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)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

Date of fiscal year end: December 31, 2018

Date of reporting period: June 30, 2018

Item 1. Reports to Stockholders.

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR § 270.30e-1) is attached hereto.

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, 2018

THE KP FUNDS June 30, 2018

TABLE OF CONTENTS
Schedules of Investments	1
Statements of Assets and Liabilities	119
Statements of Operations	123
Statements of Changes in Net Assets	127
Financial Highlights	134
Notes to Financial Statements	137
Disclosure of Fund Expenses	148
Approval of Sub-Advisory Agreement	150

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, 2018 (Unaudited)

KP Retirement Path 2015 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 72.6%
KP Fixed Income Fund		17,767,368	$	175,187
KP International Equity Fund		2,976,678		32,237
KP Large Cap Equity Fund		5,905,749		79,137
KP Small Cap Equity Fund		1,099,244		14,213
Total Affiliated Registered Investment Companies (Cost $284,611) (000)				300,774
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 27.4%
DFA Commodity Strategy Portfolio		675,839		4,035
DFA International Real Estate Securities Portfolio		803,009		4,127
DFA Real Estate Securities Portfolio		239,896		8,423

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		264,058	$	4,222
T. Rowe Price Institutional Floating Rate Fund		416,193		4,137
T. Rowe Price New Era Fund, Cl I		111,513		4,132
Vanguard Inflation-Protected Securities Fund		1,234,062		12,736
Vanguard Short-Term Bond Index Fund		3,905,046		40,027
Vanguard Short-Term Inflation-Protected Securities Index Fund		1,291,460		31,640
Total Unaffiliated Registered Investment Companies (Cost $112,843) (000)				113,479
Total Investments In Securities — 100.0% (Cost $397,454) (000)			$	414,253

Percentages are based on Net Assets of $414,400 (000).

Cl — Class

As of June 30, 2018, 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, 2018, 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, 2018, 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, 2018 (000):

	Value 12/31/2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 6/30/2018		Dividend Income		Capital Gain Distributions
KP Fixed Income Fund	$	179,057	$	23,182	$	(23,630	)	$	(3,336	)	$	(86	)	$	175,187	$	—	$	—
KP International Equity Fund		36,623		2,053		(5,483	)		(1,819	)		863			32,237		—		—
KP Large Cap Equity Fund		89,342		2,912		(16,174	)		(1,457	)		4,514			79,137		—		—
KP Small Cap Equity Fund		16,167		525		(3,564	)		267			818			14,213		—		—
Totals	$	321,189	$	28,672	$	(48,851	)	$	(6,345	)	$	6,109		$	300,774	$	—	$	—

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

1

THE KP FUNDS June 30, 2018 (Unaudited)

KP Retirement Path 2020 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 75.7%
KP Fixed Income Fund		33,048,018	$	325,853
KP International Equity Fund		8,735,800		94,609
KP Large Cap Equity Fund		15,192,149		203,575
KP Small Cap Equity Fund		3,351,948		43,341
Total Affiliated Registered Investment Companies (Cost $620,595) (000)				667,378
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 24.3%
DFA Commodity Strategy Portfolio		1,445,186		8,628
DFA International Real Estate Securities Portfolio		1,718,390		8,833
DFA Real Estate Securities Portfolio		513,407		18,025

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		565,141	$	9,037
T. Rowe Price Institutional Floating Rate Fund		890,835		8,855
T. Rowe Price New Era Fund, Cl I		238,467		8,835
Vanguard Inflation-Protected Securities Fund		2,616,006		26,997
Vanguard Short-Term Bond Index Fund		6,971,688		71,460
Vanguard Short-Term Inflation-Protected Securities Index Fund		2,190,379		53,664
Total Unaffiliated Registered Investment Companies (Cost $213,483) (000)				214,334
Total Investments In Securities — 100.0% (Cost $834,078) (000)			$	881,712

Percentages are based on Net Assets of $882,003 (000).

Cl — Class

As of June 30, 2018, 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, 2018, 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, 2018, 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, 2018 (000):

	Value 12/31/2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 6/30/2018		Dividend Income		Capital Gain Distributions
KP Fixed Income Fund	$	309,890	$	44,404	$	(22,422	)	$	(5,921	)	$	(98	)	$	325,853	$	—	$	—
KP International Equity Fund		101,298		6,973		(10,786	)		(4,704	)		1,828			94,609		—		—
KP Large Cap Equity Fund		215,339		10,894		(30,095	)		(1,181	)		8,618			203,575		—		—
KP Small Cap Equity Fund		46,447		2,329		(8,674	)		1,203			2,036			43,341		—		—
Totals	$	672,974	$	64,600	$	(71,977	)	$	(10,603	)	$	12,384		$	667,378	$	—	$	—

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

2

THE KP FUNDS June 30, 2018 (Unaudited)

KP Retirement Path 2025 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 80.2%
KP Fixed Income Fund		34,347,697	$	338,669
KP International Equity Fund		15,052,966		163,024
KP Large Cap Equity Fund		23,277,347		311,916
KP Small Cap Equity Fund		5,928,476		76,655
Total Affiliated Registered Investment Companies (Cost $814,234) (000)				890,264
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 19.8%
DFA Commodity Strategy Portfolio		1,826,271		10,903
DFA International Real Estate Securities Portfolio		2,172,865		11,169
DFA Real Estate Securities Portfolio		649,247		22,794

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		714,670	$	11,428
T. Rowe Price Institutional Floating Rate Fund		1,126,657		11,199
T. Rowe Price New Era Fund, Cl I		301,372		11,166
Vanguard Inflation-Protected Securities Fund		3,295,208		34,007
Vanguard Short-Term Bond Index Fund		6,037,881		61,888
Vanguard Short-Term Inflation-Protected Securities Index Fund		1,839,534		45,068
Total Unaffiliated Registered Investment Companies (Cost $218,319) (000)				219,622
Total Investments In Securities — 100.0% (Cost $1,032,553) (000)			$	1,109,886

Percentages are based on Net Assets of $1,110,208 (000).

Cl — Class

As of June 30, 2018, 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, 2018, 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, 2018, 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, 2018 (000):

	Value 12/31/2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 6/30/2018		Dividend Income		Capital Gain Distributions
KP Fixed Income Fund	$	307,654	$	49,708	$	(12,645	)	$	(5,981	)	$	(67	)	$	338,669	$	—	$	—
KP International Equity Fund		164,867		15,280		(12,012	)		(7,163	)		2,052			163,024		—		—
KP Large Cap Equity Fund		313,441		21,066		(33,342	)		1,159			9,592			311,916		—		—
KP Small Cap Equity Fund		77,485		5,188		(11,571	)		2,787			2,766			76,655		—		—
Totals	$	863,447	$	91,242	$	(69,570	)	$	(9,198	)	$	14,343		$	890,264	$	—	$	—

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

3

THE KP FUNDS June 30, 2018 (Unaudited)

KP Retirement Path 2030 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 85.2%
KP Fixed Income Fund		27,213,811	$	268,328
KP International Equity Fund		18,981,844		205,573
KP Large Cap Equity Fund		25,748,494		345,031
KP Small Cap Equity Fund		7,393,383		95,596
Total Affiliated Registered Investment Companies (Cost $823,788) (000)				914,528
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 14.8%
DFA Commodity Strategy Portfolio		1,684,509		10,057
DFA International Real Estate Securities Portfolio		2,004,040		10,301
DFA Real Estate Securities Portfolio		598,731		21,020

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		659,114	$	10,539
T. Rowe Price Institutional Floating Rate Fund		1,039,101		10,329
T. Rowe Price New Era Fund, Cl I		277,960		10,298
Vanguard Inflation-Protected Securities Fund		3,029,689		31,267
Vanguard Short-Term Bond Index Fund		3,187,479		32,672
Vanguard Short-Term Inflation-Protected Securities Index Fund		890,178		21,809
Total Unaffiliated Registered Investment Companies (Cost $156,629) (000)				158,292
Total Investments In Securities — 100.0% (Cost $980,417) (000)			$	1,072,820

Percentages are based on Net Assets of $1,073,078 (000).

Cl — Class

As of June 30, 2018, 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, 2018, 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, 2018, 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, 2018 (000):

	Value 12/31/2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 6/30/2018		Dividend Income		Capital Gain Distributions
KP Fixed Income Fund	$	238,907	$	43,091	$	(8,944	)	$	(4,674	)	$	(52	)	$	268,328	$	—	$	—
KP International Equity Fund		203,754		21,478		(13,106	)		(8,756	)		2,203			205,573		—		—
KP Large Cap Equity Fund		337,314		26,819		(30,529	)		2,695			8,732			345,031		—		—
KP Small Cap Equity Fund		94,220		7,452		(12,899	)		3,725			3,098			95,596		—		—
Totals	$	874,195	$	98,840	$	(65,478	)	$	(7,010	)	$	13,981		$	914,528	$	—	$	—

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

4

THE KP FUNDS June 30, 2018 (Unaudited)

KP Retirement Path 2035 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 89.8%
KP Fixed Income Fund		25,062,780	$	247,119
KP International Equity Fund		26,375,318		285,645
KP Large Cap Equity Fund		31,301,341		419,437
KP Small Cap Equity Fund		10,200,212		131,889
Total Affiliated Registered Investment Companies (Cost $965,137) (000)				1,084,090
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 10.2%
DFA Commodity Strategy Portfolio		1,700,130		10,150
DFA International Real Estate Securities Portfolio		2,022,840		10,397
DFA Real Estate Securities Portfolio		604,416		21,221

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		665,327	$	10,639
T. Rowe Price Institutional Floating Rate Fund		1,048,901		10,426
T. Rowe Price New Era Fund, Cl I		280,536		10,394
Vanguard Inflation-Protected Securities Fund		3,063,699		31,617
Vanguard Short-Term Bond Index Fund		1,200,769		12,308
Vanguard Short-Term Inflation-Protected Securities Index Fund		251,513		6,162
Total Unaffiliated Registered Investment Companies (Cost $121,199) (000)				123,314
Total Investments In Securities — 100.0% (Cost $1,086,336) (000)			$	1,207,404

Percentages are based on Net Assets of $1,207,628 (000).

Cl — Class

As of June 30, 2018, 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, 2018, 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, 2018, 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, 2018 (000):

	Value 12/31/2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 6/30/2018		Dividend Income		Capital Gain Distributions
KP Fixed Income Fund	$	216,991	$	42,730	$	(8,296	)	$	(4,264	)	$	(42	)	$	247,119	$	—	$	—
KP International Equity Fund		277,208		33,185		(15,513	)		(11,782	)		2,547			285,645		—		—
KP Large Cap Equity Fund		403,680		35,699		(33,526	)		4,026			9,558			419,437		—		—
KP Small Cap Equity Fund		127,924		11,257		(16,633	)		5,328			4,013			131,889		—		—
Totals	$	1,025,803	$	122,871	$	(73,968	)	$	(6,692	)	$	16,076		$	1,084,090	$	—	$	—

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

5

THE KP FUNDS June 30, 2018 (Unaudited)

KP Retirement Path 2040 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 92.8%
KP Fixed Income Fund		19,239,596	$	189,702
KP International Equity Fund		28,129,295		304,640
KP Large Cap Equity Fund		30,380,808		407,104
KP Small Cap Equity Fund		10,787,911		139,488
Total Affiliated Registered Investment Companies (Cost $921,328) (000)				1,040,934
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 7.2%
DFA Commodity Strategy Portfolio		1,303,348		7,781
DFA International Real Estate Securities Portfolio		1,550,634		7,970

Description	Shares		Value (000)
DFA Real Estate Securities Portfolio		463,244	$	16,264
Lazard Global Listed Infrastructure Portfolio		510,001		8,155
T. Rowe Price Institutional Floating Rate Fund		804,035		7,992
T. Rowe Price New Era Fund, Cl I		215,051		7,968
Vanguard Inflation-Protected Securities Fund		2,347,291		24,224
Total Unaffiliated Registered Investment Companies (Cost $78,511) (000)				80,354
Total Investments In Securities — 100.0% (Cost $999,839) (000)			$	1,121,288

Percentages are based on Net Assets of $1,121,439 (000).

Cl — Class

As of June 30, 2018, 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, 2018, 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, 2018, 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, 2018 (000):

	Value 12/31/2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 6/30/2018		Dividend Income		Capital Gain Distributions
KP Fixed Income Fund	$	164,735	$	33,864	$	(5,617	)	$	(3,249	)	$	(31	)	$	189,702	$	—	$	—
KP International Equity Fund		290,421		37,423		(13,232	)		(12,092	)		2,120			304,640		—		—
KP Large Cap Equity Fund		385,954		36,528		(28,321	)		4,876			8,067			407,104		—		—
KP Small Cap Equity Fund		132,342		12,527		(15,150	)		6,070			3,699			139,488		—		—
Totals	$	973,452	$	120,342	$	(62,320	)	$	(4,395	)	$	13,855		$	1,040,934	$	—	$	—

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

6

THE KP FUNDS June 30, 2018 (Unaudited)

KP Retirement Path 2045 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 94.4%
KP Fixed Income Fund		12,229,882	$	120,587
KP International Equity Fund		22,609,024		244,856
KP Large Cap Equity Fund		23,384,104		313,347
KP Small Cap Equity Fund		8,728,551		112,860
Total Affiliated Registered Investment Companies (Cost $703,413) (000)				791,650
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.6%
DFA Commodity Strategy Portfolio		766,773		4,578
DFA International Real Estate Securities Portfolio		912,703		4,691

Description	Shares		Value (000)
DFA Real Estate Securities Portfolio		272,693	$	9,573
Lazard Global Listed Infrastructure Portfolio		300,221		4,801
T. Rowe Price Institutional Floating Rate Fund		473,327		4,705
T. Rowe Price New Era Fund, Cl I		126,530		4,688
Vanguard Inflation-Protected Securities Fund		1,381,251		14,255
Total Unaffiliated Registered Investment Companies (Cost $46,176) (000)				47,291
Total Investments In Securities — 100.0% (Cost $749,589) (000)			$	838,941

Percentages are based on Net Assets of $839,024 (000).

Cl — Class

As of June 30, 2018, 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, 2018, 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, 2018, 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, 2018 (000):

	Value 12/31/2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 6/30/2018		Dividend Income		Capital Gain Distributions
KP Fixed Income Fund	$	103,026	$	23,661	$	(4,047	)	$	(2,033	)	$	(20	)	$	120,587	$	—	$	—
KP International Equity Fund		227,002		35,442		(9,503	)		(9,550	)		1,465			244,856		—		—
KP Large Cap Equity Fund		291,029		33,964		(21,412	)		3,675			6,091			313,347		—		—
KP Small Cap Equity Fund		104,856		12,243		(12,075	)		4,880			2,956			112,860		—		—
	$	725,913	$	105,310	$	(47,037	)	$	(3,028	)	$	10,492		$	791,650	$	—	$	—

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

7

THE KP FUNDS June 30, 2018 (Unaudited)

KP Retirement Path 2050 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 94.9%
KP Fixed Income Fund		6,010,001	$	59,259
KP International Equity Fund		13,403,137		145,156
KP Large Cap Equity Fund		13,764,918		184,450
KP Small Cap Equity Fund		5,189,707		67,103
Total Affiliated Registered Investment Companies (Cost $411,856) (000)				455,968
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.1%
DFA Commodity Strategy Portfolio		399,595		2,386
DFA International Real Estate Securities Portfolio		476,178		2,448

Description	Shares		Value (000)
DFA Real Estate Securities Portfolio		142,363	$	4,997
Lazard Global Listed Infrastructure Portfolio		156,666		2,505
T. Rowe Price Institutional Floating Rate Fund		247,032		2,455
T. Rowe Price New Era Fund, Cl I		65,953		2,444
Vanguard Inflation-Protected Securities Fund		717,210		7,402
Total Unaffiliated Registered Investment Companies (Cost $24,172) (000)				24,637
Total Investments In Securities — 100.0% (Cost $436,028) (000)			$	480,605

Percentages are based on Net Assets of $480,647 (000).

Cl — Class

As of June 30, 2018, 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, 2018, 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, 2018, 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, 2018 (000):

	Value 12/31/2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 6/30/2018		Dividend Income		Capital Gain Distributions
KP Fixed Income Fund	$	47,536	$	14,489	$	(1,810	)	$	(932	)	$	(24	)	$	59,259	$	—	$	—
KP International Equity Fund		126,616		28,562		(5,178	)		(5,351	)		507			145,156		—		—
KP Large Cap Equity Fund		161,162		29,538		(11,680	)		2,114			3,316			184,450		—		—
KP Small Cap Equity Fund		58,229		10,734		(6,366	)		3,007			1,499			67,103		—		—
	$	393,543	$	83,323	$	(25,034	)	$	(1,162	)	$	5,298		$	455,968	$	—	$	—

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

8

THE KP FUNDS June 30, 2018 (Unaudited)

KP Retirement Path 2055 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 94.9%
KP Fixed Income Fund		1,646,571	$	16,235
KP International Equity Fund		4,072,716		44,108
KP Large Cap Equity Fund		4,168,120		55,852
KP Small Cap Equity Fund		1,551,204		20,057
Total Affiliated Registered Investment Companies (Cost $126,400) (000)				136,252
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.1%
DFA Commodity Strategy Portfolio		119,496		713
DFA International Real Estate Securities Portfolio		142,593		733

Description	Shares		Value (000)
DFA Real Estate Securities Portfolio		42,647	$	1,498
Lazard Global Listed Infrastructure Portfolio		46,925		750
T. Rowe Price Institutional Floating Rate Fund		74,008		736
T. Rowe Price New Era Fund, Cl I		19,725		731
Vanguard Inflation-Protected Securities Fund		213,009		2,198
Total Unaffiliated Registered Investment Companies (Cost $7,262) (000)				7,359
Total Investments In Securities — 100.0% (Cost $133,662) (000)			$	143,611

Percentages are based on Net Assets of $143,624 (000).

Cl — Class

As of June 30, 2018, 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, 2018, 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, 2018, 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, 2018 (000):

	Value 12/31/2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 6/30/2018		Dividend Income		Capital Gain Distributions
KP Fixed Income Fund	$	11,964	$	5,199	$	(683	)	$	(229	)	$	(16	)	$	16,235	$	—	$	—
KP International Equity Fund		34,624		12,927		(1,931	)		(1,878	)		366			44,108		—		—
KP Large Cap Equity Fund		43,926		14,274		(3,819	)		810			661			55,852		—		—
KP Small Cap Equity Fund		15,711		5,125		(2,070	)		801			490			20,057		—		—
	$	106,225	$	37,525	$	(8,503	)	$	(496	)	$	1,501		$	136,252	$	—	$	—

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

9

THE KP FUNDS June 30, 2018 (Unaudited)

KP Retirement Path 2060 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 94.9%
KP Fixed Income Fund		343,004	$	3,382
KP International Equity Fund		847,841		9,182
KP Large Cap Equity Fund		867,838		11,630
KP Small Cap Equity Fund		322,985		4,176
Total Affiliated Registered Investment Companies (Cost $27,544) (000)				28,370
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.1%
DFA Commodity Strategy Portfolio		24,810		148
DFA International Real Estate Securities Portfolio		29,599		152

Description	Shares		Value (000)
DFA Real Estate Securities Portfolio		8,854	$	310
Lazard Global Listed Infrastructure Portfolio		9,745		156
T. Rowe Price Institutional Floating Rate Fund		15,362		153
T. Rowe Price New Era Fund, Cl I		4,098		152
Vanguard Inflation-Protected Securities Fund		44,748		462
Total Unaffiliated Registered Investment Companies (Cost $1,518) (000)				1,533
Total Investments In Securities — 100.0% (Cost $29,062) (000)			$	29,903

Percentages are based on Net Assets of $29,905 (000).

Cl — Class

As of June 30, 2018, 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, 2018, 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, 2018, 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, 2018 (000):

	Value 12/31/2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 6/30/2018		Dividend Income		Capital Gain Distributions
KP Fixed Income Fund	$	2,462	$	1,545	$	(572	)	$	(40	)	$	(13	)	$	3,382	$	—	$	—
KP International Equity Fund		7,123		3,927		(1,526	)		(646	)		304			9,182		—		—
KP Large Cap Equity Fund		9,032		4,478		(2,168	)		(145	)		433			11,630		—		—
KP Small Cap Equity Fund		3,231		1,606		(925	)		94			170			4,176		—		—
	$	21,848	$	11,556	$	(5,191	)	$	(737	)	$	894		$	28,370	$	—	$	—

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

10

THE KP FUNDS June 30, 2018 (Unaudited)

KP Large Cap Equity Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
COMMON STOCK — 97.8%
Consumer Discretionary — 13.5%
Advance Auto Parts		2,123	$	288
Amazon.com*		47,789		81,232
Aptiv*		73,943		6,775
AutoZone*		908		609
Best Buy		47,187		3,519
Booking Holdings*		12,858		26,064
BorgWarner		5,597		242
Brunswick		5,626		363
Burlington Stores*		3,621		545
CarMax*		4,989		364
Carnival		38,144		2,186
Carter’s		5,649		612
CBS, Cl B		9,641		542
Charter Communications, Cl A*		5,300		1,554
Chipotle Mexican Grill, Cl A*		751		324
Comcast, Cl A		492,833		16,170
Darden Restaurants		23,329		2,498
Discovery Communications, Cl A*		4,793		132
Discovery Communications, Cl C*		9,746		249
DISH Network, Cl A*		6,700		225
Dollar General		77,631		7,654
Dollar Tree*		21,211		1,803
DR Horton		9,595		393
Expedia Group		3,380		406
Extended Stay America		14,500		313
Foot Locker		3,200		168

Description	Shares		Value (000)
Ford Motor		111,452	$	1,234
Gap		6,862		222
Garmin		3,349		204
General Motors		62,858		2,477
Genuine Parts		4,115		378
Goodyear Tire & Rubber		7,530		175
Graham Holdings, Cl B		703		412
H&R Block		27,978		637
Hanesbrands		100,848		2,221
Harley-Davidson		18,161		764
Hasbro		12,292		1,135
Hilton Grand Vacations*		22,330		775
Hilton Worldwide Holdings		108,384		8,580
Home Depot		47,604		9,288
Hyatt Hotels, Cl A		11,615		896
Interpublic Group of Companies		148,909		3,490
John Wiley & Sons, Cl A		38,264		2,388
Johnson Controls International		225,278		7,536
Kohl’s		6,850		499
L Brands		7,325		270
Las Vegas Sands		131,634		10,052
Lear		10,129		1,882
Leggett & Platt		4,046		181
Lennar, Cl A		8,295		436
Live Nation Entertainment*		33,314		1,618
LKQ*		9,400		300
Lowe’s		71,758		6,858
Lululemon Athletica*		9,618		1,201
Macy’s		13,975		523
Marriott International, Cl A		11,122		1,408
Mattel*		9,790		161
McDonald’s		22,818		3,575
MGM Resorts International		14,000		406
Michael Kors Holdings*		60,697		4,042
Mohawk Industries*		1,901		407
Netflix*		32,513		12,727
Newell Brands		54,105		1,395
News, Cl A		11,668		181
News, Cl B		3,100		49
NIKE, Cl B		86,732		6,911
Nordstrom		3,649		189
Norwegian Cruise Line Holdings*		6,400		302
NVR*		837		2,486
Omnicom Group		73,919		5,638
O’Reilly Automotive*		2,369		648
PulteGroup		14,204		408
PVH		2,342		351

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

11

THE KP FUNDS June 30, 2018 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Qurate Retail*		7,485	$	159
Ralph Lauren, Cl A		31,083		3,908
Restaurant Brands International		47,500		2,864
Ross Stores		113,812		9,646
Royal Caribbean Cruises		48,187		4,992
Skechers U.S.A., Cl A*		45,856		1,376
Starbucks		40,167		1,962
Tapestry		8,789		411
Target		28,872		2,198
TEGNA		79,383		861
Tesla*		16,694		5,725
Thor Industries		2,531		247
Tiffany		2,992		394
TJX		31,093		2,959
Toll Brothers		6,510		241
Tractor Supply		3,743		286
TripAdvisor*		2,993		167
Twenty-First Century Fox		12,400		611
Twenty-First Century Fox, Cl A		46,414		2,306
Ulta Beauty*		1,700		397
Under Armour, Cl A*		6,200		139
Under Armour, Cl C*		4,720		100
Urban Outfitters*		15,040		670
VF		9,314		759
Viacom, Cl B		31,229		942
Walt Disney		56,230		5,893
Whirlpool		1,737		254
Wynn Resorts		5,191		869
Yum! Brands		9,159		716
				315,198
Consumer Staples — 5.8%
Altria Group		107,504		6,105
Archer-Daniels-Midland		94,306		4,322
Brown-Forman, Cl B		7,905		387
Bunge		1,879		131
Campbell Soup		6,013		244
Church & Dwight		7,300		388
Clorox		3,625		490
Coca-Cola		111,294		4,881
Colgate-Palmolive		38,107		2,470
Conagra Brands		91,596		3,273
Constellation Brands, Cl A		7,887		1,726
Costco Wholesale		13,511		2,824
Coty, Cl A		98,791		1,393
CVS Health		29,571		1,903
Danone		24,835		1,823

Description	Shares		Value (000)
Diageo		137,150	$	4,927
Estee Lauder, Cl A		38,546		5,500
Flowers Foods		21,650		451
General Mills		116,315		5,148
Hershey		23,356		2,173
Hormel Foods		7,670		285
Ingredion		2,168		240
JM Smucker		18,325		1,970
Kellogg		7,003		489
Kimberly-Clark		21,709		2,287
Kraft Heinz		17,439		1,096
Kroger		22,900		651
McCormick		3,430		398
Molson Coors Brewing, Cl B		5,476		373
Mondelez International, Cl A		42,994		1,763
Monster Beverage*		11,620		666
Nestle		80,293		6,235
Nu Skin Enterprises, Cl A		19,683		1,539
PepsiCo		96,449		10,500
Philip Morris International		234,500		18,934
Pinnacle Foods		69,773		4,539
Procter & Gamble		111,090		8,672
Reckitt Benckiser Group		24,687		2,033
Sysco		56,895		3,885
Tyson Foods, Cl A		30,400		2,093
US Foods Holding*		44,579		1,686
Walgreens Boots Alliance		39,621		2,378
Wal-Mart Stores		153,189		13,121
				136,392
Energy — 5.1%
Anadarko Petroleum		82,832		6,067
Andeavor		3,932		516
Apache		10,696		500
Baker Hughes a GE		11,623		384
Cabot Oil & Gas		12,534		298
Chevron		113,415		14,339
Cimarex Energy		2,800		285
CNX Resources*		7,844		140
Concho Resources*		4,200		581
ConocoPhillips		139,785		9,732
Devon Energy		98,958		4,350
Energen*		10,290		749
EOG Resources		54,050		6,725
EQT		7,463		412
Exxon Mobil		244,141		20,198
Halliburton		26,682		1,202

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

12

THE KP FUNDS June 30, 2018 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Helmerich & Payne		3,287	$	210
Hess		7,396		495
HollyFrontier		37,456		2,563
Kinder Morgan		53,823		951
Marathon Oil		205,285		4,282
Marathon Petroleum		96,395		6,763
National Oilwell Varco		11,546		501
Newfield Exploration*		5,837		177
Noble Energy		13,626		481
Occidental Petroleum		73,854		6,180
Oceaneering International*		8,962		228
ONEOK		11,660		814
Phillips 66		20,459		2,298
Pioneer Natural Resources		6,595		1,248
Schlumberger		145,211		9,734
TechnipFMC		12,112		384
Valero Energy		86,183		9,552
Whiting Petroleum*		76,184		4,016
Williams		23,391		634
World Fuel Services		35,751		730
				118,719
Financials — 14.9%
Affiliated Managers Group		1,700		253
Aflac		61,906		2,663
Allstate		63,785		5,822
American Express		102,070		10,003
American Financial Group		15,494		1,663
American International Group		26,133		1,386
Ameriprise Financial		36,147		5,056
Aon		59,784		8,201
Arthur J Gallagher		5,600		366
Assurant		10,250		1,061
Athene Holding, Cl A*		8,963		393
Bank of America		648,962		18,294
Bank of New York Mellon		117,324		6,327
BankUnited		22,697		927
BB&T		26,510		1,337
Berkshire Hathaway, Cl B*		97,894		18,272
BlackRock, Cl A		22,350		11,154
Brighthouse Financial*		3,632		146
Capital One Financial		59,140		5,435
Cboe Global Markets		3,200		333
Charles Schwab		176,898		9,040
Chubb		71,904		9,133
Cincinnati Financial		4,457		298
Citigroup		248,318		16,617

Description	Shares		Value (000)
Citizens Financial Group		94,483	$	3,675
CME Group, Cl A		18,206		2,984
Comerica		9,427		857
Discover Financial Services		40,256		2,834
E*TRADE Financial*		7,401		453
Erie Indemnity, Cl A		1,096		129
Everest Re Group		15,547		3,583
Federated Investors, Cl B		36,974		862
Fifth Third Bancorp		19,314		554
First American Financial		13,949		721
FNF Group		52,498		1,975
Franklin Resources		11,961		383
Goldman Sachs Group		51,768		11,419
Hartford Financial Services Group		14,294		731
Huntington Bancshares		33,348		492
Intercontinental Exchange		90,983		6,692
Invesco		11,973		318
Jefferies Financial Group		9,447		215
JPMorgan Chase		371,842		38,746
KeyCorp		46,782		914
Lazard, Cl A		19,522		955
Lincoln National		9,527		593
Loews		7,333		354
LPL Financial Holdings		3,297		216
M&T Bank		7,059		1,201
Marsh & McLennan		14,801		1,213
MetLife		123,577		5,388
Moody’s		25,336		4,321
Morgan Stanley		132,890		6,299
Morningstar		588		75
MSCI, Cl A		13,785		2,280
Nasdaq		56,854		5,189
Northern Trust		5,992		617
People’s United Financial		10,854		196
PNC Financial Services Group		107,989		14,589
Principal Financial Group		18,476		978
Progressive		83,002		4,910
Prudential Financial		41,464		3,877
Raymond James Financial		3,800		340
Regions Financial		202,292		3,597
Reinsurance Group of America, Cl A		28,620		3,820
S&P Global		32,687		6,665
SEI Investments		2,694		168
State Street		70,554		6,568
SunTrust Banks		26,551		1,753
SVB Financial Group*		1,600		462

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

13

THE KP FUNDS June 30, 2018 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Synchrony Financial		59,087	$	1,972
Synovus Financial		8,882		469
T Rowe Price Group		33,086		3,841
TD Ameritrade Holding		61,260		3,355
Torchmark		3,187		260
Travelers		78,479		9,601
Unum Group		6,555		243
US Bancorp		232,760		11,643
Wells Fargo		419,798		23,274
Willis Towers Watson		3,949		599
XL Group		7,193		402
Zions Bancorporation		41,438		2,183
				347,183
Health Care — 14.4%
Abbott Laboratories		148,809		9,076
AbbVie		81,487		7,550
ABIOMED*		3,501		1,432
Aetna		15,077		2,767
Agilent Technologies		26,017		1,609
Alexion Pharmaceuticals*		33,596		4,171
Align Technology*		7,057		2,414
Allergan		9,866		1,645
AmerisourceBergen, Cl A		4,701		401
Amgen		53,497		9,875
Anthem		30,567		7,276
Baxter International		106,255		7,846
Becton Dickinson		49,259		11,800
Biogen*		24,200		7,024
Boston Scientific*		62,030		2,028
Bristol-Myers Squibb		107,185		5,932
Cardinal Health		8,695		424
Celgene*		70,571		5,605
Centene*		37,365		4,604
Cerner*		8,915		533
Charles River Laboratories International*		9,524		1,069
Cigna		122,444		20,809
Cooper		4,994		1,176
Danaher		84,473		8,336
DaVita*		3,848		267
DENTSPLY SIRONA		6,849		300
Edwards Lifesciences*		5,982		871
Eli Lilly		27,755		2,368
Envision Healthcare*		3,366		148
Exelixis*		12,006		258
Express Scripts Holding*		107,872		8,329

Description	Shares		Value (000)
Gilead Sciences		105,083	$	7,444
HCA Healthcare		58,733		6,026
Henry Schein*		4,600		334
Hologic*		8,200		326
Humana		46,762		13,918
IDEXX Laboratories*		2,600		567
Illumina*		4,200		1,173
Incyte*		23,107		1,548
Intuitive Surgical*		25,966		12,424
IQVIA Holdings*		4,800		479
Johnson & Johnson		239,744		29,090
Laboratory Corp of America Holdings*		3,052		548
McKesson		39,491		5,268
Medtronic		177,440		15,191
Merck		238,629		14,485
Mettler-Toledo International*		700		405
Mylan*		15,467		559
Nektar Therapeutics, Cl A*		4,500		220
Novartis		11,555		878
PerkinElmer		3,296		241
Perrigo		3,932		287
Pfizer		486,734		17,659
Quest Diagnostics		4,054		446
Regeneron Pharmaceuticals*		2,229		769
ResMed		4,000		414
Roche Holding		4,645		1,034
Stryker		58,184		9,825
Thermo Fisher Scientific		39,742		8,232
United Therapeutics*		5,995		678
UnitedHealth Group		118,145		28,986
Universal Health Services, Cl B		2,600		290
Varian Medical Systems*		15,684		1,784
Vertex Pharmaceuticals*		62,113		10,557
Waters*		11,554		2,237
WellCare Health Plans*		5,918		1,457
Zimmer Biomet Holdings		5,698		635
Zoetis, Cl A		13,772		1,173
				335,530
Industrials — 9.7%
3M		40,706		8,008
Alaska Air Group		3,900		236
Allegion		2,856		221
Allison Transmission Holdings		22,214		899
American Airlines Group		88,436		3,357
AMETEK		8,467		611

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

14

THE KP FUNDS June 30, 2018 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
AO Smith		4,500	$	266
Arconic		12,755		217
Boeing		121,666		40,820
Canadian National Railway		26,884		2,198
Caterpillar		51,085		6,931
CH Robinson Worldwide		4,264		357
Cintas		2,476		458
Copa Holdings, Cl A		1,531		145
Copart*		5,800		328
Crane		31,684		2,539
CSX		25,504		1,627
Cummins		19,793		2,632
Curtiss-Wright		3,261		388
Deere		9,267		1,296
Delta Air Lines		40,022		1,983
Dover		4,597		336
Dun & Bradstreet		18,079		2,217
Eaton		102,495		7,660
Emerson Electric		18,418		1,273
Equifax		22,100		2,765
Expeditors International of Washington		10,791		789
Fastenal		8,076		389
FedEx		15,307		3,476
Flowserve		4,043		163
Fluor		4,185		204
Fortive		34,817		2,685
Fortune Brands Home & Security		4,500		242
General Dynamics		20,435		3,809
General Electric		252,577		3,438
HD Supply Holdings*		20,294		870
Honeywell International		91,784		13,221
Huntington Ingalls Industries		9,091		1,971
IDEX		7,294		995
IHS Markit*		10,000		516
Illinois Tool Works		32,446		4,495
Ingersoll-Rand		90,323		8,105
ITT		14,186		742
Jacobs Engineering Group		3,630		230
JB Hunt Transport Services		2,500		304
Kansas City Southern		25,171		2,667
KAR Auction Services		27,255		1,494
L3 Technologies		8,590		1,652
Landstar System		4,928		538
Lockheed Martin		19,446		5,745
ManpowerGroup		4,215		363
Masco		9,222		345

Description	Shares		Value (000)
Nielsen Holdings		9,500	$	294
Norfolk Southern		15,946		2,406
Northrop Grumman		27,007		8,310
nVent Electric*		18,688		469
Oshkosh		11,629		818
PACCAR		22,318		1,383
Parker-Hannifin		3,960		617
Pentair		23,535		990
Quanta Services*		4,576		153
Raytheon		26,224		5,066
Regal Beloit		10,305		843
Republic Services, Cl A		6,271		429
Robert Half International		51,248		3,336
Rockwell Automation		3,542		589
Rockwell Collins		4,636		624
Roper Technologies		2,973		820
Ryder System		23,045		1,656
Snap-on		1,729		278
Southwest Airlines		15,115		769
Spirit AeroSystems Holdings, Cl A		51,266		4,404
Stanley Black & Decker		24,750		3,287
Stericycle*		2,621		171
Teledyne Technologies*		3,528		702
Terex		14,161		597
Textron		7,190		474
TransDigm Group*		1,400		483
Union Pacific		63,747		9,032
United Continental Holdings*		6,600		460
United Parcel Service, Cl B		41,137		4,370
United Rentals*		2,500		369
United Technologies		58,942		7,370
Verisk Analytics, Cl A*		4,400		474
Waste Connections		42,950		3,233
Waste Management		61,487		5,001
WW Grainger		20,120		6,205
Xylem		5,122		345
				226,043
Information Technology — 26.6%
Accenture, Cl A		102,700		16,801
Activision Blizzard		96,679		7,379
Adobe Systems*		61,965		15,108
Advanced Micro Devices*		23,000		345
Akamai Technologies*		24,150		1,768
Alibaba Group Holding ADR*		53,800		9,981
Alliance Data Systems		1,480		345
Alphabet, Cl A*		38,297		43,245

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

15

THE KP FUNDS June 30, 2018 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Alphabet, Cl C*		28,419	$	31,706
Amdocs		22,410		1,483
Amphenol, Cl A		8,552		745
Analog Devices		28,917		2,774
ANSYS*		7,806		1,360
Apple		344,627		63,794
Applied Materials		140,863		6,506
Arista Networks*		2,210		569
ARRIS International*		55,002		1,344
ASML Holding, Cl G		9,100		1,802
Autodesk*		6,208		814
Automatic Data Processing		12,868		1,726
Black Knight*		23,271		1,246
Broadcom		37,304		9,051
Broadridge Financial Solutions		3,500		403
CA		9,266		330
Cadence Design Systems*		18,424		798
CDW		11,846		957
Cisco Systems		273,556		11,771
Citrix Systems		3,825		401
Cognizant Technology Solutions, Cl A		72,248		5,707
Corning		23,423		644
Dell Technologies, Cl V*		22,412		1,896
Dropbox, Cl A*		4,043		131
DXC Technology		101,860		8,211
eBay*		53,979		1,957
Electronic Arts*		45,944		6,479
F5 Networks*		38,551		6,648
Facebook, Cl A*		274,216		53,286
Fidelity National Information Services		87,352		9,262
First Solar*		12,884		678
Fiserv*		65,264		4,835
FleetCor Technologies*		3,320		699
FLIR Systems		22,004		1,144
Fortinet*		14,558		909
Gartner*		2,700		359
Global Payments		40,612		4,528
Harris		3,586		518
Hewlett Packard Enterprise		88,699		1,296
HP		88,401		2,006
IAC*		13,837		2,110
Intel		257,696		12,810
International Business Machines		57,659		8,055
Intuit		78,457		16,029
IPG Photonics*		2,199		485

Description	Shares		Value (000)
Juniper Networks		42,261	$	1,159
KLA-Tencor		37,400		3,835
Lam Research		13,623		2,355
Marvell Technology Group		8,733		187
Mastercard, Cl A		32,300		6,348
Maxim Integrated Products		98,550		5,781
Microchip Technology		6,946		632
Micron Technology*		138,995		7,289
Microsoft		732,040		72,186
Motorola Solutions		4,585		534
NetApp		7,594		596
NVIDIA		36,362		8,614
ON Semiconductor*		14,884		331
Oracle		149,275		6,577
Paychex		9,067		620
PayPal Holdings*		147,144		12,253
Perspecta		18,210		374
Qorvo*		3,900		313
QUALCOMM		43,194		2,424
Red Hat*		61,959		8,325
salesforce.com*		82,230		11,216
Seagate Technology		8,469		478
ServiceNow*		16,741		2,887
Shopify, Cl A*		9,849		1,437
Skyworks Solutions		25,473		2,462
Symantec		19,037		393
Synopsys*		24,761		2,119
Take-Two Interactive Software*		6,383		755
TE Connectivity		9,915		893
Tencent Holdings ADR		168,600		8,472
Teradata*		3,532		142
Texas Instruments		138,013		15,216
Total System Services		60,536		5,116
Twitter*		19,100		834
VeriSign*		2,857		393
Visa, Cl A		214,532		28,415
VMware, Cl A*		28,079		4,127
Western Digital		33,886		2,623
Western Union		13,763		280
Workday, Cl A*		20,568		2,491
Xerox		6,504		156
Xilinx		10,159		663
Zebra Technologies, Cl A*		12,328		1,766
Zynga, Cl A*		99,165		404
				619,705

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

16

THE KP FUNDS June 30, 2018 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Materials — 2.4%
Air Products & Chemicals		21,551	$	3,356
Albemarle		3,400		321
Alcoa*		59,986		2,812
Avery Dennison		2,468		252
Ball		10,704		381
Berry Global Group*		36,815		1,691
Cabot		3,854		238
Celanese, Cl A		11,983		1,331
CF Industries Holdings		6,850		304
Chemours		40,621		1,802
Crown Holdings*		32,497		1,455
Domtar		8,847		422
DowDuPont		91,724		6,046
Eastman Chemical		15,812		1,581
Ecolab		7,409		1,040
FMC		3,932		351
Freeport-McMoRan		70,493		1,217
Huntsman		71,257		2,081
International Flavors & Fragrances		2,442		303
International Paper		11,676		608
LyondellBasell Industries, Cl A		57,844		6,354
Martin Marietta Materials		1,900		424
Mosaic		10,781		302
Newmont Mining		23,495		886
Nucor		8,955		560
Olin		24,462		703
Packaging Corp of America		2,800		313
PPG Industries		76,463		7,931
Praxair		8,214		1,299
Reliance Steel & Aluminum		2,098		184
Sealed Air		4,442		189
Sherwin-Williams		11,391		4,643
Steel Dynamics		64,799		2,977
Vulcan Materials		3,727		481
Westlake Chemical		8,032		864
WestRock		7,778		443
				56,145
Real Estate — 1.7%
Alexandria Real Estate Equities‡		3,000		379
American Tower, Cl A‡		23,877		3,442
Apartment Investment & Management, Cl A‡		4,754		201
AvalonBay Communities‡		4,112		707
Boston Properties‡		4,367		548
CBRE Group, Cl A*		64,278		3,069
Crown Castle International‡		58,614		6,320
Digital Realty Trust‡		5,800		647

Description	Shares		Value (000)
Duke Realty‡		10,800	$	314
Equinix‡		2,294		986
Equity LifeStyle Properties‡		35,062		3,222
Equity Residential‡		10,384		661
Essex Property Trust‡		1,932		462
Extra Space Storage‡		3,700		369
Federal Realty Investment Trust‡		2,200		278
Gaming and Leisure Properties‡		37,790		1,353
GGP‡		19,343		395
HCP‡		13,395		346
Host Hotels & Resorts‡		21,818		460
Iron Mountain‡		8,486		297
Kimco Realty‡		12,145		206
Liberty Property Trust‡		14,160		628
Macerich‡		3,145		179
Mid-America Apartment Communities‡		3,400		342
Park Hotels & Resorts‡		30,182		925
Prologis‡		70,551		4,635
Public Storage‡		11,677		2,649
Realty Income‡		8,000		430
Regency Centers‡		4,500		279
SBA Communications, Cl A‡ *		3,200		528
Simon Property Group‡		9,004		1,532
SL Green Realty‡		2,400		241
UDR‡		8,300		312
Ventas‡		10,013		570
Vornado Realty Trust‡		5,303		392
Welltower‡		10,503		659
Weyerhaeuser‡		21,482		783
				39,746
Telecommunication Services — 0.9%
AT&T		233,515		7,498
CenturyLink		27,630		515
T-Mobile US*		36,475		2,180
Verizon Communications		199,846		10,054
				20,247
Utilities — 2.8%
AES		19,337		259
Alliant Energy		7,100		300
Ameren		49,295		3,000
American Electric Power		44,635		3,091
American Water Works		26,600		2,271
Avangrid		29,110		1,541
CenterPoint Energy		45,761		1,268
CMS Energy		7,864		372
Consolidated Edison		49,180		3,835
Dominion Energy		18,615		1,269

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

17

THE KP FUNDS June 30, 2018 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
DTE Energy		7,353	$	762
Duke Energy		103,561		8,190
Edison International		9,168		580
Entergy		5,054		408
Evergy		8,000		449
Eversource Energy		8,949		524
Exelon		269,919		11,499
FirstEnergy		13,533		486
NextEra Energy		43,104		7,200
NiSource		10,446		274
NRG Energy		9,264		284
OGE Energy		36,151		1,273
PG&E*		14,683		625
Pinnacle West Capital		3,492		281
PPL		20,899		597
Public Service Enterprise Group		50,894		2,755
SCANA		4,045		156
Sempra Energy		33,947		3,942
Southern		99,699		4,617
WEC Energy Group		8,920		577
Xcel Energy		49,863		2,278
				64,963
Total Common Stock (Cost $1,883,253) (000)				2,279,871
PREFERRED STOCK — 0.2%
Air BNB, Ser D* (A) (B)		11,406		1,295
Air BNB, Ser E* (A) (B)		6,939		788
Dropbox, Cl A (A) (B)		20,641		635
Magic Leap* (A) (B)		5,553		150
Magic Leap, Ser C* (A) (B)		13,521		365
Uber Technologies, Cl E* (A) (B)		21,969		879
Uber Technologies, Cl G* (A) (B)		7,921		317
Total Preferred Stock (Cost $3,282) (000)				4,429
EXCHANGE TRADED FUND — 0.2%
iShares Russell 1000 ETF		26,658		4,051
Total Exchange Traded Fund (Cost $4,022) (000)				4,051
SHORT-TERM INVESTMENT — 1.6%
State Street Institutional Treasury Money Market Fund, Cl Institutional, 1.740% (C)		37,555,858		37,556
Total Short-Term Investment (Cost $37,556) (000)				37,556
Total Investments In Securities — 99.8% (Cost $1,928,113) (000)			$	2,325,907

Percentages are based on net assets of $2,331,070 (000).

A list of the open futures contracts held by the Fund at June 30, 2018, is as follows (000):

Type of Contract	Number of Contracts Long	Expiration  Date	Notional Amount (Thousands)	Value  (Thousands)	Unrealized Depreciation (Thousands)
S&P 500 Index E-MINI	173	Sep-2018	$24,054	$23,542	$(512)

* Non-income producing security.

‡ Real Estate Investment Trust

(A) Level 3 security in accordance with fair value hierarchy.

(B) Currently, no stated interest rate.

(C) The rate reported is the 7-day effective yield as of June 30, 2018.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

S&P — Standard & Poor’s

Ser — Series

The following is a list of the level of inputs used as of June 30, 2018, in valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in Securities	Level 1			Level 2		Level 3^		Total
Common Stock	$	2,279,871		$	—	$	—	$	2,279,871
Preferred Stock		—			—		4,429		4,429
Exchange Traded Fund		4,051			—		—		4,051
Short-Term Investment		37,556		��	—		—		37,556
Total Investments in Securities	$	2,321,478		$	—	$	4,429	$	2,325,907
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts**
Unrealized Depreciation	$	(512	)	$	—	$	—	$	(512	)
Total Other Financial Instruments	$	(512	)	$	—	$	—	$	(512	)

** 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, 2018, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six-months ended June 30, 2018 there were no transfers in and out of Level 3. All transfers, if any, are recognized by the Fund at the end of the year.

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

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

18

THE KP FUNDS June 30, 2018 (Unaudited)

KP Small Cap Equity Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
COMMON STOCK — 96.5%
Consumer Discretionary — 14.1%
1-800-Flowers.com, Cl A*		158,243	$	1,986
Aaron’s		20,540		892
Abercrombie & Fitch, Cl A		70,097		1,716
Acushnet Holdings		18,596		455
Adtalem Global Education*		35,030		1,685
AH Belo, Cl A		197,880		930
American Axle & Manufacturing Holdings*		25,851		402
American Eagle Outfitters		20,295		472
American Public Education*		4,192		177
Asbury Automotive Group*		4,762		326
Ascena Retail Group*		43,595		174
Aspen Group*		49,050		366
Barnes & Noble		15,889		101
Barnes & Noble Education*		11,026		62
Belmond, Cl A*		21,632		241
Big 5 Sporting Goods		5,300		40
BJ’s Restaurants		49,861		2,992
Bloomin’ Brands		110,939		2,230
BMC Stock Holdings*		119,836		2,499
Buckle		7,285		196
Caleres		15,994		550
Callaway Golf		24,583		466
Capella Education		3,250		321
Career Education*		17,067		276

Description	Shares		Value (000)
Carter’s		20,327	$	2,203
Cato, Cl A		6,513		160
Cavco Industries*		2,211		459
Century Casinos*		131,526		1,151
Chegg*		163,606		4,547
Chico’s FAS		306,773		2,497
Children’s Place		4,333		523
Chuy’s Holdings*		104,130		3,197
Cooper Tire & Rubber		157,108		4,132
Cooper-Standard Holdings*		4,239		554
Core-Mark Holding		11,897		270
Crocs*		17,682		311
Dave & Buster’s Entertainment*		10,326		492
Del Frisco’s Restaurant Group*		177,851		2,241
Denny’s*		66,651		1,062
Dine Brands Global		23,979		1,794
Dixie Group*		214,108		492
Dorman Products*		7,728		528
DSW, Cl A		69,439		1,793
El Pollo Loco Holdings*		6,356		72
Eldorado Resorts*		55,735		2,179
Ethan Allen Interiors		6,811		167
Etsy*		42,235		1,782
EW Scripps, Cl A		14,113		189
Express*		274,366		2,510
Fiesta Restaurant Group*		7,455		214
Five Below*		12,885		1,259
Floor & Decor Holdings, Cl A*		30,716		1,515
Fossil Group*		11,346		305
Fox Factory Holding*		9,791		456
Francesca’s Holdings*		11,062		84
FTD*		5,124		24
GameStop, Cl A		26,460		386
Gannett		29,201		312
Genesco*		5,622		223
Gentherm*		9,544		375
G-III Apparel Group*		148,256		6,583
Goodyear Tire & Rubber		121,510		2,830
Group 1 Automotive		5,099		321
Guess?		15,099		323
Habit Restaurants, Cl A*		271,311		2,713
Haverty Furniture		5,712		123
Hibbett Sports*		5,528		127
Inspired Entertainment*		68,564		429
Installed Building Products*		5,401		305
iRobot*		7,242		549

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

19

THE KP FUNDS June 30, 2018 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
JC Penney*		80,713	$	189
John Wiley & Sons, Cl A		75,190		4,692
Kirkland’s*		4,305		50
La-Z-Boy, Cl Z		12,211		374
LCI Industries		6,574		593
LGI Homes*		4,664		269
Lindblad Expeditions Holdings*		139,872		1,853
Lithia Motors, Cl A		6,250		591
Lovesac*		45,089		936
Lululemon Athletica*		18,888		2,358
Lumber Liquidators Holdings*		7,304		178
M/I Homes*		7,897		209
Madison Square Garden*		5,012		1,555
Malibu Boats, Cl A*		27,735		1,163
Marcus		4,960		161
MarineMax*		6,434		122
Marriott Vacations Worldwide		6,173		697
MDC Holdings		143,738		4,423
MDC Partners, Cl A*		131,666		606
Melco Resorts & Entertainment ADR		135,507		3,794
Meredith		70,154		3,578
Meritage Homes*		9,925		436
Modine Manufacturing*		191,706		3,499
Monarch Casino & Resort*		3,167		140
Monro		38,766		2,252
Motorcar Parts of America*		5,559		104
Movado Group		4,451		215
Nautilus*		8,936		140
New Media Investment Group		16,772		310
Nexstar Media Group, Cl A		52,272		3,837
Nutrisystem		7,674		295
Office Depot		133,210		340
Oxford Industries		4,396		365
Penn National Gaming*		88,817		2,983
Perry Ellis International*		3,500		95
PetMed Express		5,300		233
Pier 1 Imports*		93,689		223
Planet Fitness, Cl A*		30,775		1,352
PlayAGS*		37,395		1,012
Red Robin Gourmet Burgers*		3,766		176
Regis*		9,634		159
Rent-A-Center, Cl A*		13,683		201
RH*		5,007		699
Ruth’s Hospitality Group		7,380		207
Scholastic		7,106		315
SeaWorld Entertainment*		176,560		3,853

Description	Shares		Value (000)
Shake Shack, Cl A*		5,009	$	332
Shoe Carnival		3,168		103
Shutterfly*		22,488		2,025
Sleep Number*		9,539		277
Sonic		9,625		331
Sonic Automotive, Cl A		7,160		148
Standard Motor Products		5,670		274
Steven Madden		13,748		730
Strayer Education		19,894		2,248
Sturm Ruger		56,109		3,142
Superior Industries International		6,299		113
Tailored Brands		12,881		329
Texas Roadhouse, Cl A		24,885		1,630
Tiffany		5,823		766
Tile Shop Holdings		10,401		80
TopBuild*		34,672		2,716
Ulta Beauty*		14,281		3,334
Unifi*		4,579		145
Universal Electronics*		3,803		126
Urban Outfitters*		35,049		1,561
Vail Resorts		8,081		2,216
Vera Bradley*		5,756		81
Vista Outdoor*		14,801		229
Vitamin Shoppe*		6,954		48
Weight Watchers International*		33,483		3,385
William Lyon Homes, Cl A*		7,732		179
Wingstop, Cl A		7,578		395
Winnebago Industries		7,461		303
Wolverine World Wide		24,782		862
World Wrestling Entertainment, Cl A		56,445		4,110
Zumiez*		5,373		135
				158,501
Consumer Staples — 3.4%
Andersons		131,673		4,503
Avon Products*		121,200		196
B&G Foods		71,674		2,143
Calavo Growers		4,094		394
Cal-Maine Foods*		7,733		355
Central Garden & Pet*		2,851		124
Central Garden & Pet, Cl A*		9,115		369
Chefs’ Warehouse*		61,705		1,759
Coca-Cola Bottling Consolidated		1,303		176
Darling Ingredients*		257,650		5,122
Dean Foods		23,500		247
Energizer Holdings		55,583		3,500
Flowers Foods		145,313		3,027

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

20

THE KP FUNDS June 30, 2018 (Unaudited)

KP Small Cap Equity Fund

Description		Shares		Value (000)
Herbalife Nutrition*			30,924	$	1,661
Inter Parfums			34,369		1,839
J&J Snack Foods			3,904		595
John B Sanfilippo & Son			2,524		188
Medifast			10,143		1,624
MGP Ingredients			3,270		290
Nu Skin Enterprises, Cl A			20,417		1,596
Seneca Foods, Cl A*			1,835		50
SpartanNash			9,236		236
SUPERVALU*			9,832		202
United Natural Foods*			78,960		3,368
Universal			60,078		3,968
WD-40			3,620		529
					38,061
Energy — 3.9%
Archrock			33,563		403
Ardmore Shipping*			286,601		2,350
Bristow Group*	��		9,036		127
C&J Energy Services*			16,510		390
Callon Petroleum*			461,148		4,953
Capital Product Partners(A)			163,982		502
CARBO Ceramics*			6,259		57
Carrizo Oil & Gas*			20,325		566
Cloud Peak Energy*			22,702		79
CONSOL Energy*			7,000		268
Denbury Resources*			104,314		502
Diamondback Energy			17,707		2,330
Dorian LPG*			1		—
Eclipse Resources*			621,143		994
Energen*			63,730		4,641
Era Group*			6,300		82
Exterran*			8,882		222
Geospace Technologies*			3,914		55
Green Plains			9,972		182
Gulf Island Fabrication*			3,100		28
Helix Energy Solutions Group*			35,894		299
HighPoint Resources*			28,571		174
Independence Contract Drilling*			74,722		308
Jones Energy, Cl A*			2		—
Keane Group*			66,537		910
Matrix Service*			7,679		141
Nabors Industries			377,915		2,422
Newpark Resources*			22,967		249
Noble*			63,944		405
Oceaneering International*			27,084		689
Oil States International*			70,907		2,276

Description	Shares		Value (000)
Par Pacific Holdings*		6,791	$	118
PDC Energy*		41,443		2,505
Penn Virginia*		3,000		255
Pioneer Energy Services*		23,574		138
Profire Energy*		261,761		885
ProPetro Holding*		18,530		290
Renewable Energy Group*		9,400		168
Resolute Energy*		53,739		1,677
REX American Resources*		1,686		136
Ring Energy*		199,148		2,513
RPC		192,080		2,799
SEACOR Holdings*		4,750		272
SRC Energy*		63,182		696
TETRA Technologies*		37,076		165
Transocean*		108,801		1,462
Unit*		14,000		358
Whiting Petroleum*		63,120		3,328
				44,369
Financials — 17.9%
Access National		76,817		2,197
Ambac Financial Group*		12,600		250
American Equity Investment Life Holding		67,360		2,425
American Financial Group		38,185		4,098
Ameris Bancorp		10,575		564
AMERISAFE		70,836		4,091
Apollo Commercial Real Estate Finance‡		29,165		533
ARMOUR Residential‡		10,788		246
Aspen Insurance Holdings		67,111		2,731
Associated Banc-Corp		49,560		1,353
Banc of California		110,638		2,163
Bank of Hawaii		44,960		3,751
Banner		27,729		1,667
Baycom*		12,954		321
Berkshire Hills Bancorp		40,037		1,626
BofI Holding*		14,360		587
Boston Private Financial Holdings		21,843		347
Bridgewater Bancshares*		65,510		833
BrightSphere Investment Group		74,766		1,066
Brookline Bancorp		20,845		388
Byline Bancorp*		54,206		1,211
Capstar Financial Holdings		116,018		2,150
Capstead Mortgage‡		23,731		212
Carolina Financial		47,546		2,041
Central Pacific Financial		7,600		218
Chemical Financial		25,624		1,426

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

21

THE KP FUNDS June 30, 2018 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
City Holding		3,992	$	300
Civista Bancshares		56,665		1,374
CoBiz Financial		147,041		3,158
Columbia Banking System		34,922		1,428
Commerce Bancshares		68,504		4,433
Community Bank System		13,325		787
Community Bankers Trust*		255,863		2,290
Curo Group Holdings*		51,765		1,292
Customers Bancorp*		72,229		2,050
CVB Financial		195,152		4,375
Dime Community Bancshares		8,319		162
Donnelley Financial Solutions*		8,600		149
E*TRADE Financial*		56,483		3,455
Eagle Bancorp Montana		34,296		662
eHealth*		4,800		106
Employers Holdings		8,491		341
Encore Capital Group*		6,132		224
Enova International*		8,762		320
Entegra Financial*		22,666		664
Evans Bancorp		39,731		1,832
EZCORP, Cl A*		92,349		1,113
FB Financial		79,087		3,220
Fidelity Southern		6,114		155
Financial Engines		16,640		747
First BanCorp*		47,150		361
First Bancorp NC		27,886		1,141
First Busey		15,108		479
First Commonwealth Financial		26,071		404
First Community		54,515		1,368
First Financial Bancorp		68,533		2,101
First Financial Bankshares		17,689		900
First Hawaiian		87,232		2,531
First Horizon National		176,735		3,153
First Internet Bancorp		89,632		3,056
First Midwest Bancorp		26,926		686
FirstCash		11,892		1,069
FNB		298,792		4,010
Franklin Financial Network*		3,600		135
Glacier Bancorp		20,771		803
Great Western Bancorp		15,373		646
Green Bancorp		54,315		1,173
Green Dot, Cl A*		74,398		5,460
Greenhill		6,709		191
Guaranty Bancorp		99,792		2,974
Guaranty Bancshares		17,868		589
Hanmi Financial		8,374		237

Description	Shares		Value (000)
Hannon Armstrong Sustainable Infrastructure Capital‡		106,247	$	2,098
HCI Group		2,200		91
Heritage Commerce		112,899		1,918
Heritage Financial		18,827		656
HomeStreet*		7,697		207
Hope Bancorp		33,587		599
Horace Mann Educators		28,827		1,286
IBERIABANK		53,501		4,055
Independent Bank		7,192		564
Infinity Property & Casualty		3,090		440
International. FCStone*		4,016		208
Invesco Mortgage Capital‡		29,040		462
Investar Holding		37,567		1,039
Investment Technology Group		8,427		176
James River Group Holdings		85,489		3,359
Kemper		22,215		1,681
LegacyTexas Financial Group		11,044		431
LPL Financial Holdings		25,330		1,660
Maiden Holdings		20,065		156
Meta Financial Group		2,344		228
MSCI, Cl A		5,455		902
National Bank Holdings, Cl A		85,504		3,300
Navigators Group		5,853		334
NBT Bancorp		11,346		433
New York Mortgage Trust‡		28,620		172
NMI Holdings, Cl A*		16,390		267
Northfield Bancorp		13,347		222
Northwest Bancshares		26,699		464
OFG Bancorp		12,709		179
Old Line Bancshares		37,650		1,314
Old National Bancorp		156,574		2,912
Old Point Financial		18,109		523
Opus Bank		67,624		1,941
Oritani Financial		10,106		164
Orrstown Financial Services		15,045		391
Pacific Premier Bancorp*		10,160		388
PacWest Bancorp		27,034		1,336
PennyMac Mortgage Investment Trust‡		15,740		299
Piper Jaffray		3,689		284
PRA Group*		11,787		454
Primerica		40,650		4,049
ProAssurance		13,957		495
Prosperity Bancshares		59,756		4,085
Provident Financial Services		15,858		437
Reliant Bancorp		27,925		783

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

22

THE KP FUNDS June 30, 2018 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
RLI		10,178	$	674
S&T Bancorp		9,084		393
Safety Insurance Group		3,963		338
Sandy Spring Bancorp		55,247		2,266
Seacoast Banking Corp of Florida*		12,200		385
Selective Insurance Group		15,369		845
ServisFirst Bancshares		11,769		491
Shore Bancshares		55,922		1,064
Sierra Bancorp		23,559		665
Simmons First National, Cl A		20,455		612
SmartFinancial*		46,725		1,204
Solar Capital		56,216		1,149
Southern First Bancshares*		4,601		203
Southern National Bancorp of Virginia		121,976		2,176
Southside Bancshares		7,124		240
State Auto Financial		32,267		965
Sterling Bancorp		39,830		532
Stewart Information Services		6,113		263
SVB Financial Group*		10,322		2,981
Synovus Financial		35,560		1,879
TCF Financial		57,555		1,417
Texas Capital Bancshares*		7,880		721
Third Point Reinsurance*		23,123		289
Tompkins Financial		3,195		274
TriCo Bancshares		93,758		3,511
Trupanion*		19,537		754
TrustCo Bank		24,776		221
UMB Financial		26,712		2,036
Umpqua Holdings		194,453		4,393
United Community Banks		19,195		589
United Fire Group		5,473		298
United Insurance Holdings		6,102		119
Universal Insurance Holdings		8,424		296
Veritex Holdings*		20,727		644
Virtus Investment Partners		1,857		238
Waddell & Reed Financial, Cl A		21,301		383
Walker & Dunlop		7,338		408
WesBanco		34,939		1,574
Westamerica Bancorporation		51,225		2,895
Western Alliance Bancorp*		29,725		1,683
Wintrust Financial		15,872		1,382
WisdomTree Investments		30,102		273
World Acceptance*		1,694		188
Zions Bancorporation		53,501		2,819
				200,771

Description	Shares		Value (000)
Health Care — 12.4%
Abaxis		5,950	$	494
ABIOMED*		2,899		1,186
Acadia Healthcare*		36,329		1,486
Aceto		9,010		30
Acorda Therapeutics*		12,204		350
Aerie Pharmaceuticals*		36,989		2,499
Agios Pharmaceuticals*		12,225		1,030
AMAG Pharmaceuticals*		9,791		191
Amedisys*		7,465		638
AMN Healthcare Services*		12,497		732
Amphastar Pharmaceuticals*		9,112		139
AngioDynamics*		9,443		210
ANI Pharmaceuticals*		2,447		163
Anika Therapeutics*		4,299		138
Array BioPharma*		181,469		3,045
AxoGen*		43,901		2,206
Bio-Rad Laboratories, Cl A*		8,111		2,340
Bio-Techne		3,085		456
BioTelemetry*		45,085		2,029
Cambrex*		8,555		447
Charles River Laboratories International*		12,115		1,360
Chemed		6,602		2,125
Collegium Pharmaceutical*		53,615		1,279
Community Health Systems*		31,174		103
Computer Programs & Systems		3,115		102
CONMED		28,993		2,122
Corcept Therapeutics*		24,836		390
CorVel*		2,800		151
Cross Country Healthcare*		124,669		1,403
CryoLife*		61,629		1,716
Cutera*		4,000		161
Cytokinetics*		13,823		115
Depomed*		16,985		113
DexCom*		32,306		3,068
Diplomat Pharmacy*		12,485		319
Eagle Pharmaceuticals*		2,416		183
Emergent BioSolutions*		9,208		465
Enanta Pharmaceuticals*		3,753		435
Encompass Health		92,794		6,284
Endo International*		52,420		494
Ensign Group		12,672		454
Envision Healthcare*		43,698		1,923
Evolent Health, Cl A*		53,816		1,133
Exact Sciences*		11,595		693
Flexion Therapeutics*		20,555		531

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

23

THE KP FUNDS June 30, 2018 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
GenMark Diagnostics*		297,262	$	1,897
Genomic Health*		23,135		1,166
Haemonetics*		44,885		4,025
Halozyme Therapeutics*		56,620		955
Halyard Health*		28,465		1,630
HealthEquity*		27,877		2,094
HealthStream*		7,053		193
Heron Therapeutics*		28,775		1,118
Heska*		1,841		191
HMS Holdings*		87,424		1,890
ICU Medical*		7,470		2,194
Innoviva*		17,791		246
Inogen*		4,550		848
Insulet*		42,083		3,606
Integer Holdings*		7,413		479
Integra LifeSciences Holdings*		31,510		2,030
Intra-Cellular Therapies, Cl A*		29,572		523
Invacare		8,443		157
K2M Group Holdings*		116,777		2,627
Kindred Healthcare*		25,987		234
Lannett*		8,185		111
Lantheus Holdings*		8,077		118
LeMaitre Vascular		4,200		141
LHC Group*		7,630		653
Ligand Pharmaceuticals*		15,823		3,278
LivaNova*		16,960		1,693
Loxo Oncology*		4,450		772
Luminex		10,704		316
Magellan Health*		6,421		616
Medicines*		16,902		620
MEDNAX*		33,793		1,463
Meridian Bioscience		11,833		188
Merit Medical Systems*		96,293		4,930
MiMedx Group*		27,970		179
Molina Healthcare*		15,680		1,536
Momenta Pharmaceuticals*		20,173		413
Myriad Genetics*		18,253		682
Natus Medical*		8,660		299
Neogen*		13,513		1,084
NeoGenomics*		99,630		1,306
Neurocrine Biosciences*		22,948		2,254
Novocure*		40,615		1,271
Nuvectra*		38,615		793
Omnicell*		10,125		531
OraSure Technologies*		83,642		1,378
Orthofix International*		4,871		277

Description	Shares		Value (000)
Owens & Minor		15,940	$	266
Oxford Immunotec Global*		167,855		2,164
PetIQ, Cl A*		35,504		954
Phibro Animal Health, Cl A		5,540		255
Prestige Brands Holdings*		39,254		1,507
Progenics Pharmaceuticals*		20,356		164
Providence Service*		27,844		2,187
Quality Systems*		12,155		237
Quidel*		42,867		2,851
Quorum Health*		8,300		41
R1 RCM*		95,397		828
REGENXBIO*		6,980		501
Repligen*		9,766		459
Sage Therapeutics*		11,346		1,776
Sarepta Therapeutics*		12,581		1,663
Select Medical Holdings*		27,938		507
Sientra*		27,645		539
Spectrum Pharmaceuticals*		24,375		511
Supernus Pharmaceuticals*		46,996		2,813
Surmodics*		3,700		204
Tabula Rasa HealthCare*		36,500		2,330
Tactile Systems Technology*		3,800		198
Tandem Diabetes Care*		83,280		1,834
Teladoc*		35,039		2,034
Tenet Healthcare*		128,728		4,321
TG Therapeutics*		35,467		466
Tivity Health*		8,864		312
US Physical Therapy		3,279		315
Varex Imaging*		9,838		365
Vericel*		131,899		1,279
WellCare Health Plans*		16,562		4,078
				139,895
Industrials — 18.4%
AAON		10,447		347
AAR		28,875		1,342
ABM Industries		123,036		3,590
Actuant, Cl A		15,776		463
Advanced Disposal Services*		53,085		1,315
Advanced Drainage Systems		45,830		1,308
Aegion, Cl A*		8,319		214
AerCap Holdings*		45,630		2,471
Aerojet Rocketdyne Holdings*		19,682		580
Aerovironment*		5,511		394
Air Transport Services Group*		101,455		2,292
Alamo Group		2,457		222
Albany International, Cl A		29,970		1,803

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

24

THE KP FUNDS June 30, 2018 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Allegiant Travel, Cl A		3,277	$	455
Altra Industrial Motion		32,688		1,409
American Woodmark*		3,676		337
AMETEK		21,696		1,566
Apogee Enterprises		70,702		3,406
Applied Industrial Technologies		10,115		710
ArcBest		21,865		999
ASGN*		49,230		3,849
Astec Industries		4,948		296
Atlas Air Worldwide Holdings*		6,656		477
Axon Enterprise*		39,839		2,517
AZZ		81,846		3,556
Barnes Group		40,922		2,410
Brady, Cl A		12,548		484
Briggs & Stratton		11,726		207
BWX Technologies, Cl W		23,265		1,450
CAI International*		59,092		1,373
Casella Waste Systems, Cl A*		76,476		1,959
Celadon Group*		339,121		1,014
Chart Industries*		42,992		2,652
CIRCOR International*		4,713		174
Columbus McKinnon		51,091		2,215
Comfort Systems USA		9,654		442
Commercial Vehicle Group*		150,092		1,102
Construction Partners, Cl A*		187,980		2,476
Covanta Holding		116,350		1,920
Covenant Transportation Group, Cl A*		74,583		2,349
CPI Aerostructures*		165,592		1,739
Cubic		32,908		2,113
Daseke*		105,881		1,051
DXP Enterprises*		69,340		2,649
Dycom Industries*		22,449		2,122
Echo Global Logistics*		89,338		2,613
EMCOR Group		52,080		3,967
Encore Wire		5,378		255
Engility Holdings*		5,113		157
EnPro Industries		5,454		382
Equifax		8,847		1,107
ESCO Technologies		6,720		388
Essendant		10,525		139
Exponent		13,582		656
Federal Signal		15,566		363
Forrester Research		2,811		118
Forward Air		42,674		2,521
Franklin Electric		10,044		453
FTI Consulting*		9,847		596

Description	Shares		Value (000)
GATX		55,220	$	4,099
Genesee & Wyoming, Cl A*		22,480		1,828
Gibraltar Industries*		8,216		308
GrafTech International		39,446		710
Granite Construction		57,350		3,192
Greenbrier		7,341		387
Griffon		129,165		2,299
Harsco*		72,168		1,595
Hawaiian Holdings		13,220		475
Heartland Express		12,716		236
Heidrick & Struggles International		5,400		189
Hexcel		18,615		1,236
Hillenbrand		16,340		770
HNI		70,598		2,626
Hub Group, Cl A*		99,934		4,977
Huron Consulting Group*		5,595		229
I3 Verticals, Cl A*		68,556		1,043
InnerWorkings*		193,737		1,684
Insperity		9,785		932
Insteel Industries		4,985		167
Interface, Cl A		78,916		1,811
ITT		95,775		5,006
John Bean Technologies		8,292		737
Kaman		7,267		506
KBR		304,521		5,457
Kelly Services, Cl A		7,854		176
Kirby*		14,040		1,174
Knight-Swift Transportation Holdings, Cl A		32,104		1,227
Korn		35,366		2,190
Lindsay		2,771		269
LiqTech International*		588,600		438
LSC Communications		9,476		148
Lydall*		4,962		217
Marten Transport		142,779		3,348
MasTec*		39,164		1,988
Matson		11,086		425
Matthews International, Cl A		36,872		2,168
McGrath RentCorp		36,950		2,338
Mercury Systems*		53,308		2,029
Milacron Holdings*		282,645		5,350
Mobile Mini		11,629		545
Moog, Cl A		53,516		4,172
Mueller Industries		135,369		3,995
Mueller Water Products, Cl A		211,059		2,474
Multi-Color		3,581		232
MYR Group*		4,538		161

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

25

THE KP FUNDS June 30, 2018 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
National Presto Industries		1,452	$	180
Navigant Consulting*		11,663		258
NOW*		39,329		524
Orion Group Holdings*		8,400		69
Patrick Industries*		6,101		347
PGT Innovations*		12,902		269
Powell Industries		2,510		87
Proto Labs*		6,547		779
Quanex Building Products		10,193		183
Raven Industries		9,305		358
Resources Connection		8,100		137
Revolution Lighting Technologies*		231,829		934
Robert Half International		11,834		770
RR Donnelley & Sons		19,700		113
Saia*		17,020		1,376
Simpson Manufacturing		80,287		4,993
SkyWest		13,596		706
SP Plus*		53,574		1,993
SPX*		11,156		391
SPX FLOW*		11,073		485
Standex International		3,326		340
Steelcase, Cl A		476,509		6,433
Team*		84,879		1,961
Tennant		4,665		369
Tetra Tech		14,537		850
Titan International		12,581		135
Titan Machinery*		24,700		384
TransUnion		40,256		2,884
Trex*		15,412		965
Triumph Group		166,538		3,264
TrueBlue*		10,683		288
Tutor Perini*		87,266		1,610
UniFirst		4,030		713
Universal Forest Products		16,054		588
US Ecology		5,685		362
US Xpress Enterprises, Cl A*		93,930		1,422
Veritiv*		3,259		130
Viad		5,296		287
Vicor*		4,600		200
Wabash National		72,097		1,345
Wabtec		55,929		5,514
WageWorks*		10,322		516
Watts Water Technologies, Cl A		7,248		568
YRC Worldwide*		220,290		2,214
				207,391

Description	Shares		Value (000)
Information Technology — 15.6%
2U*		21,917	$	1,831
3D Systems*		29,580		409
8x8*		24,202		485
ACI Worldwide*		51,412		1,268
ADTRAN		171,148		2,542
Advanced Energy Industries*		32,273		1,875
Agilysys*		4,400		68
Alarm.com Holdings*		6,453		261
Alpha & Omega Semiconductor*		300		4
Amkor Technology*		382,570		3,286
Anixter International*		7,573		479
Applied Optoelectronics*		5,024		226
Apptio, Cl A*		49,235		1,782
Aspen Technology*		18,691		1,733
Asure Software*		62,493		997
Axcelis Technologies*		9,279		184
Badger Meter		7,546		337
Bel Fuse, Cl B		2,556		53
Belden		27,205		1,663
Benchmark Electronics		47,501		1,385
Blucora*		47,069		1,742
Bottomline Technologies*		64,206		3,199
Brooks Automation		18,409		601
Cabot Microelectronics		6,706		721
CACI International, Cl A*		6,466		1,090
CalAmp*		86,819		2,034
Cardtronics*		11,863		287
CEVA*		5,671		171
Cohu		7,360		180
Comtech Telecommunications		6,042		193
Control4*		5,476		133
Cornerstone OnDemand*		29,210		1,385
CoStar Group*		7,777		3,209
Cray*		52,086		1,281
Cree*		53,648		2,230
CSG Systems International		8,728		357
CTS		8,536		307
Daktronics		11,490		98
Diebold Nixdorf*		21,000		251
Digi International*		7,616		101
Diodes*		10,035		346
DSP Group*		6,300		78
Ebix		5,731		437
Electro Scientific Industries*		9,745		154
Electronics For Imaging*		189,552		6,172

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

26

THE KP FUNDS June 30, 2018 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
eMagin*		473,097	$	852
ePlus*		3,548		334
Euronet Worldwide*		28,424		2,381
Everi Holdings*		237,674		1,711
EVERTEC*		78,890		1,724
ExlService Holdings*		8,961		507
Extreme Networks*		29,870		238
Fabrinet*		9,559		353
FARO Technologies*		4,364		237
Finisar*		29,875		538
First Solar*		15,716		828
Five9*		85,857		2,968
FLIR Systems		49,651		2,580
FormFactor*		20,500		273
Gartner*		9,421		1,252
Glu Mobile*		270,992		1,737
GoDaddy, Cl A*		15,556		1,098
Gogo*		141,973		690
GrubHub*		25,092		2,632
GTT Communications*		12,060		543
Harmonic*		22,627		96
IAC*		21,378		3,260
II-VI*		14,366		624
Infinera*		42,305		420
Insight Enterprises*		31,340		1,533
Integrated Device Technology*		38,268		1,220
InterXion Holding*		30,415		1,899
Itron*		37,926		2,277
KEMET*		12,821		310
Keysight Technologies*		14,410		851
Knowles*		101,004		1,545
Kopin*		18,000		51
Kulicke & Soffa Industries		17,950		428
Liquidity Services*		41,866		274
LivePerson*		78,981		1,667
ManTech International, Cl A		33,329		1,788
MaxLinear, Cl A*		15,988		249
Mellanox Technologies*		7,680		647
Methode Electronics		9,579		386
MicroStrategy, Cl A*		2,439		312
Mimecast*		62,272		2,566
MongoDB, Cl A*		21,088		1,047
Monotype Imaging Holdings		10,842		220
MTS Systems		9,402		495
Nanometrics*		6,145		218
NCR*		105,630		3,167

Description	Shares		Value (000)
NETGEAR*		8,225	$	514
New Relic*		16,448		1,655
NIC		17,173		267
Novanta*		55,168		3,437
Nutanix, Cl A*		36,848		1,900
Oclaro*		44,282		395
OneSpan*		8,687		171
OSI Systems*		4,406		341
Pandora Media*		57,670		454
Park Electrochemical		5,678		132
PDF Solutions*		8,200		98
Perficient*		9,028		238
Photronics*		17,720		141
Plexus*		8,592		512
Power Integrations		7,712		563
Progress Software		11,827		459
PTC*		24,124		2,263
Pure Storage, Cl A*		134,453		3,211
Q2 Holdings*		28,551		1,629
Qualys*		8,562		722
QuinStreet*		10,502		133
Radware*		55,960		1,415
Rambus*		27,879		350
Rapid7*		62,420		1,761
RealPage*		38,440		2,118
RingCentral, Cl A*		55,952		3,936
Rogers*		14,125		1,574
Rudolph Technologies*		8,195		243
Sanmina*		17,866		523
ScanSource*		6,602		266
Semtech*		96,718		4,551
Shutterstock*		4,749		225
SolarEdge Technologies*		9,845		471
SPS Commerce*		17,969		1,320
Square, Cl A*		13,565		836
Stamps.com*		4,345		1,100
Super Micro Computer*		9,774		231
Sykes Enterprises*		10,292		296
Teradyne		111,191		4,233
TiVo		70,770		952
Travelport Worldwide		32,865		609
TTEC Holdings		3,988		138
TTM Technologies*		24,219		427
Twilio, Cl A*		19,130		1,072
Ultra Clean Holdings*		11,058		184
Upland Software*		45,287		1,557

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

27

THE KP FUNDS June 30, 2018 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
USA Technologies*		148,380	$	2,077
Varonis Systems*		26,690		1,988
Veeco Instruments*		13,743		196
VeriFone Systems*		78,637		1,794
Viavi Solutions*		59,008		604
Virtusa*		7,155		348
Vishay Intertechnology		213,190		4,946
WEX*		12,289		2,341
XO Group*		6,245		200
Xperi		254,067		4,090
Zebra Technologies, Cl A*		26,469		3,792
Zendesk*		78,197		4,261
				174,911
Materials — 5.6%
A Schulman		7,648		340
AdvanSix*		7,886		289
AK Steel Holding*		81,809		355
Alamos Gold, Cl A		65,316		372
Allegheny Technologies*		42,490		1,067
American Vanguard		7,243		166
AptarGroup		42,160		3,937
Avery Dennison		34,535		3,526
Balchem		8,397		824
Bemis		113,615		4,796
Boise Cascade		10,105		452
Century Aluminum*		12,792		201
Clearwater Paper*		4,472		103
Codexis*		79,340		1,143
Commercial Metals		68,228		1,440
Compass Minerals International		75,653		4,974
Ferroglobe		198,476		1,701
Flotek Industries*		15,698		51
FutureFuel		6,638		93
Graphic Packaging Holding		82,445		1,196
Hawkins		2,681		95
Haynes International		3,365		124
HB Fuller		13,204		709
Ingevity*		30,494		2,466
Innophos Holdings		57,014		2,714
Innospec		6,351		486
Kaiser Aluminum		4,360		454
KapStone Paper and Packaging		23,005		794
Koppers Holdings*		5,420		208
Kraton*		59,972		2,767
LSB Industries*		4,985		26
Materion		5,213		282

Description	Shares		Value (000)
Myers Industries		7,800	$	150
Neenah		4,364		370
Olympic Steel		2,849		58
PH Glatfelter		134,018		2,625
Quaker Chemical		3,474		538
Rayonier Advanced Materials		14,582		249
Ryerson Holding*		236,680		2,639
Schweitzer-Mauduit International		7,962		348
Silgan Holdings		207,778		5,575
Stepan		5,177		404
SunCoke Energy*		18,367		246
TimkenSteel*		132,030		2,159
Tredegar		7,154		168
Universal Stainless & Alloy Products*		18,632		441
US Concrete*		4,417		232
US Silica Holdings		20,310		522
Valvoline		250,405		5,401
Westlake Chemical		20,330		2,188
				62,464
Real Estate — 3.0%
Acadia Realty Trust‡		21,272		582
Agree Realty‡		8,066		426
American Assets Trust‡		10,783		413
Armada Hoffler Properties‡		11,539		172
CareTrust‡		19,705		329
CatchMark Timber Trust, Cl A‡		143,836		1,831
CBL & Associates Properties‡		44,501		248
Cedar Realty Trust‡		23,454		111
Chatham Lodging Trust‡		11,805		251
Chesapeake Lodging Trust‡		15,715		497
Community Healthcare Trust‡		58,860		1,758
DiamondRock Hospitality‡		52,336		643
Easterly Government Properties‡		12,800		253
EastGroup Properties‡		9,135		873
Education Realty Trust‡		42,758		1,774
Essential Properties Realty Trust‡ *		45,880		621
Four Corners Property Trust‡		15,922		392
Franklin Street Properties‡		27,560		236
Getty Realty‡		9,368		264
Global Net Lease‡		17,440		356
Government Properties Income Trust‡		25,721		408
Hersha Hospitality Trust, Cl A‡		10,487		225
HFF, Cl A*		9,622		331
Independence Realty Trust‡		24,166		249
Jernigan Capital‡		34,233		652

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

28

THE KP FUNDS June 30, 2018 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Kite Realty Group Trust‡		21,691	$	370
Lexington Realty Trus‡		56,212		491
LTC Properties‡		10,299		440
MedEquities Realty Trust‡		127,882		1,409
National Storage Affiliates Trust‡		13,112		404
Outfront Media‡		170,528		3,317
Pennsylvania‡		18,031		198
PS Business Parks‡		5,204		669
QTS Realty Trust, Cl A‡		57,237		2,261
Ramco-Gershenson Properties Trust‡		20,625		272
RE/MAX Holdings, Cl A		4,924		258
Retail Opportunity Investments‡		161,757		3,099
RLJ Lodging Trust‡		92,457		2,039
Saul Centers‡		3,547		190
STAG Industrial‡		51,946		1,415
Summit Hotel Properties‡		27,170		389
Taubman Centers‡		24,631		1,447
Universal Health Realty Income Trust‡		3,239		207
Urstadt Biddle Properties, Cl A‡		7,603		172
Washington Prime Group‡		48,260		391
Whitestone, Cl B‡		11,500		144
				33,477
Telecommunication Services — 0.7%
ATN International		12,380		653
Cincinnati Bell*		12,166		191
Cogent Communications Holdings		10,862		580
Consolidated Communications Holdings		18,462		228
Frontier Communications*		22,000		118
Iridium Communications*		21,742		350
Loral Space & Communications*		68,830		2,588
ORBCOMM*		54,336		549
Spok Holdings		5,100		77
Vonage Holdings*		211,752		2,730
				8,064
Utilities — 1.5%
ALLETE		30,772		2,382
American States Water		78,436		4,483
AquaVenture Holdings*		65,807		1,025
Avista		17,177		905
California Water Service Group		12,518		488
El Paso Electric		10,605		627
Northwest Natural Gas		7,483		477
South Jersey Industries		22,333		748

Description	Shares		Value (000)
Spire		53,068	$	3,749
Unitil		29,757		1,519
				16,403
Total Common Stock (Cost $951,542) (000)				1,084,307
EXCHANGE TRADED FUNDS — 0.3%
iShares Russell 2000 ETF		11,693		1,915
iShares Russell 2000 Value ETF		12,807		1,690
Total Exchange Traded Funds (Cost $2,916) (000)				3,605
	Number of Rights
RIGHTS — 0.0%
Dyax, Expires 12/31/2019*		12,613		31
Media General *†(B)		9,318		1
Tobira Therapeutics, Expires 12/31/2028* (B)		900		10
Total Rights (Cost $—) (000)				42
	Shares
SHORT-TERM INVESTMENT — 3.1%
State Street Institutional Treasury Money Market Fund, Cl Institutional, 1.740% (C)		34,484,192		34,484
Total Short-Term Investment (Cost $34,484) (000)				34,484
Total Investments In Securities — 99.9% (Cost $988,942) (000)			$	1,122,438

Percentages are based on net assets of $1,123,983 (000).

A list of the open futures contracts held by the Fund at June 30, 2018, is as follows (000):

Type of Contract	Number of Contracts Long	Expiration Date	Notional Amount (Thousands)	Value (Thousands)	Unrealized Depreciation (Thousands)
Russell 2000 Index E-MINI	67	Sep-2018	$5,654	$5,519	$(135)

* Non-income producing security.

‡ Real Estate Investment Trust

† Currently, expiration date is unavailable.

(A) Security considered Master Limited Partnership. At June 30, 2018, this security amounted to $502 (000) or 0.0% of Net Assets.

(B) Level 3 security in accordance with fair value hierarchy.

(C) The rate reported is the 7-day effective yield as of June 30, 2018.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

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

29

THE KP FUNDS June 30, 2018 (Unaudited)

KP Small Cap Equity Fund

The following is a list of the level of inputs used as of June 30, 2018, 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	$	1,084,307		$	—	$	—	$	1,084,307
Exchange Traded Funds		3,605			—		—		3,605
Rights		—			31		11		42
Short-Term Investment		34,484			—		—		34,484
Total Investments in Securities	$	1,122,396		$	31	$	11	$	1,122,438
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts**
Unrealized Depreciation	$	(135	)	$	—	$	—	$	(135	)
Total Other Financial Instruments	$	(135	)	$	—	$	—	$	(135	)

** 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, 2018, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six-months ended June 30, 2018, 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.

30

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
COMMON STOCK — 96.5%
Argentina — 0.1%
Grupo Financiero Galicia ADR		13,819	$	456
YPF ADR		51,132		694
				1,150
Australia — 3.2%
Abacus Property Group‡		18,673		52
Accent Group		15,190		19
Adelaide Brighton		23,763		122
Afterpay Touch Group*		7,116		49
AGL Energy		12,352		205
Ainsworth Game Technology		5,399		4
ALS		146,249		816
Altium		6,603		110
Altura Mining*		28,826		7
Alumina		404,388		838
Amcor		153,728		1,640
AMP		56,915		150
Ansell		7,979		161
APA Group		21,935		160
APN Outdoor Group		9,998		46
Appen		4,717		47
ARB		3,870		65
Ardent Leisure Group		22,700		33
Aristocrat Leisure		10,774		247
Asaleo Care		280,915		290

Description	Shares		Value (000)
ASX		3,660	$	174
Atlas Arteria		67,245		320
Aurizon Holdings		33,636		108
Ausdrill		25,524		35
AusNet Services		33,807		40
Austal		12,906		18
Australia & New Zealand Banking Group		187,229		3,914
Australian Agricultural*		20,716		19
Australian Pharmaceutical Industries		19,473		24
Automotive Holdings Group		12,095		26
Aventus Retail Property Fund‡		18,378		30
Aveo Group		21,860		39
Bank of Queensland		6,857		52
Bapcor		14,221		69
Beach Energy		89,102		116
Bega Cheese		8,574		47
Bellamy’s Australia*		4,944		57
Bendigo & Adelaide Bank		9,983		80
BHP Billiton		78,463		1,968
Bingo Industries		14,660		29
Blackmores		676		71
BlueScope Steel		87,937		1,123
Boral		21,882		106
Brambles		29,937		197
Breville Group		4,591		39
Brickworks		4,260		49
BWP Trust‡		30,570		74
BWX		5,827		25
Caltex Australia		20,908		504
carsales.com		64,201		719
Cedar Woods Properties		2,399		10
Centuria Industrial‡		11,602		22
Challenger		11,360		99
Charter Hall Group‡		25,143		121
Charter Hall Long Wale‡		8,366		27
Charter Hall Retail‡		19,876		62
CIMIC Group		1,699		53
Clean TeQ Holdings*		20,731		12
Cleanaway Waste Management		889,700		1,113
Coca-Cola Amatil		125,847		857
Cochlear		1,089		161
Collins Foods		5,344		22
Commonwealth Bank of Australia		32,967		1,778
Computershare		8,953		122
Corporate Travel Management		4,238		86
Costa Group Holdings		15,403		94

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

31

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Credit Group		2,528	$	34
Cromwell Property Group‡		74,113		61
Crown Resorts		6,940		69
CSL		8,519		1,213
CSR		27,199		92
Dexus‡		18,911		136
Domain Holdings Australia		97,748		233
Domino’s Pizza Enterprises		1,173		45
Downer EDI		33,107		166
DuluxGroup		105,893		600
Eclipx Group		18,453		43
Elders		5,739		36
Estia Health		12,273		30
Evolution Mining		67,036		174
Fairfax Media		698,061		387
FlexiGroup		14,134		23
Flight Centre Travel Group		1,077		51
Folkestone Education Trust‡		8,731		17
Fortescue Metals Group		30,354		99
Freedom Foods Group		3,707		18
G8 Education		21,495		37
Galaxy Resources*		18,998		43
Gateway Lifestyle		16,799		29
GDI Property Group‡		30,327		29
Genworth Mortgage Insurance Australia		14,780		28
Goodman Group‡		30,568		218
GPT Group‡		34,866		131
GrainCorp, Cl A		12,152		69
Greencross		4,776		16
Growthpoint Properties Australia‡		13,996		37
GUD Holdings		57,776		606
GWA Group		18,529		47
Hansen Technologies		6,846		16
Harvey Norman Holdings		8,587		21
Healthscope		33,196		54
HT&E		13,604		25
IDP Education		7,325		57
Iluka Resources		23,235		192
Incitec Pivot		33,186		89
Independence Group NL		26,973		103
Infigen Energy*		49,136		24
Inghams Group		12,945		37
Insurance Australia Group		43,208		273
Integrated Research		5,376		12
Investa Office Fund‡		26,337		102
InvoCare		5,573		57

Description	Shares		Value (000)
IOOF Holdings		17,758	$	118
IPH		60,298		199
IRESS		7,670		68
James Hardie Industries		8,189		138
Japara Healthcare		11,253		15
JB Hi-Fi		6,477		107
Karoon Gas Australia*		10,804		9
Kidman Resources*		15,534		21
Kogan.com		2,439		12
Lend Lease Group		11,135		163
Link Administration Holdings		25,061		136
Lynas*		31,875		55
Macquarie Group		6,004		549
Magellan Financial Group		6,786		117
Mayne Pharma Group*		80,663		52
McMillan Shakespeare		3,811		45
Medibank		53,370		115
Mesoblast*		16,915		19
Metcash		186,285		360
Mineral Resources		8,993		107
Mirvac Group‡		71,974		116
Moelis Australia		1,128		5
Monadelphous Group		4,546		51
Myer Holdings		38,418		11
MYOB Group		24,095		52
Nanosonics*		14,941		35
National Australia Bank		120,160		2,437
National Storage‡		33,316		41
Navitas		12,319		40
Netwealth Group*		3,722		23
Newcrest Mining		56,132		906
NEXTDC*		17,424		97
nib holdings		23,741		101
Nine Entertainment Holdings		42,360		78
Northern Star Resources		33,627		181
Nufarm		12,548		82
OFX Group		10,103		13
Oil Search		25,470		168
oOh!media		9,283		34
Orica		151,722		1,994
Origin Energy*		33,005		245
Orocobre*		12,336		47
Orora		92,586		244
OZ Minerals		16,778		117
Pact Group Holdings		11,705		46
Pendal Group		14,878		109
Perpetual		2,404		74

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

32

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Pilbara Minerals*		81,376	$	52
Pinnacle Investment Management Group		4,685		19
Platinum Asset Management		11,702		50
Premier Investments		5,104		63
Primary Health Care		22,786		59
Pro Medicus		2,160		13
QBE Insurance Group		108,809		784
Qube Holdings		71,172		127
Ramsay Health Care		2,637		105
RCR Tomlinson		7,447		16
REA Group		970		65
Regis Healthcare		9,607		23
Regis Resources		27,077		103
Reliance Worldwide		50,078		198
Resolute Mining		44,358		42
Rio Tinto		7,824		483
Sandfire Resources NL		8,287		56
Santos*		31,553		146
Saracen Mineral Holdings*		38,988		63
Scentre Group‡		96,950		314
SEEK		5,480		88
Select Harvests		5,630		29
Seven Group Holdings		5,914		83
Seven West Media		46,648		29
SG Fleet Group		4,472		12
Shopping Centres Australasia Property Group‡		43,343		79
Sigma Healthcare		198,368		119
Sims Metal Management		9,659		115
Sirtex Medical		2,990		70
SmartGroup		4,068		35
Sonic Healthcare		7,551		138
South32		88,688		237
Southern Cross Media Group		39,666		38
Spark Infrastructure Group		93,771		158
SpeedCast International		12,121		55
St. Barbara		29,101		104
Star Entertainment Grp		44,124		161
Steadfast Group		44,944		93
Stockland‡		47,550		140
Suncorp Group		23,696		256
Super Retail Group		6,649		40
Sydney Airport		21,519		114
Syrah Resources*		13,134		28
Tabcorp Holdings		37,516		124
Tassal Group		9,425		29

Description	Shares		Value (000)
Technology One		12,851	$	40
Telstra		80,909		157
TPG Telecom		6,751		26
Transurban Group		40,329		357
Treasury Wine Estates		13,929		179
Unibail-Rodamco-Westfield‡ *		13,317		145
Vicinity Centres‡		64,712		124
Village Roadshow*		3,387		6
Virtus Health		3,028		13
Viva Energy‡		25,338		42
Vocus Communications*		32,193		55
Washington H Soul Pattinson		5,623		86
Webjet		4,926		49
Wesfarmers		21,421		783
Western Areas		16,329		43
Westgold Resources*		17,377		24
Westpac Banking		64,094		1,390
Whitehaven Coal		40,000		171
WiseTech Global		5,078		59
Woodside Petroleum		16,944		445
Woolworths Group		171,913		3,884
WorleyParsons		9,970		129
WPP AUNZ		14,271		11
				48,776
Austria — 0.2%
Agrana Beteiligungs		163		17
ANDRITZ		4,613		245
AT&S Austria Technologie & Systemtechnik		1,415		26
BAWAG Group		2,088		97
DO & CO		293		17
Erste Group Bank*		5,498		229
EVN		2,278		43
FACC		847		16
Immobilien Anlagen		3,352		112
IMMOFINANZ*		4,604		110
Kapsch TrafficCom		173		8
Lenzing		677		82
Oesterreichische Post		8,807		402
OMV		2,862		162
POLYTEC Holding		742		11
Porr Ag		491		17
Raiffeisen Bank International		2,662		82
Rhi Magnesita		1,300		78
S IMMO		2,508		49
Schoeller-Bleckmann Oilfield Equipment		570		69

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

33

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Semperit Holding*		396	$	7
Telekom Austria, Cl A		8,717		73
UNIQA Insurance Group		6,958		64
Vienna Insurance Group Wiener Versicherung Gruppe		2,049		56
Voestalpine		2,217		102
Wienerberger		28,578		713
Zumtobel Group*		1,488		11
				2,898
Belgium — 0.6%
Ackermans & van Haaren		1,242		214
Aedifica‡		1,020		93
Ageas		3,555		179
AGFA-Gevaert*		8,255		35
Anheuser-Busch InBev		26,329		2,660
Barco		490		60
Befimmo‡		1,222		75
Bekaert		1,854		61
Biocartis*		1,674		24
bpost		5,086		80
Celyad*		356		11
Cie d’Entreprises CFE		388		48
Cofinimmo‡		1,228		152
Colruyt		1,088		62
D’ieteren		1,278		53
Econocom Group*		6,368		35
Elia System Operator		1,430		89
Euronav		8,211		75
EVS Broadcast Equipment		832		19
Exmar*		1,664		12
Fagron		2,058		35
Gimv		1,200		73
Greenyard		625		9
Groupe Bruxelles Lambert		1,568		165
Intervest Offices & Warehouses‡		925		23
Ion Beam Applications*		910		24
KBC Ancora		2,088		112
KBC Group		41,818		3,230
Kinepolis Group		847		54
Melexis		1,058		98
Mithra Pharmaceuticals*		639		24
Nyrstar*		3,628		19
Ontex Group		4,363		96
Orange Belgium		1,549		26
Proximus		3,046		69
Recticel		1,883		21

Description	Shares		Value (000)
Retail Estates‡		315	$	28
Sioen Industries		310		9
Sofina		861		149
Solvay		1,397		176
Telenet Group Holding*		923		43
Tessenderlo Group*		1,528		60
UCB		2,384		187
Umicore		3,931		226
Van de Velde		209		8
Warehouses De Pauw CVA‡		921		117
				9,118
Brazil — 1.0%
Ambev ADR		530,123		2,454
Arezzo Industria e Comercio		22,100		249
B2W Cia Digital*		44,515		308
B3 - Brasil Bolsa Balcao*		215,500		1,143
Banco BTG Pactual*		17,400		81
Banco do Brasil*		17,800		131
Embraer		43,630		272
Estacio Participacoes		89,500		563
Grendene		366,300		742
IRB Brasil Resseguros S		37,900		464
Lojas Renner		73,100		546
LPS Brasil Consultoria de Imoveis*		130,935		95
Magazine Luiza		17,200		566
MRV Engenharia e Participacoes		203,300		628
Natura Cosmeticos		123,427		965
Petrobras Distribuidora		96,767		452
Porto Seguro		104,406		1,089
QGEP Participacoes		25,000		95
Raia Drogasil*		69,300		1,171
Sul America		31,100		149
TOTVS		102,100		707
Vale*		36,300		462
Vale, Cl B ADR*		86,974		1,115
Via Varejo		58,700		283
				14,730
Canada — 4.7%
Advantage Oil & Gas*		9,800		31
Aecon Group		3,200		38
Ag Growth International		900		38
AGF Management, Cl B		3,300		17
Agnico Eagle Mines		4,400		202
AGT Food & Ingredients		1,100		13
Alacer Gold*		16,300		30
Alamos Gold, Cl A		20,270		115

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

34

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Alaris Royalty		2,000	$	24
Algonquin Power & Utilities		21,700		210
Alimentation Couche-Tard, Cl B		28,477		1,238
Allied Properties‡		2,300		73
AltaGas		3,000		62
Altius Minerals		2,300		23
Altus Group		2,300		51
Aphria*		9,700		88
ARC Resources		6,200		64
Aritzia*		3,200		38
Arizona Mining*		11,000		52
Artis‡		3,700		37
Atco, Cl I		1,300		40
Athabasca Oil*		23,900		33
ATS Automation Tooling Systems*		3,900		58
Aurinia Pharmaceuticals*		2,800		16
Aurora Cannabis*		27,900		197
AutoCanada		1,400		18
B2Gold*		54,800		142
Badger Daylighting		1,900		46
Ballard Power Systems*		10,900		31
Bank of Montreal		12,200		943
Bank of Nova Scotia		59,100		3,346
Barrick Gold		74,979		986
Baytex Energy*		13,200		44
BCE		17,997		729
Birchcliff Energy		13,900		51
BlackBerry*		9,900		95
Boardwalk‡		1,100		38
Bombardier*		40,800		161
Bonavista Energy		13,700		16
Bonterra Energy		1,100		14
Boralex		3,000		48
Brookfield Asset Management, Cl A		69,488		2,820
BRP		2,100		101
CAE		211,300		4,389
Calfrac Well Services*		3,400		14
Cameco		6,900		78
Canaccord Genuity Group		6,500		36
Canacol Energy*		7,100		23
Canada Goose Holdings*		2,500		147
Canadian Apartment Properties‡		3,600		117
Canadian Imperial Bank of Commerce		8,100		705
Canadian National Railway		14,000		1,145
Canadian Natural Resources		80,715		2,913
Canadian Pacific Railway		8,216		1,506

Description	Shares		Value (000)
Canadian Tire, Cl A		1,200	$	157
Canadian Utilities, Cl A		2,200		55
Canadian Western Bank		5,000		132
Canfor*		3,600		87
Canfor Pulp Products		1,700		33
Canopy Growth*		9,300		272
Capital Power		5,900		113
Cardinal Energy		5,400		23
Cascades		3,500		31
CCL Industries, Cl B		2,600		127
Celestica*		7,100		85
Cenovus Energy		19,700		205
Centerra Gold*		11,300		63
CES Energy Solutions		13,500		46
CGI Group, Cl A*		4,600		291
China Gold International Resources*		14,300		25
Choice Properties‡		7,173		66
Chorus Aviation		1,500		8
CI Financial		5,200		93
Cineplex		3,200		71
Cogeco		300		13
Cogeco Communications		800		40
Colliers International Group		1,900		144
Cominar‡		4,500		44
Computer Modelling Group		4,600		35
Constellation Software		1,996		1,548
Continental Gold*		7,900		23
Corby Spirit and Wine, Cl A		600		9
Corus Entertainment		6,000		23
Cott		7,800		130
Crescent Point Energy		9,000		66
Crew Energy*		6,200		9
Crombie‡		2,200		21
CT‡		1,600		16
Descartes Systems Group*		4,000		130
Detour Gold*		8,900		80
DIRTT Environmental Solutions*		5,300		26
Dollarama		5,700		221
Dorel Industries, Cl B		1,400		24
Dream Global‡		9,900		108
Dream Industrial‡		1,300		10
Dream Office‡		1,463		26
DREAM Unlimited, Cl A*		3,900		29
ECN Capital		20,000		54
Eldorado Gold*		40,900		41
Element Financial		19,900		94
Emera		1,100		36

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

35

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Empire		3,000	$	60
Enbridge		32,000		1,144
Enbridge Income Fund Holdings		7,700		189
Encana		17,800		232
Endeavour Mining*		4,300		77
Endeavour Silver*		7,200		23
Enercare		6,100		83
Enerflex		4,400		47
Enerplus		13,600		172
Enghouse Systems		1,000		58
Ensign Energy Services		7,500		33
Entertainment One		19,514		95
Equitable Group		700		32
Evertz Technologies		1,000		12
Exchange Income		400		10
Exco Technologies		1,300		9
Extendicare		4,500		25
Fairfax Financial Holdings		6,111		3,424
Fiera Capital, Cl A		2,700		24
Finning International		3,000		74
First Capital Realty		2,800		44
First Majestic Silver*		10,000		76
First National Financial		900		20
First Quantum Minerals		12,700		187
FirstService		1,800		137
Fortis		7,700		246
Fortuna Silver Mines*		8,500		48
Franco-Nevada		10,938		798
Freehold Royalties		5,100		48
Genworth MI Canada		2,100		67
George Weston		900		73
Gibson Energy		7,700		103
Gildan Activewear		15,231		429
Gluskin Sheff + Associates		1,700		21
Goldcorp		16,300		224
Granite‡		1,200		49
Great Canadian Gaming*		3,200		113
Great-West Lifeco		5,500		135
Guyana Goldfields*		9,000		34
H&R‡		2,700		41
Home Capital Group, Cl B*		3,300		38
Hudbay Minerals		13,900		78
Hudson’s Bay		6,200		55
Husky Energy		7,100		111
Hydro One		6,000		91
IAMGOLD*		24,500		143
IGM Financial		1,600		46

Description	Shares		Value (000)
Imperial Oil		5,500	$	183
Industrial Alliance Insurance & Financial Services		2,100		81
Innergex Renewable Energy		6,200		65
Intact Financial		2,700		192
Inter Pipeline		7,500		141
Interfor*		3,600		69
InterRent‡		2,900		24
Intertape Polymer Group		2,900		40
Ivanhoe Mines, Cl A*		31,300		64
Jamieson Wellness		1,800		36
Just Energy Group		4,900		18
Kelt Exploration*		8,300		56
Keyera		4,100		114
Killam Apartment‡		4,700		54
Kinaxis*		1,300		88
Kinder Morgan Canada		6,000		73
Kinross Gold*		20,500		77
Kirkland Lake Gold		10,500		222
Klondex Mines*		9,500		22
Knight Therapeutics*		5,800		36
Labrador Iron Ore Royalty		3,400		62
Laurentian Bank of Canada		2,400		82
Linamar		1,000		44
Lithium Americas*		3,800		20
Loblaw		28,169		1,448
Lucara Diamond		15,500		25
Lundin Gold*		4,300		15
Lundin Mining		11,900		66
MAG Silver*		3,800		41
Magellan Aerospace		700		9
Magna International		17,470		1,015
Major Drilling Group International*		4,800		25
Manulife Financial		36,500		656
Maple Leaf Foods		4,400		111
Martinrea International		4,900		53
Maxar Technologies		3,100		156
Medical Facilities		1,300		14
MedReleaf*		2,300		47
MEG Energy*		12,500		104
Methanex		1,400		99
Metro, Cl A		4,804		163
Morguard‡		1,400		14
Morneau Shepell		2,700		56
Mountain Province Diamonds*		8,200		21
MTY Food Group		1,200		46
Mullen Group		5,500		65

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

36

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
National Bank of Canada		6,200	$	298
Nemaska Lithium*		36,000		23
Neo Performance Materials		1,000		12
Nevsun Resources*		16,900		59
New Gold*		29,400		61
NexGen Energy*		15,700		29
NFI Group		3,200		118
Norbord		2,100		86
North West		2,500		56
Northland Power		6,100		114
Northview Apartment‡		1,200		24
NorthWest Healthcare Properties‡		2,200		19
Novagold Resources*		12,800		57
Nutrien		12,209		664
NuVista Energy*		9,600		67
Obsidian Energy*		26,600		30
OceanaGold		34,900		97
Onex		1,600		117
Open Text		5,000		176
Osisko Gold Royalties		5,900		56
Osisko Mining*		8,300		11
Painted Pony Energy*		7,400		13
Pan American Silver		8,100		145
Paramount Resources, Cl A*		3,793		43
Parex Resources*		8,600		162
Parkland Fuel		7,300		179
Pason Systems		4,000		66
Pembina Pipeline		9,172		318
Pengrowth Energy*		25,600		18
Peyto Exploration & Development		9,100		70
Power Corp of Canada		6,700		150
Power Financial		4,800		112
PrairieSky Royalty		25,783		509
Precision Drilling*		16,600		56
Premier Gold Mines*		10,700		21
Premium Brands Holdings		1,500		129
Pretium Resources*		9,400		69
ProMetic Life Sciences*		31,100		12
Quebecor, Cl B		8,400		172
Raging River Exploration*		12,000		52
Recipe Unlimited		1,400		30
Restaurant Brands International		4,400		265
RioCan‡		2,900		53
Ritchie Bros Auctioneers		36,450		1,244
Rogers Communications, Cl B		20,103		955
Rogers Sugar		4,600		19
Royal Bank of Canada		36,454		2,745

Description	Shares		Value (000)
Russel Metals		3,400	$	69
Sandstorm Gold*		10,800		49
Saputo		4,000		133
Savaria		1,200		15
Seabridge Gold*		2,300		26
Secure Energy Services		9,000		50
SEMAFO*		17,600		51
Seven Generations Energy*		4,400		48
Shaw Communications, Cl B		8,600		174
ShawCor		3,500		68
Shopify*		1,600		233
Sienna Senior Living		3,200		40
Sierra Wireless*		1,700		27
Silvercorp Metals		9,100		24
Sleep Country Canada Holdings		1,900		47
SmartCentres‡		1,300		30
SNC-Lavalin Group		3,300		146
Spin Master*		2,028		90
Sprott		9,400		22
SSR Mining*		6,200		61
Stantec		6,400		165
Stars Group*		7,900		288
Stelco Holdings		1,400		27
Stella-Jones		2,500		91
Stornoway Diamond*		30,200		10
Sun Life Financial		11,600		466
Suncor Energy		169,172		6,885
Superior Plus		7,200		70
Surge Energy		15,600		28
Tahoe Resources*		17,800		88
Tamarack Valley Energy*		12,600		44
Teck Resources, Cl B		10,400		265
TELUS		3,700		131
TFI International		5,000		154
Theratechnologies*		3,900		38
Thomson Reuters		5,400		218
Timbercreek Financial		3,700		26
TMAC Resources*		1,800		8
TMX Group		2,500		164
TORC Oil & Gas		7,100		40
Torex Gold Resources*		4,100		37
Toromont Industries		4,300		186
Toronto-Dominion Bank		61,513		3,561
Total Energy Services		2,300		20
Tourmaline Oil		5,100		91
TransAlta		15,100		76
TransAlta Renewables		7,200		68

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

37

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
TransCanada		33,647	$	1,456
Transcontinental, Cl A		4,000		93
Trevali Mining*		44,900		31
Trican Well Service*		15,050		34
Tricon Capital Group		6,900		58
Trinidad Drilling*		16,400		23
Turquoise Hill Resources*		18,100		51
Uni-Select		1,900		30
Uranium Participation*		7,200		22
Valeant Pharmaceuticals International*		5,500		128
Valener		1,900		29
Vermilion Energy		2,800		101
Wajax		1,000		19
West Fraser Timber		1,100		76
Western Forest Products		20,000		41
WestJet Airlines		1,500		20
Westshore Terminals Investment		2,800		51
Wheaton Precious Metals		8,300		183
Whitecap Resources		23,300		158
Winpak		1,600		54
WPT Industrial‡		1,700		24
WSP Global		1,900		100
Yamana Gold		52,600		153
				71,227
Chile — 0.3%
CAP		11,219		112
Cia Cervecerias Unidas		65,250		817
Cia Cervecerias Unidas ADR		9,921		247
Cia Sud Americana de Vapores*		9,057,071		256
Empresas CMPC		78,470		286
Enaex		21,199		293
Quinenco		326,790		950
Sociedad Quimica y Minera de Chile ADR		22,018		1,059
				4,020
China — 2.4%
51job ADR*		5,661		553
58.com ADR*		16,079		1,115
Alibaba Group Holding ADR*		47,982		8,902
Autohome ADR*		31,535		3,185
Baidu ADR*		19,500		4,739
CECEP COSTIN New Materials Group*		1,134,000		1
China International Travel Service, Cl A		137,099		1,333
China Merchants Bank, Cl H		328,500		1,212

Description	Shares		Value (000)
Ctrip.com International ADR*		29,587	$	1,409
Jiangsu Hengrui Medicine, Cl A		169,324		1,936
Kweichow Moutai, Cl A		16,100		1,778
Momo ADR*		18,170		790
PetroChina, Cl H		22,000		17
TAL Education Group ADR*		23,972		882
Tsingtao Brewery, Cl H		106,000		582
Weibo ADR*		14,283		1,268
Xiwang Special Steel		548,000		108
Yum China Holdings		161,755		6,221
				36,031
Colombia — 0.2%
Almacenes Exito		45,391		249
Bancolombia ADR		19,212		918
Ecopetrol ADR		66,991		1,377
				2,544
Czech Republic — 0.0%
Komercni Banka		11,866		499
Denmark — 1.5%
ALK-Abello*		331		55
Alm Brand		3,559		35
Ambu, Cl B		14,368		485
AP Moeller - Maersk, Cl A		62		74
AP Moeller - Maersk, Cl B		123		153
Bang & Olufsen*		1,871		41
Bavarian Nordic*		1,647		49
Carlsberg, Cl B		25,759		3,034
Chr Hansen Holding		1,866		172
Coloplast, Cl B		24,543		2,453
D/S Nordern*		1,342		24
Danske Bank		19,189		600
Dfds		1,648		105
DSV		5,011		405
FLSmidth		2,212		132
Genmab*		1,163		179
GN Store Nord		43,348		1,976
H Lundbeck		1,412		99
IC Group		439		11
ISS		3,248		112
Jyske Bank		3,953		217
Matas		2,098		17
Nilfisk Holding*		1,394		68
NKT*		1,394		38
NNIT		484		12
Novo Nordisk, Cl B		160,383		7,442
Novozymes, Cl B		4,248		216

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

38

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Orsted		3,555	$	215
Pandora		2,144		150
Per Aarsleff Holding		1,234		44
Rockwool International, Cl B		508		198
Royal Unibrew		2,920		233
Scandinavian Tobacco Group		3,243		49
Schouw		738		65
SimCorp		2,260		183
Solar, Cl B		341		21
Spar Nord Bank		4,602		49
Sydbank		3,941		136
Topdanmark		2,114		93
TORM, Cl A		974		8
Tryg		2,135		50
Vestas Wind Systems		27,965		1,731
William Demant Holding*		37,960		1,528
Zealand Pharma*		1,211		16
				22,973
Egypt — 0.0%
Telecom Egypt		129,194		102
Finland — 0.8%
Amer Sports		15,769		498
Atria, Cl A		872		11
Cargotec, Cl B		2,176		110
Caverion*		4,850		34
Citycon		18,366		40
Cramo		2,180		51
DNA		3,122		75
Elisa		2,761		128
Finnair		2,745		30
Fortum		8,362		200
F-Secure		4,129		18
Huhtamaki		5,964		221
Kemira		5,541		74
Kesko, Cl B		3,595		220
Kone, Cl B		7,750		395
Konecranes, Cl A		3,568		147
Lehto Group		1,581		18
Metsa Board		10,783		122
Metso		1,965		66
Neste		2,414		189
Nokia		78,282		451
Nokian Renkaat		74,512		2,944
Oriola, Cl B		5,893		21
Orion, Cl B		1,760		47
Outokumpu		16,041		100

Description	Shares		Value (000)
Outotec*		7,346	$	59
Ponsse		668		23
Ramirent		4,456		47
Sampo, Cl A		44,958		2,194
Sanoma		4,368		44
Stockmann Abp, Cl B*		1,290		6
Stora Enso, Cl R		10,357		203
Technopolis		8,502		38
Tieto		2,939		95
Tikkurila		93,507		1,604
Tokmanni Group		1,866		16
UPM-Kymmene		9,685		346
Uponor		3,160		51
Valmet		7,139		138
Wartsila, Cl B		31,584		621
YIT		8,085		49
				11,744
France — 6.6%
ABC arbitrage		2,361		20
Accor		3,546		175
Aeroports de Paris		554		125
Air France-KLM*		9,849		80
Air Liquide		113,682		14,298
Airbus Group		22,158		2,595
Akka Technologies		583		42
AKWEL		382		12
Albioma		1,587		36
ALD		5,636		96
Alstom		3,041		140
Alten		1,514		156
Altran Technologies		12,790		186
Amundi		1,096		76
Arkema		1,330		157
Assystem		389		12
Atos		1,810		247
Aubay		302		13
AXA		57,237		1,405
Axway Software		357		8
Beneteau		2,029		38
BioMerieux		768		69
BNP Paribas		37,830		2,350
Boiron		395		34
Bollore		17,435		81
Bonduelle SCA		723		26
Bourbon*		1,188		7
Bouygues		4,141		178

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

39

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Bureau Veritas		4,940	$	132
Capital Gemini		2,911		391
Carrefour		10,942		177
Casino Guichard Perrachon		975		38
Cellectis*		1,692		49
CGG*		33,986		84
Chargeurs		776		23
Cie de Saint-Gobain		9,462		423
Cie des Alpes		637		22
Cie Generale des Etablissements Michelin		3,242		394
Cie Plastic Omnium		3,235		137
CNP Assurances		2,807		64
Coface*		5,144		57
Covivio‡		759		79
Credit Agricole		20,687		276
Danone		64,826		4,759
Dassault Aviation		50		95
Dassault Systemes		19,093		2,676
DBV Technologies*		1,086		42
Derichebourg		4,510		29
Devoteam		306		35
Direct Energie		693		34
Edenred		24,689		780
Eiffage		1,492		162
Electricite de France		11,403		157
Elior Group		5,771		83
Elis		26,385		605
Engie		234,335		3,593
Eramet		517		68
Essilor International Cie Generale d’Optique		19,409		2,740
Esso Francaise		145		8
Etablissements Maurel et Prom*		2,287		17
Eurazeo		816		62
Eurofins Scientific		2,309		1,284
Europcar Groupe*		6,045		63
Eutelsat Communications		3,630		75
Faurecia		1,496		107
FFP		331		41
FIGEAC-AERO*		572		10
Fnac Darty*		983		94
Gaztransport Et Technigaz		1,156		71
Gecina‡		822		138
Genfit*		1,663		46
Getlink		53,424		733
GL Events		335		9

Description	Shares		Value (000)
Groupe Crit		109	$	10
Groupe Guillin		418		15
Guerbet		297		20
Haulotte Group		555		9
Hermes International		1,724		1,054
ICADE‡		535		50
ID Logistics Group*		115		19
Iliad		516		82
Imerys		2,747		222
Ingenico Group		1,088		98
Innate Pharma*		2,180		12
Interparfums		789		33
Ipsen		733		115
IPSOS		1,884		64
Jacquet Metal Service		840		27
JCDecaux		8,071		270
Kaufman & Broad		985		46
Kering		1,430		808
Klepierre‡		3,707		139
Korian		2,757		93
LafargeHolcim		1,512		73
Lagardere		5,767		152
Legrand		48,331		3,550
LISI		1,055		40
LNA Sante		236		15
L’Oreal		17,436		4,307
LVMH Moet Hennessy Louis Vuitton		21,202		7,061
Maisons du Monde		2,451		90
Manitou BF		580		22
Mercialys‡		3,076		54
Mersen		825		33
Metropole Television		1,525		31
Natixis		17,447		124
Naturex*		348		55
Neopost		8,592		231
Nexans		1,511		52
Nexity		2,241		141
Nokia		26,897		155
Oeneo		1,058		13
Orange		36,723		615
Orpea		2,487		332
Pernod Ricard		44,089		7,203
Peugeot		10,744		245
Pierre & Vacances*		189		6
Plastivaloire		396		7
Publicis Groupe		3,781		260
Rallye		1,467		17

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

40

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Remy Cointreau		399	$	52
Renault		3,487		297
Rexel		5,929		85
Rubis SCA		4,683		293
Safran		6,303		766
Sanofi		21,231		1,701
Sartorius Stedim Biotech		1,471		154
Schneider Electric		92,307		7,698
SCOR		3,215		119
SEB		369		65
SES, Cl A		7,155		131
Societe BIC		517		48
Societe Generale		14,124		596
Sodexo		1,711		171
SOITEC*		1,066		90
Solocal Group*		32,888		42
Solutions 30*		947		46
Sopra Steria Group		758		155
SPIE		6,155		125
SRP Groupe*		660		6
Stallergenes Greer*		321		12
Ste Industrielle d’Aviation Latecoere*		2,789		15
STMicroelectronics		12,733		284
Suez		7,315		95
Synergie		300		15
Tarkett		1,629		47
Technicolor*		18,675		23
TechnipFMC		3,900		125
Teleperformance		3,583		633
Television Francaise 1		2,239		24
Thales		6,417		827
TOTAL		195,164		11,898
Trigano		463		82
Ubisoft Entertainment*		1,480		162
Valeo		4,364		239
Vallourec*		18,090		107
Veolia Environnement		10,056		215
Vicat		3,706		244
Vinci		9,307		896
Virbac*		227		31
Vivendi		19,262		473
Wendel		546		75
Worldline*		2,088		118
X-Fab Silicon Foundries*		4,225		43
				101,017

Description	Shares		Value (000)
Germany — 5.7%
Aareal Bank		2,966	$	131
adidas		7,448		1,625
ADLER Real Estate*		1,568		26
ADO Properties		1,731		94
ADVA Optical Networking*		1,691		12
AIXTRON*		5,982		78
Allianz		8,280		1,712
alstria office‡		8,109		122
Amadeus Fire		328		36
Aumann		388		24
AURELIUS Equity Opportunities & KGaA		1,268		75
Aurubis		2,128		163
Axel Springer		12,546		908
BASF		56,321		5,387
Basler		72		14
Bauer		485		11
Bayer		88,077		9,705
Bayerische Motoren Werke		75,439		6,839
BayWa		921		31
Bechtle		1,682		130
Beiersdorf		48,949		5,559
Bertrandt		318		30
bet-at-home.com		120		9
Bilfinger		1,727		88
Borussia Dortmund GmbH & KGaA		2,535		16
Brenntag		22,591		1,259
CANCOM		900		92
Carl Zeiss Meditec		2,245		154
CECONOMY		10,139		84
Cewe Stiftung & KGAA		313		29
comdirect bank		1,561		23
Commerzbank*		19,452		187
CompuGroup Medical		1,379		71
Consus Real Estate*		1,638		14
Continental		2,042		466
Corestate Capital Holding		667		36
Covestro		3,672		328
CTS Eventim & KGaA		14,447		712
Daimler		17,127		1,103
Delivery Hero*		1,832		98
Deutsche Bank		36,579		394
Deutsche Beteiligungs		676		27
Deutsche Boerse		3,662		489
Deutsche EuroShop		2,794		99
Deutsche Lufthansa		4,372		105

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

41

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Deutsche Pfandbriefbank		6,997	$	98
Deutsche Post		18,074		590
Deutsche Telekom		111,595		1,729
Deutsche Wohnen		6,456		312
Deutz		6,173		48
DIC Asset		3,070		34
Diebold Nixdorf		388		26
DMG Mori		1,087		59
Draegerwerk & KGaA		73		4
Drillisch		965		55
Duerr		2,750		128
E.ON		41,823		447
EDAG Engineering Group		682		13
Elmos Semiconductor		433		11
ElringKlinger		1,480		19
Encavis		4,956		36
Evonik Industries		3,169		109
Evotec*		7,044		121
Ferratum		502		9
FinTech Group*		548		17
Fraport Frankfurt Airport Services Worldwide		677		66
Freenet		7,108		188
Fresenius & KGaA		7,663		616
Fresenius Medical Care & KGaA		24,524		2,473
GEA Group		6,863		232
Gerresheimer		4,527		367
Gerry Weber International*		1,013		7
GFT Technologies		660		9
Grammer		505		35
Grand City Properties		6,427		167
GRENKE		1,335		153
H&R GmbH & KGaA		694		8
Hamborner‡		4,822		51
Hamburger Hafen und Logistik		1,309		28
Hannover Rueck		2,901		362
Hapag-Lloyd		2,140		76
HeidelbergCement		3,460		291
Heidelberger Druckmaschinen*		13,201		36
HelloFresh*		2,089		32
Henkel & KGaA		1,952		217
Hochtief		401		72
Hornbach Baumarkt		435		13
Hornbach Holding & KGaA		543		39
HUGO BOSS		1,052		96
Hypoport*		205		38
Indus Holding		1,064		66

Description	Shares		Value (000)
Infineon Technologies		20,940	$	534
Innogy		2,688		115
Instone Real Estate Group BV*		1,062		28
Isra Vision		855		53
Jenoptik		2,663		104
JOST Werke		763		29
K+S		3,726		92
KION Group		1,373		99
Kloeckner		3,893		41
Koenig & Bauer		701		51
Krones		890		115
KWS Saat		109		39
LANXESS		1,703		133
LEG Immobilien		3,473		378
Leoni		1,841		94
Linde		13,830		3,302
MAN		574		65
MBB		132		14
Merck KGaA		33,338		3,256
METRO		3,146		39
MLP		3,891		24
MorphoSys*		1,631		200
MTU Aero Engines		11,787		2,266
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		2,855		604
Nemetschek		1,025		123
Nordex*		2,995		30
Norma Group		1,695		116
OHB		258		8
OSRAM Licht		1,912		79
PATRIZIA Immobilien		2,503		48
Pfeiffer Vacuum Technology		369		61
ProSiebenSat.1 Media		66,926		1,698
Puma*		160		94
QIAGEN*		57,228		2,086
Rational		178		116
Rheinmetall		2,402		265
RHOEN-KLINIKUM		1,049		31
RIB Software		1,897		44
Rocket Internet*		3,959		127
RWE		9,734		222
S&T*		2,737		70
SAF-Holland		2,523		38
Salzgitter		2,203		96
SAP		119,960		13,863
Scout24		5,927		314
Senvion*		1,099		12

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

42

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
SGL Carbon*		3,188	$	34
Shop Apotheke Europe*		439		23
Siemens		14,383		1,902
Siemens Healthineers*		2,767		114
Siltronic		1,168		167
Sixt		634		70
Sixt Leasing		519		11
SLM Solutions Group*		532		20
SMA Solar Technology		569		24
Software		2,678		125
Stabilus		10,708		963
STADA Arzneimittel		1,302		122
STRATEC Biomedical		209		16
Stroeer & KGaA		1,423		86
Suedzucker		3,679		58
Surteco		337		10
Symrise		8,537		748
TAG Immobilien		6,489		143
Takkt		1,685		31
Telefonica Deutschland Holding		15,476		61
ThyssenKrupp		8,185		199
TLG Immobilien		5,211		139
TUI		14,510		318
Uniper		3,977		119
United Internet		2,396		137
Vapiano*		484		11
Varta*		698		19
VERBIO Vereinigte BioEnergie		974		6
Volkswagen		607		100
Vonovia		8,793		419
Vossloh		602		29
VTG		598		34
Wacker Neuson		1,362		35
Washtec		584		52
Wirecard		3,339		537
Wuestenrot & Wuerttembergische		1,183		24
XING		157		51
Zalando*		2,196		123
zooplus*		686		127
				86,621
Greece — 0.2%
Aegean Airlines		27,543		272
Alpha Bank AE*		100,246		224
Fourlis Holdings*		59,150		415
Grivalia Properties REIC AE‡		93,818		942
Hellenic Petroleum		8,507		71

Description	Shares		Value (000)
JUMBO		22,632	$	373
Motor Oil Hellas Corinth Refineries		58,239		1,170
				3,467
Hong Kong — 6.3%
Agile Group Holdings		448,000		764
Agricultural Bank of China, Cl H		4,157,000		1,945
Agritrade Resources		135,000		25
AIA Group		1,584,400		13,854
Ajisen China Holdings		524,000		206
ANTA Sports Products		227,000		1,202
ASM Pacific Technology		5,800		73
Bank of China, Cl H		5,919,000		2,935
Bank of East Asia		23,979		96
BOC Hong Kong Holdings		67,000		316
BOCOM International Holdings		39,000		9
Bright Smart Securities & Commodities Group		32,000		9
Brightoil Petroleum Holdings*		155,000		15
Brilliance China Automotive Holdings		546,000		985
Cafe de Coral Holdings		18,000		44
Camsing International Holding*		24,000		21
Champion‡		103,000		68
Chanjet Information Technology, Cl H*		13,600		20
China Construction Bank, Cl H		4,080,000		3,769
China Financial International Investments*		310,000		9
China LNG Group*		100,000		14
China Mengniu Dairy*		237,000		804
China Mobile		481,000		4,273
China Overseas Grand Oceans Group		226,000		83
China Petroleum & Chemical, Cl H		118,000		105
China Resources Cement Holdings		404,000		409
China Sanjiang Fine Chemicals		102,000		34
China Shineway Pharmaceutical Group		102,000		199
China Tonghai International Financial*		100,000		11
China Trustful Group*		36,000		13
Chinese Estates Holdings		25,000		33
Chow Sang Sang Holdings International		15,000		29
CITIC Telecom International Holdings		71,000		19
CK Asset Holdings		56,722		451
CK Hutchison Holdings		199,884		2,120

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

43

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
CK Infrastructure Holdings		12,000	$	89
CK Life Sciences Int’l Holdings		126,000		9
CLP Holdings		209,000		2,251
CMBC Capital Holdings*		640,000		37
C-Mer Eye Care Holdings*		14,000		14
CNOOC		1,770,000		3,055
Convoy Global Holdings*		402,000		4
Country Garden Holdings		239,000		420
Country Garden Services Holdings*		27,471		35
CSI Properties		230,000		14
CSPC Pharmaceutical Group		712,000		2,151
Dah Sing Banking Group		25,200		53
Dah Sing Financial Holdings		8,000		47
Digital Domain Holdings*		620,000		10
Dingyi Group Investment*		155,000		15
Emperor Capital Group		126,000		8
Emperor International Holdings		48,000		14
ENN Energy Holdings		125,000		1,229
Esprit Holdings*		1,787,577		556
Fairwood Holdings		2,500		10
Far East Consortium International		72,000		43
FIH Mobile*		169,000		26
First Pacific		564,000		272
Freeman FinTech*		380,000		4
Galaxy Entertainment Group*		44,000		341
Geely Automobile Holdings		461,000		1,196
Giordano International		62,000		39
Global Brands Group Holding*		260,000		16
Goodbaby International Holdings		307,000		186
Great Eagle Holdings		13,411		65
Guangnan Holdings		210,000		24
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl H		42,000		185
Guotai Junan International Holdings		184,000		40
Haier Electronics Group		562,416		1,925
Haitong International Securities Group		115,407		53
Hang Lung Group		15,000		42
Hang Lung Properties		40,000		82
Hang Seng Bank		13,900		348
Health and Happiness H&H International Holdings*		10,000		69
Henderson Land Development		25,280		134
Hengan International Group		78,458		755
HK Electric Investments & HK Electric Investments		48,658		46
HKBN		36,500		56

Description	Shares		Value (000)
HKT Trust		74,740	$	95
Hong Kong & China Gas		168,208		322
Hong Kong Exchanges and Clearing		21,772		654
Hong Kong International Construction Investment Management Group		62,000		15
Hongkong & Shanghai Hotels		210,750		301
Hopewell Holdings		31,000		106
HSBC Holdings		760,675		7,135
Huarong International Financial Holdings		76,000		14
Hutchison Telecommunications Hong Kong Holdings		62,000		22
Hysan Development		11,000		61
Industrial & Commercial Bank of China, Cl H		4,138,000		3,096
IT		24,000		17
Johnson Electric Holdings		18,000		52
K Wah International Holdings		65,000		37
Kerry Logistics Network		35,000		49
Kerry Properties		11,500		55
Kingboard Chemical Holdings		314,500		1,151
Kingboard Laminates Holdings		858,000		1,060
Lai Sun Development		9,600		16
Landing International Development*		3,780,000		58
Langham Hospitality Investments and Langham Hospitality Investments		32,000		13
Leyou Technologies Holdings*		70,000		22
Li & Fung		100,000		37
Li Ning*		771,291		850
Lifestyle International Holdings		29,500		63
Link‡		40,000		365
Liu Chong Hing Investment		12,000		19
Logan Property Holdings		224,000		303
Lonking Holdings		320,000		147
Luk Fook Holdings International		18,000		74
Macau Legend Development*		158,000		26
Man Wah Holdings		77,600		61
Melco International Development		41,000		126
Melco Resorts & Entertainment ADR		4,573		128
MGM China Holdings		17,200		40
Microport Scientific		16,000		19
Minth Group		14,000		59
MTR		28,680		159
Nameson Holdings		58,000		9
New World Development		133,459		188

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

44

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
NewOcean Energy Holdings*		38,000	$	8
Nine Dragons Paper Holdings		7,000		9
NWS Holdings		26,252		45
OP Financial Investments		52,000		21
Pacific Basin Shipping*		233,000		64
Pacific Textiles Holdings		46,000		39
PCCW		80,136		45
Ping An Insurance Group of China, Cl H		290,000		2,669
Poly Property Group		135,000		56
Power Assets Holdings		26,000		182
Prosperity‡		84,000		34
Regal‡		66,000		19
Regal Hotels International Holdings		18,000		11
Regina Miracle International Holdings		15,000		12
Sa Sa International Holdings		62,551		40
Sands China		44,400		237
Scud Group* (A)		252,000		—
Shanghai Industrial Urban Development Group		496,000		91
Shangri-La Asia		22,000		41
Shenzhou International Group Holdings		177,000		2,184
Shui On Land		287,500		73
Shun Tak Holdings		70,000		29
Singamas Container Holdings		104,000		15
Sino Biopharmaceutical		430,500		661
Sino Land		61,554		100
Sino-Ocean Group Holding		349,500		203
Sinotruk Hong Kong		854,500		1,407
SITC International Holdings		67,485		75
SJM Holdings		31,000		39
SmarTone Telecommunications Holdings		85,002		88
Stella International Holdings		463,448		574
Sun Hung Kai		19,000		11
Sun Hung Kai Properties		29,893		452
SUNeVision Holdings		43,000		25
Sunlight‡		65,000		45
Sunny Optical Technology Group		43,000		800
Swire Pacific, Cl A		10,000		106
Swire Properties		23,600		87
Tai United Holdings		65,000		6
Techtronic Industries		25,500		142
Television Broadcasts		140,200		444
Tencent Holdings		238,500		11,972
Texwinca Holdings		44,000		19

Description	Shares		Value (000)
Tingyi Cayman Islands Holding		1,121,014	$	2,601
TK Group Holdings		20,000		17
Town Health International Medical Group*		154,000		7
United Laboratories International Holdings		30,000		31
Value Partners Group		51,000		40
VSTECS Holdings		36,000		18
VTech Holdings		8,400		97
Want Want China Holdings		1,463,996		1,302
We Solutions*		96,000		14
Weichai Power, Cl H		153,000		211
WH Group		166,101		135
Wharf Holdings		22,000		71
Wharf Real Estate Investment		22,000		157
Wheelock		16,000		111
Wynn Macau		30,400		98
Xin Point Holdings		22,000		15
Xinyi Glass Holdings		94,000		115
Yue Yuen Industrial Holdings		13,500		38
				96,212
Hungary — 0.1%
OTP Bank		55,517		2,010
India — 2.6%
Asian Paints		56,063		1,035
Axis Bank*		147,693		1,101
Bajaj Finance		55,780		1,870
Bharti Airtel		89,650		499
Britannia Industries		12,326		1,118
HCL Technologies		43,181		584
HDFC Bank		50,580		1,556
HDFC Bank ADR		4,186		440
HDFC Standard Life Insurance		187,535		1,249
Hinduja Global Solutions		7,976		93
Hindustan Unilever		55,679		1,334
Housing Development Finance		207,426		5,777
Idea Cellular*		512,201		444
IndusInd Bank		51,343		1,448
Infosys		216,194		4,125
Infosys ADR		295,630		5,743
KPIT Technologies		94,303		374
Maruti Suzuki India		12,004		1,546
Mindtree		23,414		337
MRF		1,512		1,655
NIIT Technologies		39,734		637
Oil & Natural Gas		120,753		279

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

45

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Redington India		151,579	$	242
Sharda Motor Industries		943		26
Shriram Transport Finance		13,890		263
State Bank of India GDR*		7,410		278
Tata Consultancy Services		223,639		6,030
Vakrangee*		38,449		38
Venky’s India		6,015		206
Wipro		27,327		104
WNS Holdings ADR*		2,386		125
				40,556
Indonesia — 0.5%
Adaro Energy		1,540,100		192
Bank Negara Indonesia Persero		3,227,300		1,587
Bank Pan Indonesia*		346,400		21
Bank Pembangunan Daerah Jawa Timur		467,000		22
Bank Rakyat Indonesia Persero		7,651,300		1,516
Gudang Garam		11,400		53
Media Nusantara Citra		5,070,643		326
Telekomunikasi Indonesia Persero		6,969,900		1,825
Unilever Indonesia		358,200		1,152
United Tractors		236,500		522
				7,216
Ireland — 0.6%
AIB Group		14,712		80
Bank of Ireland Group		114,420		893
C&C Group		16,802		64
CRH		186,939		6,625
Dalata Hotel Group*		10,136		83
Glanbia		10,989		204
Glenveagh Properties*		26,112		35
Green‡		34,343		59
Hibernia‡		36,731		65
Irish Continental Group		62,703		370
Irish Residential Properties‡		20,446		33
Origin Enterprises		6,692		48
Paddy Power Betfair		5,325		590
Permanent TSB Group Holdings*		5,460		13
Ryanair Holdings ADR*		487		56
Smurfit Kappa Group		4,100		166
				9,384
Israel — 0.5%
Africa Israel Properties*		517		12
Airport City*		4,288		47
Alony Hetz Properties & Investments		6,001		56

Description	Shares		Value (000)
Amot Investments		6,867	$	34
Azrieli Group		799		40
B Communications*		664		6
Bank Hapoalim		19,778		134
Bank Leumi Le-Israel		28,119		166
Bayside Land		55		24
Bezeq The Israeli Telecommunication		38,296		43
Big Shopping Centers		184		12
Blue Square Real Estate		240		8
Brack Capital Properties*		183		20
Cellcom Israel*		2,918		17
Check Point Software Technologies*		42,982		4,197
Clal Insurance Enterprises Holdings*		1,930		27
Delek Automotive Systems		1,428		8
Delek Group		245		33
Delta-Galil Industries		384		11
Elbit Systems		426		50
Elco		655		12
Electra		78		19
First International Bank of Israel		2,906		61
Formula Systems 1985		581		22
Frutarom Industries		677		67
Gazit-Globe		5,336		49
Harel Insurance Investments & Financial Services		6,037		46
IDI Insurance		463		28
Industrial Buildings*		11,517		15
Israel		184		39
Israel Chemicals		13,795		63
Israel Discount Bank, Cl A		64,622		188
Jerusalem Economy*		12,206		29
Jerusalem Oil Exploration*		412		21
Kenon Holdings*		723		11
Matrix IT		1,358		14
Mazor Robotics*		2,396		66
Melisron		955		40
Menora Mivtachim Holdings		953		10
Migdal Insurance & Financial Holding*		13,597		12
Mizrahi Tefahot Bank		2,602		48
Naphtha Israel Petroleum		1,510		9
NICE-Systems*		1,142		118
Norstar Holdings		544		10
Nova Measuring Instruments*		1,849		50
Oil Refineries		104,992		44
Partner Communications*		5,859		22
Paz Oil		530		70
Phoenix Holdings		5,994		31

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

46

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Radware*		2,566	$	65
Rami Levy Chain Stores Hashikma Marketing 2006		243		12
Reit 1‡		9,175		36
Sapiens International		1,817		18
Shapir Engineering and Industry		7,959		24
Shikun & Binui*		10,716		19
Shufersal		5,578		34
Strauss Group		2,648		53
Summit Real Estate Holdings		1,739		15
Teva Pharmaceutical Industries*		11,819		286
Teva Pharmaceutical Industries ADR*		6,053		147
Tower Semiconductor*		5,530		123
				6,991
Italy — 1.6%
A2A		87,423		152
ACEA		3,110		46
Aeroporto Guglielmo Marconi Di Bologna		818		15
Amplifon		4,506		93
Anima Holding		17,205		93
Aquafil		1,068		15
Arnoldo Mondadori Editore*		6,704		10
Ascopiave		2,362		8
Assicurazioni Generali		22,604		379
ASTM		2,348		54
Atlantia		9,270		274
Autogrill		7,213		90
Azimut Holding		6,265		96
Banca Carige*		1,700,888		16
Banca Farmafactoring		5,240		31
Banca Generali		3,328		83
Banca IFIS		1,181		36
Banca Mediolanum		14,650		99
Banca Monte dei Paschi di Siena*		14,128		41
Banca Popolare di Sondrio SCPA		24,059		97
Banco BPM*		80,419		236
Beni Stabili SIIQ‡		48,661		43
Biesse		764		30
Bio On Spa*		500		33
BPER Banca		21,353		117
Brembo		8,448		115
Brunello Cucinelli		1,727		77
Buzzi Unicem		3,884		95
Buzzi Unicem RSP		2,149		29
Cairo Communication		2,369		9

Description	Shares		Value (000)
Cementir Holding		1,553	$	12
Cerved Group		10,961		118
CIR-Compagnie Industriali Riunite		17,051		21
CNH Industrial		134,883		1,433
Credito Emiliano		4,286		32
Credito Valtellinese*		371,735		42
Danieli & C Officine Meccaniche		669		17
Danieli & C Officine Meccaniche RSP		2,570		45
Datalogic		1,158		42
Davide Campari-Milano		62,780		517
De’ Longhi		3,597		102
DeA Capital*		6,494		10
DiaSorin		1,207		138
doBank		2,088		28
Ei Towers		928		51
El.En.		474		15
Enav		16,201		81
Enel		153,523		852
Eni		213,356		3,964
ERG		3,518		77
EXOR		2,119		142
Falck Renewables		6,160		15
Ferrari		2,236		304
Fiat Chrysler Automobiles*		20,492		391
Fila		1,137		23
Fincantieri		28,316		39
FinecoBank Banca Fineco		21,854		247
Geox		3,289		9
Gima TT		1,837		30
Hera		44,279		138
IMA Industria Macchine Automatiche		1,002		87
Immobiliare Grande Distribuzione SIIQ‡		2,795		22
Infrastrutture Wireless Italiane		12,834		99
Interpump Group		3,965		123
Intesa Sanpaolo		1,263,457		3,670
Intesa Sanpaolo RSP		16,954		51
Iren		31,236		80
Italgas		27,097		150
Italmobiliare		938		23
Juventus Football Club*		19,509		15
La Doria		707		9
Leonardo-Finmeccanica		8,091		80
Luxottica Group		33,850		2,185
Maire Tecnimont		8,266		37

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

47

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
MARR		1,816	$	48
Mediaset*		18,496		60
Mediobanca		11,501		107
Moncler		3,255		149
OVS*		9,853		32
Piaggio & C		202,113		508
Pirelli & C*		8,143		68
Poste Italiane		8,614		72
Prima Industrie		216		9
Prysmian		3,844		96
RAI Way		4,576		21
Recordati		2,132		85
Reply		1,177		80
Safilo Group*		1,581		8
Saipem*		192,166		886
Salini Impregilo		10,123		26
Salvatore Ferragamo		2,673		65
Saras		24,143		59
Sesa		536		18
Snam		492,664		2,057
Societa Cattolica di Assicurazioni SC		7,623		64
Societa Iniziative Autostradali e Servizi		3,996		60
Sogefi*		2,114		6
Tamburi Investment Partners		5,229		36
Technogym		4,689		56
Telecom Italia*		221,223		165
Telecom Italia RSP		118,219		77
Tenaris		9,179		168
Terna Rete Elettrica Nazionale		27,475		149
Tod’s		534		33
UniCredit		95,278		1,591
Unione di Banche Italiane		57,023		219
Unipol Gruppo		20,262		78
Vittoria Assicurazioni		926		15
Zignago Vetro		1,102		10
				25,259
Japan — 14.4%
77 Bank		2,800		61
ABC-Mart		2,200		120
Achilles		500		10
Acom		7,800		30
Activia Properties‡		33		151
Adastria		1,300		16
ADEKA		4,900		79
Advan		1,300		11

Description	Shares		Value (000)
Advance Residence Investment‡		69	$	177
Advantest		10,000		208
Aeon		11,500		247
Aeon Delight		3,300		112
Aeon Fantasy		300		18
AEON Financial Service		12,300		264
AEON Investment‡		73		84
Aeon Mall		2,100		38
Ai Holdings		1,900		41
Aica Kogyo		2,700		95
Aichi		2,400		14
Aichi Bank		400		17
Aichi Steel		600		23
Aida Engineering		3,100		30
Aiful*		16,700		52
Ain Holdings		1,500		111
Air Water		2,600		48
Aisan Industry		2,000		17
Aisin Seiki		3,000		137
Ajinomoto		9,200		174
Akatsuki		200		8
Akebono Brake Industry*		3,800		9
Akita Bank		1,000		28
Alfresa Holdings		22,300		524
Alpen		1,000		22
Alpine Electronics		2,200		45
Alps Electric		4,000		103
Altech		800		17
Amada Holdings		5,500		53
Amano		3,200		76
Amuse		400		11
ANA Holdings		1,900		70
Anest Iwata		1,300		14
Anicom Holdings		700		26
Anritsu		7,800		107
AOI Electronics		300		10
AOKI Holdings		2,400		35
Aomori Bank		1,100		33
Aoyama Trading		2,300		77
Aozora Bank		2,300		88
Arata		600		36
Arcland Sakamoto		1,500		23
Arcland Service Holdings		600		13
Arcs		2,400		65
Ariake Japan		1,000		86
Aruhi		1,100		23
As One		900		63

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

48

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Asahi		1,000	$	14
Asahi Diamond Industrial		2,200		16
Asahi Glass		3,400		133
Asahi Group Holdings		10,300		528
Asahi Holdings		2,100		39
Asahi Intecc		5,000		189
Asahi Kasei		23,000		292
Asics		3,300		56
ASKA Pharmaceutical		700		9
ASKUL		1,300		42
Astellas Pharma		48,100		734
Ateam		400		9
Atom		5,200		51
Autobacs Seven		3,700		66
Avex		1,800		25
Awa Bank		9,000		55
Axial Retailing		900		34
Azbil		7,700		336
Bando Chemical Industries		2,200		24
Bank of Iwate		1,000		39
Bank of Kyoto		1,100		51
Bank of Nagoya		800		28
Bank of Okinawa		1,400		51
Bank of Saga		500		11
Bank of the Ryukyus		2,300		34
BayCurrent Consulting		600		20
Belc		600		32
Bell System24 Holdings		1,900		33
Belluna		2,500		32
Benefit One		1,600		45
Benesse Holdings		1,500		54
Bic Camera		5,800		90
BML		1,200		31
Bridgestone		16,900		661
Broadleaf		3,600		22
Bronco Billy		400		17
Brother Industries		4,600		91
Bunka Shutter		3,200		27
Calbee		1,500		56
Canon		130,700		4,285
Canon Electronics		800		16
Canon Marketing Japan		2,800		58
Capcom		4,400		108
Casio Computer*		28,300		461
Cawachi		900		18
Central Glass		2,000		42
Central Japan Railway		2,740		568

Description	Shares		Value (000)
Central Security Patrols		400	$	19
Chiba Bank		23,000		163
Chiba Kogyo Bank		3,100		14
Chiyoda		8,500		74
Chiyoda		900		21
Chiyoda Integre		500		11
Chofu Seisakusho		1,300		28
Chori		800		14
Chubu Electric Power		10,900		164
Chubu Shiryo		1,300		23
Chudenko		2,000		50
Chugai Pharmaceutical		4,200		220
Chugoku Bank		8,200		83
Chugoku Electric Power		4,500		58
Chugoku Marine Paints		3,300		33
Chukyo Bank		400		8
CI Takiron		2,300		13
Ci:z Holdings		1,400		67
Citizen Holdings		17,100		112
CKD		2,700		44
Clarion		5,000		13
Cleanup		1,500		12
CMIC Holdings		500		10
CMK		2,600		17
Coca-Cola Bottlers Japan Holdings		2,400		96
cocokara fine		900		55
COLOPL		2,600		18
Colowide		3,100		83
Comforia Residential‡		32		75
Computer Engineering & Consulting		600		22
COMSYS Holdings		6,000		159
Comture		500		12
Concordia Financial Group		38,700		197
CONEXIO		1,200		21
COOKPAD		2,500		12
Corona, Cl A		900		10
Cosel		800		10
Cosmo Energy Holdings		2,900		102
Cosmos Pharmaceutical		600		122
Create Restaurants Holdings		2,500		37
Create SD Holdings		1,500		43
Credit Saison		2,600		41
CyberAgent		1,800		108
CYBERDYNE*		2,000		23
DA Consortium Holdings		1,200		33
Dai Nippon Printing		4,300		96
Daibiru		2,800		29

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

49

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Daicel		4,900	$	54
Dai-Dan		800		17
Daido Metal		1,100		11
Daido Steel		1,400		65
Daifuku		5,300		232
Daihen		5,000		30
Daiho		5,000		30
Daiichi Jitsugyo		400		12
Dai-ichi Life Holdings		75,000		1,338
Daiichi Sankyo		10,300		394
Daiichikosho		2,200		106
Daiken		600		14
Daikin Industries		34,700		4,160
Daikokutenbussan		200		9
Daikyo		1,800		39
Daikyonishikawa		2,000		29
Dainichiseika Color & Chemicals Manufacturing		600		19
Daio Paper		3,800		53
Daiseki		2,000		59
Daishi Bank*		1,500		60
Daisyo		700		11
Daito Trust Construction		1,400		228
Daiwa House Industry		15,900		542
Daiwa House Investment, Cl A‡		34		81
Daiwa Industries		1,100		13
Daiwa Office Investment‡		18		103
Daiwa Securities Group		30,500		177
Daiwabo Holdings		900		48
DCM Holdings		5,100		48
Dena		2,000		38
Denka		4,400		147
Denki Kogyo		400		13
Denso		194,600		9,512
Dentsu*		4,200		200
Denyo		600		9
Descente		2,200		39
Dexerials		2,300		23
DIC		4,100		128
Digital Arts		600		33
Digital Garage		1,800		70
Digital Hearts Holdings		700		10
Dip		1,600		41
Disco		500		85
DMG Mori*		5,500		76
Don Quijote Holdings		2,300		111
Doshisha		1,200		27

Description	Shares		Value (000)
Doutor Nichires Holdings		2,100	$	42
Dowa Holdings		2,600		80
DTS		1,100		41
Duskin		2,200		55
DyDo Group Holdings		500		30
Eagle Industry		1,000		16
Earth Chemical		700		36
East Japan Railway		14,900		1,430
Ebara		5,100		159
EDION		3,600		36
Ehime Bank		1,800		21
Eighteenth Bank		8,000		21
Eiken Chemical		1,800		38
Eisai		4,720		333
Eizo		800		35
Elecom		1,000		23
Electric Power Development		2,400		62
Elematec		500		12
en-japan		1,700		86
Enplas		400		11
EPS Holdings		1,400		30
eRex		1,500		16
ES-Con Japan		2,300		14
ESPEC		900		18
euglena*		3,100		23
Exedy		1,600		50
Ezaki Glico		2,400		115
F@N Communications		1,800		12
FamilyMart		1,400		147
Fancl		1,900		95
FANUC		15,880		3,156
Fast Retailing		1,100		507
FC Residential Investments‡		65		52
FCC		1,700		48
FDK*		6,000		10
Feed One		7,600		16
Ferrotec Holdings		1,800		28
FFRI*		300		8
Fields		1,000		9
Financial Products Group		3,400		44
Foster Electric		1,000		14
FP		1,400		77
France Bed Holdings		1,600		14
Frontier Real Estate Investment‡		24		96
Fudo Tetra		5,900		11
Fuji		1,000		21
Fuji		3,400		61

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

50

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Fuji Electric		10,000	$	76
Fuji Heavy Industries		18,400		536
Fuji Kyuko		1,000		30
Fuji Media Holdings		31,100		532
Fuji Oil Holdings		2,800		101
Fuji Pharma		600		10
Fuji Seal International		2,300		82
Fuji Soft		1,400		59
Fujibo Holdings		400		13
Fujicco		1,200		31
FUJIFILM Holdings		29,400		1,149
Fujikura		13,100		83
Fujimi		700		16
Fujimori Kogyo		800		26
Fujita Kanko		300		9
Fujitec		3,400		42
Fujitsu		36,000		218
Fujitsu General		3,000		47
Fujiya		500		11
Fukuda		400		24
Fukuda Denshi		500		33
Fukui Computer Holdings		300		5
Fukuoka Corp‡		34		54
Fukuoka Financial Group		48,000		241
Fukushima Industries		700		32
Fukuyama Transporting		1,600		82
FULLCAST Holdings		1,000		26
Funai Soken Holdings		2,150		48
Furukawa		1,700		25
Furukawa Electric		3,500		122
Fuso Chemical		800		21
Futaba*		1,900		33
Futaba Industrial		2,500		16
Future		1,200		15
Fuyo General Lease		1,000		69
Gecoss		1,100		11
Genky DrugStores		400		16
Geo Holdings		1,400		19
Giken		1,000		23
Global One Real Estate Investment‡		44		44
Glory		4,500		126
GLP‡		161		171
GMO internet		3,700		88
GMO Payment Gateway		900		104
GNI Group*		700		31
Godo Steel		600		11
Goldcrest		600		10

Description	Shares		Value (000)
Goldwin		600	$	52
Gree		5,900		32
GS Yuasa		19,000		87
G-Tekt		1,100		19
GungHo Online Entertainment		19,800		50
Gunma Bank		17,000		89
Gunosy*		1,000		13
Gunze		900		58
Gurunavi		1,400		11
H2O Retailing		4,600		73
Hachijuni Bank		18,700		80
Hakuhodo DY Holdings		4,200		67
Halows		500		12
Hamakyorex		900		26
Hamamatsu Photonics		2,700		116
Hankyu Hanshin Holdings		4,100		165
Hankyu‡		27		33
Hanwa		1,800		69
Harmonic Drive Systems		1,800		76
Haseko		14,400		199
Hazama Ando		8,600		78
HEALIOS*		1,100		16
Heiwa		2,900		70
Heiwa Real Estate‡		49		49
Heiwa Real Estate		2,200		39
Heiwado		1,600		40
Hibiya Engineering		1,200		24
Hiday Hidaka		1,240		28
Hikari Tsushin		400		70
Hino Motors		4,100		44
Hinokiya Group		400		11
Hioki EE*		400		17
Hirata		1,400		101
Hirose Electric		9,080		1,126
Hiroshima Bank		12,200		81
HIS		2,100		63
Hisaka Works		1,400		13
Hisamitsu Pharmaceutical		1,100		93
Hitachi		248,000		1,750
Hitachi Capital		2,600		67
Hitachi Chemical		1,800		36
Hitachi Construction Machinery		1,900		62
Hitachi High-Technologies		5,500		225
Hitachi Metals		3,900		41
Hitachi Transport System		2,600		67
Hitachi Zosen		8,600		41
Hochiki		800		16

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

51

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Hodogaya Chemical		400	$	12
Hogy Medical		1,400		63
Hokkaido Electric Power		9,800		67
Hokkoku Bank		1,200		47
Hokuetsu		6,900		36
Hokuetsu Bank		1,100		22
Hokuhoku Financial Group		6,300		84
Hokuriku Electric Power*		9,100		91
Hokuto		1,500		27
Honda Motor		228,700		6,721
Horiba		1,900		133
Hoshino Resorts‡		12		62
Hoshizaki Electric		4,400		446
Hosiden		3,200		27
Hosokawa Micron		300		19
House Foods Group		3,300		117
Hoya		151,900		8,642
Hulic		5,400		58
Hulic‡		53		82
Hyakugo Bank		12,000		47
Hyakujushi Bank		13,000		43
Ibiden		6,400		103
IBJ Leasing		1,600		42
Ichibanya		900		39
Ichigo		14,500		68
Ichikoh Industries		1,600		19
Ichiyoshi Securities		2,100		23
Icom		400		10
Idec		1,300		30
Idemitsu Kosan		2,700		96
IDOM		2,900		16
IHI		3,000		105
Iida Group Holdings		2,500		48
Iino Kaiun Kaisha		5,000		23
Inaba Denki Sangyo		1,600		65
Inabata		2,600		36
Industrial & Infrastructure Fund Investment‡		76		85
Ines		1,100		11
Infocom		500		14
Infomart		4,800		64
Information Services International-Dentsu		700		21
Inpex		54,000		561
Internet Initiative Japan		1,700		34
Invesco Office‡		496		69
Invincible Investment‡		251		113

Description	Shares		Value (000)
Iriso Electronics		1,000	$	60
Iseki		1,000		18
Isetan Mitsukoshi Holdings		28,300		354
Ishihara Sangyo Kaisha*		1,500		14
Istyle		1,900		21
Isuzu Motors		10,800		144
Ito En		2,800		130
ITOCHU		39,500		716
Itochu Enex		2,600		25
Itochu Techno-Solutions		10,700		185
Itochu-Shokuhin		200		11
Itoham Yonekyu Holdings		7,500		65
Itoki		1,500		9
Itokuro*		200		13
Iwatani		1,800		63
Iyo Bank		12,200		81
Izumi		2,000		124
J Front Retailing		4,800		73
J Trust		3,200		26
JAC Recruitment		700		15
Jaccs		1,400		30
Jafco		1,700		69
Jamco		500		11
Japan‡		26		138
Japan Airlines		5,900		209
Japan Airport Terminal		700		33
Japan Asset Marketing*		8,600		10
Japan Aviation Electronics Industry		3,000		47
Japan Cash Machine		1,000		11
Japan Display*		33,400		43
Japan Excellent‡		62		80
Japan Exchange Group		16,300		303
Japan Hotel‡		223		167
Japan Investment Adviser		500		25
Japan Lifeline		2,800		69
Japan Logistics Fund‡		48		98
Japan Material		3,400		53
Japan Petroleum Exploration		2,000		52
Japan Post Bank		7,900		92
Japan Post Holdings		89,800		984
Japan Prime‡		14		51
Japan Pulp & Paper		600		27
Japan Rental Housing Investments‡		97		78
Japan Retail Fund Investment‡		48		87
Japan Securities Finance		6,100		33
Japan Steel Works		3,600		91
Japan Tissue Engineering*		400		4

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

52

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Japan Tobacco		135,900	$	3,799
Japan Wool Textile		3,000		28
JCR Pharmaceuticals		800		49
JCU		1,200		28
Jeol		4,000		41
JFE Holdings		12,000		227
JGC		3,400		69
Jimoto Holdings		5,700		9
JINS		700		40
J-Oil Mills		300		11
Joshin Denki		1,000		31
Joyful Honda		2,600		40
JSP		500		15
JSR		3,100		53
JTEKT		3,600		49
Juroku Bank		1,500		40
Justsystems		1,600		33
JVC Kenwood		8,400		24
JX Holdings		60,400		420
K&O Energy Group		900		15
kabu.com Securities		8,300		27
Kadokawa Dwango		2,700		30
Kaga Electronics		700		17
Kagome		3,900		130
Kajima		17,000		132
Kakaku.com		2,600		59
Kaken Pharmaceutical		1,600		82
Kameda Seika		700		37
Kamei		800		11
Kamigumi		2,000		42
Kanamoto		1,400		44
Kandenko		5,000		55
Kaneka		5,000		45
Kanematsu		4,000		58
Kanematsu Electronics		700		26
Kansai Electric Power		13,300		194
Kansai Mirai Financial Group		4,713		36
Kansai Paint		3,400		71
Kansai Super Market		1,100		12
Kanto Denka Kogyo		1,800		15
Kao		50,100		3,824
Kappa Create		1,400		18
Kasai Kogyo		1,000		12
Katakura Industries		900		11
Katitas		1,100		39
Kato Sangyo		1,400		48
Kawasaki Heavy Industries		2,500		74

Description	Shares		Value (000)
Kawasaki Kisen Kaisha*		4,600	$	84
KDDI		47,000		1,287
Keihan Holdings		1,700		61
Keihin		2,000		41
Keikyu		3,800		62
Keio		1,900		92
Keisei Electric Railway		2,300		79
Keiyo		1,500		7
Keiyo Bank		12,000		51
Kenedix		13,300		81
Kenedix Office Investment, Cl A‡		22		137
Kenedix Residential Investment‡		43		64
Kenedix Retail‡		26		57
Kenko Mayonnaise		700		26
Kewpie		5,900		149
Key Coffee		900		18
Keyence		2,100		1,187
KH Neochem		1,600		48
Kikkoman		2,800		141
Kinden		7,400		121
Kintetsu Department Store		300		11
Kintetsu Group Holdings		3,400		139
Kintetsu World Express		2,000		41
Kirin Holdings		64,000		1,713
Kisoji		1,400		36
Kissei Pharmaceutical		1,700		46
Kitanotatsujin		3,300		24
Kitz		4,300		35
Kiyo Bank		3,500		58
KLab*		2,300		31
KNT-CT Holdings*		500		7
Koa		1,600		40
Koatsu Gas Kogyo		1,800		16
Kobayashi Pharmaceutical		1,000		86
Kobe Bussan		800		39
Kobe Steel		5,600		51
Koei Tecmo Holdings		2,100		41
Kohnan Shoji		1,600		37
Koito Manufacturing		4,400		291
Kokuyo		4,300		76
Komatsu		93,300		2,670
KOMEDA Holdings		2,600		51
Komeri		1,700		43
Komori		3,000		35
Konami Holdings		1,900		97
Konica Minolta		9,800		91
Konishi		1,700		28

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

53

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Konoike Transport		1,100	$	17
Kose		600		129
Koshidaka Holdings		2,000		29
Kotobuki Spirits		1,000		52
K’s Holdings		8,900		93
Kubota		292,600		4,605
Kumagai Gumi		1,800		63
Kumiai Chemical Industry		4,800		38
Kura		600		40
Kurabo Industries		10,000		32
Kuraray		6,900		95
Kureha		1,000		72
Kurita Water Industries		22,600		645
Kusuri no Aoki		900		60
KYB		1,000		46
Kyocera		82,700		4,665
Kyoei Steel		1,300		25
Kyokuto Kaihatsu Kogyo		1,500		23
Kyokuto Securities		700		9
KYORIN Holdings		2,200		46
Kyoritsu Maintenance		1,600		88
Kyowa Exeo		4,500		118
Kyowa Hakko Kirin*		5,100		103
Kyudenko		2,400		116
Kyushu Electric Power		8,400		94
Kyushu Financial Group		18,100		87
Kyushu Railway		3,100		95
LaSalle Logiport‡		65		64
Lasertec		2,000		56
Lawson		3,600		225
LEC		600		25
Leopalace21		14,400		79
Life		800		20
LIFULL		2,400		16
LINE*		1,500		63
Linical		700		16
Link And Motivation		1,500		18
Lintec		2,500		73
Lion		15,100		277
LIXIL Group		21,800		437
LIXIL VIVA		1,100		17
M&A Capital Partners*		400		36
M3		4,000		159
Mabuchi Motor		900		43
Macnica Fuji Electronics Holdings		2,100		35
Macromill		1,800		44
Maeda		29,800		342

Description	Shares		Value (000)
Maeda Kosen		700	$	12
Maeda Road Construction		3,500		67
Makino Milling Machine		5,000		39
Makita		7,000		314
Mandom		3,700		115
Mani		1,300		59
Mars Engineering		500		12
Marubeni		30,200		231
Marudai Food		5,000		23
Maruha Nichiro		2,100		85
Marui Group		17,600		371
Maruichi Steel Tube		1,200		41
Marusan Securities*		3,500		32
Maruwa		400		32
Maruwa Unyu Kikan		500		18
Maruzen Showa Unyu		2,000		9
Marvelous		1,200		10
Matsuda Sangyo		900		13
Matsui Securities		6,300		60
Matsumotokiyoshi Holdings		7,300		329
Matsuya		1,200		18
Matsuya Foods		300		10
Max		1,000		13
Maxell Holdings		2,900		49
Mazda Motor		10,600		130
McDonald’s Holdings Japan		1,200		61
MCJ		2,800		21
MCUBS MidCity Investment‡		90		67
Mebuki Financial Group		16,300		55
Medical Data Vision*		1,100		16
Medipal Holdings		3,100		62
Megachips		800		21
Megmilk Snow Brand		2,500		67
Meidensha		10,000		36
MEIJI Holdings		4,400		371
Meiko Network Japan		700		8
Meitec		1,500		72
Melco Holdings		300		11
Menicon		1,400		38
METAWATER		800		23
Micronics Japan		1,300		12
Milbon		1,200		54
Mimasu Semiconductor Industry		600		10
Minebea*		7,500		127
Ministop		500		10
Miraca Holdings		2,800		83
Mirait Holdings		3,100		48

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

54

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Miroku Jyoho Service		800	$	20
Misawa Homes		1,400		12
MISUMI Group		5,500		160
Mitsuba		1,500		12
Mitsubishi		44,560		1,239
Mitsubishi Chemical Holdings		24,700		207
Mitsubishi Electric		34,200		455
Mitsubishi Estate		48,400		848
Mitsubishi Estate Logistics Investment‡		11		27
Mitsubishi Gas Chemical		3,100		70
Mitsubishi Heavy Industries		15,200		553
Mitsubishi Logisnext		1,500		17
Mitsubishi Logistics		9,100		197
Mitsubishi Materials		1,800		50
Mitsubishi Motors		13,200		105
Mitsubishi Pencil		2,000		42
Mitsubishi Research Institute		400		18
Mitsubishi Shokuhin		900		24
Mitsubishi Steel Manufacturing		1,000		19
Mitsubishi Tanabe Pharma		4,400		76
Mitsubishi UFJ Financial Group		251,300		1,432
Mitsubishi UFJ Lease & Finance		8,100		50
Mitsuboshi Belting		3,000		38
Mitsui		31,700		529
Mitsui Chemicals		3,700		99
Mitsui Engineering & Shipbuilding*		3,800		50
Mitsui Fudosan		17,000		411
Mitsui Fudosan Logistics Park‡		12		37
Mitsui High-Tec		1,100		14
Mitsui Home		2,000		12
Mitsui Mining & Smelting		3,200		136
Mitsui OSK Lines		2,000		48
Mitsui Sugar		700		22
Mitsui-Soko Holdings*		4,000		12
Miura		4,600		112
Mixi		2,200		56
Miyazaki Bank		800		24
Mizuho Financial Group		697,700		1,175
Mizuno		1,000		37
Mochida Pharmaceutical		700		51
Modec		1,200		33
Monex Group		9,800		57
Money Forward*		500		25
Monogatari		300		31
MonotaRO		3,500		155
Mori Hills Investment‡		77		99

Description	Shares		Value (000)
Mori Trust Hotel‡		19	$	26
Mori Trust Sogo‡		56		80
Morinaga		2,100		101
Morinaga Milk Industry		1,800		67
Morita Holdings		1,800		36
MOS Food Services		1,600		47
MS&AD Insurance Group Holdings		37,700		1,173
MTI		1,800		10
Murata Manufacturing		3,300		555
Musashi Seimitsu Industry		1,200		40
Musashino Bank		1,500		45
Nabtesco*		2,100		65
Nachi-Fujikoshi		900		40
Nagaileben		1,500		38
Nagase		5,600		88
Nagatanien Holdings		1,000		14
Nagoya Railroad		3,000		77
Nakanishi		3,600		82
Nakayama Steel Works		1,800		11
Namco Bandai Holdings		28,800		1,190
Namura Shipbuilding		2,000		8
Nankai Electric Railway		5,800		161
Nanto Bank		1,500		38
NEC		17,700		486
NEC Capital Solutions		700		12
NEC Networks & System Integration		1,400		32
NET One Systems		4,200		72
Neturen		1,100		10
Nexon*		8,400		122
Nextage		1,600		18
NGK Insulators		5,200		93
NGK Spark Plug		2,800		80
NH Foods		1,700		69
NHK Spring		10,800		102
Nichias		6,000		75
Nichiban		500		14
Nichicon		2,500		32
Nichiden		400		8
Nichiha		1,400		53
NichiiGakkan		1,500		17
Nichi-iko Pharmaceutical		2,400		35
Nichirei		5,900		150
Nidec		4,200		632
Nifco		4,600		143
Nihon Chouzai		300		8
Nihon Kohden		111,100		3,096
Nihon M&A Center		7,400		215

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

55

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Nihon Nohyaku		1,800	$	12
Nihon Parkerizing		5,000		72
Nihon Trim		200		9
Nihon Unisys		3,700		93
Nikkiso		2,800		28
Nikkon Holdings		3,300		87
Nikon		18,000		287
Nintendo		2,100		686
Nippo		3,000		55
Nippon Accommodations Fund‡		25		114
Nippon Beet Sugar Manufacturing		700		15
Nippon Building Fund‡		25		144
Nippon Carbon		500		28
Nippon Ceramic		1,100		29
Nippon Chemi-Con		700		27
Nippon Denko		4,800		14
Nippon Densetsu Kogyo		1,800		40
Nippon Electric Glass		1,400		39
Nippon Express		1,300		94
Nippon Flour Mills		2,800		49
Nippon Gas		2,000		117
NIPPON Investment‡		23		67
Nippon Kanzai		600		12
Nippon Kayaku		7,900		88
Nippon Koei		500		12
Nippon Light Metal Holdings		30,400		68
Nippon Paint Holdings		2,700		116
Nippon Paper Industries		5,400		86
Nippon Parking Development		12,700		22
Nippon Prologis‡		31		64
Nippon Road		400		21
Nippon Seiki		2,500		47
Nippon Sharyo*		5,000		13
Nippon Sheet Glass		4,600		44
Nippon Shinyaku		2,500		155
Nippon Shokubai		1,500		109
Nippon Signal		3,300		32
Nippon Soda		6,000		33
Nippon Steel & Sumikin Bussan		800		40
Nippon Steel & Sumitomo Metal		13,800		271
Nippon Suisan Kaisha		38,200		188
Nippon Telegraph & Telephone		45,900		2,088
Nippon Television Holdings		25,320		428
Nippon Thompson		2,300		18
Nippon Valqua Industries		800		23
Nippon Yusen		2,800		56
Nipro		7,800		90

Description	Shares		Value (000)
Nishimatsu Construction		3,000	$	86
Nishimatsuya Chain		2,500		29
Nishimoto		300		16
Nishi-Nippon Financial Holdings		7,000		82
Nishi-Nippon Railroad		3,400		93
Nishio Rent All		900		29
Nissan Chemical Industries		13,200		615
Nissan Motor		44,100		429
Nissan Shatai		4,100		37
Nissei ASB Machine		400		21
Nissha		1,800		37
Nisshin Oillio Group		1,400		42
Nisshin Seifun Group		3,200		68
Nisshin Steel		2,500		35
Nisshinbo Holdings		7,396		79
Nissin		600		14
Nissin Electric		2,600		24
Nissin Foods Holdings		1,000		72
Nissin Kogyo		2,000		35
Nitori Holdings		1,500		234
Nitta		1,200		47
Nittetsu Mining		200		9
Nitto Boseki		1,400		33
Nitto Denko		5,300		401
Nitto Kogyo		1,100		22
Nitto Kohki		600		14
Nittoku Engineering		700		18
Noevir Holdings		800		58
NOF		3,500		113
Nohmi Bosai		1,200		26
Nojima		1,400		31
NOK		1,700		33
Nomura		10,500		232
Nomura Holdings		134,500		654
Nomura Real Estate Holdings		2,400		53
Nomura Real Estate Master Fund‡		74		104
Nomura Research Institute		4,700		228
Noritake		500		28
Noritsu Koki		900		16
Noritz		1,600		26
North Pacific Bank		14,600		49
NS Solutions		1,900		48
NS United Kaiun Kaisha		500		10
NSD		2,200		50
NSK		7,500		77
NTN		21,000		86
NTT Data		70,600		814

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

56

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
NTT DOCOMO		36,500	$	931
NTT Urban Development		35,200		378
NuFlare Technology		200		12
Obara Group		600		34
Obayashi		63,800		663
Obic		5,460		452
OBIC Business Consultants		600		43
Odakyu Electric Railway		5,700		122
Ogaki Kyoritsu Bank		1,600		41
Ohara		300		9
Ohsho Food Service		700		40
Oiles		1,200		23
Oita Bank		800		27
Oji Holdings		17,000		105
Okabe		2,300		20
Okamoto Industries		3,000		34
Okamura		3,400		50
Okasan Securities Group		8,000		39
Oki Electric Industry		4,400		49
Okinawa Electric Power		2,500		52
OKUMA		1,200		64
Okumura		1,600		52
Okuwa		1,000		10
Olympus		95,400		3,576
Omron		88,800		4,146
Ono Pharmaceutical		6,900		162
Onward Holdings		22,600		174
Open Door*		600		12
Open House		1,700		101
Optex Group		1,600		45
Optorun		700		27
Oracle Japan		2,200		180
Organo		400		11
Orient		21,900		29
Oriental Land		3,800		399
ORIX		25,200		398
Orix JREIT‡		135		216
Osaka Gas		7,000		145
Osaka Soda		800		23
Osaka Steel		1,000		19
OSAKA Titanium Technologies		700		10
Osaki Electric		1,500		12
OSG		3,800		78
OSJB Holdings		4,700		12
Otsuka		2,100		82
Otsuka Holdings*		12,500		606
Outsourcing*		4,000		74

Description	Shares		Value (000)
Oyo		700	$	9
Pacific Industrial		2,400		35
Pacific Metals*		700		26
Pack		500		16
PAL GROUP Holdings		400		9
PALTAC		1,700		99
Panasonic		40,700		549
Paramount Bed Holdings		900		39
Parco		800		9
Park24		2,400		65
Pasona Group		1,100		18
PC Depot		1,400		7
Penta-Ocean Construction		14,300		96
Pepper Food Service		700		29
PeptiDream*		5,100		213
Persol Holdings		14,700		328
PIA		300		17
Pigeon		6,400		311
Pilot		1,500		84
Piolax		1,400		34
Pioneer*		15,600		22
PKSHA Technology*		200		25
Plenus		1,000		16
Pola Orbis Holdings		1,600		70
Premier Investment‡		74		75
Press Kogyo		5,300		31
Pressance		2,000		31
Prestige International		2,900		39
Prima Meat Packers		7,000		41
Proto		600		8
Qol		1,200		22
Raito Kogyo		2,600		27
Rakus		1,100		19
Rakuten		17,900		121
Raysum		900		13
Recruit Holdings		30,100		834
Relia		1,700		24
Relo Group		5,600		148
Remixpoint		1,800		18
Renesas Electronics*		50,900		499
Rengo		9,100		80
Resona Holdings		173,740		930
Resorttrust		4,200		74
Retail Partners		1,200		18
Rheon Automatic Machinery		1,000		17
Ricoh		13,600		125
Ricoh Leasing		900		30

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

57

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Riken		500	$	26
Riken Keiki		600		14
Riken Vitamin		600		24
Ringer Hut		1,100		26
Rinnai		1,800		159
Riso Kagaku		1,300		27
Rock Field		700		12
Rohm		1,800		151
Rohto Pharmaceutical		5,000		161
Rokko Butter		500		11
Roland DG		500		11
Round One		3,500		55
Royal Holdings*		1,600		44
RS Technologies		300		15
Ryobi		1,400		46
Ryohin Keikaku		1,100		386
Ryosan		1,300		48
Ryoyo Electro		800		13
S Foods		1,000		39
Sac’s Bar Holdings		800		7
Saizeriya		1,500		34
Sakai Chemical Industry		600		16
Sakai Moving Service		500		25
Sakata INX		2,000		26
Sakata Seed		1,600		61
SAMTY		800		15
San ju San Financial Group		1,200		22
San-A, Cl A		1,000		49
San-Ai Oil		2,800		35
SanBio*		1,200		31
Sanden Holdings		1,000		13
Sangetsu		3,300		67
San-In Godo Bank		7,700		69
Sanken Electric		6,000		32
Sanki Engineering		1,800		18
Sankyo		800		31
Sankyo Tateyama		1,600		20
Sankyu		2,900		152
Sanrio		2,600		50
Sanshin Electronics		800		14
Santen Pharmaceutical		7,100		124
Sanwa Holdings		10,300		109
Sanyo Chemical Industries		700		30
Sanyo Denki		400		29
Sanyo Special Steel		1,200		29
Sapporo Holdings		3,400		85
Sato Holdings		1,400		42

Description	Shares		Value (000)
Sawai Pharmaceutical		5,100	$	232
SBI Holdings		4,400		113
SCREEN Holdings		2,100		148
SCSK		8,800		409
Secom		12,200		937
Seed		300		6
Sega Sammy Holdings		3,200		55
Seibu Holdings		4,400		74
Seikagaku		2,100		28
Seiko Epson		5,500		96
Seiko Holdings		1,600		34
Seino Holdings		7,800		138
Seiren		2,500		39
Sekisui Chemical		23,900		408
Sekisui House‡		202		132
Sekisui House		11,700		207
Sekisui Jushi		1,400		29
Sekisui Plastics		1,000		10
Senko		20,200		160
Senshu Ikeda Holdings		13,300		45
Septeni Holdings		3,700		8
Seria		2,200		106
Seven & i Holdings		37,200		1,624
Seven Bank		10,700		33
SG Holdings		2,100		46
Sharp		3,500		85
Shibuya		800		25
SHIFT*		400		18
Shiga Bank		12,000		61
Shikoku Bank		2,400		30
Shikoku Chemicals		2,000		28
Shikoku Electric Power*		8,600		115
Shima Seiki Manufacturing		1,500		72
Shimachu		2,300		73
Shimadzu		8,800		266
Shimamura		400		35
Shimano		2,300		338
Shimizu		49,000		508
Shindengen Electric Manufacturing		400		19
Shin-Etsu Chemical		38,400		3,423
Shin-Etsu Polymer		1,700		16
Shinko Electric Industries		3,600		32
Shinko Plantech		2,400		24
Shinmaywa Industries		4,900		58
Shinnihon		1,300		15
Shinoken Group		1,400		21
Shinsei Bank*		2,800		43

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

58

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Shionogi		5,360	$	276
Ship Healthcare Holdings		2,400		91
Shiseido		8,900		707
Shizuoka Bank		8,500		77
Shizuoka Gas		2,800		26
SHO-BOND Holdings		2,900		202
Shochiku		500		72
Shoei		600		21
Shoei Foods		500		18
Showa		2,400		39
Showa Denko		6,900		307
Showa Sangyo		1,200		31
Showa Shell Sekiyu		3,500		52
Siix		1,600		35
Sinanen Holdings		500		13
Sinfonia Technology		4,000		14
Sinko Industries		1,100		20
Sintokogio		1,700		15
SKY Perfect JSAT Holdings		7,800		37
Skylark		10,400		154
SMC		1,100		404
SMK		2,000		7
SMS		3,400		62
Sodick		2,200		20
SoftBank Group		18,300		1,317
Sogo Medical		1,000		21
Sohgo Security Services		5,100		240
Sojitz		66,700		242
Solasto		3,000		34
Sompo Holdings		21,000		850
Sony		28,600		1,462
Sony Financial Holdings		10,800		206
Sosei Group*		4,000		64
Sotetsu Holdings		4,200		129
Sparx Group		5,200		12
Square Enix Holdings		4,700		231
ST		700		21
St. Marc Holdings		1,100		27
Stanley Electric		2,800		96
Star Micronics		1,600		25
Start Today		3,900		142
Starts		1,600		39
Starzen		400		21
Stella Chemifa		400		14
Strike		400		16
Studio Alice		400		9
Sugi Holdings		2,100		122

Description	Shares		Value (000)
SUMCO		3,900	$	79
Sumitomo		21,500		353
Sumitomo Bakelite		9,000		87
Sumitomo Chemical		26,200		149
Sumitomo Dainippon Pharma		11,700		248
Sumitomo Densetsu		600		11
Sumitomo Electric Industries		25,000		373
Sumitomo Forestry		6,900		105
Sumitomo Heavy Industries		1,900		64
Sumitomo Metal Mining		4,200		161
Sumitomo Mitsui Construction		8,440		59
Sumitomo Mitsui Financial Group		60,200		2,342
Sumitomo Mitsui Trust Holdings		14,300		567
Sumitomo Osaka Cement		21,000		99
Sumitomo Realty & Development		7,000		259
Sumitomo Riko		2,200		23
Sumitomo Rubber Industries		3,100		49
Sumitomo Seika Chemicals		400		20
Sumitomo Warehouse		7,000		42
Sun Frontier Fudousan		1,900		22
Sundrug		4,000		162
Suntory Beverage & Food		10,100		431
Suruga Bank		3,000		27
Sushiro Global Holdings*		1,000		61
Suzuken		1,300		55
Suzuki Motor		6,500		359
Sysmex		3,120		291
Systena		3,300		34
T Hasegawa		1,400		31
T&D Holdings		17,700		266
Tachi-S, Cl S		1,800		30
Tadano		5,200		64
Taihei Dengyo Kaisha		1,000		25
Taiheiyo Cement		2,200		72
Taiho Kogyo, Cl A*		700		8
Taikisha		1,400		43
Taisei		4,100		226
Taisho Pharmaceutical Holdings		600		70
Taiyo Holdings		900		37
Taiyo Nippon Sanso		2,000		29
Taiyo Yuden		6,000		168
Takamatsu Construction Group		800		24
Takara Bio		2,600		54
Takara Holdings		8,300		110
Takara Leben		3,200		12
Takara Standard		2,100		35
Takasago International		700		22

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

59

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Takasago Thermal Engineering		2,700	$	50
Takashimaya		5,000		43
Takeda Pharmaceutical		13,200		558
Takeuchi Manufacturing		1,800		38
Takuma		4,100		50
Tamron		600		11
Tamura		3,700		23
Tanaka Chemical*		700		8
Tanseisha		1,400		18
Tateru		1,900		31
Tatsuta Electric Wire and Cable		1,700		9
Tayca		900		18
TDK		4,900		501
TechnoPro Holdings		4,500		277
Teijin		3,300		61
Teikoku Sen-I, Cl I		800		17
Tekken		800		22
Tenma		1,000		18
Terumo		109,900		6,303
T-Gaia		1,100		28
THK		2,000		57
TIS		4,100		189
TKC		800		30
TKP*		300		13
Toa		500		13
Toagosei		5,800		67
Tobu Railway		3,800		116
TOC		3,100		23
Tocalo		3,400		36
Tochigi Bank		5,300		18
Toda		13,000		113
Toei		400		41
Toei Animation		600		21
Toenec		400		12
Toho		5,600		188
Toho Bank		11,700		42
Toho Gas		1,400		48
Toho Holdings		2,900		71
Toho Titanium		1,400		13
Toho Zinc		600		22
Tohoku Electric Power		34,800		426
Tokai		800		17
Tokai Carbon		10,600		191
TOKAI Holdings		4,700		46
Tokai Rika		2,800		53
Tokai Tokyo Financial Holdings		11,400		73
Token		400		35

Description	Shares		Value (000)
Tokio Marine Holdings		26,000	$	1,220
Tokushu Tokai Paper		600		24
Tokuyama		3,200		103
Tokyo Base*		800		6
Tokyo Broadcasting System Holdings		2,000		45
Tokyo Century		900		51
Tokyo Dome		4,800		43
Tokyo Electric Power Holdings*		28,400		132
Tokyo Electron		4,300		740
Tokyo Gas		15,600		415
Tokyo Kiraboshi Financial Group		1,400		34
Tokyo Ohka Kogyo		1,900		73
Tokyo Seimitsu		2,000		66
Tokyo Steel Manufacturing		5,900		52
Tokyo Tatemono		3,800		52
Tokyotokeiba		900		39
Tokyu‡		49		66
Tokyu		8,900		153
Tokyu Construction		4,500		44
Tokyu Fudosan Holdings		9,000		64
TOMONY Holdings		7,000		30
Tomy		4,500		37
Tonami Holdings		300		18
Topcon		5,300		91
Toppan Forms		3,100		31
Toppan Printing		9,000		71
Topre		1,800		45
Topy Industries		800		22
Toray Industries		68,300		538
Toridoll Holdings		1,100		26
Torii Pharmaceutical		500		12
Tosei		1,200		13
Toshiba*		119,000		358
Toshiba Machine		7,000		33
Toshiba Plant Systems & Services		2,400		55
Toshiba TEC		7,000		43
Tosho		900		34
Tosho Printing		1,400		13
Tosoh		5,700		88
Totetsu Kogyo		1,400		45
TOTO		2,800		130
Towa Bank		2,000		21
Towa Pharmaceutical		500		27
Toyo Construction		4,300		19
Toyo Engineering*		1,000		7
Toyo Ink SC Holdings		2,200		57
Toyo Kanetsu		300		11

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

60

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Toyo Seikan Group Holdings		16,200	$	285
Toyo Suisan Kaisha		12,600		448
Toyo Tanso		500		15
Toyo Tire & Rubber		5,400		79
Toyobo		4,500		75
Toyoda Gosei		1,100		28
Toyota Boshoku		3,600		66
Toyota Industries		4,800		269
Toyota Motor		95,000		6,152
Toyota Tsusho		4,100		137
TPR		1,200		28
Trancom		400		27
Transcosmos		1,100		26
Trend Micro		4,300		244
Trusco Nakayama		2,100		52
Trust Tech		500		18
TS Tech		2,100		88
TSI Holdings		4,000		28
Tsubaki Nakashima		2,100		50
Tsubakimoto Chain		7,000		56
Tsugami		3,000		27
Tsukishima Kikai		1,700		24
Tsukui		2,100		19
Tsumura		3,000		97
Tsuruha Holdings		700		88
Tsurumi Manufacturing		600		10
TV Asahi Holdings		1,200		26
UACJ		1,700		37
Ube Industries		5,500		143
UKC Holdings		600		12
Ulvac		2,200		84
Unicharm		7,400		223
Union Tool		300		9
Unipres		2,100		41
UNITED		500		12
United Arrows		1,200		45
United Super Markets Holdings		2,900		38
United Urban Investment‡		60		93
Unitika*		2,500		14
Universal Entertainment*		1,200		54
Unizo Holdings		1,600		30
Ushio		16,400		209
USS		12,000		228
UT Group*		1,300		49
Uzabase*		600		18
V Technology		300		55
Valor Holdings		2,000		46

Description	Shares		Value (000)
Vector		1,600	$	33
Vital KSK Holdings		2,200		23
VT Holdings		3,200		17
Wacoal Holdings		2,500		73
Wacom		7,300		42
Wakita		1,600		17
Warabeya Nichiyo Holdings		800		18
WATAMI		800		10
WDB Holdings		500		15
Welcia Holdings		2,500		133
West Japan Railway		17,900		1,321
World Holdings		200		6
Wowow		400		13
W-Scope		1,300		19
Xebio Holdings		1,400		22
Yahagi Construction		1,200		10
Yahoo Japan		27,500		90
Yakult Honsha		2,100		140
Yakuodo		400		14
YAMABIKO		1,600		19
YAMADA Consulting Group		500		14
Yamada Denki		64,100		320
Yamagata Bank		1,600		34
Yamaguchi Financial Group		4,000		45
Yamaha		2,800		146
Yamaha Motor		5,500		138
YA-MAN		1,700		29
Yamanashi Chuo Bank		8,000		30
Yamashin-Filter		1,800		18
Yamato Holdings		19,320		570
Yamato Kogyo		2,300		69
Yamazaki Baking		2,300		60
Yamazen		3,200		31
Yaoko		1,100		61
Yaskawa Electric		4,300		152
Yellow Hat		1,000		30
Yodogawa Steel Works		1,200		31
Yokogawa Bridge Holdings		1,800		43
Yokogawa Electric		3,800		68
Yokohama Reito		2,400		22
Yokohama Rubber*		2,000		42
Yomiuri Land		300		13
Yondoshi Holdings		700		17
Yonex		2,800		17
Yorozu		700		11
Yoshinoya Holdings		3,400		68
Yuasa Trading		1,000		32

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

61

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Yume No. Machi Souzou Iinkai		1,300	$	27
Yumeshin Holdings		2,600		27
Yurtec		2,100		17
Yushin Precision Equipment		800		9
Zenkoku Hosho		2,700		123
Zenrin		1,950		47
Zensho Holdings		4,900		124
Zeon		7,400		88
ZERIA Pharmaceutical		1,700		37
ZIGExN		2,500		20
Zojirushi		2,400		29
				220,561
Kenya — 0.0%
East African Breweries		76,778		166
Equity Group Holdings		275,700		126
				292
Luxembourg — 0.1%
RTL Group		702		48
Ternium ADR		46,079		1,604
				1,652
Malaysia — 0.3%
AirAsia X*		495,300		42
Allianz Malaysia		6,200		19
Brem Holding		213,616		44
Heineken Malaysia		10,000		54
Hong Leong Bank		61,800		278
Hong Leong Financial Group		18,000		80
Hong Leong Industries		5,500		15
Insas		330,800		72
Kenanga Investment Bank		85,500		14
KSL Holdings*		551,500		115
Lion Industries*		217,100		46
Malayan Banking		193,300		431
Malaysia Airports Holdings		145,600		317
Malaysian Pacific Industries		29,400		75
MISC		92,100		135
Nestle Malaysia		1,600		58
Padini Holdings		389,700		576
Petron Malaysia Refining & Marketing		121,500		219
Petronas Chemicals Group		286,200		596
Public Bank		76,300		442
Shell Refining Federation of Malaya		63,000		97
Supermax		50,200		52
Syarikat Takaful Malaysia		24,000		24
Tenaga Nasional		108,400		393
Tropicana		47		—

Description	Shares		Value (000)
Uchi Technologies		119,200	$	81
Unisem		1,138,600		650
ViTrox		67,000		93
				5,018
Mexico — 0.5%
Genomma Lab Internacional, Cl B*		494,253		414
Gentera		1,019,008		898
Grupo Aeroportuario del Pacifico, Cl B		135,949		1,262
Grupo Financiero Banorte, Cl O		412,400		2,424
Grupo Financiero Inbursa, Cl O		280,072		393
Grupo Lala, Cl B		432,936		447
Grupo Televisa ADR		40,490		767
Industrias Bachoco		62,991		302
Nemak		824,267		567
Vitro		18,814		59
Wal-Mart de Mexico		210,670		556
				8,089
Netherlands — 3.2%
Aalberts Industries		5,289		253
ABN AMRO Group		7,955		207
Accell Group		1,222		26
Aegon		34,274		206
AerCap Holdings*		2,602		141
Akzo Nobel		65,937		5,646
AMG Advanced Metallurgical Group		1,611		91
APERAM		2,673		115
Arcadis		3,891		70
ArcelorMittal		32,636		957
ASM International		2,607		144
ASML Holding		9,437		1,871
ASR Nederland		8,090		331
Basic-Fit*		1,573		53
BE Semiconductor Industries		4,114		111
BinckBank		1,954		11
Boskalis Westminster		185,159		5,395
Brunel International		766		13
Coca-Cola European Partners		3,170		129
Corbion		3,345		107
Eurocommercial Properties‡		2,328		99
Euronext		3,105		197
Flow Traders		1,742		68
ForFarmers		1,935		25
Fugro*		98,066		1,424
Galapagos*		2,257		209
Gemalto*		4,012		233

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

62

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Heineken		19,540	$	1,962
Heineken Holding		2,166		208
IMCD Group		5,619		377
ING Groep		470,395		6,773
Intertrust		3,412		61
Kendrion		593		24
Koninklijke Ahold Delhaize		56,467		1,352
Koninklijke BAM Groep		13,155		55
Koninklijke DSM		3,295		331
Koninklijke KPN		296,393		806
Koninklijke Philips		42,592		1,812
Koninklijke Volkerwessels		1,670		43
Koninklijke Vopak		1,277		59
NN Group		5,761		234
NSI‡		1,187		50
OCI*		4,149		112
Pharming Group*		30,221		49
PostNL		22,115		83
Randstad Holding		69,790		4,109
RELX		173,496		3,700
Royal Dutch Shell, Cl A		22,661		788
SBM Offshore		289,484		4,505
SIF Holding		523		10
Signify		6,241		163
Takeaway.com*		2,204		147
TKH Group		2,154		137
TomTom*		7,436		67
Unibail-Rodamco-Westfield‡		1,757		386
Unilever		29,034		1,620
Vastned Retail‡		696		33
Wereldhave‡		2,081		82
Wessanen		3,888		82
Wolters Kluwer		5,289		298
				48,650
New Zealand — 0.1%
a2 Milk*		13,311		103
Air New Zealand		27,934		60
Argosy Property		42,827		31
Auckland International Airport		16,925		78
Chorus		22,351		63
Contact Energy		39,918		158
Fisher & Paykel Healthcare		11,301		114
Fletcher Building		13,823		65
Freightways		9,444		50
Genesis Energy		26,250		43
Goodman Property Trust‡		49,179		48

Description	Shares		Value (000)
Infratil		32,124	$	74
Kiwi Property Group‡		71,972		66
Mercury NZ		35,952		82
Meridian Energy		24,236		51
Metlifecare		9,307		39
New Zealand Refining		7,242		12
Precinct Properties New Zealand‡		53,513		49
Restaurant Brands New Zealand		5,807		31
Ryman Healthcare		7,269		60
SKY Network Television		166,370		293
SKYCITY Entertainment Group		34,982		95
Spark New Zealand		143,758		364
Summerset Group Holdings		10,884		56
Synlait Milk*		4,209		33
Tourism Holdings		5,142		23
Trade Me Group		22,642		71
Z Energy		20,330		104
				2,316
Norway — 0.9%
Akastor*		6,259		14
Aker, Cl A		1,293		99
Aker BP		2,168		80
Aker Solutions*		7,544		53
Atea		4,074		59
Austevoll Seafood		4,906		59
Axactor*		6,202		19
B2Holding		7,247		15
Bakkafrost		23,277		1,292
Borr Drilling*		21,344		102
Borregaard		5,268		57
BW LPG*		3,303		13
BW Offshore*		4,079		21
DNB		39,171		766
DNO*		32,542		60
Entra		6,544		89
Equinor		45,841		1,219
Europris		9,027		27
Evry		8,595		31
FLEX LNG*		6,076		9
Frontline*		3,849		22
Gaming Innovation Group*		15,179		9
Gjensidige Forsikring		3,498		57
Golden Ocean Group		5,070		44
Grieg Seafood		2,312		24
Hoegh LNG Holdings		2,572		14
Kongsberg Automotive*		22,873		26

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

63

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Kvaerner*		4,918	$	10
Leroy Seafood Group		15,607		105
Marine Harvest		8,094		161
Nordic Nanovector*		1,782		13
Nordic Semiconductor*		6,624		43
Norsk Hydro		26,119		156
Northern Drilling*		2,435		23
Norway Royal Salmon		576		13
Norwegian Air Shuttle*		1,343		41
Norwegian Finans Holding*		5,293		59
Norwegian Property		7,924		11
Ocean Yield		3,270		29
Odfjell Drilling*		4,154		17
Orkla		15,931		140
Otello*		5,434		14
Petroleum Geo-Services*		17,467		82
Protector Forsikring*		3,416		28
REC Silicon*		90,910		10
Salmar		2,642		111
Sbanken		3,864		41
Scatec Solar		4,461		30
Schibsted, Cl A		8,623		262
Schibsted, Cl B		8,850		250
Selvaag Bolig		2,183		11
SpareBank 1 Nord Norge		5,094		38
Sparebank 1 Oestlandet		1,584		17
SpareBank 1 SMN		6,403		66
Stolt-Nielsen		1,401		22
Storebrand		25,906		209
Subsea 7*		14,504		231
Telenor		14,023		288
TGS NOPEC Geophysical		5,471		202
Wallenius Wilhelmsen Logistics, Cl B*		5,325		25
XXL		5,035		41
Yara International		152,137		6,315
				13,394
Panama — 0.0%
Avianca Holdings ADR		5,261		34
Peru — 0.2%
Cia de Minas Buenaventura ADR		26,516		361
Credicorp		9,996		2,251
				2,612
Philippines — 0.1%
Bloomberry Resorts*		1,080,300		197
Cebu Air		163,139		212

Description	Shares		Value (000)
Lopez Holdings		944,100	$	63
Metro Retail Stores Group		612,000		30
Pepsi-Cola Products Philippines		214,000		9
PLDT		11,270		272
San Miguel		144,580		375
San Miguel Food and Beverage		33,900		38
				1,196
Poland — 0.4%
CD Projekt*		43,754		1,890
Eurocash		60,983		353
Grupa Lotos		60,862		925
Jastrzebska Spolka Weglowa*		6,115		125
LPP		209		473
Polski Koncern Naftowy Orlen		64,848		1,456
Polskie Gornictwo Naftowe i Gazownictwo		207,680		317
				5,539
Portugal — 0.1%
Altri SGPS		3,105		31
Banco Comercial Portugues, Cl R*		501,953		151
Banco Espirito Santo* (A)		46,916		—
Corticeira Amorim SGPS		2,458		32
CTT-Correios de Portugal		7,572		27
EDP-Energias de Portugal		48,431		191
Galp Energia		9,466		181
Jeronimo Martins		4,973		72
Mota-Engil SGPS*		3,895		13
Navigator		11,556		69
NOS SGPS		13,416		74
REN - Redes Energeticas Nacionais SGPS		23,160		65
Semapa-Sociedade de Investimento e Gestao		1,415		38
Sonae SGPS		43,050		52
				996
Qatar — 0.2%
Barwa Real Estate		142,526		1,339
Mannai		745		10
Ooredoo QPSC		63,688		1,273
Qatar Islamic Bank SAQ		11,934		381
Qatar National Bank SAQ		10,797		451
United Development QSC		36,420		140
				3,594
Russia — 0.2%
Lukoil PJSC ADR		1,855		128
Magnit PJSC		5,579		409

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

64

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Magnitogorsk Iron & Steel Works PJSC GDR		12,373	$	109
PhosAgro PJSC GDR		46,015		555
Sberbank of Russia PJSC ADR		1,691		24
Sberbank of Russia PJSC ADR		136,589		1,973
Tatneft PJSC ADR		4,246		268
				3,466
Singapore — 2.2%
Accordia Golf Trust		27,900		13
Ascendas‡		48,800		95
Ascendas Hospitality Trust‡		43,600		25
Ascott Residence Trust‡		81,000		64
Asian Pay Television Trust		72,100		21
Best World International		10,900		10
Bumitama Agri		19,400		9
Cache Logistics Trust‡		55,106		31
CapitaLand		47,700		111
CapitaLand Commercial Trust‡		44,774		55
CapitaLand Mall Trust‡		43,300		66
CapitaLand Retail China Trust‡		32,600		36
CDL Hospitality Trusts‡		42,400		49
China Aviation Oil Singapore		8,600		9
Chip Eng Seng		18,600		11
City Developments		8,400		67
ComfortDelGro		38,000		66
COSCO Shipping International Singapore*		45,000		12
Cromwell European Real Estate Investment Trust‡ *		24,600		17
Dairy Farm International Holdings		25,300		223
DBS Group Holdings		271,334		5,299
Delfi		649,500		596
ESR‡		43,009		16
Far East Hospitality Trust‡		30,900		14
First Real Estate Investment Trust‡		28,800		28
First Resources		29,700		34
Frasers Centrepoint Trust‡		30,000		49
Frasers Commercial Trust‡		35,994		36
Frasers Logistics & Industrial Trust‡		81,030		62
Genting Singapore		118,600		106
GL		211,300		122
Golden Agri-Resources		140,800		32
Great Eastern Holdings		41,400		884
GuocoLand		12,400		18
Haw Par		29,712		293
Hongkong Land Holdings		632,900		4,526
Hutchison Port Holdings Trust, Cl U		272,800		77

Description	Shares		Value (000)
Japfa		23,900	$	11
Jardine Cycle & Carriage		1,733		40
Jardine Matheson Holdings		104,700		6,607
Jardine Strategic Holdings		4,200		153
Keppel		28,300		149
Keppel‡		94,700		76
Keppel DC‡		52,500		52
Keppel Infrastructure Trust		140,900		54
Keppel-KBS US ‡ *		26,200		23
Lippo Malls Indonesia Retail Trust‡		97,300		22
M1		19,900		23
Mandarin Oriental International		16,400		38
Manulife US‡		66,734		57
Mapletree Commercial Trust‡		105,200		122
Mapletree Industrial Trust‡		69,400		98
Mapletree Logistics Trust‡		107,360		97
Mapletree North Asia Commercial Trust‡		123,800		104
NetLink NBN Trust		162,700		88
OUE		18,200		21
OUE Hospitality Trust‡		55,400		32
Oversea-Chinese Banking		57,972		495
Parkway Life‡		20,000		40
QAF		5,100		3
Raffles Medical Group		43,200		32
RHT Health Trust		21,500		12
Riverstone Holdings		12,500		9
Sabana Shari’ah Compliant Industrial‡		34,300		11
SATS		12,900		47
Sembcorp Industries		18,500		37
Sembcorp Marine		44,500		67
Sheng Siong Group		33,700		26
SIA Engineering		14,700		34
SIIC Environment Holdings*		29,800		9
Silverlake Axis		31,400		12
Singapore Airlines		8,800		69
Singapore Exchange		13,200		69
Singapore Post		74,200		69
Singapore Press Holdings		25,700		49
Singapore Technologies Engineering		31,100		75
Singapore Telecommunications		1,462,000		3,305
Soilbuild Business Space‡		28,000		13
SPH‡		38,400		28
Starhill Global‡		81,100		38
StarHub		31,600		39

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

65

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Suntec‡		43,900	$	56
United Engineers		15,000		31
United Industrial		16,648		40
United Overseas Bank		418,571		8,221
UOL Group		8,985		50
Venture		5,400		71
Viva Industrial Trust‡		14,100		9
Wheelock Properties Singapore		15,600		19
Wilmar International		33,000		74
Wing Tai Holdings		24,600		36
Yangzijiang Shipbuilding Holdings		41,800		28
Yanlord Land Group		37,300		44
Yoma Strategic Holdings		59,500		16
				34,332
South Africa — 1.7%
Alviva Holdings		10,469		14
Anglo American		23,238		521
Anglo American Platinum		26,105		683
Astral Foods		3,160		66
Bid		50,167		1,007
Bidvest Group		76,068		1,092
Capitec Bank Holdings		25,765		1,630
Cie Financiere Richemont		45,192		383
Exxaro Resources		2,619		24
FirstRand		391,419		1,823
Grindrod*		256,383		176
Grindrod Shipping Holdings*		6,409		67
Massmart Holdings		25,211		205
MMI Holdings		135,434		174
Mondi		67,496		1,828
MTN Group		13,680		108
Naspers, Cl N		15,170		3,854
Old Mutual*		121,063		246
Peregrine Holdings		189,232		297
Raubex Group		139,245		196
Sasol		126,350		4,632
Standard Bank Group		139,781		1,955
Telkom		232,047		830
Tiger Brands		160,778		3,884
Tsogo Sun Holdings		126,921		190
Wilson Bayly Holmes-Ovcon		9,970		109
				25,994
South Korea — 2.8%
Asiana Airlines*		45,058		168
Cafe24*		869		140

Description	Shares		Value (000)
CJ O Shopping		1,442	$	362
Dae Han Flour Mills		86		14
Daeyang Electric*		3,787		41
Dongyang E&P		10,103		93
Fila Korea		5,103		154
Global Standard Technology		6,254		44
GS Engineering & Construction		5,051		208
GS Home Shopping		1,585		256
Hana Financial Group		21,041		809
Hyundai Elevator		6,273		504
Hyundai Greenfood		17,898		229
Hyundai Motor		5,565		627
Jin Air		4,911		111
KCC Engineering & Construction		4,249		35
Kia Motors		21,527		596
Koh Young Technology		1,161		106
Korea Gas*		3,649		210
KT		17,542		431
KT ADR		29,696		394
Kwangju Bank		5,257		50
LG		13,354		864
LG Chemical		5,047		1,510
LG Display		945		16
LG Electronics		21,753		1,620
LG Household & Health Care		691		866
LG Uplus		46,249		582
Lotte Food		105		81
LOTTE Himart		3,321		235
Lotte Shopping		2,230		420
LS Industrial Systems		3,055		193
MegaStudyEdu		267		42
Moorim Paper		35,210		107
Neowiz*		10,299		166
POSCO		5,514		1,628
POSCO ADR*		76,100		5,640
S-1		4,897		425
Samsung Electronics		328,350		13,743
Samsung Fire & Marine Insurance		5,142		1,218
SeAH Holdings		225		28
Shinhan Financial Group		43,927		1,707
SK Hynix		46,872		3,605
SK Telecom		9,902		2,070
UIL		6,402		32
Zeus		2,028		32
				42,412

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

66

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Spain — 1.7%
Acciona		1,195	$	99
Acerinox		38,786		513
ACS Actividades de Construccion y Servicios		4,756		193
Aedas Homes SAU*		1,252		44
Aena SME		1,233		224
Almirall		3,253		44
Amadeus IT Group, Cl A		80,464		6,352
Applus Services		7,178		96
Atresmedia de Medios de Comunicacion		4,549		38
Banco Bilbao Vizcaya Argentaria		123,391		875
Banco de Sabadell		106,569		179
Banco Santander		1,387,762		7,442
Bankia		181,305		679
Bankinter		12,548		122
Bolsas y Mercados Espanoles SHMSF		4,006		132
CaixaBank		65,217		282
Cellnex Telecom		8,347		211
Cia de Distribucion Integral Logista Holdings		2,772		72
CIE Automotive		6,533		193
Codere*		2,424		23
Construcciones y Auxiliar de Ferrocarriles		1,029		49
Distribuidora Internacional de Alimentacion		32,016		93
Ebro Foods		4,054		95
eDreams ODIGEO*		3,119		13
Enagas		4,413		129
Ence Energia y Celulosa		7,406		65
Endesa		5,925		131
Ercros		5,213		27
Euskaltel		4,421		40
Faes Farma		14,866		63
Ferrovial		13,677		281
Financiera Alba		702		41
Fluidra		2,645		42
Fomento de Construcciones y Contratas*		3,976		50
Gas Natural SDG		6,626		175
Gestamp Automocion		26,307		197
Global Dominion Access*		10,095		55
Grifols		12,757		384
Grupo Catalana Occidente		2,274		101
Hispania Activos Inmobiliarios SOCIMI‡		4,558		97

Description	Shares		Value (000)
Iberdrola		109,396	$	846
Indra Sistemas*		6,263		75
Industria de Diseno Textil		20,623		705
Inmobiliaria Colonial Socimi‡		14,355		159
International Consolidated Airlines Group		12,165		107
Lar Espana Real Estate Socimi‡		4,951		55
Liberbank*		114,772		59
Mapfre		18,908		57
Masmovil Ibercom*		625		73
Mediaset Espana Comunicacion		29,757		251
Melia Hotels International		6,522		90
Merlin Properties Socimi‡		19,440		284
Metrovacesa*		2,375		42
Miquel y Costas & Miquel		572		22
Neinor Homes*		4,233		79
NH Hotel Group		10,986		81
Obrascon Huarte Lain		9,520		30
Papeles y Cartones de Europa		2,544		50
Pharma Mar*		9,923		18
Promotora de Informaciones, Cl A*		7,283		14
Prosegur Cia de Seguridad		26,400		172
Realia Business*		8,256		10
Red Electrica		8,189		167
Repsol		24,470		479
Sacyr		19,582		54
Saeta Yield		2,503		36
Siemens Gamesa Renewable Energy*		4,308		58
Talgo*		5,020		30
Tecnicas Reunidas		1,714		55
Telefonica		88,255		750
Telepizza Group		4,776		32
Tubacex*		4,499		15
Unicaja Banco		50,356		86
Viscofan		11,746		800
Zardoya Otis		9,926		96
				25,878
Sweden — 1.4%
AAK		9,912		158
AcadeMedia*		4,134		22
AF, Cl B		3,778		86
Ahlsell		18,448		109
Alfa Laval		5,469		130
Alimak Group		2,735		42
Arjo		11,651		42
Assa Abloy, Cl B		110,273		2,351

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

67

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Atlas Copco, Cl A		12,131	$	353
Atlas Copco, Cl B		7,123		187
Attendo		5,472		48
Avanza Bank Holding		1,231		62
Axfood		5,606		108
Betsson		6,109		37
Bilia, Cl A		4,427		35
BillerudKorsnas		9,501		134
BioGaia, Cl B		824		37
Biotage		2,802		36
Boliden		5,297		172
Bonava, Cl B		4,433		52
Bravida Holding		11,007		87
Bufab		1,307		17
Bure Equity		2,535		29
Byggmax Group		3,223		14
Camurus*		670		7
Capio		7,251		35
Castellum		15,100		244
Catena Media*		1,581		22
Cherry*		2,522		17
Clas Ohlson, Cl B		1,973		16
Cloetta, Cl B		11,083		34
Collector*		901		6
Com Hem Holding		8,133		132
D Carnegie, Cl B*		1,836		30
Dios Fastigheter		5,544		33
Dometic Group		15,853		156
Dustin Group		2,977		27
Elanders, Cl B		808		6
Electrolux		4,459		101
Elekta, Cl B		19,627		258
Eltel*		6,171		16
Epiroc, Cl A*		12,131		127
Epiroc, Cl B*		7,123		65
Essity, Cl B		93,584		2,311
Evolution Gaming Group		1,237		77
Fabege		14,720		176
Fastighets Balder, Cl B*		5,436		142
Getinge, Cl B		11,939		109
Granges		3,918		51
Haldex		2,147		21
Hansa Medical*		1,513		34
Hemfosa Fastigheter		8,219		96
Hennes & Mauritz, Cl B		17,319		258
Hexagon, Cl B		4,721		263
Hexpol		14,203		148

Description	Shares		Value (000)
Hoist Finance		3,722	$	27
Holmen, Cl B		5,709		130
Hufvudstaden, Cl A		5,701		82
Humana		1,453		10
Husqvarna, Cl B		7,257		69
ICA Gruppen		1,493		46
Industrivarden, Cl C		2,909		56
Indutrade		4,829		115
Intrum		4,114		95
Investment Oresund*		1,426		20
Investor, Cl B		8,266		338
Inwido		2,957		21
ITAB Shop Concept		1,376		5
JM		3,694		66
Kindred Group		12,154		153
Kinnevik		4,562		156
Klovern, Cl B		31,775		35
Kungsleden		10,543		73
L E Lundbergforetagen, Cl B		1,444		44
LeoVegas		3,366		27
Lindab International		3,608		26
Loomis, Cl B		4,010		140
Lundin Petroleum		3,696		118
Mekonomen		1,374		19
Millicom International Cellular		6,823		403
Modern Times Group, Cl B		13,292		557
MQ Holding		142		—
Munters Group		3,292		17
Mycronic		3,321		37
NCC, Cl B		4,647		77
NetEnt*		9,260		49
New Wave Group, Cl B		1,968		12
Nibe Industrier, Cl B		17,335		186
Nobia		6,234		48
Nobina		5,789		44
Nolato, Cl B		1,047		85
Nordea Bank		103,548		997
Oncopeptides*		1,143		20
Oriflame Holding		2,260		73
Pandox, Cl B		4,494		76
Paradox Interactive		1,136		23
Peab		10,456		79
Probi*		325		13
Radisson Hospitality*		2,640		8
Ratos, Cl B		11,922		40
RaySearch Laboratories*		1,189		14
Recipharm, Cl B*		2,366		36

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

68

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Resurs Holding		5,447	$	35
Saab, Cl B		6,064		252
Sandvik		71,380		1,268
SAS*		9,953		19
Scandi Standard		3,469		22
Scandic Hotels Group		4,385		38
Securitas, Cl B		12,862		213
Skandinaviska Enskilda Banken, Cl A		30,409		289
Skanska, Cl B		6,335		115
SKF, Cl B		7,394		138
SkiStar		1,147		24
SSAB, Cl A		10,992		52
SSAB, Cl B		30,300		114
Starbreeze, Cl B*		11,817		14
Stillfront Group*		729		18
Storytel*		1,344		19
Svenska Cellulosa, Cl B		33,313		362
Svenska Handelsbanken, Cl A		112,355		1,248
Sweco, Cl B		3,847		91
Swedbank, Cl A		16,431		352
Swedish Match		13,794		683
Swedish Orphan Biovitrum*		9,078		199
Tele2, Cl B		5,938		70
Telefonaktiebolaget LM Ericsson, Cl B		58,407		452
Telia		51,430		235
Thule Group		5,327		133
Tobii*		4,961		22
Trelleborg, Cl B		13,373		286
Troax Group		679		22
Victoria Park, Cl B		3,607		15
Vitrolife		3,370		49
Volati		1,272		6
Volvo, Cl B		29,702		474
Wallenstam, Cl B		9,515		86
Wihlborgs Fastigheter		7,526		87
				21,633
Switzerland — 6.4%
ABB		34,119		748
Adecco Group		19,974		1,184
Allreal Holding		730		119
ALSO Holding		315		38
ams		4,261		317
APG SGA		77		29
Arbonia*		2,540		42
Aryzta*		4,712		71
Ascom Holding		1,936		35

Description	Shares		Value (000)
Autoneum Holding		161	$	38
Bachem Holding, Cl B		214		28
Baloise Holding		906		132
Banque Cantonale Vaudoise		169		130
Barry Callebaut		112		201
Basilea Pharmaceutica*		649		43
Belimo Holding		9		39
Bell Food Group		127		41
BKW		1,002		65
Bobst Group		447		46
Bossard Holding		308		57
Bucher Industries		545		183
Burckhardt Compression Holding		155		55
Burkhalter Holding		263		22
Cembra Money Bank		1,516		119
Chocoladefabriken Lindt & Sprungli		2		152
Chocoladefabriken Lindt & Sprungli PC		20		130
Cie Financiere Richemont		100,257		8,516
Clariant		3,841		92
Coca-Cola		3,545		118
Comet Holding		363		39
Conzzeta		73		84
COSMO Pharmaceuticals*		455		51
Credit Suisse Group		48,289		729
Daetwyler Holding		425		82
DKSH Holding		4,062		287
dormakaba Holding		171		120
Dufry*		690		88
EFG International		4,680		35
Emmi		110		94
EMS-Chemie Holding		160		103
Feintool International Holding		78		8
Flughafen Zurich		1,063		217
Forbo Holding		63		94
Galenica		2,479		132
GAM Holding		8,575		119
Geberit		4,582		1,971
Georg Fischer		226		290
Givaudan		176		400
Gurit Holding		15		12
Helvetia Holding		622		356
Huber + Suhner		637		39
Idorsia*		3,731		100
Implenia		815		62
Inficon Holding		106		54
Interroll Holding		33		58

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

69

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Intershop Holding		66	$	34
Investis Holding		165		10
Julius Baer Group		4,089		241
Kardex		337		47
Komax Holding		201		53
Kudelski		1,932		18
Kuehne + Nagel International		9,043		1,362
LafargeHolcim		119,522		5,839
Landis+Gyr Group*		1,386		97
LEM Holding		24		36
Leonteq*		489		28
Logitech International		29,278		1,291
Lonza Group		1,352		360
Meyer Burger Technology*		26,356		25
Mobilezone Holding		2,142		22
Mobimo Holding		381		94
Molecular Partners*		442		10
Nestle		229,444		17,818
Novartis		212,260		16,136
OC Oerlikon		10,756		165
Orascom Development Holding		330		5
Orior		188		16
Panalpina Welttransport Holding		541		74
Pargesa Holding		805		68
Partners Group Holding		326		239
PSP Swiss Property		2,201		205
Rieter Holding		183		32
Roche Holding		51,765		11,530
Schindler Holding		770		166
Schindler Holding		729		154
Schmolz + Bickenbach*		18,207		14
Schweiter Technologies		53		55
SFS Group		880		93
SGS		100		267
Siegfried Holding		192		77
Sika		2,340		325
Sonova Holding		4,103		736
St. Galler Kantonalbank		142		74
Straumann Holding		202		154
Sulzer		700		85
Sunrise Communications Group		1,887		154
Swatch Group		1,102		96
Swatch Group BR		16,553		7,875
Swiss Life Holding		644		224
Swiss Prime Site		1,405		129
Swiss Re		5,962		516
Swisscom		487		218

Description	Shares		Value (000)
Swissquote Group Holding		355	$	20
Tecan Group		934		227
Temenos Group		1,096		166
u-blox Holding		397		79
UBS Group		501,057		7,754
Valiant Holding		841		95
Valora Holding*		186		61
VAT Group		1,496		200
Vifor Pharma		908		145
Vontobel Holding		1,390		101
VZ Holding		148		47
Ypsomed Holding		182		27
Zehnder Group		584		24
Zur Rose Group*		317		42
Zurich Insurance Group		10,858		3,225
				97,894
Taiwan — 1.7%
AU Optronics ADR		528,163		2,234
Chroma ATE		95,000		511
Delta Electronics		223,516		803
Giant Manufacturing		101,414		429
PChome Online*		128,587		542
Taiwan Semiconductor Manufacturing		380,000		2,698
Taiwan Semiconductor Manufacturing ADR		366,628		13,405
Teco Electric and Machinery		949,387		713
Uni-President Enterprises		743,000		1,886
United Microelectronics ADR		498,001		1,404
Yungtay Engineering		533,000		846
				25,471
Thailand — 0.7%
Advanced Information Technology		26,800		19
Airports of Thailand		1,041,700		1,981
Bangchak NVDR		160,900		155
Bangkok Bank		159,700		943
Bangkok Bank NVDR		21,200		125
Banpu NVDR		496,500		292
BEC World		512,600		121
CP ALL		913,800		2,027
Kasikornbank		63,900		374
KGI Securities Thailand NVDR		747,900		86
Mega Lifesciences NVDR		45,800		55
PTT NVDR		1,459,600		2,116
PTT Exploration & Production NVDR		6,800		29

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

70

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
PTT Global Chemical		103,200	$	227
PTT Global Chemical NVDR		395,300		871
Sansiri		1,538,500		72
Star Petroleum Refining NVDR		1,491,400		585
Syntec Construction NVDR		2,826,500		331
Thai Oil NVDR		340,100		798
Total Access Communication NVDR		112,400		125
				11,332
Turkey — 0.5%
Akbank Turk		877,894		1,437
Albaraka Turk Katilim Bankasi		44,267		13
Anadolu Cam Sanayii		44,656		28
Coca-Cola Icecek		7,587		56
Dogan Sirketler Grubu Holding*		1,223,968		258
Eregli Demir ve Celik Fabrikalari		712,468		1,582
Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret		20,606		38
KOC Holding		376,523		1,166
Torunlar Gayrimenkul Yatirim Ortakligi‡		358,439		213
Turk Hava Yollari*		368,130		1,085
Turkiye Garanti Bankasi		895,708		1,634
Turkiye Sise ve Cam Fabrikalari		421,191		388
Ulker Biskuvi Sanayi		83,428		327
Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri		104,692		70
Vestel Elektronik Sanayi ve Ticaret*		49,464		96
				8,391
United Arab Emirates — 0.0%
Aldar Properties PJSC		979,657		538
United Kingdom — 15.6%
3i Group		112,959		1,343
888 Holdings		18,773		67
AA		30,247		50
Abcam		25,648		452
Acacia Mining*		9,546		16
accesso Technology Group*		1,326		44
Admiral Group		33,667		848
Advanced Medical Solutions Group		10,453		45
Aggreko		321,133		2,864
Alfa Financial Software Holdings*		4,455		10
Alliance Pharma		18,598		24
Allied Minds*		13,370		19
Anglo American		297,476		6,655
Antofagasta		52,580		687

Description	Shares		Value (000)
AO World*		14,060	$	28
Arrow Global Group		8,590		27
Ascential		20,930		125
Ashmore Group		20,781		102
Ashtead Group		9,105		273
ASOS*		3,002		242
Associated British Foods		6,684		242
Assura‡		134,729		102
AstraZeneca		23,821		1,651
Auto Trader Group		91,411		514
AVEVA Group		3,460		123
Aviva		74,528		496
B&M European Value Retail		48,033		256
Babcock International Group		4,743		51
BAE Systems		184,085		1,571
Bakkavor Group*		7,561		19
Balfour Beatty		38,524		143
Bank of Georgia Group*		9,231		230
Bank of Ireland Group		11,295		88
Barclays		1,642,142		4,096
Barratt Developments		40,048		273
BBA Aviation		54,886		247
Beazley		27,852		215
Bellway		6,771		268
Berkeley Group Holdings		2,472		123
BHP Billiton		334,616		7,535
Biffa		14,037		46
Big Yellow Group‡		8,500		107
Blue Prism Group*		2,533		61
Bodycote		10,261		133
boohoo.com*		42,036		108
Bovis Homes Group		7,166		108
BP		626,078		4,778
Brewin Dolphin Holdings		15,759		74
British American Tobacco ADR		3,308		167
British American Tobacco		44,594		2,254
British Land‡		18,159		161
Britvic		24,062		247
BT Group, Cl A		160,252		461
BTG*		16,137		110
Bunzl		58,460		1,771
Burberry Group		7,855		224
Burford Capital		10,486		207
Cairn Energy*		30,803		102
Cairn Homes*		45,134		94
Capita		312,835		660
Capital & Counties Properties		40,900		155

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

71

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Capital & Regional‡		22,494	$	15
Card Factory		16,784		44
Carnival		66,184		3,797
Centamin		61,597		97
Central Asia Metals		10,220		34
Centrica		105,417		219
Charter Court Financial Services Group*		6,241		27
Chemring Group		18,662		55
Cineworld Group		52,385		184
Civitas Social Housing‡		19,587		28
Clinigen Group		5,927		72
Close Brothers Group		20,551		402
CMC Markets		5,271		14
Coats Group		73,964		76
Cobham*		1,726,675		2,932
Compass Group		406,918		8,691
Computacenter		3,872		73
ConvaTec Group		296,086		830
Conviviality		8,687		—
Costain Group		5,960		35
Countryside Properties		21,507		98
Countrywide*		7,213		4
Crest Nicholson Holdings		13,231		68
CRH		3,598		127
Croda International		3,237		204
CVS Group		3,902		59
CYBG		47,140		198
Daily Mail & General Trust, Cl A		72,326		707
Dairy Crest Group		7,519		49
Dart Group		5,607		58
DCC		12,685		1,154
De La Rue		5,418		40
Debenhams		62,228		12
Dechra Pharmaceuticals		11,627		427
Derwent London‡		5,631		230
Devro		65,431		172
DFS Furniture		9,602		26
Diageo		390,572		14,030
Dialog Semiconductor*		3,938		60
Dignity		2,731		36
Diploma		6,481		112
Direct Line Insurance Group		27,051		122
Dixons Carphone		52,784		130
Domino’s Pizza Group		24,888		114
Drax Group		23,038		100
DS Smith		58,650		403

Description	Shares		Value (000)
Dunelm Group		5,192	$	35
easyJet		25,870		571
EI Group*		25,883		50
Electrocomponents		24,458		245
Elementis		26,282		88
Elis		4,062		93
EMIS Group		3,112		37
Empiric Student Property‡		36,114		42
EnQuest*		64,935		30
Equiniti Group		18,712		61
Essentra		13,483		85
esure Group		16,869		48
Evraz		20,040		134
Experian		249,396		6,170
Faroe Petroleum*		19,023		37
Ferguson		4,302		349
Ferrexpo		15,336		37
Fevertree Drinks		5,422		243
Firstgroup*		64,607		71
Forterra		11,846		48
Fresnillo		3,858		58
Frontier Developments*		1,005		18
G4S		286,080		1,011
Galliford Try		7,041		81
Games Workshop Group		1,604		64
GB Group		7,985		63
GCP Student Living‡		20,098		39
Genus		3,467		121
Georgia Capital*		9,231		125
GlaxoSmithKline		93,226		1,882
Glencore		415,036		1,983
Global Ports Investments GDR*		177,548		469
Globaltrans Investment GDR		31,092		318
Go-Ahead Group		2,167		45
Gocompare.Com Group		19,186		33
Grafton Group		12,841		135
Grainger		21,591		88
Great Portland Estates‡		14,501		137
Greencore Group		35,982		88
Greene King		16,492		125
Greggs		5,053		66
Gulf Keystone Petroleum*		11,975		40
GVC Holdings		51,455		714
Halfords Group		10,640		49
Halma		20,859		377
Hammerson‡		15,380		106
Hansteen Holdings‡		25,166		35

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

72

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Hargreaves Lansdown		5,058	$	132
Hastings Group Holdings		16,327		55
Hays		378,605		932
Helical		4,205		19
Hikma Pharmaceuticals		8,066		160
Hill & Smith Holdings		4,298		84
Hiscox		15,804		318
Hochschild Mining		11,971		30
HomeServe		132,043		1,566
Hon Hai Precision Industry GDR		143,541		779
Hostelworld Group		4,521		19
Hotel Chocolat Group		2,456		13
Howden Joinery Group		34,328		243
HSBC Holdings		375,688		3,524
Hunting*		7,968		82
Hurricane Energy*		77,676		49
Ibstock		22,083		87
IG Group Holdings		77,366		879
IMI		117,777		1,759
Imperial Brands		21,791		811
Inchcape		75,634		779
Indivior*		38,382		194
Informa		85,040		937
Inmarsat		25,435		185
IntegraFin Holdings*		10,376		49
InterContinental Hotels Group		3,391		211
Intermediate Capital Group		15,445		225
International Personal Finance		107,192		289
Intertek Group		40,077		3,023
Intu Properties‡		49,434		118
Investec		12,086		86
iomart Group		5,151		25
IQE*		40,510		55
ITE Group		13,661		14
ITV		423,344		972
IWG		35,953		152
J D Wetherspoon		4,480		74
J Sainsbury		33,605		142
JD Sports Fashion		23,200		135
John Laing Group		25,538		93
John Menzies		4,386		36
John Wood Group		45,710		378
Johnson Matthey		3,652		174
JPJ Group*		2,897		37
Jupiter Fund Management		73,284		431
Just Eat*		122,449		1,259
Just Group		50,073		89

Description	Shares		Value (000)
Kainos Group		2,707	$	14
KAZ Minerals*		13,045		145
KCOM Group		25,392		32
Keller Group		3,711		50
Kerry Group, Cl A		2,886		301
Keywords Studios		2,790		66
Kier Group		5,030		64
Kingfisher		41,952		164
Kingspan Group		8,379		420
Laird		24,385		64
Lancashire Holdings		10,620		79
Land Securities Group‡		14,004		177
Learning Technologies Group		16,480		24
Legal & General Group		113,334		398
Lloyds Banking Group		9,388,030		7,811
London Stock Exchange Group		5,668		334
LondonMetric Property‡		37,721		92
Lookers		16,438		24
Lukoil PJSC ADR		5,391		369
Majestic Wine		2,479		16
Man Group		87,687		204
Marks & Spencer Group		31,551		123
Marshalls		10,387		56
Marston’s		34,963		46
McCarthy & Stone		64,846		84
Mediclinic International		6,673		46
Meggitt		15,281		99
Melrose Industries		88,336		248
Merlin Entertainments		280,936		1,434
Metro Bank*		4,180		179
Micro Focus International		3,053		53
Micro Focus International ADR		5,456		94
Mitchells & Butlers		10,986		38
Mitie Group		18,791		39
Mondi		6,919		187
Moneysupermarket.com Group		94,144		391
Morgan Advanced Materials		14,553		63
Morgan Sindall Group		1,984		38
N Brown Group		8,686		19
National Express Group		48,422		257
National Grid		85,878		951
NCC Group		16,440		44
NewRiver‡		17,530		62
NEX Group		98,472		1,336
Next		2,763		221
NMC Health		1,892		89
Non-Standard Finance		109,565		88

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

73

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Northgate		8,027	$	43
Nostrum Oil & Gas*		3,702		9
Novolipetsk Steel PJSC GDR		16,483		402
Numis		3,642		20
Ocado Group*		28,583		388
Old Mutual*		13,893		28
On the Beach Group		6,398		42
OneSavings Bank		12,646		69
Ophir Energy*		35,297		24
Oxford Biomedica*		2,563		33
Oxford Instruments		2,830		37
Paddy Power Betfair		6,775		742
Pagegroup		41,126		306
Pan African Resources		86,747		8
Paragon Banking Group		14,346		91
Patisserie Holdings		2,616		16
Pearson		13,607		159
Pendragon		64,794		21
Pennon Group		23,205		243
Persimmon		5,804		194
Petra Diamonds*		41,273		31
Petrofac		29,950		231
Pets at Home Group		103,631		176
Phoenix Group Holdings		19,902		178
PhosAgro PJSC GDR		3,930		51
Photo-Me International		15,143		20
Playtech		37,532		373
Plus500		4,138		88
Polypipe Group		9,679		49
Premier Foods*		25,884		13
Premier Oil*		40,905		69
Primary Health Properties‡		42,294		65
Provident Financial*		60,990		483
Prudential		125,190		2,865
Purplebricks Group*		10,473		45
PZ Cussons		16,517		49
QinetiQ Group		31,938		114
Quilter*		103,346		198
Randgold Resources		1,746		134
Rathbone Brothers		5,432		186
RDI‡		74,092		34
Reckitt Benckiser Group		96,785		7,969
Redde		16,074		37
Redrow		12,446		88
Regional‡		16,540		21
RELX		113,862		2,438
Renewi		39,435		41

Description	Shares		Value (000)
Renishaw		1,926	$	135
Rentokil Initial		100,790		467
Restaurant Group		9,592		36
Restore		6,121		42
Rhi Magnesita		224		14
Rightmove		36,717		2,573
Rio Tinto		95,649		5,303
Rolls-Royce Holdings		319,410		4,166
Rotork		75,926		335
Royal Bank of Scotland Group*		89,360		302
Royal Dutch Shell, Cl A		83,109		2,884
Royal Dutch Shell, Cl B		324,974		11,638
Royal Mail		15,056		100
RPC Group		21,973		217
RPS Group		11,843		40
RSA Insurance Group		19,343		173
Sabre Insurance Group*		11,975		43
SafeCharge International Group		2,887		14
Safestore Holdings‡		10,995		80
Saga		59,448		99
Sage Group		20,441		170
Samsung Electronics GDR		4,860		5,079
Sanne Group		7,105		63
Savills		7,536		87
Scapa Group		7,435		43
Schroder‡		30,812		25
Schroders		2,419		101
Segro‡		18,828		166
Senior		22,243		89
Serco Group*		390,683		510
Severn Trent		4,605		120
Shaftesbury‡		8,810		109
Shire		17,171		966
SIG		30,237		56
Sirius Minerals*		229,775		100
Sirius Real Estate		46,595		38
Sky		36,611		706
Smart Metering Systems		5,144		53
Smith & Nephew		25,211		465
Smiths Group		118,788		2,662
Soco International		7,102		9
Softcat		6,095		62
SolGold*		30,651		9
Sophos Group		17,117		144
Sound Energy, Cl A*		34,244		18
South32		5,924		16
Spectris		81,375		2,804
Spirax-Sarco Engineering		4,047		348

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

74

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Spire Healthcare Group		15,002	$	50
Sports Direct International*		11,796		62
SSE		18,453		330
SSP Group		149,391		1,251
St. James’s Place		39,558		599
St. Modwen Properties		10,025		56
Staffline Group		768		9
Stagecoach Group		124,277		232
Standard Chartered		156,624		1,432
Standard Life Aberdeen		49,017		211
Standard Life Investment Property Income Trust‡		21,212		26
State Bank of India GDR*		53,780		2,017
Stobart Group		16,271		49
Stock Spirits Group		8,523		26
Superdry		2,748		41
Synthomer		15,330		107
TalkTalk Telecom Group		36,366		50
Tate & Lyle		24,743		211
Taylor Wimpey		63,855		151
Ted Baker		1,694		48
Telecom Plus		3,257		48
Telford Homes		4,691		24
Tesco		2,558,636		8,668
Thomas Cook Group		546,860		777
TP ICAP		29,195		162
Travis Perkins		333,074		6,253
Tritax Big Box‡		76,079		157
TUI		46,688		1,024
Tullow Oil*		73,742		238
UDG Healthcare		13,852		151
Ultra Electronics Holdings		4,154		90
Unilever		51,088		2,826
UNITE Group‡		14,656		167
United Utilities Group		13,362		135
Vectura Group*		30,948		32
Vedanta Resources		4,030		34
Vesuvius		11,153		88
Victoria*		6,230		68
Victrex		4,774		184
Virgin Money Holdings UK		14,963		72
Vodafone Group		607,550		1,474
Watkin Jones		7,565		20
Weir Group		110,955		2,929
WH Smith		30,874		814
Whitbread		3,456		181
William Hill		47,666		191
WM Morrison Supermarkets		43,814		146

Description	Shares		Value (000)
Workspace Group‡		6,322	$	90
WPP		387,450		6,101
ZPG		32,358		209
				239,048
United States — 1.4%
Consumer Discretionary — 0.1%
Huazhu Group ADR		42,155		1,770
SodaStream International*		1,148		98
				1,868
Consumer Staples — 0.0%
Coca-Cola European Partners		1,100		45
Financials — 0.3%
Banco Bradesco ADR*		655,520		4,497
Health Care — 0.0%
UroGen Pharma*		500		25
Industrials — 0.5%
Caesarstone*		1,222		18
Canadian National Railway		70,788		5,786
Copa Holdings, Cl A		12,500		1,183
Kornit Digital*		1,466		26
				7,013
Information Technology — 0.3%
CyberArk Software*		1,806		114
Daqo New Energy ADR*		5,239		186
Genpact		12,433		360
InterXion Holding*		3,930		245
Ituran Location and Control		923		28
NXP Semiconductors*		6,359		695
Orbotech*		2,543		157
Samsung Electronics GDR		280		293
Wix.com*		2,302		231
Yandex, Cl A*		69,580		2,498
YY ADR*		2,945		296
				5,103
Materials — 0.2%
Constellium, Cl A*		6,300		65
Southern Copper		50,327		2,359
				2,424
Telecommunication Services — 0.0%
China Telecom ADR		2,859		133
				21,108
Total Common Stock (Cost $1,363,249) (000)				1,475,985

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

75

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
PREFERRED STOCK (C) — 0.6%
Alpargatas		262,798	$	814
Banco Bradesco*		53,531		370
Banco do Estado do Rio Grande do Sul		103,400		393
Bayerische Motoren Werke		1,082		86
Biotest		1,045		30
Draegerwerk & KGaA		522		37
FUCHS PETROLUB		1,216		60
Grupo Aval Acciones y Valores		641,273		268
Henkel & KGaA		3,387		433
Itau Unibanco Holding		171,100		1,773
Itausa - Investimentos Itau		220,117		522
Jungheinrich		2,620		97
Petroleo Brasileiro*		248,400		1,100
Porsche Automobil Holding		2,879		184
Sartorius		647		97
Schaeffler		3,028		39
Sixt		857		67
STO & KGaA		96		12
Telefonica Brasil		117,100		1,385
Volkswagen		8,272		1,375
Total Preferred Stock (Cost $9,834) (000)				9,142
	Number of Rights
RIGHTS — 0.0%
ACS Actividades de Construccion y Servicios† *		4,756		5
Capita, Expires 6/4/2018*		5		—
Intesa Sanpaolo, Expires 7/19/2018*		1,252,028		—
ITE Group, Expires 7/13/2018*		23,907		8
oOh!media, Expires 7/13/2018*		3,254		1
Phoenix Group Holdings, Expires 7/12/2018*		9,288		19
Repsol† *		24,470		14
Rolls-Royce Holdings† *		8,022,432		11
Sacyr† *		19,582		1
Total Rights (Cost $10) (000)				59
	Shares
EXCHANGE TRADED FUND — 0.0%
P2P Global Investments*		4,390		47
Total Exchange Traded Fund (Cost $43) (000)				47

Description	Shares		Value (000)
SHORT-TERM INVESTMENT — 2.1%
State Street Institutional Treasury Money Market Fund, Cl Institutional, 1.740% (B)		31,682,490	$	31,682
Total Short-Term Investment (Cost $31,682) (000)				31,682
Total Investments In Securities — 99.2% (Cost $1,404,818) (000)			$	1,516,915

Percentages are based on net assets of $1,529,172 (000).

A list of the open futures contracts held by the Fund at June 30, 2018, is as follows (000):

Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation/ (Depreciation) (Thousands)
MSCI EAFE Index E-MINI		187		Sep-2018	$	18,619	$	18,283	$	(336	)
S&P TSX 60 Index		12		Sep-2018		1,753		1,759		7
					$	20,372	$	20,042	$	(329	)

* Non-income producing security.

‡ Real Estate Investment Trust

† Currently, expiration date is unavailable.

(A) Level 3 security in accordance with fair value hierarchy.

(B) The rate reported is the 7-day effective yield as of June 30, 2018.

(C) Currently, no stated interest rate.

ADR — American Depositary Receipt

Cl — Class

EAFE — Europe, Australasia and Far East

GDR — Global Depositary Receipt

MSCI — Morgan Stanley Capital International

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint Stock Company

S&P — Standard & Poor’s

TSX — Toronto Stock Exchange

The following is a list of the level of inputs used as of June 30, 2018, 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
Argentina	$	1,150	$	—	$	—	$	1,150
Australia		48,615		161		—		48,776
Austria		2,891		7		—		2,898
Belgium		9,043		75		—		9,118
Brazil		14,730		—		—		14,730
Canada		71,227		—		—		71,227
Chile		4,020		—		—		4,020
China		36,030		1		—		36,031
Colombia		2,544		—		—		2,544
Czech Republic		499		—		—		499
Denmark		22,973		—		—		22,973
Egypt		—		102		—		102
Finland		11,744		—		—		11,744
France		100,993		24		—		101,017
Germany		86,590		31		—		86,621

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

76

THE KP FUNDS June 30, 2018 (Unaudited)

KP International Equity Fund

Investments In Securities	Level 1			Level 2		Level 3^		Total
Greece	$	3,467		$	—	$	—	$	3,467
Hong Kong		96,197			15		—		96,212
Hungary		2,010			—		—		2,010
India		40,556			—		—		40,556
Indonesia		7,216			—		—		7,216
Ireland		9,384			—		—		9,384
Israel		4,571			2,420		—		6,991
Italy		25,239			20		—		25,259
Japan		219,039			1,522		—		220,561
Kenya		292			—		—		292
Luxembourg		1,652			—		—		1,652
Malaysia		5,018			—		—		5,018
Mexico		8,089			—		—		8,089
Netherlands		48,650			—		—		48,650
New Zealand		2,316			—		—		2,316
Norway		13,394			—		—		13,394
Panama		34			—		—		34
Peru		2,612			—		—		2,612
Philippines		1,196			—		—		1,196
Poland		5,539			—		—		5,539
Portugal		996			—		—		996
Qatar		—			3,594		—		3,594
Russia		3,466			—		—		3,466
Singapore		34,231			101		—		34,332
South Africa		25,994			—		—		25,994
South Korea		42,412			—		—		42,412
Spain		25,848			30		—		25,878
Sweden		21,440			193		—		21,633
Switzerland		97,841			53		—		97,894
Taiwan		24,668			803		—		25,471
Thailand		11,332			—		—		11,332
Turkey		8,391			—		—		8,391
United Arab Emirates		—			538		—		538
United Kingdom		238,837			211		—		239,048
United States		21,108			—		—		21,108
Total Common Stock		1,466,084			9,901		—		1,475,985
Preferred Stock		9,045			97		—		9,142
Rights		59			—		—		59
Exchange Traded Fund		47			—		—		47
Short-Term Investment		31,682			—		—		31,682
Total Investments in Securities	$	1,506,917		$	9,998	$	—	$	1,516,915
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts**
Unrealized Appreciation	$	7		$	—	$	—	$	7
Unrealized Depreciation		(336	)		—		—		(336	)
Total Other Financial Instruments	$	(329	)	$	—	$	—	$	(329	)

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

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

For the six-months ended June 30, 2018, 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, 2018, securities with a total value of $33,378 (000) transferred from Level 2 to Level 1 as a result of fair valuation of foreign equity securities. There were no other significant transfers between Level 1 and Level 2 assets for the six-months ended June 30, 2018.

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

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

77

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Face Amount (000)		Value (000)
U.S. TREASURY OBLIGATIONS — 25.8%
U.S. Treasury Bonds 5.375%, 02/15/31	$	1,000	$	1,264
5.000%, 05/15/37		2,240		2,925
4.750%, 02/15/37		10,315		13,073
4.625%, 02/15/40		500		635
4.375%, 02/15/38		900		1,097
3.875%, 08/15/40		500		575
3.750%, 11/15/43		6,500		7,389
3.625%, 02/15/44		2,000		2,231
3.500%, 02/15/39		3,100		3,377
3.375%, 05/15/44		6,000		6,430
3.125%, 05/15/48		500		514
3.000%, 11/15/45 - 02/15/48		18,133		18,193
2.875%, 11/15/46		6,344		6,211
2.750%, 08/15/47 - 11/15/47		22,573		21,540
2.500%, 02/15/45 - 05/15/46		2,084		1,898
2.250%, 08/15/46		3,450		2,971
U.S. Treasury Notes 3.625%, 02/15/20		1,750		1,781
3.500%, 05/15/20		750		763
3.375%, 11/15/19		1,000		1,012
2.875%, 05/31/25 - 05/15/28		5,497		5,512
2.750%, 04/30/23 - 02/15/28		23,973		23,983
2.625%, 08/15/20 - 03/31/25		28,902		28,812
2.500%, 05/31/20 - 01/31/25		32,822		32,637
2.375%, 04/30/20 - 05/15/27		19,734		19,469
2.250%, 02/29/20 - 11/15/27		26,397		25,806
2.125%, 08/15/21 - 05/15/25		22,355		21,601
2.000%, 01/31/20 - 11/15/26		31,261		30,315
1.875%, 12/15/20 - 09/30/22		29,767		28,862
1.750%, 09/30/19 - 05/15/23		15,603		15,120
1.625%, 07/31/19 - 05/15/26		31,463		29,737
1.500%, 10/31/19 - 08/15/26		20,827		19,792
1.375%, 07/31/19 - 09/30/23		38,856		37,804
1.250%, 08/31/19 - 07/31/23		21,446		20,606
1.125%, 12/31/19 - 09/30/21		14,128		13,549
1.000%, 09/30/19		800		786
0.750%, 07/15/19 - 08/15/19		1,750		1,720
Total U.S. Treasury Obligations (Cost $457,283) (000)				449,990

Description	Face Amount (000)		Value (000)
CORPORATE OBLIGATIONS — 25.2%
Consumer Discretionary — 1.8%
21st Century Fox America 6.400%, 12/15/35	$	973	$	1,167
6.150%, 02/15/41		500		597
4.500%, 02/15/21		100		103
3.700%, 10/15/25		20		20
Amazon.com 4.800%, 12/05/34		300		329
4.050%, 08/22/47		150		147
3.875%, 08/22/37		100		97
American Honda Finance 2.650%, 02/12/21		100		99
2.600%, 11/16/22		50		48
2.450%, 09/24/20		100		99
1.950%, 07/20/20		45		44
Aptiv 3.150%, 11/19/20		100		99
Arcos Dorados Holdings 5.875%, 04/04/27 (A)		280		270
AutoNation 3.800%, 11/15/27		25		23
AutoZone 3.750%, 06/01/27		100		96
Bed Bath & Beyond 3.749%, 08/01/24		25		23
Block Financial 4.125%, 10/01/20		200		202
BMW US Capital 3.450%, 04/12/23 (A)		601		595
3.100%, 04/12/21 (A)		2,144		2,130
Booking Holdings 2.750%, 03/15/23		50		48
CBS 3.375%, 03/01/22		150		148
3.375%, 02/15/28		1,235		1,112
2.900%, 06/01/23 (A)		100		95
Charter Communications Operating 6.484%, 10/23/45		150		158
6.384%, 10/23/35		247		258
5.375%, 04/01/38		100		94
5.375%, 05/01/47		536		487
4.500%, 02/01/24		100		100
3.579%, 07/23/20		200		200
Comcast 4.400%, 08/15/35		100		97
4.250%, 01/15/33		500		488
4.049%, 11/01/52		244		213
4.000%, 08/15/47		200		178
3.900%, 03/01/38		100		91
3.550%, 05/01/28		1,380		1,318
3.375%, 02/15/25		125		120
3.150%, 03/01/26		50		47
2.750%, 03/01/23		100		96

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

78

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
Delphi 4.150%, 03/15/24		40	$	40
Diageo Capital 3.000%, 05/18/20		200		200
Diageo Investment 2.875%, 05/11/22		100		99
Discovery Communications 5.000%, 09/20/37		150		144
3.800%, 03/13/24		50		49
2.950%, 03/20/23		50		48
2.800%, 06/15/20 (A)		100		99
2.750%, 11/15/19 (A)		100		99
Dollar General 4.150%, 11/01/25		25		25
4.125%, 05/01/28		35		34
Dollar Tree 4.200%, 05/15/28		45		43
4.000%, 05/15/25		100		98
DR Horton 4.000%, 02/15/20		35		35
Expedia Group 4.500%, 08/15/24		100		100
Ford Motor 5.291%, 12/08/46		150		139
4.346%, 12/08/26		45		44
Ford Motor Credit 5.875%, 08/02/21		200		212
3.339%, 03/28/22		200		196
2.425%, 06/12/20		200		196
2.343%, 11/02/20		2,803		2,729
General Motors 6.750%, 04/01/46		250		277
5.200%, 04/01/45		150		138
5.150%, 04/01/38		100		95
General Motors Financial 4.300%, 07/13/25		100		98
4.000%, 01/15/25		100		97
4.000%, 10/06/26		50		47
3.700%, 05/09/23		100		98
3.550%, 04/09/21		150		150
2.450%, 11/06/20		2,306		2,254
2.350%, 10/04/19		50		50
Grupo Televisa 7.250%, 05/14/43 (MXN)		2,840		104
5.000%, 05/13/45		200		176
Hasbro 3.500%, 09/15/27		30		28
Home Depot 5.875%, 12/16/36		1,547		1,877
4.400%, 04/01/21		100		104
4.250%, 04/01/46		100		101
2.800%, 09/14/27		50		46
2.625%, 06/01/22		100		98
2.000%, 04/01/21		100		98
1.800%, 06/05/20		71		70

Description	Face Amount (000)		Value (000)
Hyundai Capital America 4.125%, 06/08/23 (A)	$	2,981	$	2,966
Lear 5.250%, 01/15/25		45		46
Lowe’s 4.625%, 04/15/20		100		102
3.100%, 05/03/27		100		95
2.500%, 04/15/26		50		46
Macy’s Retail Holdings 3.625%, 06/01/24		100		97
Magna International 3.625%, 06/15/24		50		50
Marriott International 3.125%, 10/15/21		100		99
McDonald’s 4.450%, 03/01/47		150		148
3.500%, 03/01/27		100		98
3.375%, 05/26/25		100		98
3.350%, 04/01/23		130		130
2.750%, 12/09/20		20		20
NBCUniversal Media 4.375%, 04/01/21		100		103
Newell Brands 5.500%, 04/01/46		100		97
4.000%, 12/01/24		50		49
3.150%, 04/01/21		150		149
NIKE 2.375%, 11/01/26		200		182
Nordstrom 5.000%, 01/15/44		100		92
4.000%, 03/15/27		30		29
Omnicom Group 3.600%, 04/15/26		100		96
O’Reilly Automotive 4.350%, 06/01/28		50		50
3.550%, 03/15/26		50		47
President & Fellows of Harvard College 3.150%, 07/15/46		100		90
QVC 4.450%, 02/15/25		65		63
Starbucks 2.450%, 06/15/26		200		179
Target 4.000%, 07/01/42		200		191
Time Warner Cable 7.300%, 07/01/38		216		245
5.875%, 11/15/40		500		489
4.000%, 09/01/21		100		100
TJX 2.750%, 06/15/21		100		99
Toyota Motor Credit 4.250%, 01/11/21		100		103
2.750%, 05/17/21		100		99
2.700%, 01/11/23		200		195

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

79

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
2.250%, 10/18/23	$	50	$	47
1.550%, 10/18/19		910		897
USJ Acucar e Alcool 9.875%, 11/09/21 (A)		305		248
Viacom 6.875%, 04/30/36		100		108
4.375%, 03/15/43		216		181
3.450%, 10/04/26		150		137
Walt Disney 3.700%, 12/01/42		72		66
3.150%, 09/17/25		100		97
1.800%, 06/05/20		250		244
Warner Media 4.750%, 03/29/21		100		103
3.600%, 07/15/25		100		95
Wesleyan University 4.781%, 07/01/16		698		712
Whirlpool 4.000%, 03/01/24		60		61
Wyndham Destinations 4.250%, 03/01/22		5		5
				31,914
Consumer Staples — 1.6%
Adecoagro 6.000%, 09/21/27 (A)		980		808
Altria Group 9.250%, 08/06/19		200		214
5.375%, 01/31/44		100		108
Anheuser-Busch InBev Finance 4.900%, 02/01/46		100		103
4.700%, 02/01/36		150		152
3.650%, 02/01/26		350		342
3.300%, 02/01/23		150		149
2.650%, 02/01/21		215		212
Anheuser-Busch InBev Worldwide 4.950%, 01/15/42		500		519
4.600%, 04/15/48		35		34
4.439%, 10/06/48		100		96
4.000%, 04/13/28		55		55
3.750%, 01/15/22		150		152
2.500%, 07/15/22		100		97
Archer-Daniels-Midland 3.750%, 09/15/47		100		93
BAT Capital 4.540%, 08/15/47 (A)		100		93
4.390%, 08/15/37 (A)		150		141
3.557%, 08/15/27 (A)		100		93
3.222%, 08/15/24 (A)		50		47
2.764%, 08/15/22 (A)		50		48
2.297%, 08/14/20 (A)		50		49
Bunge Finance 3.250%, 08/15/26		120		109
3.000%, 09/25/22		30		29

Description	Face Amount (000)		Value (000)
Campbell Soup 4.800%, 03/15/48	$	110	$	99
4.150%, 03/15/28		50		48
3.650%, 03/15/23		50		49
Central American Bottling 5.750%, 01/31/27 (A)		115		114
Church & Dwight 2.450%, 08/01/22		100		96
CK Hutchison International 17 II 2.250%, 09/29/20 (A)		957		936
Clorox 3.500%, 12/15/24		50		50
Coca-Cola 3.300%, 09/01/21		100		101
2.875%, 10/27/25		50		48
2.550%, 06/01/26		50		46
2.450%, 11/01/20		50		50
1.875%, 10/27/20		50		49
Colgate-Palmolive 2.300%, 05/03/22		200		195
Constellation Brands 4.250%, 05/01/23		50		51
3.875%, 11/15/19		10		10
3.750%, 05/01/21		15		15
3.200%, 02/15/23		150		146
2.650%, 11/07/22		50		48
Costco Wholesale 1.700%, 12/15/19		100		99
CVS Health 5.125%, 07/20/45		200		203
5.050%, 03/25/48		1,396		1,421
4.780%, 03/25/38		215		211
4.300%, 03/25/28		110		109
3.875%, 07/20/25		120		116
3.700%, 03/09/23		4,100		4,079
3.350%, 03/09/21		295		295
2.875%, 06/01/26		200		182
2.125%, 06/01/21		50		48
CVS Pass-Through Trust 4.163%, 08/11/36 (A)		601		571
General Mills 4.700%, 04/17/48		666		637
4.200%, 04/17/28		50		49
3.700%, 10/17/23		100		99
3.200%, 04/16/21		698		694
3.150%, 12/15/21		150		148
Hershey 3.375%, 05/15/23		1,151		1,155
2.900%, 05/15/20		511		511
2.300%, 08/15/26		50		45
Ingredion 3.200%, 10/01/26		50		46
JBS USA LUX 6.750%, 02/15/28 (A)		340		321
JM Smucker 2.500%, 03/15/20		100		99

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

80

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Kellogg 4.000%, 12/15/20	$	100	$	102
3.400%, 11/15/27		25		23
Kimberly-Clark 2.750%, 02/15/26		100		94
Kraft Heinz Foods 5.000%, 06/04/42		150		143
4.625%, 01/30/29		50		49
3.950%, 07/15/25		150		146
3.500%, 07/15/22		200		198
3.375%, 06/15/21		115		115
2.000%, 07/02/18		735		735
Kroger 3.300%, 01/15/21		100		100
2.650%, 10/15/26		200		177
Maple Escrow Subsidiary 5.085%, 05/25/48 (A)		150		152
4.985%, 05/25/38 (A)		25		25
4.597%, 05/25/28 (A)		50		50
McCormick 3.150%, 08/15/24		100		96
Mead Johnson Nutrition 3.000%, 11/15/20		30		30
Molson Coors Brewing 4.200%, 07/15/46		200		179
1.450%, 07/15/19		25		25
Mondelez International 4.625%, 05/07/48		100		97
4.125%, 05/07/28		50		49
PepsiCo 3.600%, 03/01/24		100		101
3.450%, 10/06/46		200		179
3.000%, 10/15/27		50		48
2.850%, 02/24/26		100		95
2.375%, 10/06/26		200		183
2.000%, 04/15/21		50		49
Philip Morris International 4.500%, 03/26/20		100		102
4.250%, 11/10/44		150		142
3.375%, 08/11/25		100		97
2.500%, 11/02/22		100		96
1.875%, 02/25/21		200		194
Procter & Gamble 3.500%, 10/25/47		100		92
2.450%, 11/03/26		50		46
2.150%, 08/11/22		100		96
1.900%, 11/01/19		100		99
Reynolds American 4.450%, 06/12/25		150		151
Sysco 4.450%, 03/15/48		50		48
3.550%, 03/15/25		50		49
2.600%, 10/01/20		50		50
2.500%, 07/15/21		35		34

Description	Face Amount (000)		Value (000)
Tyson Foods 4.875%, 08/15/34	$	200	$	202
Unilever Capital 4.250%, 02/10/21		150		155
2.200%, 05/05/22		100		96
Walgreens Boots Alliance 3.450%, 06/01/26		165		154
2.700%, 11/18/19		100		99
Walmart 4.050%, 06/29/48		1,839		1,852
3.950%, 06/28/38		115		115
3.700%, 06/26/28		2,064		2,082
3.400%, 06/26/23		837		843
Wal-Mart Stores 3.625%, 12/15/47		250		233
3.300%, 04/22/24		100		99
2.650%, 12/15/24		50		48
1.900%, 12/15/20		300		294
				27,840
Energy — 3.7%
Abu Dhabi Crude Oil Pipeline 4.600%, 11/02/47 (A)		1,391		1,274
Anadarko Petroleum 6.950%, 06/15/19		2,744		2,839
6.600%, 03/15/46		200		241
6.450%, 09/15/36		1,332		1,539
3.450%, 07/15/24		918		882
Andeavor 4.750%, 12/15/23		150		156
3.800%, 04/01/28		30		28
Andeavor Logistics 5.200%, 12/01/47		150		145
3.500%, 12/01/22		25		24
Apache 3.250%, 04/15/22		100		98
Baker Hughes a GE 3.337%, 12/15/27		100		93
Boardwalk Pipelines 4.950%, 12/15/24		50		51
BP Capital Markets 3.561%, 11/01/21		200		202
3.062%, 03/17/22		200		198
2.500%, 11/06/22		250		241
2.112%, 09/16/21		100		97
1.768%, 09/19/19		1,408		1,390
Buckeye Partners 3.950%, 12/01/26		200		181
Canadian Natural Resources 3.900%, 02/01/25		150		148
3.850%, 06/01/27		100		97
Cenovus Energy 5.700%, 10/15/19		25		26

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

81

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
5.250%, 06/15/37	$	200	$	197
4.450%, 09/15/42		40		34
3.000%, 08/15/22		20		19
Chevron 2.954%, 05/16/26		50		48
2.566%, 05/16/23		50		48
2.355%, 12/05/22		150		144
2.193%, 11/15/19		90		89
2.100%, 05/16/21		50		49
1.961%, 03/03/20		50		49
Cimarex Energy 3.900%, 05/15/27		100		96
CNOOC Finance 2015 USA 3.500%, 05/05/25		200		193
Concho Resources 4.850%, 08/15/48		545		552
4.375%, 01/15/25		50		50
4.300%, 08/15/28		2,155		2,160
ConocoPhillips 6.500%, 02/01/39		300		383
Continental Resources 5.000%, 09/15/22		55		56
4.900%, 06/01/44		712		697
4.500%, 04/15/23		1,929		1,958
4.375%, 01/15/28		862		857
3.800%, 06/01/24		25		24
Devon Energy 4.000%, 07/15/21		649		657
3.250%, 05/15/22		100		99
Ecopetrol 7.375%, 09/18/43		200		220
5.875%, 09/18/23		100		106
Emera US Finance 4.750%, 06/15/46		200		197
Enbridge 3.700%, 07/15/27		100		95
Enbridge Energy Partners 5.875%, 10/15/25		100		109
Encana 3.900%, 11/15/21		50		50
Energy Transfer 6.625%, 10/15/36		1,282		1,364
6.125%, 12/15/45		150		150
4.500%, 11/01/23		100		101
Energy Transfer Partners 6.000%, 06/15/48		125		125
5.800%, 06/15/38		25		25
4.200%, 04/15/27		200		189
3.600%, 02/01/23		552		539
EnLink Midstream Partners 5.450%, 06/01/47		150		126
2.700%, 04/01/19		800		792
Enterprise Products Operating 6.450%, 09/01/40		150		177
5.950%, 02/01/41		100		113
4.250%, 02/15/48		1,735		1,614
3.700%, 02/15/26		250		244

Description	Face Amount (000)		Value (000)
3.350%, 03/15/23	$	100	$	99
2.850%, 04/15/21		30		30
2.800%, 02/15/21		1,808		1,785
EOG Resources 3.150%, 04/01/25		100		96
2.625%, 03/15/23		100		96
Equinor 3.950%, 05/15/43		200		191
3.700%, 03/01/24		100		101
2.450%, 01/17/23		125		120
Equities 3.900%, 10/01/27		50		47
Equities Midstream Partners 6.500%, 07/15/48		100		100
Exxon Mobil 4.114%, 03/01/46		150		153
3.043%, 03/01/26		50		49
2.726%, 03/01/23		35		34
2.709%, 03/06/25		150		144
2.222%, 03/01/21		20		19
Fermaca Enterprises 6.375%, 03/30/38 (A)		550		563
Halliburton 5.000%, 11/15/45		100		106
3.800%, 11/15/25		150		149
3.500%, 08/01/23		100		100
Hess 4.300%, 04/01/27		200		193
Hunt Oil of Peru Sucursal Del Peru 6.375%, 06/01/28 (A)		620		632
Husky Energy 4.000%, 04/15/24		100		100
KazMunayGas National JSC 6.375%, 10/24/48 (A)		560		566
5.750%, 04/19/47 (A)		815		776
Kinder Morgan 5.550%, 06/01/45		300		302
4.300%, 03/01/28		100		97
3.050%, 12/01/19		50		50
Kinder Morgan Energy Partners 6.375%, 03/01/41		150		161
5.500%, 03/01/44		100		99
3.500%, 03/01/21		20		20
Magellan Midstream Partners 4.250%, 02/01/21		100		102
Marathon Oil 6.600%, 10/01/37		150		178
Marathon Petroleum 5.000%, 09/15/54		563		519
3.400%, 12/15/20		657		658
MPLX 5.200%, 03/01/47		683		679
4.125%, 03/01/27		65		62
4.000%, 02/15/25		25		24

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

82

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
National Oilwell Varco 2.600%, 12/01/22	$	100	$	95
Nexen Energy ULC 6.400%, 05/15/37		150		184
Noble Energy 6.000%, 03/01/41		665		731
5.050%, 11/15/44		552		552
4.950%, 08/15/47		100		100
4.150%, 12/15/21		100		102
Nostrum Oil & Gas Finance BV 7.000%, 02/16/25 (A)		260		228
Occidental Petroleum 4.400%, 04/15/46		200		202
3.400%, 04/15/26		70		68
Odebrecht Drilling Norbe VIII/IX 6.350% cash/7.350% PIK, 12/01/26 (A)		165		81
Odebrecht Oil & Gas Finance 0.515%, 01/03/66 (A) (B)		97		1
ONEOK 5.200%, 07/15/48		25		25
4.550%, 07/15/28		1,972		1,990
4.000%, 07/13/27		30		29
ONEOK Partners 6.850%, 10/15/37		391		464
3.375%, 10/01/22		100		99
Peru LNG Srl 5.375%, 03/22/30 (A)		670		663
Petrobras Global Finance BV 8.375%, 05/23/21		210		228
6.125%, 01/17/22		7		7
4.375%, 05/20/23		1,165		1,092
Petroleos de Venezuela 9.000%, 11/17/21 (C)		660		158
8.500%, 10/27/20 (A)		184		159
6.000%, 11/15/26 (A) (C)		385		81
5.375%, 04/12/27 (C)		365		84
Petroleos del Peru 4.750%, 06/19/32 (A)		320		306
Petroleos Mexicanos 6.875%, 08/04/26		50		52
6.750%, 09/21/47		2,178		2,054
6.625%, 06/15/35		410		401
6.500%, 03/13/27		1,130		1,159
6.500%, 06/02/41		350		329
6.375%, 02/04/21		50		53
6.375%, 01/23/45		190		175
6.350%, 02/12/48 (A)		932		841
5.500%, 01/21/21		4,677		4,815
5.350%, 02/12/28 (A)		255		241
4.875%, 01/24/22		720		726
4.625%, 09/21/23		200		197
3.500%, 07/23/20		100		100
3.500%, 01/30/23		455		431
Phillips 66 4.650%, 11/15/34		300		303
Phillips 66 Partners 3.605%, 02/15/25		25		24
Pioneer Natural Resources 3.450%, 01/15/21		100		100
Plains All American Pipeline 4.900%, 02/15/45		1,381		1,246
4.650%, 10/15/25		150		149
3.850%, 10/15/23		150		146

Description	Face Amount (000)(1)		Value (000)
Rio Energy 6.875%, 02/01/25 (A)		330	$	274
Sabine Pass Liquefaction 5.625%, 02/01/21		140		146
5.625%, 03/01/25		85		91
Shell International Finance 4.550%, 08/12/43		400		419
3.250%, 05/11/25		150		147
2.875%, 05/10/26		100		95
1.875%, 05/10/21		200		194
Sinopec Group Overseas Development 3.500%, 05/03/26 (A)		580		552
Southern Gas Corridor CJSC 6.875%, 03/24/26 (A)		640		690
Spectra Energy Partners 3.500%, 03/15/25		100		95
Stoneway Capital 10.000%, 03/01/27 (A)		330		330
Suncor Energy 6.500%, 06/15/38		150		186
Sunoco Logistics Partners Operations 4.400%, 04/01/21		100		102
Total Capital Canada 2.750%, 07/15/23		100		97
Total Capital International 2.700%, 01/25/23		100		97
TransCanada PipeLines 4.875%, 01/15/26		100		104
4.625%, 03/01/34		300		300
Transcontinental Gas Pipe Line 4.000%, 03/15/28 (A)		200		194
Transportadora de Gas del Sur 6.750%, 05/02/25 (A)		220		201
Valero Energy 4.350%, 06/01/28		70		70
3.650%, 03/15/25		100		97
Western Gas Partners 5.300%, 03/01/48		774		711
Williams 8.750%, 03/15/32		1,122		1,447
Williams Partners 6.300%, 04/15/40		286		320
5.250%, 03/15/20		250		258
4.850%, 03/01/48		25		24
3.750%, 06/15/27		1,126		1,063
3.600%, 03/15/22		100		99
YPF 16.500%, 05/09/22 (ARS) (A)		6,000		149
				63,768
Financials — 7.4%
Aflac 3.625%, 06/15/23		100		100
AIA Group 2.250%, 03/11/19 (A)		424		421
AIG Global Funding 1.950%, 10/18/19 (A)		1,400		1,381
Allstate 4.200%, 12/15/46		200		197

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

83

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
American Express 3.400%, 02/27/23	$	150	$	148
2.500%, 08/01/22		100		96
American Express Credit 2.700%, 03/03/22		100		98
2.375%, 05/26/20		100		98
2.250%, 05/05/21		100		97
2.200%, 03/03/20		100		99
American Financial Group 3.500%, 08/15/26		35		33
American International Group 4.750%, 04/01/48		150		145
4.700%, 07/10/35		200		194
4.500%, 07/16/44		1,370		1,276
3.875%, 01/15/35		200		178
Ameriprise Financial 5.300%, 03/15/20		100		103
Aon 5.000%, 09/30/20		100		103
Ares Capital 3.875%, 01/15/20		60		60
Assurant 4.000%, 03/15/23		74		73
Australia & New Zealand Banking Group NY 2.625%, 05/19/22		250		242
AXA Equitable Holdings 4.350%, 04/20/28 (A)		150		143
Banco BTG Pactual 4.000%, 01/16/20 (A)		340		330
Banco de Costa Rica 5.250%, 08/12/18 (A)		540		539
Banco del Estado de Chile 2.668%, 01/08/21 (A)		2,317		2,253
Banco Nacional de Costa Rica 5.875%, 04/25/21 (A)		460		467
4.875%, 11/01/18 (A)		550		550
Banco Santander 3.125%, 02/23/23		200		190
Bank of America 5.000%, 01/21/44		250		265
4.450%, 03/03/26		130		130
4.244%, VAR ICE LIBOR USD 3 Month+1.814%, 04/24/38		100		97
4.200%, 08/26/24		165		166
4.183%, 11/25/27		250		244
4.100%, 07/24/23		100		102
4.000%, 01/22/25		5,287		5,219
3.950%, 04/21/25		200		196
3.946%, VAR ICE LIBOR USD 3 Month+1.190%, 01/23/49		100		90
3.550%, VAR ICE LIBOR USD 3 Month+0.780%, 03/05/24		250		247
3.500%, 04/19/26		50		48
3.499%, VAR ICE LIBOR USD 3 Month+0.630%, 05/17/22		2,983		2,982
3.419%, VAR ICE LIBOR USD 3 Month+1.040%, 12/20/28		112		105
3.366%, VAR ICE LIBOR USD 3 Month+0.810%, 01/23/26		200		192

Description	Face Amount (000)(1)		Value (000)
3.093%, VAR ICE LIBOR USD 3 Month+1.090%, 10/01/25		100	$	95
2.881%, VAR ICE LIBOR USD 3 Month+1.021%, 04/24/23		200		194
2.503%, 10/21/22		100		96
2.250%, 04/21/20		250		247
2.151%, 11/09/20		100		98
Bank of Georgia JSC 11.000%, 06/01/20 (GEL) (A)		1,370		560
6.000 %, 07/26/23 (A)		550		547
Bank of Montreal 3.100%, 04/13/21		60		60
2.100%, 12/12/19		65		64
2.100%, 06/15/20		100		98
Bank of New York Mellon 3.550%, 09/23/21		100		101
3.500%, 04/28/23		4,032		4,034
3.400%, 01/29/28		50		48
3.300%, 08/23/29		100		93
3.000%, 02/24/25		100		96
2.950%, 01/29/23		50		49
2.500%, 04/15/21		100		98
2.450%, 11/27/20		50		49
2.450%, 08/17/26		50		46
Bank of Nova Scotia 3.125%, 04/20/21		150		149
2.800%, 07/21/21		100		99
2.500%, 01/08/21		3,163		3,110
2.450%, 03/22/21		50		49
2.150%, 07/14/20		200		196
Barclays 4.972%, VAR ICE LIBOR USD 3 Month+1.902%, 05/16/29		1,211		1,200
4.375%, 01/12/26		200		194
4.338%, VAR ICE LIBOR USD 3 Month+1.356%, 05/16/24		2,351		2,322
2.875%, 06/08/20		250		247
Barclays Bank 2.650%, 01/11/21		200		196
Barrick North America Finance 4.400%, 05/30/21		37		38
BB&T 3.700%, 06/05/25		3,132		3,116
3.200%, 09/03/21		864		861
2.750%, 04/01/22		200		196
2.450%, 01/15/20		100		99
Berkshire Hathaway 3.125%, 03/15/26		200		193
Berkshire Hathaway Finance 4.300%, 05/15/43		200		201
1.300%, 08/15/19		35		35
BlackRock 5.000%, 12/10/19		100		103
BNP Paribas 2.375%, 05/21/20		200		197
Branch Banking & Trust 1.450%, 05/10/19		1,641		1,623
Brighthouse Financial 3.700%, 06/22/27		50		44
Brookfield Finance 3.900%, 01/25/28		100		95
Canadian Imperial Bank of Commerce 2.700%, 02/02/21		40		40
1.600%, 09/06/19		50		49

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

84

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
Capital One Financial 4.250%, 04/30/25		50	$	50
3.800%, 01/31/28		100		94
3.750%, 07/28/26		100		93
3.450%, 04/30/21		50		50
3.300%, 10/30/24		100		95
3.200%, 02/05/25		50		47
3.050%, 03/09/22		150		147
2.500%, 05/12/20		1,649		1,626
Charles Schwab 4.450%, 07/22/20		100		103
Chubb INA Holdings 3.350%, 05/15/24		100		99
3.350%, 05/03/26		150		145
2.875%, 11/03/22		150		147
Citibank 2.125%, 10/20/20		2,647		2,583
Citigroup 8.125%, 07/15/39		250		352
4.450%, 09/29/27		2,203		2,167
4.281%, VAR ICE LIBOR USD 3 Month+1.839%, 04/24/48		100		95
4.125%, 07/25/28		85		81
4.075%, VAR ICE LIBOR USD 3 Month+1.192%, 04/23/29		150		147
4.044%, VAR ICE LIBOR USD 3 Month+1.023%, 06/01/24		50		50
3.887%, VAR ICE LIBOR USD 3 Month+1.563%, 01/10/28		200		194
3.750%, 06/16/24		100		99
3.668%, VAR ICE LIBOR USD 3 Month+1.390%, 07/24/28		100		95
3.520%, VAR ICE LIBOR USD 3 Month+1.151%, 10/27/28		200		188
3.500%, 05/15/23		100		98
3.300%, 04/27/25		100		96
3.142%, VAR ICE LIBOR USD 3 Month+0.722%, 01/24/23		185		181
2.900%, 12/08/21		100		98
2.876%, VAR ICE LIBOR USD 3 Month+0.950%, 07/24/23		4,804		4,632
2.750%, 04/25/22		100		97
2.650%, 10/26/20		100		99
2.500%, 07/29/19		100		99
2.400%, 02/18/20		100		99
Citigroup Global Markets Holdings 24.750%, 03/03/21 (GHS) (A)(D)(G)		1,060		250
16.900%, 09/13/18 (EGP) (A)(B)(G)		8,700		469
16.060%, 11/08/18 (EGP) (B)(G)		15,000		786
15.630%, 12/13/18 (EGP) (A)(B)(G)		8,000		412
15.440%, 01/24/19 (EGP) (A)(B)(G)		13,600		686

Description	Face Amount (000)(1)		Value (000)
13.870%, 10/22/18 (NGN) (A)(B)(G)		331,080	$	882
13.670%, 12/03/18 (NGN) (B)(G)		162,000		426
11.230%, 02/18/19 (NGN) (A)(B)(G)		175,000		447
Citizens Bank 2.200%, 05/26/20		250		245
Citizens Financial Group 2.375%, 07/28/21		30		29
CME Group 3.000%, 03/15/25		150		145
CNA Financial 5.875%, 08/15/20		100		105
Compass Bank 3.500%, 06/11/21		250		250
Cooperatieve Rabobank UA 3.375%, 05/21/25		250		244
2.750%, 01/10/23		250		241
2.250%, 01/14/20		250		247
Credit Agricole 3.250%, 10/04/24 (A)		1,957		1,843
Credit Suisse Group Funding Guernsey 4.875%, 05/15/45		250		247
3.125%, 12/10/20		250		248
Credit Suisse New York 3.625%, 09/09/24		250		246
Deutsche Bank NY 3.950%, 02/27/23		200		192
3.700%, 05/30/24		85		79
3.150%, 01/22/21		100		97
2.950%, 08/20/20		100		97
2.700%, 07/13/20		150		146
Development Bank of Kazakhstan JSC 8.950%, 05/04/23 (KZT) (A)		290,000		840
Discover Bank 3.100%, 06/04/20		250		249
Discover Financial Services 4.100%, 02/09/27		40		38
E*TRADE Financial 4.500%, 06/20/28		50		50
Fibria Overseas Finance 5.500%, 01/17/27		25		25
Fifth Third Bancorp 2.875%, 07/27/20		250		249
First Republic Bank 4.625%, 02/13/47		200		197
FMS Wertmanagement AoeR 1.375%, 06/08/21		200		192
FS Investment 4.250%, 01/15/20		30		30
Goldman Sachs Bank USA NY 3.200%, 06/05/20		50		50
Goldman Sachs Group 6.750%, 10/01/37		200		237
5.150%, 05/22/45		350		348
4.750%, 10/21/45		662		655

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

85

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
4.411%, VAR ICE LIBOR USD 3 Month+1.430%, 04/23/39	$	1,269	$	1,217
4.223%, VAR ICE LIBOR USD 3 Month+1.301%, 05/01/29		1,997		1,967
4.017%, VAR ICE LIBOR USD 3 Month+1.373%, 10/31/38		150		137
3.814%, VAR ICE LIBOR USD 3 Month+1.158%, 04/23/29		1,162		1,105
3.750%, 05/22/25		100		98
3.750%, 02/25/26		250		242
3.691%, VAR ICE LIBOR USD 3 Month+1.510%, 06/05/28		165		157
3.272%, VAR ICE LIBOR USD 3 Month+1.201%, 09/29/25		75		71
3.200%, 02/23/23		150		146
2.908%, VAR ICE LIBOR USD 3 Month+1.053%, 06/05/23		100		97
2.876%, VAR ICE LIBOR USD 3 Month+0.821%, 10/31/22		100		98
2.750%, 09/15/20		75		74
2.625%, 04/25/21		100		98
2.600%, 04/23/20		100		99
2.600%, 12/27/20		100		98
2.550%, 10/23/19		200		199
2.350%, 11/15/21		45		43
2.300%, 12/13/19		85		84
Great-West Lifeco Finance 2018 4.581%, 05/17/48 (A)		234		237
Hanover Insurance Group 4.500%, 04/15/26		100		100
Hartford Financial Services Group 5.500%, 03/30/20		630		655
4.400%, 03/15/48		100		96
HSBC Holdings 6.500%, 09/15/37		250		292
5.250%, 03/14/44		200		203
4.583%, VAR ICE LIBOR USD 3 Month+1.535%, 06/19/29		625		631
4.250%, 08/18/25		200		196
4.041%, VAR ICE LIBOR USD 3 Month+1.546%, 03/13/28		200		194
4.000%, 03/30/22		100		102
3.950%, VAR ICE LIBOR USD 3 Month+0.987%, 05/18/24		3,013		3,002
3.600%, 05/25/23		200		198

Description	Face Amount (000)(1)		Value (000)
3.262%, VAR ICE LIBOR USD 3 Month+1.055%, 03/13/23		1,594	$	1,562
2.950%, 05/25/21		200		197
Huntington National Bank 2.500%, 08/07/22		250		241
Industrial & Commercial Bank of China 2.905%, 11/13/20		250		246
Intercontinental Exchange 4.000%, 10/15/23		150		153
Jefferies Group 6.875%, 04/15/21		100		108
4.150%, 01/23/30		150		132
JPMorgan Chase 5.600%, 07/15/41		250		282
4.350%, 08/15/21		250		257
4.005%, VAR ICE LIBOR USD 3 Month+1.120%, 04/23/29		150		148
3.964%, VAR ICE LIBOR USD 3 Month+1.380%, 11/15/48		1,354		1,217
3.897%, VAR ICE LIBOR USD 3 Month+1.220%, 01/23/49		150		135
3.882%, VAR ICE LIBOR USD 3 Month+1.360%, 07/24/38		150		139
3.625%, 05/13/24		100		99
3.559%, VAR ICE LIBOR USD 3 Month+0.730%, 04/23/24		75		74
3.540%, VAR ICE LIBOR USD 3 Month+1.380%, 05/01/28		200		191
3.300%, 04/01/26		100		96
3.220%, VAR ICE LIBOR USD 3 Month+1.155%, 03/01/25		160		154
3.200%, 06/15/26		100		95
3.125%, 01/23/25		150		143
2.972%, 01/15/23		400		390
2.776%, VAR ICE LIBOR USD 3 Month+0.935%, 04/25/23		75		73
2.750%, 06/23/20		300		297
2.700%, 05/18/23		100		96
2.550%, 10/29/20		180		177
2.400%, 06/07/21		50		49
JPMorgan Chase Bank 8.375%, 03/17/34 (IDR) (A)(G)		3,000,000		209
3.086%, VAR ICE LIBOR USD 3 Month+0.350%, 04/26/21		1,201		1,198
KeyBank 2.400%, 06/09/22		250		240

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

86

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
KeyCorp 5.100%, 03/24/21	$	150	$	157
KFW 2.500%, 11/20/24		650		631
1.875%, 06/30/20		200		197
1.875%, 11/30/20		200		196
1.250%, 09/30/19		150		148
1.000%, 07/15/19		100		98
Kreditanstalt fuer Wiederaufbau 2.875%, 04/03/28		90		89
2.750%, 07/15/20		200		200
2.625%, 04/12/21		100		99
2.375%, 12/29/22		280		274
Landwirtschaftliche Rentenbank 2.500%, 11/15/27		150		143
Lazard Group 3.750%, 02/13/25		50		48
Lima Metro Line 2 Finance 5.875%, 07/05/34 (A)		790		804
Lincoln National 3.625%, 12/12/26		100		95
Lloyds Banking Group 4.582%, 12/10/25		200		196
4.450%, 05/08/25		200		201
2.907%, VAR ICE LIBOR USD 3 Month+0.810%, 11/07/23		200		191
Loews 2.625%, 05/15/23		100		96
Manufacturers & Traders Trust 2.625%, 01/25/21		250		246
Markel 3.500%, 11/01/27		50		46
Marsh & McLennan 3.750%, 03/14/26		150		149
2.750%, 01/30/22		30		29
2.350%, 09/10/19		75		74
MetLife 6.400%, 12/15/36		1,560		1,654
3.600%, 04/10/24		100		99
3.600%, 11/13/25		50		49
Mitsubishi UFJ Financial Group 3.961%, 03/02/28		200		200
3.850%, 03/01/26		200		199
3.287%, 07/25/27		50		48
2.665%, 07/25/22		50		48
Mizuho Financial Group 2.601%, 09/11/22		200		192
Moody’s 2.750%, 07/15/19		100		100
Morgan Stanley 6.375%, 07/24/42		200		243
4.875%, 11/01/22		100		104
3.971%, VAR ICE LIBOR USD 3 Month+1.455%, 07/22/38		1,032		956

Description	Face Amount (000)		Value (000)
3.875%, 01/27/26	$	200	$	197
3.772%, VAR ICE LIBOR USD 3 Month+1.140%, 01/24/29		200		193
3.737%, VAR ICE LIBOR USD 3 Month+0.847%, 04/24/24		90		89
3.591%, VAR ICE LIBOR USD 3 Month+1.340%, 07/22/28		150		143
3.125%, 01/23/23		150		146
3.125%, 07/27/26		250		233
2.800%, 06/16/20		100		99
2.650%, 01/27/20		100		99
2.375%, 07/23/19		550		547
MUFG Americas Holdings 3.000%, 02/10/25		200		191
Nasdaq 3.850%, 06/30/26		150		145
National Australia Bank 2.625%, 01/14/21		250		246
National Rural Utilities Cooperative Finance 3.400%, 02/07/28		200		194
2.700%, 02/15/23		100		97
New York Life Global Funding 1.950%, 09/28/20 (A)		2,487		2,425
Northern Trust 3.375%, VAR ICE LIBOR USD 3 Month+1.131%, 05/08/32		63		59
Oesterreichische Kontrollbank 2.875%, 03/13/23		50		50
1.875%, 01/20/21		150		146
ORIX 2.900%, 07/18/22		30		29
PNC Bank 2.450%, 07/28/22		250		241
2.400%, 10/18/19		250		248
1.450%, 07/29/19		250		247
Pricoa Global Funding I 1.900%, 09/21/18 (A)		736		735
Principal Financial Group 3.400%, 05/15/25		100		98
Private Export Funding 2.250%, 03/15/20		200		199
Progressive 4.125%, 04/15/47		100		98
Prudential Financial 4.600%, 05/15/44		200		202
3.500%, 05/15/24		200		198
Regions Financial 3.200%, 02/08/21		50		50
2.750%, 08/14/22		50		48
Royal Bank of Canada 3.200%, 04/30/21		75		75

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

87

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
2.750%, 02/01/22		250	$	246
1.875%, 02/05/20		250		246
Royal Bank of Scotland Group 4.519%, VAR ICE LIBOR USD 3 Month+1.550%, 06/25/24		1,222		1,223
3.498%, VAR ICE LIBOR USD 3 Month+1.480%, 05/15/23		200		194
S&P Global 4.000%, 06/15/25		100		100
Santander Holdings USA 4.400%, 07/13/27		25		24
2.650%, 04/17/20		100		99
Santander UK 2.375%, 03/16/20		100		98
Santander UK Group Holdings 3.373%, VAR ICE LIBOR USD 3 Month+1.080%, 01/05/24		200		192
3.125%, 01/08/21		100		99
Standard Chartered Bank 11.000%, 08/05/25 (LKR) (A)(G)		49,000		315
10.750%, 03/03/21 (LKR) (A)(G)		75,000		482
8.250%, 05/19/36 (IDR) (A)(G)		13,160,000		907
7.610%, 05/13/30 (INR) (A)(D)(G)		24,000		336
Sumitomo Mitsui Banking 2.514%, 01/17/20		1,123		1,111
Sumitomo Mitsui Financial Group 3.784%, 03/09/26		50		50
3.544%, 01/17/28		50		49
3.446%, 01/11/27		50		48
3.364%, 07/12/27		100		96
3.102%, 01/17/23		50		49
2.934%, 03/09/21		250		247
2.846%, 01/11/22		50		49
2.784%, 07/12/22		50		48
2.778%, 10/18/22		50		48
SunTrust Banks 2.900%, 03/03/21		50		50
2.700%, 01/27/22		150		146
Svensk Exportkredit 2.875%, 05/22/21		200		200
1.125%, 08/28/19		200		197
Svenska Handelsbanken 1.950%, 09/08/20		250		243
Synchrony Financial 4.500%, 07/23/25		100		98
3.000%, 08/15/19		100		100
Syngenta Finance 3.933%, 04/23/21 (A)		1,919		1,914
3.698%, 04/24/20 (A)		1,686		1,680

Description	Face Amount (000)		Value (000)
TC Ziraat Bankasi 5.125%, 05/03/22 (A)	$	200	$	185
TD Ameritrade Holding 3.300%, 04/01/27		30		29
Toronto-Dominion Bank 3.250%, 06/11/21		1,139		1,139
2.125%, 07/02/19		100		99
2.125%, 04/07/21		50		48
1.950%, 04/02/20 (A)		473		465
1.900%, 10/24/19		100		99
1.800%, 07/13/21		100		96
Travelers 4.050%, 03/07/48		100		97
3.900%, 11/01/20		100		102
UBS 2.450%, 12/01/20 (A)		2,650		2,591
2.350%, 03/26/20		250		247
Unum Group 4.000%, 03/15/24		50		50
US Bancorp 3.150%, 04/27/27		200		191
2.375%, 07/22/26		250		228
US Bank 3.104%, VAR ICE LIBOR USD 3 Month+0.290%, 05/21/21		3,552		3,552
Voya Financial 3.125%, 07/15/24		50		47
Wells Fargo 4.900%, 11/17/45		714		705
4.750%, 12/07/46		325		315
4.650%, 11/04/44		350		333
4.125%, 08/15/23		200		201
3.584%, VAR ICE LIBOR USD 3 Month+1.310%, 05/22/28		325		311
3.550%, 09/29/25		100		97
3.000%, 01/22/21		100		99
3.000%, 02/19/25		100		94
3.000%, 04/22/26		100		93
3.000%, 10/23/26		250		231
2.625%, 07/22/22		150		145
2.550%, 12/07/20		85		84
2.150%, 01/30/20		1,178		1,161
Wells Fargo Bank 2.600%, 01/15/21		250		246
2.150%, 12/06/19		250		247
Westpac Banking 4.322%, VAR USD ICE Swap 11:00 NY 5 Yr+2.236%, 11/23/31		200		193
2.700%, 08/19/26		100		91
2.600%, 11/23/20		150		148
2.000%, 08/19/21		50		48
1.600%, 08/19/19		100		98

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

88

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Willis North America 3.600%, 05/15/24	$	50	$	48
XLIT 5.750%, 10/01/21		74		79
				129,203
Health Care — 1.5%
Abbott Laboratories 4.900%, 11/30/46		200		215
3.400%, 11/30/23		50		49
2.900%, 11/30/21		2,568		2,528
2.800%, 09/15/20		150		149
2.350%, 11/22/19		12		12
AbbVie 4.700%, 05/14/45		200		198
4.500%, 05/14/35		200		195
4.300%, 05/14/36		150		143
3.200%, 11/06/22		100		98
2.850%, 05/14/23		50		48
2.500%, 05/14/20		973		961
2.300%, 05/14/21		50		49
Aetna 2.800%, 06/15/23		25		24
2.750%, 11/15/22		150		144
Agilent Technologies 3.050%, 09/22/26		65		60
Allergan Funding SCS 4.550%, 03/15/35		300		284
3.800%, 03/15/25		190		184
AmerisourceBergen 3.400%, 05/15/24		100		99
Amgen 4.563%, 06/15/48		300		295
2.125%, 05/01/20		200		197
1.850%, 08/19/21		200		191
Anthem 3.650%, 12/01/27		65		62
3.350%, 12/01/24		150		145
3.300%, 01/15/23		200		196
AstraZeneca 2.375%, 11/16/20		150		147
2.375%, 06/12/22		100		96
1.950%, 09/18/19		100		99
Baxalta 3.600%, 06/23/22		100		99
Baxter International 2.600%, 08/15/26		100		91
Bayer US Finance II 3.500%, 06/25/21 (A)		1,979		1,983
Becton Dickinson 4.685%, 12/15/44		200		194
3.700%, 06/06/27		50		47
3.125%, 11/08/21		100		98
2.404%, 06/05/20		20		20
Biogen 3.625%, 09/15/22		100		100

Description	Face Amount (000)		Value (000)
Boston Scientific 3.375%, 05/15/22	$	100	$	99
2.850%, 05/15/20		100		99
Bristol-Myers Squibb 2.000%, 08/01/22		100		95
Cardinal Health 3.200%, 03/15/23		100		97
3.079%, 06/15/24		150		141
Celgene 5.000%, 08/15/45		250		245
3.875%, 08/15/25		100		97
3.250%, 02/20/23		100		98
2.875%, 02/19/21		45		44
Cigna 4.000%, 02/15/22		100		102
3.875%, 10/15/47		100		85
CVS Health 3.125%, 03/09/20		1,105		1,104
Danaher 3.350%, 09/15/25		30		30
Eli Lilly 3.100%, 05/15/27		49		47
2.350%, 05/15/22		100		97
Express Scripts Holding 4.800%, 07/15/46		200		190
4.750%, 11/15/21		100		103
Gilead Sciences 4.750%, 03/01/46		1,184		1,222
4.600%, 09/01/35		400		412
4.500%, 02/01/45		150		150
2.550%, 09/01/20		150		148
2.500%, 09/01/23		35		33
2.350%, 02/01/20		20		20
1.950%, 03/01/22		15		14
GlaxoSmithKline Capital 3.875%, 05/15/28		150		151
2.850%, 05/08/22		100		98
2.800%, 03/18/23		125		122
Humana 4.950%, 10/01/44		200		209
Johnson & Johnson 3.700%, 03/01/46		317		306
3.625%, 03/03/37		150		147
3.400%, 01/15/38		2,425		2,290
2.900%, 01/15/28		150		143
2.625%, 01/15/25		100		96
2.450%, 12/05/21		100		99
2.450%, 03/01/26		200		188
Kaiser Foundation Hospitals 4.875%, 04/01/42		150		171
3.150%, 05/01/27		25		24
Laboratory Corp of America Holdings 3.250%, 09/01/24		100		97
2.625%, 02/01/20		100		99
McKesson 2.850%, 03/15/23		200		191

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

89

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Medtronic 4.625%, 03/15/45	$	200	$	212
4.375%, 03/15/35		200		207
2.750%, 04/01/23		100		97
2.500%, 03/15/20		150		149
Merck 2.750%, 02/10/25		200		191
1.850%, 02/10/20		150		148
Mylan 5.250%, 06/15/46		200		195
3.750%, 12/15/20		100		101
Novartis Capital 4.400%, 05/06/44		150		160
3.400%, 05/06/24		100		100
3.000%, 11/20/25		50		48
2.400%, 05/17/22		50		48
1.800%, 02/14/20		25		25
Pfizer 5.200%, 08/12/20		100		105
4.125%, 12/15/46		100		101
4.000%, 12/15/36		250		250
3.000%, 06/15/23		100		99
Quest Diagnostics 2.500%, 03/30/20		150		148
Shire Acquisitions Investments Ireland DAC 3.200%, 09/23/26		60		55
2.875%, 09/23/23		50		47
2.400%, 09/23/21		150		144
1.900%, 09/23/19		100		98
Stanford Health Care 3.795%, 11/15/48		100		96
Stryker 4.625%, 03/15/46		100		102
3.500%, 03/15/26		25		24
3.375%, 11/01/25		50		48
Teva Pharmaceutical Finance Netherlands III BV 6.750%, 03/01/28 (A)		390		398
4.100%, 10/01/46		445		318
Thermo Fisher Scientific 3.600%, 08/15/21		100		101
3.200%, 08/15/27		100		93
3.000%, 04/15/23		200		194
2.950%, 09/19/26		30		28
UnitedHealth Group 4.625%, 07/15/35		200		210
4.250%, 04/15/47		100		99
4.250%, 06/15/48		50		50
3.850%, 06/15/28		50		50
3.750%, 07/15/25		50		50
3.500%, 06/15/23		3,235		3,239
3.150%, 06/15/21		50		50
2.950%, 10/15/27		150		140
2.875%, 03/15/22		100		99
2.300%, 12/15/19		50		50
Zimmer Biomet Holdings 3.550%, 04/01/25		150		143

Description	Face Amount (000)		Value (000)
Zoetis 3.250%, 02/01/23	$	50	$	49
3.000%, 09/12/27		50		47
				27,109
Industrials — 2.4%
3M 5.700%, 03/15/37		150		184
ABB Finance USA 3.800%, 04/03/28		150		151
AerCap Ireland Capital 4.625%, 10/30/20		225		229
4.500%, 05/15/21		1,836		1,871
AerCap Ireland Capital DAC 4.125%, 07/03/23		150		149
Air Lease 3.250%, 03/01/25		150		139
2.125%, 01/15/20		50		49
Aircastle 7.625%, 04/15/20		10		11
6.250%, 12/01/19		15		16
5.500%, 02/15/22		15		15
5.125%, 03/15/21		15		15
5.000%, 04/01/23		15		15
4.125%, 05/01/24		15		14
Allegion US Holding 3.550%, 10/01/27		50		46
American Airlines, Pass-Through Trust 4.950%, 01/15/23		140		144
Boeing 2.350%, 10/30/21		150		147
2.125%, 03/01/22		50		49
Burlington Northern Santa Fe 4.900%, 04/01/44		200		217
3.750%, 04/01/24		200		202
3.050%, 03/15/22		100		99
Canadian Pacific Railway 4.000%, 06/01/28		15		15
2.900%, 02/01/25		100		95
Caterpillar 5.200%, 05/27/41		100		115
3.900%, 05/27/21		50		51
3.400%, 05/15/24		100		100
Caterpillar Financial Services 3.450%, 05/15/23		2,479		2,482
Cintas No. 2 3.700%, 04/01/27		200		196
CNH Industrial Capital 4.875%, 04/01/21		10		10
4.375%, 11/06/20		15		15
4.375%, 04/05/22		10		10
3.875%, 10/15/21		10		10
3.375%, 07/15/19		10		10
CSX 3.800%, 03/01/28		100		98
3.800%, 11/01/46		200		177
3.250%, 06/01/27		50		47

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

90

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Delta Air Lines 4.375%, 04/19/28	$	50	$	48
2.600%, 12/04/20		45		44
DP World 6.850%, 07/02/37 (A)		516		588
Eaton 3.103%, 09/15/27		100		93
Embraer Netherlands Finance BV 5.400%, 02/01/27		65		67
Emerson Electric 2.625%, 02/15/23		100		97
Eskom Holdings 5.750%, 01/26/21 (A)		410		396
Eskom Holdings SOC 6.750%, 08/06/23 (A)		435		415
FedEx 4.750%, 11/15/45		100		100
3.200%, 02/01/25		200		193
Fortive 3.150%, 06/15/26		150		139
GATX 3.850%, 03/30/27		200		192
GE Capital International Funding Unlimited 4.418%, 11/15/35		656		636
2.342%, 11/15/20		2,618		2,559
General Dynamics 3.750%, 05/15/28		55		55
3.500%, 05/15/25		200		200
3.375%, 05/15/23		2,772		2,778
2.250%, 11/15/22		100		96
General Electric 6.875%, 01/10/39		500		633
3.450%, 05/15/24		100		98
Georgian Oil and Gas JSC 6.750%, 04/26/21 (A)		200		201
Georgian Railway 7.750%, 07/11/22 (A)		1,100		1,155
Honeywell International 4.250%, 03/01/21		125		129
2.500%, 11/01/26		150		138
Ingersoll-Rand Global Holding 4.250%, 06/15/23		100		103
John Deere Capital 3.350%, 06/12/24		100		99
3.050%, 01/06/28		150		143
2.800%, 03/04/21		100		99
2.800%, 03/06/23		50		49
2.800%, 09/08/27		50		47
2.700%, 01/06/23		2,266		2,211
2.650%, 06/24/24		100		95
Johnson Controls International 4.500%, 02/15/47		150		143
3.625%, 07/02/24		43		43
Kansas City Southern 4.700%, 05/01/48		50		48

Description	Face Amount (000)		Value (000)
Kazakhstan Temir Zholy National JSC 4.850%, 11/17/27 (A)	$	1,010	$	977
Kennametal 4.625%, 06/15/28		25		25
Latam Airlines, Pass-Through Trust 4.500%, 11/15/23		494		473
4.200%, 11/15/27		805		761
Lima Metro Line 2 Finance 5.875%, 07/05/34		200		204
Lockheed Martin 4.700%, 05/15/46		150		160
2.900%, 03/01/25		100		95
2.500%, 11/23/20		1,971		1,945
Masco 4.500%, 05/15/47		100		87
4.375%, 04/01/26		40		40
3.500%, 04/01/21		50		50
Mexico City Airport Trust 5.500%, 07/31/47 (A)		625		557
Norfolk Southern 4.150%, 02/28/48		50		48
3.250%, 12/01/21		100		100
3.150%, 06/01/27		25		23
2.900%, 06/15/26		35		33
Northrop Grumman 4.030%, 10/15/47		150		141
3.500%, 03/15/21		100		101
3.250%, 08/01/23		50		49
3.250%, 01/15/28		2,990		2,809
Owens Corning 4.400%, 01/30/48		654		546
4.200%, 12/01/24		100		99
PACCAR Financial 1.950%, 02/27/20		60		59
Parker-Hannifin 3.300%, 11/21/24		150		148
Pelabuhan Indonesia III Persero 4.500%, 05/02/23 (A)		350		347
Precision Castparts 2.250%, 06/15/20		200		198
Republic Services 3.950%, 05/15/28		50		50
2.900%, 07/01/26		150		139
Rockwell Collins 3.200%, 03/15/24		150		145
Roper Technologies 2.800%, 12/15/21		150		146
Ryder System 2.800%, 03/01/22		30		29
Southwest Airlines 2.750%, 11/06/19		50		50
Spirit AeroSystems 3.950%, 06/15/23		1,318		1,325
Stanley Black & Decker 2.900%, 11/01/22		100		98

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

91

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Textron 3.650%, 03/15/27	$	100	$	95
Transnet 4.000%, 07/26/22 (A)		425		403
TTX 2.250%, 02/01/19 (A)		922		918
Union Pacific 4.800%, 09/10/58		100		103
4.500%, 09/10/48		1,184		1,204
3.950%, 09/10/28		2,069		2,079
3.799%, 10/01/51		200		176
3.646%, 02/15/24		100		100
3.600%, 09/15/37		150		138
3.500%, 06/08/23		2,658		2,660
United Airlines, Pass-Through Trust 4.300%, 08/15/25		83		84
3.750%, 09/03/26		86		85
United Parcel Service 3.750%, 11/15/47		150		138
3.125%, 01/15/21		45		46
3.050%, 11/15/27		100		95
United Technologies 3.750%, 11/01/46		150		131
3.100%, 06/01/22		100		99
2.650%, 11/01/26		130		117
2.300%, 05/04/22		100		96
1.950%, 11/01/21		50		48
1.500%, 11/01/19		50		49
Verisk Analytics 4.000%, 06/15/25		50		49
Waste Management 3.500%, 05/15/24		100		99
				42,392
Information Technology — 1.5%
Activision Blizzard 3.400%, 09/15/26		50		47
Alibaba Group Holding 4.200%, 12/06/47		200		182
2.800%, 06/06/23		250		241
Alphabet 3.375%, 02/25/24		100		101
Analog Devices 3.125%, 12/05/23		150		146
Apple 4.650%, 02/23/46		1,739		1,873
4.500%, 02/23/36		350		376
3.850%, 08/04/46		893		842
3.750%, 09/12/47		150		141
3.450%, 05/06/24		100		100
3.000%, 06/20/27		25		24
3.000%, 11/13/27		100		95
2.850%, 05/06/21		200		200
2.500%, 02/09/22		50		49
2.400%, 01/13/23		200		193
2.300%, 05/11/22		100		97
2.250%, 02/23/21		50		49

Description	Face Amount (000)		Value (000)
2.150%, 02/09/22	$	250	$	242
1.550%, 08/04/21		50		48
Applied Materials 3.300%, 04/01/27		25		24
2.625%, 10/01/20		50		50
Arrow Electronics 3.500%, 04/01/22		100		99
Automatic Data Processing 2.250%, 09/15/20		50		49
Baidu 3.875%, 09/29/23		200		198
Broadcom 3.875%, 01/15/27		100		94
3.625%, 01/15/24		100		97
3.000%, 01/15/22		100		97
2.375%, 01/15/20		100		99
2.200%, 01/15/21		100		97
Cisco Systems 5.900%, 02/15/39		1,067		1,320
4.450%, 01/15/20		200		205
3.625%, 03/04/24		100		101
3.500%, 06/15/25		50		51
2.950%, 02/28/26		50		48
2.500%, 09/20/26		100		93
1.850%, 09/20/21		100		95
Dell International 8.100%, 07/15/36 (A)		811		952
6.020%, 06/15/26 (A)		260		273
5.450%, 06/15/23 (A)		1,761		1,843
4.420%, 06/15/21 (A)		100		102
eBay 2.750%, 01/30/23		250		241
Fidelity National Information Services 5.000%, 10/15/25		28		30
4.750%, 05/15/48		385		372
3.625%, 10/15/20		200		201
Fiserv 2.700%, 06/01/20		100		99
Harris 5.054%, 04/27/45		100		103
2.700%, 04/27/20		35		35
Hewlett Packard Enterprise 4.900%, 10/15/25		100		102
3.600%, 10/15/20		200		201
IBM Credit 1.800%, 01/20/21		100		97
Intel 4.100%, 05/19/46		250		251
3.700%, 07/29/25		25		25
3.150%, 05/11/27		100		97
2.875%, 05/11/24		150		145
2.450%, 07/29/20		60		60
International Business Machines 4.000%, 06/20/42		150		146
3.450%, 02/19/26		50		49
3.375%, 08/01/23		200		200
2.250%, 02/19/21		50		49
1.875%, 08/01/22		150		141

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

92

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Jabil 3.950%, 01/12/28	$	150	$	141
Juniper Networks 4.500%, 03/15/24		50		51
Keysight Technologies 3.300%, 10/30/19		100		100
Lam Research 2.800%, 06/15/21		50		49
Mastercard 3.950%, 02/26/48		10		10
3.500%, 02/26/28		5		5
2.950%, 11/21/26		50		48
Microchip Technology 4.333%, 06/01/23 (A)		1,765		1,768
3.922%, 06/01/21 (A)		1,081		1,083
Microsoft 4.450%, 11/03/45		2,245		2,413
4.250%, 02/06/47		500		530
4.100%, 02/06/37		200		208
3.700%, 08/08/46		765		744
3.450%, 08/08/36		300		287
3.300%, 02/06/27		60		59
3.125%, 11/03/25		100		98
2.875%, 02/06/24		35		34
2.650%, 11/03/22		150		148
2.400%, 02/06/22		150		147
2.400%, 08/08/26		100		93
2.000%, 11/03/20		150		148
1.850%, 02/06/20		100		99
Motorola Solutions 3.500%, 09/01/21		100		99
NetApp 3.375%, 06/15/21		50		50
Oracle 5.375%, 07/15/40		280		316
4.300%, 07/08/34		500		510
3.900%, 05/15/35		200		194
3.800%, 11/15/37		250		236
2.950%, 05/15/25		100		95
2.500%, 05/15/22		150		146
2.400%, 09/15/23		200		189
1.900%, 09/15/21		90		86
QUALCOMM 4.300%, 05/20/47		150		140
3.250%, 05/20/27		50		47
3.000%, 05/20/22		100		98
2.600%, 01/30/23		200		191
salesforce.com 3.250%, 04/11/23		150		149
Seagate HDD Cayman 4.750%, 01/01/25		100		96
Texas Instruments 4.150%, 05/15/48		50		50
2.750%, 03/12/21		75		75
Total System Services 4.800%, 04/01/26		100		102
Trimble 4.150%, 06/15/23		100		100
Tyco Electronics Group 3.125%, 08/15/27		25		23

Description	Face Amount (000)		Value (000)
Visa 4.300%, 12/14/45	$	150	$	156
3.150%, 12/14/25		200		193
2.800%, 12/14/22		100		98
VMware 2.950%, 08/21/22		100		96
Western Union 4.250%, 06/09/23		50		50
Xerox 3.625%, 03/15/23		100		96
				25,621
Materials — 0.5%
Airgas 3.650%, 07/15/24		100		100
ArcelorMittal 7.000%, 10/15/39		30		34
6.750%, 03/01/41		15		17
6.250%, 02/25/22		20		21
6.125%, 06/01/25		15		16
5.500%, 03/01/21		20		21
5.250%, 08/05/20		20		21
Barrick 5.250%, 04/01/42		150		157
BHP Billiton Finance USA 5.000%, 09/30/43		100		112
Braskem Finance 6.450%, 02/03/24		350		366
5.375%, 05/02/22 (A)		200		205
Celanese US Holdings 5.875%, 06/15/21		20		21
4.625%, 11/15/22		20		21
Cemex 5.700%, 01/11/25 (A)		200		198
Dow Chemical 8.550%, 05/15/19		1,375		1,441
4.125%, 11/15/21		250		255
Ecolab 3.250%, 01/14/23		100		99
EI du Pont de Nemours 4.625%, 01/15/20		100		102
4.150%, 02/15/43		150		141
2.200%, 05/01/20		17		17
Goldcorp 3.700%, 03/15/23		50		49
International Paper 5.150%, 05/15/46		150		152
3.650%, 06/15/24		200		198
Martin Marietta Materials 4.250%, 12/15/47		100		87
Mexichem 5.875%, 09/17/44 (A)		690		637
Monsanto 4.700%, 07/15/64		200		175
Mosaic 4.050%, 11/15/27		100		96

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

93

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Nacional del Cobre de Chile 3.625%, 08/01/27 (A)	$	430	$	410
Newmont Mining 3.500%, 03/15/22		100		99
Nexa Resources 5.375%, 05/04/27 (A)		650		630
Nutrien 6.125%, 01/15/41		150		173
3.625%, 03/15/24		100		97
Packaging Corp of America 3.650%, 09/15/24		100		98
3.400%, 12/15/27		35		33
2.450%, 12/15/20		35		34
PPG Industries 2.300%, 11/15/19		100		99
Praxair 2.450%, 02/15/22		200		195
Rio Tinto Finance USA 3.750%, 06/15/25		200		201
Sherwin-Williams 3.450%, 08/01/25		100		96
2.250%, 05/15/20		200		197
Southern Copper 5.875%, 04/23/45		150		160
3.875%, 04/23/25		30		29
Vale Overseas 8.250%, 01/17/34		901		1,124
6.875%, 11/21/36		200		224
4.375%, 01/11/22		80		81
Vedanta Resources 6.125%, 08/09/24 (A)		680		598
Westlake Chemical 3.600%, 08/15/26		100		95
				9,432
Real Estate — 0.4%
Alexandria Real Estate Equities 4.700%, 07/01/30		1,976		1,995
3.450%, 04/30/25		25		24
2.750%, 01/15/20		50		50
American Tower 4.000%, 06/01/25		200		196
2.250%, 01/15/22		50		48
AvalonBay Communities 3.500%, 11/15/24		100		98
Boston Properties 3.850%, 02/01/23		100		100
3.650%, 02/01/26		150		145
Brixmor Operating Partnership 3.875%, 08/15/22		30		30
3.250%, 09/15/23		100		96
Crown Castle International 5.250%, 01/15/23		100		105
3.800%, 02/15/28		150		140
3.700%, 06/15/26		35		33
2.250%, 09/01/21		55		53

Description	Face Amount (000)		Value (000)
Digital Realty Trust 3.625%, 10/01/22	$	100	$	100
Duke Realty 3.750%, 12/01/24		100		99
EPR Properties 4.750%, 12/15/26		50		49
ERP Operating 4.625%, 12/15/21		120		124
Essex Portfolio 3.375%, 04/15/26		100		95
HCP 5.375%, 02/01/21		200		208
Healthcare Trust of America Holdings 3.750%, 07/01/27		100		95
Hospitality Properties Trust 5.250%, 02/15/26		100		101
5.000%, 08/15/22		100		103
Host Hotels & Resorts 3.750%, 10/15/23		100		98
Kilroy Realty 3.450%, 12/15/24		50		48
Kimco Realty 4.450%, 09/01/47		954		873
3.300%, 02/01/25		80		76
3.200%, 05/01/21		50		50
Liberty Property 4.125%, 06/15/22		100		102
Mid-America Apartments 3.600%, 06/01/27		25		24
National Retail Properties 4.000%, 11/15/25		35		34
3.600%, 12/15/26		100		95
Omega Healthcare Investors 4.375%, 08/01/23		50		50
Prologis 3.875%, 09/15/28		35		35
Realty Income 3.875%, 04/15/25		25		25
3.250%, 10/15/22		100		98
Regency Centers 3.600%, 02/01/27		30		28
Select Income 4.250%, 05/15/24		50		48
Simon Property Group 3.375%, 10/01/24		125		122
3.300%, 01/15/26		100		96
UDR 4.000%, 10/01/25		50		50
Ventas Realty 4.250%, 03/01/22		100		102
3.750%, 05/01/24		50		49
2.700%, 04/01/20		100		99
VEREIT Operating Partnership 4.875%, 06/01/26		20		20
4.600%, 02/06/24		15		15

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

94

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
4.125%, 06/01/21	$	10	$	10
Welltower 5.250%, 01/15/22		100		105
Weyerhaeuser 4.625%, 09/15/23		100		104
WP Carey 4.600%, 04/01/24		50		50
				6,593
Telecommunication Services — 1.3%
America Movil 6.125%, 03/30/40		250		293
AT&T 5.250%, 03/01/37		2,277		2,240
5.150%, 03/15/42		191		181
4.500%, 03/09/48		100		86
4.350%, 06/15/45		600		508
4.300%, 02/15/30 (A)		333		314
4.125%, 02/17/26		200		195
4.100%, 02/15/28 (A)		253		242
3.800%, 03/01/24		200		196
3.400%, 05/15/25		3,119		2,925
2.450%, 06/30/20		150		148
Cox Communications 4.600%, 08/15/47 (A)		552		504
Deutsche Telekom International Finance BV 8.750%, 06/15/30		100		132
2.225%, 01/17/20 (A)		1,009		995
Orange 5.375%, 07/08/19		200		205
4.125%, 09/14/21		100		102
RELX Capital 3.125%, 10/15/22		100		98
Rogers Communications 4.300%, 02/15/48		40		38
2.900%, 11/15/26		50		46
Telefonica Emisiones SAU 5.462%, 02/16/21		110		115
5.213%, 03/08/47		150		145
4.895%, 03/06/48		150		138
TELUS 4.600%, 11/16/48		50		49
Tencent Holdings 2.985%, 01/19/23 (A)		1,083		1,053
2.875%, 02/11/20 (A)		643		640
Thomson Reuters 3.350%, 05/15/26		100		93
Verizon Communications 5.250%, 03/16/37		987		1,014
5.150%, 09/15/23		2,312		2,459
4.862%, 08/21/46		750		717
4.812%, 03/15/39		100		97
4.400%, 11/01/34		400		373
4.329%, 09/21/28 (A)		555		550
4.272%, 01/15/36		1,428		1,317
3.376%, 02/15/25		150		143
2.625%, 08/15/26		135		120

Description	Face Amount (000)		Value (000)
Vodafone Group 5.250%, 05/30/48	$	314	$	313
4.375%, 05/30/28		1,512		1,494
4.375%, 02/19/43		300		269
3.750%, 01/16/24		1,628		1,614
2.500%, 09/26/22		100		96
Warner Media 4.875%, 03/15/20		100		103
				22,360
Utilities — 3.1%
ABY Transmision Sur 6.875%, 04/30/43 (A)		249		270
AEP Transmission 3.100%, 12/01/26		150		143
Alabama Power 4.300%, 07/15/48		30		30
Alliant Energy Finance 4.250%, 06/15/28 (A)		594		594
3.750%, 06/15/23 (A)		1,634		1,634
American Transmission Systems 5.250%, 01/15/22 (A)		877		922
American Water Capital 3.400%, 03/01/25		100		99
Appalachian Power 4.450%, 06/01/45		1,296		1,333
Arizona Public Service 4.500%, 04/01/42		200		209
3.150%, 05/15/25		50		49
Atmos Energy 3.000%, 06/15/27		65		62
Berkshire Hathaway Energy 6.125%, 04/01/36		200		247
3.750%, 11/15/23		100		101
2.375%, 01/15/21		1,352		1,324
Celeo Redes Operacion Chile 5.200%, 06/22/47 (A)		720		703
CenterPoint Energy 2.500%, 09/01/22		50		48
CenterPoint Energy Houston Electric 2.250%, 08/01/22		100		96
Cleco Corporate Holdings 3.743%, 05/01/26		100		94
CMS Energy 6.250%, 02/01/20		100		105
3.000%, 05/15/26		40		37
Cometa Energia 6.375%, 04/24/35 (A)		730		701
Commonwealth Edison 4.000%, 03/01/48		703		688
Consolidated Edison of New York 4.500%, 05/15/58		436		433
4.450%, 03/15/44		150		154
3.875%, 06/15/47		100		94
3.800%, 05/15/28		50		50

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

95

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Delmarva Power & Light 4.150%, 05/15/45	$	423	$	421
Dominion Energy 4.050%, 09/15/42		150		138
2.962%, 07/01/19		1,600		1,597
2.750%, 01/15/22		100		97
2.579%, 07/01/20		45		44
Dominion Energy Gas Holdings 2.500%, 12/15/19		1,300		1,288
DTE Electric 4.050%, 05/15/48		596		592
3.750%, 08/15/47		100		94
DTE Energy 2.400%, 12/01/19		100		99
Duke Energy 3.750%, 09/01/46		350		308
Duke Energy Carolinas 5.300%, 02/15/40		300		346
3.950%, 03/15/48		370		359
3.700%, 12/01/47		100		93
3.050%, 03/15/23		100		99
2.950%, 12/01/26		50		47
Duke Energy Florida 3.800%, 07/15/28		50		50
2.100%, 12/15/19		747		743
Edison International 2.400%, 09/15/22		80		76
Enel Generacion Chile 4.250%, 04/15/24		50		50
Energuate Trust 5.875%, 05/03/27 (A)		200		192
Entergy 4.000%, 07/15/22		50		51
Entergy Arkansas 3.500%, 04/01/26		100		99
Entergy Louisiana 4.000%, 03/15/33		130		130
Eversource Energy 3.300%, 01/15/28		100		95
2.750%, 03/15/22		2,273		2,216
Exelon 3.400%, 04/15/26		100		95
Exelon Generation 5.600%, 06/15/42		600		606
FirstEnergy 3.900%, 07/15/27		700		679
FirstEnergy Transmission 5.450%, 07/15/44 (A)		742		830
Florida Power & Light 4.125%, 06/01/48		719		727
3.700%, 12/01/47		100		94

Description	Face Amount (000)		Value (000)
Fortis 3.055%, 10/04/26	$	3,124	$	2,846
2.100%, 10/04/21		150		143
Georgia Power 4.300%, 03/15/42		300		300
2.000%, 09/08/20		115		112
ITC Holdings 3.650%, 06/15/24		25		25
2.700%, 11/15/22 (A)		2,527		2,444
Jersey Central Power & Light 7.350%, 02/01/19		824		843
4.700%, 04/01/24 (A)		3,061		3,201
Kansas City Power & Light 3.650%, 08/15/25		100		99
Korea Southern Power 3.000%, 01/29/21 (A)		433		427
Listrindo Capital BV 4.950%, 09/14/26 (A)		450		403
MidAmerican Energy 3.950%, 08/01/47		250		244
Minejesa Capital BV 5.625%, 08/10/37 (A)		670		604
National Fuel Gas 3.950%, 09/15/27		50		47
NextEra Energy Capital Holdings 3.550%, 05/01/27		100		96
2.700%, 09/15/19		1,791		1,782
NiSource 3.650%, 06/15/23 (A)		1,225		1,224
NiSource Finance 4.375%, 05/15/47		100		97
2.650%, 11/17/22		20		19
Northern States Power 2.600%, 05/15/23		100		97
2.200%, 08/15/20		50		49
NSTAR Electric 2.375%, 10/15/22		100		96
Oncor Electric Delivery 7.000%, 09/01/22		100		114
Pacific Gas & Electric 6.050%, 03/01/34		400		432
2.950%, 03/01/26		50		45
Perusahaan Listrik Negara 6.150%, 05/21/48 (A)		720		725
Pinnacle West Capital 2.250%, 11/30/20		1,009		984
PPL Capital Funding 4.000%, 09/15/47		100		92
3.500%, 12/01/22		150		149
Progress Energy 7.750%, 03/01/31		1,941		2,583
7.050%, 03/15/19		1,225		1,260

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

96

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
PSEG Power 3.850%, 06/01/23	$	50	$	50
3.000%, 06/15/21		50		49
Public Service Enterprise Group 2.650%, 11/15/22		150		144
Public Service of Colorado 4.100%, 06/15/48		65		65
Puget Energy 6.500%, 12/15/20		100		107
Puget Sound Energy 4.223%, 06/15/48		100		102
Sempra Energy 9.800%, 02/15/19		1,135		1,181
6.000%, 10/15/39		1,222		1,448
3.800%, 02/01/38		200		181
3.750%, 11/15/25		100		99
3.550%, 06/15/24		100		98
3.400%, 02/01/28		1,169		1,097
2.900%, 02/01/23		35		34
Southern 4.400%, 07/01/46		1,272		1,242
4.250%, 07/01/36		150		147
1.850%, 07/01/19		100		99
Southern California Edison 4.125%, 03/01/48		893		845
3.650%, 03/01/28		50		49
3.500%, 10/01/23		150		149
Southern Gas Capital 3.250%, 06/15/26		30		28
Southwestern Electric Power 3.850%, 02/01/48		100		92
2.750%, 10/01/26		50		46
State Grid Overseas Investment 2013 3.125%, 05/22/23 (A)		440		429
Tampa Electric 4.300%, 06/15/48		25		25
Terraform Global Operating 6.125%, 03/01/26 (A)		600		592
Union Electric 3.500%, 04/15/24		150		150
Virginia Electric & Power 3.800%, 04/01/28		100		99
3.500%, 03/15/27		100		98
3.100%, 05/15/25		100		96
2.750%, 03/15/23		100		97
WEC Energy Group 3.375%, 06/15/21		65		65
Wisconsin Power & Light 3.050%, 10/15/27		100		94

Description	Face Amount (000)		Value (000)
Xcel Energy 3.350%, 12/01/26	$	100	$	96
				53,350
Total Corporate Obligations (Cost $450,590) (000)				439,582
MORTGAGE-BACKED SECURITIES — 21.8%
Agency Mortgage-Backed Obligations — 20.1%
FHLMC 5.000%, 02/01/39		728		772
4.500%, 12/01/45 - 09/01/46		1,227		1,278
4.000%, 07/01/24 - 11/01/47		9,235		9,442
3.500%, 10/01/43 - 02/01/48		11,163		11,128
3.000%, 02/01/32 - 02/01/48		17,909		17,423
2.500%, 01/01/32 - 12/01/32		3,066		2,982
FHLMC TBA 4.000%, 07/15/41		8,065		8,220
3.500%, 07/15/30-07/15/41		4,345		4,357
3.000%, 07/15/43		3,735		3,615
FHLMC, Ser 2011-3830, Cl DZ 4.000%, 12/15/30		1,022		1,061
FHLMC, Ser 2014-4384, Cl LA 3.500%, 09/15/40		291		294
FHLMC Multifamily Structured Pass-Through Certificates, Ser K029, Cl A2 3.320%, 02/25/23 (D)		1,000		1,010
FHLMC Multifamily Structured Pass-Through Certificates, Ser K055, Cl A2 2.673%, 03/25/26		400		384
FHLMC Multifamily Structured Pass-Through Certificates, Ser K065, Cl A2 3.243%, 04/25/27		1,026		1,014
FHLMC Multifamily Structured Pass-Through Certificates, Ser K068, Cl A2 3.244%, 08/25/27		613		605
FHLMC Multifamily Structured Pass-Through Certificates, Ser K069, Cl A2 3.187%, 09/25/27 (D)		400		392
FHLMC Multifamily Structured Pass-Through Certificates, Ser K070, Cl A2 3.303%, 11/25/27 (D)		348		344
FHLMC Multifamily Structured Pass-Through Certificates, Ser K723, Cl A2 2.454%, 08/25/23		350		339
FHLMC Multifamily Structured Pass-Through Certificates, Ser K728, Cl A2 3.064%, 08/25/24 (D)		1,597		1,588

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

97

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
FNMA 5.500%, 09/01/40	$	928	$	1,001
5.000%, 11/01/33-11/01/44		2,920		3,129
4.500%, 01/01/30-11/01/47		5,651		5,919
4.000%, 05/01/27-01/01/48		18,052		18,448
3.500%, 08/01/31-02/01/48		41,499		41,464
3.000%, 02/01/32-09/01/47		28,108		27,432
2.500%, 12/01/31-12/01/32		3,737		3,633
FNMA TBA 5.000%, 07/15/38		8,430		8,930
4.500%, 07/01/37		30,100		31,342
4.000%, 07/13/39		12,825		13,075
3.500%, 07/25/26-07/01/41		9,060		9,116
3.000%, 07/01/26-07/01/42		10,225		9,955
FNMA, Ser 2006-104, Cl FC 2.341%, VAR LIBOR USD 1 Month+0.250%, 11/25/36		420		420
FNMA, Ser 2013-101, Cl A 3.000%, 09/25/30		377		377
FNMA, Ser 2015-M11, Cl A2 2.936%, 04/25/25 (D)		850		829
FNMA, Ser 2016-54, Cl GA 2.500%, 11/25/45		2,118		2,045
FNMA, Ser 2017-41, Cl MD 4.000%, 05/25/53		1,367		1,411
FNMA, Ser 2017-91, Cl PC 3.000%, 06/25/45		644		636
FNMA, Ser 2018-3, Cl PA 3.000%, 04/25/46		1,776		1,741
GNMA 5.000%, 09/20/46-05/20/48		1,518		1,609
4.500%, 12/20/41-03/20/48		3,010		3,144
4.000%, 01/20/47-06/20/48		10,416		10,709
3.500%, 10/20/45-01/20/48		16,739		16,823
3.000%, 01/20/47-03/20/48		16,583		16,249
2.500%, 12/20/46		446		424
GNMA TBA 5.000%, 07/01/39		500		525
4.500%, 07/15/39		6,195		6,439
4.000%, 07/01/39		11,665		11,956
3.500%, 07/15/41		29,885		30,000
3.000%, 07/15/42		4,600		4,500
				349,529
Non-Agency Mortgage-Backed Obligations — 1.7%
Alternative Loan Trust, Ser 2003-22CB, Cl 3A1 6.000%, 12/25/33		721		723
BANK, Ser 2017-BNK8, Cl A4 3.488%, 11/15/50		100		98
BANK, Ser 2017-BNK8, Cl B 3.931%, 11/15/50 (D)		50		49
BENCHMARK Mortgage Trust, Ser 2018-B2, Cl A5 3.882%, 02/15/51		100		101

Description	Face Amount (000)		Value (000)
CD Mortgage Trust, Ser 2017-CD6, Cl A5 3.456%, 11/13/50	$	100	$	98
Citigroup Commercial Mortgage Trust, Ser 2013-GC17, Cl A4 4.131%, 11/10/46		388		401
Citigroup Commercial Mortgage Trust, Ser 2016-P6, Cl A5 3.720%, 11/10/26		653		654
Citigroup Commercial Mortgage Trust, Ser 2017-P7, Cl A4 3.712%, 04/14/50		500		500
Citigroup Commercial Mortgage Trust, Ser C5, Cl A4 4.228%, 06/10/51		100		104
COMM 2018-COR3 Mortgage Trust, Ser COR3, Cl A3 4.228%, 05/10/51		892		923
COMM Mortgage Trust, Ser 2013-CCRE9, Cl A4 4.380%, 07/10/45 (D)		985		1,026
COMM Mortgage Trust, Ser 2013-CR11, Cl A3 3.983%, 08/10/50		1,331		1,367
COMM Mortgage Trust, Ser 2013-CR7, Cl A4 3.213%, 03/10/46		511		508
COMM Mortgage Trust, Ser 2013-CR8, Cl A5 3.612%, 06/10/46 (D)		90		91
COMM Mortgage Trust, Ser 2013-LC6, Cl A4 2.941%, 01/10/46		758		745
COMM Mortgage Trust, Ser 2015-DC1, Cl A5 3.350%, 02/10/48		1,000		988
COMM Mortgage Trust, Ser CR12, Cl A3 3.765%, 10/10/46		1,340		1,361
COMM Mortgage Trust, Ser CR16, Cl A4 4.051%, 04/10/47		613		630
Commercial Mortgage Trust, Ser 2015-3BP, Cl A 3.178%, 02/10/35 (A)		13		13
Commercial Mortgage Trust, Ser 2015-LC23, Cl A4 3.774%, 10/10/48		1,069		1,076
Credit Suisse First Boston Mortgage Securities, Ser 2004-AR2, Cl 5A1 3.700%, 03/25/34 (D)		43		44
CSAIL Commercial Mortgage Trust, Ser 2016-C7, Cl A4 3.210%, 11/15/49		500		482

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

98

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
CSAIL Commercial Mortgage Trust, Ser 2016-C7, Cl A5 3.502%, 11/15/49	$	960	$	941
CSFB Mortgage-Backed Pass-Through Certificates, Ser 2003-27, Cl 4A4 5.750%, 11/25/33		76		78
GS Mortgage Securities Trust, Ser 2013-GCJ12, Cl A4
3.135%, 06/10/46		267		264
GS Mortgage Securities Trust, Ser 2015-GC30, Cl A4 3.382%, 05/10/50		10		10
GS Mortgage Securities Trust, Ser 2015-GC32, Cl A4 3.764%, 07/10/48		500		505
GS Mortgage Securities Trust, Ser GC18, Cl A3 3.801%, 01/10/47		1,755		1,789
GSR Mortgage Loan Trust, Ser 2005-4F, Cl 6A1 6.500%, 02/25/35		39		39
HarborView Mortgage Loan Trust, Ser 2004-3, Cl 1A 3.657%, 05/19/34 (D)		39		40
JPMBB Commercial Mortgage Securities Trust, Ser C19, Cl A3 3.669%, 04/15/47		500		506
JPMCC Commercial Mortgage Securities Trust, Ser 2017-JP5, Cl A2 3.240%, 03/15/50		400		399
JPMorgan Mortgage Trust, Ser 2003-A2, Cl 3A1 3.689%, 11/25/33 (D)		135		136
JPMorgan Mortgage Trust, Ser 2005-A1, Cl 6T1 3.977%, 02/25/35 (D)		190		189
JPMorgan Mortgage Trust, Ser 2005-A2, Cl 3A2 3.696%, 04/25/35 (D)		50		50
JPMorgan Mortgage Trust, Ser 2005-A3, Cl 4A1 3.701%, 06/25/35 (D)		74		75
MLCC Mortgage Investors, Ser 2006-2, Cl 2A 3.709%, 05/25/36 (D)		229		232
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C10, Cl A4 4.219%, 07/15/46 (D)		385		396
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C12, Cl A4 4.259%, 10/15/46 (D)		522		541

Description	Face Amount (000)		Value (000)
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C14, Cl A5 4.064%, 02/15/47	$	226	$	233
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C19, Cl AS 3.832%, 12/15/47		500		497
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C20, Cl A4 3.249%, 02/15/48		935		916
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl A4 3.732%, 05/15/48		1,639		1,647
Morgan Stanley Capital I, Ser H3, Cl A5 4.177%, 07/15/51		920		948
Morgan Stanley Capital I Trust, Ser 2014-CPT, Cl A 3.350%, 07/13/29 (A)		1,104		1,108
Morgan Stanley Capital I Trust, Ser 2017-HR2, Cl A4 3.587%, 12/15/50		250		246
Tharaldson Hotel Portfolio Trust, Ser 2018-THL, Cl A 2.796%, VAR LIBOR USD 1 Month+0.750%, 11/11/34 (A)		336		336
UBS Commercial Mortgage Trust, Ser 2018-C8, Cl A4 3.983%, 02/15/51		300		304
Wells Fargo Commercial Mortgage Trust, Ser 2015-C27, Cl A4 3.190%, 02/15/48		185		181
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, Cl A4 3.540%, 05/15/48		1,000		997
Wells Fargo Commercial Mortgage Trust, Ser 2015-C31, Cl A4 3.695%, 11/15/48		711		712
Wells Fargo Commercial Mortgage Trust, Ser 2015-P2, Cl A4 3.809%, 12/15/48		511		516
Wells Fargo Commercial Mortgage Trust, Ser 2016-LC25, Cl A4 3.640%, 12/15/59		693		689
Wells Fargo Commercial Mortgage Trust, Ser C44, Cl A5 4.212%, 05/15/51		911		939

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

99

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Wells Fargo Mortgage Backed Securities Trust, Ser 2003-J, Cl 1A9 3.632%, 10/25/33 (D)	$	492	$	499
Wells Fargo Mortgage Backed Securities Trust, Ser 2005-AR10, Cl 2A4 3.911%, 05/01/35 (D)		117		120
WFRBS Commercial Mortgage Trust, Ser 2013-C13, Cl A3 2.749%, 05/15/45		500		487
WFRBS Commercial Mortgage Trust, Ser 2013-C14, Cl A4 3.073%, 06/15/46		696		688
WFRBS Commercial Mortgage Trust, Ser 2013-C14, Cl A5 3.337%, 06/15/46		60		60
				30,295
Total Mortgage-Backed Securities (Cost $384,866) (000)				379,824
LOAN PARTICIPATIONS — 9.7%
Aerospace/Defense — 0.1%
Accudyne Industries Borrower S.C.A. / Accudyne Industries, LLC (fka Silver II US Holdings, LLC), Initial Term Loan, 1st Lien 5.230%, VAR LIBOR+3.250%, 08/18/24		1,102		1,098
Airlines — 0.1%
American Airlines, Inc., 2018 Replacement Term Loan 3.853%, VAR LIBOR+1.750%, 06/27/25		1,242	��	1,219
Automotive — 0.1%
Chassix Inc., Term Loan B 9.250%, 11/15/23		1		1
7.375%, 11/15/23		246		247
Chassix Inc., Term Loan B, 1st Lien 9.500%, 11/15/23		251		251
Dayco Products, LLC, Term Loan, 1st Lien 6.984%, VAR LIBOR+4.250%, 05/19/23		693		691
Horizon Global Corp., Term Loan B, 1st Lien 0.000%, 02/09/24 (E)		187		174
Horizon Global, 1st Lien 6.480%, 03/30/21 (D)		238		219

Description	Face Amount (000)		Value (000)
TI Group Automotive Systems, LLC, Initial US Term Loan 4.480%, VAR LIBOR+2.500%, 06/30/22	$	503	$	502
				2,085
Building Materials — 0.2%
American Builders & Contractors Supply Co., Inc., Term B-2 Loan, 1st Lien 4.094%, VAR LIBOR+2.000%, 10/31/23		1,111		1,101
Beacon Roofing Supply, Inc., Initial Term Loan, 1st Lien 4.280%, VAR LIBOR+2.250%, 01/02/25		1,250		1,241
PGT Innovations, Inc. (fka PGT, Inc.), Initial Term Loan, 1st Lien 5.480%, VAR LIBOR+3.500%, 02/16/22		169		170
5.394%, VAR LIBOR+3.500%, 02/16/22		6		6
Priso Acquisition (aka PrimeSource Building Products), Term B Loan, 1st Lien 4.980%, VAR LIBOR+3.000%, 05/08/22		716		715
				3,233
Cable/Wireless Video — 0.1%
Charter Communications Operating, LLC (aka CCO Safari LLC), Term B Loan, 1st Lien 4.100%, VAR LIBOR+2.000%, 04/30/25		1,430		1,426
Chemicals — 1.1%
Allnex (Luxembourg) & Cy S.C.A. (f/k/a AI Chem & Cy S.C.A.), Tranche B-2 Term Loan, 1st Lien 5.569%, VAR LIBOR+3.250%, 09/13/23		701		697
5.218%, VAR LIBOR+3.250%, 09/13/23		2		2
Allnex (Luxembourg) & Cy S.C.A. (f/k/a AI Chem & Cy S.C.A.), Tranche B-3 Term Loan 5.218%, VAR LIBOR+3.250%, 06/02/23		1		1
5.206%, VAR LIBOR+3.250%, 06/02/23		528		526

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

100

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Archroma Finance S.a r.l., Facility B2, 1st Lien 6.462%, VAR LIBOR+4.250%, 08/12/24	$	2	$	1
0.000%, VAR LIBOR+4.250%, 08/12/24 (E)		601		600
Ascend Performance Materials Operations LLC, Term B Loan, 1st Lien 7.306%, VAR LIBOR+5.250%, 08/12/22		495		496
ASP Chromaflo Intermediate Holdings, Inc., Initial Tranche B-1 Term Loan 5.594%, VAR LIBOR+3.500%, 11/20/23		402		403
ASP Chromaflo Intermediate Holdings, Inc., Initial Tranche B-2 Term Loan 5.594%, VAR LIBOR+3.500%, 11/20/23		523		524
Ferro Corp. 4.584%, 02/14/24 (D)		775		772
Flint Group, Term Loan, 1st Lien 5.359%, 09/07/21 (D)		741		681
H.B. Fuller Company, Commitment, 1st Lien 3.948%, VAR LIBOR+2.000%, 10/20/24		851		844
INEOS Styrolution US Holdings, Term Loan, 1st Lien 3.994%, 03/29/24 (D)		474		471
Ineos US Finance LLC, New 2024 Dollar Term Loan 3.980%, VAR LIBOR+2.000%, 04/01/24		748		743
Klockner Pentaplast of America, Inc. (fka Kleopatra Acquisition Corp), Dollar Term Loan, 1st Lien 6.230%, VAR LIBOR+4.250%, 06/30/22		698		667
OCI Beaumont, LLC, Term Loan B, 1st Lien 6.552%, 02/14/25		500		503
Orion Engineered Carbons GmbH, Initial Dollar Term Loan 4.802%, VAR LIBOR+2.000%, 07/25/24		1,365		1,354
Plastipak Holdings, Inc., Tranche B Term Loan (2018) 4.600%, VAR LIBOR+2.500%, 10/14/24		995		988

Description	Face Amount (000)		Value (000)
Pregis Holding I Corporation, Term Loan 5.802%, VAR LIBOR+3.500%, 05/20/21	$	740	$	736
Ravago Holdings America, Term Loan, 2nd Lien 4.850%, VAR LIBOR+2.750%, 07/13/23		663		662
Reynolds Group Holdings Inc., Incremental U.S. Term Loan 4.844%, VAR LIBOR+2.750%, 02/05/23		372		371
Reynolds Group Holdings Incremental US Term Loans 4.844%, VAR LIBOR+2.750%, 02/05/23		626		624
Ring Container Technologies Group, LLC, Initial Term Loan 4.730%, VAR LIBOR+2.750%, 10/31/24		748		743
Spectrum Holdings III Corp., Closing Date Term Loan, 1st Lien 5.230%, VAR LIBOR+3.250%, 01/31/25		455		453
Spectrum Holdings III Corp., Closing Date Term Loan, 2nd Lien 8.980%, VAR LIBOR+7.000%, 01/31/26		500		501
Spectrum Holdings III Corp., Delayed Draw Term Loan 1.000%, 01/24/25		45		45
Tricorbraun Holdings, Closing Date Term Loan 6.052%, 11/30/23 (D)		763		761
Tricorbraun Holdings, Delayed Draw Term Loan, 1st Lien 5.973%, VAR LIBOR+3.750%, 11/30/23		77		77
Tronox Blocked Borrower LLC, Blocked Dollar Term Loan 5.094%, VAR LIBOR+3.000%, 09/23/24		452		452
Tronox Finance LLC, Initial Dollar Term Loan 5.094%, VAR LIBOR+3.000%, 09/23/24		1,044		1,043
U.S. Farathane, LLC, Term B-4 Loan, 1st Lien 5.802%, VAR LIBOR+3.500%, 12/23/21		457		455
Univar USA Inc., Term B-3 Loan, 1st Lien 4.594%, VAR LIBOR+2.500%, 07/01/24		542		540

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

101

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Vantage Specialty Chemicals, Inc., Closing Date Term Loan, 1st Lien 6.094%, VAR LIBOR+4.000%, 10/28/24	$	998	$	1,003
Vantage Specialty Chemicals, Inc., Initial Loan 10.347%, VAR LIBOR+8.250%, 10/20/25		205		205
Wilsonart LLC, Tranche D Term Loan, 1st Lien 5.560%, VAR LIBOR+3.250%, 12/19/23		496		495
				19,439
Commercial Services — 0.1%
L&W Inc., Term Loan, 1st Lien 6.084%, 05/17/25 (D)		583		583
Safe Fleet Holdings LLC, Initial Term Loan 4.780%, VAR LIBOR+3.000%, 02/03/25		750		742
				1,325
Computers & Electronics — 1.4%
Advanced Computer, Term Loan B, 1st Lien 0.000%, 05/31/24 (E)		712		714
Applied Systems, Inc., Initial Term Loan 5.334%, VAR LIBOR+3.000%, 09/19/24		995		995
Brooks Automation, Term Loan B, 1st Lien 4.510%, 10/04/24 (D)		1,496		1,496
Campaign Monitor Finance Pty Limited (CM Delaware LLC), Term Loan, 1st Lien 7.552%, VAR LIBOR+5.250%, 03/18/21		47		46
Cavium, Term Loan B-1, 1st Lien 4.344%, VAR LIBOR+2.250%, 08/16/22		746		744
CPI International, Inc., Initial Term Loan 5.480%, VAR LIBOR+3.500%, 07/26/24		365		366
Cypress Intermediate Holdings III, Inc. (fka Jaguar Holding Inc.), Initial Term Loan 5.100%, VAR LIBOR+3.000%, 04/29/24		745		743
Dell International LLC (EMC Corporation), Refinancing Term B Loan 4.100%, VAR LIBOR+2.000%, 09/07/23		1,000		994

Description	Face Amount (000)		Value (000)
Dell International LLC (EMC Corporation), Replacement Term A-2 Loan 3.740%, VAR LIBOR+1.750%, 09/07/21	$	469	$	467
Epicor Software Corporation (fka Eagle Parent Inc.), Term B Loan, 1st Lien 5.240%, VAR LIBOR+3.250%, 06/01/22		1,243		1,238
EXC Holdings III Corp., Initial USD Term Loan 5.834%, VAR LIBOR+3.500%, 11/15/24		998		997
EZE Software Group LLC, New Loan, 1st Lien 8.802%, VAR LIBOR+6.500%, 04/05/21		750		750
Go Daddy Operating Company, LLC (GD Finance Co, Inc.), Tranche B-1 Term Loan, 1st Lien 4.230%, VAR LIBOR+2.250%, 02/15/24		991		986
Infor (US), Inc. (fka Lawson Software Inc.), Tranche B-6 Term Loan 4.730%, VAR LIBOR+2.750%, 02/01/22		1,196		1,189
Kronos Incorporated, Incremental Term Loan, 1st Lien 5.056%, VAR LIBOR+3.000%, 11/01/23		3		3
4.880%, VAR LIBOR+3.000%, 11/01/23		1,034		1,031
MA Financeco., LLC, Tranche B-2 Term Loan, 1st Lien 4.480%, VAR LIBOR+2.500%, 11/19/21		194		193
MA Financeco., LLC, Tranche B-3 Term Loan 4.844%, VAR LIBOR+2.750%, 06/21/24		128		127
MACOM Technology Solutions Holdings, Inc. (fka M/A-COM Technology Solutions Holdings, Inc.), Initial Term Loan, 1st Lien 4.230%, VAR LIBOR+2.250%, 05/17/24		1,075		1,056
Micro Holdings (Internet Brands), Term Loan, 2nd Lien 9.585%, VAR LIBOR+7.500%, 08/15/25		244		245

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

102

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Microchip Technology Incorporated, Initial Term Loan, 1st Lien 4.100%, VAR LIBOR+2.000%, 05/29/25	$	657	$	656
Misys Limited, Dollar Term Loan 5.807%, VAR LIBOR+3.500%, 06/13/24		671		659
Misys Limited, Dollar Term Loan, 2nd Lien 9.234%, VAR LIBOR+7.250%, 06/13/25		208		200
Oberthur Technologies Holding S.A.S. (fka OT Frenchco 1 SAS), Facility B1 (USD), 1st Lien 6.052%, VAR LIBOR+3.750%, 01/10/24		628		625
Project Ruby Ultimate Parent Corp., New Term Loan 5.480%, VAR LIBOR+3.500%, 02/09/24		1,584		1,584
Seattle SpinCo, Inc., Initial Term Loan, 1st Lien 4.844%, VAR LIBOR+2.750%, 06/21/24		864		859
Solera, LLC (Solera Finance, Inc.), Dollar Term Loan, 1st Lien 4.844%, VAR LIBOR+2.750%, 03/03/23		739		734
Spectrum Brands, 2017 Refinanced USD Term Loan 4.056%, VAR LIBOR+2.000%, 06/23/22		370		370
3.791%, VAR LIBOR+2.000%, 06/23/22		300		299
Spectrum Brands, Inc., 2017 Refinanced USD Term Loan 3.994%, VAR LIBOR+2.000%, 06/23/22		320		319
SS&C Technologies Holdings, Inc., Term B-3 Loan, 1st Lien 4.594%, VAR LIBOR+2.500%, 04/16/25		1,062		1,061
SS&C Technologies Holdings, Inc., Term B-4 Loan, 1st Lien 4.594%, VAR LIBOR+2.500%, 04/16/25		398		397
TeamViewer, Term Loan B, 1st Lien 7.052%, 02/22/24		497		497
Vertiv Group Corporation (fka Cortes NP Acquisition Corporation), Term B Loan, 1st Lien 6.001%, VAR LIBOR+4.000%, 11/30/23		703		697

Description	Face Amount (000)		Value (000)
Wall Street Systems Delaware, Inc., Initial Dollar Term Loan 5.302%, VAR LIBOR+3.000%, 11/21/24	$	624	$	615
				23,952
Construction — 0.1%
Brand Energy & Infrastructure Services, Inc. (fka FR Brand Acquisition Corp), Initial Term Loan, 1st Lien 6.612%, VAR LIBOR+4.250%, 06/21/24		1,232		1,234
6.552%, VAR LIBOR+4.250%, 06/21/24		9		9
Pike Corporation, Initial Term Loan (2018) 5.490%, VAR LIBOR+3.500%, 03/23/25		738		739
				1,982
Consumer Nondurables — 0.1%
Acuity Specialty Products, Inc., Initial Term Loan 6.056%, VAR LIBOR+4.000%, 08/12/24		990		963
Plaze, Inc., Term Loan, 1st Lien 5.808%, VAR LIBOR+3.500%, 07/31/22		30		30
5.802%, VAR LIBOR+3.500%, 07/31/22		347		347
5.625%, VAR LIBOR+3.500%, 07/31/22		110		110
				1,450
Educational Services — 0.1%
Adtalem Global, Term Loan B, 1st Lien 5.084%, 04/09/25 (D)		245		246
Prometric Holdings Inc. (fka ETS Holdings Inc.), Initial Term Loan 4.990%, VAR LIBOR+3.000%, 01/17/25		750		747
				993
Entertainment & Leisure — 0.2%
AMC Entertainment Holdings, Inc. (fka AMC Entertainment Inc.), Initial Term Loan, 1st Lien 4.169%, VAR LIBOR+2.250%, 12/15/22		711		707
BC Equity Ventures LLC, Term Loan, 1st Lien 8.490%, VAR LIBOR+6.500%, 08/31/22		491		495

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

103

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Crown Finance US, Inc., Initial Dollar Tranche Term Loan 4.594%, VAR LIBOR+2.500%, 02/28/25	$	1,000	$	992
Intrawest Resorts Holdings, Inc., Initial Bluebird Term Loan 4.980%, VAR LIBOR+3.000%, 07/31/24		998		996
Stars Group Holdings, Term Loan, 1st Lien 0.000%, 06/27/25 (E)		1,190		1,184
				4,374
Entertainment Content — 0.0%
MGM, Term Loan, 1st Lien 0.000%, 06/27/25 (E)		434		433
MGM, Term Loan, 2nd Lien 0.000%, 06/29/26 (E)		176		174
				607
Environmental Services — 0.0%
Strategic Materials Holding Corp., Initial Term Loan 5.524%, VAR LIBOR+3.750%, 11/01/24		748		726
Financial Services — 0.3%
Altisource Solutions, Term Loan B, 1st Lien 6.334%, 03/29/24 (D)		750		742
Citco Funding LLC, 2017 Term Loan, 1st Lien 4.980%, VAR LIBOR+3.000%, 03/31/22		960		959
CPI Acquisition, Inc., Term Loan, 1st Lien 6.358%, VAR LIBOR+4.500%, 08/17/22		300		175
Hudson River Trading, Term Loan B, 1st Lien 6.230%, 03/20/25		604		606
Jefferies Finance LLC (JFIN Co-Issuer Corporation), Term Loan, 1st Lien 4.875%, VAR LIBOR+2.500%, 08/02/24		746		746
Liquidnet Holdings Inc., Term Loan, 1st Lien 5.730%, 07/15/24		740		742
NXT Capital, Inc. (NXT Capital, LLC), Term Loan, 1st Lien 5.490%, VAR LIBOR+3.500%, 11/23/22		741		741
Virtus Investment 2/17 Term Loan, 1st Lien 4.397%, 03/03/24 (D)		493		489

Description	Face Amount (000)		Value (000)
Walter Investment Management, Tranche B Term Loan, 1st Lien 8.094%, VAR LIBOR+6.000%, 06/30/22 (C)	$	528	$	506
				5,706
Food & Beverage — 0.1%
Constellation/Arterra Wines, Cov-Lite Term Loan 4.952%, 12/15/23 (D)		494		491
JBS USA Lux S.A. (fka JBS USA, LLC), Initial Term Loan, 1st Lien 4.835%, VAR LIBOR+2.500%, 10/30/22		593		588
4.480%, VAR LIBOR+2.500%, 10/30/22		107		106
US Foods (aka U.S. Foodservice), Initial Term Loan, 1st Lien 4.094%, VAR LIBOR+2.500%, 06/27/23		977		975
				2,160
Forest Products — 0.0%
ProAmpac PG Borrower LLC, Initial Term Loan 10.398%, VAR LIBOR+8.500%, 11/18/24		225		227
5.398%, VAR LIBOR+3.500%, 11/17/23		348		345
5.395%, VAR LIBOR+3.500%, 11/17/23		40		40
5.387%, VAR LIBOR+3.500%, 11/17/23		106		106
				718
Gaming & Hotels — 0.3%
Belmond Interfin Ltd., Term Loan B, 1st Lien 4.844%, 07/03/24 (D)		993		993
CBAC Borrower, LLC, Term B Loan, 1st Lien 5.980%, VAR LIBOR+4.000%, 07/08/24		506		506
Golden Nugget, Inc., Initial B Term Loan, 1st Lien 4.844%, VAR LIBOR+2.750%, 10/04/23		405		404
4.796%, VAR LIBOR+2.750%, 10/04/23		309		309
Hanjin International Corp., Initial Term Loan, 1st Lien 4.855%, VAR LIBOR+2.500%, 10/19/20		1,000		999

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

104

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
K-Mac Holdings Corp., Initial Term Loan 8.835%, VAR LIBOR+6.750%, 03/09/26	$	296	$	295
MGM Growth Properties Operating Partnership LP, Term B Loan, 1st Lien 4.094%, VAR LIBOR+2.000%, 03/21/25		265		263
Playa Resorts Holding B.V., Initial Term Loan, 1st Lien 4.840%, VAR LIBOR+2.750%, 04/29/24		998		984
				4,753
Health Care — 0.4%
CP VI Bella Midco, LLC, Initial Loan 8.730%, VAR LIBOR+6.750%, 01/23/26		88		86
Endo Luxembourg Finance Company I S.a r.l., Initial Term Loan, 1st Lien 6.375%, VAR LIBOR+4.250%, 04/29/24		886		884
Onex Carestream Finance LP, Term Loan (First Lien 2013), 1st Lien 5.980%, VAR LIBOR+4.000%, 06/07/19		152		152
Prospect Medical Holdings, Term Loan B, 1st Lien 7.438%, 02/16/24		1,499		1,496
Sterigenics-Nordion Holdings, LLC, Incremental Term Loan, 1st Lien 4.980%, VAR LIBOR+3.000%, 05/15/22		496		494
Surgery Center Holdings, Initial Term Loan, 1st Lien 5.350%, VAR LIBOR+3.250%, 09/02/24		376		375
Tecostar Holdings, Inc., 2017 Term Loan 7.250%, VAR LIBOR+3.500%, 05/01/24		4		4
5.501%, VAR LIBOR+3.500%, 05/01/24		796		794
Valeant Pharmaceuticals International, Inc., Initial Term Loan, 1st Lien 4.983%, VAR LIBOR+3.000%, 06/02/25		1,258		1,253
Western Dental Services 6.480%, 06/23/23 (D)		1,205		1,206
				6,744

Description	Face Amount (000)		Value (000)
Home Furnishings — 0.1%
Comfort Holding, LLC, Initial Term Loan 11.894%, VAR LIBOR+10.000%, 01/31/25	$	292	$	275
6.644%, VAR LIBOR+4.750%, 02/05/24		347		332
Serta Simmons Bedding, LLC, Initial Term Loan 5.530%, VAR LIBOR+3.500%, 10/20/23		232		197
5.423%, VAR LIBOR+3.500%, 10/20/23		831		706
				1,510
Home Products Store — 0.0%
Foundation Building Materials, Term Loan B, 1st Lien 0.000%, 05/09/25 (E)		759		757
Information Technology — 0.1%
Laird PLC, Term Loan, 1st Lien 0.000%, 05/02/25 (E)		952		947
Insurance — 0.4%
Acrisure, LLC, 2017-2 Refinancing Term Loan 6.609%, VAR LIBOR+4.250%, 11/22/23		1,083		1,078
Acrisure, Term Loan B, 1st Lien 0.000%, 06/07/23 (E)		500		496
Alliant Holdings Intermediate, LLC, Initial Term Loan (2018) 5.046%, VAR LIBOR+3.000%, 05/09/25		1,409		1,398
AmWINS Group, Inc., Term Loan 4.730%, VAR LIBOR+2.750%, 01/25/24		702		698
4.614%, VAR LIBOR+2.750%, 01/25/24		286		284
Hyperion Insurance, Term Loan B, 1st Lien 5.500%, 12/13/24		981		981
NFP Corp., Term B Loan, 1st Lien 4.980%, VAR LIBOR+3.000%, 01/08/24		1,205		1,196
Sedgwick Cms Holdings, 4.844%, VAR LIBOR+2.750%, 03/01/21		1,150		1,143
				7,274
Investment Company — 0.1%
EIG Management, Term Loan B, 1st Lien 5.654%, 01/31/25		450		453

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

105

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
StepStone Group, Term Loan B, 1st Lien 5.968%, 03/14/25	$	484	$	485
				938
Leasing — 0.2%
Avolon, Term Loan B, 1st Lien 4.088%, VAR LIBOR+2.000%, 01/15/25		1,381		1,363
BakerCorp International, Inc. (f/k/a B-Corp Holdings, Inc.), Refinanced Term Loan, 1st Lien 5.359%, VAR LIBOR+3.000%, 02/07/20		592		584
Fly Funding II S.à r.l., Loan, 1st Lien 3.800%, VAR LIBOR+2.000%, 02/09/23		681		679
USS Ultimate Holdings, Inc., Initial Term Loan 5.730%, VAR LIBOR+3.750%, 08/09/24		366		366
				2,992
Machinery — 0.3%
Airxcel, Inc., Initial Term Loan 6.468%, VAR LIBOR+4.500%, 04/25/25		750		747
Airxcel, Inc., Term Loan B, 2nd Lien 10.718%, 04/27/26		500		485
Blount International, Inc., Refinancing Term Loan, 1st Lien 6.233%, VAR LIBOR+4.250%, 04/12/23		499		501
Clark Equipment Company, Repriced Term Loan, 1st Lien 4.302%, VAR LIBOR+2.000%, 05/18/24		1,089		1,081
Douglas Dynamics, Initial Term Loan, 1st Lien 5.310%, 12/31/21 (D)		400		399
Graftech International Ltd., Initial Term Loan, 1st Lien 5.505%, VAR LIBOR+3.500%, 02/12/25		750		745
Hayward Industries, Inc., Initial Term Loan, 1st Lien 5.480%, VAR LIBOR+3.500%, 08/05/24		500		500
SiteOne Landscape Supply, LLC (fka John Deere Landscapes LLC), Tranche D Term Loan, 1st Lien 4.740%, VAR LIBOR+2.750%, 04/29/22		786		788
				5,246

Description	Face Amount (000)		Value (000)
Manufacturing — 0.1%
Allflex 7/13, Term Loan 5.138%, 06/05/20	$	523	$	523
Aristocrat Leisure Limited, Term B-3 Loan, 1st Lien 4.105%, VAR LIBOR+1.750%, 10/19/24		464		461
3.842%, VAR LIBOR+1.750%, 10/19/24		1		1
Pelican Products, Inc., Term Loan, 1st Lien 5.407%, VAR LIBOR+3.500%, 04/19/25		167		166
Pelican Products, Inc., Term Loan, 2nd Lien 0.000%, 04/17/26 (E)		88		88
				1,239
Materials — 0.1%
Axalta Coating System Dutch Holdings, Term Loan 4.084%, VAR LIBOR+1.750%, 06/01/24		1,086		1,080
Media — 0.3%
CSC Holdings, LLC (fka CSC Holdings, Inc.), March 2017 Refinancing Term Loan 4.323%, VAR LIBOR+2.250%, 07/17/25		759		753
EMI Music Publishing, Term Loan, 1st Lien 4.335%, 08/20/23 (D)		1,346		1,345
Entravision, Term Loan B, 1st Lien 4.730%, 11/22/24		746		736
Numericable U.S. LLC, USD TLB-12 Term Loan 5.348%, VAR LIBOR+3.000%, 01/31/26		1,495		1,468
Technicolor S.A., First Incremental U.S. Term Loan, 1st Lien 4.734%, VAR LIBOR+2.750%, 12/06/23		494		466
Ziggo Secured Finance Partnership, Term Loan E Facility, 1st Lien 4.573%, VAR LIBOR+2.500%, 04/15/25		1,000		988
				5,756
Medical Devices — 0.0%
MedPlast Holdings Inc., Term Loan, 1st Lien 0.000%, 06/26/25 (E)		224		223

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

106

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
MedPlast Holdings Inc., Term Loan, 2nd Lien 0.000%, 06/26/26 (E)	$	122	$	122
				345
Metals & Mining — 0.0%
Dynacast International LLC, Term B-2 Loan, 1st Lien 5.584%, VAR LIBOR+3.250%, 01/28/22		495		493
Metals/Minerals — 0.1%
Atkore International, Inc., Term Loan (2016) 5.090%, VAR LIBOR+2.750%, 12/22/23		1,246		1,243
Oil & Gas — 0.3%
BCP Raptor, LLC, Initial Term Loan, 1st Lien 6.421%, VAR LIBOR+4.250%, 06/24/24		469		458
EG America, LLC, Term Loan, 2nd Lien 0.000%, 03/23/26 (E)		500		493
EG Group Limited, Additional Facility Loan (USD) 6.334%, VAR LIBOR+4.000%, 02/07/25		1,163		1,151
Limetree Bay Terminals, LLC (Limetree Bay Financing, LLC), Advance, 1st Lien 5.898%, VAR LIBOR+4.000%, 02/15/24		743		735
Lucid Energy Group II Borrower, LLC, Initial Term Loan, 1st Lien 4.934%, VAR LIBOR+3.000%, 02/17/25		1,000		994
Oryx Southern Delaware Holdings LLC, Initial Term Loan, 1st Lien 5.230%, VAR LIBOR+3.250%, 02/28/25		616		608
Philadelphia Energy Solutions Refining and Marketing LLC, Term Loan B, 1st Lien 8.750%, VAR Prime Rate by Country+4.000%, 04/04/18 (C)		688		640
Seadrill Operating LP (Seadrill Partners Finco LLC), Initial Term Loan, 1st Lien 8.302%, VAR LIBOR+6.000%, 02/21/21		359		321
Traverse Midstream Partners LLC, Advance, 1st Lien 5.850%, VAR LIBOR+4.000%, 09/27/24		278		278
				5,678

Description	Face Amount (000)		Value (000)
Personal Services — 0.1%
William Morris Endeavor Entertainment, LLC (IMG Worldwide Holdings, LLC), Term B-1 Loan, 1st Lien 4.930%, VAR LIBOR+2.750%, 05/18/25	$	1,129	$	1,119
4.740%, VAR LIBOR+2.750%, 05/18/25		103		102
				1,221
Professional & Business Services — 0.9%
Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC), Initial Term Loan 6.052%, VAR LIBOR+3.750%, 07/28/22		992		976
ASGN Incorporated (fka On Assignment, Inc.), Initial Term B-2 Loan 3.980%, VAR LIBOR+2.000%, 02/21/25		445		443
Avantor, Inc., Initial Dollar Term Loan 5.980%, VAR LIBOR+4.000%, 11/21/24		998		1,002
BCP Renaissance Parent LLC, Initial Term Loan, 1st Lien 6.359%, VAR LIBOR+3.500%, 10/31/24		717		715
Casmar Holdings (Australia) Pty Limited, Initial Term Loan 6.802%, VAR LIBOR+4.500%, 12/08/23		494		478
Change Healthcare Holdings, Inc. (fka Emdeon Inc.), Closing Date Term Loan, 1st Lien 4.844%, VAR LIBOR+2.750%, 03/01/24		742		739
4.730%, VAR LIBOR+2.750%, 03/01/24		895		891
Evertec, Term Loan A 4.586%, 01/20/17 (D)		22		22
Evertec, Term Loan A, 1st Lien 4.397%, 01/20/18 (D)		1,031		1,026
Explorer Holdings, Inc., Initial Term Loan, 1st Lien 5.806%, VAR LIBOR+3.750%, 05/02/23		251		249
FinCo I LLC, Initial Term Loan, 1st Lien 4.480%, VAR LIBOR+2.750%, 06/10/22		1,498		1,497

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

107

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Flex Acquisition Company, Inc., Initial Term Loan, 1st Lien 5.308%, VAR LIBOR+3.000%, 12/29/23	$	1,489	$	1,481
Focus Financial Partners, LLC, Term Loan, 1st Lien 5.052%, 07/03/24		984		984
GHX Ultimate Parent Corporation, Initial Term Loan 5.302%, VAR LIBOR+3.000%, 06/21/24		748		747
Infinity Acquisition, LLC, Initial Term Loan, 1st Lien 5.302%, VAR LIBOR+3.000%, 08/06/21		1,141		1,140
Inovalon Holdings, Inc., Term Loan, 1st Lien 5.438%, VAR LIBOR+3.500%, 04/02/25		750		728
Lamar Media Corp., Term B Loan, 1st Lien 3.875%, VAR LIBOR+1.750%, 03/14/25		748		747
0.000%, VAR LIBOR+1.750%, 03/14/25 (E)		2		2
WEX Inc., Term B-2 Loan, 1st Lien 4.230%, VAR LIBOR+2.250%, 06/30/23		1,495		1,493
				15,360
Real Estate — 0.3%
Capital Automotive LP, Initial Tranche B Term Loan 8.100%, VAR LIBOR+6.000%, 03/21/25		220		221
Capital Automotive LP, Initial Tranche B-2 Term Loan 4.600%, VAR LIBOR+2.500%, 03/21/24		1,446		1,437
4.490%, VAR LIBOR+2.500%, 03/21/24		47		46
DTZ U.S. Borrower, LLC (DTZ AUS Holdco PTY Limited), 2015-1 Additional Term Loan 5.609%, VAR LIBOR+3.250%, 11/04/21		1,000		998
5.552%, VAR LIBOR+3.250%, 11/04/21		39		39
5.234%, VAR LIBOR+3.250%, 11/04/21		2		2
iStar Inc. (fka iStar Financial Inc.), Loan, 1st Lien 4.974%, VAR LIBOR+3.000%, 10/01/21		945		943
4.891%, VAR LIBOR+3.000%, 10/01/21		186		186

Description	Face Amount (000)		Value (000)
Quality Care Properties, Term Loan B 7.230%, 10/24/22	$	449	$	451
Quality Care Properties, Term Loan B, 1st Lien 7.230%, 10/24/22		299		300
RE/MAX, LLC (fka RE/MAX International, LLC), Term Loan, 1st Lien 5.052%, VAR LIBOR+2.750%, 12/15/23		493		494
RHP Hotel Properties, LP, Tranche B Term Loan, 1st Lien 4.070%, VAR LIBOR+2.000%, 05/11/24		743		741
				5,858
Restaurants — 0.1%
Flynn Restaurant, Term Loan, 1st Lien 0.000%, 06/20/25 (E)		787		785
Flynn Restaurant, Term Loan, 2nd Lien 0.000%, 06/22/26 (E)		532		527
Miller’s Ale House, Term Loan, 1st Lien 0.000%, 05/26/25 (E)		750		748
				2,060
Retailing — 0.2%
1011778 B.C. Unlimited Liability Company (New Red Finance, Inc.) (aka Burger King/Tim Hortons), Term B-3 Loan, 1st Lien 4.344%, VAR LIBOR+2.250%, 02/16/24		831		827
4.230%, VAR LIBOR+2.250%, 02/16/24		537		534
Belron Finance US LLC, Initial Term B Loan, 1st Lien 4.863%, VAR LIBOR+2.500%, 11/07/24		998		995
Mister Car Wash Holdings, Inc., Term Loan, 1st Lien 5.703%, VAR LIBOR+3.250%, 08/20/21		748		749
Trugreen Limited Partnership, Initial Incremental Term Loan 5.897%, VAR LIBOR+4.000%, 04/13/23		493		498
				3,603
Securities & Trusts — 0.2%
AssuredPartners, Inc., 2017 September Refinancing Term Loan 5.230%, VAR LIBOR+3.250%, 10/22/24		746		742

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

108

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Compass Group Diversified Holdings LLC, Term Loan, 1st Lien 4.480%, VAR LIBOR+2.500%, 04/18/25	$	645	$	644
Lions Gate Capital Holdings LLC, Term B Loan, 1st Lien 4.341%, VAR LIBOR+2.250%, 03/24/25		750		746
RPI Finance Trust, Initial Term Loan B-6, 1st Lien 4.334%, VAR LIBOR+2.000%, 03/27/23		730		729
				2,861
Shipping & Ship Building — 0.2%
AI Mistral Holdco Limited, Initial Term Loan 4.980%, VAR LIBOR+3.000%, 01/17/24		743		735
Hornblower Sub, LLC, Term Loan, 1st Lien 6.866%, 03/28/25 (D)		553		555
International Seaways Operating Corporation, Term Loan, 1st Lien 7.490%, VAR LIBOR+5.500%, 06/22/22		604		601
Navios Maritime Partners LP (Navios Partners Finance (US) Inc.), Initial Term Loan, 1st Lien 7.330%, VAR LIBOR+5.000%, 09/14/20		950		955
				2,846
Steel — 0.0%
Zekelman Industries (fka JMC Steel Group), Term Loan, 1st Lien 4.582%, VAR LIBOR+2.250%, 06/14/21		831		829
Telecommunications — 0.6%
Altice Financing S.A., March 2017 Refinancing Term Loan 5.098%, VAR LIBOR+2.750%, 07/15/25		945		929
CenturyLink, Inc., Initial Term B Loan, 1st Lien 4.730%, VAR LIBOR+2.750%, 01/31/25		998		976
Ciena, Refinancing Term Loan, 1st Lien 4.397%, VAR LIBOR+2.500%, 01/26/22		989		991
CPI International, Initial Term Loan, 1st Lien 9.230%, 07/25/25 (D)		313		313

Description	Face Amount (000)		Value (000)
Digicel International Finance Limited, Initial Term B Loan 5.610%, VAR LIBOR+3.250%, 05/27/24	$	2	$	2
Flint Acquisition Company, Inc 12/29/2023 Lien 1 5.100%, 09/07/21 (D)		2		2
Level 3 Financing, Inc., Tranche B 2024 Term Loan 4.334%, VAR LIBOR+2.250%, 02/22/24		1,670		1,664
MTN Infrastructure TopCo, Inc., Initial Term Loan, 1st Lien 4.980%, VAR LIBOR+3.000%, 11/15/24		857		857
SBA Senior Finance II LLC, Initial Term Loan, 1st Lien 3.990%, VAR LIBOR+2.000%, 04/11/25		1,221		1,212
Sprint Communications, Initial Term Loan 4.625%, VAR LIBOR+2.500%, 02/02/24		1,787		1,777
TVC Albany, Inc., Term Loan, 1st Lien 0.000%, 06/19/25 (E)		687		684
0.000%, 06/19/26 (E)		306		305
Zayo Group LLC (Zayo Capital, Inc.), 2017 Incremental Refinancing B-2 Term Facility 4.344%, VAR LIBOR+2.250%, 01/19/24		1,226		1,224
				10,936
Textile & Apparel Mfg. — 0.1%
ABG Intermediate Holdings 2 LLC, Amendment No. 1 Delayed Draw 0.000%, 09/27/24 (E)		157		156
0.000%, 09/29/25 (E)		38		38
ABG Intermediate Holdings 2 LLC, Initial Term Loan 10.052%, VAR LIBOR+7.750%, 09/29/25		569		568
5.802%, VAR LIBOR+3.500%, 09/27/24		435		434
				1,196
Trading Companies & Distributors — 0.0%
SouthernCarlson Inc., Term Loan 6.230%, 03/21/25		165		164
SouthernCarlson Inc., Term Loan, 1st Lien 6.552%, 03/21/25		222		222
SouthernCarlson Inc., Term Loan, 2nd Lien 11.052%, 03/23/26		231		222
				608

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

109

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Transportation — 0.1%
Agro Merchants North America Holdings, Inc., Effective Date Loan 6.052%, VAR LIBOR+3.750%, 11/15/24	$	998	$	999
XPO Logistics, Inc., Refinancing Term Loan (2018) 3.961%, VAR LIBOR+2.000%, 02/24/25		1,046		1,036
				2,035
Waste Management — 0.0%
GFL Environmental, Term Loan B, 1st Lien 5.084%, 05/30/25 (D)		662		657
GFL Environmental, Term Loan, 1st Lien 0.000%, 05/30/25 (E)		82		82
				739
Total Loan Participations (Cost $170,647) (000)				169,640
SOVEREIGN DEBT — 8.5%
1MDB Global Investments 4.400%, 03/09/23		3,100		2,722
African Development Bank 2.625%, 03/22/21		125		125
2.125%, 11/16/22		50		48
1.375%, 02/12/20		100		98
1.125%, 09/20/19		100		98
Andina de Fomento 4.375%, 06/15/22		100		103
Anglo American Capital 4.500%, 03/15/28 (A)		2,186		2,110
Angolan Government International Bond 9.500%, 11/12/25 (A)		550		600
9.375%, 05/08/48 (A)		320		323
8.250%, 05/09/28 (A)		1,060		1,060
Argentine Republic Government International Bond 8.280%, 12/31/33		2,284		2,135
7.625%, 04/22/46		685		553
7.500%, 04/22/26		3,565		3,289
7.125%, 07/06/36 (A)		560		449
7.125%, 06/28/17		360		274
6.875%, 01/11/48		830		621
5.625%, 01/26/22		935		874
3.750%, 03/31/19		1,964		1,114
Armenia International Bond 6.000%, 09/30/20 (A)		676		690
Asian Development Bank 2.750%, 03/17/23		235		234
2.750%, 01/19/28		200		195
2.375%, 08/10/27		100		95

Description	Face Amount (000)(1)		Value (000)
2.000%, 01/22/25		100	$	94
1.750%, 06/08/21		200		194
1.625%, 08/26/20		100		98
1.625%, 03/16/21		200		194
1.000%, 08/16/19		100		98
Azerbaijan Government International Bond 4.750%, 03/18/24 (A)		795		787
Bahamas Government International Bond 6.000%, 11/21/28 (A)		800		798
Banco Nacional de Desenvolvimento Economico e Social 4.750%, 05/09/24 (A)		185		174
Bolivian Government International Bond 4.500%, 03/20/28 (A)		880		761
Brazil Notas do Tesouro Nacional Serie F 10.000%, 01/01/21 (BRL)		4,330		1,133
10.000%, 01/01/23 (BRL)		3,425		863
Brazilian Government International Bond 6.000%, 04/07/26		200		205
5.625%, 01/07/41		370		321
5.625%, 02/21/47		870		738
4.875%, 01/22/21		365		370
Canada Government International Bond 2.000%, 11/15/22		100		97
Chile Government International Bond 3.240%, 02/06/28		200		191
3.125%, 01/21/26		107		102
Colombia Government International Bond 7.375%, 09/18/37		1,145		1,426
6.125%, 01/18/41		735		823
5.000%, 06/15/45		860		846
4.500%, 01/28/26		340		345
4.375%, 07/12/21		200		204
4.000%, 02/26/24		970		969
3.875%, 04/25/27		570		551
Costa Rica Government International Bond 7.158%, 03/12/45 (A)		900		889
7.000%, 04/04/44 (A)		520		507
Council of Europe Development Bank 2.625%, 02/13/23		30		29
1.750%, 11/14/19		100		99
Dominican Republic International Bond 7.450%, 04/30/44 (A)		1,205		1,250
6.875%, 01/29/26 (A)		1,995		2,113

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

110

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
6.850%, 01/27/45 (A)	$	250	$	248
6.600%, 01/28/24 (A)		290		304
6.500%, 02/15/48 (A)		780		740
5.950%, 01/25/27 (A)		800		790
5.500%, 01/27/25 (A)		365		362
Ecuador Government International Bond 10.750%, 03/28/22 (A)		790		811
9.650%, 12/13/26 (A)		760		712
8.875%, 10/23/27 (A)		700		619
8.750%, 06/02/23 (A)		440		412
7.950%, 06/20/24 (A)		1,480		1,306
7.950%, 06/20/24		210		185
7.875%, 01/23/28 (A)		680		570
Egypt Government International Bond 8.500%, 01/31/47 (A)		500		484
7.903%, 02/21/48 (A)		1,120		1,019
7.500%, 01/31/27 (A)		1,060		1,042
5.577%, 02/21/23 (A)		360		341
El Salvador Government International Bond 7.650%, 06/15/35 (A)		1,450		1,417
7.375%, 12/01/19 (A)		365		373
European Bank for Reconstruction & Development 1.750%, 11/26/19		150		148
1.500%, 03/16/20		200		196
0.875%, 07/22/19		200		197
European Investment Bank 3.250%, 01/29/24		250		253
2.500%, 03/15/23		295		289
2.375%, 05/13/21		250		247
2.375%, 05/24/27		250		237
2.250%, 03/15/22		150		147
2.125%, 10/15/21		200		196
2.125%, 04/13/26		100		94
2.000%, 12/15/22		150		144
1.375%, 06/15/20		150		146
1.375%, 09/15/21		100		96
1.250%, 12/16/19		300		294
Export Credit Bank of Turkey 5.875%, 04/24/19 (A)		200		200
Export Development Canada 2.500%, 01/24/23		100		98
2.000%, 05/17/22		200		194
Export-Import Bank of Korea 2.875%, 01/21/25		200		188
2.500%, 05/10/21		200		195
Georgia Government International Bond 6.875%, 04/12/21 (A)		1,460		1,548
Ghana Government International Bond 10.750%, 10/14/30 (A)		1,675		2,032
8.627%, 06/16/49 (A)		780		759
7.625%, 05/16/29 (A)		1,520		1,484

Description	Face Amount (000)		Value (000)
Guatemala Government Bond 4.875%, 02/13/28 (A)	$	400	$	381
Hashemite Kingdom of Jordan Government AID Bond 2.503%, 10/30/20		200		199
Honduras Government International Bond 8.750%, 12/16/20 (A)		670		724
7.500%, 03/15/24 (A)		200		213
6.250%, 01/19/27 (A)		330		331
Hungary Government International Bond 5.750%, 11/22/23		900		968
5.375%, 03/25/24		1,670		1,774
Indonesia Government International Bond 8.500%, 10/12/35 (A)		1,710		2,300
8.500%, 10/12/35		260		350
4.350%, 01/11/48		200		179
3.700%, 01/08/22 (A)		210		208
Inter-American Development Bank 2.625%, 04/19/21		265		264
2.500%, 01/18/23		150		148
2.375%, 07/07/27		100		95
2.125%, 11/09/20		250		247
2.125%, 01/15/25		125		119
1.875%, 03/15/21		150		147
1.750%, 04/14/22		150		144
1.750%, 09/14/22		100		96
1.625%, 05/12/20		150		147
International Bank for Reconstruction & Development 2.500%, 11/25/24		300		292
2.500%, 07/29/25		150		146
2.250%, 06/24/21		50		49
2.125%, 12/13/21		200		195
2.125%, 02/13/23		100		97
2.000%, 01/26/22		200		194
1.875%, 10/07/19		200		198
1.875%, 04/21/20		200		197
1.625%, 03/09/21		150		146
1.375%, 09/20/21		300		287
1.250%, 07/26/19		100		99
International Finance 2.000%, 10/24/22		50		48
1.625%, 07/16/20		100		98
1.125%, 07/20/21		100		95
Israel Government International Bond 3.150%, 06/30/23		200		198
Ivory Coast Government International Bond 6.125%, 06/15/33 (A)		1,010		890
5.750%, 12/31/32 (A)		766		710
5.375%, 07/23/24 (A)		450		421
Japan Bank for International Cooperation 2.500%, 06/01/22		200		195
2.375%, 04/20/26		200		188

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

111

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
2.250%, 11/04/26		200	$	185
2.125%, 07/21/20		200		197
Jordan Government International Bond 7.375%, 10/10/47 (A)		1,020		934
6.125%, 01/29/26 (A)		200		193
5.750%, 01/31/27 (A)		570		529
Kenya Government International Bond 8.250%, 02/28/48 (A)		1,350		1,264
7.250%, 02/28/28 (A)		390		375
6.875%, 06/24/24 (A)		585		577
Korea Development Bank 2.500%, 01/13/21		200		195
Korea International Bond 2.750%, 01/19/27		200		188
Kreditanstalt fuer Wiederaufbau 2.125%, 03/07/22		150		146
1.750%, 03/31/20		500		492
1.750%, 09/15/21		200		194
1.625%, 05/29/20		250		245
Lebanon Government International Bond 8.250%, 04/12/21		920		877
6.750%, 11/29/27		320		246
6.650%, 11/03/28		210		158
6.600%, 11/27/26		450		353
6.375%, 03/09/20		285		273
6.200%, 02/26/25		390		310
6.100%, 10/04/22		550		472
6.000%, 01/27/23		505		424
5.450%, 11/28/19		580		556
Malaysia Government Bond 4.254%, 05/31/35 (MYR)		1,000		228
3.844%, 04/15/33 (MYR)		2,510		562
Mexico Government International Bond 5.550%, 01/21/45		500		523
4.600%, 02/10/48		1,965		1,808
4.150%, 03/28/27		775		763
4.125%, 01/21/26		200		198
3.750%, 01/11/28		200		189
Mongolia Government International Bond 10.875%, 04/06/21 (A)		2,100		2,340
8.750%, 03/09/24 (A)		200		215
5.625%, 05/01/23 (A)		530		501
5.125%, 12/05/22		490		458
Nigeria Government International Bond 7.875%, 02/16/32 (A)		720		706
7.696%, 02/23/38 (A)		720		680
7.625%, 11/28/47 (A)		570		519
7.143%, 02/23/30 (A)		720		679
6.750%, 01/28/21 (A)		220		224
6.500%, 11/28/27 (A)		1,220		1,134
Nordic Investment Bank 1.500%, 09/29/20		200		195

Description	Face Amount (000)(1)		Value (000)
Oman Government International Bond 6.750%, 01/17/48 (A)		990	$	896
6.500%, 03/08/47 (A)		860		770
5.625%, 01/17/28 (A)		1,405		1,322
5.375%, 03/08/27 (A)		1,235		1,163
4.750%, 06/15/26 (A)		465		426
3.875%, 03/08/22 (A)		300		288
3.625%, 06/15/21 (A)		200		194
Oman Sovereign Sukuk SAOC 4.397%, 06/01/24 (A)		620		582
Pakistan Government International Bond 8.250%, 04/15/24 (A)		420		401
8.250%, 09/30/25 (A)		770		734
6.875%, 12/05/27 (A)		640		555
Panama Government International Bond 9.375%, 04/01/29		455		637
6.700%, 01/26/36		1,485		1,819
5.200%, 01/30/20		100		104
4.500%, 05/15/47		200		194
4.500%, 04/16/50		371		357
Peru Government Bond 6.150%, 08/12/32 (PEN) (A)		2,320		723
Perusahaan Penerbit SBSN Indonesia III 4.150%, 03/29/27 (A)		690		665
Peruvian Government International Bond 8.750%, 11/21/33		1,300		1,908
7.350%, 07/21/25		100		122
6.950%, 08/12/31 (PEN) (A)		1,000		333
6.550%, 03/14/37		865		1,079
5.625%, 11/18/50		1,080		1,254
Philippine Government International Bond 7.750%, 01/14/31		209		275
5.500%, 03/30/26		200		220
4.200%, 01/21/24		200		204
3.700%, 02/02/42		300		276
Poland Government International Bond 6.375%, 07/15/19		200		207
4.000%, 01/22/24		125		127
3.000%, 03/17/23		150		146
Province of Alberta Canada 3.300%, 03/15/28		200		200
2.200%, 07/26/22		100		96
1.900%, 12/06/19		200		198
Province of British Columbia Canada 2.000%, 10/23/22		100		96
Province of Manitoba Canada 2.125%, 06/22/26		500		457
2.050%, 11/30/20		150		147

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

112

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
Province of New Brunswick Canada 3.625%, 02/24/28		100	$	102
Province of Ontario Canada 2.500%, 04/27/26		500		475
2.450%, 06/29/22		200		195
1.875%, 05/21/20		150		147
Province of Quebec Canada 2.875%, 10/16/24		100		98
2.625%, 02/13/23		200		196
2.500%, 04/20/26		600		571
Provincia de Buenos Aires 7.875%, 06/15/27 (A)		345		302
6.500%, 02/15/23 (A)		300		274
Provincia de Cordoba 7.125%, 06/10/21 (A)		820		775
Qatar Government International Bond 4.500%, 04/23/28 (A)		1,673		1,689
3.875%, 04/23/23 (A)		948		947
Republic of Belarus International Bond 6.875%, 02/28/23 (A)		680		703
Republic of Italy Government International Bond 5.375%, 06/15/33		300		325
Republic of South Africa Government Bond 8.750%, 02/28/48 (ZAR)		5,500		365
6.500%, 02/28/41 (ZAR)		20,065		1,043
Republic of South Africa Government International Bond 5.875%, 06/22/30		400		396
4.300%, 10/12/28		2,000		1,782
Russian Federal Bond - OFZ 8.150%, 02/03/27 (RUB)		72,700		1,202
Russian Foreign Bond -Eurobond 5.625%, 04/04/42 (A)		600		627
5.250%, 06/23/47 (A)		1,400		1,348
4.875%, 09/16/23 (A)		400		415
4.750%, 05/27/26		1,000		1,001
Saudi Government International Bond 5.000%, 04/17/49 (A)		656		638
4.500%, 04/17/30 (A)		495		494
Senegal Government International Bond 8.750%, 05/13/21 (A)		376		405
6.750%, 03/13/48 (A)		1,160		990
6.250%, 05/23/33 (A)		535		474
Serbia Government International Bond 7.250%, 09/28/21 (A)		510		556
Sri Lanka Government International Bond 6.825%, 07/18/26 (A)		430		412
6.250%, 07/27/21 (A)		395		397

Description	Face Amount (000)(1)		Value (000)
6.200%, 05/11/27 (A)		1,680	$	1,533
5.875%, 07/25/22 (A)		295		290
Turkey Government International Bond 8.000%, 02/14/34		506		530
7.375%, 02/05/25		610		630
6.875%, 03/17/36		810		762
6.000%, 03/25/27		1,400		1,315
5.750%, 05/11/47		715		577
5.625%, 03/30/21		1,180		1,173
4.875%, 04/16/43		1,230		915
4.250%, 04/14/26		740		632
Ukraine Government AID Bonds 1.471%, 09/29/21		200		192
Ukraine Government International Bond 7.750%, 09/01/21 (A)		214		211
7.750%, 09/01/22 (A)		1,749		1,708
7.750%, 09/01/23 (A)		1,634		1,573
7.750%, 09/01/24 (A)		394		373
7.750%, 09/01/25 (A)		784		734
7.750%, 09/01/27 (A)		215		197
7.375%, 09/25/32 (A)		1,130		968
3.023%, 05/31/40 (A)(D)		314		198
Uruguay Government International Bond 9.875%, 06/20/22 (UYU) (A)		5,900		186
8.500%, 03/15/28 (UYU) (A)		3,940		109
5.100%, 06/18/50		1,311		1,288
4.975%, 04/20/55		960		931
4.500%, 08/14/24		100		103
Venezuela Government International Bond 7.750%, 10/13/19 (C)		515		140
7.650%, 04/21/25 (C)		362		97
7.000%, 03/31/38 (C)		422		114
Zambia Government International Bond 8.970%, 07/30/27 (A)		485		428
8.500%, 04/14/24 (A)		405		360
5.375%, 09/20/22 (A)		680		565
Total Sovereign Debt (Cost $156,616) (000)				148,629
ASSET-BACKED SECURITIES — 5.4%
Automotive — 2.8%
American Credit Acceptance Receivables Trust, Ser 2018-2, Cl A 2.940%, 01/10/22 (A)		1,743		1,743
Americredit Automobile Receivables Trust, Ser 2018-1, Cl A2A 2.710%, 07/19/21		1,885		1,884
AmeriCredit Automobile Receivables Trust, Ser 2017-1, Cl A2A 1.510%, 05/18/20		393		393

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

113

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
AmeriCredit Automobile Receivables Trust, Ser 2017-4, Cl A2A 1.830%, 05/18/21	$	3,334	$	3,320
AmeriCredit Automobile Receivables Trust, Ser 2017-4, Cl A3 2.040%, 07/18/22		335		330
AmeriCredit Automobile Receivables Trust, Ser 2017-4, Cl B 2.360%, 12/19/22		1,319		1,295
BMW Floorplan Master Owner Trust, Ser 2018-1, Cl A2 2.350%, VAR LIBOR USD 1 Month+0.320%, 05/15/23 (A)		1,721		1,721
Capital Auto Receivables Asset Trust, Ser 2017-1, Cl A2 1.760%, 06/22/20 (A)		1,331		1,327
CarFinance Capital Auto Trust, Ser 2015-1A, Cl A 1.750%, 06/15/21 (A)		88		88
CarMax Auto Owner Trust, Ser 2016-4, Cl A4 1.600%, 06/15/22		250		242
CarMax Auto Owner Trust, Ser 2017-3, Cl A2A 1.640%, 09/15/20		1,639		1,632
CarMax Auto Owner Trust, Ser 2018-2, Cl A4 3.160%, 07/17/23		1,098		1,098
CPS Auto Receivables Trust, Ser 2016-C, Cl A 1.620%, 01/15/20 (A)		144		144
CPS Auto Receivables Trust, Ser 2017-C, Cl A 1.780%, 09/15/20 (A)		503		501
CPS Auto Receivables Trust, Ser 2018-A, Cl A 2.160%, 05/17/21 (A)		1,470		1,464
CPS Auto Trust, Ser 2016-D, Cl A 1.500%, 06/15/20 (A)		526		525
Credit Acceptance Auto Loan Trust, Ser 2018-1A, Cl A 3.010%, 02/16/27 (A)		1,099		1,088
Drive Auto Receivables Trust, Ser 2017-2, Cl B 2.250%, 06/15/21		1,532		1,530
Drive Auto Receivables Trust, Ser 2017-3, Cl B 2.300%, 05/17/21		1,343		1,340
Drive Auto Receivables Trust, Ser 2017-BA, Cl B 2.200%, 05/15/20 (A)		322		322

Description	Face Amount (000)		Value (000)
Drive Auto Receivables Trust, Ser 2018-1, Cl B 2.880%, 02/15/22	$	1,193	$	1,190
DT Auto Owner Trust, Ser 2017-2A, Cl A 1.720%, 05/15/20 (A)		432		431
DT Auto Owner Trust, Ser 2017-3A, Cl A 1.730%, 08/17/20 (A)		898		896
DT Auto Owner Trust, Ser 2017-4A, Cl A 1.850%, 08/17/20 (A)		2,283		2,276
DT Auto Owner Trust, Ser 2018-2A, Cl B 3.430%, 05/16/22 (A)		1,913		1,913
Exeter Automobile Receivables Trust, Ser 2016-3A, Cl A 1.840%, 11/16/20 (A)		337		336
Exeter Automobile Receivables Trust, Ser 2018-1A, Cl A 2.210%, 05/17/21 (A)		1,453		1,448
First Investors Auto Owner Trust, Ser 2016-2A, Cl A1 1.530%, 11/16/20 (A)		174		174
First Investors Auto Owner Trust, Ser 2018-1A, Cl A1 2.840%, 05/16/22 (A)		1,246		1,246
Flagship Credit Auto Trust, Ser 2015-3, Cl A 2.380%, 10/15/20 (A)		78		78
Flagship Credit Auto Trust, Ser 2016-4, Cl A1 1.470%, 03/16/20 (A)		103		102
Ford Credit Auto Owner Trust, Ser 2017-B, Cl A2A 1.490%, 05/15/20		1,543		1,537
Ford Credit Auto Owner Trust, Ser 2017-B, Cl A3 1.690%, 11/15/21		145		143
Ford Credit Auto Owner Trust, Ser 2017-C, Cl A3 2.010%, 03/15/22		1,197		1,180
Ford Credit Auto Owner Trust, Ser 2018-1, Cl A 3.190%, 07/15/31 (A)		572		563
GM Financial Automobile Leasing Trust, Ser 2018-2, Cl A3 3.060%, 06/21/21		100		100
GM Financial Consumer Automobile, Ser 2017-1A, Cl A3 1.780%, 10/18/21 (A)		2,314		2,285
GM Financial Consumer Automobile Receivables Trust, Ser 2018-1, Cl A3 2.320%, 07/18/22		2,060		2,034

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

114

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
GM Financial Consumer Automobile Receivables Trust, Ser 2018-1, Cl A4 2.460%, 07/17/23	$	1,517	$	1,487
Honda Auto Receivables Owner Trust, Ser 2017-4, Cl A3 2.050%, 11/22/21		1,202		1,186
Honda Auto Receivables Owner Trust, Ser 2018-1, Cl A3 2.640%, 02/15/22		180		179
Santander Drive Auto Receivables Trust, Ser 2017-1, Cl A2 1.490%, 02/18/20		19		19
Santander Drive Auto Receivables Trust, Ser 2018-1, Cl D 3.320%, 03/15/24		85		84
Toyota Auto Receivables Owner Trust, Ser 2017-A, Cl A2A 1.420%, 09/16/19		818		817
Toyota Auto Receivables Owner Trust, Ser 2018-A, Cl A4 2.520%, 05/15/23		2,773		2,733
Volkswagen Auto Loan Enhanced Trust, Ser 2018-1, Cl A4 3.150%, 07/22/24		1,767		1,767
Westlake Automobile Receivables Trust, Ser 2017-1A, Cl A2 1.780%, 04/15/20 (A)		805		804
Westlake Automobile Receivables Trust, Ser 2018-1A, Cl A1 1.750%, 02/15/19 (A)		98		98
				49,093
Credit Card — 1.8%
American Express Credit Account Master Trust, Ser 2017-1, Cl A 1.930%, 09/15/22		3,149		3,103
American Express Credit Account Master Trust, Ser 2017-6, Cl A 2.040%, 05/15/23		3,176		3,112
American Express Credit Account Master Trust, Ser 2018-2, Cl A 3.010%, 10/15/25		1,033		1,028
BA Credit Card Trust, Ser 2017-A1, Cl A1 1.950%, 08/15/22		2,168		2,135

Description	Face Amount (000)		Value (000)
Capital One Multi-Asset Execution Trust, Ser 2017-A1, Cl A1 2.000%, 01/17/23	$	2,123	$	2,092
Capital One Multi-Asset Execution Trust, Ser 2017-A4, Cl A4 1.990%, 07/17/23		1,177		1,153
Capital One Multi-Asset Execution Trust, Ser 2017-A5, Cl A5 2.653%, VAR LIBOR USD 1 Month+0.580%, 07/15/27		1,924		1,933
Chase Issuance Trust, Ser 2018-A1, Cl A1 2.273%, VAR LIBOR USD 1 Month+0.200%, 04/17/23		2,658		2,657
Citibank Credit Card Issuance Trust, Ser 2014-A1, Cl A1 2.880%, 01/23/23		200		199
Citibank Credit Card Issuance Trust, Ser 2017-A2, Cl A2 1.740%, 01/19/21		5,296		5,274
Citibank Credit Card Issuance Trust, Ser 2017-A7, Cl A7 2.400%, VAR LIBOR USD 1 Month+0.370%, 08/08/24		2,642		2,647
Citibank Credit Card Issuance Trust, Ser 2017-A8, Cl A8 1.860%, 08/08/22		250		244
Citibank Credit Card Issuance Trust, Ser 2018-A2, Cl A2 2.414%, VAR LIBOR USD 1 Month+0.330%, 01/21/25		2,078		2,080
Discover Card Execution Note Trust, Ser 2016-A4, Cl A4 1.390%, 03/15/22		270		266
Discover Card Execution Note Trust, Ser 2017-A7, Cl A7 2.433%, VAR LIBOR USD 1 Month+0.360%, 04/15/25		2,209		2,215
Synchrony Credit Card Master Note Trust, Ser 2018-2, Cl A 3.470%, 05/15/26		200		201
				30,339
Other Asset-Backed Securities — 0.8%
AJAX Mortgage Loan Trust, Ser 2016-C, Cl A 4.000%, 10/25/57 (A)		617		618
AJAX Mortgage Loan Trust, Ser 2017-A, Cl A 3.470%, 04/25/57 (A)		265		263
Bayview Opportunity Master Fund IIIa Trust, Ser 2017-RN7, Cl A1 3.105%, 09/28/32 (A)		529		527

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

115

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Bayview Opportunity Master Fund IIIa Trust, Ser 2017-RN8, Cl A1 3.352%, 11/28/32 (A)	$	1,134	$	1,128
Bayview Opportunity Master Fund IIIb Trust, Ser 2017-RN3, Cl A1 3.228%, 05/28/32 (A)		40		40
Bayview Opportunity Master Fund IVa Trust, Ser 2018-RN1, Cl A1 3.278%, 01/28/33 (A)		998		991
Bayview Opportunity Master Fund IVa Trust, Ser 2018-RN3, Cl A1 3.672%, 03/28/33 (A)		290		289
CAM Mortgage Trust, Ser 2016-2, Cl A1 3.250%, 06/15/57 (A)		17		17
Ford Credit Floorplan Master Owner Trust, Ser 2017-3, Cl A 2.480%, 09/15/24		150		146
GCAT, Ser 2017-2, Cl A1 3.500%, 04/25/47 (A)		663		658
GCAT, Ser 2017-3, Cl A1 3.352%, 04/25/47 (A)		196		195
GCAT, Ser 2017-5, Cl A1 3.228%, 07/25/47 (A)		169		168
GCAT, Ser 2018-1, Cl A1 3.844%, 06/25/48 (A)		725		724
NYMT Residential, Ser 2016-RP1A, Cl A 4.000%, 03/25/21 (A)		59		60
Oak Hill Advisors Residential Loan Trust, Ser 2017-NPL1, Cl A1 3.000%, 06/25/57 (A)		801		794
Oak Hill Advisors Residential Loan Trust, Ser 2017-NPL2, Cl A1 3.000%, 07/25/57 (A)		1,063		1,053
PRPM, Ser 2017-2A, Cl A1 3.470%, 09/25/22 (A)		937		931
RCO Mortgage, Ser 2017-1, Cl A1 3.375%, 08/25/22 (A)		1,309		1,301
RCO V Mortgage, Ser 2018-1, Cl A1 4.000%, 05/25/23 (A)		1,697		1,697
VOLT LV, Ser 2017-NPL2, Cl A1 3.500%, 03/25/47 (A)		766		763
VOLT LVI, Ser 2017-NPL3, Cl A1 3.500%, 03/25/47 (A)		589		587

Description	Face Amount (000)		Value (000)
VOLT LVII, Ser 2017-NPL4, Cl A1 3.375%, 04/25/47 (A)	$	191	$	190
VOLT LXI, Ser 2017-NPL8, Cl A1 3.125%, 06/25/47 (A)		671		667
VOLT XXXVIII, Ser 2015-NP12, Cl A1 3.875%, 09/25/45 (A)		51		51
				13,858
Total Asset-Backed Securities (Cost $93,838) (000)				93,290
U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.5%
FFCB 1.680%, 10/13/20		100		98
1.550%, 05/08/20		200		196
FHLB 2.750%, 12/13/24		300		296
2.625%, 05/28/20		250		250
2.300%, 07/19/22		200		195
2.260%, 10/04/22		150		147
2.200%, 01/29/21		155		153
2.160%, 08/17/22		100		97
2.150%, 02/14/20 - 09/26/22		500		492
1.875%, 11/29/21		150		146
1.375%, 11/15/19		125		123
1.000%, 09/26/19		250		246
0.875%, 08/05/19		100		98
FHLMC 6.250%, 07/15/32		1,279		1,712
4.500%, 05/01/42		966		1,015
4.000%, 03/15/40 - 03/01/46		3,310		3,395
3.500%, 07/01/46 - 05/01/48		18,879		18,040
3.200%, 05/15/23		250		250
3.000%, 11/01/27 - 04/01/47		6,703		6,543
2.500%, 04/23/20		750		749
2.375%, 01/13/22		2,589		2,555
1.330%, 12/30/20		400		385
1.250%, 08/01/19		500		494
FHLMC Multifamily Structured Pass Through Certificates 3.900%, 04/25/28		1,038		1,074
3.444%, 12/25/27		100		100
FHLMC Multifamily Structured Pass-Through Certificates 3.590%, 01/25/25		425		434
FNMA 6.625%, 11/15/30		300		402
4.500%, 12/01/40 - 04/01/48		618		646
4.000%, 12/01/41 - 04/01/48		12,528		12,830
3.560%, 09/25/21 (D)		180		183
3.500%, 04/01/38 - 06/01/48		5,753		5,752
3.000%, 04/01/32 - 09/01/46		14,722		14,411
2.625%, 09/06/24		1,399		1,376
2.500%, 12/01/27 - 01/01/33		557		543
2.125%, 04/24/26		200		187

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

116

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
2.000%, 01/05/22	$	500	$	487
1.875%, 12/28/20		131		129
1.650%, 01/27/20		300		295
1.500%, 06/22/20 -11/30/20		927		906
1.000%, 08/28/19		250		246
GS Mortgage Securities Trust 3.442%, 11/10/49 (D)		365		358
Tennessee Valley Authority 5.250%, 09/15/39		200		253
2.875%, 02/01/27		250		244
Total U.S. Government Agency Obligations (Cost $79,362) (000)				78,531
MUNICIPAL BONDS — 0.5%
Bay Area, Toll Authority RB 6.263%, 04/01/49		200		278
California State GO 7.300%, 10/01/39		935		1,325
California State, Department of Water Resources, Power Supply Revenue RB 2.000%, 05/01/22		100		96
Commonwealth Financing Authority RB 3.864%, 06/01/38		150		147
Florida State, Hurricane Catastrophe Fund RB 2.995%, 07/01/20		150		150
Houston GO 3.961%, 03/01/47		150		149
Illinois State GO 5.100%, 06/01/33		935		885
New Jersey State, Economic Development Authority RB 7.425%, 02/15/29		315		383
New Jersey State, Transportation Trust Fund Authority RB 6.561%, 12/15/40		470		584
5.754%, 12/15/28		1,400		1,555
Permanent University Fund -Texas A&M University System RB 3.660%, 07/01/47		100		95
Sales Tax Securitization RB 3.820%, 01/01/48		100		96
South Carolina State, Public Service Authority RB 2.388%, 12/01/23		100		93
State of California GO 7.500%, 04/01/34		1,020		1,432
4.600%, 04/01/38		315		330
4.500%, 04/01/33		25		26

Description	Face Amount (000)		Value (000)
3.500%, 04/01/28	$	25	$	25
3.375%, 04/01/25		20		20
2.800%, 04/01/21		15		15
State of Wisconsin RB 3.154%, 05/01/27		200		196
University of California RB 4.858%, 05/15/12		200		212
University of Texas, Taxable Financing System RB 3.354%, 08/15/47		250		230
Total Municipal Bonds (Cost $8,403) (000)				8,322
COMMERCIAL PAPER — 0.2%
Lloyds Banking 2.162%, 08/06/18 (B)		4,215		4,206
Total Commercial Paper (Cost $4,206) (000)				4,206
	Shares
Short-Term Investment — 7.9%
State Street Institutional Treasury Money Market Fund, Cl Institutional, 1.740% (F)		138,658,433		138,658
Total Short-Term Investment (Cost $138,658) (000)				138,658
Total Investments In Securities — 109.5% (Cost $1,944,469) (000)			$	1,910,672

Percentages are based on net assets of $1,744,391 (000).

A list of the open futures contracts held by the Fund at June 30, 2018, is as follows (000):

Type of Contract	Number of Contracts Short	Expiration Date	Notional Amount (Thousands)	Value (Thousands)	Unrealized Appreciation (Thousands)
U.S. 10-Year Treasury Note	(35)	Sep-2018	$(4,209)	$(4,207)	$2

A list of the open forward foreign currency contracts held by the Fund at June 30, 2018 is as follows (000):

Counterparty	Maturity Date		Currency to Deliver		Currency to Receive		Unrealized Appreciation (Depreciation)
HSBC		07/13/18	ILS	2,963	USD	849	$	38
HSBC		07/13/18	USD	848	ILS	2,963		(37	)
HSBC		07/16/18	ZAR	2,930	USD	212		(1	)
Brown Brothers Harriman		07/16/18	USD	430	ZAR	5,510		(29	)
Brown Brothers Harriman		07/17/18	INR	24,230	USD	357		4
BNP Paribas		07/20/18	USD	119	PEN	383		(2	)
HSBC		08/13/18	USD	350	KZT	118,300		(6	)

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

117

THE KP FUNDS June 30, 2018 (Unaudited)

KP Fixed Income Fund

Counterparty	Maturity Date		Currency to Deliver		Currency to Receive		Unrealized Appreciation (Depreciation)
State Street		08/16/18	BRL	4,157	USD	1,152	$	85
Brown Brothers Harriman		08/16/18	BRL	2,616	USD	663		(8	)
Citi		08/16/18	BRL	1,477	USD	387		8
Brown Brothers Harriman		09/12/18	USD	816	CLP	516,000		(27	)
BNP Paribas		09/12/18	CLP	516,000	USD	810		21
							$	46

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

(A) Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of these securities at June 30, 2018 was $196,092 (000) and represents 11.2% of Net Assets.

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

(C) Security in default on interest payments.

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

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

(F) The rate reported is the 7-day effective yield as of June 30, 2018.

(G) Credit-linked note.

AID — Agency for International Development

ARS — Argentine Peso

BRL — Brazilian Real

CJSC — Closed Joint Stock Company

Cl — Class

CLP — Chilean Peso

EGP — Egyptian Pound

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

ICE — Intercontinental Exchange

IDR — Indonesian Rupiah

ILS — Israeli Shekel

INR — Indian Rupee

JSC — Joint Stock Company

KZT — Kazakhstan Tenge

LIBOR — London Interbank Offered Rate

LKR — Sri Lanka Rupee

LLC — Limited Liability Company

LP — Limited Partnership

Ltd. — Limited

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

NGN — Nigerian Naira

PEN — Peruvian Sol

PIK — Payment-in-Kind

PLC — Public Limited Company

RB — Revenue Bond

RUB — Russian Ruble

S&P — Standard & Poor’s

Ser — Series

TBA — To Be Announced

ULC — Unlimited Liability Company

USD — U.S. Dollar

UYU — Uruguayan Peso

VAR — Variable Rate

ZAR — South African Rand

The following is a list of the level of inputs used as of June 30, 2018, in valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in Securities	Level 1		Level 2			Level 3		Total
U.S. Treasury Obligations	$	—	$	449,990		$	—	$	449,990
Corporate Obligations		—		439,582			—		439,582
Mortgage-Backed Securities		—		379,824			—		379,824
Loan Participations		—		169,640			—		169,640
Sovereign Debt		—		148,629			—		148,629
Asset-Backed Securities		—		93,290			—		93,290
U.S. Government Agency Obligations		—		78,531			—		78,531
Municipal Bonds		—		8,322			—		8,322
Commercial Paper		—		4,206			—		4,206
Short-Term Investment		138,658		—			—		138,658
Total Investments in Securities	$	138,658	$	1,772,014		$	—	$	1,910,672
Other Financial Instruments	Level 1		Level 2			Level 3		Total
Futures Contracts**
Unrealized Appreciation	$	2	$	—		$	—	$	2
Forwards Contracts**
Unrealized Appreciation		—		156			—		156
Unrealized Depreciation		—		(110	)		—		(110	)
Total Other Financial Instruments	$	2	$	46		$	—	$	48

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

For the six-months ended June 30, 2018, there were no transfers between Level 2 and Level 1 assets and liabilities. For the six-months ended June 30, 2018, there were no transfers between Level 2 and Level 3 assets and liabilities or Level 1 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

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

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

118

THE KP FUNDS June 30, 2018 (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	$	284,611	$	620,595	$	814,234	$	823,788
Unaffiliated Investments at Cost		112,843		213,483		218,319		156,629
Affiliated Investments at Fair Value	$	300,774	$	667,378	$	890,264	$	914,528
Unaffiliated Investments at Fair Value		113,479		214,334		219,622		158,292
Cash		98		211		269		248
Receivable for Investment Securities Sold		491		542		125		—
Dividends Receivable		69		118		99		52
Receivable for Capital Shares Sold		—		—		—		33
Prepaid Expenses		7		14		17		16
Total Assets		414,918		882,597		1,110,396		1,073,169
Liabilities:
Payable for Capital Shares Redeemed		483		525		104		—
Payable due to Administrator		9		18		23		22
Payable due to Adviser		4		8		8		6
Chief Compliance Officer Fees Payable		1		2		2		2
Payable for Investment Securities Purchased		—		—		—		13
Other Accrued Expenses		21		41		51		48
Total Liabilities		518		594		188		91
Net Assets	$	414,400	$	882,003	$	1,110,208	$	1,073,078
NET ASSETS:
Paid-in Capital	$	384,132	$	805,048	$	995,174	$	942,963
Undistributed Net Investment Income		857		1,551		1,523		1,051
Accumulated Net Realized Gain on Investments		12,612		27,770		36,178		36,661
Net Unrealized Appreciation on Investments		16,799		47,634		77,333		92,403
Net Assets	$	414,400	$	882,003	$	1,110,208	$	1,073,078
Institutional Class Shares:
Net Assets	$	414,400	$	882,003	$	1,110,208	$	1,073,078
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		39,434,113		80,727,866		98,469,038		93,082,438
Net Asset Value, Offering and Redemption Price Per Share*	$	10.51	$	10.93	$	11.27	$	11.53

† 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.

119

THE KP FUNDS June 30, 2018 (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	$	965,137	$	921,328	$	703,413
Unaffiliated Investments at Cost		121,199		78,511		46,176
Affiliated Investments at Fair Value	$	1,084,090	$	1,040,934	$	791,650
Unaffiliated Investments at Fair Value		123,314		80,354		47,291
Cash		250		192		113
Receivable for Investment Securities Sold		167		496		88
Dividends Receivable		19		—		—
Prepaid Expenses		18		17		12
Total Assets		1,207,858		1,121,993		839,154
Liabilities:
Payable for Capital Shares Redeemed		144		476		72
Payable due to Administrator		25		24		18
Payable due to Adviser		4		3		2
Chief Compliance Officer Fees Payable		3		2		2
Other Accrued Expenses		54		49		36
Total Liabilities		230		554		130
Net Assets	$	1,207,628	$	1,121,439	$	839,024
NET ASSETS:
Paid-in Capital	$	1,042,583	$	959,637	$	719,610
Undistributed Net Investment Income		752		421		200
Accumulated Net Realized Gain on Investments		43,225		39,932		29,862
Net Unrealized Appreciation on Investments		121,068		121,449		89,352
Net Assets	$	1,207,628	$	1,121,439	$	839,024
Institutional Class Shares:
Net Assets	$	1,207,628	$	1,121,439	$	839,024
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		102,530,789		93,934,564		69,785,496
Net Asset Value, Offering and Redemption Price Per Share*	$	11.78	$	11.94	$	12.02

† 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.

120

THE KP FUNDS June 30, 2018 (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	$	411,856	$	126,400	$	27,544
Unaffiliated Investments at Cost		24,172		7,262		1,518
Affiliated Investments at Fair Value	$	455,968	$	136,252	$	28,370
Unaffiliated Investments at Fair Value		24,637		7,359		1,533
Cash		59		18		4
Receivable for Investment Securities Sold		133		37		6
Prepaid Expenses		6		2		—
Total Assets		480,803		143,668		29,913
Liabilities:
Payable for Capital Shares Redeemed		124		35		5
Payable due to Administrator		10		3		1
Payable due to Adviser		1		—		—
Chief Compliance Officer Fees Payable		1		—		—
Other Accrued Expenses		20		6		2
Total Liabilities		156		44		8
Net Assets	$	480,647	$	143,624	$	29,905
NET ASSETS:
Paid-in Capital	$	420,055	$	129,512	$	27,731
Undistributed Net Investment Income		91		26		5
Accumulated Net Realized Gain on Investments		15,924		4,137		1,328
Net Unrealized Appreciation on Investments		44,577		9,949		841
Net Assets	$	480,647	$	143,624	$	29,905
Institutional Class Shares:
Net Assets	$	480,647	$	143,624	$	29,905
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		39,610,338		11,817,134		2,466,213
Net Asset Value, Offering and Redemption Price Per Share*	$	12.13	$	12.15	$	12.13

† 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.

121

THE KP FUNDS June 30, 2018 (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	$	1,928,113		$	988,942		$	1,404,818		$	1,944,469
Cost of Foreign Currency		—			—			7,233			1,645
Investments at Fair Value	$	2,325,907		$	1,122,438		$	1,516,915		$	1,910,672
Cash		—			24			—			384
Foreign Currency at Value		—			—			7,240			1,571
Receivable for Investment Securities Sold		5,115			9,074			1,687			35,702
Dividends and Interest Receivable		1,759			865			2,890			10,644
Cash Collateral for Futures Contracts		1,144			242			1,455			40
Reclaims Receivable		177			8			2,391			29
Receivable for Capital Shares Sold		4			57			3			4
Unrealized Appreciation on Foreign Currency Spot Contracts		—			—			1			—
Unrealized Appreciation on Forward Foreign Currency Contracts		—			—			—			156
Prepaid Expenses		3			12			2			2
Total Assets		2,334,109			1,132,720			1,532,584			1,959,204
Liabilities:
Payable for Investment Securities Purchased		1,742			7,984			1,643			213,399
Payable for Capital Shares Redeemed		597			169			371			770
Payable due to Sub-Advisers		394			394			363			260
Payable due to Adviser		87			43			55			62
Payable due to Administrator		73			36			46			52
Chief Compliance Officer Fees Payable		2			1			1			1
Unrealized Depreciation on Foreign Currency Spot Contracts		—			—			1			—
Unrealized Depreciation on Forward Foreign Currency Contracts		—			—			—			110
Accrued Foreign Capital Gains Tax		—			—			498			—
Other Accrued Expenses		144			110			434			159
Total Liabilities		3,039			8,737			3,412			214,813
Net Assets	$	2,331,070		$	1,123,983		$	1,529,172		$	1,744,391
NET ASSETS:
Paid-in Capital	$	1,812,284		$	887,253		$	1,361,309		$	1,768,055
Undistributed Net Investment Income		17,238			3,182			17,076			24,883
Accumulated Net Realized Gain/(Loss) on Investments		104,266			100,187			39,539			(14,709	)
Net Unrealized Appreciation/(Depreciation) on Investments		397,794			133,496			112,097			(33,797	)
Net Unrealized Appreciation/(Depreciation) on Futures Contracts		(512	)		(135	)		(329	)		2
Net Unrealized Depreciation on Forward Contracts and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		—			—			(22	)		(43	)
Accumulated Foreign Capital Gains Tax on Appreciated Securities		—			—			(498	)		—
Net Assets	$	2,331,070		$	1,123,983		$	1,529,172		$	1,744,391
Institutional Class Shares:
Net Assets	$	2,331,070		$	1,123,983		$	1,529,172		$	1,744,391
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		173,990,868			86,958,285			141,184,619			176,908,728
Net Asset Value, Offering and Redemption Price Per Share*	$	13.40		$	12.93		$	10.83		$	9.86

† 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.

122

THE KP FUNDS For the six-months ended June 30, 2018  (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	$	998		$	1,837		$	1,865		$	1,370
Total Investment Income		998			1,837			1,865			1,370
Expenses:
Administration Fees		54			111			137			132
Investment Advisory Fees		26			47			46			33
Trustees’ Fees		5			10			13			12
Chief Compliance Officer Fees		2			4			4			4
Custodian Fees/Transfer Agent Fees		21			43			52			50
Professional Fees		12			24			30			29
Printing Fees		10			21			25			24
Registration Fees		8			20			28			28
Other Fees		3			6			7			7
Total Expenses		141			286			342			319
Net Investment Income		857			1,551			1,523			1,051
Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Gain on Affiliated Investments		6,109			12,384			14,343			13,981
Net Realized Gain/(Loss) on Unaffiliated Investments		460			490			134			(133	)
Net Change in Unrealized Depreciation on Affiliated Investments		(6,345	)		(10,603	)		(9,198	)		(7,010	)
Net Change in Unrealized Depreciation on Unaffiliated Investments		(1,261	)		(1,795	)		(1,313	)		(639	)
Net Realized and Unrealized Gain/(Loss) on Investments		(1,037	)		476			3,966			6,199
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	(180	)	$	2,027		$	5,489		$	7,250

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

123

THE KP FUNDS For the six-months ended June 30, 2018  (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	$	1,100		$	735		$	431
Total Investment Income		1,100			735			431
Expenses:
Administration Fees		148			137			102
Investment Advisory Fees		26			17			10
Trustees’ Fees		14			13			9
Chief Compliance Officer Fees		5			4			3
Custodian Fees/Transfer Agent Fees		56			51			38
Professional Fees		32			30			22
Registration Fees		32			30			23
Printing Fees		27			25			19
Other Fees		8			7			5
Total Expenses		348			314			231
Net Investment Income		752			421			200
Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Gain on Affiliated Investments		16,076			13,855			10,492
Net Realized Loss on Unaffiliated Investments		(220	)		(182	)		(133	)
Net Change in Unrealized Depreciation on Affiliated Investments		(6,692	)		(4,395	)		(3,028	)
Net Change in Unrealized Depreciation on Unaffiliated Investments		(311	)		(112	)		(24	)
Net Realized and Unrealized Gain on Investments		8,853			9,166			7,307
Net Increase in Net Assets Resulting from Operations	$	9,605		$	9,587		$	7,507

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

124

THE KP FUNDS For the six-months ended June 30, 2018  (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	$	220		$	63		$	13
Total Investment Income		220			63			13
Expenses:
Administration Fees		57			16			3
Investment Advisory Fees		5			1			—
Trustees’ Fees		5			1			—
Chief Compliance Officer Fees		2			1			—
Custodian Fees/Transfer Agent Fees		20			5			1
Registration Fees		15			5			2
Professional Fees		12			4			1
Printing Fees		10			3			1
Other Fees		3			1			—
Total Expenses		129			37			8
Net Investment Income		91			26			5
Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Gain on Affiliated Investments		5,298			1,501			894
Net Realized Gain/(Loss) on Unaffiliated Investments		6			(22	)		(6	)
Net Change in Unrealized Depreciation on Affiliated Investments		(1,162	)		(496	)		(737	)
Net Change in Unrealized Appreciation/(Depreciation) on Unaffiliated Investments		(65	)		16			2
Net Realized and Unrealized Gain on Investments		4,077			999			153
Net Increase in Net Assets Resulting from Operations	$	4,168		$	1,025		$	158

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

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

125

THE KP FUNDS For the six-months ended June 30, 2018  (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	$	20,691		$	5,845		$	27,470		$	882
Interest Income		—			—			243			26,499
Less: Foreign Taxes Withheld		(53	)		—			(2,742	)		—
Total Investment Income		20,638			5,845			24,971			27,381
Expenses:
Sub-Advisory Fees		2,293			2,271			2,234			1,550
Investment Advisory Fees		510			245			332			370
Administration Fees		426			204			277			309
Trustees’ Fees		11			5			7			8
Chief Compliance Officer Fees		4			2			2			3
Custodian Fees/Transfer Agent Fees		90			81			330			98
Professional Fees		38			18			25			27
Registration Fees		29			20			3			17
Printing Fees		20			17			14			14
Other Fees		42			22			180			120
Total Expenses		3,463			2,885			3,404			2,516
Net Investment Income		17,175			2,960			21,567			24,865
Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Gain/(Loss) on Investments		103,445			85,563			34,613			(12,656	)
Net Realized Gain on Futures Contracts		666			567			874			—
Net Realized Loss on Forward Contracts and Foreign Currency Transactions		(5	)		—			(174	)		(494	)
Net Change in Unrealized Depreciation on Investments		(45,496	)		(11,971	)		(105,984	)		(42,423	)
Net Change in Unrealized Appreciation/(Depreciation) on Futures Contracts		(736	)		(175	)		(686	)		2
Net Change in Unrealized Appreciation/(Depreciation) on Forward Contracts and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		(3	)		—			(130	)		11
Change in Accrued Foreign Capital Gains Tax on Appreciated Securities		—			—			145			—
Net Realized and Unrealized Gain/(Loss) on Investments		57,871			73,984			(71,342	)		(55,560	)
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	75,046		$	76,944		$	(49,775	)	$	(30,695	)

Amounts designated as “—” are $0 or have been rounded to $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 2015 Fund						KP Retirement Path 2020 Fund
	Six-Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017			Six-Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Operations:
Net Investment Income	$	857		$	8,381		$	1,551		$	16,239
Net Realized Gain on Affiliated and Unaffiliated Investments		6,569			8,608			12,874			13,193
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares		—			6,463			—			15,947
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments		(7,606	)		19,112			(12,398	)		47,610
Net Increase/(Decrease) in Net Assets Resulting from Operations		(180	)		42,564			2,027			92,989
Distributions to Shareholders:
Investment Income		—			(9,790	)		—			(19,678	)
Net Realized Gains		—			(8,432	)		—			(12,841	)
Total Distributions to Shareholders		—			(18,222	)		—			(32,519	)
Capital Share Transactions:
Institutional Shares:
Issued		14,884			20,469			46,171			86,658
Reinvestment of Distributions		—			18,221			—			32,519
Redeemed		(39,991	)		(85,648	)		(43,729	)		(74,224	)
Increase/(Decrease) in Net Assets from Capital Share Transactions		(25,107	)		(46,958	)		2,442			44,953
Total Increase/(Decrease) in Net Assets		(25,287	)		(22,616	)		4,469			105,423
Net Assets:
Beginning of Year or Period		439,687			462,303			877,534			772,111
End of Year or Period	$	414,400		$	439,687		$	882,003		$	877,534
Undistributed Net Investment Income	$	857		$	—		$	1,551		$	—
Share Transactions:
Institutional Shares:
Issued		1,416			1,953			4,227			8,096
Reinvestment of Distributions		—			1,717			—			2,958
Redeemed		(3,811	)		(8,246	)		(4,007	)		(6,980	)
Net Increase/(Decrease) in Shares Outstanding from Share Transactions		(2,395	)		(4,576	)		220			4,074

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

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

127

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, 2018 (Unaudited)			Year Ended December 31, 2017			Six-Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Operations:
Net Investment Income	$	1,523		$	19,026		$	1,051		$	17,696
Net Realized Gain on Affiliated and Unaffiliated Investments		14,477			13,490			13,848			11,967
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares		—			23,833			—			26,504
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments		(10,511	)		71,803			(7,649	)		82,986
Net Increase in Net Assets Resulting from Operations		5,489			128,152			7,250			139,153
Distributions to Shareholders:
Investment Income		—			(24,188	)		—			(23,531	)
Net Realized Gains		—			(13,568	)		—			(13,250	)
Total Distributions to Shareholders		—			(37,756	)		—			(36,781	)
Capital Share Transactions:
Institutional Shares:
Issued		74,580			130,169			82,576			134,916
Reinvestment of Distributions		—			37,756			—			36,781
Redeemed		(31,174	)		(39,741	)		(30,127	)		(34,582	)
Increase in Net Assets from Capital Share Transactions		43,406			128,184			52,449			137,115
Total Increase in Net Assets		48,895			218,580			59,699			239,487
Net Assets:
Beginning of Year or Period		1,061,313			842,733			1,013,379			773,892
End of Year or Period	$	1,110,208		$	1,061,313		$	1,073,078		$	1,013,379
Undistributed Net Investment Income	$	1,523		$	—		$	1,051		$	—
Share Transactions:
Institutional Shares:
Issued		6,614			11,949			7,154			12,265
Reinvestment of Distributions		—			3,339			—			3,187
Redeemed		(2,769	)		(3,653	)		(2,618	)		(3,125	)
Net Increase in Shares Outstanding from Share Transactions		3,845			11,635			4,536			12,327

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 Retirement Path 2035 Fund						KP Retirement Path 2040 Fund
	Six-Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017			Six-Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Operations:
Net Investment Income	$	752		$	19,415		$	421		$	17,539
Net Realized Gain on Affiliated and Unaffiliated Investments		15,856			12,150			13,673			10,915
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares		—			32,964			—			32,319
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments		(7,003	)		105,873			(4,507	)		104,565
Net Increase in Net Assets Resulting from Operations		9,605			170,402			9,587			165,338
Distributions to Shareholders:
Investment Income		—			(26,789	)		—			(24,829	)
Net Realized Gains		—			(14,563	)		—			(13,825	)
Total Distributions to Shareholders		—			(41,352	)		—			(38,654	)
Capital Share Transactions:
Institutional Shares:
Issued		102,431			154,433			100,096			156,449
Reinvestment of Distributions		—			41,352			—			38,654
Redeemed		(37,548	)		(37,597	)		(31,942	)		(40,860	)
Increase in Net Assets from Capital Share Transactions		64,883			158,188			68,154			154,243
Total Increase in Net Assets		74,488			287,238			77,741			280,927
Net Assets:
Beginning of Year or Period		1,133,140			845,902			1,043,698			762,771
End of Year or Period	$	1,207,628		$	1,133,140		$	1,121,439		$	1,043,698
Undistributed Net Investment Income	$	752		$	—		$	421		$	—
Share Transactions:
Institutional Shares:
Issued		8,677			13,876			8,356			13,942
Reinvestment of Distributions		—			3,510			—			3,239
Redeemed		(3,184	)		(3,362	)		(2,667	)		(3,617	)
Net Increase in Shares Outstanding from Share Transactions		5,493			14,024			5,689			13,564

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

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Retirement Path 2045 Fund						KP Retirement Path 2050 Fund
	Six-Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017			Six-Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Operations:
Net Investment Income	$	200		$	12,551		$	91		$	6,761
Net Realized Gain on Affiliated and Unaffiliated Investments		10,359			7,187			5,304			3,475
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares		—			24,702			—			13,651
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments		(3,052	)		78,173			(1,227	)		40,209
Net Increase in Net Assets Resulting from Operations		7,507			122,613			4,168			64,096
Distributions to Shareholders:
Investment Income		—			(18,256	)		—			(9,852	)
Net Realized Gains		—			(9,454	)		—			(4,674	)
Total Distributions to Shareholders		—			(27,710	)		—			(14,526	)
Capital Share Transactions:
Institutional Shares:
Issued		90,578			140,447			76,774			109,506
Reinvestment of Distributions		—			27,710			—			14,527
Redeemed		(25,922	)		(32,035	)		(14,296	)		(17,190	)
Increase in Net Assets from Capital Share Transactions		64,656			136,122			62,478			106,843
Total Increase in Net Assets		72,163			231,025			66,646			156,413
Net Assets:
Beginning of Year or Period		766,861			535,836			414,001			257,588
End of Year or Period	$	839,024		$	766,861		$	480,647		$	414,001
Undistributed Net Investment Income	$	200		$	—		$	91		$	—
Share Transactions:
Institutional Shares:
Issued		7,504			12,444			6,301			9,642
Reinvestment of Distributions		—			2,307			—			1,200
Redeemed		(2,146	)		(2,831	)		(1,173	)		(1,503	)
Net Increase in Shares Outstanding from Share Transactions		5,358			11,920			5,128			9,339

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

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

130

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, 2018 (Unaudited)			Year Ended December 31, 2017			Six-Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Operations:
Net Investment Income	$	26		$	1,824		$	5		$	376
Net Realized Gain on Affiliated and Unaffiliated Investments		1,479			724			888			537
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares		—			3,692			—			753
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments		(480	)		9,433			(735	)		1,279
Net Increase in Net Assets Resulting from Operations		1,025			15,673			158			2,945
Distributions to Shareholders:
Investment Income		—			(2,656	)		—			(544	)
Net Realized Gains		—			(935	)		—			(370	)
Total Distributions to Shareholders		—			(3,591	)		—			(914	)
Capital Share Transactions:
Institutional Shares:
Issued		36,617			47,091			11,577			14,049
Reinvestment of Distributions		—			3,591			—			914
Redeemed		(5,766	)		(5,835	)		(4,815	)		(3,106	)
Increase in Net Assets from Capital Share Transactions		30,851			44,847			6,762			11,857
Total Increase in Net Assets		31,876			56,929			6,920			13,888
Net Assets:
Beginning of Year or Period		111,748			54,819			22,985			9,097
End of Year or Period	$	143,624		$	111,748		$	29,905		$	22,985
Undistributed Net Investment Income	$	26		$	—		$	5		$	—
Share Transactions:
Institutional Shares:
Issued		3,000			4,142			946			1,231
Reinvestment of Distributions		—			296			—			75
Redeemed		(476	)		(509	)		(396	)		(275	)
Net Increase in Shares Outstanding from Share Transactions		2,524			3,929			550			1,031

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

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Large Cap Equity Fund						KP Small Cap Equity Fund
	Six-Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017			Six-Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Operations:
Net Investment Income	$	17,175		$	28,777		$	2,960		$	4,018
Net Realized Gain on Investments and Futures Contracts		104,111			114,879			86,130			103,834
Net Realized Loss on Foreign Currency Transactions		(5	)		(4	)		—			—
Net Change in Unrealized Appreciation/(Depreciation) on Investments and Futures Contracts		(46,232	)		272,695			(12,146	)		55,766
Net Change in Unrealized Appreciation/(Depreciation) on Forward Contracts and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		(3	)		13			—			—
Net Increase in Net Assets Resulting from Operations		75,046			416,360			76,944			163,618
Distributions to Shareholders:
Investment Income		—			(29,727	)		—			(5,537	)
Net Realized Gains		—			(114,518	)		—			(88,899	)
Total Distributions to Shareholders		—			(144,245	)		—			(94,436	)
Capital Share Transactions:
Institutional Shares:
Issued		216,172			556,932			84,968			156,258
Reinvestment of Distributions		—			144,245			—			94,435
Redeemed		(211,065	)		(199,003	)		(113,087	)		(175,532	)
Increase/(Decrease) in Net Assets from Capital Share Transactions		5,107			502,174			(28,119	)		75,161
Total Increase in Net Assets		80,153			774,289			48,825			144,343
Net Assets:
Beginning of Year or Period		2,250,917			1,476,628			1,075,158			930,815
End of Year or Period	$	2,331,070		$	2,250,917		$	1,123,983		$	1,075,158
Undistributed Net Investment Income	$	17,238		$	63		$	3,182		$	222
Share Transactions:
Institutional Shares:
Issued		16,182			46,225			6,808			13,147
Reinvestment of Distributions		—			10,965			—			7,755
Redeemed		(15,551	)		(15,767	)		(8,884	)		(14,823	)
Net Increase/(Decrease) in Shares Outstanding from Share Transactions		631			41,423			(2,076	)		6,079

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

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

132

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP International Equity Fund						KP Fixed Income Fund
	Six-Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017			Six-Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Operations:
Net Investment Income	$	21,567		$	27,299		$	24,865		$	36,544
Net Realized Gain/(Loss) on Investments and Futures Contracts		35,487			58,033			(12,656	)		4,420
Net Realized Gain/(Loss) on Foreign Currency Transactions		(174	)		578			(494	)		(370	)
Net Change in Unrealized Appreciation/(Depreciation) on Investments and Futures Contracts		(106,670	)		246,751			(42,421	)		18,173
Net Change in Unrealized Appreciation/(Depreciation) on Forward Contracts and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		(130	)		243			11			(154	)
Change in Accrued Foreign Capital Gains Tax on Appreciated Securities		145			(401	)		—			—
Net Increase/(Decrease) in Net Assets Resulting from Operations		(49,775	)		332,503			(30,695	)		58,613
Distributions to Shareholders:
Investment Income		—			(33,624	)		—			(37,093	)
Net Realized Gains		—			(6,402	)		—			(461	)
Total Distributions to Shareholders		—			(40,026	)		—			(37,554	)
Capital Share Transactions:
Institutional Shares:
Issued		197,250			262,294			281,872			588,784
Reinvestment of Distributions		—			40,026			—			37,554
Redeemed		(88,271	)		(357,559	)		(88,666	)		(134,858	)
Increase/(Decrease) in Net Assets from Capital Share Transactions		108,979			(55,239	)		193,206			491,480
Total Increase in Net Assets		59,204			237,238			162,511			512,539
Net Assets:
Beginning of Year or Period		1,469,968			1,232,730			1,581,880			1,069,341
End of Year or Period	$	1,529,172		$	1,469,968		$	1,744,391		$	1,581,880
Undistributed/(Distributions in Excess of) Net Investment Income	$	17,076		$	(4,491	)	$	24,883		$	18
Share Transactions:
Institutional Shares:
Issued		17,673			25,765			28,444			58,589
Reinvestment of Distributions		—			3,589			—			3,739
Redeemed		(7,697	)		(36,183	)		(8,970	)		(13,378	)
Net Increase/(Decrease) in Shares Outstanding from Share Transactions		9,976			(6,829	)		19,474			48,950

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

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

133

THE KP FUNDS

FINANCIAL HIGHLIGHTS

For the six-months ended June 30, 2018 (Unaudited) and the year or period ended December 31,

For a share outstanding throughout the periods

	Net Asset Value, Beginning of Year or Period		Net Investment Income†		Net Realized and Unrealized Gain/ (Loss) on Investments			Total from Operations			Distributions from Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value, End of Year or Period		Total Return‡			Net Assets End of Year or Period (000)		Ratio of Expenses to Average Net Assets††			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover‡
KP Retirement Path 2015 Fund* - Institutional Shares
2018#	$	10.51	$	0.02	$	(0.02	)	$	—		$	—		$	—		$	—		$	10.51		0.00	%	$	414,400		0.07	%		0.41	%		10	%
2017	$	9.96	$	0.20	$	0.80		$	1.00		$	(0.24	)	$	(0.21	)	$	(0.45	)	$	10.51		10.03	%	$	439,687		0.07	%		1.89	%		28	%
2016	$	9.76	$	0.17	$	0.34		$	0.51		$	(0.22	)	$	(0.09	)	$	(0.31	)	$	9.96		5.24	%	$	462,303		0.08	%		1.69	%		15	%
2015	$	10.07	$	0.15	$	(0.13	)	$	0.02		$	(0.20	)	$	(0.13	)	$	(0.33	)	$	9.76		0.14	%	$	483,292		0.08	%		1.45	%		24	%
2014@	$	10.00	$	0.18	$	0.20		$	0.38		$	(0.24	)	$	(0.07	)	$	(0.31	)	$	10.07		3.82	%	$	522,066		0.10	%		1.81	%		23	%
KP Retirement Path 2020 Fund* - Institutional Shares
2018#	$	10.90	$	0.02	$	0.01		$	0.03		$	—		$	—		$	—		$	10.93		0.28	%	$	882,003		0.07	%		0.35	%		11	%
2017	$	10.10	$	0.21	$	1.01		$	1.22		$	(0.25	)	$	(0.17	)	$	(0.42	)	$	10.90		12.04	%	$	877,534		0.07	%		1.98	%		25	%
2016	$	9.82	$	0.18	$	0.40		$	0.58		$	(0.21	)	$	(0.09	)	$	(0.30	)	$	10.10		5.92	%	$	772,111		0.08	%		1.79	%		13	%
2015	$	10.11	$	0.16	$	(0.17	)	$	(0.01	)	$	(0.20	)	$	(0.08	)	$	(0.28	)	$	9.82		(0.10	)%	$	707,746		0.07	%		1.56	%		19	%
2014@	$	10.00	$	0.19	$	0.21		$	0.40		$	(0.25	)	$	(0.04	)	$	(0.29	)	$	10.11		3.96	%	$	679,151		0.09	%		1.92	%		11	%
KP Retirement Path 2025 Fund* - Institutional Shares
2018#	$	11.22	$	0.02	$	0.03		$	0.05		$	—		$	—		$	—		$	11.27		0.45	%	$	1,110,208		0.06	%		0.28	%		9	%
2017	$	10.15	$	0.22	$	1.26		$	1.48		$	(0.26	)	$	(0.15	)	$	(0.41	)	$	11.22		14.59	%	$	1,061,313		0.07	%		2.00	%		19	%
2016	$	9.81	$	0.19	$	0.46		$	0.65		$	(0.21	)	$	(0.10	)	$	(0.31	)	$	10.15		6.64	%	$	842,733		0.07	%		1.87	%		10	%
2015	$	10.11	$	0.17	$	(0.21	)	$	(0.04	)	$	(0.21	)	$	(0.05	)	$	(0.26	)	$	9.81		(0.35	)%	$	718,758		0.07	%		1.64	%		12	%
2014@	$	10.00	$	0.20	$	0.20		$	0.40		$	(0.26	)	$	(0.03	)	$	(0.29	)	$	10.11		3.92	%	$	650,003		0.09	%		1.98	%		8	%
KP Retirement Path 2030 Fund* - Institutional Shares
2018#	$	11.44	$	0.01	$	0.08		$	0.09		$	—		$	—		$	—		$	11.53		0.79	%	$	1,073,078		0.06	%		0.20	%		9	%
2017	$	10.15	$	0.22	$	1.50		$	1.72		$	(0.27	)	$	(0.16	)	$	(0.43	)	$	11.44		16.93	%	$	1,013,379		0.07	%		1.98	%		18	%
2016	$	9.76	$	0.19	$	0.52		$	0.71		$	(0.20	)	$	(0.12	)	$	(0.32	)	$	10.15		7.32	%	$	773,892		0.07	%		1.91	%		9	%
2015	$	10.09	$	0.17	$	(0.22	)	$	(0.05	)	$	(0.22	)	$	(0.06	)	$	(0.28	)	$	9.76		(0.52	)%	$	639,173		0.07	%		1.70	%		9	%
2014@	$	10.00	$	0.20	$	0.17		$	0.37		$	(0.26	)	$	(0.02	)	$	(0.28	)	$	10.09		3.78	%	$	580,413		0.08	%		2.02	%		8	%
KP Retirement Path 2035 Fund* - Institutional Shares
2018#	$	11.68	$	0.01	$	0.09		$	0.10		$	—		$	—		$	—		$	11.78		0.86	%	$	1,207,628		0.06	%		0.13	%		8	%
2017	$	10.19	$	0.22	$	1.71		$	1.93		$	(0.28	)	$	(0.16	)	$	(0.44	)	$	11.68		18.93	%	$	1,133,140		0.06	%		1.96	%		16	%
2016	$	9.75	$	0.19	$	0.58		$	0.77		$	(0.20	)	$	(0.13	)	$	(0.33	)	$	10.19		7.91	%	$	845,902		0.07	%		1.89	%		9	%
2015	$	10.10	$	0.18	$	(0.25	)	$	(0.07	)	$	(0.23	)	$	(0.05	)	$	(0.28	)	$	9.75		(0.70	)%	$	691,910		0.06	%		1.71	%		7	%
2014@	$	10.00	$	0.20	$	0.19		$	0.39		$	(0.27	)	$	(0.02	)	$	(0.29	)	$	10.10		3.86	%	$	620,600		0.08	%		2.01	%		7	%

* Commenced operations on January 10, 2014.

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

# For the period ended June 30, 2018. 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.

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

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

134

THE KP FUNDS

FINANCIAL HIGHLIGHTS

For the six-months ended June 30, 2018 (Unaudited) and the year or period ended December 31,

For a share outstanding throughout the periods

	Net Asset Value, Beginning of Year or Period		Net Investment Income†		Net Realized and Unrealized Gain/ (Loss) on Investments			Total from Operations			Distributions from Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value, End of Year or Period		Total Return‡			Net Assets End of Year or Period (000)		Ratio of Expenses to Average Net Assets††			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover‡
KP Retirement Path 2040 Fund* - Institutional Shares
2018#	$	11.83	$	—	$	0.11		$	0.11		$	—		$	—		$	—		$	11.94		0.93	%	$	1,121,439		0.06	%		0.08	%		7	%
2017	$	10.21	$	0.22	$	1.85		$	2.07		$	(0.29	)	$	(0.16	)	$	(0.45	)	$	11.83		20.28	%	$	1,043,698		0.06	%		1.94	%		15	%
2016	$	9.75	$	0.18	$	0.61		$	0.79		$	(0.19	)	$	(0.14	)	$	(0.33	)	$	10.21		8.14	%	$	762,771		0.07	%		1.86	%		8	%
2015	$	10.10	$	0.17	$	(0.25	)	$	(0.08	)	$	(0.22	)	$	(0.05	)	$	(0.27	)	$	9.75		(0.73	)%	$	611,633		0.06	%		1.68	%		7	%
2014@	$	10.00	$	0.20	$	0.20		$	0.40		$	(0.27	)	$	(0.03	)	$	(0.30	)	$	10.10		3.91	%	$	543,274		0.08	%		2.02	%		8	%
KP Retirement Path 2045 Fund* - Institutional Shares
2018#	$	11.90	$	—	$	0.12		$	0.12		$	—		$	—		$	—		$	12.02		1.01	%	$	839,024		0.06	%		0.05	%		7	%
2017	$	10.20	$	0.22	$	1.92		$	2.14		$	(0.29	)	$	(0.15	)	$	(0.44	)	$	11.90		21.00	%	$	766,861		0.06	%		1.93	%		14	%
2016	$	9.74	$	0.19	$	0.60		$	0.79		$	(0.18	)	$	(0.15	)	$	(0.33	)	$	10.20		8.15	%	$	535,836		0.07	%		1.89	%		9	%
2015	$	10.09	$	0.18	$	(0.25	)	$	(0.07	)	$	(0.22	)	$	(0.06	)	$	(0.28	)	$	9.74		(0.66	)%	$	413,485		0.06	%		1.71	%		9	%
2014@	$	10.00	$	0.21	$	0.17		$	0.38		$	(0.27	)	$	(0.02	)	$	(0.29	)	$	10.09		3.76	%	$	354,753		0.08	%		2.06	%		8	%
KP Retirement Path 2050 Fund* - Institutional Shares
2018#	$	12.01	$	—	$	0.12		$	0.12		$	—		$	—		$	—		$	12.13		1.00	%	$	480,647		0.06	%		0.04	%		7	%
2017	$	10.24	$	0.23	$	1.97		$	2.20		$	(0.29	)	$	(0.14	)	$	(0.43	)	$	12.01		21.52	%	$	414,001		0.06	%		2.02	%		13	%
2016	$	9.75	$	0.20	$	0.60		$	0.80		$	(0.18	)	$	(0.13	)	$	(0.31	)	$	10.24		8.25	%	$	257,588		0.07	%		1.98	%		10	%
2015	$	10.09	$	0.19	$	(0.26	)	$	(0.07	)	$	(0.22	)	$	(0.05	)	$	(0.27	)	$	9.75		(0.70	)%	$	172,257		0.06	%		1.82	%		9	%
2014@	$	10.00	$	0.22	$	0.16		$	0.38		$	(0.27	)	$	(0.02	)	$	(0.29	)	$	10.09		3.76	%	$	124,388		0.08	%		2.19	%		10	%
KP Retirement Path 2055 Fund* - Institutional Shares
2018#	$	12.03	$	—	$	0.12		$	0.12		$	—		$	—		$	—		$	12.15		1.00	%	$	143,624		0.06	%		0.04	%		8	%
2017	$	10.22	$	0.26	$	1.94		$	2.20		$	(0.29	)	$	(0.10	)	$	(0.39	)	$	12.03		21.59	%	$	111,748		0.06	%		2.24	%		15	%
2016	$	9.70	$	0.22	$	0.58		$	0.80		$	(0.18	)	$	(0.10	)	$	(0.28	)	$	10.22		8.28	%	$	54,819		0.07	%		2.26	%		16	%
2015	$	10.07	$	0.23	$	(0.30	)	$	(0.07	)	$	(0.21	)	$	(0.09	)	$	(0.30	)	$	9.70		(0.66	)%	$	27,088		0.06	%		2.19	%		21	%
2014@	$	10.00	$	0.24	$	0.15		$	0.39		$	(0.27	)	$	(0.05	)	$	(0.32	)	$	10.07		3.81	%	$	12,658		0.10	%		2.44	%		28	%
KP Retirement Path 2060 Fund* - Institutional Shares
2018#	$	12.00	$	—	$	0.13		$	0.13		$	—		$	—		$	—		$	12.13		1.08	%	$	29,905		0.06	%		0.04	%		22	%
2017	$	10.27	$	0.28	$	1.94		$	2.22		$	(0.29	)	$	(0.20	)	$	(0.49	)	$	12.00		21.66	%	$	22,985		0.07	%		2.43	%		27	%
2016	$	9.78	$	0.21	$	0.59		$	0.80		$	(0.18	)	$	(0.13	)	$	(0.31	)	$	10.27		8.18	%	$	9,097		0.07	%		2.10	%		51	%
2015	$	10.12	$	0.22	$	(0.28	)	$	(0.06	)	$	(0.22	)	$	(0.06	)	$	(0.28	)	$	9.78		(0.60	)%	$	5,748		0.06	%		2.09	%		100	%
2014@	$	10.00	$	0.20	$	0.19	^	$	0.39		$	(0.27	)	$	—		$	(0.27	)	$	10.12		3.92	%	$	2,452		0.15	%		1.98	%		340	%

* Commenced operations on January 10, 2014.

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

# For the period ended June 30, 2018. 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.

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

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

135

THE KP FUNDS

FINANCIAL HIGHLIGHTS

For the six-months ended June 30, 2018 (Unaudited) and the year or period ended December 31,

For a share outstanding throughout the periods

	Net Asset Value, Beginning of Year or Period		Net Investment Income†		Net Realized and Unrealized Gain/ (Loss) on Investments			Total from Operations			Distributions from Investment Income			Distributions from Net Realized Capital Gains			Return of Capital			Total Distributions			Net Asset Value, End of Year or Period		Total Return‡			Net Assets End of Year or Period (000)		Ratio of Expenses to Average Net Assets††			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover‡
KP Large Cap Equity Fund* - Institutional Shares
2018#	$	12.98	$	0.10	$	0.32		$	0.42		$	—		$	—		$	—		$	—		$	13.40		3.24	%	$	2,331,070		0.30	%		1.50	%		27	%
2017	$	11.19	$	0.18	$	2.49		$	2.67		$	(0.17	)	$	(0.71	)	$	—		$	(0.88	)	$	12.98		23.84	%	$	2,250,917		0.31	%		1.47	%		41	%
2016	$	10.56	$	0.18	$	0.88		$	1.06		$	(0.17	)	$	(0.26	)	$	—		$	(0.43	)	$	11.19		10.04	%	$	1,476,628		0.34	%		1.65	%		50	%
2015	$	10.82	$	0.15	$	0.17		$	0.32		$	(0.15	)	$	(0.43	)	$	—		$	(0.58	)	$	10.56		2.91	%	$	1,239,696		0.35	%		1.38	%		126	%
2014@	$	10.00	$	0.16	$	0.96		$	1.12		$	(0.15	)	$	(0.15	)	$	—		$	(0.30	)	$	10.82		11.21	%	$	1,142,880		0.35	%		1.62	%		126	%
KP Small Cap Equity Fund* - Institutional Shares
2018#	$	12.08	$	0.03	$	0.82		$	0.85		$	—		$	—		$	—		$	—		$	12.93		7.04	%	$	1,123,983		0.53	%		0.54	%		44	%
2017	$	11.22	$	0.05	$	1.97		$	2.02		$	(0.06	)	$	(1.10	)	$	—		$	(1.16	)	$	12.08		17.95	%	$	1,075,158		0.53	%		0.41	%		100	%
2016	$	9.55	$	0.08	$	1.68		$	1.76		$	(0.09	)	$	—		$	—		$	(0.09	)	$	11.22		18.38	%	$	930,815		0.53	%		0.86	%		91	%
2015	$	10.32	$	0.07	$	(0.55	)	$	(0.48	)	$	(0.07	)	$	(0.22	)	$	—	(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
2018#	$	11.20	$	0.16	$	(0.53	)	$	(0.37	)	$	—		$	—		$	—		$	—		$	10.83		(3.30	)%	$	1,529,172		0.46	%		2.89	%		13	%
2017	$	8.93	$	0.21	$	2.37		$	2.58		$	(0.26	)	$	(0.05	)	$	—		$	(0.31	)	$	11.20		28.95	%	$	1,469,968		0.49	%		2.06	%		125	%
2016	$	8.84	$	0.20	$	0.07		$	0.27		$	(0.18	)	$	—		$	—		$	(0.18	)	$	8.93		3.03	%	$	1,232,730		0.49	%		2.22	%		23	%
2015	$	9.30	$	0.20	$	(0.46	)	$	(0.26	)	$	(0.19	)	$	—		$	(0.01	)	$	(0.20	)	$	8.84		(2.79	)%	$	1,026,913		0.50	%		2.13	%		21	%
2014@	$	10.00	$	0.26	$	(0.64	)	$	(0.38	)	$	(0.22	)	$	(0.08	)	$	(0.02	)	$	(0.32	)	$	9.30		(3.83	)%	$	940,105		0.54	%		2.61	%		115	%
KP Fixed Income Fund* - Institutional Shares
2018#	$	10.05	$	0.15	$	(0.34	)	$	(0.19	)	$	—		$	—		$	—		$	—		$	9.86		(1.89	)%	$	1,744,391		0.30	%		2.99	%		233	%
2017	$	9.86	$	0.27	$	0.16		$	0.43		$	(0.24	)	$	—		$	—		$	(0.24	)	$	10.05		4.41	%	$	1,581,880		0.31	%		2.63	%		547	%
2016	$	9.79	$	0.24	$	0.16		$	0.40		$	(0.23	)	$	(0.10	)	$	—		$	(0.33	)	$	9.86		4.08	%	$	1,069,341		0.32	%		2.37	%		484	%
2015	$	10.00	$	0.21	$	(0.16	)	$	0.05		$	(0.21	)	$	(0.05	)	$	—	(1)	$	(0.26	)	$	9.79		0.57	%	$	920,322		0.34	%		2.10	%		533	%
2014@	$	10.00	$	0.20	$	0.07		$	0.27		$	(0.18	)	$	(0.09	)	$	—		$	(0.27	)	$	10.00		2.68	%	$	825,908		0.36	%		1.99	%		496	%

* Commenced operations on January 10, 2014.

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

# For the period ended June 30, 2018. 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.

⁽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.

136

THE KP FUNDS June 30, 2018 (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 LLC serves as the Funds’ investment adviser (the “Adviser”). The Adviser has engaged a number of sub-advisers (the “Sub-Advisers”) to manage a portion of the Asset Class Funds’ assets. On September 3, 2013, the Trust was seeded with an issuance of 10,000 shares of the Institutional Class Shares of the KP Fixed Income Fund at an aggregate purchase price of $100,000. The Funds commenced operations on January 10, 2014.

2. Significant Accounting Policies

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

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

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

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

137

THE KP FUNDS June 30, 2018 (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, 2018, KP Large Cap Equity, KP International Equity and KP Fixed Income Funds had securities valued in accordance with fair value procedures. Refer to the schedule of investments for further details.

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

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

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

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

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

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

• 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).

138

THE KP FUNDS June 30, 2018 (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, 2018, 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 cap gains for $498 (000), please refer to the Statement of Assets and Liabilities.

As of and during the six-months ended June 30, 2018, 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, 2018 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 year are presented on the Statements of Operations. As of and during the six-months ended June 30, 2018, KP Fixed Income Fund held forward foreign currency contracts.

139

THE KP FUNDS June 30, 2018 (Unaudited)

For the six-months ended June 30, 2018, the average balances of forward foreign currency exchange contracts were as follows (000):

	KP Fixed Income Fund
Average Monthly Notional Contracts Purchased	$	6,077
Average Monthly Notional Contracts Sold		(2,322	)

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, 2018, if applicable.

For the six-months ended June 30, 2018, the average balances of futures contracts were as follows (000):

	KP Large Cap Equity Fund		KP Small Cap Equity Fund		KP International Equity Fund		KP Fixed Income Fund
Average Monthly Notional Value Balance Long	$	20,638	$	5,353	$	16,607	$	—
Average Monthly Notional Value Balance Short		—		—		—		(1,403	)

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, 2018, if applicable.

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THE KP FUNDS June 30, 2018 (Unaudited)

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

As of June 30, 2018, there were no securities pledged as collateral for financial derivative instruments as governed by ISDA master agreements.

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged for the KP Fixed Income Fund as of June 30, 2018 (000):

KP Fixed Income Fund

	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†
Brown Brothers Harriman	$	4	$	4	$	(64	)	$	(64	)	$	(60	)	$	—	$	(60	)
BNP Paribas		21		21		(2	)		(2	)		19			—		19
Citi		8		8		—			—			8			—		8
HSBC		38		38		(44	)		(44	)		(6	)		—		(6	)
State Street		85		85		—			—			85			—		85
Total over the counter	$	156	$	156	$	(110	)	$	(110	)

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

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

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

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THE KP FUNDS June 30, 2018 (Unaudited)

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, 2018, the Funds were charged as follows for these services (000):

Fund	Administration Fee		Fund	Administration Fee
KP Retirement Path 2015 Fund	$	54	KP Retirement Path 2050 Fund	$	57
KP Retirement Path 2020 Fund	$	111	KP Retirement Path 2055 Fund	$	16
KP Retirement Path 2025 Fund	$	137	KP Retirement Path 2060 Fund	$	3
KP Retirement Path 2030 Fund	$	132	KP Large Cap Equity Fund	$	426
KP Retirement Path 2035 Fund	$	148	KP Small Cap Equity Fund	$	204
KP Retirement Path 2040 Fund	$	137	KP International Equity Fund	$	277
KP Retirement Path 2045 Fund	$	102	KP Fixed Income Fund	$	309

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.

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.

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THE KP FUNDS June 30, 2018 (Unaudited)

The “Fund Asset Base” equals the Core Funds Asset Base (defined below) plus the Target Date Funds Asset Base (defined below). The “Core Funds Asset Base” equals the sum of the net assets of each Core Fund. The “Target Date Funds Asset Base” equals the sum of the net assets of each Target Date Fund invested in investment companies to which the Adviser does not serve as investment adviser. The Fund Asset Base will be estimated daily and 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, 2018, 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.
	William Blair Investment Management, LLC
KP Small Cap Equity Fund	KP Fixed Income Fund
Aristotle Capital Boston, LLC	Credit Suisse Asset Management, LLC
CastleArk Management, LLC	Loomis, Sayles & Company, L.P.
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, 2018, 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	$	41,622	$	66,042
KP Retirement Path 2020 Fund		99,848		96,192
KP Retirement Path 2025 Fund		142,191		97,646
KP Retirement Path 2030 Fund		143,890		90,704
KP Retirement Path 2035 Fund		164,938		99,588
KP Retirement Path 2040 Fund		149,495		81,129
KP Retirement Path 2045 Fund		123,368		58,637
KP Retirement Path 2050 Fund		94,061		31,559
KP Retirement Path 2055 Fund		41,609		10,753
KP Retirement Path 2060 Fund		12,645		5,882
KP Large Cap Equity Fund		629,197		613,753
KP Small Cap Equity Fund		463,937		492,484
KP International Equity Fund		326,401		193,444
KP Fixed Income Fund		543,842		456,688

In addition, KP Fixed Income Fund had purchases and sales of long-term U.S. Government securities of $3,189,808 (000) and $3,053,622 (000), respectively.

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THE KP FUNDS June 30, 2018 (Unaudited)

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, 2017 and December 31, 2016 were as follows (000):

	Year		Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
KP Retirement Path 2015 Fund		2017	$	9,850	$	8,372		$—	$	18,222
		2016		10,031		4,189		—		14,220
KP Retirement Path 2020 Fund		2017		19,759		12,760		—		32,519
		2016		16,016		6,468		—		22,484
KP Retirement Path 2025 Fund		2017		24,305		13,451		—		37,756
		2016		16,914		8,169		—		25,083
KP Retirement Path 2030 Fund		2017		23,651		13,130		—		36,781
		2016		15,070		8,780		—		23,850
KP Retirement Path 2035 Fund		2017		26,847		14,505		—		41,352
		2016		15,839		10,598		—		26,437
KP Retirement Path 2040 Fund		2017		24,877		13,777		—		38,654
		2016		13,607		10,261		—		23,868
KP Retirement Path 2045 Fund		2017		18,295		9,415		—		27,710
		2016		9,281		7,428		—		16,709
KP Retirement Path 2050 Fund		2017		9,875		4,651		—		14,526
		2016		4,402		3,097		—		7,499
KP Retirement Path 2055 Fund		2017		2,677		914		—		3,591
		2016		946		470		—		1,416
KP Retirement Path 2060 Fund		2017		556		358		—		914
		2016		162		94		—		256
KP Large Cap Equity Fund		2017		45,798		98,447		—		144,245
		2016		22,452		32,941		—		55,393
KP Small Cap Equity Fund		2017		37,010		57,426		—		94,436
		2016		7,022		—		—		7,022
KP International Equity Fund		2017		35,737		4,289		—		40,026
		2016		23,849		—		—		23,849
KP Fixed Income Fund		2017		37,108		446		—		37,554
		2016		34,544		115		—		34,659

As of December 31, 2017, the components of distributable earnings/(accumulated losses) on a tax basis were as follows (000):

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Post October Losses			Late-Year Loss Deferral			Unrealized Appreciation		Other Temporary Differences			Total Distributable Earnings
KP Retirement Path 2015 Fund	$	—	$	8,086	$	—		$	—		$	22,360	$	2		$	30,448
KP Retirement Path 2020 Fund		—		17,850		—			—			57,078		—			74,928
KP Retirement Path 2025 Fund		—		24,365		—			—			85,177		3			109,545
KP Retirement Path 2030 Fund		—		25,491		—			—			97,373		1			122,865
KP Retirement Path 2035 Fund		—		30,293		—			—			125,147		—			155,440
KP Retirement Path 2040 Fund		—		28,916		—			—			123,299		—			152,215
KP Retirement Path 2045 Fund		—		21,871		—			—			90,035		1			111,907
KP Retirement Path 2050 Fund		—		11,837		—			—			44,587		—			56,424
KP Retirement Path 2055 Fund		—		3,179		—			—			9,910		(2	)		13,087
KP Retirement Path 2060 Fund		—		656		—			—			1,359		1			2,016
KP Large Cap Equity Fund		2,665		15,128		—			—			425,946		1			443,740
KP Small Cap Equity Fund		7,936		15,733		—			—			136,117		—			159,786
KP International Equity Fund		6,459		25,535		—			—			185,646		(2	)		217,638
KP Fixed Income Fund		—		—		(219	)		(68	)		7,232		86			7,031

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THE KP FUNDS June 30, 2018 (Unaudited)

Post-October losses represent losses realized on investment transactions from November 1, 2017 through December 31, 2017, 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. During the year ended December 31, 2017, the KP International Equity Fund utilized $21,564 of capital loss carryforwards to offset capital gains.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments for Federal income tax purposes at June 30, 2018, were as follows (000):

	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
KP Retirement Path 2015 Fund	$	399,499	$	21,006	$	(6,252	)	$	14,754
KP Retirement Path 2020 Fund		837,032		55,639		(10,959	)		44,680
KP Retirement Path 2025 Fund		1,035,220		85,376		(10,710	)		74,666
KP Retirement Path 2030 Fund		983,096		98,426		(8,702	)		89,724
KP Retirement Path 2035 Fund		1,089,260		126,194		(8,050	)		118,144
KP Retirement Path 2040 Fund		1,002,496		125,127		(6,335	)		118,792
KP Retirement Path 2045 Fund		751,958		91,627		(4,644	)		86,983
KP Retirement Path 2050 Fund		437,246		45,774		(2,415	)		43,359
KP Retirement Path 2055 Fund		134,181		10,271		(841	)		9,430
KP Retirement Path 2060 Fund		29,279		904		(280	)		624
KP Large Cap Equity Fund		1,945,459		445,749		(65,301	)		380,448
KP Small Cap Equity Fund		998,292		176,985		(52,839	)		124,146
KP International Equity Fund		1,437,075		183,753		(103,913	)		79,840
KP Fixed Income Fund		1,945,809		3,281		(38,418	)		(35,137	)

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.

Credit-Linked Notes Risk — Credit-linked securities typically are issued by a limited purpose trust or other vehicle that, in turn, invests in a derivative instrument or basket of derivative instruments, such as credit default swaps or interest rate swaps, to obtain exposure to certain fixed-income markets or to remain fully invested when more traditional income producing seucirites are not available. Like an investment in a bond, an investment in credit-linked notes represents the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the seucirity. However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential obligations to, the counterparties to certain derivative instruments entered into by the issuer of the credit-linked note. An investor holding a credit-linked note generally receives a fixed or floating coupon and the note’s par value upon maturity, unless the referenced creditor defaults or declares bankruptcy, in which case the investor receives the amount recovered. In effect, investors holding credit-linked notes receive a higher yield in exchange for assuming the risk of a specified credit event.

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.

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THE KP FUNDS June 30, 2018 (Unaudited)

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.

9. Other:

At June 30, 2018, 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		5		77%		—		0%
KP Small Cap Equity Fund		3		34%		1		37%
KP International Equity Fund		5		79%		—		0%
KP Fixed Income Fund		6		89%		—		0%

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THE KP FUNDS June 30, 2018 (Unaudited)

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.

147

THE KP FUNDS June 30, 2018

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, 2018 and held for the six-month period ended June 30, 2018.

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

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

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

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

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

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THE KP FUNDS June 30, 2018

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

	Beginning Account Value 1/1/2018		Ending Account Value 6/30/2018		Annualized Expense Ratios			Expenses Paid During Period*
KP Retirement Path 2015 Fund
Actual Fund Return	$	1,000.00	$	1,000.00		0.07	%	$	0.35
Hypothetical 5% Return	$	1,000.00	$	1,024.45		0.07	%	$	0.35
KP Retirement Path 2020 Fund
Actual Fund Return	$	1,000.00	$	1,002.80		0.07	%	$	0.35
Hypothetical 5% Return	$	1,000.00	$	1,024.45		0.07	%	$	0.35
KP Retirement Path 2025 Fund
Actual Fund Return	$	1,000.00	$	1,004.50		0.06	%	$	0.30
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2030 Fund
Actual Fund Return	$	1,000.00	$	1,007.90		0.06	%	$	0.30
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2035 Fund
Actual Fund Return	$	1,000.00	$	1,008.60		0.06	%	$	0.30
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2040 Fund
Actual Fund Return	$	1,000.00	$	1,009.30		0.06	%	$	0.30
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2045 Fund
Actual Fund Return	$	1,000.00	$	1,010.10		0.06	%	$	0.30
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30

	Beginning Account Value 1/1/2018		Ending Account Value 6/30/2018		Annualized Expense Ratios			Expenses Paid During Period*
KP Retirement Path 2050 Fund
Actual Fund Return	$	1,000.00	$	1,010.00		0.06	%	$	0.30
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2055 Fund
Actual Fund Return	$	1,000.00	$	1,010.00		0.06	%	$	0.30
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Retirement Path 2060 Fund
Actual Fund Return	$	1,000.00	$	1,010.80		0.06	%	$	0.30
Hypothetical 5% Return	$	1,000.00	$	1,024.50		0.06	%	$	0.30
KP Large Cap Equity Fund
Actual Fund Return	$	1,000.00	$	1,032.40		0.30	%	$	1.51
Hypothetical 5% Return	$	1,000.00	$	1,023.31		0.30	%	$	1.51
KP Small Cap Equity Fund
Actual Fund Return	$	1,000.00	$	1,070.40		0.53	%	$	2.72
Hypothetical 5% Return	$	1,000.00	$	1,022.17		0.53	%	$	2.66
KP International Equity Fund
Actual Fund Return	$	1,000.00	$	967.00		0.46	%	$	2.24
Hypothetical 5% Return	$	1,000.00	$	1,022.51		0.46	%	$	2.31
KP Fixed Income Fund
Actual Fund Return	$	1,000.00	$	981.10		0.30	%	$	1.47
Hypothetical 5% Return	$	1,000.00	$	1,023.31		0.30	%	$	1.51

* 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).

149

THE KP FUNDS June 30, 2018

APPROVAL OF SUB-ADVISORY AGREEMENT (Unaudited)

KP Fixed Income Fund

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

A Board meeting was held on February 28, 2018 to decide whether to renew the sub-advisory agreement between the Adviser and Credit Suisse Asset Management, LLC (the “Sub-Adviser”) on behalf of the KP Fixed Income Fund (the “Agreement”) for an additional one-year term. In preparation for the meeting, the Trustees requested that the Sub-Adviser furnish information necessary to evaluate the terms of the Agreement. Prior to the meeting, the Independent Trustees of the Fund met to review and discuss the information provided and submitted a request for additional information to the Sub-Adviser, and information was provided in response to this request. The Trustees used this information, as well as other information that the Sub-Adviser and other service providers of the Fund presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreement for an additional year.

Specifically, the Board requested and received written materials from the Sub-Adviser and other service providers of the Fund regarding: (i) the nature, extent and quality of the Sub-Adviser’s services; (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 advisory fee paid to the Sub-Adviser and overall fees and operating expenses compared with a peer group of mutual funds; (vi) the level of the Sub-Adviser’s profitability from its relationship with the Fund, including both direct and indirect benefits accruing to the Sub-Adviser and its affiliates; (vii) the Sub-Adviser’s potential economies of scale; (viii) the Sub-Adviser’s compliance program, including a description of material compliance matters and material compliance violations; (ix) the Sub-Adviser’s policies on and compliance procedures for personal securities transactions; and (x) the Fund’s performance attributable to the Sub-Adviser and overall performance compared with a peer group of mutual funds and the Fund’s benchmark index.

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

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

In considering the nature, extent and quality of the services provided by the Sub-Adviser, the Board reviewed the portfolio management services 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 Agreement. The Trustees also reviewed the Sub-Adviser’s investment and risk management approaches for the Fund. The Trustees considered that the Adviser supervises and monitors the performance of the Sub-Adviser. The most recent investment adviser registration form (“Form ADV”) for the Sub-Adviser was available 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 provided by the Sub-Adviser to the Fund.

The Trustees also considered other services 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

150

THE KP FUNDS June 30, 2018

APPROVAL OF SUB-ADVISORY AGREEMENT (Unaudited) (Continued)

compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Fund by the Sub-Adviser were sufficient to support renewal of the Agreement.

Investment Performance of the Fund and the Sub-Adviser

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

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

In considering the advisory fee payable by the Fund to the Sub-Adviser, the Trustees reviewed, among other things, a report of the advisory fee paid to the Sub-Adviser. The Trustees also reviewed reports prepared by the Fund’s administrator comparing the Fund’s net and gross expense ratios and advisory fee to those paid by a peer group of mutual funds as classified by Lipper. The Trustees reviewed 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 reflected 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 rendered by the Sub-Adviser.

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

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

Renewal 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 payable thereunder, were fair and reasonable and agreed to renew the Agreement for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

151

The KP Funds

Investment Adviser

Callan LLC

600 Montgomery Street, Suite 800

San Francisco, CA 94111

Administrator

SEI Investments

Global Funds Services

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Distributor

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Legal Counsel

Morgan, Lewis & Bockius LLP

1701 Market Street

Philadelphia, Pennsylvania 19103-2921

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

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

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

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

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

KPF-SA-001-0500

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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Items 13. 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, 2018

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, 2018

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

Date: September 6, 2018