		9,123
Valmont Industries		2,272		307
Verisk Analytics, Cl A*		2,200		178
Wabtec		16,000		1,124
Waste Management		12,775		847
WESCO International*		6,683		344
WW Grainger		765		174

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

16

THE KP FUNDS June 30, 2016 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Xylem		2,522	$	113
				167,239
Information Technology — 18.6%
Accenture PLC, Cl A		87,611		9,925
Activision Blizzard		7,300		289
Adobe Systems*		15,988		1,531
Akamai Technologies*		12,099		677
Alliance Data Systems*		880		172
Alphabet, Cl C*		43,868		30,649
Amdocs		20,292		1,171
Amphenol, Cl A		31,006		1,778
Analog Devices		18,609		1,054
Apple		250,458		23,944
Applied Materials		28,348		680
Arrow Electronics*		17,658		1,093
ASML Holding, Cl G		31,300		3,105
Autodesk*		3,208		174
Automatic Data Processing		6,568		603
Avnet		39,661		1,607
Broadcom		12,416		1,929
Broadridge Financial Solutions		9,220		601
Brocade Communications Systems		87,595		804
CA		4,166		137
Cadence Design Systems*		42,234		1,026
CDW		10,585		424
Cisco Systems		234,077		6,716
Citrix Systems*		21,948		1,758
Cognizant Technology Solutions, Cl A*		43,778		2,506
Computer Sciences		16,471		818
CoreLogic*		28,225		1,086
Corning		15,423		316
CSRA		1,857		44
DST Systems		3,445		401
eBay*		67,013		1,569
Electronic Arts*		15,206		1,152
EMC		50,633		1,376
F5 Networks*		16,667		1,897
Facebook, Cl A*		193,238		22,083
Fidelity National Information Services		37,687		2,777
First Solar*		24,002		1,164
Fiserv*		26,164		2,845
FLIR Systems		1,947		60
Fortinet*		3,726		118
Genpact*		39,210		1,052
Global Payments		12,982		927
Harris		1,786		149

Description	Shares		Value (000)
Hewlett Packard Enterprise		23,945	$	437
HP		104,800		1,315
IAC		7,777		438
Ingram Micro, Cl A		16,318		568
Intel		176,420		5,787
International Business Machines		43,766		6,643
Intuit		7,003		782
Jabil Circuit		12,712		235
Juniper Networks		96,476		2,170
KLA-Tencor		2,491		182
Lam Research		2,229		187
Leidos Holdings		20,166		965
Linear Technology		11,515		536
Lumentum Holdings*		20,765		503
Marvell Technology Group		93,804		894
MasterCard, Cl A		14,038		1,236
Maxim Integrated Products		6,055		216
Microchip Technology		3,046		155
Micron Technology*		84,017		1,156
Microsoft		490,274		25,087
Mobileye*		47,600		2,196
Motorola Solutions		8,272		546
NCR*		22,163		615
NetApp		4,494		111
NetSuite*		27,600		2,009
Nuance Communications*		77,745		1,215
NVIDIA		7,309		344
NXP Semiconductors*		49,350		3,866
ON Semiconductor*		43,090		380
Oracle		129,437		5,298
Palo Alto Networks*		6,900		846
Paychex		4,567		272
PayPal Holdings*		84,331		3,079
Qorvo*		2,100		116
QUALCOMM		45,094		2,416
Rackspace Hosting*		40,749		850
Red Hat*		19,628		1,425
salesforce.com*		99,387		7,892
Seagate Technology		4,169		102
ServiceNow*		31,900		2,118
Skyworks Solutions		9,838		623
Symantec		8,737		179
Synopsys*		11,061		598
Tableau Software, Cl A*		12,977		635
TE Connectivity		5,115		292
Tencent Holdings ADR		115,500		2,653
Teradata*		12,009		301

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

17

THE KP FUNDS June 30, 2016 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Teradyne		43,619	$	859
Texas Instruments		83,358		5,222
Total System Services		19,284		1,024
Vantiv, Cl A*		9,785		554
VeriSign*		1,457		126
Viavi Solutions*		96,702		641
Visa, Cl A		180,156		13,362
VMware, Cl A*		5,737		328
Western Digital		4,001		189
Western Union		33,779		648
Workday, Cl A*		15,500		1,157
Xerox		89,536		850
Xilinx		3,580		165
Yahoo!*		12,545		471
Yelp, Cl A*		2,862		87
Zynga, Cl A*		169,097		421
				250,760
Materials — 2.6%
Air Products & Chemicals		2,768		393
Albemarle		1,600		127
Alcoa		18,765		174
Ashland		2,251		258
Avery Dennison		1,268		95
Ball		2,052		148
Bemis		2,360		121
Cabot		28,790		1,315
Celanese, Cl A		3,095		203
CF Industries Holdings		3,550		86
Crown Holdings*		38,727		1,962
Dow Chemical		96,465		4,795
Eastman Chemical		2,368		161
Ecolab		3,809		452
EI du Pont de Nemours		56,023		3,630
FMC		2,232		103
Freeport-McMoRan		17,848		199
GCP Applied Technologies*		13,071		340
Graphic Packaging Holding		34,371		431
Huntsman		47,041		633
International Flavors & Fragrances		1,242		157
International Paper		8,475		359
LyondellBasell Industries, Cl A		44,773		3,332
Martin Marietta Materials		1,000		192
Monsanto		21,850		2,259
Mosaic		5,381		141
Newmont Mining		7,568		296
Nucor		18,735		926
Owens-Illinois*		2,188		39

Description	Shares		Value (000)
PPG Industries		55,388	$	5,769
Praxair		4,114		462
Reliance Steel & Aluminum		4,968		382
Sealed Air		2,842		131
Sherwin-Williams		1,459		428
Steel Dynamics		5,578		137
United States Steel		4,392		74
Vulcan Materials		24,627		2,964
Westlake Chemical		15,862		681
WestRock		3,578		139
				34,494
Telecommunication Services — 2.1%
AT&T		239,216		10,336
CenturyLink		19,552		567
Frontier Communications		18,742		93
Level 3 Communications*		4,100		211
Telephone & Data Systems		13,425		398
T-Mobile US*		50,400		2,181
Verizon Communications		257,115		14,357
Vodafone Group PLC		190,774		578
				28,721
Utilities — 2.9%
AES		10,537		132
AGL Resources		1,907		126
Alliant Energy		3,300		131
Ameren		49,532		2,654
American Electric Power		61,882		4,337
American Water Works		2,500		211
CenterPoint Energy		48,261		1,158
CMS Energy		3,964		182
Consolidated Edison		21,622		1,739
Dominion Resources		8,915		695
DTE Energy		2,608		259
Duke Energy		39,234		3,366
Edison International		8,656		672
Entergy		25,597		2,082
Eversource Energy		4,549		273
Exelon		35,657		1,297
FirstEnergy		82,661		2,886
Great Plains Energy		51,315		1,560
NextEra Energy		7,638		996
NiSource		20,442		542
NRG Energy		4,564		68
PG&E		23,013		1,471
Pinnacle West Capital		26,269		2,129
PPL		15,330		579

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

18

THE KP FUNDS June 30, 2016 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Public Service Enterprise Group		81,973	$	3,821
SCANA		21,351		1,615
Sempra Energy		3,396		387
Southern		13,537		726
TECO Energy		3,811		105
Vectren		5,906		311
WEC Energy Group		4,520		295
Westar Energy, Cl A		11,284		633
Xcel Energy		21,808		977
				38,415
Total Common Stock (Cost $1,221,693) (000)				1,311,027
PREFERRED STOCK — 0.3%
Air BNB, Ser D* (A)		11,406		998
Air BNB, Ser E* (A)		6,939		607
Dropbox, Cl A* (A)		29,866		237
Dropbox, Cl C* (A)		1,097		9
Flipkart Online Services* (A)		5,739		553
Magic Leap, Ser C* (A)		13,521		311
Snapchat, Ser F* (A)		12,575		386
Uber Technologies* (A)		28,993		1,414
Total Preferred Stock (Cost $4,163) (000)				4,515
SHORT-TERM INVESTMENT — 1.8%
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.471%, (B)		23,894,001		23,894
Total Short-Term Investment (Cost $23,894) (000)				23,894
Total Investments — 99.4% (Cost $1,249,750) (000)			$	1,339,436

Percentages are based on net assets of $1,348,101 (000).

A list of the open futures contracts held by the Fund at June 30, 2016, is as follows:

Type of Contract	Number of Contracts Long	Expiration Date	Unrealized Appreciation
S&P 500 Index E-MINI	224	Sep-2016	$	92

For the period ended June 30, 2016, the monthly average value of futures contracts held was $14,129 (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, 2016, was $4,515 (000) and represented 0.33% of net assets.

(B) The rate reported is the 7-day effective yield as of June 30, 2016.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

S&P — Standard & Poors

Ser — Series

The following is a list of the level of inputs used as of June 30, 2016, 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	$	1,311,027	$	—	$	—	$	1,311,027
Preferred Stock		—		—		4,515		4,515
Short-Term Investment		23,894		—		—		23,894
Total Investments in Securities	$	1,334,921	$	—	$	4,515	$	1,339,436
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts**
Unrealized Appreciation	$	92	$	—	$	—	$	92
Total Other Financial Instruments	$	92	$	—	$	—	$	92

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

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

For the period ended June 30, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

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

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

19

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
COMMON STOCK — 96.1%
Consumer Discretionary — 14.1%
1-800-Flowers.com, Cl A*		177,090	$	1,597
2U*		3,800		112
A H Belo, Cl A		51,686		258
Aaron’s		6,900		151
Abercrombie & Fitch, Cl A		6,800		121
AMC Entertainment Holdings, Cl A		2,100		58
American Axle & Manufacturing Holdings*		7,630		110
American Eagle Outfitters		17,800		284
American Public Education*		1,900		53
America’s Car-Mart*		600		17
Apollo Education Group, Cl A*		9,500		87
Arctic Cat		900		15
Asbury Automotive Group*		2,089		110
Ascena Retail Group*		18,059		126
Ascent Capital Group, Cl A*		1,108		17
Barnes & Noble		6,597		75
Barnes & Noble Education*		4,226		43
Bassett Furniture Industries		1,200		29
Beazer Homes USA*		167,157		1,295
Belmond, Cl A*		20,651		204
Big 5 Sporting Goods		1,400		13
Big Lots		5,200		261
Biglari Holdings*		104		42
BJ’s Restaurants*		2,461		108
Bloomin’ Brands		91,520		1,635
Blue Nile		1,486		41

Description	Shares		Value (000)
Bob Evans Farms		1,931	$	73
Bojangles’*		108,458		1,838
Boot Barn Holdings*		1,000		9
Boyd Gaming*		63,606		1,170
Bravo Brio Restaurant Group*		77,547		635
Bridgepoint Education*		1,200		9
Bright Horizons Family Solutions*		4,600		305
Buckle		3,000		78
Buffalo Wild Wings*		2,027		282
Build-A-Bear Workshop, Cl A*		1,000		13
Burlington Stores*		34,669		2,313
Caesars Acquisition, Cl A*		5,300		59
Caesars Entertainment*		6,500		50
Caleres		36,454		883
Callaway Golf		9,798		100
Cambium Learning Group*		1,200		5
Capella Education		1,100		58
Career Education*		5,800		35
Carmike Cinemas*		2,268		68
Carriage Services, Cl A		1,300		31
Carrols Restaurant Group*		3,900		46
Carter’s		21,998		2,341
Cato, Cl A		2,700		102
Cavco Industries*		1,000		94
Central European Media Enterprises, Cl A*		4,900		10
Century Casinos*		2,200		14
Century Communities*		2,000		35
Cheesecake Factory		4,863		234
Chegg*		6,873		34
Chico’s FAS		179,504		1,922
Children’s Place		2,000		160
Churchill Downs		1,407		178
Chuy’s Holdings*		1,878		65
Citi Trends		1,300		20
ClubCorp Holdings		119,279		1,551
Collectors Universe		400		8
Columbia Sportswear		2,900		167
Conn’s*		2,160		16
Container Store Group*		1,500		8
Cooper Tire & Rubber		5,774		172
Cooper-Standard Holding*		1,500		118
Core-Mark Holding		4,712		221
Cracker Barrel Old Country Store		2,017		346
Crocs*		7,690		87
CSS Industries		800		21
Culp		1,000		28

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

20

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Daily Journal*		150	$	36
Dana Holding		15,572		164
Dave & Buster’s Entertainment*		4,000		187
Deckers Outdoor*		3,400		196
Del Frisco’s Restaurant Group*		164,275		2,353
Del Taco Restaurants*		2,400		22
Delta Apparel*		700		16
Denny’s*		7,684		82
Destination XL Group*		2,800		13
DeVry Education Group		6,600		118
Diamond Resorts International*		4,434		133
DineEquity		1,800		153
Dixie Group*		197,266		702
Domino’s Pizza		4,000		526
Dorman Products*		23,374		1,338
DreamWorks Animation SKG, Cl A*		8,100		331
Drew Industries		2,482		211
DSW, Cl A		40,743		863
Duluth Holdings, Cl B*		1,100		27
El Pollo Loco Holdings*		2,100		27
Eldorado Resorts*		3,100		47
Empire Resorts*		559		9
Entercom Communications, Cl A		2,100		28
Entravision Communications, Cl A		6,800		46
Eros International, Cl A*		3,100		50
Escalade		800		8
Ethan Allen Interiors		2,481		82
Etsy*		11,000		105
EW Scripps, Cl A*		6,226		99
Express*		8,045		117
Federal-Mogul Holdings*		2,600		22
Fiesta Restaurant Group*		83,108		1,813
Finish Line, Cl A		109,819		2,217
Five Below*		5,563		258
Flexsteel Industries		700		28
Fogo De Chao*		700		9
Fossil Group*		4,400		126
Fox Factory Holding*		2,300		40
Francesca’s Holdings*		4,100		45
Fred’s, Cl A		76,893		1,239
FTD*		2,100		52
Gaiam, Cl A*		1,400		11
Gannett		12,300		170
Genesco*		2,089		134
Gentherm*		3,804		130
G-III Apparel Group*		4,500		206
Global Eagle Entertainment*		4,300		29

Description	Shares		Value (000)
GNC Holdings, Cl A		112,460	$	2,732
Golden Entertainment		1,100		13
GoPro, Cl A*		10,600		115
Grand Canyon Education*		4,544		181
Gray Television*		60,933		661
Green Brick Partners*		1,400		10
Group 1 Automotive		2,299		113
Guess?		6,196		93
Habit Restaurants, Cl A*		1,000		16
Haverty Furniture		2,500		45
Helen of Troy*		2,939		302
Hemisphere Media Group, Cl A*		700		8
Hibbett Sports*		2,300		80
Hooker Furniture		1,200		26
Horizon Global*		1,439		16
Houghton Mifflin Harcourt*		12,979		203
Hovnanian Enterprises, Cl A*		9,898		17
HSN		38,233		1,871
Iconix Brand Group*		3,823		26
IMAX*		6,100		180
Installed Building Products*		2,100		76
International Speedway, Cl A		3,000		100
Interval Leisure Group		11,800		188
Intrawest Resorts Holdings*		1,100		14
iRobot*		3,050		107
Isle of Capri Casinos*		36,975		677
J Alexander’s Holdings*		1,174		12
Jack in the Box		10,203		877
JAKKS Pacific*		1,500		12
Jamba*		1,200		12
JC Penney*		57,020		506
John Wiley & Sons, Cl A		19,067		995
Johnson Outdoors, Cl A		400		10
K12*		3,500		44
Kate Spade*		90,550		1,866
KB Home		8,754		133
Kirkland’s*		125,968		1,849
Kona Grill*		86,931		932
Krispy Kreme Doughnuts*		5,800		122
La Quinta Holdings*		9,300		106
Lands’ End*		1,400		23
La-Z-Boy, Cl Z		119,567		3,327
LGI Homes*		1,600		51
Libbey		2,010		32
Liberty Braves Group, Cl A*		4,300		63
Liberty Media Group, Cl C*		7,200		137
Liberty Tax		400		5

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

21

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Liberty TripAdvisor Holdings, Cl A*		7,200	$	158
LifeLock*		9,695		153
Lifetime Brands		900		13
Lindblad Expeditions Holdings*		122,144		1,176
Lithia Motors, Cl A		2,435		173
Loral Space & Communications*		1,200		42
Luby’s*		2,000		10
lululemon athletica*		29,000		2,142
Lumber Liquidators Holdings*		2,749		42
M/I Homes*		25,488		480
Malibu Boats, Cl A*		113,549		1,372
Marcus		1,900		40
Marine Products		600		5
MarineMax*		104,453		1,773
Marriott Vacations Worldwide		2,289		157
Mattel		68,900		2,156
Mattress Firm Holding*		2,000		67
MCBC Holdings		800		9
MDC Holdings		116,037		2,825
MDC Partners, Cl A		29,055		531
Media General*		11,389		196
Meredith		41,298		2,145
Meritage Homes*		3,887		146
Metaldyne Performance Group		48,233		663
Modine Manufacturing*		26,113		230
Monarch Casino & Resort*		1,400		31
Monro Muffler Brake		18,213		1,158
Motorcar Parts of America*		1,700		46
Movado Group		1,351		29
MSG Networks*		6,200		95
NACCO Industries, Cl A		400		22
Nathan’s Famous*		300		13
National CineMedia		6,394		99
Nautilus*		3,200		57
New Home*		700		7
New Media Investment Group		4,104		74
New York Times, Cl A		13,489		163
Nexstar Broadcasting Group, Cl A		2,995		143
Noodles, Cl A*		800		8
Nutrisystem		2,900		74
Office Depot*		57,800		191
Ollie’s Bargain Outlet Holdings*		2,100		52
Outerwall		1,626		68
Overstock.com*		1,000		16
Oxford Industries		63,982		3,622
Panera Bread, Cl A*		13,110		2,780
Papa John’s International		2,800		190

Description	Shares		Value (000)
Party City Holdco*		2,300	$	32
Penn National Gaming*		7,819		109
Performance Sports Group*		4,100		12
Perry Ellis International*		1,000		20
PetMed Express		2,200		41
Pier 1 Imports		338,143		1,738
Pinnacle Entertainment*		5,616		62
Planet Fitness, Cl A*		1,500		28
Polaris Industries		31,520		2,578
Popeyes Louisiana Kitchen*		32,905		1,798
Potbelly*		2,100		26
Reading International, Cl A*		1,400		17
Red Lion Hotels*		1,500		11
Red Robin Gourmet Burgers*		1,400		66
Red Rock Resorts, Cl A		3,100		68
Regis*		3,700		46
Rent-A-Center, Cl A		5,900		72
Restoration Hardware Holdings*		97,200		2,787
Ruby Tuesday*		5,200		19
Ruth’s Hospitality Group		3,500		56
Saga Communications, Cl A		300		12
Scholastic		2,800		111
Scientific Games, Cl A*		5,358		49
Scripps Networks Interactive, Cl A		8,700		542
Sears Holdings*		1,200		16
SeaWorld Entertainment		128,380		1,840
Select Comfort*		86,226		1,844
Sequential Brands Group*		4,172		33
Shake Shack, Cl A*		1,600		58
Shoe Carnival		1,665		42
Shutterfly*		3,521		164
Sinclair Broadcast Group, Cl A		6,809		203
Six Flags Entertainment		12,400		719
Smith & Wesson Holding*		5,745		156
Sonic		4,700		127
Sonic Automotive, Cl A		2,931		50
Sotheby’s		5,497		151
Spartan Motors		3,500		22
Speedway Motorsports		900		16
Sportsman’s Warehouse Holdings*		2,700		22
Stage Stores		2,581		13
Standard Motor Products		2,214		88
Stein Mart		261,414		2,018
Steven Madden*		6,465		221
Stoneridge*		2,400		36
Strattec Security		272		11
Strayer Education*		1,208		59

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

22

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Sturm Ruger		1,889	$	121
Superior Industries International		2,431		65
Superior Uniform Group		700		13
Systemax*		1,100		9
Tailored Brands		4,968		63
Taylor Morrison Home, Cl A*		2,900		43
Tenneco*		27,788		1,296
Texas Roadhouse, Cl A		7,060		322
Tile Shop Holdings*		3,400		68
Tilly’s, Cl A*		900		5
Time		10,485		173
TopBuild*		30,314		1,097
Tower International		1,954		40
Townsquare Media, Cl A*		900		7
Tractor Supply		23,500		2,143
TRI Pointe Group*		15,343		181
tronc		3,100		43
Tuesday Morning*		5,000		35
Tumi Holdings*		5,900		158
UCP, Cl A*		54,349		436
Ulta Salon Cosmetics & Fragrance*		8,540		2,081
Unifi*		1,798		49
Unique Fabricating		33,417		447
Universal Electronics*		1,500		108
Vail Resorts		8,300		1,147
Vera Bradley*		1,900		27
Vince Holding*		3,254		18
Visteon		14,880		980
Vitamin Shoppe*		2,605		80
Wayfair, Cl A*		3,300		129
WCI Communities*		2,300		39
Weight Watchers International*		2,400		28
West Marine*		1,300		11
Weyco Group		500		14
William Lyon Homes, Cl A*		2,500		40
Wingstop*		1,600		44
Winmark		200		20
Winnebago Industries		2,700		62
Wolverine World Wide		101,874		2,070
World Wrestling Entertainment, Cl A		63,137		1,162
ZAGG*		2,100		11
Zoe’s Kitchen*		1,900		69
Zumiez*		1,670		24
				115,305
Consumer Staples — 3.2%
Alico		200		6
Alliance One International*		900		14

Description	Shares		Value (000)
Amplify Snack Brands*		3,100	$	46
Andersons		64,915		2,308
Avon Products		46,000		174
B&G Foods		25,617		1,235
Blue Buffalo Pet Products*		29,000		677
Boston Beer, Cl A*		879		150
Calavo Growers		1,600		107
Cal-Maine Foods		3,100		137
Central Garden & Pet*		4,900		107
Chefs’ Warehouse*		55,829		893
Coca-Cola Bottling Consolidated		500		74
Craft Brew Alliance*		900		10
Darling Ingredients*		17,197		256
Dean Foods		9,555		173
Elizabeth Arden*		2,225		31
Energizer Holdings		25,920		1,335
Farmer Brothers*		1,000		32
Flowers Foods		96,173		1,803
Fresh Del Monte Produce		3,400		185
Freshpet*		1,800		17
Herbalife*		13,733		803
HRG Group*		12,421		171
Ingles Markets, Cl A		1,500		56
Inter Parfums		1,787		51
Inventure Foods*		132,598		1,036
J&J Snack Foods		1,580		188
John B Sanfilippo & Son		900		38
Lancaster Colony		1,941		248
Landec*		2,200		24
Lifevantage*		1,400		19
Lifeway Foods*		300		3
Limoneira		900		16
Medifast		1,000		33
MGP Ingredients		1,300		50
National Beverage*		1,300		82
Natural Grocers by Vitamin Cottage*		700		9
Natural Health Trends		600		17
Nature’s Sunshine Products		800		8
Nu Skin Enterprises, Cl A		14,081		650
Nutraceutical International*		600		14
Oil-Dri Corp of America		300		10
Omega Protein*		2,500		50
Orchids Paper Products		900		32
Performance Food Group*		3,900		105
Post Holdings*		16,580		1,371
PriceSmart		2,052		192

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

23

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Primo Water*		2,200	$	26
Revlon, Cl A*		1,300		42
Sanderson Farms		2,226		193
Seaboard*		893		2,563
Seneca Foods, Cl A*		700		25
Smart & Final Stores*		2,000		30
Snyder’s-Lance		16,231		550
SpartanNash		3,841		117
SUPERVALU*		27,825		131
Synutra International*		1,100		4
Tootsie Roll Industries		1,988		77
TreeHouse Foods*		34,080		3,498
United Natural Foods*		27,629		1,293
Universal		2,261		131
USANA Health Sciences*		500		56
Vector Group		9,246		207
Village Super Market, Cl A		500		14
WD-40		1,487		175
Weis Markets		1,197		61
WhiteWave Foods, Cl A*		34,040		1,598
				25,837
Energy — 2.7%
Abraxas Petroleum*		7,700		9
Adams Resources & Energy		200		8
Alon USA Energy		2,800		18
Archrock		7,252		68
Ardmore Shipping		144,142		976
Atwood Oceanics		7,100		89
Bill Barrett*		5,671		36
Bristow Group		3,187		36
California Resources		3,300		40
Callon Petroleum*		71,990		808
Capital Product Partners (A)		128,660		383
CARBO Ceramics		1,559		20
Carrizo Oil & Gas*		29,435		1,055
Clayton Williams Energy*		500		14
Clean Energy Fuels*		9,152		32
Cobalt International Energy*		42,600		57
Contango Oil & Gas*		1,841		23
CVR Energy		1,700		26
Dawson Geophysical*		2,100		17
Delek US Holdings		148,692		1,965
Denbury Resources		36,700		132
DHT Holdings		8,500		43
Diamondback Energy*		14,900		1,359
Dorian LPG*		1,800		13

Description	Shares		Value (000)
Eclipse Resources*		5,400	$	18
EP Energy, Cl A*		4,000		21
Era Group*		1,600		15
Evolution Petroleum		1,500		8
EXCO Resources*		12,700		17
Exterran*		3,026		39
Fairmount Santrol Holdings*		7,699		59
Forum Energy Technologies*		6,300		109
Frontline		6,740		53
GasLog		4,527		59
Gener8 Maritime*		4,100		26
Geospace Technologies*		1,114		18
Golar LNG		9,300		144
Green Plains		97,299		1,919
Helix Energy Solutions Group*		9,771		66
Hornbeck Offshore Services*		2,900		24
Independence Contract Drilling*		4,500		24
Isramco*		39		3
Jones Energy, Cl A*		2,600		11
Matador Resources*		8,700		172
Matrix Service*		2,800		46
McDermott International*		24,084		119
Nabors Industries		232,243		2,335
Natural Gas Services Group*		1,000		23
Navios Maritime Acquisition		6,900		11
Newpark Resources*		9,798		57
Nordic American Tankers		8,800		122
Northern Oil and Gas*		5,000		23
Oasis Petroleum*		78,685		735
Oceaneering International		24,056		718
Oil States International*		5,200		171
Overseas Shipholding Group, Cl A		3,800		42
Pacific Ethanol*		2,000		11
Panhandle Oil and Gas, Cl A		2,000		33
Par Pacific Holdings*		2,900		44
Parker Drilling*		9,402		22
Parsley Energy, Cl A*		47,200		1,277
PDC Energy*		4,725		272
PHI*		1,000		18
Pioneer Energy Services*		5,274		24
Renewable Energy Group*		3,700		33
REX American Resources*		500		30
RigNet*		900		12
Ring Energy*		126,333		1,114
RSP Permian*		8,200		286
Sanchez Energy*		5,796		41
Scorpio Tankers		19,275		81

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

24

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
SEACOR Holdings*		1,600	$	93
Seadrill*		39,500		128
SemGroup, Cl A		4,423		144
Ship Finance International		6,200		91
Synergy Resources*		233,642		1,556
Teekay		4,600		33
Teekay Tankers, Cl A		12,200		36
TerraVia Holdings*		6,500		17
Tesco		4,400		29
TETRA Technologies*		105,682		673
Tidewater		4,200		19
Unit*		5,500		86
US Silica Holdings		30,677		1,058
W&T Offshore*		2,600		6
Western Refining		7,097		146
Westmoreland Coal*		1,324		13
Willbros Group*		4,500		11
				21,871
Financials — 20.3%
1st Source		1,720		56
Acadia Realty Trust‡		7,400		263
Access National		700		14
ACNB		600		15
Agree Realty‡		2,500		121
Alexander & Baldwin		4,753		172
Alexander’s‡		175		72
Allegiance Bancshares*		1,100		27
Altisource Portfolio Solutions*		1,064		30
Altisource Residential‡		5,100		47
Ambac Financial Group*		4,400		72
American Assets Trust‡		4,038		171
American Capital Mortgage Investment‡		4,700		74
American Equity Investment Life Holding		62,842		895
American Financial Group		35,535		2,627
American National Bankshares		800		20
Ameris Bancorp		3,300		98
AMERISAFE		1,966		120
Ames National		700		19
Anworth Mortgage Asset‡		8,498		40
Apollo Commercial Real Estate Finance‡		6,036		97
Apollo Residential Mortgage‡		3,500		47
Ares Commercial Real Estate‡		2,400		29
Argo Group International Holdings		3,078		160
Arlington Asset Investment, Cl A		2,900		38

Description	Shares		Value (000)
Armada Hoffler Properties‡		3,300	$	45
ARMOUR Residential‡		3,612		72
Arrow Financial		928		28
Ashford Hospitality Prime‡		3,267		46
Ashford Hospitality Trust‡		8,633		46
Associated Capital Group		500		14
Assurant		34,320		2,962
Astoria Financial		9,167		141
Atlantic Capital Bancshares*		1,800		26
Atlas Financial Holdings*		900		15
AV Homes*		900		11
Avenue Financial Holdings*		900		18
B. Riley Financial		1,000		10
Baldwin & Lyons, Cl B		700		17
Banc of California		5,100		92
BancFirst		800		48
Banco Latinoamericano de Comercio Exterior, Cl E		3,200		85
Bancorp*		77,908		469
BancorpSouth		9,344		212
Bank Mutual		3,900		30
Bank of Hawaii		38,350		2,638
Bank of Marin Bancorp		500		24
Bank of the Ozarks		8,805		330
BankFinancial		1,600		19
Bankwell Financial Group		600		13
Banner		3,116		133
Bar Harbor Bankshares		400		14
BBCN Bancorp		7,936		118
BBX Capital, Cl A*		519		8
Bear State Financial		1,400		13
Beneficial Bancorp*		7,539		96
Berkshire Hills Bancorp		36,280		977
BGC Partners, Cl A		22,753		198
Blue Capital Reinsurance Holdings		600		11
Blue Hills Bancorp		2,400		35
Bluerock Residential Growth, Cl A‡		1,300		17
BNC Bancorp		91,533		2,079
BofI Holding*		5,900		104
Boston Private Financial Holdings		8,174		96
Brandywine Realty Trust‡		96,455		1,620
Bridge Bancorp		55,110		1,565
Brookline Bancorp		89,286		985
Bryn Mawr Bank		1,600		47
BSB Bancorp*		800		18
C&F Financial		300		13
C1 Financial*		700		16

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

25

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Calamos Asset Management, Cl A		1,300	$	10
Camden National		1,100		46
Capital Bank Financial, Cl A		1,834		53
Capital City Bank Group		800		11
Capitol Federal Financial		13,785		192
Capstead Mortgage‡		10,100		98
Cardinal Financial		24,052		528
CareTrust‡		6,137		85
Carolina Financial		1,100		21
Cascade Bancorp*		90,926		504
Cash America International		2,300		98
CatchMark Timber Trust, Cl A‡		3,700		45
Cathay General Bancorp		7,611		215
CBL & Associates Properties‡		17,600		164
Cedar Realty Trust‡		8,925		66
CenterState Banks		4,500		71
Central Pacific Financial		3,200		76
Central Valley Community Bancorp		900		13
Century Bancorp, Cl A		300		13
Charter Financial		1,159		15
Chatham Lodging Trust‡		4,200		92
Chemical Financial		4,002		149
Chemung Financial		300		9
Chesapeake Lodging Trust‡		6,179		144
Citizens, Cl A*		5,500		42
Citizens & Northern		900		18
City Holding		1,537		70
City Office‡		2,000		26
Clifton Bancorp		2,189		33
CNB Financial		1,200		21
CNO Financial Group		18,726		327
CoBiz Financial		199,619		2,336
Codorus Valley Bancorp		800		16
Cohen & Steers		44,590		1,802
Colony Capital, Cl A‡		11,500		177
Colony Starwood Homes‡		6,796		207
Columbia Banking System		65,583		1,840
Commerce Bancshares		59,430		2,848
Community Bank System		4,354		179
Community Healthcare Trust‡		1,300		27
Community Trust Bancorp		1,488		52
CommunityOne Bancorp*		900		11
ConnectOne Bancorp		3,460		54
Consolidated-Tomoka Land		300		14
CorEnergy Infrastructure Trust‡		1,140		33
CoreSite Realty‡		3,500		310
Corporate Office Properties Trust		73,111		2,162

Description	Shares		Value (000)
County Bancorp		500	$	10
Cousins Properties‡		199,994		2,080
Cowen Group, Cl A*		9,004		27
Crawford, Cl B		2,200		19
CU Bancorp*		24,201		550
Customers Bancorp*		76,311		1,918
CVB Financial		10,418		171
CyrusOne‡		15,090		840
CYS Investments‡		15,004		126
Diamond Hill Investment Group		300		57
DiamondRock Hospitality‡		20,954		189
Dime Community Bancshares		3,343		57
Donegal Group, Cl A		700		12
DuPont Fabros Technology‡		27,955		1,329
Dynex Capital‡		4,600		32
Eagle Bancorp*		51,654		2,485
Easterly Government Properties‡		2,500		49
EastGroup Properties‡		3,293		227
Education Realty Trust‡		6,985		322
eHealth*		1,500		21
EMC Insurance Group		950		26
Employers Holdings		3,200		93
Encore Capital Group*		2,300		54
Enova International*		1,972		15
Enstar Group*		1,200		194
Enterprise Bancorp		626		15
Enterprise Financial Services		1,800		50
Equity Bancshares, Cl A*		500		11
ESSA Bancorp		900		12
Essent Group*		110,107		2,401
EverBank Financial		10,741		160
Evercore Partners, Cl A		4,063		180
EZCORP, Cl A*		6,200		47
Farmers Capital Bank		500		14
Farmers National Banc		2,600		23
Farmland Partners‡		1,200		14
FBL Financial Group, Cl A		1,100		67
FBR		700		10
FCB Financial Holdings, Cl A*		2,900		99
Federal Agricultural Mortgage, Cl C		900		31
Federated National Holding		1,300		25
FelCor Lodging Trust‡		14,472		90
Fidelity & Guaranty Life		900		21
Fidelity Southern		2,212		35
Fifth Street Asset Management, Cl A		300		1
Financial Engines		5,635		146
Financial Institutions		1,200		31

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

26

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
First Bancorp		3,900	$	74
First BanCorp*		12,600		50
First Busey		3,369		72
First Business Financial Services		600		14
First Cash Financial Services		2,817		145
First Citizens BancShares, Cl A		744		193
First Commonwealth Financial		9,638		89
First Community Bancshares		1,300		29
First Community Financial Partners*		1,400		12
First Connecticut Bancorp		55,971		927
First Defiance Financial		1,000		39
First Financial		900		33
First Financial Bancorp		50,356		979
First Financial Bankshares		6,642		218
First Financial Northwest		900		12
First Foundation*		27,090		582
First Industrial Realty Trust‡		12,177		339
First Internet Bancorp		500		12
First Interstate BancSystem, Cl A		1,800		51
First Merchants		46,112		1,150
First Mid-Illinois Bancshares		600		15
First Midwest Bancorp		73,774		1,295
First NBC Bank Holding*		1,200		20
First Northwest Bancorp*		1,200		15
First of Long Island		1,546		44
First Potomac Realty Trust‡		5,418		50
First Republic Bank		24,200		1,694
FirstMerit		17,270		350
Flagstar Bancorp*		2,200		54
Flushing Financial		3,186		63
FNB		236,436		2,966
FNFV Group*		6,800		78
Forestar Group*		3,522		42
Four Corners Property Trust‡		6,300		130
Fox Chase Bancorp		800		16
Franklin Financial Network*		36,936		1,158
Franklin Street Properties‡		10,151		125
FRP Holdings*		500		17
Fulton Financial		17,400		235
GAIN Capital Holdings		2,900		18
GAMCO Investors, Cl A		500		16
Genworth Financial, Cl A*		52,600		136
GEO Group‡		7,752		265
German American Bancorp		1,500		48
Getty Realty‡		2,717		58
Glacier Bancorp		7,949		211
Gladstone Commercial‡		2,400		41

Description	Shares		Value (000)
Global Indemnity, Cl A*		700	$	19
Global Net Lease‡		17,800		142
Government Properties Income Trust‡		7,000		161
Gramercy Property Trust‡		44,109		407
Great Ajax‡		1,400		19
Great Southern Bancorp		1,000		37
Great Western Bancorp		42,523		1,341
Green Bancorp*		2,200		19
Green Dot, Cl A*		4,100		94
Greenhill		60,665		976
Greenlight Capital, Cl A*		2,651		53
Guaranty Bancorp		1,100		18
Hallmark Financial Services*		1,100		13
Hampton Roads Bankshares*		2,000		4
Hancock Holding		95,514		2,494
Hanmi Financial		3,283		77
Hannon Armstrong Sustainable Infrastructure Capital‡		102,136		2,206
Hatteras Financial‡		9,500		156
HCI Group		700		19
Healthcare Realty Trust‡		10,947		383
Heartland Financial USA		2,300		81
Hennessy Advisors		300		10
Heritage Commerce		53,181		560
Heritage Financial		131,034		2,304
Heritage Insurance Holdings		2,200		26
Heritage Oaks Bancorp		1,900		15
Hersha Hospitality Trust, Cl A‡		4,300		74
HFF, Cl A		3,821		110
Hilltop Holdings*		7,699		162
Hingham Institution for Savings		100		12
Home Bancorp		600		16
Home BancShares		12,626		250
HomeStreet*		2,600		52
HomeTrust Bancshares*		1,800		33
Horace Mann Educators		88,870		3,003
Horizon Bancorp		1,100		28
Houlihan Lokey, Cl A		1,300		29
Hudson Pacific Properties‡		8,374		244
IBERIABANK		50,782		3,034
Impac Mortgage Holdings*		800		13
Independence Holding		500		9
Independence Realty Trust‡		4,175		34
Independent Bank		59,685		2,670
Independent Bank Group		1,100		47
Infinity Property & Casualty		1,182		95

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

27

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
InfraREIT‡		4,200	$	74
International Bancshares		5,481		143
INTL. FCStone*		1,400		38
Invesco Mortgage Capital‡		11,752		161
Investment Technology Group		3,400		57
Investors Bancorp		30,853		342
Investors Real Estate Trust‡		12,206		79
Investors Title		100		10
iStar‡ *		88,791		852
James River Group Holdings		1,500		51
Janus Capital Group		14,987		209
KCG Holdings, Cl A*		5,524		73
Kearny Financial		9,632		121
Kemper		4,413		137
Kennedy-Wilson Holdings		9,320		178
Kite Realty Group Trust‡		8,618		242
Ladder Capital, Cl A‡		3,951		48
Ladenburg Thalmann Financial Services*		8,400		20
Lake Sunapee Bank Group		800		14
Lakeland Bancorp		4,189		48
Lakeland Financial		1,500		71
LaSalle Hotel Properties‡		11,493		271
LCNB		900		14
LegacyTexas Financial Group		42,735		1,150
LendingClub*		34,400		148
LendingTree*		5,935		524
Lexington Realty Trust‡		24,024		243
Live Oak Bancshares		2,000		28
LTC Properties‡		3,900		202
Macatawa Bank		2,800		21
Mack-Cali Realty‡		9,064		245
Maiden Holdings		6,134		75
MainSource Financial Group		2,700		60
Manning & Napier, Cl A		1,600		15
Marcus & Millichap*		1,200		30
MarketAxess Holdings		5,373		781
Marlin Business Services		800		13
MB Financial		7,414		269
MBIA*		13,700		94
MBT Financial		1,900		15
Medical Properties Trust‡		24,811		377
Medley Management, Cl A		300		2
Mercantile Bank		1,900		45
Merchants Bancshares		600		18
Meridian Bancorp		4,934		73
Meta Financial Group		900		46

Description		Shares		Value (000)
MGIC Investment*			35,610	$	212
Middleburg Financial			500		14
MidWestOne Financial Group			600		17
Moelis, Cl A			1,900		43
Monmouth Real Estate Investment, Cl A‡	��		6,760		90
Monogram Residential Trust‡			17,600		180
Mortgage Investment Trust‡			3,400		49
MutualFirst Financial			600		16
National Bank Holdings, Cl A			155,309		3,163
National Bankshares			500		17
National Commerce*			600		14
National General Holdings			5,100		109
National Health Investors‡			3,899		293
National Interstate			1,000		30
National Storage Affiliates Trust			2,200		46
National Western Life Group, Cl A			193		38
Nationstar Mortgage Holdings*			3,600		41
Navigators Group			1,187		109
NBT Bancorp			4,522		129
Nelnet, Cl A			2,259		79
New Residential Investment‡			23,343		323
New Senior Investment Group‡			7,700		82
New York‡			17,300		160
New York Mortgage Trust‡			11,510		70
NewStar Financial*			2,200		19
NexPoint Residential Trust‡			2,300		42
Nicolet Bankshares*			800		30
NMI Holdings, Cl A*			4,300		24
Northfield Bancorp			4,700		70
Northrim BanCorp			700		18
NorthStar Realty Europe‡			6,200		57
Northwest Bancshares			122,519		1,817
OceanFirst Financial			2,400		44
Ocwen Financial*			9,500		16
OFG Bancorp			5,183		43
Old Line Bancshares			900		16
Old National Bancorp			202,882		2,542
Old Second Bancorp			2,700		18
OM Asset Management			4,200		56
On Deck Capital*			5,000		26
One Liberty Properties‡			1,400		33
OneBeacon Insurance Group, Cl A			1,925		27
Oppenheimer Holdings, Cl A			704		11
Opus Bank			64,304		2,173
Orchid Island Capital, Cl A‡			2,300		24
Oritani Financial			4,259		68

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

28

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description		Shares		Value (000)
Orrstown Financial Services			800	$	14
Outfront Media‡			171,406		4,143
Owens Realty Mortgage‡			1,000		17
Pacific Continental			1,500		24
Pacific Mercantile Bancorp*			1,600		11
Pacific Premier Bancorp*			28,437		682
PacWest Bancorp			23,791		946
Park National			1,389		127
Park Sterling			331,054		2,347
Parkway Properties‡			165,484		2,769
Patriot National*	��		800		7
Peapack Gladstone Financial			1,900		35
Pebblebrook Hotel Trust‡			7,224		190
Penns Woods Bancorp			352		15
Pennsylvania‡			6,938		149
PennyMac Financial Services, Cl A*			1,100		14
PennyMac Mortgage Investment Trust‡			7,167		116
Peoples Bancorp			1,700		37
Peoples Financial Services			600		23
People’s Utah Bancorp			1,400		23
PHH*			5,517		73
Physicians Realty Trust‡			14,100		296
PICO Holdings*			1,900		18
Pinnacle Financial Partners			4,200		205
Piper Jaffray*			1,600		60
PJT Partners			1,900		44
Potlatch‡			58,631		1,999
PRA Group*			4,861		117
Preferred Apartment Communities, Cl A‡			2,600		38
Preferred Bank			1,000		29
Premier Financial Bancorp			900		15
Primerica			55,830		3,196
PrivateBancorp			66,553		2,931
Prosperity Bancshares			42,244		2,154
Provident Financial Holdings			700		13
Provident Financial Services			6,468		127
PS Business Parks‡			1,985		211
Pzena Investment Management, Cl A			800		6
QCR Holdings			1,300		35
QTS Realty Trust, Cl A‡			45,006		2,519
Radian Group			22,543		235
RAIT Financial Trust‡			9,600		30
Ramco-Gershenson Properties Trust‡			8,030		157
RE/MAX Holdings, Cl A			1,900		76
Redwood Trust‡			7,400		102

Description	Shares		Value (000)
Regional Management*		900	$	13
Renasant		4,022		130
Republic Bancorp, Cl A		1,200		33
Republic First Bancorp*		3,500		15
Resource America, Cl A		1,100		11
Resource Capital‡		2,658		34
Retail Opportunity Investments‡		10,400		225
Rexford Industrial Realty‡		6,700		141
RLI		3,896		268
RLJ Lodging Trust‡		12,703		272
RMR Group		866		27
Rouse Properties‡		4,000		73
Ryman Hospitality Properties‡		4,569		231
S&T Bancorp		3,774		92
Sabra Health Care‡		6,600		136
Safeguard Scientifics*		1,600		20
Safety Insurance Group		1,403		86
Sandy Spring Bancorp		2,570		75
Saul Centers‡		1,100		68
Seacoast Banking Corp of Florida*		3,100		50
Select Income‡		6,588		171
Selective Insurance Group		5,948		227
Seritage Growth Properties‡		2,600		130
ServisFirst Bancshares		2,400		119
Shore Bancshares		1,300		15
SI Financial Group		1,200		16
Sierra Bancorp		800		13
Signature Bank*		16,930		2,115
Silver Bay Realty Trust‡		4,000		68
Silvercrest Asset Management Group, Cl A		700		9
Simmons First National, Cl A		2,954		136
Solar Capital		45,708		871
South State		2,500		170
Southern First Bancshares*		600		14
Southern Missouri Bancorp		600		14
Southern National Bancorp of Virginia		64,392		782
Southside Bancshares		2,654		82
Southwest Bancorp		91,100		1,542
St. Joe*		5,600		99
STAG Industrial‡		52,891		1,259
State Auto Financial		2,776		61
State Bank Financial		95,521		1,944
State National		3,100		33
Sterling Bancorp		13,245		208
Stewart Information Services		23,410		969
Stifel Financial*		6,910		217

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

29

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Stock Yards Bancorp		2,250	$	64
Stonegate Bank		65,233		2,105
Stonegate Mortgage*		68,069		229
Stratus Properties*		600		11
Suffolk Bancorp		1,000		31
Summit Financial Group		900		16
Summit Hotel Properties‡		9,000		119
Sun Bancorp		740		15
Sunstone Hotel Investors‡		22,738		274
Synovus Financial		32,375		939
Talmer Bancorp, Cl A		53,827		1,032
Tanger Factory Outlet Centers‡		69,300		2,784
Tejon Ranch*		1,600		38
Terreno Realty‡		4,400		114
Territorial Bancorp		684		18
Texas Capital Bancshares*		10,777		504
Third Point Reinsurance*		6,817		80
Tier‡		5,000		77
Tiptree Financial		2,800		15
Tompkins Financial		1,391		90
Towne Bank		4,760		103
TriCo Bancshares		2,300		63
Trinity Place Holdings*		2,000		15
TriState Capital Holdings*		2,300		32
Triumph Bancorp*		1,400		22
TrustCo Bank		8,770		56
Trustmark		7,028		175
UMB Financial		42,111		2,241
UMH Properties‡		2,500		28
Umpqua Holdings		82,412		1,275
Union Bankshares		5,076		131
United Bankshares		6,831		256
United Community Banks		7,316		134
United Community Financial		3,800		23
United Development Funding IV‡		2,800		9
United Financial Bancorp		4,951		64
United Fire Group		2,300		98
United Insurance Holdings		1,700		28
Universal Health Realty Income Trust‡		1,198		69
Universal Insurance Holdings		3,447		64
Univest Corp of Pennsylvania		1,834		39
Urban Edge Properties‡		9,400		281
Urstadt Biddle Properties, Cl A‡		2,571		64
Valley National Bancorp		25,873		236
Veritex Holdings*		900		14
Virtu Financial, Cl A		2,600		47
Virtus Investment Partners		660		47

Description	Shares		Value (000)
Waddell & Reed Financial, Cl A		8,300	$	143
Walker & Dunlop*		2,900		66
Walter Investment Management*		2,925		8
Washington‡		28,923		910
Washington Federal		9,194		223
Washington Trust Bancorp		1,585		60
WashingtonFirst Bankshares		23,026		498
Waterstone Financial		2,600		40
Webster Financial		9,585		325
WesBanco		56,797		1,764
West Bancorporation		1,300		24
Westamerica Bancorporation		2,600		128
Western Asset Mortgage Capital‡		3,451		32
Westfield Financial		1,700		13
Westwood Holdings Group		800		41
Whitestone, Cl B‡		3,000		45
Wilshire Bancorp		7,500		78
Winthrop Realty Trust‡		98,127		863
Wintrust Financial		5,010		256
WisdomTree Investments		12,004		118
WMIH*		21,200		47
World Acceptance*		600		27
WP Glimcher‡		19,400		217
WSFS Financial		3,200		103
Xenia Hotels & Resorts‡		10,700		180
Yadkin Financial		5,259		132
Your Community Bankshares		500		19
				166,749
Health Care — 12.3%
AAC Holdings*		1,000		23
Abaxis		2,433		115
ABIOMED*		6,920		756
Acadia Healthcare*		20,188		1,118
Accelerate Diagnostics*		2,744		39
Acceleron Pharma*		2,900		99
Accuray*		8,569		44
AcelRx Pharmaceuticals*		3,700		10
Aceto		3,000		66
Achillion Pharmaceuticals*		12,200		95
Aclaris Therapeutics*		900		17
Acorda Therapeutics*		4,504		115
Adamas Pharmaceuticals*		1,600		24
Addus HomeCare*		500		9
Adeptus Health, Cl A*		10,050		519
Aduro Biotech*		3,700		42
Advaxis*		3,500		28

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

30

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Adverum Biotechnologies*		1,400	$	4
Aerie Pharmaceuticals*		2,500		44
Agenus*		6,200		25
Agile Therapeutics*		1,100		8
Agilent Technologies		51,200		2,272
Aimmune Therapeutics*		2,700		29
Air Methods*		67,208		2,408
Akebia Therapeutics*		3,600		27
Albany Molecular Research*		2,800		38
Alder Biopharmaceuticals*		4,900		122
Align Technology*		33,600		2,706
Almost Family*		700		30
AMAG Pharmaceuticals*		3,500		84
Amedisys*		24,673		1,245
American Renal Associates Holdings*		25,052		726
Amicus Therapeutics*		13,300		73
AMN Healthcare Services*		4,800		192
Amphastar Pharmaceuticals*		3,300		53
Ampio Pharmaceuticals*		4,600		6
Amsurg, Cl A*		31,236		2,422
Analogic		1,271		101
Anavex Life Sciences*		600		4
AngioDynamics*		2,800		40
ANI Pharmaceuticals*		700		39
Anika Therapeutics*		1,500		80
Anthera Pharmaceuticals*		3,900		12
Applied Genetic Technologies*		1,300		18
Aratana Therapeutics*		2,200		14
Ardelyx*		1,600		14
Arena Pharmaceuticals*		25,828		44
ARIAD Pharmaceuticals*		18,500		137
Array BioPharma*		13,000		46
Arrowhead Pharmaceuticals*		7,300		39
Atara Biotherapeutics*		2,400		54
athenahealth*		7,300		1,007
Athersys*		8,000		17
AtriCure*		2,900		41
Atrion		128		55
Avexis*		700		27
Avinger*		1,100		13
AxoGen*		2,500		17
Axovant Sciences*		2,600		33
Bellicum Pharmaceuticals*		2,200		29
BioCryst Pharmaceuticals*		6,637		19
Bio-Path Holdings*		8,700		17
BioScrip*		5,800		15
BioSpecifics Technologies*		500		20

Description	Shares		Value (000)
BioTelemetry*		3,100	$	51
BioTime*		4,400		11
Bluebird Bio*		3,900		169
Blueprint Medicines*		2,100		43
Cambrex*		3,336		173
Cantel Medical		22,758		1,564
Capital Senior Living*		3,145		56
Cara Therapeutics*		1,500		7
Cardiovascular Systems*		3,579		66
Castlight Health, Cl B*		3,000		12
Catalent*		10,400		239
Celator Pharmaceuticals*		3,400		103
Celldex Therapeutics*		8,604		38
Cellular Biomedicine Group*		700		8
Cempra*		4,300		71
Cepheid*		7,351		227
Cerus*		9,600		60
Charles River Laboratories International*		10,130		835
Chemed		10,697		1,458
ChemoCentryx*		2,400		11
Chimerix*		4,000		16
ChromaDex*		3,000		12
Cidara Therapeutics*		600		6
Civitas Solutions*		1,600		33
Clovis Oncology*		3,337		46
Coherus Biosciences*		29,224		495
Collegium Pharmaceutical*		1,400		17
Community Health Systems*		11,500		139
Computer Programs & Systems		1,182		47
Concert Pharmaceuticals*		1,100		12
ConforMIS*		3,700		26
CONMED		2,866		137
Corcept Therapeutics*		7,300		40
Corindus Vascular Robotics*		2,500		4
CorVel*		900		39
Cotiviti Holdings*		1,300		27
Cross Country Healthcare*		75,932		1,057
CryoLife		3,300		39
Curis*		7,900		12
Cutera*		1,000		11
Cynosure, Cl A*		32,895		1,600
Cytokinetics*		3,000		28
CytomX Therapeutics*		2,100		21
CytRx*		8,500		19
Dentsply Sirona		22,600		1,402
Depomed*		135,350		2,656

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

31

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Dermira*		2,200	$	64
DexCom*		30,835		2,446
Dimension Therapeutics*		1,300		8
Diplomat Pharmacy*		4,800		168
Durect*		7,900		10
Dynavax Technologies*		4,040		59
Eagle Pharmaceuticals*		900		35
Edge Therapeutics*		1,700		17
Editas Medicine*		900		22
Egalet*		2,300		11
Emergent BioSolutions*		3,379		95
Enanta Pharmaceuticals*		1,400		31
Endocyte*		2,600		8
Endologix*		8,439		105
Ensign Group		4,686		98
Entellus Medical*		500		9
Envision Healthcare Holdings*		56,400		1,431
Enzo Biochem*		4,100		24
Epizyme*		4,200		43
Esperion Therapeutics*		1,000		10
Evolent Health, Cl A*		1,500		29
Exact Sciences*		9,980		122
Exactech*		800		21
ExamWorks Group*		4,100		143
Exelixis*		22,875		179
FibroGen*		5,500		90
Five Prime Therapeutics*		2,800		116
Flex Pharma*		400		4
Flexion Therapeutics*		1,900		28
Fluidigm*		2,298		21
Fortress Biotech*		3,600		10
Foundation Medicine*		1,102		21
Galena Biopharma*		21,800		10
Genesis Healthcare, Cl A*		2,200		4
GenMark Diagnostics*		5,100		44
Genomic Health*		1,900		49
Geron*		12,900		35
Glaukos*		1,700		50
Global Blood Therapeutics*		1,500		25
Globus Medical, Cl A*		7,296		174
Greatbatch*		3,237		100
Haemonetics*		5,353		155
Halozyme Therapeutics*		11,379		98
Halyard Health*		4,800		156
HealthEquity*		4,500		137
HealthSouth		129,921		5,045
HealthStream*		2,800		74

Description	Shares		Value (000)
Healthways*		3,300	$	38
HeartWare International*		1,570		91
Heron Therapeutics*		3,300		60
Heska*		500		19
HMS Holdings*		69,777		1,228
Horizon Pharma*		16,800		277
ICU Medical*		1,500		169
Idera Pharmaceuticals*		7,300		11
IDEXX Laboratories*		36,820		3,420
Ignyta*		2,100		11
Immune Design*		1,000		8
ImmunoGen*		7,845		24
Immunomedics*		11,400		26
Impax Laboratories*		7,678		221
Imprivata*		1,700		24
INC Research Holdings, Cl A*		4,300		164
Infinity Pharmaceuticals*		4,000		5
Innoviva		8,100		85
Inogen*		1,700		85
Inotek Pharmaceuticals*		1,800		13
Inovio Pharmaceuticals*		6,600		61
Insmed*		6,424		63
Insulet*		6,013		182
Insys Therapeutics*		1,884		24
Integra LifeSciences Holdings*		18,478		1,474
Intellia Therapeutics*		700		15
Intercept Pharmaceuticals*		4,869		696
Intersect ENT*		35,948		465
Intra-Cellular Therapies, Cl A*		17,193		667
Invacare		3,004		36
Invitae*		2,400		18
InVivo Therapeutics Holdings*		4,100		24
iRadimed*		200		4
IRIDEX*		800		12
Ironwood Pharmaceuticals, Cl A*		13,548		177
K2M Group Holdings*		40,605		630
Karyopharm Therapeutics*		1,700		11
Keryx Biopharmaceuticals*		8,177		54
Kindred Healthcare		229,611		2,592
Kite Pharma*		4,086		204
La Jolla Pharmaceutical*		1,200		19
Laboratory Corp of America Holdings*		11,400		1,485
Landauer		800		33
Lannett*		2,900		69
LDR Holding*		29,845		1,103
LeMaitre Vascular		1,200		17
Lexicon Pharmaceuticals*		3,871		56

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

32

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
LHC Group*		1,600	$	69
Ligand Pharmaceuticals*		17,650		2,106
Lion Biotechnologies*		5,500		45
Lipocine*		1,700		5
Loxo Oncology*		1,400		32
Luminex*		4,200		85
MacroGenics*		3,400		92
Magellan Health*		2,644		174
MannKind*		33,832		39
Masimo*		4,215		221
Medgenics*		1,700		9
Medicines*		6,990		235
MediciNova*		3,100		23
Medidata Solutions*		5,751		270
MEDNAX*		23,757		1,721
Meridian Bioscience		4,316		84
Merit Medical Systems*		93,060		1,845
Merrimack Pharmaceuticals*		11,400		61
MiMedx Group*		9,900		79
Minerva Neurosciences*		1,700		17
Mirati Therapeutics*		1,000		5
Molina Healthcare*		4,477		223
Momenta Pharmaceuticals*		6,753		73
MyoKardia*		1,300		16
Myriad Genetics*		6,800		208
NanoString Technologies*		43,840		552
NantKwest*		900		6
Natera*		2,700		33
National HealthCare		1,200		78
National Research, Cl A		800		11
Natus Medical*		3,283		124
Nektar Therapeutics*		13,550		193
Neogen*		3,773		212
NeoGenomics*		143,030		1,150
Neos Therapeutics*		600		6
Nevro*		38,986		2,876
NewLink Genetics*		1,841		21
Nobilis Health*		5,800		13
Novavax*		28,234		205
Novocure*		5,300		62
NuVasive*		49,786		2,974
NxStage Medical*		6,500		141
Ocular Therapeutix*		1,100		5
Omeros*		3,900		41
Omnicell*		3,682		126
OncoMed Pharmaceuticals*		1,400		17
Ophthotech*		3,200		163

Description	Shares		Value (000)
OraSure Technologies*		4,800	$	28
Organovo Holdings*		8,700		32
Orthofix International*		1,759		75
Osiris Therapeutics		1,600		8
Otonomy*		2,200		35
OvaScience*		1,900		10
Owens & Minor		6,559		245
Oxford Immunotec Global*		1,900		17
Pacific Biosciences of California*		8,000		56
Pacira Pharmaceuticals*		3,810		129
Paratek Pharmaceuticals*		900		13
PAREXEL International*		38,110		2,397
PDL BioPharma		15,031		47
Penumbra*		2,700		161
Pfenex*		1,200		10
PharmAthene*		6,500		16
PharMerica*		2,800		69
Phibro Animal Health, Cl A		2,000		37
Portola Pharmaceuticals, Cl A*		5,099		120
PRA Health Sciences*		2,500		104
Press Ganey Holdings*		2,300		91
Prestige Brands Holdings*		42,038		2,329
Progenics Pharmaceuticals*		6,500		27
Proteostasis Therapeutics*		700		8
Prothena*		3,600		126
Providence Service*		39,005		1,751
PTC Therapeutics*		3,100		22
Puma Biotechnology*		2,600		77
Quality Systems		5,300		63
Quidel*		58,585		1,046
Quorum Health*		3,100		34
Radius Health*		3,300		121
RadNet*		2,500		13
Raptor Pharmaceutical*		9,200		49
Reata Pharmaceuticals, Cl A*		600		12
REGENXBIO*		2,100		17
Regulus Therapeutics*		2,500		7
Relypsa*		3,800		70
Repligen*		3,600		98
Retrophin*		3,800		68
Revance Therapeutics*		2,200		30
Rigel Pharmaceuticals*		6,700		15
Rockwell Medical*		4,500		34
RTI Surgical*		4,100		15
Sage Therapeutics*		2,800		84
Sagent Pharmaceuticals*		201,841		3,024
Sangamo BioSciences*		7,600		44

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

33

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Sarepta Therapeutics*		4,400	$	84
SciClone Pharmaceuticals*		5,200		68
Second Sight Medical Products*		1,282		5
Select Medical Holdings*		11,100		121
Senseonics Holdings*		2,900		11
Seres Therapeutics*		1,900		55
Sorrento Therapeutics*		2,100		12
Spark Therapeutics*		1,800		92
Spectranetics*		39,240		734
Spectrum Pharmaceuticals*		6,199		41
STAAR Surgical*		3,200		18
Stemline Therapeutics*		1,300		9
STERIS		24,405		1,678
Sucampo Pharmaceuticals, Cl A*		2,100		23
Supernus Pharmaceuticals*		66,245		1,349
Surgery Partners*		1,900		34
Surgical Care Affiliates*		2,800		133
SurModics*		1,100		26
Symmetry Surgical*		1,000		13
Synergy Pharmaceuticals*		18,900		72
Synthetic Biologics*		7,900		14
T2 Biosystems*		600		5
Tandem Diabetes Care*		135,017		1,018
Team Health Holdings*		6,968		283
Teladoc*		2,200		35
Teligent*		4,000		29
TESARO*		2,500		210
Tetraphase Pharmaceuticals*		3,000		13
TG Therapeutics*		2,900		18
TherapeuticsMD*		15,700		133
Theravance Biopharma		3,800		86
Titan Pharmaceuticals*		2,000		11
Tobira Therapeutics*		900		11
Tokai Pharmaceuticals*		1,000		6
TransEnterix*		5,800		7
Trevena*		4,700		30
Triple-S Management, Cl B*		2,469		60
Trovagene*		1,700		8
Trupanion*		1,600		21
Ultragenyx Pharmaceutical*		9,400		461
Universal American		6,000		45
US Physical Therapy		1,200		72
Utah Medical Products		300		19
Vanda Pharmaceuticals*		3,500		39
Vascular Solutions*		1,600		67
VCA*		20,565		1,390
Veracyte*		1,300		7

Description	Shares		Value (000)
Versartis*		2,900	$	32
Vitae Pharmaceuticals*		2,700		29
Vital Therapies*		2,700		17
Vocera Communications*		46,699		600
Voyager Therapeutics*		1,200		13
WaVe Life Sciences*		800		17
WellCare Health Plans*		18,100		1,942
West Pharmaceutical Services		14,500		1,100
Wright Medical Group*		10,793		187
XBiotech*		1,800		38
Xencor*		3,200		61
XenoPort*		4,900		34
Zafgen*		1,200		7
Zeltiq Aesthetics*		3,500		96
ZIOPHARM Oncology*		12,110		66
Zogenix*		2,312		19
				101,096
Industrials — 17.4%
AAON		4,212		116
AAR		45,391		1,059
ABM Industries		5,847		213
Acacia Research		4,119		18
ACCO Brands*		11,300		117
Actuant, Cl A		5,981		135
Advanced Drainage Systems		3,400		93
Advisory Board*		4,062		144
Aegion, Cl A*		3,600		70
AerCap Holdings*		37,145		1,248
Aerojet Rocketdyne Holdings*		6,293		115
Aerovironment*		2,000		56
Air Transport Services Group*		4,800		62
Aircastle		4,900		96
Alamo Group		1,100		73
Albany International, Cl A		38,779		1,547
Allegiant Travel, Cl A		1,328		201
Allegion		32,600		2,264
Allied Motion Technologies		600		14
Altra Industrial Motion		36,702		990
Ameresco, Cl A*		1,900		8
American Railcar Industries		1,100		43
American Science & Engineering		16,765		627
American Superconductor*		1,200		10
American Woodmark*		1,400		93
AO Smith		6,005		529
Apogee Enterprises		3,000		139
Applied Industrial Technologies		3,894		176

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

34

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Aqua Metals*		1,100	$	13
ARC Document Solutions*		3,500		14
ArcBest		44,831		729
Argan		1,400		58
Armstrong Flooring*		2,400		41
Astec Industries		27,229		1,529
Astronics, Cl A*		2,286		76
Atkore International Group*		15,125		242
Atlas Air Worldwide Holdings*		2,600		108
AZZ		16,993		1,019
Babcock & Wilcox Enterprises*		4,800		71
Barnes Group		39,558		1,310
Barrett Business Services		600		25
Beacon Roofing Supply*		33,289		1,514
BMC Stock Holdings*		151,183		2,694
Brady, Cl A		4,691		143
Briggs & Stratton		4,253		90
Brink’s		4,530		129
Builders FirstSource*		60,120		676
BWX Technologies, Cl W		35,040		1,253
Caesarstone*		2,500		87
CAI International*		59,910		449
Casella Waste Systems, Cl A*		80,154		629
CBIZ*		4,491		47
CEB		3,442		212
CECO Environmental		2,800		24
Celadon Group		167,318		1,367
Chart Industries*		3,179		77
CIRCOR International		1,700		97
CLARCOR		24,401		1,484
Clean Harbors*		54,600		2,845
Colfax*		26,965		713
Columbus McKinnon		53,468		757
Comfort Systems USA		3,660		119
Commercial Vehicle Group*		153,741		799
Continental Building Products*		3,700		82
Costamare		2,800		21
Covenant Transportation Group, Cl A*		58,772		1,062
CPI Aerostructures*		129,480		796
CRA International*		800		20
Crane		1,574		89
CSW Industrials*		1,500		49
Cubic		2,649		106
Curtiss-Wright		4,677		394
Deluxe		48,164		3,197
DigitalGlobe*		75,952		1,625
Douglas Dynamics		2,371		61

Description	Shares		Value (000)
Ducommun*		900	$	18
DXP Enterprises*		996		15
Dycom Industries*		64,643		5,803
Dynamic Materials		1,500		16
Echo Global Logistics*		88,391		1,982
EMCOR Group		58,293		2,873
Encore Wire		2,151		80
Energous*		1,500		19
Energy Recovery*		3,600		32
EnerSys		4,519		269
Engility Holdings*		2,100		44
Ennis		2,700		52
EnPro Industries		2,300		102
ESCO Technologies		2,800		112
Essendant		3,904		119
Esterline Technologies*		3,075		191
ExOne*		700		7
Exponent		2,550		149
Federal Signal		5,696		73
Fortune Brands Home & Security		25,600		1,484
Forward Air		2,991		133
Franklin Covey*		1,526		23
Franklin Electric		50,702		1,676
FreightCar America		1,000		14
FTI Consulting*		4,328		176
FuelCell Energy*		1,650		10
G&K Services, Cl A		1,946		149
GATX		63,820		2,805
Generac Holdings*		6,709		235
General Cable		5,042		64
Genesee & Wyoming, Cl A*		15,367		906
Gibraltar Industries*		3,300		104
Global Brass & Copper Holdings		2,400		65
GMS*		700		16
Gorman-Rupp		2,073		57
GP Strategies*		1,000		22
Graham		900		17
Granite Construction		101,918		4,643
Great Lakes Dredge & Dock*		5,100		22
Greenbrier		2,785		81
Griffon		3,000		51
H&E Equipment Services		3,231		61
Hardinge		1,200		12
Harsco		130,653		868
Hawaiian Holdings*		5,500		209
HC2 Holdings*		1,900		8
HD Supply Holdings*		34,700		1,208

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

35

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Healthcare Services Group		7,278	$	301
Heartland Express		4,984		87
HEICO		18,620		1,244
Heidrick & Struggles International		1,500		25
Heritage-Crystal Clean*		800		10
Herman Miller		6,239		186
Hill International*		2,100		9
Hillenbrand		6,116		184
HNI		23,878		1,110
Hub Group, Cl A*		3,582		137
Hurco		500		14
Huron Consulting Group*		2,234		135
Hyster-Yale Materials Handling		973		58
ICF International*		2,000		82
IES Holdings*		800		10
InnerWorkings*		161,202		1,333
Insperity		1,700		131
Insteel Industries		1,975		56
Interface, Cl A		223,087		3,403
ITT		69,810		2,232
John Bean Technologies		22,752		1,393
Joy Global		10,300		218
Kadant		1,200		62
Kaman		2,845		121
KBR		202,654		2,683
Kelly Services, Cl A		2,848		54
Kennametal		8,300		184
KEYW Holding*		3,700		37
Kforce		2,200		37
Kimball International, Cl B		3,900		44
Kirby*		38,190		2,383
KLX*		5,500		171
Knight Transportation		7,000		186
Knoll		4,909		119
Korn		5,966		123
Kratos Defense & Security Solutions*		3,700		15
Lawson Products*		600		12
Layne Christensen*		1,900		15
Lindsay		1,100		75
LSI Industries		2,500		28
Lydall*		1,605		62
Manitowoc		13,300		72
Marten Transport		116,921		2,314
Masco		60,000		1,856
Masonite International*		3,141		208
MasTec*		52,497		1,172
Matson		4,265		138

Description	Shares		Value (000)
Matthews International, Cl A		34,027	$	1,893
McGrath RentCorp		172,271		5,271
Meritor*		8,900		64
Middleby*		8,100		934
Milacron Holdings*		1,400		20
Miller Industries		900		19
Mistras Group*		1,800		43
Mobile Mini		4,651		161
Moog, Cl A*		54,746		2,952
MRC Global*		10,400		148
MSA Safety		27,196		1,429
Mueller Industries		5,674		181
Mueller Water Products, Cl A		16,290		186
Multi-Color		1,300		82
MYR Group*		1,700		41
National Presto Industries		600		57
Navigant Consulting*		4,964		80
Navistar International*		4,600		54
NCI Building Systems*		9,655		154
Neff, Cl A*		700		8
NL Industries*		300		1
NN		2,400		34
Nortek*		900		53
NOW*		11,200		203
NV5 Global*		21,610		615
Old Dominion Freight Line*		12,370		746
Omega Flex		200		8
On Assignment*		69,576		2,571
Orbital ATK		29,979		2,552
Orion Group Holdings*		2,300		12
Oshkosh		48,586		2,317
PAM Transportation Services*		200		3
Park-Ohio Holdings		700		20
Patrick Industries*		1,550		93
PGT*		247,144		2,547
Pitney Bowes		132,530		2,359
Plug Power*		15,992		30
Ply Gem Holdings*		2,500		36
Powell Industries		734		29
Power Solutions International*		400		7
Preformed Line Products		100		4
Primoris Services		56,761		1,074
Proto Labs*		2,528		146
Quad		3,300		77
Quanex Building Products		3,600		67
Radiant Logistics*		249,120		747
Raven Industries		4,170		79

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

36

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
RBC Bearings*		2,260	$	164
Regal Beloit		30,629		1,686
Resources Connection		3,800		56
Revolution Lighting Technologies*		190,220		1,176
Rexnord*		8,605		169
Roadrunner Transportation Systems*		2,289		17
RPX*		4,900		45
Rush Enterprises, Cl A*		3,831		82
Saia*		57,794		1,453
Scorpio Bulkers*		6,155		17
Simpson Manufacturing		4,385		175
SiteOne Landscape Supply*		1,200		40
SkyWest		5,300		140
SP Plus*		51,345		1,159
Sparton*		700		15
SPX		4,300		64
SPX FLOW*		3,700		96
Standex International		1,340		111
Steelcase, Cl A		8,966		122
Sun Hydraulics		2,427		72
Sunrun*		6,600		39
Supreme Industries, Cl A		1,400		19
Swift Transportation, Cl A*		8,480		131
TAL International Group		3,547		48
TASER International*		5,512		137
Team*		3,030		75
Teledyne Technologies*		3,493		346
Tennant		23,216		1,251
Tetra Tech		5,782		178
Textainer Group Holdings		2,100		23
Thermon Group Holdings*		3,300		63
Titan International		3,700		23
Titan Machinery*		24,232		270
TransUnion*		42,100		1,408
TRC*		1,600		10
Trex*		3,000		135
TriMas*		4,699		85
TriNet Group*		4,500		94
Trinity Industries		150,500		2,794
Triumph Group		5,200		185
TrueBlue*		4,589		87
Tutor Perini*		39,844		938
UniFirst		1,563		181
Univar*		4,500		85
Universal Forest Products		2,023		188
Universal Logistics Holdings		800		10
US Ecology		2,200		101

Description	Shares		Value (000)
USA Truck*		600	$	11
Valmont Industries		8,660		1,171
Vectrus*		1,300		37
Veritiv*		1,000		38
Viad		2,000		62
Vicor*		1,200		12
Virgin America*		2,100		118
VSE		400		27
Wabash National*		116,520		1,480
Wabtec		14,183		996
WageWorks*		16,550		990
Watts Water Technologies, Cl A		2,795		163
Werner Enterprises		4,700		108
Wesco Aircraft Holdings*		6,006		81
West		4,500		88
Willis Lease Finance*		400		9
Woodward		5,492		317
XPO Logistics*		10,193		268
YRC Worldwide*		3,042		27
				142,775
Information Technology — 18.7%
3D Systems*		11,200		153
A10 Networks*		4,600		30
Acacia Communications*		500		20
ACI Worldwide*		53,168		1,037
Actua*		3,207		29
Acxiom*		8,105		178
ADTRAN		83,655		1,560
Advanced Energy Industries*		34,761		1,320
Advanced Micro Devices*		68,500		352
Aerohive Networks*		2,200		15
Agilysys*		1,400		15
Alarm.com Holdings*		1,000		26
Alpha & Omega Semiconductor*		1,800		25
Ambarella*		3,300		168
Amber Road*		900		7
American Software, Cl A		2,000		21
Amkor Technology*		10,500		60
Angie’s List*		3,761		24
Anixter International*		3,000		160
Apigee*		1,600		20
Appfolio, Cl A*		700		10
Applied Micro Circuits*		7,400		48
Applied Optoelectronics*		1,600		18
Aspen Technology*		44,156		1,777
Autobytel*		900		12

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

37

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
AVG Technologies*		4,400	$	84
Avid Technology*		2,300		13
AVX		4,900		67
Axcelis Technologies*		10,900		29
Badger Meter		1,368		100
Bankrate*		6,068		45
Barracuda Networks*		2,300		35
Bazaarvoice*		501,181		2,011
Bel Fuse, Cl B		900		16
Belden		28,303		1,709
Benchmark Electronics*		36,359		769
Benefitfocus*		1,300		50
Black Box		1,300		17
Blackbaud		16,274		1,105
Blackhawk Network Holdings, Cl A*		5,734		192
Blucora*		3,458		36
Booz Allen Hamilton Holding, Cl A		10,300		305
Bottomline Technologies*		63,423		1,365
Box, Cl A*		5,100		53
Brightcove*		2,500		22
BroadSoft*		22,603		927
Brooks Automation		25,300		284
Cabot Microelectronics		35,081		1,485
CACI International, Cl A*		2,569		232
CalAmp*		39,744		589
Calix*		3,500		24
Callidus Software*		59,793		1,195
Carbonite*		1,300		13
Cardtronics*		4,663		186
Care.com*		2,000		23
Cass Information Systems		1,100		57
Cavium*		5,910		228
CEVA*		1,900		52
ChannelAdvisor*		64,005		927
Ciena*		14,308		268
Cimpress*		2,619		242
Cirrus Logic*		6,583		255
Clearfield*		900		16
Coherent*		11,226		1,030
Cohu		86,566		939
CommScope Holding*		94,600		2,936
CommVault Systems*		31,858		1,376
comScore*		4,863		116
Comtech Telecommunications		19,790		254
Control4*		2,000		16
Convergys		9,214		230
Cornerstone OnDemand*		5,402		206

Description	Shares		Value (000)
CPI Card Group		1,500	$	8
Cray*		4,000		120
Criteo ADR*		40,754		1,871
CSG Systems International		3,170		128
CTS		3,566		64
Cvent*		3,100		111
Cypress Semiconductor		122,660		1,294
CYREN*		292,662		579
Daktronics		3,200		20
Datalink*		1,400		11
Demandware*		3,900		292
DHI Group*		5,200		32
Diebold		148,990		3,698
Digi International*		2,000		21
Digimarc*		1,000		32
Diodes*		4,100		77
Dolby Laboratories, Cl A		48,016		2,298
DSP Group*		1,700		18
DST Systems		35,595		4,143
DTS*		1,600		42
EarthLink Holdings		11,000		70
Eastman Kodak*		1,500		24
Ebix		2,500		120
Electro Rent		1,200		18
Electro Scientific Industries*		2,900		17
Electronics For Imaging*		48,145		2,072
Ellie Mae*		2,999		275
EMCORE*		2,400		14
Endurance International Group Holdings*		6,900		62
EnerNOC*		2,300		15
Entegris*		14,809		214
Envestnet*		4,302		143
EPAM Systems*		4,994		321
Epiq Systems		3,000		44
ePlus*		700		57
Euronet Worldwide*		50,853		3,519
EVERTEC		6,392		99
Everyday Health*		1,900		15
Exa*		1,400		20
Exar*		125,635		1,011
ExlService Holdings*		27,864		1,460
Extreme Networks*		10,800		37
Fabrinet*		35,684		1,325
Fair Isaac		13,781		1,557
Fairchild Semiconductor International, Cl A*		10,700		212

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

38

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
FARO Technologies*		1,800	$	61
Finisar*		11,275		197
Five9*		122,258		1,455
Fleetmatics Group*		4,110		178
FormFactor*		7,680		69
Forrester Research		1,000		37
Gartner*		8,300		809
Gigamon*		3,400		127
GigPeak*		120,401		236
Globant*		2,700		106
Glu Mobile*		9,800		22
Gogo*		5,100		43
GrubHub*		8,400		261
GTT Communications*		127,562		2,358
Guidance Software*		1,700		11
Hackett Group		2,000		28
Harmonic*		6,927		20
Higher One Holdings*		3,200		16
Himax Technologies ADR		35,950		297
Hortonworks*		4,200		45
HubSpot*		3,000		130
II-VI*		6,235		117
Immersion*		2,352		17
Imperva*		2,940		126
Infinera*		14,645		165
Infoblox*		5,855		110
Information Services Group*		3,200		12
Inphi*		41,852		1,341
Insight Enterprises*		27,277		709
Instructure*		800		15
Integrated Device Technology*		123,966		2,495
Interactive Intelligence Group*		1,900		78
InterDigital		3,500		195
Intersil, Cl A		14,066		190
InterXion Holding*		35,970		1,327
Intralinks Holdings*		4,600		30
InvenSense, Cl A*		8,529		52
Itron*		56,951		2,455
Ixia*		6,800		67
IXYS		2,000		21
j2 Global		4,944		312
Jabil Circuit		296,465		5,477
Jive Software*		6,000		23
Kimball Electronics*		3,150		39
Knowles*		68,045		931
Kopin*		5,200		12
KVH Industries*		1,300		10

Description	Shares		Value (000)
Lattice Semiconductor*		11,472	$	61
Limelight Networks*		4,500		7
Lionbridge Technologies*		5,400		21
Liquidity Services*		34,571		271
Littelfuse		11,001		1,300
LivePerson*		6,540		41
LogMeIn*		2,601		165
Lumentum Holdings*		30,240		732
MACOM Technology Solutions Holdings*		2,400		79
ManTech International, Cl A		2,600		98
Marchex, Cl B*		2,200		7
Marin Software*		361,905		850
Marketo*		4,291		149
MAXIMUS		6,660		369
MaxLinear, Cl A*		5,806		104
Maxwell Technologies*		3,300		17
MeetMe*		4,300		23
Mentor Graphics		11,215		238
Mercury Systems*		109,145		2,713
Mesa Laboratories		300		37
Methode Electronics		96,827		3,314
Micron Technology*		74,400		1,024
Microsemi*		92,260		3,015
MicroStrategy, Cl A*		1,000		175
MINDBODY, Cl A*		1,500		24
Mitek Systems*		3,100		22
MKS Instruments		5,538		238
MobileIron*		3,500		11
Mobileye*		85,620		3,952
Model N*		241,896		3,230
MoneyGram International*		2,486		17
Monolithic Power Systems		21,480		1,468
Monotype Imaging Holdings		4,200		103
Monster Worldwide*		7,500		18
MTS Systems		1,395		61
Multi-Fineline Electronix*		700		16
Nanometrics*		2,700		56
NCR*		24,485		680
NeoPhotonics*		3,100		30
NETGEAR*		3,369		160
NetScout Systems*		10,048		224
NeuStar, Cl A*		5,700		134
New Relic*		2,300		68
NIC		6,590		145
Nimble Storage*		6,600		53
Novanta*		82,854		1,255

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

39

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Nuance Communications*		46,300	$	724
Numerex, Cl A*		1,400		10
NVE		400		23
NVIDIA		74,000		3,480
Oclaro*		121,010		591
OSI Systems*		1,920		112
Park City Group*		700		6
Park Electrochemical		1,773		26
Paycom Software*		4,600		199
Paylocity Holding*		24,180		1,045
PC Connection		1,200		29
PDF Solutions*		2,400		34
Pegasystems		3,639		98
Perficient*		3,306		67
PFSweb*		1,200		11
Photronics*		6,794		61
Planet Payment*		4,400		20
Plantronics		3,474		153
Plexus*		3,532		153
Polycom*		14,177		159
Power Integrations		2,783		139
Progress Software*		5,264		145
Proofpoint*		18,862		1,190
PROS Holdings*		2,673		47
Pure Storage, Cl A*		6,400		70
Q2 Holdings*		33,825		948
QAD, Cl A		1,000		19
Qlik Technologies*		9,806		290
QLogic*		8,815		130
Qualys*		2,800		83
QuickLogic*		510,686		495
QuinStreet*		2,600		9
Quotient Technology*		45,815		614
Radisys*		323,465		1,449
Rambus*		10,800		130
Rapid7*		2,100		26
RealNetworks*		2,200		9
RealPage*		5,400		121
Reis		723		18
RetailMeNot*		3,200		25
Rightside Group*		1,200		13
RingCentral, Cl A*		84,800		1,672
Rofin-Sinar Technologies*		2,800		89
Rogers*		47,388		2,895
Rosetta Stone*		2,000		16
Rovi*		38,932		609
Rubicon Project*		3,900		53

Description	Shares		Value (000)
Rudolph Technologies*		2,800	$	43
Sanmina*		7,838		210
Sapiens International		2,047		24
ScanSource*		2,547		95
Science Applications International		4,609		269
SciQuest*		3,100		55
Seachange International*		210,354		671
SecureWorks, Cl A*		600		8
Semtech*		6,908		165
ServiceNow*		43,435		2,884
ServiceSource International*		5,700		23
SharpSpring*		117,478		614
ShoreTel*		399,774		2,674
Shutterstock*		1,803		83
Sigma Designs*		2,600		17
Silicom		600		18
Silicon Graphics International*		2,900		15
Silicon Laboratories*		4,300		210
Silver Spring Networks*		3,900		47
Sonus Networks*		5,696		49
SPS Commerce*		1,800		109
Stamps.com*		20,830		1,821
Stratasys*		5,400		124
Super Micro Computer*		3,900		97
Sykes Enterprises*		3,900		113
Synaptics*		3,782		203
Synchronoss Technologies*		4,314		137
SYNNEX		3,094		293
Syntel*		3,400		154
Take-Two Interactive Software*		8,741		331
Tangoe*		3,000		23
Tech Data*		3,600		259
TechTarget*		1,400		11
Telenav*		105,330		537
TeleTech Holdings		1,800		49
Tessera Technologies		5,247		161
TiVo*		10,191		101
Travelport Worldwide		12,084		156
Trimble Navigation*		45,100		1,099
TrueCar*		5,800		46
TTM Technologies*		6,553		49
TubeMogul*		2,300		27
Tyler Technologies*		6,375		1,063
Ubiquiti Networks		2,732		106
Ultra Clean Holdings*		2,500		14
Ultratech*		2,804		64
Unisys*		4,561		33

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

40

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
United Online*		1,000	$	11
Universal Display*		28,841		1,955
USA Technologies*		3,700		16
Vantiv, Cl A*		18,600		1,053
Varonis Systems*		23,245		558
VASCO Data Security International*		3,200		52
Veeco Instruments*		102,578		1,699
VeriFone Systems*		27,145		503
Verint Systems*		6,519		216
ViaSat*		4,673		334
Viavi Solutions*		24,500		162
VirnetX Holding*		3,600		14
Virtusa*		2,999		87
Vishay Intertechnology		226,930		2,812
Vishay Precision Group*		900		12
Web.com Group*		4,751		86
WebMD Health, Cl A*		18,790		1,092
Workiva, Cl A*		2,300		31
Xactly*		2,400		31
Xcerra*		6,400		37
XO Group*		3,100		54
Xura*		2,500		61
Zendesk*		84,110		2,219
Zix*		4,700		18
				153,173
Materials — 5.3%
A Schulman		54,183		1,323
AEP Industries		500		40
AgroFresh Solutions*		2,300		12
AK Steel Holding*		24,952		116
Alamos Gold, Cl A		60,378		519
ALJ Regional Holdings*		1,900		10
Allegheny Technologies		11,300		144
American Vanguard		3,000		45
Ampco-Pittsburgh		900		10
AptarGroup		35,800		2,833
Avery Dennison		35,075		2,622
Axiall		7,393		241
Balchem		3,165		189
Berry Plastics Group*		27,915		1,084
Boise Cascade*		14,229		327
Calgon Carbon		4,800		63
Carpenter Technology		4,800		158
Century Aluminum*		4,264		27
Chase		700		41
Chemours		19,100		157

Description	Shares		Value (000)
Chemtura*		6,409	$	169
Clearwater Paper*		1,700		111
Cliffs Natural Resources*		18,400		104
Codexis*		3,500		14
Coeur Mining*		15,976		170
Commercial Metals		163,009		2,756
Compass Minerals International		24,419		1,812
Deltic Timber		1,140		77
Ferro*		74,603		998
Ferroglobe		6,800		59
Flotek Industries*		4,900		65
FutureFuel		2,300		25
GCP Applied Technologies*		118,000		3,073
Gold Resource		5,200		19
Greif, Cl A		49,865		1,869
Handy & Harman*		200		5
Hawkins		1,200		52
Haynes International		27,370		878
HB Fuller		5,268		232
Headwaters*		61,681		1,106
Hecla Mining		39,822		203
Hi-Crush Partners (A)		51,499		673
Ingevity*		4,400		150
Innophos Holdings		2,087		88
Innospec		2,390		110
Kaiser Aluminum		1,808		163
KapStone Paper and Packaging		9,029		117
KMG Chemicals		1,300		34
Koppers Holdings*		2,148		66
Kraton Performance Polymers*		81,180		2,267
Kronos Worldwide		178,921		939
Louisiana-Pacific*		15,055		261
LSB Industries*		1,500		18
Materion		2,153		53
Mercer International		81,660		652
Minerals Technologies		3,607		205
Multi Packaging Solutions International*		65,985		881
Myers Industries		2,098		30
Neenah Paper		1,764		128
Olin		64,689		1,607
Olympic Steel		700		19
OMNOVA Solutions*		4,000		29
PH Glatfelter		4,676		91
PolyOne		156,003		5,498
Quaker Chemical		1,334		119
Rayonier Advanced Materials		4,400		60

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

41

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Real Industry*		1,700	$	13
Ryerson Holding*		1,700		30
Schnitzer Steel Industries, Cl A		2,758		49
Schweitzer-Mauduit International		3,044		107
Sensient Technologies		4,537		322
Silgan Holdings		13,041		671
Stepan		2,100		125
Stillwater Mining*		12,728		151
Summit Materials, Cl A*		6,634		136
SunCoke Energy		5,324		31
TimkenSteel		4,500		43
Trecora Resources*		1,600		17
Tredegar		2,700		44
Trinseo		3,000		129
Tronox, Cl A		6,997		31
UFP Technologies*		700		16
United States Lime & Minerals		100		6
US Concrete*		16,401		999
Valhi		2,200		3
Westlake Chemical		56,210		2,413
Worthington Industries		4,632		196
				43,548
Telecommunication Services — 0.5%
8x8*		101,380		1,481
ATN International		1,092		85
Boingo Wireless*		3,100		28
Cincinnati Bell*		22,700		104
Cogent Communications Holdings		37,511		1,503
Consolidated Communications Holdings		5,196		142
FairPoint Communications*		2,200		32
General Communication, Cl A*		3,500		55
Globalstar*		49,682		60
Hawaiian Telcom Holdco*		900		19
IDT, Cl B		1,300		18
inContact*		6,400		89
Inteliquent		3,000		60
Intelsat*		2,400		6
Iridium Communications*		8,248		73
Lumos Networks*		2,616		32
NII Holdings*		5,600		18
ORBCOMM*		5,900		59
pdvWireless*		1,200		26
Shenandoah Telecommunications		4,800		187
Spok Holdings		1,800		34
Straight Path Communications*		1,100		30

Description	Shares		Value (000)
Vonage Holdings*		18,600	$	113
Windstream Holdings		10,000		93
				4,347
Utilities — 1.6%
AGL Resources		17,926		1,182
ALLETE		33,686		2,176
American States Water		3,673		161
Artesian Resources, Cl A		700		24
Atlantic Power		14,200		35
Atlantica Yield		6,100		113
Avista		6,600		296
Black Hills		5,376		339
California Water Service Group		5,000		174
Chesapeake Utilities		1,390		92
Connecticut Water Service		1,223		69
Consolidated Water		1,400		18
Delta Natural Gas		700		19
Dynegy, Cl A*		11,937		206
El Paso Electric		4,180		198
Empire District Electric		50,338		1,710
Genie Energy, Cl B		1,200		8
IDACORP		5,274		429
MGE Energy		3,682		208
Middlesex Water		1,700		74
New Jersey Resources		9,016		348
Northwest Natural Gas		2,740		178
NorthWestern		5,100		322
NRG Yield, Cl A		9,644		150
ONE Gas		5,400		360
Ormat Technologies		4,100		179
Otter Tail		3,774		126
Pattern Energy Group, Cl A		6,001		138
PNM Resources		8,109		287
Portland General Electric		9,400		415
SJW		1,700		67
South Jersey Industries		47,740		1,509
Southwest Gas		4,905		386
Spark Energy, Cl A		500		17
Spire		4,700		333
Talen Energy*		8,800		119
TerraForm Global, Cl A		9,500		31
TerraForm Power, Cl A		9,100		99
Unitil		1,417		60
Vivint Solar*		1,800		6
WGL Holdings		5,253		372

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

42

THE KP FUNDS June 30, 2016 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
York Water		1,300	$	42
				13,075
Total Common Stock (Cost $795,434) (000)				787,776
EXCHANGE TRADED FUNDS — 0.3%
iShares Russell 2000		13,119		1,509
iShares Russell 2000 Value		11,308		1,100
Total Exchange Traded Funds (Cost $2,768) (000)				2,609
	Number of Rights
RIGHTS — 0.0%
Chelsea Therapeutics International, Expires † *		2,000		—
Durata Therapeutics, Expires † *		900		—
Dyax, Expires 12/31/2019*		12,613		—
Leap Wireless, Expires † *		2,300		—
Total Rights (Cost $–) (000)				—
SHORT-TERM INVESTMENT — 3.1%
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.471%, (B)		25,376,094		25,376
Total Short-Term Investment (Cost $25,376) (000)				25,376
Total Investments — 99.5% (Cost $823,578) (000)			$	815,761

Percentages are based on net assets of $819,774 (000).

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Depreciation
Russell 2000 Index E-MINI		113		Sep-2016	$	(41	)

For the period ended June 30, 2016, the monthly average value of futures contracts held was $13,355 (000).

* Non-income producing security.

‡ Real Estate Investment Trust

† Expiration date is unavailable.

(A) Security considered Master Limited Partnership. At June 30, 2016, these securities amounted to $1,056 (000) or 0.13% of net assets.

(B) The rate reported is the 7-day effective yield as of June 30, 2016.

ADR — American Depositary Receipt

Cl — Class

As of June 30, 2016, all of the Fund’s investments and other financial instruments, with the exception of the rights, were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles. The rights were considered Level 2.

For the period ended June 30, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

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

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

43

THE KP FUNDS June 30, 2016 (Unaudited)

KP International Equity Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
COMMON STOCK — 95.9%
Australia — 2.8%
AGL Energy		18,701	$	270
ALS		97,082		357
Alumina		675,832		657
Amcor		47,996		538
AMP		78,079		303
APA Group		31,082		216
Aristocrat Leisure		14,373		149
Asaleo Care		127,344		199
Asciano		17,656		117
ASX		5,009		172
Aurizon Holdings		54,436		197
AusNet Services		45,090		55
Australia & New Zealand Banking Group		78,696		1,427
Bank of Queensland		10,960		87
Bendigo & Adelaide Bank		13,346		96
BHP Billiton		105,479		1,495
BlueScope Steel		149,533		718
Boral		21,201		99
Brambles		41,777		388
Caltex Australia		7,573		182
Challenger		16,280		105
CIMIC Group		2,989		80
Cleanaway Waste Management		636,532		383
Coca-Cola Amatil		126,844		783
Cochlear		1,541		140
Commonwealth Bank of Australia		46,333		2,587

Description	Shares		Value (000)
Computershare		12,606	$	87
Crown Resorts		10,292		98
CSL		12,605		1,060
Dexus Property Group‡		25,010		169
Domino’s Pizza Enterprises		1,618		83
DUET Group		65,039		122
DuluxGroup		43,084		204
Fairfax Media		579,471		404
Flight Centre Travel Group		1,602		38
Fortescue Metals Group		38,861		103
Goodman Group‡		49,292		263
GPT Group‡		50,354		205
GUD Holdings		26,565		182
Harvey Norman Holdings		13,709		48
Healthscope		49,589		106
Iluka Resources		58,541		287
Incitec Pivot		44,462		99
Insurance Australia Group		67,346		276
Lend Lease Group		14,161		134
Macquarie Group		8,106		419
Medibank		71,327		157
Metcash		172,787		247
Mirvac Group‡		98,434		149
National Australia Bank		71,161		1,359
Newcrest Mining*		56,766		982
Oil Search		35,626		178
Orica		168,128		1,557
Origin Energy		45,479		197
Orora		36,567		76
Platinum Asset Management		5,133		22
Premier Investments		3,000		32
Qantas Airways		12,184		26
QBE Insurance Group		36,110		283
Ramsay Health Care		3,971		215
REA Group		1,468		66
Rio Tinto PLC		11,238		386
Santos		80,521		281
Scentre Group‡		145,846		540
SEEK		8,787		101
Sigma Pharmaceuticals		194,920		165
Sonic Healthcare		10,990		177
South32		89,568		103
Spotless Group Holdings		221,310		185
Stockland‡		66,484		235
Suncorp Group		33,916		311
Sydney Airport		28,112		146

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

44

THE KP FUNDS June 30, 2016 (Unaudited)

KP International Equity Fund

Description	Shares			Value (000)
Tabcorp Holdings		20,800		$	72
Tatts Group		38,646			111
Telstra		113,491			473
TPG Telecom		9,905			89
Transurban Group		55,792			502
Treasury Wine Estates		20,594			143
Vicinity Centres‡		87,914			219
Vocus Communications		12,638			82
Wesfarmers		30,692			923
Westfield‡		52,247			418
Westpac Banking		89,858			1,987
Woodside Petroleum		19,634			395
Woolworths		33,794			529
					30,306
Austria — 0.1%
ANDRITZ		6,784			319
Erste Group Bank		7,798			177
Oesterreichische Post		10,343			332
OMV		3,694			104
Raiffeisen Bank International		3,314			41
Voestalpine		2,972			99
Wienerberger		31,839			444
					1,516
Belgium — 0.8%
Ageas		5,187			179
Anheuser-Busch InBev		39,424			5,165
Colruyt		1,889			104
Delhaize Group		2,728			287
Groupe Bruxelles Lambert		2,070			169
KBC Group		51,221			2,508
Proximus		4,037			128
Solvay		2,074			192
Telenet Group Holding*		1,509			69
UCB		3,507			262
Umicore		2,400			124
					9,187
Brazil — 1.9%
AES Tiete Energia		42,200			194
Ambev ADR		337,888			1,997
B2W Cia Digital*		44,268	��		130
Banco do Brasil		122,000			646
Banco Santander Brasil ADR		38,782			221
BM&FBovespa-Bolsa de Valores Mercadorias e Futuros		417,000			2,313
Braskem ADR		46,552			552

Description	Shares		Value (000)
BRF		37,000	$	517
BTG Pactual Group		54,900		313
Cia de Saneamento Basico do Estado de Sao Paulo		115,600		1,037
Cia de Saneamento de Minas Gerais-COPASA		17,100		157
Cia Energetica de Minas Gerais ADR		278,359		615
Cosan Industria e Comercio		34,200		354
Direcional Engenharia*		25,600		44
EDP-Energias do Brasil		302,114		1,281
Equatorial Energia		29,900		454
Fibria Celulose		150,400		1,011
FII BTG Pactual Corporate Office Fund, Cl Institutional‡		2,117		59
Fleury		10,100		86
Grendene		139,500		717
JBS		600,500		1,870
LPS Brasil Consultoria de Imoveis*		78,900		94
MRV Engenharia e Participacoes		398,600		1,326
Multiplus		18,200		200
Natura Cosmeticos		82,527		655
Porto Seguro		75,316		622
Raia Drogasil		113,000		2,233
Tim Participacoes		104,903		220
TOTVS		49,100		463
Ultrapar Participacoes		41,300		913
				21,294
Canada — 1.3%
Brookfield Asset Management, Cl A		17,032		563
Canadian National Railway		85,238		5,034
Canadian Natural Resources		42,146		1,300
Element Financial		146,839		1,557
Loblaw		32,498		1,738
PrairieSky Royalty		843		16
Rogers Communications, Cl B		22,989		931
Suncor Energy		118,069		3,276
				14,415
Chile — 0.2%
Cia Cervecerias Unidas		51,555		604
Cia Sud Americana de Vapores*		3,215,578		65
Enaex		1,550		16
Enersis Americas		1,650,868		694
Enersis Chile ADR (B)		1,650,868		474
Inversiones La Construccion		4,669		51
Quinenco		331,750		644

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

45

THE KP FUNDS June 30, 2016 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Sociedad Quimica y Minera de Chile ADR		1,398	$	35
				2,583
China — 2.7%
Agricultural Bank of China, Cl H		453,000		167
Ajisen China Holdings		510,000		199
Alibaba Group Holding ADR*		25,447		2,024
Aupu Group Holding		140,000		47
Baidu ADR*		4,200		694
Bank of China, Cl H		7,712,000		3,100
Bank of Communications, Cl H		732,000		465
BYD Electronic International		623,000		353
CECEP COSTIN New Materials Group		1,134,000		87
Changyou.com ADR*		2,671		54
China Construction Bank, Cl H		8,717,000		5,811
China Lodging Group ADR		14,351		523
China Petroleum & Chemical, Cl H		2,004,000		1,463
China Southern Airlines, Cl H		1,306,000		742
China Telecom, Cl H		5,234,000		2,354
ChinaCache International Holdings ADR*		4,755		31
Chongqing Rural Commercial Bank, Cl H		391,000		199
Goodbaby International Holdings		343,000		159
Harbin Electric, Cl H		290,000		108
Kunlun Energy		56,000		47
Leju Holdings ADR*		9,889		46
Li Ning*		847,291		417
NetEase ADR		18,731		3,618
New Oriental Education & Technology Group ADR		71,363		2,989
Peak Sport Products		376,000		113
PetroChina, Cl H		2,200,000		1,515
Powerlong Real Estate Holdings		306,000		62
ReneSola ADR*		35,493		44
Shenzhou International Group Holdings		22,579		109
Sinotruk Hong Kong		632,500		275
TravelSky Technology, Cl H		299,000		577
Tsingtao Brewery, Cl H		78,000		273
Want Want China Holdings		790,996		565
Weibo ADR*		5,358		152
XTEP International Holdings		98,500		53
Yangzijiang Shipbuilding Holdings		47,000		31
				29,466

Description	Shares			Value (000)
Colombia — 0.1%
Almacenes Exito		44,975		$	219
Bancolombia ADR		13,659			477
					696
Cyprus — 0.0%
Global Ports Investments GDR*		92,711			254
Czech Republic — 0.0%
Komercni Banka		4,300			161
Philip Morris CR		91			46
					207
			��
Denmark — 1.7%
AP Moeller-Maersk, Cl B		277			358
Carlsberg, Cl B		32,127			3,061
Chr Hansen Holding		2,780			183
Coloplast, Cl B		34,460			2,575
Danske Bank		25,793			679
DSV		5,371			226
Genmab*		1,480			272
GN Store Nord		55,875			1,008
ISS		11,371			427
Novo Nordisk, Cl B		83,109			4,496
Novozymes, Cl B		6,139			294
Pandora		3,192			435
TDC		23,000			113
Topdanmark*		8,222			196
Tryg		2,822			50
Vestas Wind Systems		49,685			3,380
William Demant Holding*		62,765			1,217
					18,970
Finland — 0.7%
Amer Sports		12,263			336
Elisa		3,649			139
Fortum		12,426			199
Kone, Cl B		8,916			410
Metso		13,957			327
Neste		3,206			115
Nokia		118,586			675
Nokian Renkaat		12,943			461
Orion, Cl B		2,530			98
Sampo, Cl A		72,490			2,951
Stora Enso, Cl R		15,253			122
Tikkurila		76,914			1,391
UPM-Kymmene		14,016			256
Wartsila, Cl B		13,049			531
					8,011

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

46

THE KP FUNDS June 30, 2016 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
France — 7.3%
Accor		4,655	$	180
Aeroports de Paris		803		88
Air France-KLM*		65,671		418
Air Liquide		63,548		6,647
Alstom		3,822		89
Arkema		1,719		132
Atos		2,292		190
AXA		86,792		1,718
BNP Paribas		53,462		2,370
Bollore		24,406		83
Bouygues		5,655		163
Bureau Veritas		78,736		1,665
Capital Gemini		4,329		377
Carrefour		15,141		374
Casino Guichard Perrachon		1,610		90
Christian Dior		1,515		244
Cie de Saint-Gobain		12,681		484
Cie Generale des Etablissements Michelin		4,990		473
CNP Assurances		4,932		73
Credit Agricole		27,815		234
Danone		119,221		8,410
Dassault Systemes		28,931		2,198
Edenred		33,069		681
Eiffage		1,510		108
Electricite de France		7,104		87
Elis		6,645		116
Engie		259,926		4,193
Essilor International		5,533		732
Eurazeo		1,048		62
Eurofins Scientific		2,709		1,005
Eutelsat Communications		4,314		82
Fonciere Des Regions‡		973		87
Gecina‡		1,159		158
Groupe Eurotunnel		79,324		842
Hermes International		2,061		772
ICADE‡		1,092		77
Iliad		739		150
Imerys		2,498		159
Ingenico Group		1,548		181
JCDecaux		10,752		363
Kering		1,999		324
Klepierre‡		6,099		270
LafargeHolcim		4,252		175
Lagardere		3,357		73
Legrand		66,282		3,412

Description	Shares		Value (000)
L’Oreal		22,169	$	4,262
LVMH Moet Hennessy Louis Vuitton		35,348		5,353
Natixis		24,056		91
Neopost		11,906		276
Nokia		38,724		219
Numericable-SFR		2,877		72
Orange		54,166		885
Pernod Ricard		65,717		7,315
Peugeot*		13,625		164
Publicis Groupe		4,995		336
Remy Cointreau		703		61
Renault		5,104		389
Rexel		8,054		101
Safran		8,320		565
Sanofi		36,987		3,077
Schneider Electric		107,995		6,380
SCOR		4,628		138
Societe BIC		764		108
Societe Generale		20,937		658
Sodexo		2,611		280
Suez		9,222		144
Technip		5,597		304
Thales		9,110		760
TOTAL		68,053		3,273
Unibail-Rodamco‡		2,694		701
Valeo		6,288		280
Vallourec		22,767		82
Veolia Environnement		11,831		256
Vicat		3,655		207
Vinci		13,539		960
Virbac		335		61
Vivendi		31,834		600
Wendel		708		73
Zodiac Aerospace		43,432		1,019
				80,259
Germany — 6.2%
adidas		12,016		1,716
Allianz		12,314		1,761
Axel Springer		14,599		765
BASF		45,171		3,449
Bayer		109,367		10,975
Bayerische Motoren Werke		23,058		1,692
Beiersdorf		63,300		5,977
Brenntag		20,567		994
Commerzbank		27,941		182
Continental		2,929		553

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

47

THE KP FUNDS June 30, 2016 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Covestro (A)		1,869	$	83
CTS Eventim & KGaA		15,151		463
Daimler		25,954		1,553
Deutsche Bank		36,765		501
Deutsche Boerse		5,113		418
Deutsche Lufthansa		6,188		73
Deutsche Post		26,489		743
Deutsche Telekom		172,993		2,945
Deutsche Wohnen		8,856		301
E.ON		53,190		537
Evonik Industries		3,511		104
Fielmann		3,734		273
Fraport Frankfurt Airport Services Worldwide		1,196		64
Fresenius & KGaA		11,166		818
Fresenius Medical Care & KGaA		35,795		3,108
GEA Group		9,527		449
Gerresheimer		2,314		178
Hannover Rueck		3,373		352
HeidelbergCement		3,717		280
Henkel & KGaA		2,730		294
Hochtief		548		71
HUGO BOSS		1,864		106
Infineon Technologies		31,050		448
K+S		4,884		100
LANXESS		2,337		102
Linde		27,585		3,852
MAN		950		97
Merck KGaA		37,083		3,768
METRO		4,591		140
MTU Aero Engines		13,368		1,247
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		4,554		762
OSRAM Licht		2,240		116
ProSiebenSat.1 Media		41,034		1,796
RWE		12,716		201
SAP		102,880		7,684
Siemens		20,769		2,124
Stabilus*		4,030		191
Symrise		11,480		783
Telefonica Deutschland Holding		18,484		76
ThyssenKrupp		9,617		193
TUI		109,237		1,237
United Internet		3,139		130
Volkswagen		944		128
Vonovia		12,785		466
Zalando* (A)		2,333		61
				67,480

Description	Shares		Value (000)
Greece — 0.2%
Aegean Airlines		27,543	$	188
Alpha Bank AE*		37,180		68
Athens Water Supply & Sewage		11,513		71
Fourlis Holdings*		14,670		59
Grivalia Properties REIC AE‡		45,717		355
Hellenic Telecommunications Organization		34,263		308
Intracom Holdings*		29,411		9
JUMBO		25,371		332
Motor Oil Hellas Corinth Refineries		68,639		746
OPAP		12,908		89
Public Power		36,554		100
				2,325
Hong Kong — 4.4%
AAC Technologies Holdings		102,500		879
AIA Group		1,431,200		8,694
Angang Steel, Cl H		178,000		80
ASM Pacific Technology		6,000		43
Bank of East Asia		31,674		123
BOC Hong Kong Holdings		97,500		294
C C Land Holdings		123,000		33
Cathay Pacific Airways		28,000		41
Cheung Kong Infrastructure Holdings		17,000		147
Cheung Kong Property Holdings		82,311		514
China Child Care		338,000		20
China High Speed Transmission Equipment Group		97,000		78
China Lesso Group Holdings		326,000		174
China Mengniu Dairy		335,000		586
China Merchants Holdings International		30,696		82
China Mobile		650,000		7,494
China National Materials		221,000		48
China Resources Beer Holdings		278,805		612
China Resources Land		558,000		1,319
China Unicom Hong Kong		2,036,000		2,124
CK Hutchison Holdings		197,884		2,171
CLP Holdings		45,000		459
CNOOC		337,780		423
Daphne International Holdings		276,000		42
Esprit Holdings		1,219,877		910
First Pacific		698,000		509
Future Land Development Holdings		444,000		58
Galaxy Entertainment Group		64,000		192
Geely Automobile Holdings		1,470,000		803

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

48

THE KP FUNDS June 30, 2016 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Genting Singapore		163,000	$	88
Global Brands Group Holding*		7,150,000		634
Guangdong Yueyun Transportation Company, Cl H		214,500		121
Guangnan Holdings		260,000		29
Guangzhou R&F Properties		361,200		459
Hang Lung Properties		63,000		128
Hang Seng Bank		20,200		347
Henderson Land Development		29,075		164
HK Electric Investments & HK Electric Investments (A)		73,703		69
HKT Trust		65,740		95
Hong Kong & China Gas		201,652		370
Hong Kong Exchanges and Clearing		31,288		764
Hongkong & Shanghai Hotels		255,972		261
Hysan Development		18,000		80
Industrial & Commercial Bank of China, Cl H		2,695,000		1,498
Jardine Matheson Holdings		29,800		1,738
Kerry Properties		15,500		38
Kingboard Chemical Holdings		240,500		480
Li & Fung		2,724,000		1,326
Link‡		59,500		407
Longfor Properties		133,000		174
Melco Crown Entertainment ADR		5,018		63
MGM China Holdings		23,600		31
MTR		40,765		207
New World Development		178,863		182
Noble Group		264,000		40
NWS Holdings		39,720		63
PCCW		120,136		81
Power Assets Holdings		36,500		336
Scud Group* (B)		252,000		—
Shangri-La Asia		40,000		40
Sino Land		77,046		127
Sinopec Shanghai Petrochemical, Cl H		3,076,000		1,418
SJM Holdings		48,000		29
Skyworth Digital Holdings		1,148,000		946
SmarTone Telecommunications Holdings		79,447		142
Stella International Holdings		82,448		146
Sun Hung Kai Properties		39,893		482
Sunny Optical Technology Group		128,000		451
Swire Pacific, Cl A		15,000		171
Swire Properties		30,000		80
Techtronic Industries		35,000		146

Description	Shares		Value (000)
Television Broadcasts		87,500	$	301
Tencent Holdings		127,100		2,915
Tianneng Power International		410,000		279
Tingyi Cayman Islands Holding		203,014		193
Top Spring International Holdings		55,000		20
Uni-President China Holdings		49,000		42
Universal Health International Group Holding		181,000		10
Weiqiao Textile, Cl H		196,500		150
WH Group (A)		157,349		125
Wharf Holdings		38,000		232
Wheelock		21,000		99
Wynn Macau		46,800		68
Yue Yuen Industrial Holdings		21,500		85
				47,922
India — 0.9%
Infosys ADR		277,002		4,944
Tata Motors ADR		86,922		3,014
WNS Holdings ADR*		59,150		1,597
				9,555
Indonesia — 0.8%
Ace Hardware Indonesia		732,100		52
Adaro Energy		1,540,100		100
Bank Negara Indonesia Persero		3,771,200		1,488
Bank Pembangunan Daerah Jawa Barat Dan Banten		3,081,400		264
Bank Pembangunan Daerah Jawa Timur		467,000		18
Bank Tabungan Negara Persero		8,193,200		1,068
Delta Dunia Makmur*		5,031,800		89
Gudang Garam		179,700		942
Japfa Comfeed Indonesia		739,500		63
Matahari Department Store		144,600		219
PT Energi Mega Persada*		13,967,200		53
Telekomunikasi Indonesia Persero		12,669,200		3,829
Unilever Indonesia		44,500		152
United Tractors		238,400		267
XL Axiata*		496,875		138
				8,742
Ireland — 0.7%
Bank of Ireland*		5,436,211		1,116
CRH		27,896		808
DCC		16,097		1,423
Experian		116,025		2,201
Irish Continental Group		83,289		388
Kerry Group, Cl A		4,183		371

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

49

THE KP FUNDS June 30, 2016 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Paddy Power Betfair		10,725	$	1,125
Ryanair Holdings ADR		785		55
				7,487
Israel — 0.4%
Azrieli Group		1,299		55
Bank Hapoalim		27,284		138
Bank Leumi Le-Israel*		37,389		131
Bezeq The Israeli Telecommunication		59,320		117
Check Point Software Technologies*		30,243		2,410
Israel Chemicals		12,849		50
Mizrahi Tefahot Bank		3,276		38
Mobileye*		4,625		213
NICE-Systems		1,744		109
Taro Pharmaceutical Industries*		445		65
Teva Pharmaceutical Industries		25,007		1,251
				4,577
Italy — 1.2%
Assicurazioni Generali		30,982		363
Atlantia		10,867		270
CNH Industrial		209,062		1,507
Davide Campari-Milano		21,142		209
Enel		207,866		921
Eni		188,777		3,050
EXOR		2,808		103
Ferrari		3,244		132
Fiat Chrysler Automobiles		25,178		154
Intesa Sanpaolo		436,470		825
Leonardo-Finmeccanica*		10,374		105
Luxottica Group		42,622		2,068
Mediobanca		14,365		82
Piaggio & C		333,891		588
Poste Italiane (A)		13,778		91
Prysmian		5,202		114
Saipem		2,398,508		956
Snam		67,436		402
Technogym* (A)		10,705		47
Telecom Italia		418,856		316
Terna Rete Elettrica Nazionale		41,384		230
UniCredit		401,592		881
Unione di Banche Italiane		25,195		70
UnipolSai		29,438		44
				13,528

Description	Shares		Value (000)
Japan — 16.2%
ABC-Mart		1,000	$	67
Acom*		12,600		61
Aeon		18,100		281
AEON Financial Service		3,100		67
Aeon Mall		3,200		42
Air Water		4,000		58
Aisin Seiki		5,300		214
Ajinomoto		14,900		349
Alfresa Holdings		82,900		1,722
Alps Electric		4,700		88
Amada Holdings		8,400		85
ANA Holdings		29,000		82
Aozora Bank		31,000		107
Asahi Glass		28,000		151
Asahi Group Holdings		10,200		329
Asahi Kasei		33,000		227
Asics		4,100		69
Astellas Pharma		63,600		994
Azbil		14,100		413
Bank of Kyoto		10,000		61
Benesse Holdings		1,700		40
Bridgestone		17,800		566
Brother Industries		6,200		66
Calbee		2,200		91
Canon		29,100		824
Casio Computer		6,600		94
Central Japan Railway		3,940		697
Chiba Bank		94,000		441
Chubu Electric Power		17,900		253
Chugai Pharmaceutical		5,800		206
Chugoku Bank		3,800		39
Chugoku Electric Power		7,900		100
Concordia Financial Group*		105,300		407
Credit Saison		4,300		71
CYBERDYNE*		3,000		67
Dai Nippon Printing		14,000		155
Daicel		7,200		74
Daihatsu Motor		5,300		68
Dai-ichi Life Insurance		174,800		1,925
Daiichi Sankyo		16,600		401
Daikin Industries		34,500		2,882
Daito Trust Construction		1,900		308
Daiwa House Industry		15,500		452
Daiwa Securities Group		44,000		231
Denso		127,700		4,460
Dentsu		5,700		266

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

50

THE KP FUNDS June 30, 2016 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Don Quijote Holdings		3,000	$	111
East Japan Railway		31,900		2,938
Eisai		6,720		373
Electric Power Development		3,700		86
FamilyMart		1,700		103
FANUC		24,180		3,911
Fast Retailing		1,500		400
Fuji Electric		14,000		58
Fuji Heavy Industries		16,100		548
Fuji Media Holdings		71,200		796
FUJIFILM Holdings		95,200		3,674
Fujitsu		155,000		566
Fukuoka Financial Group		22,000		72
GungHo Online Entertainment		13,500		36
Hachijuni Bank		12,000		52
Hakuhodo DY Holdings		5,800		69
Hamamatsu Photonics		3,800		106
Hankyu Hanshin Holdings		34,000		253
Hikari Tsushin		600		50
Hino Motors		7,000		69
Hirose Electric		800		97
Hiroshima Bank		12,000		40
Hisamitsu Pharmaceutical		1,600		92
Hitachi		554,000		2,301
Hitachi Chemical		2,500		46
Hitachi Construction Machinery		3,100		45
Hitachi High-Technologies		2,000		54
Hitachi Metals		6,300		63
Hokuriku Electric Power		5,000		62
Honda Motor		98,800		2,487
Hoshizaki Electric		1,400		136
Hoya		197,000		6,995
Hulic		7,300		76
Idemitsu Kosan		2,100		45
IHI		40,000		107
Iida Group Holdings		4,000		81
Inpex		150,300		1,167
Isetan Mitsukoshi Holdings		63,700		561
Isuzu Motors		15,400		188
ITOCHU		41,000		497
Iyo Bank		5,800		35
J Front Retailing		6,300		65
Japan Airlines		3,000		96
Japan Airport Terminal		1,000		36
Japan Exchange Group		13,800		158
Japan Post Bank		11,000		128
Japan Post Holdings		127,000		1,526

Description	Shares		Value (000)
Japan Prime Realty Investment‡		23	$	99
Japan Real Estate Investment‡		34		209
Japan Retail Fund Investment‡		70		178
Japan Tobacco		141,800		5,679
JFE Holdings		83,300		1,073
JGC		6,000		85
Joyo Bank		15,000		56
JSR		4,500		59
JTEKT		5,300		60
JX Holdings		58,900		229
Kajima		25,000		173
Kakaku.com		3,700		73
Kamigumi		7,000		64
Kaneka		7,000		46
Kansai Electric Power*		19,800		191
Kansai Paint		5,900		118
Kao		46,300		2,684
Kawasaki Heavy Industries		36,000		100
KDDI		50,800		1,544
Keihan Holdings		15,000		104
Keikyu		13,000		130
Keio		15,000		141
Keisei Electric Railway		8,000		103
Keyence		1,200		814
Kikkoman		4,000		146
Kinden		6,600		71
Kintetsu Group Holdings		47,000		200
Kirin Holdings		187,900		3,162
Kobe Steel		81,000		66
Koito Manufacturing		3,200		146
Komatsu		24,500		423
Konami Holdings		2,400		91
Konica Minolta		12,600		91
Kose		900		76
Kubota		159,200		2,126
Kuraray		9,000		105
Kurita Water Industries		3,100		69
Kyocera		76,800		3,640
Kyowa Hakko Kirin		7,400		126
Kyushu Electric Power		10,700		107
Kyushu Financial Group		10,000		49
Lawson		1,800		143
LIXIL Group		60,100		985
M3		5,200		180
Mabuchi Motor		1,200		50
Makita		3,000		198
Marubeni		45,900		206

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

51

THE KP FUNDS June 30, 2016 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Marui Group		35,600	$	475
Maruichi Steel Tube		1,300		45
Mazda Motor		14,800		199
McDonald’s Holdings Japan		1,700		46
Medipal Holdings		5,000		82
MEIJI Holdings		3,200		326
Minebea		8,000		54
Miraca Holdings		1,700		73
Mitsubishi		80,560		1,409
Mitsubishi Chemical Holdings		35,200		160
Mitsubishi Electric		53,000		628
Mitsubishi Estate		95,000		1,734
Mitsubishi Gas Chemical		11,000		57
Mitsubishi Heavy Industries		341,000		1,355
Mitsubishi Logistics		50,000		696
Mitsubishi Materials		29,000		69
Mitsubishi Motors		17,000		78
Mitsubishi Tanabe Pharma		6,000		108
Mitsubishi UFJ Financial Group		439,100		1,960
Mitsubishi UFJ Lease & Finance		12,400		47
Mitsui		45,400		538
Mitsui Chemicals		23,000		84
Mitsui Fudosan		24,000		547
Mitsui OSK Lines		33,000		69
Mixi		1,200		49
Mizuho Financial Group		1,578,600		2,288
MS&AD Insurance Group Holdings		88,900		2,278
Murata Manufacturing		5,200		578
Nabtesco		3,500		83
Nagoya Railroad		24,000		135
Namco Bandai Holdings		70,300		1,805
NEC		465,000		1,073
Nexon		5,100		75
NGK Insulators		7,000		140
NGK Spark Plug		4,700		70
NH Foods		20,000		486
NHK Spring		6,400		52
Nidec		6,500		489
Nikon		8,700		117
Nintendo		10,300		1,472
Nippon Building Fund‡		39		239
Nippon Electric Glass		11,000		46
Nippon Express		23,000		104
Nippon Paint Holdings		4,100		100
Nippon Prologis‡		39		95
Nippon Steel & Sumitomo Metal		22,000		420
Nippon Suisan Kaisha		89,900		460

Description	Shares		Value (000)
Nippon Telegraph & Telephone		110,300	$	5,154
Nippon Television Holdings		48,520		796
Nippon Yusen		42,000		74
Nissan Motor		68,000		610
Nisshin Seifun Group		5,200		83
Nissin Foods Holdings		1,700		93
Nitori Holdings		2,200		265
Nitto Denko		4,600		289
NOK		2,500		42
Nomura Holdings		282,100		1,004
Nomura Real Estate Holdings		3,600		63
Nomura Real Estate Master Fund‡		91		143
Nomura Research Institute		3,300		120
NSK		12,300		91
NTT Data		46,100		2,166
NTT DOCOMO		38,900		1,048
NTT Urban Development		78,300		835
Obayashi		236,500		2,504
Obic		1,860		102
Odakyu Electric Railway		16,000		187
Oji Holdings		21,000		80
Olympus		8,000		297
Omron		5,000		162
Ono Pharmaceutical		11,000		475
Onward Holdings		63,000		392
Oracle Japan		1,000		53
Oriental Land		6,000		387
ORIX		35,200		450
Osaka Gas		49,000		187
Otsuka		1,500		70
Otsuka Holdings		34,500		1,588
Panasonic		58,700		506
Park24		2,700		92
Pola Orbis Holdings		600		56
Rakuten		24,400		262
Recruit Holdings		8,000		289
Resona Holdings		322,940		1,175
Ricoh		17,700		153
Rinnai		900		79
Rohm		2,400		94
Ryohin Keikaku		700		170
Sankyo		1,500		56
Santen Pharmaceutical		9,600		150
SBI Holdings		6,700		66
Secom		24,200		1,780
Sega Sammy Holdings		4,600		49
Seibu Holdings		5,000		84

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

52

THE KP FUNDS June 30, 2016 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Seiko Epson		7,800	$	124
Sekisui Chemical		10,500		129
Sekisui House		15,900		277
Seven & i Holdings		76,300		3,181
Seven Bank		16,300		50
Shikoku Electric Power		5,300		62
Shimadzu		7,000		104
Shimamura		600		89
Shimano		2,000		303
Shimizu		79,000		736
Shin-Etsu Chemical		36,200		2,108
Shinsei Bank		52,000		75
Shionogi		8,160		444
Shiseido		39,500		1,021
Shizuoka Bank		15,000		105
Showa Shell Sekiyu		6,000		56
SMC		1,600		390
SoftBank Group		25,900		1,464
Sohgo Security Services		2,100		103
Sompo Japan Nipponkoa Holdings		37,700		995
Sony		34,400		1,009
Sony Financial Holdings		4,700		52
Stanley Electric		4,000		85
Start Today		1,600		84
Sumitomo		32,500		325
Sumitomo Chemical		189,200		773
Sumitomo Dainippon Pharma		91,100		1,575
Sumitomo Electric Industries		51,200		671
Sumitomo Forestry		9,700		131
Sumitomo Heavy Industries		16,000		70
Sumitomo Metal Mining		13,000		131
Sumitomo Mitsui Financial Group		87,600		2,504
Sumitomo Mitsui Trust Holdings		211,000		682
Sumitomo Realty & Development		10,000		269
Sumitomo Rubber Industries		4,100		55
Sundrug		1,000		93
Suntory Beverage & Food		4,000		180
Suruga Bank		4,900		110
Suzuken		2,200		69
Suzuki Motor		9,600		258
Sysmex		4,320		295
T&D Holdings		14,700		124
Taiheiyo Cement		33,000		78
Taisei		29,000		237
Taisho Pharmaceutical Holdings		900		94
Taiyo Nippon Sanso		4,000		37

Description	Shares		Value (000)
Takashimaya		7,000	$	50
Takeda Pharmaceutical		19,400		837
TDK		3,400		189
Teijin		25,000		82
Terumo		155,800		6,607
THK		3,600		61
Tobu Railway		26,000		142
Toho		2,800		77
Toho Gas		12,000		98
Tohoku Electric Power		104,100		1,308
Tokio Marine Holdings		18,700		616
Tokyo Electric Power Holdings*		37,200		156
Tokyo Electron		18,600		1,566
Tokyo Gas		54,000		221
Tokyo Tatemono		6,300		75
Tokyu		28,000		245
Tokyu Fudosan Holdings		13,400		83
TonenGeneral Sekiyu		7,000		63
Toppan Printing		14,000		120
Toray Industries		39,000		331
Toshiba		111,000		300
TOTO		3,900		155
Toyo Seikan Group Holdings		72,100		1,369
Toyo Suisan Kaisha		22,200		895
Toyoda Gosei		1,700		30
Toyota Industries		11,600		458
Toyota Motor		118,920		5,878
Toyota Tsusho		5,700		122
Trend Micro		3,200		114
Tsuruha Holdings		1,000		120
Unicharm		11,200		249
United Urban Investment‡		83		149
USS		5,400		89
West Japan Railway		42,700		2,688
Yahoo Japan		36,400		160
Yakult Honsha		2,200		113
Yamada Denki		140,800		739
Yamaguchi Financial Group		5,000		47
Yamaha		4,600		123
Yamaha Motor		8,000		120
Yamato Holdings		65,120		1,486
Yamazaki Baking		4,000		111
Yaskawa Electric		6,400		82
Yokogawa Electric		6,200		69
Yokohama Rubber		2,500		31
				177,369

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

53

THE KP FUNDS June 30, 2016 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Luxembourg — 0.3%
Altice, Cl B*		13,488	$	202
ArcelorMittal		126,223		578
Millicom International Cellular		7,200		441
O’Key Group GDR		61,047		141
RTL Group		1,045		85
SES, Cl A		10,080		218
Tenaris		12,220		176
Ternium ADR		66,433		1,266
				3,107
Macau — 0.0%
Sands China		67,200		228
Malaysia — 0.8%
Allianz Malaysia		9,000		22
Brem Holding		205,400		43
Carlsberg Brewery Malaysia		16,800		55
Evergreen Fibreboard		1,335,000		350
Heineken Malaysia		10,000		38
HeveaBoard		137,300		41
Hong Leong Industries		5,500		11
Hua Yang		51,600		22
Insas		330,800		53
JCY International		2,984,400		446
K&N Kenanga Holdings*		85,500		10
KKB Engineering		41,300		14
KSL Holdings		551,500		153
Land & General		42,966		4
Malaysia Building Society		128,800		23
Malaysian Pacific Industries		39,000		73
Muda Holdings		27,100		15
Padini Holdings		633,700		373
Petron Malaysia Refining & Marketing		174,800		162
Petronas Dagangan		204,700		1,187
Public Bank		73,400		353
Scientex		19,700		61
Shell Refining Federation of Malaya*		68,700		52
Sunway		249,300		186
Sunway Construction Group		500,580		199
Ta Ann Holdings		54,740		45
Tenaga Nasional		553,600		1,940
Top Glove		943,600		1,076
Tropicana		1,047		—
Unisem		1,138,600		679
VS Industry		1,579,200		463

Description	Shares		Value (000)
WTK Holdings		144,300	$	38
YTL Power International		801,205		280
				8,467
Mexico — 0.7%
Alpek, Cl A		615,996		1,010
America Movil, Cl L ADR		15,605		191
Axtel*		163,891		56
Controladora Vuela Cia de Aviacion ADR*		102,384		558
Gruma, Cl B		54,588		786
Grupo Aeromexico*		276,892		573
Grupo Financiero Inbursa, Cl O		829,056		1,411
Grupo Financiero Interacciones, Cl O		138,946		678
Industrias Bachoco		21,424		100
La Comer*		28,448		28
OHL Mexico*		805,976		987
Prologis Property Mexico‡		210,533		343
Vitro		41,639		133
Wal-Mart de Mexico		337,725		812
				7,666
Netherlands — 3.8%
ABN AMRO Group (A)		6,198		102
Aegon		49,562		195
AerCap Holdings*		4,491		151
Airbus Group		33,431		1,923
Akzo Nobel		98,844		6,209
ASML Holding		12,520		1,234
Boskalis Westminster		24,547		844
Coca-Cola European Partners*		5,700		204
Gemalto		2,058		126
Heineken		43,141		3,976
Heineken Holding		2,808		229
ING Groep		517,813		5,299
James Hardie Industries		12,213		189
Koninklijke Ahold		75,105		1,665
Koninklijke DSM		4,815		279
Koninklijke KPN		409,665		1,485
Koninklijke Philips		61,146		1,525
Koninklijke Vopak		1,915		96
NN Group		8,333		229
NXP Semiconductors*		8,040		630
OCI*		1,992		27
QIAGEN*		5,661		123
Randstad Holding		102,873		4,141
Relx		26,367		458
Royal Dutch Shell, Cl A		278,073		7,575

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

54

THE KP FUNDS June 30, 2016 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
STMicroelectronics		16,656	$	97
Unilever		43,886		2,050
Wolters Kluwer		7,947		323
				41,384
New Zealand — 0.1%
Auckland International Airport		27,258		127
Contact Energy		21,645		81
Fletcher Building		18,047		111
Meridian Energy		36,344		69
Mighty River Power		15,091		32
Ryman Healthcare		10,544		70
Spark New Zealand		241,281		612
				1,102
Norway — 0.3%
DNB		55,464		660
Gjensidige Forsikring		5,368		89
Marine Harvest		10,089		169
Norsk Hydro		34,618		126
Orkla		22,787		201
Schibsted, Cl A		28,766		838
Statoil		65,651		1,125
Telenor		19,809		327
Yara International		4,875		154
				3,689
Panama — 0.0%
Avianca Holdings ADR		3,928		24
Peru — 0.5%
Cia de Minas Buenaventura ADR*		25,708		307
Credicorp		29,788		4,597
				4,904
Philippines — 0.2%
ABS-CBN Holdings		61,800		63
Cebu Air		270,790		563
Energy Development		3,034,100		357
First Gen		109,400		58
Globe Telecom		4,100		207
Lopez Holdings		1,365,000		224
Pepsi-Cola Products Philippines		352,000		25
Petron		285,800		68
San Miguel		144,580		241
Vista Land & Lifescapes		567,600		65
				1,871

Description	Shares		Value (000)
Poland — 0.7%
Amica Wronki		2,919	$	134
AmRest Holdings*		3,856		214
Asseco Poland		16,913		224
Bank Pekao		2,082		73
CD Projekt*		30,352		211
Ciech		14,429		184
Enea		58,308		147
Eurocash		124,953		1,463
ING Bank Slaski		1,489		47
PGE		267,090		802
Polski Koncern Naftowy Orlen		112,309		1,969
Polskie Gornictwo Naftowe i Gazownictwo		1,337,820		1,900
Trakcja		35,010		88
				7,456
Portugal — 0.0%
Banco Espirito Santo* (B)		46,916		—
EDP-Energias de Portugal		64,605		199
Galp Energia		13,050		181
Jeronimo Martins		6,297		99
				479
Qatar — 0.3%
Barwa Real Estate		142,526		1,293
Doha Bank QSC		7,860		76
Mannai		830		19
Ooredoo QSC		19,911		483
Qatar Fuel QSC		4,233		176
Qatar Islamic Bank SAQ		7,532		199
Qatar National Bank SAQ		5,474		210
Qatar Navigation QSC		7,158		172
United Development QSC		36,420		192
				2,820
Russia — 0.4%
Gazprom PAO ADR		295,195		1,255
Globaltrans Investment GDR		13,181		52
Lukoil PJSC ADR		607		25
Magnitogorsk Iron & Steel Works GDR		93,326		449
Sberbank of Russia ADR		190,931		1,664
Yandex, Cl A*		42,284		924
				4,369
Singapore — 1.1%
Ascendas‡		58,800		108
CapitaLand		66,000		151

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

55

THE KP FUNDS June 30, 2016 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
CapitaLand Commercial Trust‡		58,000	$	64
CapitaLand Mall Trust‡		66,000		105
City Developments		11,000		67
ComfortDelGro		57,000		117
Dairy Farm International Holdings		23,200		157
DBS Group Holdings		465,729		5,474
GL		268,900		166
Global Logistic Properties		70,000		94
Golden Agri-Resources		209,000		55
Great Eastern Holdings		51,200		781
Haw Par		14,600		98
Hongkong Land Holdings		31,400		192
Hutchison Port Holdings Trust, Cl U		145,000		66
Jardine Cycle & Carriage		2,333		64
Keppel		37,000		152
Oversea-Chinese Banking		84,172		545
Sembcorp Industries		25,000		53
Sembcorp Marine		17,000		20
Singapore Airlines		14,000		111
Singapore Exchange		23,000		131
Singapore Press Holdings		40,000		118
Singapore Technologies Engineering		44,000		103
Singapore Telecommunications		712,400		2,198
StarHub		15,000		42
Suntec‡		65,000		86
Super Group		140,400		87
United Industrial		24,483		50
United Overseas Bank		50,288		691
UOL Group		11,482		47
Wilmar International		51,000		123
				12,316
South Africa — 1.5%
African Bank Investments (B)		638,711		—
Anglo American Platinum*		12,326		307
Blue Label Telecoms		149,723		188
Brait*		210,955		2,010
Cie Financiere Richemont		46,025		267
Clicks Group		63,001		526
DRDGOLD ADR		150,578		133
FirstRand		140,629		429
Gold Fields ADR		155,647		763
Grindrod		138,336		108
Harmony Gold Mining ADR		80,885		292
Investec		51,677		317
JSE		16,985		214
KAP Industrial Holdings		106,914		45

Description	Shares		Value (000)
Liberty Holdings		21,367	$	176
MMI Holdings		60,998		94
Mpact		33,448		68
MTN Group		36,124		352
Murray & Roberts Holdings		249,229		200
Old Mutual		125,843		330
Peregrine Holdings		228,876		458
Pick n Pay Holdings		47,024		110
Randgold Resources		2,588		290
Sappi*		223,035		1,039
Sasol		101,350		2,739
Sibanye Gold		589,050		2,012
SPAR Group		9,998		137
Standard Bank Group		262,463		2,267
Telkom		111,390		503
Wilson Bayly Holmes-Ovcon		12,103		103
				16,477
South Korea — 4.5%
Aekyung Petrochemical		513		42
BGF retail		6,490		1,203
CJ		4,611		811
CJ Hellovision		5,458		53
CJ O Shopping		867		133
CKH Food & Health*		122,645		320
Dae Han Flour Mills		104		16
Daehan Steel		13,793		98
Daesung Holdings		3,710		30
DK UIL		3,201		27
Dongwon Development		17,700		68
Dongyang E&P		10,103		114
DRB Industrial		2,883		33
GMB Korea		5,250		25
GS Home Shopping		559		83
Hana Financial Group		25,819		522
Hanil Cement		880		63
Heungkuk Fire & Marine Insurance*		9,159		27
Hite Jinro		8,895		184
Hyosung		4,014		438
Hyundai Motor		6,388		755
Jahwa Electronics		7,284		78
Kangnam Jevisco		920		28
KB Financial Group		7,558		214
Kia Motors		63,165		2,371
KISCO		1,295		42
Korea Electric Power		81,358		4,277
Korea Petrochemical Industries		6,580		1,382

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

56

THE KP FUNDS June 30, 2016 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
KT		71,014	$	1,830
KT Skylife		9,103		129
Kwangju Bank		5,257		40
Kyungchang Industrial		16,273		77
LG		3,513		194
LG Chemical		1,649		376
LG Display ADR		200,035		2,571
LG Electronics		47,154		2,220
LG Innotek		9,391		645
LG Uplus		55,705		528
Lotte Chemical		7,875		1,951
Lotte Shopping		2,958		522
Mobase*		5,272		33
Moorim Paper*		35,210		88
Namuga*		939		42
NAVER		1,643		1,016
POSCO		2,315		407
RedcapTour		1,671		26
S-1, Cl 1		1,824		171
Saeron Automotive		4,310		30
Sam Young Electronics		8,260		87
Samsung Electronics		10,339		12,855
Samsung Fire & Marine Insurance		218		50
SeAH Holdings		225		23
Sejong Industrial		3,340		28
Seoyon		3,086		29
Seoyon E-Hwa		4,880		55
Seoyon Electronics		8,015		21
Sewon Precision Industry*		657		11
Shindaeyang Paper*		1,116		20
Shinhan Financial Group		31,290		1,032
SK Hynix		124,737		3,538
SK Innovation		19,502		2,389
S-Oil		30,886		2,038
Ssangyong Cement Industrial*		6,016		97
Tongyang Life Insurance		12,378		110
Woori Bank		106,196		878
				49,594
Spain — 1.3%
Abertis Infraestructuras		14,952		220
Acerinox		50,914		564
ACS Actividades de Construccion y Servicios		5,425		148
Aena (A)		1,875		246
Amadeus IT Holding, Cl A		87,719		3,838
Banco Bilbao Vizcaya Argentaria		177,215		1,002

Description	Shares		Value (000)
Banco de Sabadell		148,652	$	195
Banco Popular Espanol		44,212		57
Banco Santander		405,758		1,554
Bankia		121,058		87
Bankinter		17,994		116
CaixaBank		68,557		150
Distribuidora Internacional de Alimentacion		17,963		104
Enagas		6,346		193
Endesa		8,131		163
Ferrovial		12,714		246
Gas Natural SDG		8,994		177
Grifols		7,629		172
Iberdrola		148,150		1,003
Industria de Diseno Textil		29,717		991
International Consolidated Airlines Group		20,971		103
Mapfre		26,146		57
Mediaset Espana Comunicacion		40,168		450
Red Electrica		3,002		268
Repsol		29,039		369
Telefonica		121,904		1,151
Viscofan		15,575		860
Zardoya Otis		4,333		41
				14,525
Sweden — 1.7%
Alfa Laval		7,830		123
Assa Abloy, Cl B		151,786		3,104
Atlas Copco, Cl A		28,649		716
Boliden		6,984		135
Electrolux		6,242		170
Getinge, Cl B		5,356		110
Hennes & Mauritz, Cl B		132,267		3,868
Hexagon, Cl B		6,785		247
Husqvarna, Cl B		11,887		88
ICA Gruppen		2,024		68
Industrivarden, Cl C		4,708		76
Investor, Cl B		12,076		404
Kinnevik		6,028		142
Lundin Petroleum*		4,922		89
Modern Times Group, Cl B		14,508		383
Nordea Bank		131,148		1,104
Oriflame Holding*		1,600		41
Sandvik		111,550		1,110
Securitas, Cl B		8,012		123
Skandinaviska Enskilda Banken, Cl A		40,181		348

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

57

THE KP FUNDS June 30, 2016 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Skanska, Cl B		8,968	$	187
SKF, Cl B		10,357		165
Svenska Cellulosa, Cl B		16,600		530
Svenska Handelsbanken, Cl A		166,964		2,015
Swedbank, Cl A		24,055		502
Swedish Match		16,384		569
Tele2, Cl B		8,200		72
Telefonaktiebolaget LM Ericsson, Cl B		163,119		1,247
Telia		68,516		323
Volvo, Cl B		40,924		403
				18,462
Switzerland — 7.1%
ABB		53,574		1,054
Actelion		2,722		457
Adecco Group		26,207		1,318
Aryzta		2,344		86
Baloise Holding		1,276		142
Barry Callebaut		56		69
Chocoladefabriken Lindt & Sprungli		31		381
Cie Financiere Richemont		34,958		2,039
Coca-Cola		4,985		101
Credit Suisse Group		50,453		534
DKSH Holding		1,559		102
Dufry*		1,280		153
EMS-Chemie Holding		221		114
Galenica		110		148
Geberit		6,959		2,631
Givaudan		253		508
Helvetia Holding		251		130
Julius Baer Group		6,219		248
Kuehne + Nagel International		11,129		1,557
LafargeHolcim		7,860		328
Logitech International		42,183		684
Lonza Group		1,471		243
Nestle		230,917		17,828
Novartis		156,980		12,909
Pargesa Holding		1,038		68
Partners Group Holding		481		206
Roche Holding		62,508		16,468
Schindler Holding		1,823		330
SGS		144		329
Sika		56		234
Sonova Holding		17,776		2,348
Swatch Group		2,209		316
Swiss Life Holding		879		202
Swiss Prime Site		1,819		165

Description	Shares		Value (000)
Swiss Re		9,105	$	793
Swisscom		684		340
Syngenta*		2,532		973
UBS Group		581,852		7,490
Zurich Insurance Group		13,799		3,396
				77,422
Taiwan — 2.7%
AU Optronics ADR		725,037		2,530
ChipMOS TECHNOLOGIES		13,900		252
Chroma ATE		79,000		189
Chunghwa Telecom ADR		101,294		3,677
Delta Electronics		82,516		402
Hon Hai Precision Industry		699,692		2,128
Ruentex Industries		145,082		219
Taiwan Semiconductor Manufacturing		941,526		19,384
Teco Electric and Machinery		594,387		502
Yungtay Engineering		396,000		561
				29,844
Thailand — 1.4%
Advanced Information Technology		233,000		193
Amata NVDR		152,100		56
AP Thailand NVDR		1,321,800		277
Asia Aviation		779,900		139
Bangchak Petroleum NVDR		260,200		238
Bangkok Bank		156,600		724
Cal-Comp Electronics Thailand NVDR		1,336,719		102
Dhipaya Insurance NVDR		16,800		17
GFPT NVDR		1,194,100		371
Hana Microelectronics NVDR		615,200		519
Indorama Ventures		724,600		601
IRPC NVDR		4,200,000		570
Kasikornbank PLC		49,900		245
KCE Electronics NVDR		525,400		1,251
KGI Securities Thailand NVDR		902,000		84
Krung Thai Bank NVDR		513,200		239
MFEC NVDR		216,800		29
MK Real Estate Development NVDR		283,600		35
Pruksa Real Estate NVDR		102,900		74
PTG Energy		196,400		137
PTT NVDR		343,100		3,070
PTT Global Chemical NVDR		1,370,800		2,327
Regional Container Lines NVDR		164,800		28
SC Asset NVDR		371,588		35

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

58

THE KP FUNDS June 30, 2016 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Siam Cement NVDR		13,500	$	183
Siamgas & Petrochemicals NVDR		624,900		264
SNC Former NVDR		76,300		33
Sri Trang Agro-Industry NVDR		106,400		38
Star Petroleum Refining NVDR		1,491,400		405
Syntec Construction NVDR		2,491,000		216
Thai Airways International NVDR		292,100		201
Thai Oil NVDR		172,100		295
Thai Vegetable Oil NVDR		176,300		161
Thanachart Capital NVDR		77,100		77
Tipco Asphalt NVDR		1,445,500		1,130
Tisco Financial Group NVDR		77,900		110
TMB Bank NVDR		4,978,700		307
Vanachai Group NVDR		221,100		92
				14,873
Turkey — 0.8%
Adana Cimento Sanayii, Cl A		9,618		19
Akcansa Cimento		14,648		71
Akfen Gayrimenkul Yatirim Ortakligi‡ *		58,474		28
Albaraka Turk Katilim Bankasi		44,267		21
Anadolu Anonim Turk Sigorta Sirketi		148,517		89
Anadolu Cam Sanayii*		327,928		236
Baticim Bati Anadolu Cimento Sanayii		23,088		48
BIM Birlesik Magazalar		24,458		477
Cimsa Cimento Sanayi ve Ticaret		11,633		61
EGE Seramik Sanayi ve Ticaret*		22,722		32
GSD Holdings		389,164		130
Haci Omer Sabanci Holding		474,835		1,561
Izmir Demir Celik Sanayi*		57,810		47
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.		85,387		82
Sinpas Gayrimenkul Yatirim Ortakligi‡		243,628		53
Soda Sanayii		182,471		290
Torunlar Gayrimenkul Yatirim Ortakligi‡		363,971		642
Turkiye Garanti Bankasi		434,876		1,151
Turkiye Halk Bankasi		244,795		732
Turkiye Is Bankasi, Cl C		919,209		1,460
Turkiye Sise ve Cam Fabrikalari		127,402		158
Turkiye Vakiflar Bankasi TAO, Cl D		674,952		1,064
Vestel Beyaz Esya Sanayi ve Ticaret		112,100		346
				8,798

Description	Shares		Value (000)
United Arab Emirates — 0.2%
Aldar Properties PJSC		2,491,013	$	1,825
National Central Cooling PJSC		111,276		42
Union National Bank PJSC		43,378		48
				1,915
United Kingdom — 14.4%
3i Group		176,728		1,297
Aberdeen Asset Management		25,907		97
Admiral Group		45,077		1,232
Aggreko		6,693		115
Amec Foster Wheeler		42,973		285
Anglo American		57,769		560
Anglo American PLC		36,971		351
Antofagasta		28,551		177
ARM Holdings		38,559		585
Ashtead Group		13,050		187
Associated British Foods		9,435		343
AstraZeneca		34,063		2,036
Auto Trader Group (A)		26,972		127
Aviva		107,794		566
Babcock International Group		6,588		80
BAE Systems		267,333		1,886
Barclays PLC		1,829,770		3,394
Barratt Developments		58,810		319
Berendsen		27,763		454
Berkeley Group Holdings		3,660		124
BGEO Group		8,999		315
BHP Billiton		98,590		1,249
BP		872,055		5,106
British American Tobacco		52,566		3,417
British Land‡		25,654		208
BT Group, Cl A		230,371		1,271
Bunzl		84,232		2,592
Burberry Group		12,393		193
Capita		145,280		1,870
Carnival		25,599		1,132
Centrica		172,081		522
Close Brothers Group		9,675		147
Cobham		43,886		93
Compass Group PLC		671,810		12,797
Croda International		3,387		142
Daily Mail & General Trust, Cl A		80,398		647
Delphi Automotive PLC		19,681		1,232
Devro		92,061		318
Diageo PLC		311,905		8,703
Direct Line Insurance Group		38,449		178

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

59

THE KP FUNDS June 30, 2016 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Dixons Carphone		24,961	$	107
easyJet		13,782		201
Fresnillo		5,948		130
G4S		415,739		1,017
GKN		48,003		174
GlaxoSmithKline		138,389		2,981
Glencore		604,444		1,247
GVC Holdings*		56,100		420
Hammerson‡		20,335		146
Hargreaves Lansdown		7,300		122
Hays PLC		510,424		665
Hikma Pharmaceuticals		3,788		124
HomeServe		132,633		936
HSBC Holdings PLC		670,701		4,146
ICAP		146,246		817
IG Group Holdings		68,257		741
IMI		13,957		181
Imperial Brands		25,866		1,408
Inchcape		21,708		183
Informa PLC		62,605		610
Inmarsat		11,468		124
InterContinental Hotels Group		5,091		187
International Personal Finance		132,726		506
Intertek Group		58,325		2,715
Intu Properties‡		24,597		95
Investec		17,755		109
ITV		719,496		1,740
J Sainsbury		34,243		107
Johnson Matthey		5,050		190
Jupiter Fund Management		67,038		331
Just Eat*		68,934		391
Kingfisher		59,743		258
Land Securities Group‡		20,871		292
Legal & General Group		158,017		404
Lloyds Banking Group		3,328,106		2,405
London Stock Exchange Group		8,269		280
Lukoil PJSC ADR		9,090		376
Marks & Spencer Group		42,909		182
McCarthy & Stone (A)		45,226		103
Mediclinic International		10,645		155
Meggitt		21,527		117
Merlin Entertainments (A)		253,846		1,501
Millennium & Copthorne Hotels		15,795		84
Mondi		10,290		192
Moneysupermarket.com Group		157,674		569
National Express Group		35,627		141
National Grid		138,271		2,028

Description	Shares		Value (000)
Next		3,775	$	249
Non-Standard Finance* (A)		171,300		132
Northgate		18,926		82
Novolipetsk Steel PJSC GDR		24,879		321
Old Mutual		130,167		347
Paddy Power Betfair		10,373		1,098
Pagegroup		32,457		130
Pearson		21,530		280
Persimmon		8,525		166
Petrofac		16,186		169
Pets at Home Group		123,883		384
Provident Financial		43,806		1,351
Prudential PLC		162,077		2,733
Reckitt Benckiser Group PLC		119,201		11,950
RELX		118,383		2,188
Rexam		4,204		37
Rightmove		50,004		2,454
Rio Tinto PLC		126,274		3,896
Rolls-Royce Holdings PLC		401,816		3,832
Rotork		42,307		123
Royal Bank of Scotland Group*		97,033		222
Royal Mail		23,001		154
RSA Insurance Group		26,055		175
SABMiller		26,217		1,530
Sage Group		29,963		261
Schroders		3,883		122
Segro‡		20,208		112
Serco Group PLC		530,431		792
Severn Trent		6,073		198
Severstal PJSC GDR		15,975		177
Shire		24,199		1,504
Sky PLC		363,037		4,121
Smith & Nephew		36,374		618
Smiths Group PLC		114,200		1,757
South32		48,396		57
Spectris		22,972		560
SSE		26,763		558
SSP Group		202,306		757
St. James’s Place		57,230		604
Stagecoach Group		159,640		495
Standard Chartered PLC		163,870		1,241
Standard Life		51,625		204
Tate & Lyle		13,078		117
Taylor Wimpey		90,563		161
Tesco		409,814		960
Thomas Cook Group*		419,853		353
Travis Perkins		6,373		126

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

60

THE KP FUNDS June 30, 2016 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Unilever		83,771	$	4,003
United Utilities Group		18,683		258
Vodafone Group PLC		893,049		2,721
Weir Group		6,020		115
WH Smith		41,738		877
Whitbread		4,796		225
William Hill		23,519		81
WM Morrison Supermarkets		57,327		144
Wolseley		6,748		348
Worldpay Group* (A)		35,536		129
WPP PLC		497,278		10,336
				157,380
United States — 0.5%
Consumer Discretionary — 0.5%
Yum! Brands		62,292		5,166
Consumer Staples — 0.0%
Gruma, Cl B		27,136		376
Information Technology — 0.0%
Genpact*		5,182		139
				5,681
Total Common Stock (Cost $1,121,714) (000)				1,051,002
PREFERRED STOCK — 0.7%
Alpargatas		296,498		962
Banco Bradesco		22,698		178
Banco do Estado do Rio Grande do Sul		189,200		501
Bayerische Motoren Werke		1,367		87
Centrais Eletricas Brasileiras*		143,200		780
Cia Brasileira de Distribuicao		12,665		184
Cia de Gas de Sao Paulo-COMGAS, Cl A		2,155		32
Cia Energetica de Minas Gerais		267,700		602
Cia Energetica de Sao Paulo		35,400		130
Cia Paranaense de Energia		62,100		562
CJ		1,220		106
Eletropaulo Metropolitana Eletricidade de Sao Paulo, Cl B		43,900		115
Embotelladora Andina		14,922		53
FUCHS PETROLUB		1,699		67
Henkel & KGaA		4,875		594
Itausa-Investimentos Itau		195,478		456
Metalurgica Gerdau		225,600		139
Petroleo Brasileiro*		65,200		190
Porsche Automobil Holding		3,952		183

Description	Shares		Value (000)
Schaeffler		4,378	$	58
Volkswagen		12,766		1,545
Total Preferred Stock (Cost $8,838) (000)				7,524
PARTICIPATION NOTES — 0.1%
HSBC Bank (Axis Bank), Expires 7/21/2017*		28,143		222
HSBC Bank (Bank of Baroda), Expires 11/21/2023*		55,716		127
HSBC Bank (Bharti Airtel), Expires 8/1/2016*		51,313		279
HSBC Bank (CESC), Expires 3/31/2017*		58,190		514
Total Participation Notes (Cost $1,081) (000)				1,142
	Number of Rights
RIGHTS — 0.0%
Acerinox* †		50,914		26
ACS Actividades de Construccion y Servicios* †		5,425		4
Noble Group, Expires 7/25/2016*		145,000		10
Repsol* †		29,039		9
Ssangyong Cement Industrial, Cl R, Expires 7/7/2016*		1		—
Vocus Communications, Expires 7/21/2016*		1,420		—
Total Rights (Cost $24) (000)				49
SHORT-TERM INVESTMENT (C) — 2.5%
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.471%		26,884,136		26,884
Total Short-Term Investment (Cost $26,884) (000)				26,884
Total Investments — 99.2% (Cost $1,158,541) (000)			$	1,086,601

Percentages are based on net assets of $1,095,440 (000).

A list of the open futures contracts held by the Fund at June 30, 2016, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Depreciation
E-MINI MSCI Future		275		Sep-2016	$	(119	)

For the period ended June 30, 2016, the monthly average value of futures contracts held was $15,350 (000).

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

61

THE KP FUNDS June 30, 2016 (Unaudited)

KP International Equity Fund

* Non-income producing security.

† Expiration date is not available.

‡ 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.” The total value of such securities as of June 30, 2016 was $2,816 (000) and represents 0.25% of Net Assets.

(B) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of June 30, 2016, was $189 (000) and represented 0.02% of net assets.

(C) The rate reported is the 7-day effective yield as of June 30, 2016.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

MSCI — Morgan Stanley Capital International

NVDR — Non-Voting Depositary Receipt

PLC — Public Limited Company

The following is a list of the level of inputs used as of June 30, 2016, there in valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
Australia	$	644	$	29,662	$	—	$	30,306
Austria		—		1,516		—		1,516
Belgium		—		9,187		—		9,187
Brazil		21,294		—		—		21,294
Canada		14,415		—		—		14,415
Chile		2,394		—		189		2,583
China		10,174		19,292		—		29,466
Colombia		696		—		—		696
Cyprus		—		254		—		254
Czech Republic		—		207		—		207
Denmark		1,217		17,753		—		18,970
Finland		—		8,011		—		8,011
France		861		79,398		—		80,259
Germany		1,572		65,908		—		67,480
Greece		—		2,325		—		2,325
Hong Kong		577		47,345		—		47,922
India		9,555		—		—		9,555
Indonesia		—		8,742		—		8,742
Ireland		3,704		3,783		—		7,487
Israel		2,688		1,889		—		4,577
Italy		270		13,258		—		13,528
Japan		2,608		174,761		—		177,369
Luxembourg		1,553		1,554		—		3,107
Macau		—		228		—		228
Malaysia		822		7,645		—		8,467
Mexico		7,666		—		—		7,666
Netherlands		1,317		40,067		—		41,384
New Zealand		—		1,102		—		1,102
Norway		411		3,278		—		3,689
Panama		24		—		—		24
Peru		4,904		—		—		4,904
Philippines		—		1,871		—		1,871
Poland		88		7,368		—		7,456
Portugal		—		479		—		479
Qatar		2,820		—		—		2,820
Russia		1,113		3,256		—		4,369
Singapore		—		12,316		—		12,316
South Africa		1,149		15,328		—		16,477
South Korea		4,441		45,153		—		49,594
Spain		246		14,279		—		14,525
Sweden		183		18,279		—		18,462

Investments in Securities	Level 1			Level 2		Level 3^		Total
Switzerland	$	9,839		$	67,583	$	—	$	77,422
Taiwan		24,572			5,272		—		29,844
Thailand		543			14,330		—		14,873
Turkey		158			8,640		—		8,798
United Arab Emirates		1,873			42		—		1,915
United Kingdom		3,795			153,585		—		157,380
United States		5,681			—		—		5,681
Total Common Stock		145,867			904,946		189		1,051,002
Preferred Stock		4,885			2,639		—		7,524
Participation Notes		—			1,142		—		1,142
Rights		—			49		—		49
Short-Term Investment		26,884			—		—		26,884
Total Investments in Securities	$	177,636		$	908,776	$	189	$	1,086,601
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts**
Unrealized Depreciation	$	(119	)	$	—	$	—	$	(119	)
Total Other Financial Instruments	$	(119	)	$	—	$	—	$	(119	)

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

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

For the period ended June 30, 2016, there were transfers between Level 1 and Level 2 assets and liabilities. Changes in the classifications between Levels 1 and 2 occur when foreign equity securities are fair valued using other observable market based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded. Transfers, if any, between levels are considered to have occurred as of the end of the year. For the period ended June 30, 2016, securities with a total value of $189 (000) were transferred from Level 1 to Level 3 due to a halt in trading of these securities.

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

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

62

THE KP FUNDS June 30, 2016 (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 — 31.1%
U.S. Treasury Bonds
4.750%, 02/15/37-02/15/37	$	6,830	$	10,164
3.000%, 05/15/45-11/15/45		8,066		9,272
2.875%, 08/15/45-08/15/45		6,857		7,700
2.500%, 02/15/46-05/15/46		1,858		1,935
U.S. Treasury Notes
8.000%, 11/15/21-11/15/21		1,000		1,362
3.625%, 02/15/20-02/15/21		3,950		4,381
3.500%, 05/15/20-05/15/20		750		824
3.375%, 11/15/19-11/15/19		2,000		2,173
3.125%, 05/15/19-05/15/19		1,500		1,603
2.750%, 11/15/23-02/15/24		3,550		3,916
2.625%, 11/15/20-11/15/20		1,500		1,607
2.500%, 08/15/23-05/15/24		3,100		3,363
2.375%, 08/15/24-08/15/24		2,400		2,583
2.250%, 04/30/21-11/15/25		5,250		5,586
2.125%, 08/15/21-05/15/25		7,925		8,359
2.000%, 09/30/20-08/15/25		13,750		14,393
1.875%, 11/30/21-10/31/22		5,500		5,720
1.750%, 09/30/19-05/15/23		12,280		12,681
1.625%, 03/31/19-05/15/26		42,565		43,524
1.500%, 08/31/18-03/31/23		19,173		19,538
1.375%, 06/30/18-06/30/23		63,278		64,397
1.250%, 11/15/18-03/31/21		13,526		13,709
1.125%, 02/28/21-06/30/21		11,670		11,738
1.000%, 03/15/18-09/30/19		8,800		8,864
0.875%, 01/15/18-06/15/19		24,293		24,417
0.750%, 10/31/17-02/15/19		8,305		8,326
0.625%, 07/31/17-06/30/18		21,394		21,411
0.500%, 07/31/17-07/31/17		4,900		4,899
Total U.S. Treasury Obligations (Cost $310,762) (000)				318,445
CORPORATE OBLIGATIONS — 28.2%
Consumer Discretionary — 2.5%
21st Century Fox America
4.500%, 02/15/21		100		112
3.700%, 09/15/24		120		129

Description	Face Amount (000)		Value (000)
Amazon.com 1.200%, 11/29/17	$	200	$	201
American Honda Finance
2.450%, 09/24/20		100		104
1.700%, 02/22/19		25		25
1.200%, 07/14/17		100		100
Atento Luxco 7.375%, 01/29/20 (A)		220		213
AutoZone 2.500%, 04/15/21		100		102
Bed Bath & Beyond 3.749%, 08/01/24		25		26
CBS 3.375%, 03/01/22		150		156
Charter Communications Operating
6.384%, 10/23/35 (A)		310		367
4.464%, 07/23/22 (A)		100		107
3.579%, 07/23/20 (A)		1,488		1,556
Cleveland Clinic Foundation 4.858%, 01/01/14		321		358
Comcast
4.500%, 01/15/43		487		550
4.200%, 08/15/34		1,460		1,608
3.375%, 02/15/25		275		297
3.150%, 03/01/26		50		53
3.125%, 07/15/22		150		160
2.750%, 03/01/23		100		105
Delphi 4.150%, 03/15/24		40		43
Delphi Automotive 3.150%, 11/19/20		100		103
Diageo Capital 5.750%, 10/23/17		200		212
Discovery Communications 5.050%, 06/01/20		100		110
Dollar General 4.150%, 11/01/25		25		28
Expedia 4.500%, 08/15/24		100		103
Ford Motor Credit
5.875%, 08/02/21		200		229
3.096%, 05/04/23		200		203
2.375%, 03/12/19		400		406
2.240%, 06/15/18		200		202
1.684%, 09/08/17		200		200
1.461%, 03/27/17		2,146		2,150
General Motors
6.250%, 10/02/43		741		823
3.500%, 10/02/18		200		206
General Motors Financial
4.300%, 07/13/25		100		103
4.000%, 01/15/25		100		101
3.700%, 05/09/23		100		100
3.200%, 07/06/21		1,173		1,175

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

63

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
3.150%, 01/15/20	$	150	$	152
3.100%, 01/15/19		100		102
Grupo Televisa 7.250%, 05/14/43		2,840		134
Home Depot
4.400%, 04/01/21		100		113
2.625%, 06/01/22		100		105
2.000%, 06/15/19		200		205
Hyundai Capital America 2.450%, 06/15/21 (A)		2,810		2,824
Johnson Controls 3.625%, 07/02/24		43		45
Kohl’s 4.000%, 11/01/21		100		105
Latam Airlines Pass-Through Trust 4.200%, 11/15/27 (A)		452		413
Lowe’s
4.625%, 04/15/20		100		110
2.500%, 04/15/26		50		51
1.150%, 04/15/19		20		20
Macy’s Retail Holdings 3.625%, 06/01/24		100		99
Magna International 3.625%, 06/15/24		50		53
Marriott International 3.125%, 10/15/21		100		104
Mattel 2.350%, 05/06/19		100		102
McDonald’s
5.350%, 03/01/18		100		107
3.375%, 05/26/25		100		106
2.750%, 12/09/20		20		21
NBCUniversal Media 4.375%, 04/01/21		100		112
Newell Brands
5.500%, 04/01/46		400		476
4.000%, 12/01/24		50		52
3.850%, 04/01/23		506		537
3.150%, 04/01/21		150		156
Omnicom Group
4.450%, 08/15/20		100		110
3.600%, 04/15/26		100		106
O’Reilly Automotive 3.550%, 03/15/26		50		52
QVC 4.450%, 02/15/25		65		65
Scripps Networks Interactive 2.750%, 11/15/19		100		102
Staples 2.750%, 01/12/18		100		100
Starbucks 3.850%, 10/01/23		150		168

Description	Face Amount (000)		Value (000)
Target 2.900%, 01/15/22	$	200	$	212
Time Warner
4.875%, 03/15/20		100		111
4.850%, 07/15/45		552		600
4.750%, 03/29/21		100		112
3.600%, 07/15/25		575		609
2.950%, 07/15/26		596		601
2.100%, 06/01/19		100		101
Time Warner Cable
8.250%, 04/01/19		200		232
7.300%, 07/01/38		208		261
4.000%, 09/01/21		100		106
TJX 2.750%, 06/15/21		100		106
Toyota Motor Credit
4.250%, 01/11/21		100		112
2.750%, 05/17/21		100		105
2.100%, 01/17/19		150		153
1.900%, 04/08/21		200		203
1.550%, 07/13/18		100		101
1.200%, 04/06/18		50		50
Viacom
4.250%, 09/01/23		100		104
2.200%, 04/01/19		100		100
Walt Disney
3.150%, 09/17/25		100		111
2.550%, 02/15/22		100		105
1.850%, 05/30/19		150		153
Wesleyan University 4.781%, 07/01/16		554		590
Whirlpool 4.000%, 03/01/24		60		65
Wyndham Worldwide 4.250%, 03/01/22		50		53
				24,889
Consumer Staples — 2.0%
Altria Group 9.250%, 08/06/19		200		247
Anheuser-Busch InBev Finance
4.900%, 02/01/46		973		1,140
4.700%, 02/01/36		648		728
3.650%, 02/01/26		550		589
2.650%, 02/01/21		2,365		2,453
2.150%, 02/01/19		200		204
1.900%, 02/01/19		200		204
1.250%, 01/17/18		100		100
Anheuser-Busch InBev Worldwide
7.750%, 01/15/19		100		116
5.375%, 01/15/20		100		112
2.500%, 07/15/22		100		102
Clorox 3.500%, 12/15/24		50		54

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

64

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Coca-Cola
3.300%, 09/01/21	$	100	$	109
3.200%, 11/01/23		100		108
2.875%, 10/27/25		50		53
2.550%, 06/01/26		1,685		1,734
2.450%, 11/01/20		50		52
1.875%, 10/27/20		50		51
1.375%, 05/30/19		50		51
Coca-Cola Femsa 2.375%, 11/26/18		150		153
Colgate-Palmolive 1.750%, 03/15/19		100		102
ConAgra Foods 1.900%, 01/25/18		100		101
Costco Wholesale 1.700%, 12/15/19		100		102
CVS Health
4.000%, 12/05/23		150		166
3.875%, 07/20/25		120		132
3.375%, 08/12/24		100		106
2.875%, 06/01/26		50		51
2.250%, 12/05/18		150		153
2.125%, 06/01/21		50		51
Dr Pepper Snapple Group 3.400%, 11/15/25		150		159
General Mills 5.650%, 02/15/19		100		111
JM Smucker 2.500%, 03/15/20		100		103
Kellogg 4.000%, 12/15/20		100		110
Kimberly-Clark 2.750%, 02/15/26		100		105
Kraft Heinz Foods
3.950%, 07/15/25 (A)		150		163
3.500%, 06/06/22		125		133
2.800%, 07/02/20 (A)		150		156
2.000%, 07/02/18 (A)		425		430
1.600%, 06/30/17 (A)		1,265		1,269
Kroger
6.400%, 08/15/17		100		106
3.300%, 01/15/21		100		106
Mead Johnson Nutrition 3.000%, 11/15/20		30		31
Molson Coors Brewing
4.200%, 07/15/46		819		823
3.000%, 07/15/26		25		25
1.450%, 07/15/19		25		25
Mondelez International 4.000%, 02/01/24		150		164
PepsiCo
7.900%, 11/01/18		200		231
3.600%, 03/01/24		100		110
2.850%, 02/24/26		100		105
2.150%, 10/14/20		100		103
1.250%, 04/30/18		100		100

Description	Face Amount (000)		Value (000)
Philip Morris International
5.650%, 05/16/18	$	250	$	272
4.500%, 03/26/20		100		111
3.375%, 08/11/25		100		108
Procter & Gamble
3.100%, 08/15/23		100		108
1.900%, 11/01/19		100		103
Reynolds American
8.125%, 06/23/19		100		118
4.450%, 06/12/25		150		168
2.300%, 08/21/17		1,813		1,842
Sigma Alimentos 4.125%, 05/02/26 (A)		270		273
Sysco
2.600%, 10/01/20		50		52
2.500%, 07/15/21		35		36
1.900%, 04/01/19		30		30
Tyson Foods 4.500%, 06/15/22		150		167
Unilever Capital
4.250%, 02/10/21		150		167
2.200%, 03/06/19		100		103
USJ Acucar e Alcool 9.875%, 11/09/19 (A)		340		175
Walgreens Boots Alliance
4.800%, 11/18/44		516		555
4.650%, 06/01/46		257		274
3.450%, 06/01/26		165		170
3.300%, 11/18/21		100		105
3.100%, 06/01/23		30		31
2.700%, 11/18/19		100		103
2.600%, 06/01/21		962		980
1.750%, 05/30/18		35		35
Wal-Mart Stores
4.250%, 04/15/21		125		142
3.300%, 04/22/24		150		164
1.125%, 04/11/18		200		201
				20,585
Energy — 3.9%
Anadarko Petroleum
6.950%, 06/15/19		237		263
6.600%, 03/15/46		327		395
6.375%, 09/15/17		26		27
4.850%, 03/15/21		375		398
4.500%, 07/15/44		440		404
Apache 3.250%, 04/15/22		100		102
Baker Hughes 7.500%, 11/15/18		150		170
Boardwalk Pipelines 4.950%, 12/15/24		50		49
BP Capital Markets
3.535%, 11/04/24		250		264
3.119%, 05/04/26		1,929		1,970
3.062%, 03/17/22		100		103

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

65

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
2.750%, 05/10/23	$	100	$	101
2.315%, 02/13/20		125		128
2.237%, 05/10/19		100		103
1.676%, 05/03/19		20		20
Canadian Natural Resources
6.750%, 02/01/39		388		434
5.900%, 02/01/18		495		523
3.450%, 11/15/21		876		876
Chevron
2.954%, 05/16/26		50		52
2.566%, 05/16/23		50		51
2.355%, 12/05/22		150		152
2.193%, 11/15/19		90		92
2.100%, 05/16/21		50		51
1.961%, 03/03/20		150		152
1.718%, 06/24/18		300		303
1.561%, 05/16/19		50		51
Chevron Phillips Chemical 1.700%, 05/01/18 (A)		837		835
CNOOC Curtis Funding No. 1 4.500%, 10/03/23 (A)		950		1,028
CNOOC Finance 2015 USA 3.500%, 05/05/25		200		203
Columbia Pipeline Group 2.450%, 06/01/18		100		100
ConocoPhillips
6.000%, 01/15/20		100		114
4.200%, 03/15/21		150		162
3.350%, 11/15/24		200		206
Devon Energy
5.850%, 12/15/25		1,172		1,293
5.000%, 06/15/45		130		121
2.250%, 12/15/18		150		149
Ecopetrol 5.875%, 09/18/23		100		103
Enable Midstream Partners 2.400%, 05/15/19		50		47
Enbridge Energy Partners 5.875%, 10/15/25		100		111
Encana 3.900%, 11/15/21		50		48
Energy Transfer Partners
6.625%, 10/15/36		314		329
3.600%, 02/01/23		100		96
2.500%, 06/15/18		150		149
Enterprise Products Operating
3.350%, 03/15/23		100		103
2.850%, 04/15/21		30		31
2.550%, 10/15/19		200		205
EOG Resources
3.150%, 04/01/25		100		101
2.625%, 03/15/23		100		100
Exxon Mobil
3.043%, 03/01/26		50		53
2.726%, 03/01/23		35		36
2.709%, 03/06/25		150		157

Description	Face Amount (000)		Value (000)
2.222%, 03/01/21	$	20	$	21
1.819%, 03/15/19		250		255
1.708%, 03/01/19		50		51
1.439%, 03/01/18		30		30
Fermaca Enterprises 6.375%, 03/30/38 (A)		193		192
Halliburton 3.500%, 08/01/23		100		104
Hess 8.125%, 02/15/19		50		56
Husky Energy 4.000%, 04/15/24		100		102
Kinder Morgan
5.300%, 12/01/34		645		630
5.050%, 02/15/46		663		630
3.050%, 12/01/19		50		51
2.000%, 12/01/17		200		199
Kinder Morgan Energy Partners
3.950%, 09/01/22		250		254
3.500%, 03/01/21		20		20
Magellan Midstream Partners 4.250%, 02/01/21		100		108
Marathon Oil 2.800%, 11/01/22		150		136
Marathon Petroleum 3.400%, 12/15/20		100		103
MPLX
4.875%, 12/01/24 (A)		100		97
4.000%, 02/15/25		25		23
Nabors Industries 5.100%, 09/15/23		100		89
National Oilwell Varco 2.600%, 12/01/22		100		93
Noble Energy
8.250%, 03/01/19		1,217		1,394
4.150%, 12/15/21		200		210
Occidental Petroleum
3.400%, 04/15/26		70		74
3.125%, 02/15/22		100		105
Odebrecht Drilling Norbe VIII 6.350%, 06/30/21 (A)		330		92
ONEOK Partners 3.375%, 10/01/22		100		98
Pertamina Persero
6.450%, 05/30/44 (A)		370		392
6.000%, 05/03/42 (A)		280		283
5.250%, 05/23/21 (A)		265		284
Petrobras Global Finance BV 4.375%, 05/20/23		790		642
Petroleos de Venezuela
9.000%, 11/17/21		660		283
8.500%, 11/02/17 (A)		300		210
6.000%, 11/15/26 (A)		665		232
5.375%, 04/12/27		365		127

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

66

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Petroleos Mexicanos
8.000%, 05/03/19	$	250	$	279
6.875%, 08/04/26 (A) (B)		50		56
6.375%, 02/04/21 (A)		240		245
5.625%, 01/23/46		1,388		1,265
5.500%, 02/04/19 (A)		1,767		1,784
4.875%, 01/24/22		350		358
3.500%, 07/23/20		755		717
Petronas Capital
4.500%, 03/18/45 (A)		200		221
3.500%, 03/18/25 (A)		200		210
3.125%, 03/18/22 (A)		455		472
Phillips 66 Partners 3.605%, 02/15/25		25		25
Pioneer Natural Resources 3.450%, 01/15/21		100		103
Plains All American Pipeline
6.650%, 01/15/37		165		171
4.900%, 02/15/45		383		342
4.650%, 10/15/25		150		152
3.850%, 10/15/23		150		145
2.600%, 12/15/19		975		950
Regency Energy Partners 4.500%, 11/01/23		1,269		1,239
Schlumberger Investment 3.650%, 12/01/23		100		107
Shell International Finance
4.000%, 05/10/46		867		884
3.250%, 05/11/25		150		157
2.875%, 05/10/26		100		102
2.000%, 11/15/18		200		203
1.875%, 05/10/21		1,844		1,854
1.625%, 11/10/18		200		202
Sinopec Group Overseas Development 3.500%, 05/03/26 (A)		580		593
Spectra Energy Partners 3.500%, 03/15/25		100		102
State Oil of the Azerbaijan Republic 4.750%, 03/13/23		1,045		1,000
Statoil
3.700%, 03/01/24		100		108
2.450%, 01/17/23		125		126
2.250%, 11/08/19		150		154
Suncor Energy 6.100%, 06/01/18		769		832
Sunoco Logistics Partners Operations 4.400%, 04/01/21		200		211
Total Capital Canada 2.750%, 07/15/23		100		103
Total Capital International
2.700%, 01/25/23		100		103
2.100%, 06/19/19		100		102

Description	Face Amount (000)		Value (000)
TransCanada PipeLines
4.875%, 01/15/26	$	100	$	114
2.500%, 08/01/22		100		100
1.625%, 11/09/17		919		921
Valero Energy
9.375%, 03/15/19		29		35
3.650%, 03/15/25		100		100
Western Gas Partners 2.600%, 08/15/18		100		99
Williams Partners
5.250%, 03/15/20		1,317		1,355
4.900%, 01/15/45		590		501
3.600%, 03/15/22		200		190
				39,876
Financials — 9.9%
ACE INA Holdings 3.350%, 05/15/24		100		107
Aflac 3.625%, 06/15/23		100		107
African Development Bank
1.375%, 02/12/20		100		101
0.875%, 03/15/18		150		150
AIA Group
4.500%, 03/16/46 (A)		410		445
2.250%, 03/11/19 (A)		424		429
Alexandria Real Estate Equities 2.750%, 01/15/20		50		50
Alleghany 4.950%, 06/27/22		100		111
American Express 7.000%, 03/19/18		150		164
American Express Credit
2.375%, 05/26/20		100		102
2.250%, 08/15/19		250		255
1.875%, 11/05/18		150		152
American International Group
4.800%, 07/10/45		400		406
3.900%, 04/01/26		722		744
3.375%, 08/15/20		150		157
3.300%, 03/01/21		150		155
2.300%, 07/16/19		100		102
American Tower
4.700%, 03/15/22		150		166
3.400%, 02/15/19		100		104
Ameriprise Financial 5.300%, 03/15/20		100		112
Andina de Fomento 4.375%, 06/15/22		100		112
Aon 5.000%, 09/30/20		100		112
Ares Capital 3.875%, 01/15/20		60		62
Asian Development Bank
2.000%, 01/22/25		100		103

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

67

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
1.750%, 03/21/19	$	100	$	102
1.625%, 08/26/20		300		306
1.375%, 01/15/19		100		101
1.125%, 06/05/18		150		151
0.875%, 04/26/18		100		100
0.750%, 07/28/17		100		100
Assurant 4.000%, 03/15/23		74		76
Australia & New Zealand Banking Group NY 2.700%, 11/16/20		250		259
AvalonBay Communities 3.500%, 11/15/24		100		105
Banco de Costa Rica 5.250%, 08/12/18 (A)		540		551
Banco Internacional del Peru SAA Interbank 6.625%, 03/19/29 (A) (C)		130		138
Banco Nacional de Costa Rica
5.875%, 04/25/21 (A)		210		217
4.875%, 11/01/18 (A)		350		357
Bank of America
5.700%, 01/24/22		100		116
4.450%, 03/03/26		1,177		1,231
4.200%, 08/26/24		165		171
4.100%, 07/24/23		100		107
4.000%, 01/22/25		100		102
3.950%, 04/21/25		200		204
3.500%, 04/19/26		1,822		1,883
2.650%, 04/01/19		450		461
2.625%, 10/19/20		500		508
2.250%, 04/21/20		250		251
2.050%, 12/07/18		3,104		3,149
2.000%, 01/11/18		150		151
1.750%, 06/05/18		250		252
1.700%, 08/25/17		140		140
Bank of Georgia 7.750%, 07/05/17		330		345
Bank of Montreal
1.800%, 07/31/18		50		51
1.400%, 04/10/18		200		201
Bank of New York Mellon
3.550%, 09/23/21		100		108
3.000%, 02/24/25		100		105
2.500%, 04/15/21		100		104
2.450%, 11/27/20		50		51
2.100%, 08/01/18		200		204
Bank of Nova Scotia
2.800%, 07/21/21		100		104
2.450%, 03/22/21		50		52
2.050%, 10/30/18		100		102
1.950%, 01/15/19		50		51
1.650%, 06/14/19		50		50
1.300%, 07/21/17		100		100
Barclays
3.650%, 03/16/25		200		192
2.875%, 06/08/20		250		247

Description	Face Amount (000)		Value (000)
Barrick North America Finance
5.750%, 05/01/43	$	613	$	666
4.400%, 05/30/21		1,397		1,504
BB&T
2.450%, 01/15/20		100		103
2.050%, 05/10/21		300		304
Berkshire Hathaway
3.125%, 03/15/26		1,144		1,200
3.000%, 02/11/23		150		158
2.750%, 03/15/23		723		747
1.700%, 03/15/19		100		102
BlackRock 5.000%, 12/10/19		100		112
BMCE Bank 6.250%, 11/27/18		200		210
BNP Paribas
4.250%, 10/15/24		200		205
2.375%, 05/21/20		200		204
BOC Aviation 3.875%, 04/27/26 (A)		200		206
Boston Properties
3.850%, 02/01/23		100		107
3.700%, 11/15/18		100		105
BPCE 2.500%, 07/15/19		250		257
Brixmor Operating Partnership
4.125%, 06/15/26		1,208		1,239
3.875%, 08/15/22		30		31
Camden Property Trust 3.500%, 09/15/24		100		104
Capital One 1.650%, 02/05/18		1,737		1,738
Capital One Bank USA 2.150%, 11/21/18		250		252
Capital One Financial
4.200%, 10/29/25		100		103
3.200%, 02/05/25		50		50
2.450%, 04/24/19		100		102
CBL & Associates 5.250%, 12/01/23		150		142
Charles Schwab 4.450%, 07/22/20		100		111
Chubb 5.750%, 05/15/18		100		108
Citigroup
4.400%, 06/10/25		1,088		1,138
3.750%, 06/16/24		100		105
3.500%, 05/15/23		100		102
3.400%, 05/01/26		100		102
3.300%, 04/27/25		100		102
2.700%, 03/30/21		1,673		1,703
2.650%, 10/26/20		100		102
2.500%, 07/29/19		100		102
2.400%, 02/18/20		100		101
2.150%, 07/30/18		70		71

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

68

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
1.800%, 02/05/18	$	500	$	502
1.700%, 04/27/18		100		100
Citigroup Global Markets Holdings 0.000%, 03/03/21 (A) (C)		1,060		270
Citizens Financial Group 4.300%, 12/03/25		100		105
CME Group 3.000%, 03/15/25		150		157
CNA Financial 5.875%, 08/15/20		100		113
Comerica 2.125%, 05/23/19		50		51
Commonwealth Bank of Australia
2.550%, 03/15/21		250		258
2.250%, 03/13/19		250		255
Cooperatieve Rabobank UA
3.875%, 02/08/22		300		326
2.250%, 01/14/20		250		254
Council of Europe Development Bank
1.750%, 11/14/19		100		102
1.125%, 05/31/18		150		151
Credit Agricole 2.375%, 07/01/21 (A)		861		872
Credit Suisse Group Funding Guernsey
3.450%, 04/16/21 (A)		250		252
3.125%, 12/10/20 (A)		250		250
Credit Suisse New York
3.625%, 09/09/24		250		259
1.700%, 04/27/18		250		250
Crown Castle International
5.250%, 01/15/23		100		112
3.700%, 06/15/26		35		36
DDR 3.500%, 01/15/21		100		103
Deutsche Bank
6.000%, 09/01/17		100		104
3.700%, 05/30/24		85		85
2.950%, 08/20/20		100		99
1.875%, 02/13/18		250		248
Development Bank of Kazakhstan 4.125%, 12/10/22 (A)		970		946
Digital Realty Trust 3.625%, 10/01/22		100		103
Discover Bank 2.000%, 02/21/18		250		251
Duke Realty 3.750%, 12/01/24		100		105
ERP Operating 4.625%, 12/15/21		120		136

Description	Face Amount (000)		Value (000)
Essex Portfolio
5.200%, 03/15/21	$	1,345	$	1,506
3.375%, 04/15/26		100		102
European Bank for Reconstruction & Development
1.750%, 11/26/19		150		153
1.500%, 03/16/20		200		203
European Investment Bank
3.250%, 01/29/24		250		280
2.250%, 08/15/22		250		261
2.125%, 10/15/21		300		310
1.875%, 03/15/19		150		154
1.750%, 06/17/19		300		306
1.625%, 12/18/18		300		304
1.375%, 06/15/20		150		151
1.250%, 05/15/18		250		252
1.125%, 09/15/17		800		803
1.000%, 08/17/17		200		200
Export Credit Bank of Turkey 5.875%, 04/24/19 (A)		200		212
Export-Import Bank of India 4.000%, 01/14/23		270		283
Fifth Third Bancorp 2.875%, 07/27/20		250		261
Fifth Third Bank 2.250%, 06/14/21		499		507
Financiera de Desarrollo 4.750%, 02/08/22 (A)		440		466
FMS Wertmanagement AoeR
1.750%, 03/17/20		200		205
1.375%, 06/08/21		200		201
Goldman Sachs Group
6.150%, 04/01/18		500		539
5.750%, 01/24/22		300		348
4.250%, 10/21/25		200		207
4.000%, 03/03/24		200		214
3.750%, 05/22/25		1,643		1,727
3.625%, 01/22/23		673		706
2.750%, 09/15/20		75		76
2.625%, 04/25/21		100		101
2.600%, 04/23/20		100		102
2.550%, 10/23/19		200		205
Hanover Insurance Group 4.500%, 04/15/26		100		103
Hartford Financial Services Group 5.125%, 04/15/22		100		114
HCP 5.375%, 02/01/21		200		222
Hospitality Properties Trust
5.250%, 02/15/26		100		105
5.000%, 08/15/22		100		108
Host Hotels & Resorts 3.750%, 10/15/23		100		101

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

69

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
HSBC Finance 6.676%, 01/15/21	$	100	$	112
HSBC Holdings
4.250%, 08/18/25		200		202
4.000%, 03/30/22		100		105
3.900%, 05/25/26		1,764		1,815
3.600%, 05/25/23		250		256
3.400%, 03/08/21		936		964
2.950%, 05/25/21		200		202
HSBC USA
2.625%, 09/24/18		150		152
2.000%, 08/07/18		100		100
1.500%, 11/13/17		150		150
Huntington National Bank 2.000%, 06/30/18		250		252
IDBI Bank 4.125%, 04/23/20		410		419
Industrial & Commercial Bank of China 2.905%, 11/13/20		250		256
ING Bank 2.000%, 11/26/18 (A)		1,309		1,323
Inter-American Development Bank
2.125%, 11/09/20		375		390
2.000%, 06/02/26		150		154
1.875%, 06/16/20		450		463
1.750%, 04/14/22		150		153
1.000%, 07/14/17		200		200
Intercontinental Exchange 4.000%, 10/15/23		150		162
International Bank for Reconstruction & Development
2.500%, 11/25/24		250		267
2.250%, 06/24/21		50		53
2.125%, 02/13/23		100		104
1.875%, 03/15/19		400		410
1.625%, 03/09/21		350		356
1.375%, 05/24/21		200		201
1.250%, 07/26/19		100		101
1.000%, 11/15/17		500		502
0.875%, 07/19/18		250		251
International Finance
1.625%, 07/16/20		100		102
1.250%, 07/16/18		100		101
0.875%, 06/15/18		300		300
Intesa Sanpaolo 5.250%, 01/12/24		250		266
Jefferies Group 6.875%, 04/15/21		100		114
JPMorgan Chase
6.000%, 01/15/18		300		321
3.900%, 07/15/25		250		270
3.625%, 05/13/24		100		106
3.375%, 05/01/23		200		204

Description	Face Amount (000)		Value (000)
3.300%, 04/01/26	$	100	$	103
3.200%, 06/15/26		861		885
3.125%, 01/23/25		150		153
2.750%, 06/23/20		300		309
2.700%, 05/18/23		100		101
2.550%, 10/29/20		530		540
2.400%, 06/07/21		2,814		2,851
2.250%, 01/23/20		1,653		1,676
1.800%, 01/25/18		250		252
1.700%, 03/01/18		250		251
KeyBank 3.400%, 05/20/26		250		254
KeyCorp 5.100%, 03/24/21		150		169
KFW
2.500%, 11/20/24		150		160
2.125%, 01/17/23		250		260
1.875%, 04/01/19		750		771
1.500%, 04/20/20		600		608
1.000%, 01/26/18		900		903
0.875%, 12/15/17		500		501
Kimco Realty 3.200%, 05/01/21		50		52
Landwirtschaftliche Rentenbank
2.375%, 06/10/25		100		105
1.750%, 04/15/19		100		102
1.000%, 04/04/18		200		201
Lazard Group 3.750%, 02/13/25		50		50
Liberty Property 4.125%, 06/15/22		100		106
Lima Metro Line 2 Finance 5.875%, 07/05/34 (A)		230		241
Lloyds Bank
3.500%, 05/14/25		200		205
2.000%, 08/17/18		200		200
Loews 2.625%, 05/15/23		100		101
Magyar Export-Import Bank 4.000%, 01/30/20 (A)		450		457
Manufacturers & Traders Trust 1.400%, 07/25/17		250		250
Marsh & McLennan 2.350%, 09/10/19		75		77
MetLife
3.600%, 04/10/24		150		158
1.903%, 12/15/17		89		90
Metropolitan Life Global Funding I 1.300%, 04/10/17 (A)		2,266		2,273
MFB Magyar Fejlesztesi Bank 6.250%, 10/21/20 (A)		200		220
Mitsubishi UFJ Financial Group 3.850%, 03/01/26		200		218
Moody’s 2.750%, 07/15/19		100		103

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

70

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Morgan Stanley
4.875%, 11/01/22	$	100	$	110
4.000%, 07/23/25		1,118		1,197
3.875%, 01/27/26		415		441
3.700%, 10/23/24		150		157
2.800%, 06/16/20		100		102
2.650%, 01/27/20		100		102
2.500%, 01/24/19		250		255
2.375%, 07/23/19		550		559
1.875%, 01/05/18		200		201
Nasdaq 5.250%, 01/16/18		85		90
National Australia Bank 2.625%, 07/23/20		250		259
National Retail Properties 4.000%, 11/15/25		35		37
National Rural Utilities Cooperative Finance
10.375%, 11/01/18		150		181
2.700%, 02/15/23		100		104
National Savings Bank 8.875%, 09/18/18 (A)		490		522
Nomura Holdings 2.750%, 03/19/19		150		154
Nordic Investment Bank 1.125%, 03/19/18		200		201
Oesterreichische Kontrollbank 1.125%, 05/29/18		150		151
Omega Healthcare Investors 4.375%, 08/01/23		50		50
Pelabuhan Indonesia III 4.875%, 10/01/24 (A)		200		211
PLA Administradora Industrial S de RL 5.250%, 11/10/22 (A)		200		203
PNC Bank
3.250%, 06/01/25		250		265
2.400%, 10/18/19		250		257
1.800%, 11/05/18		250		253
Pricoa Global Funding I 1.900%, 09/21/18 (A)		602		611
Principal Financial Group 3.400%, 05/15/25		100		102
Private Export Funding
3.250%, 06/15/25		100		111
2.250%, 03/15/20		200		208
Prudential Financial
7.375%, 06/15/19		100		116
5.625%, 06/15/43 (C)		100		104
5.375%, 05/15/45 (C)		100		101
Realty Income 3.250%, 10/15/22		100		103
Regions Financial 3.200%, 02/08/21		50		51

Description	Face Amount (000)		Value (000)
Royal Bank of Canada
2.200%, 07/27/18	$	150	$	153
2.150%, 03/15/19		200		204
2.000%, 12/10/18		50		51
1.625%, 04/15/19		150		151
Santander Holdings USA
2.700%, 05/24/19		50		50
2.650%, 04/17/20		100		99
Santander UK
3.125%, 01/08/21		100		100
2.375%, 03/16/20		100		100
1.650%, 09/29/17		100		100
Senior Housing Properties Trust 3.250%, 05/01/19		150		151
Simon Property Group
3.375%, 10/01/24		125		134
3.300%, 01/15/26		100		107
2.200%, 02/01/19		150		153
Standard Chartered Bank 7.280%, 06/05/19 (A)		25,000		372
Sumitomo Mitsui Banking 1.950%, 07/23/18		250		253
Sumitomo Mitsui Financial Group
3.784%, 03/09/26		50		55
2.934%, 03/09/21		250		260
SunTrust Banks
2.900%, 03/03/21		50		52
2.500%, 05/01/19		50		51
Svensk Exportkredit 1.875%, 06/17/19		200		205
Svenska Handelsbanken 1.625%, 03/21/18		250		252
Synchrony Financial
4.500%, 07/23/25		100		104
3.000%, 08/15/19		100		101
TD Ameritrade Holding 2.950%, 04/01/22		200		208
Toronto-Dominion Bank
2.500%, 12/14/20		100		104
2.125%, 07/02/19		150		153
1.950%, 04/02/20 (A)		473		481
1.625%, 03/13/18		150		151
Travelers 3.900%, 11/01/20		100		110
Turkiye Vakiflar Bankasi Tao 5.000%, 10/31/18 (A)		520		534
UBS
2.350%, 03/26/20		250		256
1.800%, 03/26/18		250		252
1.375%, 06/01/17		1,334		1,336
UDR
4.625%, 01/10/22		1,189		1,317
4.000%, 10/01/25		50		54
Unum Group 4.000%, 03/15/24		50		52

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

71

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
US Bancorp
2.950%, 07/15/22	$	300	$	312
1.950%, 11/15/18		100		102
US Bank 1.400%, 04/26/19		250		252
Ventas Realty
4.250%, 03/01/22		100		108
3.750%, 05/01/24		50		52
2.700%, 04/01/20		100		102
Vornado Realty 2.500%, 06/30/19		100		102
Voya Financial 2.900%, 02/15/18		77		78
WEA Finance 4.750%, 09/17/44 (A)		735		792
Wells Fargo
5.625%, 12/11/17		500		532
4.900%, 11/17/45		449		491
4.400%, 06/14/46		763		777
4.125%, 08/15/23		200		215
3.550%, 09/29/25		100		107
3.300%, 09/09/24		100		105
3.000%, 01/22/21		300		309
2.600%, 07/22/20		250		257
2.550%, 12/07/20		85		88
1.750%, 05/24/19		250		253
Welltower 5.250%, 01/15/22		100		112
Westpac Banking
4.875%, 11/19/19		200		221
2.850%, 05/13/26		681		692
2.600%, 11/23/20		150		155
2.250%, 01/17/19		100		102
Weyerhaeuser 4.625%, 09/15/23		100		111
WP Carey 4.600%, 04/01/24		50		51
XLIT 5.750%, 10/01/21		74		85
				100,828
Health Care — 2.3%
Abbott Laboratories 2.550%, 03/15/22		150		153
AbbVie
4.500%, 05/14/35		253		264
3.200%, 11/06/22		550		562
2.850%, 05/14/23		50		51
2.300%, 05/14/21		50		51
1.800%, 05/14/18		1,799		1,812
Actavis 1.875%, 10/01/17		100		101
Actavis Funding
4.550%, 03/15/35		132		136
3.800%, 03/15/25		190		198
3.450%, 03/15/22		150		156

Description	Face Amount (000)		Value (000)
3.000%, 03/12/20	$	1,309	$	1,350
2.350%, 03/12/18		80		81
Aetna
4.375%, 06/15/46		852		885
3.200%, 06/15/26		205		211
2.800%, 06/15/23		25		26
2.750%, 11/15/22		150		153
2.400%, 06/15/21		25		25
1.900%, 06/07/19		35		35
1.700%, 06/07/18		30		30
AmerisourceBergen 3.400%, 05/15/24		100		106
Amgen
5.700%, 02/01/19		250		277
3.625%, 05/22/24		150		161
3.125%, 05/01/25		100		104
Anthem 3.300%, 01/15/23		200		207
AstraZeneca
2.375%, 11/16/20		150		154
1.950%, 09/18/19		100		102
Baxalta 3.600%, 06/23/22		100		103
Becton Dickinson
3.875%, 05/15/24		100		109
3.734%, 12/15/24		150		161
1.800%, 12/15/17		100		101
Biogen 3.625%, 09/15/22		100		106
Boston Scientific
3.375%, 05/15/22		100		104
2.850%, 05/15/20		100		103
Bristol-Myers Squibb 2.000%, 08/01/22		100		102
Cardinal Health 3.200%, 03/15/23		100		104
Celgene
3.875%, 08/15/25		100		106
2.250%, 05/15/19		100		102
2.125%, 08/15/18		200		203
Cigna 4.000%, 02/15/22		100		108
City of Hope 5.623%, 11/15/43		443		569
Covidien International Finance 6.000%, 10/15/17		100		106
CR Bard 3.000%, 05/15/26		50		51
Eli Lilly 1.250%, 03/01/18		100		101
Express Scripts Holding
4.800%, 07/15/46		689		688
4.750%, 11/15/21		100		112
3.900%, 02/15/22		150		161

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

72

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Gilead Sciences
3.500%, 02/01/25	$	100	$	107
2.550%, 09/01/20		200		208
2.350%, 02/01/20		20		20
1.850%, 09/04/18		20		20
GlaxoSmithKline Capital
2.850%, 05/08/22		100		105
2.800%, 03/18/23		125		131
Howard Hughes Medical Institute 3.500%, 09/01/23		150		166
Humana 3.850%, 10/01/24		100		107
Johnson & Johnson
2.450%, 12/05/21		100		106
1.125%, 11/21/17		100		100
Laboratory Corp of America Holdings 2.625%, 02/01/20		100		102
McKesson 2.284%, 03/15/19		100		102
Medtronic
4.625%, 03/15/45		445		523
4.375%, 03/15/35		724		819
3.500%, 03/15/25		100		109
2.750%, 04/01/23		200		206
2.500%, 03/15/20		150		156
1.375%, 04/01/18		75		75
Merck
2.750%, 02/10/25		200		209
1.850%, 02/10/20		150		153
Mylan
5.250%, 06/15/46 (A)		356		371
3.950%, 06/15/26		200		203
3.750%, 12/15/20 (A)		100		104
3.150%, 06/15/21 (A)		1,253		1,271
New York and Presbyterian Hospital
4.763%, 08/01/16		411		432
3.563%, 08/01/36		229		241
Novartis Capital
3.400%, 05/06/24		100		109
3.000%, 11/20/25		50		53
Novartis Securities Investment 5.125%, 02/10/19		100		110
Perrigo 4.000%, 11/15/23		200		206
Pfizer
5.200%, 08/12/20		100		114
3.000%, 06/15/23		100		107
1.950%, 06/03/21		4,046		4,101
1.500%, 06/15/18		100		101
Quest Diagnostics 2.500%, 03/30/20		150		151
Sanofi 1.250%, 04/10/18		125		126

Description	Face Amount (000)		Value (000)
St. Jude Medical 2.800%, 09/15/20	$	150	$	155
Stryker
3.500%, 03/15/26		25		27
3.375%, 11/01/25		50		52
2.000%, 03/08/19		30		31
Teva Pharmaceutical Finance 2.950%, 12/18/22		150		153
Thermo Fisher Scientific
3.600%, 08/15/21		100		106
2.400%, 02/01/19		150		153
UnitedHealth Group
3.750%, 07/15/25		50		55
3.350%, 07/15/22		100		107
2.875%, 03/15/22		100		104
2.700%, 07/15/20		130		135
2.300%, 12/15/19		50		52
1.900%, 07/16/18		60		61
Zimmer Biomet Holdings 3.150%, 04/01/22		200		205
Zoetis 3.250%, 02/01/23		50		51
				23,462
Industrials — 1.8%
3M 1.625%, 06/15/19		100		102
ABB Finance USA 2.875%, 05/08/22		150		156
Air Lease 3.375%, 01/15/19		150		153
American Airlines Pass-Through Trust 4.950%, 01/15/23		168		183
Boeing 2.350%, 10/30/21		150		155
Burlington Northern Santa Fe
3.750%, 04/01/24		200		221
3.050%, 03/15/22		100		107
Canadian National Railway 5.550%, 03/01/19		100		111
Canadian Pacific Railway 2.900%, 02/01/25		100		102
Caterpillar
3.900%, 05/27/21		50		55
3.400%, 05/15/24		100		107
Caterpillar Financial Services
2.450%, 09/06/18		150		154
1.350%, 05/18/19		200		201
CSX 7.375%, 02/01/19		100		115
Danaher
3.350%, 09/15/25		30		33
1.650%, 09/15/18		120		122

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

73

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Deere 2.600%, 06/08/22	$	150	$	154
Dover 4.300%, 03/01/21		100		111
DP World 6.850%, 07/02/37 (A)		440		482
Eaton 2.750%, 11/02/22		200		205
Emerson Electric 2.625%, 02/15/23		100		104
Eskom Holdings 5.750%, 01/26/21 (A)		650		644
FedEx 3.200%, 02/01/25		100		104
GATX 2.500%, 07/30/19		150		152
GE Capital International Funding 2.342%, 11/15/20 (A)		450		464
GE Capital International Funding Unlimited Co 4.418%, 11/15/35 (A)		1,588		1,781
General Dynamics 2.250%, 11/15/22		100		102
General Electric
5.250%, 12/06/17		500		529
4.650%, 10/17/21		150		172
3.450%, 05/15/24		100		109
Georgian Railway 7.750%, 07/11/22 (A)		900		992
Honeywell International 4.250%, 03/01/21		125		140
Illinois Tool Works 1.950%, 03/01/19		100		102
Ingersoll-Rand Global Holding 4.250%, 06/15/23		100		111
John Deere Capital
3.350%, 06/12/24		100		108
2.800%, 03/04/21		150		157
1.350%, 01/16/18		100		101
Kazakhstan Temir Zholy Finance 6.375%, 10/06/20 (A)		730		761
Koninklijke Philips 5.750%, 03/11/18		100		107
L-3 Communications 5.200%, 10/15/19		125		136
Lockheed Martin
2.900%, 03/01/25		100		103
2.500%, 11/23/20		150		155
Norfolk Southern
3.250%, 12/01/21		100		106
2.900%, 06/15/26		35		36
Northrop Grumman
3.500%, 03/15/21		100		107
3.250%, 08/01/23		50		54

Description	Face Amount (000)		Value (000)
Owens Corning 4.200%, 12/01/24	$	100	$	105
PACCAR Financial
1.400%, 11/17/17		55		55
1.300%, 05/10/19		20		20
Parker-Hannifin 3.300%, 11/21/24		150		162
Pentair Finance 3.625%, 09/15/20		100		103
Pitney Bowes 4.625%, 03/15/24		100		106
Precision Castparts 2.500%, 01/15/23		150		155
Raytheon 2.500%, 12/15/22		150		156
Red de Carreteras de Occidente 9.000%, 06/10/28 (A)		6,100		343
Republic Services 3.550%, 06/01/22		150		162
Roper Technologies 2.050%, 10/01/18		100		101
Ryder System 2.550%, 06/01/19		95		97
Siemens Financieringsmaatschappij 1.450%, 05/25/18 (A)		1,259		1,269
Southwest Airlines 2.750%, 11/06/19		50		52
Stanley Black & Decker 2.900%, 11/01/22		100		106
TTX 2.250%, 02/01/19 (A)		620		630
Union Pacific
3.646%, 02/15/24		100		111
3.250%, 08/15/25		100		109
United Parcel Service
5.125%, 04/01/19		100		111
3.125%, 01/15/21		45		48
United Technologies
3.100%, 06/01/22		100		106
1.550%, 05/04/18 (D)		3,974		4,010
Verisk Analytics 4.000%, 06/15/25		50		53
Waste Management 3.500%, 05/15/24		100		108
				18,744
Information Technology — 1.5%
Alibaba Group Holding 2.500%, 11/28/19		250		253
Alphabet 3.375%, 02/25/24		100		110
Amphenol 1.550%, 09/15/17		100		100

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

74

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Apple
3.450%, 05/06/24	$	100	$	109
3.250%, 02/23/26		135		143
2.700%, 05/13/22		200		209
2.400%, 05/03/23		200		204
2.250%, 02/23/21		50		51
2.100%, 05/06/19		300		309
1.700%, 02/22/19		20		20
1.000%, 05/03/18		100		100
Applied Materials 2.625%, 10/01/20		50		52
Arrow Electronics 3.500%, 04/01/22		100		102
Automatic Data Processing 2.250%, 09/15/20		50		52
Baidu
4.125%, 06/30/25		310		325
3.250%, 08/06/18		200		205
Cisco Systems
4.950%, 02/15/19		100		110
4.450%, 01/15/20		200		221
3.625%, 03/04/24		100		112
3.500%, 06/15/25		50		56
2.950%, 02/28/26		50		53
2.200%, 02/28/21		200		206
Corning 1.500%, 05/08/18		100		100
Diamond 1 Finance
6.020%, 06/15/26 (A)		60		63
5.450%, 06/15/23 (A)		85		88
4.420%, 06/15/21 (A)		100		103
3.480%, 06/01/19 (A)		265		271
eBay
2.875%, 08/01/21		150		155
2.600%, 07/15/22		150		148
EMC 3.375%, 06/01/23		100		91
Fidelity National Information Services
5.000%, 10/15/25		100		113
3.500%, 04/15/23		150		156
Fiserv 2.700%, 06/01/20		100		104
Harris 2.700%, 04/27/20		35		35
Hewlett Packard Enterprise
4.900%, 10/15/25 (A)		100		104
3.600%, 10/15/20 (A)		150		157
2.850%, 10/05/18 (A)		100		102
HP 4.650%, 12/09/21		100		108
Intel
3.700%, 07/29/25		25		28
3.300%, 10/01/21		100		108
2.700%, 12/15/22		250		262
2.600%, 05/19/26		448		457
2.450%, 07/29/20		60		62

Description	Face Amount (000)		Value (000)
International Business Machines
3.625%, 02/12/24	$	100	$	109
3.450%, 02/19/26		50		54
2.875%, 11/09/22		150		159
2.250%, 02/19/21		50		52
1.875%, 08/01/22		150		149
1.625%, 05/15/20		150		152
1.125%, 02/06/18		100		101
Juniper Networks 4.500%, 03/15/24		50		53
Keysight Technologies 3.300%, 10/30/19		100		102
KLA-Tencor 3.375%, 11/01/19		150		155
Lam Research
3.900%, 06/15/26		966		1,017
2.800%, 06/15/21		1,495		1,531
Microsoft
4.000%, 02/08/21		150		168
3.625%, 12/15/23		100		111
2.375%, 02/12/22		200		206
1.625%, 12/06/18		150		153
Motorola Solutions 3.500%, 09/01/21		100		102
NetApp 3.375%, 06/15/21		50		51
Oracle
3.850%, 07/15/36		1,180		1,183
2.950%, 05/15/25		100		104
2.650%, 07/15/26		90		90
2.500%, 05/15/22		150		153
2.400%, 09/15/23		50		50
2.375%, 01/15/19		150		155
2.250%, 10/08/19		200		206
1.900%, 09/15/21		1,835		1,842
1.200%, 10/15/17		150		151
QUALCOMM
3.000%, 05/20/22		100		105
1.400%, 05/18/18		100		101
Seagate HDD Cayman 4.750%, 01/01/25		100		79
Telefonaktiebolaget LM Ericsson 4.125%, 05/15/22		50		54
Texas Instruments 1.000%, 05/01/18		100		100
Total System Services 4.800%, 04/01/26		100		108
Tyco Electronics Group 2.350%, 08/01/19		50		51
Visa
3.150%, 12/14/25		300		321
2.200%, 12/14/20		100		103
Western Union 2.875%, 12/10/17		100		102
Xerox 4.500%, 05/15/21		150		152

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

75

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Xilinx 2.125%, 03/15/19	$	50	$	51
				15,603
Materials — 0.7%
Air Products & Chemicals 3.350%, 07/31/24		100		108
Airgas 3.650%, 07/15/24		100		105
Barrick 4.100%, 05/01/23		32		34
BHP Billiton Finance USA 6.500%, 04/01/19		125		142
CF Industries 7.125%, 05/01/20		100		115
Dow Chemical 8.550%, 05/15/19		225		267
DuPont (E.I.) De Nemours
4.625%, 01/15/20		100		110
2.800%, 02/15/23		100		103
Ecolab 3.250%, 01/14/23		100		105
Goldcorp 3.700%, 03/15/23		50		51
International Paper 7.950%, 06/15/18		125		141
LYB International Finance BV 4.875%, 03/15/44		581		614
LyondellBasell Industries 5.000%, 04/15/19		250		271
Mexichem 5.875%, 09/17/44 (A)		260		239
Monsanto 2.125%, 07/15/19		100		101
Nacional del Cobre de Chile
4.875%, 11/04/44 (A)		152		153
4.500%, 09/16/25 (A)		310		324
3.875%, 11/03/21 (A)		340		360
3.000%, 07/17/22 (A)		200		198
Newmont Mining 3.500%, 03/15/22		100		104
OCP 5.625%, 04/25/24 (A)		410		435
Packaging Corp of America 3.650%, 09/15/24		100		103
Potash Corp of Saskatchewan 3.625%, 03/15/24		100		105
PPG Industries 2.300%, 11/15/19		100		101
Praxair 3.000%, 09/01/21		150		160
Rio Tinto Finance USA 3.750%, 06/15/25		200		209

Description	Face Amount (000)		Value (000)
Sherwin-Williams 3.450%, 08/01/25	$	100	$	104
Southern Copper 3.875%, 04/23/25		30		30
Vale Overseas
6.875%, 11/21/36		375		341
5.875%, 06/10/21		1,091		1,093
4.375%, 01/11/22		250		234
Vulcan Materials 7.500%, 06/15/21		50		60
WestRock RKT 4.450%, 03/01/19		100		106
				6,726
Telecommunication Services — 1.0%
America Movil 5.000%, 03/30/20		200		222
AT&T
5.650%, 02/15/47		200		229
5.150%, 03/15/42		191		206
5.000%, 03/01/21		200		224
4.450%, 04/01/24		100		110
4.300%, 12/15/42		429		415
4.125%, 02/17/26		200		215
3.600%, 02/17/23		3,482		3,632
3.400%, 05/15/25		150		154
3.000%, 06/30/22		195		200
2.625%, 12/01/22		125		125
2.450%, 06/30/20		250		255
2.300%, 03/11/19		230		235
1.400%, 12/01/17		100		100
British Telecommunications 2.350%, 02/14/19		140		143
Deutsche Telekom International Finance 6.750%, 08/20/18		100		112
Digicel Group 7.125%, 04/01/22 (A)		400		297
Orange 4.125%, 09/14/21		100		110
RELX Capital 3.125%, 10/15/22		100		102
Rogers Communications 6.800%, 08/15/18		50		55
Telefonica Emisiones 3.192%, 04/27/18		250		257
Thomson Reuters
6.500%, 07/15/18		100		110
3.350%, 05/15/26		100		102
Verizon Communications
5.150%, 09/15/23		375		437
4.500%, 09/15/20		250		277
4.272%, 01/15/36		1,398		1,431
3.650%, 09/14/18		150		157
2.625%, 02/21/20		200		207

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

76

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Vodafone Group
2.500%, 09/26/22	$	200	$	197
1.500%, 02/19/18		150		150
				10,466
Utilities — 2.6%
Abengoa Transmision 6.875%, 04/30/43 (A)		250		260
AGL Capital 3.250%, 06/15/26		30		31
American Electric Power 1.650%, 12/15/17		150		150
Arizona Public Service 3.150%, 05/15/25		50		53
Berkshire Hathaway Energy 3.750%, 11/15/23		100		109
CenterPoint Energy Houston Electric 2.250%, 08/01/22		100		101
Cleco Corporate Holdings 3.743%, 05/01/26 (A)		100		103
CMS Energy
6.250%, 02/01/20		100		115
3.000%, 05/15/26		40		41
Comision Federal de Electricidad
6.125%, 06/16/45 (A)		675		715
4.875%, 01/15/24 (A)		215		225
Consolidated Edison Company of New York 5.850%, 04/01/18		100		108
Dominion Gas Holdings
4.600%, 12/15/44		141		147
2.800%, 11/15/20		150		155
2.500%, 12/15/19		464		474
Dominion Resources
4.104%, 04/01/21 (D)		135		143
2.962%, 07/01/19 (D)		435		443
1.900%, 06/15/18		200		201
DTE Energy
3.300%, 06/15/22		1,689		1,780
2.400%, 12/01/19		100		102
Duke Energy
5.050%, 09/15/19		200		220
3.950%, 10/15/23		150		163
2.100%, 06/15/18		50		50
Empresa Nacional de Electricidad 4.250%, 04/15/24		50		53
Entergy
5.125%, 09/15/20		100		109
4.000%, 07/15/22		50		54
Exelon
5.625%, 06/15/35		243		290
4.450%, 04/15/46		607		648
3.400%, 04/15/26		100		105

Description	Face Amount (000)		Value (000)
2.850%, 06/15/20	$	200	$	206
1.550%, 06/09/17		778		779
FirstEnergy Transmission 5.450%, 07/15/44 (A)		654		713
Florida Power & Light 3.250%, 06/01/24		150		161
ITC Holdings
5.300%, 07/01/43		657		737
3.650%, 06/15/24		25		26
Jersey Central Power & Light 4.300%, 01/15/26 (A)		972		1,039
Kansas City Power & Light 3.650%, 08/15/25		100		106
Majapahit Holding BV 7.750%, 01/20/20 (A)		190		217
Metropolitan Edison 7.700%, 01/15/19		100		113
MidAmerican Energy 2.400%, 03/15/19		138		143
NextEra Energy Capital Holdings
2.700%, 09/15/19		1,402		1,446
2.056%, 09/01/17		1,418		1,428
NiSource Finance 6.400%, 03/15/18		105		114
Northern States Power
2.600%, 05/15/23		100		103
2.200%, 08/15/20		50		52
NSTAR Electric
2.700%, 06/01/26		50		51
2.375%, 10/15/22		100		103
Oncor Electric Delivery
7.000%, 09/01/22		100		128
4.550%, 12/01/41		820		949
ONE Gas 2.070%, 02/01/19		74		75
Pacific Gas & Electric
3.500%, 10/01/20		150		161
2.950%, 03/01/26		50		52
PECO Energy 3.150%, 10/15/25		100		107
Perusahaan Gas Negara Persero 5.125%, 05/16/24 (A)		450		469
PPL Capital Funding
3.500%, 12/01/22		150		158
3.100%, 05/15/26		525		531
Progress Energy 7.750%, 03/01/31		946		1,325
PSEG Power 3.000%, 06/15/21		50		51
Public Service Electric & Gas
3.050%, 11/15/24		25		27
2.300%, 09/15/18		100		102

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

77

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Puget Energy 6.500%, 12/15/20	$	100	$	116
Sempra Energy
9.800%, 02/15/19		2,631		3,166
3.750%, 11/15/25		100		107
3.550%, 06/15/24		100		105
Southern
4.400%, 07/01/46		554		595
2.750%, 06/15/20		100		104
2.450%, 09/01/18		200		205
2.350%, 07/01/21		936		955
1.850%, 07/01/19		100		101
Southern California Edison 3.500%, 10/01/23		150		164
State Grid Overseas Investment 2.875%, 05/18/26 (A)		260		262
Union Electric 3.500%, 04/15/24		150		163
Virginia Electric & Power 3.100%, 05/15/25		100		106
WEC Energy Group 1.650%, 06/15/18		789		796
Wisconsin Public Service 1.650%, 12/04/18		30		30
Xcel Energy 1.200%, 06/01/17		1,015		1,016
				26,811
Total Corporate Obligations (Cost $280,447) (000)				287,990
MORTGAGE-BACKED SECURITIES — 15.9%
Agency Mortgage-Backed Obligations — 14.5%
FHLMC
4.500%, 08/01/40-05/01/42		4,036		4,460
4.000%, 07/01/24-04/01/46		9,614		10,419
3.500%, 07/15/41-10/01/45		9,151		9,687
3.000%, 07/15/43		5,795		6,007
FHLMC Multifamily Structured Pass-Through Certificates, Ser K048, Cl A2
3.284%, 06/25/25 (C)		1,023		1,123
3.241%, 09/25/24		535		586
3.171%, 10/25/24		556		606
3.010%, 07/25/25		337		363
2.995%, 12/25/25		540		579
2.745%, 01/25/26		545		573
FNMA
5.500%, 07/01/34-08/01/37		2,446		2,773
5.000%, 12/01/34-01/01/44		2,275		2,547
4.500%, 05/01/39-12/01/45		7,793		8,588
4.000%, 07/13/39-03/01/46		13,235		14,300
3.500%, 07/25/26-05/01/46		26,706		28,354
3.000%, 07/01/26-01/01/43		20,944		21,852
2.500%, 07/01/27		6,555		6,782

Description	Face Amount (000)		Value (000)
GNMA
4.000%, 07/01/39-06/20/46	$	6,241	$	6,686
3.500%, 07/15/41		13,350		14,169
3.000%, 07/15/42		7,525		7,868
				148,322
Non-Agency Mortgage-Backed Obligations — 1.4%
Alternative Loan Trust, Ser 2003-22CB, Cl 3A1
6.000%, 12/25/33		1,055		1,055
5.750%, 10/25/33		90		93
Banc of America Commercial Mortgage Trust, Ser 2006-6, Cl A3
5.369%, 10/10/45 (B)		5		5
3.705%, 09/15/48		127		139
Citigroup Mortgage Loan Trust, Ser 2015-2, Cl 1A1 0.633%, 06/25/47 (A) (C)		523		449
COMM Mortgage Trust, Ser 2013-CR11, Cl A3
3.983%, 10/10/46		610		676
3.759%, 08/10/48		488		535
3.708%, 07/10/48		291		319
2.365%, 02/10/29 (A)		2,437		2,450
CSAIL Commercial Mortgage Trust, Ser 2015-C4, Cl A4 3.808%, 11/15/48		253		279
CSMC Trust, Ser 2014-USA, Cl A2 3.953%, 09/15/37 (A)		264		289
Fosse Master Issuer, Ser 2015-1A, Cl A2 0.933%, 10/18/54 (A) (C)		807		804
GS Mortgage Securities II, Ser 2015-GC30, Cl A4 3.382%, 05/10/50		58		62
GS Mortgage Securities Trust, Ser 2015-590M, Cl A
3.621%, 10/10/35 (A)		397		429
2.933%, 06/05/31 (A)		1,331		1,377
GSR Mortgage Loan Trust, Ser 2005-4F, Cl 6A1 6.500%, 02/25/35		113		114
HarborView Mortgage Loan Trust, Ser 2004-3, Cl 1A 2.803%, 05/19/34 (C)		64		63
JPMorgan Mortgage Trust,
Ser 2003-A2, Cl 3A1 2.467%, 11/25/33 (C)		248		235
Ser 2005-A1, Cl 6T1 2.954%, 02/25/35 (C)		335		316
Ser 2005-A2, Cl 3A2 2.727%, 04/25/35 (C)		82		79
Ser 2005-A3, Cl 4A1 2.816%, 06/25/35 (C)		175		175

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

78

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
MLCC Mortgage Investors, Ser 2006-2, Cl 2A 2.516%, 05/25/36 (C)	$	406	$	390
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C12, Cl A4
4.259%, 10/15/46 (C)		314		355
4.064%, 02/15/47		31		34
3.787%, 01/15/47		218		240
Morgan Stanley Capital I Trust, Ser 2014-CPT, Cl A 3.350%, 07/13/29 (A)		646		687
Structured Adjustable Rate Mortgage Loan Trust, Ser 2004-6, Cl 1A 2.858%, 06/25/34 (C)		439		432
Wedgewood Real Estate Trust, Ser 2016-1, Cl A1 3.750%, 07/15/46 (A) (C)		380		380
Wells Fargo Commercial Mortgage Trust, Ser 2015-SG1, Cl A4
3.789%, 12/15/47		298		328
3.617%, 09/15/57		69		75
Wells Fargo Mortgage Backed Securities Trust, Ser 2005-AR10, Cl 2A4
2.880%, 05/01/35 (C)		208		210
2.742%, 10/25/33 (C)		798		796
				13,870
Total Mortgage-Backed Securities (Cost $160,779) (000)				162,192
LOAN PARTICIPATIONS — 9.1%
Aerospace/Defense — 0.0%
Transdigm Inc., Tranche D Term Loan, 1st Lien 3.750%, 06/04/21		147		145
Automotive — 0.2%
FCA US LLC (fka Chrysler Group LLC), Tranche B Term Loan, 1st Lien 3.250%, 12/31/18		158		158
Horizon Global Corporation, Term B Loan, 1st Lien 7.000%, 06/30/21		48		47
MPG Holdco I Inc., Tranche B-1 Term Loan, 1st Lien
3.750%, 10/20/21		85		84
3.750%, 10/20/21		110		110
TI Group Automotive Systems LLC, Initial Term Loan, 1st Lien 4.500%, 06/30/22		124		121

Description	Face Amount (000)		Value (000)
Tower Automotive Holdings USA LLC, Initial Term Loan, 1st Lien 4.000%, 04/23/20	$	808	$	800
Trinseo Materials Operating S.C.A. (Trinseo Materials Finance, Inc.), Term B Loan, 1st Lien 4.250%, 11/05/21		223		222
				1,542
Building Materials — 0.3%
Headwaters Incorporated, Initial Term Loan, 1st Lien 4.500%, 03/11/22		25		25
PGT, Inc., Initial Term Loan, 1st Lien 6.750%, 02/16/22		746		736
Priso Acquisition Corporation (aka PrimeSource Building Products), Initial Term Loan, 1st Lien 4.500%, 05/09/22		748		742
Quikrete Holdings, Inc., Initial Term Loan, 1st Lien 4.000%, 09/28/20		726		724
SRS Distribution Inc., Tranche B-1 Loan, 1st Lien 5.250%, 08/25/22		288		288
Tecomet Inc., Initial Term Loan, 1st Lien 5.750%, 11/25/21		99		92
VAT Lux II S.a.r.l. (fka Virtuoso Lux II S.a.r.l.) (aka Virtuoso US LLC), Initial Term Loan, 1st Lien 4.250%, 02/11/21		34		34
				2,641
Chemicals — 0.9%
Allnex (Luxembourg) & Cy S.C.A., Term B-2 Loan, 1st Lien 0.000%, 06/02/23 (E)		428		422
Allnex (Luxembourg) & Cy S.C.A., Term B-3 Loan, 1st Lien 0.000%, 06/02/23 (E)		322		318
Berry Plastics Corporation, Term D Loan, 1st Lien 3.500%, 02/08/20		975		968
Chemours Company, Tranche B Term Loan, 1st Lien 3.750%, 05/12/22		99		95
Entegris, Inc., Tranche B Term Loan, 1st Lien 3.500%, 04/30/21		15		15

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

79

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Gemini HDPE LLC, Term B Loan, 1st Lien 4.750%, 08/06/21	$	147	$	146
Huntsman International LLC, Initial Term Loan, 1st Lien 4.250%, 03/31/23		748		747
Ineos US Finance LLC, Initial Term Loan, 1st Lien
4.250%, 03/31/22		74		73
3.750%, 05/04/18		809		805
MacDermid Incorporated (Platform Specialty Products Corporation), Tranche B-3 Term Loan, 1st Lien 5.500%, 06/05/20		50		49
MacDermid Incorporated, Tranche B Term Loan, 1st Lien 5.500%, 06/07/20		495		488
MacDermid Incorporated, Tranche B-2 Term Loan, 1st Lien 5.500%, 06/07/20		48		47
Minerals Technologies Inc., Term B-1 Loan, 1st Lien
3.750%, 05/10/21		98		98
3.750%, 05/10/21		2		1
Nexeo Solutions LLC, Initial Term Loan, 1st Lien 0.070%, 05/17/23		750		749
NVLX Acquisition, LLC, Initial Term Loan, 1st Lien 6.000%, 12/05/21		423		423
Prolampac Holdings Inc., Initial Term Loan, 1st Lien 5.750%, 08/18/22		597		589
Ravago Holdings America, Inc., Initial Term Loan, 1st Lien 0.000%, 06/30/23 (E)		675		672
SIG Combibloc Holdings S.C.A., Initial Term Loan, 1st Lien 4.250%, 03/11/22		395		391
Signode Industrial Group US Inc., Initial Term Loan, Other 3.750%, 05/01/21		304		300
Solenis International L.P., Initial Term Loan, 1st Lien 4.250%, 06/02/21		491		485
U.S. Farathane LLC, Term B-2 Loan, 1st Lien 0.000%, 12/23/21 (E)		494		493
Univar USA Inc., Initial Term Loan, 1st Lien 4.250%, 07/01/22		720		708
				9,082

Description	Face Amount (000)		Value (000)
Computers & Electronics — 1.5%
AF Borrower LLC (aka Accuvant Finance LLC), Initial Term Loan, 1st Lien 6.250%, 01/28/22	$	748	$	741
Avago Technologies Cayman Holdings Ltd., Term B-1 Dollar Loan, 1st Lien 4.250%, 02/01/23 (C)		898		898
Blue Coat Holdings, Inc., Initial Term Loan, 1st Lien 4.500%, 05/20/22		750		749
Campaign Monitor Finance Pty Limited (CM Delaware LLC), Initial Term Loan, 1st Lien 6.250%, 03/18/21		49		47
Dell International LLC, Term B-2 Loan, 1st Lien 4.000%, 04/29/20		596		594
Deltek, Inc., Initial Term Loan, 1st Lien 5.000%, 06/25/22		720		717
EIG Investors Corp., Initial Term Loan, 1st Lien 6.480%, 11/09/19		579		551
Electrical Components International, Inc., Initial Term Loan, 1st Lien 5.750%, 05/28/21		498		496
Evergreen Skills Lux S.À R.L., Initial Term Loan, 1st Lien 5.750%, 04/28/21		200		157
First Data Corporation, 2021 Extended Term Loan, 1st Lien 4.452%, 03/24/21		666		663
Global Healthcare Exchange LLC, Term B Loan, 1st Lien 5.500%, 08/15/22		99		99
Hyland Software, Inc., Initial Term Loan, 1st Lien 4.750%, 07/01/22		588		583
Infor (US), Inc. (fka Lawson Software Inc.) , Tranche B-5 Term Loan , 1st Lien 3.750%, 06/03/20		956		931
Informatica Corporation, Initial Term Loan, 1st Lien 4.500%, 08/05/22		223		217
ION Trading Technologies S.A.R.L., Tranche B-1 Term Loan, 1st Lien 4.250%, 06/10/21		137		136
Kronos Incorporated, Incremental Term Loan, 1st Lien 4.500%, 10/30/19		292		291

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

80

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
MA Financeco LLC, Tranche B Term Loan, 1st Lien 5.250%, 11/19/21	$	196	$	196
MA Financeco LLC, Tranche C Term Loan, 1st Lien 4.500%, 11/20/19		576		574
Magic Newco LLC, Initial Term Loan, 1st Lien 5.000%, 12/12/18		487		487
MH Sub I, LLC (Micro Holding Corp.), Initial Term Loan, 1st Lien 4.750%, 07/08/21		123		122
Microsemi Corporation, Closing Date Term B Loan, 5.250%, 12/17/22		1,003		1,000
NXP B.V. (NXP Funding LLC), Tranche B Loan, 1st Lien 3.750%, 12/07/20		414		415
ON Semiconductor Corporation, Initial Term Loan, 1st Lien 5.250%, 03/31/23		750		752
Onex Carestream Finance LP, Initial Term Loan, 1st Lien 5.000%, 06/07/19		446		426
Regit Eins GmbH (TV Borrower US, LLC), Intial Term Loan, 1st Lien 6.000%, 01/08/21		491		485
Renaissance Learning, Inc., Initial Term Loan, 1st Lien 4.500%, 04/09/21		296		288
RP Crown Parent, LLC, Initial Term Loan, 1st Lien 6.000%, 12/21/18		392		368
Spectrum Brands, Inc., Initial Term Loan, 1st Lien 3.500%, 06/23/22		171		171
SS&C European Holdings, S.a.r.l, Term B-2 Loan, 1st Lien
4.000%, 07/08/22		17		17
4.000%, 07/08/22		56		55
SS&C Technologies, Inc., Term B-1 Loan, 1st Lien
4.000%, 07/08/22		508		507
4.000%, 07/08/22		19		19
SunEdison Semiconductor B.V., Initial Term Loan, 1st Lien 6.500%, 05/27/19		179		174
Sungard Availability Services Capital, Inc., Tranche B Term Loan, 1st Lien 6.000%, 03/29/19		500		438

Description	Face Amount (000)		Value (000)
Sybil Finance B.V., Initial Term B Loan, 1st Lien 4.250%, 03/20/20	$	214	$	211
Wall Street Systems Delaware, Inc., Initial Term Loan, 1st Lien 4.250%, 04/30/21		701		694
Western Digital Corporation, Term B Loan, 1st Lien 6.250%, 04/29/23		500		502
				15,771
Consumer Nondurables — 0.2%
Coty Inc., Term B USD Loan, 1st Lien 3.750%, 10/27/22		100		100
Galleria Co., Term B Loan, 1st Lien 3.750%, 01/26/23		175		175
Kronos Acquisition Intermediate Inc., Initial Term Loan, 1st Lien 6.000%, 08/26/22		149		146
NM Z Parent Inc. (aka Zep Inc.), Initial Term Loan, 1st Lien 5.500%, 06/27/22		248		247
Prestige Brands, Inc., Term B-3 Loan, 1st Lien 3.750%, 09/03/21		717		716
Revlon Consumer Products Corporation, Acquisition Facility, 1st Lien
4.000%, 10/08/19		14		14
3.990%, 10/08/19		355		355
3.400%, 10/08/19		571		572
				2,325
Educational Services — 0.1%
Education Management II LLC, Tranche A Term Loan, 1st Lien 5.500%, 07/02/20 (F)		129		33
Education Management II LLC, Tranche B Term Loan, 1st Lien 8.500%, 07/02/20 (F)		234		9
Laureate Education, Inc., Extended Term Loan, 1st Lien 5.000%, 06/15/18		237		229
Nord Anglia Education Finance LLC, Initial Term Loan, 1st Lien 5.000%, 03/31/21		299		298
				569

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

81

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Entertainment & Leisure — 0.2%
AMC Entertainment Inc., Initial Term Loan, 1st Lien 4.000%, 12/15/22	$	224	$	224
ClubCorp Club Operations, Inc. , Term B Loan, 1st Lien 4.250%, 12/15/22		700		695
Intrawest Operations Group, LLC, Initial Term Loan, 1st Lien 5.000%, 12/09/20		750		749
				1,668
Financial Services — 0.3%
Altisource Solutions S.A R.L. , Term B Loan , 1st Lien 4.500%, 12/09/20		437		378
Armor Holding II LLC, Initial Term Loan, 1st Lien 5.750%, 06/26/20		394		385
Bats Global Markets, Inc., Term B Loan, 1st Lien 0.000%, 06/20/23 (E)		506		503
Citco III Limited, Initial Term Loan , 1st Lien 4.250%, 06/29/18		974		968
MCS AMS Sub-Holdings LLC, Initial Term Loan, 1st Lien 7.500%, 10/15/19		406		350
Ocwen Loan Servicing, LLC, Initial Term Loan, 1st Lien 5.500%, 02/15/18		144		141
Walter Investment Management Corp., Tranche B Term Loan, 1st Lien 4.750%, 12/18/20		475		378
				3,103
Food & Beverage — 0.3%
B&G Foods, Inc., Term B Loan, 1st Lien 3.750%, 11/02/22		597		598
Del Monte Foods, Inc., Initial Term Loan, 1st Lien 4.250%, 02/18/21		489		455
JBS USA LLC, Incremental Term Loan, 1st Lien 4.000%, 10/31/22		75		74
Phillips Pet Food & Supplies, Initial Term Loan, 1st Lien 4.500%, 01/31/21		487		434
Pinnacle Foods Finance LLC, Tranche G Term Loan, 1st Lien 3.250%, 04/29/20		871		871

Description	Face Amount (000)		Value (000)
The Chef’s Warehouse Leasing Co. LLC, Delayed Term Loan, 1st Lien 0.000%, 06/20/23 (E)	$	40	$	40
The Chef’s Warehouse Leasing Co. LLC, Initial Term Loan, 1st Lien 0.000%, 07/01/22 (E)		247		245
US Foods, Inc., Term B Loan, 1st Lien 0.000%, 06/15/23 (E)		750		746
				3,463
Gaming & Hotels — 0.2%
Amaya Holdings B.V., Term B Loan, 1st Lien 5.000%, 08/01/21		544		526
Hilton Worldwide Finance LLC, Initial Term Loan, 1st Lien 3.500%, 10/26/20 (C)		704		704
MGM Growth Properties Operating Partnership LP, Term B Loan, 1st Lien 4.000%, 04/25/23		748		749
Scientific Games International, Inc., Initial Term B-2 Loan, 1st Lien 6.000%, 10/01/21		74		73
Scientific Games International, Inc., Initial Term Loan, 1st Lien 6.000%, 10/18/20		488		481
				2,533
Health Care — 1.0%
ABB/Con-cise Optical Group LLC, Initial Term Loan, 1st Lien 6.000%, 06/14/23		750		752
Alere Inc. (fka IM US Holdings, LLC), Term B Loan, 1st Lien 4.250%, 06/20/22		410		408
Alliance HealthCare Services, Inc. , Initial Term Loan, 1st Lien 4.250%, 06/03/19		482		458
Alvogen Pharma US, Inc., Initial Term Loan, 1st Lien 6.000%, 04/01/22		346		342
AMAG Pharmaceuticals, Inc., Initial Term Loan, 1st Lien 4.750%, 08/17/21		96		95
Amneal Pharmaceuticals LLC, Term B Loan, 1st Lien 4.500%, 11/01/19		560		555

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

82

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
CHS/Community Health Systems, Inc., Term G Loan, 1st Lien 3.750%, 12/31/19	$	842	$	817
DJO Finance LLC, Initial Term Loan, 1st Lien 4.250%, 06/08/20		198		188
Drumm Investors LLC, Initial Term Loan, 1st Lien 9.500%, 05/04/18		736		717
Endo Luxembourg Finance Company I S.à r.l., Term B Loan, 1st Lien 3.750%, 06/24/22		274		269
Iasis Healthcare LLC , Term B-2 Loan, 1st Lien 4.500%, 05/03/18		635		632
Indivior Finance S.a r.l., Initial Term Loan, 1st Lien 7.000%, 12/19/19		93		92
JLL/Delta Dutch Newco B.V., Initial Term Loan, 1st Lien 4.250%, 03/11/21		490		475
Kindred Healthcare, Inc., Initial Term Loan, 1st Lien 4.250%, 04/09/21		613		593
Kinetic Concepts, Inc., Term E-1 Loan, 1st Lien 4.500%, 05/04/18		490		488
Millennium Health LLC, Initial Term Loan, 1st Lien 7.500%, 12/21/20		228		166
Millennium Health LLC, Term B Loan, 1st Lien 0.000%, 04/16/21 (C) (E) (F)		7		33
NBTY, Inc., Term B Loan, 1st Lien 5.000%, 05/05/23		718		711
Opal Acquisition, Inc., Term B Loan, 1st Lien 5.000%, 11/27/20		343		298
Ortho-Clinical Diagnostics Holdings Luxembourg S.À R.L., Initial Term Loan, 1st Lien 4.750%, 06/30/21		245		231
Radnet Management, Inc., Tranche B Term Loan, 1st Lien 4.250%, 10/10/18		23		23
Steward Health Care System LLC, Initial Term Loan, 1st Lien 6.750%, 04/10/20		489		481

Description	Face Amount (000)		Value (000)
Surgery Center Holdings, Inc., Initial Term Loan, 1st Lien 4.500%, 11/03/20	$	500	$	498
Valeant Pharmaceuticals International, Inc., Tranche B Term Loan, 1st Lien 4.750%, 08/05/20		838		812
				10,134
Home Furnishings — 0.0%
Serta Simmons Holdings LLC, Initial Term Loan, 1st Lien 4.250%, 10/01/19		457		456
				456
Insurance — 0.2%
Alliant Holdings Intermediate, LLC, Initial Term Loan, 1st Lien 4.500%, 08/12/22		198		195
National Financial Partners Corp., Initial Term Loan, 1st Lien 4.500%, 07/01/20		746		738
Sedgwick Claims Management Services, Inc., Initial Term Loan, 1st Lien 5.250%, 03/01/21		750		749
USI, Inc. (fka Compass Investors Inc.), Initial Term Loan, 1st Lien 4.250%, 12/27/19		393		387
				2,069
Machinery — 0.3%
Blount International, Inc., Initial Term Loan, 1st Lien 7.250%, 04/12/23		500		501
CPM Holdings Inc., Term B Loan, 1st Lien 6.000%, 04/01/22		424		422
Doosan Bobcat Inc.(fka Doosan Infracore International, Inc.), Tranche B Term Loan, 1st Lien 4.500%, 05/28/21		834		834
IES Global B.V., Initial Term Loan, 1st Lien 7.250%, 08/16/19		430		369
Milacron LLC, Initial Term Loan, 1st Lien 4.250%, 09/28/20		616		612
Rexnord LLC/ RBS Global, Inc., Term B Loan, 1st Lien 4.000%, 08/21/20		469		463

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

83

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Schaeffler AG (formerly named INA Beteiligungsgesellschaft mit beschränkter Haftung), Facility B, 1st Lien 4.250%, 05/15/20	$	22	$	21
SiteOne Landscape Supply LLC, Initial Term Loan, 1st Lien 6.250%, 04/29/22		343		343
				3,565
Manufacturing — 0.1%
Samsonite International S.A., Tranche B Term Loan, 1st Lien 4.000%, 05/15/23		500		501
Media — 0.6%
Altice France S.A., Term B-5 Loan, 1st Lien 4.563%, 07/29/22		848		833
Charter Communications Operating, LLC (aka CCO Safari LLC), Term H Loan (2016), 1st Lien 3.250%, 08/24/21		748		745
Charter Communications Operating, LLC (aka CCO Safari LLC), Term I Loan (2016), 1st Lien 3.500%, 01/24/23		200		200
CSC Holdings, LLC (fka CSC Holdings, Inc.), Initial Term Loan, 1st Lien 5.000%, 10/09/22		400		400
MCC Iowa LLC, Tranche J Term Loan, 1st Lien 3.750%, 06/30/21		74		73
MediArena Acquisition B.V. (fka AP NMT Acquisition B.V.), Term B Loan, 1st Lien 6.750%, 08/13/21		246		201
Mission Broadcasting, Inc., Term B-2 Loan, 1st Lien 3.750%, 10/01/20		459		458
Nexstar Broadcasting, Inc., Term B-2 Loan, 1st Lien 3.750%, 10/01/20		520		519
Raycom TV Broadcasting, LLC, Term B Loan, 1st Lien 3.750%, 08/04/21		992		978
Sinclair Television Group, Inc., Incremental Tranche B-1 Term Loan, 1st Lien 3.500%, 07/30/21		792		790
Ziggo B.V., Term B-1 Loan, 1st Lien 3.652%, 01/15/22		296		288

Description	Face Amount (000)		Value (000)
Ziggo B.V., Term B-2 Loan, 1st Lien
3.601%, 01/15/22	$	15	$	15
3.601%, 01/15/22		175		171
Ziggo B.V., Term B-3 Loan, 1st Lien 3.601%, 01/15/22		314		306
				5,977
Metals & Mining — 0.0%
Novelis Inc., Initial Term Loan, 1st Lien 4.000%, 06/02/22		248		245
Oxbow Carbon LLC (Oxbow Calcining LLC.), Tranche B Term Loan (2013) 4.250%, 07/19/19		198		196
				441
Oil & Gas — 0.2%
Drillships Ocean Ventures Inc., Initial Term Loan, 1st Lien 5.500%, 07/25/21		98		58
Energy Transfer Equity, L.P., Initial Term Loan, 1st Lien 3.250%, 12/02/19		675		650
Philadelphia Energy Solutions Refining and Marketing LLC, Initial Term Loan, 1st Lien 6.250%, 04/04/18		499		463
Seadrill Operating LP (Seadrill Partners Finco LLC), Initial Term Loan, 1st Lien 4.000%, 02/21/21		366		163
Western Refining, Inc., Term B-2 Loan, 1st Lien 0.000%, 05/26/23 (E)		750		730
				2,064
Printing & Publishing — 0.0%
Merrill Communications LLC, Initial Term Loan, 1st Lien 6.250%, 05/27/22		50		45
Springer SBM Two GmbH, Initial Term B9 Loan, 1st Lien 4.500%, 08/14/20		321		308
				353
Professional & Business Services — 0.7%
Albany Molecular Research, Inc., Term Loan, 1st Lien 5.750%, 07/16/21		500		494
Bright Horizons Family Solutions, Inc., Term B Loan, 1st Lien 3.750%, 01/30/20		975		973

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

84

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Evertec Group LLC, Term A Loan, 1st Lien 2.700%, 04/17/18	$	583	$	555
ExamWorks Group, Inc., Initial Term Loan, 1st Lien 0.000%, 06/17/23 (E)		349		348
Explorer Holdings, Inc., Initial Term Loan, 1st Lien 6.000%, 05/02/23		255		255
Garda World Security Corporation, Term B Delayed Draw Loan, 1st Lien
4.000%, 11/06/20		198		192
4.000%, 11/06/20		1		—
Garda World Security Corporation, Term B Loan, 1st Lien
4.000%, 11/06/20		326		316
4.000%, 11/06/20		1		1
Global Payments Inc., Term B Loan, 1st Lien 3.960%, 04/22/23 (C)		750		753
Hamilton Lane Advisors LLC, Term B Loan, 1st Lien 4.250%, 07/01/22		48		47
Harbourvest Partners L.P., Initial Term Loan, 1st Lien 3.250%, 02/04/21		365		358
IG Investments Holdings LLC, Term B Loan, 1st Lien 6.000%, 10/29/21		271		269
Infinity Acquisition LLC, Initial Term Loan, 1st Lien 4.250%, 08/06/21		546		522
InVentiv Health, Inc. (f.k.a. Ventiv Health, Inc.), Term B-4 Loan, 1st Lien 7.750%, 05/15/18		250		249
LPL Holdings, Inc., Tranche B Term Loan, 1st Lien 4.250%, 03/29/21		746		741
West Corporation, Term B Loan, 1st Lien 0.000%, 06/13/23 (E)		750		747
				6,820
Real Estate — 0.3%
DTZ U.S. Borrower LLC, Initial Term Loan, 1st Lien 4.250%, 11/04/21		812		800
iStar Inc., Initial Term Loan, 1st Lien 5.550%, 07/01/20		500		499
Servicemaster Company LLC, Initial Term Loan, 1st Lien 4.250%, 07/01/21		690		690

Description	Face Amount (000)		Value (000)
Starwood Property 4/13, Term B Loan, 1st Lien 3.500%, 04/17/20	$	746	$	737
				2,726
Retail Food & Drug — 0.2%
BJ’s Wholesale Club, Inc., New 2013 (November) Replacement Loan, 1st Lien 4.500%, 09/26/19		730		721
Smart & Final, Inc., Initial Term Loan, 1st Lien 4.000%, 11/15/19		619		613
U.S. Foodservice, Inc., Term B Loan, 1st Lien 4.500%, 03/31/19		748		745
				2,079
Retailing — 0.5%
1011778 B.C. Unlimited Liability Company (New Red Finance, Inc.) (aka Burger King/Tim Horton’s), Term B-2 Loan, 1st Lien 3.750%, 12/10/21		771		770
Brickman Group Holdings, Inc., Initial Term Loan, 1st Lien 4.000%, 12/18/20		488		479
Dollar Tree, Inc., Term B-1 Loan, 1st Lien 3.500%, 07/06/22		178		178
KFC Holding Co., Term B Loan, 1st Lien 3.192%, 06/02/23		750		750
Leslie’s Poolmart, Inc., Tranche B Term Loan, 1st Lien 4.250%, 10/16/19		598		593
Michaels Stores, Inc., Incremental Term Loan, 1st Lien 4.000%, 01/28/20		60		60
Michaels Stores, Inc., Term B Loan, 1st Lien 3.750%, 01/28/20		436		435
Neiman Marcus Group Inc., Initial Term Loan, 1st Lien 4.250%, 10/25/20		394		353
Party City Holdings Inc., Initial Term Loan, 1st Lien 4.250%, 08/19/22		273		271
PetSmart, Inc., Tranche B-1 Loan, 1st Lien 4.250%, 03/11/22		446		443
Pilot Travel Centers LLC, Refinancing Tranche B Term Loan, 1st Lien 3.205%, 10/01/21		127		127

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

85

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Trugreen Limited Partnership, Initial Term Loan, 1st Lien 6.500%, 04/07/23	$	500	$	501
				4,960
Securities & Trusts — 0.0%
Clipper Acquisitions Corp., Term B Loan, 1st Lien 3.000%, 02/06/20		458		453
Shipping & Ship Building — 0.0%
Stena International S.A., Initial Term Loan, 1st Lien 4.000%, 03/03/21		171		141
Steel — 0.2%
Atkore International, Inc., Initial Term Loan, 1st Lien 4.500%, 04/09/21		500		495
FMG Resources (August 2006) Pty LTD, Initial Term Loan, 1st Lien 4.250%, 06/30/19		745		711
JMC Steel Group, Inc., Initial Term Loan, 1st Lien 4.750%, 04/01/17		496		493
Zekelman Industries, Inc., Term B Loan, 1st Lien 0.000%, 06/07/21 (E)		353		352
				2,051
Telecommunications — 0.3%
Commscope, Inc., Tranche 5 Term Loan, 1st Lien 3.750%, 08/28/16		99		99
Intelsat Jackson Holdings S.A., Tranche B-2 Term Loan, 1st Lien 3.750%, 06/30/19 (C)		1,000		909
IPC Corp., Term B-1 Loan, 1st Lien 5.500%, 08/06/21		148		135
LTS Buyer LLC (Sidera Networks, Inc.), Term B Loan, 1st Lien 4.000%, 04/13/20		746		737
Mitel US Holdings, Inc., Initial Term Loan, 1st Lien 5.500%, 04/29/22		251		251
SBA Senior Finance II LLC, Incremental Tranche B-1 Term Loan, 1st Lien 3.250%, 03/24/21		196		194
Syniverse Holdings, Inc., Initial Term B Loan, 1st Lien 4.000%, 04/23/19		391		288

Description	Face Amount (000)		Value (000)
Telenet Financing USD LLC, Initial Term Loan, 1st Lien 4.250%, 05/03/24	$	182	$	180
				2,793
Transportation — 0.1%
Envision Healthcare Corporation (fka Emergency Medical Services Corporation), Initial Term Loan, 1st Lien 4.250%, 05/25/18		676		675
				675
Utilities — 0.2%
Calpine Construction Finance Company, L.P., Term B-2 Loan, 1st Lien 3.250%, 01/31/22		975		951
Calpine Corporation, Initial Term Loan, 1st Lien 3.500%, 05/27/22		297		293
Dynegy Inc., Tranche B-2 Term Loan, 1st Lien 4.000%, 04/23/20		487		478
Granite Acquisition, Inc., Term B Loan, 1st Lien 5.000%, 12/17/21		212		202
Granite Acquisition, Inc., Term C Loan, 1st Lien 5.000%, 12/17/21		9		9
				1,933
Total Loan Participations (Cost $94,810) (000)				93,033
Sovereign Debt — 8.8%
Abu Dhabi Government International Bond 3.125%, 05/03/26 (A)		440		453
Argentine Republic Government International Bond
8.280%, 12/31/33		1,813		2,021
7.625%, 04/22/46 (A)		490		529
7.500%, 04/22/26 (A)		600		649
7.125%, 07/06/36 (A)		150		150
6.875%, 04/22/21 (A)		350		373
2.500%, 03/31/19 (D)		1,719		1,161
Armenia International Bond
7.150%, 03/26/25 (A)		490		497
6.000%, 09/30/20 (A)		1,381		1,390
Banco Nacional de Desenvolvimento Economico e Social 6.500%, 06/10/19 (A)		560		591
Banque Centrale de Tunisie 5.750%, 01/30/25 (A)		1,230		1,110

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

86

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
Brazil Notas do Tesouro Nacional 10.000%, 01/01/21 (BRL)		930	$	269
Brazilian Government International Bond
5.625%, 01/07/41		150		145
5.000%, 01/27/45		590		530
4.250%, 01/07/25		1,105		1,086
2.625%, 01/05/23		600		547
Canada Government International Bond
1.625%, 02/27/19		100		102
1.125%, 03/19/18		150		151
Chile Government International Bond 3.125%, 01/21/26		107		110
City of Buenos Aires Argentina 7.500%, 06/01/27 (A)		310		322
Colombia Government International Bond
7.375%, 03/18/19		380		478
6.125%, 01/18/41		600		693
4.500%, 01/28/26		2,271		2,418
4.375%, 07/12/21		200		215
4.000%, 02/26/24		545		569
Costa Rica Government International Bond
7.158%, 03/12/45 (A)		400		399
7.000%, 04/04/44 (A)		420		418
Croatia Government International Bond
6.750%, 11/05/19		1,105		1,203
6.375%, 03/24/21 (A)		660		720
Dominican Republic International Bond
7.500%, 05/06/21 (A)		1,130		1,255
7.450%, 04/30/44 (A)		1,225		1,341
6.875%, 01/29/26 (A)		370		408
6.850%, 01/27/45 (A)		250		259
6.600%, 01/28/24 (A)		290		315
5.500%, 01/27/25 (A)		150		153
Ecuador Government International Bond 7.950%, 06/20/24 (A)		450		393
Egypt Government International Bond 5.875%, 06/11/25 (A)		510		446
El Salvador Government International Bond
7.650%, 06/15/35 (A)		100		89
7.375%, 12/01/19 (A)		215		215
6.375%, 01/18/27 (A)		150		136
5.875%, 01/30/25 (A)		365		327
Export Development Canada 1.000%, 06/15/18		300		301

Description	Face Amount (000)		Value (000)
Export-Import Bank of Korea
4.000%, 01/14/24	$	200	$	223
2.875%, 01/21/25		200		207
Georgia Government International Bond 6.875%, 04/12/21 (A)		860		946
Ghana Government International Bond
10.750%, 10/14/30 (A)		420		442
8.125%, 01/18/26 (A)		910		782
7.875%, 08/07/23 (A)		730		634
Guatemala Government Bond
5.750%, 06/06/22 (A)		420		465
4.500%, 05/03/26 (A)		290		294
Hashemite Kingdom of Jordan Government AID Bond 2.503%, 10/30/20		200		212
Honduras Government International Bond
8.750%, 12/16/20 (A)		1,415		1,585
7.500%, 03/15/24 (A)		605		656
Hungary Government International Bond
6.250%, 01/29/20		600		666
5.750%, 11/22/23		390		444
5.375%, 03/25/24		310		346
Indonesia Government International Bond
8.500%, 10/12/35 (A)		1,120		1,598
5.875%, 01/15/24 (A)		1,120		1,296
5.375%, 10/17/23 (A)		200		225
5.250%, 01/17/42 (A)		200		212
4.125%, 01/15/25 (A)		650		677
Israel Government International Bond 3.150%, 06/30/23		200		213
Ivory Coast Government International Bond
6.375%, 03/03/28 (A)		435		421
5.750%, 12/31/32 (A) (D)		1,120		1,043
5.375%, 07/23/24 (A)		250		234
Jamaica Government International Bond
7.625%, 07/09/25		470		521
6.750%, 04/28/28		720		756
Japan Bank for International Cooperation
2.375%, 04/20/26		200		209
1.750%, 11/13/18		400		404
KazAgro National Management Holding 4.625%, 05/24/23 (A)		300		274
Kazakhstan Government International Bond
6.500%, 07/21/45 (A)		340		395
3.875%, 10/14/24 (A)		670		673

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

87

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
Kenya Government International Bond 5.875%, 06/24/19 (A)		1,358	$	1,347
Korea Development Bank 2.500%, 03/11/20		400		412
Korea International Bond 7.125%, 04/16/19		100		116
Letras del Banco Central de la Republica Argentina 0.000%, 01/11/17 (ARS) (E)		2,150		126
Lithuania Government International Bond 6.125%, 03/09/21 (A)		200		233
Mexico Government International Bond
6.050%, 01/11/40		160		201
5.550%, 01/21/45		348		417
4.125%, 01/21/26		950		1,030
4.000%, 10/02/23		400		430
3.500%, 01/21/21		250		264
Mongolia Government International Bond
5.125%, 12/05/22 (A)		400		328
4.125%, 01/05/18 (A)		220		213
Montenegro Government International Bond 5.750%, 03/10/21 (EUR) (A)		450		506
Morocco Government International Bond 4.250%, 12/11/22 (A)		200		209
Nigeria Government International Bond 6.750%, 01/28/21 (A)		310		308
Pakistan Government International Bond
8.250%, 04/15/24 (A)		200		210
7.250%, 04/15/19 (A)		440		462
Panama Government International Bond
9.375%, 04/01/29		290		442
6.700%, 01/26/36		1,085		1,440
5.200%, 01/30/20		620		687
3.875%, 03/17/28		690		730
3.750%, 03/16/25		330		348
Paraguay Government International Bond
6.100%, 08/11/44 (A)		570		611
5.000%, 04/15/26 (A)		200		211
Peruvian Government International Bond
7.350%, 07/21/25		190		258
6.550%, 03/14/37		615		829
5.625%, 11/18/50		520		645
3.750%, 03/01/30 (EUR)		460		560

Description	Face Amount (000)			Value (000)
Philippine Government International Bond
7.750%, 01/14/31	$	419		$	650
6.375%, 10/23/34		810			1,178
5.500%, 03/30/26		200			254
4.200%, 01/21/24		200			229
3.700%, 03/01/41		210			234
Poland Government International Bond
6.375%, 07/15/19		200			227
4.000%, 01/22/24		335			362
3.250%, 04/06/26		820			836
3.000%, 03/17/23		590			600
Province of British Columbia Canada 2.000%, 10/23/22		100			103
Province of Manitoba Canada
2.050%, 11/30/20		150			154
1.125%, 06/01/18		100			101
Province of Ontario Canada
2.450%, 06/29/22		200			209
2.000%, 01/30/19		250			256
1.875%, 05/21/20		150			153
1.625%, 01/18/19		100			101
1.250%, 06/17/19		150			151
Province of Quebec Canada
2.875%, 10/16/24		100			106
2.625%, 02/13/23		200			210
2.500%, 04/20/26		100			103
Provincia de Buenos Aires 9.125%, 03/16/24 (A)		150			165
Provincia de Cordoba 7.125%, 06/10/21 (A)		410			411
Qatar Government International Bond
4.625%, 06/02/46 (A)		650			707
2.375%, 06/02/21 (A)		1,248			1,261
Republic of Azerbaijan International Bond 4.750%, 03/18/24 (A)		1,110			1,123
Romanian Government International Bond
6.750%, 02/07/22 (A)		840			995
6.125%, 01/22/44 (A)		400			499
4.875%, 01/22/24 (A)		428			473
4.375%, 08/22/23 (A)		990			1,059
Russian Foreign Bond-Eurobond
5.625%, 04/04/42 (A)		400			453
4.875%, 09/16/23 (A)		400	��		436
Senegal Government International Bond
8.750%, 05/13/21 (A)		825			901
6.250%, 07/30/24 (A)		740			705
Serbia International Bond
7.250%, 09/28/21 (A)		875			1,002
5.875%, 12/03/18 (A)		590			625
5.250%, 11/21/17 (A)		370			383

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

88

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
South Africa Government International Bond
5.875%, 09/16/25	$	623	$	694
5.500%, 03/09/20		150		162
4.875%, 04/14/26		680		705
Sri Lanka Government International Bond
6.850%, 11/03/25 (A)		245		239
6.250%, 10/04/20 (A)		530		537
6.000%, 01/14/19 (A)		310		316
5.875%, 07/25/22 (A)		1,255		1,217
5.125%, 04/11/19 (A)		310		310
Turkey Government International Bond
8.000%, 02/14/34		386		520
7.500%, 07/14/17		150		159
7.375%, 02/05/25		540		666
7.000%, 03/11/19		100		111
6.875%, 03/17/36		480		585
5.750%, 03/22/24		200		223
5.625%, 03/30/21		570		621
5.125%, 03/25/22		200		214
4.875%, 10/09/26		915		945
Ukraine Government International Bond
8.560%, 05/31/40 (A) (C)		314		102
7.750%, 09/01/20 (A)		2,310		2,228
Uruguay Government International Bond
5.100%, 06/18/50		616		613
4.500%, 08/14/24		904		984
4.375%, 10/27/27		1,310		1,382
Venezuela Government International Bond
9.250%, 09/15/27		180		87
7.750%, 10/13/19		515		230
7.650%, 04/21/25		652		266
7.000%, 12/01/18		492		224
6.000%, 12/09/20		680		276
Vietnam Government International Bond
6.750%, 01/29/20 (A)		200		222
4.800%, 11/19/24 (A)		875		900
Zambia Government International Bond
8.970%, 07/30/27 (A)		570		493
8.500%, 04/14/24 (A)		905		786
Total Sovereign Debt (Cost $87,180) (000)				89,995
ASSET-BACKED SECURITIES — 5.2%
Automotive — 4.1%
AmeriCredit Automobile Receivables Trust, Ser 2016-1, Cl C
2.890%, 01/10/22		575	��	584
2.870%, 11/08/21		628		644
2.210%, 05/10/21		212		213

Description	Face Amount (000)		Value (000)
1.700%, 07/08/20	$	420	$	422
1.197%, 04/08/19-06/10/19 (C)		2,990		2,991
California Republic Auto Receivables Trust, Ser 2015-3, Cl A3
1.620%, 11/15/19		948		955
1.570%, 12/16/19		1,382		1,386
1.310%, 08/15/19		1,725		1,729
Capital Auto Receivables Asset Trust, Ser 2016-1, Cl A2B 1.148%, 11/20/18 (C)		1,860		1,863
CarFinance Capital Auto Trust, Ser 2014-1A, Cl A 1.460%, 12/17/18 (A)		7		7
CarFinance Capital Auto Trust, Ser 2015-1A, Cl A 1.750%, 06/15/21 (A)		756		753
CarMax Auto Owner Trust, Ser 2015-2, Cl A4
1.800%, 03/15/21		945		955
1.520%, 02/16/21		1,366		1,374
CPS Auto Receivables Trust, Ser 2016-B, Cl A
2.070%, 11/15/19 (A)		1,263		1,262
1.770%, 06/17/19 (A)		834		833
1.640%, 04/16/18 (A)		18		18
1.540%, 07/16/18 (A)		102		102
1.210%, 08/15/18 (A)		83		83
Drive Auto Receivables Trust, Ser 2016-AA, Cl A2A
1.500%, 03/15/18 (A)		711		711
1.380%, 08/15/18 (A)		2,708		2,708
1.230%, 06/15/18 (A)		416		416
DT Auto Owner Trust, Ser 2016-3A, Cl A
1.750%, 11/15/19 (A)		1,613		1,613
1.660%, 03/15/19 (A)		781		781
1.060%, 09/17/18 (A)		11		12
Exeter Automobile Receivables Trust, Ser 2016-1A, Cl A
2.800%, 07/15/20 (A)		448		448
1.320%, 01/15/19 (A)		410		409
1.060%, 08/15/18 (A)		4		4
First Investors Auto Owner Trust, Ser 2013-3A, Cl A3 1.440%, 10/15/19 (A)		60		60
Flagship Credit Auto Trust, Ser 2015-3, Cl A
2.380%, 10/15/20 (A)		320		320
2.280%, 05/15/20 (A)		553		554
1.980%, 10/15/20 (A)		593		592
1.430%, 12/16/19 (A)		44		43
1.210%, 04/15/19 (A)		158		158
Ford Credit Auto Owner Trust, Ser 2016-2, Cl A
2.030%, 12/15/27 (A)		1,620		1,619
1.740%, 02/15/21		891		903

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

89

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
1.600%, 06/15/21	$	795	$	806
1.580%, 08/15/20		1,544		1,555
1.330%, 10/15/20		1,347		1,355
Honda Auto Receivables Owner Trust, Ser 2015-3, Cl A4
1.560%, 10/18/21		710		717
1.390%, 04/15/20		951		957
Hyundai Auto Receivables Trust, Ser 2015-B, Cl A2A 0.690%, 04/16/18		940		940
Mercedes-Benz Master Owner Trust, Ser 2016-BA, Cl A 1.142%, 05/17/21 (A) (C)		1,038		1,039
Santander Drive Auto Receivables Trust, Ser 2016-2, Cl D
3.390%, 04/15/22		168		169
2.660%, 11/15/21		202		206
2.470%, 12/15/20		508		508
2.290%, 04/15/20		849		855
2.080%, 02/16/21		961		965
1.830%, 01/15/20		991		994
1.820%, 05/15/19		114		114
1.590%, 10/15/18		865		866
1.200%, 12/17/18		745		744
1.192%, 12/17/18 (C)		458		458
United Auto Credit Securitization Trust, Ser 2016-1, Cl A 2.000%, 10/15/17 (A)		328		328
World Omni Auto Receivables Trust, Ser 2014-B, Cl A4 1.680%, 12/15/20		971		982
				42,083
Credit Card — 0.8%
BA Credit Card Trust, Ser 2016-A1, Cl A 0.835%, 10/15/21 (C)		1,573		1,576
Capital One Multi-Asset Execution Trust, Ser 2016-A1, Cl A1 0.900%, 02/15/22 (C)		2,095		2,097
Chase Issuance Trust, Ser 2016-A2, Cl A
1.370%, 06/15/21		2,695		2,711
0.550%, 06/15/23 (C)		2,151		2,151
				8,535
Other Asset-Backed Securities — 0.3%
NYMT Residential, Ser 2016-RP1A, Cl A 4.000%, 03/25/21 (A) (D)		302		303
Oak Hill Advisors Residential Loan Trust, Ser 2015-NPL2, Cl A1 3.721%, 07/25/55 (A)		425		423

Description	Face Amount (000)		Value (000)
VOLT XLV, Ser 2016-NPL5, Cl A1 4.000%, 05/25/46 (A) (D)	$	745	$	744
VOLT XXII, Ser 2015-NPL4, Cl A1 3.500%, 02/25/55 (A) (D)		253		252
VOLT XXX, Ser 2015-NPL1, Cl A1 3.625%, 10/25/57 (A) (D)		571		568
VOLT XXXI, Ser 2015-NPL2, Cl A1 3.375%, 02/25/55 (A) (D)		396		392
				2,682
Total Asset-Backed Securities (Cost $53,138) (000)				53,300
U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.7%
FFCB
1.420%, 06/29/20		100		100
1.150%, 02/22/19		200		201
1.100%, 03/14/18-06/01/18		350		352
0.750%, 04/18/18		100		100
FHLB
4.125%, 03/13/20		750		835
1.875%, 06/07/21		300		300
1.625%, 06/14/19		400		409
1.375%, 02/18/21		200		202
1.150%, 06/22/18		200		200
1.125%, 06/21/19		300		303
1.000%, 12/19/17		265		267
0.625%, 10/26/17		350		350
FHLMC
6.250%, 07/15/32		635		961
2.375%, 01/13/22		2,130		2,256
1.700%, 06/30/21		100		100
1.330%, 12/30/20		400		400
1.250%, 01/29/19-10/02/19		800		808
1.125%, 04/15/19		300		303
1.100%, 02/26/18		500		500
1.050%, 05/17/18		250		250
1.000%, 12/15/17-05/11/18		300		301
0.750%, 01/12/18-04/09/18		850		851
FNMA
2.625%, 09/06/24		1,163		1,251
2.125%, 04/24/26		410		421
1.875%, 02/19/19-12/28/20		631		649
1.750%, 06/20/19-11/25/20		450		458
1.500%, 06/22/20-11/30/20		627		639
1.400%, 06/13/19		250		251
1.375%, 01/28/19		200		203
1.125%, 07/20/18		250		252
1.000%, 02/26/19		500		502
0.875%, 02/08/18-05/21/18		1,000		1,005
Tennessee Valley Authority
4.250%, 09/15/65		762		894
3.500%, 12/15/42		706		764
Total U.S. Government Agency Obligations (Cost $16,821) (000)				17,638

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

90

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)/Shares		Value (000)
MUNICIPAL BONDS — 0.4%
California State GO
7.350%, 11/01/39	$	211	$	321
7.300%, 10/01/39		780		1,180
Florida State, Hurricane Catastrophe Fund RB 2.995%, 07/01/20		150		157
Illinois State GO
5.665%, 03/01/18		200		211
5.100%, 06/01/33		525		504
New Jersey State, Transportation Trust Fund RB 5.754%, 12/15/28		1,210		1,309
University of California RB 4.767%, 05/15/15		489		532
Total Municipal Bonds (Cost $4,046) (000)				4,214
PREFERRED STOCK — 0.0%
Education Management (F)		1,550,903		7
Total Preferred Stock (Cost $188) (000)				7
SHORT-TERM INVESTMENT — 7.3%
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.471%, (G)		74,498,567		74,499
Total Short-Term Investment (Cost $74,499) (000)				74,499
Total Investments — 107.7% (Cost $1,082,670) (000)			$	1,101,313

Percentages are based on net assets of $1,022,330 (000).

A list of the open forward foreign currency contracts held by the Fund at June 30, 2016 is as follows (000):

Counterparty	Maturity Date		Currency to Deliver		Currency to Receive		Unrealized Appreciation/ (Depreciation)
HSBC		7/18/16	USD	242	BRL	880	$	30
HSBC		7/18/16	BRL	880	USD	243		(29	)
BNP Paribas		7/20/16	EUR	966	USD	1,090		17
Barclays		7/27/16	THB	8,770	USD	250		1
Northern Trust Company		8/1/16	GBP	379	USD	512		7
BNP Paribas		8/2/16	SGD	670	USD	495		(2	)
Brow n Brothers Harriman		8/12/16	TRY	1,461	USD	485		(18	)
Barclays		8/16/16	USD	215	INR	14,510		(2	)
Barclays		8/16/16	INR	32,980	USD	485		—
Brow n Brothers Harriman		8/16/16	USD	273	INR	18,470		(2	)
Credit Suisse		8/19/16	USD	489	MXN	8,930		(3	)

Counterparty	Maturity Date		Currency to Deliver		Currency to Receive		Unrealized Appreciation/ (Depreciation)
HSBC		8/19/16	MXN	8,930	USD	478	$	(8	)
Barclays		8/23/16	CNY	5,766	USD	864		1
Barclays		8/26/16	PLN	2,066	USD	514		(8	)
Barclays		8/26/16	USD	261	PLN	990		(10	)
Brow n Brothers Harriman		8/26/16	PLN	990	USD	249		(1	)
Northern Trust Company		8/26/16	USD	260	ZAR	3,900		2
Credit Lyonnais Securities Asia		10/3/16	USD	254	IDR	3,374,000		(3	)
Deutsche Bank		11/7/16	USD	111	ARS	1,770		(1	)
							$	(29	)

For the period ended June 30, 2016, the monthly average notional forward foreign currency contracts purchased and sold were $1,684 (000) and $(5,933) (000), respectively.

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

(A) Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities as of June 30, 2016 was $118,428 (000) and represents 11.58% of Net Assets.

(B) Security considered illiquid. The total value of such securities as of June 30, 2016 was $61 (000) and represented 0.01% of net assets.

(C) Variable rate security — Rate disclosed is the rate in effect on June 30, 2016.

(D) Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on June 30, 2016. The coupon on a step bond changes on a specified date.

(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, 2016, was $82 (000) and represented 0.01% of net assets.

(G) The rate reported is the 7-day effective yield as of June 30, 2016.

ARS — Argentine Peso

BRL — Brazilian Real

Cl — Class

CNY — Chinese Yuan

EUR — Euro

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GBP — British Pound

GNMA — Government National Mortgage Association

GO — General Obligation

IDR — Indonesian Rupiah

INR — Indian Rupee

LLC — Limited Liability Company

L.P. — Limited Partnership

Ltd. — Limited

MXN — Mexican Peso

PLN — Polish New Zloty

RB — Revenue Bond

Ser — Series

SGD — Singapore Dollar

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

91

THE KP FUNDS June 30, 2016 (Unaudited)

KP Fixed Income Fund

THB — Thai Baht

TRY — Turkish Lira

USD — U.S. Dollar

ZAR — South African Rand

The following is a list of the level of inputs used as of June 30, 2016, 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	$	—	$	318,445		$	—	$	318,445
Corporate Obligations		—		287,990			—		287,990
Mortgage-Backed Securities		—		162,192			—		162,192
Loan Participations		—		92,958			75		93,033
Sovereign Debt		—		89,995			—		89,995
Asset-Backed Securities		—		53,300			—		53,300
U.S. Government Agency Obligations		—		17,638			—		17,638
Municipal Bonds		—		4,214			—		4,214
Preferred Stock		—		—			7		7
Short-Term Investment		74,499		—			—		74,499
Total Investments in Securities	$	74,499	$	1,026,732		$	82	$	1,101,313
Other Financial Instruments	Level 1		Level 2			Level 3		Total
Forward Currency Contracts*
Unrealized Appreciation	$	—	$	58		$	—	$	58
Unrealized Depreciation		—		(87	)		—		(87	)
Total Other Financial Instruments	$	—	$	(29	)	$	—	$	(29	)

‡ A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material 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, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

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

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

92

THE KP FUNDS June 30, 2016 (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	$	283,680	$	501,629	$	587,505	$	591,887
Unaffiliated Investments at Cost		194,088		236,034		183,156		105,218
Affiliated Investments at Fair Value	$	291,524	$	512,521	$	594,473	$	593,269
Unaffiliated Investments at Fair Value		197,571		240,326		186,380		106,885
Cash		44		69		72		65
Receivable for Investment Securities Sold		174		—		—		37
Income Distributions Receivable		85		93		63		21
Receivable for Capital Shares Sold		—		33		129		—
Prepaid Expenses		11		16		16		14
Total Assets		489,409		753,058		781,133		700,291
Liabilities:
Payable for Capital Shares Redeemed		165		—		—		24
Payable due to Administrator		10		16		16		14
Payable due to Adviser		8		10		7		4
Chief Compliance Officer Fees Payable		1		2		2		2
Payable for Investment Securities Purchased		136		186		250		82
Other Accrued Expenses		19		27		28		25
Total Liabilities		339		241		303		151
Net Assets	$	489,070	$	752,817	$	780,830	$	700,140
NET ASSETS:
Paid-in Capital	$	475,828	$	734,183	$	765,638	$	691,313
Undistributed Net Investment Income		760		923		743		439
Accumulated Net Realized Gain on Investments		1,155		2,527		4,257		5,339
Net Unrealized Appreciation on Investments		11,327		15,184		10,192		3,049
Net Assets	$	489,070	$	752,817	$	780,830	$	700,140
Institutional Class Shares:
Net Assets	$	489,070	$	752,817	$	780,830	$	700,140
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		48,303,255		74,125,346		77,342,008		70,156,850
Net Asset Value, Offering and Redemption Price Per Share*	$	10.12	$	10.16	$	10.10	$	9.98

† 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.

93

THE KP FUNDS June 30, 2016 (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	$	684,298	$	632,177		$	441,798
Unaffiliated Investments at Cost		70,470		42,761			24,531
Affiliated Investments at Fair Value	$	683,515	$	628,866		$	437,612
Unaffiliated Investments at Fair Value		71,650		43,509			24,961
Cash		57		38			22
Receivable for Investment Securities Sold		185		49			23
Income Distributions Receivable		7		—			—
Prepaid Expenses		15		14			9
Total Assets		755,429		672,476			462,627
Liabilities:
Payable for Capital Shares Redeemed		170		36			14
Payable for Investment Securities Purchased		58		34			20
Payable due to Administrator		16		14			9
Payable due to Adviser		3		2			1
Chief Compliance Officer Fees Payable		2		2			1
Other Accrued Expenses		27		23			16
Total Liabilities		276		111			61
Net Assets	$	755,153	$	672,365		$	462,566
NET ASSETS:
Paid-in Capital	$	748,248	$	668,601		$	462,120
Undistributed Net Investment Income		275		112			42
Accumulated Net Realized Gain on Investments		6,233		6,215			4,160
Net Unrealized Appreciation/(Depreciation) on Investments		397		(2,563	)		(3,756	)
Net Assets	$	755,153	$	672,365		$	462,566
Institutional Class Shares:
Net Assets	$	755,153	$	672,365		$	462,566
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		76,060,011		67,981,381			46,960,496
Net Asset Value, Offering and Redemption Price Per Share*	$	9.93	$	9.89		$	9.85

† 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.

94

THE KP FUNDS June 30, 2016 (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	$	200,417		$	37,240		$	6,575
Unaffiliated Investments at Cost		10,979			1,975			353
Affiliated Investments at Fair Value	$	197,423		$	36,538		$	6,593
Unaffiliated Investments at Fair Value		11,270			2,073			376
Cash		10			2			—
Receivable for Investment Securities Sold		13			175			—
Receivable for Capital Shares Sold		—			—			58
Prepaid Expenses		4			1			—
Total Assets		208,720			38,789			7,027
Liabilities:
Payable for Investment Securities Purchased		9			2			58
Payable for Capital Shares Redeemed		9			174			—
Payable due to Administrator		4			1			—
Chief Compliance Officer Fees Payable		1			—			—
Other Accrued Expenses		7			1			—
Total Liabilities		30			178			58
Net Assets	$	208,690		$	38,611		$	6,969
NET ASSETS:
Paid-in Capital	$	209,827		$	39,209		$	7,241
Undistributed Net Investment Income		19			3			—
Accumulated Net Realized Gain/(Loss) on Investments		1,547			3			(313	)
Net Unrealized Appreciation/(Depreciation) on Investments		(2,703	)		(604	)		41
Net Assets	$	208,690		$	38,611		$	6,969
Institutional Class Shares:
Net Assets	$	208,690		$	38,611		$	6,969
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		21,152,807			3,935,503			704,722
Net Asset Value, Offering and Redemption Price Per Share*	$	9.87		$	9.81		$	9.89

† 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.

95

THE KP FUNDS June 30, 2016 (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	$	1,249,750		$	823,578		$	1,158,541		$	1,082,670
Cost of Foreign Currency		—			—			7,868			21
Investments at Fair Value	$	1,339,436		$	815,761		$	1,086,601		$	1,101,313
Cash		35,560			—			—			6,422
Foreign Currency at Value		—			—			7,803			21
Receivable for Investment Securities Sold		5,316			11,113			4,447			46,503
Dividends and Interest Receivable		1,332			810			3,179			5,666
Cash Collateral for Futures Contracts		788			907			2,426			—
Reclaims Receivable		156			5			1,842			8
Receivable for Capital Shares Sold		52			19			41			61
Unrealized Appreciation on Foreign Currency Spot Contracts		—			—			28			—
Unrealized Appreciation on Forward Foreign Currency Contracts		—			—			—			58
Prepaid Expenses		2			3			2			2
Total Assets		1,382,642			828,618			1,106,369			1,160,054
Liabilities:
Payable for Investment Securities Purchased		33,884			8,270			9,627			137,119
Payable due to Sub-Advisers		250			273			304			160
Payable for Capital Shares Redeemed		193			130			163			177
Payable due to Adviser		55			34			45			41
Payable due to Administrator		41			25			33			31
Chief Compliance Officer Fees Payable		2			1			2			2
Cash overdraft		—			—			197			—
Unrealized Depreciation on Foreign Currency Spot Contracts		—			—			13			—
Unrealized Depreciation on Forward Foreign Currency Contracts		—			—			—			87
Accrued Foreign Capital Gains Tax		—			—			242			—
Other Accrued Expenses		116			111			303			107
Total Liabilities		34,541			8,844			10,929			137,724
Net Assets	$	1,348,101		$	819,774		$	1,095,440		$	1,022,330
NET ASSETS:
Paid-in Capital	$	1,239,080		$	855,658		$	1,195,885		$	988,809
Undistributed Net Investment Income		10,324			3,965			15,604			11,236
Accumulated Net Realized Gain/(Loss) on Investments		8,925			(31,991	)		(43,568	)		3,670
Net Unrealized Appreciation/(Depreciation) on Investments		89,686			(7,817	)		(71,940	)		18,643
Net Unrealized Appreciation/(Depreciation) on Futures Contracts		92			(41	)		(119	)		—
Net Unrealized Depreciation on Foreign Currency Contracts and Foreign Currency Translation		(6	)		—			(180	)		(28	)
Accumulated Foreign Capital Gains Tax on Appreciated Securities		—			—			(242	)		—
Net Assets	$	1,348,101		$	819,774		$	1,095,440		$	1,022,330
Institutional Class Shares:
Net Assets	$	1,348,101		$	819,774		$	1,095,440		$	1,022,330
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		126,040,328			84,292,881			125,664,326			99,108,920
Net Asset Value, Offering and Redemption Price Per Share*	$	10.70		$	9.73		$	8.72		$	10.32

† 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.

96

THE KP FUNDS For the six-months ended June 30, 2016  (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	$	946		$	1,186		$	997		$	650
Total Investment Income		946			1,186			997			650
Expenses:
Administration Fees		61			92			93			83
Investment Advisory Fees		48			58			44			25
Trustees’ Fees		7			10			10			9
Chief Compliance Officer Fees		3			5			5			4
Custodian Fees/Transfer Agent Fees		28			40			41			35
Professional Fees		15			22			23			20
Registration Fees		14			22			24			22
Printing Fees		7			10			10			9
Other Fees		3			4			4			4
Total Expenses		186			263			254			211
Net Investment Income		760			923			743			439
Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Gain/(Loss) on Affiliated Investments		366			48			(173	)		(164	)
Net Realized Loss on Unaffiliated Investments		(582	)		(426	)		(271	)		(188	)
Net Change in Unrealized Appreciation on Affiliated Investments		9,374			13,971			12,673			9,493
Net Change in Unrealized Appreciation on Unaffiliated Investments		7,966			10,316			9,041			6,739
Net Realized and Unrealized Gain on Investments		17,124			23,909			21,270			15,880
Net Increase in Net Assets Resulting from Operations	$	17,884		$	24,832		$	22,013		$	16,319

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

97

THE KP FUNDS For the six-months ended June 30, 2016  (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	$	492		$	300		$	170
Total Investment Income		492			300			170
Expenses:
Administration Fees		90			79			54
Investment Advisory Fees		16			10			6
Trustees’ Fees		9			8			6
Chief Compliance Officer Fees		4			4			3
Custodian Fees/Transfer Agent Fees		38			34			23
Registration Fees		24			21			15
Professional Fees		22			19			13
Printing Fees		10			9			6
Other Fees		4			4			2
Total Expenses		217			188			128
Net Investment Income		275			112			42
Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Loss on Affiliated Investments		(460	)		(382	)		(464	)
Net Realized Loss on Unaffiliated Investments		(297	)		(160	)		(128	)
Net Change in Unrealized Appreciation on Affiliated Investments		9,329			7,266			4,660
Net Change in Unrealized Appreciation on Unaffiliated Investments		5,520			3,563			2,068
Net Realized and Unrealized Gain on Investments		14,092			10,287			6,136
Net Increase in Net Assets Resulting from Operations	$	14,367		$	10,399		$	6,178

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

98

THE KP FUNDS For the six-months ended June 30, 2016  (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	$	74		$	13		$	2
Total Investment Income		74			13			2
Expenses:
Administration Fees		23			4			1
Investment Advisory Fees		2			1			—
Trustees’ Fees		2			—			—
Chief Compliance Officer Fees		1			—			—
Custodian Fees/Transfer Agent Fees		10			2			—
Registration Fees		7			2			1
Professional Fees		6			1			—
Printing Fees		3			—			—
Other Fees		1			—			—
Total Expenses		55			10			2
Net Investment Income		19			3			—
Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Loss on Affiliated Investments		(150	)		(190	)		(215	)
Net Realized Loss on Unaffiliated Investments		(134	)		(53	)		(6	)
Net Change in Unrealized Appreciation on Affiliated Investments		2,412			730			306
Net Change in Unrealized Appreciation on Unaffiliated Investments		988			201			35
Net Realized and Unrealized Gain on Investments		3,116			688			120
Net Increase in Net Assets Resulting from Operations	$	3,135		$	691		$	120

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 For the six-months ended June 30, 2016  (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	$	12,498		$	5,980		$	21,841		$	200
Interest Income		—			—			—			12,585
Less: Foreign Taxes Withheld		(46	)		(3	)		(1,948	)		—
Total Investment Income		12,452			5,977			19,893			12,785
Expenses:
Sub-Advisory Fees		1,436			1,564			1,744			936
Investment Advisory Fees		311			189			257			241
Administration Fees		234			142			194			181
Trustees’ Fees		8			5			6			6
Chief Compliance Officer Fees		4			2			3			3
Custodian Fees/Transfer Agent Fees		70			49			250			53
Professional Fees		27			16			22			25
Printing Fees		8			6			7			6
Registration Fees		8			15			4			3
Other Fees		22			23			78			98
Total Expenses		2,128			2,011			2,565			1,552
Net Investment Income		10,324			3,966			17,328			11,233
Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Gain/(Loss) on Investments		5,243			(22,455	)		(23,083	)		6,456
Net Realized Gain/(Loss) on Futures Contracts		399			1,137			(1,580	)		—
Net Realized Gain/(Loss) on Foreign Currency Transactions		(2	)		—			374			(211	)
Net Change in Unrealized Appreciation/(Depreciation) on Investments		3,476			33,245			(5,494	)		33,772
Net Change in Unrealized Appreciation/(Depreciation) on Futures Contracts		54			(34	)		(167	)		—
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translation		2			—			(74	)		(53	)
Net Realized and Unrealized Gain/(Loss) on Investments		9,172			11,893			(30,024	)		39,964
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	19,496		$	15,859		$	(12,696	)	$	51,197

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 Retirement Path 2015 Fund						KP Retirement Path 2020 Fund
	Six-Months Ended June 30, 2016 (Unaudited)			Year ended December 31, 2015			Six-Months Ended June 30, 2016 (Unaudited)			Year ended December 31, 2015
Operations:
Net Investment Income	$	760		$	7,423		$	923		$	11,056
Net Realized Gain/(Loss) on Affiliated and Unaffiliated Investments		(216	)		3,020			(378	)		1,377
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Companies		—			4,653			—			7,888
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments		17,340			(14,165	)		24,287			(21,838	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		17,884			931			24,832			(1,517	)
Distributions to Shareholders:
Investment Income		—			(9,480	)		—			(14,348	)
Net Realized Gains		—			(6,305	)		—			(5,418	)
Total Distributions to Shareholders		—			(15,785	)		—			(19,766	)
Capital Share Transactions:
Institutional Class Shares:
Issued		25,382			44,355			50,790			88,183
Reinvestment of Distributions		—			15,784			—			19,766
Redeemed		(37,488	)		(84,059	)		(30,551	)		(58,071	)
Increase/(Decrease) in Net Assets from Capital Share Transactions		(12,106	)		(23,920	)		20,239			49,878
Total Increase/(Decrease) in Net Assets		5,778			(38,774	)		45,071			28,595
Net Assets:
Beginning of Year or Period		483,292			522,066			707,746			679,151
End of Year or Period	$	489,070		$	483,292		$	752,817		$	707,746
Undistributed Net Investment Income	$	760		$	—		$	923		$	—
Share Transactions:
Institutional Class Shares:
Issued		2,579			4,357			5,160			8,601
Reinvestment of Distributions		—			1,602			—			1,997
Redeemed		(3,802	)		(8,251	)		(3,102	)		(5,688	)
Net Increase/(Decrease) in Shares Outstanding from Share Transactions		(1,223	)		(2,292	)		2,058			4,910

Amounts designated as “—“ are $0.

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

101

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, 2016 (Unaudited)			Year ended December 31, 2015			Six-Months Ended June 30, 2016 (Unaudited)			Year ended December 31, 2015
Operations:
Net Investment Income	$	743		$	11,534		$	439		$	10,669
Net Realized Gain/(Loss) on Affiliated and Unaffiliated Investments		(444	)		1,057			(352	)		1,693
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Companies		—			9,366			—			9,454
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments		21,714			(25,838	)		16,232			(27,138	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		22,013			(3,881	)		16,319			(5,322	)
Distributions to Shareholders:
Investment Income		—			(15,214	)		—			(14,233	)
Net Realized Gains		—			(3,797	)		—			(3,526	)
Total Distributions to Shareholders		—			(19,011	)		—			(17,759	)
Capital Share Transactions:
Institutional Class Shares:
Issued		59,979			112,478			58,415			104,506
Reinvestment of Distributions		—			19,011			—			17,759
Redeemed		(19,920	)		(39,842	)		(13,767	)		(40,424	)
Increase in Net Assets from Capital Share Transactions		40,059			91,647			44,648			81,841
Total Increase in Net Assets		62,072			68,755			60,967			58,760
Net Assets:
Beginning of Year or Period		718,758			650,003			639,173			580,413
End of Year or Period	$	780,830		$	718,758		$	700,140		$	639,173
Undistributed Net Investment Income	$	743		$	—		$	439		$	—
Share Transactions:
Institutional Class Shares:
Issued		6,139			10,958			6,062			10,178
Reinvestment of Distributions		—			1,923			—			1,805
Redeemed		(2,046	)		(3,911	)		(1,427	)		(3,973	)
Net Increase in Shares Outstanding from Share Transactions		4,093			8,970			4,635			8,010

Amounts designated as “—“ are $0.

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

102

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, 2016 (Unaudited)			Year ended December 31, 2015			Six-Months Ended June 30, 2016 (Unaudited)			Year ended December 31, 2015
Operations:
Net Investment Income	$	275		$	11,522		$	112		$	9,975
Net Realized Gain/(Loss) on Affiliated and Unaffiliated Investments		(757	)		2,079			(542	)		1,957
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Companies		—			11,369			—			10,691
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments		14,849			(31,395	)		10,829			(28,540	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		14,367			(6,425	)		10,399			(5,917	)
Distributions to Shareholders:
Investment Income		—			(15,663	)		—			(13,742	)
Net Realized Gains		—			(3,735	)		—			(3,217	)
Total Distributions to Shareholders		—			(19,398	)		—			(16,959	)
Capital Share Transactions:
Institutional Class Shares:
Issued		69,098			120,532			68,340			115,819
Reinvestment of Distributions		—			19,398			—			16,959
Redeemed		(20,222	)		(42,797	)		(18,007	)		(41,543	)
Increase in Net Assets from Capital Share Transactions		48,876			97,133			50,333			91,235
Total Increase in Net Assets		63,243			71,310			60,732			68,359
Net Assets:
Beginning of Year or Period		691,910			620,600			611,633			543,274
End of Year or Period	$	755,153		$	691,910		$	672,365		$	611,633
Undistributed Net Investment Income	$	275		$	—		$	112		$	—
Share Transactions:
Institutional Class Shares:
Issued		7,217			11,721			7,162			11,245
Reinvestment of Distributions		—			1,971			—			1,722
Redeemed		(2,118	)		(4,194	)		(1,885	)		(4,068	)
Net Increase in Shares Outstanding from Share Transactions		5,099			9,498			5,277			8,899

Amounts designated as “—“ are $0.

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

103

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, 2016 (Unaudited)			Year ended December 31, 2015			Six-Months Ended June 30, 2016 (Unaudited)			Year ended December 31, 2015
Operations:
Net Investment Income	$	42		$	6,756		$	19		$	2,757
Net Realized Gain/(Loss) on Affiliated and Unaffiliated Investments		(592	)		1,679			(284	)		481
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Companies		—			7,437			—			3,056
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments		6,728			(19,985	)		3,400			(8,471	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		6,178			(4,113	)		3,135			(2,177	)
Distributions to Shareholders:
Investment Income		—			(9,217	)		—			(3,794	)
Net Realized Gains		—			(2,563	)		—			(858	)
Total Distributions to Shareholders		—			(11,780	)		—			(4,652	)
Capital Share Transactions:
Institutional Class Shares:
Issued		57,303			97,671			40,062			62,948
Reinvestment of Distributions		—			11,780			—			4,652
Redeemed		(14,400	)		(34,826	)		(6,764	)		(12,902	)
Increase in Net Assets from Capital Share Transactions		42,903			74,625			33,298			54,698
Total Increase in Net Assets		49,081			58,732			36,433			47,869
Net Assets:
Beginning of Year or Period		413,485			354,753			172,257			124,388
End of Year or Period	$	462,566		$	413,485		$	208,690		$	172,257
Undistributed Net Investment Income	$	42		$	—		$	19		$	—
Share Transactions:
Institutional Class Shares:
Issued		6,024			9,501			4,202			6,121
Reinvestment of Distributions		—			1,196			—			471
Redeemed		(1,516	)		(3,405	)		(708	)		(1,260	)
Net Increase in Shares Outstanding from Share Transactions		4,508			7,292			3,494			5,332

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

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

104

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Retirement Path 2055 Fund						KP Retirement Path 2060 Fund
	Six-Months Ended June 30, 2016 (Unaudited)			Year ended December 31, 2015			Six-Months Ended June 30, 2016 (Unaudited)			Year ended December 31, 2015
Operations:
Net Investment Income	$	3		$	431		$	—		$	90
Net Realized Gain/(Loss) on Affiliated and Unaffiliated Investments		(243	)		148			(221	)		(71	)
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Companies		—			470			—			101
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments		931			(1,473	)		341			(251	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		691			(424	)		120			(131	)
Distributions to Shareholders:
Investment Income		—			(585	)		—			(124	)
Net Realized Gains		—			(236	)		—			(34	)
Total Distributions to Shareholders		—			(821	)		—			(158	)
Capital Share Transactions:
Institutional Class Shares:
Issued		13,524			18,896			2,850			7,797
Reinvestment of Distributions		—			821			—			158
Redeemed		(2,692	)		(4,042	)		(1,749	)		(4,370	)
Increase in Net Assets from Capital Share Transactions		10,832			15,675			1,101			3,585
Total Increase in Net Assets		11,523			14,430			1,221			3,296
Net Assets:
Beginning of Year or Period		27,088			12,658			5,748			2,452
End of Year or Period	$	38,611		$	27,088		$	6,969		$	5,748
Undistributed Net Investment Income	$	3		$	—		$	—		$	—
Share Transactions:
Institutional Class Shares:
Issued		1,427			1,844			299			758
Reinvestment of Distributions		—			84			—			16
Redeemed		(284	)		(392	)		(182	)		(428	)
Net Increase in Shares Outstanding from Share Transactions		1,143			1,536			117			346

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

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

105

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Large Cap Equity Fund						KP Small Cap Equity Fund
	Six-Months Ended June 30, 2016 (Unaudited)			Year ended December 31, 2015			Six-Months Ended June 30, 2016 (Unaudited)			Year ended December 31, 2015
Operations:
Net Investment Income	$	10,324		$	16,873		$	3,966		$	5,024
Net Realized Gain/(Loss) on Investments and Futures Contracts		5,642			45,451			(21,318	)		14,222
Net Realized Loss on Foreign Currency Transactions		(2	)		(17	)		—			—
Net Change in Unrealized Appreciation/(Depreciation) on Investments and Futures Contracts		3,530			(25,022	)		33,211			(73,228	)
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translation		2			(2	)		—			—
Net Increase/(Decrease) in Net Assets Resulting from Operations		19,496			37,283			15,859			(53,982	)
Distributions to Shareholders:
Investment Income		—			(16,965	)		—			(5,273	)
Net Realized Gains		—			(47,635	)		—			(17,173	)
Return of Capital		—			—			—			(66	)
Total Distributions to Shareholders		—			(64,600	)		—			(22,512	)
Capital Share Transactions:
Institutional Shares:
Issued		132,302			160,689			61,644			475,373
Reinvestment of Distributions		—			64,600			—			22,512
Redeemed		(43,393	)		(101,156	)		(38,581	)		(88,779	)
Increase in Net Assets from Capital Share Transactions		88,909			124,133			23,063			409,106
Total Increase in Net Assets		108,405			96,816			38,922			332,612
Net Assets:
Beginning of Year or Period		1,239,696			1,142,880			780,852			448,240
End of Year or Period	$	1,348,101		$	1,239,696		$	819,774		$	780,852
Undistributed/(Distributions in Excess of) Net Investment Income	$	10,324		$	—		$	3,965		$	(1	)
Share Transactions:
Institutional Shares:
Issued		12,875			14,766			6,742			44,433
Reinvestment of Distributions		—			6,040			—			2,336
Redeemed		(4,227	)		(9,072	)		(4,231	)		(8,431	)
Net Increase in Shares Outstanding from Share Transactions		8,648			11,734			2,511			38,338

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

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

106

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP International Equity Fund						KP Fixed Income Fund
	Six-Months Ended June 30, 2016 (Unaudited)			Year ended December 31, 2015			Six-Months Ended June 30, 2016 (Unaudited)			Year ended December 31, 2015
Operations:
Net Investment Income	$	17,328		$	21,598		$	11,233		$	18,769
Net Realized Gain/(Loss) on Investments and Futures Contracts		(24,663	)		(12,664	)		6,456			1,858
Net Realized Gain/(Loss) on Foreign Currency Transactions		374			(291	)		(211	)		182
Net Change in Unrealized Appreciation/(Depreciation) on Investments and Futures Contracts		(5,661	)		(37,923	)		33,772			(16,719	)
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Translation		(74	)		9			(53	)		(29	)
Change in Accrued Foreign Capital Gains Tax on Appreciated Securities		—			(39	)		—			—
Net Increase/(Decrease) in Net Assets Resulting from Operations		(12,696	)		(29,310	)		51,197			4,061
Distributions to Shareholders:
Investment Income		—			(22,352	)		—			(19,468	)
Net Realized Gains		—			—			—			(4,913	)
Return of Capital		—			(658	)		—			(4	)
Total Distributions to Shareholders		—			(23,010	)		—			(24,385	)
Capital Share Transactions:
Institutional Shares:
Issued		114,778			220,291			110,581			180,722
Reinvestment of Distributions		—			23,010			—			24,385
Redeemed		(33,555	)		(104,173	)		(59,770	)		(90,369	)
Increase in Net Assets from Capital Share Transactions		81,223			139,128			50,811			114,738
Total Increase in Net Assets		68,527			86,808			102,008			94,414
Net Assets:
Beginning of Year or Period		1,026,913			940,105			920,322			825,908
End of Year or Period	$	1,095,440		$	1,026,913		$	1,022,330		$	920,322
Undistributed/(Distributions in Excess of) Net Investment Income	$	15,604		$	(1,724	)	$	11,236		$	3
Share Transactions:
Institutional Shares:
Issued		13,419			23,353			11,018			17,893
Reinvestment of Distributions		—			2,562			—			2,484
Redeemed		(3,928	)		(10,862	)		(5,949	)		(8,964	)
Net Increase in Shares Outstanding from Share Transactions		9,491			15,053			5,069			11,413

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

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

107

THE KP FUNDS

FINANCIAL HIGHLIGHTS

For the six-months ended June 30, 2016 (Unaudited) and the year or period ended December 31,

For a share outstanding throughout the periods

	Net Asset Value, Begi nning of Year or Period		Net Invest ment Income†		Net Rea lized and Unrealized Gain/ (Loss)  on Invest ments			Total from Oper ations			Distri butions from Invest ment Income			Distri bu tions from Net Realized Capital Gains			Total Distri butions			Net Asset Value, End of Year or Period		Total Return‡			Net Assets End of Year or Period (000)		Ratio of Expenses to Average Net Assets††			Ratio of Net Invest ment Income to Average Net Assets			Portfolio Turnover‡
KP Retirement Path 2015 Fund* - Institutional Shares
2016#	$	9.76	$	0.02	$	0.34		$	0.36		$	—		$	—		$	—		$	10.12		3.69	%	$	489,070		0.08	%		0.32	%		6	%
2015	$	10.07	$	0.15	$	(0.13	)	$	0.02		$	(0.20	)	$	(0.13	)	$	(0.33	)	$	9.76		0.14	%	$	483,292		0.08	%		1.45	%		24	%
2014@	$	10.00	$	0.18	$	0.20		$	0.38		$	(0.24	)	$	(0.07	)	$	(0.31	)	$	10.07		3.82	%	$	522,066		0.10	%		1.81	%		23	%
KP Retirement Path 2020 Fund* - Institutional Shares
2016#	$	9.82	$	0.01	$	0.33		$	0.34		$	—		$	—		$	—		$	10.16		3.46	%	$	752,817		0.07	%		0.26	%		4	%
2015	$	10.11	$	0.16	$	(0.17	)	$	(0.01	)	$	(0.20	)	$	(0.08	)	$	(0.28	)	$	9.82		(0.10	)%	$	707,746		0.07	%		1.56	%		19	%
2014@	$	10.00	$	0.19	$	0.21		$	0.40		$	(0.25	)	$	(0.04	)	$	(0.29	)	$	10.11		3.96	%	$	679,151		0.09	%		1.92	%		11	%
KP Retirement Path 2025 Fund* - Institutional Shares
2016#	$	9.81	$	0.01	$	0.28		$	0.29		$	—		$	—		$	—		$	10.10		2.96	%	$	780,830		0.07	%		0.20	%		3	%
2015	$	10.11	$	0.17	$	(0.21	)	$	(0.04	)	$	(0.21	)	$	(0.05	)	$	(0.26	)	$	9.81		(0.35	)%	$	718,758		0.07	%		1.64	%		12	%
2014@	$	10.00	$	0.20	$	0.20		$	0.40		$	(0.26	)	$	(0.03	)	$	(0.29	)	$	10.11		3.92	%	$	650,003		0.09	%		1.98	%		8	%
KP Retirement Path 2030 Fund* - Institutional Shares
2016#	$	9.76	$	0.01	$	0.21		$	0.22		$	—		$	—		$	—		$	9.98		2.25	%	$	700,140		0.06	%		0.14	%		2	%
2015	$	10.09	$	0.17	$	(0.22	)	$	(0.05	)	$	(0.22	)	$	(0.06	)	$	(0.28	)	$	9.76		(0.52	)%	$	639,173		0.07	%		1.70	%		9	%
2014@	$	10.00	$	0.20	$	0.17		$	0.37		$	(0.26	)	$	(0.02	)	$	(0.28	)	$	10.09		3.78	%	$	580,413		0.08	%		2.02	%		8	%
KP Retirement Path 2035 Fund* - Institutional Shares
2016#	$	9.75	$	—	$	0.18		$	0.18		$	—		$	—		$	—		$	9.93		1.85	%	$	755,153		0.06	%		0.08	%		3	%
2015	$	10.10	$	0.18	$	(0.25	)	$	(0.07	)	$	(0.23	)	$	(0.05	)	$	(0.28	)	$	9.75		(0.70	)%	$	691,910		0.06	%		1.71	%		7	%
2014@	$	10.00	$	0.20	$	0.19		$	0.39		$	(0.27	)	$	(0.02	)	$	(0.29	)	$	10.10		3.86	%	$	620,600		0.08	%		2.01	%		7	%
KP Retirement Path 2040 Fund* - Institutional Shares
2016#	$	9.75	$	—	$	0.14		$	0.14		$	—		$	—		$	—		$	9.89		1.44	%	$	672,365		0.06	%		0.04	%		3	%
2015	$	10.10	$	0.17	$	(0.25	)	$	(0.08	)	$	(0.22	)	$	(0.05	)	$	(0.27	)	$	9.75		(0.73	)%	$	611,633		0.06	%		1.68	%		7	%
2014@	$	10.00	$	0.20	$	0.20		$	0.40		$	(0.27	)	$	(0.03	)	$	(0.30	)	$	10.10		3.91	%	$	543,274		0.08	%		2.02	%		8	%
KP Retirement Path 2045 Fund* - Institutional Shares
2016#	$	9.74	$	—	$	0.11		$	0.11		$	—		$	—		$	—		$	9.85		1.13	%	$	462,566		0.06	%		0.02	%		3	%
2015	$	10.09	$	0.18	$	(0.25	)	$	(0.07	)	$	(0.22	)	$	(0.06	)	$	(0.28	)	$	9.74		(0.66	)%	$	413,485		0.06	%		1.71	%		9	%
2014@	$	10.00	$	0.21	$	0.17		$	0.38		$	(0.27	)	$	(0.02	)	$	(0.29	)	$	10.09		3.76	%	$	354,753		0.08	%		2.06	%		8	%
KP Retirement Path 2050 Fund* - Institutional Shares
2016#	$	9.75	$	—	$	0.12		$	0.12		$	—		$	—		$	—		$	9.87		1.23	%	$	208,690		0.06	%		0.02	%		4	%
2015	$	10.09	$	0.19	$	(0.26	)	$	(0.07	)	$	(0.22	)	$	(0.05	)	$	(0.27	)	$	9.75		(0.70	)%	$	172,257		0.06	%		1.82	%		9	%
2014@	$	10.00	$	0.22	$	0.16		$	0.38		$	(0.27	)	$	(0.02	)	$	(0.29	)	$	10.09		3.76	%	$	124,388		0.08	%		2.19	%		10	%
KP Retirement Path 2055 Fund* - Institutional Shares
2016#	$	9.70	$	—	$	0.11		$	0.11		$	—		$	—		$	—		$	9.81		1.13	%	$	38,611		0.06	%		0.02	%		9	%
2015	$	10.07	$	0.23	$	(0.30	)	$	(0.07	)	$	(0.21	)	$	(0.09	)	$	(0.30	)	$	9.70		(0.66	)%	$	27,088		0.06	%		2.19	%		21	%
2014@	$	10.00	$	0.24	$	0.15		$	0.39		$	(0.27	)	$	(0.05	)	$	(0.32	)	$	10.07		3.81	%	$	12,658		0.10	%		2.44	%		28	%
KP Retirement Path 2060 Fund* - Institutional Shares
2016#	$	9.78	$	—	$	0.11		$	0.11		$	—		$	—		$	—		$	9.89		1.12	%	$	6,969		0.07	%		0.01	%		28	%
2015	$	10.12	$	0.22	$	(0.28	)	$	(0.06	)	$	(0.22	)	$	(0.06	)	$	(0.28	)	$	9.78		(0.60	)%	$	5,748		0.06	%		2.09	%		100	%
2014@	$	10.00	$	0.20	$	0.19	^	$	0.39		$	(0.27	)	$	—		$	(0.27	)	$	10.12		3.92	%	$	2,452		0.15	%		1.98	%		340	%

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

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THE KP FUNDS

FINANCIAL HIGHLIGHTS

For the six-months ended June 30, 2016 (Unaudited) and the year or period ended December 31,

For a share outstanding throughout the periods

	Net Asset Value, Begin ning of Year or Period		Net Invest ment Income†		Net Realized and Unre alized Gain/ (Loss) on Invest ments			Total from Opera tions			Distribu tions from Invest ment Income			Distribu tions from Net Realized Capital Gains			Return of Capital			Total Distribu tions			Net Asset Value, End of Year or Period		Total Return‡			Net Assets End of Year or Period (000)		Ratio of Expenses to Average Net Assets††			Ratio of  Net Invest ment Income to Average Net Assets			Portfolio Turnover‡
KP Large Cap Equity Fund* - Institutional Shares
2016#	$	10.56	$	0.08	$	0.06		$	0.14		$	—		$	—		$	—		$	—		$	10.70		1.33	%	$	1,348,101		0.34	%		1.66	%		27	%
2015	$	10.82	$	0.15	$	0.17		$	0.32		$	(0.15	)	$	(0.43	)	$	—		$	(0.58	)	$	10.56		2.91	%	$	1,239,696		0.35	%		1.38	%		126	%
2014@	$	10.00	$	0.16	$	0.96		$	1.12		$	(0.15	)	$	(0.15	)	$	—		$	(0.30	)	$	10.82		11.21	%	$	1,142,880		0.35	%		1.62	%		126	%
KP Small Cap Equity Fund* - Institutional Shares
2016#	$	9.55	$	0.05	$	0.13		$	0.18		$	—		$	—		$	—		$	—		$	9.73		1.88	%	$	819,774		0.53	%		1.05	%		41	%
2015	$	10.32	$	0.07	$	(0.55	)	$	(0.48	)	$	(0.07	)	$	(0.22	)	$	—	(1)	$	(0.29	)	$	9.55		(4.73	)%	$	780,852		0.55	%		0.68	%		154	%
2014@	$	10.00	$	0.09	$	0.32		$	0.41		$	(0.09	)	$	—		$	—		$	(0.09	)	$	10.32		4.06	%	$	448,240		0.59	%		0.97	%		212	%
KP International Equity Fund* - Institutional Shares
2016#	$	8.84	$	0.14	$	(0.26	)	$	(0.12	)	$	—		$	—		$	—		$	—		$	8.72		(1.36	)%	$	1,095,440		0.50	%		3.36	%		10	%
2015	$	9.30	$	0.20	$	(0.46	)	$	(0.26	)	$	(0.19	)	$	—		$	(0.01	)	$	(0.20	)	$	8.84		(2.79	)%	$	1,026,913		0.50	%		2.13	%		21	%
2014@	$	10.00	$	0.26	$	(0.64	)	$	(0.38	)	$	(0.22	)	$	(0.08	)	$	(0.02	)	$	(0.32	)	$	9.30		(3.83	)%	$	940,105		0.54	%		2.61	%		115	%
KP Fixed Income Fund* - Institutional Shares
2016#	$	9.79	$	0.12	$	0.41		$	0.53		$	—		$	—		$	—		$	—		$	10.32		5.41	%	$	1,022,330		0.32	%		2.33	%		268	%
2015	$	10.00	$	0.21	$	(0.16	)	$	0.05		$	(0.21	)	$	(0.05	)	$	—	(1)	$	(0.26	)	$	9.79		0.57	%	$	920,322		0.34	%		2.10	%		533	%
2014@	$	10.00	$	0.20	$	0.07		$	0.27		$	(0.18	)	$	(0.09	)	$	—		$	(0.27	)	$	10.00		2.68	%	$	825,908		0.36	%		1.99	%		496	%

* Commenced operations on January 10, 2014.

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

# For the six-months ended June 30, 2016. All ratios for the period have been annualized.

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

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

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

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

(1) Amount less than $0.01 per share.

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

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

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THE KP FUNDS June 30, 2016 (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. 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.

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

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THE KP FUNDS June 30, 2016 (Unaudited)

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

Securities for which market prices are not available through the above methods are valued in accordance with Fair Value Procedures established by the Funds’ Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Pricing Committee (the “Committee”) designated by the Funds’ Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been delisted from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of June 30, 2016, KP Large Cap Equity, KP International Equity and KP Fixed Income 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.

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

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

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

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

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

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THE KP FUNDS June 30, 2016 (Unaudited)

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

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For the six-months ended June 30, 2016, 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 last 2 open tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

KP International Equity Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. KP International Equity Fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. Tax is monitoring and accruing foreign capital cap gains for $242 (000), please refer to the Statement of Assets and Liabilities.

As of and during the six-months ended June 30, 2016, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the six-months ended June 30, 2016 the Funds did not incur any interest or penalties.

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

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

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

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THE KP FUNDS June 30, 2016 (Unaudited)

time it was closed. Any realized or unrealized gains (losses) during the year are presented on the Statements of Operations. As of and during the six-months ended June 30, 2016, KP Fixed Income Fund held forward foreign currency contracts.

Futures Contracts — To the extent consistent with its investment objective and strategies, the Funds may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the 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, 2016, if applicable.

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, 2016, if applicable.

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

113

THE KP FUNDS June 30, 2016 (Unaudited)

As of June 30, 2016, 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, 2016 (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	$	2	$	2	$	(20	)	$	(20	)	$	(18	)	$	—	$	(18	)
BNP Paribas		17		17		(2	)		(2	)		15			—		15
Brown Brothers Harriman		—		—		(21	)		(21	)		(21	)		—		(21	)
Credit Lyonnais Securities Asia		—		—		(3	)		(3	)		(3	)		—		(3	)
Credit Suisse		—		—		(3	)		(3	)		(3	)		—		(3	)
Deutsche Bank		—		—		(1	)		(1	)		(1	)		—		(1	)
HSBC		30		30		(37	)		(37	)		(7	)		—		(7	)
Northern Trust Company		9		9		—			—			9			—		9
Total over the counter	$	58	$	58	$	(87	)	$	(87	)

† 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.

Participation Notes (“P-Notes”) — To the extent consistent with its Investment Objective and Strategies, a Fund may acquire P-Notes issued by participating banks or broker-dealers. P-Notes are participation interest notes that are designed to offer a return linked to a particular underlying equity, debt, currency or market. The P-Notes in which the Fund may invest will typically have a maturity of one year. When purchasing a P-Note, the posting of margin is not required because the full cost of the P-Note (plus commission) is paid at the time of purchase. When the P-Note matures, the issuer will pay to, or receive from, the purchaser the difference between the minimal value of the underlying instrument at the time of purchase and that instrument’s value at maturity. Investments in P-Notes involve the same risks associated with a direct investment in the underlying foreign companies of foreign securities markets that they seek to replicate. In addition, there can be no assurance that the trading price of P-Notes will equal the underlying value of the foreign companies or foreign securities markets that they seek to replicate. The holder of a participation note that is linked to a particular underlying security is entitled to receive any dividends paid in connection with an underlying security or instrument. However, the holder of a participation note does not receive voting rights as it would if it directly owned the underlying security or instrument. P-Notes are generally traded over the counter. P-Notes constitute general unsecured contractual obligations of the banks or broker-dealers that issue them and the counterparty. There is also counterparty risk associated with these investments because the Fund is relying on the creditworthiness of such counterparty and has no rights under a participation note against the issuer of the underlying security. In addition, the Fund will incur transaction costs as a result of investments in P-Notes.

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%

114

THE KP FUNDS June 30, 2016 (Unaudited)

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.

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-months ended June 30, 2016, the Funds were charged as follows for these services (000):

Fund	Administration Fee		Fund	Administration Fee
KP Retirement Path 2015 Fund	$	61	KP Retirement Path 2050 Fund	$	23
KP Retirement Path 2020 Fund	$	92	KP Retirement Path 2055 Fund	$	4
KP Retirement Path 2025 Fund	$	93	KP Retirement Path 2060 Fund	$	1
KP Retirement Path 2030 Fund	$	83	KP Large Cap Equity Fund	$	234
KP Retirement Path 2035 Fund	$	90	KP Small Cap Equity Fund	$	142
KP Retirement Path 2040 Fund	$	79	KP International Equity Fund	$	194
KP Retirement Path 2045 Fund	$	54	KP Fixed Income Fund	$	181

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, other than the Chief Compliance Officer (“CCO”) as described below, for serving as officers of the Trust.

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

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.

115

THE KP FUNDS June 30, 2016 (Unaudited)

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.

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

As of June 30, 2016, the Adviser has entered into investment sub-advisory agreements with the following parties:

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

116

THE KP FUNDS June 30, 2016 (Unaudited)

5. Investment Transactions:

For the six-months ended June 30, 2016, 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	$	27,616	$	39,104
KP Retirement Path 2020 Fund		53,396		32,417
KP Retirement Path 2025 Fund		62,255		21,612
KP Retirement Path 2030 Fund		60,502		15,521
KP Retirement Path 2035 Fund		70,575		21,511
KP Retirement Path 2040 Fund		69,359		18,973
KP Retirement Path 2045 Fund		57,931		15,021
KP Retirement Path 2050 Fund		40,631		7,332
KP Retirement Path 2055 Fund		13,707		2,876
KP Retirement Path 2060 Fund		2,879		1,777
KP Large Cap Equity Fund		417,441		331,314
KP Small Cap Equity Fund		334,331		304,137
KP International Equity Fund		206,841		104,514
KP Fixed Income Fund		504,032		475,282

In addition, KP Fixed Income Fund had purchases and sales of long-term U.S. Government securities of $1,918,473 (000) and $1,873,676 (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 year or period ended December 31, 2015 and December 31, 2014 were as follows (000):

	Year		Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
KP Retirement Path 2015 Fund		2015	$	11,020	$	4,765		$—	$	15,785
		2014		15,778		—		—		15,778
KP Retirement Path 2020 Fund		2015		15,668		4,098		—		19,766
		2014		18,750		—		—		18,750
KP Retirement Path 2025 Fund		2015		15,988		3,023		—		19,011
		2014		17,707		—		—		17,707
KP Retirement Path 2030 Fund		2015		14,973		2,786		—		17,759
		2014		16,169		—		—		16,169
KP Retirement Path 2035 Fund		2015		16,303		3,095		—		19,398
		2014		17,131		—		—		17,131
KP Retirement Path 2040 Fund		2015		14,264		2,695		—		16,959
		2014		15,292		—		—		15,292
KP Retirement Path 2045 Fund		2015		9,604		2,176		—		11,780
		2014		9,812		—		—		9,812
KP Retirement Path 2050 Fund		2015		3,870		782		—		4,652
		2014		3,423		—		—		3,423
KP Retirement Path 2055 Fund		2015		615		206		—		821
		2014		376		—		—		376
KP Retirement Path 2060 Fund		2015		157		1		—		158
		2014		64		—		—		64
KP Large Cap Equity Fund		2015		30,483		34,117		—		64,600
		2014		30,595		864		—		31,459

117

THE KP FUNDS June 30, 2016 (Unaudited)

	Year		Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
KP Small Cap Equity Fund		2015	$	12,927		$ 9,519	$	66	$	22,512
		2014		3,768		—		—		3,768
KP International Equity Fund		2015		22,352		—		658		23,010
		2014		29,553		322		1,486		31,361
KP Fixed Income Fund		2015		24,223		158		4		24,385
		2014		21,512		—		—		21,512

As of December 31, 2015, 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	$	—	$	1,762	$	—		$	—		$	(6,404	)	$	(4,642	)
KP Retirement Path 2020 Fund		—		3,326		—			—			(9,524	)		(6,198	)
KP Retirement Path 2025 Fund		—		5,110		—			—			(11,931	)		(6,821	)
KP Retirement Path 2030 Fund		—		6,077		—			—			(13,569	)		(7,492	)
KP Retirement Path 2035 Fund		—		7,529		—			—			(14,991	)		(7,462	)
KP Retirement Path 2040 Fund		—		7,251		—			—			(13,886	)		(6,635	)
KP Retirement Path 2045 Fund		—		5,296		—			—			(11,028	)		(5,732	)
KP Retirement Path 2050 Fund		—		2,102		—			—			(6,374	)		(4,272	)
KP Retirement Path 2055 Fund		—		327		—			—			(1,616	)		(1,289	)
KP Retirement Path 2060 Fund		—		65		—			—			(457	)		(392	)
KP Large Cap Equity Fund		648		8,197		—			—			80,680			89,525
KP Small Cap Equity Fund		—		—		—			(5,197	)		(46,546	)		(51,743	)
KP International Equity Fund		—		—		(1,786	)		(6,767	)		(79,196	)		(87,749	)
KP Fixed Income Fund		—		—		—			(1,439	)		(16,237	)		(17,676	)

Post-October losses represent losses realized on investment transactions from November 1, 2015 through December 31, 2015, 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. Under the Regulated Investment Company Modernization Act of 2010, Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. Capital loss carryforwards, all of which are not subject to expiration, are as follows (000):

	Short-Term Loss		Total Capital Loss Carryforwards
KP International Equity Fund	$	1,786	$	1,786

During the year ended December 31, 2015, the KP Retirement Path 2060 Fund and KP Small Cap Equity Fund utilized $26 (000) and $3,557 (000), respectively, in capital loss carryforwards to offset capital gains.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments for Federal income tax purposes at June 30, 2016, were as follows (000):

	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
KP Retirement Path 2015 Fund		$477,768		$15,913		$  (4,586	)	$	11,327
KP Retirement Path 2020 Fund		737,663		25,408		(10,224	)		15,184
KP Retirement Path 2025 Fund		770,661		25,488		(15,296	)		10,192
KP Retirement Path 2030 Fund		697,105		22,259		(19,210	)		3,049
KP Retirement Path 2035 Fund		754,768		23,010		(22,613	)		397

118

THE KP FUNDS June 30, 2016 (Unaudited)

	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
KP Retirement Path 2040 Fund	$	674,938	$	19,802	$	(22,365	)	$	(2,563	)
KP Retirement Path 2045 Fund		466,329		11,620		(15,376	)		(3,756	)
KP Retirement Path 2050 Fund		211,396		3,582		(6,285	)		(2,703	)
KP Retirement Path 2055 Fund		39,215		193		(797	)		(604	)
KP Retirement Path 2060 Fund		6,928		80		(39	)		41
KP Large Cap Equity Fund		1,249,750		143,064		(53,378	)		89,686
KP Small Cap Equity Fund		823,578		68,540		(76,357	)		(7,817	)
KP International Equity Fund		1,158,541		81,104		(153,044	)		(71,940	)
KP Fixed Income Fund		1,082,670		23,255		(4,612	)		18,643

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 fund’s 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.

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

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

119

THE KP FUNDS June 30, 2016 (Unaudited)

performance of their duties to the Funds. The Funds’ maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds. Based on experience, the Adviser is of the view that the risk of loss to the Funds in connection with the Funds’ indemnification obligation is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Funds.

9. Other:

At June 30, 2016, the percentage of total shares outstanding held by shareholders each owning 10% or greater of the aggregate total shares outstanding for each Fund, which are comprised of an omnibus account that are held on behalf of various individual shareholders, was as follows:

	Number of affiliated shareholders		% of outstanding shares held		Number of non-affiliated shareholders		% of outstanding shares held
KP Retirement Path 2015 Fund		—		0%		1		100%
KP Retirement Path 2020 Fund		—		0%		1		100%
KP Retirement Path 2025 Fund		—		0%		1		100%
KP Retirement Path 2030 Fund		—		0%		1		100%
KP Retirement Path 2035 Fund		—		0%		1		100%
KP Retirement Path 2040 Fund		—		0%		1		100%
KP Retirement Path 2045 Fund		—		0%		1		100%
KP Retirement Path 2050 Fund		—		0%		1		100%
KP Retirement Path 2055 Fund		—		0%		1		100%
KP Retirement Path 2060 Fund		—		0%		1		100%
KP Large Cap Equity Fund		6		87%		—		0%
KP Small Cap Equity Fund		3		35%		1		37%
KP International Equity Fund		5		82%		—		0%
KP Fixed Income Fund		5		87%		—		0%

10. Subsequent Events:

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

120

THE KP FUNDS June 30, 2016 (Unaudited)

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, 2016 and held for the six-month period ended June 30, 2016.

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.

121

THE KP FUNDS June 30, 2016 (Unaudited)

DISCLOSURE OF FUND EXPENSES (Unaudited) (Concluded)

	Beginning Account Value 1/1/2016		Ending Account Value 6/30/2016		Annualized Expense Ratios			Expenses Paid During Period*
KP Retirement Path 2015 Fund
Actual Fund Return	$	1,000.00	$	1,036.90		0.08	%	$	0.41
Hypothetical 5% Return	$	1,000.00	$	1,024.47		0.08	%	$	0.40
KP Retirement Path 2020 Fund
Actual Fund Return	$	1,000.00	$	1,034.60		0.07	%	$	0.36
Hypothetical 5% Return	$	1,000.00	$	1,024.52		0.07	%	$	0.35
KP Retirement Path 2025 Fund
Actual Fund Return	$	1,000.00	$	1,029.60		0.07	%	$	0.35
Hypothetical 5% Return	$	1,000.00	$	1,024.52		0.07	%	$	0.35
KP Retirement Path 2030 Fund
Actual Fund Return	$	1,000.00	$	1,022.50		0.06	%	$	0.30
Hypothetical 5% Return	$	1,000.00	$	1,024.57		0.06	%	$	0.30
KP Retirement Path 2035 Fund
Actual Fund Return	$	1,000.00	$	1,018.50		0.06	%	$	0.30
Hypothetical 5% Return	$	1,000.00	$	1,024.57		0.06	%	$	0.30
KP Retirement Path 2040 Fund
Actual Fund Return	$	1,000.00	$	1,014.40		0.06	%	$	0.30
Hypothetical 5% Return	$	1,000.00	$	1,024.57		0.06	%	$	0.30
KP Retirement Path 2045 Fund
Actual Fund Return	$	1,000.00	$	1,011.30		0.06	%	$	0.30
Hypothetical 5% Return	$	1,000.00	$	1,024.57		0.06	%	$	0.30

	Beginning Account Value 1/1/2016		Ending Account Value 6/30/2016		Annualized Expense Ratios			Expenses Paid During Period*
KP Retirement Path 2050 Fund
Actual Fund Return	$	1,000.00	$	1,012.30		0.06	%	$	0.30
Hypothetical 5% Return	$	1,000.00	$	1,024.57		0.06	%	$	0.30
KP Retirement Path 2055 Fund
Actual Fund Return	$	1,000.00	$	1,011.30		0.06	%	$	0.30
Hypothetical 5% Return	$	1,000.00	$	1,024.57		0.06	%	$	0.30
KP Retirement Path 2060 Fund
Actual Fund Return	$	1,000.00	$	1,011.20		0.07	%	$	0.35
Hypothetical 5% Return	$	1,000.00	$	1,024.52		0.07	%	$	0.35
KP Large Cap Equity Fund
Actual Fund Return	$	1,000.00	$	1,013.30		0.34	%	$	1.70
Hypothetical 5% Return	$	1,000.00	$	1,023.17		0.34	%	$	1.71
KP Small Cap Equity Fund
Actual Fund Return	$	1,000.00	$	1,018.80		0.53	%	$	2.66
Hypothetical 5% Return	$	1,000.00	$	1,022.23		0.53	%	$	2.66
KP International Equity Fund
Actual Fund Return	$	1,000.00	$	986.40		0.50	%	$	2.47
Hypothetical 5% Return	$	1,000.00	$	1,022.38		0.50	%	$	2.51
KP Fixed Income Fund
Actual Fund Return	$	1,000.00	$	1,054.10		0.32	%	$	1.63
Hypothetical 5% Return	$	1,000.00	$	1,023.27		0.32	%	$	1.61

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).

122

THE KP FUNDS June 30, 2016 (Unaudited)

APPROVAL OF SUB-ADVISORY AGREEMENT

KP FIXED INCOME FUND

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

A Board meeting was held on February 22, 2016 to decide whether to approve the following agreement (the “Agreement”) for an initial two-year term:

• the Sub-Advisory Agreement between the Adviser and Credit Suisse Asset Management, LLC (the “Sub-Adviser”) on behalf of the KP Fixed Income Fund.

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

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

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

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-Adviser and other service providers of the Fund, approved the Agreement. In considering the approval of the Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Sub-Adviser; and (ii) the fee to be paid to the Sub-Adviser, as discussed in further detail below.

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

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

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

123

THE KP FUNDS June 30, 2016 (Unaudited)

APPROVAL OF SUB-ADVISORY AGREEMENT (Continued)

Costs of Advisory Services

In considering the advisory fee payable to the Sub-Adviser, the Trustees reviewed, among other things, a report of the proposed advisory fee to be paid to the Sub-Adviser. The Trustees also reviewed pro forma fee and expense information. The Trustees also considered that the fee payable to the Sub-Adviser would reflect an arms-length negotiation between the Adviser and the Sub-Adviser. The Board concluded, within the context of its full deliberations, that the advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Sub-Adviser. The Board also considered the Sub-Adviser’s commitment to managing the Fund.

Because the Sub-Adviser is new to the Fund and has not managed Fund assets, it 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-Adviser might achieve with respect to the Fund or the extent to which economies of scale would be realized by the Sub-Adviser as the assets of the Fund grow. Accordingly, the Trustees did not make any conclusions regarding the Sub-Adviser’s investment performance with respect to the Fund, the Sub-Adviser’s profitability, or the extent to which economies of scale would be realized by the Sub-Adviser as the assets of the Fund grow, but will do so during future considerations of the Agreement.

Approval of the Agreement

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

124

THE KP FUNDS June 30, 2016 (Unaudited)

RENEWAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

KP FUNDS

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

A Board meeting was held on November 18, 2015 to decide whether to renew the following agreements (the “Agreements”) for additional one-year terms:

• the advisory agreement between Callan Associates Inc. (the “Adviser”) and the Trust, on behalf of the KP Large Cap Equity Fund, KP Small Cap Equity Fund, KP International Equity Fund, KP Fixed Income Fund, 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; and

• the sub-advisory agreements between: the Adviser and SSgA Funds Management, Inc. (“SSgA”) on behalf of the KP Large Cap Equity Fund, KP Small Cap Equity Fund, KP International Equity Fund, and KP Fixed Income Fund; the Adviser and T. Rowe Price Associates, Inc. (“T. Rowe Price”) on behalf of the KP Large Cap Equity Fund; the Adviser and Marathon Asset Management LLP (“Marathon”) on behalf of the KP International Equity Fund; the Adviser and Columbus Circle Investors (“CCI”) on behalf of the KP Small Cap Equity Fund; the Adviser and MFS Investment Management (“MFS”) on behalf of the KP Large Cap Equity Fund and the KP International Equity Fund; the Adviser and DePrince Race & Zollo, Inc. (“DRZ”) on behalf of the KP Small Cap Equity Fund; the Adviser and Walthausen & Co., LLC (“Walthausen”) on behalf of the KP Small Cap Equity Fund; the Adviser and CastleArk Management LLC (“CastleArk”) on behalf of the KP Small Cap Equity Fund; the Adviser and Acadian Asset Management LLC (“Acadian”) on behalf of the KP International Equity Fund; the Adviser and Eaton Vance Management (“Eaton Vance”) on behalf of the KP Fixed Income Fund; the Adviser and Payden & Rygel on behalf of the KP Fixed Income Fund; and the Adviser and Loomis, Sayles & Company, L.P. (“Loomis Sayles”) on behalf of the KP Fixed Income Fund (each of SSgA, T. Rowe Price, Marathon, CCI, MFS, DRZ, Walthausen, CastleArk, Acadian, Eaton Vance, Payden & Rygel, and Loomis Sayles a “Sub-Adviser” and, collectively, the “Sub-Advisers”).

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

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

125

THE KP FUNDS June 30, 2016 (Unaudited)

RENEWAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

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 Board meeting to help the Trustees evaluate the Adviser’s and the Sub-Advisers’ services, fees and other aspects of the Agreements. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management and the 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 Funds, renewed the Agreements. In considering the renewal of the Agreements, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Adviser and the Sub-Advisers; (ii) the investment performance of the Funds and the Adviser and the Sub-Advisers; (iii) the costs of the services provided and profits realized by the Adviser and the Sub-Advisers from their relationship with the Funds, including both direct and indirect benefits accruing to the Adviser and the Sub-Advisers and their affiliates; (iv) the extent to which economies of scale are being realized by the Adviser and the Sub-Advisers; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.

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

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

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

Investment Performance of the Funds, the Adviser and the Sub-Advisers

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

Costs of Advisory Services, Profitability and Economies of Scale

In considering the advisory fees payable by the Funds to the Adviser, as well as the fees payable to the Sub-Advisers, the Trustees reviewed, among other things, a report of the advisory fees paid to the Adviser and the Sub-Advisers. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ net and

126

THE KP FUNDS June 30, 2016 (Unaudited)

RENEWAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

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

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

The Trustees considered the Adviser’s and Sub-Advisers’ views relating to economies of scale in connection with the Funds as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Funds and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Funds’ shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fees were reasonable in light of the information that was provided to the Trustees by the Adviser and the Sub-Advisers with respect to economies of scale.

Renewal of the Agreements

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

127

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-001-0300

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 2, 2016

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 2, 2016
By (Signature and Title)	/s/ Stephen Connors
	Stephen Connors
	Treasurer, Controller & CFO

Date: September 2, 2016