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, 2017

Date of reporting period: June 30, 2017

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, 2017

THE KP FUNDS June 30, 2017 (Unaudited)

TABLE OF CONTENTS
Schedules of Investments	1
Statements of Assets and Liabilities	115
Statements of Operations	119
Statements of Changes in Net Assets	123
Financial Highlights	130
Notes to Financial Statements	132
Disclosure of Fund Expenses	143
Approval of Sub-Advisory Agreement	145

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, 2017 (Unaudited)

KP Retirement Path 2015 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 73.5%
KP Fixed Income Fund		17,424,655	$	176,163
KP International Equity Fund		3,722,225		38,376
KP Large Cap Equity Fund		7,279,294		90,336
KP Small Cap Equity Fund		1,403,178		16,740
Total Affiliated Registered Investment Companies (Cost $300,361) (000)				321,615
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 26.5%
DFA Commodity Strategy Portfolio		703,717		4,025
DFA International Real Estate Securities Portfolio		831,289		4,156
Lazard Global Listed Infrastructure Portfolio		265,277		4,351

Description	Shares		Value (000)
T Rowe Price Institutional Floating Rate Fund		419,676	$	4,209
T Rowe Price New Era Fund, Cl I		125,040		4,111
Vanguard Inflation-Protected Securities Fund		1,255,053		13,115
Vanguard REIT Index Fund		475,431		8,677
Vanguard Short-Term Bond Index Fund		3,931,224		41,121
Vanguard Short-Term Inflation-Protected Securities Index Fund		1,297,145		32,040
Total Unaffiliated Registered Investment Companies (Cost $113,957) (000)				115,805
Total Investments — 100.0% (Cost $414,318) (000)			$	437,420

Percentages are based on Net Assets of $437,390 (000).

Cl — Class

REIT — Real Estate Investment Trust

As of June 30, 2017, 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 six-months ended June 30, 2017, 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 six-months ended June 30, 2017, 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 six-months ended June 30, 2017 (000):

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value 6/30/2017		Dividend Income		Capital Gain Distributions
KP Fixed Income Fund	$	159,878	$	44,882	$	(33,000	)	$	4,272	$	131	$	176,163	$	—	$	—
KP International Equity Fund		27,218		12,135		(6,125	)		5,046		102		38,376		—		—
KP Large Cap Equity Fund		79,257		15,198		(13,395	)		6,774		2,502		90,336		—		—
KP Small Cap Equity Fund		13,182		4,554		(1,985	)		678		311		16,740		—		—

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

1

THE KP FUNDS June 30, 2017 (Unaudited)

KP Retirement Path 2020 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 77.5%
KP Fixed Income Fund		27,967,704	$	282,754
KP International Equity Fund		9,695,964		99,965
KP Large Cap Equity Fund		16,462,092		204,295
KP Small Cap Equity Fund		3,799,443		45,327
Total Affiliated Registered Investment Companies (Cost $582,017) (000)				632,341
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 22.5%
DFA Commodity Strategy Portfolio		1,357,161		7,763
DFA International Real Estate Securities Portfolio		1,600,834		8,004
Lazard Global Listed Infrastructure Portfolio		509,966		8,363

Description	Shares		Value (000)
T Rowe Price Institutional Floating Rate Fund		808,331	$	8,108
T Rowe Price New Era Fund, Cl I		240,940		7,922
Vanguard Inflation-Protected Securities Fund		2,248,979		23,502
Vanguard REIT Index Fund		852,972		15,567
Vanguard Short-Term Bond Index Fund		5,756,854		60,217
Vanguard Short-Term Inflation-Protected Securities Index Fund		1,783,054		44,041
Total Unaffiliated Registered Investment Companies (Cost $181,166) (000)				183,487
Total Investments — 100.0% (Cost $763,183) (000)			$	815,828

Percentages are based on Net Assets of $815,778 (000).

Cl — Class

REIT — Real Estate Investment Trust

As of June 30, 2017, 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 six-months ended June 30, 2017, 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 six-months ended June 30, 2017, 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 six-months ended June 30, 2017 (000):

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value 6/30/2017		Dividend Income		Capital Gain Distributions
KP Fixed Income Fund	$	243,375	$	55,162	$	(22,527	)	$	6,659	$	85	$	282,754	$	—	$	—
KP International Equity Fund		78,221		17,843		(9,375	)		13,091		185		99,965		—		—
KP Large Cap Equity Fund		150,728		49,407		(15,326	)		16,595		2,891		204,295		—		—
KP Small Cap Equity Fund		42,361		2,750		(2,479	)		2,312		383		45,327		—		—

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

2

THE KP FUNDS June 30, 2017 (Unaudited)

KP Retirement Path 2025 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 82.3%
KP Fixed Income Fund		26,688,812	$	269,824
KP International Equity Fund		15,019,717		154,853
KP Large Cap Equity Fund		22,939,345		284,678
KP Small Cap Equity Fund		6,024,498		71,872
Total Affiliated Registered Investment Companies (Cost $711,218) (000)				781,227
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 17.7%
DFA Commodity Strategy Portfolio		1,599,947		9,152
DFA International Real Estate Securities Portfolio		1,885,338		9,427
Lazard Global Listed Infrastructure Portfolio		599,984		9,840

Description	Shares		Value (000)
T Rowe Price Institutional Floating Rate Fund		952,104	$	9,550
T Rowe Price New Era Fund, Cl I		283,862		9,333
Vanguard Inflation-Protected Securities Fund		2,559,037		26,742
Vanguard REIT Index Fund		971,176		17,723
Vanguard Short-Term Bond Index Fund		4,223,433		44,177
Vanguard Short-Term Inflation-Protected Securities Index Fund		1,304,259		32,215
Total Unaffiliated Registered Investment Companies (Cost $166,169) (000)				168,159
Total Investments — 100.0% (Cost $877,387) (000)			$	949,386

Percentages are based on Net Assets of $949,330 (000).

Cl — Class

REIT — Real Estate Investment Trust

As of June 30, 2017, 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 six-months ended June 30, 2017, 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 six-months ended June 30, 2017, 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 six-months ended June 30, 2017 (000):

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value 6/30/2017		Dividend Income		Capital Gain Distributions
KP Fixed Income Fund	$	219,574	$	51,804	$	(7,812	)	$	6,224	$	34		$	269,824	$	—	$	—
KP International Equity Fund		141,328		10,608		(18,092	)		21,075		(66	)		154,853		—		—
KP Large Cap Equity Fund		196,194		72,917		(10,615	)		24,142		2,040			284,678		—		—
KP Small Cap Equity Fund		71,689		5,420		(9,495	)		2,889		1,369			71,872		—		—

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

3

THE KP FUNDS June 30, 2017 (Unaudited)

KP Retirement Path 2030 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 87.1%
KP Fixed Income Fund		20,330,712	$	205,543
KP International Equity Fund		18,254,016		188,199
KP Large Cap Equity Fund		24,106,017		299,156
KP Small Cap Equity Fund		7,166,626		85,498
Total Affiliated Registered Investment Companies (Cost $700,891) (000)				778,396
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 12.9%
DFA Commodity Strategy Portfolio		1,391,566		7,960
DFA International Real Estate Securities Portfolio		1,640,757		8,204
Lazard Global Listed Infrastructure Portfolio		522,484		8,569

Description	Shares		Value (000)
T Rowe Price Institutional Floating Rate Fund		828,561	$	8,310
T Rowe Price New Era Fund, Cl I		246,994		8,121
Vanguard Inflation-Protected Securities Fund		2,231,103		23,315
Vanguard REIT Index Fund		847,043		15,458
Vanguard Short-Term Bond Index Fund		2,100,877		21,975
Vanguard Short-Term Inflation-Protected Securities Index Fund		543,424		13,423
Total Unaffiliated Registered Investment Companies (Cost $113,899) (000)				115,335
Total Investments — 100.0% (Cost $814,790) (000)			$	893,731

Percentages are based on Net Assets of $893,681 (000).

Cl — Cl

REIT — Real Estate Investment Trust

As of June 30, 2017, 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 six-months ended June 30, 2017, 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 six-months ended June 30, 2017, 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 six-months ended June 30, 2017 (000):

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value 6/30/2017		Dividend Income		Capital Gain Distributions
KP Fixed Income Fund	$	155,165	$	50,142	$	(4,499	)	$	4,692	$	43		$	205,543	$	—	$	—
KP International Equity Fund		190,200		14,881		(43,157	)		27,034		(759	)		188,199		—		—
KP Large Cap Equity Fund		210,598		69,320		(8,240	)		25,856		1,622			299,156		—		—
KP Small Cap Equity Fund		89,053		7,678		(16,332	)		2,751		2,348			85,498		—		—

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

4

THE KP FUNDS June 30, 2017 (Unaudited)

KP Retirement Path 2035 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.    

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 91.2%
KP Fixed Income Fund		18,279,635	$	184,807
KP International Equity Fund		24,368,402		251,238
KP Large Cap Equity Fund		28,454,509		353,121
KP Small Cap Equity Fund		9,591,617		114,428
Total Affiliated Registered Investment Companies (Cost $806,354) (000)				903,594
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 8.8%
DFA Commodity Strategy Portfolio		1,378,052		7,882
DFA International Real Estate Securities Portfolio		1,624,067		8,120
Lazard Global Listed Infrastructure Portfolio		516,920		8,478

Description	Shares		Value (000)
T Rowe Price Institutional Floating Rate Fund		820,178	$	8,226
T Rowe Price New Era Fund, Cl I		244,515		8,040
Vanguard Inflation-Protected Securities Fund		2,187,300		22,857
Vanguard REIT Index Fund		830,481		15,157
Vanguard Short-Term Bond Index Fund		532,624		5,571
Vanguard Short-Term Inflation-Protected Securities Index Fund		111,931		2,765
Total Unaffiliated Registered Investment Companies (Cost $85,791) (000)				87,096
Total Investments — 100.0% (Cost $892,145) (000)			$	990,690

Percentages are based on Net Assets of $990,636 (000).

Cl — Class

REIT — Real Estate Investment Trust

As of June 30, 2017, 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 six-months ended June 30, 2017, 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 six-months ended June 30, 2017 , 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 six-months ended June 30, 2017 (000):

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value 6/30/2017		Dividend Income		Capital Gain Distributions
KP Fixed Income Fund	$	132,082	$	51,785	$	(3,268	)	$	4,188	$	20		$	184,807	$	—	$	—
KP International Equity Fund		248,350		20,785		(52,509	)		35,644		(1,032	)		251,238		—		—
KP Large Cap Equity Fund		263,591		65,040		(8,110	)		31,051		1,549			353,121		—		—
KP Small Cap Equity Fund		115,902		11,124		(19,345	)		3,973		2,774			114,428		—		—

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

5

THE KP FUNDS June 30, 2017 (Unaudited)

KP Retirement Path 2040 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 93.7%
KP Fixed Income Fund		13,728,721	$	138,797
KP International Equity Fund		25,075,264		258,526
KP Large Cap Equity Fund		26,791,363		332,481
KP Small Cap Equity Fund		9,703,039		115,757
Total Affiliated Registered Investment Companies (Cost $751,230) (000)				845,561
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 6.3%
DFA Commodity Strategy Portfolio		993,326		5,682
DFA International Real Estate Securities Portfolio		1,170,447		5,852

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		372,475	$	6,109
T Rowe Price Institutional Floating Rate Fund		591,103		5,929
T Rowe Price New Era Fund, Cl I		176,222		5,794
Vanguard Inflation-Protected Securities Fund		1,583,147		16,544
Vanguard REIT Index Fund		601,262		10,973
Total Unaffiliated Registered Investment Companies (Cost $55,841) (000)				56,883
Total Investments — 100.0% (Cost $807,071) (000)			$	902,444

Percentages are based on Net Assets of $902,396 (000).

Cl — Class

REIT — Real Estate Investment Trust

As of June 30, 2017, 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 six-months ended June 30, 2017, 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 six-months ended June 30, 2017, 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 six-months ended June 30, 2017 (000):

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value 6/30/2017		Dividend Income		Capital Gain Distributions
KP Fixed Income Fund	$	88,789	$	49,747	$	(2,870	)	$	3,106	$	25		$	138,797	$	—	$	—
KP International Equity Fund		248,249		23,370		(48,374	)		36,143		(862	)		258,526		—		—
KP Large Cap Equity Fund		261,814		47,954		(8,267	)		29,399		1,581			332,481		—		—
KP Small Cap Equity Fund		113,607		12,817		(17,417	)		4,241		2,509			115,757		—		—

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

6

THE KP FUNDS June 30, 2017 (Unaudited)

KP Retirement Path 2045 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 94.9%
KP Fixed Income Fund		8,412,598	$	85,051
KP International Equity Fund		18,975,459		195,637
KP Large Cap Equity Fund		19,710,606		244,609
KP Small Cap Equity Fund		7,495,810		89,425
Total Affiliated Registered Investment Companies (Cost $546,080) (000)				614,722
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.1%
DFA Commodity Strategy Portfolio		577,695		3,304
DFA International Real Estate Securities Portfolio		680,405		3,402

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		216,424	$	3,549
T Rowe Price Institutional Floating Rate Fund		343,651		3,447
T Rowe Price New Era Fund, Cl I		102,458		3,369
Vanguard Inflation-Protected Securities Fund		900,607		9,411
Vanguard REIT Index Fund		342,113		6,244
Total Unaffiliated Registered Investment Companies (Cost $32,115) (000)				32,726
Total Investments — 100.0% (Cost $578,195) (000)			$	647,448

Percentages are based on Net Assets of $647,414 (000).

Cl — Class

REIT — Real Estate Investment Trust

As of June 30, 2017, 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 six-months ended June 30, 2017, 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 six-months ended June 30, 2017, 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 six-months ended June 30, 2017 (000):

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value 6/30/2017		Dividend Income		Capital Gain Distributions
KP Fixed Income Fund	$	45,430	$	39,564	$	(1,814	)	$	1,858	$	13		$	85,051	$	—	$	—
KP International Equity Fund		186,139		21,077		(37,940	)		27,158		(797	)		195,637		—		—
KP Large Cap Equity Fund		195,581		32,705		(6,333	)		21,461		1,195			244,609		—		—
KP Small Cap Equity Fund		80,834		11,488		(7,987	)		3,931		1,159			89,425		—		—

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

7

THE KP FUNDS June 30, 2017 (Unaudited)

KP Retirement Path 2050 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.2%
KP Fixed Income Fund		3,679,953	$	37,204
KP International Equity Fund		10,049,179		103,607
KP Large Cap Equity Fund		10,370,342		128,696
KP Small Cap Equity Fund		3,925,037		46,826
Total Affiliated Registered Investment Companies (Cost $283,498) (000)				316,333
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 4.8%
DFA Commodity Strategy Portfolio		286,377		1,638
DFA International Real Estate Securities Portfolio		336,922		1,685
Lazard Global Listed Infrastructure Portfolio		107,043		1,756

Description	Shares		Value (000)
T Rowe Price Institutional Floating Rate Fund		170,183	$	1,707
T Rowe Price New Era Fund, Cl I		50,751		1,669
Vanguard Inflation-Protected Securities Fund		424,638		4,437
Vanguard REIT Index Fund		161,340		2,944
Total Unaffiliated Registered Investment Companies (Cost $15,504) (000)				15,836
Total Investments — 100.0% (Cost $299,002) (000)			$	332,169

Percentages are based on Net Assets of $332,151 (000).

Cl — Class

REIT — Real Estate Investment Trust

As of June 30, 2017, 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 six-months ended June 30, 2017, 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 six-months ended June 30, 2017, 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 six-months ended June 30, 2017 (000):

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value 6/30/2017		Dividend Income		Capital Gain Distributions
KP Fixed Income Fund	$	20,319	$	16,908	$	(820	)	$	790	$	7		$	37,204	$	—	$	—
KP International Equity Fund		90,509		16,778		(17,064	)		13,687		(303	)		103,607		—		—
KP Large Cap Equity Fund		95,036		25,446		(3,235	)		10,830		619			128,696		—		—
KP Small Cap Equity Fund		38,852		8,678		(3,276	)		2,091		481			46,826		—		—

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

8

THE KP FUNDS June 30, 2017 (Unaudited)

KP Retirement Path 2055 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.2%
KP Fixed Income Fund		849,819	$	8,592
KP International Equity Fund		2,465,902		25,423
KP Large Cap Equity Fund		2,541,501		31,540
KP Small Cap Equity Fund		954,554		11,388
Total Affiliated Registered Investment Companies (Cost $69,642) (000)				76,943
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 4.8%
DFA Commodity Strategy Portfolio		73,091		418
DFA International Real Estate Securities Portfolio		85,689		428
Lazard Global Listed Infrastructure Portfolio		27,146		445

Description	Shares		Value (000)
T Rowe Price Institutional Floating Rate Fund		43,312	$	434
T Rowe Price New Era Fund, Cl I		12,925		425
Vanguard Inflation-Protected Securities Fund		98,153		1,026
Vanguard REIT Index Fund		37,335		682
Total Unaffiliated Registered Investment Companies (Cost $3,827) (000)				3,858
Total Investments — 100.0% (Cost $73,469) (000)			$	80,801

Percentages are based on Net Assets of $80,797 (000).

Cl — Class

REIT — Real Estate Investment Trust

As of June 30, 2017, 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 six-months ended June 30, 2017, 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 six-months ended June 30, 2017, 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 six-months ended June 30, 2017 (000):

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value 6/30/2017		Dividend Income		Capital Gain Distributions
KP Fixed Income Fund	$	4,327	$	4,354	$	(262	)	$	177	$	(4	)	$	8,592	$	—	$	—
KP International Equity Fund		19,263		6,953		(3,825	)		3,147		(115	)		25,423		—		—
KP Large Cap Equity Fund		20,224		9,718		(989	)		2,478		109			31,540		—		—
KP Small Cap Equity Fund		8,265		3,362		(830	)		514		77			11,388		—		—

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

9

THE KP FUNDS June 30, 2017 (Unaudited)

KP Retirement Path 2060 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.2%
KP Fixed Income Fund		158,217	$	1,600
KP International Equity Fund		458,631		4,728
KP Large Cap Equity Fund		472,801		5,867
KP Small Cap Equity Fund		177,608		2,119
Total Affiliated Registered Investment Companies (Cost $13,039) (000)				14,314
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 4.8%
DFA Commodity Strategy Portfolio		13,989		80
DFA International Real Estate Securities Portfolio		16,382		82
Lazard Global Listed Infrastructure Portfolio		5,186		85

Description	Shares		Value (000)
T Rowe Price Institutional Floating Rate Fund		8,279	$	83
T Rowe Price New Era Fund, Cl I		2,474		81
Vanguard Inflation-Protected Securities Fund		17,673		185
Vanguard REIT Index Fund		6,732		123
Total Unaffiliated Registered Investment Companies (Cost $710) (000)				719
Total Investments — 100.0% (Cost $13,749) (000)			$	15,033

Percentages are based on Net Assets of $15,033 (000).

Cl — Class

REIT — Real Estate Investment Trust

As of June 30, 2017, 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 six-months ended June 30, 2017, 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 six-months ended June 30, 2017, 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 six-months ended June 30, 2017 (000):

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value 6/30/2017		Dividend Income		Capital Gain Distributions
KP Fixed Income Fund	$	718	$	977	$	(127	)	$	33	$	(1	)	$	1,600	$	—	$	—
KP International Equity Fund		3,197		1,936		(934	)		480		49			4,728		—		—
KP Large Cap Equity Fund		3,356		2,560		(496	)		401		46			5,867		—		—
KP Small Cap Equity Fund		1,371		911		(264	)		64		37			2,119		—		—

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

10

THE KP FUNDS June 30, 2017 (Unaudited)

KP Large Cap Equity Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
COMMON STOCK — 96.8%
Consumer Discretionary — 12.9%
Advance Auto Parts		8,437	$	984
Amazon.com*		48,340		46,793
AMC Networks, Cl A*		39,152		2,091
AutoNation*		1,713		72
AutoZone*		732		418
Bed Bath & Beyond		33,825		1,028
Best Buy		28,643		1,642
BorgWarner		5,697		241
Brunswick		8,893		558
Burlington Stores*		3,621		333
CalAtlantic Group		4,366		154
CarMax*		5,389		340
Carnival		16,141		1,058
CBS, Cl B		14,647		934
Charter Communications, Cl A*		5,800		1,954
Chipotle Mexican Grill, Cl A*		851		354
Coach		7,489		355
Comcast, Cl A		300,742		11,705
Darden Restaurants		9,520		861
Delphi Automotive		85,323		7,479
Dick’s Sporting Goods		8,188		326
Discovery Communications, Cl A*		3,893		101
Discovery Communications, Cl C*		6,793		171
DISH Network, Cl A*		6,600		414
Dollar General		78,814		5,682
Dollar Tree*		20,811		1,455
Domino’s Pizza		4,452		942

Description	Shares		Value (000)
DR Horton		57,768	$	1,997
Expedia		23,476		3,497
Extended Stay America		29,507		571
Ferrari		18,020		1,550
Foot Locker		19,501		961
Ford Motor		182,116		2,038
Fossil Group*		700		7
GameStop, Cl A		26,123		564
Gap		6,962		153
Garmin		3,549		181
General Motors		78,772		2,751
Genuine Parts		3,915		363
Goodyear Tire & Rubber		23,686		828
Graham Holdings, Cl B		341		204
H&R Block		27,978		865
Hanesbrands		76,300		1,767
Harley-Davidson		16,690		902
Hasbro		29,330		3,271
Hilton Worldwide Holdings		60,371		3,734
Home Depot		95,881		14,708
International Game Technology		15,750		288
Interpublic Group of Companies		82,245		2,023
John Wiley & Sons, Cl A		19,038		1,004
Johnson Controls International		202,157		8,766
Kate Spade*		10,823		200
Kohl’s		10,648		412
L Brands		6,425		346
Las Vegas Sands		35,867		2,292
Lear		9,274		1,318
Leggett & Platt		4,046		213
Lennar, Cl A		5,395		288
Liberty Interactive QVC Group, Cl A*		41,726		1,024
Live Nation Entertainment*		33,314		1,161
LKQ*		8,800		290
Lowe’s		56,082		4,348
Macy’s		14,137		329
Marriott International, Cl A		8,334		836
Mattel		9,790		211
McDonald’s		46,034		7,051
MGM Resorts International		82,318		2,576
Michael Kors Holdings*		15,182		550
Michaels*		72,926		1,351
Mohawk Industries*		1,801		435
Netflix*		25,466		3,805
Newell Brands		24,868		1,333
News, Cl A		11,968		164

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

11

THE KP FUNDS June 30, 2017 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
News		3,100	$	44
NIKE, Cl B		35,832		2,114
Nordstrom		2,949		141
NVR*		966		2,329
Omnicom Group		80,243		6,652
O’Reilly Automotive*		11,069		2,421
priceline.com*		11,310		21,156
PulteGroup		19,280		473
PVH		28,599		3,275
Ralph Lauren, Cl A		1,804		133
Restaurant Brands International		6,649		416
Ross Stores		49,768		2,873
Royal Caribbean Cruises		6,722		735
Scripps Networks Interactive, Cl A		5,962		407
Signet Jewelers		1,800		114
Staples		58,757		592
Starbucks		107,830		6,288
Target		37,272		1,949
TEGNA		27,851		401
Tesla Motors*		8,950		3,236
Thor Industries		1,943		203
Tiffany		3,092		290
Time Warner		58,551		5,879
TJX		39,652		2,862
Toll Brothers		14,663		579
Tractor Supply		3,743		203
TripAdvisor*		2,893		110
Tupperware Brands		9,202		646
Twenty-First Century Fox		12,900		359
Twenty-First Century Fox, Cl A		45,825		1,299
Ulta Beauty*		1,600		460
Under Armour, Cl A*		4,700		102
Under Armour, Cl C*		4,720		95
Vail Resorts		673		136
VF		8,514		490
Viacom, Cl B		9,321		313
Visteon*		8,348		852
Walt Disney		73,572		7,817
Whirlpool		5,228		1,002
Wyndham Worldwide		5,650		567
Wynn Resorts		2,291		307
Yum! Brands		28,659		2,114
				254,405
Consumer Staples — 7.7%
Altria Group		99,071		7,378
Archer-Daniels-Midland		115,093		4,763

Description	Shares		Value (000)
Brown-Forman, Cl B		5,364	$	261
Bunge		1,879		140
Campbell Soup		29,734		1,551
Church & Dwight		7,200		374
Clorox		3,425		456
Coca-Cola		122,320		5,486
Colgate-Palmolive		23,931		1,774
ConAgra Foods		108,743		3,889
Constellation Brands, Cl A		4,662		903
Costco Wholesale		11,847		1,895
Coty, Cl A		88,741		1,665
CVS Health		160,478		12,912
Danone		21,605		1,624
Diageo		121,837		3,600
Dr Pepper Snapple Group		4,930		449
Estee Lauder, Cl A		5,971		573
Flowers Foods		18,721		324
General Mills		63,545		3,520
Hershey		4,061		436
Hormel Foods		7,670		262
Ingredion		4,683		558
JM Smucker		22,417		2,653
Kellogg		25,215		1,751
Kimberly-Clark		10,351		1,336
Kraft Heinz		16,139		1,382
Kroger		53,292		1,243
McCormick		3,230		315
Molson Coors Brewing, Cl B		8,959		773
Mondelez International, Cl A		41,094		1,775
Monster Beverage*		14,123		702
Nestle		71,328		6,207
Nu Skin Enterprises, Cl A		10,760		676
PepsiCo		113,831		13,146
Philip Morris International		228,470		26,834
Pilgrim’s Pride*		19,659		431
Pinnacle Foods		21,666		1,287
Procter & Gamble		188,629		16,439
Reynolds American		31,963		2,079
Rite Aid*		11,397		34
Sysco		33,289		1,675
Tyson Foods, Cl A		38,009		2,380
Walgreens Boots Alliance		47,345		3,708
Wal-Mart Stores		143,201		10,837
Whole Foods Market		9,049		381
				152,837

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

12

THE KP FUNDS June 30, 2017 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Energy — 3.8%
Anadarko Petroleum		67,156	$	3,045
Apache		25,171		1,206
Baker Hughes		17,209		938
Cabot Oil & Gas		12,334		309
Chesapeake Energy*		19,181		95
Chevron		85,372		8,907
Cimarex Energy		2,800		263
Concho Resources*		4,000		486
ConocoPhillips		75,192		3,305
Devon Energy		19,407		620
Energen*		16,133		797
EOG Resources		48,729		4,411
EQT		4,963		291
ExxonMobil		235,735		19,031
Halliburton		23,379		999
Helmerich & Payne		3,287		179
Hess		7,996		351
Kinder Morgan		116,285		2,228
Marathon Oil		23,714		281
Marathon Petroleum		37,302		1,952
Murphy Oil		4,146		106
National Oilwell Varco		11,246		370
Newfield Exploration*		5,837		166
Noble Energy		12,026		340
Occidental Petroleum		60,045		3,595
ONEOK		10,360		540
Phillips 66		11,845		980
Pioneer Natural Resources		6,295		1,005
Range Resources		6,085		141
Schlumberger		115,536		7,607
TechnipFMC*		12,412		338
Tesoro		4,032		377
Transocean*		9,991		82
Valero Energy		70,469		4,754
Williams		131,394		3,979
World Fuel Services		14,579		561
				74,635
Financials — 16.1%
Affiliated Managers Group		1,600		265
Aflac		41,472		3,222
Allied World Assurance Holdings		1,183		63
Allstate		70,522		6,237
American Express		96,385		8,119
American Financial Group		3,506		348
American International Group		37,056		2,317

Description	Shares		Value (000)
Ameriprise Financial		32,724	$	4,165
Annaly Capital Management‡		64,020		771
Aon		53,988		7,178
Arch Capital Group*		4,044		377
Arthur J Gallagher		5,100		292
Aspen Insurance Holdings		4,961		247
Assurant		3,076		319
Assured Guaranty		59,687		2,491
Axis Capital Holdings		8,044		520
Bank of America		674,538		16,364
Bank of New York Mellon		120,059		6,125
BB&T		29,769		1,352
Berkshire Hathaway, Cl B*		83,023		14,062
BlackRock, Cl A		11,392		4,812
Capital One Financial		45,326		3,745
CBOE Holdings		2,800		256
Charles Schwab		84,998		3,652
Chimera Investment‡		79,811		1,487
Chubb		87,537		12,726
Cincinnati Financial		4,257		308
Citigroup		260,642		17,432
Citizens Financial Group		124,700		4,449
CME Group, Cl A		9,150		1,146
Comerica		11,336		830
Discover Financial Services		44,581		2,773
E*TRADE Financial*		7,801		297
Everest Re Group		17,786		4,528
Federated Investors, Cl B		30,034		848
Fifth Third Bancorp		20,114		522
First American Financial		19,294		862
First Horizon National		37,840		659
First Republic Bank		37,105		3,714
Franklin Resources		49,861		2,233
Goldman Sachs Group		48,909		10,853
Hanover Insurance Group		4,253		377
Hartford Financial Services Group		27,207		1,430
Huntington Bancshares		28,948		391
Intercontinental Exchange		90,310		5,953
Invesco		10,773		379
JPMorgan Chase		374,751		34,252
KeyCorp		29,363		550
Leucadia National		9,447		247
Lincoln National		15,525		1,049
Loews		7,333		343
M&T Bank		4,124		668
Marsh & McLennan		13,901		1,084
MetLife		115,417		6,341

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

13

THE KP FUNDS June 30, 2017 (Unaudited)

KP Large Cap Equity Fund  ��

Description	Shares		Value (000)
Moody’s		24,764	$	3,013
Morgan Stanley		263,484		11,741
Morningstar		588		46
Nasdaq		51,755		3,700
Navient		7,808		130
Northern Trust		5,792		563
People’s United Financial		9,454		167
PNC Financial Services Group		79,841		9,970
Popular		47,728		1,991
Principal Financial Group		7,177		460
Progressive		15,562		686
Prudential Financial		44,062		4,765
Raymond James Financial		3,400		273
Regions Financial		83,812		1,227
Reinsurance Group of America, Cl A		9,012		1,157
S&P Global		22,205		3,242
State Street		63,475		5,696
SunTrust Banks		76,578		4,344
Synchrony Financial		49,798		1,485
Synovus Financial		52,844		2,338
T Rowe Price Group		23,447		1,740
TD Ameritrade Holding		64,660		2,780
Torchmark		3,187		244
Travelers		83,618		10,580
Unum Group		6,555		306
US Bancorp		220,783		11,463
Validus Holdings		15,545		808
Voya Financial		25,590		944
Wells Fargo		402,414		22,298
Western Alliance Bancorp*		23,750		1,169
Willis Towers Watson		3,349		487
WR Berkley		23,371		1,617
XL Group		7,593		333
Zions Bancorporation		5,922		260
				318,053
Health Care — 15.0%
Abbott Laboratories		166,689		8,103
AbbVie		46,153		3,347
Aetna		41,630		6,321
Agilent Technologies		30,869		1,831
Alexion Pharmaceuticals*		45,502		5,536
Align Technology*		2,200		330
Allergan		17,945		4,362
Alnylam Pharmaceuticals*		8,778		700
AmerisourceBergen, Cl A		4,401		416
Amgen		47,118		8,115

Description	Shares		Value (000)
Anthem		37,023	$	6,965
Baxter International		103,774		6,282
Becton Dickinson & Company		41,994		8,193
Biogen*		22,916		6,218
Bioverativ*		14,419		868
Boston Scientific*		55,774		1,546
Bristol-Myers Squibb		81,747		4,555
Cardinal Health		8,495		662
Celgene*		54,609		7,092
Centene*		45,398		3,626
Cerner*		7,915		526
Cigna		67,887		11,364
Cooper		1,300		311
CR Bard		7,458		2,358
Danaher		95,821		8,086
DaVita*		4,448		288
Dentsply Sirona		6,149		399
Edwards Lifesciences*		5,682		672
Eli Lilly		81,122		6,676
Envision Healthcare*		3,366		211
Exelixis*		18,989		468
Express Scripts Holding*		94,560		6,037
Gilead Sciences		133,015		9,415
HCA Holdings*		7,700		671
Henry Schein*		2,300		421
Hill-Rom Holdings		12,701		1,011
Hologic*		72,357		3,284
Humana		29,622		7,128
IDEXX Laboratories*		2,500		404
Illumina*		3,900		677
Incyte*		17,400		2,191
Intuitive Surgical*		10,404		9,732
Johnson & Johnson		223,251		29,534
Laboratory Corp of America Holdings*		2,752		424
Mallinckrodt*		2,700		121
McKesson		37,823		6,223
Medtronic		146,365		12,990
Merck		283,242		18,153
Mettler-Toledo International*		700		412
Mylan*		12,267		476
Novartis		10,264		854
Patterson		2,145		101
PerkinElmer		3,396		231
Perrigo		4,032		304
Pfizer		529,475		17,785
Quest Diagnostics		3,654		406

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

14

THE KP FUNDS June 30, 2017 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Regeneron Pharmaceuticals*		2,029	$	996
Roche Holding		4,127		1,051
Stryker		43,984		6,104
Thermo Fisher Scientific		33,963		5,926
United Therapeutics*		9,005		1,168
UnitedHealth Group		117,093		21,711
Universal Health Services, Cl B		2,500		305
Varian Medical Systems*		2,729		282
Vertex Pharmaceuticals*		59,595		7,680
Waters*		4,309		792
WellCare Health Plans*		19,552		3,511
Zimmer Biomet Holdings		5,398		693
Zoetis, Cl A		13,172		822
				296,453
Industrials — 10.4%
3M		69,918		14,556
Acuity Brands		1,200		244
AECOM*		14,602		472
AGCO		6,575		443
Alaska Air Group		46,754		4,197
Allegion		2,856		232
Allison Transmission Holdings		22,214		833
American Airlines Group		125,350		6,308
AMETEK		6,527		395
Arconic		12,355		280
Boeing		121,133		23,954
BWX Technologies, Cl W		12,406		605
Canadian National Railway		23,881		1,936
Caterpillar		15,988		1,718
CH Robinson Worldwide		4,064		279
Cintas		2,476		312
Crane		24,524		1,947
CSX		24,904		1,359
Cummins		16,471		2,672
Deere		7,967		985
Delta Air Lines		84,491		4,541
Dover		4,397		353
Dun & Bradstreet		11,609		1,256
Eaton		53,928		4,197
Emerson Electric		70,779		4,220
Equifax		14,674		2,017
Expeditors International of Washington		5,158		291
Fastenal		8,576		373
FedEx		12,568		2,731
Flowserve		4,043		188
Fluor		4,185		192

Description	Shares			Value (000)
Fortive		35,417		$	2,244
Fortune Brands Home & Security		25,847			1,686
General Dynamics		7,622			1,510
General Electric		341,128			9,214
Honeywell International		79,600			10,610
Huntington Ingalls Industries		8,177			1,522
IHS Markit*		9,200			405
Illinois Tool Works		29,496			4,225
Ingersoll-Rand		88,791			8,115
ITT		3,828			154
Jacobs Engineering Group		15,680			853
JB Hunt Transport Services		2,500			228
JetBlue Airways*		37,803			863
Kansas City Southern		2,792			292
L3 Technologies		13,020			2,175
Lockheed Martin		21,299			5,913
LSC Communications		52,666			1,127
ManpowerGroup		17,672			1,973
Masco		37,812			1,445
MSC Industrial Direct, Cl A		4,635			398
Nielsen Holdings		8,900			344
Norfolk Southern		15,449	��		1,880
Northrop Grumman		28,580			7,337
Oshkosh		8,531			588
Owens Corning		15,877			1,063
PACCAR		9,417			622
Parker-Hannifin		3,560			569
Pentair		4,747			316
Pitney Bowes		6,219			94
Quanta Services*		4,876			161
Raytheon		17,496			2,825
Regal Beloit		19,961			1,628
Republic Services, Cl A		13,450			857
Robert Half International		3,942			189
Rockwell Automation		8,672			1,405
Rockwell Collins		4,636			487
Roper Technologies		2,773			642
Snap-on		1,729			273
Southwest Airlines		56,775			3,528
Spirit AeroSystems Holdings, Cl A		60,336			3,496
Stanley Black & Decker		18,170			2,557
Stericycle*		2,621			200
Textron		11,557			544
Timken		24,288			1,123
TransDigm Group		1,400			376
TransUnion*		23,714			1,027
Union Pacific		63,366			6,901

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

15

THE KP FUNDS June 30, 2017 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
United Continental Holdings*		27,482	$	2,068
United Parcel Service, Cl B		64,610		7,145
United Rentals*		12,343		1,391
United Technologies		71,258		8,701
Valmont Industries		2,272		340
Verisk Analytics, Cl A*		4,400		371
Waste Connections		51,150		3,295
Waste Management		26,264		1,926
WESCO International*		6,683		383
WW Grainger		1,365		246
Xylem		5,222		289
				206,225
Information Technology — 22.2%
Accenture, Cl A		108,750		13,450
Activision Blizzard		50,756		2,922
Adobe Systems*		40,926		5,789
Advanced Micro Devices*		20,400		255
Akamai Technologies*		29,483		1,469
Alibaba Group Holding ADR*		59,300		8,355
Alliance Data Systems		1,580		406
Alphabet, Cl A*		33,012		30,691
Alphabet, Cl C*		24,027		21,834
Amdocs		18,005		1,161
Amphenol, Cl A		8,152		602
Analog Devices		9,898		770
ANSYS*		2,500		304
Apple		400,488		57,678
Applied Materials		157,458		6,505
ARRIS International*		27,839		780
Arrow Electronics*		12,045		945
ASML Holding, Cl G		9,600		1,251
Autodesk*		5,208		525
Automatic Data Processing		12,068		1,236
Avnet		9,840		383
Booz Allen Hamilton Holding, Cl A		16,062		523
Broadcom, Cl A		28,370		6,612
Brocade Communications Systems		5,336		67
CA		53,248		1,835
Cadence Design Systems*		29,200		978
Cars.com*		2,912		78
CDW		19,671		1,230
Cisco Systems		305,280		9,555
Citrix Systems*		29,841		2,375
Cognizant Technology Solutions, Cl A		40,913		2,717
CommScope Holding*		25,940		986

Description	Shares		Value (000)
Conduent*		19,915	$	317
CoreLogic*		25,697		1,115
Corning		62,893		1,890
CSRA		3,757		119
Dell Technologies — VMware, Cl V*		16,588		1,014
DST Systems		5,966		368
DXC Technology		32,648		2,505
eBay*		121,634		4,247
Electronic Arts*		33,532		3,545
Euronet Worldwide*		4,133		361
F5 Networks*		17,540		2,229
Facebook, Cl A*		233,020		35,181
Fidelity National Information Services		86,322		7,372
First Solar*		5,154		205
Fiserv*		33,767		4,131
FLIR Systems		19,698		683
Gartner*		2,700		333
Global Payments		4,350		393
Harris		3,286		358
Hewlett Packard Enterprise		87,664		1,454
HP		106,018		1,853
IAC*		5,857		605
Intel		206,730		6,975
International Business Machines		57,179		8,796
Intuit		39,745		5,278
Jabil Circuit		6,648		194
Juniper Networks		81,414		2,270
KLA-Tencor		39,765		3,639
Lam Research		4,329		612
Manhattan Associates*		3,310		159
Marvell Technology Group		46,900		775
MasterCard, Cl A		27,566		3,348
Maxim Integrated Products		63,170		2,836
Microchip Technology		6,146		474
Micron Technology*		67,639		2,020
Microsoft		644,564		44,430
Motorola Solutions		4,685		406
NCR*		22,163		905
NetApp		7,794		312
Nuance Communications*		71,351		1,242
NVIDIA		25,311		3,659
NXP Semiconductors*		36,526		3,998
Oracle		138,002		6,919
Paychex		8,567		488
PayPal Holdings*		180,431		9,684
Qorvo*		3,800		241

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

16

THE KP FUNDS June 30, 2017 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
QUALCOMM		79,345	$	4,381
Red Hat*		67,028		6,418
salesforce.com*		87,530		7,580
Seagate Technology		8,769		340
ServiceNow*		40,241		4,266
Skyworks Solutions		13,090		1,256
Snap, Cl A*		43,778		778
Symantec		16,237		459
Synopsys*		27,450		2,002
TE Connectivity		9,515		749
Tencent Holdings ADR		102,500		3,686
Teradata*		22,517		664
Teradyne		14,900		447
Texas Instruments		153,440		11,804
Total System Services		14,817		863
VeriSign*		2,357		219
Visa, Cl A		207,936		19,500
VMware, Cl A*		11,808		1,032
Western Digital		10,506		931
Western Union		21,640		412
Workday, Cl A*		2,400		233
Xerox		56,341		1,619
Xilinx		50,504		3,248
Zynga, Cl A*		127,492		464
				437,556
Materials — 2.4%
AdvanSix*		31,674		990
Air Products & Chemicals		18,749		2,682
Albemarle		3,200		338
Avery Dennison		4,940		437
Ball		9,304		393
Cabot		35,175		1,879
Celanese, Cl A		34,162		3,243
CF Industries Holdings		6,850		192
Chemours		14,632		555
Crown Holdings*		28,869		1,722
Dow Chemical		34,372		2,168
Eastman Chemical		17,934		1,506
Ecolab		7,009		930
EI du Pont de Nemours		51,217		4,134
FMC		3,932		287
Freeport-McMoRan*		35,448		426
Graphic Packaging Holding		80,328		1,107
Huntsman		2,706		70
International Flavors & Fragrances		2,242		303
International Paper		11,076		627

Description	Shares		Value (000)
LyondellBasell Industries, Cl A		39,312	$	3,318
Martin Marietta Materials		1,800		401
Monsanto		28,797		3,408
Mosaic		9,981		228
Newmont Mining		21,525		697
Nucor		9,155		530
PPG Industries		68,517		7,534
Praxair		7,714		1,022
Reliance Steel & Aluminum		3,046		222
Sealed Air		5,542		248
Sherwin-Williams		10,182		3,573
Steel Dynamics		5,179		185
Vulcan Materials		3,527		447
WestRock		44,354		2,513
				48,315
Real Estate — 2.0%
Alexandria Real Estate Equities‡		2,700		325
American Campus Communities‡		9,124		432
American Tower, Cl A‡		11,488		1,520
Apartment Investment & Management, Cl A‡		4,754		204
AvalonBay Communities‡		3,712		713
Boston Properties‡		9,435		1,161
Brixmor Property Group‡		68,690		1,228
Camden Property Trust‡		15,875		1,357
CBRE Group, Cl A*		21,445		781
Columbia Property Trust‡		9,578		214
Crown Castle International‡		30,382		3,044
DDR‡		14,428		131
Digital Realty Trust‡		4,600		520
Duke Realty‡		35,979		1,006
Equinix‡		2,094		899
Equity Commonwealth‡*		24,244		766
Equity LifeStyle Properties‡		27,288		2,356
Equity Residential‡		9,884		651
Essex Property Trust‡		8,299		2,135
Extra Space Storage‡		3,600		281
Federal Realty Investment Trust‡		2,000		253
Gaming and Leisure Properties‡		19,866		748
GGP‡		15,443		364
HCP‡		24,616		787
Host Hotels & Resorts‡		19,618		358
Iron Mountain‡		6,986		240
Kilroy Realty‡		13,649		1,026
Kimco Realty‡		12,145		223
Macerich‡		3,645		212

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

17

THE KP FUNDS June 30, 2017 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Mid-America Apartment Communities‡		3,200	$	337
National Retail Properties‡		7,829		306
Outfront Media‡		4,127		95
Prologis‡		69,651		4,084
Public Storage‡		11,701		2,440
Realty Income‡		7,300		403
Regency Centers‡		4,100		257
Retail Properties of America, Cl A‡		26,168		319
SBA Communications, Cl A‡*		11,607		1,566
Senior Housing Properties Trust‡		15,761		322
Simon Property Group‡		8,404		1,359
SL Green Realty‡		2,900		307
UDR‡		7,600		296
Ventas‡		14,337		996
Vornado Realty Trust‡		4,603		432
Welltower‡		9,803		734
Weyerhaeuser‡		20,182		676
				38,864
Telecommunication Services — 1.4%
AT&T		326,633		12,324
CenturyLink		14,630		349
Level 3 Communications*		11,666		692
T-Mobile US*		58,900		3,571
Verizon Communications		220,873		9,864
				26,800
Utilities — 2.9%
AES		19,337		215
Alliant Energy		6,500		261
Ameren		67,065		3,666
American Electric Power		121,628		8,449
American Water Works		4,700		366
Avangrid		19,257		850
CenterPoint Energy		41,835		1,145
CMS Energy		7,464		345
Consolidated Edison		29,507		2,385
Dominion Resources		17,015		1,304
DTE Energy		28,500		3,015
Duke Energy		72,182		6,034
Edison International		59,381		4,643
Entergy		4,754		365
Eversource Energy		21,980		1,334
Exelon		83,496		3,012
FirstEnergy		13,857		404
Great Plains Energy		29,818		873
Hawaiian Electric Industries		66,028		2,138

Description	Shares		Value (000)
NextEra Energy		17,491	$	2,451
NiSource		9,446		240
NRG Energy		9,864		170
PG&E		36,738		2,438
Pinnacle West Capital		23,812		2,028
PPL		18,399		711
Public Service Enterprise Group		50,420		2,169
SCANA		17,786		1,192
Sempra Energy		6,796		766
Southern		26,837		1,285
Vectren		5,737		335
Vistra Energy		66,868		1,123
WEC Energy Group		8,420		517
Xcel Energy		39,767		1,825
				58,054
Total Common Stock (Cost $1,633,893) (000)				1,912,197
PREFERRED STOCK — 0.3%
Air BNB, Ser D* (A) (B)		11,406		1,198
Air BNB, Ser E* (A) (B)		6,939		729
Dropbox, Cl A* (A) (B)		29,866		243
Dropbox, Cl C* (A)(B)		1,097		9
Flipkart Online Services* (A) (B)		5,739		620
Magic Leap, Ser C* (A) (B)		13,521		311
Snapchat, Cl A* (A) (B)		12,575		212
Snapchat, Cl B* (A) (B)		12,575		212
Uber Technologies, Class E* (A) (B)		21,072		900
Uber Technologies, Class G*(A) (B)		7,921		339
Total Preferred Stock (Cost $4,163) (000)				4,773
SHORT-TERM INVESTMENT — 5.0%
State Street Institutional Treasury Money Market Fund, Cl Institutional,0.830% (C)		98,231,172		98,231
Total Short-Term Investment (Cost $98,231) (000)				98,231
Total Investments — 102.1% (Cost $1,736,287) (000)			$	2,015,201

Percentages are based on net assets of $1,974,718 (000).

A list of the open futures contracts held by the Fund at June 30, 2017, is as follows (000):

Type of Contract	Number of Contracts Long (Short)	Expiration Date	Unrealized Depreciation
S&P 500 Index E-MINI	336	Sep-2017	$(63)

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

18

THE KP FUNDS June 30, 2017 (Unaudited)

KP Large Cap Equity Fund

For the six-months ended June 30, 2017, the monthly average value of futures contracts held was $24,028 (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, 2017, was $4,773 (000) and represented 0.24% of net assets.

(B) Rate not available.

(C) The rate reported is the 7-day effective yield as of June 30, 2017.

ADR — American Depositary Receipt

Cl — Class

S&P — Standard & Poor’s

Ser — Series

The following is a list of the level of inputs used as of June 30, 2017, 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	$	1,912,197		$	—	$	—	$	1,912,197
Preferred Stock		—			—		4,773		4,773
Short-Term Investment		98,231			—		—		98,231
Total Investments in Securities	$	2,010,428		$	—	$	4,773	$	2,015,201
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts**
Unrealized Depreciation	$	(63	)	$	—	$	—	$	(63	)
Total Other Financial Instruments	$	(63	)	$	—	$	—	$	(63	)

** 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 at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

For the six-months ended June 30, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six-months ended June 30, 2017 there were no transfers in and out of Level 3. All transfers, if any, are recognized by the Fund at the end of the period.

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

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

19

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
COMMON STOCK — 95.4%
Consumer Discretionary — 14.8%
1-800-Flowers.com, Cl A*		178,182	$	1,737
Aaron’s		6,262		244
Abercrombie & Fitch, Cl A		6,244		78
Acushnet Holdings		90,607		1,798
Adtalem Global Education		51,640		1,960
AH Belo, Cl A		125,010		688
AMC Entertainment Holdings, Cl A		5,623		128
American Axle & Manufacturing Holdings*		8,700		136
American Eagle Outfitters		16,038		193
American Outdoor Brands*		5,587		124
American Public Education*		1,265		30
America’s Car-Mart*		700		27
Asbury Automotive Group*		1,952		110
Ascena Retail Group*		15,630		34
Ascent Capital Group, Cl A*		833		13
At Home Group*		680		16
AV Homes*		1,000		20
Barnes & Noble		6,689		51
Barnes & Noble Education*		4,226		45
Bassett Furniture Industries		900		34
Beazer Homes USA*		2,571		35
Belmond, Cl A*		8,628		115
Big 5 Sporting Goods		2,400		31
Big Lots		4,596		222
Biglari Holdings*		84		34

Description	Shares		Value (000)
BJ’s Restaurants*		2,136	$	80
Black Diamond*		2,700		18
Bloomin’ Brands		56,357		1,196
Bob Evans Farms		2,121		152
Bojangles’*		109,872		1,785
Boot Barn Holdings*		1,000		7
Boyd Gaming		69,430		1,723
Bravo Brio Restaurant Group*		73,325		337
Bridgepoint Education*		2,025		30
Brinker International		5,100		194
Buckle		2,905		52
Buffalo Wild Wings*		1,655		210
Build-A-Bear Workshop, Cl A*		1,000		10
Burlington Stores*		14,404		1,325
Caesars Acquisition, Cl A*		5,185		99
Caesars Entertainment*		6,007		72
Caleres		85,048		2,363
Callaway Golf		9,657		123
Cambium Learning Group*		1,200		6
Camping World Holdings, Cl A		1,000		31
Capella Education		1,224		105
Career Education*		7,057		68
Carriage Services, Cl A		1,300		35
Carrols Restaurant Group*		3,891		48
Carter’s		54,892		4,883
Carvana, Cl A*		1,700		35
Cato, Cl A		2,713		48
Cavco Industries*		876		114
Central European Media Enterprises, Cl A*		6,400		26
Century Casinos*		1,741		13
Century Communities*		1,851		46
Cheesecake Factory		4,527		228
Chegg*		100,171		1,231
Cherokee*		245,837		1,709
Chico’s FAS		13,737		129
Children’s Place		1,773		181
Churchill Downs		1,402		257
Chuy’s Holdings*		101,507		2,375
Citi Trends		1,300		28
Clear Channel Outdoor Holdings, Cl A		4,600		22
ClubCorp Holdings		175,628		2,301
Coach		51,632		2,444
Collectors Universe		611		15
Columbia Sportswear		31,052		1,803
Conn’s*		1,657		32

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

20

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Container Store Group*		1,500	$	9
Cooper Tire & Rubber		5,315		192
Cooper-Standard Holdings*		1,809		182
Core-Mark Holding		4,707		156
Cracker Barrel Old Country Store		1,903		318
Crocs*		8,422		65
CSS Industries		800		21
Culp		879		29
Daily Journal*		150		31
Dana		14,785		330
Darden Restaurants		19,174		1,734
Dave & Buster’s Entertainment*		48,278		3,211
Deckers Outdoor*		3,270		223
Del Frisco’s Restaurant Group*		127,014		2,045
Del Taco Restaurants*		3,589		49
Delta Apparel*		700		16
Denny’s*		6,791		80
Dillard’s, Cl A		1,600		92
DineEquity		1,709		75
Dixie Group*		194,017		873
Dorman Products*		2,810		233
DR Horton		36,800		1,272
Drive Shack		7,600		24
DSW, Cl A		39,420		698
Duluth Holdings, Cl B*		800		15
El Pollo Loco Holdings*		1,656		23
Eldorado Resorts*		4,800		96
Emerald Expositions Events		1,800		39
Empire Resorts*		272		7
Entercom Communications, Cl A		2,107		22
Entravision Communications, Cl A		5,437		36
Eros International, Cl A*		2,416		28
Escalade		800		10
Ethan Allen Interiors		2,262		73
Etsy*		12,012		180
EW Scripps, Cl A*		6,363		113
Expedia		14,200		2,115
Express*		257,186		1,736
Extended Stay America		116,900		2,263
Fiesta Restaurant Group*		2,455		51
Finish Line, Cl A		3,850		55
Five Below*		5,546		274
Flexsteel Industries		830		45
Fogo De Chao*		406		6
Fossil Group*		3,726		39
Fox Factory Holding*		3,643		130
Francesca’s Holdings*		3,662		40

Description	Shares		Value (000)
Fred’s, Cl A		3,599	$	33
FTD*		1,424		28
Gaia, Cl A*		700		8
Gannett		12,601		110
Genesco*		2,014		68
Gentherm*		7,102		276
G-III Apparel Group*		99,416		2,480
Global Eagle Entertainment*		4,300		15
GNC Holdings, Cl A		6,946		59
Golden Entertainment*		841		17
Goodyear Tire & Rubber		91,120		3,186
GoPro, Cl A*		11,352		92
Grand Canyon Education*		27,782		2,178
Gray Television*		6,937		95
Green Brick Partners*		1,896		22
Group 1 Automotive		2,209		140
Groupon, Cl A*		35,600		137
Guess?		5,617		72
Habit Restaurants, Cl A*		115,545		1,826
Haverty Furniture		2,112		53
Helen of Troy*		2,832		266
Hemisphere Media Group, Cl A*		1,900		23
Hibbett Sports*		2,099		44
Hooker Furniture		1,160		48
Horizon Global*		2,890		41
Houghton Mifflin Harcourt*		10,738		132
Hovnanian Enterprises, Cl A*		9,898		28
HSN		56,621		1,806
Iconix Brand Group*		3,823		26
ILG		10,869		299
IMAX*		6,023		133
Installed Building Products*		2,241		119
International Speedway, Cl A		2,852		107
Intrawest Resorts Holdings*		1,315		31
iRobot*		13,513		1,137
J Alexander’s Holdings*		1,174		14
J. Jill*		1,500		18
Jack in the Box		3,230		318
JC Penney*		32,200		150
John Wiley & Sons, Cl A		14,811		781
Johnson Outdoors, Cl A		400		19
K12*		3,245		58
KB Home		8,687		208
Kirkland’s*		187,976		1,932
Kona Grill*		205,574		761
La Quinta Holdings*		8,648		128
Lands’ End*		1,400		21

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

21

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Laureate Education, Cl A*		3,200	$	56
La-Z-Boy, Cl Z		5,135		167
LCI Industries		2,481		254
LGI Homes*		1,830		74
Libbey		1,793		14
Liberty Media -Liberty Braves, Cl A*		748		18
Liberty Media -Liberty Braves, Cl C*		3,597		86
Liberty Tax		400		5
Liberty TripAdvisor Holdings, Cl A*		7,457		87
Lifetime Brands		900		16
Lindblad Expeditions Holdings*		128,230		1,346
Lions Gate Entertainment, Cl A		42,407		1,197
Lithia Motors, Cl A		2,298		217
Loral Space & Communications*		1,313		55
Lumber Liquidators Holdings*		2,804		70
M/I Homes*		2,497		71
Malibu Boats, Cl A*		1,600		41
Marcus		1,960		59
Marine Products		1,132		18
MarineMax*		2,634		51
Marriott Vacations Worldwide	��	2,197		259
MCBC Holdings*		2,100		41
MDC Holdings		108,913		3,848
MDC Partners, Cl A		101,538		1,005
Meredith		4,099		244
Meritage Homes*		3,850		162
Modine Manufacturing*		189,005		3,128
Mohawk Industries*		7,477		1,807
Monarch Casino & Resort*		867		26
Monro Muffler Brake		22,513		940
Motorcar Parts of America*		1,959		55
Movado Group		1,351		34
MSG Networks*		5,722		128
NACCO Industries, Cl A		317		22
Nathan’s Famous*		248		16
National CineMedia		5,526		41
Nautilus*		3,267		63
New Home*		1,000		11
New Media Investment Group		5,472		74
New York Times, Cl A		12,384		219
Nexstar Media Group, Cl A		24,923		1,490
Noodles, Cl A*		800		3
Norwegian Cruise Line Holdings*		73,900		4,012
Nutrisystem		22,379		1,165
Office Depot		52,381		295
Ollie’s Bargain Outlet Holdings*		21,098		899

Description	Shares		Value (000)
Overstock.com*		1,900	$	31
Oxford Industries		3,789		237
Papa John’s International		2,817		202
Party City Holdco*		3,000		47
Penn National Gaming*		8,735		187
Perry Ellis International*		1,000		19
PetMed Express		2,248		91
PICO Holdings*		1,900		33
Pier 1 Imports		394,655		2,048
Pinnacle Entertainment*		4,984		98
Planet Fitness, Cl A		8,700		203
Potbelly*		2,100		24
RCI Hospitality Holdings		1,100		26
Reading International, Cl A*		1,400		23
Red Lion Hotels*		1,500		11
Red Robin Gourmet Burgers*		18,536		1,209
Red Rock Resorts, Cl A		7,072		167
Regis*		3,034		31
Rent-A-Center, Cl A		5,243		61
RH*		3,695		238
Royal Caribbean Cruises		25,500		2,785
Ruby Tuesday*		5,200		10
Ruth’s Hospitality Group		3,401		74
Saga Communications, Cl A		300		14
Salem Media Group, Cl A		1,400		10
Scholastic		2,763		120
Scientific Games, Cl A*		56,404		1,472
Sears Holdings*		919		8
SeaWorld Entertainment		189,991		3,091
Select Comfort*		4,183		148
Sequential Brands Group*		3,205		13
Shake Shack, Cl A*		2,292		80
Shiloh Industries*		1,200		14
Shoe Carnival		1,168		24
Shutterfly*		3,508		167
Sinclair Broadcast Group, Cl A		7,401		243
Skechers U.S.A., Cl A*		137,570		4,058
Sonic		4,295		114
Sonic Automotive, Cl A		2,960		58
Sotheby’s*		30,930		1,660
Speedway Motorsports		900		16
Sportsman’s Warehouse Holdings*		2,108		11
Standard Motor Products		2,254		118
Steven Madden*		5,919		236
Stoneridge*		2,732		42
Strayer Education		1,163		108

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

22

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Sturm Ruger		1,715	$	107
Superior Industries International		2,399		49
Superior Uniform Group		700		16
Tailored Brands		4,392		49
Taylor Morrison Home, Cl A*		6,373		153
Tenneco		5,380		311
Texas Roadhouse, Cl A		6,867		350
Tile Shop Holdings		3,398		70
Tilly’s, Cl A		900		9
Time		10,691		153
TopBuild*		29,812		1,582
Tower International		2,178		49
Townsquare Media, Cl A*		900		9
TRI Pointe Group*		16,217		214
tronc*		2,178		28
UCP, Cl A*		600		7
Ulta Beauty*		6,820		1,960
Unifi*		1,879		58
Universal Electronics*		1,504		101
Vail Resorts		12,181		2,471
Vera Bradley*		1,656		16
Vista Outdoor*		84,710		1,907
Visteon*		9,355		955
Vitamin Shoppe*		2,754		32
VOXX International, Cl A*		2,600		21
Weight Watchers International*		3,000		100
Wendy’s		92,460		1,434
West Marine		1,300		17
Weyco Group		500		14
William Lyon Homes, Cl A*		2,432		59
Wingstop, Cl A		3,090		95
Winmark		200		26
Winnebago Industries		113,993		3,990
Wolverine World Wide		17,161		481
World Wrestling Entertainment, Cl A		62,981		1,283
Wynn Resorts		16,700		2,240
Yum China Holdings*		47,600		1,877
ZAGG*		299,579		2,591
Zoe’s Kitchen*		1,560		19
Zumiez*		1,473		18
				143,279
Consumer Staples — 1.9%
Alico		200		6
Amplify Snack Brands*		2,600		25
Andersons		38,226		1,305
B&G Foods		58,955		2,099

Description	Shares		Value (000)
Boston Beer, Cl A*		921	$	122
Calavo Growers		2,402		166
Cal-Maine Foods		2,996		119
Castle Brands*		10,900		19
Central Garden & Pet*		827		26
Central Garden & Pet, Cl A*		3,731		112
Chefs’ Warehouse*		55,533		722
Coca-Cola Bottling Consolidated		532		122
Craft Brew Alliance*		1,100		18
Darling Ingredients*		16,865		265
Dean Foods		9,315		158
elf Beauty*		2,200		60
Farmer Brothers*		661		20
Flowers Foods		116,235		2,012
Fresh Del Monte Produce		3,255		166
Freshpet*		2,700		45
Herbalife*		13,522		964
Hostess Brands, Cl A*		73,825		1,189
HRG Group*		11,703		207
Ingles Markets, Cl A		1,340		45
Inter Parfums		36,377		1,333
J&J Snack Foods		1,488		196
John B Sanfilippo & Son		853		54
Lancaster Colony		1,901		233
Landec*		2,400		36
Lifeway Foods*		300		3
Limoneira		900		21
Medifast		1,187		49
MGP Ingredients		1,296		66
National Beverage		1,113		104
Natural Grocers by Vitamin Cottage*		700		6
Natural Health Trends		600		17
Nature’s Sunshine Products		800		11
Nu Skin Enterprises, Cl A		17,854		1,122
Nutraceutical International		700		29
Oil-Dri Corp of America		407		17
Omega Protein		1,786		32
Orchids Paper Products		738		9
Performance Food Group*		7,322		201
PriceSmart		2,234		196
Primo Water*		2,824		36
Revlon, Cl A*		1,000		24
Sanderson Farms		2,068		239
Seaboard		846		3,380
Seneca Foods, Cl A*		535		17
Smart & Final Stores*		2,000		18

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

23

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Snyder’s-Lance		8,799	$	305
SpartanNash		3,732		97
SUPERVALU*		27,517		90
Tootsie Roll Industries		1,692		59
Turning Point Brands*		400		6
United Natural Foods*		5,280		194
Universal		2,400		155
USANA Health Sciences*		1,199		77
Vector Group		9,650		206
Village Super Market, Cl A		597		15
WD-40		1,493		165
Weis Markets		1,010		49
				18,859
Energy — 3.2%
Abraxas Petroleum*		12,800		21
Adams Resources & Energy		200		8
Alon USA Energy		2,800		37
Approach Resources*		5,500		19
Arch Coal		1,700		116
Archrock		6,283		72
Ardmore Shipping		324,985		2,649
Atwood Oceanics*		8,177		67
Basic Energy Services*		1,900		47
Bill Barrett*		218,527		671
Bonanza Creek Energy*		2,100		67
Bristow Group		3,436		26
C&J Energy Services*		3,700		127
California Resources*		4,689		40
Callon Petroleum*		20,788		221
Capital Product Partners		121,712		414
CARBO Ceramics*		2,259		15
Carrizo Oil & Gas*		5,927		103
Clean Energy Fuels*		11,535		29
Cloud Peak Energy*		8,700		31
Contango Oil & Gas*		1,841		12
CVR Energy		1,292		28
Delek US Holdings		98,828		2,613
Denbury Resources*		42,924		66
DHT Holdings		7,496		31
Diamond Offshore Drilling*		6,900		75
Dorian LPG*		1,800		15
Dril-Quip*		3,900		190
Earthstone Energy*		1,400		14
Eclipse Resources*		531,527		1,520
Emerge Energy Services*		94,823		854
Energy XXI Gulf Coast*		3,200		59

Description	Shares		Value (000)
Ensco, Cl A		31,500	$	163
EP Energy, Cl A*		3,161		12
Era Group*		1,600		15
Evolution Petroleum		2,100		17
Exterran*		3,387		90
Fairmount Santrol Holdings*		256,076		999
Forum Energy Technologies*		7,161		112
Frank’s International		5,500		46
Frontline		6,849		39
GasLog		3,922		60
Gastar Exploration*		606,257		561
Gener8 Maritime*		5,506		31
Geospace Technologies*		1,114		15
Golar LNG		9,912		221
Green Plains		4,056		83
Gulf Island Fabrication		1,800		21
Halcon Resources*		7,100		32
Hallador Energy		2,200		17
Helix Energy Solutions Group*		15,119		85
Hi-Crush Partners*		27,217		295
Independence Contract Drilling*		2,448		10
International Seaways*		3,166		69
Isramco*		39		4
Jagged Peak Energy*		2,900		39
Jones Energy, Cl A*		663,741		1,062
Keane Group*		52,086		833
Key Energy Services*		1,300		25
Lilis Energy*		5,100		25
Mammoth Energy Services*		900		17
Matador Resources*		8,790		188
Matrix Service*		2,171		20
McDermott International*		29,239		210
Midstates Petroleum*		1,400		18
Nabors Industries		194,217		1,581
Natural Gas Services Group*		1,100		27
Navios Maritime Acquisition		6,900		10
NCS Multistage Holdings*		1,300		33
Newpark Resources*		7,977		59
Noble		131,800		477
Nordic American Tankers		8,900		56
Oasis Petroleum*		24,325		196
Oceaneering International		169,824		3,879
Oil States International*		4,905		133
Overseas Shipholding Group, Cl A*		3,800		10
Pacific Ethanol*		4,800		30
Panhandle Oil and Gas, Cl A		1,252		29

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

24

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Par Pacific Holdings*		3,132	$	56
Parker Drilling*		9,869		13
PBF Energy, Cl A		62,319		1,387
PDC Energy*		6,769		292
Peabody Energy* (A)		3,400		83
Penn Virginia*		1,500		55
PHI*		1,000		10
Pioneer Energy Services*		6,774		14
ProPetro Holding*		2,900		40
Renewable Energy Group*		3,400		44
Resolute Energy*		32,744		975
REX American Resources*		575		55
RigNet*		1,100		18
Ring Energy*		121,406		1,578
Rowan, Cl A*		12,100		124
RPC		41,075		830
Sanchez Energy*		7,736		56
SandRidge Energy*		3,800		65
Scorpio Tankers		15,640		62
SEACOR Holdings*		1,550		53
SEACOR Marine Holdings*		1,558		32
SemGroup, Cl A		6,850		185
Ship Finance International		5,395		73
SilverBow Resources*		800		21
Smart Sand*		1,200		11
Solaris Oilfield Infrastructure, Cl A*		1,400		16
SRC Energy*		19,490		131
Stone Energy*		2,100		39
Superior Energy Services*		15,800		165
Teekay		4,003		27
Teekay Tankers, Cl A		9,514		18
Tellurian*		6,000		60
Tesco*		3,775		17
TETRA Technologies*		426,880		1,191
Ultra Petroleum*		16,700		181
Unit*		5,433		102
Uranium Energy*		16,700		27
US Silica Holdings		8,416		299
W&T Offshore*		11,400		22
Westmoreland Coal*		1,724		8
WildHorse Resource Development*		1,800		22
Willbros Group*		4,500		11
				30,679
Financials — 17.0%
1st Source		1,742		84
Access National		24,365		646

Description	Shares		Value (000)
ACNB		487	$	15
Allegiance Bancshares*		1,297		50
Ambac Financial Group*		4,079		71
American Equity Investment Life Holding		63,095		1,658
American Financial Group		34,955		3,474
American National Bankshares		670		25
Ameris Bancorp		3,541		171
AMERISAFE		1,886		107
Ames National		700		21
AmTrust Financial Services		8,900		135
Anworth Mortgage Asset‡		10,221		61
Apollo Commercial Real Estate Finance‡		9,463		176
Ares Commercial Real Estate‡		2,400		31
Argo Group International Holdings		2,860		173
Arlington Asset Investment, Cl A		1,842		25
ARMOUR Residential‡		3,870		97
Arrow Financial		955		30
Artisan Partners Asset Management, Cl A		4,600		141
ASB Bancorp, Cl B*		400		18
Associated Capital Group		367		13
Assurant		29,950		3,106
Astoria Financial		9,143		184
Atlantic Capital Bancshares*		34,331		652
Atlas Financial Holdings*		900		13
B. Riley Financial		1,228		23
Baldwin & Lyons, Cl B		700		17
Banc of California		4,484		96
BancFirst		774		75
Banco Latinoamericano de Comercio Exterior, Cl E		2,769		76
Bancorp*		4,600		35
BancorpSouth		8,750		267
Bank Mutual		4,733		43
Bank of Commerce Holdings		1,900		21
Bank of Hawaii		32,750		2,717
Bank of Marin Bancorp		500		31
Bank of NT Butterfield & Son		5,600		191
BankFinancial		1,240		19
Bankwell Financial Group		467		15
Banner		18,615		1,052
Bar Harbor Bankshares		1,627		50
BCB Bancorp		1,200		18
Bear State Financial		1,400		13
Beneficial Bancorp		7,203		108

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

25

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Berkshire Hills Bancorp		36,590	$	1,286
Blue Capital Reinsurance Holdings		600		11
Blue Hills Bancorp		2,815		50
BofI Holding*		6,290		149
Boston Private Financial Holdings		8,688		133
Bridge Bancorp		1,977		66
Brookline Bancorp		51,599		753
Bryn Mawr Bank		1,587		67
BSB Bancorp*		659		19
Byline Bancorp*		32,091		643
C&F Financial		300		14
Cadence BanCorp, Cl A*		1,100		24
California First National Bancorp		400		8
Camden National		1,461		63
Capital Bank Financial, Cl A		3,093		118
Capital City Bank Group		800		16
Capitol Federal Financial		13,274		189
Capstar Financial Holdings*		105,063		1,864
Capstead Mortgage‡		10,201		106
Carolina Financial		17,656		571
Cathay General Bancorp		7,466		283
CenterState Banks		5,636		140
Central Pacific Financial		2,772		87
Central Valley Community Bancorp		900		20
Century Bancorp, Cl A		243		15
Charter Financial		1,159		21
Chemical Financial		29,650		1,435
Chemung Financial		300		12
Cherry Hill Mortgage Investment‡		1,400		26
Citizens, Cl A*		3,793		28
Citizens & Northern		1,000		23
City Holding		1,507		99
Civista Bancshares		43,944		918
Clifton Bancorp		1,788		30
CNB Financial		1,200		29
CNO Financial Group		17,966		375
CoBiz Financial		152,236		2,649
Codorus Valley Bancorp		840		24
Cohen & Steers		19,447		788
Columbia Banking System		27,586		1,099
Comerica		46,165		3,381
Commerce Bancshares		49,790		2,830
Commerce Union Bancshares*		900		22
Community Bank System		4,956		276
Community Bankers Trust*		2,700		22
Community Financial		500		19

Description	Shares		Value (000)
Community Trust Bancorp		1,405	$	62
ConnectOne Bancorp		3,317		75
County Bancorp		500		12
Cowen Group, Cl A*		2,251		37
Crawford, Cl B		1,000		9
CU Bancorp*		1,800		65
Customers Bancorp*		59,525		1,683
CVB Financial		10,643		239
CYS Investments‡		15,383		129
Diamond Hill Investment Group		292		58
Dime Community Bancshares		2,983		59
DNB Financial		400		14
Donegal Group, Cl A		700		11
Donnelley Financial Solutions*		2,800		64
Dynex Capital‡		3,664		26
Eagle Bancorp*		49,713		3,147
East West Bancorp		35,100		2,056
eHealth*		1,500		28
Elevate Credit*		1,900		15
Ellington Residential Mortgage‡		1,100		16
EMC Insurance Group		682		19
Employers Holdings		3,101		131
Encore Capital Group*		2,192		88
Enova International*		3,572		53
Enstar Group*		1,096		218
Entegra Financial*		800		18
Enterprise Bancorp		826		29
Enterprise Financial Services		2,218		91
Equity Bancshares, Cl A*		14,799		453
ESSA Bancorp		667		10
Essent Group*		96,527		3,585
Evans Bancorp		31,060		1,241
Evercore Partners, Cl A		4,190		295
EZCORP, Cl A*		6,034		46
Farmers Capital Bank		601		23
Farmers National Banc		2,029		29
FB Financial*		700		25
FBL Financial Group, Cl A		937		58
FCB Financial Holdings, Cl A*		3,682		176
Federal Agricultural Mortgage, Cl C		877		57
Federated National Holding		1,027		16
Fidelity & Guaranty Life		972		30
Fidelity Southern		2,412		55
Fifth Street Asset Management, Cl A		300		1
Financial Engines		45,178		1,654
Financial Institutions		1,200		36

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

26

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
First Bancorp MS		900	$	24
First Bancorp NC		6,517		204
First BanCorp Puerto Rico*		17,309		100
First Bancshares		1,000		28
First Busey		3,428		101
First Business Financial Services		600		14
First Citizens BancShares, Cl A		714		266
First Commonwealth Financial		9,134		116
First Community Bancshares		1,776		49
First Community Financial Partners*		1,110		14
First Connecticut Bancorp		1,141		29
First Defiance Financial		901		48
First Financial		1,021		48
First Financial Bancorp		43,825		1,214
First Financial Bankshares		6,502		287
First Financial Northwest		900		15
First Foundation*		3,056		50
First Guaranty Bancshares		500		14
First Horizon National		84,346		1,469
First Internet Bancorp		8,072		226
First Interstate BancSystem, Cl A		2,980		111
First Merchants		36,642		1,471
First Mid-Illinois Bancshares		1,100		38
First Midwest Bancorp		65,960		1,538
First Northwest Bancorp*		906		14
First of Long Island		2,258		65
FirstCash		69,389		4,045
Flagstar Bancorp*		2,211		68
Flushing Financial		2,547		72
FNB		266,478		3,773
FNB Bancorp		700		19
FNFV Group*		6,016		95
Franklin Financial Network*		1,065		44
Fulton Financial		17,351		330
GAIN Capital Holdings		2,900		18
GAMCO Investors, Cl A		358		11
Genworth Financial, Cl A*		50,001		189
German American Bancorp		2,031		69
Glacier Bancorp		7,671		281
Global Indemnity*		700		27
Great Ajax‡		1,400		20
Great Southern Bancorp		1,149		62
Great Western Bancorp		19,023		776
Green Bancorp*		21,871		424
Green Dot, Cl A*		59,723		2,301
Greene County Bancorp		400		11

Description	Shares		Value (000)
Greenhill		2,550	$	51
Greenlight Capital, Cl A*		2,811		59
Guaranty Bancorp		78,267		2,129
Guaranty Bancshares		16,169		517
Hallmark Financial Services*		1,100		12
Hamilton Lane, Cl A		35,916		790
Hancock Holding		8,584		421
Hanmi Financial		3,262		93
Hannon Armstrong Sustainable Infrastructure Capital‡		94,390		2,159
Hanover Insurance Group		22,771		2,018
HarborOne Bancorp*		1,194		24
HCI Group		700		33
Health Insurance Innovations, Cl A*		1,300		31
Heartland Financial USA		2,563		121
Heritage Commerce		108,995		1,502
Heritage Financial		113,694		3,013
Heritage Insurance Holdings		2,300		30
Hilltop Holdings		7,744		203
Hingham Institution for Savings		100		18
Home Bancorp		470		20
Home BancShares		13,242		330
HomeStreet*		2,830		78
HomeTrust Bancshares*		1,351		33
Hope Bancorp		13,088		244
Horace Mann Educators		87,588		3,311
Horizon Bancorp		1,990		52
Houlihan Lokey, Cl A		2,396		84
Howard Bancorp*		1,100		21
IBERIABANK		49,050		3,998
Impac Mortgage Holdings*		800		12
Independence Holding		500		10
Independent Bank MI		1,662		36
Independent Bank MA		44,424		2,961
Independent Bank Group		1,873		111
Infinity Property & Casualty		1,181		111
International Bancshares		5,617		197
International. FCStone*		1,597		60
Invesco Mortgage Capital‡		11,211		187
Investar Holding		25,166		576
Investment Technology Group		42,829		910
Investors Bancorp		26,536		355
Investors Title		159		31
James River Group Holdings		1,971		78
KCG Holdings, Cl A*		4,718		94
Kearny Financial		8,492		126
Kemper		4,054		157

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

27

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Kingstone		1,200	$	18
Kinsale Capital Group		1,545		58
KKR Real Estate Finance Trust‡		1,200		26
Ladder Capital, Cl A‡		7,452		100
Ladenburg Thalmann Financial Services*		8,400		21
Lakeland Bancorp		4,356		82
Lakeland Financial		2,569		118
LCNB		719		14
LegacyTexas Financial Group		4,924		188
LendingClub*		32,750		180
LendingTree*		602		104
Live Oak Bancshares		2,230		54
Macatawa Bank		2,160		21
Maiden Holdings		6,765		75
MainSource Financial Group		2,621		88
Malvern Bancorp*		800		19
MarketAxess Holdings		11,724		2,358
Marlin Business Services		800		20
MB Financial		8,262		364
MBIA*		13,550		128
MBT Financial		1,453		14
Medley Management, Cl A		300		2
Mercantile Bank		1,691		53
Meridian Bancorp		4,340		73
Meta Financial Group		953		85
MGIC Investment*		37,770		423
Middlefield Banc		300		15
Midland States Bancorp		1,701		57
MidSouth Bancorp		1,200		14
MidWestOne Financial Group		1,274		43
Moelis, Cl A		65,222		2,534
Mortgage Investment Trust‡		2,853		52
MTGE Investment‡		4,231		80
MutualFirst Financial		444		16
National Bank Holdings, Cl A		73,075		2,420
National Bankshares		600		25
National Commerce*		1,200		47
National General Holdings		5,073		107
National Western Life Group, Cl A		242		77
Nationstar Mortgage Holdings*		3,469		62
Navigators Group		2,333		128
NBT Bancorp		4,336		160
Nelnet, Cl A		1,852		87
New York Mortgage Trust‡		10,142		63
NewStar Financial		3,500		37
NI Holdings*		1,300		23

Description	Shares		Value (000)
Nicolet Bankshares*		1,020	$	56
NMI Holdings, Cl A*		5,248		60
Northeast Bancorp		900		18
Northfield Bancorp		3,867		66
Northrim BanCorp		550		17
Northwest Bancshares		50,299		785
Norwood Financial*		500		21
OceanFirst Financial		3,300		90
Ocwen Financial*		8,217		22
OFG Bancorp		4,409		44
Ohio Valley Banc*		500		18
Old Line Bancshares		27,179		766
Old National Bancorp		126,012		2,174
Old Point Financial		500		16
Old Second Bancorp		2,347		27
OM Asset Management		149,329		2,219
On Deck Capital*		3,918		18
OneBeacon Insurance Group, Cl A		1,629		30
Oppenheimer Holdings, Cl A		704		12
Opus Bank		51,858		1,255
Orchid Island Capital, Cl A‡		2,668		26
Oritani Financial		3,686		63
Orrstown Financial Services		604		14
Owens Realty Mortgage‡		1,000		17
Pacific Continental		2,112		54
Pacific Mercantile Bancorp*		1,600		14
Pacific Premier Bancorp*		3,880		143
PacWest Bancorp		23,632		1,104
Paragon Commercial*		500		26
Park National		1,425		148
Park Sterling		4,950		59
Parke Bancorp		800		18
Patriot National*		600		1
PCSB Financial*		2,000		34
Peapack Gladstone Financial		1,603		50
Penns Woods Bancorp		352		15
PennyMac Financial Services, Cl A*		1,100		18
PennyMac Mortgage Investment Trust‡		6,943		127
Peoples Bancorp		1,626		52
Peoples Bancorp of North Carolina		600		19
Peoples Financial Services		600		26
People’s Utah Bancorp		1,061		28
PHH*		4,871		67
Piper Jaffray		1,583		95
PJT Partners		1,690		68
PRA Group*		4,687		178

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

28

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Preferred Bank		1,157	$	62
Premier Financial Bancorp		990		20
Primerica		45,198		3,424
Prosperity Bancshares		27,901		1,792
Provident Bancorp*		360		8
Provident Financial Holdings		539		10
Provident Financial Services		6,304		160
Prudential Bancorp		1,000		18
Pzena Investment Management, Cl A		37,962		386
QCR Holdings		1,204		57
Radian Group		21,668		354
Redwood Trust‡		7,734		132
Regional Management*		900		21
Renasant		4,193		183
Republic Bancorp, Cl A		789		28
Republic First Bancorp*		4,646		43
Resource Capital‡		2,658		27
Riverview Bancorp		2,500		17
RLI		3,959		216
S&T Bancorp		3,301		118
Safeguard Scientifics*		1,644		20
Safety Insurance Group		1,486		102
Sandy Spring Bancorp		2,522		103
Seacoast Banking Corp of Florida*		4,217		102
Selective Insurance Group		5,656		283
ServisFirst Bancshares		4,609		170
Shore Bancshares		26,298		433
SI Financial Group		909		15
Sierra Bancorp		951		23
Silvercrest Asset Management Group, Cl A		700		9
Simmons First National, Cl A		2,998		159
SmartFinancial*		19,297		461
Solar Capital		47,777		1,045
South State		2,970		255
Southern First Bancshares*		5,118		190
Southern Missouri Bancorp		477		15
Southern National Bancorp of Virginia		104,434		1,838
Southside Bancshares		2,815		98
Southwest Bancorp		1,600		41
State Auto Financial		27,001		695
State Bank Financial		82,117		2,227
State National		3,484		64
Sterling Bancorp		13,524		314
Stewart Information Services		2,467		112

Description	Shares		Value (000)
Stifel Financial*		6,787	$	312
Stock Yards Bancorp		2,335		91
Stonegate Bank		25,384		1,172
Summit Financial Group		1,280		28
Sun Bancorp		940		23
Sunshine Bancorp*		38,254		815
Sutherland Asset Management‡		2,000		30
Synovus Financial		37,840		1,674
TCF Financial		90,348		1,440
Territorial Bancorp		684		21
Texas Capital Bancshares*		10,721		830
Third Point Reinsurance*		8,079		112
Timberland Bancorp		800		20
Tiptree		1,866		13
Tompkins Financial		1,402		110
Towne Bank		5,611		173
TriCo Bancshares		1,865		66
TriState Capital Holdings*		2,222		56
Triumph Bancorp*		1,400		34
Trupanion*		2,475		55
TrustCo Bank		8,385		65
Trustmark		6,901		222
Two River Bancorp		1,000		19
UMB Financial		28,769		2,154
Umpqua Holdings		194,078		3,563
Union Bankshares		4,482		152
Union Bankshares VT		317		15
United Bankshares		10,267		403
United Community Banks		7,294		203
United Community Financial		4,100		34
United Financial Bancorp		5,395		90
United Fire Group		2,264		100
United Insurance Holdings		1,402		22
United Security Bancshares*		1,700		16
Unity Bancorp		1,000		17
Universal Insurance Holdings		2,971		75
Univest Corp of Pennsylvania		2,784		83
Valley National Bancorp		26,448		312
Veritex Holdings*		1,574		41
Virtu Financial, Cl A		2,058		36
Virtus Investment Partners		677		75
Waddell & Reed Financial, Cl A		8,311		157
Walker & Dunlop*		2,918		143
Washington Federal		9,196		305
Washington Trust Bancorp		1,365		70
WashingtonFirst Bankshares		45,047		1,556

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

29

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Waterstone Financial		2,604	$	49
Webster Financial		21,520		1,124
WesBanco		45,599		1,803
West Bancorporation		1,400		33
Westamerica Bancorporation		35,618		1,996
Western Alliance Bancorp*		31,555		1,553
Western Asset Mortgage Capital‡		3,343		34
Western New England Bancorp		2,500		25
Westwood Holdings Group		952		54
Wintrust Financial		5,681		434
WisdomTree Investments		11,888		121
WMIH*		16,581		21
World Acceptance*		694		52
WSFS Financial		3,158		143
Xenith Bankshares*		630		20
Zions Bancorporation		46,600		2,046
				163,954
Health Care — 11.5%
AAC Holdings*		1,000		7
Abaxis		2,291		121
Abeona Therapeutics*		3,300		21
Acadia Healthcare*		16,053		793
Accelerate Diagnostics*		2,460		67
Acceleron Pharma*		3,338		101
Accuray*		7,069		34
AcelRx Pharmaceuticals*		2,100		5
Aceto		3,310		51
Achaogen*		3,100		67
Achillion Pharmaceuticals*		13,268		61
Aclaris Therapeutics*		2,175		59
Acorda Therapeutics*		3,911		77
Adamas Pharmaceuticals*		1,363		24
Addus HomeCare*		600		22
Aduro Biotech*		3,941		45
Advaxis*		2,927		19
Aerie Pharmaceuticals*		21,497		1,130
Agenus*		6,400		25
Aimmune Therapeutics*		3,766		77
Akebia Therapeutics*		4,098		59
Albany Molecular Research*		2,300		50
Alder Biopharmaceuticals*		5,025		58
Allscripts Healthcare Solutions*		18,700		239
Almost Family*		29,965		1,847
AMAG Pharmaceuticals*		3,191		59
Amedisys*		2,987		188
American Renal Associates Holdings*		713		13

Description	Shares		Value (000)
Amicus Therapeutics*		14,994	$	151
AMN Healthcare Services*		4,689		183
Amphastar Pharmaceuticals*		3,612		65
Analogic		1,317		96
AnaptysBio*		784		19
Anavex Life Sciences*		2,500		13
AngioDynamics*		3,903		63
ANI Pharmaceuticals*		647		30
Anika Therapeutics*		1,299		64
Antares Pharma*		15,900		51
Aratana Therapeutics*		4,724		34
Ardelyx*		2,550		13
Arena Pharmaceuticals*		3,595		61
Array BioPharma*		17,577		147
Assembly Biosciences*		1,600		33
Asterias Biotherapeutics*		1,600		6
Atara Biotherapeutics*		2,897		41
Athersys*		8,000		12
AtriCure*		3,305		80
Atrion		130		84
Audentes Therapeutics*		1,769		34
Avexis*		2,095		172
AxoGen*		51,611		864
Axovant Sciences*		3,169		73
Bellicum Pharmaceuticals*		3,071		36
BioCryst Pharmaceuticals*		7,676		43
Biohaven Pharmaceutical Holding*		1,200		30
BioScrip*		9,900		27
BioSpecifics Technologies*		500		25
BioTelemetry*		46,340		1,550
BioTime*		6,000		19
Bioverativ*		17,025		1,024
Bluebird Bio*		10,402		1,093
Blueprint Medicines*		3,995		202
Calithera Biosciences*		3,400		51
Cambrex*		3,234		193
Cantel Medical		3,567		278
Capital Senior Living*		2,297		35
Cara Therapeutics*		2,962		46
Cardiovascular Systems*		3,318		107
Cascadian Therapeutics*		4,600		17
Castlight Health, Cl B*		7,400		31
Catalent*		12,846		451
Catalyst Pharmaceuticals*		8,900		25
Celldex Therapeutics*		13,904		34
Cempra*		3,645		17
Cerus*		8,271		21

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

30

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Charles River Laboratories International*		9,970	$	1,008
Chemed		10,546		2,157
ChemoCentryx*		1,879		18
Chimerix*		4,000		22
Civitas Solutions*		1,233		22
Clearside Biomedical*		2,573		23
Clovis Oncology*		17,234		1,614
Coherus Biosciences*		32,374		465
Collegium Pharmaceutical*		1,606		20
Community Health Systems*		10,174		101
Computer Programs & Systems		915		30
Conatus Pharmaceuticals*		3,400		20
Concert Pharmaceuticals*		1,346		19
ConforMIS*		2,920		13
CONMED		2,783		142
Corbus Pharmaceuticals Holdings*		5,100		32
Corcept Therapeutics*		9,604		113
Corindus Vascular Robotics*		10,800		20
Corium International*		2,500		19
CorVel*		900		43
Corvus Pharmaceuticals*		271		3
Cotiviti Holdings*		2,785		103
Cross Country Healthcare*		87,375		1,128
CryoLife		3,366		67
Curis*		9,800		19
Cutera*		1,000		26
Cytokinetics*		3,998		48
CytomX Therapeutics*		3,168		49
Depomed*		5,485		59
Dermira*		30,940		902
Diplomat Pharmacy*		5,065		75
Durect*		10,400		16
Dynavax Technologies*		4,967		48
Eagle Pharmaceuticals*		844		67
Edge Therapeutics*		1,327		14
Editas Medicine*		3,661		61
Emergent BioSolutions*		3,452		117
Enanta Pharmaceuticals*		1,597		57
Endologix*		8,612		42
Ensign Group		5,099		111
Entellus Medical*		1,512		25
Envision Healthcare*		32,678		2,048
Enzo Biochem*		4,540		50
Epizyme*		3,864		58
Esperion Therapeutics*		1,600		74
Evolent Health, Cl A*		61,346		1,555

Description	Shares		Value (000)
Exact Sciences*		11,207	$	396
Exactech*		852		25
Exelixis*		48,600		1,197
Fate Therapeutics*		5,200		17
FibroGen*		23,389		755
Five Prime Therapeutics*		2,903		87
Flexion Therapeutics*		2,397		48
Fluidigm*		2,298		9
FONAR*		800		22
Fortress Biotech*		3,600		17
Foundation Medicine*		1,202		48
Genesis Healthcare, Cl A*		4,000		7
GenMark Diagnostics*		3,878		46
Genocea Biosciences*		3,700		19
Genomic Health*		1,967		64
Geron*		17,228		48
Glaukos*		2,965		123
Global Blood Therapeutics*		3,892		106
Globus Medical, Cl A*		6,914		229
Haemonetics*		5,436		215
Halozyme Therapeutics*		10,470		134
Halyard Health*		4,678		184
HealthEquity*		5,072		253
HealthSouth		106,071		5,134
HealthStream*		2,477		65
Heron Therapeutics*		4,895		68
Heska*		641		65
HMS Holdings*		8,608		159
Horizon Pharma*		16,895		201
ICU Medical*		1,513		261
Idera Pharmaceuticals*		11,491		20
IDEXX Laboratories*		19,560		3,157
Ignyta*		5,407		56
Immune Design*		1,000		10
ImmunoGen*		7,845		56
Immunomedics*		10,800		95
Impax Laboratories*		63,019		1,015
INC Research Holdings, Cl A*		30,381		1,777
Infinity Pharmaceuticals*		1,300		2
Innoviva*		8,701		111
Inogen*		1,774		169
Inovalon Holdings, Cl A*		6,600		87
Inovio Pharmaceuticals*		7,573		59
Insmed*		6,536		112
Insulet*		5,929		304
Insys Therapeutics*		1,918		24

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

31

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Integer Holdings*		3,197	$	138
Integra LifeSciences Holdings*		35,702		1,946
Intellia Therapeutics*		1,700		27
Intersect ENT*		15,788		441
Intra-Cellular Therapies, Cl A*		2,802		35
Invacare		3,593		47
Invitae*		4,358		42
InVivo Therapeutics Holdings*		2,300		6
Iovance Biotherapeutics*		4,700		35
iRhythm Technologies*		1,500		64
Ironwood Pharmaceuticals, Cl A*		13,890		262
Jounce Therapeutics*		977		14
K2M Group Holdings*		225,458		5,492
Karyopharm Therapeutics*		3,800		34
Keryx Biopharmaceuticals*		9,007		65
Kindred Biosciences*		2,700		23
Kindred Healthcare		330,667		3,852
Kite Pharma*		5,009		519
Kura Oncology*		2,000		19
La Jolla Pharmaceutical*		1,905		57
Landauer		974		51
Lannett*		2,667		54
Lantheus Holdings*		53,895		951
LeMaitre Vascular		1,200		37
Lexicon Pharmaceuticals*		65,632		1,080
LHC Group*		18,722		1,271
Ligand Pharmaceuticals*		10,104		1,227
LivaNova*		5,000		306
Loxo Oncology*		2,121		170
Luminex		4,344		92
MacroGenics*		3,065		54
Magellan Health*		2,446		178
Masimo*		4,544		414
Matinas BioPharma Holdings*		6,800		12
Medicines*		7,121		271
MediciNova*		2,425		13
Medidata Solutions*		14,539		1,137
MEDNAX*		24,938		1,506
Medpace Holdings*		665		19
Meridian Bioscience		4,433		70
Merit Medical Systems*		80,723		3,080
Merrimack Pharmaceuticals		9,965		12
Mettler-Toledo International*		5,105		3,005
MiMedx Group*		10,667		160
Minerva Neurosciences*		1,700		15
Miragen Therapeutics*		1,400		18

Description	Shares		Value (000)
Molina Healthcare*		4,482	$	310
Momenta Pharmaceuticals*		7,707		130
MyoKardia*		2,052		27
Myriad Genetics*		6,813		176
NanoString Technologies*		83,639		1,383
NantHealth*		541		2
NantKwest*		3,600		27
Natera*		3,530		38
National HealthCare		1,023		72
National Research, Cl A		800		22
Natus Medical*		3,138		117
Nektar Therapeutics, Cl A*		37,659		736
Neogen*		3,801		263
NeoGenomics*		139,043		1,246
Neos Therapeutics*		1,122		8
Nevro*		2,863		213
NewLink Genetics*		1,841		14
Novavax*		22,049		25
Novocure*		6,130		106
NuVasive*		23,642		1,819
NxStage Medical*		6,527		164
Nymox Pharmaceutical*		3,900		17
Obalon Therapeutics*		900		9
Ocular Therapeutix*		2,000		19
Omeros*		4,288		85
Omnicell*		3,580		154
OraSure Technologies*		35,595		614
Organovo Holdings*		9,130		24
Orthofix International*		1,680		78
Otonomy*		3,162		60
Owens & Minor		6,018		194
Oxford Immunotec Global*		87,287		1,468
Pacific Biosciences of California*		6,558		23
Pacira Pharmaceuticals*		4,030		192
Paratek Pharmaceuticals*		2,400		58
PAREXEL International*		28,976		2,518
PDL BioPharma		14,931		37
Penumbra*		2,965		260
PharMerica*		2,717		71
Phibro Animal Health, Cl A		2,008		74
Pieris Pharmaceuticals*		4,300		22
Portola Pharmaceuticals, Cl A*		11,498		646
PRA Health Sciences*		28,393		2,130
Prestige Brands Holdings*		27,605		1,458
Progenics Pharmaceuticals*		6,597		45
Protagonist Therapeutics*		620		7

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

32

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Prothena*		3,792	$	205
Providence Service*		32,656		1,653
PTC Therapeutics*		3,816		70
Pulse Biosciences*		1,000		35
Puma Biotechnology*		2,810		246
Quality Systems*		4,835		83
Quidel*		58,049		1,575
R1 RCM*		11,100		42
Ra Pharmaceuticals*		900		17
Radius Health*		3,851		174
RadNet*		3,200		25
Reata Pharmaceuticals, Cl A*		964		31
Recro Pharma*		2,000		14
REGENXBIO*		2,633		52
Repligen*		31,254		1,295
Retrophin*		3,437		67
Revance Therapeutics*		2,369		63
Rigel Pharmaceuticals*		10,800		29
Rockwell Medical*		3,913		31
RTI Surgical*		7,453		44
Sage Therapeutics*		3,566		284
Sangamo Therapeutics*		6,333		56
Sarepta Therapeutics*		5,329		180
SciClone Pharmaceuticals*		5,127		56
Select Medical Holdings*		11,161		171
Selecta Biosciences*		1,400		28
Seres Therapeutics*		1,456		16
Sientra*		1,900		18
Simulations Plus		1,400		17
Spark Therapeutics*		2,458		147
Spectranetics*		51,480		1,977
Spectrum Pharmaceuticals*		6,799		51
STAAR Surgical*		3,500		38
Stemline Therapeutics*		2,393		22
Sucampo Pharmaceuticals, Cl A*		2,100		22
Supernus Pharmaceuticals*		38,579		1,663
Surgery Partners*		2,120		48
Surmodics*		1,100		31
Syndax Pharmaceuticals*		300		4
Synergy Pharmaceuticals*		22,015		98
Syros Pharmaceuticals*		1,480		24
Tabula Rasa HealthCare*		700		11
Tactile Systems Technology*		1,040		30
Teladoc*		47,083		1,634
Teligent*		3,381		31
Tenet Healthcare*		8,400		162
Tetraphase Pharmaceuticals*		3,000		21

Description	Shares		Value (000)
TG Therapeutics*		4,729	$	48
TherapeuticsMD*		16,555		87
Theravance Biopharma*		4,303		171
Titan Pharmaceuticals*		1,400		3
Tivity Health*		54,117		2,157
Tocagen*		1,100		13
Trevena*		3,653		8
Triple-S Management, Cl B*		1,903		32
Ultragenyx Pharmaceutical*		3,903		242
US Physical Therapy		1,108		67
Utah Medical Products		300		22
Vanda Pharmaceuticals*		3,928		64
Varex Imaging*		3,900		132
VBI Vaccines*		3,100		13
Veracyte*		2,900		24
Versartis*		3,002		52
ViewRay*		3,600		23
Viveve Medical*		2,000		14
Vocera Communications*		79,399		2,098
Voyager Therapeutics*		958		9
vTv Therapeutics, Cl A*		1,400		7
WaVe Life Sciences*		1,404		26
WellCare Health Plans*		17,560		3,153
Wright Medical Group*		37,080		1,019
XBiotech*		1,428		7
Xencor*		3,539		75
ZIOPHARM Oncology*		14,012		87
Zogenix*		2,026		29
Zynerba Pharmaceuticals*		1,400		24
				110,621
Industrials — 17.4%
AAON		4,281		158
AAR		16,402		570
ABM Industries		5,751		239
Acacia Research*		4,419		18
ACCO Brands*		11,310		132
Actuant, Cl A		6,009		148
Advanced Disposal Services*		2,178		49
Advanced Drainage Systems		3,177		64
Advisory Board*		4,209		217
Aegion, Cl A*		3,204		70
AerCap Holdings*		39,897		1,852
Aerojet Rocketdyne Holdings*		7,136		148
Aerovironment*		2,162		83
Air Transport Services Group*		101,670		2,214
Aircastle		5,099		111

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

33

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Alamo Group		869	$	79
Albany International, Cl A		18,880		1,008
Allegiant Travel, Cl A		1,274		173
Allied Motion Technologies		600		16
Altra Industrial Motion		52,129		2,075
Ameresco, Cl A*		1,900		15
American Railcar Industries		700		27
American Woodmark*		1,404		134
AMETEK		45,500		2,756
Apogee Enterprises		2,902		165
Applied Industrial Technologies		3,894		230
Aqua Metals*		1,100		14
ARC Document Solutions*		3,500		15
ArcBest		49,951		1,029
Argan		1,492		90
Armstrong Flooring*		1,911		34
Astec Industries		2,229		124
Astronics, Cl A*		2,250		69
Atkore International Group*		3,492		79
Atlas Air Worldwide Holdings*		2,473		129
Avis Budget Group*		7,800		213
Axon Enterprise*		5,297		133
AZZ		12,788		714
Babcock & Wilcox Enterprises*		5,298		62
Barnes Group		29,932		1,752
Barrett Business Services		600		34
Beacon Roofing Supply*		5,947		291
BG Staffing		900		16
Blue Bird*		400		7
BMC Stock Holdings*		12,750		279
Brady, Cl A		4,586		155
Briggs & Stratton		3,869		93
Brink’s		43,865		2,939
Builders FirstSource*		102,798		1,575
BWX Technologies, Cl W		29,090		1,418
Caesarstone*		2,332		82
CAI International*		59,867		1,413
Casella Waste Systems, Cl A*		78,739		1,292
CBIZ*		4,708		71
CECO Environmental		2,390		22
Celadon Group		377,320		1,189
Chart Industries*		3,140		109
Chicago Bridge & Iron		10,500		207
CIRCOR International		1,604		95
Cogint*		1,900		10
Columbus McKinnon		127,211		3,234
Comfort Systems USA		3,754		139

Description	Shares		Value (000)
Commercial Vehicle Group*		154,347	$	1,304
Continental Building Products*		4,127		96
Costamare		4,261		31
Covanta Holding		155,945		2,058
Covenant Transportation Group, Cl A*		152,675		2,676
CPI Aerostructures*		149,265		1,403
CRA International		651		24
CSW Industrials*		1,545		60
Cubic		2,553		118
Curtiss-Wright		4,482		411
Daseke*		2,500		28
Deluxe		47,341		3,277
DigitalGlobe*		63,652		2,120
DMC Global		1,145		15
Douglas Dynamics		2,033		67
Ducommun*		900		28
DXP Enterprises*		63,903		2,205
Dycom Industries*		56,153		5,027
Eagle Bulk Shipping*		4,800		23
Eastern		700		21
Echo Global Logistics*		81,629		1,624
EMCOR Group		57,140		3,736
Encore Wire		2,148		92
Energous*		2,110		34
Energy Recovery*		2,873		24
EnerSys		4,466		324
Engility Holdings*		1,929		55
Ennis		2,090		40
EnPro Industries		15,931		1,137
EnviroStar		500		14
ESCO Technologies		2,554		152
Essendant		3,425		51
Esterline Technologies*		2,681		254
ExOne*		892		10
Exponent		2,653		155
Federal Signal		6,400		111
Forward Air		29,280		1,560
Foundation Building Materials*		1,200		15
Franklin Covey*		834		16
Franklin Electric		4,606		191
FreightCar America		1,000		17
FTI Consulting*		4,256		149
GATX		52,910		3,401
Gencor Industries*		633		10
Generac Holdings*		6,306		228
General Cable		5,261		86

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

34

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Genesee & Wyoming, Cl A*		16,468	$	1,126
Gibraltar Industries*		3,050		109
Global Brass & Copper Holdings		1,994		61
GMS*		2,500		70
Gorman-Rupp		1,875		48
GP Strategies*		1,100		29
Graham		900		18
Granite Construction		26,613		1,284
Great Lakes Dredge & Dock*		5,100		22
Greenbrier		2,770		128
Griffon		2,778		61
H&E Equipment Services		2,898		59
Hardinge		1,200		15
Harsco*		95,764		1,542
Hawaiian Holdings*		5,293		248
HC2 Holdings*		2,700		16
Healthcare Services Group		7,271		340
Heartland Express		4,962		103
Heidrick & Struggles International		1,600		35
Herc Holdings*		2,600		102
Heritage-Crystal Clean*		1,100		17
Herman Miller		55,786		1,696
Hertz Global Holdings*		6,000		69
Hill International*		2,100		11
Hillenbrand		6,494		234
HNI		4,374		174
Hub Group, Cl A*		3,226		124
Hudson Technologies*		4,200		35
Hurco		500		17
Huron Consulting Group*		2,265		98
Huttig Building Products*		3,000		21
Hyster-Yale Materials Handling		1,007		71
ICF International*		1,905		90
IES Holdings*		639		12
InnerWorkings*		174,339		2,022
Insperity		1,911		136
Insteel Industries		1,685		56
Interface, Cl A		82,171		1,615
ITT		148,358		5,961
JELD-WEN Holding*		2,300		75
John Bean Technologies		17,997		1,764
Kadant		1,028		77
Kaman		2,723		136
KBR		278,349		4,236
Kelly Services, Cl A		2,814		63
Kennametal		58,261		2,180
KeyW Holding*		3,931		37

Description	Shares		Value (000)
Kforce		2,356	$	46
Kimball International, Cl B		3,539		59
Kirby*		34,740		2,322
KLX*		23,424		1,171
Knight Transportation		7,460		276
Knoll		4,668		94
Korn		74,963		2,588
Kratos Defense & Security Solutions*		107,961		1,281
Lawson Products*		600		13
Layne Christensen*		1,478		13
LB Foster, Cl A		1,000		21
Lindsay		971		87
LSC Communications		3,600		77
LSI Industries		1,942		18
Lydall*		1,738		90
Manitowoc		11,652		70
Marten Transport		96,156		2,635
Masonite International*		2,915		220
MasTec*		6,731		304
Matson		4,585		138
Matthews International, Cl A		26,754		1,639
McGrath RentCorp		127,235		4,406
Mercury Systems*		100,292		4,221
Meritor*		92,475		1,536
Milacron Holdings*		4,787		84
Miller Industries		900		22
Mistras Group*		1,401		31
Mobile Mini		67,900		2,027
Moog, Cl A*		43,382		3,111
MRC Global*		8,970		148
MSA Safety		3,394		275
Mueller Industries		5,904		180
Mueller Water Products, Cl A		14,869		174
Multi-Color		1,410		115
MYR Group*		1,700		53
National Presto Industries		501		55
Navigant Consulting*		5,083		100
Navios Maritime Holdings*		12,700		17
Navistar International*		28,769		755
NCI Building Systems*		4,300		72
Neff, Cl A*		700		13
Nexeo Solutions*		3,100		26
NL Industries*		1,200		8
NN		2,729		75
Nordson		10,000		1,213
Northwest Pipe*		1,200		20

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

35

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
NOW*		11,025	$	177
NV5 Global*		899		38
Old Dominion Freight Line		15,575		1,483
Omega Flex		200		13
On Assignment*		87,000		4,711
Orbital ATK		10,449		1,028
Orion Group Holdings*		2,300		17
Park-Ohio Holdings		700		27
Patrick Industries*		1,601		117
PGT Innovations*		4,859		62
Plug Power*		24,392		50
Ply Gem Holdings*		1,900		34
Powell Industries		710		23
Preformed Line Products		205		10
Primoris Services		40,825		1,018
Proto Labs*		2,483		167
Quad		3,361		77
Quanex Building Products		3,269		69
Quanta Services*		45,315		1,492
Radiant Logistics*		4,100		22
Raven Industries		3,811		127
RBC Bearings*		15,916		1,620
Resources Connection		2,900		40
REV Group		1,100		30
Revolution Lighting Technologies*		210,075		1,384
Rexnord*		10,704		249
Roadrunner Transportation Systems*		2,589		19
RPX*		5,202		73
RR Donnelley & Sons		7,400		93
Rush Enterprises, Cl A*		38,092		1,416
Rush Enterprises, Cl B*		538		20
Ryder System		2,509		181
Safe Bulkers*		6,600		15
Saia*		2,558		131
Schneider National, Cl B		1,700		38
Scorpio Bulkers*		4,755		34
Simpson Manufacturing		35,702		1,561
SiteOne Landscape Supply*		23,098		1,202
SkyWest		4,999		175
Snap-on		17,160		2,711
SP Plus*		50,808		1,552
Spartan Motors		2,716		24
Sparton*		800		18
SPX*		4,294		108
SPX FLOW*		14,881		549
Standex International		1,296		118

Description	Shares		Value (000)
Steelcase, Cl A		8,929	$	125
Sterling Construction*		3,000		39
Sun Hydraulics		21,158		903
Sunrun*		9,264		66
Supreme Industries, Cl A		1,059		17
Swift Transportation, Cl A*		7,566		200
Team*		34,181		802
Tennant		1,692		125
Terex		38,719		1,452
Tetra Tech		5,851		268
Textainer Group Holdings		3,000		43
Thermon Group Holdings*		3,059		59
Timken		5,800		268
Titan International		5,051		61
Titan Machinery*		23,697		426
TPI Composites*		1,291		24
TransUnion*		28,700		1,243
Trex*		3,008		204
TriMas*		4,881		102
TriNet Group*		4,340		142
Triton International		4,165		139
Triumph Group		5,008		158
TrueBlue*		4,313		114
Tutor Perini*		4,084		117
Twin Disc*		1,100		18
UniFirst		1,558		219
Univar*		46,000		1,343
Universal Forest Products		2,092		183
Universal Logistics Holdings		800		12
US Ecology		2,283		115
Valmont Industries		7,990		1,195
Vectrus*		873		28
Veritiv*		1,273		57
Viad		2,136		101
Vicor*		1,300		23
Vivint Solar*		1,800		11
VSE		703		32
Wabash National		55,696		1,224
WABCO Holdings*		18,300		2,333
Wabtec		14,968		1,370
WageWorks*		3,844		258
Watts Water Technologies, Cl A		2,746		174
Werner Enterprises		4,922		144
Wesco Aircraft Holdings*		5,092		55
West		4,462		104
Willdan Group*		900		27
Willis Lease Finance*		400		11

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

36

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Woodward		5,315	$	359
YRC Worldwide*		213,768		2,377
				167,691
Information Technology — 17.8%
2U*		61,669		2,894
3D Systems*		11,251		210
8x8*		12,847		187
A10 Networks*		5,399		46
Acacia Communications*		1,928		80
ACI Worldwide*		117,676		2,632
Actua*		3,207		45
Acxiom*		8,068		210
ADTRAN		13,855		286
Advanced Energy Industries*		29,800		1,928
Aerohive Networks*		2,200		11
Agilysys*		1,400		14
Alarm.com Holdings*		2,142		81
Alpha & Omega Semiconductor*		2,317		39
Alteryx, Cl A*		1,100		21
Ambarella*		3,232		157
Amber Road*		1,446		12
American Software, Cl A		2,106		22
Amkor Technology*		10,412		102
Angie’s List*		4,593		59
Anixter International*		2,987		234
Appfolio, Cl A*		700		23
Applied Optoelectronics*		1,834		113
Apptio, Cl A*		2,000		35
Aspen Technology*		23,859		1,318
Avid Technology*		2,800		15
AVX		4,278		70
Axcelis Technologies*		2,948		62
AXT*		4,300		27
Badger Meter		2,881		115
Bankrate*		4,168		54
Barracuda Networks*		2,497		58
Bazaarvoice*		339,483		1,680
Bel Fuse, Cl B		756		19
Belden		28,052		2,116
Benchmark Electronics*		35,809		1,157
Benefitfocus*		1,551		56
Blackbaud		4,895		420
Blackhawk Network Holdings, Cl A*		38,910		1,696
Blackline*		1,200		43
Blucora*		4,355		92
Bottomline Technologies*		52,410		1,346

Description	Shares		Value (000)
Box, Cl A*		8,168	$	149
Brightcove*		2,600		16
BroadSoft*		3,031		130
Brooks Automation		55,278		1,199
Cabot Microelectronics		2,840		210
CACI International, Cl A*		8,002		1,001
CalAmp*		71,306		1,450
Calix*		3,500		24
Callidus Software*		6,177		149
Carbonite*		2,700		59
CardConnect*		1,800		27
Cardtronics*		4,751		156
Care.com*		1,100		17
Cars.com*		7,400		197
Cass Information Systems		1,010		66
CEVA*		2,280		104
ChannelAdvisor*		1,895		22
Ciena*		14,381		360
Cimpress*		2,616		247
Cirrus Logic*		6,562		412
Clearfield*		900		12
Cloudera*		1,600		26
Cognex		23,015		1,954
Coherent*		9,900		2,227
Cohu		20,194		318
CommerceHub, Ser A*		1,600		28
CommerceHub, Ser C*		3,200		56
CommScope Holding*		40,300		1,533
CommVault Systems*		3,992		225
Comtech Telecommunications		1,900		36
Control4*		2,641		52
Convergys		9,681		230
Cornerstone OnDemand*		5,405		193
CoStar Group*		5,300		1,397
Coupa Software*		3,100		90
CPI Card Group		1,500		4
Cray*		4,290		79
Cree*		10,000		247
CSG Systems International		3,134		127
CTS		2,986		64
CyberOptics*		900		19
Cypress Semiconductor		87,715		1,197
CYREN*		519,346		1,065
Daktronics		3,200		31
DHI Group*		4,097		12
Diebold Nixdorf		239,280		6,700
Digi International*		2,116		21

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

37

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Digimarc*		800	$	32
Diodes*		4,015		96
DSP Group*		1,900		22
DST Systems		50,800		3,134
Eastman Kodak*		1,500		14
Ebix		2,528		136
Electro Scientific Industries*		2,245		19
Electronics For Imaging*		132,538		6,280
Ellie Mae*		3,438		378
EMCORE		2,400		26
Endurance International Group Holdings*		7,000		58
EnerNOC*		2,300		18
Entegris*		13,993		307
Envestnet*		4,484		178
EPAM Systems*		4,991		420
ePlus*		1,366		101
Euronet Worldwide*		28,859		2,521
Everbridge*		1,900		46
Everi Holdings*		156,365		1,138
EVERTEC		6,664		115
Exa*		1,132		16
ExlService Holdings*		3,306		184
Extreme Networks*		66,828		616
Fabrinet*		3,547		151
Fair Isaac		3,194		445
FARO Technologies*		1,754		66
Finisar*		11,404		296
Fitbit, Cl A*		18,400		98
Five9*		143,614		3,091
FLIR Systems		66,129		2,292
FormFactor*		7,592		94
Forrester Research		811		32
Gartner*		8,240		1,018
Gigamon*		3,784		149
Global Payments		7,600		686
Global Sources*		1,000		20
Glu Mobile*		9,800		25
Gogo*		56,918		656
GrubHub*		15,949		695
GSI Technology*		1,900		15
GTT Communications*		53,809		1,703
Guidance Software*		1,700		11
Hackett Group		2,000		31
Harmonic*		6,927		36
Hortonworks*		4,209		54
HubSpot*		3,508		231

Description	Shares		Value (000)
IAC*		13,400	$	1,383
Ichor Holdings*		1,068		22
II-VI*		6,249		214
Immersion*		2,352		21
Imperva*		3,472		166
Impinj*		1,856		90
Infinera*		61,167		653
Information Services Group*		3,200		13
Inphi*		4,089		140
Insight Enterprises*		23,096		924
Instructure*		2,300		68
Integrated Device Technology*		13,535		349
InterDigital		3,475		269
Internap*		9,200		34
InterXion Holding*		32,285		1,478
Intevac*		2,300		26
IPG Photonics*		7,700		1,117
Iteris*		3,100		19
Itron*		56,000		3,794
IXYS		2,200		36
j2 Global		4,749		404
Kemet*		4,900		63
Kimball Electronics*		2,450		44
Knowles*		71,478		1,209
Kopin*		5,200		19
KVH Industries*		1,300		12
Lattice Semiconductor*		12,972		86
Leaf Group*		1,700		13
Limelight Networks*		7,400		21
Liquidity Services*		32,836		209
Littelfuse		2,262		373
LivePerson*		71,756		789
Logitech International		28,315		1,038
Lumentum Holdings*		30,774		1,756
MACOM Technology Solutions Holdings*		4,186		233
ManTech International, Cl A		2,619		108
Marin Software*		348,329		453
Marvell Technology Group		80,160		1,324
Mattersight*		510,252		1,301
MAXIMUS		6,514		408
MaxLinear, Cl A*		6,257		175
Maxwell Technologies*		2,572		15
Meet Group*		5,263		27
MercadoLibre		2,365		593
Mesa Laboratories		346		50
Methode Electronics		3,748		154

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

38

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Micron Technology*		41,700	$	1,245
Microsemi*		45,670		2,137
MicroStrategy, Cl A*		969		186
MicroVision*		8,900		19
Mimecast*		102,692		2,750
MINDBODY, Cl A*		3,876		105
Mitek Systems*		2,404		20
MKS Instruments		25,383		1,708
MobileIron*		6,200		38
Model N*		108,609		1,445
MoneyGram International*		2,486		43
Monolithic Power Systems		4,090		394
Monotype Imaging Holdings		4,408		81
MTS Systems		1,767		92
MuleSoft, Cl A*		1,700		42
Nanometrics*		2,258		57
Napco Security Technologies*		1,600		15
NCI, Cl A*		700		15
NeoPhotonics*		2,517		19
NETGEAR*		3,366		145
Netlist*		516,918		527
NetScout Systems*		8,875		305
NeuStar, Cl A*		5,452		182
New Relic*		3,072		132
NIC		6,661		126
Novanta*		64,650		2,327
Nutanix, Cl A*		3,700		75
NVE		400		31
Oclaro*		17,137		160
Okta, Cl A*		1,300		30
Ominto*		600		9
OSI Systems*		1,693		127
Park City Group*		1,100		13
Park Electrochemical		1,578		29
Paycom Software*		5,012		343
Paylocity Holding*		2,734		124
PC Connection		927		25
PCM*		1,200		23
PDF Solutions*		2,843		47
Pegasystems		3,603		210
Perficient*		3,381		63
Photronics*		6,002		56
Pixelworks*		3,700		17
Planet Payment*		3,457		11
Plantronics		3,338		175
Plexus*		3,348		176
Power Integrations		3,012		220

Description	Shares		Value (000)
Presidio*		2,200	$	31
Progress Software		5,211		161
Proofpoint*		4,435		385
PROS Holdings*		50,412		1,381
PTC*		11,700		645
Pure Storage, Cl A*		9,748		125
Q2 Holdings*		3,241		120
QAD, Cl A		769		25
Qualys*		3,321		135
Quantenna Communications*		2,300		44
Quantum*		3,400		27
QuinStreet*		2,600		11
Quotient Technology*		7,802		90
Radisys*		2,909		11
Rambus*		11,415		130
Rapid7*		1,625		27
RealNetworks*		2,200		10
RealPage*		46,349		1,666
Reis		723		15
Rightside Group*		1,200		13
RingCentral, Cl A*		114,449		4,183
Rocket Fuel*		5,000		14
Rogers*		64,543		7,011
Rosetta Stone*		1,576		17
Rubicon Project*		3,040		16
Rudolph Technologies*		2,865		65
Sanmina*		7,315		279
ScanSource*		2,651		107
Science Applications International		4,523		314
Seachange International*		100,424		267
SecureWorks, Cl A*		600		6
Semtech*		6,629		237
ServiceNow*		32,135		3,406
ServiceSource International*		8,783		34
Shopify, Cl A*		11,970		1,040
ShoreTel*		422,635		2,451
ShotSpotter*		25,020		320
Shutterstock*		1,749		77
Sigma Designs*		2,928		17
Silicon Laboratories*		4,297		294
Silver Spring Networks*		4,594		52
Sonus Networks*		3,896		29
SPS Commerce*		1,727		110
Square, Cl A*		116,675		2,737
Stamps.com*		1,611		250
StarTek*		1,400		17
Stratasys*		45,284		1,056

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

39

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
SunPower, Cl A*		6,600	$	62
Super Micro Computer*		4,157		102
Sykes Enterprises*		3,959		133
Synaptics*		3,351		173
Synchronoss Technologies*		3,814		63
SYNNEX		2,896		347
Syntel		3,426		58
Systemax		1,100		21
Take-Two Interactive Software*		44,025		3,231
Tech Data*		3,465		350
TechTarget*		1,400		15
Telenav*		86,693		702
TeleTech Holdings		1,673		68
Teradyne		42,200		1,267
TiVo		46,001		858
Trade Desk, Cl A*		1,786		89
Travelport Worldwide		12,050		166
Trimble*		46,650		1,664
TrueCar*		79,600		1,586
TTM Technologies*		9,535		166
Tucows, Cl A*		1,000		54
Twilio, Cl A*		6,400		186
Ubiquiti Networks*		2,524		131
Ultra Clean Holdings*		3,474		65
Unisys*		4,782		61
Universal Display		53,358		5,829
Upland Software*		900		20
USA Technologies*		3,700		19
Varonis Systems*		34,030		1,266
VASCO Data Security International*		2,463		35
Veeco Instruments*		5,176		144
VeriFone Systems*		71,739		1,298
Verint Systems*		32,163		1,309
ViaSat*		5,414		358
Viavi Solutions*		22,497		237
VirnetX Holding*		3,600		16
Virtusa*		2,545		75
Vishay Intertechnology		191,175		3,174
Vishay Precision Group*		900		16
Web.com Group*		3,891		98
WebMD Health, Cl A*		3,695		217
Workiva, Cl A*		2,694		51
Xactly*		2,864		45
Xcerra*		5,386		53
XO Group*		2,075		37
Xperi		145,965		4,350

Description	Shares		Value (000)
Yelp, Cl A*		8,000	$	240
Yext*		1,500		20
Zebra Technologies, Cl A*		19,982		2,009
Zendesk*		39,106		1,086
Zix*		4,700		27
				172,390
Materials — 6.1%
A Schulman		62,445		1,998
Advanced Emissions Solutions		2,500		23
AdvanSix*		3,200		100
AgroFresh Solutions*		2,300		16
AK Steel Holding*		30,904		203
Alamos Gold, Cl A		57,115		410
Allegheny Technologies		10,502		179
American Vanguard		2,885		50
Ampco-Pittsburgh		699		10
AptarGroup		35,260		3,063
Avery Dennison		34,535		3,052
Balchem		3,158		245
Berry Global Group*		24,530		1,398
Boise Cascade*		7,837		238
Calgon Carbon		4,613		70
Carpenter Technology		63,133		2,363
Celanese, Cl A		14,200		1,348
Century Aluminum*		4,579		71
Chase		675		72
Chemours		33,600		1,274
Clearwater Paper*		1,823		85
Cliffs Natural Resources*		30,777		213
Codexis*		2,734		15
Coeur Mining*		18,749		161
Commercial Metals		157,991		3,070
Compass Minerals International		42,103		2,749
Core Molding Technologies*		900		19
Deltic Timber		1,173		88
Ferro*		8,030		147
Ferroglobe		184,421		2,204
Flotek Industries*		5,198		46
FMC		40,800		2,980
Forterra*		1,500		12
FutureFuel		2,038		31
GCP Applied Technologies*		7,372		225
Gold Resource		4,083		17
Graphic Packaging Holding		232,980		3,210
Greif, Cl A		2,573		144
Greif, Cl B		467		28

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

40

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Handy & Harman*		200	$	6
Hawkins		981		45
Haynes International		1,265		46
HB Fuller		5,110		261
Hecla Mining		40,637		207
Ingevity*		4,383		252
Innophos Holdings		1,779		78
Innospec		2,471		162
Intrepid Potash*		11,300		26
Kaiser Aluminum		1,715		152
KapStone Paper and Packaging		9,025		186
Klondex Mines*		18,900		64
KMG Chemicals		800		39
Koppers Holdings*		1,859		67
Kraton*		31,879		1,098
Kronos Worldwide		2,500		46
Louisiana-Pacific*		14,836		358
LSB Industries*		1,685		17
Materion		1,825		68
Mercer International		133,038		1,530
Minerals Technologies		3,561		261
Myers Industries		2,572		46
Neenah Paper		1,602		129
Olympic Steel		749		15
OMNOVA Solutions*		3,469		34
PH Glatfelter		79,280		1,549
Platform Specialty Products*		116,200		1,473
PolyOne		147,788		5,725
Quaker Chemical		1,284		186
Rayonier Advanced Materials		3,970		62
Ryerson Holding*		1,000		10
Schnitzer Steel Industries, Cl A		2,783		70
Schweitzer-Mauduit International		2,922		109
Sensient Technologies		4,545		366
Silgan Holdings		136,445		4,336
Stepan		1,996		174
Summit Materials, Cl A*		49,556		1,431
SunCoke Energy*		6,868		75
TimkenSteel*		3,421		53
Trecora Resources*		1,600		18
Tredegar		2,076		32
Trinseo		12,377		850
Tronox, Cl A		6,813		103
UFP Technologies*		523		15
United States Lime & Minerals		200		16
US Concrete*		24,262		1,906
Valhi		2,200		7

Description	Shares		Value (000)
Verso*		4,400	$	21
Warrior Met Coal		2,000		34
Westlake Chemical		47,130		3,120
Worthington Industries		4,652		234
				58,795
Real Estate — 3.7%
Acadia Realty Trust‡		8,668		241
Agree Realty‡		2,460		113
Alexander & Baldwin		4,800		199
Alexander’s‡		194		82
Altisource Portfolio Solutions*		1,064		23
Altisource Residential‡		4,958		64
American Assets Trust‡		3,997		157
Armada Hoffler Properties‡		4,819		62
Ashford Hospitality Prime‡		3,078		32
Ashford Hospitality Trust‡		7,962		48
Bluerock Residential Growth, Cl A‡		1,933		25
Brandywine Realty Trust‡		58,428		1,024
Care Capital Properties‡		8,700		232
CareTrust‡		7,545		140
CatchMark Timber Trust, Cl A‡		4,437		50
CBL & Associates Properties‡		17,678		149
Cedar Realty Trust‡		6,741		33
Chatham Lodging Trust‡		3,445		69
Chesapeake Lodging Trust‡		6,177		151
City Office‡		2,718		35
Clipper Realty‡		1,179		15
Colony Starwood Homes‡		10,375		356
Community Healthcare Trust‡		1,030		26
Consolidated-Tomoka Land		300		17
CorEnergy Infrastructure Trust‡		976		33
Cousins Properties‡		42,698		375
CyrusOne‡		22,395		1,249
DiamondRock Hospitality‡		20,537		225
Easterly Government Properties‡		3,908		82
EastGroup Properties‡		3,433		288
Education Realty Trust‡		40,672		1,576
Farmland Partners‡		2,300		21
FelCor Lodging Trust‡		14,636		106
First Industrial Realty Trust‡		11,676		334
First Potomac Realty Trust‡		6,118		68
Forestar Group*		4,505		77
Four Corners Property Trust‡		5,816		146
Franklin Street Properties‡		10,095		112
FRP Holdings*		500		23
GEO Group‡		12,230		362

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

41

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Getty Realty‡		2,501	$	63
Gladstone Commercial‡		2,225		48
Global Medical‡		1,240		11
Global Net Lease‡		6,431		143
Government Properties Income Trust‡		6,735		123
Gramercy Property Trust‡		15,468		460
Healthcare Realty Trust‡		11,809		403
Hersha Hospitality Trust, Cl A‡		3,787		70
HFF, Cl A		3,746		130
Independence Realty Trust‡		7,375		73
InfraREIT‡		4,502		86
Investors Real Estate Trust‡		11,086		69
iStar‡ *		7,386		89
Jernigan Capital‡		1,100		24
Kennedy-Wilson Holdings		8,405		160
Kite Realty Group Trust‡		8,458		160
LaSalle Hotel Properties‡		11,686		348
Lexington Realty Trust‡		22,082		219
LTC Properties‡		4,050		208
Mack-Cali Realty‡		9,264		251
Marcus & Millichap*		1,300		34
Maui Land & Pineapple*		900		18
MedEquities Realty Trust‡		115,451		1,457
Monmouth Real Estate Investment, Cl A‡		6,512		98
Monogram Residential Trust‡		17,153		167
National Health Investors‡		4,109		325
National Storage Affiliates Trust‡		4,678		108
New Senior Investment Group‡		8,703		87
NexPoint Residential Trust‡		2,167		54
NorthStar Realty Europe‡		4,870		62
One Liberty Properties‡		1,501		35
Outfront Media‡		238,824		5,522
Parkway‡		3,856		88
Pebblebrook Hotel Trust‡		6,902		223
Pennsylvania‡		7,279		82
Physicians Realty Trust‡		57,128		1,151
Potlatch‡		45,787		2,092
Preferred Apartment Communities, Cl A‡		2,782		44
PS Business Parks‡		1,994		264
QTS Realty Trust, Cl A‡		45,757		2,394
Quality Care Properties‡ *		9,800		179
RAIT Financial Trust‡		7,497		16
Ramco-Gershenson Properties Trust‡		8,303		107
Rayonier‡		80,151		2,306

Description	Shares		Value (000)
RE/MAX Holdings, Cl A		1,728	$	97
Retail Opportunity Investments‡		129,275		2,481
Rexford Industrial Realty‡		6,648		182
RLJ Lodging Trust‡		12,343		245
RMR Group		565		28
Ryman Hospitality Properties‡		4,526		290
Sabra Health Care‡		6,601		159
Saul Centers‡		1,222		71
Select Income‡		6,484		156
Seritage Growth Properties‡		2,639		111
St. Joe*		5,425		102
STAG Industrial‡		54,566		1,506
Stratus Properties		600		18
Summit Hotel Properties‡		10,520		196
Sunstone Hotel Investors‡		22,626		365
Tejon Ranch*		1,137		23
Terreno Realty‡		5,054		170
Tier‡		4,363		81
Trinity Place Holdings*		3,382		24
UMH Properties‡		2,928		50
Universal Health Realty Income Trust‡		1,338		106
Urban Edge Properties‡		10,018		238
Urstadt Biddle Properties, Cl A‡		2,803		56
Washington‡		7,955		254
Washington Prime Group‡		19,353		162
Whitestone, Cl B‡		4,085		50
Xenia Hotels & Resorts‡		11,084		215
				35,907
Telecommunication Services — 0.5%
ATN International		965		66
Boingo Wireless*		95,060		1,422
Cincinnati Bell*		3,836		75
Cogent Communications Holdings		4,228		169
Consolidated Communications Holdings		5,357		115
FairPoint Communications*		1,733		27
Frontier Communications		122,300		142
General Communication, Cl A*		2,785		102
Globalstar*		41,343		88
Hawaiian Telcom Holdco*		17,228		430
IDT, Cl B		1,500		22
Intelsat*		2,400		7
Iridium Communications*		8,936		99
Lumos Networks*		2,445		44
Ooma*		2,200		18
ORBCOMM*		6,770		76

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

42

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
pdvWireless*		800	$	19
Shenandoah Telecommunications		4,448		137
Spok Holdings		1,800		32
Straight Path Communications*		926		166
Vonage Holdings*		195,572		1,279
Windstream Holdings		17,732		69
				4,604
Utilities — 1.5%
ALLETE		33,498		2,401
American States Water		3,716		176
AquaVenture Holdings*		68,202		1,039
Artesian Resources, Cl A		700		26
Atlantic Power*		9,958		24
Avista		6,570		279
Black Hills		5,496		371
Cadiz*		2,400		32
California Water Service Group		4,889		180
Chesapeake Utilities		1,618		121
Connecticut Water Service		1,041		58
Consolidated Water		1,400		17
Delta Natural Gas		558		17
Dynegy, Cl A*		376,058		3,110
El Paso Electric		3,997		207
Genie Energy, Cl B		1,200		9
Global Water Resources		1,000		10
IDACORP		5,172		441
MGE Energy		3,562		229
Middlesex Water		1,670		66
New Jersey Resources		8,643		343
Northwest Natural Gas		2,763		165
NorthWestern		4,835		295
NRG Yield, Cl A		3,677		63
NRG Yield, Cl C		6,583		116
ONE Gas		5,239		366
Ormat Technologies		4,041		237
Otter Tail		3,896		154
Pattern Energy Group, Cl A		7,277		174
PNM Resources		7,940		304
Portland General Electric		9,114		416
Pure Cycle*		2,200		17
RGC Resources		800		23
SJW Group		1,494		73
South Jersey Industries		7,941		271
Southwest Gas Holdings		4,883		357
Spark Energy, Cl A		1,000		19
Spire		4,834		337

Description	Shares		Value (000)
TerraForm Global, Cl A*		10,862	$	55
TerraForm Power, Cl A*		9,143		110
Unitil		17,899		865
WGL Holdings		5,272		440
York Water		1,313		46
				14,059
Total Common Stock (Cost $823,227) (000)				920,838
EXCHANGE TRADED FUNDS — 0.3%
iShares Russell 2000		11,475		1,617
iShares Russell 2000 Value		12,372		1,471
Total Exchange Traded Funds (Cost $2,714) (000)				3,088
	Number of Rights
RIGHTS — 0.0%
Chelsea Therapeutics International† (B)		2,000		—
Durata Therapeutics† (B)		900		—
Dyax, Expires 12/31/2019 (B)		12,613		—
Media General† (B)		9,318		18
Tobira Therapeutics, Expires 12/31/2028 (B)		900		—
Total Rights (Cost $11) (000)				18
SHORT-TERM INVESTMENT — 4.2%
State Street Institutional Treasury Money Market Fund, Cl Institutional, 0.830% (C)		40,362,924		40,363
Total Short-Term Investment (Cost $40,363) (000)				40,363
Total Investments — 99.9% (Cost $866,315) (000)			$	964,307

Percentages are based on net assets of $965,636 (000).

A list of the open futures contracts held by the Fund at June 30, 2017, is as follows (000):

Type of Contract	Number of Contracts Long (Short)		Expiration Date	Unrealized Depreciation
Russell 2000 Index E-MINI		161	Sep-2017	$	(17	)

For the six-months ended June 30, 2017, the monthly average value of futures contracts held was $14,877 (000).

* Non-income producing security.

‡ Real Estate Investment Trust

† Expiration date is unavailable.

(A) Security considered Master Limited Partnership. At June 30, 2017, this security amounted to $1,563 (000) or 0.16% of Net Assets.

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

43

THE KP FUNDS June 30, 2017 (Unaudited)

KP Small Cap Equity Fund

(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, 2017, was $18 and represented 0.00% of net assets.

(C) The rate reported is the 7-day effective yield as of June 30, 2017.

Cl — Class

Ser — Series

The following is a list of the level of inputs used as of June 30, 2017, 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	$	920,838		$	—	$	—	$	920,838
Exchange Traded Funds		3,088			—		—		3,088
Rights		—			—		18		18
Short-Term Investment		40,363			—		—		40,363
Total Investments in Securities	$	964,289		$	—	$	18	$	964,307
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts**
Unrealized Depreciation	$	(17	)	$	—	$	—	$	(17	)
Total Other Financial Instruments	$	(17	)	$	—	$	—	$	(17	)

** 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 at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

For the six-months ended June 30, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six-months ended June 30, 2017, there were transfers between Level 1 and Level 3 assets and liabilities due to changes in the availability of observable inputs used to determine fair value. All transfers, if any, are recognized by the Fund at the end of the period.

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

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

44

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
COMMON STOCK — 96.6%
Australia — 3.1%
Abacus Property Group‡		17,677	$	44
Aconex*		11,154		32
Adelaide Brighton		16,920		73
AGL Energy		13,069		256
ALS		118,686		680
Altium		8,044		53
Alumina		403,352		595
Amcor		35,183		438
AMP		57,606		229
Ansell		7,188		131
APA Group		22,255		157
APN Outdoor Group		10,203		38
ARB		4,575		55
Ardent Leisure Group		28,933		42
Aristocrat Leisure		10,809		187
Asaleo Care		293,652		332
ASX		3,868		159
Aurizon Holdings		40,937		169
AusNet Services		36,668		49
Australia & New Zealand Banking Group		175,906		3,883
Australian Agricultural*		30,553		44
Australian Pharmaceutical Industries		28,482		42
Automotive Holdings Group		16,149		42
Aveo Group		16,907		36

Description	Shares		Value (000)
Bank of Queensland		6,907	$	61
Bapcor		16,520		70
Beach Energy		97,396		43
Bega Cheese		8,574		43
Bendigo & Adelaide Bank		9,419		80
BHP Billiton		76,309		1,365
Blackmores		597		44
BlueScope Steel		112,833		1,146
Boral		21,896		117
Brambles		30,910		231
Breville Group		5,759		46
Brickworks		4,260		45
BT Investment Management		10,535		92
BWP Trust‡		30,570		70
Caltex Australia		13,745		334
carsales.com		48,287		427
Challenger		11,173		115
Charter Hall Group‡		22,471		95
Charter Hall Retail‡		16,316		51
CIMIC Group		1,961		59
Cleanaway Waste Management		584,191		617
Coca-Cola Amatil		101,837		723
Cochlear		1,099		132
Commonwealth Bank of Australia		33,878		2,156
Computershare		8,652		94
Corporate Travel Management		3,588		63
Costa Group Holdings		15,169		56
Credit Group		3,286		45
Cromwell Property Group‡		74,113		54
Crown Resorts		7,766		73
CSL		8,967		951
CSR		24,573		80
Dexus Property Group‡		20,323		148
Domino’s Pizza Enterprises		1,289		52
Downer EDI		30,087		148
DuluxGroup		76,176		406
Eclipx Group		16,752		46
Estia Health		12,273		29
Evolution Mining		58,645		109
Fairfax Media		590,988		499
FlexiGroup		14,134		20
Flight Centre Travel Group		1,077		32
Fortescue Metals Group		29,066		117
G8 Education		20,087		55
Galaxy Resources*		22,716		29
Gateway Lifestyle		22,481		34

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

45

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Genworth Mortgage Insurance Australia		14,780	$	33
Goodman Group‡		34,843		211
GPT Group‡		33,823		125
GrainCorp, Cl A		13,684		99
Greencross		6,879		32
Growthpoint Properties Australia‡		13,544		33
GUD Holdings		40,701		404
Harvey Norman Holdings		11,807		35
Healthscope		33,196		56
HT&E		21,020		43
Iluka Resources		63,549		424
Incitec Pivot		33,499		88
Independence Group NL		24,101		58
Infigen Energy*		49,136		28
Insurance Australia Group		46,102		240
Investa Office Fund‡ *		20,314		69
InvoCare		4,743		54
IOOF Holdings		11,642		88
IRESS		8,734		86
James Hardie Industries		8,431		133
JB Hi-Fi		5,744		104
Lend Lease Group		10,587		135
Link Administration Holdings		19,646		119
Macquarie Atlas Roads Group		28,938		125
Macquarie Group		6,262		426
Magellan Financial Group		5,960		132
Mantra Group		21,476		50
Mayne Pharma Group*		80,915		67
McMillan Shakespeare		5,283		54
Medibank		53,779		116
Mesoblast*		8,090		13
Metcash*		172,699		319
Mineral Resources		7,968		66
Mirvac Group‡		70,934		116
Monadelphous Group		5,368		58
Myer Holdings		58,285		37
MYOB Group		19,451		51
Nanosonics*		14,941		29
National Australia Bank		118,924		2,705
National Storage‡		31,315		36
Navitas		9,589		36
Newcrest Mining		41,282		640
NEXTDC*		17,238		60
Nine Entertainment Holdings		45,602		48
Northern Star Resources		33,041		121
Nufarm		8,133		60

Description	Shares		Value (000)
Oil Search		27,454	$	144
oOh!media		10,769		34
Orica		122,042		1,940
Origin Energy		34,276		181
Orocobre*		8,564		23
Orora		83,968		184
OZ Minerals		16,822		96
Pact Group Holdings		10,535		49
Perpetual		2,404		103
Platinum Asset Management		13,756		49
Premier Investments		6,088		59
Primary Health Care		22,786		64
Qantas Airways		8,014		35
QBE Insurance Group		26,662		242
Qube Holdings		50,921		103
Ramsay Health Care		2,825		160
REA Group		970		50
Regis Healthcare		9,607		29
Regis Resources		26,513		77
Reliance Worldwide		23,690		61
Resolute Mining		43,146		39
Retail Food Group		9,394		34
Rio Tinto		8,223		400
Sandfire Resources NL		10,875		47
Santos		62,704		146
Saracen Mineral Holdings*		48,702		44
Scentre Group‡		103,288		321
SEEK		6,566		85
Seven Group Holdings		5,236		44
Seven West Media		46,648		26
Shopping Centres Australasia Property Group‡		40,789		69
Sigma Healthcare		208,336		143
Sims Metal Management		8,463		99
Sirtex Medical		3,837		48
Sonic Healthcare		7,414		138
South32		99,960		206
Southern Cross Media Group		50,906		49
Spark Infrastructure Group		86,330		174
Spotless Group Holdings		294,795		261
St. Barbara*		29,730		66
Star Entertainment Grp		36,951		143
Steadfast Group		43,892		90
Stockland‡		48,242		162
Suncorp Group		25,070		285
Super Retail Group		8,170		51
Sydney Airport		21,104		115

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

46

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Syrah Resources*		16,717	$	36
Tabcorp Holdings		16,824		57
Tassal Group		12,256		36
Tatts Group		25,547		82
Technology One		15,409		68
Telstra		80,912		268
TPG Telecom		6,699		29
Transurban Group		39,773		362
Treasury Wine Estates		14,083		142
Vicinity Centres‡		64,255		127
Viva Energy‡		25,338		44
Vocus Communications		27,862		72
Webjet		5,190		49
Wesfarmers		22,294		687
Western Areas		16,947		27
Westfield‡		38,404		237
Westpac Banking		64,140		1,504
Whitehaven Coal*		29,876		66
Woodside Petroleum		14,709		338
Woolworths		147,502		2,895
WorleyParsons		10,538		91
				41,315
Austria — 0.2%
ANDRITZ		4,554		274
BUWOG		5,026		145
Erste Group Bank		5,811		222
EVN		2,278		34
Immobilien Anlagen		4,380		107
IMMOFINANZ		42,036		96
Lenzing		611		109
Oesterreichische Post		7,786		338
OMV		2,771		144
Raiffeisen Bank International		2,687		68
RHI		1,567		58
S IMMO		2,508		36
Schoeller-Bleckmann Oilfield Equipment		735		48
Telekom Austria, Cl A		16,634		131
UNIQA Insurance Group		6,958		65
Vienna Insurance Group Wiener Versicherung Gruppe		2,387		67
Voestalpine		2,227		104
Wienerberger		26,495		602
Zumtobel Group		2,240		42
				2,690

Description	Shares		Value (000)
Belgium — 0.7%
Ablynx*		2,919	$	38
Ackermans & van Haaren		987		164
Aedifica‡		836		73
Ageas		3,895		157
AGFA-Gevaert*		10,538		51
Anheuser-Busch InBev		26,452		2,922
Barco		595		61
Befimmo‡		1,222		73
Bekaert		1,854		95
bpost		4,448		107
Cie d’Entreprises CFE		453		64
Cofinimmo‡		1,100		135
Colruyt		1,239		65
D’ieteren		1,278		60
Econocom Group		7,910		66
Elia System Operator		1,744		99
Euronav		6,350		50
EVS Broadcast Equipment		1,300		52
Fagron		3,140		39
Gimv		1,200		73
Groupe Bruxelles Lambert		1,612		155
Ion Beam Applications		1,239		68
KBC Ancora		1,710		84
KBC Group		38,330		2,907
Kinepolis Group		847		47
Melexis		1,167		96
Nyrstar		4,983		30
Ontex Group		4,363		155
Orange Belgium		1,978		46
Proximus		2,919		102
Sofina		665		96
Solvay		1,446		194
Telenet Group Holding*		1,010		64
Tessenderlo Chemie*		1,755		75
UCB		2,471		170
Umicore		1,821		127
Warehouses De Pauw‡ *		892		94
				8,954
Brazil — 1.0%
AES Tiete Energia		400		2
Ambev ADR		358,633		1,969
B2W Cia Digital*		59,015		207
Banco do Brasil		18,200		147
BTG Pactual Group		77,824		351
Cia de Saneamento Basico do Estado de Sao Paulo		150,600		1,429

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

47

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Cia Energetica de Minas Gerais ADR		120,288	$	289
Embraer		44,113		201
Grendene		122,100		940
JBS		222,900		443
LPS Brasil Consultoria de Imoveis*		111,935		153
MRV Engenharia e Participacoes		185,100		752
Natura Cosmeticos		110,227		851
Porto Seguro		106,378		983
Positivo Informatica		56,200		56
Qualicorp		28,200		246
Smiles		8,800		159
Tim Participacoes		106,203		316
Tim Participacoes ADR		74,040		1,096
TOTVS		71,000		646
Vale, Cl B ADR		272,309		2,384
				13,620
Canada — 2.3%
Advantage Oil & Gas*		9,800		66
Aecon Group		3,200		40
Ag Growth International		900		40
AGF Management, Cl B		3,300		17
AGT Food & Ingredients		1,100		20
Aimia		8,100		11
Air Canada, Cl B*		3,600		49
Alacer Gold*		16,300		26
Alamos Gold, Cl A		15,100		107
Alaris Royalty		2,000		36
Algonquin Power & Utilities		16,500		173
Allied Properties‡		1,400		42
Altius Minerals		2,300		19
Altus Group		1,800		39
Amaya*		6,200		111
Aritzia*		3,200		37
Artis‡		3,700		37
Athabasca Oil*		23,900		19
Atlantic Power*		6,900		16
ATS Automation Tooling Systems*		3,900		40
AutoCanada		1,400		21
Avigilon*		2,100		23
B2Gold*		48,800		138
Badger Daylighting		1,900		39
Bank of Nova Scotia		36,700		2,207
Baytex Energy*		13,200		32
Birchcliff Energy		11,900		56
Bird Construction		3,500		23
Boardwalk‡		1,100		40

Description	Shares		Value (000)
Bonavista Energy		13,700	$	29
Bonterra Energy		1,900		25
Boralex		3,000		51
Brookfield Asset Management, Cl A		37,957		1,489
BRP		1,600		47
CAE		184,200		3,175
Canaccord Genuity Group		6,500		27
Canacol Energy*		10,100		33
Canadian Apartment Properties‡		3,300		85
Canadian Natural Resources		56,031		1,617
Canadian‡		1,800		64
Canadian Western Bank		4,100		87
Canfor*		3,600		54
Canfor Pulp Products		2,600		25
Canopy Growth*		7,500		46
Capital Power		4,300		81
Cara Operations		1,400		25
Cardinal Energy		5,400		20
Cascades		3,500		48
Celestica*		6,000		82
Centerra Gold		11,300		61
CES Energy Solutions		13,500		60
China Gold International Resources*		14,300		22
Cineplex		3,200		130
Clearwater Seafoods		2,200		19
Cogeco		300		16
Cogeco Communications		600		37
Colliers International Group		1,700		96
Cominar‡		4,500		44
Computer Modelling Group		4,600		36
Corus Entertainment		5,000		53
Cott		7,100		103
Crew Energy*		9,400		29
CRH Medical*		4,100		23
Denison Mines*		32,000		14
Descartes Systems Group*		4,000		97
Detour Gold*		8,900		104
DIRTT Environmental Solutions*		5,300		28
Dominion Diamond		4,200		53
Dorel Industries, Cl B		1,600		43
Dream Office‡		1,600		24
DREAM Unlimited, Cl A*		3,900		22
ECN Capital		20,000		62
Eldorado Gold		36,000		95
Element Financial		23,600		162
Enbridge Income Fund Holdings		5,000		124
Endeavour Mining*		3,600		62

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

48

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Endeavour Silver*		7,200	$	22
Enercare		4,900		75
Enerflex		4,400		64
Enerplus		12,500		101
Enghouse Systems		1,000		41
Ensign Energy Services		7,500		40
Entertainment One		19,514		56
Equitable Group		700		32
Extendicare		4,500		36
Fairfax Financial Holdings		2,446		1,060
Fiera Capital, Cl A		2,800		30
First Majestic Silver*		8,500		71
First National Financial		900		19
FirstService		1,500		97
Fortuna Silver Mines*		8,500		42
Freehold Royalties		5,100		51
Genworth MI Canada		1,800		50
Gibson Energy		6,900		89
Gluskin Sheff + Associates		1,800		23
Granite t‡		800		32
Great Canadian Gaming*		2,600		48
Guyana Goldfields*		9,000		42
High Liner Foods		1,200		16
Home Capital Group, Cl B		3,300		43
Hudbay Minerals		12,200		71
Hudson’s Bay		4,000		36
IAMGOLD*		23,100		119
Innergex Renewable Energy		5,100		56
Interfor*		3,600		52
Intertape Polymer Group		2,900		55
Ivanhoe Mines, Cl A*		31,300		101
Just Energy Group		4,900		26
Kelt Exploration*		8,300		40
Killam Apartment‡		2,500		25
Kinaxis*		1,100		68
Kirkland Lake Gold		9,000		85
Klondex Mines*		9,500		32
Knight Therapeutics*		5,800		46
Labrador Iron Ore Royalty		3,400		41
Laurentian Bank of Canada		1,500		63
Loblaw		40,972		2,279
Lucara Diamond		15,500		33
Lundin Gold*		4,300		18
Lundin Mining		32,800		187
MacDonald Dettwiler & Associates		1,800		94
MAG Silver*		3,800		50
Major Drilling Group International*		4,800		31

Description	Shares		Value (000)
Maple Leaf Foods		4,000	$	102
Martinrea International		4,900		40
Medical Facilities		2,100		24
MEG Energy*		12,500		37
Morneau Shepell		3,200		51
MTY Food Group		900		32
Mullen Group		5,500		68
Nevsun Resources		16,900		41
New Flyer Industries		2,600		109
New Gold*		29,400		93
NexGen Energy*		15,700		35
Norbord		2,100		65
North West		2,500		60
Northland Power		5,200		93
Novagold Resources*		12,800		58
NuVista Energy*		9,600		48
Obsidian Energy*		26,600		33
OceanaGold		31,100		94
Osisko Gold Royalties		5,400		66
Osisko Mining*		8,300		26
Painted Pony Energy*		7,400		27
Pan American Silver		7,600		128
Paramount Resources, Cl A*		3,100		46
Parex Resources*		7,900		90
Parkland Fuel		4,900		112
Pason Systems		4,000		60
Pengrowth Energy*		25,600		20
PrairieSky Royalty		22,628		515
Precision Drilling*		16,600		57
Premier Gold Mines*		10,700		24
Premium Brands Holdings		1,300		93
Pretium Resources*		7,800		75
ProMetic Life Sciences*		31,100		40
Pure Industrial Real Estate Trust‡		4,700		25
Quebecor, Cl B		3,700		122
Raging River Exploration*		12,000		75
Richmont Mines*		3,300		26
Ritchie Bros Auctioneers		17,402		500
Rogers Communications, Cl B		30,561		1,443
Rogers Sugar		4,600		22
Russel Metals		3,400		68
Sandstorm Gold*		8,400		32
Sandvine		8,200		27
Seabridge Gold*		2,300		25
Secure Energy Services		9,000		61
SEMAFO*		17,600		41
ShawCor		3,500		71

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

49

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Sienna Senior Living		2,100	$	29
Sierra Wireless*		1,700		48
Silver Standard Resources*		6,200		60
Silvercorp Metals		9,100		29
Sleep Country Canada Holdings (A)		1,900		60
Spartan Energy*		9,667		46
Spin Master* (A)		1,000		30
Sprott		9,400		17
Stantec		5,500		139
Stella-Jones		2,300		78
Stornoway Diamond*		30,200		18
Student Transportation		4,800		29
Suncor Energy		119,717		3,498
Superior Plus		5,300		46
Surge Energy		15,600		25
Tahoe Resources		15,700		135
Tamarack Valley Energy*		10,300		18
TFI International		4,000		86
TMAC Resources*		1,800		20
TMX Group		1,900		103
TORC Oil & Gas		8,400		33
Torex Gold Resources*		4,100		78
Toromont Industries		3,800		140
Toronto-Dominion Bank		15,200		766
Total Energy Services		3,300		34
TransAlta		15,100		96
TransAlta Renewables		4,100		50
TransCanada		11,700		558
Transcontinental, Cl A		3,200		63
Trican Well Service*		18,650		52
Tricon Capital Group		5,700		51
Trilogy Energy*		4,900		18
Trinidad Drilling*		16,400		25
Trisura Group*		223		4
Uni-Select		1,900		46
Uranium Participation*		7,200		22
Valener		1,900		33
Wajax		1,400		24
Western Forest Products		24,700		45
WestJet Airlines		1,200		21
Westshore Terminals Investment		2,800		45
Whitecap Resources		18,700		134
Winpak		1,400		63
WPT Industrial‡		1,700		22
WSP Global		4,000		166
				30,144

Description	Shares		Value (000)
Chile — 0.2%
CAP		11,219	$	89
Cia Cervecerias Unidas		58,333		768
Cia Cervecerias Unidas ADR		1,956		51
Cia Sud Americana de Vapores*		3,409,895		129
Enaex		7,928		88
Enersis Chile		3,847,896		423
Enersis Chile ADR		48,894		269
Inversiones La Construccion		4,669		58
Quinenco		329,424		912
SMU*		248,035		63
				2,850
China — 1.5%
51job ADR*		1,978		88
58.com ADR*		35,104		1,548
Alibaba Group Holding ADR*		45,284		6,381
Baidu ADR*		12,905		2,308
CECEP COSTIN New Materials Group*		1,134,000		65
Changyou.com ADR*		2,671		104
China Resources Beer Holdings		299,073		755
Momo ADR*		41,099		1,519
NetEase ADR		14,233		4,279
Phoenix New Media ADR*		27,094		71
Powerlong Real Estate Holdings		306,000		132
Tsingtao Brewery, Cl H		90,000		398
Weibo ADR*		29,565		1,965
				19,613
Colombia — 0.1%
Almacenes Exito		45,560		229
Bancolombia ADR		15,028		670
				899
Czech Republic — 0.0%
Komercni Banka		7,794		312
Denmark — 1.5%
ALK-Abello		331		49
Alm Brand		5,040		45
Ambu, Cl B		1,709		110
AP Moeller-Maersk, Cl A		72		137
AP Moeller-Maersk, Cl B		127		255
Bang & Olufsen*		2,591		43
Bavarian Nordic*		1,647		97
Carlsberg, Cl B		22,449		2,399
Chr Hansen Holding		1,856		135
Coloplast, Cl B		22,554		1,886

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

50

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Danske Bank		19,058	$	732
DFDS		1,648		88
DONG Energy (A)		2,813		127
D/S Nordern		2,019		37
DSV		3,668		225
FLSmidth		2,002		126
Genmab*		1,116		238
GN Store Nord		44,572		1,301
H Lundbeck		1,300		73
ISS		7,501		295
Jyske Bank		3,278		190
Matas		2,915		46
Nets* (A)		4,939		98
NKT Holding		1,577		126
Novo Nordisk, Cl B		148,368		6,355
Novozymes, Cl B		4,457		195
Pandora		2,212		206
Per Aarsleff Holding		1,234		30
Rockwool International, Cl B		421		93
Royal Unibrew		2,633		126
Scandinavian Tobacco Group (A)		2,628		43
Schouw		707		76
SimCorp		2,075		126
Spar Nord Bank		5,375		71
Sydbank		4,010		151
TDC		15,100		88
Topdanmark*		2,881		92
Tryg		2,030		44
Vestas Wind Systems		27,186		2,510
William Demant Holding*		38,130		987
				20,051
Egypt — 0.0%
Telecom Egypt (B)		129,194		74
Finland — 0.9%
Amer Sports		16,496		413
Cargotec, Cl B		1,974		125
Caverion		4,850		39
Citycon		18,366		48
Cramo		2,180		65
DNA		5,961		95
Elisa		2,729		105
Fortum		8,477		133
Huhtamaki		4,606		181
Kemira		5,541		70
Kesko, Cl B		3,353		171
Kone, Cl B		6,545		333

Description	Shares		Value (000)
Konecranes, Cl B		3,333	$	141
Metsa Board		11,345		82
Metso		2,247		78
Neste		2,513		99
Nokia		81,355		498
Nokian Renkaat		65,882		2,727
Oriola-KD, Cl B		8,262		35
Orion, Cl B		1,972		126
Outokumpu		16,041		128
Outotec		7,346		51
Ramirent		4,456		45
Sampo, Cl A		45,735		2,344
Sanoma		4,368		41
Sponda		12,920		75
Stora Enso		10,517		136
Technopolis		10,979		46
Tieto		2,939		91
Tikkurila		87,846		1,899
UPM-Kymmene		10,364		296
Uponor		3,160		57
Valmet		6,577		128
Wartsila, Cl B		8,747		516
YIT		6,213		52
				11,469
France — 6.6%
Accor		3,692		173
Aeroports de Paris		549		89
Air France-KLM*		6,472		92
Air Liquide		91,844		11,351
Airbus Group		22,715		1,868
Albioma		2,023		47
Alstom		3,008		105
Altamir		1,526		28
Alten		1,514		125
Altran Technologies		7,158		117
Arkema		1,297		138
Atos		1,872		263
AXA		60,688		1,660
Beneteau		2,664		46
BNP Paribas		38,212		2,753
Boiron		500		49
Bollore		16,217		74
Bonduelle SCA		714		27
Bouygues		4,048		171
Bureau Veritas		5,172		114
Capital Gemini		3,118		322

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

51

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Carrefour		11,021	$	279
Casino Guichard Perrachon		1,086		64
Cellectis*		1,805		47
Christian Dior		1,059		303
Cie de Saint-Gobain		9,863		527
Cie Generale des Etablissements Michelin		3,379		448
Cie Plastic Omnium		2,976		109
CNP Assurances		3,310		74
Coface*		6,645		67
Credit Agricole		22,081		355
Danone		58,874		4,425
Dassault Aviation		49		68
Dassault Systemes		21,721		1,947
DBV Technologies*		958		67
Derichebourg		3,492		30
Edenred		22,253		579
Eiffage		1,388		126
Electricite de France		10,791		117
Elior Group (A)		5,631		164
Elis		10,990		252
Engie		214,963		3,244
Eramet*		411		20
Essilor International		4,095		522
Euler Hermes Group		663		79
Eurazeo		881		66
Eurofins Scientific		1,759		991
Europcar Groupe (A)		5,211		76
Eutelsat Communications		3,427		88
Faurecia		3,814		194
FFP		426		43
Fonciere Des Regions‡		668		62
Gaztransport Et Technigaz		1,586		63
Gecina‡		789		124
Genfit*		1,652		56
Groupe Eurotunnel		51,939		554
Groupe Fnac*		850		69
Guerbet		416		37
Havas		10,717		113
Hermes International		1,331		658
ICADE‡		742		62
Iliad		495		117
Imerys		1,766		154
Ingenico Group		1,154		105
Innate Pharma*		2,957		37
Ipsen		758		104
IPSOS		1,884		71

Description	Shares		Value (000)
JCDecaux		8,901	$	292
Kering		1,495		509
Klepierre‡		4,386		180
Korian		2,312		79
LafargeHolcim		2,046		117
Lagardere		2,175		69
Legrand		46,220		3,233
LISI		1,334		64
L’Oreal		16,425		3,422
LVMH Moet Hennessy Louis Vuitton		22,453		5,599
Maisons du Monde* (A)		1,539		60
Mercialys‡		3,076		60
Metropole Television		1,525		35
Natixis		17,625		118
Naturex*		478		50
Neopost		9,678		449
Nexans		1,511		83
Nexity		2,241		130
Nokia		33,663		206
Orange		39,340		624
Orpea		2,098		234
Pernod Ricard		49,150		6,582
Peugeot		9,482		189
Publicis Groupe		3,842		287
Rallye		1,467		30
Remy Cointreau		453		53
Renault		3,444		312
Rexel		5,933		97
Rubis SCA		2,054		233
Safran		6,171		566
Sanofi		25,429		2,433
Sartorius Stedim Biotech		1,373		106
Schneider Electric		85,339		6,557
SCOR		3,391		134
SEB		435		78
SES, Cl A		7,262		170
Societe BIC		571		68
Societe Generale		15,117		813
Sodexo		1,795		232
SOITEC*		995		61
Solocal Group*		26,668		35
Sopra Steria Group		758		121
SPIE		4,197		126
STMicroelectronics		12,442		178
Suez		7,371		137
Tarkett		1,871		87
Technicolor		18,675		81

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

52

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	��	Shares		Value (000)
TechnipFMC*			3,593	$	97
Teleperformance			5,687		729
Television Francaise 1			3,033		42
Thales			6,123		659
TOTAL			188,364		9,313
Trigano			395		47
Ubisoft Entertainment*			3,560		202
Valeo			4,641		313
Vallourec			32,278		197
Veolia Environnement			9,529		201
Vicat			3,298		232
Vinci			9,877		843
Virbac			514		82
Vivendi			20,336		452
Wendel			561		84
Worldline* (A)			1,932		66
Zodiac Aerospace			28,763		780
					87,087
Germany — 5.9%
Aareal Bank			2,745		109
adidas			7,951		1,523
ADO Properties (A)			1,731		73
ADVA Optical Networking*			3,594		37
AIXTRON*			5,982		42
Allianz			8,987		1,770
alstria office‡			7,154		97
Amadeus Fire			534		47
AURELIUS Equity Opportunities & KGaA			1,268		68
Aurubis			1,724		135
Axel Springer			10,802		649
BASF			31,226		2,892
Bayer			81,836		10,580
Bayerische Motoren Werke			71,362		6,625
BayWa			921		33
Bechtle			841		108
Beiersdorf			49,786		5,234
Bertrandt			318		32
Bilfinger			1,727		68
Brenntag			16,281		942
CANCOM			943		57
Capital Stage			6,773		48
Carl Zeiss Meditec			2,247		117
Cewe Stiftung & KGAA			442		37
Commerzbank			20,556		245
Compugroup Medical			1,337		75

Description	Shares		Value (000)
Continental		2,172	$	469
Covestro(A)		2,161		156
CTS Eventim & KGaA		12,653		560
Daimler		18,942		1,371
Deutsche Bank		40,777		722
Deutsche Beteiligungs		954		43
Deutsche Boerse		3,739		395
Deutsche EuroShop		1,954		77
Deutsche Lufthansa		4,346		99
Deutsche Pfandbriefbank (A)		5,991		74
Deutsche Post		19,564		733
Deutsche Telekom		119,552		2,147
Deutsche Wohnen		6,894		264
Deutz		5,203		44
DIC Asset		4,010		44
Diebold Nixdorf		388		32
DMG Mori		884		50
Draegerwerk & KGaA		617		65
Drillisch		2,291		138
Duerr		1,375		163
E.ON		42,626		402
ElringKlinger		1,480		28
Evonik Industries		3,046		97
Evotec*		6,134		98
Fielmann		2,481		191
Fraport Frankfurt Airport Services Worldwide		803		71
Freenet		6,278		200
Fresenius & KGaA		8,182		701
Fresenius Medical Care & KGaA		23,277		2,238
GEA Group		6,692		274
Gerresheimer		3,099		249
Grammer		505		26
Grand City Properties		4,869		98
GRENKE		445		99
Hamborner‡		5,770		59
Hamburger Hafen und Logistik		1,660		36
Hannover Rueck		2,316		278
Hapag-Lloyd* (A)		1,184		34
HeidelbergCement		2,891		280
Heidelberger Druckmaschinen*		13,201		40
Henkel & KGaA		2,021		244
Hochtief		355		65
HUGO BOSS		1,247		87
Indus Holding		1,198		85
Infineon Technologies		22,391		472
Innogy (A)		2,596		102

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

53

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Isra Vision		171	$	29
Jenoptik		2,663		70
Jungheinrich		2,620		96
K+S		3,864		99
KION Group		3,558		272
Kloeckner		4,814		51
Koenig & Bauer		837		57
Krones		798		92
KWS Saat		133		52
LANXESS		1,748		132
LEG Immobilien		3,077		289
Leoni		1,612		83
Linde		13,450		2,548
MAN		703		75
Merck KGaA		27,833		3,362
METRO		3,482		118
MorphoSys*		1,518		108
MTU Aero Engines		12,588		1,776
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		3,176		640
Nemetschek		1,079		80
Nordex*		3,743		46
Norma Group		1,695		88
OSRAM Licht		1,678		134
PATRIZIA Immobilien*		1,847		35
Pfeiffer Vacuum Technology		369		54
ProSiebenSat.1 Media		40,353		1,688
QIAGEN		21,924		729
Rational		145		77
Rheinmetall		2,233		212
RHOEN-KLINIKUM		1,341		39
RIB Software		2,853		48
Rocket Internet* (A)		2,656		57
RWE		10,304		205
S&T		1,839		28
SAF-Holland		3,068		53
Salzgitter		2,367		97
SAP		112,453		11,747
SGL Carbon*		4,038		50
Siemens		15,040		2,067
Siltronic*		987		84
Sixt		938		57
SLM Solutions Group*		804		35
Software		2,678		117
Stabilus		9,696		754
STADA Arzneimittel		2,963		210
Stroeer & KGaA		1,666		100

Description	Shares		Value (000)
Suedzucker		3,679	$	77
Symrise		7,754		549
TAG Immobilien		5,802		91
Takkt		1,685		42
Telefonica Deutschland Holding		14,856		74
ThyssenKrupp		7,180		204
TLG Immobilien		3,748		77
TUI		14,808		215
Uniper		10,187		191
United Internet		2,350		129
Volkswagen		606		94
Vonovia		9,068		359
Vossloh		602		39
Wacker Chemie		737		80
Wacker Neuson		1,362		33
Wirecard		5,873		374
Wuestenrot & Wuerttembergische		769		17
XING		214		57
Zalando* (A)		2,244		103
zooplus*		327		65
				77,553
Greece — 0.3%
Aegean Airlines		27,543		261
Alpha Bank*		66,052		163
Athens Water Supply & Sewage		6,948		47
Fourlis Holdings*		39,035		262
Grivalia Properties‡		74,664		780
Hellenic Petroleum		8,507		81
JUMBO		14,904		272
Motor Oil Hellas Corinth Refineries		68,639		1,495
OPAP		13,107		148
				3,509
Hong Kong — 5.9%
Agricultural Bank of China, Cl H		4,839,000		2,287
AIA Group		1,467,000		10,720
Ajisen China Holdings		525,000		212
ASM Pacific Technology		5,300		71
Bank of China, Cl H		12,249,000		6,009
Bank of East Asia		23,719		102
Beijing Jingkelong, Cl H		172,000		49
BOC Hong Kong Holdings		73,000		349
Brightoil Petroleum Holdings*		242,000		65
BYD Electronic International		908,500		1,802
Cafe de Coral Holdings		22,000		71
Champion‡		128,000		81
Cheung Kong Property Holdings		59,722		468

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

54

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares			Value (000)
China Construction Bank, Cl H		8,984,000		$	6,961
China Goldjoy Group		380,000			25
China LNG Group		1,640,000			30
China Mengniu Dairy		283,000	��		555
China Merchants Holdings International		53,543			148
China Mobile		503,500			5,343
China National Materials		221,000			74
China Overseas Grand Oceans Group		273,000			146
China Petroleum & Chemical, Cl H		132,000			103
China Sunshine Paper Holdings		134,000			30
Chow Sang Sang Holdings International		23,000			54
CITIC Telecom International Holdings		144,000			46
CK Hutchison Holdings		170,384			2,138
CK Infrastructure Holdings		13,000			109
CLP Holdings		216,500			2,291
CMBC Capital Holdings		520,000			27
Country Garden Holdings		276,000			320
Dah Sing Banking Group		31,200			66
Dah Sing Financial Holdings		10,800			91
Digital Domain Holdings*		620,000			25
Esprit Holdings		1,240,777			660
Far East Consortium International		102,000			57
First Pacific		436,000			322
Freeman FinTech*		420,000			28
Galaxy Entertainment Group		46,000			279
Geely Automobile Holdings		1,675,000			3,613
Giordano International		110,000			63
Global Brands Group Holding*		3,174,000			333
Goodbaby International Holdings		244,000			101
Great Eagle Holdings		15,000			76
Guangnan Holdings		210,000			28
Guotai Junan International Holdings		137,000			42
Haitong International Securities Group		132,000			79
Hang Lung Group		16,000			66
Hang Lung Properties		42,000			105
Hang Seng Bank		14,800			310
Harbin Electric, Cl H		444,000			224
Henderson Land Development		22,983			128
Hengan International Group		69,826			515
Hisense Kelon Electrical Holdings, Cl A*		158,000			269
HK Electric Investments & HK Electric Investments (A)		48,658			45

Description	Shares		Value (000)
HKBN		72,000	$	72
HKT Trust		74,740		98
Hong Kong & China Gas		162,917		306
Hong Kong Exchanges and Clearing		22,912		593
Hongkong & Shanghai Hotels		187,994		341
Hopewell Holdings		33,500		128
HSBC Holdings		697,824		6,493
Hysan Development		12,000		57
Industrial & Commercial Bank of China, Cl H		9,977,000		6,734
Johnson Electric Holdings		21,000		73
K Wah International Holdings		115,000		70
Kerry Logistics Network		45,000		67
Kerry Properties		11,000		37
Kingboard Chemical Holdings		992,500		3,954
Kingboard Laminates Holdings		1,203,000		1,451
Landing International Development*		3,420,000		34
Li & Fung		100,000		36
Li Ning*		961,791		733
Link‡		44,000		335
Luk Fook Holdings International		23,000		79
Man Wah Holdings		88,000		79
Melco Crown Entertainment ADR		4,873		109
Melco International Development		42,000		112
MGM China Holdings		16,000		36
MTR		28,180		159
New World Development		131,413		167
NWS Holdings		28,252		56
Orient Overseas International		11,000		79
Pacific Basin Shipping		229,000		50
Pacific Textiles Holdings		68,000		78
PCCW		80,136		46
Poly Property Group		135,000		59
Power Assets Holdings		27,000		238
Prosperity‡		129,000		55
Road King Infrastructure		63,000		78
Sands China		47,200		216
Scud Group*		252,000		—
Shangri-La Asia		26,000		44
Shenzhou International Group Holdings		41,579		273
Shimao Property Holdings		79,500		136
Shun Tak Holdings		138,000		63
Sino Land		57,957		95
Sinotruk Hong Kong		854,500		621
SITC International Holdings		82,485		65

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

55

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
SJM Holdings		33,000	$	35
SmarTone Telecommunications Holdings		95,447		125
Stella International Holdings		123,448		221
Sun Hung Kai Properties		28,893		424
Sunlight‡		111,000		73
Swire Pacific, Cl A		9,500		93
Swire Properties		21,600		71
Techtronic Industries		26,000		120
Television Broadcasts		112,600		424
Texwinca Holdings		44,000		27
Tianneng Power International		410,000		337
Tingyi Cayman Islands Holding		501,014		594
Town Health International Medical Group		274,000		24
Truly International Holdings		106,000		37
Value Partners Group		62,000		56
VTech Holdings		9,300		147
Want Want China Holdings		1,326,996		896
Weichai Power, Cl H		153,000		134
Weiqiao Textile, Cl H*		145,000		104
Welling Holding		120,000		27
WH Group (A)		153,601		155
Wharf Holdings		24,000		199
Wheelock		16,000		121
Wynn Macau		31,200		73
Xinyi Glass Holdings		94,000		93
Yue Yuen Industrial Holdings		14,500		60
Yuexiu Transport Infrastructure		46,000		33
Zhongsheng Group Holdings		221,500		413
				77,932
India — 1.4%
Axis Bank		54,424		436
Balkrishna Industries		7,941		204
Bharat Petroleum		90,057		891
Bharti Airtel		80,914		475
Century Enka		7,644		46
Gujarat Narmada Valley Fertilizers & Chemicals		55,910		232
Hindalco Industries		346,686		1,024
Housing Development Finance		112,656		2,815
Indian Bank		18,056		79
Indian Oil		474,746		2,829
Infosys ADR		199,400		2,995
Jindal Stainless Hisar*		44,257		83
Kalpataru Power Transmission		11,125		56
Kirloskar Ferrous Industries		29,669		45

Description	Shares		Value (000)
Mahindra & Mahindra		27,045	$	564
Mangalore Refinery & Petrochemicals*		318,006		582
Polyplex		3,769		25
Rain Industries		52,329		94
Rural Electrification		81,163		216
Shriram Transport Finance		9,123		141
State Bank of India GDR		7,530		320
Tata Consultancy Services		116,812		4,269
Thirumalai Chemicals*		2,634		34
Vijaya Bank		75,415		84
Wipro		92,490		370
WNS Holdings ADR*		5,867		202
				19,111
Indonesia — 0.7%
Adaro Energy (B)		1,540,100		183
Bank CIMB Niaga* (B)		783,900		69
Bank Negara Indonesia Persero (B)		3,771,200		1,867
Bank Pembangunan Daerah Jawa Timur (B)		467,000		23
Bank Tabungan Negara Persero (B)		8,193,200		1,603
Delta Dunia Makmur*		5,031,800		321
Japfa Comfeed Indonesia (B)		739,500		76
Media Nusantara Citra* (B)		3,546,543		489
Telekomunikasi Indonesia Persero (B)		12,669,200		4,289
Timah Persero (B)		2,112,200		117
United Tractors (B)		49,600		102
				9,139
Ireland — 0.6%
Bank of Ireland*		3,305,933		868
C&C Group		16,802		62
CRH		157,626		5,576
Dalata Hotel Group*		12,904		71
Glanbia		9,278		182
Green‡		40,166		65
Hibernia‡		44,957		71
Irish Continental Group		60,679		352
Irish Residential Properties‡		28,213		44
Origin Enterprises		8,245		60
Paddy Power Betfair		5,533		591
Ryanair Holdings ADR*		545		59
Smurfit Kappa Group		11,763		366
				8,367

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

56

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Israel — 0.5%
Airport City*		4,385	$	61
Alony Hetz Properties & Investments (B)		7,606		77
Amot Investments (B)		8,733		46
Azrieli Group (B)		881		49
Bank Hapoalim (B)		20,366		137
Bank Leumi Le-Israel (B)		27,633		134
Bezeq The Israeli Telecommunication		38,296		64
Cellcom Israel* (B)		4,095		39
Check Point Software Technologies*		30,070		3,279
Delek Group (B)		245		54
Elbit Systems (B)		452		56
First International Bank of Israel (B)		2,906		53
Frutarom Industries (B)		736		51
Gazit-Globe (B)		6,433		62
Harel Insurance Investments & Financial Services(B)		8,750		52
Israel* (B)		277		59
Israel Chemicals (B)		10,618		50
Israel Discount Bank, Cl A* (B)		64,421		171
Jerusalem Oil Exploration*		602		36
Mazor Robotics* (B)		1,951		33
Melisron (B)		1,149		60
Mizrahi Tefahot Bank (B)		2,827		51
Mobileye*		3,823		240
NICE-Systems (B)		1,111		89
Oil Refineries (B)		106,818		47
Partner Communications* (B)		7,940		43
Paz Oil (B)		550		94
Radware*		3,266		57
Reit 1‡ (B)		15,102		56
Shikun & Binui (B)		17,998		47
Strauss Group (B)		3,577		70
Teva Pharmaceutical Industries (B)		12,219		405
Teva Pharmaceutical Industries ADR		5,453		181
Tower Semiconductor* (B)		4,918		118
				6,121
Italy — 1.5%
A2A		80,765		135
ACEA		3,110		47
Amplifon		5,212		69
Anima Holding (A)		11,268		81
Assicurazioni Generali		24,182		398
ASTM		2,749		48
Atlantia		9,014		254
Autogrill		6,330		77

Description	Shares		Value (000)
Azimut Holding		5,935	$	119
Banca Generali		2,922		87
Banca IFIS		970		39
Banca Mediolanum		12,949		108
Banca Popolare di Sondrio SCPA		24,059		95
Banco BPM*		77,186		258
Beni Stabili SIIQ‡		48,661		35
Biesse		764		27
BPER Banca		24,720		123
Brembo		6,988		102
Brunello Cucinelli		1,727		45
Buzzi Unicem		5,334		133
Buzzi Unicem RNC		2,040		29
Cerved Information Solutions		9,854		105
CIR-Compagnie Industriali Riunite		17,051		24
CNH Industrial		137,167		1,553
Credito Emiliano		4,286		35
Danieli & C Officine Meccaniche		2,570		46
Datalogic		1,496		40
Davide Campari-Milano		55,840		394
De’ Longhi		3,363		105
DiaSorin		1,067		82
Ei Towers		928		54
Enav (A)		16,201		70
Enel		160,196		859
Eni		188,716		2,836
ERG		4,559		64
EXOR		2,077		113
Ferrari		2,442		210
Fiat Chrysler Automobiles*		20,639		218
Fincantieri*		28,316		32
FinecoBank Banca Fineco		20,205		159
Hera		36,283		111
Industria Macchine Automatiche		870		80
Infrastrutture Wireless Italiane (A)		12,834		73
Interpump Group		3,517		96
Intesa Sanpaolo		302,763		960
Intesa Sanpaolo RSP		19,236		57
Iren		31,236		72
Italgas		24,393		123
Italmobiliare		351		10
Juventus Football Club*		19,509		12
Leonardo-Finmeccanica		7,725		128
Luxottica Group		35,009		2,026
MARR		1,816		43
Mediaset*		24,396		95
Mediobanca		11,097		110

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

57

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Moncler		7,024	$	165
OVS(A)		8,748		62
Piaggio & C		333,522		823
Poste Italiane (A)		10,447		72
Prysmian		4,054		119
RAI Way (A)		4,576		23
Recordati		2,119		86
Reply		327		60
Saipem*		155,761		576
Salini Impregilo		10,123		35
Salvatore Ferragamo		2,673		71
Saras		24,143		56
Snam		431,027		1,878
Societa Cattolica di Assicurazioni SCRL		8,793		68
Societa Iniziative Autostradali e Servizi		4,665		51
Technogym (A)		1,049		8
Telecom Italia*		226,849		209
Telecom Italia RSP		119,555		88
Tenaris		9,451		147
Terna Rete Elettrica Nazionale		28,144		152
Tod’s		534		33
UniCredit		101,017		1,887
Unione di Banche Italiane		52,631		226
Unipol Gruppo Finanziario		22,572		99
UnipolSai		19,210		42
Yoox Net-A-Porter Group, Cl A*		2,977		82
				20,422
Japan — 15.3%
77 Bank		21,000		103
ABC-Mart		700		41
Acom		6,600		30
Activia Properties‡		27		115
Adastria		1,800		50
ADEKA		4,900		74
Advance Residence Investment‡		62		154
Advantest		8,000		137
Aeon		12,200		185
Aeon Delight		3,000		97
AEON Financial Service		10,500		221
AEON Investment‡		73		80
Aeon Mall		2,100		41
Ai Holdings		1,900		51
Aica Kogyo		3,000		91
Aichi Steel		1,000		39
Aida Engineering		4,800		46

Description	Shares		Value (000)
Aiful*		16,700	$	61
Ain Holdings		1,300		94
Air Water		3,000		55
Aisin Seiki		3,400		175
Ajinomoto		10,800		233
Akita Bank		15,000		44
Alfresa Holdings		39,000		751
Alpine Electronics		3,000		45
Alps Electric		3,900		112
Amada Holdings		6,800		78
Amano		3,200		67
ANA Holdings		23,000		80
Anritsu		7,000		63
AOKI Holdings		2,400		30
Aomori Bank		14,000		50
Aoyama Trading		2,300		82
Aozora Bank		22,000		84
Arcs		2,400		52
Ariake Japan		1,100		77
As One		1,100		51
Asahi Glass		4,000		168
Asahi Group Holdings		7,500		282
Asahi Holdings		1,500		25
Asahi Intecc		2,300		104
Asahi Kasei		25,000		268
Asatsu-DK		2,300		57
Asics		3,200		59
ASKUL		1,300		40
Astellas Pharma		42,500		519
Atom		3,900		27
Autobacs Seven		3,700		60
Avex Group Holdings		1,800		24
Awa Bank		11,000		75
Axial Retailing		1,200		46
Azbil		11,400		433
Bank of Iwate		1,300		52
Bank of Kyoto		6,000		57
Bank of Nagoya		800		30
Bank of the Ryukyus		3,500		51
Belc		600		30
Belluna		2,500		30
Benefit One		1,100		44
Benesse Holdings		1,300		49
Bic Camera		5,100		54
BML		1,700		33
Bridgestone		15,200		655
Brother Industries		4,500		104

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

58

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Calbee		1,500	$	59
Canon		105,500		3,580
Canon Marketing Japan		2,400		55
Capcom		2,200		52
Casio Computer		14,700		226
Central Glass		10,000		43
Central Japan Railway		2,840		462
Chiba Bank		13,000		94
Chiyoda		7,000		41
Chiyoda Co.		900		24
Chofu Seisakusho		1,800		43
Chubu Electric Power		12,600		167
Chudenko		2,400		62
Chugai Pharmaceutical		4,500		168
Chugoku Bank		2,900		43
Chugoku Electric Power		5,100		56
Ci:z Holdings		1,400		53
Citizen Holdings		16,700		117
CKD		3,600		55
Clarion		8,000		30
Coca-Cola West		2,400		69
cocokara fine		1,100		54
COLOPL		3,400		34
Colowide		3,600		61
Comforia Residential‡		31		67
COMSYS Holdings		6,000		123
Concordia Financial Group		24,300		122
Cosmo Energy Holdings		2,900		46
Cosmos Pharmaceutical		500		97
Create SD Holdings		1,900		44
Credit Saison		2,900		57
CyberAgent		5,200		161
CYBERDYNE*		2,000		27
Dai Nippon Printing		10,000		110
Daibiru		4,400		46
Daicel		5,600		70
Daido Steel		14,000		81
Daifuku		11,300		337
Daihen		6,000		47
Dai-ichi Life Holdings		111,700		2,014
Daiichi Sankyo		11,300		266
Daiichikosho		1,900		89
Daikin Industries		32,000		3,264
Daikyo		18,000		37
Daikyonishikawa		3,000		40
Daio Paper		4,600		62
Daiseki*		2,000		44

Description	Shares		Value (000)
Daishi Bank		17,000	$	78
Daito Trust Construction		1,400		218
Daiwa House Industry		15,600		533
Daiwa House Investment, Cl A‡		28		66
Daiwa Office Investment‡		18		91
Daiwa Securities Group		32,000		190
Daiwabo Holdings		9,000		31
DCM Holdings		5,100		45
Dena		2,000		45
Denka		24,000		124
Denso		202,300		8,530
Dentsu		4,300		205
Descente		3,000		41
Dexerials		2,300		22
DIC		4,100		147
Digital Garage		1,800		34
Dip		2,100		43
Disco		600		96
DMG Mori		5,500		90
Don Quijote Holdings		2,400		91
Doshisha		1,200		23
Doutor Nichires Holdings		2,100		45
Dowa Holdings		13,000		98
DTS		1,900		58
Duskin		2,500		64
Earth Chemical		900		46
East Japan Railway		20,100		1,920
Ebara		5,100		141
EDION		3,600		33
Eighteenth Bank		13,000		37
Eisai		5,220		288
Eizo		1,000		39
Electric Power Development		2,900		72
en-japan		1,600		42
euglena*		3,100		32
Exedy		2,100		59
Ezaki Glico		2,200		118
FamilyMart		1,600		91
Fancl		2,500		46
FANUC		17,980		3,463
Fast Retailing		1,000		333
FC Residential Investments‡ *		79		50
FCC		2,200		44
Financial Products Group		5,300		50
FP		1,200		65
Frontier Real Estate Investment‡		20		82
Fuji		1,000		26

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

59

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Fuji Electric		10,000	$	53
Fuji Heavy Industries		17,900		603
Fuji Machine Manufacturing		3,400		49
Fuji Media Holdings		49,000		666
Fuji Oil Holdings		2,800		65
Fuji Seal International		2,300		63
Fuji Soft		2,000		56
Fujicco		1,600		37
FUJIFILM Holdings		49,300		1,771
Fujikura		13,100		110
Fujimori Kogyo		800		25
Fujitec		4,400		57
Fujitsu		38,000		280
Fujitsu General		3,000		69
Fukuoka Corp‡		41		63
Fukuoka Financial Group		38,000		180
Fukushima Industries		1,000		38
Fukuyama Transporting		8,000		51
Funai Soken Holdings		1,400		36
Furukawa		23,000		40
Furukawa Electric		3,500		156
Futaba		2,900		51
Fuyo General Lease		1,300		74
Global One Real Estate Investment‡		14		48
Glory		2,900		95
GLP J-Reit‡		119		128
GMO internet		5,000		65
GMO Payment Gateway		1,000		55
GNI Group*		5,000		29
Gree*		5,900		51
GS Yuasa		19,000		83
GungHo Online Entertainment		23,100		59
Gunma Bank		17,000		102
Gunze		11,000		39
Gurunavi		2,100		34
H2O Retailing		5,400		98
Hachijuni Bank		8,100		51
Hakuhodo DY Holdings		4,700		62
Hamamatsu Photonics		2,600		80
Hankyu Hanshin Holdings		4,700		169
Hankyu‡ *		35		43
Hanwa		11,000		79
Harmonic Drive Systems		1,800		62
Haseko		13,700		166
Hazama Ando		10,200		64
Heiwa		2,900		65
Heiwa Real Estate‡		61		47

Description	Shares		Value (000)
Heiwa Real Estate*		2,200	$	35
Heiwado		2,300		49
Hikari Tsushin		400		42
Hino Motors		4,700		52
Hirata		200		21
Hirose Electric		8,800		1,253
Hiroshima Bank		10,000		44
HIS		2,100		63
Hisamitsu Pharmaceutical		1,200		57
Hitachi		341,000		2,090
Hitachi Capital		7,900		190
Hitachi Chemical		1,900		57
Hitachi Construction Machinery		2,100		52
Hitachi High-Technologies		1,300		50
Hitachi Kokusai Electric		3,100		72
Hitachi Maxell*		2,400		49
Hitachi Metals		4,300		60
Hitachi Transport System		2,600		61
Hitachi Zosen		8,600		42
Hogy Medical		700		47
Hokkaido Electric Power		11,400		87
Hokkoku Bank		16,000		61
Hokuetsu Bank		1,700		40
Hokuetsu Kishu Paper		8,800		69
Hokuhoku Financial Group		7,000		111
Hokuriku Electric Power		4,800		43
Hokuto		1,500		26
Honda Motor		209,400		5,703
Horiba		1,900		115
Hoshino Resorts‡		10		51
Hoshizaki Electric		1,700		154
Hosiden		2,500		29
House Foods Group		3,300		83
Hoya		154,200		7,996
Hulic		6,000		61
Hulic‡		53		83
Hyakugo Bank		12,000		49
Hyakujushi Bank		17,000		56
Ibiden		5,700		98
IBJ Leasing		2,000		48
Ichibanya		900		31
Ichigo Office‡		15,200		45
Idemitsu Kosan		1,600		45
IHI		31,000		105
Iida Group Holdings		2,500		42
Inaba Denki Sangyo		1,900		72
Inabata		4,200		56

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

60

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Industrial & Infrastructure Fund Investment‡		19	$	86
Infomart		6,800		52
Inpex		18,600		179
Internet Initiative Japan		2,500		45
Invesco Office‡		50		47
Invincible Investment‡		193		83
Iriso Electronics		500		40
Isetan Mitsukoshi Holdings		45,600		456
Isuzu Motors		11,100		137
Ito En		3,100		113
ITOCHU		40,100		595
Itochu Techno-Solutions		2,700		94
Itoham Yonekyu Holdings		7,500		68
Iwatani		11,000		68
Iyo Bank		12,200		101
Izumi		2,100		119
J Front Retailing		4,800		74
J Trust		4,500		35
Jaccs		10,000		49
Jafco		2,100		84
Japan Airlines		6,200		191
Japan Airport Terminal		1,000		38
Japan Aviation Electronics Industry		3,000		41
Japan Display*		21,900		41
Japan Excellent‡		70		78
Japan Exchange Group		10,200		185
Japan Hotel‡		190		134
Japan Lifeline		1,100		47
Japan Logistics Fund‡		36		75
Japan Petroleum Exploration		2,300		48
Japan Post Bank		7,600		97
Japan Post Holdings		54,400		674
Japan Prime‡		15		52
Japan Real Estate Investment Trust‡		25		124
Japan Rental Housing Investments‡		97		72
Japan Retail Fund Investment‡		48		89
Japan Securities Finance		8,000		41
Japan Steel Works		3,100		48
Japan Tobacco		99,800		3,502
JFE Holdings		33,700		583
JGC		4,000		65
JINS		900		50
Joyful Honda		1,700		52
JSR		3,900		67
JTEKT		4,500		66
Juroku Bank		15,000		47

Description		Shares		Value (000)
JX Holdings			59,900	$	261
kabu.com Securities			11,500		39
Kadokawa Dwango			3,800		49
Kagome			4,200		128
Kajima			17,000		143
Kakaku.com			2,400		34
Kaken Pharmaceutical			1,600		87
KAMEDA SEIKA*			900		44
Kamigumi			4,000		42
Kanamoto			1,800		60
Kandenko			5,000		53
Kaneka			5,000		38
Kanematsu			31,000		63
Kansai Electric Power			14,000		193
Kansai Paint			3,800		87
Kao			62,300		3,697
Kato Sangyo			2,000		54
Kawasaki Heavy Industries			29,000		86
Kawasaki Kisen Kaisha			46,000		110
KDDI			39,100		1,034
Keihan Holdings			10,000		63
Keihin			2,000		27
Keikyu			9,000		108
Keio			11,000		92
Keisei Electric Railway	��		2,700		72
Keiyo Bank			15,000		65
Kenedix			13,300		63
Kenedix Office Investment, Cl A‡			22		117
Kenedix Residential Investment‡			22		55
Kenedix Retail‡			26		55
Kewpie			5,300		139
Keyence			1,900		833
Kikkoman			2,900		93
Kinden			7,300		117
Kintetsu Group Holdings			35,000		135
Kintetsu World Express			2,600		46
Kirin Holdings			100,600		2,048
Kisoji			1,800		44
Kissei Pharmaceutical			1,700		46
Kitz			5,800		54
Kiyo Bank			4,100		71
Koa			1,600		30
Kobayashi Pharmaceutical			2,200		130
Kobe Steel			6,200		64
Koei Tecmo Holdings			2,700		53
Kohnan Shoji			2,300		43
Koito Manufacturing			2,200		113

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

61

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Kokuyo		4,300	$	59
Komatsu		101,900		2,586
KOMEDA Holdings		2,000		32
Komeri		3,900		50
Komeri Co.		1,700		43
Konami Holdings		1,800		100
Konica Minolta		8,700		72
Kose		600		65
Kotobuki Spirits		1,400		46
K’s Holdings		4,200		82
Kubota		166,700		2,798
Kumagai Gumi		21,000		67
Kumiai Chemical Industry		4,800		28
Kuraray		6,800		123
Kureha		1,100		54
Kurita Water Industries		58,900		1,602
Kuroda Electric		1,500		29
Kusuri no Aoki		1,000		52
KYB		12,000		61
Kyocera		68,700		3,975
Kyokuto Kaihatsu Kogyo		2,200		35
KYORIN Holdings		2,200		49
Kyoritsu Maintenance		2,000		58
Kyowa Exeo		4,500		76
Kyowa Hakko Kirin		5,200		96
Kyudenko		2,300		82
Kyushu Electric Power		8,200		99
Kyushu Financial Group		6,700		42
Kyushu Railway		3,000		97
LaSalle Logiport‡		65		65
Lasertec		2,800		39
Lawson		900		63
Leopalace21		12,600		78
LINE*		1,000		34
Lintec		2,900		69
Lion		4,500		93
LIXIL Group		37,600		939
M3		4,000		110
Mabuchi Motor		1,000		50
Macnica Fuji Electronics Holdings		2,800		41
Maeda		25,000		275
Maeda Road Construction		4,000		80
Makino Milling Machine		6,000		49
Makita		4,500		166
Mandom		1,200		65
Mani		1,700		44
Marubeni		31,900		206

Description	Shares		Value (000)
Marudai Food		5,000	$	23
Maruha Nichiro		2,500		66
Marui Group		13,100		193
Maruichi Steel Tube		1,200		35
Marusan Securities		5,200		43
Matsui Securities		6,300		51
Matsumotokiyoshi Holdings		4,600		261
Mazda Motor		11,400		159
McDonald’s Holdings Japan		1,300		50
MCUBS MidCity Investment‡		18		54
Mebuki Financial Group		20,000		74
Medipal Holdings		3,400		63
Megachips		1,100		27
Megmilk Snow Brand		2,800		78
Meidensha		10,000		34
MEIJI Holdings		2,400		194
Meitec		1,400		60
Milbon		800		45
Minebea		7,300		117
Miraca Holdings		1,000		45
Mirait Holdings		4,100		46
MISUMI Group		5,300		121
Mitsuba		2,200		40
Mitsubishi		45,060		944
Mitsubishi Chemical Holdings		27,600		228
Mitsubishi Electric		38,100		546
Mitsubishi Estate		57,700		1,075
Mitsubishi Gas Chemical		3,600		76
Mitsubishi Heavy Industries		226,000		924
Mitsubishi Logistics		23,000		306
Mitsubishi Materials		2,200		67
Mitsubishi Motors		13,300		88
Mitsubishi Pencil		2,400		68
Mitsubishi Shokuhin		1,200		34
Mitsubishi Tanabe Pharma		4,400		102
Mitsubishi UFJ Financial Group		265,800		1,785
Mitsubishi UFJ Lease & Finance		8,100		44
Mitsuboshi Belting		4,000		44
Mitsui		33,700		481
Mitsui Chemicals		18,000		95
Mitsui Engineering & Shipbuilding		46,000		65
Mitsui Fudosan		17,300		412
Mitsui Fudosan Logistics Park‡		13		39
Mitsui Mining & Smelting		29,000		113
Mitsui OSK Lines		22,000		65
Miura		4,600		89
Mixi		800		44

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

62

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Miyazaki Bank		13,000	$	43
Mizuho Financial Group		925,400		1,691
Mizuno		7,000		40
Mochida Pharmaceutical		900		65
Monex Group		14,900		39
MonotaRO		3,100		100
Mori Hills Investment‡		77		95
Mori Trust Sogo‡		48		77
Morinaga		2,100		119
Morinaga Milk Industry		9,000		68
Morita Holdings		2,400		38
MOS Food Services		1,600		49
MS&AD Insurance Group Holdings		49,400		1,658
Murata Manufacturing		3,800		577
Musashi Seimitsu Industry		1,700		49
Musashino Bank		2,000		61
Nabtesco		2,300		67
Nachi-Fujikoshi		11,000		62
Nagaileben		2,100		49
Nagase		5,600		85
Nagoya Railroad		18,000		84
Nakanishi		1,400		57
Namco Bandai Holdings		37,600		1,280
Nankai Electric Railway		26,000		134
Nanto Bank		1,500		43
NEC		266,000		705
NEC Networks & System Integration		2,200		48
NET One Systems		5,600		53
Nexon		4,000		79
NGK Insulators		5,200		104
NGK Spark Plug		3,100		66
NH Foods		11,000		334
NHK Spring		9,700		102
Nichias		7,000		81
Nichicon		4,100		44
Nichiha		1,700		60
Nichi-iko Pharmaceutical		3,300		51
Nichirei		5,900		165
Nidec		4,700		481
Nifco		2,100		113
Nihon Kohden		68,400		1,578
Nihon M&A Center		3,300		121
Nihon Parkerizing		6,200		92
Nihon Unisys		3,700		58
Nikkiso		3,900		37
Nikkon Holdings		2,800		65
Nikon		41,200		658

Description	Shares		Value (000)
Nintendo		2,200	$	738
Nippo		3,000		60
Nippon Accommodations Fund‡		25		104
Nippon Building Fund‡		26		133
Nippon Densetsu Kogyo		1,800		37
Nippon Electric Glass		1,800		65
Nippon Express		16,000		100
Nippon Flour Mills		2,800		45
Nippon Gas		2,300		74
NIPPON Investment‡		19		50
Nippon Kayaku		7,000		99
Nippon Light Metal Holdings		36,500		87
Nippon Paint Holdings		3,100		117
Nippon Paper Industries		5,400		110
Nippon Prologis‡		32		68
Nippon Seiki		3,000		60
Nippon Sheet Glass*		4,600		38
Nippon Shinyaku		2,500		160
Nippon Shokubai		1,300		84
Nippon Signal		10,800		99
Nippon Soda		8,000		44
Nippon Steel & Sumikin Bussan		1,000		48
Nippon Steel & Sumitomo Metal		14,800		333
Nippon Suisan Kaisha		66,700		389
Nippon Telegraph & Telephone		64,700		3,055
Nippon Television Holdings		32,520		546
Nippon Yusen		33,000		61
Nipro		6,900		90
Nishimatsu Construction		13,000		69
Nishimatsuya Chain		3,500		36
Nishi-Nippon Financial Holdings		7,000		73
Nishi-Nippon Railroad		15,000		67
Nishio Rent All		1,300		41
Nissan Chemical Industries		9,500		314
Nissan Motor		66,800		664
Nissan Shatai		5,000		50
Nissha Printing		1,800		50
Nisshin Oillio Group		7,000		41
Nisshin Seifun Group		4,000		66
Nisshin Steel		3,800		42
Nisshinbo Holdings		6,500		66
Nissin Electric		3,500		37
Nissin Foods Holdings		1,100		69
Nissin Kogyo		2,600		41
Nitori Holdings		1,600		214
Nitta		1,700		53
Nitto Boseki		10,000		48

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

63

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Nitto Denko		3,200	$	263
Noevir Holdings		1,000		51
NOF		8,000		102
NOK		1,700		36
Nomura		8,800		200
Nomura Holdings		192,800		1,155
Nomura Real Estate Holdings		2,400		47
Nomura Real Estate Master Fund‡		76		104
Nomura Research Institute		2,500		98
Noritz		2,200		44
North Pacific Bank		17,900		63
NS Solutions		2,500		59
NSD		2,800		50
NSK		7,700		96
NTN		21,000		97
NTT Data		122,000		1,357
NTT DOCOMO		27,300		644
NTT Urban Development		46,600		449
Obara Group		800		44
Obayashi		111,000		1,305
Obic		4,160		255
OBIC Business Consultants		900		47
Odakyu Electric Railway		5,800		117
Ogaki Kyoritsu Bank		16,000		46
Ohsho Food Service		1,000		38
Oita Bank		11,000		42
Oji Holdings		16,000		83
Okamoto Industries		3,000		35
Okamura		3,400		32
Okasan Securities Group		10,000		64
Oki Electric Industry		5,200		74
Okinawa Electric Power		2,420		55
OKUMA		7,000		66
Okumura		10,000		67
Olympus		5,600		204
Omron		84,900		3,681
Ono Pharmaceutical		8,200		179
Onward Holdings		39,000		288
Open House		2,000		62
Oracle Japan		800		52
Orient		28,000		49
Oriental Land		4,200		283
ORIX		26,200		406
Orix JREIT‡		118		174
Osaka Gas		37,000		151
OSG		5,500		112
Otsuka		1,000		62

Description	Shares		Value (000)
Otsuka Holdings		19,200	$	817
Outsourcing		900		44
Pacific Industrial		2,400		31
Pacific Metals*		7,000		18
PALTAC		1,700		57
PanaHome		4,000		43
Panasonic		43,500		589
Paramount Bed Holdings		1,100		48
Park24		2,000		51
Penta-Ocean Construction		16,300		93
PeptiDream*		3,600		114
Pigeon		6,000		218
Pilot		1,800		76
Piolax		1,800		50
Pioneer*		20,900		42
Plenus		1,400		30
Pola Orbis Holdings		1,900		50
Premier Investment‡		74		72
Press Kogyo		7,500		35
Pressance		3,100		41
Prima Meat Packers		9,000		53
Raito Kogyo		3,600		38
Rakuten		18,100		212
Recruit Holdings		21,300		365
Relo Group		5,200		101
Renesas Electronics*		21,300		185
Rengo		9,100		53
Resona Holdings		221,540		1,218
Resorttrust		4,200		77
Ricoh		78,600		693
Ricoh Leasing		1,500		52
Ringer Hut		1,100		24
Rinnai		600		56
Riso Kagaku		1,800		35
Rohm		1,900		146
Rohto Pharmaceutical		5,000		103
Round One		5,000		47
Royal Holdings		2,600		59
Ryobi		7,000		28
Ryohin Keikaku		1,200		299
Ryosan		1,700		62
Saeron Automotive		4,310		29
Saizeriya		1,900		55
Sakata INX		2,600		41
Sakata Seed		1,900		59
San-A, Cl A		1,000		44
San-Ai Oil		3,700		38

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

64

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Sangetsu		4,000	$	69
San-In Godo Bank		9,200		77
Sanken Electric		9,000		38
Sankyo		800		27
Sankyu		12,000		78
Sanrio		3,400		67
Santen Pharmaceutical		7,200		98
Sanwa Holdings		10,300		108
Sanyo Chemical Industries		900		42
Sanyo Special Steel		6,000		34
Sapporo Holdings		3,400		94
Sato Holdings		1,900		48
Sawai Pharmaceutical		4,400		247
SBI Holdings		3,900		53
SCREEN Holdings		2,100		140
SCSK		6,200		278
Secom		10,300		780
Sega Sammy Holdings		3,200		43
Seibu Holdings		3,400		63
Seikagaku		2,800		47
Seiko Epson		5,300		118
Seiko Holdings		10,000		41
Seino Holdings		6,800		90
Seiren		3,100		49
Sekisui Chemical		17,000		304
Sekisui House		12,000		211
Sekisui House‡		50		60
Sekisui House SI Residential Investment‡		64		67
Sekisui Jushi		2,700		49
Senko		17,100		111
Senshu Ikeda Holdings		15,900		67
Seria		2,200		106
Seven & i Holdings		49,300		2,030
Seven Bank		10,700		38
Sharp*		28,000		104
Shibuya		1,100		33
Shiga Bank		14,000		72
Shikoku Bank		12,000		33
Shikoku Electric Power		8,600		101
Shima Seiki Manufacturing		1,400		65
Shimachu		2,300		55
Shimadzu		5,100		97
Shimamura		400		49
Shimano		1,500		237
Shimizu		58,000		615
Shin-Etsu Chemical		37,700		3,415

Description	Shares		Value (000)
Shinko Electric Industries		5,100	$	43
Shinmaywa Industries		4,000		34
Shinsei Bank		35,000		61
Shionogi		5,760		321
Ship Healthcare Holdings		2,700		84
Shiseido		21,500		763
Shizuoka Bank		10,000		90
SHO-BOND Holdings		3,500		176
Shochiku		6,000		76
Showa		3,300		32
Showa Denko		6,900		160
Showa Sangyo		8,000		44
Showa Shell Sekiyu		3,100		29
Siix		1,000		40
SKY Perfect JSAT Holdings		7,800		33
Skylark		6,000		86
SMC		1,100		334
SMS		2,200		67
Sodick		3,500		41
SoftBank Group		27,500		2,224
Sohgo Security Services		1,400		63
Sojitz		62,300		153
Sompo Holdings		24,300		937
Sony		24,900		949
Sony Financial Holdings		3,200		54
Sosei Group*		900		99
Sotetsu Holdings		19,000		94
Square Enix Holdings		4,400		145
St. Marc Holdings		1,100		34
Stanley Electric		2,600		78
Star Micronics		2,200		36
Start Today		3,700		91
Starts		2,000		47
Sugi Holdings		1,900		102
Sumco		10,700		155
Sumitomo		23,100		300
Sumitomo Bakelite		11,000		77
Sumitomo Chemical		87,200		502
Sumitomo Dainippon Pharma		28,500		388
Sumitomo Electric Industries		33,100		508
Sumitomo Forestry		7,500		118
Sumitomo Heavy Industries		12,000		79
Sumitomo Metal Mining		10,000		133
Sumitomo Mitsui Construction		51,000		54
Sumitomo Mitsui Financial Group		59,400		2,314
Sumitomo Mitsui Trust Holdings		23,100		825
Sumitomo Osaka Cement		19,000		90

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

65

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Sumitomo Realty & Development		7,000	$	216
Sumitomo Rubber Industries		3,300		56
Sumitomo Warehouse		9,000		57
Sundrug		1,300		48
Suntory Beverage & Food		6,300		292
Suruga Bank		3,500		85
Suzuken		1,500		50
Suzuki Motor		6,700		318
Sysmex		3,120		186
T&D Holdings		10,600		161
Tachi-S, Cl S		1,800		33
Tadano		6,100		73
Taiheiyo Cement		22,000		80
Taikisha		2,000		53
Taisei		20,000		182
Taisho Pharmaceutical Holdings		700		53
Taiyo Holdings		1,100		49
Taiyo Nippon Sanso		2,800		31
Taiyo Yuden		6,500		102
Takara Bio		3,300		46
Takara Holdings		8,300		86
Takara Standard		2,100		34
Takasago International		700		26
Takasago Thermal Engineering		2,700		44
Takashimaya		6,000		57
Takeda Pharmaceutical		14,000		711
Takeuchi Manufacturing		2,300		42
Takuma		4,100		41
TDK		4,600		302
TechnoPro Holdings		5,000		201
Teijin		3,600		69
Temp Holdings		17,900		334
Terumo		121,800		4,792
T-Gaia		1,700		32
The Bank of Okinawa		1,400		57
THK		2,400		68
TIS		4,500		125
TKC		1,200		35
Toagosei		7,200		93
Tobu Railway		19,000		104
TOC		3,100		29
Tochigi Bank		7,900		33
Toda		13,000		81
Toei		5,000		47
Toho		2,200		68
Toho Bank		15,000		53
Toho Gas		7,000		51

Description	Shares		Value (000)
Toho Holdings		2,500	$	49
Toho Zinc		8,000		34
Tohoku Electric Power		57,700		799
Tokai Carbon		12,000		66
TOKAI Holdings		6,300		47
Tokai Rika		3,300		61
Tokai Tokyo Financial Holdings		13,600		75
Token		700		86
Tokio Marine Holdings		19,400		802
Tokuyama		18,000		87
Tokyo Broadcasting System Holdings		2,500		44
Tokyo Century		2,100		84
Tokyo Dome		6,400		58
Tokyo Electric Power Holdings*		28,200		116
Tokyo Electron		4,800		646
Tokyo Gas		76,000		395
Tokyo Ohka Kogyo		1,900		63
Tokyo Seimitsu		2,600		84
Tokyo Steel Manufacturing		6,600		56
Tokyo Tatemono		4,200		55
Tokyo TY Financial Group		1,800		50
Tokyu‡		57		69
Tokyu		21,000		160
Tokyu Construction		5,900		48
Tokyu Fudosan Holdings		10,300		61
TOMONY Holdings		9,300		45
Tomy		4,500		54
Topcon		6,000		103
Toppan Forms		3,100		32
Toppan Printing		10,000		110
Topre		2,200		59
Topy Industries		1,400		42
Toray Industries		74,000		620
Toridoll Holdings		1,500		39
Toshiba		80,000		193
Toshiba Machine		9,000		40
Toshiba Plant Systems & Services		3,000		47
Toshiba TEC		9,000		46
Tosoh		11,000		113
Totetsu Kogyo		1,900		58
TOTO		2,800		107
Towa Pharmaceutical		500		23
Toyo Ink SC Holdings		14,000		73
Toyo Seikan Group Holdings		31,400		529
Toyo Suisan Kaisha		10,300		393
Toyo Tire & Rubber		4,900		100

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

66

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Toyobo		45,000	$	82
Toyoda Gosei		1,100		26
Toyota Boshoku		3,600		67
Toyota Industries		3,200		168
Toyota Motor		86,400		4,526
Toyota Tsusho		4,100		123
TPR		1,500		48
Transcosmos		1,600		38
Trend Micro		2,400		124
Trusco Nakayama		2,100		50
TS Tech		2,500		73
TSI Holdings		5,400		39
Tsubakimoto Chain		8,000		69
Tsumura		3,000		122
Tsuruha Holdings		700		74
TV Asahi Holdings		1,700		31
UACJ		17,000		47
Ube Industries		55,000		141
Ulvac		2,000		96
Unicharm		7,900		198
Unipres		2,500		55
United Arrows		1,200		39
United Super Markets Holdings		4,700		50
United Urban Investment‡		62		88
Unitika*		38,000		28
Universal Entertainment		1,200		37
Ushio		10,800		136
USS		4,300		85
V Technology		200		34
Valor Holdings		2,000		45
Wacoal Holdings		6,000		81
Wacom		9,400		30
Welcia Holdings		2,600		96
West Japan Railway		28,700		2,025
Xebio Holdings		1,900		33
Yahoo Japan		27,200		118
Yakult Honsha		1,700		116
YAMABIKO		2,500		27
Yamada Denki		101,400		502
Yamagata Bank		10,000		45
Yamaguchi Financial Group		4,000		48
Yamaha		3,200		110
Yamaha Motor		5,300		137
Yamanashi Chuo Bank		11,000		46
Yamato Holdings		32,120		650
Yamato Kogyo		2,000		51
Yamazaki Baking		2,300		46

Description	Shares		Value (000)
Yamazen		4,200	$	43
Yaoko		1,100		47
Yaskawa Electric		4,900		104
Yodogawa Steel Works		1,200		32
Yokogawa Electric		4,500		72
Yokohama Rubber		2,500		50
Yonex		2,800		25
Yoshinoya Holdings		4,000		67
Yuasa Trading		1,300		39
Zenkoku Hosho		2,600		107
Zenrin		1,300		38
Zensho Holdings		4,900		89
Zeon		8,000		85
ZERIA Pharmaceutical		2,700		50
Zojirushi		2,400		27
				201,690
Kenya — 0.0%
Equity Group Holdings		275,700		100
Luxembourg — 0.1%
O’Key Group GDR		59,597		118
RTL Group		780		59
Ternium ADR		66,433		1,866
				2,043
Malaysia — 0.4%
Allianz Malaysia		8,400		25
Brem Holding*		213,616		48
CSC Steel Holdings		100,500		42
Genting		158,300		347
Heineken Malaysia		10,000		43
Hong Leong Bank		17,900		65
Hong Leong Industries		5,500		13
Hua Yang		68,800		17
Insas		330,800		83
JCY International		2,355,100		318
K&N Kenanga Holdings*		85,500		11
KSL Holdings*		551,500		158
Land & General		42,966		2
Lii Hen Industries		73,300		56
Lion Industries*		217,100		61
Malayan Banking		829,500		1,861
Malaysian Pacific Industries		39,000		122
Oldtown		106,500		71
Padini Holdings		564,500		463
Petron Malaysia Refining & Marketing		121,500		206

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

67

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Shell Refining Federation of Malaya*		63,000	$	78
Tenaga Nasional		101,400		334
Top Glove		88,000		118
Tropicana		47		—
Unisem		1,138,600		950
ViTrox		33,500		63
				5,555
Mexico — 0.6%
America Movil, Cl L ADR		194,159		3,090
Cemex ADR*		149,845		1,412
Gruma, Cl B		8,578		112
Grupo Aeromexico*		229,400		472
Grupo Elektra DE		6,636		277
Grupo Financiero Interacciones, Cl O		5,337		28
Grupo Simec, Cl B*		9,691		34
Industrias Bachoco		63,853		305
Industrias CH, Cl B*		37,465		186
Macquarie Mexico Real Estate Management‡		72,709		86
OHL Mexico		805,976		1,163
Prologis Property Mexico‡		210,533		398
Vitro		25,669		108
				7,671
Netherlands — 3.3%
Aalberts Industries		4,722		188
ABN AMRO Group GDR (A)		5,384		143
Accell Group		1,516		50
Aegon		34,009		174
AerCap Holdings*		2,902		135
Akzo Nobel		62,833		5,460
Altice, Cl A*		7,523		174
Altice, Cl B*		2,099		48
AMG Advanced Metallurgical Group		1,376		40
APERAM		2,388		111
Arcadis		3,785		68
ArcelorMittal		30,100		683
ASM International		2,389		139
ASML Holding		8,936		1,165
ASR Nederland		4,168		141
Basic-Fit* (A)		2,102		38
BE Semiconductor Industries		2,065		110
Boskalis Westminster		160,989		5,229
Coca-Cola European Partners		4,335		176
Coca-Cola Femsa ADR		3,503		297

Description	Shares		Value (000)
Corbion		3,389	$	108
Eurocommercial Properties‡		2,719		109
Euronext (A)		2,875		149
Flow Traders (A)		1,923		53
Fugro		104,793		1,556
Galapagos*		2,274		174
Gemalto		1,508		91
Heineken		26,415		2,568
Heineken Holding		2,009		184
IMCD Group		2,821		153
ING Groep		418,973		7,225
Intertrust (A)		2,763		56
Koninklijke Ahold Delhaize		57,295		1,095
Koninklijke BAM Groep		6,809		37
Koninklijke DSM		3,599		262
Koninklijke KPN		278,684		892
Koninklijke Philips		42,058		1,494
Koninklijke Vopak		1,408		65
NN Group		6,041		214
NSI‡		1,349		49
OCI*		3,700		81
Philips Lighting (A)		4,603		170
PostNL		20,980		98
Randstad Holding		63,353		3,700
Refresco Group (A)		3,246		66
Relx		158,889		3,266
Royal Dutch Shell, Cl A		23,308		619
SBM Offshore		78,635		1,260
Takeaway.com Holding BV* (A)		709		30
TKH Group		2,173		121
TomTom*		6,266		60
Unibail-Rodamco‡		1,962		494
Unilever		32,033		1,768
Vastned Retail‡		1,557		65
Wereldhave‡		2,283		112
Wessanen		4,629		78
Wolters Kluwer		5,870		248
				43,339
New Zealand — 0.2%
a2 Milk*		32,914		96
Air New Zealand		31,825		76
Argosy Property		55,907		43
Auckland International Airport		17,853		93
Chorus		24,318		83
Contact Energy		14,478		55
Fisher & Paykel Healthcare		27,864		234

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

68

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Fletcher Building		13,814	$	81
Freightways		9,444		53
Genesis Energy		30,897		55
Goodman Property Trust‡		59,951		55
Infratil		22,938		50
Kiwi Property Group‡		65,975		68
Mercury NZ		14,657		36
Meridian Energy		24,236		52
Metlifecare		9,307		37
Precinct Properties New Zealand‡		53,513		48
Ryman Healthcare		7,001		43
SKY Network Television		24,017		61
SKYCITY Entertainment Group		32,875		98
Spark New Zealand		160,049		442
Summerset Group Holdings		13,379		46
Trade Me Group		17,670		69
Xero*		4,475		83
Z Energy		18,164		105
				2,162
Norway — 0.7%
Aker, Cl A		1,293		42
Aker BP		5,660		84
Aker Solutions		9,756		44
Atea		4,850		65
Austevoll Seafood		6,136		52
Bakkafrost P		2,416		91
Borregaard		6,251		77
DNB		38,474		654
DNO*		51,936		48
Entra (A)		5,500		69
Europris (A)		9,027		39
Frontline		6,294		36
Gjensidige Forsikring		4,008		69
Golden Ocean Group*		3,874		26
Hoegh LNG Holdings		4,320		43
Leroy Seafood Group		18,100		98
Marine Harvest		7,346		126
Nordic Nanovector*		1,782		16
Nordic Semiconductor*		10,403		41
Norsk Hydro		26,904		149
Norwegian Air Shuttle*		1,733		50
Norwegian Finance*		3,509		32
Opera Software		8,764		34
Orkla		16,275		166
Petroleum Geo-Services		20,677		36
Protector Forsikring		4,446		37

Description	Shares		Value (000)
Salmar		3,065	$	76
Schibsted, Cl A		9,263		224
Schibsted, Cl B		9,743		215
Skandiabanken (A)		3,864		37
SpareBank 1 Nord Norge		6,350		43
SpareBank 1 SMN		7,369		63
Statoil		47,238		783
Stolt-Nielsen		2,089		29
Storebrand		24,371		168
Subsea 7		12,864		173
Telenor		14,609		242
TGS Nopec Geophysical		5,102		105
XXL (A)		6,428		62
Yara International		130,936		4,919
				9,363
Panama — 0.0%
Avianca Holdings ADR		3,928		26
Peru — 0.0%
Cia de Minas Buenaventura ADR		26,682		307
Philippines — 0.1%
Bloomberry Resorts*		1,080,300		198
Cebu Air		270,790		525
Energy Development		2,333,000		280
Lopez Holdings		1,322,800		189
Pepsi-Cola Products Philippines		214,000		14
San Miguel		144,580		298
				1,504
Poland — 0.6%
Bank Pekao		3,852		130
CD Projekt		75,756		1,759
Grupa Lotos*		60,862		838
ING Bank Slaski*		1,489		73
Polski Koncern Naftowy Orlen		112,309		3,390
Polskie Gornictwo Naftowe i Gazownictwo		1,337,820		2,282
Tauron Polska Energia		45,649		44
Trakcja*		27,135		111
				8,627
Portugal — 0.1%
Banco Comercial Portugues, Cl R*		501,953		135
Banco Espirito Santo* (B)		46,916		—
CTT-Correios de Portugal		7,572		48
EDP-Energias de Portugal		46,522		152
Galp Energia		10,023		152
Jeronimo Martins		4,934		96

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

69

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Navigator		14,840	$	64
NOS		15,510		94
REN-Redes Energeticas Nacionais		16,831		53
Sonae		46,756		52
				846
Qatar — 0.3%
Barwa Real Estate‡ (B)		142,526		1,256
Mannai (B)		830		16
Ooredoo QSC (B)		63,688		1,600
Qatar Fuel QSC (B)		3,218		96
Qatar Islamic Bank SAQ (B)		7,532		190
Qatar National Bank SAQ (B)		6,021		209
United Development QSC (B)		36,420		170
				3,537
Russia — 0.4%
Lukoil PJSC ADR		3,189		156
Magnitogorsk Iron & Steel Works GDR		79,834		590
Sberbank of Russia PJSC ADR		478,746		4,955
				5,701
Singapore — 2.3%
Ascendas‡		50,200		95
Ascott Residence Trust‡		76,700		64
Asian Pay Television Trust		72,100		30
Cache Logistics Trust‡		62,100		41
CapitaLand		49,000		124
CapitaLand Commercial Trust‡		38,400		46
CapitaLand Mall Trust‡		49,600		71
CapitaLand Retail China Trust‡		42,800		51
CDL Hospitality Trusts‡		47,000		56
City Developments		7,500		58
ComfortDelGro		43,000		72
Croesus Retail Trust		41,400		35
Dairy Farm International Holdings		16,500		130
DBS Group Holdings		330,134		4,974
Ezion Holdings*		129,800		22
First‡		38,800		38
First Resources		36,900		51
Frasers Centrepoint Trust‡		36,400		57
Frasers Commercial Trust‡		47,222		49
Frasers Logistics & Industrial Trust‡		79,900		63
Genting Singapore		112,600		89
GL		191,400		99
Global Logistic Properties		52,100		108
Golden Agri-Resources		142,300		39
Great Eastern Holdings		37,500		677

Description	Shares		Value (000)
Haw Par		19,119	$	156
Hongkong Land Holdings		569,000		4,187
Hutchison Port Holdings Trust, Cl U		95,600		41
Jardine Cycle & Carriage		2,033		65
Jardine Matheson Holdings		89,700		5,759
Jardine Strategic Holdings		4,300		179
Keppel		27,800		127
Keppel‡		106,400		88
Keppel DC‡		52,500		49
Lippo Malls Indonesia Retail Trust‡		128,700		42
M1		28,600		45
Manulife US‡		40,100		36
Mapletree Commercial Trust‡		81,800		95
Mapletree Greater China Commercial Trust‡		106,700		84
Mapletree Industrial Trust‡		69,400		94
Mapletree Logistics Trust‡		81,600		71
Noble Group		54,580		18
OUE		25,100		36
OUE Hospitality Trust‡		73,200		40
Oversea-Chinese Banking		62,072		486
Parkway Life‡		25,000		49
Raffles Medical Group		43,200		42
SATS		12,900		48
Sembcorp Industries		16,500		37
Sembcorp Marine		38,300		46
Singapore Airlines		10,800		79
Singapore Exchange		14,900		79
Singapore Post		69,300		67
Singapore Press Holdings		29,600		69
Singapore Technologies Engineering		29,000		78
Singapore Telecommunications		1,069,600		3,022
SPH‡		38,400		28
Starhill Global‡		103,300		59
StarHub		9,600		19
Suntec‡		48,600		66
United Engineers		25,500		51
United Industrial		16,648		38
United Overseas Bank		401,687		6,747
UOL Group		8,985		50
Venture		14,200		124
Wilmar International		33,400		81
Wing Tai Holdings		24,600		36
Yangzijiang Shipbuilding Holdings		41,800		36
Yanlord Land Group		37,300		48

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

70

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Yoma Strategic Holdings		82,400	$	35
				29,871
South Africa — 1.3%
African Phoenix Investments*		468,971		24
Alviva Holdings		10,469		15
Anglo American*		32,319		434
Anglo American Platinum*		9,425		216
Bid		38,984		892
Blue Label Telecoms		171,180		196
Cie Financiere Richemont		45,705		378
Exxaro Resources		4,777		34
FirstRand		338,014		1,218
Grindrod		140,454		119
Investec		51,677		381
Kumba Iron Ore		25,303		331
Liberty Holdings		26,183		225
MMI Holdings		87,990		136
Mondi		17,537		455
MTN Group		42,985		375
Murray & Roberts Holdings		176,339		176
Old Mutual		126,276		316
Peregrine Holdings		228,876		506
Sappi		223,035		1,485
Sasol		108,270		3,032
Standard Bank Group		268,986		2,962
Telkom		129,903		611
Tiger Brands		105,400		2,963
Tsogo Sun Holdings		84,114		144
Wilson Bayly Holmes-Ovcon		9,970		107
				17,731
South Korea — 4.4%
Aekyung Petrochemical		5,130		70
Autech		7,427		93
CJ O Shopping		972		163
CKH Food & Health*		122,645		144
Dae Han Flour Mills		104		17
Daehan Steel		13,793		162
Daeyang Electric*		3,787		45
DK UIL		3,201		39
Dongbu HiTek*		5,663		111
Dongkuk Steel Mill		6,065		78
Dongyang E&P		10,103		121
GMB Korea		5,250		25
GS Home Shopping		1,040		210
Hana Financial Group		21,451		848
Hanwha Chemical		14,580		385

Description	Shares		Value (000)
Hite Jinro		10,095	$	206
Hyundai BNG Steel		4,528		54
Hyundai Elevator		7,063		379
Hyundai Engineering & Construction		6,224		251
Hyundai Motor		5,608		782
Hyundai Robotics*		176		59
Kia Motors		76,106		2,541
KT		71,014		2,023
Kwangju Bank		5,257		60
LG		8,157		551
LG Display		22,171		719
LG Display ADR		177,864		2,859
LG Electronics		51,237		3,591
LG Innotek		4,974		717
LG Uplus		46,249		631
Lotte Chemical		7,875		2,368
LOTTE Himart		3,321		203
Lotte Shopping		2,532		672
LS		3,588		228
Mirae Asset Life Insurance		12,467		57
Moorim Paper*		35,210		87
POSCO		6,869		1,723
POSCO ADR		74,700		4,674
S-1		3,229		274
Sam Young Electronics		8,260		100
Samchully		548		59
Samsung Electronics		6,372		13,237
Samsung Fire & Marine Insurance		919		226
SeAH Holdings		225		30
Sejong Industrial		3,340		26
Sewon Precision Industry*		657		11
Shinhan Financial Group		37,186		1,603
SK Holdings		8,428		2,048
SK Hynix		116,363		6,855
SK Innovation		24,748		3,428
SK Telecom		7,922		1,842
				57,685
Spain — 1.8%
Abertis Infraestructuras		13,368		248
Acciona		1,357		119
Acerinox		43,678		598
ACS Actividades de Construccion y Servicios		4,428		4
ACS Actividades de Construccion y Servicios		4,799		185
Aena (A)		1,312		256

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

71

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Almirall		3,195	$	52
Amadeus IT Group, Cl A		76,634		4,582
Applus Services		7,178		90
Atresmedia de Medios de Comunicacion		5,593		65
Axiare Patrimonio‡		4,186		72
Banco Bilbao Vizcaya Argentaria		131,647		1,092
Banco de Sabadell		104,048		211
Banco Santander		1,183,764		7,832
Bankia		20,102		97
Bankinter		12,907		119
Bolsas y Mercados Espanoles SHMSF		4,006		145
CaixaBank		69,648		333
Cellnex Telecom (A)		8,103		167
Cia de Distribucion Integral Logista Holdings		1,671		44
CIE Automotive		2,483		57
Codere*		52,126		26
Construcciones y Auxiliar de Ferrocarriles		1,267		52
Distribuidora Internacional de Alimentacion		12,082		75
Ebro Foods		3,513		80
Enagas		4,247		119
Ence Energia y Celulosa		12,055		49
Endesa		6,051		139
Euskaltel (A)		6,225		66
Faes Farma		14,354		48
Ferrovial		9,623		214
Financiera Alba		522		32
Fomento de Construcciones y Contratas*		5,158		56
Gamesa Tecnologica		4,811		103
Gas Natural SDG		6,992		164
Grifols		5,950		165
Grupo Catalana Occidente		1,907		80
Hispania Activos Inmobiliarios‡		5,992		99
Iberdrola		114,498		908
Indra Sistemas*		6,263		90
Industria de Diseno Textil		21,487		825
Inmobiliaria Colonial*		13,407		117
International Consolidated Airlines Group		12,839		102
Lar Espana Real Estate‡		5,946		55
Liberbank*		29,646		30
Mapfre		21,496		75
Mediaset Espana Comunicacion		36,151		450

Description	Shares		Value (000)
Melia Hotels International		5,755	$	86
Merlin Properties‡		16,363		206
NH Hotel Group*		13,081		79
Obrascon Huarte Lain		4,219		15
Papeles y Cartones de Europa		2,447		21
Pharma Mar*		9,923		45
Prosegur Cia de Seguridad		14,056		91
Red Electrica		8,622		180
Repsol		23,213		355
Sacyr*		18,619		49
Saeta Yield		2,503		28
Talgo (A)		6,695		40
Tecnicas Reunidas		1,714		66
Telefonica		89,280		922
Telepizza Group* (A)		4,776		28
Viscofan		12,176		721
Zardoya Otis		18,843		195
				23,714
Sweden — 1.7%
AAK		1,304		95
AF, Cl B		3,778		78
Alfa Laval		5,733		117
Alimak Group (A)		1,701		28
Assa Abloy, Cl B		101,260		2,226
Atlas Copco, Cl A		13,255		508
Atlas Copco, Cl B		7,587		262
Attendo (A)		6,432		79
Avanza Bank Holding		1,530		67
Axfood		5,606		94
B&B Tools, Cl B		1,952		29
Betsson		7,402		64
Bilia, Cl A		5,524		55
BillerudKorsnas		8,637		137
BioGaia, Cl B		1,098		45
Boliden		5,471		149
Bonava, Cl B		4,433		76
Bravida Holding (A)		9,344		68
Bure Equity		3,389		39
Byggmax Group		3,223		23
Capio (A)		7,251		44
Castellum		12,733		187
Catena Media*		1,581		17
Clas Ohlson, Cl B		2,817		54
Cloetta, Cl B		13,786		57
Com Hem Holding		5,971		83
D Carnegie, Cl B*		1,607		22

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

72

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Dios Fastigheter		7,744	$	43
Dometic Group (A)		14,595		127
Duni		2,885		42
Dustin Group (A)		2,977		25
Electrolux		4,585		150
Elekta, Cl B		17,554		166
Essity, Cl B*		11,806		323
Evolution Gaming Group (A)		1,248		65
Fabege		5,796		111
Fastighets Balder, Cl B*		4,997		121
Fingerprint Cards, Cl B		18,463		67
Getinge, Cl B		3,988		78
Granges		5,075		47
Haldex		2,147		27
Hansa Medical*		1,022		26
Hemfosa Fastigheter		8,219		89
Hennes & Mauritz, Cl B		111,919		2,789
Hexagon, Cl B		5,032		240
Hexpol		11,886		130
Hoist Finance (A)		4,878		50
Holmen, Cl B		2,561		111
Hufvudstaden, Cl A		4,416	��	73
Husqvarna, Cl B		7,953		79
ICA Gruppen		1,621		60
Industrivarden, Cl C		3,157		76
Indutrade		4,450		102
Intrum Justitia		3,593		122
Investment Oresund		2,006		37
Investor, Cl B		8,822		424
Inwido		3,769		53
JM		3,694		131
KappAhl		3,435		19
Kindred Group		11,004		124
Kinnevik		4,476		137
Klovern, Cl B		39,082		43
Kungsleden		12,088		74
L E Lundbergforetagen, Cl B		731		58
Lindab International		5,077		55
Loomis, Cl B		4,056		146
Lundin Petroleum*		3,745		72
Mekonomen		1,837		36
Millicom International Cellular		6,830		403
Modern Times Group, Cl B		12,307		424
Momentum Group, Cl B*		1,952		19
Mycronic		4,438		40
NCC, Cl B		4,039		114
NetEnt		11,609		102

Description	Shares		Value (000)
Nibe Industrier, Cl B		17,310	$	163
Nobia		6,234		63
Nobina (A)		5,789		31
Nolato, Cl B		1,607		60
Nordax Group (A)		5,949		32
Nordea Bank		91,543		1,165
Oriflame Holding		2,284		86
Pandox, Cl B		4,623		83
Peab		9,155		111
Probi		325		22
Ratos, Cl B		11,922		57
RaySearch Laboratories		1,189		33
Recipharm, Cl B		3,389		49
Resurs Holding (A)		5,447		34
Saab, Cl B		3,037		150
Sandvik		75,200		1,183
Scandic Hotels Group (A)		4,385		57
Securitas, Cl B		5,840		98
Skandinaviska Enskilda Banken, Cl A		29,455		356
Skanska, Cl B		6,792		161
SKF, Cl B		7,432		151
SkiStar		1,147		27
SSAB*		40,000		148
Starbreeze*		11,079		19
Svenska Cellulosa, Cl B		30,638		232
Svenska Handelsbanken, Cl A		112,020		1,603
Sweco, Cl B		3,426		85
Swedbank, Cl A		17,896		436
Swedish Match		10,729		378
Swedish Orphan Biovitrum*		7,775		120
Tele2, Cl B		7,219		76
Telefonaktiebolaget LM Ericsson, Cl B		97,220		695
Telia		50,597		233
Thule Group (A)		5,327		100
Tobii*		4,961		23
Trelleborg, Cl B		10,973		250
Vitrolife		858		54
Volvo, Cl B		30,673		524
Wallenstam, Cl B		9,515		92
Wihlborgs Fastigheter		4,256		90
				21,883
Switzerland — 7.3%
ABB		39,244		969
Adecco Group		17,414		1,323
Allreal Holding		654		118
ams		2,781		181

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

73

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
APG SGA		101	$	49
Arbonia*		2,534		46
Aryzta		4,342		143
Ascom Holding		2,956		60
Autoneum Holding		203		56
Baloise Holding		953		147
Banque Cantonale Vaudoise		116		86
Barry Callebaut		44		60
Basilea Pharmaceutica*		649		55
Bell		106		51
BKW		568		33
Bobst Group		559		54
Bossard Holding		355		72
Bucher Industries		345		109
Burckhardt Compression Holding		189		54
Burkhalter Holding		337		48
Cembra Money Bank		1,632		154
Chocoladefabriken Lindt & Sprungli		2		139
Chocoladefabriken Lindt & Sprungli		20		116
Cie Financiere Richemont		97,916		8,067
Clariant		14,973		330
Coca-Cola		3,384		100
Comet Holding		490		61
Conzzeta		73		72
COSMO Pharmaceuticals		360		63
Credit Suisse Group		46,261		669
Daetwyler Holding		425		72
DKSH Holding		2,656		216
dormakaba Holding		171		149
Dufry*		690		114
EFG International		6,277		41
Emmi		125		94
EMS-Chemie Holding		160		118
Flughafen Zuerich		945		232
Forbo Holding		63		103
GAM Holding		8,482		114
Geberit		4,504		2,101
Georg Fischer		204		197
Givaudan		179		358
Helvetia Holding		525		300
Huber + Suhner		805		60
Implenia		1,096		82
Inficon Holding		99		49
Intershop Holding		41		21
Julius Baer Group		4,358		229
Kardex		481		55
Komax Holding		249		73

Description	Shares		Value (000)
Kudelski		2,943	$	50
Kuehne + Nagel International		8,298		1,385
LafargeHolcim		98,198		5,622
Leonteq		489		27
Logitech International		30,775		1,131
Lonza Group		1,475		319
Meyer Burger Technology*		34,458		43
Mobimo Holding		381		107
Nestle		225,464		19,622
Novartis		200,682		16,700
OC Oerlikon		10,756		141
Panalpina Welttransport Holding		616		87
Pargesa Holding		710		54
Partners Group Holding		335		208
PSP Swiss Property		1,947		182
Rieter Holding		183		42
Roche Holding		46,308		11,793
Schindler Holding		400		83
Schindler Holding Cert		812		172
Schweiter Technologies		61		79
SFS Group		967		110
SGS		106		257
Siegfried Holding		192		54
Sika		42		270
Sonova Holding		4,094		665
St. Galler Kantonalbank		142		63
Straumann Holding		188		107
Sulzer*		700		79
Sunrise Communications Group (A)		1,857		146
Swatch Group		16,641		6,145
Swatch Group Reg		1,013		74
Swiss Life Holding		638		215
Swiss Prime Site		1,366		124
Swiss Re		6,392		584
Swisscom		504		243
Tecan Group		611		115
Temenos Group		2,957		264
u-blox Holding		332		62
UBS Group		448,361		7,592
Valiant Holding		933		107
Valora Holding		208		66
VAT Group (A)		804		100
Vifor Pharma		923		102
Vontobel Holding		1,210		79
VZ Holding		180		58
Wolseley		4,911		301

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

74

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Ypsomed Holding		182	$	37
Zurich Insurance Group		10,248		2,984
				97,113
Taiwan — 1.8%
AU Optronics ADR		833,621		3,801
Chroma ATE		173,000		557
Delta Electronics		86,516		474
PChome Online		61,224		473
Ruentex Industries		236,082		352
Silicon Motion Technology ADR		23,909		1,153
Taiwan Semiconductor Manufacturing		311,000		2,132
Taiwan Semiconductor Manufacturing ADR		413,033		14,441
Teco Electric and Machinery		803,387		772
United Microelectronics ADR		128,462		313
Yungtay Engineering		460,000		783
				25,251
Thailand — 1.1%
Advanced Information Technology		59,900		50
Amata NVDR		354,700		180
Bangchak Petroleum NVDR		260,200		257
Bangkok Bank		147,700		858
Bangkok Bank NVDR		21,200		115
Banpu NVDR		1,345,100		657
BEC World		338,700		209
Cal-Comp Electronics Thailand NVDR		1,123,419		99
Dhipaya Insurance NVDR		16,800		22
GFPT NVDR		1,194,100		682
Hana Microelectronics NVDR		723,000		1,069
Indorama Ventures NVDR		144,800		162
Kasikornbank		50,600		297
KGI Securities Thailand NVDR		747,900		88
Krung Thai Bank NVDR		757,700		419
MCS Steel NVDR		345,900		157
MFEC NVDR		216,800		33
Polyplex Thailand NVDR		159,000		62
PTT NVDR		289,800		3,157
PTT Exploration & Production NVDR		158,300		402
PTT Global Chemical NVDR		1,164,600		2,348
Sansiri		1,538,500		102
Siam Cement NVDR		24,400		362
Siamgas & Petrochemicals NVDR		624,900		259
Star Petroleum Refining NVDR		1,491,400		641
SVI NVDR		172,800		31

Description	Shares		Value (000)
Syntec Construction NVDR		2,826,500	$	416
Thai Oil NVDR		172,100		400
Thai Storage Battery NVDR		4,900		30
Thai Vegetable Oil NVDR		176,300		157
Thai Wah		163,000		45
Tipco Asphalt NVDR		36,100		24
Tisco Financial Group NVDR		77,900		174
				13,964
Turkey — 0.9%
Albaraka Turk Katilim Bankasi		44,267		16
Anadolu Cam Sanayii		327,928		334
Arcelik		29,206		216
Dogan Sirketler Grubu Holding*		1,398,951		294
Eregli Demir ve Celik Fabrikalari		504,929		1,012
Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret		20,606		66
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.		85,387		100
TAV Havalimanlari Holding		61,098		328
Torunlar Gayrimenkul Yatirim Ortakligi‡		412,027		576
Turkiye Garanti Bankasi		1,225,788		3,411
Turkiye Halk Bankasi		244,795		915
Turkiye Is Bankasi, Cl C		919,209		1,946
Turkiye Sise ve Cam Fabrikalari		260,723		341
Turkiye Vakiflar Bankasi TAO, Cl D		931,118		1,712
Ulker Biskuvi Sanayi		37,924		239
Yapi ve Kredi Bankasi		204,733		261
				11,767
United Arab Emirates — 0.1%
Aldar Properties PJSC (B)		979,657		614
National Central Cooling PJSC (B)		265,588		151
Union National Bank PJSC (B)		43,378		55
				820
United Kingdom — 15.5%
3i Group		113,613		1,336
888 Holdings		11,179		37
AA		30,247		90
Abcam		9,574		121
Aberdeen Asset Management		16,968		67
Acacia Mining		9,546		37
Admiral Group		29,503		770
Advanced Medical Solutions Group		14,358		54
Aggreko		274,039		3,285
Aldermore Group*		13,476		38
Allied Minds*		13,370		29

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

75

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Amec Foster Wheeler		47,946	$	292
Anglo American		325,457		4,341
Antofagasta		37,469		390
AO World*		14,060		21
Arrow Global Group		11,301		60
Ascential		14,647		62
Ashmore Group		18,501		85
Ashtead Group		9,936		206
ASOS*		2,645		198
Associated British Foods		6,927		265
Assura‡		95,907		80
AstraZeneca		24,883		1,664
Auto Trader Group (A)		50,929		252
AVEVA Group		4,004		101
Aviva		80,160		549
B&M European Value Retail		35,978		158
Babcock International Group		5,098		58
BAE Systems		179,876		1,484
Balfour Beatty		35,443		126
Bank of Ireland*		338,844		89
Barclays		1,314,511		3,471
Barratt Developments		40,315		295
BBA Aviation		51,421		206
Beazley		24,808		158
Bellway		5,939		230
Berendsen		26,764		429
Berkeley Group Holdings		2,595		109
BGEO Group		9,601		437
BHP Billiton		320,697		4,913
Big Yellow Group‡		8,604		89
Blue Prism Group*		1,802		18
Bodycote		9,250		91
boohoo.com*		36,244		110
Booker Group		84,376		205
Bovis Homes Group		6,642		83
BP		628,897		3,627
Brewin Dolphin Holdings		15,759		70
British American Tobacco		38,072		2,596
British Land‡		19,554		154
Britvic		14,606		132
BT Group, Cl A		166,969		640
BTG*		19,523		177
Bunzl		55,535		1,655
Burberry Group		8,567		185
Burford Capital		8,721		102
Cairn Energy*		30,803		69
Cairn Homes*		32,942		57

Description	Shares		Value (000)
Capita		94,328	$	850
Capital & Counties Properties		37,494		143
Card Factory		16,784		65
Carillion		22,382		54
Carnival		66,817		4,421
Centamin		54,789		110
Centrica		118,821		310
Chemring Group		18,662		45
Chesnara		9,794		49
Cineworld Group		10,477		96
Clinigen Group		5,771		65
Close Brothers Group		13,844		271
Cobham		1,517,904		2,562
Compass Group		410,934		8,671
ConvaTec Group* (A)		261,804		1,089
Conviviality		12,620		51
Costain Group		8,460		51
Crest Nicholson Holdings		14,974		102
CRH		3,314		118
Croda International		2,509		127
CVS Group		3,754		62
CYBG*		43,723		157
Daily Mail & General Trust, Cl A		60,393		525
Dairy Crest Group		9,139		71
Dart Group		5,936		48
DCC		10,368		944
De La Rue		6,666		58
Debenhams		88,129		50
Dechra Pharmaceuticals		2,743		61
Derwent London‡		5,027		174
Devro		59,294		159
Diageo		360,277		10,644
Dialog Semiconductor*		3,938		168
Dignity		2,731		88
Diploma		6,481		93
Direct Line Insurance Group		25,761		119
Dixons Carphone		19,548		72
Domino’s Pizza Group		28,040		107
Drax Group		22,981		97
DS Smith		45,110		278
Dunelm Group		6,591		52
easyJet		23,778		420
EI Group*		31,666		53
Electrocomponents		24,218		182
Elementis		23,287		89
EMIS Group		3,892		47
Empiric Student Property‡		25,834		38

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

76

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
EnQuest*		64,935	$	27
Equiniti Group (A)		21,540		70
Essentra		15,024		110
esure Group		16,869		66
Evraz*		20,328		55
Experian		146,845		3,013
Fenner		11,879		44
Ferrexpo		12,709		34
Fevertree Drinks		4,663		104
Firstgroup*		64,607		106
Fresnillo		4,392		85
G4S		272,234		1,157
Galliford Try		4,042		61
Genus		3,536		82
GKN		34,304		146
GlaxoSmithKline		96,540		2,056
Glencore		422,692		1,581
Global Ports Investments GDR*		117,622		412
Globaltrans Investment GDR		42,802		326
Go-Ahead Group		2,610		60
Grafton Group		11,482		105
Grainger		21,591		74
Great Portland Estates‡		15,439		120
Greencore Group		35,982		115
Greene King		15,072		132
Greggs		5,053		71
GVC Holdings*		52,433		517
Halfords Group		13,099		58
Halma		18,704		268
Hammerson‡		15,476		116
Hansteen Holdings‡		39,677		64
Hargreaves Lansdown		4,853		82
Hastings Group Holdings (A)		3,856		16
Hays		398,430		861
Hikma Pharmaceuticals		2,900		56
Hill & Smith Holdings		3,085		55
Hiscox		13,349		220
Hochschild Mining		14,664		52
HomeServe		105,234		1,008
Hon Hai Precision Industry GDR		143,541		1,105
Howden Joinery Group		31,002		164
HSBC Holdings		386,222		3,580
Hunting		9,101		58
Hurricane Energy*		49,594		21
Ibstock (A)		13,837		44
IG Group Holdings		80,240		594
Imagination Technologies Group*		16,218		32

Description	Shares		Value (000)
IMI		119,811	$	1,866
Imperial Brands		18,883		848
Inchcape		34,391		338
Indivior		35,915		146
Informa		91,781		800
Inmarsat		8,964		90
InterContinental Hotels Group		3,505		195
Intermediate Capital Group		14,710		159
International Personal Finance		102,303		224
Interserve		8,135		25
Intertek Group		38,406		2,109
Intu Properties‡		16,299		57
Investec		12,891		96
IQE*		25,916		28
ITE Group		20,409		41
ITV		476,746		1,126
IWG		36,599		154
J D Wetherspoon		4,480		57
J Sainsbury		32,057		105
Jackpotjoy*		4,714		42
JD Sports Fashion		18,108		83
John Laing Group (A)		23,351		92
John Menzies		5,495		50
John Wood Group		19,121		160
Johnson Matthey		3,872		146
JRP Group		29,845		49
Jupiter Fund Management		66,436		437
Just Eat*		71,666		611
KAZ Minerals*		14,136		95
KCOM Group		33,252		39
Keller Group		4,669		53
Kerry Group, Cl A		3,079		265
Kier Group		5,707		91
Kingfisher		43,803		172
Kingspan Group		7,335		252
Ladbrokes		54,484		81
Laird		18,829		34
Lancashire Holdings		10,620		96
Land Securities Group‡		15,734		208
Legal & General Group		115,410		388
Lloyds Banking Group		8,641,713		7,446
London Stock Exchange Group		6,124		291
LondonMetric Property‡		32,330		70
Lookers		25,594		38
Lukoil PJSC ADR		4,112		200
Man Group		81,556		164
Marks & Spencer Group		30,556		133

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

77

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Marshalls		12,482	$	61
Marston’s		43,067		68
McCarthy & Stone (A)		40,195		86
Mediclinic International		7,163		69
Meggitt		15,213		94
Melrose Industries		94,090		297
Merlin Entertainments (A)		167,752		1,050
Metro Bank*		3,230		151
Micro Focus International		11,407		337
Mitchells & Butlers		13,940		42
Mitie Group		18,791		68
Mondi		7,315		192
Moneysupermarket.com Group		112,350		518
Morgan Advanced Materials		14,553		54
N Brown Group		8,686		35
National Express Group		41,785		199
National Grid		92,713		1,149
NCC Group		12,432		27
NewRiver‡		13,140		60
NEX Group		97,706		795
Next		2,882		145
NMC Health		3,012		86
Non-Standard Finance (A)		105,590		101
Northgate		8,027		46
Nostrum Oil & Gas*		5,718		36
Ocado Group*		29,818		112
Old Mutual		95,939		242
OneSavings Bank		6,524		32
Ophir Energy*		49,122		55
Oxford Instruments		2,830		39
Paddy Power Betfair		6,628		706
Pagegroup		38,895		241
Paragon Group of		14,346		80
Paysafe Group*		23,378		156
Pearson		15,689		141
Pennon Group		20,250		218
Persimmon		6,151		180
Petra Diamonds*		33,528		48
Petrofac		10,289		59
Pets at Home Group		99,143		208
Phoenix Group Holdings		18,656		188
Playtech		31,601		392
Plus500		5,561		40
Polypipe Group		11,681		58
Premier Oil*		23,548		15
Primary Health Properties‡		35,567		53
Provident Financial		28,627		907

Description	Shares		Value (000)
Prudential		119,884	$	2,751
Purplebricks Group*		10,473		59
PZ Cussons		16,517		74
QinetiQ Group		31,716		112
Randgold Resources		1,876		166
Rank Group		13,718		42
Reckitt Benckiser Group		89,324		9,056
Redde		20,863		44
Redefine International‡		95,102		49
Redrow		12,446		89
RELX		78,894		1,706
Renewi		39,435		43
Renishaw		1,926		91
Rentokil Initial		94,574		337
Restaurant Group		12,049		51
Restore		8,060		48
Rightmove		36,281		2,008
Rio Tinto		91,935		3,882
Rolls-Royce Holdings		248,831		2,888
Rotork		70,461		216
Royal Bank of Scotland Group*		69,110		223
Royal Dutch Shell, Cl A		87,685		2,324
Royal Dutch Shell, Cl B		330,076		8,867
Royal Mail		17,639		97
RPC Group		20,913		205
RPS Group		14,495		49
RSA Insurance Group		20,364		163
Safestore Holdings‡		13,160		72
Saga		59,448		162
Sage Group		21,082		189
Samsung Electronics GDR		5,390		5,579
Savills		7,536		86
Scapa Group		9,593		59
Schroders		2,366		96
Segro‡		18,602		119
Senior		26,343		80
Serco Group *		411,220		615
Severn Trent		4,437		126
Shaftesbury‡		10,071		128
Shawbrook Group (A)		8,550		38
Shire		17,809		984
SIG		30,237		59
Sirius Minerals*		227,710		90
Sky		39,105		506
Smith & Nephew		25,386		438
Smiths Group		80,153		1,667
Softcat		2,643		14

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

78

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Sophos Group (A)		14,810	$	86
Sound Energy, Cl A*		34,244		34
South32		5,924		12
Spectris		22,729		747
Spirax-Sarco Engineering		3,777		263
Spire Healthcare Group (A)		17,536		74
Sports Direct International*		11,796		45
SSE		20,008		379
SSP Group		166,679		1,033
St. James’s Place		38,204		588
St. Modwen Properties		12,275		57
Stagecoach Group		125,771		305
Standard Chartered		140,613		1,423
Standard Life		38,615		201
Standard Life Investment Property Income Trust‡		21,212		25
State Bank of India GDR		44,900		1,908
Stobart Group		20,274		78
SuperGroup		3,232		63
Synthomer		13,541		86
TalkTalk Telecom Group		30,994		73
Tate & Lyle		8,685		75
Taylor Wimpey		65,411		150
Ted Baker		1,694		53
Telecom Plus		3,257		49
Tesco*		2,008,536		4,415
Thomas Cook Group		545,126		639
TP ICAP		27,380		167
Travis Perkins		253,536		4,805
Tritax Big Box‡		76,099		145
TUI		48,308		704
Tullow Oil*		70,259		138
UBM		21,146		190
UDG Healthcare		13,686		154
Ultra Electronics Holdings		4,154		111
Unilever		54,190		2,933
UNITE Group‡		12,958		110
United Utilities Group		13,624		154
Vectura Group*		38,165		56
Vedanta Resources		4,947		41
Vesuvius		12,505		86
Victrex		4,836		118
Virgin Money Holdings UK		14,963		52
Vodafone Group		636,939		1,806
Weir Group		146,989		3,314
WH Smith		36,140		806
Whitbread		3,581		185

Description	Shares		Value (000)
William Hill		31,834	$	105
WM Morrison Supermarkets		42,377		133
Workspace Group‡		7,356		85
Worldpay Group (A)		134,244		549
WPP		337,441		7,093
WS Atkins		4,503		122
X5 Retail Group GDR*		6,887		239
ZPG (A)		14,387		68
				204,205
United States — 1.4%
Consumer Discretionary — 0.5%
Delphi Automotive		14,770		1,295
Nord Anglia Education*		2,500		81
SodaStream International*		1,148		61
Yum China Holdings*		141,686		5,588
				7,025
Consumer Staples — 0.0%
Gruma, Cl B		27,136		355
Energy — 0.0%
VTTI Energy Partners		1,954		38
Health Care — 0.0%
Neuroderm*		1,060		32
Taro Pharmaceutical Industries*		309		34
				66
Industrials — 0.6%
Caesarstone*		1,622		57
Canadian National Railway		63,968		5,185
Copa Holdings, Cl A		18,300		2,141
Kornit Digital*		666		13
				7,396
Information Technology — 0.3%
CyberArk Software*		1,606		80
Genpact		9,021		251
InterXion Holding*		3,930		180
Ituran Location and Control		1,323		41
NXP Semiconductors*		8,159		893
Orbotech*		2,343		76
Wix.com*		1,502		105
Yandex, Cl A*		112,913		2,962
				4,588
				19,468
Total Common Stock (Cost $1,159,495) (000)				1,277,176

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

79

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
PREFERRED STOCK — 0.8%
Alpargatas		287,098	$	1,192
Banco Bradesco ADR		496,147		4,217
Banco do Estado do Rio Grande do Sul		82,700		325
Bayerische Motoren Werke		1,087		90
Centrais Eletricas Brasileiras		97,026		477
Cia Brasileira de Distribuicao*		12,565		247
Cia de Gas de Sao Paulo, Cl A		15,855		220
Cia Energetica de Minas Gerais		267,700		652
FUCHS PETROLUB		1,384		75
Henkel & KGaA		3,517		484
Itausa - Investimentos Itau		197,897		538
Metalurgica Gerdau*		225,600		340
Porsche Automobil Holding		2,994		168
Sartorius		1,797		173
Schaeffler		3,354		48
Sixt		529		26
Volkswagen		8,685		1,324
Total Preferred Stock (Cost $10,398) (000)				10,596
EXCHANGE TRADED FUND — 0.0%
P2P Global Investments		5,299		60
Total Exchange Traded Fund (Cost $52) (000)				60
	Number of Rights
RIGHTS — 0.0%
Airport City, Expires 7/7/2017*		292		1
KIWI Property Group, Expires 7/13/2017*		5,998		—
Link Administration Holdings, Cl R, Expires 7/14/2017*		7,144		7
Newriver, Expires 7/6/2017*		1,194		—
Repsol		22,573		—
Sacyr		18,619		1
Total Rights (Cost $–) (000)				9
SHORT-TERM INVESTMENT — 1.7%
State Street Institutional Treasury Money Market Fund, Cl Institutional, 0.830% (C)		22,798,728		22,799
Total Cash Equivalent (Cost $22,799) (000)				22,799
Total Investments — 99.2% (Cost $1,192,744) (000)			$	1,310,640

Percentages are based on net assets of $1,321,010 (000).

A list of the open futures contracts held by the Fund at June 30, 2017, is as follows (000):

Type of Contract	Number of Contracts Long (Short)		Expiration Date		Unrealized Depreciation
MSCI EAFE Index E-MINI		176		Sep-2017	$	(37	)

For the six-months ended June 30, 2017, the monthly average value of futures contracts held was $17,535 (000).

‡ Real Estate Investment Trust

* Non-income producing security.

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

(B) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of June 30, 2017, was $15,452 (000) and represented 1.17% of net assets.

(C) The rate reported is the 7-day effective yield as of June 30, 2017.

ADR — American Depositary Receipt

Cl — Class

EAFE —Europe, Asia and Far East

GDR — Global Depositary Receipt

MCSI — Morgan Stanley Capital International

NVDR — Non-Voting Depositary Receipt

The following is a list of the level of inputs used as of June 30, 2017, 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	$	41,174	$	141	$	—	$	41,315
Austria		2,632		58		—		2,690
Belgium		8,881		73		—		8,954
Brazil		13,620		—		—		13,620
Canada		30,144		—		—		30,144
Chile		2,850		—		—		2,850
China		19,613		—		—		19,613
Colombia		899		—		—		899
Czech Republic		312		—		—		312
Denmark		20,051		—		—		20,051
Egypt		—		74		—		74
Finland		11,469		—		—		11,469
France		87,045		42		—		87,087
Germany		77,553		—		—		77,553
Greece		3,509		—		—		3,509
Hong Kong		77,711		221		—		77,932
India		19,111		—		—		19,111
Indonesia		321		8,818		—		9,139
Ireland		8,367		—		—		8,367
Israel		3,919		2,202		—		6,121
Italy		20,422		—		—		20,422
Japan		200,332		1,358		—		201,690
Kenya		100		—		—		100
Luxembourg		2,043		—		—		2,043
Malaysia		5,555		—		—		5,555
Mexico		7,671		—		—		7,671
Netherlands		43,339		—		—		43,339
New Zealand		2,162		—		—		2,162

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

80

THE KP FUNDS June 30, 2017 (Unaudited)

KP International Equity Fund

Investments In Securities	Level 1			Level 2		Level 3			Total
Norway	$	9,363		$	—	$	—		$	9,363
Panama		26			—		—			26
Peru		307			—		—			307
Philippines		1,504			—		—			1,504
Poland		8,627			—		—			8,627
Portugal		846			—		—			846
Qatar		—			3,537		—			3,537
Russia		5,701			—		—			5,701
Singapore		29,734			137		—			29,871
South Africa		17,731			—		—			17,731
South Korea		57,685			—		—			57,685
Spain		23,700			14		—			23,715
Sweden		21,667			216		—			21,883
Switzerland		97,040			73		—			97,113
Taiwan		24,778			473		—			25,251
Thailand		13,964			—		—			13,964
Turkey		11,767			—		—			11,767
United Arab Emirates		—			820		—			820
United Kingdom		203,910			295		—			204,205
United States		19,468			—		—			19,468
Total Common Stock		1,258,624			18,552		—			1,277,176
Preferred Stock	$	10,570		$	26	$	—		$	10,596
Short-Term Investment		22,799			—		—			22,799
Rights		9			—		—			9
Exchange Traded Fund		60			—		—			60
Total Investments in Securities	$	1,292,063		$	18,578	$	—		$	1,310,640
Other Financial Instruments	Level 1			Level 2		Level 3			Total
Futures Contracts**
Unrealized Depreciation	$	(37	)	$	—	$	—		$	(37	)
Total Other Financial Instruments	$	(37	)	$	—	$	—		$	(37	)
								��

** 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 six-months ended June 30, 2017, there were transfers between Level 1 and Level 2 assets and liabilities. Changes in the classifications between Levels 1 and 2 occur when foreign equity securities are fair valued using other observable market based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded. Transfers, if any, between levels are considered to have occurred as of the end of the period.

For the six-months ended June 30, 2017, securities with a total value of $45,703 (000) transferred from Level 2 to Level 1 as a result of fair valuation of foreign securities. There were no other significant transfers between Level 1 and Level 2 assets for the six-months ended June 30, 2017.

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

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

81

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Face Amount (000)		Value (000)
CORPORATE OBLIGATIONS — 26.7%
Consumer Discretionary — 2.0%
21st Century Fox America
6.150%, 02/15/41	$	500	$	631
4.500%, 02/15/21		100		107
3.700%, 10/15/25		20		21
Amazon.com
4.800%, 12/05/34		300		345
American Honda Finance
2.450%, 09/24/20		100		101
1.700%, 02/22/19		25		25
Arcos Dorados Holdings
5.875%, 04/04/27 (A)		330		331
Atento Luxco
7.375%, 01/29/20 (A)		220		226
AutoZone
3.750%, 06/01/27		100		100
Bed Bath & Beyond
3.749%, 08/01/24		25		25
Block Financial
4.125%, 10/01/20		200		206
CBS
3.375%, 03/01/22		150		155	��
3.375%, 02/15/28		1,014		994
Charter Communications Operating
6.484%, 10/23/45		287		345
6.384%, 10/23/35		310		367
5.375%, 05/01/47 (A)		100		106
3.579%, 07/23/20		2,512		2,596
Cleveland Clinic Foundation
4.858%, 01/01/14		513		524
Comcast
4.250%, 01/15/33		500		533
3.375%, 02/15/25		125		129

Description	Face Amount (000)(1)		Value (000)
3.150%, 03/01/26		50	$	50
3.000%, 02/01/24		1,488		1,508
2.750%, 03/01/23		100		101
Council of Europe Development Bank
1.750%, 11/14/19		100		100
Delphi
4.150%, 03/15/24		40		42
Delphi Automotive
3.150%, 11/19/20		100		102
Diageo Investment
2.875%, 05/11/22		100		103
Discovery Communications
3.800%, 03/13/24		50		51
Dollar General
4.150%, 11/01/25		25		26
DR Horton
4.000%, 02/15/20		35		36
3.750%, 03/01/19		25		26
Expedia
4.500%, 08/15/24		100		105
Ford Motor
5.291%, 12/08/46		150		154
4.346%, 12/08/26		45		46
Ford Motor Credit
5.875%, 08/02/21		200		223
3.339%, 03/28/22		200		203
2.425%, 06/12/20		200		200
General Motors
6.750%, 04/01/46		250		297
General Motors Financial
4.300%, 07/13/25		100		102
4.000%, 01/15/25		100		100
4.000%, 10/06/26		50		50
3.700%, 05/09/23		100		102
3.150%, 06/30/22		2,586		2,590
3.100%, 01/15/19		100		101
2.350%, 10/04/19		50		50
Grupo Televisa
7.250%, 05/14/43 (MXN)		2,840		123
5.000%, 05/13/45		200		192
Home Depot
4.400%, 04/01/21		100		108
4.250%, 04/01/46		100		107
2.625%, 06/01/22		100		101
2.000%, 06/15/19		100		101
2.000%, 04/01/21		100		100
1.800%, 06/05/20		71		71
Latam Airlines Pass-Through Trust
4.200%, 11/15/27		547		542
Lear
5.250%, 01/15/25		45		48
Lowe’s
4.625%, 04/15/20		100		106
4.050%, 05/03/47		1,210		1,231

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

82

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
3.100%, 05/03/27	$	100	$	99
2.500%, 04/15/26		50		48
1.150%, 04/15/19		20		20
Macy’s Retail Holdings
3.625%, 06/01/24		100		92
Magna International
3.625%, 06/15/24		50		51
Marriott International
3.125%, 10/15/21		100		102
Mattel
2.350%, 05/06/19		100		100
McDonald’s
3.500%, 03/01/27		100		102
3.375%, 05/26/25		100		102
2.750%, 12/09/20		20		20
NBCUniversal Media
4.375%, 04/01/21		100		108
Newell Brands
5.500%, 04/01/46		888		1,069
4.000%, 12/01/24		50		52
3.150%, 04/01/21		150		154
NIKE
2.375%, 11/01/26		200		190
Nordstrom
4.000%, 03/15/27		30		29
Omnicom Group
3.600%, 04/15/26		100		101
O’Reilly Automotive
3.550%, 03/15/26		50		50
QVC
4.450%, 02/15/25		65		64
Scripps Networks Interactive
2.750%, 11/15/19		100		101
Starbucks
2.450%, 06/15/26		200		193
Target
4.000%, 07/01/42		200		198
Time Warner
4.875%, 03/15/20		100		107
4.750%, 03/29/21		100		107
3.600%, 07/15/25		100		100
2.100%, 06/01/19		100		100
Time Warner Cable
8.250%, 04/01/19		200		221
7.300%, 07/01/38		238		304
5.875%, 11/15/40		500		557
4.000%, 09/01/21		100		105
TJX
2.750%, 06/15/21		100		102
Toyota Motor Credit
4.250%, 01/11/21		100		107
2.750%, 05/17/21		100		102
2.250%, 10/18/23		50		49
2.100%, 01/17/19		150		151
1.550%, 07/13/18		100		100
1.550%, 10/18/19		4,450		4,430

Description	Face Amount (000)		Value (000)
USJ Acucar e Alcool
9.875%, 11/09/21 (A)	$	305	$	213
Viacom
4.375%, 03/15/43		216		192
Walt Disney
3.150%, 09/17/25		100		102
1.850%, 05/30/19		150		151
Wesleyan University
4.781%, 07/01/16		726		710
Whirlpool
4.000%, 03/01/24		60		64
Wyndham Worldwide
4.250%, 03/01/22		50		53
				28,337
Consumer Staples — 1.4%
Altria Group
9.250%, 08/06/19		200		230
5.375%, 01/31/44		100		120
Anheuser-Busch InBev Finance
4.900%, 02/01/46		1,889		2,132
3.650%, 02/01/26		350		360
2.650%, 02/01/21		215		218
Anheuser-Busch InBev Worldwide
7.750%, 01/15/19		100		109
5.375%, 01/15/20		100		108
4.950%, 01/15/42		500		564
4.439%, 10/06/48 (A)		100		106
2.500%, 07/15/22		100		100
Bunge Finance
3.250%, 08/15/26		120		115
Central American Bottling
5.750%, 01/31/27 (A)		195		206
Clorox
3.500%, 12/15/24		50		52
Coca-Cola
3.300%, 09/01/21		100		105
2.875%, 10/27/25		50		50
2.550%, 06/01/26		50		48
2.450%, 11/01/20		50		51
1.875%, 10/27/20		50		50
Coca-Cola Femsa
2.375%, 11/26/18		150		151
Colgate-Palmolive
1.750%, 03/15/19		100		100
Constellation Brands
6.000%, 05/01/22		20		23
4.250%, 05/01/23		50		53
3.875%, 11/15/19		10		10
3.750%, 05/01/21		15		16
Costco Wholesale
1.700%, 12/15/19		100		100
CVS Health
5.125%, 07/20/45		200		229
3.875%, 07/20/25		120		125

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

83

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
2.875%, 06/01/26	$	50	$	49
2.250%, 12/05/18		150		151
2.125%, 06/01/21		50		49
CVS Pass-Through Trust
4.704%, 01/10/36 (A)		710		751
4.163%, 08/11/36 (A)		1,179		1,195
General Mills
5.650%, 02/15/19		100		106
Hershey
2.300%, 08/15/26		50		47
Ingredion
3.200%, 10/01/26		50		49
JM Smucker
2.500%, 03/15/20		100		101
Kellogg
4.000%, 12/15/20		100		105
Kimberly-Clark
2.750%, 02/15/26		100		99
Kraft Heinz Foods
3.950%, 07/15/25		150		154
3.500%, 07/15/22		200		206
2.000%, 07/02/18		735		737
Kroger
3.300%, 01/15/21		100		102
2.650%, 10/15/26		200		185
Mead Johnson Nutrition
3.000%, 11/15/20		30		31
MHP
7.750%, 05/10/24 (A)		270		274
Molson Coors Brewing
4.200%, 07/15/46		200		197
1.450%, 07/15/19		25		25
Mondelez International
5.375%, 02/10/20		200		216
Mondelez International Holdings Netherlands
1.625%, 10/28/19 (A)		1,203		1,191
PepsiCo
4.000%, 05/02/47		919		940
3.600%, 03/01/24		100		106
3.450%, 10/06/46		200		188
2.850%, 02/24/26		100		100
2.375%, 10/06/26		200		190
Philip Morris International
4.500%, 03/26/20		100		107
3.375%, 08/11/25		100		102
1.875%, 02/25/21		200		198
Procter & Gamble
2.450%, 11/03/26		50		49
1.900%, 11/01/19		100		100
Reynolds American
8.125%, 06/23/19		100		111
4.450%, 06/12/25		150		161
2.300%, 06/12/18		3,807		3,824

Description	Face Amount (000)		Value (000)
Sysco
2.600%, 10/01/20	$	50	$	51
2.500%, 07/15/21		35		35
1.900%, 04/01/19		30		30
Tyson Foods
4.875%, 08/15/34		200		219
Unilever Capital
4.250%, 02/10/21		150		161
2.200%, 05/05/22		100		99
Walgreens Boots Alliance
3.450%, 06/01/26		165		165
2.700%, 11/18/19		100		101
Wal-Mart Stores
4.250%, 04/15/21		125		135
4.000%, 04/11/43		400		422
3.300%, 04/22/24		100		104
WhiteWave Foods
5.375%, 10/01/22		10		11
				19,260
Energy — 3.1%
Anadarko Petroleum
6.950%, 06/15/19		2,744		2,974
6.600%, 03/15/46		845		1,044
Apache
3.250%, 04/15/22		100		101
Baker Hughes
7.500%, 11/15/18		150		161
Boardwalk Pipelines
4.950%, 12/15/24		50		53
BP Capital Markets
3.561%, 11/01/21		200		209
2.237%, 05/10/19		100		101
2.112%, 09/16/21		100		99
1.676%, 05/03/19		20		20
Buckeye Partners
3.950%, 12/01/26		200		198
Canadian Natural Resources
5.900%, 02/01/18		495		506
4.950%, 06/01/47		707		718
3.850%, 06/01/27		100		99
2.950%, 01/15/23		1,318		1,308
Cenovus Energy
5.700%, 10/15/19		25		26
5.250%, 06/15/37 (A)		200		187
4.450%, 09/15/42		40		33
3.000%, 08/15/22		20		19
Chevron
2.954%, 05/16/26		50		49
2.566%, 05/16/23		50		50
2.193%, 11/15/19		90		91
2.100%, 05/16/21		50		50
1.961%, 03/03/20		50		50
1.561%, 05/16/19		50		50
Cimarex Energy
3.900%, 05/15/27		100		101

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

84

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
CNOOC Finance 2015 USA
3.500%, 05/05/25	$	200	$	200
ConocoPhillips
6.500%, 02/01/39		300		394
4.200%, 03/15/21		50		53
Devon Energy
5.600%, 07/15/41		339		352
3.250%, 05/15/22		100		99
Ecopetrol
7.375%, 09/18/43		200		215
5.875%, 09/18/23		100		109
Emera US Finance
4.750%, 06/15/46		200		211
Enable Midstream Partners
2.400%, 05/15/19		50		50
Enbridge
3.700%, 07/15/27		1,886		1,885
2.900%, 07/15/22		766		764
Enbridge Energy Partners
5.875%, 10/15/25		100		114
Encana
6.500%, 05/15/19		851		908
3.900%, 11/15/21		50		51
Energy Transfer
6.625%, 10/15/36		1,384		1,548
6.125%, 12/15/45		150		162
4.200%, 04/15/27		200		200
EnLink Midstream Partners
5.450%, 06/01/47		776		774
2.700%, 04/01/19		800		798
Enterprise Products Operating
3.700%, 02/15/26		250		255
3.350%, 03/15/23		100		103
2.850%, 04/15/21		30		30
EOG Resources
3.150%, 04/01/25		100		98
2.625%, 03/15/23		100		99
ExxonMobil
4.114%, 03/01/46		150		158
3.043%, 03/01/26		50		51
2.726%, 03/01/23		35		35
2.709%, 03/06/25		150		149
2.222%, 03/01/21		20		20
1.708%, 03/01/19		50		50
Fermaca Enterprises
6.375%, 03/30/38 (A)		188		201
Halliburton
3.500%, 08/01/23		100		103
Hess
4.300%, 04/01/27		200		195
Husky Energy
4.000%, 04/15/24		100		101
KazMunayGas National JSC
5.750%, 04/19/47 (A)		690		653

Description	Face Amount (000)		Value (000)
Kinder Morgan
5.550%, 06/01/45	$	300	$	318
3.050%, 12/01/19		50		51
Kinder Morgan Energy Partners
4.150%, 02/01/24		2,084		2,142
3.500%, 03/01/21		20		21
Magellan Midstream Partners
4.250%, 02/01/21		100		105
Marathon Petroleum
3.400%, 12/15/20		100		103
MPLX
5.200%, 03/01/47		543		559
4.875%, 06/01/25		490		520
4.125%, 03/01/27		65		65
4.000%, 02/15/25		25		25
Nabors Industries
5.100%, 09/15/23		100		94
National Oilwell Varco
2.600%, 12/01/22		100		97
Noble Energy
4.150%, 12/15/21		100		105
Occidental Petroleum
4.400%, 04/15/46		200		208
3.400%, 04/15/26		70		71
Odebrecht Drilling Norbe VIII
6.350%, 06/30/21 (A)		300		162
ONEOK Partners
3.375%, 10/01/22		100		101
Pertamina Persero
6.000%, 05/03/42 (A)		250		270
Petrobras Global Finance
7.375%, 01/17/27		330		349
6.125%, 01/17/22		20		21
4.375%, 05/20/23		1,065		1,004
Petroleos de Venezuela
9.000%, 11/17/21		660		322
8.500%, 10/27/20 (A)		245		177
6.000%, 11/15/26 (A)		835		309
5.375%, 04/12/27		795		286
Petroleos del Peru
5.625%, 06/19/47 (A)		220		222
Petroleos Mexicanos
8.000%, 05/03/19		250		274
6.875%, 08/04/26		50		55
6.750%, 09/21/47		938		947
6.500%, 06/02/41		350		348
6.375%, 02/04/21		50		54
6.375%, 01/23/45		190		185
5.625%, 01/23/46		1,019		903
5.500%, 02/04/19		30		31
5.500%, 01/21/21		2,224		2,333
5.500%, 06/27/44		160		142
4.875%, 01/24/22		620		639
4.625%, 09/21/23		200		202
3.500%, 07/23/20		100		101
3.500%, 01/30/23		455		436

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

85

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
Phillips 66
4.650%, 11/15/34		300	$	316
Phillips 66 Partners
3.605%, 02/15/25		25		25
Pioneer Natural Resources
3.450%, 01/15/21		100		103
Plains All American Pipeline
4.650%, 10/15/25		150		154
Regency Energy Partners
4.500%, 11/01/23		100		104
Sabine Pass Liquefaction
5.875%, 06/30/26		440		492
5.750%, 05/15/24		1,283		1,429
5.625%, 02/01/21		140		152
5.625%, 03/01/25		85		94
Shell International Finance
4.550%, 08/12/43		400		428
3.250%, 05/11/25		150		153
2.875%, 05/10/26		100		99
Sinopec Group Overseas Development
3.500%, 05/03/26 (A)		580		577
Spectra Energy Partners
3.500%, 03/15/25		100		99
State Oil of the Azerbaijan Republic
4.750%, 03/13/23		705		678
Statoil
3.950%, 05/15/43		200		196
3.700%, 03/01/24		100		105
2.450%, 01/17/23		125		123
Stoneway Capital
10.000%, 03/01/27 (A)		330		348
Suncor Energy
6.500%, 06/15/38		150		192
Sunoco Logistics Partners Operations
4.400%, 04/01/21		100		105
Total Capital Canada
2.750%, 07/15/23		100		101
Total Capital International
2.700%, 01/25/23		100		100
TransCanada PipeLines
4.875%, 01/15/26		100		112
4.625%, 03/01/34		300		329
Valero Energy
9.375%, 03/15/19		29		32
3.650%, 03/15/25		100		102
Western Gas Partners
2.600%, 08/15/18		100		100
Williams Partners
6.300%, 04/15/40		943		1,093
5.250%, 03/15/20		250		269
3.600%, 03/15/22		100		102
YPF
16.500%, 05/09/22 (ARS) (A)		6,000		361
				42,515

Description	Face Amount (000)		Value (000)
Financials — 8.2%
Aflac
3.625%, 06/15/23	$	100	$	105
African Development Bank
1.375%, 02/12/20		100		99
1.125%, 09/20/19		100		99
AIA Group
2.250%, 03/11/19 (A)		424		424
American Express Credit
2.700%, 03/03/22		100		101
2.375%, 05/26/20		100		101
2.250%, 05/05/21		100		100
2.200%, 03/03/20		100		100
1.875%, 05/03/19		1,848		1,848
American International Group
4.700%, 07/10/35		200		212
4.500%, 07/16/44		461		469
3.875%, 01/15/35		200		194
Ameriprise Financial
5.300%, 03/15/20		100		108
Andina de Fomento
4.375%, 06/15/22		100		108
Aon
5.000%, 09/30/20		100		108
Ares Capital
3.875%, 01/15/20		60		61
Asian Development Bank
2.000%, 01/22/25		100		98
1.750%, 03/21/19		100		100
1.750%, 06/08/21		200		199
1.625%, 08/26/20		100		99
1.625%, 03/16/21		200		198
1.375%, 01/15/19		100		100
1.000%, 08/16/19		100		99
Assurant
4.000%, 03/15/23		74		76
Australia & New Zealand Banking Group NY
2.625%, 05/19/22		250		250
Banco de Costa Rica
5.250%, 08/12/18 (A)		540		551
Banco Nacional de Costa Rica
5.875%, 04/25/21 (A)		210		220
4.875%, 11/01/18 (A)		550		559
Banco Santander
4.250%, 04/11/27		400		415
Bank of America
5.700%, 01/24/22		100		113
5.000%, 01/21/44		250		283
4.450%, 03/03/26		130		135
4.244%, 04/24/38 (B)		100		104
4.200%, 08/26/24		165		171
4.183%, 11/25/27		250		254
4.125%, 01/22/24		1,978		2,087
4.100%, 07/24/23		100		106
4.000%, 01/22/25		100		102

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

86

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
3.950%, 04/21/25		200	$	203
3.824%, 01/20/28 (B)		1,289		1,311
3.500%, 04/19/26		50		50
3.248%, 10/21/27		1,790		1,730
2.503%, 10/21/22		100		99
2.250%, 04/21/20		250		250
2.151%, 11/09/20		100		100
2.050%, 12/07/18		2,482		2,493
Bank of Georgia JSC
11.000%, 06/01/20 (GEL) (A)		1,370		575
Bank of Montreal
2.100%, 12/12/19		65		65
2.100%, 06/15/20		100		100
1.800%, 07/31/18		50		50
Bank of New York Mellon
3.550%, 09/23/21		100		104
3.000%, 02/24/25		100		100
2.500%, 04/15/21		100		101
2.450%, 11/27/20		50		50
2.450%, 08/17/26		50		48
Bank of Nova Scotia
2.800%, 07/21/21		100		101
2.700%, 03/07/22		3,490		3,512
2.450%, 03/22/21		50		50
1.950%, 01/15/19		50		50
1.650%, 06/14/19		50		50
Barclays
4.375%, 01/12/26		200		208
2.875%, 06/08/20		250		252
Barrick North America Finance
4.400%, 05/30/21		37		40
BB&T
2.750%, 04/01/22		200		203
2.450%, 01/15/20		100		101
Berkshire Hathaway
3.125%, 03/15/26		200		202
Berkshire Hathaway Finance
4.300%, 05/15/43		200		213
1.300%, 08/15/19		5,041		5,004
BGEO Group JSC
6.000%, 07/26/23 (A)		350		355
BlackRock
5.000%, 12/10/19		100		107
BNP Paribas
3.800%, 01/10/24 (A)		1,362		1,418
2.375%, 05/21/20		200		202
BOC Aviation
3.875%, 04/27/26 (A)		200		201
Brighthouse Financial
4.700%, 06/22/47 (A)		451		445
3.700%, 06/22/27 (A)		604		597
Canadian Imperial Bank of Commerce
1.600%, 09/06/19		50		50
Capital One
1.650%, 02/05/18		2,642		2,641

Description	Face Amount (000)(1)		Value (000)
Capital One Financial
3.750%, 07/28/26		100	$	98
3.750%, 03/09/27		1,471		1,466
3.200%, 02/05/25		50		49
3.050%, 03/09/22		150		151
2.500%, 05/12/20		1,723		1,731
2.450%, 04/24/19		100		100
CBOE Holdings
1.950%, 06/28/19		30		30
Charles Schwab
4.450%, 07/22/20		100		107
Chubb INA Holdings
3.350%, 05/15/24		100		104
Citibank
2.100%, 06/12/20		1,265		1,265
Citigroup
8.125%, 07/15/39		250		384
4.281%, 04/24/48 (B)		100		102
4.125%, 07/25/28		1,420		1,441
3.887%, 01/10/28 (B)		200		203
3.750%, 06/16/24		100		104
3.500%, 05/15/23		100		101
3.300%, 04/27/25		100		100
3.200%, 10/21/26		1,867		1,816
2.900%, 12/08/21		100		101
2.750%, 04/25/22		1,984		1,981
2.650%, 10/26/20		100		101
2.500%, 07/29/19		100		101
2.400%, 02/18/20		100		101
2.150%, 07/30/18		70		70
Citigroup Global Markets Holdings
24.750%, 03/03/21 (GHS) (A) (B)		1,060		278
24.750%, 03/03/21 (GHS) (A) (B)		1,000		262
18.217%, 01/25/18 (EGP) (A) (C)		11,800		586
17.192%, 03/08/18 (EGP) (A) (C)		8,200		397
Citizens Bank
2.200%, 05/26/20		250		250
Citizens Financial Group
2.375%, 07/28/21		30		30
CME Group
3.000%, 03/15/25		150		151
CNA Financial
5.875%, 08/15/20		100		110
Comerica
2.125%, 05/23/19		50		50
Cooperatieve Rabobank UA
3.375%, 05/21/25		250		258
2.250%, 01/14/20		250		251
Credit Suisse Group Funding Guernsey
4.875%, 05/15/45		250		275
3.125%, 12/10/20		250		255

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

87

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Credit Suisse New York
3.625%, 09/09/24	$	250	$	258
Deutsche Bank
3.700%, 05/30/24		85		85
2.950%, 08/20/20		100		101
Discover Bank
3.100%, 06/04/20		250		255
Discover Financial Services
4.100%, 02/09/27		40		40
European Bank for Reconstruction & Development
1.750%, 11/26/19		150		150
1.500%, 03/16/20		200		199
0.875%, 07/22/19		200		200
European Investment Bank
3.250%, 01/29/24		250		264
2.375%, 05/24/27		250		247
2.125%, 10/15/21		200		201
2.125%, 04/13/26		100		98
1.875%, 03/15/19		150		151
1.625%, 12/18/18		100		100
1.375%, 06/15/20		150		148
1.375%, 09/15/21		100		97
1.250%, 05/15/19		100		99
1.250%, 12/16/19		300		297
1.125%, 08/15/18		150		150
Export Credit Bank of Turkey
5.875%, 04/24/19 (A)		200		208
Fibria Overseas Finance
5.500%, 01/17/27		25		26
Fifth Third Bancorp
2.875%, 07/27/20		250		255
2.600%, 06/15/22		3,938		3,926
First Republic Bank
4.625%, 02/13/47		200		205
FMS Wertmanagement AoeR
1.375%, 06/08/21		200		196
FS Investment
4.250%, 01/15/20		30		31
Global Bank
4.500%, 10/20/21 (A)		590		604
Goldman Sachs Group
6.750%, 10/01/37		200		260
5.150%, 05/22/45		350		389
4.750%, 10/21/45		1,024		1,133
3.750%, 05/22/25		100		102
3.750%, 02/25/26		250		255
3.691%, 06/05/28 (B)		165		166
3.625%, 01/22/23		1,200		1,239
2.908%, 06/05/23 (B)		100		100
2.750%, 09/15/20		75		76
2.625%, 04/25/21		100		100
2.600%, 04/23/20		100		101
2.600%, 12/27/20		100		100
2.550%, 10/23/19		200		202
2.350%, 11/15/21		45		44
2.300%, 12/13/19		85		85

Description	Face Amount (000)		Value (000)
Hanover Insurance Group
4.500%, 04/15/26	$	100	$	104
HSBC Finance
6.676%, 01/15/21		100		113
HSBC Holdings
6.500%, 09/15/37		250		323
4.250%, 08/18/25		200		205
4.041%, 03/13/28 (B)		2,782		2,882
4.000%, 03/30/22		100		106
3.262%, 03/13/23 (B)		1,704		1,736
2.950%, 05/25/21		200		203
Hyundai Capital America
3.100%, 04/05/22 (A)		2,915		2,923
Industrial & Commercial Bank of China
2.905%, 11/13/20		250		252
Inter-American Development Bank
2.125%, 11/09/20		250		252
2.125%, 01/15/25		125		123
1.875%, 03/15/21		150		150
1.750%, 04/14/22		150		148
1.625%, 05/12/20		150		149
1.000%, 05/13/19		100		99
Intercontinental Exchange
4.000%, 10/15/23		150		162
International Bank for Reconstruction & Development
2.500%, 11/25/24		100		101
2.500%, 07/29/25		150		150
2.250%, 06/24/21		50		51
2.125%, 02/13/23		100		99
2.000%, 01/26/22		200		200
1.875%, 03/15/19		200		201
1.875%, 10/07/19		200		201
1.875%, 04/21/20		200		201
1.625%, 03/09/21		150		149
1.375%, 09/20/21		300		293
1.250%, 07/26/19		100		99
International Finance
1.625%, 07/16/20		100		100
1.250%, 07/16/18		100		100
1.125%, 07/20/21		100		96
Jefferies Group
6.875%, 04/15/21		100		114
JPMorgan Chase
5.600%, 07/15/41		250		310
4.350%, 08/15/21		250		268
4.260%, 02/22/48 (B)		692		724
3.625%, 05/13/24		100		103
3.625%, 12/01/27		2,021		2,000
3.540%, 05/01/28 (B)		200		201
3.300%, 04/01/26		100		99
3.220%, 03/01/25 (B)		160		160
3.200%, 06/15/26		100		99
3.125%, 01/23/25		150		149
2.776%, 04/25/23 (B)		75		75
2.750%, 06/23/20		300		305
2.700%, 05/18/23		100		99

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

88

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
2.550%, 10/29/20		180	$	182
2.400%, 06/07/21		50		50
JPMorgan Chase Bank
8.375%, 03/17/34 (IDR) (A)		3,000,000		242
Kazakhstan Temir Zholy Finance
6.375%, 10/06/20 (A)		930		999
KeyBank
2.400%, 06/09/22		250		249
KeyCorp
5.100%, 03/24/21		150		164
KFW
2.500%, 11/20/24		650		659
1.875%, 06/30/20		200		200
1.875%, 11/30/20		200		200
1.250%, 09/30/19		150		149
1.000%, 07/15/19		100		99
Landwirtschaftliche Rentenbank
1.750%, 04/15/19		100		100
Lazard Group
3.750%, 02/13/25		50		50
Liberty Mutual Group
4.850%, 08/01/44 (A)		770		826
Lima Metro Line 2 Finance
5.875%, 07/05/34 (A)		230		245
Lincoln National
3.625%, 12/12/26		100		100
Lloyds Banking Group
4.582%, 12/10/25		200		207
Loews
2.625%, 05/15/23		100		99
Marsh & McLennan
2.750%, 01/30/22		30		30
2.350%, 09/10/19		75		76
MetLife
6.400%, 12/15/36		300		346
3.600%, 04/10/24		100		105
3.600%, 11/13/25		50		52
Metropolitan Life Global Funding I
3.450%, 12/18/26 (A)		2,782		2,852
Mitsubishi UFJ Financial Group
3.850%, 03/01/26		200		209
Moody’s
2.750%, 07/15/19		100		101
Morgan Stanley
6.375%, 07/24/42		200		266
4.875%, 11/01/22		100		108
3.875%, 01/27/26		200		206
3.125%, 07/27/26		1,527		1,485
2.800%, 06/16/20		100		101
2.650%, 01/27/20		100		101
2.625%, 11/17/21		1,205		1,203
2.375%, 07/23/19		550		554
MUFG Americas Holdings
3.000%, 02/10/25		200		197

Description	Face Amount (000)(1)		Value (000)
Nasdaq
3.850%, 06/30/26		150	$	152
National Australia Bank
2.625%, 01/14/21		250		252
2.500%, 05/22/22		3,261		3,243
National Rural Utilities Cooperative Finance
10.375%, 11/01/18		150		167
2.700%, 02/15/23		100		100
National Savings Bank
8.875%, 09/18/18 (A)		690		728
Northern Trust
3.375%, 05/08/32 (B)		63		63
Oesterreichische Kontrollbank
1.875%, 01/20/21		150		150
Pelabuhan Indonesia III Persero
4.875%, 10/01/24 (A)		200		213
PNC Bank
2.400%, 10/18/19		250		252
1.450%, 07/29/19		250		248
Pricoa Global Funding I
1.900%, 09/21/18 (A)		736		737
Principal Financial Group
3.400%, 05/15/25		100		102
Private Export Funding
2.250%, 03/15/20		200		203
Progressive
4.125%, 04/15/47		100		104
Prudential Financial
4.600%, 05/15/44		200		219
Regions Financial
3.200%, 02/08/21		50		51
Royal Bank of Canada
2.150%, 03/15/19		200		201
2.125%, 03/02/20		2,157		2,161
2.000%, 12/10/18		50		50
1.875%, 02/05/20		250		249
1.625%, 04/15/19		150		149
Royal Bank of Scotland Group
3.498%, 05/15/23 (B)		200		201
S&P Global
4.000%, 06/15/25		100		105
Santander Holdings USA
2.700%, 05/24/19		50		50
2.650%, 04/17/20		100		100
Santander UK
2.375%, 03/16/20		100		101
Santander UK Group Holdings
3.125%, 01/08/21		100		102
Siemens Financieringsmaatschappij
3.125%, 03/16/24 (A)		1,520		1,544
Standard Chartered Bank
11.000%, 08/05/25 (LKR) (A)		79,000		497
10.750%, 03/03/21 (LKR) (A)		132,000		845
8.250%, 05/19/36 (IDR) (A)		13,160,000		1,059
7.610%, 05/13/30 (INR) (A) (B)		24,000		393

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

89

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Sumitomo Mitsui Financial Group
3.784%, 03/09/26	$	50	$	52
3.446%, 01/11/27		50		51
2.934%, 03/09/21		250		254
2.846%, 01/11/22		50		51
SunTrust Banks
2.900%, 03/03/21		50		51
2.700%, 01/27/22		150		150
2.500%, 05/01/19		50		51
Svensk Exportkredit
1.125%, 08/28/19		200		198
Synchrony Financial
4.500%, 07/23/25		100		103
3.000%, 08/15/19		100		101
TC Ziraat Bankasi
5.125%, 05/03/22 (A)		650		652
TD Ameritrade Holding
3.300%, 04/01/27		30		30
Toronto-Dominion Bank
2.125%, 07/02/19		100		100
2.125%, 04/07/21		50		50
1.950%, 04/02/20 (A)		473		471
1.800%, 07/13/21		100		98
Travelers
4.000%, 05/30/47		666		681
3.900%, 11/01/20		100		106
Turkiye Garanti Bankasi
6.125%, 05/24/27 (A) (B)		510		505
Turkiye Is Bankasi
7.000%, 06/29/28 (A) (B)		750		749
UBS
2.350%, 03/26/20		250		251
Unum Group
4.000%, 03/15/24		50		52
US Bancorp
2.375%, 07/22/26		250		236
1.950%, 11/15/18		100		100
Voya Financial
3.125%, 07/15/24		50		49
Wells Fargo
4.900%, 11/17/45		449		490
4.750%, 12/07/46		454		485
4.650%, 11/04/44		350		368
4.125%, 08/15/23		200		211
3.584%, 05/22/28 (B)		75		76
3.550%, 09/29/25		100		102
3.000%, 01/22/21		100		102
3.000%, 02/19/25		100		98
3.000%, 04/22/26		100		98
3.000%, 10/23/26		250		243
2.550%, 12/07/20		85		86
Wells Fargo Bank
2.150%, 12/06/19		250		251
Westpac Banking
2.700%, 08/19/26		100		96
2.600%, 11/23/20		150		152

Description	Face Amount (000)		Value (000)
2.250%, 01/17/19	$	100	$	100
2.000%, 08/19/21		50		49
1.600%, 08/19/19		100		99
Willis North America
3.600%, 05/15/24		50		51
XLIT
5.750%, 10/01/21		74		83
				114,602
Health Care — 2.6%
Abbott Laboratories
4.900%, 11/30/46		1,238		1,364
3.400%, 11/30/23		50		51
2.900%, 11/30/21		2,453		2,480
2.800%, 09/15/20		150		152
2.350%, 11/22/19		70		71
AbbVie
4.700%, 05/14/45		200		212
4.500%, 05/14/35		200		211
3.200%, 11/06/22		100		102
2.850%, 05/14/23		50		50
2.300%, 05/14/21		50		50
1.800%, 05/14/18		2,928		2,932
Aetna
2.800%, 06/15/23		25		25
2.750%, 11/15/22		150		150
Agilent Technologies
3.050%, 09/22/26		65		63
Allergan Funding SCS
4.550%, 03/15/35		300		320
3.800%, 03/15/25		190		196
3.450%, 03/15/22		3,588		3,699
AmerisourceBergen
3.400%, 05/15/24		100		103
Amgen
4.563%, 06/15/48		300		316
2.650%, 05/11/22		2,584		2,592
2.200%, 05/11/20		1,331		1,338
2.125%, 05/01/20		200		200
Anthem
3.300%, 01/15/23		200		204
AstraZeneca
2.375%, 11/16/20		150		151
2.375%, 06/12/22		100		100
1.950%, 09/18/19		100		100
Baxalta
3.600%, 06/23/22		100		104
Baxter International
2.600%, 08/15/26		100		95
Becton Dickinson
4.685%, 12/15/44		200		206
4.669%, 06/06/47		131		136
3.700%, 06/06/27		50		50
3.363%, 06/06/24		1,803		1,807
2.894%, 06/06/22		2,078		2,085
2.404%, 06/05/20		501		502

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

90

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Biogen
3.625%, 09/15/22	$	100	$	105
Boston Scientific
3.375%, 05/15/22		100		103
2.850%, 05/15/20		100		101
Bristol-Myers Squibb
2.000%, 08/01/22		100		98
Cardinal Health
3.200%, 03/15/23		100		102
3.079%, 06/15/24		150		150
Celgene
5.000%, 08/15/45		250		282
3.875%, 08/15/25		100		104
Cigna
4.000%, 02/15/22		100		106
CR Bard
3.000%, 05/15/26		50		50
Danaher
3.350%, 09/15/25		30		31
Eli Lilly
3.100%, 05/15/27		49		49
Express Scripts Holding
4.800%, 07/15/46		200		203
4.750%, 11/15/21		100		108
Gilead Sciences
4.600%, 09/01/35		400		429
2.950%, 03/01/27		1,269		1,232
2.500%, 09/01/23		35		34
2.350%, 02/01/20		20		20
1.950%, 03/01/22		15		15
1.850%, 09/04/18		20		20
GlaxoSmithKline Capital
2.850%, 05/08/22		100		102
2.800%, 03/18/23		125		127
Humana
4.950%, 10/01/44		200		225
Johnson & Johnson
3.625%, 03/03/37		150		157
2.450%, 12/05/21		100		102
2.450%, 03/01/26		200		195
Kaiser Foundation Hospitals
3.150%, 05/01/27		25		25
Laboratory Corp of America Holdings
2.625%, 02/01/20		100		101
McKesson
2.284%, 03/15/19		100		101
Medtronic
4.625%, 03/15/45		200		225
4.375%, 03/15/35		200		219
2.750%, 04/01/23		100		100
2.500%, 03/15/20		150		152
Merck
2.750%, 02/10/25		200		200
1.850%, 02/10/20		150		150

Description	Face Amount (000)		Value (000)
Millennium Health
0.000%, 04/16/21 (B) (C) (D)	$	7	$	1
Mylan
5.250%, 06/15/46		200		219
3.750%, 12/15/20		100		104
New York and Presbyterian Hospital
4.763%, 08/01/16		668		640
Novartis Capital
3.400%, 05/06/24		100		104
3.000%, 11/20/25		50		51
2.400%, 05/17/22		50		50
1.800%, 02/14/20		25		25
Novartis Securities Investment
5.125%, 02/10/19		100		105
Pfizer
5.200%, 08/12/20		100		110
4.000%, 12/15/36		250		264
3.000%, 06/15/23		100		103
Quest Diagnostics
2.500%, 03/30/20		150		151
Shire Acquisitions Investments Ireland
3.200%, 09/23/26		60		59
2.875%, 09/23/23		50		50
1.900%, 09/23/19		100		99
Stryker
3.500%, 03/15/26		25		26
3.375%, 11/01/25		50		51
2.000%, 03/08/19		30		30
Teva Pharmaceutical Finance Netherlands III
4.100%, 10/01/46		200		184
3.150%, 10/01/26		855		812
2.800%, 07/21/23		65		63
1.700%, 07/19/19		20		20
1.400%, 07/20/18		3,391		3,383
Thermo Fisher Scientific
3.600%, 08/15/21		100		104
2.950%, 09/19/26		30		29
UnitedHealth Group
4.625%, 07/15/35		200		225
4.250%, 04/15/47		100		107
3.750%, 07/15/25		50		53
2.875%, 03/15/22		100		102
2.300%, 12/15/19		50		50
1.900%, 07/16/18		60		60
Western Dental
7.500%, 11/01/18 ()		1,150		1,144
Zoetis
3.250%, 02/01/23		50		51
				36,369
Industrials — 2.4%
3M
1.625%, 06/15/19		100		100

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

91

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
AerCap Ireland Capital
4.625%, 10/30/20	$	225	$	239
4.500%, 05/15/21		3,028		3,212
3.750%, 05/15/19		175		180
Air Lease
3.375%, 01/15/19		150		153
2.125%, 01/15/20		50		50
American Airlines Pass-Through Trust
4.950%, 01/15/23		152		162
Boeing
2.350%, 10/30/21		150		151
2.125%, 03/01/22		50		50
Burlington Northern Santa Fe
4.900%, 04/01/44		200		234
3.750%, 04/01/24		200		212
3.050%, 03/15/22		100		103
Canadian National Railway
5.550%, 03/01/19		100		106
Canadian Pacific Railway
2.900%, 02/01/25		100		99
Caterpillar
3.900%, 05/27/21		50		53
3.400%, 05/15/24		100		104
Caterpillar Financial Services
2.450%, 09/06/18		150		152
2.400%, 06/06/22		1,967		1,962
1.350%, 05/18/19		200		198
Cintas No. 2
3.700%, 04/01/27		200		206
CSX
3.800%, 11/01/46		200		196
3.250%, 06/01/27		2,203		2,217
DP World
6.850%, 07/02/37 (A)		296		348
Embraer Netherlands Finance
5.400%, 02/01/27		65		68
Emerson Electric
2.625%, 02/15/23		100		101
FedEx
4.550%, 04/01/46		575		604
3.200%, 02/01/25		200		202
Fortive
3.150%, 06/15/26		150		150
GE Capital International Funding Unlimited
2.342%, 11/15/20		250		252
General Dynamics
2.250%, 11/15/22		100		99
General Electric
6.875%, 01/10/39		500		725
3.450%, 05/15/24		100		105
Georgian Oil and Gas JSC
6.750%, 04/26/21 (A)		200		209

Description	Face Amount (000)(1)		Value (000)
Georgian Railway
7.750%, 07/11/22 (A)		1,100	$	1,208
Honeywell International
4.250%, 03/01/21		125		134
2.500%, 11/01/26		150		144
Illinois Tool Works
1.950%, 03/01/19		100		101
Ingersoll-Rand Global Holding
4.250%, 06/15/23		100		108
John Deere Capital
3.350%, 06/12/24		100		103
2.800%, 03/04/21		100		102
2.800%, 03/06/23		50		51
2.650%, 06/24/24		1,139		1,131
1.950%, 06/22/20		998		1,001
Johnson Controls International
4.500%, 02/15/47		150		159
3.625%, 07/02/24 (E)		43		45
L3 Technologies
5.200%, 10/15/19		125		133
Lima Metro Line 2 Finance
5.875%, 07/05/34		200		213
Lockheed Martin
4.700%, 05/15/46		150		169
2.900%, 03/01/25		100		99
2.500%, 11/23/20		150		152
Masco
4.500%, 05/15/47		100		100
4.375%, 04/01/26		40		43
3.500%, 04/01/21		50		51
Norfolk Southern
3.250%, 12/01/21		100		103
3.150%, 06/01/27		25		25
2.900%, 06/15/26		35		35
Northrop Grumman
3.500%, 03/15/21		100		104
3.250%, 08/01/23		50		52
Owens Corning
4.200%, 12/01/24		100		105
PACCAR Financial
1.950%, 02/27/20		60		60
1.300%, 05/10/19		20		20
Parker-Hannifin
3.300%, 11/21/24		150		155
Pitney Bowes
3.875%, 05/15/22		50		50
Red de Carreteras de Occidente
9.000%, 06/10/28 (MXN) (A)		6,100		323
Rockwell Collins
3.200%, 03/15/24		3,049		3,091
Roper Technologies
2.050%, 10/01/18		100		100
Ryder System
2.800%, 03/01/22		30		30
2.550%, 06/01/19		95		96

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

92

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Southwest Airlines
2.750%, 11/06/19	$	50	$	51
Stanley Black & Decker
2.900%, 11/01/22		100		101
Textron
3.650%, 03/15/27		100		100
TTX
2.250%, 02/01/19 (A)		922		922
Union Pacific
4.000%, 04/15/47		1,063		1,090
3.799%, 10/01/51		200		196
3.646%, 02/15/24		100		106
United Airlines 2014-2 Class A Pass Through Trust
3.750%, 09/03/26		91		95
United Parcel Service
5.125%, 04/01/19		100		105
3.125%, 01/15/21		45		47
United Technologies
3.125%, 05/04/27		2,577		2,587
3.100%, 06/01/22		100		104
2.650%, 11/01/26		130		126
2.300%, 05/04/22		100		100
1.950%, 11/01/21		50		49
1.778%, 05/04/18 (E)		3,974		3,979
1.500%, 11/01/19		50		50
Vale
5.625%, 09/11/42		100		95
Verisk Analytics
4.000%, 06/15/25		50		52
Waste Management
3.500%, 05/15/24		100		104
				32,657
Information Technology — 1.6%
Activision Blizzard
3.400%, 09/15/26		50		50
Alphabet
3.375%, 02/25/24		100		105
Apple
4.650%, 02/23/46		300		336
4.500%, 02/23/36		350		393
3.850%, 08/04/46		1,169		1,168
3.450%, 05/06/24		100		104
3.200%, 05/11/27		712		720
3.000%, 06/20/27		25		25
2.850%, 05/11/24		2,294		2,305
2.500%, 02/09/22		50		51
2.250%, 02/23/21		50		50
2.150%, 02/09/22		250		249
1.700%, 02/22/19		20		20
1.550%, 08/04/21		50		49
Applied Materials
3.300%, 04/01/27		25		25
2.625%, 10/01/20		50		51

Description	Face Amount (000)		Value (000)
Arrow Electronics
3.500%, 04/01/22	$	100	$	102
Automatic Data Processing
2.250%, 09/15/20		50		51
Broadcom
3.875%, 01/15/27 (A)		100		103
3.625%, 01/15/24 (A)		100		102
3.000%, 01/15/22 (A)		100		101
2.375%, 01/15/20 (A)		100		100
Cisco Systems
4.950%, 02/15/19		100		105
4.450%, 01/15/20		200		213
3.625%, 03/04/24		100		106
3.500%, 06/15/25		50		52
2.950%, 02/28/26		50		50
2.500%, 09/20/26		100		96
1.850%, 09/20/21		100		99
Dell International
8.350%, 07/15/46 (A)		681		879
8.100%, 07/15/36 (A)		216		272
6.020%, 06/15/26 (A)		260		286
5.450%, 06/15/23 (A)		85		92
4.420%, 06/15/21 (A)		100		105
Fidelity National Information Services
5.000%, 10/15/25		100		112
Fiserv
2.700%, 06/01/20		100		101
Harris
5.054%, 04/27/45		100		112
2.700%, 04/27/20		35		36
Hewlett Packard Enterprise
4.900%, 10/15/25		100		105
2.850%, 10/05/18		100		101
HP
4.650%, 12/09/21		100		108
Intel
4.100%, 05/19/46		250		259
4.100%, 05/11/47		947		980
3.700%, 07/29/25		25		26
3.150%, 05/11/27		100		100
2.875%, 05/11/24		2,485		2,495
2.450%, 07/29/20		60		61
International Business Machines
4.000%, 06/20/42		150		150
3.450%, 02/19/26		50		51
3.375%, 08/01/23		200		208
2.250%, 02/19/21		50		50
Juniper Networks
4.500%, 03/15/24		50		53
Keysight Technologies
3.300%, 10/30/19		100		102
Lam Research
2.800%, 06/15/21		50		51
Mastercard
2.950%, 11/21/26		50		50

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

93

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Microsoft
4.250%, 02/06/47	$	1,339	$	1,450
4.100%, 02/06/37		200		215
3.450%, 08/08/36		300		300
3.300%, 02/06/27		60		62
3.125%, 11/03/25		100		102
2.875%, 02/06/24		35		36
2.400%, 08/08/26		100		96
1.850%, 02/06/20		100		100
1.625%, 12/06/18		150		150
Motorola Solutions
3.500%, 09/01/21		100		103
NetApp
3.375%, 06/15/21		50		51
Oracle
4.300%, 07/08/34		500		543
2.950%, 05/15/25		100		101
2.500%, 05/15/22		150		151
2.400%, 09/15/23		50		49
2.375%, 01/15/19		150		152
1.900%, 09/15/21		90		89
QUALCOMM
4.300%, 05/20/47		1,144		1,169
3.250%, 05/20/27		50		50
3.000%, 05/20/22		100		102
2.600%, 01/30/23		1,794		1,787
2.100%, 05/20/20		781		785
Seagate HDD Cayman
4.750%, 01/01/25		100		101
Telefonaktiebolaget LM Ericsson
4.125%, 05/15/22		50		51
Texas Instruments
2.750%, 03/12/21		75		77
Total System Services
4.800%, 04/01/26		100		109
Visa
4.300%, 12/14/45		150		164
3.150%, 12/14/25		200		203
2.800%, 12/14/22		100		102
Xilinx
2.125%, 03/15/19		50		50
				22,426
Materials — 1.0%
Agrium
6.125%, 01/15/41		150		182
Airgas
3.650%, 07/15/24		100		104
Barrick
5.250%, 04/01/42		150		171
4.100%, 05/01/23		32		34
BHP Billiton Finance USA
5.000%, 09/30/43		100		116
Braskem Finance
6.450%, 02/03/24		660		703

Description	Face Amount (000)		Value (000)
Celanese US Holdings
5.875%, 06/15/21	$	20	$	22
4.625%, 11/15/22		20		22
Dow Chemical
8.550%, 05/15/19		1,600		1,792
Ecolab
3.250%, 01/14/23		100		103
EI du Pont de Nemours
4.625%, 01/15/20		100		106
4.150%, 02/15/43		150		153
2.200%, 05/01/20		17		17
Goldcorp
3.700%, 03/15/23		50		52
International Paper
5.150%, 05/15/46		150		167
LyondellBasell Industries
5.000%, 04/15/19		200		209
Mexichem
5.875%, 09/17/44 (A)		690		691
Monsanto
4.700%, 07/15/64		200		201
Newmont Mining
3.500%, 03/15/22		100		103
Packaging Corp of America
3.650%, 09/15/24		100		102
Potash Corp of Saskatchewan
3.625%, 03/15/24		100		101
PPG Industries
2.300%, 11/15/19		100		101
Rio Tinto Finance USA
3.750%, 06/15/25		200		211
Sherwin-Williams
4.500%, 06/01/47		484		507
3.450%, 08/01/25		100		101
2.750%, 06/01/22		2,807		2,806
Southern Copper
5.875%, 04/23/45		150		160
3.875%, 04/23/25		30		31
Vale Overseas
6.875%, 11/21/36		859		921
5.875%, 06/10/21		413		443
4.375%, 01/11/22		250		255
VM Holding
5.375%, 05/04/27 (A)		590		596
Vulcan Materials
7.500%, 06/15/21		50		59
4.500%, 06/15/47		1,070		1,082
Westlake Chemical
5.000%, 08/15/46		642		678
3.600%, 08/15/26		100		99
WestRock RKT
4.450%, 03/01/19		100		104
				13,305

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

94

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Real Estate — 0.3%
Alexandria Real Estate Equities
2.750%, 01/15/20	$	50	$	50
American Tower
4.000%, 06/01/25		200		207
2.250%, 01/15/22		50		49
AvalonBay Communities
3.500%, 11/15/24		100		103
Boston Properties
3.850%, 02/01/23		100		105
3.700%, 11/15/18		100		102
3.650%, 02/01/26		150		152
Brixmor Operating Partnership
3.875%, 08/15/22		30		30
3.250%, 09/15/23		100		98
CBL & Associates
5.250%, 12/01/23		150		146
Crown Castle International
5.250%, 01/15/23		100		111
3.700%, 06/15/26		35		36
2.250%, 09/01/21		55		54
DDR
3.500%, 01/15/21		100		101
Digital Realty Trust
3.625%, 10/01/22		100		103
Duke Realty
3.750%, 12/01/24		100		103
EPR Properties
4.750%, 12/15/26		50		51
ERP Operating
4.625%, 12/15/21		120		130
Essex Portfolio
3.375%, 04/15/26		100		98
HCP
5.375%, 02/01/21		200		218
Healthcare Trust of America Holdings
3.750%, 07/01/27		100		99
Hospitality Properties Trust
5.250%, 02/15/26		100		106
5.000%, 08/15/22		100		107
Host Hotels & Resorts
3.750%, 10/15/23		100		102
Kimco Realty
3.200%, 05/01/21		50		51
Liberty Property
4.125%, 06/15/22		100		105
Mid-America Apartments
3.600%, 06/01/27		25		25
National Retail Properties
4.000%, 11/15/25		35		36
3.600%, 12/15/26		100		99
Omega Healthcare Investors
4.375%, 08/01/23		50		51

Description	Face Amount (000)		Value (000)
Realty Income
3.250%, 10/15/22	$	100	$	102
Regency Centers
3.600%, 02/01/27		30		30
Select Income
4.250%, 05/15/24		50		50
Senior Housing Properties Trust
3.250%, 05/01/19		150		151
Simon Property Group
3.375%, 10/01/24		125		127
3.300%, 01/15/26		100		100
2.200%, 02/01/19		150		151
UDR
4.000%, 10/01/25		50		52
Ventas Realty
4.250%, 03/01/22		100		105
3.750%, 05/01/24		50		51
2.700%, 04/01/20		100		101
VEREIT Operating Partnership
4.875%, 06/01/26		20		21
4.600%, 02/06/24		15		16
4.125%, 06/01/21		10		10
3.000%, 02/06/19		25		25
Vornado Realty
2.500%, 06/30/19		100		101
Welltower
5.250%, 01/15/22		100		110
Weyerhaeuser
4.625%, 09/15/23		100		109
WP Carey
4.600%, 04/01/24		50		52
				4,292
Telecommunication Services — 1.2%
America Movil
6.125%, 03/30/40		250		303
AT&T
5.250%, 03/01/37		1,907		2,032
5.150%, 03/15/42		191		195
4.350%, 06/15/45		600		557
4.300%, 12/15/42		585		543
4.125%, 02/17/26		200		205
3.800%, 03/01/24		200		205
3.600%, 02/17/23		4,072		4,168
2.625%, 12/01/22		125		122
2.450%, 06/30/20		250		251
Deutsche Telekom International Finance
6.750%, 08/20/18		100		105
2.225%, 01/17/20 (A)		1,009		1,011
Digicel
6.000%, 04/15/21 (A)		280		268
Orange
5.375%, 07/08/19		200		213
4.125%, 09/14/21		100		106

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

95

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
RELX Capital
3.125%, 10/15/22	$	100	$	100
Rogers Communications
6.800%, 08/15/18		50		53
2.900%, 11/15/26		50		48
Telefonica Emisiones
5.462%, 02/16/21		110		121
5.213%, 03/08/47		1,068		1,153
Thomson Reuters
3.350%, 05/15/26		100		100
Verizon Communications
5.250%, 03/16/37		532		572
5.150%, 09/15/23		200		222
4.862%, 08/21/46		750		750
4.400%, 11/01/34		400		397
4.272%, 01/15/36		1,428		1,378
3.650%, 09/14/18		150		153
2.946%, 03/15/22 (A)		102		103
2.625%, 08/15/26		135		124
Vodafone Group
4.375%, 02/19/43		300		297
2.500%, 09/26/22		100		99
				15,954
Utilities — 2.9%
Abengoa Transmision
6.875%, 04/30/43 (A)		249		272
AEP Transmission
3.100%, 12/01/26		150		150
American Water Capital
3.400%, 03/01/25		100		103
Arizona Public Service
4.500%, 04/01/42		200		219
3.150%, 05/15/25		50		50
Atmos Energy
3.000%, 06/15/27		65		65
Berkshire Hathaway Energy
3.750%, 11/15/23		100		105
Celeo Redes Operacion Chile
5.200%, 06/22/47 (A)		580		587
CenterPoint Energy Houston Electric
2.250%, 08/01/22		100		99
Cleco Corporate Holdings
3.743%, 05/01/26		100		100
CMS Energy
6.250%, 02/01/20		100		110
3.000%, 05/15/26		40		39
Comision Federal de Electricidad
4.875%, 01/15/24 (A)		215		227
4.750%, 02/23/27 (A)		200		206
Consolidated Edison of New York
3.875%, 06/15/47		100		101

Description	Face Amount (000)		Value (000)
Delmarva Power & Light
4.150%, 05/15/45	$	610	$	645
Dominion Energy
4.050%, 09/15/42		150		146
2.962%, 07/01/19		1,600		1,624
2.750%, 01/15/22		100		101
2.579%, 07/01/20		45		45
Dominion Energy Gas Holdings
2.500%, 12/15/19		1,300		1,309
DTE Energy
2.400%, 12/01/19		100		100
Duke Energy
3.750%, 09/01/46		350		332
Duke Energy Carolinas
5.300%, 02/15/40		300		368
2.950%, 12/01/26		50		50
Enel Generacion Chile
4.250%, 04/15/24		50		52
Energuate Trust
5.875%, 05/03/27 (A)		200		206
Entergy
4.000%, 07/15/22		50		53
Entergy Arkansas
3.500%, 04/01/26		100		103
Exelon
5.625%, 06/15/35		243		285
3.400%, 04/15/26		100		99
Exelon Generation
5.600%, 06/15/42		600		602
FirstEnergy
3.900%, 07/15/27		30		30
FirstEnergy Transmission
5.450%, 07/15/44 (A)		1,032		1,179
Fortis
3.055%, 10/04/26 (A)		2,351		2,269
2.100%, 10/04/21 (A)		1,027		1,006
Georgia Power
4.300%, 03/15/42		300		308
ITC Holdings
5.300%, 07/01/43		351		409
3.650%, 06/15/24		25		25
Jersey Central Power & Light
7.350%, 02/01/19		824		888
4.700%, 04/01/24 (A)		1,781		1,931
Kansas City Power & Light
4.200%, 06/15/47		385		392
3.650%, 08/15/25		100		102
Listrindo Capital
4.950%, 09/14/26 (A)		250		253
Metropolitan Edison
7.700%, 01/15/19		100		108
MidAmerican Energy
3.950%, 08/01/47		250		257
2.400%, 03/15/19		138		140

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

96

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
NextEra Energy Capital Holdings
3.550%, 05/01/27	$	100	$	102
2.700%, 09/15/19		1,439		1,457
2.056%, 09/01/17		3,343		3,344
NiSource Finance
4.375%, 05/15/47		100		103
Northern States Power
2.600%, 05/15/23		100		100
2.200%, 08/15/20		50		50
NSTAR Electric
2.375%, 10/15/22		100		99
Oncor Electric Delivery
7.000%, 09/01/22		100		120
ONE Gas
2.070%, 02/01/19		74		74
Pacific Gas & Electric
6.050%, 03/01/34		400		516
2.950%, 03/01/26		50		50
PPL Capital Funding
3.500%, 12/01/22		150		155
PPL Electric Utilities
3.950%, 06/01/47		477		491
Progress Energy
7.750%, 03/01/31		2,277		3,203
7.050%, 03/15/19		1,225		1,326
7.000%, 10/30/31		124		164
PSEG Power
3.000%, 06/15/21		50		51
Public Service Electric & Gas
2.300%, 09/15/18		100		101
Puget Energy
6.500%, 12/15/20		100		112
Sempra Energy
9.800%, 02/15/19		5,049		5,663
3.750%, 11/15/25		100		103
3.550%, 06/15/24		100		102
Southern
2.350%, 07/01/21		1,789		1,776
1.850%, 07/01/19		100		100
Southern California Edison
3.500%, 10/01/23		150		157
Southern Gas Capital
3.250%, 06/15/26		30		29
Southwestern Electric Power
2.750%, 10/01/26		50		48
State Grid Overseas Investment 2013
3.125%, 05/22/23 (A)		315		317
Union Electric
3.500%, 04/15/24		150		156
Virginia Electric & Power
4.000%, 11/15/46		789		813
3.500%, 03/15/27		100		103
3.100%, 05/15/25		100		101

Description	Face Amount (000)		Value (000)
WEC Energy Group
1.650%, 06/15/18	$	1,109	$	1,110
Xcel Energy
3.350%, 12/01/26		100		101
2.600%, 03/15/22		777		781
				40,928
Total Corporate Obligations (Cost $366,238) (000)				370,645
MORTGAGE-BACKED SECURITIES — 25.2%
Agency Mortgage-Backed Obligations — 23.8%
FHLMC
6.250%, 07/15/32		1,005		1,429
5.000%, 02/01/39		936		1,020
4.500%, 09/01/46-04/01/46		6,212		6,718
4.000%, 06/01/47-01/01/42		14,601		15,367
3.500%, 06/01/47-07/15/41		21,294		21,916
3.000%, 02/01/32-07/01/27		22,733		22,768
2.500%, 01/01/32-02/01/32		2,652		2,669
1.330%, 12/30/20		400		391
FHLMC, Ser 2010-3629, Cl CZ
5.000%, 01/15/40		277		303
FHLMC, Ser 2011-3954, Cl HU
4.000%, 05/15/29		100		102
FHLMC, Ser 2017-4664, Cl GA
3.500%, 09/15/43		1,630		1,691
FHLMC, Ser 2017-4673, Cl HA
3.500%, 11/15/43		1,547		1,599
FHLMC Multifamily Structured Pass Through Certificates, Ser K029, Cl A2
3.320%, 02/25/23 (B)		1,000		1,050
FHLMC Multifamily Structured Pass Through Certificates, Ser K055, Cl A2
2.673%, 03/25/26		400		397
FHLMC Multifamily Structured Pass Through Certificates, Ser K725, Cl A2
3.002%, 01/25/24		1,541		1,588
FHLMC Multifamily Structured Pass Through Certificates, Ser K726, Cl A2
2.905%, 04/25/24		1,471		1,503
FNMA
5.500%, 09/01/40-08/01/37		4,172		4,664
5.000%, 11/01/44-10/01/35		4,666		5,110
4.500%, 04/01/47-08/01/40		14,407		15,477
4.000%, 12/01/46-11/01/46		47,652		50,173
3.500%, 07/25/26-03/01/46		53,187		54,849
3.000%, 02/01/32-01/01/47		46,689		47,057
2.500%, 07/01/27-01/01/32		4,237		4,261
FNMA, Ser 2005-35, Cl DZ
5.000%, 04/25/35		234		255
FNMA, Ser 2010-114, Cl BA
4.000%, 07/25/39		33		33

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

97

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
FNMA, Ser 2015-M11, Cl A2
2.827%, 04/25/25 (B)	$	350	$	354
FNMA, Ser 2017-20, Cl PA
3.000%, 08/25/44		1,720		1,755
FNMA, Ser 2017-41, Cl MD
4.000%, 05/25/53		1,670		1,767
GNMA
5.000%, 11/20/46-09/20/46		1,438		1,553
4.500%, 04/20/47-07/15/39		4,596		4,886
4.000%, 04/20/47-07/01/39		16,725		17,606
3.500%, 05/20/47-01/20/47		22,902		23,732
3.000%, 04/20/47-06/20/47		16,976		17,156
				331,199
Non-Agency Mortgage-Backed Obligations — 1.4%
Alternative Loan Trust, Ser 2003-22CB, Cl 3A1
6.000%, 12/25/33		856		859
BAMLL Commercial Mortgage Securities Trust, Ser 2012-PARK, Cl A
2.959%, 12/10/30 (A)		1,171		1,192
Citigroup Commercial Mortgage Trust, Ser 2013-GC17, Cl A4
4.131%, 11/10/46		388		416
COMM Mortgage Trust, Ser 2013-CCRE9, Cl A4
4.238%, 07/10/45 (B)		690		747
COMM Mortgage Trust, Ser 2013-CR11, Cl A3
3.983%, 08/10/50		1,064		1,132
COMM Mortgage Trust, Ser 2013-CR8, Cl A5
3.612%, 06/10/46 (B)		90		94
COMM Mortgage Trust, Ser 2013-LC6, Cl A4
2.941%, 01/10/46		640		647
COMM Mortgage Trust, Ser 2015-DC1, Cl A5
3.350%, 02/10/48		1,000		1,015
COMM Mortgage Trust, Ser 2015-PC1, Cl A5
3.902%, 07/10/50		40		42
Commercial Mortgage Trust, Ser 2015-3BP, Cl A
3.178%, 02/10/35 (A)		13		13
Credit Suisse First Boston Mortgage Securities, Ser 2003-27, Cl 4A4
5.750%, 11/25/33		91		94
Credit Suisse First Boston Mortgage Securities, Ser 2004-AR2, Cl 5A1
3.380%, 03/25/34 (B)		66		67
CSAIL Commercial Mortgage Trust, Ser 2016-C7, Cl A5
3.502%, 11/15/49		614		626

Description	Face Amount (000)		Value (000)
CSMC Trust, Ser 2014-USA, Cl A2
3.953%, 09/15/37 (A)	$	308	$	318
GS Mortgage Securities II, Ser 2015-GC30, Cl A4
3.382%, 05/10/50		103		105
GS Mortgage Securities Trust, Ser 2012-SHOP, Cl A
2.933%, 06/05/31 (A)		1,155		1,175
GS Mortgage Securities Trust, Ser 2013-GC16, Cl A4
4.271%, 11/10/46		23		25
GS Mortgage Securities Trust, Ser 2013-GCJ12, Cl A4
3.135%, 06/10/46		229		234
GS Mortgage Securities Trust, Ser 2015-GC32, Cl A4
3.884%, 07/10/48		500		525
GSR Mortgage Loan Trust, Ser 2005-4F, Cl 6A1
6.500%, 02/25/35		40		40
HarborView Mortgage Loan Trust, Ser 2004-3, Cl 1A
3.089%, 05/19/34 (B)		53		53
JPMCC Commercial Mortgage Securities Trust, Ser 2017-JP5, Cl A2
3.240%, 03/15/50		400		414
JPMCC Commercial Mortgage Securities Trust, Ser 2017-JP5, Cl A5
3.723%, 03/15/50		395		414
JPMorgan Mortgage Trust, Ser 2003-A2, Cl 3A1
2.980%, 11/25/33 (B)		166		158
JPMorgan Mortgage Trust, Ser 2005-A1, Cl 6T1
3.415%, 02/25/35 (B)		232		230
JPMorgan Mortgage Trust, Ser 2005-A2, Cl 3A2
3.454%, 04/25/35 (B)		67		67
JPMorgan Mortgage Trust, Ser 2005-A3, Cl 4A1
3.089%, 06/25/35 (B)		134		135
MLCC Mortgage Investors, Ser 2006-2, Cl 2A
3.019%, 05/25/36 (B)		296		288
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C10, Cl A4
4.083%, 07/15/46 (B)		315		339
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C12, Cl A4
4.259%, 10/15/46 (B)		327		353

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

98

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C14, Cl A4
3.787%, 01/15/47	$	238	$	251
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C14, Cl A5
4.064%, 02/15/47		189		202
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C19, Cl AS
3.832%, 12/15/47		500		517
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C20, Cl A4
3.249%, 02/15/48		762		773
Morgan Stanley Capital I Trust, Ser 2014-CPT, Cl A
3.350%, 07/13/29 (A)		1,104		1,145
Structured Adjustable Rate Mortgage Loan Trust, Ser 2004-6, Cl 1A
3.229%, 06/25/34 (B)		288		285
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, Cl A4
3.540%, 05/15/48		1,000		1,030
Wells Fargo Commercial Mortgage Trust, Ser 2015-NXS3, Cl A4
3.617%, 09/15/57		96		99
Wells Fargo Commercial Mortgage Trust, Ser 2015-SG1, Cl A4
3.789%, 09/15/48		493		516
Wells Fargo Commercial Mortgage Trust, Ser 2016-LC25, Cl A4
3.640%, 12/15/59		426		442
Wells Fargo Commercial Mortgage Trust, Ser 2017-RB1, Cl A5
3.635%, 03/15/50		420		436
Wells Fargo Mortgage Backed Securities Trust, Ser 2003-J, Cl 1A9
3.074%, 10/25/33 (B)		690		695
Wells Fargo Mortgage Backed Securities Trust, Ser 2005-AR10, Cl 2A4
3.116%, 05/01/35 (B)		160		163
WFRBS Commercial Mortgage Trust, Ser 2013-C13, Cl A3
2.749%, 05/15/45		500		502
WFRBS Commercial Mortgage Trust, Ser 2013-C14, Cl A4
3.073%, 06/15/46		584		595

Description	Face Amount (000)		Value (000)
WFRBS Commercial Mortgage Trust, Ser 2013-C14, Cl A5
3.337%, 06/15/46	$	60	$	62
				19,530
Total Mortgage-Backed Securities (Cost $351,209) (000)				350,729
U.S. TREASURY OBLIGATIONS — 24.1%
U.S. Treasury Bonds
5.375%, 02/15/31		1,000		1,344
5.000%, 05/15/37		2,240		3,073
4.750%, 02/15/37		9,993		13,317
4.375%, 02/15/38		1,200		1,529
3.750%, 11/15/43		6,500		7,641
3.500%, 02/15/39		3,400		3,841
3.375%, 05/15/44		5,500		6,076
3.000%, 05/15/47-11/15/45		11,665		12,033
2.875%, 08/15/45-11/15/46		13,201		13,274
2.500%, 02/15/46-05/15/46		476		443
2.250%, 08/15/46		3,950		3,478
U.S. Treasury Notes
3.500%, 05/15/20		750		791
3.375%, 11/15/19		1,000		1,045
3.125%, 05/15/19		1,500		1,548
2.750%, 02/15/24		1,000		1,040
2.625%, 08/15/20-11/15/20		2,750		2,837
2.500%, 08/15/23-05/15/24		3,100		3,179
2.375%, 12/31/20-05/15/27		4,244		4,312
2.250%, 12/31/23-02/15/27		4,750		4,799
2.125%, 08/15/21-03/31/24		5,850		5,855
2.000%, 10/31/21-09/30/20		31,533		31,522
1.875%, 11/30/21-05/31/22		31,228		31,235
1.750%, 09/30/19-04/30/22		15,600		15,524
1.625%, 04/30/19-08/15/22		27,027		26,368
1.500%, 12/31/18-06/15/20		37,939		37,281
1.375%, 08/31/23-12/31/18		36,196		35,861
1.250%, 11/30/18-03/31/21		45,373		44,925
1.125%, 08/31/21-02/28/21		13,970		13,681
1.000%, 09/30/19		800		793
0.875%, 10/15/18-04/15/19		2,500		2,483
0.750%, 07/15/19-02/15/19		4,750		4,704
Total U.S. Treasury Obligations (Cost $336,051) (000)				335,832
LOAN PARTICIPATIONS — 9.8%
Aerospace/Defense — 0.1%
Sequa Mezzanine Holdings LLC, Initial Term Loan, 1st Lien
6.672%, 11/28/21		355		357
Transdigm Inc., Tranche D Term Loan
4.296%, 06/04/21		136		136
4.226%, 06/04/21		9		9
Transdigm Inc., Tranche F Term Loan, 1st Lien
4.226%, 06/09/23		495		494
				996

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

99

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Airlines — 0.1%
American Airlines, Inc., 2017 Replacement Term Loan, 1st Lien
3.220%, 06/26/20	$	742	$	741
Automotive — 0.1%
Dayco, Term Loan B
6.178%, 05/08/23		700		698
Horizon Global, 1st Lien
5.726%, 03/30/21		247		249
TI Group Automotive Systems, LLC, Initial US Term Loan, 1st Lien
3.976%, 06/30/22		619		618
				1,565
Building Materials — 0.4%
American Builders & Contractors Supply Co., Inc., Additional Term B-1 Loan, 1st Lien
3.726%, 10/31/23		620		621
C.H.I. Overhead Doors, Inc., Initial Term Loan, 1st Lien
4.476%, 07/29/22		496		493
Doosan Bobcat Inc., Tranche B Term Loan
3.929%, 05/18/24		750		752
Jeld-Wen, Inc., Term B-3 Loan, 1st Lien
4.296%, 07/01/22		953		960
PGT Inc., Initial Term Loan, 1st Lien
6.004%, 02/16/22		277		280
5.939%, 02/16/22		156		158
Priso Acquisition Corporation (aka PrimeSource Building Products), Term B Loan
4.226%, 05/08/22		741		739
SRS Distribution Inc., Term B-4 Loan, 1st Lien
4.546%, 08/25/22		784		786
Tecostar Holdings, Inc., Closing Date Term Loan,
4.922%, 04/18/24		304		303
				5,092
Chemicals — 0.8%
Allnex (Luxembourg) & Cy SCA. (f/k/a AI Chem & Cy SCA), Tranche B-2 Term Loan, 1st Lien
4.406%, 09/13/23		708		709
Allnex (Luxembourg) & Cy SCA. (f/k/a AI Chem & Cy SCA), Tranche B-3 Term Loan, 1st Lien
4.406%, 06/02/23		534		534

Description	Face Amount (000)		Value (000)
Ascend Performance Materials Operations LLC, Term B Loan
6.796%, 08/12/22	$	499	$	502
ASP Chromaflo Intermediate Holdings, Inc., Initial Tranche B-1 Term Loan, 1st Lien
5.226%, 11/20/23		405		406
ASP Chromaflo Intermediate Holdings, Inc., Initial Tranche B-2 Term Loan, 1st Lien
5.226%, 11/20/23		527		528
Berry Global Group, Inc. (fka Berry Plastics Corporation), Term K Loan
3.367%, 02/08/20		826		826
Ferro, Term Loan B, 1st Lien
3.726%, 02/08/24		998		1,000
Ineos US Finance LLC, New 2024 Dollar Term Loan
3.976%, 04/01/24		995		996
IPS Corp., 1st Lien
6.466%, 12/14/23		499		499
IPS Corp., 2nd Lien
10.716%, 12/14/24		250		248
Nexeo Solutions, LLC, Term B Loan
5.046%, 06/09/23		247		248
4.952%, 06/09/23		246		248
4.922%, 06/09/23		250		251
Ravago Holdings America, Inc., Term Loan, 1st Lien
4.480%, 07/13/23		668		669
Solenis International, LP (Solenis Holdings 3 LLC), Initial Dollar Term Loan, 1st Lien
4.452%, 07/31/21		483		484
Tricorbraun Holdings, Inc., Closing Date Term Loan
5.046%, 11/30/23		769		775
Tricorbraun Holdings, Inc., Delayed Draw Term Loan
3.750%, 11/29/17		77		78
Tronox Pigments (Netherlands) BV, New Term Loan, 1st Lien
4.796%, 03/19/20		744		748
Univar USA Inc., Term B-2 Loan, 1st Lien
3.976%, 07/01/22		714		715
US Farathane, LLC, 1st Lien
5.296%, 12/23/21		469		474
				10,938

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

100

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Computers & Electronics — 1.6%
Almonde Inc., Term Loan
8.459%, 04/28/25	$	208	$	211
Applied Systems, Inc., Initial Term Loan
4.546%, 01/25/21		745		749
Aricent Technologies (Aricent US Inc.), Initial Term Loan, 1st Lien
5.639%, 04/14/21		448		449
Aricent Technologies, Initial Term Loan, 1st Lien
9.639%, 04/14/22		550		551
Campaign Monitor Finance Pty Limited (CM Delaware LLC), Term Loan, 1st Lien
6.546%, 03/18/21		47		44
Cypress Intermediate Holdings III, Inc. (fka Jaguar Holding Inc.), Initial Term Loan, 1st Lien
4.230%, 04/29/24		189		188
Dell International L.L.C. (EMC Corporation), Term A-2 Loan, 1st Lien
3.480%, 09/07/21		741		741
Dell, Term Loan A1
3.230%, 12/31/18		356		356
Electrical Components International, Inc., Loan, 1st Lien
6.046%, 05/28/21		631		634
Epicor Software Corporation (fka Eagle Parent Inc.), Term B Loan, 1st Lien
4.980%, 06/01/22		748		748
EZE Software Group LLC, New Loan, 1st Lien
7.796%, 04/05/21		750		749
Go Daddy Operating Company LLC (GD Finance Co, Inc.), Initial Term Loan, 1st Lien
3.726%, 02/15/24		999		1,001
Infor (US), Inc. (fka Lawson Software Inc.), Tranche B-6 Term Loan
4.046%, 02/01/22		1,205		1,196
Kronos Incorporated, Incremental Term Loan, 1st Lien
5.170%, 11/01/23		1,292		1,300
5.037%, 11/01/23		3		3
MA Financeco, LLC, Tranche B-2 Term Loan
3.672%, 11/19/21		195		194

Description	Face Amount (000)		Value (000)
MACOM Technology Solutions Holdings, Inc. (fka M/A-COM Technology Solutions Holdings, Inc.), Initial Term Loan
0.000%, 05/07/24 (F)	$	833	$	829
MH Sub I, LLC (Micro Holding Corp.), Initial Term Loan, 1st Lien
8.726%, 07/08/22		242		245
4.976%, 07/08/21		619		623
Micro Focus, Term Loan B, 1st Lien
4.030%, 04/19/24		866		867
0.000%, 04/29/24 (F)		128		128
Microsemi Corporation, Closing Date Term B Loan, 2nd Lien
3.326%, 12/17/22		589		589
Oberthur Technologies Holding SAS (fka OT Frenchco 1 SAS), Facility B1 (USD), 1st Lien
5.046%, 01/10/24		241		243
Oberthur Technologies Holding SAS (fka OT Frenchco 1 SAS), Facility B2 (USD), 1st Lien
4.795%, 01/10/24		391		394
ON Semiconductor Corporation, 2017 New Replacement Term Loan
3.476%, 03/31/23		657		657
Onex Carestream Finance LP, Term Loan (First Lien 2013), 1st Lien
5.254%, 06/07/19		420		417
Project Alpha Intermediate Holding, Inc., Term Loan
4.670%, 04/19/24		339		337
Project Ruby Ultimate Parent Corp., Closing Date Term Loan
4.795%, 02/09/24		1,596		1,596
Solera, LLC (Solera Finance, Inc.), Dollar Term Loan, 1st Lien
4.476%, 03/03/23		746		748
Spectrum Brands, Inc., 2017 Refinanced USD Term Loan, 1st Lien
3.179%, 06/23/22		302		303
3.172%, 06/23/22		698		700
SS&C Technologies Holdings, Inc., 2017 Refinancing New Term B-1 Loan, 1st Lien
3.476%, 07/08/22		677		680

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

101

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
SS&C Technologies Holdings, Inc., 2017 Refinancing New Term B-2 Loan
3.476%, 07/08/22	$	41	$	41
Vertiv Group Corporation (fka Cortes NP Acquisition Corporation), Term B Loan, 1st Lien
5.226%, 11/30/23		1,226		1,230
Wall Street Systems Delaware Inc., Initial Term Loan, 1st Lien
4.540%, 04/09/21		975		979
Western Digital Corporation, U.S. Term B-2 Loan, 1st Lien
3.976%, 04/29/23		1,391		1,396
				22,116
Construction — 0.1%
Brand Energy & Infrastructure Services, Inc., Term Loan
5.464%, 06/14/24		1,000		998
Pike Corporation, Initial Term Loan
4.980%, 03/01/24		623		631
Pike Corporation, Initial Term Loan, 1st Lien
9.230%, 09/02/24		250		253
				1,882
Consumer Discretionary — 0.0%
Tecnnicolor 3/17 Term Loan, 1st Lien
3.952%, 12/06/23		499		499
Consumer Nondurables — 0.1%
Galleria Co., Term B Loan, 1st Lien
4.125%, 09/29/23		175		176
NM Z Parent Inc. (aka Zep Inc.), 2016 Term Loan
5.226%, 06/27/22		494		494
Prestige Brands, Inc., Term B-4 Loan, 1st Lien
3.976%, 01/26/24		337		338
				1,008
Consumer Services — 0.0%
Amaya Holdings BV, Initial Term B-3 Loan, 1st Lien
4.796%, 08/01/21		68		68
Educational Services — 0.0%
Education Management II LLC, Tranche A Term Loan, 1st Lien
5.655%, 07/02/20		129		58

Description	Face Amount (000)		Value (000)
Education Management II LLC, Tranche B Term Loan, 1st Lien
8.655%, 07/02/20	$	246	$	3
				61
Entertainment & Leisure — 0.2%
AMC Entertainment Holdings, Inc. (fka AMC Entertainment Inc.), Initial Term Loan, 1st Lien
3.459%, 12/15/22		718		719
Authentic Brands 5/14, 2nd Lien
9.796%, 05/27/22		500		504
BC Equity Ventures LLC, Term Loan
7.730%, 08/31/22		495		495
Intrawest Operations Group, LLC, Initial Term Loan, 1st Lien
4.726%, 12/09/20		750		751
				2,469
Financial Services — 0.4%
Altisource Solutions SARL, Term B Loan
4.726%, 12/09/20		432		372
Citco Funding LLC, 2017 Term Loan, 1st Lien
4.226%, 03/23/22		967		973
Duff & Phelps Investment Management Co., Initial Term Loan, 1st Lien
5.046%, 03/14/20		495		497
Focus Financial Partners, LLC, 1st Lien
0.000%, 05/22/24 (F)		488		491
Freedom Mortgage Corporation, Initial Term Loan
6.862%, 02/23/22		1,091		1,105
NXT Capital, Inc. (NXT Capital, LLC), Term Loan
5.730%, 11/23/22		64		65
5.550%, 11/23/22		429		435
5.500%, 11/23/22		255		259
Virtus Investment 2/17 Term Loan, 1st Lien
4.952%, 03/03/24		1,000		1,010
Walter Investment Management Corp., Tranche B Term Loan, 1st Lien
4.976%, 12/18/20		664		601
				5,808

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

102

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Food & Beverage — 0.2%
Constellation Brands, Term Loan B
5.000%, 11/15/23	$	499	$	501
JBS USA Lux SA (fka JBS USA, LLC), Initial Term Loan
5.750%, 10/30/22		705		687
US Foods, Inc. (aka U.S. Foodservice, Inc.), Initial Term Loan, 1st Lien
3.980%, 06/27/23		985		988
				2,176
Forest Products — 0.1%
LBM Borrower, 1st Lien
6.546%, 08/20/22		129		129
LBM, 1st Lien
6.452%, 08/20/22		313		314
ProAmpac PG Borrower LLC, Initial Term Loan
5.214%, 11/17/23		232		234
5.179%, 11/17/23		115		116
5.172%, 11/17/23		151		152
Prolamina, Term Loan, 2nd Lien
9.672%, 11/18/24		125		127
				1,072
Gaming & Hotels — 0.5%
ClubCorp Club Operations, Inc., 1st Lien
4.046%, 12/15/22		868		873
Gateway Casinos & Entertainment Limited, Initial Tranche B-1 Term Loan, 1st Lien
5.046%, 02/22/23		750		755
Hilton Worldwide Finance LLC, Series B-2 Term Loan, 1st Lien
3.216%, 10/25/23		983		985
Horseshoe Baltimore, Term Loan B, 1st Lien
0.000%, 06/28/24 (F)		509		507
Las Vegas Sands, LLC, Refinancing Term Loan (2017), 1st Lien
3.230%, 03/20/24		1,494		1,495
MGM Growth Properties Operating Partnership LP, Term B Loan, 1st Lien
3.476%, 04/25/23 (B)		267		267
Playa Funding, Term Loan B, 1st Lien
4.170%, 04/05/24		1,000		1,000
Plaze, Cove-Lite Term Loan
4.647%, 07/31/22		306		306
4.551%, 07/31/22		40		40
				6,228

Description	Face Amount (000)		Value (000)
Health Care — 0.6%
Alliance HealthCare Services, Inc., Initial Term Loan, 1st Lien
4.496%, 06/03/19	$	70	$	69
4.469%, 06/03/19		84		84
4.430%, 06/03/19		179		179
4.405%, 06/03/19		144		144
Alvogen Pharma US, Inc., Loan, 1st Lien
6.230%, 04/01/22		214		210
Amneal Pharmaceuticals LLC, Term Loan B, 1st Lien
4.796%, 11/01/19		556		559
CHS/Community Health Systems, Inc., Incremental 2019 Term G Loan
3.952%, 12/31/19		678		677
Endo Luxembourg Finance Company I SARL, Initial Term Loan, 1st Lien
5.500%, 04/12/24		893		901
Grifols Worldwide Operations Limited, Tranche B Term Loan, 1st Lien
5.500%, 01/31/25		—		—
3.436%, 01/31/25		1,054		1,055
HCA Inc., Tranche B-9 Term Loan
3.226%, 03/17/23		496		497
Iasis Healthcare LLC, Term B-3 Loan, 1st Lien
5.296%, 02/16/21		563		566
Prospect Medical Holdings, Inc., Term Loan
7.250%, 06/30/22		748		754
Surgery Center Holdings, Inc., Initial Term Loan, 1st Lien
4.830%, 11/03/20		494		495
Surgery Center Holdings, Inc., Term Loan B, 1st Lien
0.000%, 06/20/24 (F)		439		440
Valeant Pharmaceuticals International, Inc., Series F Tranche B Term Loan, 1st Lien
5.830%, 04/01/22		1,291		1,308
Zest Holdings, LLC
5.480%, 08/16/23		499		502
				8,440
Home Furnishings — 0.1%
Comfort Holding, LLC, Initial Term Loan
5.885%, 02/05/24		250		250

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

103

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Comfort Holding, LLC, Initial Term Loan, 2nd Lien
11.135%, 01/31/25	$	192	$	184
Serta Simmons Bedding, LLC, Initial Term Loan, 1st Lien
4.679%, 10/20/23		232		232
4.560%, 10/20/23		842		840
				1,506
Industrials — 0.0%
Douglas Dynamics, LLC
4.730%, 12/31/21		445		448
Information Technology — 0.1%
Ciena 1/17 Cove Lite
3.712%, 01/26/22		1,201		1,204
CPI International 3/17 2nd Lien
8.460%, 04/07/22		284		284
				1,488
Insurance — 0.4%
Acrisure, LLC, Term B Loan, 1st Lien
5.897%, 11/22/23		893		901
Alliant Holdings Intermediate, LLC, Initial Term Loan, 1st Lien
4.417%, 08/12/22		1,167		1,165
AmWINS Group, Inc., Term Loan, 1st Lien
3.976%, 01/25/24		709		709
3.836%, 01/25/24		286		285
NFP Corp., Term B Loan, 1st Lien
4.796%, 01/08/24		1,215		1,217
Sedgwick Claims Management Services, Inc., 2016 New Term Loan, 1st Lien
4.546%, 03/01/21		743		744
USI, Inc. (fka Compass Investors Inc.), Initial Term Loan
4.180%, 04/05/24		524		520
				5,541
Leasing — 0.2%
Avolon TLB Borrower 1 (US) LLC, Initial Term B-2 Loan, 1st Lien
3.962%, 03/21/22		1,392		1,400
BakerCorp International, Inc. (f/k/a B-Corp Holdings, Inc.), Refinanced Term Loan, 1st Lien
4.250%, 02/07/20		598		571

Description	Face Amount (000)		Value (000)
CH Hold Corp., Delayed Draw Term Loan, 1st Lien
3.000%, 02/01/24	$	45	$	45
CH Hold Corp., Initial Term Loan, 1st Lien
4.226%, 02/01/24		453		455
Fly Funding II SARL, Loan, 1st Lien
3.290%, 02/09/23		719		720
				3,191
Machinery — 0.1%
Blount International Inc., Initial Term Loan, 1st Lien
6.216%, 04/12/23		496		504
Safway Group Holding LLC, Initial Term Loan, 1st Lien
5.750%, 08/21/23		746		746
SiteOne Landscape Supply, LLC, 1st Lien
4.760%, 04/29/22		339		341
				1,591
Manufacturing — 0.0%
Misys Ltd., 1st Lien
4.736%, 04/26/24		314		313
4.736%, 06/13/24		114		114
PLZ Aeroscience Corp
4.695%, 07/31/22		154		154
				581
Materials — 0.2%
Avantor, Term Loan
5.230%, 03/11/24		748		749
Axalta Coating System Dutch Holdings, Term Loan
3.296%, 06/21/24		770		772
Element Material, Term Loan B, 1st Lien
0.000%, 06/05/24 (F)		500		505
Pregis 5/14 Cove-Lite Term Loan
4.796%, 05/20/21		745		744
				2,770
Media — 0.5%
Charter Communications Operating, LLC (aka CCO Safari LLC), Term H-1 Loan, 1st Lien
3.230%, 01/15/22		499		500
Charter Communications Operating, LLC (aka CCO Safari LLC), Term I-1 Loan
3.480%, 01/15/24		938		941

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

104

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
CSC Holdings, LLC (fka CSC Holdings, Inc.), March 2017 Refinancing Term Loan, 1st Lien
3.459%, 07/15/25	$	263	$	260
Entravision Communications Corp., Term Loan B, 1st Lien
3.796%, 05/31/02		272		271
Lions Gate Entertainment Corp., Term B Loan
4.051%, 12/08/23		588		591
Mission Broadcasting, Inc., Term B Loan
7.250%, 01/17/24		—		—
4.238%, 01/17/24		62		62
Nexstar Broadcasting, Inc., Term B Loan, 1st Lien
4.238%, 01/17/24		632		633
Numericable U.S. LLC, USD TLB-10 Term Loan, 1st Lien
4.422%, 01/14/25		1,244		1,242
Raycom TV Broadcasting LLC, Term Loan B, 1st Lien
4.226%, 08/04/21		982		982
Virgin Media Bristol LLC, I Facility, 1st Lien
3.909%, 01/31/25		1,000		1,000
Ziggo Secured Finance Partnership, Term Loan E Facility, 1st Lien
3.659%, 04/15/25		1,000		997
				7,479
Metals & Mining — 0.0%
Dynacast International LLC, Term B-1 Loan (First Lien)
4.546%, 01/28/22		499		500
Oil & Gas — 0.1%
Eagleclaw Midstream Services, Term Loan B, 1st Lien
5.466%, 06/07/24		222		219
Limetree Bay Terminals, LLC (Limetree Bay Financing, LLC), Advance, 1st Lien
6.159%, 02/15/24		748		756
Philadelphia Energy Solutions Refining and Marketing LLC, Initial Term Loan, 1st Lien
6.250%, 04/04/18		692		626
Seadrill Operating LP (Seadrill Partners Finco LLC), Initial Term Loan
4.296%, 02/21/21		362		230
				1,831

Description	Face Amount (000)		Value (000)
Personal Services — 0.1%
William Morris Endeavor Entertainment , LLC (IMG Worldwide Holdings, LLC), Term Loan, 1st Lien
4.480%, 05/06/21	$	1,241	$	1,245
				1,245
Professional & Business Services — 1.1%
Albany Molecular Research, Inc., Term Loan
5.906%, 07/16/21		495		496
Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC), Initial Term Loan, 1st Lien
5.046%, 07/28/22		1,000		1,002
Bright Horizons Family Solutions LLC (fka Bright Horizons Family Solutions, Inc.), Term B Loan, 1st Lien
3.476%, 11/07/23		970		974
Change Healthcare Holdings, Inc. (fka Emdeon Inc.), Closing Date Term Loan, 1st Lien
3.976%, 03/01/24		1,247		1,246
DH Publishing, L.P., 1st Lien
3.576%, 08/21/23		1,390		1,390
Evertec, Term Loan A
3.589%, 01/20/18		1,105		1,097
ExamWorks Group, Inc. (fka Gold Merger Co, Inc.), Term B-1 Loan
4.476%, 07/27/23		347		348
Explorer Holdings Inc., Initial Term Loan, 1st Lien
6.170%, 04/12/23		252		254
Flex Acquisition Company, Inc., Initial Term Loan, 1st Lien
4.398%, 12/29/23		998		1,000
Global Payments Inc., Term B-2 Loan, 1st Lien
3.226%, 04/21/23		386		387
Hamilton Lane Advisors LLC, Term Loan B, 1st Lien
4.726%, 07/01/22		16		16
Harbourvest Partners LP, New Term Loan, 1st Lien
3.655%, 02/04/21		340		339
Heartland Dental Care Inc., Term Loan B-1, 1st Lien
5.730%, 12/21/18		991		991
Infinity Acquisition LLC, Initial Term Loan, 1st Lien
4.546%, 08/06/21		1,153		1,143

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

105

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
iPayment, Inc., Initial Term Loan
7.158%, 04/06/23	$	518	$	522
Mergermarket USA, Inc., 2014 Incremental Term Loan, 1st Lien
4.726%, 02/04/21 (D)		250		250
Mergermarket USA, Inc., Initial Term Loan
7.584%, 02/04/22		750		748
Sai Global Term Loan B, 1st Lien
5.647%, 12/08/23		222		225
Sai Global, Term Loan B, 1st Lien
5.677%, 12/08/23		276		279
Team Health Holdings, Inc., Initial Term Loan, 1st Lien
3.976%, 02/06/24		998		989
Tempo Acquisition, LLC, Initial Term Loan
4.060%, 05/01/24		1,000		1,002
West Corporation, Refinanced Term B-12 Loan, 1st Lien
3.796%, 06/17/23		259		258
3.726%, 06/17/23		484		484
				15,440
Real Estate — 0.2%
Capital Automotive LP, Initial Tranche B Term Loan, 1st Lien
7.220%, 03/21/25		233		237
DTZ U.S. Borrower, LLC (DTZ AUS Holdco PTY Limited), 2015-1 Additional Term Loan
4.546%, 11/04/21		59		58
4.452%, 11/04/21		856		855
4.422%, 11/04/21		386		385
iStar Inc., Initial Term Loan, 1st Lien
4.964%, 07/01/20		250		251
4.836%, 07/01/20		246		248
RE/MAX, LLC (fka RE/MAX International, LLC), Term Loan, 1st Lien
4.046%, 12/15/23		496		497
RHP Hotel Properties, LP, Tranche B Term Loan
3.440%, 04/19/24		750		751
				3,282
Retail Food & Drug — 0.1%
BJ’s Wholesale Club, Inc., Tranche B Term Loan
4.968%, 02/03/24		561		543

Description	Face Amount (000)		Value (000)
Smart & Final Inc., Initial Term Loan, 1st Lien
4.726%, 11/15/22	$	155	$	149
Smart & Final Stores LLC, Term Loan, 1st Lien
4.796%, 11/15/22		214		204
Trugreen Limited Partnership, Initial Term Loan, 1st Lien
6.627%, 04/07/23		495		499
				1,395
Retailing — 0.2%
1011778 B.C. Unlimited Liability Company (New Red Finance, Inc.) (aka Burger King/Tim Hortons), Term B-3 Loan
3.546%, 02/16/24		555		554
3.476%, 02/16/24		823		821
HD Supply, Inc., Term B-2 Loan, 2nd Lien
4.046%, 10/17/23		746		750
Landry’s Inc. (fka Landry’s Restaurants, Inc.), B Term Loan, 1st Lien
3.980%, 10/04/23		161		160
3.968%, 10/04/23		6		6
3.826%, 10/04/23		107		106
				2,397
Securities & Trusts — 0.1%
RPI Finance Trust, Initial Term Loan B-6
3.296%, 03/27/23		748		750
Shipping & Ship Building — 0.2%
AI Mistral Holdco Limited, Initial Term Loan, 1st Lien
4.226%, 01/17/24		748		745
Navios Maritime Partners LP (Navios Partners Finance (US) Inc.), Initial Term Loan
6.250%, 09/14/20		988		983
OSG Bulk Ships, Inc., Initial Term Loan, 1st Lien
6.790%, 05/30/22		750		739
5.430%, 08/05/19		400		379
				2,846
Steel — 0.1%
Zekelman Industries, Inc. (fka JMC Steel Group, Inc.), Term Loan
4.789%, 06/14/21		840		844
Telecommunications — 0.7%
Centurylink, Term Loan B
1.375%, 01/31/25		1,250		1,235

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

106

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
Digicel, 1st Lien
4.940%, 05/10/24		360	$	362
DigitalGlobe, Inc., Term Loan
3.976%, 01/15/24		597		597
Flint Acquisition Company, Inc 12/29/2023 Lien 1
4.153%, 09/07/21		748		738
4.057%, 09/07/21		2		2
Greeneden U.S. Holdings I, LLC, Tranche B-1 Dollar Term Loan, 1st Lien
5.296%, 12/01/23		1,180		1,183
LTS Buyer LLC (Sidera Networks, Inc.), Term B Loan, 1st Lien
4.546%, 04/13/20		490		491
Radiate Holdco, LLC, Closing Date Term Loan, 1st Lien
4.226%, 02/01/24		998		982
SBA Senior Finance II LLC, Incremental Tranche B-1 Term Loan, 2nd Lien
3.480%, 03/24/21		729		730
Sprint Communications, Inc., Initial Term Loan, 1st Lien
3.750%, 02/02/24		1,298		1,298
Syniverse Holdings, Inc., Tranche B Term Loan, 1st Lien
4.296%, 04/23/19		390		364
Telenet Financing USD LLC, Term Loan AI Facility
3.909%, 06/30/25		828		828
0.000%, 06/30/25 (F)		202		202
Zayo Group LLC (Zayo Capital, Inc.), 2017 Incremental Refinancing B-2 Term Loan, 1st Lien
3.716%, 01/19/24		1,136		1,136
				10,148
Transportation — 0.0%
XPO Logistics, Inc., Refinanced Term Loan, 1st Lien
3.405%, 11/01/21		480		481
Total Loan Participations (Cost $136,926) (000)				136,913
SOVEREIGN DEBT — 8.9%
1MDB Global Investments
4.400%, 03/09/23		2,000		1,847
Argentine Bonos del Tesoro
18.200%, 10/03/21 (ARS)		18,148		1,156
Argentine Republic Government International Bond
8.280%, 12/31/33		1,625		1,795
7.500%, 04/22/26		1,160		1,250

Description	Face Amount (000)(1)		Value (000)
7.125%, 07/06/36 (A)		560	$	556
6.875%, 04/22/21		195		209
5.625%, 01/26/22		750		768
2.500%, 03/31/19 (E)		1,519		993
Armenia International Bond
6.000%, 09/30/20 (A)		1,236		1,295
Azerbaijan Government International Bond
4.750%, 03/18/24 (A)		1,820		1,823
Banco Nacional de Desenvolvimento Economico e Social
5.750%, 09/26/23 (A)		615		650
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/21 (BRL)		1,230		371
10.000%, 01/01/23 (BRL)		2,170		645
Brazilian Government International Bond
6.000%, 04/07/26		1,090		1,176
5.625%, 01/07/41		370		356
4.875%, 01/22/21		190		199
4.250%, 01/07/25		1,105		1,086
2.625%, 01/05/23		1,295		1,199
Canada Government International Bond
1.625%, 02/27/19		100		100
Chile Government International Bond
3.860%, 06/21/47		1,243		1,246
3.125%, 01/21/26		107		109
Colombia Government International Bond
7.375%, 03/18/19		100		109
7.375%, 09/18/37		695		893
6.125%, 01/18/41		600		692
5.000%, 06/15/45		1,468		1,477
4.500%, 01/28/26		340		362
4.375%, 07/12/21		200		213
4.000%, 02/26/24		970		1,007
3.875%, 04/25/27		370		373
Costa Rica Government International Bond
7.158%, 03/12/45 (A)		1,400		1,470
7.000%, 04/04/44 (A)		1,030		1,071
Croatia Government International Bond
6.375%, 03/24/21 (A)		860		956
Dominican Republic International Bond
7.500%, 05/06/21 (A)		657		726
7.450%, 04/30/44 (A)		915		1,044
6.875%, 01/29/26 (A)		765		854
6.850%, 01/27/45 (A)		250		266
6.600%, 01/28/24 (A)		290		319
5.950%, 01/25/27 (A)		560		585
5.500%, 01/27/25 (A)		365		377

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

107

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Ecuador Government International Bond
10.750%, 03/28/22 (A)	$	790	$	843
9.650%, 12/13/26 (A)		560		559
8.750%, 06/02/23 (A)		440		434
7.950%, 06/20/24 (A)		1,190		1,113
Egypt Government International Bond
8.500%, 01/31/47 (A)		500		539
7.500%, 01/31/27 (A)		660		701
6.125%, 01/31/22 (A)		590		603
5.875%, 06/11/25 (A)		530		518
El Salvador Government International Bond
8.625%, 02/28/29 (A)		880		914
7.650%, 06/15/35 (A)		1,165		1,089
7.375%, 12/01/19 (A)		215		218
6.375%, 01/18/27 (A)		150		135
5.875%, 01/30/25 (A)		505		453
Export Development Canada
2.000%, 05/17/22		200		200
Export-Import Bank of Korea
2.875%, 01/21/25		200		197
Georgia Government International Bond
6.875%, 04/12/21 (A)		1,060		1,179
Ghana Government International Bond
10.750%, 10/14/30 (A)		970		1,201
9.250%, 09/15/22 (A)		490		528
7.875%, 08/07/23 (A)		1,010		1,030
Hashemite Kingdom of Jordan Government AID Bond
2.503%, 10/30/20		200		205
Honduras Government International Bond
8.750%, 12/16/20 (A)		1,180		1,340
7.500%, 03/15/24 (A)		200		221
6.250%, 01/19/27 (A)		330		341
Hungary Government International Bond
5.750%, 11/22/23		830		949
5.375%, 03/25/24		1,390		1,565
Indonesia Government International Bond
8.500%, 10/12/35 (A)		1,470		2,116
5.875%, 01/15/24 (A)		860		980
5.250%, 01/17/42 (A)		400		432
5.250%, 01/08/47 (A)		280		305
4.125%, 01/15/25 (A)		360		371
3.700%, 01/08/22 (A)		210		216
Israel Government International Bond
3.150%, 06/30/23		200		206
Ivory Coast Government International Bond
6.125%, 06/15/33 (A)		810		777
5.750%, 12/31/32 (A)		572		549
5.375%, 07/23/24 (A)		450		439

Description	Face Amount (000)(1)		Value (000)
Jamaica Government International Bond
8.000%, 03/15/39		250	$	295
Japan Bank for International Cooperation
2.500%, 06/01/22		200		201
2.375%, 04/20/26		200		194
2.250%, 11/04/26		200		191
Jordan Government International Bond
5.750%, 01/31/27 (A)		370		368
Kazakhstan Government International Bond
6.500%, 07/21/45 (A)		540		639
Kenya Government International Bond
5.875%, 06/24/19 (A)		848		870
Korea Development Bank
2.500%, 01/13/21		200		199
Korea International Bond
7.125%, 04/16/19		100		109
2.750%, 01/19/27		200		196
Kreditanstalt fuer Wiederaufbau
2.125%, 03/07/22		150		151
1.750%, 03/31/20		500		500
1.625%, 05/29/20		250		249
Kuwait International Government Bond
2.750%, 03/20/22 (A)		696		698
Lebanon Government International Bond
6.750%, 11/29/27		215		215
6.650%, 11/03/28		160		157
6.650%, 02/26/30		495		486
6.600%, 11/27/26		450		450
6.375%, 03/09/20		215		219
6.200%, 02/26/25		390		382
6.100%, 10/04/22		355		355
6.000%, 01/27/23		505		502
5.450%, 11/28/19		530		532
5.150%, 11/12/18		215		216
Malaysia Government Bond
4.254%, 05/31/35 (MYR)		3,650		824
3.844%, 04/15/33 (MYR)		2,510		546
Mexico Government International Bond
6.050%, 01/11/40		160		188
5.550%, 01/21/45		783		877
4.350%, 01/15/47		1,369		1,286
4.150%, 03/28/27		510		528
4.125%, 01/21/26		200		208
Mongolia Government International Bond
10.875%, 04/06/21 (A)		1,410		1,608
8.750%, 03/09/24 (A)		200		219
5.125%, 12/05/22 (A)		1,935		1,815

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

108

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
Nigeria Government International Bond
7.875%, 02/16/32 (A)		720	$	781
6.750%, 01/28/21 (A)		710		753
Oman Government International Bond
6.500%, 03/08/47 (A)		660		674
5.375%, 03/08/27 (A)		1,010		1,033
4.750%, 06/15/26 (A)		465		457
3.875%, 03/08/22 (A)		300		299
3.625%, 06/15/21 (A)		200		199
Oman Sovereign Sukuk SAOC
4.397%, 06/01/24 (A)		620		613
Panama Government International Bond
9.375%, 04/01/29		455		671
6.700%, 01/26/36		1,265		1,629
5.200%, 01/30/20		100		108
4.500%, 05/15/47		959		971
Perusahaan Penerbit SBSN Indonesia III
4.150%, 03/29/27 (A)		490		497
Peruvian Government International Bond
7.350%, 07/21/25		480		627
6.950%, 08/12/31 (PEN) (A)		1,000		341
6.550%, 03/14/37		715		940
5.625%, 11/18/50		905		1,096
Philippine Government International Bond
7.750%, 01/14/31		419		605
6.375%, 10/23/34		1,030		1,383
5.500%, 03/30/26		200		240
4.200%, 01/21/24		200		219
3.700%, 02/02/42		300		302
Poland Government International Bond
6.375%, 07/15/19		200		217
4.000%, 01/22/24		125		134
3.000%, 03/17/23		150		153
Province of Alberta Canada
1.900%, 12/06/19		200		200
Province of British Columbia Canada
2.000%, 10/23/22		100		99
Province of Manitoba Canada
2.125%, 06/22/26		500		474
2.050%, 11/30/20		150		151
Province of Ontario Canada
2.500%, 04/27/26		500		491
2.450%, 06/29/22		200		202
2.000%, 01/30/19		250		251
1.875%, 05/21/20		150		150
1.625%, 01/18/19		100		100
1.250%, 06/17/19		150		149
Province of Quebec Canada
2.875%, 10/16/24		100		102
2.625%, 02/13/23		200		203
2.500%, 04/20/26		600		590

Description	Face Amount (000)(1)		Value (000)
Provincia de Buenos Aires
7.875%, 06/15/27 (A)		685	$	709
6.500%, 02/15/23 (A)		350		358
Provincia de Cordoba
7.450%, 09/01/24 (A)		630		654
7.125%, 06/10/21 (A)		170		179
Republic of Belarus International Bond
6.875%, 02/28/23 (A)		1,370		1,396
Republic of Italy Government International Bond
5.375%, 06/15/33		300		340
Romanian Government International Bond
6.750%, 02/07/22 (A)		820		951
6.125%, 01/22/44 (A)		342		434
4.875%, 01/22/24 (A)		1,010		1,101
4.375%, 08/22/23 (A)		490		520
Russian Federal Bond-OFZ
8.150%, 02/03/27 (RUB)		20,000		353
Russian Foreign Bond-Eurobond
5.625%, 04/04/42 (A)		400		433
4.875%, 09/16/23 (A)		400		429
Senegal Government International Bond
8.750%, 05/13/21 (A)		1,025		1,169
6.250%, 07/30/24 (A)		1,000		1,053
6.250%, 05/23/33 (A)		380		386
Serbia Government International Bond
7.250%, 09/28/21 (A)		1,075		1,242
South Africa Government International Bond
4.875%, 04/14/26		240		240
4.300%, 10/12/28		1,550		1,448
Sri Lanka Government International Bond
6.850%, 11/03/25 (A)		445		469
6.825%, 07/18/26 (A)		430		453
6.200%, 05/11/27 (A)		300		299
6.125%, 06/03/25 (A)		220		224
5.875%, 07/25/22 (A)		1,205		1,248
Turkey Government International Bond
8.000%, 02/14/34		386		479
7.375%, 02/05/25		610		706
6.875%, 03/17/36		480		540
6.000%, 03/25/27		800		852
5.750%, 05/11/47		715		699
5.625%, 03/30/21		850		901
4.250%, 04/14/26		740		702
Ukraine Government AID Bonds
1.471%, 09/29/21		200		196
Ukraine Government International Bond
7.750%, 09/01/19 (A)		520		537
7.750%, 09/01/20 (A)		1,316		1,348

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

109

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
7.750%, 09/01/21 (A)		214	$	217
7.750%, 09/01/22 (A)		774		778
7.750%, 09/01/23 (A)		859		850
7.750%, 09/01/24 (A)		394		386
7.750%, 09/01/25 (A)		314		307
7.750%, 09/01/26 (A)		454		442
7.750%, 09/01/27 (A)		215		208
2.935%, 05/31/40 (A) (B)		314		122
Ukreximbank Via Biz Finance
9.625%, 04/27/22 (A)		815		839
Uruguay Government International Bond
9.875%, 06/20/22 (UYU) (A)		5,900		214
5.100%, 06/18/50		1,106		1,125
4.500%, 08/14/24		344		374
4.375%, 10/27/27		1,820		1,934
Venezuela Government International Bond
9.250%, 09/15/27		485		240
7.750%, 10/13/19		515		261
7.650%, 04/21/25		902		381
7.000%, 12/01/18		270		174
7.000%, 03/31/38		422		176
6.000%, 12/09/20		650		293
Zambia Government International Bond
8.970%, 07/30/27 (A)		200		213
8.500%, 04/14/24 (A)		1,105		1,152
Total Sovereign Debt (Cost $120,518) (000)				123,400
ASSET-BACKED SECURITIES — 5.9%
Automotive — 3.7%
AmeriCredit Automobile Receivables Trust, Ser 2015-4, Cl A2B
1.743%, 04/08/19 (B)		169		169
AmeriCredit Automobile Receivables Trust, Ser 2016-1, Cl A2B
1.743%, 06/10/19 (B)		405		405
AmeriCredit Automobile Receivables Trust, Ser 2016-3, Cl A3
1.460%, 05/10/21		250		249
AmeriCredit Automobile Receivables Trust, Ser 2017-1, Cl A2A
1.510%, 05/18/20		1,359		1,358
BMW Vehicle Lease Trust, Ser 2017-1, Cl A3
1.980%, 05/20/20		350		351
Capital Auto Receivables Asset Trust, Ser 2016-3, Cl A2A
1.360%, 04/22/19		523		523
CarFinance Capital Auto Trust, Ser 2015-1A, Cl A
1.750%, 06/15/21 (A)		396		396

Description	Face Amount (000)			Value (000)
CarMax Auto Owner Trust, Ser 2016-4, Cl A3
1.400%, 08/15/21	$	1,942		$	1,925
CarMax Auto Owner Trust, Ser 2016-4, Cl A4
1.600%, 06/15/22		250			247
CarMax Auto Owner Trust, Ser 2017-2, Cl A3
1.930%, 03/15/22		2,158			2,156
CPS Auto Receivables Trust, Ser 2014-D, Cl A
1.490%, 04/15/19 (A)		17			17
CPS Auto Receivables Trust, Ser 2015-A, Cl A
1.530%, 07/15/19 (A)		8			8
CPS Auto Receivables Trust, Ser 2015-B, Cl A
1.650%, 11/15/19 (A)		36			36
CPS Auto Receivables Trust, Ser 2015-C, Cl A
1.770%, 06/17/19 (A)		280			280
CPS Auto Receivables Trust, Ser 2016-B, Cl A
2.070%, 11/15/19 (A)		589			589
CPS Auto Receivables Trust, Ser 2016-C, Cl A
1.620%, 01/15/20 (A)		1,357			1,357
CPS Auto Trust, Ser 2016-D, Cl A
1.500%, 06/15/20 (A)		1,368			1,365
Drive Auto Receivables Trust, Ser 2017-1, Cl A2A
1.670%, 05/15/19		1,348			1,348
Drive Auto Receivables Trust, Ser 2017-AA, Cl A2
1.480%, 03/15/19 (A)		2,614	��		2,613
Drive Auto Receivables Trust, Ser 2017-BA, Cl A2
1.590%, 12/17/18 (A)		2,273			2,273
Drive Auto Receivables Trust, Ser 2017-BA, Cl B
2.200%, 05/15/20 (A)		733			733
DT Auto Owner Trust, Ser 2016-3A, Cl A
1.750%, 11/15/19 (A)		436			436
DT Auto Owner Trust, Ser 2016-4A, Cl A
1.440%, 11/15/19 (A)		987			987
DT Auto Owner Trust, Ser 2017-2A, Cl A
1.720%, 05/15/20 (A)		2,028			2,028
Exeter Automobile Receivables Trust, Ser 2016-1A, Cl A
2.800%, 07/15/20 (A)		155			155

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

110

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Exeter Automobile Receivables Trust, Ser 2016-3A, Cl A
1.840%, 11/16/20 (A)	$	1,315	$	1,312
First Investors Auto Owner Trust, Ser 2016-2A, Cl A1
1.530%, 11/16/20 (A)		767		765
Flagship Credit Auto Trust, Ser 2014-2, Cl A
1.430%, 12/16/19 (A)		11		11
Flagship Credit Auto Trust, Ser 2015-1, Cl A
1.630%, 06/15/20 (A)		4		4
Flagship Credit Auto Trust, Ser 2015-3, Cl A
2.380%, 10/15/20 (A)		235		235
Flagship Credit Auto Trust, Ser 2016-2, Cl A1
2.280%, 05/15/20 (A)		230		231
Flagship Credit Auto Trust, Ser 2016-3, Cl A1
1.600%, 12/15/19 (A)		922		920
Flagship Credit Auto Trust, Ser 2016-4, Cl A1
1.470%, 03/16/20 (A)		718		717
Ford Credit Auto Owner Trust, Ser 2017-A, Cl A4
1.920%, 04/15/22		3,427		3,426
Ford Credit Auto Owner Trust, Ser 2017-B, Cl A2A
1.490%, 05/15/20		2,491		2,490
Ford Credit Auto Owner Trust, Ser 2017-B, Cl A3
1.690%, 11/15/21		145		145
Ford Credit Floorplan Master Owner Trust A, Ser 2016-5, Cl A1
1.950%, 11/15/21		769		770
Ford Credit Floorplan Master Owner Trust A, Ser 2017-1, Cl A1
2.070%, 05/15/22		1,353		1,351
GM Financial Consumer Automobile, Ser 2017-1A, Cl A3
1.780%, 10/18/21 (A)		1,814		1,814
Honda Auto Receivables Owner Trust, Ser 2017-1, Cl A3
1.720%, 07/21/21		2,860		2,861
Honda Auto Receivables Owner Trust, Ser 2017-1, Cl A4
2.050%, 06/21/23		878		881
Honda Auto Receivables Owner Trust, Ser 2017-2, Cl A4
1.870%, 09/15/23		497		496

Description	Face Amount (000)		Value (000)
Santander Drive Auto Receivables Trust, Ser 2015-2, Cl B
1.830%, 01/15/20	$	650	$	650
Santander Drive Auto Receivables Trust, Ser 2017-1, Cl A2
1.490%, 02/18/20		624		624
Toyota Auto Receivables Owner Trust, Ser 2016-D, Cl A3
1.230%, 10/15/20		4,354		4,328
Toyota Auto Receivables Owner Trust, Ser 2017-A, Cl A2A
1.420%, 09/16/19		2,441		2,439
United Auto Credit Securitization Trust, Ser 2016-2, Cl A
1.670%, 09/10/18 (A)		619		618
World Omni Auto Receivables Trust, Ser 2017-A, Cl A3
1.930%, 09/15/22		1,956		1,960
				51,052
Credit Card — 1.5%
American Express Credit Account Master Trust, Ser 2017-1, Cl A
1.930%, 09/15/22		2,413		2,422
BA Credit Card Trust, Ser 2017-A1, Cl A1
1.950%, 08/15/22		1,968		1,973
Capital One Multi-Asset Execution Trust, Ser 2016-A1, Cl A1
1.609%, 02/15/22 (B)		2,306		2,319
Capital One Multi-Asset Execution Trust, Ser 2016-A3, Cl A3
1.340%, 04/15/22		250		248
Capital One Multi-Asset Execution Trust, Ser 2017-A2, Cl A2
1.569%, 01/15/25 (B)		1,641		1,640
Capital One Multi-Asset Execution Trust, Ser 2017-A3, Cl A3
2.430%, 01/15/25		1,380		1,397
Chase Issuance Trust, Ser 2016-A3, Cl A3
1.709%, 06/15/23 (B)		2,387		2,410
Citibank Credit Card Issuance Trust, Ser 2014-A1, Cl A1
2.880%, 01/23/23		200		206

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

111

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Citibank Credit Card Issuance Trust, Ser 2017-A2, Cl A2
1.740%, 01/19/21	$	3,431	$	3,435
Discover Card Execution Note Trust, Ser 2016-A4, Cl A4
1.390%, 03/15/22		3,700		3,669
Discover Card Execution Note Trust, Ser 2017-A5, Cl A5
1.816%, 12/15/26 (B)		749		751
Synchrony Credit Card Master Note Trust, Ser 2016-1, Cl A
2.040%, 03/15/22		125		125
				20,595
Other Asset-Backed Securities — 0.7%
Ajax Mortgage Loan Trust, Ser 2016-C, Cl A
4.000%, 10/25/57 (A)		739		735
Ajax Mortgage Loan Trust, Ser 2017-A, Cl A
3.470%, 04/25/57 (A)		269		268
Bayview Opportunity Master Fund IIa Trust, Ser 2016-RPL3, Cl A1
3.475%, 07/28/31 (A)		122		121
Bayview Opportunity Master Fund IIIa Trust, Ser 2016-RN3, Cl A1
3.598%, 09/29/31 (A)		261		262
Bayview Opportunity Master Fund IIIb Trust, Ser 2017-RN2, Cl A1
3.475%, 04/28/32 (A) (B)		1,392		1,391
Bayview Opportunity Master Fund IIIb Trust, Ser 2017-RN3, Cl A1
3.228%, 05/28/32 (A)		634		634
Bayview Opportunity Master Fund IVb Trust, Ser 2017-NPL1, Cl A1
3.598%, 01/28/32 (A)		592		591
Bayview Opportunity Master Fund Trust, Ser 2016-LT1, Cl A1
3.475%, 10/28/31 (A)		6		6
CAM Mortgage Trust, Ser 2016-2, Cl A1
3.250%, 06/15/57 (A)		66		66
GCAT, Ser 2017-2, Cl A1
3.500%, 04/25/47 (A)		869		865
GCAT, Ser 2017-3, Cl A1
3.352%, 04/25/47 (A)		557		557
GCAT, Ser 2017-5, Cl A1
3.228%, 07/25/47 (A)		667		669
NYMT Residential, Ser 2016-RP1A, Cl A
4.000%, 03/25/21 (A)		153		152

Description	Face Amount (000)		Value (000)
Verizon Owner Trust, Ser 2017-1A, Cl A
2.060%, 09/20/21 (A)	$	843	$	847
Verizon Owner Trust, Ser 2017-2A, Cl A
1.920%, 12/20/21 (A)		1,551		1,551
VOLT LXI, Ser 2017-NPL8, Cl A1
3.125%, 06/25/47 (A)		1,025		1,025
VOLT XXII, Ser 2015-NPL4, Cl A1
3.500%, 02/25/55 (A)		139		140
VOLT XXXIII, Ser 2015-NPL5, Cl A1
3.500%, 03/25/55 (A)		390		392
VOLT XXXVIII, Ser 2015-NP12, Cl A1
3.875%, 09/25/45 (A)		103		103
				10,375
Total Asset-Backed Securities (Cost $82,018) (000)				82,022
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.8%
FFCB
1.550%, 05/08/20		200		199
FHLB
2.750%, 12/13/24		300		308
1.875%, 11/29/21		150		150
1.375%, 11/15/19		125		125
1.250%, 01/16/19		250		250
1.125%, 06/21/19		300		298
1.000%, 09/26/19		250		247
0.875%, 08/05/19-10/01/18		250		248
0.625%, 08/07/18		200		198
FHLMC
2.375%, 01/13/22		1,868		1,907
1.250%, 08/01/19		500		498
1.125%, 04/15/19		300		299
FNMA
6.625%, 11/15/30		300		429
4.332%, 03/25/20 (B)		637		673
2.625%, 09/06/24		1,010		1,036
2.125%, 04/24/26		200		195
1.875%, 12/28/20		131		132
1.750%, 06/20/19		300		302
1.650%, 01/27/20		300		299
1.500%, 06/22/20-11/30/20		427		425
1.375%, 01/28/19		200		200
1.125%, 07/20/18		250		249
1.000%, 08/28/19		250		248
Tennessee Valley Authority
5.250%, 09/15/39		200		262
4.250%, 09/15/65		843		948
3.500%, 12/15/42		782		814
2.875%, 02/01/27		250		256
Total U.S. Government Agency Obligations (Cost $10,843) (000)				11,195

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

112

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
MUNICIPAL BONDS — 0.4%
Bay Area Toll Authority RB
6.263%, 04/01/49	$	200	$	286
California State GO
7.300%, 10/01/39		920		1,345
2.367%, 04/01/22		465		467
California State, Department of Water Resources, Power Supply Revenue RB
2.000%, 05/01/22		100		99
Florida State, Hurricane Catastrophe Fund RB
2.995%, 07/01/20		150		153
Missouri State, Health & Educational Facilities Authority RB
3.652%, 08/15/57		615		608
New Jersey State, Transportation Trust Fund RB
5.754%, 12/15/28		1,670		1,785
South Carolina State, Public Service Authority RB
2.388%, 12/01/23		100		94
State of Wisconsin RB
3.154%, 05/01/27		200		201
University of California RB
4.858%, 05/15/12		200		207
Total Municipal Bonds (Cost $5,167) (000)				5,245
COMMERCIAL PAPER — 0.3%
Bank of Tokyo-Mitsubishi UFJ NY
1.130%, 07/06/17		3,498		3,497
Total Commercial Paper (Cost $3,498) (000)				3,497
PREFERRED STOCK — 0.0%
Education Management* (D)		1,550,903		2
Total Preferred Stock (Cost $188) (000)				2
SHORT-TERM INVESTMENT — 9.8%
State Street Institutional Treasury Money Market Fund, Cl Institutional, 0.830% (G)		136,809,474		136,809
Total Short-Term Investment (Cost $136,809) (000)				136,809
Total Investments — 111.9% (Cost $1,549,465) (000)			$	1,556,289

Percentages are based on net assets of $1,390,885 (000).

A list of the open forward foreign currency contracts held by the Fund at June 30, 2017 is as follows (000):

Counterparty	Maturity Date		Currency to Deliver		Currency to Receive			Unrealized Appreciation (Depreciation)
Barclays Capital		8/23/17	USD	651		CNH	4,528	$	14
Barclays Capital		8/23/17	CNH	4,528		USD	648		(17	)
Barclays Capital		9/22/17	USD	701		TRY	2,531		1
Barclays Capital		9/25/17	USD	374		PEN	1,234		(1	)
BNP Paribas		7/24/17	USD	346		EUR	315		14
BNP Paribas		7/24/17	EUR	315		USD	339		(21	)
BNP Paribas		8/11/17	KRW	1,621,000		USD	1,429		12
BNP Paribas		8/2/17	USD	345		ARS	5,590		(15	)
Citigroup		8/2/17	ARS	5,590		USD	337		7
Citigroup		8/17/17	BRL	3,562		USD	1,039		(25	)
Citigroup		9/21/17	USD	353		COP	1,057,000		(10	)
HSBC		7/24/17	USD	674		JPY	73,700		(18	)
HSBC		8/22/17	RUB	40,840		USD	706		22
HSBC		8/22/17	USD	703		RUB	40,840		(18	)
HSBC		7/24/17	JPY	73,700		USD	670		24
									$(31)

For the six-months ended June 30, 2017, the average monthly notional amount of forward foreign currency contracts purchased and sold was $3,069 and $(5,095), respectively.

* Non-income producing security.

(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.” These securities have been determined to be liquid under guidelines established by the Board of Trustees.

(B) Variable rate security — Rate disclosed is the rate in effect on June 30, 2017.

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

(D) 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, 2017, was $253 (000) and represented 0.02% of net assets.

(E) Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on June 30, 2017. The coupon on a step bond changes on a specified date.

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

(G) The rate reported is the 7-day effective yield as of June 30, 2017.

AID — Agency for International Development

ARS — Argentine Peso

BRL — Brazilian Real

CNH — Chinese Yuan — Offshore

Cl — Class

COP — Colombian Peso

EGP — Egyptian Pound

EUR — Euro

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GEL — Georgian Lari

GHS — Ghana Cedi

GNMA — Government National Mortgage Association

GO — General Obligation

IDR — Indonesian Rupiah

INR — Indian Rupee

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

113

THE KP FUNDS June 30, 2017 (Unaudited)

KP Fixed Income Fund

JPY — Japanese Yen

KRW — South Korean Won

LKR — Sri Lanka Rupee

LLC — Limited Liability Company

LP — Limited Partnership

MXN — Mexican Peso

MYR — Malaysian Ringgit

PEN — Peruvian Sol

RB — Revenue Bond

RUB — Russian Ruble

Ser — Series

TRY — New Turkish Lira

USD — U.S. Dollar

UYU — Uruguayan Peso

The following is a list of the level of inputs used as of June 30, 2017, in valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in Securities	Level 1		Level 2			Level 3^		Total
Corporate Obligations	$	—	$	370,644		$	1	$	370,645
Mortgage-Backed Securities		—		350,729			—		350,729
U.S. Treasury Obligations		—		335,832			—		335,832
Loan Participations		—		136,663			250		136,913
Sovereign Debt		—		123,400			—		123,400
Asset-Backed Securities		—		82,022			—		82,022
U.S. Government Agency Obligations		—		11,195			—		11,195
Municipal Bonds		—		5,245			—		5,245
Commercial Paper		—		3,497			—		3,497
Preferred Stock		—		—			2		2
Short-Term Investment		136,809		—			—		136,809
Total Investments in Securities	$	136,809	$	1,419,227		$	253	$	1,556,289
Other Financial Instruments	Level 1		Level 2			Level 3		Total
Forward Currency Contracts*
Unrealized Appreciation	$	—	$	94		$	—	$	94
Unrealized Depreciation		—		(125	)		—		(125	)
Total Other Financial Instruments	$	—	$	(31	)	$	—	$	(31	)

^ 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.

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

For the six-months ended June 30, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six-months ended June 30, 2017, There were no transfers between Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

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

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

114

THE KP FUNDS June 30, 2017 (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	$	300,361	$	582,017	$	711,218	$	700,891
Unaffiliated Investments at Cost		113,957		181,166		166,169		113,899
Affiliated Investments at Fair Value	$	321,615	$	632,341	$	781,227	$	778,396
Unaffiliated Investments at Fair Value		115,805		183,487		168,159		115,335
Receivable for Investment Securities Sold		101		222		66		35
Dividends Receivable		53		77		57		28
Prepaid Expenses		10		16		17		15
Total Assets		437,584		816,143		949,526		893,809
Liabilities:
Payable for Capital Shares Redeemed		95		211		54		23
Cash Overdraft		53		77		56		28
Payable due to Administrator		9		17		20		19
Payable due to Adviser		4		7		6		4
Chief Compliance Officer Fees Payable		1		2		3		2
Other Accrued Expenses		32		51		57		52
Total Liabilities		194		365		196		128
Net Assets	$	437,390	$	815,778	$	949,330	$	893,681
NET ASSETS:
Paid-in Capital	$	409,763	$	756,451	$	869,897	$	807,659
Undistributed Net Investment Income		333		503		394		175
Accumulated Net Realized Gain on Investments		4,192		6,179		7,040		6,906
Net Unrealized Appreciation on Investments		23,102		52,645		71,999		78,941
Net Assets	$	437,390	$	815,778	$	949,330	$	893,681
Institutional Class Shares:
Net Assets	$	437,390	$	815,778	$	949,330	$	893,681
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		41,855,395		76,299,189		87,351,404		81,324,871
Net Asset Value, Offering and Redemption Price Per Share*	$	10.45	$	10.69	$	10.87	$	10.99

† Shares are presented unrounded.

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

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

115

THE KP FUNDS June 30, 2017 (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	$	806,354	$	751,230		$	546,080
Unaffiliated Investments at Cost		85,791		55,841			32,115
Affiliated Investments at Fair Value	$	903,594	$	845,561		$	614,722
Unaffiliated Investments at Fair Value		87,096		56,883			32,726
Receivable for Investment Securities Sold		104		127			138
Dividends Receivable		7		—			—
Prepaid Expenses		17		15			10
Total Assets		990,818		902,586			647,596
Liabilities:
Payable for Capital Shares Redeemed		91		115			129
Payable due to Administrator		21		19			13
Cash Overdraft		7		—			—
Payable due to Adviser		3		2			1
Chief Compliance Officer Fees Payable		3		2			2
Other Accrued Expenses		57		52			37
Total Liabilities		182		190			182
Net Assets	$	990,636	$	902,396		$	647,414
NET ASSETS:
Paid-in Capital	$	884,459	$	799,678		$	573,869
Undistributed Net Investment Income (Accumulated Net Investment Loss)		44		(43	)		(115	)
Accumulated Net Realized Gain on Investments		7,588		7,388			4,407
Net Unrealized Appreciation on Investments		98,545		95,373			69,253
Net Assets	$	990,636	$	902,396		$	647,414
Institutional Class Shares:
Net Assets	$	990,636	$	902,396		$	647,414
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		89,055,684		80,469,876			57,588,662
Net Asset Value, Offering and Redemption Price Per Share*	$	11.12	$	11.21		$	11.24

† 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.

116

THE KP FUNDS June 30, 2017 (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	$	283,498		$	69,642		$	13,039
Unaffiliated Investments at Cost		15,504			3,827			710
Affiliated Investments at Fair Value	$	316,333		$	76,943		$	14,314
Unaffiliated Investments at Fair Value		15,836			3,858			719
Receivable for Investment Securities Sold		50			59			—
Receivable for Capital Shares Sold		—			—			55
Prepaid Expenses		5			1			—
Total Assets		332,224			80,861			15,088
Liabilities:
Payable for Capital Shares Redeemed		46			58			—
Payable due to Administrator		7			2			—
Payable due to Adviser		1			—			—
Chief Compliance Officer Fees Payable		1			—			—
Payable for Investment Securities Purchased		—			—			55
Other Accrued Expenses		18			4			—
Total Liabilities		73			64			55
Net Assets	$	332,151		$	80,797		$	15,033
NET ASSETS:
Paid-in Capital	$	296,833		$	73,351		$	13,929
Accumulated Net Investment Loss		(28	)		(3	)		(2	)
Accumulated Net Realized Gain/(Loss) on Investments		2,179			117			(178	)
Net Unrealized Appreciation on Investments		33,167			7,332			1,284
Net Assets	$	332,151		$	80,797		$	15,033
Institutional Class Shares:
Net Assets	$	332,151		$	80,797		$	15,033
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		29,381,156			7,162,364			1,325,247
Net Asset Value, Offering and Redemption Price Per Share*	$	11.30		$	11.28		$	11.34

† 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.

117

THE KP FUNDS June 30, 2017 (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	$	1,736,287		$	866,315		$	1,192,744		$	1,549,465
Cost of Foreign Currency		—			48			8,230			338
Investments at Fair Value	$	2,015,201		$	964,307		$	1,310,640		$	1,556,289
Foreign Currency at Value		—			48			8,322			340
Receivable for Investment Securities Sold		67,064			5,522			5,136			61,687
Dividends and Interest Receivable		1,731			843			3,205			7,812
Cash Collateral for Futures Contracts		556			440			851			—
Reclaims Receivable		219			6			2,377			21
Receivable for Capital Shares Sold		21			8			—			6
Unrealized Appreciation on Forward Foreign Currency Contracts		1			—			—			94
Unrealized Appreciation on Foreign Currency Spot Contracts		—			—			4			—
Prepaid Expenses		2			12			2			1
Total Assets		2,084,795			971,186			1,330,537			1,626,250
Liabilities:
Payable for Investment Securities Purchased		109,260			5,005			8,432			234,529
Payable due to Sub-Advisers		326			323			343			221
Payable for Capital Shares Redeemed		282			95			187			275
Payable due to Adviser		75			36			50			53
Payable due to Administrator		61			30			41			43
Unrealized Depreciation on Forward Foreign Currency Contracts		1			—			—			125
Cash Overdraft		—			—			—			12
Unrealized Depreciation on Foreign Currency Spot Contracts		—			—			1			3
Accrued Foreign Capital Gains Tax		—			—			372			—
Chief Compliance Officer Fees Payable		—			—			—			2
Payable for Trustees’ Fees		—			—			—			2
Other Accrued Expenses		72			61			101			100
Total Liabilities		110,077			5,550			9,527			235,365
Net Assets	$	1,974,718		$	965,636		$	1,321,010		$	1,390,885
NET ASSETS:
Paid-in Capital	$	1,620,264		$	818,298		$	1,216,551		$	1,371,694
Undistributed Net Investment Income		13,563			1,637			17,027			16,471
Accumulated Net Realized Gain/(Loss) on Investments		62,039			47,726			(30,172	)		(4,068	)
Net Unrealized Appreciation on Investments		278,914			97,992			117,896			6,824
Net Unrealized Depreciation on Futures Contracts		(63	)		(17	)		(37	)		—
Net Unrealized Appreciation/(Depreciation) on Forward Contracts and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		1			—			117			(36	)
Accumulated Foreign Capital Gains Tax on Appreciated Securities		—			—			(372	)		—
Net Assets	$	1,974,718		$	965,636		$	1,321,010		$	1,390,885
Institutional Class Shares:
Net Assets	$	1,974,718		$	965,636		$	1,321,010		$	1,390,885
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		159,127,869			80,967,274			128,084,759			137,520,826
Net Asset Value, Offering and Redemption Price Per Share*	$	12.41		$	11.93		$	10.31		$	10.11

† 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.

118

THE KP FUNDS For the six-months ended June 30, 2017  (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	$	493	$	773	$	689	$	440
Total Investment Income		493		773		689		440
Expenses:
Administration Fees		57		100		113		106
Investment Advisory Fees		30		45		40		26
Trustees’ Fees		6		10		12		11
Chief Compliance Officer Fees		2		4		5		4
Custodian Fees/Transfer Agent Fees		24		41		45		42
Professional Fees		13		23		26		24
Printing Fees		12		21		24		22
Registration Fees		11		18		21		21
Other Fees		5		8		9		9
Total Expenses		160		270		295		265
Net Investment Income		333		503		394		175
Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Gain on Affiliated Investments		3,046		3,544		3,377		3,254
Net Realized Gain on Unaffiliated Investments		333		599		555		225
Net Change in Unrealized Appreciation on Affiliated Investments		16,770		38,657		54,330		60,333
Net Change in Unrealized Appreciation on Unaffiliated Investments		1,039		1,566		1,628		1,542
Net Realized and Unrealized Gain on Investments		21,188		44,366		59,890		65,354
Net Increase in Net Assets Resulting from Operations	$	21,521	$	44,869	$	60,284	$	65,529

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

119

THE KP FUNDS For the six-months ended June 30, 2017  (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	$	324	$	208		$	21
Total Investment Income		324		208			21
Expenses:
Administration Fees		117		106			75
Investment Advisory Fees		19		12			7
Trustees’ Fees		12		11			8
Chief Compliance Officer Fees		4		4			3
Custodian Fees/Transfer Agent Fees		46		42			29
Professional Fees		27		24			17
Printing Fees		24		23			16
Registration Fees		22		21			15
Other Fees		9		8			5
Total Expenses		280		251			175
Net Investment Income/(Loss)		44		(43	)		(154	)
Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Gain on Affiliated Investments		3,311		3,253			1,570
Net Realized Gain/(Loss) on Unaffiliated Investments		85		(5	)		103
Net Change in Unrealized Appreciation on Affiliated Investments		74,856		72,889			54,408
Net Change in Unrealized Appreciation on Unaffiliated Investments		1,491		1,093			614
Net Realized and Unrealized Gain on Investments		79,743		77,230			56,695
Net Increase in Net Assets Resulting from Operations	$	79,787	$	77,187		$	56,541

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

120

THE KP FUNDS For the six-months ended June 30, 2017  (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	$	59		$	16		$	3
Total Investment Income		59			16			3
Expenses:
Administration Fees		37			9			2
Trustees’ Fees		4			1			—
Investment Advisory Fees		3			1			—
Chief Compliance Officer Fees		1			—			—
Custodian Fees/Transfer Agent Fees		14			3			1
Professional Fees		9			2			1
Printing Fees		8			2			1
Registration Fees		8			1			—
Other Fees		3			—			—
Total Expenses		87			19			5
Net Investment Loss		(28	)		(3	)		(2	)
Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Gain on Affiliated Investments		804			67			131
Net Realized Gain on Unaffiliated Investments		116			41			3
Net Change in Unrealized Appreciation on Affiliated Investments		27,398			6,316			978
Net Change in Unrealized Appreciation on Unaffiliated Investments		174			20			9
Net Realized and Unrealized Gain on Investments		28,492			6,444			1,121
Net Increase in Net Assets Resulting from Operations	$	28,464		$	6,441		$	1,119

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

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

121

THE KP FUNDS For the six-months ended June 30, 2017  (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	$	15,984		$	3,301		$	22,991		$	440
Interest Income		—			1			—			17,800
Less: Foreign Taxes Withheld		(56	)		(8	)		(1,977	)		(3	)
Total Investment Income		15,928			3,294			21,014			18,237
Expenses:
Sub-Advisory Fees		1,874			1,908			2,008			1,245
Investment Advisory Fees		419			214			289			297
Administration Fees		336			172			232			239
Trustees’ Fees		11			6			7			7
Chief Compliance Officer Fees		5			2			3			3
Custodian Fees/Transfer Agent Fees		83			75			249			43
Professional Fees		31			16			22			22
Registration Fees		19			6			3			23
Printing Fees		14			7			9			9
Other Fees		22			18			110			94
Total Expenses		2,814			2,424			2,932			1,982
Net Investment Income		13,114			870			18,082			16,255
Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Gain on Investments		59,908			47,146			12,051			1,446
Net Realized Gain/(Loss) on Futures Contracts		1,765			485			2,375			(9	)
Net Realized Gain/(Loss) on Foreign Currency Transactions		(1	)		—			505			(707	)
Net Change in Unrealized Appreciation on Investments		107,988			8,054			146,080			16,435
Net Change in Unrealized Appreciation/(Depreciation) on Futures Contracts		44			180			92			(64	)
Net Change in Unrealized Appreciation/(Depreciation) on Forward Contracts and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		11			—			252			(136	)
Change in Accrued Foreign Capital Gains Tax on Appreciated Securities		—			—			(130	)		—
Net Realized and Unrealized Gain on Investments		169,715			55,865			161,225			16,965
Net Increase in Net Assets Resulting from Operations	$	182,829		$	56,735		$	179,307		$	33,220

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

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

122

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, 2017 (Unaudited)			Year Ended December 31, 2016			Six-Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations:
Net Investment Income	$	333		$	8,126		$	503		$	13,349
Net Realized Gain on Affiliated and Unaffiliated Investments		3,379			1,529			4,143			1,514
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares		—			4,007			—			6,752
Net Change in Unrealized Appreciation on Affiliated and Unaffiliated Investments		17,809			11,306			40,223			21,525
Net Increase in Net Assets Resulting from Operations		21,521			24,968			44,869			43,140
Distributions to Shareholders:
Investment Income		—			(9,953	)		—			(16,115	)
Net Realized Gains		—			(4,267	)		—			(6,369	)
Total Distributions to Shareholders		—			(14,220	)		—			(22,484	)
Capital Share Transactions:
Institutional Shares:
Issued		9,445			38,233			43,836			88,216
Reinvestment of Distributions		—			14,219			—			22,484
Redeemed		(55,879	)		(84,189	)		(45,038	)		(66,991	)
Increase/(Decrease) in Net Assets from Capital Share Transactions		(46,434	)		(31,737	)		(1,202	)		43,709
Total Increase/(Decrease) in Net Assets		(24,913	)		(20,989	)		43,667			64,365
Net Assets:
Beginning of Year or Period		462,303			483,292			772,111			707,746
End of Year or Period	$	437,390		$	462,303		$	815,778		$	772,111
Undistributed Net Investment Income	$	333		$	—		$	503		$	—
Share Transactions:
Institutional Shares:
Issued		920			3,836			4,195			8,792
Reinvestment of Distributions		—			1,418			—			2,214
Redeemed		(5,470	)		(8,375	)		(4,330	)		(6,639	)
Net Increase/(Decrease) in Shares Outstanding from Share Transactions		(4,550	)		(3,121	)		(135	)		4,367

Amounts designated as “—” are $0.

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

123

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, 2017 (Unaudited)			Year Ended December 31, 2016			Six-Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations:
Net Investment Income	$	394		$	14,476		$	175		$	13,292
Net Realized Gain on Affiliated and Unaffiliated Investments		3,932			1,441			3,479			1,160
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares		—			7,573			—			7,134
Net Change in Unrealized Appreciation on Affiliated and Unaffiliated Investments		55,958			27,563			61,875			30,249
Net Increase in Net Assets Resulting from Operations		60,284			51,053			65,529			51,835
Distributions to Shareholders:
Investment Income		—			(17,023	)		—			(15,171	)
Net Realized Gains		—			(8,060	)		—			(8,679	)
Total Distributions to Shareholders		—			(25,083	)		—			(23,850	)
Capital Share Transactions:
Institutional Shares:
Issued		66,739			116,073			70,416			115,617
Reinvestment of Distributions		—			25,082			—			23,850
Redeemed		(20,426	)		(43,150	)		(16,156	)		(32,733	)
Increase in Net Assets from Capital Share Transactions		46,313			98,005			54,260			106,734
Total Increase in Net Assets		106,597			123,975			119,789			134,719
Net Assets:
Beginning of Year or Period		842,733			718,758			773,892			639,173
End of Year or Period	$	949,330		$	842,733		$	893,681		$	773,892
Undistributed Net Investment Income	$	394		$	—		$	175		$	—
Share Transactions:
Institutional Shares:
Issued		6,299			11,583			6,612			11,636
Reinvestment of Distributions		—			2,458			—			2,339
Redeemed		(1,937	)		(4,301	)		(1,506	)		(3,278	)
Net Increase in Shares Outstanding from Share Transactions		4,362			9,740			5,106			10,697

Amounts designated as “—” are $0.

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

124

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, 2017 (Unaudited)			Year Ended December 31, 2016			Six-Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations:
Net Investment Income/(Loss)	$	44		$	14,290		$	(43	)	$	12,534
Net Realized Gain on Affiliated and Unaffiliated Investments		3,396			1,326			3,248			1,426
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares		—			8,023			—			7,291
Net Change in Unrealized Appreciation on Affiliated and Unaffiliated Investments		76,347			36,650			73,982			34,783
Net Increase in Net Assets Resulting from Operations		79,787			60,289			77,187			56,034
Distributions to Shareholders:
Investment Income		—			(15,935	)		—			(13,659	)
Net Realized Gains		—			(10,502	)		—			(10,209	)
Total Distributions to Shareholders		—			(26,437	)		—			(23,868	)
Capital Share Transactions:
Institutional Shares:
Issued		81,469			131,864			80,971			130,554
Reinvestment of Distributions		—			26,437			—			23,868
Redeemed		(16,522	)		(38,161	)		(18,533	)		(35,450	)
Increase in Net Assets from Capital Share Transactions		64,947			120,140			62,438			118,972
Total Increase in Net Assets		144,734			153,992			139,625			151,138
Net Assets:
Beginning of Year or Period		845,902			691,910			762,771			611,633
End of Year or Period	$	990,636		$	845,902		$	902,396		$	762,771
Undistributed Net Investment Income (Accumulated Net Investment Loss)	$	44		$	—		$	(43	)	$	—
Share Transactions:
Institutional Shares:
Issued		7,580			13,338			7,497			13,235
Reinvestment of Distributions		—			2,587			—			2,333
Redeemed		(1,538	)		(3,872	)		(1,709	)		(3,590	)
Net Increase in Shares Outstanding from Share Transactions		6,042			12,053			5,788			11,978

Amounts designated as “—” are $0.

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

125

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, 2017 (Unaudited)			Year Ended December 31, 2016			Six-Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations:
Net Investment Income/(Loss)	$	(154	)	$	8,775		$	(28	)	$	4,149
Net Realized Gain on Affiliated and Unaffiliated Investments		1,673			829			920			336
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares		—			5,126			—			2,442
Net Change in Unrealized Appreciation on Affiliated and Unaffiliated Investments		55,022			24,715			27,572			11,698
Net Increase in Net Assets Resulting from Operations		56,541			39,445			28,464			18,625
Distributions to Shareholders:
Investment Income		—			(9,281	)		—			(4,419	)
Net Realized Gains		—			(7,428	)		—			(3,080	)
Total Distributions to Shareholders		—			(16,709	)		—			(7,499	)
Capital Share Transactions:
Institutional Shares:
Issued		69,173			112,696			53,460			81,707
Reinvestment of Distributions		—			16,708			—			7,499
Redeemed		(14,136	)		(29,789	)		(7,361	)		(15,001	)
Increase in Net Assets from Capital Share Transactions		55,037			99,615			46,099			74,205
Total Increase in Net Assets		111,578			122,351			74,563			85,331
Net Assets:
Beginning of Year or Period		535,836			413,485			257,588			172,257
End of Year or Period	$	647,414		$	535,836		$	332,151		$	257,588
Undistributed Net Investment Income (Accumulated Net Investment Loss)	$	(115	)	$	39		$	(28	)	$	—
Share Transactions:
Institutional Shares:
Issued		6,389			11,444			4,912			8,265
Reinvestment of Distributions		—			1,636			—			731
Redeemed		(1,307	)		(3,026	)		(674	)		(1,511	)
Net Increase in Shares Outstanding from Share Transactions		5,082			10,054			4,238			7,485

Amounts designated as “—” are $0.

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

126

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,  2017 (Unaudited)			Year Ended December 31, 2016			Six-Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations:
Net Investment Income/(Loss)	$	(3	)	$	883		$	(2	)	$	148
Net Realized Gain/(Loss) on Affiliated and Unaffiliated Investments		108			(209	)		134			(197	)
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares		—			505			—			85
Net Change in Unrealized Appreciation on Affiliated and Unaffiliated Investments		6,336			2,531			987			597
Net Increase in Net Assets Resulting from Operations		6,441			3,710			1,119			633
Distributions to Shareholders:
Investment Income		—			(940	)		—			(157	)
Net Realized Gains		—			(476	)		—			(99	)
		��
Total Distributions to Shareholders		—			(1,416	)		—			(256	)
Capital Share Transactions:
Institutional Shares:
Issued		22,005			28,855			6,114			6,088
Reinvestment of Distributions		—			1,416			—			256
Redeemed		(2,468	)		(4,834	)		(1,297	)		(3,372	)
Increase in Net Assets from Capital Share Transactions		19,537			25,437			4,817			2,972
Total Increase in Net Assets		25,978			27,731			5,936			3,349
Net Assets:
Beginning of Year or Period		54,819			27,088			9,097			5,748
End of Year or Period	$	80,797		$	54,819		$	15,033		$	9,097
Accumulated Net Investment Loss	$	(3	)	$	—		$	(2	)	$	—
Share Transactions:
Institutional Shares:
Issued		2,024			2,927			560			614
Reinvestment of Distributions		—			138			—			25
Redeemed		(226	)		(494	)		(120	)		(342	)
Net Increase in Shares Outstanding from Share Transactions		1,798			2,571			440			297

Amounts designated as “—” are $0.

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

127

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, 2017 (Unaudited)			Year Ended December 31, 2016			Six-Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations:
Net Investment Income	$	13,114		$	22,108		$	870		$	7,050
Net Realized Gain on Investments and Futures Contracts		61,673			30,821			47,631			11,118
Net Realized Loss on Foreign Currency Transactions		(1	)		(5	)		—			—
Net Change in Unrealized Appreciation on Investments and Futures Contracts		108,032			84,571			8,234			130,810
Net Change in Unrealized Appreciation/(Depreciation) on Forward Contracts and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		11			(2	)		—			—
Net Increase in Net Assets Resulting from Operations		182,829			137,493			56,735			148,978
Distributions to Shareholders:
Investment Income		—			(22,148	)		—			(7,022	)
Net Realized Gains		—			(33,245	)		—			—
Total Distributions to Shareholders		—			(55,393	)		—			(7,022	)
Capital Share Transactions:
Institutional Shares:
Issued		390,265			255,927			83,607			130,410
Reinvestment of Distributions		—			55,394			—			7,022
Redeemed		(75,004	)		(156,489	)		(105,521	)		(129,425	)
Increase/(Decrease) in Net Assets from Capital Share Transactions		315,261			154,832			(21,914	)		8,007
Total Increase in Net Assets		498,090			236,932			34,821			149,963
Net Assets:
Beginning of Year or Period		1,476,628			1,239,696			930,815			780,852
End of Year or Period	$	1,974,718		$	1,476,628		$	965,636		$	930,815
Undistributed Net Investment Income	$	13,563		$	449		$	1,637		$	767
Share Transactions:
Institutional Shares:
Issued		33,452			23,953			7,234			13,210
Reinvestment of Distributions		—			4,879			—			624
Redeemed		(6,261	)		(14,288	)		(9,221	)		(12,661	)
Net Increase/(Decrease) in Shares Outstanding from Share Transactions		27,191			14,544			(1,987	)		1,173

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

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

128

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP International Equity Fund						KP Fixed Income Fund
	Six-Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Six-Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations:
Net Investment Income	$	18,082		$	24,690		$	16,255		$	23,773
Net Realized Gain/(Loss) on Investments and Futures Contracts		14,426			(25,243	)		1,437			8,970
Net Realized Gain/(Loss) on Foreign Currency Transactions		505			(753	)		(707	)		(94	)
Net Change in Unrealized Appreciation on Investments and Futures Contracts		146,172			38,085			16,371			5,582
Net Change in Unrealized Appreciation/(Depreciation) on Forward Contracts and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		252			(29	)		(136	)		75
Change in Accrued Foreign Capital Gains Tax on Appreciated Securities		(130	)		—			—			—
Net Increase in Net Assets Resulting from Operations		179,307			36,750			33,220			38,306
Distributions to Shareholders:
Investment Income		—			(23,849	)		—			(23,968	)
Net Realized Gains		—			—			—			(10,691	)
Total Distributions to Shareholders		—			(23,849	)		—			(34,659	)
Capital Share Transactions:
Institutional Shares:
Issued		146,368			247,397			365,326			253,012
Reinvestment of Distributions		—			23,848			—			34,659
Redeemed		(237,395	)		(78,329	)		(77,002	)		(142,299	)
Increase/(Decrease) in Net Assets from Capital Share Transactions		(91,027	)		192,916			288,324			145,372
Total Increase in Net Assets		88,280			205,817			321,544			149,019
Net Assets:
Beginning of Year or Period		1,232,730			1,026,913			1,069,341			920,322
End of Year or Period	$	1,321,010		$	1,232,730		$	1,390,885		$	1,069,341
Undistributed/(Distributions in Excess of) Net Investment Income	$	17,027		$	(1,055	)	$	16,471		$	216
Share Transactions:
Institutional Shares:
Issued		15,165			28,040			36,754			24,893
Reinvestment of Distributions		—			2,696			—			3,509
Redeemed		(25,141	)		(8,871	)		(7,718	)		(13,957	)
Net Increase/(Decrease) in Shares Outstanding from Share Transactions		(9,976	)		21,865			29,036			14,445

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

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

129

THE KP FUNDS

FINANCIAL HIGHLIGHTS

For the six-months ended June 30, 2017 (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
2017#	$	9.96	$	0.01	$	0.48		$	0.49		$	—		$	—		$	—		$	10.45		4.92	%	$	437,390		0.07	%		0.15	%		19	%
2016	$	9.76	$	0.17	$	0.34		$	0.51		$	(0.22	)	$	(0.09	)	$	(0.31	)	$	9.96		5.24	%	$	462,303		0.08	%		1.69	%		15	%
2015	$	10.07	$	0.15	$	(0.13	)	$	0.02		$	(0.20	)	$	(0.13	)	$	(0.33	)	$	9.76		0.14	%	$	483,292		0.08	%		1.45	%		24	%
2014@	$	10.00	$	0.18	$	0.20		$	0.38		$	(0.24	)	$	(0.07	)	$	(0.31	)	$	10.07		3.82	%	$	522,066		0.10	%		1.81	%		23	%
KP Retirement Path 2020 Fund* - Institutional Shares
2017#	$	10.10	$	0.01	$	0.58		$	0.59		$	—		$	—		$	—		$	10.69		5.84	%	$	815,778		0.07	%		0.13	%		18	%
2016	$	9.82	$	0.18	$	0.40		$	0.58		$	(0.21	)	$	(0.09	)	$	(0.30	)	$	10.10		5.92	%	$	772,111		0.08	%		1.79	%		13	%
2015	$	10.11	$	0.16	$	(0.17	)	$	(0.01	)	$	(0.20	)	$	(0.08	)	$	(0.28	)	$	9.82		(0.10	)%	$	707,746		0.07	%		1.56	%		19	%
2014@	$	10.00	$	0.19	$	0.21		$	0.40		$	(0.25	)	$	(0.04	)	$	(0.29	)	$	10.11		3.96	%	$	679,151		0.09	%		1.92	%		11	%
KP Retirement Path 2025 Fund* - Institutional Shares
2017#	$	10.15	$	—	$	0.72		$	0.72		$	—		$	—		$	—		$	10.87		7.09	%	$	949,330		0.07	%		0.09	%		13	%
2016	$	9.81	$	0.19	$	0.46		$	0.65		$	(0.21	)	$	(0.10	)	$	(0.31	)	$	10.15		6.64	%	$	842,733		0.07	%		1.87	%		10	%
2015	$	10.11	$	0.17	$	(0.21	)	$	(0.04	)	$	(0.21	)	$	(0.05	)	$	(0.26	)	$	9.81		(0.35	)%	$	718,758		0.07	%		1.64	%		12	%
2014@	$	10.00	$	0.20	$	0.20		$	0.40		$	(0.26	)	$	(0.03	)	$	(0.29	)	$	10.11		3.92	%	$	650,003		0.09	%		1.98	%		8	%
KP Retirement Path 2030 Fund* - Institutional Shares
2017#	$	10.15	$	—	$	0.84		$	0.84		$	—		$	—		$	—		$	10.99		8.28	%	$	893,681		0.06	%		0.04	%		13	%
2016	$	9.76	$	0.19	$	0.52		$	0.71		$	(0.20	)	$	(0.12	)	$	(0.32	)	$	10.15		7.32	%	$	773,892		0.07	%		1.91	%		9	%
2015	$	10.09	$	0.17	$	(0.22	)	$	(0.05	)	$	(0.22	)	$	(0.06	)	$	(0.28	)	$	9.76		(0.52	)%	$	639,173		0.07	%		1.70	%		9	%
2014@	$	10.00	$	0.20	$	0.17		$	0.37		$	(0.26	)	$	(0.02	)	$	(0.28	)	$	10.09		3.78	%	$	580,413		0.08	%		2.02	%		8	%
KP Retirement Path 2035 Fund* - Institutional Shares
2017#	$	10.19	$	—	$	0.93		$	0.93		$	—		$	—		$	—		$	11.12		9.13	%	$	990,636		0.06	%		0.01	%		11	%
2016	$	9.75	$	0.19	$	0.58		$	0.77		$	(0.20	)	$	(0.13	)	$	(0.33	)	$	10.19		7.91	%	$	845,902		0.07	%		1.89	%		9	%
2015	$	10.10	$	0.18	$	(0.25	)	$	(0.07	)	$	(0.23	)	$	(0.05	)	$	(0.28	)	$	9.75		(0.70	)%	$	691,910		0.06	%		1.71	%		7	%
2014@	$	10.00	$	0.20	$	0.19		$	0.39		$	(0.27	)	$	(0.02	)	$	(0.29	)	$	10.10		3.86	%	$	620,600		0.08	%		2.01	%		7	%
KP Retirement Path 2040 Fund* - Institutional Shares
2017#	$	10.21	$	—	$	1.00		$	1.00		$	—		$	—		$	—		$	11.21		9.79	%	$	902,396		0.06	%		(0.01	)%		10	%
2016	$	9.75	$	0.18	$	0.61		$	0.79		$	(0.19	)	$	(0.14	)	$	(0.33	)	$	10.21		8.14	%	$	762,771		0.07	%		1.86	%		8	%
2015	$	10.10	$	0.17	$	(0.25	)	$	(0.08	)	$	(0.22	)	$	(0.05	)	$	(0.27	)	$	9.75		(0.73	)%	$	611,633		0.06	%		1.68	%		7	%
2014@	$	10.00	$	0.20	$	0.20		$	0.40		$	(0.27	)	$	(0.03	)	$	(0.30	)	$	10.10		3.91	%	$	543,274		0.08	%		2.02	%		8	%
KP Retirement Path 2045 Fund* - Institutional Shares
2017#	$	10.20	$	—	$	1.04		$	1.04		$	—		$	—		$	—		$	11.24		10.20	%	$	647,414		0.06	%		(0.05	)%		10	%
2016	$	9.74	$	0.19	$	0.60		$	0.79		$	(0.18	)	$	(0.15	)	$	(0.33	)	$	10.20		8.15	%	$	535,836		0.07	%		1.89	%		9	%
2015	$	10.09	$	0.18	$	(0.25	)	$	(0.07	)	$	(0.22	)	$	(0.06	)	$	(0.28	)	$	9.74		(0.66	)%	$	413,485		0.06	%		1.71	%		9	%
2014@	$	10.00	$	0.21	$	0.17		$	0.38		$	(0.27	)	$	(0.02	)	$	(0.29	)	$	10.09		3.76	%	$	354,753		0.08	%		2.06	%		8	%
KP Retirement Path 2050 Fund* - Institutional Shares
2017#	$	10.24	$	—	$	1.06		$	1.06		$	—		$	—		$	—		$	11.30		10.35	%��	$	332,151		0.06	%		(0.02	)%		9	%
2016	$	9.75	$	0.20	$	0.60		$	0.80		$	(0.18	)	$	(0.13	)	$	(0.31	)	$	10.24		8.25	%	$	257,588		0.07	%		1.98	%		10	%
2015	$	10.09	$	0.19	$	(0.26	)	$	(0.07	)	$	(0.22	)	$	(0.05	)	$	(0.27	)	$	9.75		(0.70	)%	$	172,257		0.06	%		1.82	%		9	%
2014@	$	10.00	$	0.22	$	0.16		$	0.38		$	(0.27	)	$	(0.02	)	$	(0.29	)	$	10.09		3.76	%	$	124,388		0.08	%		2.19	%		10	%

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

130

THE KP FUNDS

FINANCIAL HIGHLIGHTS

For the six-months ended June 30, 2017 (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 Retirement Path 2055 Fund* - Institutional Shares
2017#	$	10.22	$	—	$	1.06		$	1.06		$	—		$	—		$	—		$	—		$	11.28		10.37	%	$	80,797		0.06	%		(0.01	)%		10	%
2016	$	9.70	$	0.22	$	0.58		$	0.80		$	(0.18	)	$	(0.10	)	$	—		$	(0.28	)	$	10.22		8.28	%	$	54,819		0.07	%		2.26	%		16	%
2015	$	10.07	$	0.23	$	(0.30	)	$	(0.07	)	$	(0.21	)	$	(0.09	)	$	—		$	(0.30	)	$	9.70		(0.66	)%	$	27,088		0.06	%		2.19	%		21	%
2014@	$	10.00	$	0.24	$	0.15		$	0.39		$	(0.27	)	$	(0.05	)	$	—		$	(0.32	)	$	10.07		3.81	%	$	12,658		0.10	%		2.44	%		28	%
KP Retirement Path 2060 Fund* - Institutional Shares
2017#	$	10.27	$	—	$	1.07		$	1.07		$	—		$	—		$	—		$	—		$	11.34		10.42	%	$	15,033		0.06	%		—	%		17	%
2016	$	9.78	$	0.21	$	0.59		$	0.80		$	(0.18	)	$	(0.13	)	$	—		$	(0.31	)	$	10.27		8.18	%	$	9,097		0.07	%		2.10	%		51	%
2015	$	10.12	$	0.22	$	(0.28	)	$	(0.06	)	$	(0.22	)	$	(0.06	)	$	—		$	(0.28	)	$	9.78		(0.60	)%	$	5,748		0.06	%		2.09	%		100	%
2014@	$	10.00	$	0.20	$	0.19	^	$	0.39		$	(0.27	)	$	—		$	—		$	(0.27	)	$	10.12		3.92	%	$	2,452		0.15	%		1.98	%		340	%
KP Large Cap Equity Fund* - Institutional Shares
2017#	$	11.19	$	0.09	$	1.13		$	1.22		$	—		$	—		$	—		$	—		$	12.41		10.90	%	$	1,974,718		0.31	%		1.46	%		25	%
2016	$	10.56	$	0.18	$	0.88		$	1.06		$	(0.17	)	$	(0.26	)	$	—		$	(0.43	)	$	11.19		10.04	%	$	1,476,628		0.34	%		1.65	%		50	%
2015	$	10.82	$	0.15	$	0.17		$	0.32		$	(0.15	)	$	(0.43	)	$	—		$	(0.58	)	$	10.56		2.91	%	$	1,239,696		0.35	%		1.38	%		126	%
2014@	$	10.00	$	0.16	$	0.96		$	1.12		$	(0.15	)	$	(0.15	)	$	—		$	(0.30	)	$	10.82		11.21	%	$	1,142,880		0.35	%		1.62	%		126	%
KP Small Cap Equity Fund* - Institutional Shares
2017#	$	11.22	$	0.01	$	0.70		$	0.71		$	—		$	—		$	—		$	—		$	11.93		6.33	%	$	965,636		0.53	%		0.19	%		44	%
2016	$	9.55	$	0.08	$	1.68		$	1.76		$	(0.09	)	$	—		$	—		$	(0.09	)	$	11.22		18.38	%	$	930,815		0.53	%		0.86	%		91	%
2015	$	10.32	$	0.07	$	(0.55	)	$	(0.48	)	$	(0.07	)	$	(0.22	)	$	—	(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
2017#	$	8.93	$	0.14	$	1.24		$	1.38		$	—		$	—		$	—		$	—		$	10.31		15.45	%	$	1,321,010		0.47	%		2.91	%		91	%
2016	$	8.84	$	0.20	$	0.07		$	0.27		$	(0.18	)	$	—		$	—		$	(0.18	)	$	8.93		3.03	%	$	1,232,730		0.49	%		2.22	%		23	%
2015	$	9.30	$	0.20	$	(0.46	)	$	(0.26	)	$	(0.19	)	$	—		$	(0.01	)	$	(0.20	)	$	8.84		(2.79	)%	$	1,026,913		0.50	%		2.13	%		21	%
2014@	$	10.00	$	0.26	$	(0.64	)	$	(0.38	)	$	(0.22	)	$	(0.08	)	$	(0.02	)	$	(0.32	)	$	9.30		(3.83	)%	$	940,105		0.54	%		2.61	%		115	%
KP Fixed Income Fund* - Institutional Shares
2017#	$	9.86	$	0.13	$	0.12		$	0.25		$	—		$	—		$	—		$	—		$	10.11		2.54	%	$	1,390,885		0.31	%		2.55	%		279	%
2016	$	9.79	$	0.24	$	0.16		$	0.40		$	(0.23	)	$	(0.10	)	$	—		$	(0.33	)	$	9.86		4.08	%	$	1,069,341		0.32	%		2.37	%		484	%
2015	$	10.00	$	0.21	$	(0.16	)	$	0.05		$	(0.21	)	$	(0.05	)	$	—	(1)	$	(0.26	)	$	9.79		0.57	%	$	920,322		0.34	%		2.10	%		533	%
2014@	$	10.00	$	0.20	$	0.07		$	0.27		$	(0.18	)	$	(0.09	)	$	—		$	(0.27	)	$	10.00		2.68	%	$	825,908		0.36	%		1.99	%		496	%

* Commenced operations on January 10, 2014.

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

# For the six-months ended June 30, 2017. 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.

131

THE KP FUNDS June 30, 2017 (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.

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

132

THE KP FUNDS June 30, 2017 (Unaudited)

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, 2017, KP International Equity 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

• 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).

133

THE KP FUNDS June 30, 2017 (Unaudited)

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For the six-months ended June 30, 2017, there have been no significant changes to the Funds’ fair value methodologies.

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

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 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 gains of $372 (000), please refer to the Statement of Assets and Liabilities.

As of and during the six-months ended June 30, 2017, 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, 2017 the Funds did not incur any interest or penalties.

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

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

Forward Foreign Currency Exchange Contracts — The Funds may enter into forward foreign currency exchange contracts to protect the value of securities held and related receivables and payables against changes in future foreign exchange rates. A forward currency contract is an agreement between two parties to buy and sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the current forward rate and the change in market value is recorded by the Funds as unrealized gain or loss. The Funds recognize realized gains or losses when the contract is closed, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Any realized or unrealized gains (losses) during the six-months are presented on the Statements of Operations. As of and during the six-months ended June 30, 2017, KP Fixed Income Fund held forward foreign currency contracts.

134

THE KP FUNDS June 30, 2017 (Unaudited)

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, 2017, 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, 2017, if applicable.

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

As of June 30, 2017, there were no securities pledged as collateral for financial derivative instruments as governed by ISDA Master Agreements.

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THE KP FUNDS June 30, 2017 (Unaudited)

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, 2017 (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	$	15	$	15	$	(18	)	$	(18	)	$	(3	)	$	—	$	(3	)
BNP Paribas		26		26		(36	)		(36	)		(10	)		—		(10	)
Citigroup		7		7		(35	)		(35	)		(28	)		—		(28	)
HSBC		46		46		(36	)		(36	)		10			—		10
Total over the counter	$	94	$	94	$	(125	)	$	(125	)

† 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% 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

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THE KP FUNDS June 30, 2017 (Unaudited)

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, 2017, the Funds were charged as follows for these services (000):

Fund	Administration Fee		Fund	Administration Fee
KP Retirement Path 2015 Fund	$	57	KP Retirement Path 2050 Fund	$	37
KP Retirement Path 2020 Fund	$	100	KP Retirement Path 2055 Fund	$	9
KP Retirement Path 2025 Fund	$	113	KP Retirement Path 2060 Fund	$	2
KP Retirement Path 2030 Fund	$	106	KP Large Cap Equity Fund	$	336
KP Retirement Path 2035 Fund	$	117	KP Small Cap Equity Fund	$	172
KP Retirement Path 2040 Fund	$	106	KP International Equity Fund	$	232
KP Retirement Path 2045 Fund	$	75	KP Fixed Income Fund	$	239

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.

4. Investment Advisory Agreements:

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

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THE KP FUNDS June 30, 2017 (Unaudited)

Effective November 30, 2016, the Advisory Fee payable by each Fund for any particular period will equal its pro rata portion of the total fee calculated by applying the Effective Fee Rate (defined below) to the Fund Asset Base (defined below), with each Fund’s pro rata portion determined by dividing the net assets of such Fund that are included in the Fund Asset Base by the total Fund Asset Base. The “Effective Fee Rate” will be determined by applying the following fee schedule to the Fund Asset Base:

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

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

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

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

The “Fund Asset Base” equals the Asset Class Funds’ Asset Base (defined below) plus the Target Date Funds’ Asset Base (defined below). The “Asset Class Funds’ Asset Base” equals the sum of the net assets of each Core Fund. The “Target Date Funds’ Asset Base” equals the sum of the net assets of each Target Date Fund invested in investment companies to which the Adviser does not serve as investment adviser. The Fund Asset Base will be estimated daily and determined monthly based on the preceding methodology, in all cases based on the net assets as of the close of business on the preceding day in the case of the daily estimate and based on the average daily net assets average daily net assets in the month for the monthly calculation.

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

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

As of June 30, 2017, 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.	Sprucegrove Investment Management Ltd.
T. Rowe Price Associates, Inc.	SSgA Funds Management, 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

5. Investment Transactions:

For the six-months ended June 30, 2017, 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	$	84,656	$	130,832
KP Retirement Path 2020 Fund		142,432		143,283
KP Retirement Path 2025 Fund		164,925		118,400
KP Retirement Path 2030 Fund		162,775		108,498
KP Retirement Path 2035 Fund		168,074		103,244
KP Retirement Path 2040 Fund		148,351		86,073

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THE KP FUNDS June 30, 2017 (Unaudited)

	Purchases		Sales and Maturities
KP Retirement Path 2045 Fund	$	113,652	$	58,739
KP Retirement Path 2050 Fund		72,944		26,903
KP Retirement Path 2055 Fund		26,198		6,672
KP Retirement Path 2060 Fund		6,844		2,030
KP Large Cap Equity Fund		736,905		433,627
KP Small Cap Equity Fund		391,694		408,589
KP International Equity Fund		1,114,176		1,176,322
KP Fixed Income Fund		494,777		396,820

In addition, KP Fixed Income Fund had purchases and sales of long-term U.S. Government securities of $2,962,158 (000) and $2,782,282 (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, 2016 and December 31, 2015 were as follows (000):

	Year		Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
KP Retirement Path 2015 Fund		2016	$	10,031	$	4,189		$—	$	14,220
		2015		11,020		4,765		—		15,785
KP Retirement Path 2020 Fund		2016		16,016		6,468		—		22,484
		2015		15,668		4,098		—		19,766
KP Retirement Path 2025 Fund		2016		16,914		8,169		—		25,083
		2015		15,988		3,023		—		19,011
KP Retirement Path 2030 Fund		2016		15,070		8,780		—		23,850
		2015		14,973		2,786		—		17,759
KP Retirement Path 2035 Fund		2016		15,839		10,598		—		26,437
		2015		16,303		3,095		—		19,398
KP Retirement Path 2040 Fund		2016		13,607		10,261		—		23,868
		2015		14,264		2,695		—		16,959
KP Retirement Path 2045 Fund		2016		9,281		7,428		—		16,709
		2015		9,604		2,176		—		11,780
KP Retirement Path 2050 Fund		2016		4,402		3,097		—		7,499
		2015		3,870		782		—		4,652
KP Retirement Path 2055 Fund		2016		946		470		—		1,416
		2015		615		206		—		821
KP Retirement Path 2060 Fund		2016		162		94		—		256
		2015		157		1		—		158
KP Large Cap Equity Fund		2016		22,452		32,941		—		55,393
		2015		30,483		34,117		—		64,600
KP Small Cap Equity Fund		2016		7,022		—		—		7,022
		2015		12,927		9,519		66		22,512
KP International Equity Fund		2016		23,849		—		—		23,849
		2015		22,352		—		658		23,010
KP Fixed Income Fund		2016		34,544		115		—		34,659
		2015		24,223		158		4		24,385

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THE KP FUNDS June 30, 2017 (Unaudited)

As of December 31, 2016, 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	$	—	$	2,805	$	—		$	—		$	3,301		$	6,106
KP Retirement Path 2020 Fund		—		4,849		—			—			9,609			14,458
KP Retirement Path 2025 Fund		—		5,847		—			—			13,302			19,149
KP Retirement Path 2030 Fund		—		5,905		—			—			14,588			20,493
KP Retirement Path 2035 Fund		—		7,011		—			—			19,379			26,390
KP Retirement Path 2040 Fund		—		6,565		—			—			18,966			25,531
KP Retirement Path 2045 Fund		39		4,873		—			—			12,092			17,004
KP Retirement Path 2050 Fund		—		2,361		—			—			4,493			6,854
KP Retirement Path 2055 Fund		13		445		—			—			547			1,005
KP Retirement Path 2060 Fund		—		71		—			—			(86	)		(15	)
KP Large Cap Equity Fund		3,152		14,015		—			—			154,458			171,625
KP Small Cap Equity Fund		1,474		4,652		—			—			84,477			90,603
KP International Equity Fund		720		—		(21,564	)		(2,370	)		(51,634	)		(74,848	)
KP Fixed Income Fund		319		—		—			(3,132	)		(11,216	)		(14,029	)

Post-October losses represent losses realized on investment transactions from November 1, 2016 through December 31, 2016, 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		Long-Term		Total Capital Loss Carryforwards
KP International Equity Fund	$	5,657	$	15,907	$	21,564

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments for Federal income tax purposes at June 30, 2017, were as follows (000):

	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation
KP Retirement Path 2015 Fund		$414,318		$23,795		$  (693)		$	23,102
KP Retirement Path 2020 Fund		763,183		54,386		(1,741	)		52,645
KP Retirement Path 2025 Fund		877,387		73,987		(1,988	)		71,999
KP Retirement Path 2030 Fund		814,790		80,441		(1,500	)		78,941
KP Retirement Path 2035 Fund		892,145		100,073		(1,528	)		98,545
KP Retirement Path 2040 Fund		807,071		96,379		(1,006	)		95,373
KP Retirement Path 2045 Fund		578,195		69,746		(493	)		69,253
KP Retirement Path 2050 Fund		299,002		33,294		(127	)		33,167
KP Retirement Path 2055 Fund		73,469		7,371		(39	)		7,332
KP Retirement Path 2060 Fund		13,749		1,289		(5	)		1,284
KP Large Cap Equity Fund		1,736,287		305,092		(26,178	)		278,914
KP Small Cap Equity Fund		866,315		146,680		(48,688	)		97,992
KP International Equity Fund		1,192,744		158,757		(40,861	)		117,896
KP Fixed Income Fund		1,549,465		13,840		(7,016	)		6,824

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THE KP FUNDS June 30, 2017 (Unaudited)

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

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THE KP FUNDS June 30, 2017 (Unaudited)

9. Other:

At June 30, 2017, 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		2		24%		1		38%
KP International Equity Fund		5		79%		—		0%
KP Fixed Income Fund		6		91%		—		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.

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THE KP FUNDS June 30, 2017 (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, 2017 and held for the six-month period ended June 30, 2017.

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.

143

THE KP FUNDS June 30, 2017 (Unaudited)

DISCLOSURE OF FUND EXPENSES (Unaudited) (Concluded)

	Beginning Account Value 1/1/2017		Ending Account Value 6/30/2017		Annualized Expense Ratios			Expenses Paid During Period*
KP Retirement Path 2015 Fund
Actual Fund Return	$	1,000.00	$	1,049.20		0.07	%	$	0.36
Hypothetical 5% Return	$	1,000.00	$	1,024.45		0.07	%	$	0.35
KP Retirement Path 2020 Fund
Actual Fund Return	$	1,000.00	$	1,058.40		0.07	%	$	0.36
Hypothetical 5% Return	$	1,000.00	$	1,024.45		0.07	%	$	0.35
KP Retirement Path 2025 Fund
Actual Fund Return	$	1,000.00	$	1,070.90		0.07	%	$	0.36
Hypothetical 5% Return	$	1,000.00	$	1,024.45		0.07	%	$	0.35
KP Retirement Path 2030 Fund
Actual Fund Return	$	1,000.00	$	1,082.80		0.06	%	$	0.31
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2035 Fund
Actual Fund Return	$	1,000.00	$	1,091.30		0.06	%	$	0.31
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2040 Fund
Actual Fund Return	$	1,000.00	$	1,097.90		0.06	%	$	0.31
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2045 Fund
Actual Fund Return	$	1,000.00	$	1,102.00		0.06	%	$	0.31
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30

	Beginning Account Value 1/1/2017		Ending Account Value 6/30/2017		Annualized Expense Ratios			Expenses Paid During Period*
KP Retirement Path 2050 Fund
Actual Fund Return	$	1,000.00	$	1,103.50		0.06	%	$	0.31
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2055 Fund
Actual Fund Return	$	1,000.00	$	1,103.70		0.06	%	$	0.31
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2060 Fund
Actual Fund Return	$	1,000.00	$	1,104.20		0.06	%	$	0.31
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Large Cap Equity Fund
Actual Fund Return	$	1,000.00	$	1,109.00		0.31	%	$	1.62
Hypothetical 5% Return	$	1,000.00	$	1,023.26		0.31	%	$	1.56
KP Small Cap Equity Fund
Actual Fund Return	$	1,000.00	$	1,063.30		0.53	%	$	2.71
Hypothetical 5% Return	$	1,000.00	$	1,022.17		0.53	%	$	2.66
KP International Equity Fund
Actual Fund Return	$	1,000.00	$	1,154.50		0.47	%	$	2.51
Hypothetical 5% Return	$	1,000.00	$	1,022.46		0.47	%	$	2.36
KP Fixed Income Fund
Actual Fund Return	$	1,000.00	$	1,025.40		0.31	%	$	1.56
Hypothetical 5% Return	$	1,000.00	$	1,023.26		0.31	%	$	1.56

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

144

THE KP FUNDS June 30, 2017 (Unaudited)

APPROVAL OF SUB-ADVISORY AGREEMENT

KP International Equity 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 28, 2017 to decide whether to approve the following agreement (the “Agreement”) for an initial two-year term:

• the Sub-Advisory Agreement between the Adviser and Sprucegrove Investment Management Ltd. (the “Sub-Adviser”) on behalf of the KP International Equity 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, 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.

145

THE KP FUNDS June 30, 2017 (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, as well as the management fees charged by the Sub-Adviser to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Fund and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Fund is subject. The Trustees also considered that the 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.

Investment Performance, Profitability and Economies of Scale

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.

146

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-001-0400

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 6, 2017

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 6, 2017

By (Signature and Title)	/s/ Stephen Connors
	Stephen Connors Treasurer, Controller & CFO
Date: September 6, 2017