UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-22838
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: (855)457-3637
Date of fiscal year end: December 31, 2018
Date of reporting period: December 31, 2018
| Item 1. | Reports to Stockholders. |
A copy of the report transmitted to stockholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (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
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary, or, if you are a direct investor, by calling1-855-457-3637.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling1-855-457-3637. Your election to receive reports in paper will apply to all funds held with your financial intermediary if you invest through a financial intermediary or all KP Funds if you invest directly with the Funds.
Annual Report
December 31, 2018
| THE KP FUNDS | December 31, 2018 |
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The Funds file their complete schedules of investments with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on FormN-Q within sixty days after period end. The Funds’ FormsN-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 calling1-800-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 recent12-month period ended June 30, is available (i) without charge, upon request, by calling855-457-3637 (855-4KPFNDS); and (ii) on the Commission’s website at http://www.sec.gov.
| THE KP FUNDS | December 31, 2018 |
2018 saw a resurgence of volatility in the global equity markets with all major equity markets finishing in negative territory for the year. Large Cap U.S. stocks (as measured by the Russell 1000 Index) were down 4.78% for the year.Non-U.S. equity markets (as measured by the MSCI ACWIex-US IMI Equity Index) fared even worse, posting a return of-14.76% for the year. The U.S. fixed income market was essentially flat for the year with the Bloomberg Barclays U.S. Aggregate Bond Index returning just 0.01%. U.S. listed real estate (as measured by the MSCI US REIT Index) returned-4.57% for the year, while Commodities (as measured by the Bloomberg Commodity Total Return Index) fell-11.25%.
In the face of this difficult market environment the returns for the KP Retirement Path Funds fell in a range between-2.65% for the 2015 Fund (low equity exposure) to-7.68% for the 2055 Fund (high equity exposure). The Funds generally outperformed their strategic benchmarks for the year, with the exception of the 2015 Fund (which trailed its benchmark by 0.08%). Since their inception (in January of 2014), all of the Funds have outperformed their strategic benchmarks by between 0.11% and 0.20% (annualized,net-of-fees).
In general we have been pleased with the performance of the 21 different investment management organizations that are responsible for the management of the 30 separate strategies that make up the KP Retirement Path Funds. We are also pleased with the operational infrastructure that supports the Funds which has become increasingly efficient every year. Overall, we continue to believe that the KP Retirement Path Funds are well-designed to meet the retirement savings needs of participants in Kaiser Permanente sponsored defined contribution plans.
Respectfully Submitted,
 |  |  | ||
Gregory C. Allen Portfolio Manager CEO, President, Chief Research Officer | Ivan S. Cliff, CFA Portfolio Manager Director of Research | Mark Andersen Portfolio Manager Senior Vice President | ||
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth less than their original cost and current performance may be lower than the performance quoted. Returns greater than one year are average annual total returns. For performance data current to the most recent month end, please call855-4-KPFNDS.
1
| THE KP FUNDS | December 31, 2018 |
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Performance for the KP Retirement Path Funds for Fiscal Year 2018 was negative across the board on an absolute basis; however, relative to the Funds’ strategic benchmarks, almost all of the Funds outperformed with the exception of the KP Retirement Path 2015 Fund. In order to better understand the sources of outperformance for the year, it is helpful to review the design of the Funds.
Each of the KP Retirement Path Funds is itself a“fund-of-funds”. This means that each of the Funds is composed of a collection ofsub-funds, each with a specific purpose that contributes to the overall design. At the highest level thesesub-funds can be grouped into six major categories which include: large cap US equities, small cap US equities, international equities, broad fixed income, real (or inflation sensitive) assets, and short-term fixed income. Each of the KP Retirement Path Funds varies its exposure to these asset categories over time to ensure that it is achieving the appropriate balance of capital appreciation, current income, inflation protection, and capital preservation. The 2060 Fund, for example, is primarily invested in large cap US equity, small cap US equity, and international equity. The 2015 Fund, on the other hand, has a much greater emphasis on broad fixed income, real assets, and short-term fixed income.
The performance of each Fund is compared to its own strategic benchmark. The strategic benchmarks are designed to reflect the target asset allocation for each Fund, while also assuming that each of the underlying asset classes is implemented using a passive index. While Management makes extensive use of passive strategies in the Funds’ implementation to keep costs low, we also employ a number of active strategies in our pursuit of adding value relative to the strategic benchmarks. Management does not attempt to add value by trying to time markets using tactical asset allocation. As a result, most of the relative performance of the Funds versus their strategic benchmarks can be explained by the relative performance of the strategies within each of the six underlying asset classes. Given this understanding, we can now put the relative performance of the KP Retirement Path Funds into perspective by examining the relative performance of each of the underlying asset classes.
The KP Retirement Path Funds achieve their large cap US equity exposure through the use of the KP Large Cap Equity Fund. This Fund is benchmarked to the Russell 1000 Index. The Fund employs five strategies including: a passive S&P 500 Index strategy; an active large cap growth strategy; an active large cap value strategy; and two active large cap blend strategies. The Fund returned-4.82% for the year versus-4.78% for the benchmark. This slight underperformance of-0.04% at the Fund level was largely explained by the outperformance of the active large cap growth strategy offset by the underperformance of the other active strategies. The large cap growth strategy beat its benchmark for the year by 6.33% while the other active strategies trailed their benchmarks by between1.09%-3.13%. Large cap is a significant part of the asset allocation for all of the KP Retirement Path Funds, but since the Fund was very close to the benchmark over the year, its impact was relatively neutral across the entire fund family versus the benchmark.
The KP Retirement Path Funds achieve their small cap US equity exposure through the use of the KP Small Cap Equity Fund. This Fund is benchmarked to the Russell 2000 Index. The Fund employs seven strategies including a passive S&P 600 Index strategy, two active small cap growth strategies, two active small cap value strategies, and two active small cap blend strategies. The Fund returned-9.30% for the year versus-11.01% for the benchmark. The outperformance of 1.71% was largely explained by the outperformance of the active growth strategies, which outweighed the underperformance of the active small cap blend strategies. The growth strategies beat their benchmarks by a range of 6.02% and 12.58% respectively, while the blend strategies underperformed by 3.51% and 7.45%. Small cap is a relatively small part of the asset allocation for the KP Retirement Path Funds, but in combination with the relatively large outperformance versus its index, this contributed to the outperformance across the fund family.
The KP Retirement Path Funds achieve their international equity exposure through the use of the KP International Equity Fund. This Fund is benchmarked to the MSCI ACWIex-US IMI Index. The Fund employs seven strategies including two passive strategies: MSCI Worldex-US and MSCI Worldex-US Small Cap Index strategies. The Fund also employs five active strategies including two active MSCI EAFE strategies, an active MSCI ACWIex-US strategy, and two active emerging markets strategies. The Fund returned-13.75% for the year versus-14.76% for the benchmark. This outperformance of 1.01% was largely attributable to an active EAFE strategy which outpaced its benchmark by 4.07% and outweighed the underperformance of the two emerging markets strategies, which underperformed their benchmarks by 1.10% on average. Because international equity is a large part of the asset allocation for the KP Retirement Path Funds, this was a noteworthy source of relative outperformance across the fund family.
2
| THE KP FUNDS | December 31, 2018 |
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
The KP Retirement Path Funds achieve their broad fixed income exposure through the use of the KP Fixed Income Fund. This Fund is benchmarked to the Bloomberg Barclays US Aggregate Bond Index. The Fund employs four strategies including a passive Bloomberg Barclays US Aggregate Bond Index strategy, an active Bloomberg Barclays Aggregate strategy, an active emerging markets debt strategy, and an active bank loan strategy. The KP Fixed Income Fund returned-0.86% for the year versus 0.01% for the benchmark. This underperformance of-0.87% was primarily due to the underperformance of the active emerging markets debt strategy, which underperformed its benchmark by-2.31% and had a lower return on an absolute basis relative to the overall Bloomberg Barclays US Aggregate Bond Index. Because fixed income is a large part of the asset allocation for the KP Retirement Path Funds, this underperformance had a negative impact on the relative performance of the KP Retirement Path Fund series.
The KP Retirement Path Funds achieve their real assets exposure through the use of a diversified collection ofnon-affiliatedsub-funds each specializing in a different inflation-sensitive strategy. Collectively these strategies returned-4.80% over the measurement period versus-5.37% for their composite benchmark, resulting in relative outperformance of 0.57%. The seven underlying real assets funds had a wide range of returns, from-16.10% for the global natural resources fund to 0.38% for the floating rate loan fund. Because real assets are a relatively small part of the asset allocation for the KP Retirement Path Funds, they had only a modest impact on the relative performance across the series.
The KP Retirement Path Funds achieve their short-term fixed income exposure through the use oflow-cost index strategies. Thesesub-funds performed in line with their benchmarks and did not have a material effect on the relative performance across the series.
The tables that follow detail the performance of each of the KP Retirement Path Funds over various periods ended December 31, 2018. The period labeled “Since January 31, 2014” represents the period over which the funds were available to KP participants.
To determine if one of these funds is an appropriate investment for you, carefully consider the fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information may be found in the fund’s summary and full prospectuses, which may be obtained by calling(855)4-KPFNDS or by visiting the website atwww.kp-funds.com. Please read the prospectus carefully before investing.
The KP Retirement Path Funds and the KP Core Funds are mutual funds. They are part of The KP Funds Series Trust, anopen-end management investment company that offers shares of diversified portfolios. The funds are advised by Callan LLC, a registered investment advisor. They are administered by SEI Investments Global Funds Services and distributed by SEI investments Distribution Co., which are not affiliated with Callan LLC.
Only participants in the Kaiser Permanente defined contribution plans and 403(b) plans can invest in the funds.
There can be no assurance that a Fund will achieve its stated objectives. An investor may experience losses, at any time, including near, at or after the Fund’s target year. In addition, there is no guarantee that an investor’s investment in the fund will provide any income at or through the years following the Fund’s target year in amounts adequate to meet the investor’s goals or retirement needs.
Investing involves risk including loss of principal. Bond and bond funds are subject to interest rate risk and will decline in value as interest rates rise. Mortgage-backed securities are subject topre-payment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities.Non-investment grade bonds involve greater risks of default and are more volatile than investment grade securities, due to the speculative nature of the investment. International investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. These risks are heightened when investing in emerging markets or in a single state.
Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Underlying Fund would be adversely affected. The use of leverage by the fund managers may accelerate the velocity of potential losses. Furthermore, the use of derivatives are often more volatile than other investments and magnify the Fund’s gains or losses. Diversification does not protect against market loss.
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth less than their original cost and current performance may be lower than the performance quoted. Returns greater than one year are average annual total returns. For performance data current to the most recent month end, please call855-4-KPFNDS.
3
| THE KP FUNDS | December 31, 2018 |
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Definition of Comparitive Indices
The Russell 1000 Index measures the performance of thelarge-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the Russell 3000 Index.
The Russell 2000 Index measures the performance of thesmall-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 8% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.
The MSCI ACWIex-US Investable Market Index (IMI) captures large, mid and small cap representation across 22 of 23 Developed Markets countries (excluding the United States) and 24 Emerging Markets countries. With 6,278 constituents, the index covers approximately 99% of the global equity opportunity set outside the US.
The MSCI EAFE Index captures large, mid, small and micro cap representation across 21 Developed Markets countries (excluding Canada and the United States). With 921 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.
The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based index and measures the performance of the U.S. investment grade bond market. It invests in a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States – including government and corporate, as well as mortgage-backed and asset-backed securities, all with maturities of more than 1 year.
The S&P 500 Index is based on market capitalizations of 500 large companies having common stock listed on the New York Stock Exchange or NASDAQ.
4
| THE KP FUNDS | December 31, 2018 |
| KP Retirement Path 2015 Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
5
| THE KP FUNDS | December 31, 2018 |
| KP Retirement Path 2020 Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
6
| THE KP FUNDS | December 31, 2018 |
| KP Retirement Path 2025 Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
7
| THE KP FUNDS | December 31, 2018 |
| KP Retirement Path 2030 Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
8
| THE KP FUNDS | December 31, 2018 |
| KP Retirement Path 2035 Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
9
| THE KP FUNDS | December 31, 2018 |
| KP Retirement Path 2040 Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
10
| THE KP FUNDS | December 31, 2018 |
| KP Retirement Path 2045 Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
11
| THE KP FUNDS | December 31, 2018 |
| KP Retirement Path 2050 Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
12
| THE KP FUNDS | December 31, 2018 |
| KP Retirement Path 2055 Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
13
| THE KP FUNDS | December 31, 2018 |
| KP Retirement Path 2060 Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
14
| THE KP FUNDS | December 31, 2018 |
| KP Large Cap Equity Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
15
| THE KP FUNDS | December 31, 2018 |
| KP Small Cap Equity Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
16
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
| † | The Fund changed it’s benchmark index to the MSCI ACWI ex-US IMI Index as of April 1, 2017. The Fund utilized the MSCI ACWI ex-US Index as it’s benchmark index through March 31, 2017. The performance data above are reflective of this change. |
17
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund | ||
| MANAGEMENT DISCUSSION AND FUND PERFORMANCE (Unaudited): |
Growth of a $10,000 Investment
| * | The Fund commenced operations on January 10, 2014. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative indices on page 4.
18
| THE KP FUNDS | December 31, 2018 |
| KP Retirement Path 2015 Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 71.4% |
| |||||||
KP Fixed Income Fund | 20,688,238 | $ | 200,468 | |||||
KP International Equity Fund | 3,640,507 | 32,947 | ||||||
KP Large Cap Equity Fund | 6,955,540 | 78,597 | ||||||
KP Small Cap Equity Fund | 1,393,506 | 12,946 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 324,958 | ||||||
|
| |||||||
UNAFFILIATED REGISTERED INVESTMENT |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 816,124 | 4,252 | ||||||
DFA International Real Estate Securities, Cl Institutional | 970,203 | 4,434 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 270,446 | 8,840 | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 324,635 | 4,386 | ||||||
| Description | Shares | Value (000) | ||||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 465,903 | $ | 4,459 | |||||
T. Rowe Price New Era Fund, Cl Institutional | 122,543 | 3,686 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 1,532,687 | 15,281 | ||||||
Vanguard Short-Term Bond Index Fund, Cl Institutional | 4,642,425 | 47,863 | ||||||
Vanguard Short-Term Inflation-Protected Securities Index Fund, Cl Institutional | 1,548,104 | 37,202 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 130,403 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% |
| $ | 455,361 | |||||
|
| |||||||
Percentages are based on Net Assets of $455,335 (000).
Cl — Class
As of December 31, 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 year ended December 31, 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 year. During the year ended December 31, 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 year ended December 31, 2018 (000):
| Value 12/31/2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value 12/31/2018 | Income | Capital Gain Distributions | |||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 179,057 | $ | 71,207 | $ | (42,800 | ) | $ | (6,767 | ) | $ | (229 | ) | $ | 200,468 | $ | 5,509 | $ | — | |||||||||||||
| KP International Equity Fund | 36,623 | 11,466 | (8,009 | ) | (8,063 | ) | 930 | 32,947 | 672 | 1,418 | ||||||||||||||||||||||
| KP Large Cap Equity Fund | 89,342 | 22,656 | (22,382 | ) | (17,135 | ) | 6,116 | 78,597 | 1,321 | 5,386 | ||||||||||||||||||||||
| KP Small Cap Equity Fund | 16,167 | 4,724 | (4,665 | ) | (4,321 | ) | 1,041 | 12,946 | 90 | 1,852 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Totals | $ | 321,189 | $ | 110,053 | $ | (77,856 | ) | $ | (36,286 | ) | $ | 7,858 | $ | 324,958 | $ | 7,592 | $ | 8,656 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
19
| THE KP FUNDS | December 31, 2018 |
| KP Retirement Path 2020 Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 74.3% |
| |||||||
KP Fixed Income Fund | 39,634,147 | $ | 384,055 | |||||
KP International Equity Fund | 10,754,173 | 97,325 | ||||||
KP Large Cap Equity Fund | 18,113,658 | 204,684 | ||||||
KP Small Cap Equity Fund | 4,277,631 | 39,739 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 725,803 | ||||||
|
| |||||||
UNAFFILIATED REGISTERED INVESTMENT |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 1,793,209 | 9,343 | ||||||
DFA International Real Estate Securities, Cl Institutional | 2,136,341 | 9,763 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 596,606 | 19,502 | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 716,924 | 9,686 | ||||||
| Description | Shares | Value (000) | ||||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 1,028,946 | $ | 9,847 | |||||
T. Rowe Price New Era Fund, Cl Institutional | 271,205 | 8,158 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 3,221,985 | 32,123 | ||||||
Vanguard Short-Term Bond Index Fund, Cl Institutional | 8,505,409 | 87,691 | ||||||
Vanguard Short-Term Inflation-Protected Securities Index Fund, Cl Institutional | 2,708,931 | 65,096 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 251,209 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% |
| $ | 977,012 | |||||
|
| |||||||
Percentages are based on Net Assets of $976,953 (000).
Cl — Class
As of December 31, 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 year ended December 31, 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 year. During the year ended December 31, 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 year ended December 31, 2018 (000):
| Value 12/31/2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value 12/31/2018 | Income | Capital Gain Distributions | |||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 309,890 | $ | 140,438 | $ | (53,405 | ) | $ | (12,599 | ) | $ | (269 | ) | $ | 384,055 | $ | 10,531 | $ | — | |||||||||||||
| KP International Equity Fund | 101,298 | 34,237 | (17,221 | ) | (23,242 | ) | 2,253 | 97,325 | 1,982 | 4,185 | ||||||||||||||||||||||
| KP Large Cap Equity Fund | 215,339 | 62,425 | (44,016 | ) | (41,544 | ) | 12,480 | 204,684 | 3,433 | 14,010 | ||||||||||||||||||||||
| KP Small Cap Equity Fund | 46,447 | 14,985 | (11,591 | ) | (12,764 | ) | 2,662 | 39,739 | 275 | 5,679 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Totals | $ | 672,974 | $ | 252,085 | $ | (126,233 | ) | $ | (90,149 | ) | $ | 17,126 | $ | 725,803 | $ | 16,221 | $ | 23,874 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
20
| THE KP FUNDS | December 31, 2018 |
| KP Retirement Path 2025 Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 78.9% |
| |||||||
KP Fixed Income Fund | 40,853,711 | $ | 395,872 | |||||
KP International Equity Fund | 18,446,113 | 166,937 | ||||||
KP Large Cap Equity Fund | 27,466,865 | 310,376 | ||||||
KP Small Cap Equity Fund | 7,549,421 | 70,134 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 943,319 | ||||||
|
| |||||||
UNAFFILIATED REGISTERED INVESTMENT |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 2,228,222 | 11,609 | ||||||
DFA International Real Estate Securities, Cl Institutional | 2,682,437 | 12,259 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 758,223 | 24,786 | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 911,286 | 12,311 | ||||||
| Description | Shares | Value (000) | ||||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 1,307,539 | $ | 12,513 | |||||
T. Rowe Price New Era Fund, Cl Institutional | 345,603 | 10,396 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 3,861,715 | 38,501 | ||||||
Vanguard Short-Term Bond Index Fund, Cl Institutional | 7,332,057 | 75,594 | ||||||
Vanguard Short-Term Inflation-Protected Securities Index Fund, Cl Institutional | 2,236,513 | 53,744 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 251,713 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% (Cost $1,249,288) (000) |
| $ | 1,195,032 | |||||
|
| |||||||
Percentages are based on Net Assets of $1,194,960 (000).
Cl — Class
As of December 31, 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 year ended December 31, 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 year. During the year ended December 31, 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 year ended December 31, 2018 (000):
| Value 12/31/2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value 12/31/2018 | Income | Capital Gain Distributions | |||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 307,654 | $ | 132,318 | $ | (31,063 | ) | $ | (12,876 | ) | $ | (161 | ) | $ | 395,872 | $ | 10,855 | $ | — | |||||||||||||
| KP International Equity Fund | 164,867 | 56,650 | (18,709 | ) | (38,393 | ) | 2,522 | 166,937 | 3,400 | 7,166 | ||||||||||||||||||||||
| KP Large Cap Equity Fund | 313,441 | 86,717 | (46,156 | ) | (56,790 | ) | 13,164 | 310,376 | 5,206 | 21,205 | ||||||||||||||||||||||
| KP Small Cap Equity Fund | 77,485 | 25,126 | (14,694 | ) | (21,232 | ) | 3,449 | 70,134 | 486 | 10,004 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Totals | $ | 863,447 | $ | 300,811 | $ | (110,622 | ) | $ | (129,291 | ) | $ | 18,974 | $ | 943,319 | $ | 19,947 | $ | 38,375 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
21
| THE KP FUNDS | December 31, 2018 |
| KP Retirement Path 2030 Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 84.1% |
| |||||||
KP Fixed Income Fund | 32,764,180 | $ | 317,485 | |||||
KP International Equity Fund | 23,534,473 | 212,987 | ||||||
KP Large Cap Equity Fund | 30,967,905 | 349,937 | ||||||
KP Small Cap Equity Fund | 9,583,106 | 89,027 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 969,436 | ||||||
|
| |||||||
UNAFFILIATED REGISTERED INVESTMENT |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 2,115,741 | 11,023 | ||||||
DFA International Real Estate Securities, Cl Institutional | 2,544,267 | 11,627 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 717,817 | 23,466 | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 862,980 | 11,659 | ||||||
| Description | Shares | Value (000) | ||||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 1,238,368 | $ | 11,851 | |||||
T. Rowe Price New Era Fund, Cl Institutional | 327,902 | 9,863 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 3,569,106 | 35,584 | ||||||
Vanguard Short-Term Bond Index Fund, Cl Institutional | 3,921,021 | 40,426 | ||||||
Vanguard Short-Term Inflation-Protected Securities Index Fund, Cl Institutional | 1,135,527 | 27,287 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 182,786 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% |
| $ | 1,152,222 | |||||
|
| |||||||
Percentages are based on Net Assets of $1,152,153 (000).
Cl — Class
As of December 31, 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 year ended December 31, 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 year. During the year ended December 31, 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 year ended December 31, 2018 (000):
| Value 12/31/2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value 12/31/2018 | Income | Capital Gain Distributions | |||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 238,907 | $ | 110,945 | $ | (22,046 | ) | $ | (10,198 | ) | $ | (123 | ) | $ | 317,485 | $ | 8,699 | $ | — | |||||||||||||
| KP International Equity Fund | 203,754 | 76,221 | (21,389 | ) | (48,365 | ) | 2,766 | 212,987 | 4,335 | 9,139 | ||||||||||||||||||||||
| KP Large Cap Equity Fund | 337,314 | 107,091 | (44,511 | ) | (62,519 | ) | 12,562 | 349,937 | 5,866 | 23,896 | ||||||||||||||||||||||
| KP Small Cap Equity Fund | 94,220 | 34,282 | (16,731 | ) | (26,646 | ) | 3,902 | 89,027 | 616 | 12,692 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Totals | $ | 874,195 | $ | 328,539 | $ | (104,677 | ) | $ | (147,728 | ) | $ | 19,107 | $ | 969,436 | $ | 19,516 | $ | 45,727 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
22
| THE KP FUNDS | December 31, 2018 |
| KP Retirement Path 2035 Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 88.9% |
| |||||||
KP Fixed Income Fund | 29,656,420 | $ | 287,371 | |||||
KP International Equity Fund | 32,477,286 | 293,919 | ||||||
KP Large Cap Equity Fund | 37,189,697 | 420,244 | ||||||
KP Small Cap Equity Fund | 13,064,915 | 121,373 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 1,122,907 | ||||||
|
| |||||||
UNAFFILIATED REGISTERED INVESTMENT |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 2,095,609 | 10,918 | ||||||
DFA International Real Estate Securities, Cl Institutional | 2,529,144 | 11,558 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 717,298 | 23,449 | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 862,135 | 11,647 | ||||||
| Description | Shares | Value (000) | ||||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 1,236,964 | $ | 11,838 | |||||
T. Rowe Price New Era Fund, Cl Institutional | 327,571 | 9,853 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 3,537,278 | 35,266 | ||||||
Vanguard Short-Term Bond Index Fund, Cl Institutional | 1,633,734 | 16,844 | ||||||
Vanguard Short-Term Inflation-Protected Securities Index Fund, Cl Institutional | 344,134 | 8,270 | �� | |||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 139,643 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% |
| $ | 1,262,550 | |||||
|
| |||||||
Percentages are based on Net Assets of $1,262,478 (000).
Cl — Class
As of December 31, 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 year ended December 31, 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 year. During the year ended December 31, 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 year ended December 31, 2018 (000):
| Value 12/31/2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value 12/31/2018 | Income | Capital Gain Distributions | |||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 216,991 | $ | 98,453 | $ | (18,722 | ) | $ | (9,255 | ) | $ | (96 | ) | $ | 287,371 | $ | 7,872 | $ | — | |||||||||||||
| KP International Equity Fund | 277,208 | 106,483 | (26,718 | ) | (66,402 | ) | 3,348 | 293,919 | 5,980 | 12,581 | ||||||||||||||||||||||
| KP Large Cap Equity Fund | 403,680 | 126,093 | (50,006 | ) | (73,705 | ) | 14,182 | 420,244 | 7,042 | 28,625 | ||||||||||||||||||||||
| KP Small Cap Equity Fund | 127,924 | 46,039 | (21,763 | ) | (35,973 | ) | 5,146 | 121,373 | 839 | 17,256 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Totals | $ | 1,025,803 | $ | 377,068 | $ | (117,209 | ) | $ | (185,335 | ) | $ | 22,580 | $ | 1,122,907 | $ | 21,733 | $ | 58,462 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
23
| THE KP FUNDS | December 31, 2018 |
| KP Retirement Path 2040 Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 92.3% |
| |||||||
KP Fixed Income Fund | 22,362,151 | $ | 216,689 | |||||
KP International Equity Fund | 34,320,712 | 310,602 | ||||||
KP Large Cap Equity Fund | 35,672,254 | 403,097 | ||||||
KP Small Cap Equity Fund | 13,755,172 | 127,786 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 1,058,174 | ||||||
|
| |||||||
UNAFFILIATED REGISTERED INVESTMENT |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 1,610,866 | 8,393 | ||||||
DFA International Real Estate Securities, Cl Institutional | 1,945,819 | 8,892 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 552,470 | 18,060 | ||||||
| Description | Shares | Value (000) | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 664,185 | $ | 8,973 | |||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 952,944 | 9,120 | ||||||
T. Rowe Price New Era Fund, Cl Institutional | 252,533 | 7,596 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 2,694,374 | 26,863 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 87,897 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% |
| $ | 1,146,071 | |||||
|
| |||||||
Percentages are based on Net Assets of $1,146,007 (000).
Cl — Class
As of December 31, 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 year ended December 31, 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 year ended December 31, 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 year ended December 31, 2018 (000):
| Value 12/31/2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value 12/31/2018 | Income | Capital Gain Distributions | |||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 164,735 | $ | 71,279 | $ | (12,261 | ) | $ | (6,998 | ) | $ | (66 | ) | $ | 216,689 | $ | 5,934 | $ | — | |||||||||||||
| KP International Equity Fund | 290,421 | 110,973 | (24,058 | ) | (69,629 | ) | 2,895 | 310,602 | 6,317 | 13,284 | ||||||||||||||||||||||
| KP Large Cap Equity Fund | �� | 385,954 | 116,506 | (42,781 | ) | (68,745 | ) | 12,163 | 403,097 | 6,752 | 27,434 | |||||||||||||||||||||
| KP Small Cap Equity Fund | 132,342 | 47,926 | (20,081 | ) | (37,210 | ) | 4,809 | 127,786 | 884 | 18,151 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Totals | $ | 973,452 | $ | 346,684 | $ | (99,181 | ) | $ | (182,582 | ) | $ | 19,801 | $ | 1,058,174 | $ | 19,887 | $ | 58,869 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
24
| THE KP FUNDS | December 31, 2018 |
| KP Retirement Path 2045 Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 94.0% |
| |||||||
KP Fixed Income Fund | 14,475,055 | $ | 140,263 | |||||
KP International Equity Fund | 28,440,589 | 257,387 | ||||||
KP Large Cap Equity Fund | 28,099,504 | 317,525 | ||||||
KP Small Cap Equity Fund | 11,402,785 | 105,932 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 821,107 | ||||||
|
| |||||||
UNAFFILIATED REGISTERED INVESTMENT |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 965,866 | 5,032 | ||||||
DFA International Real Estate Securities, Cl Institutional | 1,169,047 | 5,343 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 332,622 | 10,873 | ||||||
| Description | Shares | Value (000) | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 399,927 | $ | 5,403 | |||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 573,863 | 5,492 | ||||||
T. Rowe Price New Era Fund, Cl Institutional | 152,324 | 4,582 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 1,567,750 | 15,630 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 52,355 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% |
| $ | 873,462 | |||||
|
| |||||||
Percentages are based on Net Assets of $873,412 (000).
Cl — Class
As of December 31, 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 year ended December 31, 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 year ended December 31, 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 year ended December 31, 2018 (000):
| Value 12/31/2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value 12/31/2018 | Income | Capital Gain Distributions | |||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 103,026 | $ | 50,160 | $ | (8,416 | ) | $ | (4,458 | ) | $ | (49 | ) | $ | 140,263 | $ | 3,840 | $ | — | |||||||||||||
| KP International Equity Fund | 227,002 | 103,758 | (18,561 | ) | (56,922 | ) | 2,110 | 257,387 | 5,232 | 10,989 | ||||||||||||||||||||||
| KP Large Cap Equity Fund | 291,029 | 104,440 | (32,932 | ) | (54,357 | ) | 9,345 | 317,525 | 5,316 | 21,568 | ||||||||||||||||||||||
| KP Small Cap Equity Fund | 104,856 | 44,307 | (16,206 | ) | (30,885 | ) | 3,860 | 105,932 | 733 | 15,015 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Totals | $ | 725,913 | $ | 302,665 | $ | (76,115 | ) | $ | (146,622 | ) | $ | 15,266 | $ | 821,107 | $ | 15,121 | $ | 47,572 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
25
| THE KP FUNDS | December 31, 2018 |
| KP Retirement Path 2050 Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 94.6% |
| |||||||
KP Fixed Income Fund | 7,315,383 | $ | 70,886 | |||||
KP International Equity Fund | 17,326,415 | 156,804 | ||||||
KP Large Cap Equity Fund | 17,000,265 | 192,103 | ||||||
KP Small Cap Equity Fund | 7,027,246 | 65,283 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 485,076 | ||||||
|
| |||||||
UNAFFILIATED REGISTERED INVESTMENT |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 510,458 | 2,659 | ||||||
DFA International Real Estate Securities, Cl Institutional | 621,703 | 2,841 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 178,526 | 5,837 | ||||||
| Description | Shares | Value (000) | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 214,126 | $ | 2,893 | |||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 307,195 | 2,940 | ||||||
T. Rowe Price New Era Fund, Cl Institutional | 81,748 | 2,459 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 788,289 | 7,859 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 27,488 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% |
| $ | 512,564 | |||||
|
| |||||||
Percentages are based on Net Assets of $512,532 (000).
Cl — Class
As of December 31, 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 year ended December 31, 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 year ended December 31, 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 year ended December 31, 2018 (000):
| Value 12/31/2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value 12/31/2018 | Income | Capital Gain Distributions | |||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 47,536 | $ | 29,617 | $ | (4,074 | ) | $ | (2,094 | ) | $ | (99 | ) | $ | 70,886 | $ | 1,937 | $ | — | |||||||||||||
| KP International Equity Fund | 126,616 | 74,007 | (10,849 | ) | (33,840 | ) | 870 | 156,804 | 3,182 | 6,670 | ||||||||||||||||||||||
| KP Large Cap Equity Fund | 161,162 | 77,286 | (18,842 | ) | (32,816 | ) | 5,313 | 192,103 | 3,210 | 12,999 | ||||||||||||||||||||||
| KP Small Cap Equity Fund | 58,229 | 32,851 | (8,974 | ) | (18,878 | ) | 2,055 | 65,283 | 451 | 9,215 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Totals | $ | 393,543 | $ | 213,761 | $ | (42,739 | ) | $ | (87,628 | ) | $ | 8,139 | $ | 485,076 | $ | 8,780 | $ | 28,884 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
26
| THE KP FUNDS | December 31, 2018 |
| KP Retirement Path 2055 Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 94.6% |
| |||||||
KP Fixed Income Fund | 2,133,950 | $ | 20,678 | |||||
KP International Equity Fund | 5,734,272 | 51,895 | ||||||
KP Large Cap Equity Fund | 5,603,960 | 63,325 | ||||||
KP Small Cap Equity Fund | 2,284,831 | 21,226 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 157,124 | ||||||
|
| |||||||
UNAFFILIATED REGISTERED INVESTMENT |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 170,818 | 890 | ||||||
DFA International Real Estate Securities, Cl Institutional | 207,809 | 950 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 59,629 | 1,949 | ||||||
| Description | Shares | Value (000) | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 71,453 | $ | 965 | |||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 102,586 | 982 | ||||||
T. Rowe Price New Era Fund, Cl Institutional | 27,440 | 825 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 233,400 | 2,327 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 8,888 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% |
| $ | 166,012 | |||||
|
| |||||||
Percentages are based on Net Assets of $166,000 (000).
Cl — Class
As of December 31, 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 year ended December 31, 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 year ended December 31, 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 year ended December 31, 2018 (000):
| Value 12/31/2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value 12/31/2018 | Income | Capital Gain Distributions | |||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 11,964 | $ | 10,774 | $ | (1,454 | ) | $ | (583 | ) | $ | (23 | ) | $ | 20,678 | $ | 564 | $ | — | |||||||||||||
| KP International Equity Fund | 34,624 | 32,008 | (4,106 | ) | (11,311 | ) | 680 | 51,895 | 1,050 | 2,198 | ||||||||||||||||||||||
| KP Large Cap Equity Fund | 43,926 | 35,364 | (6,555 | ) | (10,579 | ) | 1,169 | 63,325 | 1,055 | 4,265 | ||||||||||||||||||||||
| KP Small Cap Equity Fund | 15,711 | 14,154 | (3,053 | ) | (6,366 | ) | 780 | 21,226 | 146 | 2,982 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Totals | $ | 106,225 | $ | 92,300 | $ | (15,168 | ) | $ | (28,839 | ) | $ | 2,606 | $ | 157,124 | $ | 2,815 | $ | 9,445 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
27
| THE KP FUNDS | December 31, 2018 |
| KP Retirement Path 2060 Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 94.6% |
| |||||||
KP Fixed Income Fund | 436,161 | $ | 4,226 | |||||
KP International Equity Fund | 1,170,291 | 10,591 | ||||||
KP Large Cap Equity Fund | 1,143,699 | 12,924 | ||||||
KP Small Cap Equity Fund | 466,209 | 4,331 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 32,072 | ||||||
|
| |||||||
UNAFFILIATED REGISTERED INVESTMENT |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 34,477 | 180 | ||||||
DFA International Real Estate Securities, Cl Institutional | 41,840 | 191 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 11,968 | 391 | ||||||
| Description | Shares | Value (000) | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 14,342 | $ | 194 | |||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 20,578 | 197 | ||||||
T. Rowe Price New Era Fund, Cl Institutional | 5,488 | 165 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 50,149 | 500 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 1,818 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% |
| $ | 33,890 | |||||
|
| |||||||
Percentages are based on Net Assets of $33,888 (000).
Cl — Class
As of December 31, 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 year ended December 31, 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 year ended December 31, 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 year ended December 31, 2018 (000):
| Value 12/31/2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value 12/31/2018 | Income | Capital Gain Distributions | |||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 2,462 | $ | 2,993 | $ | (1,101 | ) | $ | (112 | ) | $ | (16 | ) | $ | 4,226 | $ | 115 | $ | — | |||||||||||||
| KP International Equity Fund | 7,123 | 8,709 | (3,018 | ) | (2,686 | ) | 463 | 10,591 | 215 | 446 | ||||||||||||||||||||||
| KP Large Cap Equity Fund | 9,032 | 9,880 | (4,045 | ) | (2,638 | ) | 695 | 12,924 | 216 | 864 | ||||||||||||||||||||||
| KP Small Cap Equity Fund | 3,231 | 3,840 | (1,599 | ) | (1,364 | ) | 223 | 4,331 | 30 | 604 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Totals | $ | 21,848 | $ | 25,422 | $ | (9,763 | ) | $ | (6,800 | ) | $ | 1,365 | $ | 32,072 | $ | 576 | $ | 1,914 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
28
| THE KP FUNDS | December 31, 2018 |
| KP Large Cap Equity Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
COMMON STOCK — 97.8% |
| |||||||
Communication Services — 9.3% |
| |||||||
Activision Blizzard | 95,151 | $ | 4,431 | |||||
Alphabet, Cl A* | 39,020 | 40,774 | ||||||
Alphabet, Cl C* | 31,441 | 32,561 | ||||||
AMC Networks, Cl A* | 5,797 | 318 | ||||||
AT&T | 338,972 | 9,674 | ||||||
CBS, Cl B | 14,214 | 621 | ||||||
CenturyLink | 32,930 | 499 | ||||||
Charter Communications, Cl A* | 6,100 | 1,738 | ||||||
Comcast, Cl A | 567,542 | 19,325 | ||||||
Discovery, Cl A* | 4,993 | 124 | ||||||
Discovery, Cl C* | 68,372 | 1,578 | ||||||
DISH Network, Cl A* | 7,484 | 187 | ||||||
Electronic Arts* | 63,666 | 5,024 | ||||||
Facebook, Cl A* | 298,023 | 39,068 | ||||||
IAC* | 22,003 | 4,027 | ||||||
Interpublic Group of Companies | 168,222 | 3,470 | ||||||
John Wiley & Sons, Cl A | 27,893 | 1,310 | ||||||
Live Nation Entertainment* | 14,378 | 708 | ||||||
Netflix* | 31,420 | 8,410 | ||||||
News, Cl A | 12,068 | 137 | ||||||
News, Cl B | 3,300 | 38 | ||||||
Omnicom Group | 84,102 | 6,160 | ||||||
Take-Two Interactive Software* | 3,800 | 391 | ||||||
Tencent Holdings ADR | 242,018 | 9,553 | ||||||
T-Mobile US* | 39,075 | 2,486 | ||||||
| Description | Shares | Value (000) | ||||||
TripAdvisor* | 3,493 | $ | 188 | |||||
Twenty-First Century Fox | 24,852 | 1,187 | ||||||
Twenty-First Century Fox, Cl A | 51,887 | 2,497 | ||||||
Twitter* | 35,836 | 1,030 | ||||||
United States Cellular* | 37,529 | 1,950 | ||||||
Verizon Communications | 222,888 | 12,531 | ||||||
Viacom, Cl B | 69,493 | 1,786 | ||||||
Walt Disney | 51,168 | 5,611 | ||||||
|
| |||||||
| 219,392 | ||||||||
|
| |||||||
Consumer Discretionary — 11.0% |
| |||||||
Advance Auto Parts | 18,340 | 2,888 | ||||||
Alibaba Group Holding ADR* | 49,743 | 6,818 | ||||||
Amazon.com* | 50,942 | 76,513 | ||||||
AutoZone* | 1,166 | 978 | ||||||
Best Buy | 27,054 | 1,433 | ||||||
Booking Holdings* | 7,208 | 12,415 | ||||||
BorgWarner | 7,197 | 250 | ||||||
Burlington Stores* | 3,921 | 638 | ||||||
CarMax* | 6,089 | 382 | ||||||
Carnival | 13,857 | 683 | ||||||
Carter’s | 1,819 | 148 | ||||||
Chipotle Mexican Grill, Cl A* | 8,343 | 3,602 | ||||||
Columbia Sportswear | 6,782 | 570 | ||||||
Darden Restaurants | 24,029 | 2,400 | ||||||
Delphi Automotive* | 132,739 | 8,173 | ||||||
Dick’s Sporting Goods | 24,389 | 761 | ||||||
Dollar General | 58,645 | 6,338 | ||||||
Dollar Tree* | 8,301 | 750 | ||||||
DR Horton | 11,495 | 398 | ||||||
eBay* | 49,798 | 1,398 | ||||||
Expedia Group | 4,080 | 460 | ||||||
Foot Locker | 110,263 | 5,866 | ||||||
Ford Motor | 133,252 | 1,019 | ||||||
Gap | 7,062 | 182 | ||||||
Garmin | 4,149 | 263 | ||||||
Garrett Motion* | 1,717 | 21 | ||||||
General Motors | 45,675 | 1,528 | ||||||
Genuine Parts | 5,015 | 482 | ||||||
Goodyear Tire & Rubber | 7,730 | 158 | ||||||
Graham Holdings, Cl B | 803 | 514 | ||||||
H&R Block | 29,678 | 753 | ||||||
Hanesbrands | 112,694 | 1,412 | ||||||
Harley-Davidson | 20,704 | 706 | ||||||
Hasbro | 3,901 | 317 | ||||||
Hilton Worldwide Holdings | 108,924 | 7,821 | ||||||
Home Depot | 51,384 | 8,829 | ||||||
The accompanying notes are an integral part of the financial statements.
29
| THE KP FUNDS | December 31, 2018 |
| KP Large Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Johnson Controls International | 256,300 | $ | 7,599 | |||||
Kohl’s | 12,112 | 804 | ||||||
L Brands | 7,525 | 193 | ||||||
Las Vegas Sands | 114,574 | 5,964 | ||||||
Lear | 11,476 | 1,410 | ||||||
Leggett & Platt | 4,246 | 152 | ||||||
Lennar, Cl A | 9,795 | 384 | ||||||
LKQ* | 10,800 | 256 | ||||||
Lowe’s | 86,155 | 7,957 | ||||||
Lululemon Athletica* | 20,407 | 2,482 | ||||||
Macy’s | 78,085 | 2,325 | ||||||
Marriott International, Cl A | 9,823 | 1,066 | ||||||
Mattel* | 11,408 | 114 | ||||||
McDonald’s | 40,964 | 7,274 | ||||||
MGM Resorts International | 17,400 | 422 | ||||||
Michael Kors Holdings* | 101,458 | 3,847 | ||||||
Michaels* | 8,350 | 113 | ||||||
Mohawk Industries* | 2,101 | 246 | ||||||
Newell Brands | 15,100 | 281 | ||||||
NIKE, Cl B | 144,864 | 10,740 | ||||||
Nordstrom | 42,249 | 1,969 | ||||||
Norwegian Cruise Line Holdings* | 17,597 | 746 | ||||||
NVR* | 897 | 2,186 | ||||||
O’Reilly Automotive* | 2,751 | 947 | ||||||
PulteGroup | 15,004 | 390 | ||||||
PVH | 2,642 | 246 | ||||||
Ralph Lauren, Cl A | 37,347 | 3,864 | ||||||
Restaurant Brands International | 49,759 | 2,602 | ||||||
Ross Stores | 109,523 | 9,112 | ||||||
Royal Caribbean Cruises | 13,238 | 1,295 | ||||||
Skechers U.S.A., Cl A* | 9,424 | 216 | ||||||
Starbucks | 42,946 | 2,766 | ||||||
Tapestry | 9,789 | 330 | ||||||
Target | 31,604 | 2,089 | ||||||
Tesla* | 15,106 | 5,027 | ||||||
Thor Industries | 7,634 | 397 | ||||||
Tiffany | 13,925 | 1,121 | ||||||
TJX | 89,858 | 4,020 | ||||||
Tractor Supply | 4,243 | 354 | ||||||
Ulta Beauty* | 1,893 | 464 | ||||||
Under Armour, Cl A* | 6,400 | 113 | ||||||
Under Armour, Cl C* | 6,520 | 105 | ||||||
Urban Outfitters* | 62,028 | 2,059 | ||||||
Vail Resorts | 4,514 | 952 | ||||||
VF | 11,414 | 814 | ||||||
Whirlpool | 2,237 | 239 | ||||||
| Description | Shares | Value (000) | ||||||
Wyndham Hotels & Resorts | 11,670 | $ | 530 | |||||
Wynn Resorts | 3,291 | 326 | ||||||
Yum! Brands | 10,959 | 1,007 | ||||||
|
| |||||||
| 257,782 | ||||||||
|
| |||||||
Consumer Staples — 6.0% |
| |||||||
Altria Group | 121,957 | 6,023 | ||||||
Archer-Daniels-Midland | 120,284 | 4,928 | ||||||
Brown-Forman, Cl B | 5,905 | 281 | ||||||
Campbell Soup | 6,213 | 205 | ||||||
Church & Dwight | 8,289 | 545 | ||||||
Clorox | 4,425 | 682 | ||||||
Coca-Cola | 131,604 | 6,231 | ||||||
Colgate-Palmolive | 54,092 | 3,220 | ||||||
Conagra Brands | 26,308 | 562 | ||||||
Constellation Brands, Cl A | 5,662 | 911 | ||||||
Costco Wholesale | 26,599 | 5,419 | ||||||
Coty, Cl A | 15,150 | 99 | ||||||
Danone | 27,969 | 1,971 | ||||||
Diageo | 154,353 | 5,499 | ||||||
Energizer Holdings | 37,461 | 1,691 | ||||||
Estee Lauder, Cl A | 30,866 | 4,016 | ||||||
Flowers Foods | 23,250 | 429 | ||||||
General Mills | 116,983 | 4,555 | ||||||
Hershey | 13,912 | 1,491 | ||||||
Hormel Foods | 9,270 | 396 | ||||||
Ingredion | 8,125 | 743 | ||||||
JM Smucker | 20,656 | 1,931 | ||||||
Kellogg | 8,515 | 485 | ||||||
Kimberly-Clark | 24,926 | 2,840 | ||||||
Kraft Heinz | 21,177 | 912 | ||||||
Kroger | 92,963 | 2,557 | ||||||
Lamb Weston Holdings | 18,642 | 1,371 | ||||||
McCormick | 4,130 | 575 | ||||||
Molson Coors Brewing, Cl B | 28,341 | 1,592 | ||||||
Mondelez International, Cl A | 50,017 | 2,002 | ||||||
Monster Beverage* | 13,620 | 670 | ||||||
Nestle | 82,244 | 6,677 | ||||||
Nu Skin Enterprises, Cl A | 19,457 | 1,193 | ||||||
PepsiCo | 93,163 | 10,293 | ||||||
Philip Morris International | 255,324 | 17,045 | ||||||
Procter & Gamble | 146,652 | 13,480 | ||||||
Reckitt Benckiser Group | 27,750 | 2,127 | ||||||
Sysco | 62,695 | 3,929 | ||||||
Tyson Foods, Cl A | 67,017 | 3,579 | ||||||
US Foods Holding* | 25,201 | 797 | ||||||
Walgreens Boots Alliance | 43,421 | 2,967 | ||||||
The accompanying notes are an integral part of the financial statements.
30
| THE KP FUNDS | December 31, 2018 |
| KP Large Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Walmart | 151,654 | $ | 14,127 | |||||
|
| |||||||
| 141,046 | ||||||||
|
| |||||||
Energy — 4.0% |
| |||||||
Anadarko Petroleum | 94,995 | 4,165 | ||||||
Apache | 12,996 | 341 | ||||||
Baker Hughes a GE, Cl A | 17,623 | 379 | ||||||
Cabot Oil & Gas | 15,334 | 343 | ||||||
Chevron | 119,346 | 12,984 | ||||||
Cimarex Energy | 3,136 | 193 | ||||||
Concho Resources* | 6,800 | 699 | ||||||
ConocoPhillips | 156,412 | 9,752 | ||||||
Devon Energy | 57,620 | 1,299 | ||||||
Diamondback Energy | 33,685 | 3,123 | ||||||
EOG Resources | 61,724 | 5,383 | ||||||
Exxon Mobil | 271,436 | 18,509 | ||||||
Halliburton | 31,839 | 846 | ||||||
Helmerich & Payne | 3,887 | 186 | ||||||
Hess | 8,696 | 352 | ||||||
HollyFrontier | 37,827 | 1,934 | ||||||
Kinder Morgan | 65,123 | 1,002 | ||||||
Marathon Oil | 169,575 | 2,432 | ||||||
Marathon Petroleum | 87,530 | 5,165 | ||||||
National Oilwell Varco | 13,346 | 343 | ||||||
Newfield Exploration* | 6,037 | 88 | ||||||
Noble Energy | 16,916 | 317 | ||||||
Occidental Petroleum | 69,215 | 4,248 | ||||||
Oceaneering International* | 9,662 | 117 | ||||||
ONEOK | 14,160 | 764 | ||||||
Parsley Energy, Cl A* | 38,749 | 619 | ||||||
PBF Energy, Cl A | 17,088 | 558 | ||||||
Phillips 66 | 22,759 | 1,961 | ||||||
Pioneer Natural Resources | 7,595 | 999 | ||||||
Schlumberger | 178,883 | 6,454 | ||||||
TechnipFMC | 14,812 | 290 | ||||||
Valero Energy | 72,226 | 5,415 | ||||||
Whiting Petroleum* | 42,262 | 959 | ||||||
Williams | 41,161 | 908 | ||||||
|
| |||||||
| 93,127 | ||||||||
|
| |||||||
Financials — 13.6% |
| |||||||
Affiliated Managers Group | 1,800 | 175 | ||||||
Aflac | 66,043 | 3,009 | ||||||
Allstate | 81,761 | 6,756 | ||||||
American Express | 103,171 | 9,834 | ||||||
American Financial Group | 16,494 | 1,493 | ||||||
American International Group | 30,256 | 1,192 | ||||||
Ameriprise Financial | 25,682 | 2,680 | ||||||
| Description | Shares | Value (000) | ||||||
Aon | 67,767 | $ | 9,851 | |||||
Arthur J Gallagher | 6,200 | 457 | ||||||
Assurant | 1,727 | 154 | ||||||
Assured Guaranty | 7,237 | 277 | ||||||
Athene Holding, Cl A* | 15,419 | 614 | ||||||
Bank of America | 586,758 | 14,458 | ||||||
Bank of New York Mellon | 136,447 | 6,423 | ||||||
BB&T | 26,329 | 1,141 | ||||||
Berkshire Hathaway, Cl B* | 114,139 | 23,305 | ||||||
BlackRock, Cl A | 21,549 | 8,465 | ||||||
Brighthouse Financial* | 3,832 | 117 | ||||||
Capital One Financial | 61,635 | 4,659 | ||||||
Cboe Global Markets | 3,900 | 382 | ||||||
Charles Schwab | 207,403 | 8,613 | ||||||
Chubb | 81,546 | 10,534 | ||||||
Cincinnati Financial | 5,210 | 403 | ||||||
Citigroup | 233,798 | 12,172 | ||||||
Citizens Financial Group | 103,132 | 3,066 | ||||||
CME Group, Cl A | 25,407 | 4,780 | ||||||
Comerica | 5,719 | 393 | ||||||
Discover Financial Services | 41,016 | 2,419 | ||||||
E*TRADE Financial | 8,575 | 376 | ||||||
Erie Indemnity, Cl A | 1,096 | 146 | ||||||
Everest Re Group | 13,598 | 2,961 | ||||||
Fidelity National Financial | 40,531 | 1,274 | ||||||
Fifth Third Bancorp | 23,018 | 542 | ||||||
First American Financial | 10,025 | 447 | ||||||
First Republic Bank | 5,600 | 487 | ||||||
Franklin Resources | 10,632 | 315 | ||||||
Goldman Sachs Group | 53,663 | 8,964 | ||||||
Hartford Financial Services Group | 12,307 | 547 | ||||||
Huntington Bancshares | 37,876 | 451 | ||||||
Interactive Brokers Group, Cl A | 14,145 | 773 | ||||||
Intercontinental Exchange | 80,403 | 6,057 | ||||||
Invesco | 13,273 | 222 | ||||||
Jefferies Financial Group | 9,747 | 169 | ||||||
JPMorgan Chase | 405,080 | 39,544 | ||||||
KeyCorp | 36,034 | 533 | ||||||
Lazard, Cl A (A) | 20,922 | 772 | ||||||
Lincoln National | 7,357 | 377 | ||||||
Loews | 9,333 | 425 | ||||||
LPL Financial Holdings | 3,497 | 214 | ||||||
M&T Bank | 4,924 | 705 | ||||||
Marsh & McLennan | 17,501 | 1,396 | ||||||
MetLife | 138,591 | 5,691 | ||||||
Moody’s | 28,111 | 3,937 | ||||||
The accompanying notes are an integral part of the financial statements.
31
| THE KP FUNDS | December 31, 2018 |
| KP Large Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Morgan Stanley | 117,139 | $ | 4,645 | |||||
Morningstar | 588 | 65 | ||||||
MSCI, Cl A | 14,885 | 2,194 | ||||||
Nasdaq | 62,288 | 5,081 | ||||||
Northern Trust | 7,492 | 626 | ||||||
Old Republic International | 8,671 | 178 | ||||||
People’s United Financial | 12,954 | 187 | ||||||
PNC Financial Services Group | 115,957 | 13,557 | ||||||
Popular | 12,688 | 599 | ||||||
Principal Financial Group | 20,676 | 913 | ||||||
Progressive | 99,326 | 5,992 | ||||||
Prudential Financial | 28,492 | 2,324 | ||||||
Raymond James Financial | 4,300 | 320 | ||||||
Regions Financial | 193,773 | 2,593 | ||||||
Reinsurance Group of America, Cl A | 21,059 | 2,953 | ||||||
S&P Global | 26,136 | 4,442 | ||||||
State Street | 69,213 | 4,365 | ||||||
SunTrust Banks | 28,971 | 1,461 | ||||||
SVB Financial Group* | 1,800 | 342 | ||||||
Synchrony Financial | 81,011 | 1,901 | ||||||
T Rowe Price Group | 29,904 | 2,761 | ||||||
TD Ameritrade Holding | 60,702 | 2,972 | ||||||
Torchmark | 3,587 | 267 | ||||||
Travelers | 86,100 | 10,310 | ||||||
Unum Group | 7,555 | 222 | ||||||
US Bancorp | 249,299 | 11,393 | ||||||
Voya Financial | 7,261 | 291 | ||||||
Wells Fargo | 458,524 | 21,129 | ||||||
Willis Towers Watson | 4,522 | 687 | ||||||
Zions Bancorp | 22,347 | 910 | ||||||
|
| |||||||
| 320,827 | ||||||||
|
| |||||||
Health Care — 17.5% |
| |||||||
Abbott Laboratories | 191,598 | 13,858 | ||||||
AbbVie | 73,154 | 6,744 | ||||||
ABIOMED* | 9,146 | 2,973 | ||||||
Agilent Technologies | 28,017 | 1,890 | ||||||
Alexion Pharmaceuticals* | 31,268 | 3,044 | ||||||
Align Technology* | 2,500 | 524 | ||||||
Allergan | 27,881 | 3,727 | ||||||
AmerisourceBergen, Cl A | 5,301 | 394 | ||||||
Amgen | 58,038 | 11,298 | ||||||
Anthem | 37,726 | 9,908 | ||||||
Baxter International | 97,315 | 6,405 | ||||||
Becton Dickinson | 46,855 | 10,557 | ||||||
Biogen* | 32,231 | 9,699 | ||||||
Boston Scientific* | 55,450 | 1,960 | ||||||
| Description | Shares | Value (000) | ||||||
Bristol-Myers Squibb | 174,199 | $ | 9,055 | |||||
Cardinal Health | 46,798 | 2,087 | ||||||
Celgene* | 103,990 | 6,665 | ||||||
Centene* | 30,290 | 3,492 | ||||||
Cerner* | 11,249 | 590 | ||||||
Charles River Laboratories International* | 10,224 | 1,157 | ||||||
Cigna | 141,016 | 26,782 | ||||||
Cooper | 5,394 | 1,373 | ||||||
CVS Health | 44,401 | 2,909 | ||||||
Danaher | 95,834 | 9,882 | ||||||
DaVita* | 4,348 | 224 | ||||||
DENTSPLY SIRONA | 7,749 | 288 | ||||||
DexCom* | 15,400 | 1,845 | ||||||
Edwards Lifesciences* | 7,282 | 1,115 | ||||||
Eli Lilly | 101,006 | 11,688 | ||||||
Exelixis* | 202,893 | 3,991 | ||||||
Gilead Sciences | 86,839 | 5,432 | ||||||
HCA Healthcare | 70,224 | 8,739 | ||||||
Henry Schein* | 5,353 | 420 | ||||||
Hologic* | 9,200 | 378 | ||||||
Humana | 48,422 | 13,872 | ||||||
ICU Medical* | 641 | 147 | ||||||
IDEXX Laboratories* | 8,401 | 1,563 | ||||||
Illumina* | 5,060 | 1,518 | ||||||
Incyte* | 6,000 | 382 | ||||||
Intuitive Surgical* | 23,325 | 11,171 | ||||||
IQVIA Holdings* | 7,271 | 845 | ||||||
Johnson & Johnson | 330,196 | 42,612 | ||||||
Laboratory Corp of America Holdings* | 3,503 | 443 | ||||||
McKesson | 57,821 | 6,388 | ||||||
MEDNAX* | 43,608 | 1,439 | ||||||
Medtronic | 198,878 | 18,090 | ||||||
Merck | 265,574 | 20,293 | ||||||
Mettler-Toledo International* | 800 | 452 | ||||||
Mylan* | 17,708 | 485 | ||||||
Nektar Therapeutics, Cl A* | 5,900 | 194 | ||||||
Novartis | 13,019 | 1,113 | ||||||
PerkinElmer | 3,896 | 306 | ||||||
Perrigo | 4,132 | 160 | ||||||
Pfizer | 719,583 | 31,410 | ||||||
Premier, Cl A* | 26,518 | 990 | ||||||
QIAGEN* | 6,730 | 232 | ||||||
Quest Diagnostics | 4,762 | 397 | ||||||
Regeneron Pharmaceuticals* | 8,219 | 3,070 | ||||||
ResMed | 19,891 | 2,265 | ||||||
Roche Holding | 5,463 | 1,353 | ||||||
The accompanying notes are an integral part of the financial statements.
32
| THE KP FUNDS | December 31, 2018 |
| KP Large Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Stryker | 66,203 | $ | 10,377 | |||||
TESARO* | 475 | 35 | ||||||
Thermo Fisher Scientific | 39,236 | 8,781 | ||||||
United Therapeutics* | 9,883 | 1,076 | ||||||
UnitedHealth Group | 120,618 | 30,048 | ||||||
Universal Health Services, Cl B | 2,900 | 338 | ||||||
Varian Medical Systems* | 16,784 | 1,902 | ||||||
Vertex Pharmaceuticals* | 64,978 | 10,768 | ||||||
Waters* | 2,559 | 483 | ||||||
WellCare Health Plans* | 13,175 | 3,110 | ||||||
Zimmer Biomet Holdings | 6,998 | 726 | ||||||
Zoetis, Cl A | 16,672 | 1,426 | ||||||
|
| |||||||
| 411,353 | ||||||||
|
| |||||||
Industrials — 9.9% |
| |||||||
3M | 46,057 | 8,776 | ||||||
Acuity Brands | 5,840 | 671 | ||||||
Alaska Air Group | 4,100 | 249 | ||||||
Allegion | 3,256 | 260 | ||||||
Allison Transmission Holdings | 23,814 | 1,046 | ||||||
American Airlines Group | 14,249 | 458 | ||||||
AMETEK | 8,148 | 552 | ||||||
AO Smith | 4,700 | 201 | ||||||
Arconic | 14,655 | 247 | ||||||
Boeing | 128,076 | 41,304 | ||||||
Canadian National Railway | 30,230 | 2,240 | ||||||
Caterpillar | 46,718 | 5,936 | ||||||
CH Robinson Worldwide | 4,764 | 401 | ||||||
Cintas | 2,976 | 500 | ||||||
Copa Holdings, Cl A | 1,631 | 128 | ||||||
Copart* | 7,100 | 339 | ||||||
Crane | 25,502 | 1,841 | ||||||
CSX | 27,504 | 1,709 | ||||||
Cummins | 12,983 | 1,735 | ||||||
Curtiss-Wright | 8,545 | 873 | ||||||
Deere | 11,067 | 1,651 | ||||||
Delta Air Lines | 78,150 | 3,900 | ||||||
Dover | 5,063 | 359 | ||||||
Dun & Bradstreet | 20,937 | 2,989 | ||||||
Eaton | 109,621 | 7,527 | ||||||
Emerson Electric | 21,818 | 1,304 | ||||||
Equifax | 36,146 | 3,366 | ||||||
Expeditors International of Washington | 5,958 | 406 | ||||||
Fastenal | 9,809 | 513 | ||||||
FedEx | 14,977 | 2,416 | ||||||
Flowserve | 4,243 | 161 | ||||||
| Description | Shares | Value (000) | ||||||
Fluor | 5,085 | $ | 164 | |||||
Fortive | 35,778 | 2,421 | ||||||
Fortune Brands Home & Security | 4,700 | 179 | ||||||
General Dynamics | 13,447 | 2,114 | ||||||
General Electric | 301,738 | 2,284 | ||||||
Harris | 4,012 | 540 | ||||||
HD Supply Holdings* | 22,869 | 858 | ||||||
Honeywell International | 135,757 | 17,936 | ||||||
Huntington Ingalls Industries | 11,226 | 2,136 | ||||||
IDEX | 7,794 | 984 | ||||||
IHS Markit* | 12,630 | 606 | ||||||
Illinois Tool Works | 57,211 | 7,248 | ||||||
Ingersoll-Rand | 87,190 | 7,954 | ||||||
Jacobs Engineering Group | 4,330 | 253 | ||||||
JB Hunt Transport Services | 3,000 | 279 | ||||||
JetBlue Airways* | 92,338 | 1,483 | ||||||
Kansas City Southern | 22,922 | 2,188 | ||||||
KAR Auction Services | 28,955 | 1,382 | ||||||
L3 Technologies | 5,179 | 899 | ||||||
Lockheed Martin | 25,580 | 6,698 | ||||||
ManpowerGroup | 16,917 | 1,096 | ||||||
Masco | 10,086 | 295 | ||||||
Nielsen Holdings | 12,100 | 282 | ||||||
Norfolk Southern | 17,263 | 2,581 | ||||||
Northrop Grumman | 51,439 | 12,597 | ||||||
nVent Electric | 27,492 | 617 | ||||||
Oshkosh | 1,980 | 121 | ||||||
PACCAR | 12,117 | 692 | ||||||
Parker-Hannifin | 4,560 | 680 | ||||||
Pentair | 25,835 | 976 | ||||||
Quanta Services | 4,776 | 144 | ||||||
Raytheon | 27,772 | 4,259 | ||||||
Regal Beloit | 11,005 | 771 | ||||||
Republic Services, Cl A | 7,471 | 539 | ||||||
Resideo Technologies* | 3,062 | 63 | ||||||
Robert Half International | 53,248 | 3,046 | ||||||
Rockwell Automation | 4,142 | 623 | ||||||
Rollins | 5,250 | 190 | ||||||
Roper Technologies | 3,573 | 952 | ||||||
Snap-on | 1,829 | 266 | ||||||
Southwest Airlines | 45,812 | 2,129 | ||||||
Spirit AeroSystems Holdings, Cl A | 56,362 | 4,063 | ||||||
Stanley Black & Decker | 37,260 | 4,462 | ||||||
Teledyne Technologies* | 3,528 | 731 | ||||||
Terex | 4,547 | 125 | ||||||
Textron | 8,214 | 378 | ||||||
The accompanying notes are an integral part of the financial statements.
33
| THE KP FUNDS | December 31, 2018 |
| KP Large Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
TransDigm Group* | 1,700 | $ | 578 | |||||
Union Pacific | 60,783 | 8,402 | ||||||
United Continental Holdings* | 24,110 | 2,019 | ||||||
United Parcel Service, Cl B | 47,598 | 4,642 | ||||||
United Rentals* | 2,729 | 280 | ||||||
United Technologies | 69,627 | 7,414 | ||||||
Verisk Analytics, Cl A* | 5,800 | 632 | ||||||
Waste Connections | 43,453 | 3,226 | ||||||
Waste Management | 65,936 | 5,868 | ||||||
WW Grainger | 13,243 | 3,739 | ||||||
Xylem | 6,222 | 415 | ||||||
|
| |||||||
| 232,557 | ||||||||
|
| |||||||
Information Technology — 19.8% |
| |||||||
Accenture, Cl A | 115,430 | 16,277 | ||||||
Adobe* | 66,767 | 15,105 | ||||||
Advanced Micro Devices* | 29,700 | 548 | ||||||
Akamai Technologies* | 22,726 | 1,388 | ||||||
Alliance Data Systems | 1,580 | 237 | ||||||
Amdocs | 40,112 | 2,350 | ||||||
Amphenol, Cl A | 10,352 | 839 | ||||||
Analog Devices | 40,460 | 3,473 | ||||||
ANSYS* | 8,640 | 1,235 | ||||||
Apple | 366,118 | 57,751 | ||||||
Applied Materials | 77,939 | 2,552 | ||||||
Arista Networks* | 1,800 | 379 | ||||||
ASML Holding, Cl G | 10,305 | 1,604 | ||||||
Aspen Technology* | 20,647 | 1,697 | ||||||
Autodesk* | 7,508 | 966 | ||||||
Automatic Data Processing | 15,168 | 1,989 | ||||||
Black Knight* | 24,971 | 1,125 | ||||||
Booz Allen Hamilton Holding, Cl A | 9,812 | 442 | ||||||
Broadcom | 31,401 | 7,985 | ||||||
Broadridge Financial Solutions | 35,222 | 3,390 | ||||||
Cadence Design Systems* | 34,850 | 1,515 | ||||||
CDW | 38,184 | 3,095 | ||||||
Cisco Systems | 295,251 | 12,793 | ||||||
Citrix Systems | 4,442 | 455 | ||||||
Cognizant Technology Solutions, Cl A | 112,893 | 7,166 | ||||||
Corning | 27,823 | 841 | ||||||
Dell Technologies, Cl C* | 16,754 | 819 | ||||||
DXC Technology | 112,303 | 5,971 | ||||||
EPAM Systems* | 9,317 | 1,081 | ||||||
F5 Networks* | 30,294 | 4,909 | ||||||
Fidelity National Information Services | 97,423 | 9,991 | ||||||
First Data, Cl A* | 20,217 | 342 | ||||||
Fiserv* | 74,170 | 5,451 | ||||||
| Description | Shares | Value (000) | ||||||
FleetCor Technologies* | 3,003 | $ | 558 | |||||
FLIR Systems | 9,902 | 431 | ||||||
Fortinet* | 37,995 | 2,676 | ||||||
Gartner* | 3,167 | 405 | ||||||
Global Payments | 48,184 | 4,969 | ||||||
Hewlett Packard Enterprise | 50,245 | 664 | ||||||
HP | 112,728 | 2,306 | ||||||
Intel | 325,973 | 15,298 | ||||||
International Business Machines | 66,520 | 7,561 | ||||||
Intuit | 90,252 | 17,766 | ||||||
IPG Photonics* | 1,300 | 147 | ||||||
Jack Henry & Associates | 2,600 | 329 | ||||||
Juniper Networks | 11,980 | 322 | ||||||
Keysight Technologies* | 20,155 | 1,251 | ||||||
KLA-Tencor | 19,170 | 1,716 | ||||||
Lam Research | 14,613 | 1,990 | ||||||
Marvell Technology Group | 9,333 | 151 | ||||||
Mastercard, Cl A | 46,214 | 8,718 | ||||||
Maxim Integrated Products | 112,628 | 5,727 | ||||||
Microchip Technology | 7,946 | 571 | ||||||
Micron Technology* | 139,006 | 4,411 | ||||||
Microsoft | 824,938 | 83,789 | ||||||
Motorola Solutions | 5,765 | 663 | ||||||
NetApp | 8,894 | 531 | ||||||
NVIDIA | 36,372 | 4,856 | ||||||
Oracle | 173,691 | 7,842 | ||||||
Palo Alto Networks* | 10,816 | 2,037 | ||||||
Paychex | 10,967 | 715 | ||||||
PayPal Holdings* | 127,653 | 10,734 | ||||||
Perspecta | 18,210 | 314 | ||||||
Qorvo* | 4,100 | 249 | ||||||
QUALCOMM | 41,581 | 2,366 | ||||||
Red Hat* | 58,109 | 10,206 | ||||||
salesforce.com* | 67,709 | 9,274 | ||||||
Seagate Technology | 8,869 | 342 | ||||||
ServiceNow* | 17,913 | 3,189 | ||||||
Skyworks Solutions | 6,000 | 402 | ||||||
Splunk* | 32,008 | 3,356 | ||||||
Symantec | 221,742 | 4,190 | ||||||
Synopsys* | 26,961 | 2,271 | ||||||
TE Connectivity | 12,015 | 909 | ||||||
Texas Instruments | 162,311 | 15,338 | ||||||
Total System Services | 16,834 | 1,368 | ||||||
Twilio, Cl A* | 27,989 | 2,499 | ||||||
Ubiquiti Networks | 5,625 | 559 | ||||||
VeriSign* | 3,612 | 536 | ||||||
The accompanying notes are an integral part of the financial statements.
34
| THE KP FUNDS | December 31, 2018 |
| KP Large Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Visa, Cl A | 219,363 | $ | 28,943 | |||||
VMware, Cl A* | 46,533 | 6,381 | ||||||
Western Digital | 25,164 | 930 | ||||||
Western Union | 15,563 | 266 | ||||||
Workday, Cl A* | 23,145 | 3,696 | ||||||
Xerox | 6,504 | 129 | ||||||
Xilinx | 8,819 | 751 | ||||||
Zebra Technologies, Cl A* | 10,924 | 1,739 | ||||||
Zendesk* | 25,246 | 1,474 | ||||||
|
| |||||||
| 466,572 | ||||||||
|
| |||||||
Materials — 2.0% |
| |||||||
Air Products & Chemicals | 23,851 | 3,817 | ||||||
Albemarle | 3,700 | 285 | ||||||
Avery Dennison | 2,868 | 258 | ||||||
Ball | 11,604 | 534 | ||||||
Berry Global Group* | 39,515 | 1,878 | ||||||
Celanese, Cl A | 16,583 | 1,492 | ||||||
CF Industries Holdings | 8,151 | 355 | ||||||
Crown Holdings* | 21,850 | 908 | ||||||
Domtar | 9,547 | 335 | ||||||
DowDuPont | 106,046 | 5,671 | ||||||
Eastman Chemical | 4,686 | 343 | ||||||
Ecolab | 8,767 | 1,292 | ||||||
FMC | 4,432 | 328 | ||||||
Freeport-McMoRan | 70,844 | 730 | ||||||
Huntsman | 6,292 | 121 | ||||||
International Flavors & Fragrances | 3,442 | 462 | ||||||
International Paper | 39,831 | 1,608 | ||||||
Linde | 18,908 | 2,950 | ||||||
LyondellBasell Industries, Cl A | 53,336 | 4,435 | ||||||
Martin Marietta Materials | 2,100 | 361 | ||||||
Mosaic | 11,981 | 350 | ||||||
Newmont Mining | 27,349 | 948 | ||||||
Nucor | 10,842 | 562 | ||||||
Olin | 5,816 | 117 | ||||||
Packaging Corp of America | 3,082 | 257 | ||||||
PPG Industries | 86,496 | 8,842 | ||||||
Sealed Air | 5,342 | 186 | ||||||
Sherwin-Williams | 13,038 | 5,130 | ||||||
Steel Dynamics | 69,261 | 2,081 | ||||||
Vulcan Materials | 4,427 | 437 | ||||||
Westrock | 8,678 | 328 | ||||||
WR Grace | 10,084 | 655 | ||||||
|
| |||||||
| 48,056 | ||||||||
|
| |||||||
Real Estate — 1.6% |
| |||||||
Alexandria Real Estate Equities‡ | 3,600 | 415 | ||||||
| Description | Shares | Value (000) | ||||||
American Tower, Cl A‡ | 26,875 | $ | 4,251 | |||||
Apartment Investment & Management, Cl A‡ | 5,554 | 244 | ||||||
AvalonBay Communities‡ | 4,712 | 820 | ||||||
Boston Properties‡ | 5,324 | 599 | ||||||
CBRE Group, Cl A* | 70,378 | 2,818 | ||||||
Crown Castle International‡ | 14,373 | 1,561 | ||||||
Digital Realty Trust‡ | 7,000 | 746 | ||||||
Duke Realty‡ | 12,200 | 316 | ||||||
Equinix‡ | 2,771 | 977 | ||||||
Equity LifeStyle Properties‡ | 37,562 | 3,648 | ||||||
Equity Residential‡ | 12,684 | 837 | ||||||
Essex Property Trust‡ | 2,232 | 547 | ||||||
Extra Space Storage‡ | 4,400 | 398 | ||||||
Federal Realty Investment Trust‡ | 2,500 | 295 | ||||||
Gaming and Leisure Properties‡ | 40,490 | 1,308 | ||||||
HCP‡ | 16,295 | 455 | ||||||
Host Hotels & Resorts‡ | 24,918 | 415 | ||||||
Iron Mountain‡ | 9,686 | 314 | ||||||
Kimco Realty‡ | 13,845 | 203 | ||||||
Liberty Property Trust‡ | 15,160 | 635 | ||||||
Macerich‡ | 3,745 | 162 | ||||||
Mid-America Apartment Communities‡ | 4,000 | 383 | ||||||
Park Hotels & Resorts‡ | 32,382 | 841 | ||||||
Prologis‡ | 81,225 | 4,770 | ||||||
Public Storage‡ | 13,420 | 2,716 | ||||||
Realty Income‡ | 10,400 | 656 | ||||||
Regency Centers‡ | 5,900 | 346 | ||||||
SBA Communications, Cl A‡ * | 4,000 | 648 | ||||||
Simon Property Group‡ | 10,703 | 1,798 | ||||||
SL Green Realty‡ | 14,898 | 1,178 | ||||||
UDR‡ | 9,300 | 369 | ||||||
Ventas‡ | 12,313 | 722 | ||||||
Vornado Realty Trust‡ | 5,803 | 360 | ||||||
Welltower‡ | 12,803 | 889 | ||||||
Weyerhaeuser‡ | 25,882 | 566 | ||||||
|
| |||||||
| 38,206 | ||||||||
|
| |||||||
Utilities — 3.1% |
| |||||||
AES | 23,096 | 334 | ||||||
Alliant Energy | 8,000 | 338 | ||||||
Ameren | 27,616 | 1,801 | ||||||
American Electric Power | 50,096 | 3,744 | ||||||
American Water Works | 26,887 | 2,441 | ||||||
Avangrid | 3,983 | 200 | ||||||
CenterPoint Energy | 115,395 | 3,258 | ||||||
CMS Energy | 9,464 | 470 | ||||||
The accompanying notes are an integral part of the financial statements.
35
| THE KP FUNDS | December 31, 2018 |
| KP Large Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Consolidated Edison | 41,341 | $ | 3,161 | |||||
Dominion Energy | 22,815 | 1,630 | ||||||
DTE Energy | 6,408 | 707 | ||||||
Duke Energy | 118,374 | 10,216 | ||||||
Edison International | 11,268 | 640 | ||||||
Entergy | 6,254 | 538 | ||||||
Evergy | 9,200 | 522 | ||||||
Eversource Energy | 10,905 | 709 | ||||||
Exelon | 293,789 | 13,250 | ||||||
FirstEnergy | 17,033 | 640 | ||||||
NextEra Energy | 27,098 | 4,710 | ||||||
NiSource | 12,446 | 315 | ||||||
NRG Energy | 10,364 | 410 | ||||||
OGE Energy | 45,232 | 1,773 | ||||||
PG&E* | 17,305 | 411 | ||||||
Pinnacle West Capital | 14,103 | 1,202 | ||||||
PPL | 25,199 | 714 | ||||||
Public Service Enterprise Group | 83,754 | 4,359 | ||||||
SCANA | 4,806 | 230 | ||||||
Sempra Energy | 33,846 | 3,662 | ||||||
Southern | 144,114 | 6,329 | ||||||
WEC Energy Group | 10,920 | 756 | ||||||
Xcel Energy | 57,872 | 2,851 | ||||||
|
| |||||||
| 72,321 | ||||||||
|
| |||||||
Total Common Stock | 2,301,239 | |||||||
|
| |||||||
EXCHANGE TRADED FUND — 0.3% |
| |||||||
iShares Russell 1000 ETF | 40,859 | 5,667 | ||||||
|
| |||||||
Total Exchange Traded Fund | 5,667 | |||||||
|
| |||||||
PREFERRED STOCK — 0.2% |
| |||||||
Air BNB, Ser D* (B) (C) | 11,406 | 1,211 | ||||||
Air BNB, Ser E* (B) (C) | 6,939 | 736 | ||||||
Magic Leap* (B) (C) | 5,553 | 150 | ||||||
Magic Leap, Ser C* (B) (C) | 13,521 | 365 | ||||||
Uber Technologies, Ser A* (B) (C) | 370 | 18 | ||||||
Uber Technologies, Ser B* (B) (C) | 141 | 7 | ||||||
Uber Technologies, Ser C1* (B) (C) | 37 | 2 | ||||||
Uber Technologies, Ser C2* (B) (C) | 30 | 1 | ||||||
Uber Technologies, Ser D* (B) (C) | 34 | 2 | ||||||
Uber Technologies, Ser E* (B) (C) | 21,088 | 1,028 | ||||||
Uber Technologies, Ser G* (B) (C) | 7,921 | 386 | ||||||
Uber Technologies, Ser G1* (B) (C) | 81 | 4 | ||||||
Uber Technologies, Ser SEED* (B) (C) | 135 | 7 | ||||||
| Description | Shares | Value (000) | ||||||
Uber Technologies, Ser Sr A* (B) (C) | 53 | $ | 3 | |||||
|
| |||||||
Total Preferred Stock | 3,920 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT — 1.3% |
| |||||||
State Street Institutional Treasury Money Market Fund, Cl Premier, 2.240%, (D) | 30,995,076 | 30,995 | ||||||
|
| |||||||
Total Short-Term Investment | 30,995 | |||||||
|
| |||||||
Total Investments In Securities — 99.6% |
| $ | 2,341,821 | |||||
|
| |||||||
Percentages are based on net assets of $2,352,152 (000).
A list of the open futures contracts held by the Fund at December 31, 2018, is as follows (000):
| Type of Contract | Number of Contracts Long | Expiration Date | Notional Amount | Value | Unrealized Depreciation | |||||
S&P 500Index E-MINI | 109 | Mar-2019 | $14,256 | $13,653 | $(603) | |||||
|
|
|
| * | Non-income producing security. |
| ‡ | Real Estate Investment Trust. |
| (A) | Security considered Master Limited Partnership. At December 31, 2018, this security amounted to $772 (000) or 0.0% of Net Assets. |
| (B) | Level 3 security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of December 31, 2018, was $3,920 (000) and represented 0.2% of Net Assets. |
| (C) | There is currently no rate available. |
| (D) | The rate reported is the7-day effective yield as of December 31, 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 December 31, 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 | $ | 2,301,239 | $ | — | $ | — | $ | 2,301,239 | ||||||||
Exchange Traded Fund | 5,667 | — | — | 5,667 | ||||||||||||
Preferred Stock | — | — | 3,920 | 3,920 | ||||||||||||
Short-Term Investment | 30,995 | — | — | 30,995 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 2,337,901 | $ | — | $ | 3,920 | $ | 2,341,821 | ||||||||
|
|
|
|
|
|
|
| |||||||||
The accompanying notes are an integral part of the financial statements.
36
| THE KP FUNDS | December 31, 2018 |
| KP Large Cap Equity Fund |
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts** |
| |||||||||||||||
Unrealized Depreciation | $ | (603) | $ | — | $ | — | $ | (603) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (603) | $ | — | $ | — | $ | (603) | ||||||||
|
|
|
|
|
|
|
| |||||||||
| ** | 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 year ended December 31, 2018, there were no transfers between Level 1 and Level 2 assets and liabilities. For the year ended December 31, 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.
37
| THE KP FUNDS | December 31, 2018 |
| KP Small Cap Equity Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
COMMON STOCK — 96.9% |
| |||||||
Communication Services — 2.7% |
| |||||||
AH Belo, Cl A | 197,880 | $ | 667 | |||||
ATN International | 18,972 | 1,357 | ||||||
Beasley Broadcast Group, Cl A | 110,793 | 416 | ||||||
Cardlytics* | 99,827 | 1,081 | ||||||
Cincinnati Bell* | 15,006 | 117 | ||||||
Cogent Communications Holdings | 12,370 | 559 | ||||||
Consolidated Communications Holdings | 20,915 | 207 | ||||||
EW Scripps, Cl A | 17,213 | 271 | ||||||
Frontier Communications | 30,700 | 73 | ||||||
Gannett | 33,801 | 288 | ||||||
Glu Mobile* | 176,942 | 1,428 | ||||||
IAC* | 21,378 | 3,913 | ||||||
Iridium Communications* | 29,242 | 540 | ||||||
John Wiley & Sons, Cl A | 78,346 | 3,680 | ||||||
Madison Square Garden* | 5,012 | 1,342 | ||||||
Marcus | 5,860 | 231 | ||||||
Meredith | 80,832 | 4,198 | ||||||
New Media Investment Group | 15,820 | 183 | ||||||
Nexstar Media Group, Cl A | 17,813 | 1,401 | ||||||
ORBCOMM* | 119,003 | 983 | ||||||
QuinStreet* | 86,779 | 1,408 | ||||||
Scholastic | 8,306 | 334 | ||||||
Spok Holdings | 5,100 | 68 | ||||||
TechTarget* | 6,500 | 79 | ||||||
| Description | Shares | Value (000) | ||||||
Vonage Holdings* | 65,189 | $ | 569 | |||||
World Wrestling Entertainment, Cl A | 23,072 | 1,724 | ||||||
|
| |||||||
| 27,117 | ||||||||
|
| |||||||
Consumer Discretionary — 13.2% |
| |||||||
1-800-Flowers.com, Cl A* | 169,769 | 2,076 | ||||||
Aaron’s | 20,540 | 864 | ||||||
Abercrombie & Fitch, Cl A | 19,693 | 395 | ||||||
Advance Auto Parts | 10,119 | 1,593 | ||||||
American Axle & Manufacturing Holdings* | 154,256 | 1,712 | ||||||
American Public Education* | 4,792 | 136 | ||||||
Asbury Automotive Group* | 5,862 | 391 | ||||||
Ascena Retail Group* | 54,377 | 137 | ||||||
Aspen Group* | 136,871 | 750 | ||||||
Barnes & Noble | 18,089 | 128 | ||||||
Barnes & Noble Education* | 11,026 | 44 | ||||||
Belmond, Cl A* | 26,528 | 664 | ||||||
Big Lots | 77,591 | 2,244 | ||||||
BJ’s Restaurants | 25,225 | 1,276 | ||||||
BMC Stock Holdings* | 85,954 | 1,331 | ||||||
Buckle | 8,239 | 159 | ||||||
Burlington Stores* | 6,040 | 983 | ||||||
Caleres | 12,781 | 356 | ||||||
Callaway Golf | 26,316 | 403 | ||||||
Career Education* | 20,867 | 238 | ||||||
Carrols Restaurant Group* | 183,297 | 1,804 | ||||||
Carter’s | 24,501 | 2,000 | ||||||
Cato, Cl A | 6,513 | 93 | ||||||
Cavco Industries* | 2,517 | 328 | ||||||
Century Casinos* | 352,936 | 2,608 | ||||||
Chegg* | 145,382 | 4,132 | ||||||
Chico’s FAS | 36,900 | 207 | ||||||
Children’s Place | 4,823 | 435 | ||||||
Chuy’s Holdings* | 115,039 | 2,041 | ||||||
Cooper Tire & Rubber | 221,671 | 7,167 | ||||||
Cooper-Standard Holdings* | 4,894 | 304 | ||||||
Core-Mark Holding | 13,697 | 318 | ||||||
Crocs* | 20,082 | 522 | ||||||
Dave & Buster’s Entertainment | 31,151 | 1,388 | ||||||
Deckers Outdoor* | 4,655 | 596 | ||||||
Del Frisco’s Restaurant Group* | 288,376 | 2,062 | ||||||
Dine Brands Global | 22,846 | 1,538 | ||||||
Dorman Products* | 23,093 | 2,079 | ||||||
DSW, Cl A | 76,949 | 1,901 | ||||||
Duluth Holdings, Cl B* | 24,785 | 625 | ||||||
El Pollo Loco Holdings* | 6,356 | 96 | ||||||
Eldorado Resorts* | 54,385 | 1,969 | ||||||
The accompanying notes are an integral part of the financial statements.
38
| THE KP FUNDS | December 31, 2018 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Ethan Allen Interiors | 7,134 | $ | 126 | |||||
Etsy* | 101,221 | 4,815 | ||||||
Express* | 19,647 | 100 | ||||||
Extended Stay America | 189,895 | 2,943 | ||||||
Fiesta Restaurant Group* | 6,855 | 106 | ||||||
Five Below* | 33,599 | 3,438 | ||||||
Fossil Group* | 13,363 | 210 | ||||||
Fox Factory Holding* | 37,135 | 2,186 | ||||||
Francesca’s Holdings* | 11,062 | 11 | ||||||
GameStop, Cl A | 30,171 | 381 | ||||||
Garrett Motion* | 21,860 | 270 | ||||||
Genesco* | 5,922 | 262 | ||||||
Gentherm* | 10,385 | 415 | ||||||
G-III Apparel Group* | 149,593 | 4,172 | ||||||
Golden Entertainment* | 112,826 | 1,808 | ||||||
Grand Canyon Education* | 17,600 | 1,692 | ||||||
Group 1 Automotive | 5,350 | 282 | ||||||
GrubHub* | 27,792 | 2,135 | ||||||
Guess? | 16,999 | 353 | ||||||
Habit Restaurants, Cl A* | 101,522 | 1,066 | ||||||
Haverty Furniture | 5,712 | 107 | ||||||
Helen of Troy* | 8,950 | 1,174 | ||||||
Hibbett Sports* | 5,528 | 79 | ||||||
Inspired Entertainment* | 71,742 | 344 | ||||||
Installed Building Products* | 6,501 | 219 | ||||||
iRobot* | 33,312 | 2,790 | ||||||
JC Penney* | 92,313 | 96 | ||||||
Kirkland’s* | 4,305 | 41 | ||||||
La-Z-Boy, Cl Z | 13,865 | 384 | ||||||
LCI Industries | 7,594 | 507 | ||||||
LGI Homes* | 5,564 | 252 | ||||||
Liquidity Services* | 45,967 | 284 | ||||||
Lithia Motors, Cl A | 6,658 | 508 | ||||||
Lovesac* | 69,834 | 1,602 | ||||||
Lululemon Athletica* | 23,118 | 2,811 | ||||||
Lumber Liquidators Holdings* | 8,604 | 82 | ||||||
M/I Homes* | 8,597 | 181 | ||||||
Malibu Boats, Cl A* | 14,435 | 502 | ||||||
MarineMax* | 7,034 | 129 | ||||||
MDC Holdings | 155,703 | 4,377 | ||||||
Meritage Homes* | 11,082 | 407 | ||||||
Modine Manufacturing* | 231,125 | 2,498 | ||||||
Monarch Casino & Resort* | 3,467 | 132 | ||||||
Monro | 72,744 | 5,001 | ||||||
Motorcar Parts of America* | 5,559 | 93 | ||||||
Movado Group | 4,851 | 153 | ||||||
| Description | Shares | Value (000) | ||||||
Nautilus* | 8,936 | $ | 97 | |||||
Noodles, Cl A* | 125,960 | 880 | ||||||
Nutrisystem | 8,774 | 385 | ||||||
Office Depot | 164,110 | 423 | ||||||
Oxford Industries | 5,014 | 356 | ||||||
Papa John’s International | 55,327 | 2,203 | ||||||
PetMed Express | 6,000 | 140 | ||||||
Planet Fitness, Cl A* | 29,075 | 1,559 | ||||||
PlayAGS* | 44,120 | 1,015 | ||||||
Red Robin Gourmet Burgers* | 3,766 | 101 | ||||||
Regis* | 9,634 | 163 | ||||||
Rent-A-Center, Cl A* | 13,383 | 217 | ||||||
RH* | 5,584 | 669 | ||||||
Ruth’s Hospitality Group | 8,380 | 191 | ||||||
SeaWorld Entertainment* | 43,000 | 950 | ||||||
ServiceMaster Global Holdings* | 26,705 | 981 | ||||||
Shake Shack, Cl A* | 7,709 | 350 | ||||||
Shoe Carnival | 3,168 | 106 | ||||||
Shutterfly* | 9,952 | 401 | ||||||
Shutterstock | 5,549 | 200 | ||||||
Sleep Number* | 30,716 | 975 | ||||||
Sonic Automotive, Cl A | 7,160 | 99 | ||||||
Stamps.com* | 5,064 | 788 | ||||||
Standard Motor Products | 6,070 | 294 | ||||||
Steven Madden | 23,572 | 713 | ||||||
Strategic Education | 31,232 | 3,542 | ||||||
Sturm Ruger | 40,962 | 2,180 | ||||||
Superior Industries International | 6,299 | 30 | ||||||
Tailored Brands | 14,881 | 203 | ||||||
Tiffany | 14,923 | 1,201 | ||||||
Tile Shop Holdings | 10,401 | 57 | ||||||
TopBuild* | 10,584 | 476 | ||||||
Ulta Beauty* | 11,388 | 2,788 | ||||||
Unifi* | 4,079 | 93 | ||||||
Universal Electronics* | 4,403 | 111 | ||||||
Urban Outfitters* | 38,449 | 1,277 | ||||||
Vail Resorts | 6,647 | 1,401 | ||||||
Vera Bradley* | 5,962 | 51 | ||||||
Vista Outdoor* | 17,001 | 193 | ||||||
Vitamin Shoppe* | 5,854 | 28 | ||||||
Waitr Holdings* | 34,690 | 387 | ||||||
William Lyon Homes, Cl A* | 9,632 | 103 | ||||||
Wingstop, Cl A | 8,745 | 561 | ||||||
Winnebago Industries | 8,478 | 205 | ||||||
Wolverine World Wide | 28,246 | 901 | ||||||
Wyndham Hotels & Resorts | 23,225 | 1,054 | ||||||
The accompanying notes are an integral part of the financial statements.
39
| THE KP FUNDS | December 31, 2018 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Zumiez* | 5,373 | $ | 103 | |||||
|
| |||||||
| 132,818 | ||||||||
|
| |||||||
Consumer Staples — 4.7% |
| |||||||
Andersons | 134,013 | 4,006 | ||||||
Avon Products* | 129,681 | 197 | ||||||
B&G Foods | 67,431 | 1,949 | ||||||
Calavo Growers | 4,694 | 342 | ||||||
Cal-Maine Foods | 8,990 | 380 | ||||||
Casey’s General Stores | 48,779 | 6,251 | ||||||
Central Garden & Pet* | 2,967 | 102 | ||||||
Central Garden & Pet, Cl A* | 12,215 | 382 | ||||||
Chefs’ Warehouse* | 50,574 | 1,617 | ||||||
Coca-Cola Bottling Consolidated | 1,403 | 249 | ||||||
Darling Ingredients* | 249,777 | 4,806 | ||||||
Dean Foods | 26,459 | 101 | ||||||
Energizer Holdings | 56,471 | 2,550 | ||||||
Flowers Foods | 135,175 | 2,497 | ||||||
Freshpet* | 34,135 | 1,098 | ||||||
Herbalife Nutrition* | 33,991 | 2,004 | ||||||
Inter Parfums | 35,069 | 2,299 | ||||||
J&J Snack Foods | 4,492 | 649 | ||||||
John B Sanfilippo & Son | 2,524 | 140 | ||||||
Medifast | 3,532 | 442 | ||||||
MGP Ingredients | 3,770 | 215 | ||||||
Nu Skin Enterprises, Cl A | 23,216 | 1,424 | ||||||
Post Holdings* | 19,450 | 1,734 | ||||||
Sanderson Farms | 62,512 | 6,207 | ||||||
Seneca Foods, Cl A* | 1,835 | 52 | ||||||
Simply Good Foods* | 88,385 | 1,670 | ||||||
SpartanNash | 10,536 | 181 | ||||||
United Natural Foods* | 15,300 | 162 | ||||||
Universal | 49,594 | 2,686 | ||||||
WD-40 | 4,160 | 762 | ||||||
|
| |||||||
| 47,154 | ||||||||
|
| |||||||
Energy — 2.7% |
| |||||||
Archrock | 38,663 | 290 | ||||||
Ardmore Shipping* | 209,957 | 981 | ||||||
Bonanza Creek Energy* | 5,600 | 116 | ||||||
Bristow Group* | 10,436 | 25 | ||||||
C&J Energy Services* | 19,010 | 257 | ||||||
Callon Petroleum* | 597,980 | 3,881 | ||||||
Capital Product Partners (A) | 202,850 | 424 | ||||||
CARBO Ceramics* | 6,259 | 22 | ||||||
Carrizo Oil & Gas* | 25,142 | 284 | ||||||
Cloud Peak Energy* | 22,702 | 8 | ||||||
CONSOL Energy* | 8,300 | 263 | ||||||
| Description | Shares | Value (000) | ||||||
Denbury Resources* | 137,155 | $ | 235 | |||||
Diamondback Energy | 10,442 | 968 | ||||||
Eclipse Resources* | 532,335 | 559 | ||||||
Era Group* | 6,300 | 55 | ||||||
Euronav | 182,114 | 1,262 | ||||||
Exterran* | 9,382 | 166 | ||||||
Geospace Technologies* | 3,914 | 40 | ||||||
Green Plains | 144,203 | 1,891 | ||||||
Gulf Island Fabrication | 3,100 | 22 | ||||||
Gulfport Energy* | 48,000 | 314 | ||||||
Helix Energy Solutions Group* | 40,755 | 220 | ||||||
HighPoint Resources* | 32,971 | 82 | ||||||
Keane Group* | 100,805 | 825 | ||||||
KLX Energy Services Holdings* | 6,400 | 150 | ||||||
Laredo Petroleum* | 44,600 | 161 | ||||||
Matrix Service* | 8,479 | 152 | ||||||
Nabors Industries | 420,770 | 842 | ||||||
Newpark Resources* | 26,476 | 182 | ||||||
Noble* | 73,644 | 193 | ||||||
Oceaneering International* | 29,684 | 359 | ||||||
Oil States International* | 141,903 | 2,026 | ||||||
Par Pacific Holdings* | 8,391 | 119 | ||||||
PDC Energy* | 19,735 | 587 | ||||||
Penn Virginia* | 4,120 | 223 | ||||||
Pioneer Energy Services* | 23,574 | 29 | ||||||
Profire Energy* | 130,990 | 190 | ||||||
ProPetro Holding* | 21,930 | 270 | ||||||
Renewable Energy Group* | 11,010 | 283 | ||||||
REX American Resources* | 1,686 | 115 | ||||||
Ring Energy* | 202,652 | 1,029 | ||||||
RPC | 84,426 | 833 | ||||||
SEACOR Holdings* | 5,150 | 191 | ||||||
Southwestern Energy* | 857,340 | 2,924 | ||||||
SRC Energy* | 71,703 | 337 | ||||||
Superior Energy Services* | 46,800 | 157 | ||||||
TETRA Technologies* | 37,076 | 62 | ||||||
Unit* | 16,100 | 230 | ||||||
US Silica Holdings | 23,110 | 235 | ||||||
Whiting Petroleum* | 81,951 | 1,859 | ||||||
World Fuel Services | 33,210 | 711 | ||||||
|
| |||||||
| 27,639 | ||||||||
|
| |||||||
Financials — 17.2% |
| |||||||
Amalgamated Bank, Cl A | 35,345 | 689 | ||||||
Ambac Financial Group* | 13,600 | 234 | ||||||
American Equity Investment Life Holding | 65,786 | 1,838 | ||||||
The accompanying notes are an integral part of the financial statements.
40
| THE KP FUNDS | December 31, 2018 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
American Financial Group | 41,014 | $ | 3,713 | |||||
Ameris Bancorp | 11,808 | 374 | ||||||
AMERISAFE | 76,600 | 4,342 | ||||||
Apollo Commercial Real Estate Finance‡ | 33,591 | 560 | ||||||
ARMOUR Residential‡ | 12,488 | 256 | ||||||
Axos Financial* | 16,454 | 414 | ||||||
Banc of California | 12,405 | 165 | ||||||
Bank of Hawaii | 53,903 | 3,629 | ||||||
Banner | 31,431 | 1,681 | ||||||
Berkshire Hills Bancorp | 46,543 | 1,255 | ||||||
Blucora* | 55,951 | 1,490 | ||||||
Boston Private Financial Holdings | 24,902 | 263 | ||||||
Bridgewater Bancshares* | 68,790 | 726 | ||||||
Brookline Bancorp | 23,786 | 329 | ||||||
Byline Bancorp* | 70,080 | 1,167 | ||||||
Capstar Financial Holdings | 127,403 | 1,877 | ||||||
Capstead Mortgage‡ | 27,131 | 181 | ||||||
Carolina Financial | 105,127 | 3,111 | ||||||
Central Pacific Financial | 8,700 | 212 | ||||||
Chemical Financial | 29,156 | 1,067 | ||||||
City Holding | 4,897 | 331 | ||||||
Civista Bancshares | 59,472 | 1,036 | ||||||
Columbia Banking System | 131,902 | 4,787 | ||||||
Commerce Bancshares | 77,268 | 4,356 | ||||||
Community Bank System | 15,241 | 889 | ||||||
Community Bankers Trust* | 296,026 | 2,137 | ||||||
Customers Bancorp* | 77,740 | 1,415 | ||||||
CVB Financial | 246,473 | 4,986 | ||||||
Dime Community Bancshares | 9,319 | 158 | ||||||
Donnelley Financial Solutions* | 9,884 | 139 | ||||||
Eagle Bancorp* | 9,332 | 455 | ||||||
Eagle Bancorp Montana | 36,008 | 582 | ||||||
eHealth* | 45,076 | 1,732 | ||||||
Employers Holdings | 9,791 | 411 | ||||||
Encore Capital Group* | 7,492 | 176 | ||||||
Enova International* | 10,006 | 195 | ||||||
Entegra Financial* | 73,084 | 1,516 | ||||||
Evans Bancorp | 50,553 | 1,643 | ||||||
EZCORP, Cl A* | 15,334 | 118 | ||||||
FB Financial | 87,141 | 3,052 | ||||||
Fidelity Southern | 6,714 | 175 | ||||||
First BanCorp | 65,350 | 562 | ||||||
First Bancorp NC | 39,459 | 1,289 | ||||||
First Busey | 73,260 | 1,798 | ||||||
First Commonwealth Financial | 29,971 | 362 | ||||||
First Community | 57,234 | 1,112 | ||||||
| Description | Shares | Value (000) | ||||||
First Financial Bancorp | 78,680 | $ | 1,866 | |||||
First Financial Bankshares | 20,187 | 1,165 | ||||||
First Hawaiian | 144,655 | 3,256 | ||||||
First Horizon National | 140,881 | 1,854 | ||||||
First Internet Bancorp | 99,575 | 2,035 | ||||||
First Midwest Bancorp | 31,791 | 630 | ||||||
FirstCash | 31,769 | 2,298 | ||||||
Flagstar Bancorp* | 8,800 | 232 | ||||||
FNB | 382,487 | 3,764 | ||||||
Franklin Financial Network* | 3,600 | 95 | ||||||
Glacier Bancorp | 25,179 | 998 | ||||||
Granite Point Mortgage Trust‡ | 13,000 | 234 | ||||||
Great Western Bancorp | 17,363 | 543 | ||||||
Green Bancorp | 68,545 | 1,175 | ||||||
Green Dot, Cl A* | 103,486 | 8,229 | ||||||
Greenhill | 5,000 | 122 | ||||||
Guaranty Bancorp | 110,617 | 2,295 | ||||||
Guaranty Bancshares | 25,104 | 749 | ||||||
Hanmi Financial | 9,374 | 185 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital‡ | 87,472 | 1,666 | ||||||
HCI Group | 2,200 | 112 | ||||||
Heritage Commerce | 41,447 | 470 | ||||||
Heritage Financial | 9,900 | 294 | ||||||
HomeStreet* | 7,997 | 170 | ||||||
Hope Bancorp | 36,742 | 436 | ||||||
Horace Mann Educators | 64,896 | 2,430 | ||||||
IBERIABANK | 34,159 | 2,196 | ||||||
Independent Bank | 8,392 | 590 | ||||||
International. FCStone* | 4,716 | 172 | ||||||
Invesco Mortgage Capital‡ | 33,540 | 486 | ||||||
Investar Holding | 39,402 | 977 | ||||||
Investment Technology Group | 9,762 | 295 | ||||||
James River Group Holdings | 102,183 | 3,734 | ||||||
Kemper | 25,360 | 1,683 | ||||||
LegacyTexas Financial Group | 13,430 | 431 | ||||||
LPL Financial Holdings | 12,600 | 770 | ||||||
Maiden Holdings | 20,065 | 33 | ||||||
Malvern Bancorp* | 26,192 | 517 | ||||||
Meta Financial Group | 8,032 | 156 | ||||||
MSCI, Cl A | 5,455 | 804 | ||||||
National Bank Holdings, Cl A | 97,031 | 2,995 | ||||||
Navigators Group | 6,953 | 483 | ||||||
NBT Bancorp | 13,008 | 450 | ||||||
New York Mortgage Trust‡ | 47,045 | 277 | ||||||
NMI Holdings, Cl A* | 19,524 | 348 | ||||||
Northfield Bancorp | 14,347 | 194 | ||||||
The accompanying notes are an integral part of the financial statements.
41
| THE KP FUNDS | December 31, 2018 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Northwest Bancshares | 30,818 | $ | 522 | |||||
OFG Bancorp | 13,009 | 214 | ||||||
Old Line Bancshares | 58,881 | 1,550 | ||||||
Old National Bancorp | 78,742 | 1,213 | ||||||
Old Point Financial | 20,693 | 452 | ||||||
Opus Bank | 79,183 | 1,551 | ||||||
Oritani Financial | 11,563 | 171 | ||||||
Orrstown Financial Services | 29,211 | 532 | ||||||
Pacific City Financial | 12,154 | 190 | ||||||
Pacific Premier Bancorp* | 13,293 | 339 | ||||||
PacWest Bancorp | 135,851 | 4,521 | ||||||
PennyMac Mortgage Investment Trust‡ | 18,240 | 340 | ||||||
Piper Jaffray | 4,389 | 289 | ||||||
PRA Group* | 13,390 | 326 | ||||||
Preferred Bank | 4,078 | 177 | ||||||
Primerica | 20,185 | 1,972 | ||||||
ProAssurance | 15,876 | 644 | ||||||
Prosperity Bancshares | 67,829 | 4,226 | ||||||
Provident Financial Services | 18,308 | 442 | ||||||
Redwood Trust‡ | 24,800 | 374 | ||||||
Reliant Bancorp | 29,419 | 678 | ||||||
RLI | 11,602 | 800 | ||||||
S&T Bancorp | 10,484 | 397 | ||||||
Safety Insurance Group | 4,363 | 357 | ||||||
Sandy Spring Bancorp | 89,177 | 2,795 | ||||||
Seacoast Banking Corp of Florida* | 15,116 | 393 | ||||||
Selective Insurance Group | 17,548 | 1,069 | ||||||
ServisFirst Bancshares | 13,845 | 441 | ||||||
Shore Bancshares | 93,510 | 1,360 | ||||||
Sierra Bancorp | 24,751 | 595 | ||||||
Simmons First National, Cl A | 27,682 | 668 | ||||||
SmartFinancial* | 88,352 | 1,614 | ||||||
Solar Capital | 68,623 | 1,317 | ||||||
Southern First Bancshares* | 46,823 | 1,502 | ||||||
Southern National Bancorp of Virginia | 128,097 | 1,693 | ||||||
Southside Bancshares | 9,720 | 309 | ||||||
State Auto Financial | 36,915 | 1,257 | ||||||
Sterling Bancorp | 41,712 | 290 | ||||||
Stewart Information Services | 7,113 | 294 | ||||||
SVB Financial Group* | 9,989 | 1,897 | ||||||
TCF Financial | 98,367 | 1,917 | ||||||
Texas Capital Bancshares* | 13,641 | 697 | ||||||
Third Point Reinsurance* | 21,744 | 210 | ||||||
Tompkins Financial | 3,695 | 277 | ||||||
Triumph Bancorp* | 7,200 | 214 | ||||||
Trupanion* | 24,637 | 627 | ||||||
| Description | Shares | Value (000) | ||||||
TrustCo Bank | 28,218 | $ | 194 | |||||
Umpqua Holdings | 213,624 | 3,397 | ||||||
United Community Banks | 23,507 | 504 | ||||||
United Fire Group | 6,473 | 359 | ||||||
United Insurance Holdings | 6,102 | 101 | ||||||
Universal Insurance Holdings | 9,545 | 362 | ||||||
Veritex Holdings* | 7,200 | 154 | ||||||
Virtus Investment Partners | 2,086 | 166 | ||||||
Waddell & Reed Financial, Cl A | 23,501 | 425 | ||||||
Walker & Dunlop | 8,638 | 374 | ||||||
WesBanco | 19,739 | 724 | ||||||
Westamerica Bancorporation | 41,583 | 2,315 | ||||||
WisdomTree Investments | 34,189 | 227 | ||||||
World Acceptance* | 1,967 | 201 | ||||||
|
| |||||||
| 173,095 | ||||||||
|
| |||||||
Health Care — 13.3% |
| |||||||
ABIOMED* | 7,962 | 2,588 | ||||||
Acadia Healthcare* | 53,173 | 1,367 | ||||||
Acorda Therapeutics* | 11,604 | 181 | ||||||
Addus HomeCare* | 28,405 | 1,928 | ||||||
Aerie Pharmaceuticals* | 31,844 | 1,150 | ||||||
Akorn* | 28,200 | 96 | ||||||
AMAG Pharmaceuticals* | 10,074 | 153 | ||||||
Amedisys* | 27,291 | 3,196 | ||||||
AMN Healthcare Services* | 13,890 | 787 | ||||||
Amphastar Pharmaceuticals* | 10,177 | 203 | ||||||
AngioDynamics* | 77,265 | 1,555 | ||||||
ANI Pharmaceuticals* | 2,447 | 110 | ||||||
Anika Therapeutics* | 4,299 | 144 | ||||||
Array BioPharma* | 139,354 | 1,986 | ||||||
Assertio Therapeutics* | 18,185 | 66 | ||||||
AxoGen* | 43,891 | 897 | ||||||
BioDelivery Sciences International* | 146,183 | 541 | ||||||
Bio-Rad Laboratories, Cl A* | 5,264 | 1,222 | ||||||
BioTelemetry* | 46,893 | 2,800 | ||||||
Cambrex* | 9,933 | 375 | ||||||
Cardiovascular Systems* | 37,040 | 1,055 | ||||||
CareDx* | 50,395 | 1,267 | ||||||
Charles River Laboratories International* | 13,545 | 1,533 | ||||||
Chemed | 6,533 | 1,851 | ||||||
Community Health Systems* | 33,974 | 96 | ||||||
Computer Programs & Systems | 3,415 | 86 | ||||||
CONMED | 7,798 | 501 | ||||||
Corcept Therapeutics* | 31,536 | 421 | ||||||
CorVel* | 2,800 | 173 | ||||||
The accompanying notes are an integral part of the financial statements.
42
| THE KP FUNDS | December 31, 2018 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Cross Country Healthcare* | 143,134 | $ | 1,049 | |||||
CryoLife* | 68,904 | 1,955 | ||||||
CryoPort* | 60,945 | 672 | ||||||
Cutera* | 4,000 | 68 | ||||||
Cytokinetics* | 16,523 | 104 | ||||||
DexCom* | 35,435 | 4,245 | ||||||
Diplomat Pharmacy* | 16,641 | 224 | ||||||
Eagle Pharmaceuticals* | 3,216 | 130 | ||||||
Emergent BioSolutions* | 13,342 | 791 | ||||||
Enanta Pharmaceuticals* | 4,651 | 329 | ||||||
Encompass Health | 44,867 | 2,768 | ||||||
Endo International* | 60,471 | 441 | ||||||
Ensign Group | 14,545 | 564 | ||||||
Evolent Health, Cl A* | 119,165 | 2,377 | ||||||
Exact Sciences* | 20,295 | 1,281 | ||||||
GenMark Diagnostics* | 519,790 | 2,526 | ||||||
Genomic Health* | 21,280 | 1,371 | ||||||
Global Blood Therapeutics* | 17,050 | 700 | ||||||
Haemonetics* | 43,484 | 4,351 | ||||||
HealthStream | 7,653 | 185 | ||||||
Heska* | 2,041 | 176 | ||||||
HMS Holdings* | 147,183 | 4,140 | ||||||
Horizon Pharma* | 49,185 | 961 | ||||||
Innoviva* | 19,933 | 348 | ||||||
Inspire Medical Systems* | 27,870 | 1,177 | ||||||
Insulet* | 18,457 | 1,464 | ||||||
Integer Holdings* | 30,887 | 2,355 | ||||||
Intra-Cellular Therapies, Cl A* | 42,872 | 488 | ||||||
Invacare | 9,943 | 43 | ||||||
Lannett* | 11,185 | 55 | ||||||
Lantheus Holdings* | 11,177 | 175 | ||||||
LeMaitre Vascular | 4,600 | 109 | ||||||
LHC Group* | 24,825 | 2,331 | ||||||
Ligand Pharmaceuticals* | 6,710 | 911 | ||||||
LivaNova* | 11,630 | 1,064 | ||||||
Luminex | 12,246 | 283 | ||||||
Madrigal Pharmaceuticals* | 6,080 | 685 | ||||||
Magellan Health* | 7,331 | 417 | ||||||
Masimo* | 8,035 | 863 | ||||||
Medicines* | 19,505 | 373 | ||||||
MEDNAX* | 41,693 | 1,376 | ||||||
Medpace Holdings* | 7,700 | 408 | ||||||
Meridian Bioscience | 12,533 | 218 | ||||||
Merit Medical Systems* | 92,479 | 5,161 | ||||||
Molina Healthcare* | 47,017 | 5,464 | ||||||
Momenta Pharmaceuticals* | 29,255 | 323 | ||||||
| Description | Shares | Value (000) | ||||||
MyoKardia* | 5,145 | $ | 251 | |||||
Myriad Genetics* | 22,130 | 643 | ||||||
Natus Medical* | 9,986 | 340 | ||||||
Neogen* | 15,416 | 879 | ||||||
NeoGenomics* | 116,790 | 1,473 | ||||||
Neurocrine Biosciences* | 22,948 | 1,639 | ||||||
NextGen Healthcare* | 13,997 | 212 | ||||||
Novocure* | 41,215 | 1,380 | ||||||
Nuvectra* | 127,617 | 2,085 | ||||||
Omnicell* | 11,787 | 722 | ||||||
OraSure Technologies* | 170,085 | 1,987 | ||||||
Orthofix Medical* | 5,671 | 298 | ||||||
Owens & Minor | 18,640 | 118 | ||||||
Oxford Immunotec Global* | 196,660 | 2,513 | ||||||
Pacira Pharmaceuticals* | 20,010 | 861 | ||||||
PetIQ, Cl A* | 85,451 | 2,006 | ||||||
Phibro Animal Health, Cl A | 6,240 | 201 | ||||||
Prestige Consumer Healthcare* | 45,439 | 1,403 | ||||||
Progenics Pharmaceuticals* | 24,149 | 101 | ||||||
Providence Service* | 30,581 | 1,835 | ||||||
PTC Therapeutics* | 17,830 | 612 | ||||||
Quidel* | 29,925 | 1,461 | ||||||
Quorum Health* | 8,300 | 24 | ||||||
R1 RCM* | 409,017 | 3,252 | ||||||
REGENXBIO* | 9,074 | 381 | ||||||
Repligen* | 11,663 | 615 | ||||||
Sage Therapeutics* | 10,716 | 1,026 | ||||||
Sarepta Therapeutics* | 9,011 | 983 | ||||||
Select Medical Holdings* | 32,131 | 493 | ||||||
Spectrum Pharmaceuticals* | 30,694 | 269 | ||||||
STAAR Surgical* | 40,555 | 1,294 | ||||||
Supernus Pharmaceuticals* | 15,585 | 518 | ||||||
Surmodics* | 18,180 | 859 | ||||||
Tabula Rasa HealthCare* | 4,996 | 319 | ||||||
Tactile Systems Technology* | 21,722 | 989 | ||||||
Tandem Diabetes Care* | 118,812 | 4,511 | ||||||
Tivity Health* | 12,364 | 307 | ||||||
US Physical Therapy | 3,755 | 384 | ||||||
Vanda Pharmaceuticals* | 15,700 | 410 | ||||||
Varex Imaging* | 11,232 | 266 | ||||||
Vericel* | 91,594 | 1,594 | ||||||
ViewRay* | 339,855 | 2,063 | ||||||
Viking Therapeutics* | 61,800 | 473 | ||||||
Wright Medical Group* | 157,683 | 4,292 | ||||||
|
| |||||||
| 134,169 | ||||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
43
| THE KP FUNDS | December 31, 2018 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Industrials — 18.0% |
| |||||||
AAON | 12,087 | $ | 424 | |||||
AAR | 9,599 | 358 | ||||||
ABM Industries | 126,349 | 4,057 | ||||||
Actuant, Cl A | 18,076 | 379 | ||||||
Advanced Disposal Services* | 77,975 | 1,867 | ||||||
Aegion, Cl A* | 9,519 | 155 | ||||||
AerCap Holdings* | 49,002 | 1,940 | ||||||
Aerojet Rocketdyne Holdings* | 21,569 | 760 | ||||||
Aerovironment* | 6,411 | 436 | ||||||
Air Transport Services Group* | 145,026 | 3,308 | ||||||
Alamo Group | 2,857 | 221 | ||||||
Alaska Air Group | 22,300 | 1,357 | ||||||
Albany International, Cl A | 35,220 | 2,199 | ||||||
Allegiant Travel, Cl A | 3,877 | 389 | ||||||
Altra Industrial Motion | 42,141 | 1,060 | ||||||
American Woodmark* | 4,676 | 260 | ||||||
Apogee Enterprises | 29,235 | 873 | ||||||
Applied Industrial Technologies | 11,469 | 619 | ||||||
ArcBest | 19,146 | 656 | ||||||
Arcosa | 14,800 | 410 | ||||||
ASGN* | 36,137 | 1,969 | ||||||
Astec Industries | 6,682 | 202 | ||||||
Atlas Air Worldwide Holdings* | 7,656 | 323 | ||||||
Axon Enterprise* | 17,501 | 766 | ||||||
AZZ | 86,043 | 3,473 | ||||||
Barnes Group | 44,449 | 2,383 | ||||||
Brady, Cl A | 14,544 | 632 | ||||||
Briggs & Stratton | 12,726 | 166 | ||||||
CAI International* | 76,277 | 1,772 | ||||||
Casella Waste Systems, Cl A* | 55,799 | 1,590 | ||||||
Chart Industries* | 62,975 | 4,095 | ||||||
CIRCOR International | 5,943 | 127 | ||||||
Clean Harbors* | 21,725 | 1,072 | ||||||
Columbus McKinnon | 54,021 | 1,628 | ||||||
Comfort Systems USA | 11,143 | 487 | ||||||
Commercial Vehicle Group* | 169,065 | 964 | ||||||
Construction Partners, Cl A* | 231,417 | 2,043 | ||||||
Covanta Holding | 96,905 | 1,300 | ||||||
Covenant Transportation Group, Cl A* | 114,016 | 2,189 | ||||||
CPI Aerostructures* | 273,849 | 1,744 | ||||||
Cubic | 34,922 | 1,877 | ||||||
Daseke* | 225,594 | 830 | ||||||
DXP Enterprises* | 4,695 | 131 | ||||||
Dycom Industries* | 28,324 | 1,531 | ||||||
Echo Global Logistics* | 8,349 | 170 | ||||||
| Description | Shares | Value (000) | ||||||
EMCOR Group | 69,837 | $ | 4,169 | |||||
Encore Wire | 6,180 | 310 | ||||||
EnerSys | 19,690 | 1,528 | ||||||
Engility Holdings* | 5,513 | 157 | ||||||
EnPro Industries | 6,254 | 376 | ||||||
ESCO Technologies | 7,778 | 513 | ||||||
Essendant | 9,625 | 121 | ||||||
Evoqua Water Technologies* | 306,039 | 2,938 | ||||||
Exponent | 15,477 | 785 | ||||||
Federal Signal | 17,819 | 355 | ||||||
Forrester Research | 2,911 | 130 | ||||||
Forward Air | 8,749 | 480 | ||||||
Franklin Electric | 11,644 | 499 | ||||||
FTI Consulting* | 11,419 | 761 | ||||||
GATX | 59,198 | 4,192 | ||||||
Genesee & Wyoming, Cl A* | 25,701 | 1,902 | ||||||
Gibraltar Industries* | 9,516 | 339 | ||||||
Granite Construction | 96,619 | 3,892 | ||||||
Greenbrier | 9,641 | 381 | ||||||
Griffon | 136,792 | 1,429 | ||||||
Harsco* | 101,442 | 2,015 | ||||||
Hawaiian Holdings | 14,819 | 391 | ||||||
Healthcare Services Group | 26,410 | 1,061 | ||||||
Heartland Express | 14,216 | 260 | ||||||
Heidrick & Struggles International | 5,520 | 172 | ||||||
Herc Holdings* | 34,015 | 884 | ||||||
Hexcel | 12,325 | 707 | ||||||
Hillenbrand | 18,545 | 703 | ||||||
Hub Group, Cl A* | 107,907 | 4,000 | ||||||
Huron Consulting Group* | 9,911 | 509 | ||||||
InnerWorkings* | 229,118 | 857 | ||||||
Insteel Industries | 5,485 | 133 | ||||||
Interface, Cl A | 93,652 | 1,335 | ||||||
ITT | 106,875 | 5,159 | ||||||
John Bean Technologies | 9,398 | 675 | ||||||
Kaman | 8,442 | 474 | ||||||
KBR | 428,261 | 6,501 | ||||||
Kelly Services, Cl A | 9,135 | 187 | ||||||
Korn | 16,852 | 666 | ||||||
Lindsay | 3,271 | 315 | ||||||
LSC Communications | 9,476 | 66 | ||||||
Lydall* | 4,962 | 101 | ||||||
Marten Transport | 131,890 | 2,135 | ||||||
Matson | 12,704 | 407 | ||||||
Matthews International, Cl A | 44,315 | 1,800 | ||||||
McGrath RentCorp | 61,437 | 3,163 | ||||||
The accompanying notes are an integral part of the financial statements.
44
| THE KP FUNDS | December 31, 2018 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Mercury Systems* | 65,482 | $ | 3,097 | |||||
Milacron Holdings* | 159,237 | 1,893 | ||||||
Mobile Mini | 13,297 | 422 | ||||||
Moog, Cl A | 64,902 | 5,029 | ||||||
Mueller Industries | 167,577 | 3,915 | ||||||
Mueller Water Products, Cl A | 203,479 | 1,852 | ||||||
Multi-Color | 4,081 | 143 | ||||||
MYR Group* | 5,038 | 142 | ||||||
National Presto Industries | 1,552 | 181 | ||||||
Navigant Consulting | 12,963 | 312 | ||||||
NN | 131,241 | 881 | ||||||
NV5 Global* | 24,795 | 1,501 | ||||||
Orion Group Holdings* | 8,400 | 36 | ||||||
Oshkosh | 73,379 | 4,499 | ||||||
Owens Corning | 16,255 | 715 | ||||||
Patrick Industries* | 6,801 | 201 | ||||||
PGT Innovations* | 17,302 | 274 | ||||||
Powell Industries | 2,510 | 63 | ||||||
Primoris Services | 105,195 | �� | 2,012 | |||||
Proto Labs* | 8,061 | 909 | ||||||
Quanex Building Products | 10,193 | 139 | ||||||
Raven Industries | 10,646 | 385 | ||||||
Resources Connection | 9,100 | 129 | ||||||
RR Donnelley & Sons | 22,000 | 87 | ||||||
Saia* | 7,701 | 430 | ||||||
Simpson Manufacturing | 93,670 | 5,070 | ||||||
SkyWest | 15,596 | 694 | ||||||
SP Plus* | 62,459 | 1,845 | ||||||
Spirit Airlines* | 66,694 | 3,863 | ||||||
SPX* | 12,781 | 358 | ||||||
SPX FLOW* | 12,595 | 383 | ||||||
Standex International | 3,826 | 257 | ||||||
Steelcase, Cl A | 234,753 | 3,481 | ||||||
Sterling Construction* | 92,118 | 1,003 | ||||||
Team* | 95,596 | 1,400 | ||||||
Tennant | 39,152 | 2,040 | ||||||
Tetra Tech | 16,481 | 853 | ||||||
Titan International | 15,181 | 71 | ||||||
Titan Machinery* | 42,221 | 555 | ||||||
TPI Composites* | 46,500 | 1,143 | ||||||
TransUnion | 22,980 | 1,305 | ||||||
Trex* | 17,506 | 1,039 | ||||||
Triumph Group | 14,908 | 171 | ||||||
TrueBlue* | 12,050 | 268 | ||||||
Tutor Perini* | 141,619 | 2,262 | ||||||
UniFirst | 4,640 | 664 | ||||||
| Description | Shares | Value (000) | ||||||
Universal Forest Products | 18,554 | $ | 482 | |||||
US Ecology | 6,555 | 413 | ||||||
US Xpress Enterprises, Cl A* | 338,811 | 1,901 | ||||||
Veritiv* | 3,859 | 96 | ||||||
Viad | 6,096 | 305 | ||||||
Vicor* | 4,700 | 178 | ||||||
Wabash National | 85,643 | 1,120 | ||||||
Wabtec | 18,109 | 1,272 | ||||||
WageWorks* | 11,709 | 318 | ||||||
Watts Water Technologies, Cl A | 8,208 | 530 | ||||||
Willscot, Cl A* | 72,130 | 679 | ||||||
YRC Worldwide* | 226,255 | 713 | ||||||
|
| |||||||
| 181,104 | ||||||||
|
| |||||||
Information Technology — 14.5% |
| |||||||
3D Systems* | 33,760 | 343 | ||||||
8x8* | 28,308 | 511 | ||||||
ACI Worldwide* | 60,154 | 1,664 | ||||||
ADTRAN | 154,508 | 1,659 | ||||||
Advanced Energy Industries* | 41,312 | 1,774 | ||||||
Advanced Micro Devices* | 51,270 | 946 | ||||||
Agilysys* | 5,200 | 75 | ||||||
Alarm.com Holdings* | 10,553 | 547 | ||||||
Alpha & Omega Semiconductor* | 300 | 3 | ||||||
Amkor Technology* | 338,626 | 2,221 | ||||||
Anixter International* | 8,580 | 466 | ||||||
Applied Optoelectronics* | 5,266 | 81 | ||||||
Aspen Technology* | 15,162 | 1,246 | ||||||
Axcelis Technologies* | 9,419 | 168 | ||||||
Badger Meter | 36,387 | 1,791 | ||||||
Bel Fuse, Cl B | 2,756 | 51 | ||||||
Belden | 25,600 | 1,069 | ||||||
Benchmark Electronics | 56,543 | 1,198 | ||||||
Benefitfocus* | 40,370 | 1,846 | ||||||
Bottomline Technologies DE* | 58,869 | 2,826 | ||||||
Brooks Automation | 21,439 | 561 | ||||||
Cabot Microelectronics | 8,606 | 821 | ||||||
CalAmp* | 97,485 | 1,268 | ||||||
Cardtronics* | 11,017 | 286 | ||||||
CEVA* | 6,478 | 143 | ||||||
Cohu | 11,873 | 191 | ||||||
Comtech Telecommunications | 7,042 | 171 | ||||||
Control4* | 7,576 | 133 | ||||||
Cornerstone OnDemand* | 32,660 | 1,647 | ||||||
CoStar Group* | 7,777 | 2,624 | ||||||
Cray* | 12,491 | 270 | ||||||
Cree* | 58,126 | 2,486 | ||||||
The accompanying notes are an integral part of the financial statements.
45
| THE KP FUNDS | December 31, 2018 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
CSG Systems International | 9,928 | $ | 315 | |||||
CTS | 9,740 | 252 | ||||||
Daktronics | 11,490 | 85 | ||||||
Diebold Nixdorf | 21,000 | 52 | ||||||
Digi International* | 7,616 | 77 | ||||||
Diodes* | 11,785 | 380 | ||||||
Dolby Laboratories, Cl A | 31,231 | 1,931 | ||||||
DSP Group* | 6,300 | 71 | ||||||
Ebix | 6,731 | 286 | ||||||
Electro Scientific Industries* | 10,445 | 313 | ||||||
Electronics For Imaging* | 237,455 | 5,889 | ||||||
ePlus* | 4,052 | 288 | ||||||
Euronet Worldwide* | 34,126 | 3,494 | ||||||
Everi Holdings* | 315,546 | 1,625 | ||||||
EVERTEC | 89,190 | 2,560 | ||||||
ExlService Holdings* | 10,274 | 541 | ||||||
Extreme Networks* | 34,970 | 213 | ||||||
Fabrinet* | 11,059 | 567 | ||||||
FARO Technologies* | 5,264 | 214 | ||||||
Finisar* | 34,932 | 755 | ||||||
FireEye* | 77,815 | 1,261 | ||||||
Five9* | 85,857 | 3,754 | ||||||
FormFactor* | 22,100 | 311 | ||||||
Gartner* | 4,451 | 569 | ||||||
GoDaddy, Cl A* | 11,572 | 759 | ||||||
Harmonic* | 25,727 | 121 | ||||||
Hortonworks* | 76,030 | 1,096 | ||||||
Ichor Holdings* | 6,900 | 112 | ||||||
II-VI* | 17,678 | 574 | ||||||
Infinera* | 58,568 | 234 | ||||||
Insight Enterprises* | 27,650 | 1,127 | ||||||
InterXion Holding* | 27,165 | 1,471 | ||||||
Itron* | 47,549 | 2,249 | ||||||
KEMET | 17,521 | 307 | ||||||
Keysight Technologies* | 39,696 | 2,464 | ||||||
Knowles* | 119,131 | 1,586 | ||||||
Kopin* | 18,000 | 18 | ||||||
Kulicke & Soffa Industries | 20,150 | 408 | ||||||
LivePerson* | 42,452 | 801 | ||||||
LogMeIn | 42,110 | 3,435 | ||||||
Lumentum Holdings* | 42 | 2 | ||||||
MACOM Technology Solutions Holdings* | 43,009 | 624 | ||||||
ManTech International, Cl A | 39,409 | 2,061 | ||||||
MaxLinear, Cl A* | 18,688 | 329 | ||||||
Methode Electronics | 38,686 | 901 | ||||||
MicroStrategy, Cl A* | 2,839 | 363 | ||||||
| Description | Shares | Value (000) | ||||||
MongoDB, Cl A* | 9,074 | $ | 760 | |||||
Monotype Imaging Holdings | 12,342 | 192 | ||||||
MTS Systems | 20,779 | 834 | ||||||
Nanometrics* | 7,345 | 201 | ||||||
NCR* | 156,915 | 3,622 | ||||||
NETGEAR* | 9,525 | 496 | ||||||
New Relic* | 9,025 | 731 | ||||||
NIC | 19,611 | 245 | ||||||
Novanta* | 26,786 | 1,688 | ||||||
OneSpan* | 9,487 | 123 | ||||||
OSI Systems* | 5,013 | 367 | ||||||
Park Electrochemical | 5,678 | 103 | ||||||
PDF Solutions* | 8,200 | 69 | ||||||
Perficient* | 9,828 | 219 | ||||||
Photronics* | 20,428 | 198 | ||||||
Plantronics | 44,637 | 1,477 | ||||||
Plexus* | 9,471 | 484 | ||||||
Power Integrations | 8,670 | 529 | ||||||
Progress Software | 13,262 | 471 | ||||||
PTC* | 20,912 | 1,734 | ||||||
Pure Storage, Cl A* | 71,855 | 1,155 | ||||||
Q2 Holdings* | 38,972 | 1,931 | ||||||
Qualys* | 10,077 | 753 | ||||||
Rambus* | 31,879 | 245 | ||||||
Rapid7* | 100,285 | 3,125 | ||||||
RealPage* | 13,535 | 652 | ||||||
RingCentral, Cl A* | 64,342 | 5,304 | ||||||
Rogers* | 18,013 | 1,784 | ||||||
Rudolph Technologies* | 9,295 | 190 | ||||||
Sanmina* | 20,589 | 495 | ||||||
ScanSource* | 7,602 | 261 | ||||||
Semtech* | 49,443 | 2,268 | ||||||
SMART Global Holdings* | 3,900 | 116 | ||||||
SolarEdge Technologies* | 12,751 | 448 | ||||||
SPS Commerce* | 15,865 | 1,307 | ||||||
Sykes Enterprises* | 11,892 | 294 | ||||||
Teradyne | 51,715 | 1,623 | ||||||
TiVo | 81,764 | 769 | ||||||
Trade Desk, Cl A* | 10,400 | 1,207 | ||||||
Travelport Worldwide | 39,227 | 613 | ||||||
TTEC Holdings | 3,988 | 114 | ||||||
TTM Technologies* | 27,519 | 268 | ||||||
Twilio, Cl A* | 29,330 | 2,619 | ||||||
Ultra Clean Holdings* | 11,058 | 94 | ||||||
Unisys* | 15,300 | 178 | ||||||
Upland Software* | 45,287 | 1,231 | ||||||
The accompanying notes are an integral part of the financial statements.
46
| THE KP FUNDS | December 31, 2018 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Veeco Instruments* | 13,943 | $ | 103 | |||||
Verint Systems* | 26,550 | 1,123 | ||||||
Viavi Solutions* | 68,738 | 691 | ||||||
Virtusa* | 8,135 | 346 | ||||||
Vishay Intertechnology | 204,677 | 3,686 | ||||||
Vocera Communications* | 31,440 | 1,237 | ||||||
WEX* | 6,589 | 923 | ||||||
Xperi | 352,864 | 6,489 | ||||||
Zebra Technologies, Cl A* | 30,846 | 4,912 | ||||||
Zendesk* | 88,432 | 5,162 | ||||||
|
| |||||||
| 146,190 | ||||||||
|
| |||||||
Materials — 5.2% |
| |||||||
AdvanSix* | 8,886 | 216 | ||||||
AK Steel Holding* | 97,209 | 219 | ||||||
Alamos Gold, Cl A | 82,857 | 298 | ||||||
American Vanguard | 8,043 | 122 | ||||||
AptarGroup | 55,989 | 5,267 | ||||||
Avery Dennison | 39,641 | 3,561 | ||||||
Balchem | 9,555 | 749 | ||||||
Bemis | 51,009 | 2,341 | ||||||
Berry Global Group* | 27,360 | 1,300 | ||||||
Boise Cascade | 11,605 | 277 | ||||||
Century Aluminum* | 14,792 | 108 | ||||||
Clearwater Paper* | 4,972 | 121 | ||||||
Codexis* | 66,684 | 1,114 | ||||||
Commercial Metals | 51,206 | 820 | ||||||
Compass Minerals International | 107,743 | 4,492 | ||||||
Crown Holdings* | 35,990 | 1,496 | ||||||
FutureFuel | 7,538 | 120 | ||||||
Hawkins | 2,778 | 114 | ||||||
Haynes International | 3,765 | 99 | ||||||
HB Fuller | 15,007 | 640 | ||||||
Ingevity* | 26,447 | 2,213 | ||||||
Innophos Holdings | 81,549 | 2,000 | ||||||
Innospec | 7,351 | 454 | ||||||
Kaiser Aluminum | 4,892 | 437 | ||||||
Koppers Holdings* | 6,220 | 106 | ||||||
Kraton* | 56,701 | 1,238 | ||||||
LSB Industries* | 6,185 | 34 | ||||||
Materion | 6,013 | 271 | ||||||
Myers Industries | 10,200 | 154 | ||||||
Neenah | 4,956 | 292 | ||||||
Olympic Steel | 2,849 | 41 | ||||||
PH Glatfelter | 157,097 | 1,533 | ||||||
Quaker Chemical | 3,990 | 709 | ||||||
Rayonier Advanced Materials | 14,838 | 158 | ||||||
| Description | Shares | Value (000) | ||||||
Ryerson Holding* | 235,108 | $ | 1,491 | |||||
Schweitzer-Mauduit International | 9,011 | 226 | ||||||
ScottsMiracle-Gro, Cl A | 38,170 | 2,346 | ||||||
Silgan Holdings | 225,815 | 5,334 | ||||||
Stepan | 6,077 | 450 | ||||||
Summit Materials, Cl A* | 103,144 | 1,279 | ||||||
SunCoke Energy* | 18,903 | 162 | ||||||
TimkenSteel* | 103,015 | 900 | ||||||
Tredegar | 7,454 | 118 | ||||||
US Concrete* | 4,817 | 170 | ||||||
Valvoline | 315,041 | 6,096 | ||||||
Venator Materials* | 157,256 | 659 | ||||||
|
| |||||||
| 52,345 | ||||||||
|
| |||||||
Real Estate — 3.5% |
| |||||||
Acadia Realty Trust‡ | 24,127 | 573 | ||||||
Agree Realty‡ | 31,848 | 1,883 | ||||||
American Assets Trust‡ | 11,153 | 448 | ||||||
Armada Hoffler Properties‡ | 14,439 | 203 | ||||||
CareTrust‡ | 51,867 | 957 | ||||||
CatchMark Timber Trust, Cl A‡ | 189,342 | 1,344 | ||||||
CBL & Associates Properties‡ | 50,045 | 96 | ||||||
Cedar Realty Trust‡ | 26,754 | 84 | ||||||
Chatham Lodging Trust‡ | 14,005 | 248 | ||||||
Chesapeake Lodging Trust‡ | 17,996 | 438 | ||||||
Community Healthcare Trust‡ | 60,278 | 1,738 | ||||||
DiamondRock Hospitality‡ | 62,606 | 568 | ||||||
Easterly Government Properties‡ | 151,925 | 2,382 | ||||||
EastGroup Properties‡ | 10,691 | 981 | ||||||
Four Corners Property Trust‡ | 20,029 | 525 | ||||||
Franklin Street Properties‡ | 32,660 | 204 | ||||||
GEO Group‡ | 154,688 | 3,047 | ||||||
Getty Realty‡ | 10,068 | 296 | ||||||
Global Net Lease‡ | 22,840 | 402 | ||||||
Government Properties Income Trust‡ | 56,821 | 390 | ||||||
Hersha Hospitality Trust, Cl A‡ | 10,583 | 186 | ||||||
HFF, Cl A | 11,583 | 384 | ||||||
Independence Realty Trust‡ | 26,966 | 248 | ||||||
iStar‡ | 20,700 | 190 | ||||||
Kite Realty Group Trust‡ | 24,862 | 350 | ||||||
Lexington Realty Trust‡ | 63,222 | 519 | ||||||
LTC Properties‡ | 11,899 | 496 | ||||||
Marcus & Millichap* | 6,500 | 223 | ||||||
MedEquities Realty Trust‡ | 151,913 | 1,039 | ||||||
National Storage Affiliates Trust‡ | 16,912 | 448 | ||||||
Outfront Media‡ | 192,064 | 3,480 | ||||||
The accompanying notes are an integral part of the financial statements.
47
| THE KP FUNDS | December 31, 2018 |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Pennsylvania Real Estate Investments‡ | 18,628 | $ | 111 | |||||
PS Business Parks‡ | 5,941 | 778 | ||||||
QTS Realty Trust, Cl A‡ | 66,494 | 2,464 | ||||||
RE/MAX Holdings, Cl A | 5,324 | 164 | ||||||
Retail Opportunity Investments‡ | 182,890 | 2,904 | ||||||
RLJ Lodging Trust‡ | 117,001 | 1,919 | ||||||
RPT Realty‡ | 23,714 | 283 | ||||||
Saul Centers‡ | 3,347 | 158 | ||||||
STAG Industrial‡ | 59,161 | 1,472 | ||||||
Summit Hotel Properties‡ | 30,929 | 301 | ||||||
Universal Health Realty Income Trust‡ | 3,720 | 228 | ||||||
Urstadt Biddle Properties, Cl A‡ | 8,688 | 167 | ||||||
Washington Prime Group‡ | 54,867 | 267 | ||||||
Whitestone, Cl B‡ | 11,500 | 141 | ||||||
|
| |||||||
| 35,727 | ||||||||
|
| |||||||
Utilities — 1.9% |
| |||||||
ALLETE | 34,744 | 2,648 | ||||||
American States Water | 69,734 | 4,675 | ||||||
Avista | 19,555 | 831 | ||||||
California Water Service Group | 14,468 | 690 | ||||||
El Paso Electric | 12,255 | 614 | ||||||
Hawaiian Electric Industries | 60,214 | 2,205 | ||||||
Northwest Natural Holding | 8,689 | 525 | ||||||
South Jersey Industries | 25,324 | 704 | ||||||
Spire | 57,248 | 4,241 | ||||||
Unitil | 33,943 | 1,719 | ||||||
|
| |||||||
| 18,852 | ||||||||
|
| |||||||
Total Common Stock | 976,210 | |||||||
|
| |||||||
EXCHANGE TRADED FUNDS — 0.4% |
| |||||||
iShares Russell 2000 ETF | 14,072 | 1,884 | ||||||
iShares Russell 2000 Value ETF | 16,107 | 1,732 | ||||||
|
| |||||||
Total Exchange Traded Funds | 3,616 | |||||||
|
| |||||||
| Number of Rights | ||||||||
RIGHTS — 0.0% |
| |||||||
A Schulman* (B) | 8,148 | 16 | ||||||
Media General* (B) | 9,318 | 1 | ||||||
Tobira Therapeutics, Expires 12/31/2028* (B) | 900 | 11 | ||||||
|
| |||||||
Total Rights | 28 | |||||||
|
| |||||||
| Description | Number of Warrants | Value (000) | ||||||
WARRANTS — 0.0% |
| |||||||
Emagin (B) ‡‡ | 169,519 | $ | 2 | |||||
|
| |||||||
Total Warrants | 2 | |||||||
|
| |||||||
| Shares | ||||||||
SHORT-TERM INVESTMENT — 2.3% |
| |||||||
State Street Institutional Treasury Money Market Fund, Cl Premier, 2.240% (C) | 22,688,877 | 22,689 | ||||||
|
| |||||||
Total Short-Term Investment | 22,689 | |||||||
|
| |||||||
Total Investments In Securities — 99.6% |
| $ | 1,002,545 | |||||
|
| |||||||
Percentages are based on net assets of $1,006,978 (000).
A list of the open futures contracts held by the Fund at December 31, 2018, is as follows (000):
Type of | Number of Contracts Long | Expiration Date | Notional Amount | Value | Unrealized Appreciation | |||||
Russell 2000 IndexE-MINI | 27 | Mar-2019 | $1,723 | $1,821 | $98 | |||||
|
|
|
| * | Non-income producing security. |
| ‡ | Real Estate Investment Trust |
| ‡‡ | Expiration date not available. |
| (A) | Security considered Master Limited Partnership. At December 31, 2018, this security amounted to $424 (000) or 0.0% of Net Assets. |
| (B) | Level 3 security in accordance with fair value hierarchy. |
| (C) | The rate reported is the7-day effective yield as of December 31, 2018. |
Cl — Class
ETF — Exchanged Traded Fund
The following is a list of the level of inputs used as of December 31, 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 | $ | 976,210 | $ | — | $ | — | $ | 976,210 | ||||||||
Exchange Traded Funds | 3,616 | — | — | 3,616 | ||||||||||||
Rights | — | — | 28 | 28 | ||||||||||||
Warrants | — | — | 2 | 2 | ||||||||||||
Short-Term Investment | 22,689 | — | — | 22,689 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 1,002,515 | $ | — | $ | 30 | $ | 1,002,545 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts** |
| |||||||||||||||
Unrealized Appreciation | $ | 98 | $ | — | $ | — | $ | 98 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | 98 | $ | — | $ | — | $ | 98 | ||||||||
|
|
|
|
|
|
|
| |||||||||
The accompanying notes are an integral part of the financial statements.
48
| THE KP FUNDS | December 31, 2018 |
| KP Small Cap Equity Fund |
| ** | Futures contracts are valued at the unrealized appreciation on the instrument. |
| ^ | A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
For the year ended December 31, 2018, there were no transfers between Level 1 and Level 2 assets and liabilities. For the year ended December 31, 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.
49
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS | ||||
| Description | Shares | Value (000) | ||||||
COMMON STOCK — 96.1% |
| |||||||
Argentina — 0.1% |
| |||||||
YPF ADR | 63,932 | $ | 856 | |||||
|
| |||||||
Australia — 3.2% |
| |||||||
Abacus Property Group‡ | 21,490 | 49 | ||||||
Accent Group | 18,279 | 15 | ||||||
Adelaide Brighton | 27,509 | 83 | ||||||
Afterpay Touch Group* | 8,237 | 72 | ||||||
AGL Energy | 15,806 | 229 | ||||||
ALS | 166,415 | 795 | ||||||
Altium | 7,601 | 117 | ||||||
Altura Mining* | 76,124 | 8 | ||||||
Alumina | 491,974 | 797 | ||||||
Amcor | 176,445 | 1,646 | ||||||
AMP | 63,648 | 110 | ||||||
Ansell | 9,241 | 143 | ||||||
APA Group | 26,687 | 160 | ||||||
Appen | 5,522 | 50 | ||||||
ARB | 4,548 | 48 | ||||||
Ardent Leisure Group | 27,204 | 28 | ||||||
Aristocrat Leisure | 13,151 | 202 | ||||||
Asaleo Care | 299,167 | 192 | ||||||
ASX | 4,479 | 189 | ||||||
Atlas Arteria | 43,915 | 194 | ||||||
Aurizon Holdings | 44,643 | 135 | ||||||
Ausdrill | 41,925 | 35 | ||||||
| Description | Shares | Value (000) | ||||||
AusNet Services | 34,867 | $ | 38 | |||||
Australia & New Zealand Banking Group | 212,978 | 3,669 | ||||||
Australian Agricultural* | 23,907 | 19 | ||||||
Australian Pharmaceutical Industries | 23,039 | 22 | ||||||
Automotive Holdings Group | 13,972 | 15 | ||||||
Aventus Retail Property Fund‡ | 18,378 | 28 | ||||||
Aveo Group | 25,450 | 29 | ||||||
Bank of Queensland | 8,750 | 60 | ||||||
Bapcor | 16,674 | 69 | ||||||
Beach Energy | 105,923 | 100 | ||||||
Bega Cheese | 13,110 | 46 | ||||||
Bellamy’s Australia* | 5,663 | 29 | ||||||
Bendigo & Adelaide Bank | 9,983 | 76 | ||||||
BHP Group | 88,450 | 2,134 | ||||||
Bingo Industries | 25,757 | 34 | ||||||
Blackmores | 800 | 69 | ||||||
BlueScope Steel | 89,602 | 692 | ||||||
Boral | 24,940 | 87 | ||||||
Brambles | 157,903 | 1,129 | ||||||
Bravura Solutions | 13,546 | 35 | ||||||
Breville Group | 5,401 | 41 | ||||||
Brickworks | 4,908 | 57 | ||||||
BWP Trust‡ | 35,128 | 87 | ||||||
BWX | 6,769 | 8 | ||||||
Caltex Australia | 21,057 | 378 | ||||||
carsales.com | 70,482 | 546 | ||||||
Cedar Woods Properties | 3,968 | 14 | ||||||
Centuria Industrial‡ | 13,163 | 25 | ||||||
Challenger | 11,360 | 76 | ||||||
Charter Hall Education Trust‡ | 14,431 | 30 | ||||||
Charter Hall Group‡ | 29,294 | 153 | ||||||
Charter Hall Long Wale‡ | 11,151 | 34 | ||||||
Charter Hall Retail‡ | 22,913 | 72 | ||||||
CIMIC Group | 2,071 | 63 | ||||||
Cleanaway Waste Management | 1,038,786 | 1,217 | ||||||
Coca-Cola Amatil | 145,185 | 838 | ||||||
Cochlear | 1,361 | 166 | ||||||
Coles Group* | 25,728 | 213 | ||||||
Collins Foods | 6,236 | 27 | ||||||
Commonwealth Bank of Australia | 40,749 | 2,078 | ||||||
Computershare | 10,112 | 122 | ||||||
Cooper Energy* | 89,632 | 28 | ||||||
Corporate Travel Management | 4,881 | 74 | ||||||
Costa Group Holdings | 17,911 | 93 | ||||||
Credit Group | 2,935 | 39 | ||||||
The accompanying notes are an integral part of the financial statements.
50
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Cromwell Property Group‡ | 100,005 | $ | 70 | |||||
Crown Resorts | 8,200 | 68 | ||||||
CSL | 10,499 | 1,370 | ||||||
CSR | 32,467 | 64 | ||||||
Dexus‡ | 23,156 | 173 | ||||||
Domain Holdings Australia | 110,810 | 174 | ||||||
Domino’s Pizza Enterprises | 1,173 | 34 | ||||||
Downer EDI | 38,395 | 183 | ||||||
DuluxGroup | 115,870 | 535 | ||||||
Eclipx Group | 21,316 | 36 | ||||||
Elders | 6,704 | 33 | ||||||
Emeco Holdings* | 15,704 | 22 | ||||||
Estia Health | 14,152 | 23 | ||||||
Evolution Mining | 81,581 | 212 | ||||||
FlexiGroup | 16,419 | 16 | ||||||
Flight Centre Travel Group | 1,077 | 33 | ||||||
Fortescue Metals Group | 36,611 | 108 | ||||||
Freedom Foods Group | 6,566 | 22 | ||||||
G8 Education | 25,620 | 51 | ||||||
Galaxy Resources* | 22,233 | 34 | ||||||
GDI Property Group‡ | 34,540 | 33 | ||||||
Genworth Mortgage Insurance Australia | 16,879 | 26 | ||||||
Goodman Group‡ | 37,510 | 280 | ||||||
GPT Group‡ | 43,069 | 162 | ||||||
GrainCorp, Cl A | 14,161 | 90 | ||||||
Greencross | 6,976 | 27 | ||||||
Growthpoint Properties Australia‡ | 16,516 | 44 | ||||||
GUD Holdings | 65,971 | 522 | ||||||
GWA Group | 118,647 | 232 | ||||||
Hansen Technologies | 10,712 | 26 | ||||||
Harvey Norman Holdings | 13,109 | 29 | ||||||
Healius | 37,909 | 60 | ||||||
Healthscope | 99,035 | 156 | ||||||
HT&E | 15,825 | 18 | ||||||
HUB24* | 3,334 | 28 | ||||||
IDP Education | 8,410 | 58 | ||||||
Iluka Resources | 26,830 | 144 | ||||||
Incitec Pivot | 39,492 | 91 | ||||||
Independence Group NL | 31,300 | 84 | ||||||
Infigen Energy* | 56,767 | 19 | ||||||
Inghams Group | 15,039 | 44 | ||||||
Insurance Australia Group | 51,598 | 254 | ||||||
Integrated Research | 5,376 | 7 | ||||||
InvoCare | 6,571 | 48 | ||||||
IOOF Holdings | 20,518 | 75 | ||||||
IPH | 67,886 | 259 | ||||||
| Description | Shares | Value (000) | ||||||
IRESS | 8,984 | $ | 70 | |||||
James Hardie Industries | 10,359 | 111 | ||||||
JBHi-Fi | 7,497 | 117 | ||||||
Kidman Resources* | 23,424 | 18 | ||||||
Kogan.com | 2,439 | 6 | ||||||
Lend Lease Group | 12,172 | 100 | ||||||
Link Administration Holdings | 32,402 | 154 | ||||||
Lynas* | 41,721 | 47 | ||||||
Macquarie Group | 7,364 | 564 | ||||||
Magellan Financial Group | 7,879 | 131 | ||||||
Mayne Pharma Group* | 93,128 | 51 | ||||||
McMillan Shakespeare | 4,431 | 43 | ||||||
Medibank | 61,913 | 112 | ||||||
Mesoblast* | 24,845 | 20 | ||||||
Metcash | 207,212 | 358 | ||||||
Mineral Resources | 10,421 | 114 | ||||||
Mirvac Group‡ | 81,118 | 128 | ||||||
Moelis Australia | 1,928 | 6 | ||||||
Monadelphous Group | 5,340 | 52 | ||||||
Myer Holdings* | 45,103 | 13 | ||||||
MYOB Group | 28,058 | 66 | ||||||
Nanosonics* | 16,825 | 34 | ||||||
National Australia Bank | 140,141 | 2,376 | ||||||
National Storage‡ | 44,094 | 55 | ||||||
Navigator Global Investments | 8,067 | 24 | ||||||
Navitas | 14,334 | 51 | ||||||
Netwealth Group | 4,343 | 23 | ||||||
New Hope | 18,396 | 44 | ||||||
Newcrest Mining | 65,714 | 1,010 | ||||||
NEXTDC* | 22,209 | 96 | ||||||
nib holdings | 29,519 | 108 | ||||||
Nine Entertainment Holdings | 335,368 | 326 | ||||||
Northern Star Resources | 39,102 | 254 | ||||||
NRW Holdings | 23,052 | 26 | ||||||
Nufarm | 19,095 | 80 | ||||||
OFX Group | 12,084 | 15 | ||||||
Oil Search | 244,714 | 1,234 | ||||||
oOh!media | 13,466 | 32 | ||||||
Orica | 136,276 | 1,657 | ||||||
Origin Energy* | 42,490 | 194 | ||||||
Orocobre* | 14,173 | 32 | ||||||
Orora | 75,558 | 163 | ||||||
OZ Minerals | 20,660 | 128 | ||||||
Pact Group Holdings | 13,463 | 33 | ||||||
Pendal Group | 18,518 | 104 | ||||||
Perpetual | 2,817 | 64 | ||||||
The accompanying notes are an integral part of the financial statements.
51
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Pilbara Minerals* | 93,910 | $ | 41 | |||||
Pinnacle Investment Management Group | 5,449 | 17 | ||||||
Platinum Asset Management | 15,905 | 54 | ||||||
Premier Investments | 5,913 | 61 | ||||||
Pro Medicus | 2,519 | 19 | ||||||
Propertylink Group‡ | 23,072 | 19 | ||||||
QBE Insurance Group | 125,084 | 890 | ||||||
Qube Holdings | 85,863 | 154 | ||||||
Ramsay Health Care | 3,007 | 122 | ||||||
RCR Tomlinson (A) | 18,154 | 11 | ||||||
REA Group | 1,200 | 63 | ||||||
Regis Healthcare | 10,829 | 20 | ||||||
Regis Resources | 31,299 | 106 | ||||||
Reliance Worldwide | 44,961 | 141 | ||||||
Resolute Mining | 50,843 | 41 | ||||||
Rio Tinto | 8,409 | 465 | ||||||
Rural Funds Group‡ | 18,198 | 27 | ||||||
Sandfire Resources NL | 9,670 | 45 | ||||||
Santos | 38,992 | 151 | ||||||
Saracen Mineral Holdings* | 50,432 | 104 | ||||||
Scentre Group‡ | 119,469 | 327 | ||||||
SEEK | 7,111 | 85 | ||||||
Select Harvests | 6,440 | 28 | ||||||
Senex Energy* | 11,233 | 2 | ||||||
Seven Group Holdings | 6,888 | 69 | ||||||
Seven West Media* | 54,599 | 21 | ||||||
SG Fleet Group | 5,482 | 12 | ||||||
Shopping Centres Australasia Property Group‡ | 54,355 | 98 | ||||||
Sigma Healthcare | 227,104 | 91 | ||||||
Sims Metal Management | 11,142 | 79 | ||||||
SmartGroup | 4,771 | 30 | ||||||
Sonic Healthcare | 9,578 | 149 | ||||||
South32 | 109,534 | 258 | ||||||
Southern Cross Media Group | 46,424 | 33 | ||||||
Spark Infrastructure Group | 108,421 | 169 | ||||||
SpeedCast International | 14,219 | 29 | ||||||
St. Barbara | 34,226 | 113 | ||||||
Star Entertainment Grp | 53,308 | 171 | ||||||
Steadfast Group | 51,913 | 101 | ||||||
Stockland‡ | 59,707 | 148 | ||||||
Suncorp Group | 28,915 | 257 | ||||||
Super Retail Group | 9,018 | 45 | ||||||
Sydney Airport | 24,280 | 115 | ||||||
Syrah Resources* | 19,770 | 21 | ||||||
Tabcorp Holdings | 42,659 | 129 | ||||||
| Description | Shares | Value (000) | ||||||
Tassal Group | 11,127 | $ | 35 | |||||
Technology One | 15,816 | 69 | ||||||
Telstra | 95,931 | 192 | ||||||
TPG Telecom | 10,268 | 47 | ||||||
Transurban Group | 60,295 | 494 | ||||||
Treasury Wine Estates | 16,639 | 173 | ||||||
Unibail-Rodamco-Westfield‡ * | 27,940 | 211 | ||||||
Vicinity Centres‡ | 73,539 | 135 | ||||||
Village Roadshow* | 4,038 | 8 | ||||||
Virtus Health | 5,582 | 17 | ||||||
Viva Energy‡ | 97,105 | 154 | ||||||
Vocus Communications* | 37,262 | 84 | ||||||
Washington H Soul Pattinson | 2,441 | 43 | ||||||
Webjet | 8,287 | 64 | ||||||
Wesfarmers | 25,728 | 584 | ||||||
Western Areas | 18,664 | 26 | ||||||
Westgold Resources* | 20,026 | 12 | ||||||
Westpac Banking | 79,684 | 1,405 | ||||||
Whitehaven Coal | 46,300 | 141 | ||||||
WiseTech Global | 5,860 | 70 | ||||||
Woodside Petroleum | 21,581 | 476 | ||||||
Woolworths Group | 203,535 | 4,217 | ||||||
WorleyParsons | 7,275 | 59 | ||||||
WPP AUNZ | 14,271 | 6 | ||||||
|
| |||||||
| 50,530 | ||||||||
|
| |||||||
Austria — 0.2% |
| |||||||
Agrana Beteiligungs | 764 | 14 | ||||||
ANDRITZ | 7,627 | 351 | ||||||
AT&S Austria Technologie & Systemtechnik | 1,633 | 29 | ||||||
BAWAG Group (B) | 2,596 | 107 | ||||||
DO & CO | 431 | 40 | ||||||
Erste Group Bank* | 6,698 | 224 | ||||||
EVN | 2,603 | 38 | ||||||
FACC | 1,408 | 21 | ||||||
Immobilien Anlagen | 4,138 | 131 | ||||||
IMMOFINANZ* | 5,755 | 137 | ||||||
Kapsch TrafficCom | 255 | 10 | ||||||
Lenzing | 815 | 74 | ||||||
Oesterreichische Post | 12,156 | 419 | ||||||
OMV | 3,467 | 152 | ||||||
Palfinger | 201 | 5 | ||||||
Porr Ag | 594 | 12 | ||||||
Raiffeisen Bank International | 3,190 | 81 | ||||||
Rhi Magnesita | 1,300 | 64 | ||||||
S IMMO | 2,927 | 49 | ||||||
The accompanying notes are an integral part of the financial statements.
52
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Schoeller-Bleckmann Oilfield Equipment | 667 | $ | 44 | |||||
Semperit Holding* | 396 | 5 | ||||||
Telekom Austria, Cl A | 10,189 | 77 | ||||||
UNIQA Insurance Group | 8,071 | 73 | ||||||
Verbund | 1,543 | 66 | ||||||
Vienna Insurance Group Wiener Versicherung Gruppe | 2,394 | 56 | ||||||
Voestalpine | 2,540 | 76 | ||||||
Wienerberger | 39,608 | 819 | ||||||
Zumtobel Group* | 1,738 | 14 | ||||||
|
| |||||||
| 3,188 | ||||||||
|
| |||||||
Belgium — 0.6% |
| |||||||
Ackermans & van Haaren | 1,499 | 226 | ||||||
Aedifica‡ | 1,214 | 109 | ||||||
Ageas | 4,267 | 192 | ||||||
AGFA-Gevaert* | 11,347 | 43 | ||||||
Anheuser-Busch InBev | 31,017 | 2,051 | ||||||
Argenx* | 1,641 | 160 | ||||||
Barco | 572 | 65 | ||||||
Befimmo‡ | 1,402 | 78 | ||||||
Bekaert | 2,176 | 53 | ||||||
Biocartis* (B) | 1,945 | 23 | ||||||
bpost | 6,462 | 59 | ||||||
Cie d’Entreprises CFE | 457 | 45 | ||||||
Cofinimmo‡ | 1,425 | 178 | ||||||
Colruyt | 1,308 | 93 | ||||||
D’ieteren | 1,502 | 57 | ||||||
Econocom Group | 7,592 | 25 | ||||||
Elia System Operator | 1,807 | 121 | ||||||
Euronav | 9,507 | 68 | ||||||
Exmar* | 1,664 | 11 | ||||||
Fagron | 2,417 | 40 | ||||||
Gimv | 1,372 | 74 | ||||||
Greenyard | 625 | 5 | ||||||
Groupe Bruxelles Lambert | 1,903 | 166 | ||||||
Intervest Offices & Warehouses‡ | 1,364 | 32 | ||||||
Ion Beam Applications* | 1,385 | 20 | ||||||
KBC Ancora | 2,443 | 104 | ||||||
KBC Group | 68,540 | 4,450 | ||||||
Kinepolis Group | 982 | 55 | ||||||
Melexis | 1,227 | 72 | ||||||
Mithra Pharmaceuticals* | 749 | 17 | ||||||
Montea C.V.A‡ | 567 | 39 | ||||||
Ontex Group | 5,036 | 103 | ||||||
Orange Belgium | 1,811 | 36 | ||||||
Proximus | 3,760 | 102 | ||||||
| Description | Shares | Value (000) | ||||||
Recticel | 2,226 | $ | 16 | |||||
Retail Estates‡ | 457 | 40 | ||||||
Sioen Industries | 310 | 8 | ||||||
Sofina | 995 | 189 | ||||||
Solvay | 1,669 | 167 | ||||||
Telenet Group Holding* | 1,173 | 55 | ||||||
Tessenderlo Group* | 1,764 | 59 | ||||||
UCB | 2,829 | 231 | ||||||
Umicore | 4,695 | 188 | ||||||
Van de Velde | 238 | 7 | ||||||
Warehouses De Pauw CVA‡ | 1,077 | 142 | ||||||
|
| |||||||
| 10,074 | ||||||||
|
| |||||||
Brazil — 2.2% |
| |||||||
Ambev ADR | 777,913 | 3,049 | ||||||
Arezzo Industria e Comercio | 8,400 | 119 | ||||||
Atacadao Distribuicao Comercio e Industria Ltda* | 82,200 | 384 | ||||||
B3 - Brasil Bolsa Balcao* | 265,100 | 1,834 | ||||||
Banco Bradesco ADR* | 720,620 | 7,126 | ||||||
Banco BTG Pactual* | 17,400 | 106 | ||||||
Banco do Brasil* | 180,900 | 2,170 | ||||||
BB Seguridade Participacoes | 225,200 | 1,603 | ||||||
Biotoscana Investments* | 26,100 | 56 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo* | 17,600 | 143 | ||||||
Embraer | 49,730 | 278 | ||||||
Estacio Participacoes | 89,500 | 549 | ||||||
Grendene | 316,100 | 669 | ||||||
IRB Brasil Resseguros S | 77,400 | 1,667 | ||||||
LOG Commercial Properties e Participacoes* | 16,667 | 77 | ||||||
LPS Brasil Consultoria de Imoveis* | 149,135 | 244 | ||||||
Magazine Luiza | 26,200 | 1,224 | ||||||
MRV Engenharia e Participacoes | 231,000 | 737 | ||||||
Natura Cosmeticos | 140,927 | 1,636 | ||||||
Petrobras Distribuidora | 134,367 | 891 | ||||||
Porto Seguro | 98,787 | 1,329 | ||||||
QGEP Participacoes | 25,000 | 60 | ||||||
Raia Drogasil* | 125,400 | 1,849 | ||||||
SLC Agricola | 20,200 | 218 | ||||||
Sul America | 169,700 | 1,252 | ||||||
Tim Participacoes | 174,900 | 535 | ||||||
TOTVS | 203,100 | 1,423 | ||||||
Vale | 98,800 | 1,300 | ||||||
Vale, Cl B ADR | 86,974 | 1,147 | ||||||
WEG | 138,900 | 629 | ||||||
|
| |||||||
| 34,304 | ||||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
53
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Canada — 4.3% |
| |||||||
Advantage Oil & Gas* | 11,250 | $ | 16 | |||||
Aecon Group | 3,705 | 48 | ||||||
Ag Growth International | 1,202 | 41 | ||||||
AGF Management, Cl B | 3,824 | 14 | ||||||
Agnico Eagle Mines | 5,400 | 218 | ||||||
AGT Food & Ingredients* | 1,314 | 16 | ||||||
Alacer Gold* | 18,806 | 35 | ||||||
Alamos Gold, Cl A | 25,138 | 90 | ||||||
Alaris Royalty | 2,315 | 29 | ||||||
Algonquin Power & Utilities | 29,971 | 302 | ||||||
Alimentation Couche-Tard, Cl B | 33,577 | 1,670 | ||||||
Allied Properties‡ | 2,923 | 95 | ||||||
AltaGas | 5,400 | 55 | ||||||
Altius Minerals | 2,611 | 21 | ||||||
Altus Group | 2,615 | 45 | ||||||
Aphria* | 13,408 | 77 | ||||||
ARC Resources | 7,400 | 44 | ||||||
Aritzia* | 3,739 | 45 | ||||||
Artis‡ | 4,346 | 29 | ||||||
Atco, Cl I | 1,700 | 48 | ||||||
Athabasca Oil* | 26,977 | 20 | ||||||
ATS Automation Tooling Systems* | 4,522 | 48 | ||||||
Aurinia Pharmaceuticals* | 3,317 | 23 | ||||||
Aurora Cannabis* | 14,900 | 74 | ||||||
B2Gold* | 63,267 | 185 | ||||||
Badger Daylighting | 2,201 | 52 | ||||||
Ballard Power Systems* | 12,174 | 29 | ||||||
Bank of Montreal | 14,900 | 973 | ||||||
Bank of Nova Scotia | 65,100 | 3,245 | ||||||
Barrick Gold | 111,773 | 1,509 | ||||||
Bausch Health* | 7,000 | 130 | ||||||
Baytex Energy* | 33,951 | 60 | ||||||
BCE | 20,897 | 825 | ||||||
Birchcliff Energy | 16,002 | 36 | ||||||
BlackBerry* | 11,300 | 80 | ||||||
Boardwalk‡ | 1,409 | 39 | ||||||
Bombardier, Cl B* | 44,300 | 66 | ||||||
Bonterra Energy | 1,293 | 6 | ||||||
Boralex | 4,327 | 53 | ||||||
Brookfield Asset Management, Cl A | 71,048 | 2,723 | ||||||
BRP | 2,817 | 73 | ||||||
CAE | 194,200 | 3,568 | ||||||
Calfrac Well Services* | 3,400 | 6 | ||||||
Cameco | 8,300 | 94 | ||||||
Canaccord Genuity Group | 7,448 | 31 | ||||||
| Description | Shares | Value (000) | ||||||
Canacol Energy* | 8,381 | $ | 25 | |||||
Canada Goose Holdings* | 3,040 | 133 | ||||||
Canadian Apartment Properties‡ | 4,543 | 148 | ||||||
Canadian Imperial Bank of Commerce | 10,200 | 760 | ||||||
Canadian National Railway | 17,000 | 1,259 | ||||||
Canadian Natural Resources | 93,515 | 2,255 | ||||||
Canadian Pacific Railway | 9,516 | 1,688 | ||||||
Canadian Tire, Cl A | 1,500 | 157 | ||||||
Canadian Utilities, Cl A | 2,800 | 64 | ||||||
Canadian Western Bank | 5,745 | 110 | ||||||
Canfor* | 4,376 | 53 | ||||||
Canfor Pulp Products | 1,920 | 23 | ||||||
CannTrust Holdings* | 4,600 | 22 | ||||||
Canopy Growth* | 4,400 | 118 | ||||||
Capital Power | 6,855 | 134 | ||||||
Cardinal Energy | 6,294 | �� | 10 | |||||
Cascades | 4,132 | 31 | ||||||
CCL Industries, Cl B | 3,400 | 124 | ||||||
Celestica* | 8,177 | 72 | ||||||
Cenovus Energy | 23,500 | 165 | ||||||
Centerra Gold* | 13,342 | 57 | ||||||
CES Energy Solutions | 15,713 | 36 | ||||||
CGI Group, Cl A* | 5,700 | 349 | ||||||
China Gold International Resources* | 16,586 | 19 | ||||||
Choice Properties‡ | 8,328 | 70 | ||||||
Chorus Aviation | 1,500 | 6 | ||||||
CI Financial | 6,400 | 81 | ||||||
Cineplex | 4,118 | 77 | ||||||
Cogeco | 300 | 13 | ||||||
Cogeco Communications | 1,005 | 48 | ||||||
Colliers International Group | 2,325 | 128 | ||||||
Cominar‡ | 5,251 | 43 | ||||||
Computer Modelling Group | 5,324 | 24 | ||||||
Constellation Software | 2,296 | 1,470 | ||||||
Continental Gold* | 9,242 | 15 | ||||||
Corby Spirit and Wine, Cl A | 600 | 8 | ||||||
Corus Entertainment | 7,031 | 25 | ||||||
Cott | 9,017 | 126 | ||||||
Crescent Point Energy | 34,800 | 106 | ||||||
Crombie‡ | 2,621 | 24 | ||||||
Cronos Group* | 10,700 | 113 | ||||||
CT‡ | 1,912 | 16 | ||||||
Descartes Systems Group* | 4,943 | 130 | ||||||
Detour Gold* | 11,203 | 95 | ||||||
DIRTT Environmental Solutions* | 6,033 | 27 | ||||||
Dollarama | 7,300 | 173 | ||||||
The accompanying notes are an integral part of the financial statements.
54
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Dorel Industries, Cl B | 1,618 | $ | 21 | |||||
Dream Global‡ | 12,211 | 106 | ||||||
Dream Industrial‡ | 3,023 | 21 | ||||||
Dream Office‡ | 1,673 | 27 | ||||||
DREAM Unlimited, Cl A* | 4,532 | 23 | ||||||
ECN Capital | 22,777 | 58 | ||||||
Eldorado Gold* | 9,497 | 28 | ||||||
Element Financial | 26,736 | 135 | ||||||
Emera | 1,100 | 35 | ||||||
Empire | 3,700 | 78 | ||||||
Enbridge | 46,500 | 1,445 | ||||||
Encana | 22,700 | 131 | ||||||
Endeavour Mining* | 4,914 | 80 | ||||||
Endeavour Silver* | 8,371 | 18 | ||||||
Enerflex | 5,690 | 67 | ||||||
Enerplus | 15,650 | 122 | ||||||
Enghouse Systems | 1,412 | 69 | ||||||
Ensign Energy Services | 8,650 | 30 | ||||||
Entertainment One | 23,751 | 108 | ||||||
Equitable Group | 806 | 35 | ||||||
Evertz Technologies | 1,812 | 21 | ||||||
Exchange Income | 506 | 10 | ||||||
Exco Technologies | 1,300 | 9 | ||||||
Extendicare | 5,250 | 24 | ||||||
Fairfax Financial Holdings | 7,111 | 3,130 | ||||||
Fiera Capital, Cl A | 3,121 | 26 | ||||||
Finning International | 3,600 | 63 | ||||||
First Capital Realty | 3,700 | 51 | ||||||
First Majestic Silver* | 11,466 | 67 | ||||||
First National Financial | 1,200 | 24 | ||||||
First Quantum Minerals | 15,000 | 121 | ||||||
FirstService | 2,117 | 146 | ||||||
Fortis | 10,100 | 337 | ||||||
Fortuna Silver Mines* | 9,861 | 36 | ||||||
Franco-Nevada | 12,638 | 886 | ||||||
Freehold Royalties | 5,941 | 36 | ||||||
Genworth MI Canada | 2,521 | 75 | ||||||
George Weston | 5,415 | 357 | ||||||
Gibson Energy | 9,413 | 129 | ||||||
Gildan Activewear | 18,131 | 550 | ||||||
Goldcorp | 19,600 | 192 | ||||||
Granite‡ | 1,414 | 55 | ||||||
Great Canadian Gaming* | 3,714 | 130 | ||||||
Great-West Lifeco | 7,000 | 144 | ||||||
Guyana Goldfields* | 10,463 | 12 | ||||||
H&R Real Estate Investment Trust‡ | 2,700 | 41 | ||||||
| Description | Shares | Value (000) | ||||||
HEXO* | 11,100 | $ | 38 | |||||
Home Capital Group, Cl B* | 3,834 | 40 | ||||||
Hudbay Minerals | 16,131 | 76 | ||||||
Hudson’s Bay | 7,288 | 39 | ||||||
Husky Energy | 8,400 | 87 | ||||||
Hydro One (B) | 7,000 | 104 | ||||||
IAMGOLD* | 28,695 | 105 | ||||||
IGM Financial | 1,600 | 36 | ||||||
Imperial Oil | 6,600 | 167 | ||||||
Industrial Alliance Insurance & Financial Services | 2,500 | 80 | ||||||
Innergex Renewable Energy | 7,160 | 66 | ||||||
Intact Financial | 3,100 | 225 | ||||||
Inter Pipeline | 29,602 | 419 | ||||||
Interfor* | 4,248 | 45 | ||||||
InterRent‡ | 3,326 | 32 | ||||||
Intertape Polymer Group | 3,925 | 49 | ||||||
Ivanhoe Mines, Cl A* | 35,385 | 61 | ||||||
Jamieson Wellness | 2,417 | 38 | ||||||
Just Energy Group | 5,727 | 19 | ||||||
Kelt Exploration* | 9,618 | 33 | ||||||
Keyera | 4,800 | 91 | ||||||
Killam Apartment‡ | 5,440 | 64 | ||||||
Kinaxis* | 1,614 | 78 | ||||||
Kinder Morgan Canada (B) | 6,943 | 81 | ||||||
Kinross Gold* | 25,600 | 83 | ||||||
Kirkland Lake Gold | 12,214 | 319 | ||||||
Knight Therapeutics* | 6,741 | 37 | ||||||
Labrador Iron Ore Royalty | 3,929 | 70 | ||||||
Largo Resources* | 16,500 | 34 | ||||||
Laurentian Bank of Canada | 2,721 | 76 | ||||||
Linamar | 2,900 | 97 | ||||||
Lithium Americas* | 3,800 | 12 | ||||||
Loblaw | 32,369 | 1,449 | ||||||
Lucara Diamond | 18,189 | 20 | ||||||
Lundin Gold* | 4,300 | 16 | ||||||
Lundin Mining | 14,400 | 59 | ||||||
MAG Silver* | 4,397 | 32 | ||||||
Magellan Aerospace | 700 | 8 | ||||||
Magna International | 19,970 | 907 | ||||||
Major Drilling Group International* | 5,585 | 19 | ||||||
Manulife Financial | 45,100 | 640 | ||||||
Maple Leaf Foods | 5,154 | 103 | ||||||
Martinrea International | 5,584 | 44 | ||||||
Maxar Technologies | 3,645 | 44 | ||||||
Medical Facilities | 1,611 | 18 | ||||||
MEG Energy* | 14,566 | 82 | ||||||
The accompanying notes are an integral part of the financial statements.
55
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Methanex | 1,400 | $ | 67 | |||||
Metro, Cl A | 5,410 | 188 | ||||||
Morguard‡ | 1,400 | 12 | ||||||
Morneau Shepell | 4,010 | 74 | ||||||
Mountain Province Diamonds | 9,569 | 14 | ||||||
MTY Food Group | 1,411 | 63 | ||||||
Mullen Group | 6,298 | 56 | ||||||
National Bank of Canada | 7,900 | 324 | ||||||
Nemaska Lithium* | 41,552 | 21 | ||||||
Neo Performance Materials | 1,000 | 11 | ||||||
Nevsun Resources* | 19,531 | 86 | ||||||
New Gold* | 34,337 | 26 | ||||||
NexGen Energy* | 18,140 | 32 | ||||||
NFI Group | 3,742 | 92 | ||||||
Norbord | 2,423 | 64 | ||||||
North West | 2,933 | 68 | ||||||
Northland Power | 7,057 | 112 | ||||||
Northview Apartment‡ | 1,512 | 27 | ||||||
NorthWest Healthcare Properties‡ | 3,424 | 24 | ||||||
Novagold Resources* | 14,938 | 59 | ||||||
Nutrien | 14,409 | 678 | ||||||
NuVista Energy* | 11,441 | 34 | ||||||
Obsidian Energy* | 30,272 | 11 | ||||||
OceanaGold | 40,277 | 147 | ||||||
Onex | 2,100 | 114 | ||||||
Open Text | 6,000 | 196 | ||||||
Osisko Gold Royalties | 6,952 | 61 | ||||||
Osisko Mining* | 9,794 | 22 | ||||||
Pan American Silver | 9,872 | 144 | ||||||
Paramount Resources, Cl A* | 4,265 | 22 | ||||||
Parex Resources* | 9,906 | 119 | ||||||
Parkland Fuel | 8,449 | 219 | ||||||
Pason Systems | 5,119 | 70 | ||||||
Pembina Pipeline | 11,872 | 352 | ||||||
Pengrowth Energy* | 29,039 | 13 | ||||||
Peyto Exploration & Development | 10,443 | 54 | ||||||
Power Corp of Canada | 8,300 | 149 | ||||||
Power Financial | 5,400 | 102 | ||||||
PrairieSky Royalty | 28,683 | 371 | ||||||
Precision Drilling* | 19,117 | 33 | ||||||
Premier Gold Mines* | 10,700 | 13 | ||||||
Premium Brands Holdings | 1,717 | 94 | ||||||
Pretium Resources* | 10,903 | 92 | ||||||
ProMetic Life Sciences* | 31,100 | 6 | ||||||
Quebecor, Cl B | 9,748 | 205 | ||||||
Recipe Unlimited | 1,615 | 31 | ||||||
| Description | Shares | Value (000) | ||||||
Restaurant Brands International | 5,300 | $ | 276 | |||||
Richelieu Hardware | 3,500 | 58 | ||||||
RioCan‡ | 3,900 | 68 | ||||||
Ritchie Bros Auctioneers | 41,910 | 1,371 | ||||||
Rogers Communications, Cl B | 23,603 | 1,210 | ||||||
Rogers Sugar | 5,472 | 22 | ||||||
Royal Bank of Canada | 43,954 | 3,008 | ||||||
Russel Metals | 3,912 | 61 | ||||||
Sandstorm Gold* | 12,393 | 57 | ||||||
Saputo | 5,300 | 152 | ||||||
Savaria | 1,417 | 14 | ||||||
Seabridge Gold* | 2,627 | 35 | ||||||
Secure Energy Services | 10,401 | 53 | ||||||
SEMAFO* | 20,349 | 44 | ||||||
Seven Generations Energy* | 5,700 | 47 | ||||||
Shaw Communications, Cl B | 10,300 | 186 | ||||||
ShawCor | 4,313 | 52 | ||||||
Shopify, Cl A* | 2,100 | 290 | ||||||
Sienna Senior Living | 4,023 | 47 | ||||||
Sierra Wireless* | 2,425 | 33 | ||||||
Silvercorp Metals | 10,626 | 22 | ||||||
Sleep Country Canada Holdings (B) | 2,235 | 33 | ||||||
SmartCentres‡ | 1,300 | 29 | ||||||
SNC-Lavalin Group | 4,200 | 141 | ||||||
Spin Master* (B) | 2,338 | 66 | ||||||
Sprott | 10,968 | 21 | ||||||
SSR Mining* | 7,265 | 88 | ||||||
Stantec | 7,355 | 161 | ||||||
Stars Group* | 4,000 | 66 | ||||||
Stelco Holdings | 1,601 | 18 | ||||||
Stella-Jones | 3,024 | 88 | ||||||
Summit Industrial Income REIT‡ | 3,200 | 22 | ||||||
Sun Life Financial | 14,000 | 464 | ||||||
Suncor Energy | 181,668 | 5,073 | ||||||
Superior Plus | 10,739 | 76 | ||||||
Surge Energy | 17,533 | 19 | ||||||
Tahoe Resources* | 20,581 | 75 | ||||||
Tamarack Valley Energy* | 14,535 | 25 | ||||||
Teck Resources, Cl B | 12,200 | 263 | ||||||
TELUS | 4,700 | 156 | ||||||
Tervita* | 1,600 | 7 | ||||||
TFI International | 5,747 | 149 | ||||||
Theratechnologies* | 4,513 | 28 | ||||||
Thomson Reuters | 5,040 | 243 | ||||||
Timbercreek Financial | 5,435 | 35 | ||||||
TMAC Resources* | 1,800 | 9 | ||||||
The accompanying notes are an integral part of the financial statements.
56
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
TMX Group | 3,028 | $ | 157 | |||||
TORC Oil & Gas | 10,575 | 34 | ||||||
Torex Gold Resources* | 5,481 | 52 | ||||||
Toromont Industries | 5,225 | 207 | ||||||
Toronto-Dominion Bank | 70,513 | 3,504 | ||||||
Total Energy Services | 2,725 | 20 | ||||||
Tourmaline Oil | 6,300 | 78 | ||||||
TransAlta | 17,610 | 72 | ||||||
TransAlta Renewables | 8,261 | 63 | ||||||
TransCanada | 38,193 | 1,364 | ||||||
Transcontinental, Cl A | 4,646 | 66 | ||||||
Trevali Mining* | 50,004 | 15 | ||||||
Trican Well Service* | 17,605 | 15 | ||||||
Tricon Capital Group | 8,075 | 57 | ||||||
Turquoise Hill Resources* | 18,100 | 30 | ||||||
Uni-Select | 2,709 | 39 | ||||||
Uranium Participation* | 8,376 | 27 | ||||||
Valener | 2,316 | 33 | ||||||
Vermilion Energy | 3,400 | 72 | ||||||
Wajax | 1,209 | 15 | ||||||
West Fraser Timber | 1,300 | 64 | ||||||
Western Forest Products | 23,560 | 33 | ||||||
WestJet Airlines | 1,715 | 23 | ||||||
Westshore Terminals Investment | 3,218 | 49 | ||||||
Wheaton Precious Metals | 10,300 | 201 | ||||||
Whitecap Resources | 26,773 | 85 | ||||||
Winpak | 2,019 | 71 | ||||||
WPT Industrial‡ | 1,916 | 25 | ||||||
WSP Global | 2,200 | 95 | ||||||
Yamana Gold | 60,910 | 143 | ||||||
|
| |||||||
| 69,009 | ||||||||
|
| |||||||
Chile — 0.3% |
| |||||||
CAP | 11,219 | 98 | ||||||
Cia Cervecerias Unidas | 65,099 | 836 | ||||||
Cia Cervecerias Unidas ADR | 13,557 | 341 | ||||||
Cia Sud Americana de Vapores* | 15,543,907 | 442 | ||||||
Empresas CMPC | 134,579 | 428 | ||||||
Enaex | 24,087 | 302 | ||||||
Quinenco | 371,677 | 967 | ||||||
Sociedad Quimica y Minera de Chile ADR | 35,796 | 1,371 | ||||||
|
| |||||||
| 4,785 | ||||||||
|
| |||||||
China — 2.3% |
| |||||||
21Vianet Group ADR* | 16,331 | 141 | ||||||
51job ADR* | 1,956 | 122 | ||||||
58.com ADR* | 16,079 | 872 | ||||||
| Description | Shares | Value (000) | ||||||
Alibaba Group Holding ADR* | 55,323 | $ | 7,583 | |||||
Anhui Conch Cement, Cl H | 256,000 | 1,242 | ||||||
Autohome ADR* | 39,036 | 3,054 | ||||||
Baidu ADR* | 23,896 | 3,790 | ||||||
Bank of Communications, Cl H | 1,476,000 | 1,152 | ||||||
BeiGene ADR* | 700 | 98 | ||||||
CECEP COSTIN New Materials Group* (A) | 1,134,000 | 1 | ||||||
Changyou.com ADR* | 10,165 | 186 | ||||||
China International Travel Service, Cl A | 257,150 | 2,259 | ||||||
China Railway Construction, Cl H | 1,093,500 | 1,516 | ||||||
China Railway Group, Cl H | 206,000 | 188 | ||||||
China Telecom ADR | 10,259 | 520 | ||||||
Huazhu Group ADR | 60,310 | 1,727 | ||||||
Jiangsu Hengrui Medicine, Cl A | 124,723 | 961 | ||||||
Kweichow Moutai, Cl A | 28,100 | 2,418 | ||||||
Momo ADR* | 21,540 | 512 | ||||||
NetEase ADR | 3,970 | 934 | ||||||
PetroChina, Cl H | 2,140,000 | 1,334 | ||||||
TAL Education Group ADR* | 29,772 | 794 | ||||||
Tsingtao Brewery, Cl H | 120,000 | 484 | ||||||
Xiwang Special Steel | 548,000 | 101 | ||||||
Yum China Holdings | 122,163 | 4,096 | ||||||
YY ADR* | 13,296 | 796 | ||||||
|
| |||||||
| 36,881 | ||||||||
|
| |||||||
Colombia — 0.1% |
| |||||||
Bancolombia ADR | 21,812 | 831 | ||||||
Ecopetrol ADR | 66,991 | 1,064 | ||||||
|
| |||||||
| 1,895 | ||||||||
|
| |||||||
Czech Republic — 0.1% |
| |||||||
Komercni Banka | 23,673 | 894 | ||||||
|
| |||||||
Denmark — 1.5% |
| |||||||
ALK-Abello* | 442 | 65 | ||||||
Alm Brand | 4,164 | 32 | ||||||
Ambu, Cl B | 10,609 | 255 | ||||||
AP Moeller - Maersk, Cl A | 81 | 96 | ||||||
AP Moeller - Maersk, Cl B | 150 | 189 | ||||||
Bang & Olufsen* | 2,164 | 30 | ||||||
Bavarian Nordic* | 1,921 | 38 | ||||||
Carlsberg, Cl B | 27,898 | 2,968 | ||||||
Chr Hansen Holding | 2,220 | 197 | ||||||
Coloplast, Cl B | 28,138 | 2,616 | ||||||
D/S Nordern* | 2,083 | 30 | ||||||
Danske Bank | 24,964 | 495 | ||||||
Dfds | 2,089 | 84 | ||||||
The accompanying notes are an integral part of the financial statements.
57
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
DSV | 4,265 | $ | 282 | |||||
FLSmidth | 2,569 | 116 | ||||||
Genmab* | 1,404 | 230 | ||||||
GN Store Nord | 52,885 | 1,979 | ||||||
H Lundbeck | 1,412 | 62 | ||||||
ISS | 3,678 | 103 | ||||||
Jyske Bank | 4,610 | 167 | ||||||
Matas | 2,427 | 22 | ||||||
Netcompany Group* (B) | 1,897 | 64 | ||||||
Nilfisk Holding* | 1,633 | 58 | ||||||
NKT* | 1,620 | 22 | ||||||
NNIT (B) | 729 | 20 | ||||||
Novo Nordisk, Cl B | 186,892 | 8,585 | ||||||
Novozymes, Cl B | 5,014 | 225 | ||||||
Orsted (B) | 4,501 | 302 | ||||||
Pandora | 2,456 | 100 | ||||||
Per Aarsleff Holding | 1,404 | 43 | ||||||
Rockwool International, Cl B | 589 | 154 | ||||||
Royal Unibrew | 3,225 | 222 | ||||||
Scandinavian Tobacco Group (B) | 4,259 | 51 | ||||||
Schouw | 848 | 63 | ||||||
SimCorp | 2,611 | 179 | ||||||
Spar Nord Bank | 5,375 | 43 | ||||||
Sydbank | 4,554 | 109 | ||||||
Topdanmark | 2,532 | 118 | ||||||
TORM, Cl A* | 2,151 | 15 | ||||||
Tryg | 2,666 | 67 | ||||||
Vestas Wind Systems | 34,472 | 2,612 | ||||||
William Demant Holding* | 43,157 | 1,228 | ||||||
Zealand Pharma* | 1,461 | 19 | ||||||
|
| |||||||
| 24,355 | ||||||||
|
| |||||||
Egypt — 0.0% |
| |||||||
Telecom Egypt | 129,194 | 91 | ||||||
|
| |||||||
Finland — 0.7% |
| |||||||
Aktia Bank | 3,052 | 32 | ||||||
Amer Sports | 18,098 | 796 | ||||||
Cargotec, Cl B | 2,517 | 77 | ||||||
Caverion* | 5,640 | 33 | ||||||
Citycon | 21,518 | 40 | ||||||
Cramo | 2,511 | 43 | ||||||
DNA | 3,586 | 70 | ||||||
Elisa | 3,186 | 132 | ||||||
Finnair | 3,198 | 26 | ||||||
Fortum | 9,965 | 218 | ||||||
F-Secure | 4,999 | 13 | ||||||
Huhtamaki | 6,922 | 216 | ||||||
| Description | Shares | Value (000) | ||||||
Kemira | 6,436 | $ | 72 | |||||
Kesko, Cl B | 4,171 | 225 | ||||||
Kone, Cl B | 8,012 | 383 | ||||||
Konecranes, Cl A | 4,336 | 132 | ||||||
Lehto Group | 1,865 | 9 | ||||||
Metsa Board | 12,472 | 73 | ||||||
Metso | 2,388 | 63 | ||||||
Neste | 2,871 | 222 | ||||||
Nokia | 104,531 | 605 | ||||||
Nokian Renkaat | 85,822 | 2,643 | ||||||
Oriola, Cl B | 7,006 | 16 | ||||||
Orion, Cl B | 2,253 | 78 | ||||||
Outokumpu | 20,008 | 74 | ||||||
Outotec* | 8,682 | 31 | ||||||
Ponsse | 768 | 22 | ||||||
Ramirent | 5,128 | 32 | ||||||
Sampo, Cl A | 54,795 | 2,424 | ||||||
Sanoma | 5,005 | 49 | ||||||
Stora Enso, Cl R | 12,407 | 144 | ||||||
Tieto | 3,439 | 92 | ||||||
Tikkurila | 106,509 | 1,469 | ||||||
Tokmanni Group | 3,169 | 26 | ||||||
UPM-Kymmene | 12,388 | 317 | ||||||
Uponor | 3,646 | 36 | ||||||
Valmet | 8,265 | 170 | ||||||
Wartsila, Cl B | 35,740 | 570 | ||||||
YIT | 10,534 | 62 | ||||||
|
| |||||||
| 11,735 | ||||||||
|
| |||||||
France — 6.6% |
| |||||||
ABC arbitrage | 2,361 | 16 | ||||||
Accor | 4,294 | 183 | ||||||
Aeroports de Paris | 736 | 140 | ||||||
AirFrance-KLM* | 12,377 | 134 | ||||||
Air Liquide | 125,353 | 15,576 | ||||||
Airbus Group | 24,952 | 2,401 | ||||||
Akka Technologies | 681 | 34 | ||||||
AKWEL | 382 | 7 | ||||||
Albioma | 1,830 | 40 | ||||||
ALD (B) | 6,540 | 78 | ||||||
Alstom* | 3,397 | 137 | ||||||
Alten | 7,857 | 655 | ||||||
Altran Technologies | 14,887 | 119 | ||||||
Amundi (B) | 1,304 | 69 | ||||||
Arkema | 1,624 | 139 | ||||||
Assystem | 389 | 12 | ||||||
Atos | 2,127 | 174 | ||||||
The accompanying notes are an integral part of the financial statements.
58
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Aubay | 358 | $ | 12 | |||||
AXA | 71,125 | 1,537 | ||||||
Beneteau | 2,356 | 31 | ||||||
BioMerieux | 965 | 63 | ||||||
BNP Paribas | 46,368 | 2,097 | ||||||
Boiron | 456 | 26 | ||||||
Bollore | 21,791 | 87 | ||||||
Bonduelle SCA | 845 | 27 | ||||||
Bourbon* | 1,188 | 5 | ||||||
Bouygues | 5,019 | 180 | ||||||
Bureau Veritas | 6,388 | 130 | ||||||
Capital Gemini | 3,709 | 369 | ||||||
Carrefour | 13,138 | 224 | ||||||
Casino Guichard Perrachon | 1,370 | 57 | ||||||
Cellectis* | 1,978 | 34 | ||||||
CGG* | 42,507 | 56 | ||||||
Chargeurs | 937 | 18 | ||||||
Cie de Saint-Gobain | 11,262 | 377 | ||||||
Cie des Alpes | 722 | 20 | ||||||
Cie Generale des Etablissements Michelin SCA | 3,916 | 389 | ||||||
Cie Plastic Omnium | 3,784 | 87 | ||||||
CNP Assurances | 3,576 | 76 | ||||||
Coface* | 5,969 | 54 | ||||||
Covivio‡ | 967 | 93 | ||||||
Credit Agricole | 27,280 | 295 | ||||||
Danone | 74,643 | 5,261 | ||||||
Dassault Aviation | 62 | 86 | ||||||
Dassault Systemes | 15,848 | 1,883 | ||||||
DBV Technologies* | 1,284 | 16 | ||||||
Derichebourg | 5,403 | 25 | ||||||
Devoteam | 351 | 33 | ||||||
Edenred | 35,418 | 1,302 | ||||||
Eiffage | 1,807 | 151 | ||||||
Electricite de France | 13,305 | 210 | ||||||
Elior Group (B) | 7,387 | 111 | ||||||
Elis | 26,132 | 436 | ||||||
Engie | 267,984 | 3,845 | ||||||
Eramet | 602 | 42 | ||||||
EssilorLuxottica | 40,453 | 5,120 | ||||||
Esso Francaise | 145 | 5 | ||||||
Etablissements Maurel et Prom* | 2,731 | 10 | ||||||
Eurazeo | 1,020 | 72 | ||||||
Eurofins Scientific | 2,537 | 948 | ||||||
Europcar Mobility Group* (B) | 6,948 | 63 | ||||||
Eutelsat Communications | 3,630 | 72 | ||||||
Faurecia | 1,901 | 72 | ||||||
| Description | Shares | Value (000) | ||||||
FFP | 388 | $ | 36 | |||||
FIGEAC-AERO* | 572 | 7 | ||||||
Fnac Darty* | 1,141 | 74 | ||||||
Gaztransport Et Technigaz | 1,304 | 100 | ||||||
Gecina‡ | 1,031 | 133 | ||||||
Genfit* | 1,922 | 38 | ||||||
Getlink | 53,319 | 716 | ||||||
GL Events | 344 | 7 | ||||||
Groupe Crit | 109 | 7 | ||||||
Groupe Guillin | 418 | 9 | ||||||
Guerbet | 345 | 21 | ||||||
Haulotte Group | 555 | 6 | ||||||
Hermes International | 1,810 | 1,005 | ||||||
ICADE‡ | 705 | 54 | ||||||
ID Logistics Group* | 134 | 18 | ||||||
Iliad | 670 | 94 | ||||||
Imerys | 2,899 | 139 | ||||||
Ingenico Group | 1,273 | 72 | ||||||
Innate Pharma* | 3,041 | 26 | ||||||
Interparfums | 902 | 35 | ||||||
Ipsen | 824 | 107 | ||||||
IPSOS | 2,195 | 52 | ||||||
Jacquet Metal Service | 963 | 17 | ||||||
JCDecaux | 15,037 | 422 | ||||||
Kaufman & Broad | 1,138 | 44 | ||||||
Kering | 1,767 | 833 | ||||||
Klepierre‡ | 4,662 | 145 | ||||||
Korian | 3,233 | 115 | ||||||
LafargeHolcim | 1,512 | 62 | ||||||
Lagardere | 6,683 | 169 | ||||||
Latecoere* | 3,375 | 11 | ||||||
Legrand | 55,357 | 3,127 | ||||||
LISI | 1,226 | 29 | ||||||
LNA Sante | 284 | 14 | ||||||
L’Oreal | 20,173 | 4,650 | ||||||
LVMH Moet Hennessy Louis Vuitton | 23,986 | 7,096 | ||||||
Maisons du Monde (B) | 2,850 | 55 | ||||||
Manitou BF | 688 | 18 | ||||||
Mercialys‡ | 3,528 | 48 | ||||||
Mersen | 964 | 26 | ||||||
Metropole Television | 1,755 | 28 | ||||||
Natixis | 23,654 | 112 | ||||||
Neopost | 10,044 | 274 | ||||||
Nexans | 1,743 | 49 | ||||||
Nexity | 2,616 | 118 | ||||||
Nokia | 26,897 | 156 | ||||||
The accompanying notes are an integral part of the financial statements.
59
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Oeneo | 1,297 | $ | 13 | |||||
Orange | 46,555 | 755 | ||||||
Orpea | 2,897 | 296 | ||||||
Pernod Ricard | 44,696 | 7,338 | ||||||
Peugeot | 14,040 | 300 | ||||||
Publicis Groupe | 5,053 | 290 | ||||||
Rallye | 1,708 | 18 | ||||||
Remy Cointreau | 502 | 57 | ||||||
Renault | 4,431 | 277 | ||||||
Rexel | 7,162 | 76 | ||||||
Rubis SCA | 5,575 | 299 | ||||||
Safran | 7,769 | 938 | ||||||
Sanofi | 26,065 | 2,259 | ||||||
Sartorius Stedim Biotech | 627 | 63 | ||||||
Schneider Electric | 114,170 | 7,811 | ||||||
SCOR | 3,618 | 163 | ||||||
SEB | 471 | 60 | ||||||
SES, Cl A | 8,100 | 155 | ||||||
Societe BIC | 517 | 53 | ||||||
Societe Generale | 17,974 | 573 | ||||||
Sodexo | 2,061 | 211 | ||||||
SOITEC* | 1,250 | 72 | ||||||
Solocal Group* | 38,289 | 22 | ||||||
Solutions 30* | 4,412 | 45 | ||||||
Sopra Steria Group | 886 | 82 | ||||||
SPIE | 7,147 | 95 | ||||||
Stallergenes Greer* | 321 | 10 | ||||||
STMicroelectronics | 15,247 | 219 | ||||||
Suez | 8,607 | 114 | ||||||
Synergie | 370 | 10 | ||||||
Tarkett | 1,916 | 38 | ||||||
Technicolor* | 22,056 | 24 | ||||||
TechnipFMC | 7,052 | 143 | ||||||
Teleperformance | 4,131 | 662 | ||||||
Television Francaise 1 | 2,620 | 21 | ||||||
Thales | 8,492 | 992 | ||||||
TOTAL | 204,881 | 10,841 | ||||||
Trigano | 551 | 51 | ||||||
Ubisoft Entertainment* | 1,856 | 150 | ||||||
Valeo | 5,575 | 163 | ||||||
Vallourec* | 20,923 | 39 | ||||||
Veolia Environnement | 12,420 | 256 | ||||||
Vicat | 4,765 | 227 | ||||||
Vilmorin & Cie | 399 | 26 | ||||||
Vinci | 11,807 | 975 | ||||||
Virbac* | 264 | 34 | ||||||
| Description | Shares | Value (000) | ||||||
Vivendi | 24,023 | $ | 586 | |||||
Wendel | 695 | 84 | ||||||
Worldline* (B) | 2,568 | 124 | ||||||
X-Fab Silicon Foundries* (B) | 4,758 | 23 | ||||||
|
| |||||||
| 104,528 | ||||||||
|
| |||||||
Germany — 5.4% |
| |||||||
1&1 Drillisch | 1,354 | 70 | ||||||
Aareal Bank | 3,634 | 113 | ||||||
adidas | 10,340 | 2,169 | ||||||
ADLER Real Estate | 2,231 | 33 | ||||||
ADO Properties (B) | 1,978 | 103 | ||||||
ADVA Optical Networking* | 2,626 | 19 | ||||||
AIXTRON* | 7,042 | 68 | ||||||
Allianz | 9,955 | 2,006 | ||||||
alstria office‡ | 9,462 | 132 | ||||||
Amadeus Fire | 373 | 35 | ||||||
Aroundtown | 17,517 | 145 | ||||||
Aumann (B) | 457 | 15 | ||||||
AURELIUS Equity Opportunities & KGaA | 1,472 | 54 | ||||||
Aurubis | 2,458 | 122 | ||||||
Axel Springer | 14,082 | 800 | ||||||
BASF | 80,637 | 5,601 | ||||||
Basler | 72 | 10 | ||||||
Bayer | 108,912 | 7,581 | ||||||
Bayerische Motoren Werke | 83,991 | 6,832 | ||||||
BayWa | 1,041 | 25 | ||||||
Bechtle | 1,941 | 151 | ||||||
Beiersdorf | 61,082 | 6,383 | ||||||
Bertrandt | 368 | 29 | ||||||
bet-at-home.com | 120 | 6 | ||||||
Bilfinger | 2,009 | 58 | ||||||
Borussia Dortmund GmbH & KGaA | 3,992 | 37 | ||||||
Brenntag | 23,638 | 1,022 | ||||||
CANCOM | 2,089 | 69 | ||||||
Carl Zeiss Meditec | 2,606 | 206 | ||||||
CECONOMY* | 11,718 | 42 | ||||||
Cewe Stiftung & KGAA | 358 | 26 | ||||||
comdirect bank | 1,809 | 21 | ||||||
Commerzbank* | 22,792 | 152 | ||||||
CompuGroup Medical | 1,593 | 74 | ||||||
Consus Real Estate* | 2,729 | 24 | ||||||
Continental | 2,488 | 347 | ||||||
Corestate Capital Holding | 783 | 27 | ||||||
Covestro (B) | 4,273 | 213 | ||||||
CTS Eventim & KGaA | 13,699 | 512 | ||||||
The accompanying notes are an integral part of the financial statements.
60
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Daimler | 20,771 | $ | 1,096 | |||||
Delivery Hero* (B) | 2,337 | 87 | ||||||
Deutsche Bank | 45,410 | 364 | ||||||
Deutsche Beteiligungs | 792 | 31 | ||||||
Deutsche Boerse | 4,403 | 530 | ||||||
Deutsche EuroShop | 3,237 | 94 | ||||||
Deutsche Lufthansa | 5,900 | 134 | ||||||
Deutsche Pfandbriefbank (B) | 8,716 | 88 | ||||||
Deutsche Post | 22,447 | 617 | ||||||
Deutsche Telekom | 133,005 | 2,267 | ||||||
Deutsche Wohnen | 8,037 | 370 | ||||||
Deutz | 7,274 | 43 | ||||||
DIC Asset | 3,509 | 37 | ||||||
DMG Mori | 1,265 | 63 | ||||||
Draegerwerk & KGaA | 226 | 11 | ||||||
Duerr | 3,208 | 113 | ||||||
DWS Group GmbH & KGaA* (B) | 2,529 | 68 | ||||||
E.ON | 50,700 | 501 | ||||||
EDAG Engineering Group | 682 | 12 | ||||||
Elmos Semiconductor | 783 | 17 | ||||||
ElringKlinger | 1,756 | 14 | ||||||
Encavis | 5,749 | 36 | ||||||
Evonik Industries | 3,584 | 90 | ||||||
Evotec* | 8,173 | 164 | ||||||
FinTech Group* | 637 | 12 | ||||||
Fraport Frankfurt Airport Services Worldwide | 865 | 62 | ||||||
Freenet | 8,243 | 159 | ||||||
Fresenius & KGaA | 9,824 | 478 | ||||||
Fresenius Medical Care & KGaA | 27,930 | 1,817 | ||||||
GEA Group | 10,039 | 260 | ||||||
Gerresheimer | 4,990 | 329 | ||||||
GFT Technologies | 1,236 | 9 | ||||||
Grand City Properties | 7,592 | 165 | ||||||
GRENKE | 1,638 | 140 | ||||||
H&R GmbH & KGaA | 694 | 5 | ||||||
Hamborner‡ | 4,032 | 39 | ||||||
Hamburger Hafen und Logistik | 1,537 | 31 | ||||||
Hannover Rueck | 3,693 | 499 | ||||||
Hapag-Lloyd (B) | 2,465 | 63 | ||||||
HeidelbergCement | 3,377 | 208 | ||||||
Heidelberger Druckmaschinen* | 15,479 | 28 | ||||||
HelloFresh* | 4,581 | 32 | ||||||
Henkel & KGaA | 14,417 | 1,420 | ||||||
Hochtief | 518 | 70 | ||||||
Hornbach Holding & KGaA | 630 | 30 | ||||||
HUGO BOSS | 1,556 | 96 | ||||||
| Description | Shares | Value (000) | ||||||
Hypoport* | 236 | $ | 40 | |||||
Indus Holding | 1,232 | 55 | ||||||
Infineon Technologies | 25,962 | 520 | ||||||
Innogy (B) | 2,688 | 126 | ||||||
Innogy* | 1,008 | 43 | ||||||
Isra Vision | 999 | 28 | ||||||
Jenoptik | 3,347 | 88 | ||||||
JOST Werke (B) | 897 | 27 | ||||||
K+S | 12,102 | 219 | ||||||
KION Group | 1,675 | 85 | ||||||
Kloeckner | 4,559 | 32 | ||||||
Koenig & Bauer | 822 | 35 | ||||||
Krones | 1,033 | 80 | ||||||
KWS Saat | 152 | 46 | ||||||
LANXESS | 1,900 | 88 | ||||||
LEG Immobilien | 4,033 | 423 | ||||||
Leoni | 2,132 | 75 | ||||||
Linde | 17,805 | 2,841 | ||||||
MBB | 132 | 11 | ||||||
Merck KGaA | 37,791 | 3,910 | ||||||
METRO | 4,134 | 63 | ||||||
MLP | 4,421 | 22 | ||||||
MorphoSys* | 2,011 | 206 | ||||||
MTU Aero Engines | 9,008 | 1,642 | ||||||
Muenchener Rueckversicherungs-Gesellschaft in Muenchen | 3,491 | 764 | ||||||
Nemetschek | 1,203 | 133 | ||||||
Nordex* | 4,342 | 38 | ||||||
Norma Group | 1,971 | 98 | ||||||
OHB | 258 | 9 | ||||||
OSRAM Licht | 2,362 | 103 | ||||||
PATRIZIA Immobilien | 2,918 | 56 | ||||||
Pfeiffer Vacuum Technology | 428 | 53 | ||||||
ProSiebenSat.1 Media | 101,537 | 1,811 | ||||||
Puma* | 196 | 96 | ||||||
QIAGEN* | 64,899 | 2,221 | ||||||
Rational | 218 | 124 | ||||||
Rheinmetall | 2,783 | 247 | ||||||
RHOEN-KLINIKUM | 1,228 | 31 | ||||||
RIB Software | 2,248 | 31 | ||||||
Rocket Internet* (B) | 4,571 | 106 | ||||||
RWE | 11,883 | 259 | ||||||
S&T* | 3,164 | 58 | ||||||
SAF-Holland | 2,907 | 37 | ||||||
Salzgitter | 2,554 | 75 | ||||||
SAP | 131,138 | 13,102 | ||||||
Scout24 (B) | 6,916 | 319 | ||||||
The accompanying notes are an integral part of the financial statements.
61
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Senvion* | 1,099 | $ | 3 | |||||
SGL Carbon* | 3,673 | 26 | ||||||
Shop Apotheke Europe* (B) | 513 | 22 | ||||||
Siemens | 17,715 | 1,983 | ||||||
Siemens Healthineers (B) | 3,599 | 151 | ||||||
Siltronic | 1,358 | 114 | ||||||
Sixt | 742 | 59 | ||||||
Sixt Leasing | 627 | 8 | ||||||
SLM Solutions Group* | 646 | 7 | ||||||
SMA Solar Technology | 700 | 13 | ||||||
Software | 3,106 | 113 | ||||||
Stabilus | 13,111 | 827 | ||||||
STRATEC | 251 | 14 | ||||||
Stroeer & KGaA | 1,805 | 88 | ||||||
Suedzucker | 4,311 | 55 | ||||||
Surteco Group | 377 | 10 | ||||||
Symrise | 9,990 | 736 | ||||||
TAG Immobilien | 7,814 | 178 | ||||||
Takkt | 1,971 | 31 | ||||||
Telefonica Deutschland Holding | 15,476 | 61 | ||||||
ThyssenKrupp | 10,582 | 183 | ||||||
TLG Immobilien | 6,028 | 168 | ||||||
TUI | 26,377 | 373 | ||||||
Uniper | 4,502 | 117 | ||||||
United Internet | 2,693 | 119 | ||||||
Varta* | 819 | 23 | ||||||
VERBIO Vereinigte BioEnergie | 974 | 7 | ||||||
Volkswagen | 693 | 111 | ||||||
Vonovia | 11,544 | 525 | ||||||
Vossloh | 683 | 33 | ||||||
Wacker Neuson | 1,618 | 31 | ||||||
Washtec | 684 | 48 | ||||||
Wirecard | 2,648 | 406 | ||||||
Wuestenrot & Wuerttembergische | 1,397 | 26 | ||||||
| 182 | 50 | |||||||
Zalando* (B) | 2,650 | 68 | ||||||
zooplus* | 1,057 | 145 | ||||||
|
| |||||||
| 85,539 | ||||||||
|
| |||||||
Greece — 0.3% |
| |||||||
Aegean Airlines | 27,543 | 233 | ||||||
Alpha Bank AE* | 113,844 | 143 | ||||||
Fourlis Holdings* | 67,612 | 318 | ||||||
Grivalia Properties REIC AE‡ | 175,784 | 1,685 | ||||||
Hellenic Petroleum | 8,507 | 72 | ||||||
JUMBO | 34,831 | 507 | ||||||
Motor Oil Hellas Corinth Refineries | 58,239 | 1,401 | ||||||
| Description | Shares | Value (000) | ||||||
Terna Energy | 9,720 | $ | 62 | |||||
|
| |||||||
| 4,421 | ||||||||
|
| |||||||
Hong Kong — 5.8% |
| |||||||
Agile Group Holdings | 448,000 | 527 | ||||||
Agricultural Bank of China, Cl H | 5,177,000 | 2,268 | ||||||
Agritrade Resources | 156,376 | 27 | ||||||
AIA Group | 1,815,200 | 15,068 | ||||||
Ajisen China Holdings | 601,000 | 168 | ||||||
Angang Steel, Cl H | 122,000 | 84 | ||||||
ANTA Sports Products | 278,000 | 1,333 | ||||||
ASM Pacific Technology | 7,700 | 74 | ||||||
Ausnutria Dairy | 29,000 | 33 | ||||||
Bank of China, Cl H | 4,576,000 | 1,975 | ||||||
Bank of East Asia | 29,223 | 93 | ||||||
BOC Hong Kong Holdings | 83,000 | 308 | ||||||
BOCOM International Holdings | 39,000 | 7 | ||||||
Bright Smart Securities & Commodities Group | 32,000 | 6 | ||||||
Brightoil Petroleum Holdings* | 155,000 | 15 | ||||||
Cafe de Coral Holdings | 24,147 | 59 | ||||||
Champion‡ | 133,163 | 91 | ||||||
Chanjet Information Technology, Cl H* | 2,800 | 3 | ||||||
China Coal Energy, Cl H | 132,000 | 52 | ||||||
China Construction Bank, Cl H | 5,101,000 | 4,208 | ||||||
China Mengniu Dairy* | 269,000 | 838 | ||||||
China Mobile | 705,500 | 6,789 | ||||||
China Petroleum & Chemical, Cl H | 118,000 | 84 | ||||||
China Resources Cement Holdings | 404,000 | 364 | ||||||
China Sanjiang Fine Chemicals | 102,000 | 24 | ||||||
China Shineway Pharmaceutical Group | 102,000 | 99 | ||||||
China Tonghai International Financial* | 100,000 | 8 | ||||||
China Unicom Hong Kong | 1,718,000 | 1,834 | ||||||
China Vanke, Cl H | 49,800 | 169 | ||||||
Chinasoft International | 52,000 | 26 | ||||||
Chinese Estates Holdings | 29,396 | 32 | ||||||
Chow Sang Sang Holdings International | 18,209 | 27 | ||||||
CITIC Telecom International Holdings | 83,034 | 29 | ||||||
CK Asset Holdings | 58,638 | 429 | ||||||
CK Hutchison Holdings | 223,384 | 2,145 | ||||||
CK Infrastructure Holdings | 14,000 | 106 | ||||||
CLP Holdings | 155,500 | 1,757 | ||||||
CMBC Capital Holdings* | 736,859 | 31 | ||||||
The accompanying notes are an integral part of the financial statements.
62
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
C-Mer Eye Care Holdings* | 14,000 | $ | 9 | |||||
CNOOC | 2,668,000 | 4,123 | ||||||
Convoy Global Holdings* | 402,000 | 4 | ||||||
Country Garden Services Holdings* | 27,471 | 44 | ||||||
CRRC | 60,000 | 59 | ||||||
Crystal International Group (B) | 36,500 | 19 | ||||||
CSI Properties | 230,000 | 9 | ||||||
Dah Sing Banking Group | 28,967 | 51 | ||||||
Dah Sing Financial Holdings | 9,254 | 46 | ||||||
Digital Domain Holdings* | 620,000 | 8 | ||||||
Dingyi Group Investment* | 155,000 | 11 | ||||||
Emperor Capital Group | 126,000 | 6 | ||||||
Emperor International Holdings | 58,575 | 14 | ||||||
ENN Energy Holdings | 203,200 | 1,802 | ||||||
Esprit Holdings* | 1,866,191 | 371 | ||||||
Fairwood Holdings | 5,000 | 17 | ||||||
Far East Consortium International | 81,518 | 35 | ||||||
FIH Mobile* | 201,197 | 21 | ||||||
First Pacific | 647,913 | 250 | ||||||
Galaxy Entertainment Group* | 56,000 | 356 | ||||||
Giordano International | 72,653 | 34 | ||||||
Global Brands Group Holding* | 307,091 | 14 | ||||||
Goodbaby International Holdings | 308,000 | 97 | ||||||
Guangnan Holdings | 210,000 | 24 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl H | 12,000 | 43 | ||||||
Guotai Junan International Holdings | 210,760 | 34 | ||||||
Haier Electronics Group | 785,416 | 1,931 | ||||||
Haitong International Securities Group | 139,390 | 44 | ||||||
Hang Lung Group | 19,000 | 48 | ||||||
Hang Lung Properties | 50,000 | 95 | ||||||
Hang Seng Bank | 17,700 | 397 | ||||||
Health & Happiness H&H International Holdings* | 11,602 | 66 | ||||||
Henderson Land Development | 31,280 | 156 | ||||||
Hengan International Group | 89,458 | 651 | ||||||
HK Electric Investments & HK Electric Investments | 67,158 | 68 | ||||||
HKBN | 42,762 | 65 | ||||||
HKT Trust | 87,740 | 126 | ||||||
Hong Kong & China Gas | 213,208 | 441 | ||||||
Hong Kong Exchanges and Clearing | 27,172 | 786 | ||||||
Hong Kong International Construction Investment Management Group | 62,000 | 19 | ||||||
Hongkong & Shanghai Hotels | 265,749 | 376 | ||||||
| Description | Shares | Value (000) | ||||||
Hopewell Holdings | 35,661 | $ | 157 | |||||
HSBC Holdings | 813,852 | 6,736 | ||||||
Hutchison Telecommunications Hong Kong Holdings | 96,627 | 36 | ||||||
Hysan Development | 13,000 | 62 | ||||||
IGG | 626,000 | 859 | ||||||
Industrial & Commercial Bank of China, Cl H | 4,808,000 | 3,432 | ||||||
IT | 24,000 | 13 | ||||||
Johnson Electric Holdings | 21,094 | 43 | ||||||
K Wah International Holdings | 78,844 | 37 | ||||||
Kerry Logistics Network | 40,272 | 60 | ||||||
Kerry Properties | 14,000 | 48 | ||||||
Kingboard Holdings | 314,500 | 839 | ||||||
Lai Sun Development | 11,516 | 19 | ||||||
Landing International Development* | 87,759 | 28 | ||||||
Langham Hospitality Investments and Langham Hospitality Investments | 58,387 | 22 | ||||||
Lenovo Group | 322,000 | 218 | ||||||
Leyou Technologies Holdings* | 80,168 | 22 | ||||||
Li & Fung | 376,000 | 59 | ||||||
Li Ning* | 741,791 | 796 | ||||||
Lifestyle International Holdings | 34,269 | 52 | ||||||
Link‡ | 49,000 | 496 | ||||||
L’Occitane International | 72,814 | 133 | ||||||
Logan Property Holdings | 224,000 | 281 | ||||||
Lonking Holdings | 320,000 | 83 | ||||||
Luk Fook Holdings International | 21,199 | 61 | ||||||
Macau Legend Development* | 180,000 | 31 | ||||||
Man Wah Holdings | 91,288 | 37 | ||||||
Melco International Development | 47,596 | 97 | ||||||
Melco Resorts & Entertainment ADR | 6,273 | 111 | ||||||
MGM China Holdings | 17,200 | 29 | ||||||
Microport Scientific | 24,243 | 24 | ||||||
Minth Group | 20,000 | 64 | ||||||
MTR | 36,377 | 191 | ||||||
New World Development | 162,459 | 215 | ||||||
NewOcean Energy Holdings* | 46,361 | 15 | ||||||
NWS Holdings | 34,252 | 70 | ||||||
OP Financial | 60,439 | 23 | ||||||
Pacific Basin Shipping | 270,991 | 52 | ||||||
Pacific Textiles Holdings | 53,672 | 48 | ||||||
PCCW | 114,136 | 66 | ||||||
Ping An Insurance Group of China, Cl H | 385,000 | 3,400 | ||||||
Poly Property Group | 135,000 | 42 | ||||||
The accompanying notes are an integral part of the financial statements.
63
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Power Assets Holdings | 33,500 | $ | 233 | |||||
Prosperity‡ | 94,626 | 36 | ||||||
Regal Hotels International Holdings | 18,000 | 12 | ||||||
Regina Miracle International Holdings (B) | 15,000 | 12 | ||||||
Sa Sa International Holdings | 72,890 | 28 | ||||||
Sands China | 55,600 | 244 | ||||||
Scud Group* | 252,000 | 9 | ||||||
Shanghai Industrial Urban Development Group | 134,000 | 22 | ||||||
Shangri-La Asia | 34,000 | 50 | ||||||
Shenzhou International Group Holdings | 195,000 | 2,210 | ||||||
Shui On Land | 287,500 | 64 | ||||||
Shun Tak Holdings | 83,125 | 26 | ||||||
Singamas Container Holdings | 104,000 | 14 | ||||||
Sino Land | 71,807 | 123 | ||||||
Sino-Ocean Group Holding | 349,500 | 154 | ||||||
Sinotruk Hong Kong | 660,000 | 994 | ||||||
SITC International Holdings | 79,414 | 74 | ||||||
SJM Holdings | 44,000 | 41 | ||||||
SmarTone Telecommunications Holdings | 87,598 | 97 | ||||||
Stella International Holdings | 522,948 | 620 | ||||||
Sun Hung Kai | 19,000 | 9 | ||||||
Sun Hung Kai Properties | 36,893 | 526 | ||||||
SUNeVision Holdings | 49,351 | 29 | ||||||
Sunlight‡ | 74,545 | 48 | ||||||
Sunny Optical Technology Group | 53,200 | 473 | ||||||
Swire Pacific, Cl A | 11,500 | 121 | ||||||
Swire Properties | 28,600 | 100 | ||||||
Techtronic Industries | 31,000 | 165 | ||||||
Television Broadcasts | 154,488 | 292 | ||||||
Tencent Holdings | 206,300 | �� | 8,273 | |||||
Texwinca Holdings | 50,334 | 16 | ||||||
Tingyi Cayman Islands Holding | 535,014 | 715 | ||||||
TK Group Holdings | 20,000 | 11 | ||||||
Town Health International Medical Group* | 154,000 | 7 | ||||||
United Laboratories International Holdings | 36,302 | 19 | ||||||
Value Partners Group | 59,501 | 41 | ||||||
VSTECS Holdings | 42,360 | 21 | ||||||
VTech Holdings | 10,607 | 88 | ||||||
Want Want China Holdings | 1,664,996 | 1,165 | ||||||
We Solutions* | 96,000 | 6 | ||||||
Weichai Power, Cl H | 765,000 | 874 | ||||||
WH Group (B) | 210,101 | 162 | ||||||
| Description | Shares | Value (000) | ||||||
Wharf Holdings | 27,000 | $ | 70 | |||||
Wharf Real Estate Investment | 27,000 | 162 | ||||||
Wheelock | 19,000 | 109 | ||||||
Wynn Macau | 38,000 | 83 | ||||||
Xinyi Glass Holdings | 1,024,681 | 1,134 | ||||||
Yue Yuen Industrial Holdings | 19,500 | 62 | ||||||
|
| |||||||
| 92,911 | ||||||||
|
| |||||||
Hungary — 0.3% |
| |||||||
OTP Bank Nyrt | 95,020 | 3,836 | ||||||
Richter Gedeon Nyrt | 35,673 | 694 | ||||||
|
| |||||||
| 4,530 | ||||||||
|
| |||||||
India — 2.8% |
| |||||||
Asian Paints | 69,437 | 1,366 | ||||||
Axis Bank* | 168,872 | 1,499 | ||||||
Bajaj Finance | 52,624 | 1,993 | ||||||
Bharti Airtel | 129,741 | 580 | ||||||
Britannia Industries | 30,534 | 1,362 | ||||||
GAIL India | 108,730 | 561 | ||||||
HCL Technologies | 1,782 | 25 | ||||||
HDFC Bank | 75,306 | 2,290 | ||||||
HDFC Bank ADR | 5,188 | 537 | ||||||
HDFC Standard Life Insurance* (B) | 232,268 | 1,288 | ||||||
Hinduja Global Solutions | 7,960 | 73 | ||||||
Hindustan Unilever | 48,597 | 1,267 | ||||||
Housing Development Finance | 188,060 | 5,302 | ||||||
IndusInd Bank | 83,940 | 1,924 | ||||||
Infosys | 423,041 | 3,993 | ||||||
Infosys ADR | 560,193 | 5,333 | ||||||
KPIT Technologies | 94,303 | 295 | ||||||
Maruti Suzuki India | 12,372 | 1,323 | ||||||
Mindtree | 23,414 | 290 | ||||||
Mphasis | 21,511 | 314 | ||||||
MRF | 1,372 | 1,316 | ||||||
Nestle India | 3,534 | 561 | ||||||
NIIT Technologies | 39,734 | 654 | ||||||
Oil & Natural Gas | 120,753 | 259 | ||||||
Petronet LNG | 305,236 | 980 | ||||||
Shriram Transport Finance | 24,915 | 443 | ||||||
State Bank of India GDR* | 33,570 | 1,378 | ||||||
Tata Consultancy Services | 203,102 | 5,507 | ||||||
UPL | 148,952 | 1,617 | ||||||
Venky’s India | 3,330 | 115 | ||||||
Vodafone Idea* | 964,549 | 522 | ||||||
Wipro | 27,327 | 130 | ||||||
WNS Holdings ADR* | 2,386 | 98 | ||||||
|
| |||||||
| 45,195 | ||||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
64
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Indonesia — 0.6% |
| |||||||
Adaro Energy | 1,540,100 | $ | 130 | |||||
Bank Negara Indonesia Persero | 3,227,300 | 1,975 | ||||||
Bank Pan Indonesia* | 346,400 | 28 | ||||||
Bank Pembangunan Daerah Jawa Timur | 467,000 | 23 | ||||||
Bank Rakyat Indonesia Persero | 11,097,400 | 2,833 | ||||||
Japfa Comfeed Indonesia | 712,300 | 107 | ||||||
Media Nusantara Citra | 5,787,243 | 278 | ||||||
Perusahaan Gas Negara Persero | 404,500 | 61 | ||||||
Ramayana Lestari Sentosa | 470,800 | 47 | ||||||
Telekomunikasi Indonesia Persero | 9,827,400 | 2,587 | ||||||
Unilever Indonesia | 501,900 | 1,598 | ||||||
United Tractors | 236,500 | 451 | ||||||
|
| |||||||
| 10,118 | ||||||||
|
| |||||||
Ireland — 0.5% |
| |||||||
AIB Group | 17,513 | 74 | ||||||
Bank of Ireland Group | 142,552 | 793 | ||||||
C&C Group | 20,069 | 63 | ||||||
CRH | 208,459 | 5,516 | ||||||
Dalata Hotel Group | 11,753 | 64 | ||||||
Glanbia | 13,245 | 248 | ||||||
Glenveagh Properties* (B) | 45,074 | 36 | ||||||
Green‡ | 40,252 | 62 | ||||||
Hibernia‡ | 43,035 | 62 | ||||||
Irish Continental Group | 69,121 | 337 | ||||||
Irish Residential Properties‡ | 23,677 | 37 | ||||||
Origin Enterprises | 7,849 | 52 | ||||||
Paddy Power Betfair | 5,723 | 470 | ||||||
Permanent TSB Group Holdings* | 10,246 | 18 | ||||||
Ryanair Holdings ADR* | 487 | 35 | ||||||
Smurfit Kappa Group | 4,864 | 130 | ||||||
|
| |||||||
| 7,997 | ||||||||
|
| |||||||
Israel — 0.4% |
| |||||||
Africa Israel Properties* | 881 | 20 | ||||||
Airport City* | 4,932 | 61 | ||||||
Alony Hetz Properties & Investments | 7,731 | 72 | ||||||
Amot Investments | 8,367 | 41 | ||||||
Azrieli Group | 799 | 38 | ||||||
Bank Hapoalim | 24,833 | 157 | ||||||
Bank LeumiLe-Israel | 36,277 | 219 | ||||||
Bayside Land | 65 | 28 | ||||||
Bezeq The Israeli Telecommunication | 53,326 | 52 | ||||||
Big Shopping Centers | 330 | 18 | ||||||
| Description | Shares | Value (000) | ||||||
Blue Square Real Estate | 240 | $ | 8 | |||||
Brack Capital Properties* | 207 | 20 | ||||||
Cellcom Israel* | 4,550 | 27 | ||||||
Check Point Software Technologies* | 33,745 | 3,465 | ||||||
Clal Insurance Enterprises Holdings* | 2,201 | 31 | ||||||
Delek Automotive Systems | 2,667 | 10 | ||||||
Delek Group | 276 | 40 | ||||||
Delta Galil Industries | 623 | 15 | ||||||
Elbit Systems | 542 | 62 | ||||||
Elco | 655 | 12 | ||||||
Electra | 113 | 27 | ||||||
First International Bank of Israel | 3,403 | 72 | ||||||
Formula Systems 1985 | 660 | 24 | ||||||
Gazit-Globe | 6,188 | 43 | ||||||
Harel Insurance Investments & Financial Services | 7,102 | 46 | ||||||
IDI Insurance | 527 | 27 | ||||||
Industrial Buildings* | 11,517 | 16 | ||||||
Israel | 249 | 66 | ||||||
Israel Chemicals | 16,537 | 94 | ||||||
Israel Discount Bank, Cl A | 75,132 | 233 | ||||||
Jerusalem Economy* | 14,067 | 36 | ||||||
Jerusalem Oil Exploration* | 489 | 28 | ||||||
Kenon Holdings | 869 | 13 | ||||||
Matrix IT | 2,298 | 26 | ||||||
Melisron | 1,114 | 46 | ||||||
Menora Mivtachim Holdings | 1,763 | 19 | ||||||
Migdal Insurance & Financial Holding | 24,942 | 21 | ||||||
Mizrahi Tefahot Bank | 3,633 | 61 | ||||||
Naphtha Israel Petroleum* | 1,862 | 12 | ||||||
NICE-Systems* | 1,449 | 156 | ||||||
Norstar Holdings | 544 | 5 | ||||||
Nova Measuring Instruments* | 2,098 | 47 | ||||||
Oil Refineries | 120,615 | 57 | ||||||
Partner Communications* | 6,893 | 34 | ||||||
Paz Oil | 623 | 93 | ||||||
Phoenix Holdings | 6,997 | 36 | ||||||
Radware* | 2,883 | 65 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 | 428 | 22 | ||||||
Reit 1‡ | 10,720 | 40 | ||||||
Sapiens International | 2,039 | 22 | ||||||
Shapir Engineering and Industry | 9,074 | 28 | ||||||
Shikun & Binui* | 12,555 | 21 | ||||||
Shufersal | 7,774 | 51 | ||||||
Strauss Group | 3,059 | 69 | ||||||
Summit Real Estate Holdings | 2,031 | 17 | ||||||
The accompanying notes are an integral part of the financial statements.
65
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Teva Pharmaceutical Industries* | 11,819 | $ | 186 | |||||
Teva Pharmaceutical Industries ADR* | 9,953 | 153 | ||||||
Tower Semiconductor* | 6,402 | 96 | ||||||
|
| |||||||
| 6,504 | ||||||||
|
| |||||||
Italy — 1.5% |
| |||||||
A2A | 101,923 | 184 | ||||||
ACEA | 3,600 | 50 | ||||||
Aeroporto Guglielmo Marconi Di Bologna | 818 | 11 | ||||||
Amplifon | 5,225 | 84 | ||||||
Anima Holding (B) | 20,149 | 75 | ||||||
Aquafil | 1,068 | 11 | ||||||
Arnoldo Mondadori Editore* | 6,704 | 13 | ||||||
Ascopiave | 4,061 | 15 | ||||||
Assicurazioni Generali | 27,130 | 455 | ||||||
ASTM | 2,710 | 54 | ||||||
Atlantia | 10,978 | 228 | ||||||
Autogrill | 8,312 | 70 | ||||||
Azimut Holding | 7,996 | 88 | ||||||
Banca Carige* | 2,052,741 | 4 | ||||||
Banca Farmafactoring (B) | 6,011 | 31 | ||||||
Banca Generali | 3,902 | 81 | ||||||
Banca IFIS | 1,435 | 26 | ||||||
Banca Mediolanum | 17,143 | 100 | ||||||
Banca Monte dei Paschi di Siena* | 16,956 | 29 | ||||||
Banca Popolare di Sondrio SCPA | 28,443 | 86 | ||||||
Banco BPM* | 98,821 | 224 | ||||||
Beni Stabili SIIQ‡ | 56,751 | 45 | ||||||
Biesse | 884 | 17 | ||||||
Bio On Spa* | 550 | 36 | ||||||
BPER Banca | 25,516 | 99 | ||||||
Brembo | 9,797 | 100 | ||||||
Brunello Cucinelli | 2,219 | 77 | ||||||
Buzzi Unicem | 4,546 | 78 | ||||||
Buzzi Unicem | 2,511 | 28 | ||||||
Cairo Communication | 4,772 | 19 | ||||||
Carel Industries* (B) | 736 | 8 | ||||||
Cementir Holding | 1,914 | 11 | ||||||
Cerved Group | 12,692 | 105 | ||||||
CIR-Compagnie Industriali Riunite | 19,909 | 21 | ||||||
CNH Industrial | 170,978 | 1,563 | ||||||
Credito Emiliano | 5,075 | 29 | ||||||
Credito Valtellinese* | 438,549 | 37 | ||||||
Danieli & C Officine Meccaniche | 2,908 | 43 | ||||||
Danieli & C Officine Meccaniche | 777 | 14 | ||||||
Datalogic | 1,337 | 31 | ||||||
| Description | Shares | Value (000) | ||||||
Davide Campari-Milano | 64,752 | $ | 549 | |||||
De’ Longhi | 4,205 | 107 | ||||||
DeA Capital* | 6,494 | 9 | ||||||
DiaSorin | 1,408 | 115 | ||||||
doBank (B) | 2,445 | 26 | ||||||
El.En. | 474 | 7 | ||||||
Enav (B) | 18,649 | 91 | ||||||
Enel | 189,190 | 1,099 | ||||||
Eni | 246,493 | 3,893 | ||||||
ERG | 3,327 | 63 | ||||||
EXOR | 2,412 | 131 | ||||||
Falck Renewables | 6,160 | 17 | ||||||
Ferrari | 2,917 | 291 | ||||||
Fiat Chrysler Automobiles* | 25,633 | 373 | ||||||
Fila | 1,293 | 20 | ||||||
Fincantieri | 32,901 | 35 | ||||||
FinecoBank Banca Fineco | 25,442 | 257 | ||||||
Geox | 3,289 | 4 | ||||||
Gima TT (B) | 2,194 | 16 | ||||||
Gruppo MutuiOnline | 1,403 | 26 | ||||||
Hera | 51,699 | 158 | ||||||
IMA Industria Macchine Automatiche | 1,160 | 73 | ||||||
Immobiliare Grande Distribuzione SIIQ‡ | 3,297 | 20 | ||||||
Infrastrutture Wireless Italiane (B) | 15,030 | 103 | ||||||
Interpump Group | 4,876 | 146 | ||||||
Intesa Sanpaolo | 1,772,104 | 3,957 | ||||||
Iren | 41,237 | 99 | ||||||
Italgas | 31,544 | 180 | ||||||
Italmobiliare | 1,069 | 23 | ||||||
Juventus Football Club* | 23,262 | 28 | ||||||
La Doria | 707 | 6 | ||||||
Leonardo-Finmeccanica | 9,707 | 86 | ||||||
Luxottica Group | 3,804 | 225 | ||||||
Maire Tecnimont | 9,630 | 36 | ||||||
MARR | 2,115 | 50 | ||||||
Mediaset* | 21,681 | 68 | ||||||
Mediobanca Banca di Credito Finanziario | 13,123 | 111 | ||||||
Moncler | 4,189 | 140 | ||||||
OVS* (B) | 11,663 | 15 | ||||||
Piaggio & C | 189,843 | 400 | ||||||
Pirelli & C* (B) | 8,143 | 53 | ||||||
Poste Italiane (B) | 10,764 | 86 | ||||||
Prysmian | 5,023 | 98 | ||||||
RAI Way (B) | 5,445 | 27 | ||||||
The accompanying notes are an integral part of the financial statements.
66
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Recordati | 2,132 | $ | 74 | |||||
Reply | 1,354 | 69 | ||||||
Saipem* | 269,613 | 1,014 | ||||||
Salini Impregilo | 11,697 | 19 | ||||||
Salvatore Ferragamo | 3,136 | 64 | ||||||
Saras | 37,102 | 72 | ||||||
Sesa | 536 | 14 | ||||||
Snam | 550,385 | 2,416 | ||||||
Societa Cattolica di Assicurazioni SC | 9,015 | 74 | ||||||
Societa Iniziative Autostradali e Servizi | 5,203 | 72 | ||||||
Tamburi Investment Partners | 7,266 | 48 | ||||||
Technogym (B) | 5,482 | 59 | ||||||
Telecom Italia* | 271,937 | 151 | ||||||
Telecom Italia RSP | 152,166 | 73 | ||||||
Tenaris | 11,316 | 122 | ||||||
Terna Rete Elettrica Nazionale | 34,115 | 194 | ||||||
Tod’s | 627 | 30 | ||||||
UniCredit | 116,598 | 1,323 | ||||||
Unione di Banche Italiane | 67,625 | 197 | ||||||
Unipol Gruppo | 25,621 | 104 | ||||||
Zignago Vetro | 1,311 | 13 | ||||||
|
| |||||||
| 23,799 | ||||||||
|
| |||||||
Japan — 14.3% |
| |||||||
77 Bank | 3,300 | 57 | ||||||
ABC-Mart | 2,500 | 138 | ||||||
Achilles | 900 | 15 | ||||||
Acom | 7,800 | 25 | ||||||
Activia Properties‡ | 40 | 162 | ||||||
Adastria | 1,500 | 25 | ||||||
ADEKA | 5,700 | 82 | ||||||
Advan | 1,300 | 11 | ||||||
Advance Residence Investment‡ | 80 | 221 | ||||||
Advantest | 11,600 | 237 | ||||||
Aeon | 13,700 | 268 | ||||||
Aeon Delight | 3,900 | 130 | ||||||
Aeon Fantasy | 400 | 10 | ||||||
AEON Financial Service | 15,700 | 279 | ||||||
AEON Investment‡ | 92 | 106 | ||||||
Aeon Mall | 2,100 | 33 | ||||||
AGC | 4,400 | 139 | ||||||
Ai Holdings | 2,200 | 39 | ||||||
Aica Kogyo | 3,200 | 107 | ||||||
Aichi | 2,400 | 13 | ||||||
Aichi Bank | 500 | 17 | ||||||
Aichi Steel | 700 | 22 | ||||||
| Description | Shares | Value (000) | ||||||
Aida Engineering | 3,600 | $ | 24 | |||||
Aiful* | 19,400 | 46 | ||||||
Ain Holdings | 1,700 | 122 | ||||||
Air Water | 3,300 | 50 | ||||||
Aisan Industry | 2,300 | 15 | ||||||
Aisin Seiki | 4,100 | 142 | ||||||
Ajinomoto | 10,200 | 182 | ||||||
Akatsuki | 400 | 18 | ||||||
Akebono Brake Industry* | 7,700 | 13 | ||||||
Akita Bank | 1,100 | 22 | ||||||
Alfresa Holdings | 26,200 | 670 | ||||||
Alpen | 1,000 | 15 | ||||||
Alps Alpine | 5,700 | 110 | ||||||
Altech | 900 | 14 | ||||||
Amada Holdings | 7,200 | 65 | ||||||
Amano | 3,700 | 72 | ||||||
Amuse | 500 | 11 | ||||||
ANA Holdings | 2,700 | 97 | ||||||
Anest Iwata | 2,000 | 18 | ||||||
Anicom Holdings | 1,000 | 33 | ||||||
Anritsu | 9,100 | 126 | ||||||
AOI Electronics | 300 | 7 | ||||||
AOKI Holdings | 2,700 | 32 | ||||||
Aomori Bank | 1,200 | 30 | ||||||
Aoyama Trading* | 2,600 | 62 | ||||||
Aozora Bank | 2,800 | 84 | ||||||
Arata | 900 | 36 | ||||||
Arcland Sakamoto | 1,700 | 21 | ||||||
Arcland Service Holdings | 800 | 16 | ||||||
Arcs | 2,700 | 60 | ||||||
Ariake Japan | 1,200 | 78 | ||||||
Aruhi | 1,300 | 24 | ||||||
As One | 1,000 | 69 | ||||||
Asahi | 1,000 | 13 | ||||||
Asahi Diamond Industrial | 2,700 | 15 | ||||||
Asahi Group Holdings | 12,600 | 489 | ||||||
Asahi Holdings | 2,400 | 49 | ||||||
Asahi Intecc | 2,200 | 93 | ||||||
Asahi Kasei | 29,200 | 300 | ||||||
Asics | 3,300 | 42 | ||||||
ASKA Pharmaceutical | 1,500 | 15 | ||||||
ASKUL | 1,500 | 32 | ||||||
Astellas Pharma | 57,700 | 739 | ||||||
Ateam | 600 | 8 | ||||||
Atom | 6,100 | 53 | ||||||
Autobacs Seven | 4,300 | 71 | ||||||
Avex | 2,100 | 27 | ||||||
The accompanying notes are an integral part of the financial statements.
67
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Awa Bank | 2,100 | $ | 55 | |||||
Axial Retailing | 1,000 | 33 | ||||||
Azbil | 17,700 | 350 | ||||||
Bando Chemical Industries | 2,500 | 24 | ||||||
Bank of Iwate | 1,100 | 35 | ||||||
Bank of Kyoto | 1,100 | 45 | ||||||
Bank of Nagoya | 900 | 27 | ||||||
Bank of Okinawa | 1,600 | 46 | ||||||
Bank of Saga | 900 | 14 | ||||||
Bank of the Ryukyus | 2,600 | 27 | ||||||
BayCurrent Consulting | 700 | 15 | ||||||
Belc | 700 | 33 | ||||||
Bell System24 Holdings | 2,200 | 26 | ||||||
Belluna | 3,000 | 27 | ||||||
Benefit One | 1,800 | 55 | ||||||
Benesse Holdings | 1,500 | 39 | ||||||
Bic Camera | 6,800 | 86 | ||||||
BML | 1,400 | 36 | ||||||
Bridgestone | 27,800 | 1,071 | ||||||
Broadleaf | 5,500 | 27 | ||||||
Bronco Billy | 500 | 12 | ||||||
Brother Industries | 4,600 | 68 | ||||||
Bunka Shutter | 3,700 | 24 | ||||||
Calbee | 2,100 | 66 | ||||||
Canon | 162,000 | 4,424 | ||||||
Canon Electronics | 1,000 | 17 | ||||||
Canon Marketing Japan | 3,300 | 59 | ||||||
Capcom | 5,100 | 101 | ||||||
Casio Computer | 34,400 | 406 | ||||||
Cawachi | 900 | 15 | ||||||
Central Glass | 2,300 | 45 | ||||||
Central Japan Railway | 3,340 | 705 | ||||||
Central Security Patrols | 500 | 22 | ||||||
Chiba Bank | 28,600 | 159 | ||||||
Chiba Kogyo Bank | 3,100 | 10 | ||||||
Chiyoda | 900 | 15 | ||||||
Chiyoda* | 10,900 | 31 | ||||||
Chiyoda Integre | 500 | 9 | ||||||
Chofu Seisakusho | 1,400 | 27 | ||||||
Chori | 800 | 12 | ||||||
Chubu Electric Power | 14,600 | 208 | ||||||
Chubu Shiryo | 1,500 | 17 | ||||||
Chudenko | 2,200 | 47 | ||||||
Chugai Pharmaceutical | 5,100 | 296 | ||||||
Chugoku Bank | 9,700 | 82 | ||||||
Chugoku Electric Power | 5,800 | 75 | ||||||
| Description | Shares | Value (000) | ||||||
Chugoku Marine Paints | 3,800 | $ | 31 | |||||
Chukyo Bank | 800 | 16 | ||||||
CI Takiron | 2,300 | 12 | ||||||
Ci:z Holdings* | 1,700 | 91 | ||||||
Citizen Holdings | 19,700 | 97 | ||||||
CKD | 3,200 | 27 | ||||||
Clarion* | 1,500 | 34 | ||||||
Cleanup | 1,500 | 9 | ||||||
CMIC Holdings | 500 | 8 | ||||||
CMK | 3,100 | 17 | ||||||
Coca-Cola Bottlers Japan Holdings | 2,800 | 83 | ||||||
cocokara fine | 1,200 | 59 | ||||||
COLOPL* | 3,100 | 21 | ||||||
Colowide | 3,700 | 77 | ||||||
Comforia Residential‡ | 37 | 94 | ||||||
Computer Engineering & Consulting | 1,700 | 28 | ||||||
COMSYS Holdings | 7,700 | 188 | ||||||
Comture | 600 | 13 | ||||||
Concordia Financial Group | 43,900 | 168 | ||||||
CONEXIO | 1,200 | 15 | ||||||
COOKPAD* | 2,500 | 7 | ||||||
Corona, Cl A | 900 | 9 | ||||||
Cosel | 1,100 | 9 | ||||||
Cosmo Energy Holdings | 3,600 | 74 | ||||||
Cosmos Pharmaceutical | 600 | 100 | ||||||
Create Restaurants Holdings | 3,000 | 32 | ||||||
Create SD Holdings | 1,700 | 41 | ||||||
Credit Saison | 3,500 | 41 | ||||||
CyberAgent | 2,100 | 81 | ||||||
CYBERDYNE* | 6,900 | 30 | ||||||
Dai Nippon Printing | 5,800 | 122 | ||||||
Daibiru | 3,300 | 33 | ||||||
Daicel | 6,500 | 67 | ||||||
Dai-Dan | 900 | 19 | ||||||
Daido Metal | 2,600 | 18 | ||||||
Daido Steel | 1,600 | 63 | ||||||
Daifuku | 6,900 | 314 | ||||||
Daihen | 1,200 | 24 | ||||||
Daiho | 1,100 | 35 | ||||||
Daiichi Jitsugyo | 500 | 16 | ||||||
Dai-ichi Life Holdings | 87,100 | 1,354 | ||||||
Daiichi Sankyo | 13,100 | 418 | ||||||
Daiichikosho | 2,500 | 119 | ||||||
Daiken | 600 | 11 | ||||||
Daikin Industries | 43,700 | 4,639 | ||||||
Daikokutenbussan | 400 | 15 | ||||||
The accompanying notes are an integral part of the financial statements.
68
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Daikyonishikawa | 2,300 | $ | 23 | |||||
Dainichiseika Color & Chemicals Manufacturing | 700 | 17 | ||||||
Daio Paper | 4,500 | 52 | ||||||
Daiseki | 2,300 | 48 | ||||||
Daishi Hokuetsu Financial Group | 2,350 | 65 | ||||||
Daisyo | 700 | 10 | ||||||
Daito Trust Construction | 1,600 | 218 | ||||||
Daiwa House Industry | 22,100 | 703 | ||||||
Daiwa House Investment, Cl A‡ | 42 | 94 | ||||||
Daiwa Industries | 2,000 | 20 | ||||||
Daiwa Office Investment‡ | 21 | 132 | ||||||
Daiwa Securities Group | 36,300 | 184 | ||||||
Daiwabo Holdings | 1,000 | 46 | ||||||
DCM Holdings | 6,300 | 66 | ||||||
Dena | 3,000 | 50 | ||||||
Denka | 5,300 | 149 | ||||||
Denki Kogyo | 500 | 11 | ||||||
Denso | 225,900 | 9,988 | ||||||
Dentsu* | 4,900 | 219 | ||||||
Denyo | 700 | 9 | ||||||
Descente | 2,500 | 41 | ||||||
Dexerials | 3,600 | 26 | ||||||
DIC | 4,800 | 147 | ||||||
Digital Arts | 700 | 39 | ||||||
Digital Garage | 2,100 | 48 | ||||||
Digital Hearts Holdings | 700 | 9 | ||||||
Dip | 1,900 | 31 | ||||||
Disco | 600 | 69 | ||||||
DMG Mori* | 6,900 | 77 | ||||||
Don Quijote Holdings | 2,600 | 159 | ||||||
Doshisha | 1,400 | 22 | ||||||
Doutor Nichires Holdings | 2,400 | 44 | ||||||
Dowa Holdings | 3,100 | 92 | ||||||
DTS | 1,300 | 41 | ||||||
Duskin | 2,500 | 55 | ||||||
DyDo Group Holdings | 600 | 31 | ||||||
Eagle Industry | 1,300 | 15 | ||||||
Earth | 800 | 37 | ||||||
East Japan Railway | 17,700 | 1,562 | ||||||
Ebara | 6,300 | 141 | ||||||
EDION | 4,300 | 42 | ||||||
Ehime Bank | 1,800 | 18 | ||||||
Eighteenth Bank | 900 | 20 | ||||||
Eiken Chemical | 2,100 | 46 | ||||||
Eisai | 5,720 | 442 | ||||||
Eizo | 1,000 | 37 | ||||||
| Description | Shares | Value (000) | ||||||
Elecom | 1,100 | $ | 28 | |||||
Electric Power Development | 3,100 | 73 | ||||||
Elematec | 600 | 11 | ||||||
en-japan | 2,000 | 62 | ||||||
Enplas | 500 | 12 | ||||||
EPS Holdings | 2,000 | 30 | ||||||
eRex | 1,500 | 8 | ||||||
ES-Con Japan | 2,300 | 13 | ||||||
ESPEC | 1,300 | 22 | ||||||
euglena* | 3,700 | 20 | ||||||
Exedy | 1,800 | 44 | ||||||
Ezaki Glico | 2,900 | 147 | ||||||
F@N Communications | 2,300 | 11 | ||||||
FamilyMart | 1,600 | 202 | ||||||
Fancl | 4,400 | 112 | ||||||
FANUC | 18,680 | 2,827 | ||||||
Fast Retailing | 1,400 | 714 | ||||||
FC Residential Investments‡ | 76 | 67 | ||||||
FCC | 2,300 | 54 | ||||||
Feed One | 7,600 | 12 | ||||||
Ferrotec Holdings | 2,100 | 15 | ||||||
FFRI* | 300 | 7 | ||||||
Fields | 1,000 | 7 | ||||||
Financial Products Group | 3,900 | 40 | ||||||
Foster Electric | 1,200 | 14 | ||||||
FP | 1,600 | 98 | ||||||
France Bed Holdings | 1,600 | 13 | ||||||
Frontier Real Estate Investment‡ | 29 | 115 | ||||||
Fudo Tetra | 790 | 12 | ||||||
Fuji | 1,200 | 20 | ||||||
Fuji Electric | 3,100 | 91 | ||||||
Fuji Heavy Industries | 21,300 | 458 | ||||||
Fuji Kyuko | 1,500 | 44 | ||||||
Fuji Machine Manufacturing | 3,900 | 46 | ||||||
Fuji Media Holdings | 35,600 | 489 | ||||||
Fuji Oil Holdings | 3,300 | 105 | ||||||
Fuji Pharma | 700 | 11 | ||||||
Fuji Seal International | 2,800 | 99 | ||||||
Fuji Soft | 1,600 | 61 | ||||||
Fujibo Holdings | 500 | 11 | ||||||
Fujicco | 1,200 | 26 | ||||||
FUJIFILM Holdings | 21,500 | 836 | ||||||
Fujikura | 15,600 | 62 | ||||||
Fujimi | 1,100 | 21 | ||||||
Fujimori Kogyo | 900 | 24 | ||||||
Fujita Kanko | 400 | 10 | ||||||
The accompanying notes are an integral part of the financial statements.
69
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Fujitec | 3,900 | $ | 42 | |||||
Fujitsu | 4,400 | 274 | ||||||
Fujitsu General | 3,900 | 50 | ||||||
Fujiya | 600 | 12 | ||||||
Fukuda | 400 | 15 | ||||||
Fukui Computer Holdings | 300 | 4 | ||||||
Fukuoka Corp‡ | 44 | 67 | ||||||
Fukuoka Financial Group | 11,000 | 223 | ||||||
Fukushima Industries | 800 | 26 | ||||||
Fukuyama Transporting | 1,800 | 69 | ||||||
FULLCAST Holdings | 1,200 | 20 | ||||||
Funai Soken Holdings | 2,450 | 37 | ||||||
Furukawa | 1,900 | 22 | ||||||
Furukawa Electric | 4,400 | 109 | ||||||
Fuso Chemical | 1,200 | 22 | ||||||
Futaba* | 2,200 | 32 | ||||||
Futaba Industrial | 3,000 | 15 | ||||||
Future | 1,400 | 19 | ||||||
Fuyo General Lease | 1,200 | 61 | ||||||
Gecoss | 1,100 | 10 | ||||||
Genky DrugStores | 500 | 14 | ||||||
Geo Holdings | 1,600 | 24 | ||||||
Giken | 1,100 | 35 | ||||||
Global One Real Estate Investment‡ | 53 | 58 | ||||||
Glory | 5,200 | 117 | ||||||
GLPJ-Reit‡ | 219 | 223 | ||||||
GMO internet | 4,300 | 57 | ||||||
GMO Payment Gateway | 2,100 | 89 | ||||||
GNI Group* | 800 | 22 | ||||||
Godo Steel | 600 | 9 | ||||||
Goldcrest | 800 | 12 | ||||||
Goldwin | 700 | 75 | ||||||
Gree | 7,000 | 28 | ||||||
GS Yuasa | 4,400 | 90 | ||||||
G-Tekt | 1,100 | 15 | ||||||
GungHo Online Entertainment | 23,100 | 42 | ||||||
Gunma Bank | 19,900 | 83 | ||||||
Gunosy* | 1,000 | 25 | ||||||
Gunze | 1,000 | 38 | ||||||
Gurunavi | 1,400 | 9 | ||||||
H2O Retailing | 5,400 | 77 | ||||||
Hachijuni Bank | 22,100 | 90 | ||||||
Hakuhodo DY Holdings | 5,100 | 73 | ||||||
Halows | 600 | 12 | ||||||
Hamakyorex | 1,000 | 34 | ||||||
Hamamatsu Photonics | 3,100 | 104 | ||||||
| Description | Shares | Value (000) | ||||||
Hankyu Hanshin Holdings | 5,100 | $ | 169 | |||||
Hankyu Hanshin REIT‡ | 32 | 42 | ||||||
Hanwa | 2,100 | 54 | ||||||
Harmonic Drive Systems | 2,100 | 57 | ||||||
Haseko | 17,400 | 182 | ||||||
Hazama Ando | 11,700 | 77 | ||||||
HEALIOS* | 1,100 | 17 | ||||||
Heiwa | 3,400 | 69 | ||||||
Heiwa Real Estate | 2,500 | 40 | ||||||
Heiwa Real Estate‡ | 56 | 63 | ||||||
Heiwado | 1,800 | 41 | ||||||
Hibiya Engineering | 1,200 | 20 | ||||||
Hiday Hidaka | 1,440 | 29 | ||||||
Hikari Tsushin | 500 | 78 | ||||||
Hino Motors | 5,600 | 53 | ||||||
Hinokiya Group | 500 | 10 | ||||||
Hioki EE* | 500 | 16 | ||||||
Hirata | 1,600 | 71 | ||||||
Hirose Electric | 9,980 | 975 | ||||||
Hiroshima Bank | 14,300 | 76 | ||||||
HIS | 2,400 | 87 | ||||||
Hisaka Works | 1,400 | 10 | ||||||
Hisamitsu Pharmaceutical | 1,400 | 77 | ||||||
Hitachi | 67,200 | 1,783 | ||||||
Hitachi Capital | 3,100 | 65 | ||||||
Hitachi Chemical | 2,500 | 37 | ||||||
Hitachi Construction Machinery | 2,400 | 56 | ||||||
Hitachi High-Technologies | 6,500 | 203 | ||||||
Hitachi Metals | 5,300 | 55 | ||||||
Hitachi Transport System | 3,100 | 88 | ||||||
Hitachi Zosen | 10,000 | 30 | ||||||
Hochiki | 800 | 8 | ||||||
Hodogaya Chemical | 400 | 7 | ||||||
Hogy Medical | 1,600 | 46 | ||||||
Hokkaido Electric Power | 11,300 | 78 | ||||||
Hokkoku Bank | 1,400 | 45 | ||||||
Hokuetsu | 8,000 | 36 | ||||||
Hokuhoku Financial Group | 7,300 | 82 | ||||||
Hokuriku Electric Power* | 10,600 | 93 | ||||||
Hokuto | 1,700 | 30 | ||||||
Honda Motor | 256,700 | 6,742 | ||||||
Horiba | 2,300 | 93 | ||||||
Hoshino Resorts‡ | 14 | 66 | ||||||
Hoshizaki Electric | 4,500 | 274 | ||||||
Hosiden | 3,700 | 24 | ||||||
Hosokawa Micron | 400 | 15 | ||||||
The accompanying notes are an integral part of the financial statements.
70
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
House Foods Group | 3,900 | $ | 134 | |||||
Hoya | 153,100 | 9,216 | ||||||
Hulic | 6,800 | 61 | ||||||
Hulic‡ | 71 | 110 | ||||||
Hyakugo Bank | 13,900 | 49 | ||||||
Hyakujushi Bank | 1,500 | 35 | ||||||
Ibiden | 7,400 | 104 | ||||||
IBJ Leasing | 1,800 | 40 | ||||||
Ichibanya | 1,000 | 38 | ||||||
Ichigo | 16,800 | 49 | ||||||
Ichikoh Industries | 1,600 | 8 | ||||||
Ichiyoshi Securities | 2,400 | 18 | ||||||
Icom | 600 | 11 | ||||||
Idec | 1,900 | 32 | ||||||
Idemitsu Kosan | 3,000 | 98 | ||||||
IDOM | 4,400 | 15 | ||||||
IHI | 3,500 | 96 | ||||||
Iida Group Holdings | 3,300 | 57 | ||||||
Iino Kaiun Kaisha | 5,700 | 21 | ||||||
Inaba Denki Sangyo | 1,500 | 56 | ||||||
Inabata | 2,900 | 37 | ||||||
Industrial & Infrastructure Fund Investment‡ | 89 | 93 | ||||||
Ines | 1,300 | 13 | ||||||
Infocom | 800 | 29 | ||||||
Infomart | 5,600 | 51 | ||||||
Information Services International-Dentsu | 800 | 20 | ||||||
Inpex | 69,900 | 623 | ||||||
Internet Initiative Japan | 1,900 | 43 | ||||||
Invesco Office‡ | 571 | 80 | ||||||
Invincible Investment‡ | 365 | 150 | ||||||
Iriso Electronics | 1,200 | 44 | ||||||
Iseki | 1,000 | 14 | ||||||
Isetan Mitsukoshi Holdings | 33,700 | 373 | �� | |||||
Ishihara Sangyo Kaisha* | 1,800 | 18 | ||||||
Istyle* | 2,400 | 18 | ||||||
Isuzu Motors | 13,100 | 184 | ||||||
Ito En | 3,500 | 157 | ||||||
ITOCHU | 47,100 | 800 | ||||||
Itochu Enex | 3,100 | 27 | ||||||
Itochu Techno-Solutions | 13,300 | 257 | ||||||
Itochu-Shokuhin | 300 | 13 | ||||||
Itoham Yonekyu Holdings | 8,900 | 54 | ||||||
Itoki | 1,500 | 8 | ||||||
Itokuro* | 400 | 11 | ||||||
Iwatani | 2,200 | 73 | ||||||
| Description | Shares | Value (000) | ||||||
Iyo Bank | 14,300 | $ | 75 | |||||
Izumi | 2,300 | 107 | ||||||
J Front Retailing | 4,800 | 55 | ||||||
J Trust | 3,700 | 14 | ||||||
JAC Recruitment | 800 | 14 | ||||||
Jaccs | 1,600 | 26 | ||||||
Jafco | 2,000 | 63 | ||||||
Jamco | 600 | 14 | ||||||
Japan‡ | 29 | 163 | ||||||
Japan Airlines | 2,700 | 96 | ||||||
Japan Airport Terminal | 1,000 | 35 | ||||||
Japan Asset Marketing* | 8,600 | 8 | ||||||
Japan Aviation Electronics Industry | 3,000 | 34 | ||||||
Japan Cash Machine | 1,000 | 9 | ||||||
Japan Display* | 39,000 | 26 | ||||||
Japan Excellent‡ | 73 | 99 | ||||||
Japan Exchange Group | 19,900 | 322 | ||||||
Japan Hotel‡ | 260 | 186 | ||||||
Japan Investment Adviser | 600 | 17 | ||||||
Japan Lifeline | 3,300 | 42 | ||||||
Japan Logistics Fund‡ | 57 | 116 | ||||||
Japan Material | 3,900 | 38 | ||||||
Japan Petroleum Exploration | 2,300 | 41 | ||||||
Japan Post Bank | 9,300 | 102 | ||||||
Japan Post Holdings | 123,000 | 1,418 | ||||||
Japan Prime‡ | 18 | 68 | ||||||
Japan Pulp & Paper | 700 | 27 | ||||||
Japan Rental Housing Investments‡ | 112 | 84 | ||||||
Japan Retail Fund Investment‡ | 56 | 112 | ||||||
Japan Securities Finance | 6,900 | 35 | ||||||
Japan Steel Works | 4,100 | 66 | ||||||
Japan Tissue Engineering* | 600 | 4 | ||||||
Japan Tobacco | 175,100 | 4,168 | ||||||
Japan Wool Textile | 3,500 | 26 | ||||||
JCR Pharmaceuticals | 900 | 38 | ||||||
JCU | 1,400 | 18 | ||||||
Jeol | 2,300 | 35 | ||||||
JFE Holdings | 11,300 | 178 | ||||||
JGC | 4,300 | 60 | ||||||
Jimoto Holdings | 11,200 | 13 | ||||||
JINS | 800 | 42 | ||||||
J-Oil Mills | 600 | 21 | ||||||
Joshin Denki | 1,100 | 24 | ||||||
Joyful Honda | 3,100 | 39 | ||||||
JSP | 700 | 14 | ||||||
JSR | 4,100 | 61 | ||||||
The accompanying notes are an integral part of the financial statements.
71
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
JTEKT | 4,600 | $ | 51 | |||||
Juroku Bank | 1,700 | 35 | ||||||
Justsystems | 1,900 | 36 | ||||||
JVC Kenwood | 9,700 | 21 | ||||||
JX Holdings | 74,500 | 390 | ||||||
K&O Energy Group | 900 | 12 | ||||||
kabu.com Securities | 9,600 | 33 | ||||||
Kadokawa Dwango | 3,200 | 34 | ||||||
Kaga Electronics | 1,100 | 20 | ||||||
Kagome | 4,800 | 126 | ||||||
Kajima | 11,100 | 149 | ||||||
Kakaku.com | 3,600 | 63 | ||||||
Kaken Pharmaceutical | 2,100 | 93 | ||||||
Kameda Seika | 800 | 36 | ||||||
Kamei | 1,000 | 11 | ||||||
Kamigumi | 2,800 | 57 | ||||||
Kanamoto | 1,800 | 47 | ||||||
Kandenko | 5,900 | 57 | ||||||
Kaneka | 1,000 | 36 | ||||||
Kanematsu | 4,600 | 56 | ||||||
Kanematsu Electronics | 800 | 24 | ||||||
Kansai Electric Power | 29,400 | 442 | ||||||
Kansai Mirai Financial Group | 5,613 | 40 | ||||||
Kansai Paint | 4,500 | 86 | ||||||
Kansai Super Market | 1,100 | 10 | ||||||
Kanto Denka Kogyo | 2,100 | 15 | ||||||
Kao | 30,300 | 2,248 | ||||||
Kappa Create | 1,600 | 20 | ||||||
Kasai Kogyo | 1,400 | 10 | ||||||
Katakura Industries | 1,100 | 11 | ||||||
Katitas | 1,300 | 31 | ||||||
Kato Sangyo | 1,600 | 44 | ||||||
Kawasaki Heavy Industries | 3,000 | 64 | ||||||
Kawasaki Kisen Kaisha* | 5,400 | 66 | ||||||
KDDI | 64,000 | 1,529 | ||||||
Keihan Holdings | 2,100 | 86 | ||||||
Keihin | 2,400 | 40 | ||||||
Keikyu | 4,700 | 77 | ||||||
Keio | 2,200 | 128 | ||||||
Keisei Electric Railway | 2,800 | 88 | ||||||
Keiyo | 1,500 | 7 | ||||||
Keiyo Bank | 6,900 | 44 | ||||||
Kenedix | 15,500 | 66 | ||||||
Kenedix Office Investment, Cl A‡ | 27 | 172 | ||||||
Kenedix Residential Next Investment‡ | 50 | 76 | ||||||
Kenedix Retail‡ | 31 | 70 | ||||||
| Description | Shares | Value (000) | ||||||
Kenko Mayonnaise | 800 | $ | 14 | |||||
Kewpie | 6,900 | 154 | ||||||
Key Coffee | 900 | 17 | ||||||
Keyence | 2,600 | 1,316 | ||||||
KH Neochem | 1,800 | 38 | ||||||
Kikkoman | 3,500 | 187 | ||||||
Kinden | 8,700 | 141 | ||||||
Kintetsu Department Store | 400 | 13 | ||||||
Kintetsu Group Holdings | 3,800 | 165 | ||||||
Kintetsu World Express | 2,300 | 34 | ||||||
Kirin Holdings | 75,300 | 1,573 | ||||||
Kisoji | 1,600 | 36 | ||||||
Kissei Pharmaceutical | 1,900 | 49 | ||||||
Kitanotatsujin | 3,800 | 13 | ||||||
Kitz | 4,900 | 38 | ||||||
Kiyo Bank | 4,000 | 57 | ||||||
KLab* | 2,600 | 20 | ||||||
KNT-CT Holdings* | 500 | 5 | ||||||
Koa | 1,800 | 21 | ||||||
Koatsu Gas Kogyo | 1,800 | 14 | ||||||
Kobayashi Pharmaceutical | 1,000 | 68 | ||||||
Kobe Bussan | 1,800 | 53 | ||||||
Kobe Steel | 7,500 | 52 | ||||||
Koei Tecmo Holdings | 3,020 | 50 | ||||||
Kohnan Shoji | 1,800 | 44 | ||||||
Koito Manufacturing | 6,000 | 309 | ||||||
Kokuyo | 5,100 | 74 | ||||||
Komatsu | 105,300 | 2,252 | ||||||
KOMEDA Holdings | 3,100 | 61 | ||||||
Komeri | 1,900 | 41 | ||||||
Komori | 3,500 | 35 | ||||||
Konami Holdings | 2,400 | 105 | ||||||
Konica Minolta | 9,800 | 88 | ||||||
Konishi | 1,900 | 29 | ||||||
Konoike Transport | 1,700 | 25 | ||||||
Kose | 700 | 110 | ||||||
Koshidaka Holdings | 2,500 | 30 | ||||||
Kotobuki Spirits | 1,200 | 46 | ||||||
K’s Holdings | 10,300 | 101 | ||||||
Kubota | 393,200 | 5,590 | ||||||
Kumagai Gumi | 2,300 | 69 | ||||||
Kumiai Chemical Industry | 5,700 | 34 | ||||||
Kura | 700 | 35 | ||||||
Kurabo Industries | 1,100 | 25 | ||||||
Kuraray | 6,900 | 97 | ||||||
Kureha | 1,100 | 61 | ||||||
The accompanying notes are an integral part of the financial statements.
72
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Kurita Water Industries | 2,300 | $ | 55 | |||||
Kusuri no Aoki | 1,000 | 63 | ||||||
KYB* | 1,100 | 26 | ||||||
Kyocera | 102,700 | 5,125 | ||||||
Kyoei Steel | 1,500 | 23 | ||||||
Kyokuto Kaihatsu Kogyo | 1,700 | 22 | ||||||
Kyokuto Securities | 1,500 | 16 | ||||||
KYORIN Holdings | 2,500 | 55 | ||||||
Kyoritsu Maintenance | 1,800 | 79 | ||||||
Kyowa Exeo | 6,400 | 150 | ||||||
Kyowa Hakko Kirin* | 6,100 | 116 | ||||||
Kyudenko | 2,900 | 110 | ||||||
Kyushu Electric Power | 8,400 | 100 | ||||||
Kyushu Financial Group | 21,900 | 83 | ||||||
Kyushu Railway | 3,600 | 122 | ||||||
LaSalle Logiport‡ | 75 | 73 | ||||||
Lasertec | 2,300 | 59 | ||||||
Lawson | 4,500 | 285 | ||||||
LEC | 1,400 | 21 | ||||||
Leopalace21* | 16,600 | 66 | ||||||
Life | 900 | 19 | ||||||
LIFULL | 3,500 | 23 | ||||||
LINE* | 1,500 | 51 | ||||||
Linical | 700 | 8 | ||||||
Link And Motivation | 1,800 | 14 | ||||||
Lintec | 3,000 | 64 | ||||||
Lion | 18,800 | 387 | ||||||
LIXIL Group | 25,200 | 312 | ||||||
LIXIL VIVA | 1,300 | 18 | ||||||
M&A Capital Partners* | 500 | 17 | ||||||
M3 | 10,000 | 134 | ||||||
Mabuchi Motor | 3,000 | 92 | ||||||
Macnica Fuji Electronics Holdings | 3,100 | 38 | ||||||
Macromill | 2,000 | 26 | ||||||
Maeda | 35,900 | 335 | ||||||
Maeda Kosen | 1,300 | 31 | ||||||
Maeda Road Construction | 4,000 | 83 | ||||||
Makino Milling Machine | 1,400 | 49 | ||||||
Makita | 8,600 | 305 | ||||||
Mandom | 4,400 | 120 | ||||||
Mani | 1,500 | 57 | ||||||
Mars Group Holdings | 600 | 12 | ||||||
Marubeni | 36,500 | 256 | ||||||
Marudai Food | 1,200 | 19 | ||||||
Maruha Nichiro | 2,500 | 84 | ||||||
Marui Group | 18,400 | 357 | ||||||
| Description | Shares | Value (000) | ||||||
Maruichi Steel Tube | 1,200 | $ | 38 | |||||
Marusan Securities* | 4,000 | 28 | ||||||
Maruwa | 600 | 30 | ||||||
Maruwa Unyu Kikan | 600 | 15 | ||||||
Maruzen Showa Unyu | 500 | 13 | ||||||
Marvelous | 2,100 | 15 | ||||||
Matsuda Sangyo | 900 | 12 | ||||||
Matsui Securities | 7,400 | 78 | ||||||
Matsumotokiyoshi Holdings | 10,100 | 309 | ||||||
Matsuya | 1,600 | 16 | ||||||
Matsuyafoods Holdings | 500 | 16 | ||||||
Max | 1,600 | 20 | ||||||
Maxell Holdings | 3,400 | 45 | ||||||
Mazda Motor | 13,600 | 140 | ||||||
McDonald’s Holdings Japan | 1,500 | 64 | ||||||
MCJ | 4,300 | 26 | ||||||
MCUBS MidCity Investment‡ | 105 | 83 | ||||||
Mebuki Financial Group | 16,300 | 43 | ||||||
Medical Data Vision* | 1,300 | 11 | ||||||
Medipal Holdings | 9,500 | 204 | ||||||
Megachips | 900 | 19 | ||||||
Megmilk Snow Brand | 3,000 | 78 | ||||||
Meidensha | 2,300 | 29 | ||||||
MEIJI Holdings | 5,400 | 442 | ||||||
Meiko Electronics | 200 | 3 | ||||||
Meiko Network Japan | 1,600 | 13 | ||||||
Meitec | 1,700 | 69 | ||||||
Melco Holdings | 400 | 12 | ||||||
Menicon | 1,600 | 41 | ||||||
METAWATER | 900 | 24 | ||||||
Micronics Japan* | 1,300 | 8 | ||||||
Milbon | 1,400 | 57 | ||||||
Mimasu Semiconductor Industry | 1,100 | 13 | ||||||
Minebea | 8,300 | 120 | ||||||
Ministop | 900 | 17 | ||||||
Miraca Holdings | 3,500 | 79 | ||||||
Mirai‡ | 21 | 35 | ||||||
Mirait Holdings | 4,200 | 61 | ||||||
Miroku Jyoho Service | 1,200 | 27 | ||||||
Misawa Homes | 1,400 | 9 | ||||||
MISUMI Group | 7,000 | 147 | ||||||
Mitsuba | 1,500 | 8 | ||||||
Mitsubishi | 56,160 | 1,544 | ||||||
Mitsubishi Chemical Holdings | 28,600 | 216 | ||||||
Mitsubishi Electric | 42,000 | 463 | ||||||
Mitsubishi Estate | 70,800 | 1,114 | ||||||
The accompanying notes are an integral part of the financial statements.
73
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Mitsubishi Estate Logistics Investment‡ | 13 | $ | 29 | |||||
Mitsubishi Gas Chemical | 4,200 | 63 | ||||||
Mitsubishi Heavy Industries | 10,000 | 359 | ||||||
Mitsubishi Logisnext | 1,700 | 16 | ||||||
Mitsubishi Logistics | 10,400 | 237 | ||||||
Mitsubishi Materials | 2,400 | 63 | ||||||
Mitsubishi Motors | 16,000 | 87 | ||||||
Mitsubishi Pencil | 2,300 | 45 | ||||||
Mitsubishi Research Institute | 500 | 14 | ||||||
Mitsubishi Shokuhin | 1,000 | 25 | ||||||
Mitsubishi Steel Manufacturing | 1,000 | 15 | ||||||
Mitsubishi Tanabe Pharma | 5,300 | 76 | ||||||
Mitsubishi UFJ Financial Group | 306,100 | 1,501 | ||||||
Mitsubishi UFJ Lease & Finance | 8,100 | 39 | ||||||
Mitsuboshi Belting | 1,700 | 33 | ||||||
Mitsui | 38,100 | 586 | ||||||
Mitsui Chemicals | 4,400 | 99 | ||||||
Mitsui E&S Holdings* | 4,700 | 44 | ||||||
Mitsui Fudosan | 21,000 | 463 | ||||||
Mitsui Fudosan Logistics Park‡ | 14 | 40 | ||||||
MitsuiHigh-Tec | 1,300 | 10 | ||||||
Mitsui Mining & Smelting | 3,700 | 76 | ||||||
Mitsui OSK Lines | 2,500 | 54 | ||||||
Mitsui Sugar | 1,000 | 25 | ||||||
Mitsui-Soko Holdings | 1,100 | 19 | ||||||
Miura | 5,600 | 127 | ||||||
Mixi | 2,700 | 57 | ||||||
Miyazaki Bank | 900 | 24 | ||||||
Mizuho Financial Group | 889,700 | 1,380 | ||||||
Mizuno | 1,100 | 23 | ||||||
Mochida Pharmaceutical | 800 | 66 | ||||||
Modec | 1,400 | 29 | ||||||
Monex Group | 11,300 | 38 | ||||||
Money Forward* | 600 | 18 | ||||||
Monogatari | 300 | 24 | ||||||
MonotaRO | 2,800 | 69 | ||||||
Mori Hills Investment‡ | 97 | 122 | ||||||
Mori Trust Hotel‡ | 22 | 26 | ||||||
Mori Trust Sogo‡ | 65 | 95 | ||||||
Morinaga | 2,400 | 103 | ||||||
Morinaga Milk Industry | 2,100 | 59 | ||||||
Morita Holdings | 2,000 | 33 | ||||||
MOS Food Services | 1,800 | 46 | ||||||
MS&AD Insurance Group Holdings | 45,700 | 1,303 | ||||||
MTG | 500 | 24 | ||||||
MTI | 1,800 | 10 | ||||||
| Description | Shares | Value (000) | ||||||
Murata Manufacturing | 4,100 | $ | 557 | |||||
Musashi Seimitsu Industry | 2,900 | 41 | ||||||
Musashino Bank | 1,700 | 39 | ||||||
Nabtesco* | 2,800 | 61 | ||||||
Nachi-Fujikoshi | 1,000 | 35 | ||||||
Nagaileben | 1,700 | 37 | ||||||
Nagase | 6,500 | 89 | ||||||
Nagatanien Holdings | 600 | 13 | ||||||
Nagoya Railroad | 4,500 | 119 | ||||||
Nakanishi | 4,100 | 70 | ||||||
Nakayama Steel Works | 1,800 | 8 | ||||||
Namco Bandai Holdings | 31,600 | 1,416 | ||||||
Namura Shipbuilding | 3,400 | 14 | ||||||
Nankai Electric Railway | 6,700 | 177 | ||||||
Nanto Bank | 1,700 | 33 | ||||||
NEC | 20,300 | 603 | ||||||
NEC Capital Solutions | 700 | 10 | ||||||
NEC Networks & System Integration | 1,600 | 35 | ||||||
NET One Systems | 5,200 | 91 | ||||||
Neturen | 2,100 | 16 | ||||||
Nexon* | 9,500 | 121 | ||||||
Nextage | 1,900 | 19 | ||||||
NGK Insulators | 6,500 | 88 | ||||||
NGK Spark Plug | 3,300 | 65 | ||||||
NH Foods | 1,900 | 71 | ||||||
NHK Spring | 12,500 | 109 | ||||||
Nichias | 3,600 | 61 | ||||||
Nichiban | 600 | 10 | ||||||
Nichicon | 3,000 | 22 | ||||||
Nichiden | 900 | 13 | ||||||
Nichiha | 1,600 | 40 | ||||||
NichiiGakkan | 2,500 | 23 | ||||||
Nichi-iko Pharmaceutical | 2,900 | 43 | ||||||
Nichirei | 6,900 | 190 | ||||||
Nidec | 5,200 | 590 | ||||||
Nifco | 5,400 | 127 | ||||||
Nihon Chouzai | 400 | 12 | ||||||
Nihon Kohden | 127,500 | 4,155 | ||||||
Nihon M&A Center | 9,000 | 181 | ||||||
Nihon Nohyaku | 2,300 | 11 | ||||||
Nihon Parkerizing | 5,800 | 67 | ||||||
Nihon Trim | 300 | 16 | ||||||
Nihon Unisys | 4,600 | 103 | ||||||
Nikkiso | 3,300 | 28 | ||||||
Nikkon Holdings | 3,900 | 93 | ||||||
Nikon | 7,400 | 110 | ||||||
The accompanying notes are an integral part of the financial statements.
74
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Nintendo | 2,600 | $ | 690 | |||||
Nippo | 3,500 | 67 | ||||||
Nippon Accommodations Fund‡ | 28 | 135 | ||||||
Nippon Beet Sugar Manufacturing | 700 | 11 | ||||||
Nippon Building Fund‡ | 31 | 195 | ||||||
Nippon Carbon | 600 | 22 | ||||||
Nippon Ceramic | 1,300 | 28 | ||||||
NipponChemi-Con | 800 | 14 | ||||||
Nippon Denko | 4,800 | 10 | ||||||
Nippon Densetsu Kogyo | 2,100 | 41 | ||||||
Nippon Electric Glass | 1,800 | 44 | ||||||
Nippon Express | 1,800 | 100 | ||||||
Nippon Flour Mills | 3,300 | 55 | ||||||
Nippon Gas | 2,300 | 83 | ||||||
NIPPON Investment‡ | 28 | 93 | ||||||
Nippon Kanzai | 1,000 | 17 | ||||||
Nippon Kayaku | 9,200 | 117 | ||||||
Nippon Koei | 600 | 13 | ||||||
Nippon Light Metal Holdings | 35,300 | 72 | ||||||
Nippon Paint Holdings | 3,100 | 106 | ||||||
Nippon Paper Industries | 6,300 | 113 | ||||||
Nippon Parking Development | 14,400 | 19 | ||||||
Nippon Prologis‡ | 38 | 80 | ||||||
Nippon Road | 400 | 21 | ||||||
Nippon Seiki | 3,000 | 51 | ||||||
Nippon Sharyo* | 600 | 12 | ||||||
Nippon Sheet Glass | 5,400 | 41 | ||||||
Nippon Shinyaku | 3,000 | 191 | ||||||
Nippon Shokubai | 1,700 | 108 | ||||||
Nippon Signal | 3,800 | 31 | ||||||
Nippon Soda | 1,400 | 34 | ||||||
Nippon Steel & Sumikin Bussan | 900 | 37 | ||||||
Nippon Steel & Sumitomo Metal | 20,130 | 344 | ||||||
Nippon Suisan Kaisha | 44,400 | 248 | ||||||
Nippon Telegraph & Telephone | 55,000 | 2,241 | ||||||
Nippon Television Holdings | 30,720 | 452 | ||||||
Nippon Thompson | 2,800 | 12 | ||||||
Nippon Yusen | 3,700 | 57 | ||||||
Nipro | 8,900 | 109 | ||||||
Nishimatsu Construction | 3,500 | 80 | ||||||
Nishimatsuya Chain | 3,000 | 24 | ||||||
Nishimoto | 300 | 12 | ||||||
Nishi-Nippon Financial Holdings | 8,100 | 70 | ||||||
Nishi-Nippon Railroad | 3,900 | 98 | ||||||
Nishio Rent All | 1,000 | 30 | ||||||
Nissan Chemical | 9,100 | 475 | ||||||
| Description | Shares | Value (000) | ||||||
Nissan Motor | 54,700 | $ | 438 | |||||
Nissan Shatai | 4,700 | 42 | ||||||
Nissei ASB Machine | 500 | 16 | ||||||
Nissha | 2,500 | 30 | ||||||
Nisshin Oillio Group | 1,600 | 46 | ||||||
Nisshin Seifun Group | 4,100 | 85 | ||||||
Nisshinbo Holdings | 9,896 | 75 | ||||||
Nissin | 700 | 11 | ||||||
Nissin Electric | 3,100 | 23 | ||||||
Nissin Foods Holdings | 1,400 | 88 | ||||||
Nissin Kogyo | 2,300 | 29 | ||||||
Nitori Holdings | 1,800 | 225 | ||||||
Nitta | 1,400 | 41 | ||||||
Nittetsu Mining | 400 | 17 | ||||||
Nitto Boseki | 1,600 | 26 | ||||||
Nitto Denko | 40,800 | 2,040 | ||||||
Nitto Kogyo | 1,300 | 20 | ||||||
Nitto Kohki | 700 | 13 | ||||||
Nittoku Engineering | 800 | 15 | ||||||
Noevir Holdings | 900 | 39 | ||||||
NOF | 4,200 | 143 | ||||||
Nohmi Bosai | 1,400 | 24 | ||||||
Nojima | 1,700 | 34 | ||||||
NOK | 5,500 | 76 | ||||||
Nomura | 11,200 | 257 | ||||||
Nomura Holdings | 156,600 | 596 | ||||||
Nomura Real Estate Holdings | 2,400 | 44 | ||||||
Nomura Real Estate Master Fund‡ | 83 | 109 | ||||||
Nomura Research Institute | 4,500 | 166 | ||||||
Noritake | 600 | 25 | ||||||
Noritsu Koki | 1,000 | 14 | ||||||
Noritz | 1,800 | 26 | ||||||
North Pacific Bank | 16,900 | 45 | ||||||
NS Solutions | 2,200 | 53 | ||||||
NS United Kaiun Kaisha | 500 | 13 | ||||||
NSD | 2,500 | 48 | ||||||
NSK | 7,500 | 64 | ||||||
NTN | 24,500 | 70 | ||||||
NTT Data | 82,400 | 902 | ||||||
NTT DOCOMO | 44,500 | 1,002 | ||||||
NuFlare Technology | 200 | 9 | ||||||
Obara Group | 700 | 25 | ||||||
Obayashi | 78,200 | 706 | ||||||
Obic | 4,760 | 368 | ||||||
OBIC Business Consultants | 1,400 | 55 | ||||||
Odakyu Electric Railway | 6,400 | 141 | ||||||
The accompanying notes are an integral part of the financial statements.
75
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Ogaki Kyoritsu Bank | 2,200 | $ | 44 | |||||
Ohara | 400 | 6 | ||||||
Ohsho Food Service | 800 | 53 | ||||||
Oiles | 1,400 | 23 | ||||||
Oisix ra daichi* | 600 | 10 | ||||||
Oita Bank | 900 | 27 | ||||||
Oji Holdings | 19,000 | 97 | ||||||
Okabe | 2,600 | 21 | ||||||
Okamoto Industries | 700 | 37 | ||||||
Okamura | 3,900 | 50 | ||||||
Okasan Securities Group | 9,100 | 40 | ||||||
Oki Electric Industry | 5,200 | 61 | ||||||
Okinawa Electric Power | 3,000 | 58 | ||||||
OKUMA | 1,500 | 71 | ||||||
Okumura | 1,800 | 52 | ||||||
Okuwa | 1,400 | 14 | ||||||
Olympus | 122,800 | 3,797 | ||||||
Omron | 103,800 | 3,768 | ||||||
One REIT‡ | 14 | 34 | ||||||
Ono Pharmaceutical | 9,200 | 187 | ||||||
Onward Holdings | 25,700 | 138 | ||||||
Open Door* | 700 | 16 | ||||||
Open House | 2,000 | 67 | ||||||
Optex Group | 1,900 | 29 | ||||||
Optorun | 800 | 12 | ||||||
Oracle Japan | 2,600 | 165 | ||||||
Organo | 500 | 12 | ||||||
Orient | 25,600 | 31 | ||||||
Oriental Land | 4,700 | 473 | ||||||
ORIX | 30,300 | 440 | ||||||
Orix JREIT‡ | 168 | 279 | ||||||
Osaka Gas | 8,900 | 163 | ||||||
Osaka Soda | 900 | 20 | ||||||
Osaka Steel | 1,000 | 17 | ||||||
OSAKA Titanium Technologies | 1,300 | 20 | ||||||
Osaki Electric | 3,000 | 18 | ||||||
OSG | 4,500 | 87 | ||||||
OSJB Holdings | 8,400 | 22 | ||||||
Otsuka | 5,000 | 137 | ||||||
Otsuka Holdings* | 20,700 | 848 | ||||||
Outsourcing* | 6,600 | 63 | ||||||
Oyo | 1,000 | 10 | ||||||
Pacific Industrial | 2,900 | 38 | ||||||
Pacific Metals | 800 | 19 | ||||||
Pack | 700 | 19 | ||||||
PAL GROUP Holdings | 600 | 15 | ||||||
| Description | Shares | Value (000) | ||||||
PALTAC | 2,000 | $ | 94 | |||||
Panasonic | 50,400 | 451 | ||||||
Paramount Bed Holdings | 1,100 | 45 | ||||||
Parco | 1,400 | 14 | ||||||
Park24 | 2,400 | 53 | ||||||
Pasona Group | 1,100 | 11 | ||||||
PC Depot | 1,400 | 6 | ||||||
Penta-Ocean Construction | 16,700 | 93 | ||||||
Pepper Food Service | 800 | 21 | ||||||
PeptiDream* | 5,900 | 233 | ||||||
Persol Holdings | 17,700 | 262 | ||||||
PIA | 300 | 10 | ||||||
Pigeon | 2,600 | 111 | ||||||
Pilot | 1,800 | 87 | ||||||
Piolax | 1,600 | 32 | ||||||
Pioneer* | 18,200 | 11 | ||||||
PKSHA Technology* | 300 | 19 | ||||||
Plenus | 1,200 | 21 | ||||||
Pola Orbis Holdings | 2,000 | 54 | ||||||
Premier Investment‡ | 87 | 99 | ||||||
Press Kogyo | 6,200 | 30 | ||||||
Pressance | 2,300 | 27 | ||||||
Prestige International | 3,400 | 37 | ||||||
Prima Meat Packers | 1,600 | 29 | ||||||
Proto | 600 | 8 | ||||||
Qol Holdings | 1,400 | 21 | ||||||
Raito Kogyo | 3,100 | 41 | ||||||
Raksul* | 1,000 | 22 | ||||||
Rakus | 1,100 | 17 | ||||||
Rakuten* | 20,400 | 137 | ||||||
Raysum | 900 | 8 | ||||||
Recruit Holdings | 25,100 | 605 | ||||||
Relia | 2,100 | 17 | ||||||
Relo Group | 6,900 | 161 | ||||||
Remixpoint | 2,100 | 8 | ||||||
Renesas Electronics* | 79,600 | 360 | ||||||
Rengo | 11,400 | 90 | ||||||
Resona Holdings | 242,940 | 1,170 | ||||||
Resorttrust | 5,000 | 73 | ||||||
Retail Partners | 1,400 | 14 | ||||||
Rheon Automatic Machinery | 1,200 | 15 | ||||||
Ricoh | 15,300 | 149 | ||||||
Ricoh Leasing | 1,000 | 30 | ||||||
Riken | 600 | 27 | ||||||
Riken Keiki | 900 | 17 | ||||||
Riken Vitamin | 700 | 23 | ||||||
The accompanying notes are an integral part of the financial statements.
76
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Ringer Hut | 1,300 | $ | 27 | |||||
Rinnai | 2,800 | 184 | ||||||
Riso Kagaku | 1,500 | 23 | ||||||
Riso Kyoiku | 6,900 | 29 | ||||||
Rock Field | 1,000 | 15 | ||||||
Rohm | 2,300 | 147 | ||||||
Rohto Pharmaceutical | 6,000 | 165 | ||||||
Rokko Butter | 600 | 12 | ||||||
Roland DG | 600 | 12 | ||||||
Round One | 4,100 | 42 | ||||||
Royal Holdings* | 1,800 | 42 | ||||||
RS Technologies | 300 | 8 | ||||||
Ryobi | 1,600 | 38 | ||||||
Ryohin Keikaku | 1,300 | 315 | ||||||
Ryosan | 1,100 | 29 | ||||||
Ryoyo Electro | 1,000 | 14 | ||||||
S Foods | 1,100 | 41 | ||||||
Sac’s Bar Holdings | 800 | 8 | ||||||
Saizeriya | 1,700 | 29 | ||||||
Sakai Chemical Industry | 800 | 16 | ||||||
Sakai Moving Service | 700 | 38 | ||||||
Sakata INX | 2,300 | 25 | ||||||
Sakata Seed | 1,800 | 55 | ||||||
SAMTY | 1,600 | 18 | ||||||
San ju San Financial Group | 1,400 | 22 | ||||||
San-A, Cl A | 1,100 | 41 | ||||||
San-Ai Oil | 3,300 | 33 | ||||||
SanBio* | 1,600 | 118 | ||||||
Sanden Holdings* | 1,200 | 8 | ||||||
Sangetsu | 3,100 | 56 | ||||||
San-In Godo Bank | 9,000 | 63 | ||||||
Sanken Electric | 1,400 | 26 | ||||||
Sanki Engineering | 2,800 | 29 | ||||||
Sankyo | 800 | 31 | ||||||
Sankyo Tateyama | 1,800 | 19 | ||||||
Sankyu | 3,400 | 154 | ||||||
Sanrio | 3,100 | 61 | ||||||
Sanshin Electronics | 800 | 14 | ||||||
Santen Pharmaceutical | 8,000 | 116 | ||||||
Sanwa Holdings | 11,900 | 135 | ||||||
Sanyo Chemical Industries | 800 | 37 | ||||||
Sanyo Denki | 500 | 16 | ||||||
Sanyo Special Steel | 1,400 | 30 | ||||||
Sapporo Holdings | 3,900 | 81 | ||||||
Sato Holdings | 1,600 | 38 | ||||||
Sawai Pharmaceutical | 5,300 | 253 | ||||||
| Description | Shares | Value (000) | ||||||
SBI Holdings | 5,000 | $ | 98 | |||||
SCREEN Holdings | 2,400 | 100 | ||||||
SCSK | 10,000 | 353 | ||||||
Secom | 11,600 | 961 | ||||||
Seed | 700 | 8 | ||||||
Sega Sammy Holdings | 22,600 | 317 | ||||||
Seibu Holdings | 5,400 | 94 | ||||||
Seikagaku | 2,400 | 27 | ||||||
Seiko Epson | 6,500 | 91 | ||||||
Seiko Holdings | 1,800 | 34 | ||||||
Seino Holdings | 9,100 | 119 | ||||||
Seiren | 3,000 | 49 | ||||||
Sekisui Chemical | 27,700 | 410 | ||||||
Sekisui House | 14,000 | 208 | ||||||
Sekisui House‡ | 233 | 149 | ||||||
Sekisui Jushi | 1,600 | 28 | ||||||
Sekisui Plastics | 1,000 | 8 | ||||||
Senko | 23,300 | 177 | ||||||
Senshu Ikeda Holdings | 15,500 | 42 | ||||||
Seria | 2,700 | 92 | ||||||
Seven & i Holdings | 45,300 | 1,969 | ||||||
Seven Bank | 10,700 | 31 | ||||||
SG Holdings | 2,100 | 54 | ||||||
Sharp | 5,400 | 54 | ||||||
Shibuya | 900 | 29 | ||||||
SHIFT* | 500 | 16 | ||||||
Shiga Bank | 2,700 | 63 | ||||||
Shikoku Bank | 2,700 | 29 | ||||||
Shikoku Chemicals | 2,300 | 22 | ||||||
Shikoku Electric Power | 9,900 | 120 | ||||||
Shima Seiki Manufacturing | 1,700 | 49 | ||||||
Shimachu | 2,800 | 76 | ||||||
Shimadzu | 9,400 | 185 | ||||||
Shimamura | 400 | 31 | ||||||
Shimano | 2,800 | 394 | ||||||
Shimizu | 56,300 | 457 | ||||||
Shindengen Electric Manufacturing | 500 | 17 | ||||||
Shin-Etsu Chemical | 38,800 | 3,001 | ||||||
Shin-Etsu Polymer | 2,900 | 18 | ||||||
Shinko Electric Industries | 4,200 | 27 | ||||||
Shinko Plantech | 2,700 | 29 | ||||||
Shinmaywa Industries | 5,700 | 70 | ||||||
Shinnihon | 1,300 | 12 | ||||||
Shinoken Group | 1,400 | 9 | ||||||
Shinsei Bank* | 4,000 | 48 | ||||||
Shionogi | 6,260 | 358 | ||||||
The accompanying notes are an integral part of the financial statements.
77
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Ship Healthcare Holdings | 2,900 | $ | 107 | |||||
Shiseido | 8,900 | 557 | ||||||
Shizuoka Bank | 10,500 | 82 | ||||||
Shizuoka Gas | 3,300 | 26 | ||||||
SHO-BOND Holdings | 3,100 | 231 | ||||||
Shochiku | 600 | 58 | ||||||
Shoei | 700 | 24 | ||||||
Shoei Foods | 800 | 20 | ||||||
Showa | 2,900 | 34 | ||||||
Showa Denko | 3,400 | 101 | ||||||
Showa Sangyo | 1,300 | 35 | ||||||
Showa Shell Sekiyu | 4,200 | 59 | ||||||
Siix | 1,800 | 23 | ||||||
Sinanen Holdings | 600 | 13 | ||||||
Sinfonia Technology | 1,100 | 13 | ||||||
Sinko Industries | 1,100 | 15 | ||||||
Sintokogio | 2,000 | 16 | ||||||
SKY Perfect JSAT Holdings | 9,100 | 39 | ||||||
Skylark Holdings | 12,600 | 199 | ||||||
SMC | 1,300 | 392 | ||||||
SMS | 4,000 | 63 | ||||||
Sodick | 2,500 | 16 | ||||||
SoftBank Group | 19,100 | 1,266 | ||||||
Sogo Medical Holdings | 1,000 | 19 | ||||||
Sohgo Security Services | 5,800 | 271 | ||||||
Sojitz | 79,700 | 276 | ||||||
Solasto | 3,500 | 35 | ||||||
Sompo Holdings | 25,300 | 857 | ||||||
Sony | 35,200 | 1,690 | ||||||
Sony Financial Holdings | 12,900 | 241 | ||||||
Sosei Group* | 4,700 | 34 | ||||||
Sotetsu Holdings | 4,800 | 143 | ||||||
Sourcenext | 5,400 | 27 | ||||||
Sparx Group | 5,200 | 9 | ||||||
Square Enix Holdings | 5,400 | 146 | ||||||
ST | 700 | 12 | ||||||
St. Marc Holdings | 1,200 | 27 | ||||||
Stanley Electric | 2,800 | 78 | ||||||
Star Micronics | 2,400 | 32 | ||||||
Starts | 1,900 | 42 | ||||||
Starzen | 500 | 17 | ||||||
Stella Chemifa | 500 | 12 | ||||||
Strike | 500 | 7 | ||||||
Studio Alice | 400 | 8 | ||||||
Sugi Holdings | 2,400 | 95 | ||||||
SUMCO | 4,800 | 53 | ||||||
| Description | Shares | Value (000) | ||||||
Sumitomo | 26,100 | $ | 370 | |||||
Sumitomo Bakelite | 2,100 | 72 | ||||||
Sumitomo Chemical | 33,300 | 161 | ||||||
Sumitomo Dainippon Pharma | 3,900 | 124 | ||||||
Sumitomo Densetsu | 1,100 | 18 | ||||||
Sumitomo Electric Industries | 32,300 | 427 | ||||||
Sumitomo Forestry | 8,200 | 107 | ||||||
Sumitomo Heavy Industries | 2,300 | 68 | ||||||
Sumitomo Metal Mining | 5,100 | 136 | ||||||
Sumitomo Mitsui Construction | 9,840 | 60 | ||||||
Sumitomo Mitsui Financial Group | 71,400 | 2,369 | ||||||
Sumitomo Mitsui Trust Holdings | 15,600 | 570 | ||||||
Sumitomo Osaka Cement | 2,400 | 99 | ||||||
Sumitomo Realty & Development | 8,000 | 293 | ||||||
Sumitomo Riko | 2,500 | 21 | ||||||
Sumitomo Rubber Industries | 4,300 | 51 | ||||||
Sumitomo Seika Chemicals | 500 | 19 | ||||||
Sumitomo Warehouse | 4,000 | 49 | ||||||
Sun Frontier Fudousan | 2,100 | 20 | ||||||
Sundrug | 5,200 | 155 | ||||||
Suntory Beverage & Food | 10,800 | 487 | ||||||
Suruga Bank* | 10,400 | 38 | ||||||
Sushiro Global Holdings | 1,100 | 60 | ||||||
Suzuken | 1,600 | 81 | ||||||
Suzuki Motor | 8,100 | 409 | ||||||
Sysmex | 3,820 | 184 | ||||||
Systena | 4,400 | 51 | ||||||
T Hasegawa | 1,600 | 23 | ||||||
T&D Holdings | 21,500 | 249 | ||||||
Tachi-S, Cl S | 2,000 | 26 | ||||||
Tadano | 6,100 | 55 | ||||||
Taihei Dengyo Kaisha | 1,100 | 25 | ||||||
Taiheiyo Cement | 2,600 | 80 | ||||||
Taiho Kogyo, Cl A | 700 | 6 | ||||||
Taikisha | 1,600 | 42 | ||||||
Taisei | 4,800 | 205 | ||||||
Taisho Pharmaceutical Holdings | 900 | 90 | ||||||
Taiyo Holdings | 1,000 | 28 | ||||||
Taiyo Nippon Sanso | 2,900 | 47 | ||||||
Taiyo Yuden | 7,400 | 110 | ||||||
Takamatsu Construction Group | 900 | 23 | ||||||
Takara Bio | 3,100 | 73 | ||||||
Takara Holdings | 9,600 | 117 | ||||||
Takara Leben | 5,500 | 15 | ||||||
Takara Standard | 2,400 | 36 | ||||||
Takasago International | 800 | 25 | ||||||
The accompanying notes are an integral part of the financial statements.
78
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Takasago Thermal Engineering | 3,200 | $ | 52 | |||||
Takashimaya | 3,200 | 41 | ||||||
Takeda Pharmaceutical | 19,500 | 661 | ||||||
Takeuchi Manufacturing | 2,100 | 32 | ||||||
Takuma | 4,600 | 58 | ||||||
Tamron | 1,100 | 16 | ||||||
Tamura | 4,400 | 21 | ||||||
Tanaka Chemical* | 700 | 5 | ||||||
Tanseisha | 1,900 | 19 | ||||||
Tateru | 1,900 | 5 | ||||||
Tatsuta Electric Wire and Cable | 1,700 | 7 | ||||||
Tayca | 1,000 | 15 | ||||||
TDK | 6,500 | 456 | ||||||
TechnoPro Holdings | 5,600 | 230 | ||||||
Teijin | 4,000 | 64 | ||||||
TeikokuSen-I, Cl I | 1,200 | 24 | ||||||
Tekken | 900 | 21 | ||||||
Tenma | 1,000 | 17 | ||||||
Terumo | 111,000 | 6,266 | ||||||
T-Gaia | 1,300 | 25 | ||||||
THK | 2,500 | 46 | ||||||
TIS | 4,800 | 189 | ||||||
TKC | 900 | 32 | ||||||
TKP* | 400 | 13 | ||||||
Toa | 800 | 10 | ||||||
Toagosei | 6,800 | 75 | ||||||
Tobu Railway | 4,400 | 119 | ||||||
TOC | 3,600 | 24 | ||||||
Tocalo | 4,000 | 31 | ||||||
Tochigi Bank | 6,200 | 14 | ||||||
Toda | 15,100 | 94 | ||||||
Toei | 500 | 59 | ||||||
Toei Animation | 700 | 26 | ||||||
Toenec | 500 | 13 | ||||||
Toho | 7,000 | 253 | ||||||
Toho Bank | 13,400 | 38 | ||||||
Toho Gas | 1,900 | 80 | ||||||
Toho Holdings | 3,400 | 83 | ||||||
Toho Titanium | 2,100 | 19 | ||||||
Toho Zinc | 700 | 21 | ||||||
Tohoku Electric Power | 39,900 | 525 | ||||||
Tokai | 1,300 | 33 | ||||||
Tokai Carbon | 12,300 | 139 | ||||||
TOKAI Holdings | 5,500 | 44 | ||||||
Tokai Rika | 3,300 | 54 | ||||||
Tokai Tokyo Financial Holdings | 13,300 | 57 | ||||||
| Description | Shares | Value (000) | ||||||
Token | 500 | $ | 30 | |||||
Tokio Marine Holdings | 31,900 | 1,514 | ||||||
Tokushu Tokai Paper | 700 | 26 | ||||||
Tokuyama | 3,700 | 81 | ||||||
Tokyo Base* | 800 | 4 | ||||||
Tokyo Broadcasting System Holdings | 2,300 | 36 | ||||||
Tokyo Century | 900 | 40 | ||||||
Tokyo Dome | 5,600 | 48 | ||||||
Tokyo Electric Power Holdings* | 32,300 | 192 | ||||||
Tokyo Electron | 4,900 | 556 | ||||||
Tokyo Gas | 17,100 | 433 | ||||||
Tokyo Kiraboshi Financial Group | 1,600 | 25 | ||||||
Tokyo Ohka Kogyo | 2,200 | 59 | ||||||
Tokyo Seimitsu | 2,300 | 58 | ||||||
Tokyo Steel Manufacturing | 6,900 | 56 | ||||||
Tokyo Tatemono | 12,300 | 127 | ||||||
Tokyotokeiba | 1,000 | 25 | ||||||
Tokyu‡ | 56 | 84 | ||||||
Tokyu | 11,000 | 180 | ||||||
Tokyu Construction | 5,300 | 48 | ||||||
Tokyu Fudosan Holdings | 14,700 | 73 | ||||||
TOMONY Holdings | 8,300 | 31 | ||||||
Tomy | 5,200 | 52 | ||||||
Tonami Holdings | 300 | 15 | ||||||
Topcon | 6,500 | 86 | ||||||
Toppan Forms | 3,600 | 28 | ||||||
Toppan Printing | 5,500 | 81 | ||||||
Topre | 2,100 | 42 | ||||||
Topy Industries | 900 | 18 | ||||||
Toray Industries | 93,000 | 653 | ||||||
Toridoll Holdings | 1,300 | 21 | ||||||
Torii Pharmaceutical | 900 | 20 | ||||||
Tosei | 1,600 | 12 | ||||||
Toshiba | 15,000 | 423 | ||||||
Toshiba Machine | 1,600 | 29 | ||||||
Toshiba Plant Systems & Services | 3,100 | 57 | ||||||
Toshiba TEC | 1,600 | 37 | ||||||
Tosho | 1,000 | 31 | ||||||
Tosho Printing | 1,400 | 9 | ||||||
Tosoh | 5,700 | 74 | ||||||
Totetsu Kogyo | 1,600 | 44 | ||||||
TOTO | 3,200 | 110 | ||||||
Towa Bank | 2,300 | 16 | ||||||
Towa Pharmaceutical | 600 | 42 | ||||||
Toyo Construction | 5,000 | 17 | ||||||
Toyo Engineering* | 1,500 | 9 | ||||||
The accompanying notes are an integral part of the financial statements.
79
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Toyo Ink SC Holdings | 2,500 | $ | 55 | |||||
Toyo Kanetsu | 400 | 8 | ||||||
Toyo Seikan Group Holdings | 19,000 | 436 | ||||||
Toyo Suisan Kaisha | 16,300 | 569 | ||||||
Toyo Tanso | 600 | 12 | ||||||
Toyo Tire | 6,600 | 82 | ||||||
Toyobo | 5,200 | 71 | ||||||
Toyoda Gosei | 1,100 | 22 | ||||||
Toyota Boshoku | 4,100 | 61 | ||||||
Toyota Industries | 5,900 | 272 | ||||||
Toyota Motor | 118,100 | 6,856 | ||||||
Toyota Tsusho | 5,200 | 153 | ||||||
TPR | 1,400 | 28 | ||||||
Trancom | 500 | 26 | ||||||
Transcosmos | 1,600 | 34 | ||||||
Trend Micro* | 4,500 | 244 | ||||||
Trusco Nakayama | 2,400 | 63 | ||||||
Trust Tech | 600 | 15 | ||||||
TS Tech | 2,500 | 68 | ||||||
TSI Holdings | 4,500 | 29 | ||||||
Tsubaki Nakashima | 2,400 | 35 | ||||||
Tsubakimoto Chain | 1,600 | 52 | ||||||
Tsugami | 3,000 | 17 | ||||||
Tsukishima Kikai | 1,900 | 22 | ||||||
Tsukui | 3,400 | 26 | ||||||
Tsumura | 3,600 | 100 | ||||||
Tsuruha Holdings | 800 | 69 | ||||||
Tsurumi Manufacturing | 1,200 | 21 | ||||||
TV Asahi Holdings | 1,400 | 25 | ||||||
UACJ | 2,000 | 39 | ||||||
Ube Industries | 6,300 | 128 | ||||||
UKC Holdings | 700 | 12 | ||||||
Ulvac | 2,600 | 75 | ||||||
Unicharm | 9,000 | 292 | ||||||
Union Tool | 400 | 11 | ||||||
Unipres | 2,400 | 40 | ||||||
UNITED | 600 | 8 | ||||||
United Arrows | 1,400 | 45 | ||||||
United Super Markets Holdings | 3,400 | 37 | ||||||
United Urban Investment‡ | 73 | 113 | ||||||
Unitika* | 3,000 | 13 | ||||||
Universal Entertainment | 1,500 | 44 | ||||||
Unizo Holdings | 1,800 | 33 | ||||||
Ushio | 18,800 | 199 | ||||||
USS | 14,900 | 250 | ||||||
UT Group* | 1,500 | 26 | ||||||
| Description | Shares | Value (000) | ||||||
UUUM* | 100 | $ | 4 | |||||
Uzabase* | 700 | 11 | ||||||
V Technology | 300 | 34 | ||||||
Valor Holdings | 2,300 | 55 | ||||||
Valqua | 900 | 18 | ||||||
Vector | 1,800 | 23 | ||||||
Vital KSK Holdings | 2,500 | 26 | ||||||
VT Holdings | 3,800 | 14 | ||||||
Wacoal Holdings | 2,800 | 72 | ||||||
Wacom | 8,600 | 36 | ||||||
Wakita | 1,900 | 19 | ||||||
Warabeya Nichiyo Holdings | 800 | 14 | ||||||
WATAMI | 1,000 | 12 | ||||||
WDB Holdings | 600 | 13 | ||||||
Welcia Holdings | 1,100 | 50 | ||||||
West Japan Railway | 20,800 | 1,468 | ||||||
World Holdings | 300 | 6 | ||||||
Wowow | 400 | 11 | ||||||
W-Scope | 1,300 | 14 | ||||||
Xebio Holdings | 1,600 | 18 | ||||||
Yahagi Construction | 1,200 | 8 | ||||||
Yahoo Japan | 67,000 | 167 | ||||||
Yakult Honsha | 2,800 | 197 | ||||||
Yakuodo | 500 | 12 | ||||||
YAMABIKO | 1,900 | 18 | ||||||
YAMADA Consulting Group | 600 | 9 | ||||||
Yamada Denki | 74,400 | 357 | ||||||
Yamagata Bank | 1,800 | 34 | ||||||
Yamaguchi Financial Group | 4,000 | 38 | ||||||
Yamaha | 3,200 | 136 | ||||||
Yamaha Motor | 6,000 | 117 | ||||||
YA-MAN | 1,900 | 24 | ||||||
Yamanashi Chuo Bank | 1,800 | 23 | ||||||
Yamashin-Filter | 2,100 | 12 | ||||||
Yamato Holdings | 16,920 | 464 | ||||||
Yamato Kogyo | 2,600 | 61 | ||||||
Yamazaki Baking | 3,100 | 65 | ||||||
Yamazen | 3,700 | 35 | ||||||
Yaoko | 1,200 | 66 | ||||||
Yaskawa Electric | 5,400 | 132 | ||||||
Yellow Hat | 1,100 | 26 | ||||||
Yodogawa Steel Works | 1,400 | 28 | ||||||
Yokogawa Bridge Holdings | 2,000 | 30 | ||||||
Yokogawa Electric | 4,700 | 81 | ||||||
Yokohama Reito | 2,900 | 24 | ||||||
Yokohama Rubber* | 2,700 | 51 | ||||||
The accompanying notes are an integral part of the financial statements.
80
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Yomiuri Land | 300 | $ | 10 | |||||
Yondoshi Holdings | 1,100 | 22 | ||||||
Yonex | 3,300 | 18 | ||||||
Yorozu | 900 | 11 | ||||||
Yoshinoya Holdings | 4,000 | 66 | ||||||
Yuasa Trading | 1,100 | 31 | ||||||
Yume No. Machi Souzou Iinkai | 1,500 | 17 | ||||||
Yumeshin Holdings | 2,900 | 21 | ||||||
Yurtec | 2,400 | 19 | ||||||
Yushin Precision Equipment | 800 | 6 | ||||||
Zenkoku Hosho | 3,200 | 99 | ||||||
Zenrin | 2,250 | 48 | ||||||
Zensho Holdings | 5,700 | 138 | ||||||
Zeon | 8,700 | 79 | ||||||
ZERIA Pharmaceutical | 1,900 | 34 | ||||||
ZIGExN | 3,000 | 14 | ||||||
Zojirushi | 2,700 | 24 | ||||||
ZOZO | 4,300 | 79 | ||||||
|
| |||||||
| 228,328 | ||||||||
|
| |||||||
Kenya — 0.0% |
| |||||||
East African Breweries | 283,278 | 486 | ||||||
|
| |||||||
Luxembourg — 0.1% |
| |||||||
RTL Group | 927 | 50 | ||||||
Ternium ADR | 46,079 | 1,248 | ||||||
|
| |||||||
| 1,298 | ||||||||
|
| |||||||
Malaysia — 0.2% |
| |||||||
AirAsia X* | 136,400 | 8 | ||||||
Allianz Malaysia | 6,200 | 20 | ||||||
Brem Holding | 200,000 | 36 | ||||||
Heineken Malaysia | 10,000 | 50 | ||||||
Hong Leong Bank | 61,800 | 305 | ||||||
Hong Leong Financial Group | 18,000 | 81 | ||||||
Hong Leong Industries | 5,500 | 11 | ||||||
Insas | 326,100 | 54 | ||||||
Kenanga Investment Bank | 85,500 | 12 | ||||||
KSL Holdings* | 551,500 | 95 | ||||||
Lion Industries* | 217,100 | 26 | ||||||
Malayan Banking | 150,100 | 345 | ||||||
Malaysia Airports Holdings | 282,800 | 573 | ||||||
Malaysian Pacific Industries | 25,503 | 61 | ||||||
Matrix Concepts Holdings | 22,300 | 10 | ||||||
Padini Holdings | 248,600 | 211 | ||||||
Petron Malaysia Refining & Marketing | 112,201 | 170 | ||||||
Shell Refining Federation of Malaya | 63,000 | 71 | ||||||
Supermax | 50,200 | 42 | ||||||
| Description | Shares | Value (000) | ||||||
Syarikat Takaful Malaysia Keluarga | 24,000 | $ | 22 | |||||
Tenaga Nasional | 96,026 | 316 | ||||||
Tropicana | 47 | — | ||||||
Uchi Technologies | 119,200 | 73 | ||||||
Unisem | 1,048,100 | 833 | ||||||
ViTrox | 25,000 | 38 | ||||||
|
| |||||||
| 3,463 | ||||||||
|
| |||||||
Mexico — 0.7% |
| |||||||
Genomma Lab Internacional, Cl B* | 1,549,831 | 924 | ||||||
Gentera | 1,157,808 | 854 | ||||||
Grupo Aeroportuario del Pacifico, Cl B | 212,249 | 1,730 | ||||||
Grupo Financiero Banorte, Cl O | 461,300 | 2,251 | ||||||
Grupo Financiero Inbursa, Cl O | 561,872 | 811 | ||||||
Grupo Lala, Cl B | 612,726 | 662 | ||||||
Grupo Televisa ADR | 46,090 | 580 | ||||||
Industrias Bachoco | 71,691 | 236 | ||||||
Megacable Holdings | 58,500 | 262 | ||||||
Nemak (B) | 932,967 | 697 | ||||||
Vitro | 18,814 | 51 | ||||||
Wal-Mart de Mexico | 705,193 | 1,793 | ||||||
|
| |||||||
| 10,851 | ||||||||
|
| |||||||
Netherlands — 3.0% |
| |||||||
Aalberts Industries | 6,325 | 211 | ||||||
ABN AMRO Group (B) | 10,149 | 239 | ||||||
Accell Group | 1,423 | 31 | ||||||
Aegon | 40,787 | 191 | ||||||
AerCap Holdings* | 3,002 | 119 | ||||||
Akzo Nobel | 84,472 | 6,813 | ||||||
AMG Advanced Metallurgical Group | 1,873 | 60 | ||||||
APERAM | 3,307 | 87 | ||||||
Arcadis | 4,528 | 55 | ||||||
ArcelorMittal | 36,996 | 769 | ||||||
ASM International | 2,670 | 111 | ||||||
ASML Holding | 11,702 | 1,839 | ||||||
ASR Nederland | 8,915 | 354 | ||||||
Basic-Fit* (B) | 1,861 | 55 | ||||||
BE Semiconductor Industries | 4,738 | 100 | ||||||
BinckBank | 3,504 | 24 | ||||||
Boskalis Westminster | 189,920 | 4,729 | ||||||
Brunel International | 1,402 | 18 | ||||||
Coca-Cola European Partners | 3,170 | 146 | ||||||
Corbion | 3,862 | 108 | ||||||
Eurocommercial Properties‡ | 2,899 | 90 | ||||||
Euronext (B) | 3,614 | 208 | ||||||
Flow Traders (B) | 2,029 | 65 | ||||||
The accompanying notes are an integral part of the financial statements.
81
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
ForFarmers | 2,263 | $ | 21 | |||||
Fugro* | 104,118 | 900 | ||||||
Galapagos* | 2,620 | 242 | ||||||
Gemalto* | 4,695 | 273 | ||||||
Heineken | 23,777 | 2,103 | ||||||
Heineken Holding | 2,586 | 219 | ||||||
IMCD | 3,379 | 217 | ||||||
ING Groep | 494,430 | 5,331 | ||||||
Intertrust (B) | 3,980 | 67 | ||||||
Kendrion | 709 | 17 | ||||||
Koninklijke Ahold Delhaize | 71,139 | 1,799 | ||||||
Koninklijke BAM Groep | 15,225 | 44 | ||||||
Koninklijke DSM | 4,111 | 336 | ||||||
Koninklijke KPN | 336,575 | 987 | ||||||
Koninklijke Philips | 46,900 | 1,662 | ||||||
Koninklijke Volkerwessels | 1,954 | 31 | ||||||
Koninklijke Vopak | 1,538 | 70 | ||||||
NN Group | 6,782 | 270 | ||||||
NSI‡ | 1,348 | 53 | ||||||
OCI* | 4,797 | 98 | ||||||
Pharming Group* | 35,679 | 31 | ||||||
PostNL | 29,328 | 67 | ||||||
Randstad | 86,633 | 3,978 | ||||||
RELX | 195,015 | 4,016 | ||||||
Royal Dutch Shell, Cl A | 28,592 | 840 | ||||||
SBM Offshore | 325,573 | 4,821 | ||||||
SIF Holding | 523 | 7 | ||||||
Signify (B) | 7,208 | 169 | ||||||
Takeaway.com* (B) | 2,395 | 161 | ||||||
TKH Group | 2,482 | 116 | ||||||
TomTom* | 8,428 | 76 | ||||||
Unibail-Rodamco-Westfield‡ | 1,757 | 272 | ||||||
Unilever | 35,736 | 1,942 | ||||||
Vastned Retail‡ | 814 | 29 | ||||||
Wereldhave‡ | 2,624 | 82 | ||||||
Wessanen | 4,557 | 42 | ||||||
Wolters Kluwer | 6,851 | 406 | ||||||
|
| |||||||
| 48,217 | ||||||||
|
| |||||||
New Zealand — 0.2% |
| |||||||
a2 Milk* | 18,245 | 136 | ||||||
Air New Zealand | 36,758 | 76 | ||||||
Argosy Property | 50,161 | 40 | ||||||
Auckland International Airport | 20,829 | 100 | ||||||
Chorus | 26,476 | 86 | ||||||
Contact Energy | 46,182 | 182 | ||||||
Fisher & Paykel Healthcare | 13,237 | 116 | ||||||
| Description | Shares | Value (000) | ||||||
Fletcher Building* | 17,742 | $ | 58 | |||||
Genesis Energy | 31,706 | 56 | ||||||
Goodman Property Trust‡ | 57,805 | 59 | ||||||
Infratil | 37,068 | 91 | ||||||
Kiwi Property Group‡ | 87,238 | 81 | ||||||
Mercury NZ | 41,973 | 103 | ||||||
Meridian Energy | 32,722 | 75 | ||||||
Metlifecare | 10,806 | 39 | ||||||
New Zealand Refining | 13,036 | 21 | ||||||
Precinct Properties New Zealand‡ | 62,752 | 62 | ||||||
Restaurant Brands New Zealand | 6,777 | 38 | ||||||
Ryman Healthcare | 8,710 | 63 | ||||||
SKY Network Television | 168,168 | 209 | ||||||
SKYCITY Entertainment Group | 43,129 | 103 | ||||||
Spark New Zealand | 157,357 | 439 | ||||||
Summerset Group Holdings | 12,820 | 55 | ||||||
Synlait Milk* | 4,931 | 30 | ||||||
Tourism Holdings | 6,187 | 21 | ||||||
Trade Me Group | 26,153 | 111 | ||||||
Z Energy | 23,498 | 86 | ||||||
|
| |||||||
| 2,536 | ||||||||
|
| |||||||
Norway — 0.9% |
| |||||||
Akastor* | 7,605 | 12 | ||||||
Aker, Cl A | 1,486 | 79 | ||||||
Aker BP | 2,168 | 55 | ||||||
Aker Solutions* | 8,864 | 41 | ||||||
Atea | 5,293 | 68 | ||||||
Austevoll Seafood | 5,707 | 71 | ||||||
Axactor* | 7,361 | 16 | ||||||
B2Holding | 13,403 | 19 | ||||||
Bakkafrost P | 26,792 | 1,314 | ||||||
Borr Drilling* | 24,966 | 62 | ||||||
Borregaard | 6,195 | 54 | ||||||
BW LPG* (B) | 3,978 | 12 | ||||||
BW Offshore* | 6,071 | 22 | ||||||
DNB | 47,275 | 758 | ||||||
DNO | 41,757 | 61 | ||||||
Elkem* (B) | 16,540 | 42 | ||||||
Entra (B) | 7,616 | 102 | ||||||
Equinor | 56,007 | 1,198 | ||||||
Europris (B) | 10,507 | 28 | ||||||
Evry (B) | 9,885 | 36 | ||||||
FLEX LNG* | 12,533 | 18 | ||||||
Frontline* | 4,468 | 25 | ||||||
Gaming Innovation Group* | 2,954 | 8 | ||||||
Gjensidige Forsikring | 4,376 | 69 | ||||||
The accompanying notes are an integral part of the financial statements.
82
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Golden Ocean Group | 5,813 | $ | 36 | |||||
Grieg Seafood | 3,273 | 39 | ||||||
Hoegh LNG Holdings | 2,572 | 11 | ||||||
Kongsberg Automotive* | 26,507 | 24 | ||||||
Kongsberg Gruppen | 5,121 | 69 | ||||||
Kvaerner* | 8,680 | 12 | ||||||
Leroy Seafood Group | 19,144 | 146 | ||||||
Marine Harvest | 9,456 | 201 | ||||||
NEL* | 59,847 | 32 | ||||||
Nordic Nanovector* | 2,745 | 16 | ||||||
Nordic Semiconductor* | 7,839 | 26 | ||||||
Norsk Hydro | 32,182 | 149 | ||||||
Northern Drilling* | 4,590 | 27 | ||||||
Norway Royal Salmon | 690 | 14 | ||||||
Norwegian Air Shuttle* | 2,223 | 45 | ||||||
Norwegian Finans Holding* | 6,204 | 48 | ||||||
Norwegian Property | 7,924 | 10 | ||||||
Ocean Yield | 3,763 | 26 | ||||||
Odfjell Drilling* | 5,005 | 12 | ||||||
Orkla | 18,165 | 145 | ||||||
PetroleumGeo-Services* | 20,081 | 29 | ||||||
Protector Forsikring* | 3,952 | 22 | ||||||
Salmar | 3,279 | 162 | ||||||
Sbanken (B) | 5,259 | 46 | ||||||
Scatec Solar (B) | 5,065 | 43 | ||||||
Schibsted, Cl A | 9,842 | 330 | ||||||
Schibsted, Cl B | 10,424 | 317 | ||||||
Selvaag Bolig | 2,183 | 10 | ||||||
SpareBank 1 Nord Norge | 5,943 | 43 | ||||||
Sparebank 1 Oestlandet | 1,819 | 18 | ||||||
SpareBank 1 SMN | 7,495 | 73 | ||||||
SpareBank 1SR-Bank | 11,319 | 117 | ||||||
Stolt-Nielsen | 1,568 | 18 | ||||||
Storebrand | 30,079 | 214 | ||||||
Subsea 7* | 16,790 | 165 | ||||||
Telenor | 16,675 | 325 | ||||||
TGS NOPEC Geophysical | 35,579 | 866 | ||||||
Tomra Systems | 7,019 | 159 | ||||||
Veidekke | 6,763 | 76 | ||||||
Wallenius Wilhelmsen, Cl B* | 6,172 | 21 | ||||||
XXL (B) | 5,900 | 18 | ||||||
Yara International | 169,145 | 6,553 | ||||||
|
| |||||||
| 14,883 | ||||||||
|
| |||||||
Peru — 0.2% |
| |||||||
Cia de Minas Buenaventura ADR | 30,116 | 488 | ||||||
| Description | Shares | Value (000) | ||||||
Credicorp | 12,296 | $ | 2,726 | |||||
|
| |||||||
| 3,214 | ||||||||
|
| |||||||
Philippines — 0.1% |
| |||||||
Bloomberry Resorts* | 381,200 | 68 | ||||||
First Gen | 162,100 | 62 | ||||||
Lopez Holdings | 1,077,100 | 82 | ||||||
Metro Retail Stores Group | 612,000 | 29 | ||||||
Pepsi-Cola Products Philippines | 169,263 | 4 | ||||||
PLDT | 12,760 | 273 | ||||||
San Miguel | 144,580 | 406 | ||||||
|
| |||||||
| 924 | ||||||||
|
| |||||||
Poland — 0.4% |
| |||||||
Asseco Poland | 12,648 | 156 | ||||||
CD Projekt* | 24,826 | 969 | ||||||
Eurocash | 69,436 | 328 | ||||||
Grupa Lotos | 60,862 | 1,443 | ||||||
Jastrzebska Spolka Weglowa | 6,115 | 110 | ||||||
LPP | 440 | 925 | ||||||
PlayWay | 2,483 | 90 | ||||||
Polski Koncern Naftowy Orlen | 64,848 | 1,879 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo | 207,680 | 384 | ||||||
TEN Square Games* | 2,779 | 59 | ||||||
|
| |||||||
| 6,343 | ||||||||
|
| |||||||
Portugal — 0.1% |
| |||||||
Altri SGPS | 3,655 | 24 | ||||||
Banco Comercial Portugues, Cl R* | 586,770 | 154 | ||||||
Banco Espirito Santo* (A) | 46,916 | — | ||||||
Corticeira Amorim SGPS | 2,805 | 29 | ||||||
CTT-Correios de Portugal | 8,704 | 29 | ||||||
EDP-Energias de Portugal | 57,619 | 202 | ||||||
Galp Energia | 11,294 | 179 | ||||||
Jeronimo Martins | 4,973 | 59 | ||||||
Mota-Engil SGPS* | 3,895 | 7 | ||||||
Navigator | 13,400 | 56 | ||||||
NOS SGPS | 15,866 | 96 | ||||||
REN - Redes Energeticas Nacionais SGPS | 26,714 | 74 | ||||||
Semapa-Sociedade de Investimento e Gestao | 1,629 | 24 | ||||||
Sonae SGPS | 50,298 | 47 | ||||||
|
| |||||||
| 980 | ||||||||
|
| |||||||
Qatar — 0.2% |
| |||||||
Barwa Real Estate | 123,850 | 1,358 | ||||||
Mannai | 745 | 11 | ||||||
Ooredoo QPSC | 63,688 | 1,312 | ||||||
The accompanying notes are an integral part of the financial statements.
83
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Qatar International Islamic Bank QSC | 3,641 | $ | 66 | |||||
Qatar Islamic Bank SAQ | 6,008 | 251 | ||||||
Qatar National Bank SAQ | 10,797 | 578 | ||||||
United Development QSC | 17,010 | 69 | ||||||
|
| |||||||
| 3,645 | ||||||||
|
| |||||||
Russia — 0.2% |
| |||||||
Lukoil PJSC ADR | 2,815 | 201 | ||||||
Magnit PJSC | 5,579 | 281 | ||||||
Magnitogorsk Iron & Steel Works PJSC GDR | 43,766 | 363 | ||||||
PhosAgro PJSC GDR | 52,766 | 646 | ||||||
Sberbank of Russia PJSC ADR | 136,589 | 1,497 | ||||||
Sberbank of Russia PJSC ADR | 3,817 | 42 | ||||||
Tatneft PJSC ADR | 5,656 | 356 | ||||||
VEON ADR | 23,598 | 55 | ||||||
|
| |||||||
| 3,441 | ||||||||
|
| |||||||
Singapore — 2.5% |
| |||||||
Accordia Golf Trust | 35,500 | 13 | ||||||
Ascendas‡ | 60,800 | 115 | ||||||
Ascendas Hospitality Trust‡ | 49,700 | 28 | ||||||
Ascott Residence Trust‡ | 93,100 | 74 | ||||||
Asian Pay Television Trust | 83,200 | 8 | ||||||
Best World International | 17,700 | 34 | ||||||
Bumitama Agri | 19,400 | 9 | ||||||
Cache Logistics Trust‡ | 64,006 | 33 | ||||||
CapitaLand | 63,300 | 144 | ||||||
CapitaLand Commercial Trust‡ | 57,274 | 74 | ||||||
CapitaLand Mall Trust‡ | 53,700 | 89 | ||||||
CapitaLand Retail China Trust‡ | 38,100 | 38 | ||||||
CDL Hospitality Trusts‡ | 49,300 | 53 | ||||||
China Aviation Oil Singapore | 11,800 | 9 | ||||||
Chip Eng Seng | 18,600 | 9 | ||||||
City Developments | 8,400 | 50 | ||||||
ComfortDelGro | 47,000 | 74 | ||||||
COSCO Shipping International Singapore* | 53,300 | 13 | ||||||
Cromwell European Real Estate Investment Trust‡ | 10,526 | 5 | ||||||
Dairy Farm International Holdings | 27,800 | 251 | ||||||
DBS Group Holdings | 305,534 | 5,311 | ||||||
Delfi | 846,700 | 820 | ||||||
ESR-REIT‡ | 115,269 | 43 | ||||||
Far East Hospitality Trust‡ | 37,400 | 17 | ||||||
First Real Estate Investment Trust‡ | 33,500 | 24 | ||||||
First Resources | 34,600 | 39 | ||||||
Frasers Centrepoint Trust‡ | 34,900 | 56 | ||||||
| Description | Shares | Value (000) | ||||||
Frasers Commercial Trust‡ | 42,386 | $ | 43 | |||||
Frasers Hospitality Trust‡ | 22,500 | 12 | ||||||
Frasers Logistics & Industrial Trust‡ | 94,130 | 71 | ||||||
Genting Singapore | 146,000 | 104 | ||||||
GL | 240,000 | 130 | ||||||
Golden Agri-Resources | 140,800 | 25 | ||||||
Great Eastern Holdings | 47,000 | 855 | ||||||
GuocoLand | 14,500 | 19 | ||||||
Haw Par | 33,012 | 291 | ||||||
Hongkong Land Holdings | 729,800 | 4,597 | ||||||
Hutchison Port Holdings Trust, Cl U | 316,700 | 78 | ||||||
Japfa | 23,900 | 13 | ||||||
Jardine Cycle & Carriage | 2,533 | 66 | ||||||
Jardine Matheson Holdings | 137,600 | 9,575 | ||||||
Jardine Strategic Holdings | 5,100 | 187 | ||||||
Keppel | 31,300 | 136 | ||||||
Keppel‡ | 114,800 | 96 | ||||||
Keppel DC‡ | 60,800 | 60 | ||||||
Keppel Infrastructure Trust | 164,700 | 59 | ||||||
Lippo Malls Indonesia Retail Trust‡ | 113,900 | 15 | ||||||
M1 | 22,500 | 35 | ||||||
Mandarin Oriental International | 19,300 | 39 | ||||||
Manulife US‡ | 77,334 | 60 | ||||||
Mapletree Commercial Trust‡ | 121,600 | 147 | ||||||
Mapletree Industrial Trust‡ | 81,000 | 114 | ||||||
Mapletree Logistics Trust‡ | 161,389 | 148 | ||||||
Mapletree North Asia Commercial Trust‡ | 142,800 | 119 | ||||||
NetLink NBN Trust | 202,400 | 114 | ||||||
OUE | 20,700 | 22 | ||||||
OUE Hospitality Trust‡ | 64,300 | 32 | ||||||
Oversea-Chinese Banking | 73,661 | 609 | ||||||
Parkway Life‡ | 23,200 | 45 | ||||||
Raffles Medical Group | 50,663 | 41 | ||||||
RHT Health Trust | 39,200 | 21 | ||||||
Riverstone Holdings | 12,500 | 10 | ||||||
Sabana Shari’ah Compliant Industrial‡ | 51,700 | 15 | ||||||
SATS | 12,900 | 44 | ||||||
Sembcorp Industries | 18,500 | 34 | ||||||
Sembcorp Marine | 51,700 | 59 | ||||||
Sheng Siong Group | 38,200 | 30 | ||||||
SIA Engineering | 17,100 | 28 | ||||||
SIIC Environment Holdings | 29,800 | 6 | ||||||
Silverlake Axis | 47,700 | 15 | ||||||
Singapore Airlines | 12,500 | 86 | ||||||
Singapore Exchange | 20,400 | 107 | ||||||
The accompanying notes are an integral part of the financial statements.
84
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Singapore Post | 95,500 | $ | 64 | |||||
Singapore Press Holdings | 33,900 | 58 | ||||||
Singapore Technologies Engineering | 38,700 | 99 | ||||||
Singapore Telecommunications | 1,692,700 | 3,638 | ||||||
Soilbuild Business Space‡ | 33,900 | 14 | ||||||
SPH‡ | 45,300 | 33 | ||||||
Starhill Global‡ | 93,500 | 47 | ||||||
StarHub | 36,700 | 47 | ||||||
Suntec‡ | 43,900 | 57 | ||||||
United Engineers | 17,500 | 32 | ||||||
United Industrial | 18,948 | 38 | ||||||
United Overseas Bank | 446,771 | 8,053 | ||||||
UOL Group | 12,285 | 56 | ||||||
Venture | 75,200 | 770 | ||||||
Wilmar International | 48,500 | 111 | ||||||
Wing Tai Holdings | 28,100 | 40 | ||||||
Yangzijiang Shipbuilding Holdings | 60,400 | 55 | ||||||
Yanlord Land Group | 43,200 | 39 | ||||||
Yoma Strategic Holdings | 92,900 | 23 | ||||||
|
| |||||||
| 39,119 | ||||||||
|
| |||||||
South Africa — 1.7% |
| |||||||
Alviva Holdings | 10,469 | 13 | ||||||
Anglo American | 26,512 | 594 | ||||||
Anglo American Platinum | 35,400 | 1,323 | ||||||
Astral Foods | 3,160 | 35 | ||||||
Bid | 61,725 | 1,137 | ||||||
Bidvest Group | 93,324 | 1,342 | ||||||
Capitec Bank Holdings | 27,388 | 2,128 | ||||||
Cie Financiere Richemont | 51,457 | 335 | ||||||
Exxaro Resources | 2,619 | 25 | ||||||
FirstRand | 468,229 | 2,134 | ||||||
Grindrod* | 613,069 | 262 | ||||||
MMI Holdings* | 135,434 | 161 | ||||||
Mondi | 44,089 | 949 | ||||||
Mr Price Group | 21,046 | 360 | ||||||
Naspers, Cl N | 15,295 | 3,075 | ||||||
Nedbank Group | 4,432 | 85 | ||||||
Old Mutual | 138,006 | 215 | ||||||
Peregrine Holdings | 189,232 | 247 | ||||||
Raubex Group | 290,856 | 343 | ||||||
Sasol | 144,710 | 4,275 | ||||||
Standard Bank Group | 139,781 | 1,737 | ||||||
Telkom | 263,413 | 1,159 | ||||||
Tiger Brands | 234,643 | 4,464 | ||||||
Tsogo Sun Holdings | 144,914 | 216 | ||||||
| Description | Shares | Value (000) | ||||||
Wilson Bayly Holmes-Ovcon | 9,970 | $ | 92 | |||||
|
| |||||||
| 26,706 | ||||||||
|
| |||||||
South Korea — 2.6% |
| |||||||
AfreecaTV | 2,079 | 73 | ||||||
Asiana Airlines* | 6,426 | 24 | ||||||
Cheil Worldwide | 5,027 | 101 | ||||||
CJ Hello | 8,389 | 69 | ||||||
Com2uSCorp | 791 | 91 | ||||||
Dae Han Flour Mills | 86 | 14 | ||||||
Daelim Industrial | 2,794 | 257 | ||||||
Daeyang Electric* | 3,787 | 41 | ||||||
Dongyang E&P | 10,103 | 84 | ||||||
Fila Korea | 5,103 | 246 | ||||||
Global Standard Technology | 6,087 | 24 | ||||||
GS Engineering & Construction | 16,789 | 657 | ||||||
GS Home Shopping | 1,802 | 290 | ||||||
Hana Financial Group | 33,360 | 1,084 | ||||||
Hyundai Greenfood | 17,898 | 229 | ||||||
Hyundai Motor | 6,332 | 671 | ||||||
Industrial Bank of Korea | 36,870 | 464 | ||||||
Innocean Worldwide | 1,392 | 79 | ||||||
JB Financial Group | 9,678 | 50 | ||||||
Kia Motors | 21,527 | 650 | ||||||
Korea Gas* | 7,387 | 319 | ||||||
KT* | 17,542 | 468 | ||||||
KT ADR | 49,171 | 699 | ||||||
KT Skylife | 3,787 | 39 | ||||||
LG | 15,121 | 947 | ||||||
LG Display | 945 | 15 | ||||||
LG Electronics | 21,753 | 1,214 | ||||||
LG Household & Health Care | 1,610 | 1,589 | ||||||
LG Uplus | 101,551 | 1,604 | ||||||
Lotte Food | 41 | 26 | ||||||
Lotte Shopping | 5,215 | 985 | ||||||
MegaStudyEdu | 1,335 | 31 | ||||||
Moorim Paper | 24,540 | 62 | ||||||
NCSoft | 1,405 | 587 | ||||||
Neowiz* | 17,804 | 195 | ||||||
NHN Entertainment* | 3,312 | 170 | ||||||
POSCO | 5,514 | 1,203 | ||||||
POSCO ADR | 83,800 | 4,603 | ||||||
S-1, Cl 1 | 5,560 | 499 | ||||||
Samsung Electronics | 323,002 | 11,191 | ||||||
Samsung Electronics GDR (B) | 1,050 | 911 | ||||||
Samsung Fire & Marine Insurance | 5,802 | 1,399 | ||||||
Samsung SDS | 2,933 | 535 | ||||||
The accompanying notes are an integral part of the financial statements.
85
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
SeAH Holdings | 225 | $ | 20 | |||||
Seohan | 15,917 | 27 | ||||||
Shinhan Financial Group | 49,850 | 1,770 | ||||||
Shinsegae International | 593 | 104 | ||||||
SK Hynix | 48,378 | 2,621 | ||||||
SK Telecom | 9,902 | 2,393 | ||||||
SM Entertainment* | 3,612 | 169 | ||||||
UIL | 6,402 | 26 | ||||||
|
| |||||||
| 41,619 | ||||||||
|
| |||||||
Spain — 1.6% |
| |||||||
Acciona | 1,477 | 125 | ||||||
Acerinox | 45,510 | 452 | ||||||
ACS Actividades de Construccion y Servicios | 5,550 | 215 | ||||||
Aedas Homes SAU* (B) | 1,467 | �� | 37 | |||||
Aena SME (B) | 1,510 | 235 | ||||||
Almirall | 3,776 | 58 | ||||||
Amadeus IT Group, Cl A | 86,451 | 6,026 | ||||||
Applus Services | 8,288 | 92 | ||||||
Atresmedia de Medios de Comunicacion | 5,380 | 27 | ||||||
Banco Bilbao Vizcaya Argentaria | 155,525 | 826 | ||||||
Banco de Sabadell | 130,751 | 150 | ||||||
Banco Santander | 1,545,115 | 7,032 | ||||||
Bankia | 231,718 | 680 | ||||||
Bankinter | 16,736 | 135 | ||||||
Bolsas y Mercados Espanoles SHMSF | 4,672 | 131 | ||||||
CaixaBank | 85,265 | 309 | ||||||
Cellnex Telecom* (B) | 9,693 | 249 | ||||||
Cia de Distribucion Integral Logista Holdings | 3,237 | 81 | ||||||
CIE Automotive | 4,581 | 113 | ||||||
Construcciones y Auxiliar de Ferrocarriles | 1,196 | 50 | ||||||
Distribuidora Internacional de Alimentacion | 36,663 | 19 | ||||||
Ebro Foods | 4,746 | 95 | ||||||
eDreams ODIGEO* | 3,119 | 8 | ||||||
Enagas | 5,068 | 137 | ||||||
Ence Energia y Celulosa | 8,617 | 54 | ||||||
Endesa | 7,338 | 169 | ||||||
Ercros | 6,117 | 22 | ||||||
Euskaltel (B) | 6,025 | 48 | ||||||
Faes Farma | 17,889 | 61 | ||||||
Ferrovial | 19,351 | 392 | ||||||
Financiera Alba | 966 | 47 | ||||||
| Description | Shares | Value (000) | ||||||
Fluidra* | 3,096 | $ | 35 | |||||
Fomento de Construcciones y Contratas* | 4,641 | 62 | ||||||
Gestamp Automocion (B) | 85,269 | 485 | ||||||
Global Dominion Access* (B) | 6,430 | 32 | ||||||
Grifols | 6,892 | 181 | ||||||
Grupo Catalana Occidente | 2,647 | 99 | ||||||
Iberdrola | 138,938 | 1,118 | ||||||
Indra Sistemas* | 8,035 | 76 | ||||||
Industria de Diseno Textil | 25,459 | 652 | ||||||
Inmobiliaria Colonial Socimi‡ | 17,594 | 164 | ||||||
International Consolidated Airlines Group | 14,442 | 115 | ||||||
Lar Espana Real Estate Socimi‡ | 5,706 | 49 | ||||||
Liberbank* | 132,235 | 67 | ||||||
Mapfre | 22,998 | 61 | ||||||
Masmovil Ibercom* | 4,115 | 92 | ||||||
Mediaset Espana Comunicacion | 26,473 | 167 | ||||||
Melia Hotels International | 7,548 | 71 | ||||||
Merlin Properties Socimi‡ | 22,581 | 279 | ||||||
Metrovacesa* (B) | 2,783 | 35 | ||||||
Miquel y Costas & Miquel | 1,145 | 22 | ||||||
Naturgy Energy Group | 7,996 | 204 | ||||||
Neinor Homes* (B) | 4,938 | 74 | ||||||
Obrascon Huarte Lain | 11,657 | 9 | ||||||
Papeles y Cartones de Europa | 2,940 | 57 | ||||||
Promotora de Informaciones, Cl A* | 8,557 | 17 | ||||||
Prosegur Cia de Seguridad | 18,129 | 92 | ||||||
Red Electrica | 9,867 | 220 | ||||||
Repsol | 31,078 | 501 | ||||||
Sacyr | 22,979 | 46 | ||||||
Siemens Gamesa Renewable Energy | 5,198 | 63 | ||||||
Talgo* (B) | 5,771 | 35 | ||||||
Tecnicas Reunidas | 2,015 | 49 | ||||||
Telefonica | 108,796 | 915 | ||||||
Telepizza Group (B) | 5,643 | 38 | ||||||
Tubacex | 7,803 | 22 | ||||||
Unicaja Banco (B) | 58,414 | 77 | ||||||
Viscofan | 14,194 | 782 | ||||||
Zardoya Otis | 11,613 | 82 | ||||||
|
| |||||||
| 25,220 | ||||||||
|
| |||||||
Sweden — 1.5% |
| |||||||
AAK | 11,473 | 158 | ||||||
AcadeMedia* (B) | 4,888 | 22 | ||||||
AF, Cl B | 4,344 | 79 | ||||||
Ahlsell (B) | 21,320 | 125 | ||||||
Alfa Laval | 6,744 | 145 | ||||||
The accompanying notes are an integral part of the financial statements.
86
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Alimak Group (B) | 3,174 | $ | 40 | |||||
Arjo | 13,697 | 44 | ||||||
Assa Abloy, Cl B | 129,081 | 2,315 | ||||||
Atlas Copco, Cl A | 15,885 | 379 | ||||||
Atlas Copco, Cl B | 9,232 | 202 | ||||||
Attendo (B) | 6,405 | 56 | ||||||
Avanza Bank Holding | 1,427 | 69 | ||||||
Axfood | 6,540 | 112 | ||||||
Betsson | 7,080 | 58 | ||||||
Bilia, Cl A | 5,106 | 48 | ||||||
BillerudKorsnas | 11,090 | 132 | ||||||
BioGaia, Cl B | 972 | 35 | ||||||
Biotage | 3,259 | 40 | ||||||
Boliden | 6,579 | 143 | ||||||
Bonava, Cl B | 5,200 | 67 | ||||||
Bravida Holding (B) | 12,675 | 88 | ||||||
Bufab | 1,566 | 15 | ||||||
Bure Equity | 2,966 | 36 | ||||||
Camurus* | 670 | 5 | ||||||
Castellum | 17,518 | 323 | ||||||
Catena Media* | 2,399 | 27 | ||||||
Cellavision | 548 | 12 | ||||||
Cherry* | 2,966 | 29 | ||||||
Clas Ohlson, Cl B | 2,320 | 20 | ||||||
Cloetta, Cl B | 12,978 | 36 | ||||||
Collector* | 2,219 | 12 | ||||||
Dios Fastigheter | 6,325 | 40 | ||||||
Dometic Group (B) | 18,542 | 115 | ||||||
Dustin Group (B) | 3,923 | 33 | ||||||
Elanders, Cl B | 808 | 8 | ||||||
Electrolux | 5,129 | 108 | ||||||
Elekta, Cl B | 23,636 | 282 | ||||||
Eltel* (B) | 7,283 | 10 | ||||||
Epiroc, Cl A* | 15,294 | 145 | ||||||
Epiroc, Cl B* | 8,476 | 76 | ||||||
Essity, Cl B | 107,944 | 2,658 | ||||||
Evolution Gaming Group (B) | 1,427 | 82 | ||||||
Fabege | 17,044 | 228 | ||||||
Fastighets Balder, Cl B* | 6,343 | 181 | ||||||
Getinge, Cl B | 14,769 | 133 | ||||||
Granges | 4,597 | 42 | ||||||
Haldex | 2,446 | 19 | ||||||
Hansa Biopharma* | 1,720 | 54 | ||||||
Hembla, Cl B* | 2,636 | 44 | ||||||
Hemfosa Fastigheter | 10,211 | 81 | ||||||
Hennes & Mauritz, Cl B | 20,732 | 295 | ||||||
| Description | Shares | Value (000) | ||||||
Hexagon, Cl B | 6,164 | $ | 285 | |||||
Hexpol | 16,510 | 131 | ||||||
Hoist Finance (B) | 4,315 | 21 | ||||||
Holmen, Cl B | 6,642 | 131 | ||||||
Hufvudstaden, Cl A | 6,948 | 108 | ||||||
Humana | 1,453 | 10 | ||||||
Husqvarna, Cl B | 9,131 | 68 | ||||||
ICA Gruppen | 1,987 | 71 | ||||||
Industrivarden, Cl C | 3,673 | 75 | ||||||
Indutrade | 5,938 | 139 | ||||||
Intrum | 5,110 | 119 | ||||||
Investment Oresund* | 1,674 | 24 | ||||||
Investor, Cl B | 10,530 | 448 | ||||||
Inwido | 3,479 | 22 | ||||||
JM | 4,339 | 85 | ||||||
Kambi Group* | 1,427 | 31 | ||||||
Karo Pharma | 8,832 | 37 | ||||||
Kindred Group | 14,730 | 136 | ||||||
Kinnevik | 5,807 | 140 | ||||||
Klovern, Cl B | 36,322 | 42 | ||||||
Kungsleden | 12,182 | 87 | ||||||
L E Lundbergforetagen, Cl B | 1,444 | 43 | ||||||
LeoVegas (B) | 3,939 | 18 | ||||||
Lindab International | 4,244 | 30 | ||||||
Loomis, Cl B | 4,643 | 150 | ||||||
Lundin Petroleum | 4,179 | 105 | ||||||
Mekonomen | 2,400 | 25 | ||||||
Millicom International Cellular | 7,909 | 502 | ||||||
Modern Times Group, Cl B | 18,866 | 625 | ||||||
Munters Group (B) | 3,892 | 15 | ||||||
Mycronic | 4,501 | 60 | ||||||
NCC, Cl B | 5,883 | 92 | ||||||
NetEnt* | 12,197 | 50 | ||||||
New Wave Group, Cl B | 2,357 | 13 | ||||||
Nibe Industrier, Cl B | 20,129 | 207 | ||||||
Nobia | 7,288 | 41 | ||||||
Nobina (B) | 6,640 | 45 | ||||||
Nolato, Cl B | 1,223 | 51 | ||||||
Nordea Bank Abp | 141,586 | 1,193 | ||||||
Nyfosa* | 10,211 | 50 | ||||||
Oncopeptides* (B) | 1,321 | 20 | ||||||
Oriflame Holding | 2,632 | 59 | ||||||
Pandox, Cl B | 5,196 | 86 | ||||||
Paradox Interactive | 1,303 | 19 | ||||||
Peab | 12,075 | 99 | ||||||
Probi* | 325 | 13 | ||||||
The accompanying notes are an integral part of the financial statements.
87
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Radisson Hospitality* | 2,640 | $ | 12 | |||||
Ratos, Cl B | 13,851 | 36 | ||||||
RaySearch Laboratories* | 1,404 | 15 | ||||||
Recipharm, Cl B* | 3,097 | 40 | ||||||
Resurs Holding (B) | 6,433 | 40 | ||||||
Saab, Cl B | 4,970 | 173 | ||||||
Sandvik | 87,909 | 1,266 | ||||||
SAS* | 11,682 | 28 | ||||||
Scandi Standard | 3,940 | 28 | ||||||
Scandic Hotels Group (B) | 4,959 | 44 | ||||||
Securitas, Cl B | 7,067 | 114 | ||||||
Skandinaviska Enskilda Banken, Cl A | 37,368 | 364 | ||||||
Skanska, Cl B | 8,469 | 136 | ||||||
SKF, Cl B | 8,240 | 126 | ||||||
SkiStar | 1,308 | 31 | ||||||
SSAB, Cl A | 12,897 | 45 | ||||||
SSAB, Cl B | 37,610 | 106 | ||||||
Stillfront Group* | 853 | 13 | ||||||
Storytel* | 1,566 | 16 | ||||||
Svenska Cellulosa, Cl B | 38,696 | 302 | ||||||
Svenska Handelsbanken, Cl A | 130,871 | 1,462 | ||||||
Sweco, Cl B | 4,466 | 99 | ||||||
Swedbank, Cl A | 20,906 | 468 | ||||||
Swedish Match | 14,320 | 565 | ||||||
Swedish Orphan Biovitrum* | 10,514 | 230 | ||||||
Tele2, Cl B | 11,636 | 149 | ||||||
Telefonaktiebolaget LM Ericsson, Cl B | 70,688 | 631 | ||||||
Telia | 66,923 | 318 | ||||||
Thule Group (B) | 6,617 | 121 | ||||||
Tobii* | 5,597 | 17 | ||||||
Trelleborg, Cl B | 15,631 | 246 | ||||||
Troax Group | 794 | 23 | ||||||
Victoria Park, Cl B | 2,513 | 10 | ||||||
Vitrolife | 3,928 | 65 | ||||||
Volati | 1,272 | 5 | ||||||
Volvo, Cl B | 36,842 | 484 | ||||||
Wallenstam, Cl B | 10,971 | 102 | ||||||
Wihlborgs Fastigheter | 8,742 | 101 | ||||||
|
| |||||||
| 23,358 | ||||||||
|
| |||||||
Switzerland — 6.7% |
| |||||||
ABB | 42,971 | 821 | ||||||
Adecco | 26,710 | 1,255 | ||||||
Allreal Holding* | 849 | 132 | ||||||
ALSO Holding | 366 | 42 | ||||||
ams | 5,144 | 124 | ||||||
APG SGA | 90 | 30 | ||||||
| Description | Shares | Value (000) | ||||||
Arbonia* | 2,941 | $ | 32 | |||||
Aryzta* | 67,188 | 74 | ||||||
Ascom Holding | 2,245 | 31 | ||||||
Autoneum Holding | 186 | 28 | ||||||
Bachem Holding, Cl B | 307 | 36 | ||||||
Baloise Holding | 1,138 | 157 | ||||||
Banque Cantonale Vaudoise | 196 | 148 | ||||||
Barry Callebaut | 46 | 72 | ||||||
Basilea Pharmaceutica* | 749 | 31 | ||||||
Belimo Holding | 13 | 52 | ||||||
Bell Food Group | 146 | 45 | ||||||
BKW | 1,169 | 82 | ||||||
Bobst Group | 520 | 36 | ||||||
Bossard Holding | 362 | 52 | ||||||
Bucher Industries | 427 | 116 | ||||||
Burckhardt Compression Holding | 182 | 43 | ||||||
Burkhalter Holding | 300 | 24 | ||||||
Cembra Money Bank | 1,866 | 148 | ||||||
Ceva Logistics* | 1,918 | 58 | ||||||
Chocoladefabriken Lindt & Spruengli PC | 25 | 155 | ||||||
Chocoladefabriken Lindt & Sprungli | 2 | 149 | ||||||
Cie Financiere Richemont | 112,625 | 7,286 | ||||||
Clariant | 4,528 | 84 | ||||||
Coca-Cola | 4,634 | 145 | ||||||
Comet Holding | 428 | 35 | ||||||
Conzzeta | 86 | 67 | ||||||
COSMO Pharmaceuticals* | 524 | 47 | ||||||
Credit Suisse Group | 58,105 | 638 | ||||||
Daetwyler Holding | 492 | 63 | ||||||
DKSH Holding | 4,630 | 321 | ||||||
dormakaba Holding | 198 | 120 | ||||||
Dufry* | 690 | 66 | ||||||
EFG International | 5,473 | 32 | ||||||
Emmi | 139 | 97 | ||||||
EMS-Chemie Holding | 192 | 92 | ||||||
Feintool International Holding | 158 | 12 | ||||||
Flughafen Zurich | 1,279 | 212 | ||||||
Forbo Holding | 74 | 104 | ||||||
Galenica (B) | 3,048 | 134 | ||||||
GAM Holding* | 10,048 | 40 | ||||||
Geberit | 5,329 | 2,080 | ||||||
Georg Fischer | 263 | 210 | ||||||
Givaudan | 217 | 503 | ||||||
Gurit Holding | 27 | 24 | ||||||
Helvetia Holding | 858 | 503 | ||||||
Huber + Suhner | 788 | 53 | ||||||
The accompanying notes are an integral part of the financial statements.
88
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Idorsia* | 5,074 | $ | 83 | |||||
Implenia | 947 | 32 | ||||||
Inficon Holding | 122 | 62 | ||||||
Interroll Holding | 42 | 62 | ||||||
Intershop Holding | 77 | 38 | ||||||
Investis Holding | 165 | 10 | ||||||
Julius Baer Group | 5,077 | 182 | ||||||
Kardex | 391 | 45 | ||||||
Komax Holding | 233 | 55 | ||||||
Kudelski | 2,291 | 13 | ||||||
Kuehne + Nagel International | 5,045 | 649 | ||||||
LafargeHolcim | 144,179 | 5,969 | ||||||
Landis+Gyr Group* | 1,726 | 97 | ||||||
LEM Holding | 29 | 31 | ||||||
Leonteq* | 583 | 24 | ||||||
Liechtensteinische Landesbank | 779 | 51 | ||||||
Logitech International | 33,555 | 1,057 | ||||||
Lonza Group | 1,747 | 456 | ||||||
Meyer Burger Technology* | 32,317 | 20 | ||||||
Mobilezone Holding | 2,436 | 27 | ||||||
Mobimo Holding | 436 | 104 | ||||||
Molecular Partners* | 862 | 17 | ||||||
Nestle | 250,186 | 20,347 | ||||||
Novartis | 239,904 | 20,586 | ||||||
OC Oerlikon | 13,168 | 149 | ||||||
Orascom Development Holding* | 900 | 14 | ||||||
Orior | 417 | 34 | ||||||
Panalpina Welttransport Holding | 688 | 92 | ||||||
Pargesa Holding | 805 | 58 | ||||||
Partners Group Holding | 391 | 237 | ||||||
PSP Swiss Property | 2,646 | 262 | ||||||
Rieter Holding | 210 | 28 | ||||||
Roche Holding | 60,236 | 14,988 | ||||||
Schindler Holding | 449 | 88 | ||||||
Schindler Holding | 930 | 185 | ||||||
Schmolz + Bickenbach* | 22,062 | 12 | ||||||
Schweiter Technologies | 62 | 55 | ||||||
Sensirion Holding* (B) | 158 | 7 | ||||||
SFS Group | 1,096 | 85 | ||||||
SGS | 120 | 271 | ||||||
Siegfried Holding | 249 | 85 | ||||||
Sika | 19,613 | 2,497 | ||||||
Sonova Holding | 4,348 | 716 | ||||||
St. Galler Kantonalbank | 165 | 76 | ||||||
Straumann Holding | 253 | 160 | ||||||
Sulzer | 1,212 | 97 | ||||||
| Description | Shares | Value (000) | ||||||
Sunrise Communications Group (B) | 2,190 | $ | 193 | |||||
Swatch Group | 1,404 | 82 | ||||||
Swatch Group BR | 17,570 | 5,141 | ||||||
Swiss Life Holding | 780 | 302 | ||||||
Swiss Prime Site | 1,822 | 148 | ||||||
Swiss Re | 6,979 | 642 | ||||||
Swisscom | 600 | 289 | ||||||
Swissquote Group Holding | 555 | 26 | ||||||
Tecan Group | 715 | 139 | ||||||
Temenos | 1,437 | 173 | ||||||
u-blox Holding | 459 | 37 | ||||||
UBS Group | 583,315 | 7,280 | ||||||
Valiant Holding | 984 | 108 | ||||||
Valora Holding* | 216 | 47 | ||||||
VAT Group (B) | 1,736 | 153 | ||||||
Vifor Pharma | 1,004 | 109 | ||||||
Vontobel Holding | 1,622 | 83 | ||||||
VZ Holding | 172 | 47 | ||||||
Ypsomed Holding | 215 | 25 | ||||||
Zehnder Group | 669 | 23 | ||||||
Zur Rose Group* | 359 | 33 | ||||||
Zurich Insurance Group | 15,148 | 4,532 | ||||||
|
| |||||||
| 106,766 | ||||||||
|
| |||||||
Taiwan — 2.0% |
| |||||||
AU Optronics ADR | 528,163 | 2,081 | ||||||
Chroma ATE | 109,000 | 418 | ||||||
Delta Electronics | 251,516 | 1,060 | ||||||
E.Sun Financial Holding | 1,937,000 | 1,268 | ||||||
Giant Manufacturing | 115,414 | 542 | ||||||
Merida Industry | 48,457 | 218 | ||||||
PChome Online* | 146,587 | 604 | ||||||
Taiwan Semiconductor Manufacturing | 432,000 | 3,165 | ||||||
Taiwan Semiconductor Manufacturing ADR | 462,289 | 17,064 | ||||||
Teco Electric and Machinery | 1,077,387 | 611 | ||||||
Uni-President Enterprises | 1,075,000 | 2,435 | ||||||
United Microelectronics ADR | 498,001 | 891 | ||||||
Yungtay Engineering | 606,000 | 1,165 | ||||||
|
| |||||||
| 31,522 | ||||||||
|
| |||||||
Thailand — 0.7% |
| |||||||
Airports of Thailand | 1,285,600 | 2,538 | ||||||
Bangchak NVDR | 160,900 | 157 | ||||||
Bangkok Bank | 132,900 | 829 | ||||||
Bangkok Bank NVDR | 21,200 | 132 | ||||||
BEC World* | 583,700 | 87 | ||||||
The accompanying notes are an integral part of the financial statements.
89
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
CP ALL | 1,128,600 | $ | 2,388 | |||||
Kasikornbank | 72,700 | 414 | ||||||
KGI Securities Thailand NVDR | 317,700 | 41 | ||||||
Krung Thai Bank | 263,500 | 156 | ||||||
Krung Thai Bank NVDR | 206,600 | 122 | ||||||
PTT NVDR | 1,459,600 | 2,090 | ||||||
PTT Exploration & Production NVDR | 18,100 | 64 | ||||||
PTT Global Chemical | 103,200 | 226 | ||||||
PTT Global Chemical NVDR | 395,300 | 867 | ||||||
Sri Trang Agro-Industry NVDR | 350,800 | 153 | ||||||
Star Petroleum Refining NVDR | 1,491,400 | 441 | ||||||
Syntec Construction NVDR | 412,500 | 35 | ||||||
Thai Oil NVDR | 340,100 | 694 | ||||||
|
| |||||||
| 11,434 | ||||||||
|
| |||||||
Turkey — 0.4% |
| |||||||
Akbank T.A.S. | 877,894 | 1,138 | ||||||
Albaraka Turk Katilim Bankasi | 44,267 | 10 | ||||||
Anadolu Cam Sanayii | 44,655 | 23 | ||||||
BIM Birlesik Magazalar | 19,721 | 324 | ||||||
Dogan Sirketler Grubu Holding* | 2,244,390 | 433 | ||||||
Eregli Demir ve Celik Fabrikalari | 535,664 | 731 | ||||||
Haci Omer Sabanci Holding | 101,949 | 145 | ||||||
Turk Hava Yollari* | 368,130 | 1,120 | ||||||
Turkiye Garanti Bankasi | 1,190,448 | 1,790 | ||||||
Turkiye Sise ve Cam Fabrikalari | 421,190 | 451 | ||||||
Ulker Biskuvi Sanayi | 94,483 | 262 | ||||||
|
| |||||||
| 6,427 | ||||||||
|
| |||||||
United Arab Emirates — 0.0% |
| |||||||
Aldar Properties PJSC | 979,657 | 426 | ||||||
Emirates NBD PJSC | 10,430 | 25 | ||||||
First Abu Dhabi Bank PJSC | 19,382 | 75 | ||||||
|
| |||||||
| 526 | ||||||||
|
| |||||||
United Kingdom — 15.0% |
| |||||||
3i Group | 150,218 | 1,481 | ||||||
888 Holdings | 22,418 | 50 | ||||||
AA | 35,838 | 34 | ||||||
Abcam | 11,904 | 165 | ||||||
Acacia Mining* | 11,025 | 26 | ||||||
accesso Technology Group* | 1,549 | 29 | ||||||
Admiral Group | 38,660 | 1,009 | ||||||
Advanced Medical Solutions Group | 12,135 | 43 | ||||||
Aggreko | 323,354 | 3,019 | ||||||
Alfa Financial Software Holdings* (B) | 4,455 | 7 | ||||||
Alliance Pharma | 21,813 | 19 | ||||||
| Description | Shares | Value (000) | ||||||
Amigo Holdings (B) | 8,051 | $ | 29 | |||||
Anglo American | 318,329 | 7,091 | ||||||
Antofagasta | 60,591 | 605 | ||||||
AO World* | 16,162 | 26 | ||||||
Arrow Global Group | �� | 10,171 | 23 | |||||
Ascential | 24,237 | 116 | ||||||
Ashmore Group | 24,222 | 113 | ||||||
Ashtead Group | 10,901 | 227 | ||||||
ASOS* | 3,495 | 101 | ||||||
Associated British Foods | 8,566 | 223 | ||||||
Assura‡ | 155,842 | 105 | ||||||
AstraZeneca | 29,317 | 2,195 | ||||||
Auto Trader Group (B) | 117,679 | 682 | ||||||
Avast* (B) | 18,083 | 65 | ||||||
AVEVA Group | 4,044 | 124 | ||||||
Aviva | 90,172 | 432 | ||||||
B&M European Value Retail | 57,485 | 206 | ||||||
Babcock International Group | 4,743 | 30 | ||||||
BAE Systems | 203,122 | 1,189 | ||||||
Bakkavor Group (B) | 8,848 | 16 | ||||||
Balfour Beatty | 44,627 | 142 | ||||||
Bank of Georgia Group | 2,375 | 42 | ||||||
Bank of Ireland Group | 11,295 | 63 | ||||||
Barclays | 1,897,555 | 3,641 | ||||||
Barratt Developments | 57,923 | 342 | ||||||
BBA Aviation | 65,842 | 183 | ||||||
BCA Marketplace | 47,903 | 134 | ||||||
Beazley | 33,539 | 215 | ||||||
Bellway | 7,879 | 253 | ||||||
Berkeley Group Holdings | 41,728 | 1,849 | ||||||
BHP Group | 362,395 | 7,628 | ||||||
Biffa (B) | 16,111 | 40 | ||||||
Big Yellow Group‡ | 9,837 | 110 | ||||||
Blue Prism Group* | 3,114 | 44 | ||||||
Bodycote | 11,926 | 110 | ||||||
boohoo Group* | 47,792 | 98 | ||||||
Bovis Homes Group | 8,480 | 93 | ||||||
BP | 758,768 | 4,796 | ||||||
Brewin Dolphin Holdings | 18,321 | 75 | ||||||
British American Tobacco | 55,660 | 1,774 | ||||||
British American Tobacco ADR | 3,308 | 105 | ||||||
British Land‡ | 22,005 | 150 | ||||||
Britvic | 17,086 | 174 | ||||||
BT Group, Cl A | 192,080 | 582 | ||||||
BTG* | 19,876 | 210 | ||||||
Bunzl | 63,082 | 1,905 | ||||||
The accompanying notes are an integral part of the financial statements.
90
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Burberry Group | 9,759 | $ | 217 | |||||
Burford Capital | 12,622 | 266 | ||||||
Cairn Energy* | 35,902 | 69 | ||||||
Cairn Homes (ISE Shares)* | 6,734 | 8 | ||||||
Cairn Homes (LSE Shares)* | 45,134 | 55 | ||||||
Capita* | 380,631 | 545 | ||||||
Capital & Counties Properties | 47,340 | 139 | ||||||
Capital & Regional‡ | 23,280 | 8 | ||||||
Card Factory | 19,553 | 43 | ||||||
Carnival | 75,038 | 3,599 | ||||||
Centamin | 71,974 | 100 | ||||||
Central Asia Metals | 11,671 | 32 | ||||||
Centrica | 125,354 | 216 | ||||||
Charter Court Financial Services Group (B) | 7,340 | 23 | ||||||
Chemring Group | 21,096 | 43 | ||||||
Cineworld Group | 60,697 | 204 | ||||||
Civitas Social Housing‡ | 22,666 | 31 | ||||||
Clinigen Group | 6,969 | 67 | ||||||
Close Brothers Group | 21,933 | 402 | ||||||
CMC Markets (B) | 5,271 | 7 | ||||||
Coats Group | 92,787 | 96 | ||||||
Cobham* | 1,988,068 | 2,476 | ||||||
Compass Group | 423,436 | 8,905 | ||||||
Computacenter | 4,538 | 58 | ||||||
ConvaTec Group (B) | 323,687 | 573 | ||||||
Costain Group | 6,901 | 28 | ||||||
Countryside Properties (B) | 25,152 | 98 | ||||||
Cranswick | 3,260 | 109 | ||||||
Crest Nicholson Holdings | 15,504 | 65 | ||||||
CRH | 6,520 | 172 | ||||||
Croda International | 3,047 | 183 | ||||||
CVS Group | 4,544 | 38 | ||||||
CYBG | 81,974 | 189 | ||||||
Daily Mail & General Trust, Cl A | 54,091 | 396 | ||||||
Dairy Crest Group | 10,160 | 55 | ||||||
Dart Group | 6,448 | 63 | ||||||
DCC | 15,839 | 1,208 | ||||||
De La Rue | 6,333 | 34 | ||||||
Dechra Pharmaceuticals | 6,576 | 174 | ||||||
Derwent London‡ | 6,785 | 247 | ||||||
Devro | 79,921 | 163 | ||||||
DFS Furniture | 14,062 | 33 | ||||||
Diageo | 441,028 | 15,711 | ||||||
Dialog Semiconductor* | 4,921 | 128 | ||||||
Dignity | 3,179 | 28 | ||||||
Diploma | 7,457 | 115 | ||||||
| Description | Shares | Value (000) | ||||||
Direct Line Insurance Group | 30,873 | $ | 125 | |||||
Dixons Carphone | 61,595 | 94 | ||||||
Domino’s Pizza Group | 31,027 | 92 | ||||||
Drax Group | 26,526 | 121 | ||||||
DS Smith | 188,712 | 720 | ||||||
Dunelm Group | 6,096 | 42 | ||||||
easyJet | 36,849 | 520 | ||||||
EI Group* | 30,066 | 70 | ||||||
Electrocomponents | 28,260 | 182 | ||||||
Elementis | 36,672 | 85 | ||||||
Elis | 4,062 | 68 | ||||||
EMIS Group | 3,587 | 42 | ||||||
Empiric Student Property‡ | 41,370 | 49 | ||||||
EnQuest* | 111,666 | 31 | ||||||
Equiniti Group (B) | 21,938 | 60 | ||||||
Essentra | 17,152 | 75 | ||||||
Experian | 291,497 | 7,077 | ||||||
Faroe Petroleum* | 21,582 | 40 | ||||||
Ferguson | 5,269 | 337 | ||||||
Ferrexpo | 17,961 | 45 | ||||||
Fevertree Drinks | 6,299 | 177 | ||||||
First Derivatives | 1,132 | 31 | ||||||
Firstgroup* | 75,511 | 80 | ||||||
Forterra (B) | 13,583 | 39 | ||||||
Fresnillo | 4,917 | 54 | ||||||
Frontier Developments* | 1,175 | 12 | ||||||
Future | 5,154 | 31 | ||||||
G4S | 354,582 | 890 | ||||||
Galliford Try | 8,043 | 64 | ||||||
Games Workshop Group | 1,883 | 73 | ||||||
GB Group | 9,206 | 50 | ||||||
GCP Student Living‡ | 23,509 | 44 | ||||||
Genus | 3,998 | 109 | ||||||
Georgia Capital* | 22,372 | 291 | ||||||
GlaxoSmithKline | 114,817 | 2,182 | ||||||
Glencore | 571,469 | 2,122 | ||||||
Global Ports Investments GDR* | 202,364 | 470 | ||||||
Globaltrans Investment GDR | 35,928 | 326 | ||||||
Go-Ahead Group | 2,548 | 50 | ||||||
Gocompare.Com Group | 22,008 | 19 | ||||||
Grafton Group | 14,901 | 122 | ||||||
Grainger | 39,821 | 106 | ||||||
Great Portland Estates‡ | 16,772 | 141 | ||||||
Greencore Group | 45,444 | 103 | ||||||
Greene King | 19,290 | 130 | ||||||
Greggs | 6,243 | 101 | ||||||
The accompanying notes are an integral part of the financial statements.
91
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Gulf Keystone Petroleum* | 13,997 | $ | 32 | |||||
GVC Holdings | 72,217 | 620 | ||||||
Halfords Group | 12,469 | 41 | ||||||
Halma | 24,390 | 424 | ||||||
Hammerson‡ | 18,573 | 78 | ||||||
Hansteen Holdings‡ | 28,917 | 34 | ||||||
Hargreaves Lansdown | 6,278 | 148 | ||||||
Hastings Group Holdings (B) | 21,673 | 52 | ||||||
Hays | 439,331 | 784 | ||||||
Helical | 6,237 | 25 | ||||||
Hikma Pharmaceuticals | 9,340 | 204 | ||||||
Hill & Smith Holdings | 5,013 | 77 | ||||||
Hiscox | 18,355 | 379 | ||||||
Hochschild Mining | 17,617 | 35 | ||||||
HomeServe | 149,360 | 1,648 | ||||||
Hon Hai Precision Industry GDR | 77,139 | 360 | ||||||
Hotel Chocolat Group | 2,456 | 8 | ||||||
Howden Joinery Group | 39,864 | 221 | ||||||
HSBC Holdings | 459,920 | 3,792 | ||||||
Hunting | 9,214 | 56 | ||||||
Hurricane Energy* | 90,218 | 51 | ||||||
Ibstock (B) | 25,668 | 65 | ||||||
IG Design Group | 2,982 | 22 | ||||||
IG Group Holdings | 89,434 | 650 | ||||||
IMI | 183,172 | 2,203 | ||||||
Imperial Brands | 21,679 | 657 | ||||||
Inchcape | 91,529 | 644 | ||||||
Indivior* | 45,533 | 65 | ||||||
Informa | 110,812 | 890 | ||||||
Inmarsat | 29,555 | 143 | ||||||
IntegraFin Holdings | 12,138 | 47 | ||||||
InterContinental Hotels Group | 4,262 | 230 | ||||||
Intermediate Capital Group | 18,596 | 222 | ||||||
International Personal Finance | 140,712 | 369 | ||||||
Intertek Group | 46,445 | 2,842 | ||||||
Intu Properties‡ | 57,332 | 83 | ||||||
Investec | 14,440 | 81 | ||||||
iomart Group | 5,886 | 25 | ||||||
IQE* | 46,627 | 39 | ||||||
ITE Group | 43,809 | 35 | ||||||
ITV | 617,710 | 983 | ||||||
IWG | 44,242 | 118 | ||||||
J D Wetherspoon | 4,336 | 62 | ||||||
J Sainsbury | 41,496 | 140 | ||||||
JD Sports Fashion | 28,325 | 126 | ||||||
John Laing Group (B) | 31,660 | 134 | ||||||
| Description | Shares | Value (000) | ||||||
John Menzies | 5,096 | $ | 33 | |||||
John Wood Group | 66,377 | 429 | ||||||
Johnson Matthey | 4,496 | 160 | ||||||
JPJ Group* | 3,426 | 28 | ||||||
Jupiter Fund Management | 113,725 | 428 | ||||||
Just Eat* | 278,982 | 2,088 | ||||||
Just Group | 58,602 | 69 | ||||||
Kainos Group | 3,362 | 17 | ||||||
KAZ Minerals | 15,253 | 103 | ||||||
KCOM Group | 29,605 | 28 | ||||||
Keller Group | 4,335 | 27 | ||||||
Kerry Group, Cl A | 3,752 | 372 | ||||||
Keywords Studios | 3,255 | 44 | ||||||
Kier Group | 10,653 | 55 | ||||||
Kingfisher | 46,049 | 122 | ||||||
Kingspan Group | 3,470 | 149 | ||||||
Lancashire Holdings | 12,327 | 95 | ||||||
Land Securities Group‡ | 16,974 | 174 | ||||||
Learning Technologies Group | 26,748 | 24 | ||||||
Legal & General Group | 136,347 | 401 | ||||||
Lloyds Banking Group | 10,635,535 | 7,028 | ||||||
London Stock Exchange Group | 7,412 | 384 | ||||||
LondonMetric Property‡ | 43,868 | 97 | ||||||
Lookers | 19,201 | 23 | ||||||
Lukoil PJSC ADR | 5,391 | 385 | ||||||
Majestic Wine | 2,969 | 9 | ||||||
Man Group | 102,045 | 173 | ||||||
Marks & Spencer Group | 36,385 | 115 | ||||||
Marshalls | 12,174 | 72 | ||||||
Marston’s | 40,626 | 49 | ||||||
McCarthy & Stone (B) | 105,305 | 186 | ||||||
Mediclinic International | 25,638 | 105 | ||||||
Meggitt | 17,957 | 108 | ||||||
Melrose Industries | 108,430 | 226 | ||||||
Merlin Entertainments (B) | 329,066 | 1,332 | ||||||
Metro Bank* | 5,667 | 122 | ||||||
Micro Focus International | 5,109 | 90 | ||||||
Micro Focus International ADR | 5,456 | 94 | ||||||
Mitchells & Butlers* | 12,839 | 42 | ||||||
Mitie Group | 21,908 | 31 | ||||||
MMC Norilsk Nickel PJSC ADR | 28,340 | 532 | ||||||
Mondi | 8,277 | 172 | ||||||
Moneysupermarket.com Group | 51,758 | 182 | ||||||
Morgan Advanced Materials | 16,800 | 56 | ||||||
Morgan Sindall Group | 2,331 | 31 | ||||||
N Brown Group | 10,040 | 12 | ||||||
The accompanying notes are an integral part of the financial statements.
92
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
National Express Group | 70,091 | $ | 333 | |||||
National Grid | 103,346 | 1,006 | ||||||
NCC Group | 18,968 | 42 | ||||||
NewRiver‡ | 20,238 | 55 | ||||||
Next | 3,239 | 165 | ||||||
NMC Health | 2,223 | 78 | ||||||
Non-Standard Finance (B) | 125,332 | 105 | ||||||
Northgate | 9,193 | 45 | ||||||
Nostrum Oil & Gas* | 4,551 | 6 | ||||||
Novolipetsk Steel PJSC GDR | 37,865 | 866 | ||||||
Numis | 4,352 | 13 | ||||||
Ocado Group* | 35,353 | 356 | ||||||
On the Beach Group (B) | 7,331 | 31 | ||||||
OneSavings Bank | 14,589 | 65 | ||||||
Ophir Energy* | 41,527 | 19 | ||||||
Oxford Biomedica* | 2,992 | 27 | ||||||
Paddy Power Betfair | 10,376 | 846 | ||||||
Pagegroup | 61,748 | 355 | ||||||
Paragon Banking Group | 16,669 | 82 | ||||||
Patisserie Holdings (A) | 3,055 | 4 | ||||||
Pearson | 18,000 | 215 | ||||||
Pendragon | 77,179 | 22 | ||||||
Pennon Group | 26,850 | 237 | ||||||
Persimmon | 6,821 | 168 | ||||||
Petra Diamonds* | 49,615 | 24 | ||||||
Petrofac | 34,449 | 209 | ||||||
Pets at Home Group | 125,835 | 186 | ||||||
Phoenix Group Holdings | 35,268 | 253 | ||||||
PhosAgro PJSC GDR | 3,930 | 50 | ||||||
Photo-Me International | 17,489 | 20 | ||||||
Playtech | 49,207 | 241 | ||||||
Plus500 | 4,873 | 85 | ||||||
Polypipe Group | 13,104 | 55 | ||||||
Premier Foods* | 35,165 | 15 | ||||||
Premier Oil* | 47,488 | 40 | ||||||
Primary Health Properties‡ | 49,656 | 70 | ||||||
Provident Financial* | 75,701 | 555 | ||||||
Prudential | 146,963 | 2,626 | ||||||
Purplebricks Group* | 12,464 | 24 | ||||||
PZ Cussons | 18,969 | 51 | ||||||
QinetiQ Group | 36,925 | 135 | ||||||
Quilter* (B) | 120,787 | 182 | ||||||
Randgold Resources | 2,226 | 186 | ||||||
Rathbone Brothers | 8,251 | 246 | ||||||
RDI‡ | 89,050 | 33 | ||||||
Reckitt Benckiser Group | 101,842 | 7,806 | ||||||
| Description | Shares | Value (000) | ||||||
Redde | 18,798 | $ | 41 | |||||
Redrow | 15,605 | 98 | ||||||
Regional REIT‡ (B) | 19,308 | 23 | ||||||
RELX | 174,025 | 3,585 | ||||||
Renewi | 46,981 | 20 | ||||||
Renishaw | 2,248 | 121 | ||||||
Rentokil Initial | 118,255 | 508 | ||||||
Restaurant Group | 32,635 | 59 | ||||||
Restore | 7,110 | 29 | ||||||
Rhi Magnesita | 468 | 24 | ||||||
Rightmove | 418,648 | 2,307 | ||||||
Rio Tinto | 111,263 | 5,290 | ||||||
Rolls-Royce Holdings | 382,628 | 4,048 | ||||||
Rotork | 108,760 | 343 | ||||||
Royal Bank of Scotland Group | 114,837 | 317 | ||||||
Royal Dutch Shell, Cl A | 106,223 | 3,124 | ||||||
Royal Dutch Shell, Cl B | 356,979 | 10,647 | ||||||
Royal Mail | 19,184 | 67 | ||||||
RPC Group | 25,621 | 213 | ||||||
RPS Group | 13,796 | 24 | ||||||
RSA Insurance Group | 23,909 | 157 | ||||||
RWS Holdings | 11,242 | 69 | ||||||
Sabre Insurance Group (B) | 14,058 | 49 | ||||||
SafeCharge International Group | 2,887 | 9 | ||||||
Safestore Holdings‡ | 12,907 | 83 | ||||||
Saga | 69,005 | 91 | ||||||
Sage Group | 25,136 | 192 | ||||||
Samsung Electronics GDR | 4,860 | 4,214 | ||||||
Sanne Group | 8,289 | 61 | ||||||
Savills | 8,779 | 79 | ||||||
Scapa Group | 8,706 | 34 | ||||||
Schroder‡ | 35,304 | 26 | ||||||
Schroders | 2,906 | 90 | ||||||
Segro‡ | 23,427 | 176 | ||||||
Senior | 25,853 | 62 | ||||||
Serco Group* | 491,668 | 599 | ||||||
Severn Trent | 5,305 | 123 | ||||||
Severstal PJSC GDR | 53,292 | 727 | ||||||
Shaftesbury‡ | 10,940 | 116 | ||||||
Shire | 21,245 | 1,238 | ||||||
SIG | 35,300 | 49 | ||||||
Sirius Minerals* | 269,336 | 71 | ||||||
Sirius Real Estate | 54,356 | 42 | ||||||
Smart Metering Systems | 6,035 | 40 | ||||||
Smith & Nephew | 36,974 | 690 | ||||||
Smiths Group | 194,603 | 3,384 | ||||||
The accompanying notes are an integral part of the financial statements.
93
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Soco International | 8,839 | $ | 8 | |||||
Softcat | 7,038 | 53 | ||||||
SolGold* | 41,445 | 19 | ||||||
Sophos Group (B) | 21,251 | 103 | ||||||
Sound Energy, Cl A* | 41,089 | 12 | ||||||
South32 | 5,924 | 14 | ||||||
Spectris | 149,104 | 4,332 | ||||||
Spirax-Sarco Engineering | 4,685 | 373 | ||||||
Spire Healthcare Group (B) | 17,569 | 24 | ||||||
Sports Direct International* | 13,748 | 42 | ||||||
SSE | 23,033 | 318 | ||||||
SSP Group | 168,859 | 1,393 | ||||||
St. James’s Place | 46,086 | 555 | ||||||
St. Modwen Properties | 11,733 | 59 | ||||||
Staffline Group | 921 | 15 | ||||||
Stagecoach Group | 26,067 | 44 | ||||||
Standard Chartered | 204,134 | 1,585 | ||||||
Standard Life Aberdeen | 55,074 | 180 | ||||||
Standard Life Investment Property Income Trust‡ | 24,664 | 26 | ||||||
State Bank of India GDR* | 53,780 | 2,291 | ||||||
Stobart Group | 19,071 | 35 | ||||||
Stock Spirits Group | 10,082 | 27 | ||||||
Superdry | 3,241 | 19 | ||||||
Synthomer | 17,704 | 81 | ||||||
TalkTalk Telecom Group | 42,529 | 62 | ||||||
Tate & Lyle | 29,630 | 249 | ||||||
Taylor Wimpey | 70,542 | 123 | ||||||
Ted Baker | 1,943 | 38 | ||||||
Telecom Plus | 3,809 | 70 | ||||||
Telford Homes | 5,277 | 19 | ||||||
Tesco | 3,080,861 | 7,466 | ||||||
Thomas Cook Group* | 742,872 | 291 | ||||||
TP ICAP | 36,447 | 140 | ||||||
Travis Perkins | 412,393 | 5,625 | ||||||
Tritax Big Box‡ | 94,565 | 158 | ||||||
TUI | 48,634 | 698 | ||||||
Tullow Oil* | 88,736 | 203 | ||||||
UDG Healthcare | 16,071 | 123 | ||||||
Ultra Electronics Holdings | 4,819 | 80 | ||||||
Unilever | 59,981 | 3,141 | ||||||
UNITE Group‡ | 16,971 | 174 | ||||||
United Utilities Group | 15,235 | 143 | ||||||
Vectura Group* | 36,072 | 32 | ||||||
Vesuvius | 13,928 | 90 | ||||||
Victoria* | 7,061 | 42 | ||||||
Victrex | 5,525 | 161 | ||||||
| Description | Shares | Value (000) | ||||||
Vodafone Group | 745,528 | $ | 1,453 | |||||
Watkin Jones | 11,449 | 30 | ||||||
Weir Group | 201,651 | 3,337 | ||||||
WH Smith | 35,693 | 782 | ||||||
Whitbread | 4,104 | 240 | ||||||
William Hill | 55,317 | 109 | ||||||
WM Morrison Supermarkets | 55,211 | 150 | ||||||
Workspace Group‡ | 8,726 | 88 | ||||||
WPP | 400,667 | 4,325 | ||||||
|
| |||||||
| 238,637 | ||||||||
|
| |||||||
United States — 1.0% |
| |||||||
Communication Services — 0.1% |
| |||||||
Yandex, Cl A* | 84,380 | 2,308 | ||||||
|
| |||||||
Consumer Staples — 0.0% |
| |||||||
Coca-Cola European Partners | 1,800 | 83 | ||||||
|
| |||||||
Energy — 0.0% |
| |||||||
TransCanada | 2,500 | 89 | ||||||
|
| |||||||
Financials — 0.0% |
| |||||||
Bank of Nova Scotia | 5,500 | 275 | ||||||
Toronto-Dominion Bank | 1,900 | 94 | ||||||
|
| |||||||
| 369 | ||||||||
|
| |||||||
Health Care — 0.0% |
| |||||||
ProQR Therapeutics* | 1,200 | 19 | ||||||
UroGen Pharma* | 608 | 26 | ||||||
|
| |||||||
| 45 | ||||||||
|
| |||||||
Industrials — 0.8% |
| |||||||
CAE | 29,300 | 538 | ||||||
Caesarstone | 1,468 | 20 | ||||||
Canadian National Railway | 75,828 | 5,619 | ||||||
Copa Holdings, Cl A | 32,300 | 2,542 | ||||||
Kornit Digital* | 1,788 | 33 | ||||||
|
| |||||||
| 8,752 | ||||||||
|
| |||||||
Information Technology — 0.0% |
| |||||||
CyberArk Software* | 2,310 | 171 | ||||||
Genpact | 14,133 | 382 | ||||||
InterXion Holding* | 4,565 | 247 | ||||||
Ituran Location and Control | 1,029 | 33 | ||||||
NXP Semiconductors | 7,859 | 576 | ||||||
Orbotech* | 2,969 | 168 | ||||||
Wix.com* | 1,000 | 90 | ||||||
|
| |||||||
| 1,667 | ||||||||
|
| |||||||
Materials — 0.1% |
| |||||||
Constellium, Cl A* | 7,350 | 51 | ||||||
The accompanying notes are an integral part of the financial statements.
94
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Southern Copper | 75,862 | $ | 2,335 | |||||
|
| |||||||
| 2,386 | ||||||||
|
| |||||||
| 15,699 | ||||||||
|
| |||||||
Total Common Stock | 1,529,781 | |||||||
|
| |||||||
PREFERRED STOCK (C) — 0.8% |
| |||||||
Alpargatas | 347,398 | 1,526 | ||||||
Banco Bradesco | 60,931 | 608 | ||||||
Banco do Estado do Rio Grande do Sul | 103,400 | 592 | ||||||
Bayerische Motoren Werke | 1,313 | 94 | ||||||
Biotest | 1,220 | 33 | ||||||
Draegerwerk & KGaA | 593 | 32 | ||||||
FUCHS PETROLUB | 25,866 | 1,067 | ||||||
Grupo Aval Acciones y Valores | 729,365 | 224 | ||||||
Henkel & KGaA | 4,022 | 440 | ||||||
Itau Unibanco Holding | 365,100 | 3,344 | ||||||
Itausa - Investimentos Itau | 249,617 | 778 | ||||||
Jungheinrich | 3,045 | 80 | ||||||
Petroleo Brasileiro | 82,400 | 482 | ||||||
Porsche Automobil Holding | 3,436 | 204 | ||||||
Sartorius | 869 | 109 | ||||||
Sixt | 1,007 | 56 | ||||||
STO & KGaA | 146 | 14 | ||||||
Telefonica Brasil | 117,100 | 1,397 | ||||||
Volkswagen | 10,338 | 1,650 | ||||||
|
| |||||||
Total Preferred Stock | 12,730 | |||||||
|
| |||||||
EXCHANGE TRADED FUND — 0.0% |
| |||||||
P2P Global Investments | 5,075 | 52 | ||||||
|
| |||||||
Total Exchange Traded Fund | 52 | |||||||
|
| |||||||
| Number of Rights | ||||||||
RIGHTS — 0.0% |
| |||||||
Repsol* ‡‡ | 31,078 | 14 | ||||||
|
| |||||||
Total Rights | 14 | |||||||
|
| |||||||
| Number of Warrants | ||||||||
WARRANTS — 0.0% |
| |||||||
Ezion Holdings, Expires 4/16/2023* (A) | 77,880 | — | ||||||
|
| |||||||
Total Warrants | — | |||||||
|
| |||||||
| Description | Shares | Value (000) | ||||||
SHORT-TERM INVESTMENT — 2.1% |
| |||||||
State Street Institutional Treasury Money Market Fund, Cl Premier, 2.240% (D) | 32,875,214 | $ | 32,875 | |||||
|
| |||||||
Total Short-Term Investment | 32,875 | |||||||
|
| |||||||
Total Investments In Securities — 99.0% |
| $ | 1,575,452 | |||||
|
| |||||||
Percentages are based on net assets of $1,591,217 (000).
A list of the open futures contracts held by the Fund at December 31, 2018, is as follows (000):
| Type of Contract | Number of Contracts Long | Expiration Date | Notional Amount | Value | Unrealized (Depreciation) | |||||||||||||
MSCI EAFE IndexE-MINI | 193 | Mar-2019 | $ | 16,669 | $ | 16,559 | $ | (110 | ) | |||||||||
S&P TSX 60 Index | 14 | Mar-2019 | 1,813 | 1,758 | (31 | ) | ||||||||||||
|
|
|
|
|
| |||||||||||||
| $ | 18,482 | $ | 18,317 | $ | (141 | ) | ||||||||||||
|
|
|
|
|
| |||||||||||||
| ‡ | Real Estate Investment Trust |
| ‡‡ | Expiration date not available. |
| * | Non-income producing security. |
| (A) | Level 3 security in accordance with fair value hierarchy. |
| (B) | Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of these securities at December 31, 2018 was $14,488 (000) and represents 0.9% of Net Assets. |
| (C) | There is currently no rate available. |
| (D) | The rate reported is the7-day effective yield as of December 31, 2018. |
ADR — American Depositary Receipt
Cl — Class
EAFE — Europe, Australasia and Far East
GDR — Global Depositary Receipt
ISE — Irish Stock Exchange
LSE — London Stock Exchange
MSCI — Morgan Stanley Capital International
NVDR —Non-Voting Depositary Receipt
PJSC — Public Joint Stock Company
REIT — Real Estate Investment Trust
S&P — Standard & Poor’s
TSX — Toronto Stock Exchange
The following is a list of the level of inputs used as of December 31, 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 | $ | 856 | $ | — | $ | — | $ | 856 | ||||||||
Australia | 50,519 | — | 11 | 50,530 | ||||||||||||
Austria | — | 3,188 | — | 3,188 | ||||||||||||
Belgium | 10,074 | — | — | 10,074 | ||||||||||||
Brazil | 34,304 | — | — | 34,304 | ||||||||||||
Canada | 69,009 | — | — | 69,009 | ||||||||||||
The accompanying notes are an integral part of the financial statements.
95
| THE KP FUNDS | December 31, 2018 |
| KP International Equity Fund |
| Investments In Securities | Level 1 | Level 2 | Level 3^ | Total | ||||||||||||
Chile | $ | 4,785 | $ | — | $ | — | $ | 4,785 | ||||||||
China | 31,241 | 5,639 | 1 | 36,881 | ||||||||||||
Colombia | 1,895 | — | — | 1,895 | ||||||||||||
Czech Republic | — | 894 | — | 894 | ||||||||||||
Denmark | 64 | 24,291 | — | 24,355 | ||||||||||||
Egypt | 91 | — | — | 91 | ||||||||||||
Finland | — | 11,735 | — | 11,735 | ||||||||||||
France | 104,528 | — | — | 104,528 | ||||||||||||
Germany | 3 | 85,536 | — | 85,539 | ||||||||||||
Greece | 4,421 | — | — | 4,421 | ||||||||||||
Hong Kong | 92,911 | — | — | 92,911 | ||||||||||||
Hungary | — | 4,530 | — | 4,530 | ||||||||||||
India | 45,195 | — | — | 45,195 | ||||||||||||
Indonesia | — | 10,118 | — | 10,118 | ||||||||||||
Ireland | 7,997 | — | — | 7,997 | ||||||||||||
Israel | 6,504 | — | — | 6,504 | ||||||||||||
Italy | 12 | 23,787 | — | 23,799 | ||||||||||||
Japan | 84 | 228,244 | — | 228,328 | ||||||||||||
Kenya | 486 | — | — | 486 | ||||||||||||
Luxembourg | 1,248 | 50 | — | 1,298 | ||||||||||||
Malaysia | 3,463 | — | — | 3,463 | ||||||||||||
Mexico | 10,851 | — | — | 10,851 | ||||||||||||
Netherlands | 48,217 | — | — | 48,217 | ||||||||||||
New Zealand | 2,536 | — | — | 2,536 | ||||||||||||
Norway | 33 | 14,850 | — | 14,883 | ||||||||||||
Peru | 3,214 | — | — | 3,214 | ||||||||||||
Philippines | — | 924 | — | 924 | ||||||||||||
Poland | 215 | 6,128 | — | 6,343 | ||||||||||||
Portugal | 980 | — | — | 980 | ||||||||||||
Qatar | 3,645 | — | — | 3,645 | ||||||||||||
Russia | 3,441 | — | — | 3,441 | ||||||||||||
Singapore | 39,119 | — | — | 39,119 | ||||||||||||
South Africa | 26,706 | — | — | 26,706 | ||||||||||||
South Korea | 7,613 | 34,006 | — | 41,619 | ||||||||||||
Spain | 25,220 | — | — | 25,220 | ||||||||||||
Sweden | 54 | 23,304 | — | 23,358 | ||||||||||||
Switzerland | 277 | 106,489 | — | 106,766 | ||||||||||||
Taiwan | 20,035 | 11,487 | — | 31,522 | ||||||||||||
Thailand | — | 11,434 | — | 11,434 | ||||||||||||
Turkey | 6,427 | — | — | 6,427 | ||||||||||||
United Arab Emirates | 526 | — | — | 526 | ||||||||||||
United Kingdom | 238,505 | 128 | 4 | 238,637 | ||||||||||||
United States | 15,699 | — | — | 15,699 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stock | 923,003 | 606,762 | 16 | 1,529,781 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stock | $ | 8,951 | $ | 3,779 | $ | — | $ | 12,730 | ||||||||
Short-Term Investment | 32,875 | — | — | 32,875 | ||||||||||||
Rights | 14 | — | — | 14 | ||||||||||||
Warrants | — | — | — | — | ||||||||||||
Exchange Traded Fund | 52 | — | — | 52 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 964,895 | $ | 610,541 | $ | 16 | $ | 1,575,452 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts** |
| |||||||||||||||
Unrealized Depreciation | $ | (141 | ) | $ | — | $ | — | $ | (141 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (141 | ) | $ | — | $ | — | $ | (141 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
| ** | Futures contracts are valued at the unrealized depreciation on the instrument. |
| ^ | A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments in at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
For the year ended December 31, 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 year.
For the year ended December 31, 2018, securities with a total value of $7,780 (000) transferred from Level 2 to Level 1 assets and liabilities. For the year ended December 31, 2018, securities with a total value of $549,942 (000) transferred from Level 1 and Level 2. For the year ended December 31, 2018, securities with a total value of $1 (000) transferred from Level 2 to Level 3. For the year ended December 31, 2018, securities with a total value of $9 (000) transferred from Level 3 and Level 1.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
96
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| SECTOR WEIGHTINGS† (unaudited) |
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Face Amount (000) | Value (000) | ||||||
U.S. TREASURY OBLIGATIONS — 26.2% |
| |||||||
U.S. Treasury Bonds | $ | 1,000 | $ | 1,271 | ||||
5.000%, 05/15/37 | 2,240 | 2,940 | ||||||
4.750%, 02/15/37 | 10,315 | 13,146 | ||||||
4.625%, 02/15/40 | 500 | 634 | ||||||
4.500%, 05/15/38 | 50 | 62 | ||||||
4.375%, 02/15/38 | 900 | 1,103 | ||||||
4.250%, 11/15/40 | 2,000 | 2,417 | ||||||
3.875%, 08/15/40 | 500 | 574 | ||||||
3.750%, 11/15/43 | 6,500 | 7,341 | ||||||
3.625%, 08/15/43 - 02/15/44 | 2,700 | 2,990 | ||||||
3.500%, 02/15/39 | 1,920 | 2,100 | ||||||
3.375%, 05/15/44 - 11/15/48 | 7,000 | 7,460 | ||||||
3.125%, 05/15/48 | 18,607 | 18,960 | ||||||
3.000%, 11/15/45 - 08/15/48 | 23,294 | 23,188 | ||||||
2.875%, 05/15/43 | 1,250 | 1,220 | ||||||
2.750%, 08/15/47 - 11/15/47 | 18,186 | 17,213 | ||||||
2.500%, 02/15/45 - 05/15/46 | 2,084 | 1,885 | ||||||
2.250%, 08/15/46 | 2,820 | 2,410 | ||||||
U.S. Treasury Notes | 1,750 | 1,769 | ||||||
3.500%, 05/15/20 | 750 | 759 | ||||||
3.125%, 11/15/28 | 20,181 | 20,933 | ||||||
3.000%, 09/30/25 - 10/31/25 | 6,769 | 6,944 | ||||||
2.875%, 10/31/20 - 08/15/28 | 100,879 | 102,490 | ||||||
2.750%, 09/30/20 - 02/15/28 | 86,994 | 87,614 | ||||||
2.625%, 08/15/20 - 12/31/25 | 58,050 | 58,288 | ||||||
2.500%, 03/31/23 - 01/31/25 | 9,005 | 8,997 | ||||||
2.375%, 12/31/20 - 05/15/27 | 7,650 | 7,602 | ||||||
2.250%, 02/29/20 - 11/15/27 | 15,500 | 15,245 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
2.125%, 08/15/21 - 05/15/25 | $ | 16,019 | $ | 15,726 | ||||
2.000%, 01/31/20 - 11/15/26 | 23,350 | 22,883 | ||||||
1.875%, 12/15/20 - 09/30/22 | 6,619 | 6,509 | ||||||
1.750%, 11/15/20 - 05/15/23 | 10,150 | 9,926 | ||||||
1.625%, 03/15/20 - 05/15/26 | 22,161 | 21,492 | ||||||
1.500%, 04/15/20 - 08/15/26 | 13,500 | 13,181 | ||||||
1.375%, 01/31/20 - 09/30/23 | 17,900 | 17,474 | ||||||
1.250%, 03/31/21 - 07/31/23 | 5,000 | 4,819 | ||||||
1.125%, 02/28/21 - 09/30/21 | 6,000 | 5,806 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 535,371 | |||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES — 26.0% |
| |||||||
Agency Mortgage-Backed Obligations — 24.1% |
| |||||||
FHLMC | 1,279 | 1,708 | ||||||
5.000%, 02/01/39 | 653 | 689 | ||||||
4.500%, 05/01/42 - 12/01/48 | 11,794 | 12,248 | ||||||
4.000%, 05/01/26 - 12/01/48 | 20,961 | 21,426 | ||||||
3.500%, 06/01/33 - 07/01/48 | 40,566 | 40,631 | ||||||
3.200%, 05/15/23 | 250 | 250 | ||||||
3.000%, 11/01/27 - 02/01/48 | 36,320 | 35,528 | ||||||
2.500%, 04/23/20 - 12/01/32 | 3,619 | 3,551 | ||||||
2.375%, 01/13/22 | 2,589 | 2,579 | ||||||
1.330%, 12/30/20 | 400 | 390 | ||||||
FHLMC TBA | 2,110 | 2,151 | ||||||
3.500%, 01/01/41 | 2,015 | 2,014 | ||||||
FHLMC, Ser 2011-3830, Cl DZ | 1,078 | 1,118 | ||||||
FHLMC, Ser 2011-3896, Cl PA | 304 | 312 | ||||||
FHLMC, Ser 2014-4384, Cl LA | 257 | 261 | ||||||
FHLMC, Ser 2018-4798, Cl BA | 1,532 | 1,580 | ||||||
FHLMC, Ser 2018-4821, Cl MA | 3,068 | 3,104 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K029, Cl A2 3.320%, 02/25/23 (A) | 1,000 | 1,014 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K055, Cl A2 2.673%, 03/25/26 | 400 | 388 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K065, Cl A2 3.243%, 04/25/27 | 1,026 | 1,024 | ||||||
The accompanying notes are an integral part of the financial statements.
97
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K068, Cl A2 3.244%, 08/25/27 | $ | 723 | $ | 720 | ||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K069, Cl A2 3.187%, 09/25/27 (A) | 400 | 396 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K070, Cl A2 3.303%, 11/25/27 (A) | 361 | 360 | ||||||
FHLMC Multifamily StructuredPass-Through Certificates, Ser K072, Cl A2 | 100 | 101 | ||||||
FHLMC Multifamily StructuredPass-Through Certificates, Ser K078, Cl A2 | 200 | 208 | ||||||
FHLMC Multifamily StructuredPass-Through Certificates, Ser K079, Cl A2 | 1,486 | 1,553 | ||||||
FHLMC Multifamily StructuredPass-Through Certificates, Ser K081, Cl A2 | 1,156 | 1,205 | ||||||
FHLMC Multifamily StructuredPass-Through Certificates, Ser K083, Cl A2 | 1,092 | 1,152 | ||||||
FHLMC Multifamily StructuredPass-Through Certificates, Ser K085, Cl A2 | 200 | 211 | ||||||
FHLMC Multifamily StructuredPass-Through Certificates, Ser K086, Cl A2 | 120 | 125 | ||||||
FHLMC Multifamily StructuredPass-Through Certificates, Ser K723, Cl A2 | 350 | 343 | ||||||
FHLMC Multifamily StructuredPass-Through Certificates, Ser K730, Cl A2 | 425 | 435 | ||||||
FNMA | 300 | 402 | ||||||
5.500%, 09/01/40 | 843 | 901 | ||||||
5.000%, 07/01/41 - 09/01/48 | 8,076 | 8,494 | ||||||
4.500%, 01/01/30 - 11/01/48 | 18,151 | 18,850 | ||||||
4.000%, 11/01/33 - 12/01/48 | 46,947 | 47,942 | ||||||
3.500%, 08/01/31 - 06/01/48 | 66,076 | 66,235 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
3.000%, 02/01/32 - 09/01/47 | $ | 38,576 | $ | 37,752 | ||||
2.875%, 09/12/23 | 500 | 506 | ||||||
2.625%, 09/06/24 | 1,399 | 1,394 | ||||||
2.500%, 12/01/27 - 01/01/33 | 4,019 | 3,928 | ||||||
2.125%, 04/24/26 | 200 | 191 | ||||||
2.000%, 01/05/22 | 500 | 493 | ||||||
1.875%, 12/28/20 | 131 | 129 | ||||||
1.650%, 01/27/20 | 300 | 297 | ||||||
1.500%, 06/22/20 - 11/30/20 | 927 | 911 | ||||||
FNMA TBA | 10,140 | 10,621 | ||||||
4.500%, 01/01/38 | 2,650 | 2,744 | ||||||
3.500%, 01/01/41 | 4,865 | 4,908 | ||||||
3.000%, 01/16/26 | 12,180 | 12,150 | ||||||
2.500%, 01/01/26 | 7,285 | 7,114 | ||||||
FNMA,Ser 2006-104, Cl FC 2.756%, VAR LIBOR USD 1 Month+0.250%, 11/25/36 | 361 | 361 | ||||||
FNMA,Ser 2013-101, Cl A 3.000%, 09/25/30 | 316 | 316 | ||||||
FNMA,Ser 2015-M11, Cl A2 2.844%, 04/25/25 (A) | 850 | 839 | ||||||
FNMA,Ser 2016-54, Cl GA 2.500%, 11/25/45 | 2,016 | 1,967 | ||||||
FNMA,Ser 2017-41, Cl MD 4.000%, 05/25/53 | 1,250 | 1,299 | ||||||
FNMA,Ser 2017-91, Cl PC 3.000%, 06/25/45 | 639 | 638 | ||||||
FNMA,Ser 2018-11, Cl PA 3.000%, 06/25/46 | 1,609 | 1,592 | ||||||
FNMA,Ser 2018-3, Cl PA 3.000%, 04/25/46 | 1,764 | 1,747 | ||||||
FNMA,Ser 2018-44, Cl PA 3.500%, 06/25/44 | 1,579 | 1,596 | ||||||
FNMA,Ser 2018-M12, Cl A2 3.640%, 08/25/30 (A) | 100 | 101 | ||||||
FNMA,Ser 2018-M13, Cl A2 3.697%, 09/25/30 (A) | 350 | 354 | ||||||
FNMA,Ser 2018-M5, Cl A2 3.560%, 09/25/21 (A) | 152 | 154 | ||||||
GNMA | 1,755 | 1,840 | ||||||
4.500%, 12/20/41 - 10/20/48 | 9,923 | 10,287 | ||||||
4.000%, 01/20/47 - 09/20/48 | 14,529 | 14,895 | ||||||
3.500%, 11/20/44 - 01/20/48 | 27,407 | 27,598 | ||||||
3.000%, 08/20/46 - 03/20/48 | 25,854 | 25,476 | ||||||
2.500%, 12/20/46 | 421 | 404 | ||||||
GNMA TBA | 3,195 | 3,325 | ||||||
4.500%, 01/15/40 | 5,390 | 5,577 | ||||||
The accompanying notes are an integral part of the financial statements.
98
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
4.000%, 01/01/40 | $ | 11,980 | $ | 12,266 | ||||
3.500%, 01/15/41 | 8,830 | 8,885 | ||||||
3.000%, 01/15/43 | 4,815 | 4,742 | ||||||
|
| |||||||
| 490,996 | ||||||||
|
| |||||||
Non-Agency Mortgage-Backed Obligations — 1.9% |
| |||||||
AJAX Mortgage Loan Trust,Ser 2016-C, Cl A 4.000%, 10/25/57 (B) | 547 | 546 | ||||||
AJAX Mortgage Loan Trust,Ser 2017-A, Cl A 3.470%, 04/25/57 (B) | 235 | 233 | ||||||
Alternative Loan Trust,Ser 2003-22CB, Cl 3A1 | 650 | 643 | ||||||
BANK, Ser 2017-BNK8, Cl A4 3.488%, 11/15/50 | 90 | 89 | ||||||
BANK, Ser 2017-BNK8, Cl B 3.931%, 11/15/50 (A) | 50 | 50 | ||||||
BANK, Ser 2018-BN13, Cl A5 4.217%, 08/15/61 | 50 | 52 | ||||||
BANK, Ser 2018-BN14, Cl A4 4.231%, 09/15/60 | 96 | 99 | ||||||
BBCMS Mortgage Trust,Ser 2018-C2, Cl A5 | 50 | 52 | ||||||
Benchmark Mortgage Trust,Ser 2018-B2, Cl A5 | 100 | 102 | ||||||
Benchmark Mortgage Trust,Ser 2018-B6, Cl A4 4.261%, 10/10/51 | 50 | 52 | ||||||
Benchmark Mortgage Trust,Ser 2018-B8, Cl A5 4.232%, 01/15/52 | 779 | 811 | ||||||
CD Mortgage Trust,Ser 2017-CD6, Cl A5 | 100 | 98 | ||||||
Citigroup Commercial Mortgage Trust, Ser 2013-GC17, Cl A4 4.131%, 11/10/46 | 848 | 878 | ||||||
Citigroup Commercial Mortgage Trust,Ser 2016-P6, Cl A5 | 738 | 748 | ||||||
Citigroup Commercial Mortgage Trust,Ser 2017-P7, Cl A4 | 500 | 502 | ||||||
Citigroup Commercial Mortgage Trust,Ser 2018-C5, Cl A4 | 100 | 105 | ||||||
Citigroup Mortgage Loan Trust,Ser 2018-A, Cl A1 | 619 | 620 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
COMM Mortgage Trust,Ser 2013-CCRE9, Cl A4 | $ | 1,285 | $ | 1,340 | ||||
COMM Mortgage Trust,Ser 2013-CR10, Cl A4 | 667 | 693 | ||||||
COMM Mortgage Trust, Ser 2013-CR11, Cl A3 | 1,331 | 1,370 | ||||||
COMM Mortgage Trust, Ser 2013-CR12, Cl A3 | 1,340 | 1,368 | ||||||
COMM Mortgage Trust,Ser 2013-CR7, Cl A4 | 481 | 481 | ||||||
COMM Mortgage Trust,Ser 2013-CR8, Cl A5 | 90 | 91 | ||||||
COMM Mortgage Trust,Ser 2013-LC6, Cl A4 | 758 | 750 | ||||||
COMM Mortgage Trust,Ser 2015-DC1, Cl A5 | 1,000 | 992 | ||||||
COMM Mortgage Trust, Ser 2015-LC23, Cl A4 | 1,069 | 1,085 | ||||||
COMM Mortgage Trust, Ser 2016-CR16, Cl A4 | 613 | 633 | ||||||
COMM Mortgage Trust, Ser 2018-COR3, Cl A3 | 952 | 982 | ||||||
Credit Suisse First Boston Mortgage Securities,Ser 2004-AR2, Cl 5A1 | 35 | 36 | ||||||
CSAIL Commercial Mortgage Trust,Ser 2016-C7, Cl A4 3.210%, 11/15/49 | 500 | 486 | ||||||
CSAIL Commercial Mortgage Trust,Ser 2016-C7, Cl A5 3.502%, 11/15/49 | 597 | 589 | ||||||
CSFB Mortgage-BackedPass-Through Certificates,Ser 2003-27, Cl 4A4 | 68 | 69 | ||||||
CSMC Trust, Ser 2018-RPL7, Cl A1 | 516 | 515 | ||||||
GS Mortgage Securities Trust, Ser 2013-GCJ12, Cl A4 3.135%, 06/10/46 | 367 | 365 | ||||||
GS Mortgage Securities Trust, Ser 2014-GC18, Cl A3 | 1,560 | 1,585 | ||||||
The accompanying notes are an integral part of the financial statements.
99
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
GS Mortgage Securities Trust, Ser 2014-GC18, Cl A4 | $ | 552 | $ | 569 | ||||
GS Mortgage Securities Trust, Ser 2015-GC32, Cl A4 | 500 | 507 | ||||||
GS Mortgage Securities Trust,Ser 2016-GS4, Cl A4 | 365 | 360 | ||||||
GSR Mortgage Loan Trust,Ser 2005-4F, Cl 6A1 | 37 | 37 | ||||||
HarborView Mortgage Loan Trust,Ser 2004-3, Cl 1A | 33 | 33 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust,Ser 2013-C16, Cl A4 | 749 | 775 | ||||||
JPMBB Commercial Mortgage Securities Trust,Ser 2014-C19, Cl A3 | 500 | 504 | ||||||
JPMCC Commercial Mortgage Securities Trust,Ser 2017-JP5, Cl A2 | 400 | 399 | ||||||
JPMorgan Mortgage Trust,Ser 2003-A2, Cl 3A1 | 131 | 132 | ||||||
JPMorgan Mortgage Trust,Ser 2005-A1, Cl 6T1 | 177 | 176 | ||||||
JPMorgan Mortgage Trust,Ser 2005-A2, Cl 3A2 | 47 | 47 | ||||||
JPMorgan Mortgage Trust,Ser 2005-A3, Cl 4A1 | 57 | 58 | ||||||
MLCC Mortgage Investors,Ser 2006-2, Cl 2A | 204 | 205 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust,Ser 2013-C10, Cl A4 | 385 | 398 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust,Ser 2013-C12, Cl A4 | 643 | 668 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust,Ser 2014-C19, Cl AS | 500 | 502 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust,Ser 2015-C20, Cl A4 | $ | 935 | $ | 922 | ||||
Morgan Stanley Bank of America Merrill Lynch Trust,Ser 2015-C24, Cl A4 | 1,839 | 1,859 | ||||||
Morgan Stanley Capital I Trust,Ser 2014-CPT, Cl A | 1,104 | 1,107 | ||||||
Morgan Stanley Capital I Trust,Ser 2017-HR2, Cl A4 | 250 | 247 | ||||||
Morgan Stanley Capital I Trust,Ser 2018-H4, Cl A4 | 517 | 539 | ||||||
PRPM,Ser 2017-2A, Cl A1 | 654 | 649 | ||||||
RCO Mortgage,Ser 2017-1, Cl A1 | 768 | 764 | ||||||
RCO V Mortgage,Ser 2018-1, Cl A1 | 1,496 | 1,490 | ||||||
Tharaldson Hotel Portfolio Trust,Ser 2018-THL, Cl A | 313 | 311 | ||||||
UBS Commercial Mortgage Trust,Ser 2018-C8, Cl A4 | 300 | 306 | ||||||
Wells Fargo Commercial Mortgage Trust,Ser 2015-C28, Cl A4 | 1,000 | 1,001 | ||||||
Wells Fargo Commercial Mortgage Trust,Ser 2015-C31, Cl A4 | 811 | 818 | ||||||
Wells Fargo Commercial Mortgage Trust,Ser 2015-P2, Cl A4 | 638 | 651 | ||||||
Wells Fargo Commercial Mortgage Trust,Ser 2016-C34, Cl A4 | 218 | 210 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2016-LC25, Cl A4 | 693 | 690 | ||||||
The accompanying notes are an integral part of the financial statements.
100
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Wells Fargo Commercial Mortgage Trust,Ser 2018-C44, Cl A5 | $ | 1,181 | $ | 1,219 | ||||
Wells Fargo Mortgage-Backed Securities Trust,Ser 2003-J, Cl 1A9 | 444 | 450 | ||||||
Wells Fargo Mortgage-Backed Securities Trust,Ser 2005-AR10, Cl 2A4 | 99 | 102 | ||||||
WFRBS Commercial Mortgage Trust,Ser 2013-C13, Cl A3 | 471 | 465 | ||||||
WFRBS Commercial Mortgage Trust,Ser 2013-C14, Cl A4 | 696 | 690 | ||||||
WFRBS Commercial Mortgage Trust,Ser 2013-C14, Cl A5 | 60 | 60 | ||||||
WFRBS Commercial Mortgage Trust,Ser 2014-C25, Cl A5 | 580 | 585 | ||||||
|
| |||||||
| 39,615 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities | 530,611 | |||||||
|
| |||||||
CORPORATE OBLIGATIONS — 24.7% |
| |||||||
Communication Services — 1.7% |
| |||||||
21st Century Fox America | 1,138 | 1,420 | ||||||
6.150%, 02/15/41 | 500 | 621 | ||||||
4.500%, 02/15/21 | 100 | 102 | ||||||
3.700%, 10/15/25 | 20 | 20 | ||||||
Activision Blizzard | 50 | 47 | ||||||
Alphabet | 100 | 101 | ||||||
America Movil | 250 | 294 | ||||||
AT&T | 3,141 | 3,085 | ||||||
5.150%, 02/15/50 | 622 | 576 | ||||||
4.500%, 03/09/48 | 100 | 86 | ||||||
4.350%, 06/15/45 | 600 | 507 | ||||||
4.300%, 02/15/30 | 333 | 315 | ||||||
4.125%, 02/17/26 | 200 | 195 | ||||||
4.100%, 02/15/28 | 253 | 243 | ||||||
3.800%, 03/01/24 | 200 | 198 | ||||||
3.400%, 05/15/25 | 3,466 | 3,264 | ||||||
2.450%, 06/30/20 | 150 | 148 | ||||||
Baidu | 906 | 914 | ||||||
3.875%, 09/29/23 | 200 | 199 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Bell Canada | $ | 15 | $ | 14 | ||||
British Telecommunications | 200 | 201 | ||||||
CBS | 150 | 149 | ||||||
2.900%, 06/01/23 | 100 | 95 | ||||||
Charter Communications Operating | 150 | 154 | ||||||
5.750%, 04/01/48 | 250 | 234 | ||||||
5.375%, 04/01/38 | 100 | 93 | ||||||
5.375%, 05/01/47 | 100 | 91 | ||||||
4.500%, 02/01/24 | 100 | 100 | ||||||
3.579%, 07/23/20 | 200 | 200 | ||||||
Comcast | 25 | 25 | ||||||
4.700%, 10/15/48 | 3,086 | 3,120 | ||||||
4.600%, 10/15/38 | 955 | 964 | ||||||
4.400%, 08/15/35 | 100 | 97 | ||||||
4.250%, 10/15/30 | 25 | 25 | ||||||
4.250%, 01/15/33 | 500 | 497 | ||||||
4.150%, 10/15/28 | 45 | 46 | ||||||
4.049%, 11/01/52 | 244 | 219 | ||||||
4.000%, 08/15/47 | 200 | 180 | ||||||
3.999%, 11/01/49 | 300 | 269 | ||||||
3.950%, 10/15/25 | 50 | 51 | ||||||
3.900%, 03/01/38 | 100 | 93 | ||||||
3.700%, 04/15/24 | 55 | 55 | ||||||
3.450%, 10/01/21 | 40 | 40 | ||||||
3.375%, 02/15/25 | 125 | 122 | ||||||
3.300%, 10/01/20 | 25 | 25 | ||||||
3.150%, 03/01/26 | 50 | 48 | ||||||
2.750%, 03/01/23 | 100 | 97 | ||||||
Deutsche Telekom International Finance BV | 100 | 130 | ||||||
2.225%, 01/17/20 (B) | 1,009 | 997 | ||||||
Discovery Communications | 150 | 139 | ||||||
3.800%, 03/13/24 | 50 | 49 | ||||||
2.950%, 03/20/23 | 50 | 48 | ||||||
2.800%, 06/15/20 (B) | 100 | 99 | ||||||
Interpublic Group | 25 | 24 | ||||||
3.750%, 10/01/21 | 100 | 100 | ||||||
Millicom International Cellular | 975 | 987 | ||||||
NBCUniversal Media | 100 | 102 | ||||||
Omnicom Group | 100 | 96 | ||||||
Orange | 200 | 210 | ||||||
4.125%, 09/14/21 | 100 | 102 | ||||||
RELX Capital | 100 | 98 | ||||||
The accompanying notes are an integral part of the financial statements.
101
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Rogers Communications | $ | 40 | $ | 38 | ||||
2.900%, 11/15/26 | 50 | 46 | ||||||
Telefonica Emisiones | 110 | 114 | ||||||
5.213%, 03/08/47 | 150 | 137 | ||||||
4.895%, 03/06/48 | 150 | 133 | ||||||
TELUS | 50 | 50 | ||||||
Tencent Holdings | 1,083 | 1,053 | ||||||
2.875%, 02/11/20 (B) | 643 | 640 | ||||||
Thomson Reuters | 100 | 93 | ||||||
Verizon Communications | 250 | 249 | ||||||
5.012%, 08/21/54 | 600 | 580 | ||||||
4.812%, 03/15/39 | 100 | 98 | ||||||
4.400%, 11/01/34 | 400 | 386 | ||||||
4.329%, 09/21/28 | 2,017 | 2,025 | ||||||
4.272%, 01/15/36 | 1,781 | 1,663 | ||||||
3.376%, 02/15/25 | 150 | 146 | ||||||
2.625%, 08/15/26 | 135 | 122 | ||||||
Viacom | 100 | 108 | ||||||
4.375%, 03/15/43 | 398 | 314 | ||||||
Vodafone Group | 2,455 | 2,382 | ||||||
4.375%, 02/19/43 | 300 | 255 | ||||||
3.750%, 01/16/24 | 200 | 197 | ||||||
2.500%, 09/26/22 | 100 | 96 | ||||||
Walt Disney | 72 | 66 | ||||||
3.150%, 09/17/25 | 100 | 98 | ||||||
1.800%, 06/05/20 | 250 | 246 | ||||||
|
| |||||||
| 34,155 | ||||||||
|
| |||||||
Consumer Discretionary — 0.9% |
| |||||||
AI Candelaria Spain SLU | 1,580 | 1,519 | ||||||
Alibaba Group Holding | 200 | 177 | ||||||
2.800%, 06/06/23 | 250 | 242 | ||||||
Amazon.com | 300 | 321 | ||||||
4.050%, 08/22/47 | 150 | 146 | ||||||
3.875%, 08/22/37 | 100 | 97 | ||||||
2.800%, 08/22/24 | 250 | 243 | ||||||
American Honda Finance | 100 | 99 | ||||||
2.600%, 11/16/22 | 50 | 49 | ||||||
2.450%, 09/24/20 | 100 | 99 | ||||||
1.950%, 07/20/20 | 45 | 44 | ||||||
Aptiv | 40 | 40 | ||||||
3.150%, 11/19/20 | 100 | 99 | ||||||
| Description | Face Amount (000)(1) | Value (000) | ||||||
Arcos Dorados Holdings | 200 | $ | 190 | |||||
AutoNation | 25 | 22 | ||||||
AutoZone | 100 | 96 | ||||||
Best Buy | 25 | 24 | ||||||
Block Financial | 200 | 202 | ||||||
Booking Holdings | 50 | 48 | ||||||
Diageo Capital | 200 | 200 | ||||||
Diageo Investment | 100 | 99 | ||||||
Dollar General | 25 | 25 | ||||||
4.125%, 05/01/28 | 35 | 34 | ||||||
Dollar Tree | 45 | 43 | ||||||
4.000%, 05/15/25 | 100 | 96 | ||||||
DR Horton | 35 | 35 | ||||||
eBay | 250 | 240 | ||||||
Expedia Group | 100 | 100 | ||||||
Ford Motor | 150 | 123 | ||||||
4.750%, 01/15/43 | 300 | 232 | ||||||
4.346%, 12/08/26 | 45 | 40 | ||||||
Ford Motor Credit | 200 | 205 | ||||||
3.339%, 03/28/22 | 200 | 189 | ||||||
2.425%, 06/12/20 | 200 | 195 | ||||||
2.343%, 11/02/20 | 200 | 192 | ||||||
General Motors | 250 | 242 | ||||||
5.950%, 04/01/49 | 100 | 90 | ||||||
5.200%, 04/01/45 | 150 | 124 | ||||||
5.150%, 04/01/38 | 100 | 86 | ||||||
General Motors Financial | 100 | 95 | ||||||
4.200%, 11/06/21 | 100 | 100 | ||||||
4.000%, 01/15/25 | 100 | 93 | ||||||
4.000%, 10/06/26 | 50 | 45 | ||||||
3.700%, 05/09/23 | 100 | 95 | ||||||
3.550%, 04/09/21 | 150 | 148 | ||||||
Grupo Televisa | 2,840 | 94 | ||||||
5.000%, 05/13/45 | 200 | 175 | ||||||
Hasbro | 30 | 28 | ||||||
The accompanying notes are an integral part of the financial statements.
102
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Home Depot | $ | 150 | $ | 180 | ||||
4.500%, 12/06/48 | 3,113 | 3,214 | ||||||
4.400%, 04/01/21 | 100 | 103 | ||||||
4.250%, 04/01/46 | 100 | 100 | ||||||
3.900%, 12/06/28 | 40 | 41 | ||||||
2.800%, 09/14/27 | 50 | 47 | ||||||
2.625%, 06/01/22 | 100 | 99 | ||||||
2.000%, 04/01/21 | 100 | 98 | ||||||
1.800%, 06/05/20 | 71 | 70 | ||||||
Hyatt Hotels | 50 | 49 | ||||||
Lear | 45 | 46 | ||||||
Lowe’s | 100 | 101 | ||||||
4.050%, 05/03/47 | 100 | 86 | ||||||
3.120%, 04/15/22 | 912 | 896 | ||||||
3.100%, 05/03/27 | 100 | 91 | ||||||
2.500%, 04/15/26 | 50 | 45 | ||||||
Macy’s Retail Holdings | 100 | 93 | ||||||
Magna International | 50 | 50 | ||||||
Marriott International | 50 | 50 | ||||||
3.125%, 10/15/21 | 100 | 99 | ||||||
McDonald’s | 150 | 143 | ||||||
3.500%, 03/01/27 | 100 | 97 | ||||||
3.375%, 05/26/25 | 100 | 98 | ||||||
3.350%, 04/01/23 | 130 | 129 | ||||||
2.750%, 12/09/20 | 20 | 20 | ||||||
Newell Brands | 50 | 49 | ||||||
NIKE | 200 | 183 | ||||||
Nordstrom | 100 | 86 | ||||||
4.000%, 03/15/27 | 30 | 29 | ||||||
O’Reilly Automotive | 50 | 50 | ||||||
3.550%, 03/15/26 | 50 | 48 | ||||||
President & Fellows of Harvard College | 100 | 89 | ||||||
QVC | 65 | 60 | ||||||
Sands China | 200 | 199 | ||||||
Starbucks | 30 | 28 | ||||||
3.800%, 08/15/25 | 1,044 | 1,032 | ||||||
2.450%, 06/15/26 | 200 | 180 | ||||||
Target | 200 | 189 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Time Warner Cable | $ | 216 | $ | 234 | ||||
5.875%, 11/15/40 | 500 | 478 | ||||||
4.000%, 09/01/21 | 100 | 99 | ||||||
TJX | 100 | 99 | ||||||
Toyota Motor Credit | 100 | 103 | ||||||
3.450%, 09/20/23 | 50 | 50 | ||||||
2.750%, 05/17/21 | 100 | 100 | ||||||
2.700%, 01/11/23 | 200 | 194 | ||||||
2.250%, 10/18/23 | 50 | 47 | ||||||
USJ Acucar e Alcool | 343 | 254 | ||||||
Warner Media | 100 | 103 | ||||||
3.800%, 02/15/27 | 400 | 375 | ||||||
3.600%, 07/15/25 | 100 | 95 | ||||||
Wesleyan University | 1,016 | 1,039 | ||||||
Whirlpool | 60 | 60 | ||||||
|
| |||||||
| 18,817 | ||||||||
|
| |||||||
Consumer Staples — 1.0% | ||||||||
Adecoagro | 980 | 831 | ||||||
Altria Group | 100 | 93 | ||||||
4.000%, 01/31/24 | 300 | 295 | ||||||
Anheuser-Busch InBev Finance | 1,826 | 1,789 | ||||||
3.300%, 02/01/23 | 450 | 438 | ||||||
2.650%, 02/01/21 | 215 | 211 | ||||||
Anheuser-Busch InBev Worldwide | 500 | 467 | ||||||
4.900%, 02/01/46 (B) | 2,414 | 2,239 | ||||||
4.700%, 02/01/36 (B) | 150 | 139 | ||||||
4.600%, 04/15/48 | 35 | 31 | ||||||
4.439%, 10/06/48 | 100 | 86 | ||||||
4.000%, 04/13/28 | 55 | 53 | ||||||
3.750%, 01/15/22 | 150 | 150 | ||||||
3.650%, 02/01/26 (B) | 350 | 331 | ||||||
2.500%, 07/15/22 | 100 | 95 | ||||||
Archer-Daniels-Midland | 100 | 90 | ||||||
3.375%, 03/15/22 | 60 | 60 | ||||||
Bunge Finance | 120 | 105 | ||||||
3.000%, 09/25/22 | 30 | 29 | ||||||
Campbell Soup | 110 | 94 | ||||||
4.150%, 03/15/28 | 50 | 47 | ||||||
3.650%, 03/15/23 | 50 | 49 | ||||||
The accompanying notes are an integral part of the financial statements.
103
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Church & Dwight | $ | 100 | $ | 97 | ||||
Clorox | 50 | 50 | ||||||
Coca-Cola | 100 | 101 | ||||||
2.875%, 10/27/25 | 50 | 48 | ||||||
2.550%, 06/01/26 | 50 | 47 | ||||||
2.450%, 11/01/20 | 50 | 50 | ||||||
1.875%, 10/27/20 | 50 | 49 | ||||||
Colgate-Palmolive | 200 | 196 | ||||||
Conagra Brands | 20 | 18 | ||||||
5.300%, 11/01/38 | 10 | 9 | ||||||
4.850%, 11/01/28 | 25 | 25 | ||||||
4.600%, 11/01/25 | 200 | 201 | ||||||
4.300%, 05/01/24 | 15 | 15 | ||||||
3.800%, 10/22/21 | 20 | 20 | ||||||
Constellation Brands | 30 | 30 | ||||||
4.250%, 05/01/23 | 50 | 51 | ||||||
3.750%, 05/01/21 | 15 | 15 | ||||||
3.200%, 02/15/23 | 150 | 145 | ||||||
2.650%, 11/07/22 | 50 | 48 | ||||||
General Mills | 50 | 49 | ||||||
3.700%, 10/17/23 | 100 | 99 | ||||||
3.150%, 12/15/21 | 150 | 149 | ||||||
Hershey | 50 | 46 | ||||||
Ingredion | 50 | 46 | ||||||
JBS USA LUX | 400 | 390 | ||||||
JM Smucker | 100 | 99 | ||||||
Kellogg | 100 | 102 | ||||||
3.400%, 11/15/27 | 25 | 23 | ||||||
Keurig Dr Pepper | 150 | 143 | ||||||
4.985%, 05/25/38 (B) | 175 | 170 | ||||||
4.597%, 05/25/28 (B) | 50 | 49 | ||||||
4.057%, 05/25/23 (B) | 4,668 | 4,652 | ||||||
Kimberly-Clark | 10 | 10 | ||||||
2.750%, 02/15/26 | 100 | 96 | ||||||
Kraft Heinz Foods | 150 | 134 | ||||||
4.625%, 01/30/29 | 50 | 50 | ||||||
3.950%, 07/15/25 | 150 | 145 | ||||||
3.500%, 07/15/22 | 200 | 197 | ||||||
3.375%, 06/15/21 | 115 | 115 | ||||||
Kroger | 100 | 100 | ||||||
2.650%, 10/15/26 | 200 | 178 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
McCormick | $ | 100 | $ | 96 | ||||
Mead Johnson Nutrition | 30 | 30 | ||||||
Molson Coors Brewing | 200 | 166 | ||||||
Mondelez International | 100 | 96 | ||||||
4.125%, 05/07/28 | 50 | 50 | ||||||
PepsiCo | 100 | 101 | ||||||
3.450%, 10/06/46 | 200 | 177 | ||||||
3.000%, 10/15/27 | 50 | 48 | ||||||
2.850%, 02/24/26 | 100 | 96 | ||||||
2.750%, 03/05/22 | 300 | 297 | ||||||
2.375%, 10/06/26 | 200 | 184 | ||||||
2.000%, 04/15/21 | 50 | 49 | ||||||
Philip Morris International | 100 | 102 | ||||||
4.250%, 11/10/44 | 150 | 137 | ||||||
3.375%, 08/11/25 | 100 | 97 | ||||||
2.500%, 11/02/22 | 100 | 96 | ||||||
1.875%, 02/25/21 | 200 | 194 | ||||||
Procter & Gamble | 100 | 94 | ||||||
2.450%, 11/03/26 | 50 | 47 | ||||||
2.150%, 08/11/22 | 100 | 97 | ||||||
Reynolds American | 250 | 232 | ||||||
4.450%, 06/12/25 | 150 | 145 | ||||||
Sysco | 50 | 47 | ||||||
3.550%, 03/15/25 | 50 | 49 | ||||||
2.600%, 10/01/20 | 50 | 50 | ||||||
2.500%, 07/15/21 | 35 | 34 | ||||||
Tyson Foods | 200 | 194 | ||||||
Unilever Capital | 150 | 154 | ||||||
3.250%, 03/07/24 | 150 | 149 | ||||||
2.200%, 05/05/22 | 100 | 97 | ||||||
Walgreens Boots Alliance | 165 | 155 | ||||||
Walmart | 35 | 35 | ||||||
3.950%, 06/28/38 | 115 | 114 | ||||||
3.700%, 06/26/28 | 100 | 101 | ||||||
3.625%, 12/15/47 | 250 | 230 | ||||||
3.550%, 06/26/25 | 250 | 253 | ||||||
3.400%, 06/26/23 | 50 | 51 | ||||||
3.300%, 04/22/24 | 100 | 100 | ||||||
2.650%, 12/15/24 | 50 | 49 | ||||||
1.900%, 12/15/20 | 300 | 295 | ||||||
|
| |||||||
| 20,767 | ||||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
104
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Energy — 3.8% | ||||||||
Abu Dhabi Crude Oil Pipeline | $ | 2,251 | $ | 2,198 | ||||
Anadarko Petroleum | 2,744 | 2,782 | ||||||
6.600%, 03/15/46 | 200 | 221 | ||||||
6.450%, 09/15/36 | 1,337 | 1,444 | ||||||
Andeavor Logistics | 150 | 135 | ||||||
3.500%, 12/01/22 | 25 | 24 | ||||||
Apache | 100 | 94 | ||||||
3.250%, 04/15/22 | 79 | 77 | ||||||
Baker Hughes a GE Co | 100 | 92 | ||||||
Boardwalk Pipelines | 50 | 51 | ||||||
BP Capital Markets | 200 | 202 | ||||||
3.062%, 03/17/22 | 200 | 198 | ||||||
2.500%, 11/06/22 | 250 | 242 | ||||||
Buckeye Partners | 200 | 176 | ||||||
Canadian Natural Resources | 631 | 686 | ||||||
3.900%, 02/01/25 | 150 | 146 | ||||||
3.850%, 06/01/27 | 100 | 94 | ||||||
Cenovus Energy | 200 | 176 | ||||||
4.450%, 09/15/42 | 40 | 31 | ||||||
3.000%, 08/15/22 | 20 | 19 | ||||||
Chevron | 50 | 48 | ||||||
2.566%, 05/16/23 | 50 | 49 | ||||||
2.419%, 11/17/20 | 300 | 297 | ||||||
2.355%, 12/05/22 | 150 | 145 | ||||||
2.100%, 05/16/21 | 50 | 49 | ||||||
1.961%, 03/03/20 | 50 | 50 | ||||||
Cimarex Energy | 100 | 93 | ||||||
CNOOC Finance 2015 USA | 200 | 194 | ||||||
Concho Resources | 15 | 14 | ||||||
4.375%, 01/15/25 | 50 | 50 | ||||||
4.300%, 08/15/28 | 10 | 10 | ||||||
ConocoPhillips | 300 | 371 | ||||||
Continental Resources | 44 | 44 | ||||||
4.900%, 06/01/44 | 20 | 18 | ||||||
4.500%, 04/15/23 | 4,705 | 4,630 | ||||||
4.375%, 01/15/28 | 25 | 23 | ||||||
3.800%, 06/01/24 | 25 | 24 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Devon Energy | $ | 649 | $ | 650 | ||||
3.250%, 05/15/22 | 100 | 97 | ||||||
Ecopetrol | 200 | 220 | ||||||
5.875%, 09/18/23 | 100 | 105 | ||||||
5.875%, 05/28/45 | 1,235 | 1,166 | ||||||
Emera US Finance | 1,360 | 1,308 | ||||||
Empresa Nacional del Petroleo | 760 | 772 | ||||||
Enbridge | 100 | 95 | ||||||
Enbridge Energy Partners | 100 | 108 | ||||||
Encana | 50 | 50 | ||||||
Energy Transfer Equity | 3,706 | 3,854 | ||||||
5.875%, 01/15/24 | 2,381 | 2,423 | ||||||
Energy Transfer Partners | 150 | 147 | ||||||
6.000%, 06/15/48 | 1,342 | 1,307 | ||||||
5.800%, 06/15/38 | 25 | 24 | ||||||
4.200%, 04/15/27 | 200 | 186 | ||||||
Enterprise Products Operating | 150 | 176 | ||||||
5.950%, 02/01/41 | 100 | 109 | ||||||
4.800%, 02/01/49 | 829 | 805 | ||||||
4.250%, 02/15/48 | 25 | 22 | ||||||
4.150%, 10/16/28 | 1,561 | 1,553 | ||||||
3.700%, 02/15/26 | 250 | 246 | ||||||
3.500%, 02/01/22 | 1,386 | 1,390 | ||||||
3.350%, 03/15/23 | 100 | 99 | ||||||
2.850%, 04/15/21 | 30 | 30 | ||||||
EOG Resources | 100 | 97 | ||||||
2.625%, 03/15/23 | 100 | 96 | ||||||
EQM Midstream Partners | 100 | 98 | ||||||
Equinor | 200 | 191 | ||||||
3.700%, 03/01/24 | 100 | 102 | ||||||
2.450%, 01/17/23 | 125 | 121 | ||||||
Equities | 50 | 43 | ||||||
Exxon Mobil | 150 | 152 | ||||||
3.043%, 03/01/26 | 50 | 49 | ||||||
2.726%, 03/01/23 | 35 | 34 | ||||||
2.709%, 03/06/25 | 150 | 145 | ||||||
2.222%, 03/01/21 | 20 | 20 | ||||||
Fermaca Enterprises | 794 | 793 | ||||||
Halliburton | 100 | 98 | ||||||
The accompanying notes are an integral part of the financial statements.
105
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
3.800%, 11/15/25 | $ | 150 | $ | 146 | ||||
3.500%, 08/01/23 | 100 | 99 | ||||||
3.250%, 11/15/21 | 3,280 | 3,277 | ||||||
Hess | 694 | 736 | ||||||
4.300%, 04/01/27 | 200 | 183 | ||||||
Hunt Oil of Peru Sucursal Del Peru | 730 | 740 | ||||||
Husky Energy | 100 | 99 | ||||||
KazMunayGas National JSC | 560 | 563 | ||||||
5.750%, 04/19/47 (B) | 1,050 | 1,000 | ||||||
Kinder Morgan | 300 | 297 | ||||||
4.300%, 03/01/28 | 100 | 98 | ||||||
3.150%, 01/15/23 | 200 | 194 | ||||||
Kinder Morgan Energy Partners | 150 | 159 | ||||||
5.500%, 03/01/44 | 100 | 96 | ||||||
5.000%, 03/01/43 | 1,157 | 1,050 | ||||||
3.500%, 03/01/21 | 20 | 20 | ||||||
Magellan Midstream Partners | 100 | 101 | ||||||
Marathon Oil | 150 | 168 | ||||||
Marathon Petroleum | 250 | 270 | ||||||
4.750%, 12/15/23 (B) | 150 | 154 | ||||||
3.800%, 04/01/28 (B) | 30 | 28 | ||||||
3.400%, 12/15/20 | 657 | 657 | ||||||
MPLX | 568 | 553 | ||||||
5.200%, 03/01/47 | 200 | 184 | ||||||
4.800%, 02/15/29 | 900 | 898 | ||||||
4.125%, 03/01/27 | 65 | 62 | ||||||
4.000%, 02/15/25 | 25 | 24 | ||||||
National Oilwell Varco | 100 | 94 | ||||||
Newfield Exploration | 1,640 | 1,656 | ||||||
5.625%, 07/01/24 | 525 | 532 | ||||||
5.375%, 01/01/26 | 349 | 342 | ||||||
Nexen Energy ULC | 150 | 183 | ||||||
Noble Energy | 774 | 755 | ||||||
5.050%, 11/15/44 | 831 | 716 | ||||||
4.950%, 08/15/47 | 100 | 87 | ||||||
4.150%, 12/15/21 | 100 | 100 | ||||||
Occidental Petroleum | 200 | 195 | ||||||
3.400%, 04/15/26 | 70 | 68 | ||||||
Odebrecht Drilling Norbe VIII | 184 | 103 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Odebrecht Oil & Gas Finance | $ | 97 | $ | 1 | ||||
ONEOK | 25 | 24 | ||||||
4.550%, 07/15/28 | 50 | 49 | ||||||
4.000%, 07/13/27 | 30 | 29 | ||||||
ONEOK Partners | 100 | 98 | ||||||
Pertamina Persero | 1,492 | 1,567 | ||||||
Peru LNG Srl | 785 | 760 | ||||||
Petrobras Global Finance BV | 860 | 963 | ||||||
5.999%, 01/27/28 | 2,105 | 1,982 | ||||||
Petroleos de Venezuela | 660 | 122 | ||||||
8.500%, 10/27/20 (B) (D) | 123 | 114 | ||||||
6.000%, 11/15/26 (B) (D) | 785 | 116 | ||||||
5.375%, 04/12/27 (D) | 670 | 97 | ||||||
Petroleos Mexicanos | 50 | 49 | ||||||
6.750%, 09/21/47 | 1,843 | 1,524 | ||||||
6.625%, 06/15/35 | 480 | 419 | ||||||
6.500%, 03/13/27 | 1,975 | 1,856 | ||||||
6.500%, 01/23/29 | 685 | 639 | ||||||
6.500%, 06/02/41 | 350 | 290 | ||||||
6.375%, 02/04/21 | 50 | 50 | ||||||
6.375%, 01/23/45 | 190 | 153 | ||||||
6.350%, 02/12/48 | 380 | 304 | ||||||
5.500%, 01/21/21 | 1,919 | 1,911 | ||||||
5.350%, 02/12/28 | 255 | 222 | ||||||
4.875%, 01/24/22 | 845 | 823 | ||||||
4.625%, 09/21/23 | 200 | 188 | ||||||
3.500%, 07/23/20 | 100 | 98 | ||||||
3.500%, 01/30/23 | 455 | 412 | ||||||
Phillips 66 Partners | 300 | 292 | ||||||
3.605%, 02/15/25 | 25 | 24 | ||||||
Pioneer Natural Resources | 100 | 100 | ||||||
Plains All American Pipeline | 150 | 147 | ||||||
3.850%, 10/15/23 | 150 | 147 | ||||||
Regency Energy Partners | 100 | 100 | ||||||
Sabine Pass Liquefaction | 140 | 144 | ||||||
5.625%, 03/01/25 | 85 | �� | 89 | |||||
5.000%, 03/15/27 | 300 | 301 | ||||||
Shell International Finance | 400 | 416 | ||||||
3.875%, 11/13/28 | 100 | 102 | ||||||
3.250%, 05/11/25 | 150 | 148 | ||||||
2.875%, 05/10/26 | 100 | 96 | ||||||
1.875%, 05/10/21 | 200 | 195 | ||||||
The accompanying notes are an integral part of the financial statements.
106
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000)(1) | Value (000) | ||||||
Southern Gas Corridor CJSC | 840 | $ | 907 | |||||
Spectra Energy Partners | 100 | 95 | ||||||
Stoneway Capital | 463 | 416 | ||||||
Suncor Energy | 150 | 173 | ||||||
Sunoco Logistics Partners Operations | 100 | 101 | ||||||
Total Capital | 50 | 51 | ||||||
Total Capital Canada | 100 | 98 | ||||||
Total Capital International | 100 | 98 | ||||||
TransCanada PipeLines | 25 | 25 | ||||||
4.875%, 01/15/26 | 100 | 103 | ||||||
4.625%, 03/01/34 | 300 | 287 | ||||||
4.250%, 05/15/28 | 25 | 25 | ||||||
Transcontinental Gas Pipe Line | 200 | 196 | ||||||
Transportadora de Gas del Sur | 220 | 200 | ||||||
Valero Energy | 70 | 69 | ||||||
3.650%, 03/15/25 | 100 | 96 | ||||||
Western Gas Partners | 460 | 474 | ||||||
5.300%, 03/01/48 | 200 | 172 | ||||||
4.000%, 07/01/22 | 1,174 | 1,164 | ||||||
3.950%, 06/01/25 | 957 | 902 | ||||||
Williams | 1,318 | 1,715 | ||||||
6.300%, 04/15/40 | 635 | 675 | ||||||
5.750%, 06/24/44 | 20 | 20 | ||||||
5.250%, 03/15/20 | 250 | 255 | ||||||
4.850%, 03/01/48 | 25 | 23 | ||||||
4.550%, 06/24/24 | 45 | 45 | ||||||
3.700%, 01/15/23 | 15 | 15 | ||||||
3.600%, 03/15/22 | 100 | 98 | ||||||
YPF | 6,000 | 103 | ||||||
|
| |||||||
| 76,627 | ||||||||
|
| |||||||
Financials — 6.5% | ||||||||
Aflac | 15 | 15 | ||||||
3.625%, 06/15/23 | 100 | 101 | ||||||
AIG Global Funding | 1,400 | 1,390 | ||||||
Allstate | 200 | 194 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
American Express | $ | 105 | $ | 107 | ||||
3.700%, 08/03/23 | 1,629 | 1,634 | ||||||
3.400%, 02/27/23 | 150 | 149 | ||||||
2.500%, 08/01/22 | 100 | 96 | ||||||
American Express Credit | 100 | 98 | ||||||
2.375%, 05/26/20 | 100 | 99 | ||||||
2.250%, 05/05/21 | 100 | 98 | ||||||
2.200%, 03/03/20 | 100 | 99 | ||||||
American Financial Group | 35 | 33 | ||||||
American International Group | 150 | 137 | ||||||
4.700%, 07/10/35 | 200 | 190 | ||||||
4.500%, 07/16/44 | 2,034 | 1,815 | ||||||
3.875%, 01/15/35 | 200 | 172 | ||||||
Ameriprise Financial | 100 | 103 | ||||||
Andina de Fomento | 100 | 104 | ||||||
3.750%, 11/23/23 | 90 | 91 | ||||||
Aon | 100 | 103 | ||||||
4.500%, 12/15/28 | 50 | 51 | ||||||
Ares Capital | 60 | 60 | ||||||
Assurant | 74 | 75 | ||||||
Australia & New Zealand Banking Group NY | 250 | 244 | ||||||
AXA Equitable Holdings | 150 | 142 | ||||||
Banco Santander | 200 | 189 | ||||||
Bank of America | 250 | 259 | ||||||
4.450%, 03/03/26 | 130 | 129 | ||||||
4.271%, VAR ICE | 200 | 199 | ||||||
4.244%, VAR ICE LIBOR USD 3 Month+1.814%, 04/24/38 | 100 | 95 | ||||||
4.200%, 08/26/24 | 165 | 164 | ||||||
4.183%, 11/25/27 | 250 | 240 | ||||||
4.100%, 07/24/23 | 100 | 101 | ||||||
4.000%, 01/22/25 | 4,753 | 4,630 | ||||||
3.950%, 04/21/25 | 200 | 194 | ||||||
3.946%, VAR ICE | 100 | 89 | ||||||
3.550%, VAR ICE | 250 | 247 | ||||||
3.500%, 04/19/26 | 50 | 48 | ||||||
The accompanying notes are an integral part of the financial statements.
107
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000)(1) | Value (000) | ||||||
3.499%, VAR ICE | 2,983 | $ | 2,983 | |||||
3.419%, VAR ICE | 412 | 385 | ||||||
3.366%, VAR ICE | 200 | 191 | ||||||
3.093%, VAR ICE | 100 | 95 | ||||||
2.881%, VAR ICE | 200 | 195 | ||||||
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 | 870 | 324 | ||||||
6.000%, 07/26/23 (B) | 750 | 728 | ||||||
Bank of Montreal | 50 | 50 | ||||||
3.100%, 04/13/21 | 60 | 60 | ||||||
2.100%, 06/15/20 | 100 | 99 | ||||||
Bank of New York Mellon | 100 | 101 | ||||||
3.450%, 08/11/23 | 50 | 50 | ||||||
3.400%, 01/29/28 | 50 | 49 | ||||||
3.300%, 08/23/29 | 100 | 93 | ||||||
3.000%, 02/24/25 | 100 | 97 | ||||||
2.950%, 01/29/23 | 50 | 49 | ||||||
2.500%, 04/15/21 | 100 | 99 | ||||||
2.450%, 11/27/20 | 50 | 49 | ||||||
2.450%, 08/17/26 | 50 | 46 | ||||||
Bank of Nova Scotia | 150 | 150 | ||||||
2.800%, 07/21/21 | 100 | 99 | ||||||
2.500%, 01/08/21 | 2,158 | 2,131 | ||||||
2.450%, 03/22/21 | 50 | 49 | ||||||
2.150%, 07/14/20 | 200 | 197 | ||||||
Barclays | 432 | 382 | ||||||
4.375%, 01/12/26 | 200 | 190 | ||||||
4.338%, VAR ICE | 3,259 | 3,169 | ||||||
2.875%, 06/08/20 | 250 | 245 | ||||||
Barclays Bank | 200 | 196 | ||||||
BAT Capital | 100 | 79 | ||||||
4.390%, 08/15/37 | 150 | 123 | ||||||
3.557%, 08/15/27 | 100 | 89 | ||||||
3.222%, 08/15/24 | 50 | 46 | ||||||
2.764%, 08/15/22 | 50 | 47 | ||||||
2.297%, 08/14/20 | 50 | 49 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
BB&T | $ | 100 | $ | 101 | ||||
3.700%, 06/05/25 | 50 | 50 | ||||||
3.200%, 09/03/21 | 864 | 863 | ||||||
2.750%, 04/01/22 | 200 | 197 | ||||||
2.450%, 01/15/20 | 100 | 99 | ||||||
Berkshire Hathaway | 200 | 194 | ||||||
Berkshire Hathaway Finance | 200 | 203 | ||||||
4.200%, 08/15/48 | 2,058 | 2,041 | ||||||
BNP Paribas | 200 | 198 | ||||||
BP Capital Markets America | 100 | 103 | ||||||
2.112%, 09/16/21 | 100 | 98 | ||||||
Brighthouse Financial | 50 | 42 | ||||||
Brookfield Finance | 100 | 94 | ||||||
Canadian Imperial Bank of Commerce | 40 | 40 | ||||||
Capital One Financial | 50 | 50 | ||||||
3.800%, 01/31/28 | 100 | 92 | ||||||
3.750%, 07/28/26 | 100 | 92 | ||||||
3.450%, 04/30/21 | 50 | 50 | ||||||
3.300%, 10/30/24 | 100 | 94 | ||||||
3.200%, 01/30/23 | 250 | 243 | ||||||
3.200%, 02/05/25 | 50 | 47 | ||||||
3.050%, 03/09/22 | 150 | 146 | ||||||
CBRE Services | 150 | 154 | ||||||
Charles Schwab | 100 | 102 | ||||||
3.550%, 02/01/24 | 100 | 100 | ||||||
Chubb INA Holdings | 100 | 99 | ||||||
3.350%, 05/03/26 | 150 | 147 | ||||||
2.875%, 11/03/22 | 150 | 149 | ||||||
Citigroup | 250 | 347 | ||||||
4.650%, 07/23/48 | 1,338 | 1,308 | ||||||
4.450%, 09/29/27 | 2,975 | 2,867 | ||||||
4.281%, VAR ICE | 100 | 92 | ||||||
4.125%, 07/25/28 | 85 | 80 | ||||||
4.075%, VAR ICE | 150 | 146 | ||||||
4.044%, VAR ICE | 50 | 50 | ||||||
The accompanying notes are an integral part of the financial statements.
108
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000)(1) | Value (000) | ||||||
3.887%, VAR ICE | 200 | $ | 193 | |||||
3.750%, 06/16/24 | 100 | 99 | ||||||
3.668%, VAR ICE | 100 | 95 | ||||||
3.520%, VAR ICE | 200 | 187 | ||||||
3.500%, 05/15/23 | 100 | 98 | ||||||
3.300%, 04/27/25 | 100 | 95 | ||||||
3.142%, VAR ICE | 185 | 182 | ||||||
2.900%, 12/08/21 | 100 | 98 | ||||||
2.876%, VAR ICE | 4,769 | 4,615 | ||||||
2.750%, 04/25/22 | 100 | 97 | ||||||
2.700%, 10/27/22 | 300 | 289 | ||||||
2.650%, 10/26/20 | 100 | 99 | ||||||
2.400%, 02/18/20 | 100 | 99 | ||||||
Citigroup Global Markets Holdings | ||||||||
18.512%, 04/11/19 (EGP) (B) (C) (E) | 15,000 | 797 | ||||||
15.870%, 01/24/19 (EGP) (B) (C) (E) | 13,600 | 753 | ||||||
12.067%, 02/18/19 (NGN) (B) (C) (E) | 175,000 | 473 | ||||||
11.554%, 02/19/19 (NGN) (C) (E) | 162,000 | 438 | ||||||
Citizens Bank | 250 | 246 | ||||||
Citizens Financial Group | 30 | 29 | ||||||
CME Group | 150 | 146 | ||||||
CNA Financial | 100 | 104 | ||||||
Comerica | 25 | 25 | ||||||
Compass Bank | 250 | 249 | ||||||
Cooperatieve Rabobank UA | 1,085 | 1,100 | ||||||
3.375%, 05/21/25 | 250 | 245 | ||||||
2.750%, 01/10/23 | 250 | 242 | ||||||
2.250%, 01/14/20 | 250 | 248 | ||||||
Credit Agricole | 4,040 | 3,777 | ||||||
Credit Suisse Group Funding Guernsey | 250 | 247 | ||||||
3.125%, 12/10/20 | 250 | 247 | ||||||
| Description | Face Amount (000)(1) | Value (000) | ||||||
Credit Suisse New York | 250 | $ | 245 | |||||
Deutsche Bank NY | 200 | 188 | ||||||
3.700%, 05/30/24 | 85 | 77 | ||||||
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 | 290,000 | 653 | ||||||
Development Bank of Mongolia | 840 | 824 | ||||||
Discover Bank | 250 | 248 | ||||||
Discover Financial Services | 40 | 37 | ||||||
E*TRADE Financial | 50 | 49 | ||||||
Fibria Overseas Finance | 25 | 25 | ||||||
Fidelity National Financial | 50 | 49 | ||||||
Fifth Third Bancorp | 250 | 249 | ||||||
Fifth Third Bank | 200 | 203 | ||||||
First Republic Bank | 200 | 193 | ||||||
FMS Wertmanagement | 200 | 194 | ||||||
FS KKR Capital | 30 | 30 | ||||||
Goldman Sachs Bank USA NY | 50 | 50 | ||||||
Goldman Sachs Group | 200 | 226 | ||||||
5.750%, 01/24/22 | 350 | 367 | ||||||
5.150%, 05/22/45 | 350 | 327 | ||||||
4.411%, VAR ICE | 2,173 | 1,992 | ||||||
4.223%, VAR ICE | 100 | 96 | ||||||
4.017%, VAR ICE | 150 | 132 | ||||||
3.750%, 05/22/25 | 100 | 96 | ||||||
3.750%, 02/25/26 | 250 | 237 | ||||||
3.691%, VAR ICE | 165 | 153 | ||||||
3.272%, VAR ICE | 75 | 70 | ||||||
The accompanying notes are an integral part of the financial statements.
109
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
3.200%, 02/23/23 | $ | 150 | $ | 146 | ||||
2.908%, VAR ICE | 100 | 96 | ||||||
2.876%, VAR ICE | 100 | 97 | ||||||
2.750%, 09/15/20 | 75 | 74 | ||||||
2.625%, 04/25/21 | 100 | 97 | ||||||
2.600%, 04/23/20 | 1,325 | 1,312 | ||||||
2.600%, 12/27/20 | 100 | 98 | ||||||
2.350%, 11/15/21 | 45 | 43 | ||||||
Hanover Insurance Group | 100 | 100 | ||||||
Hartford Financial Services Group | 630 | 647 | ||||||
4.400%, 03/15/48 | 100 | 93 | ||||||
HSBC Holdings | 250 | 283 | ||||||
5.250%, 03/14/44 | 200 | 198 | ||||||
4.583%, VAR ICE | 200 | 198 | ||||||
4.250%, 08/18/25 | 200 | 194 | ||||||
4.041%, VAR ICE | 200 | 191 | ||||||
4.000%, 03/30/22 | 100 | 101 | ||||||
3.950%, VAR ICE | 3,419 | 3,401 | ||||||
3.600%, 05/25/23 | 200 | 199 | ||||||
2.950%, 05/25/21 | 200 | 198 | ||||||
2.650%, 01/05/22 | 300 | 291 | ||||||
Huntington National Bank | 250 | 242 | ||||||
Industrial & Commercial Bank of China NY | 250 | 247 | ||||||
ING Groep | 2,329 | 2,302 | ||||||
4.100%, 10/02/23 | 200 | 200 | ||||||
Intercontinental Exchange | 150 | 154 | ||||||
JBS Investments II GmbH | 690 | 676 | ||||||
Jefferies Group | 100 | 106 | ||||||
4.150%, 01/23/30 | 150 | 129 | ||||||
JPMorgan Chase | 250 | 282 | ||||||
4.350%, 08/15/21 | 250 | 256 | ||||||
4.203%, VAR ICE | 100 | 100 | ||||||
| Description | Face Amount (000)(1) | Value (000) | ||||||
4.005%, VAR ICE | 150 | $ | 147 | |||||
3.964%, VAR ICE | 1,685 | 1,491 | ||||||
3.897%, VAR ICE | 150 | 132 | ||||||
3.882%, VAR ICE | 150 | 136 | ||||||
3.797%, VAR ICE | 100 | 100 | ||||||
3.625%, 05/13/24 | 100 | 99 | ||||||
3.559%, VAR ICE | 75 | 74 | ||||||
3.540%, VAR ICE | 200 | 191 | ||||||
3.509%, VAR ICE | 300 | 284 | ||||||
3.300%, 04/01/26 | 100 | 95 | ||||||
3.220%, VAR ICE | 160 | 155 | ||||||
3.200%, 06/15/26 | 100 | 94 | ||||||
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 | 298 | ||||||
2.700%, 05/18/23 | 100 | 96 | ||||||
2.550%, 10/29/20 | 180 | 178 | ||||||
2.400%, 06/07/21 | 50 | 49 | ||||||
JPMorgan Chase Bank | 3,000,000 | 210 | ||||||
5.625%, 05/17/23 (IDR) (B) (E) | 16,000,000 | 1,021 | ||||||
KeyBank | 250 | 242 | ||||||
KeyCorp | 150 | 156 | ||||||
KFW | 650 | 641 | ||||||
1.875%, 06/30/20 | 200 | 198 | ||||||
1.875%, 11/30/20 | 200 | 197 | ||||||
Lazard Group | 50 | 48 | ||||||
Lincoln National | 100 | 97 | ||||||
Lloyds Banking Group | 200 | 189 | ||||||
4.450%, 05/08/25 | 200 | 199 | ||||||
4.344%, 01/09/48 | 200 | 158 | ||||||
The accompanying notes are an integral part of the financial statements.
110
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
2.907%, VAR ICE LIBOR USD 3 Month+0.810%, 11/07/23 | $ | 200 | $ | 189 | ||||
Loews | 100 | 97 | ||||||
Manufacturers & Traders Trust | 250 | 247 | ||||||
Manulife Financial | 150 | 161 | ||||||
Markel | 50 | 47 | ||||||
Marsh & McLennan | 150 | 148 | ||||||
2.750%, 01/30/22 | 30 | 30 | ||||||
MDC-GMTN BV | 520 | 532 | ||||||
MetLife | 1,795 | 1,824 | ||||||
3.600%, 04/10/24 | 100 | 101 | ||||||
3.600%, 11/13/25 | 50 | 49 | ||||||
Mitsubishi UFJ Financial Group | 225 | 226 | ||||||
3.850%, 03/01/26 | 200 | 199 | ||||||
3.535%, 07/26/21 | 30 | 30 | ||||||
3.287%, 07/25/27 | 50 | 48 | ||||||
2.665%, 07/25/22 | 50 | 48 | ||||||
Mizuho Financial Group | 200 | 202 | ||||||
2.601%, 09/11/22 | 200 | 194 | ||||||
Moody’s | 300 | 286 | ||||||
Morgan Stanley | 200 | 245 | ||||||
4.875%, 11/01/22 | 100 | 103 | ||||||
3.971%, VAR ICE LIBOR USD 3 Month+1.455%, 07/22/38 | 100 | 91 | ||||||
3.875%, 04/29/24 | 400 | 398 | ||||||
3.875%, 01/27/26 | 200 | 195 | ||||||
3.772%, VAR ICE LIBOR USD 3 Month+1.140%, 01/24/29 | 200 | 192 | ||||||
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 | 142 | ||||||
3.125%, 01/23/23 | 150 | 147 | ||||||
3.125%, 07/27/26 | 250 | 231 | ||||||
2.800%, 06/16/20 | 100 | 99 | ||||||
2.650%, 01/27/20 | 100 | 99 | ||||||
2.500%, 04/21/21 | 250 | 245 | ||||||
MUFG Americas Holdings | 160 | 153 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Nasdaq | $ | 150 | $ | 145 | ||||
National Australia Bank | 2,919 | 2,947 | ||||||
3.375%, 09/20/21 | 350 | 349 | ||||||
2.625%, 01/14/21 | 250 | 247 | ||||||
National Bank of Canada | 250 | 246 | ||||||
National Rural Utilities Cooperative Finance | 200 | 197 | ||||||
2.700%, 02/15/23 | 100 | 98 | ||||||
New York Life Global Funding | 1,872 | 1,874 | ||||||
Northern Trust | 25 | 25 | ||||||
3.375%, VAR ICE LIBOR USD 3 Month+1.131%, 05/08/32 | 63 | 59 | ||||||
ORIX | 30 | 29 | ||||||
PNC Bank | 250 | 247 | ||||||
2.450%, 07/28/22 | 250 | 242 | ||||||
Principal Financial Group | 100 | 97 | ||||||
Private Export Funding | 200 | 199 | ||||||
Progressive | 100 | 97 | ||||||
4.000%, 03/01/29 | 50 | 52 | ||||||
Prudential Financial | 200 | 200 | ||||||
3.500%, 05/15/24 | 200 | 201 | ||||||
REC | 590 | 592 | ||||||
Regions Financial | 50 | 50 | ||||||
2.750%, 08/14/22 | 50 | 48 | ||||||
Royal Bank of Canada | 1,324 | 1,329 | ||||||
3.200%, 04/30/21 | 75 | 75 | ||||||
2.750%, 02/01/22 | 250 | 246 | ||||||
1.875%, 02/05/20 | 250 | 248 | ||||||
Royal Bank of Scotland Group | 70 | 71 | ||||||
6.100%, 06/10/23 | 30 | 30 | ||||||
6.000%, 12/19/23 | 60 | 61 | ||||||
5.125%, 05/28/24 | 65 | 63 | ||||||
5.076%, VAR ICE LIBOR USD 3 Month+1.905%, 01/27/30 | 200 | 193 | ||||||
3.498%, VAR ICE LIBOR USD 3 Month+1.480%, 05/15/23 | 200 | 192 | ||||||
The accompanying notes are an integral part of the financial statements.
111
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000)(1) | Value (000) | ||||||
S&P Global | 100 | $ | 102 | |||||
Santander Holdings USA | 30 | 30 | ||||||
4.400%, 07/13/27 | 25 | 24 | ||||||
2.650%, 04/17/20 | 100 | 99 | ||||||
Santander UK | 100 | 99 | ||||||
Santander UK Group Holdings | 200 | 190 | ||||||
3.125%, 01/08/21 | 100 | 98 | ||||||
Standard Chartered Bank 11.000%, 08/05/25 (LKR) (B)(E) | 49,000 | 259 | ||||||
10.750%, 03/03/21 (LKR) (B)(E) | 75,000 | 405 | ||||||
8.250%, 05/19/36 | 13,160,000 | 907 | ||||||
7.610%, 05/09/30 (INR) (A)(B)(E) | 24,000 | 345 | ||||||
Sumitomo Mitsui Banking | 1,123 | 1,115 | ||||||
Sumitomo Mitsui Financial Group | 100 | 100 | ||||||
3.784%, 03/09/26 | 50 | 49 | ||||||
3.748%, 07/19/23 | 100 | 101 | ||||||
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 | 49 | ||||||
2.778%, 10/18/22 | 50 | 49 | ||||||
SunTrust Bank | 150 | 149 | ||||||
SunTrust Banks | 50 | 50 | ||||||
2.700%, 01/27/22 | 150 | 146 | ||||||
Svensk Exportkredit | 200 | 201 | ||||||
Svenska Handelsbanken | 3,337 | 3,368 | ||||||
1.950%, 09/08/20 | 250 | 244 | ||||||
Synchrony Financial | 100 | 91 | ||||||
Syngenta Finance | 1,402 | 1,325 | ||||||
4.441%, 04/24/23 (B) | 1,109 | 1,069 | ||||||
TC Ziraat Bankasi | 200 | 183 | ||||||
TD Ameritrade Holding | 100 | 101 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
3.300%, 04/01/27 | $ | 30 | $ | 29 | ||||
Toronto-Dominion Bank | 1,962 | 1,970 | ||||||
2.500%, 12/14/20 | 150 | 148 | ||||||
2.125%, 04/07/21 | 50 | 49 | ||||||
1.950%, 04/20/20 (B) | 473 | 468 | ||||||
1.800%, 07/13/21 | 100 | 97 | ||||||
Travelers | 100 | 97 | ||||||
3.900%, 11/01/20 | 100 | 101 | ||||||
UBS | 1,457 | 1,430 | ||||||
2.350%, 03/26/20 | 250 | 247 | ||||||
Unum Group | 50 | 50 | ||||||
US Bancorp | 200 | 192 | ||||||
2.375%, 07/22/26 | 250 | 228 | ||||||
US Bank | 250 | 250 | ||||||
Voya Financial | 50 | 47 | ||||||
WEA Finance | 1,270 | 1,238 | ||||||
3.150%, 04/05/22 (B) | 2,039 | 2,008 | ||||||
Wells Fargo | 1,066 | 1,039 | ||||||
4.650%, 11/04/44 | 350 | 330 | ||||||
4.125%, 08/15/23 | 200 | 201 | ||||||
3.584%, VAR ICE LIBOR USD 3 Month+1.310%, 05/22/28 | 325 | 312 | ||||||
3.550%, 09/29/25 | 100 | 97 | ||||||
3.000%, 01/22/21 | 100 | 100 | ||||||
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 | ||||||
Wells Fargo Bank | 250 | 309 | ||||||
3.625%, 10/22/21 | 8,433 | 8,483 | ||||||
3.550%, 08/14/23 | 250 | 249 | ||||||
2.600%, 01/15/21 | 250 | 247 | ||||||
Westpac Banking | 200 | 190 | ||||||
2.700%, 08/19/26 | 100 | 92 | ||||||
2.600%, 11/23/20 | 150 | 148 | ||||||
2.000%, 08/19/21 | 50 | 48 | ||||||
Willis North America | 100 | 99 | ||||||
3.600%, 05/15/24 | 50 | 49 | ||||||
|
| |||||||
| 132,092 | ||||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
112
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Health Care — 2.4% | ||||||||
Abbott Laboratories | $ | 200 | $ | 210 | ||||
4.750%, 11/30/36 | 300 | 313 | ||||||
3.400%, 11/30/23 | 1,983 | 1,977 | ||||||
2.900%, 11/30/21 | 4,156 | 4,120 | ||||||
2.800%, 09/15/20 | 150 | 149 | ||||||
AbbVie | 1,717 | 1,602 | ||||||
4.700%, 05/14/45 | 200 | 182 | ||||||
4.500%, 05/14/35 | 200 | 185 | ||||||
4.300%, 05/14/36 | 150 | 134 | ||||||
4.250%, 11/14/28 | 15 | 14 | ||||||
3.750%, 11/14/23 | 848 | 844 | ||||||
3.375%, 11/14/21 | 100 | 100 | ||||||
3.200%, 11/06/22 | 100 | 98 | ||||||
2.850%, 05/14/23 | 50 | 48 | ||||||
2.500%, 05/14/20 | 4,322 | 4,281 | ||||||
2.300%, 05/14/21 | 50 | 49 | ||||||
Actavis Funding | 300 | 285 | ||||||
3.800%, 03/15/25 | 190 | 185 | ||||||
Aetna | 25 | 24 | ||||||
2.750%, 11/15/22 | 150 | 144 | ||||||
Agilent Technologies | 65 | 60 | ||||||
AmerisourceBergen | 100 | 98 | ||||||
Amgen | 300 | 287 | ||||||
2.125%, 05/01/20 | 200 | 197 | ||||||
1.850%, 08/19/21 | 200 | 193 | ||||||
Anthem | 65 | 62 | ||||||
3.350%, 12/01/24 | 150 | 146 | ||||||
3.300%, 01/15/23 | 200 | 197 | ||||||
AstraZeneca | 100 | 95 | ||||||
2.375%, 11/16/20 | 150 | 147 | ||||||
2.375%, 06/12/22 | 100 | 96 | ||||||
Baxter International | 100 | 91 | ||||||
Becton Dickinson | 200 | 187 | ||||||
3.700%, 06/06/27 | 50 | 47 | ||||||
3.125%, 11/08/21 | 100 | 99 | ||||||
2.404%, 06/05/20 | 20 | 20 | ||||||
Biogen | 100 | 100 | ||||||
Boston Scientific | 100 | 100 | ||||||
2.850%, 05/15/20 | 100 | 99 | ||||||
Bristol-Myers Squibb | 100 | 96 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Cardinal Health | $ | 100 | $ | 96 | ||||
3.079%, 06/15/24 | 150 | 141 | ||||||
Celgene | 250 | 231 | ||||||
3.875%, 08/15/25 | 100 | 96 | ||||||
3.250%, 02/20/23 | 100 | 98 | ||||||
2.875%, 02/19/21 | 45 | 45 | ||||||
Cigna | 968 | 947 | ||||||
4.800%, 08/15/38 (B) | 230 | 226 | ||||||
4.375%, 10/15/28 (B) | 40 | 40 | ||||||
4.125%, 11/15/25 (B) | 2,937 | 2,933 | ||||||
3.750%, 07/15/23 (B) | 55 | 55 | ||||||
3.400%, 09/17/21 (B) | 5,955 | 5,942 | ||||||
3.200%, 09/17/20 (B) | 150 | 149 | ||||||
Cigna Holding | 100 | 101 | ||||||
3.875%, 10/15/47 | 100 | 84 | ||||||
CVS Health | 200 | 195 | ||||||
5.050%, 03/25/48 | 1,775 | 1,727 | ||||||
4.780%, 03/25/38 | 215 | 206 | ||||||
4.300%, 03/25/28 | 310 | 303 | ||||||
3.875%, 07/20/25 | 120 | 117 | ||||||
3.700%, 03/09/23 | 4,859 | 4,807 | ||||||
3.350%, 03/09/21 | 295 | 294 | ||||||
2.875%, 06/01/26 | 200 | 182 | ||||||
2.125%, 06/01/21 | 50 | 48 | ||||||
CVS Pass-Through Trust | 590 | 558 | ||||||
Danaher | 30 | 29 | ||||||
Eli Lilly | 49 | 48 | ||||||
2.350%, 05/15/22 | 100 | 98 | ||||||
Express Scripts Holding | 200 | 192 | ||||||
4.750%, 11/15/21 | 100 | 103 | ||||||
Gilead Sciences | 400 | 404 | ||||||
4.500%, 02/01/45 | 150 | 144 | ||||||
2.550%, 09/01/20 | 150 | 149 | ||||||
2.500%, 09/01/23 | 35 | 34 | ||||||
2.350%, 02/01/20 | 20 | 20 | ||||||
1.950%, 03/01/22 | 15 | 14 | ||||||
GlaxoSmithKline Capital | 150 | 152 | ||||||
2.850%, 05/08/22 | 100 | 99 | ||||||
2.800%, 03/18/23 | 125 | 123 | ||||||
Humana | 200 | 205 | ||||||
Johnson & Johnson | 150 | 144 | ||||||
2.900%, 01/15/28 | 150 | 144 | ||||||
2.625%, 01/15/25 | 100 | 96 | ||||||
2.450%, 12/05/21 | 100 | 99 | ||||||
The accompanying notes are an integral part of the financial statements.
113
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
2.450%, 03/01/26 | $ | 200 | $ | 188 | ||||
Kaiser Foundation Hospitals | 150 | 168 | ||||||
3.150%, 05/01/27 | 25 | 24 | ||||||
Laboratory Corp of America Holdings | 100 | 96 | ||||||
2.625%, 02/01/20 | 100 | 99 | ||||||
McKesson | 200 | 193 | ||||||
Medtronic | 200 | 210 | ||||||
4.375%, 03/15/35 | 200 | 205 | ||||||
2.750%, 04/01/23 | 100 | 98 | ||||||
2.500%, 03/15/20 | 150 | 149 | ||||||
Merck | 100 | 102 | ||||||
2.750%, 02/10/25 | 200 | 193 | ||||||
1.850%, 02/10/20 | 150 | 149 | ||||||
Mylan | 200 | 168 | ||||||
3.750%, 12/15/20 | 100 | 100 | ||||||
Novartis Capital | 150 | 160 | ||||||
3.400%, 05/06/24 | 100 | 101 | ||||||
3.000%, 11/20/25 | 50 | 48 | ||||||
2.400%, 05/17/22 | 50 | 49 | ||||||
1.800%, 02/14/20 | 25 | 25 | ||||||
Pfizer | 100 | 104 | ||||||
4.200%, 09/15/48 | 15 | 15 | ||||||
4.125%, 12/15/46 | 100 | 100 | ||||||
4.100%, 09/15/38 | 25 | 25 | ||||||
4.000%, 12/15/36 | 250 | 247 | ||||||
3.600%, 09/15/28 | 150 | 151 | ||||||
3.200%, 09/15/23 | 25 | 25 | ||||||
3.000%, 09/15/21 | 20 | 20 | ||||||
3.000%, 06/15/23 | 100 | 100 | ||||||
Quest Diagnostics | 150 | 149 | ||||||
Sanofi | 200 | 201 | ||||||
Shire Acquisitions Investments Ireland DAC | 60 | 55 | ||||||
2.875%, 09/23/23 | 50 | 47 | ||||||
2.400%, 09/23/21 | 150 | 145 | ||||||
SSM Health Care | 20 | 20 | ||||||
Stanford Health Care | 100 | 96 | ||||||
Stryker | 100 | 101 | ||||||
3.500%, 03/15/26 | 25 | 24 | ||||||
3.375%, 11/01/25 | 50 | 48 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Teva Pharmaceutical Finance Netherlands III BV | $ | 455 | $ | 441 | ||||
4.100%, 10/01/46 | 521 | 344 | ||||||
Thermo Fisher Scientific | 100 | 100 | ||||||
3.200%, 08/15/27 | 100 | 93 | ||||||
3.000%, 04/15/23 | 200 | 194 | ||||||
2.950%, 09/19/26 | 30 | 28 | ||||||
UnitedHealth Group | 200 | 212 | ||||||
4.450%, 12/15/48 | 1,754 | 1,805 | ||||||
4.250%, 04/15/47 | 100 | 99 | ||||||
4.250%, 06/15/48 | 50 | 50 | ||||||
3.875%, 12/15/28 | 10 | 10 | ||||||
3.850%, 06/15/28 | 50 | 51 | ||||||
3.750%, 07/15/25 | 50 | 51 | ||||||
3.700%, 12/15/25 | 1,276 | 1,289 | ||||||
3.500%, 06/15/23 | 50 | 50 | ||||||
3.500%, 02/15/24 | 10 | 10 | ||||||
3.150%, 06/15/21 | 50 | 50 | ||||||
2.950%, 10/15/27 | 150 | 142 | ||||||
2.875%, 03/15/22 | 100 | 99 | ||||||
Zimmer Biomet Holdings | 150 | 143 | ||||||
Zoetis | 125 | 123 | ||||||
3.250%, 02/01/23 | 50 | 49 | ||||||
3.000%, 09/12/27 | 50 | 46 | ||||||
|
| |||||||
| 48,956 | ||||||||
|
| |||||||
Industrials — 2.1% | ||||||||
3M | ||||||||
5.700%, 03/15/37 | 150 | 183 | ||||||
4.000%, 09/14/48 | 100 | 99 | ||||||
ABB Finance USA | 150 | 152 | ||||||
AerCap Ireland Capital | 225 | 227 | ||||||
4.500%, 05/15/21 | 1,836 | 1,841 | ||||||
AerCap Ireland Capital DAC | 150 | 146 | ||||||
Aeropuerto Internacional de Tocumen | 390 | 388 | ||||||
Air Lease | 100 | 95 | ||||||
3.250%, 03/01/25 | 150 | 138 | ||||||
2.125%, 01/15/20 | 50 | 49 | ||||||
Aircastle | 10 | 11 | ||||||
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 | 50 | 46 | ||||||
The accompanying notes are an integral part of the financial statements.
114
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
American Airlines Pass-Through Trust | $ | 133 | $ | 135 | ||||
Boeing | 50 | 49 | ||||||
2.350%, 10/30/21 | 150 | 148 | ||||||
2.125%, 03/01/22 | 50 | 49 | ||||||
Burlington Northern Santa Fe | 200 | 216 | ||||||
4.150%, 12/15/48 | 105 | 102 | ||||||
3.750%, 04/01/24 | 200 | 204 | ||||||
3.050%, 03/15/22 | 100 | 100 | ||||||
Canadian National Railway | 150 | 159 | ||||||
Canadian Pacific Railway | 15 | 15 | ||||||
2.900%, 02/01/25 | 100 | 96 | ||||||
Caterpillar | 100 | 111 | ||||||
3.900%, 05/27/21 | 50 | 51 | ||||||
3.400%, 05/15/24 | 100 | 100 | ||||||
Caterpillar Financial Services | 1,653 | 1,673 | ||||||
3.450%, 05/15/23 | 150 | 151 | ||||||
3.150%, 09/07/21 | 55 | 55 | ||||||
Cintas No. 2 | 200 | 195 | ||||||
CNH Industrial Capital | 10 | 10 | ||||||
4.375%, 11/06/20 | 15 | 15 | ||||||
4.375%, 04/05/22 | 10 | 10 | ||||||
4.200%, 01/15/24 | 50 | 50 | ||||||
3.875%, 10/15/21 | 10 | 10 | ||||||
CSX | 65 | 66 | ||||||
3.800%, 03/01/28 | 100 | 98 | ||||||
3.800%, 11/01/46 | 200 | 176 | ||||||
3.250%, 06/01/27 | 50 | 47 | ||||||
Delta Air Lines | 50 | 48 | ||||||
2.600%, 12/04/20 | 45 | 44 | ||||||
DP World | 806 | 897 | ||||||
5.625%, 09/25/48 (B) | 1,595 | 1,499 | ||||||
Eaton | 100 | 95 | ||||||
Embraer Netherlands Finance | 65 | 67 | ||||||
Emerson Electric | 100 | 98 | ||||||
Eskom Holdings SOC | 610 | 574 | ||||||
6.750%, 08/06/23 (B) | 1,015 | 925 | ||||||
6.350%, 08/10/28 (B) | 560 | 539 | ||||||
5.750%, 01/26/21 (B) | 890 | 838 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
FedEx | $ | 100 | $ | 97 | ||||
4.750%, 11/15/45 | 100 | 94 | ||||||
3.200%, 02/01/25 | 200 | 193 | ||||||
Fluor | 50 | 49 | ||||||
Fortive | 150 | 141 | ||||||
Fortune Brands Home & Security | 50 | 49 | ||||||
GATX | 200 | 190 | ||||||
GE Capital International Funding Unlimited Co | 2,660 | 2,228 | ||||||
2.342%, 11/15/20 | 250 | 241 | ||||||
General Dynamics | 55 | 55 | ||||||
3.500%, 05/15/25 | 200 | 199 | ||||||
2.250%, 11/15/22 | 100 | 98 | ||||||
General Electric | 500 | 523 | ||||||
3.450%, 05/15/24 | 100 | 94 | ||||||
2.700%, 10/09/22 | 250 | 232 | ||||||
Georgian Oil and Gas JSC | 200 | 200 | ||||||
Georgian Railway | 1,300 | 1,342 | ||||||
Harris | 100 | 103 | ||||||
2.700%, 04/27/20 | 35 | 35 | ||||||
Honeywell International | 125 | 129 | ||||||
2.500%, 11/01/26 | 150 | 140 | ||||||
Illinois Tool Works | 250 | 232 | ||||||
Indonesia Asahan Aluminium Persero | 1,107 | 1,135 | ||||||
6.530%, 11/15/28 (B) | 380 | 398 | ||||||
5.710%, 11/15/23 (B) | 714 | 726 | ||||||
5.230%, 11/15/21 (B) | 1,042 | 1,056 | ||||||
Ingersoll-Rand Global Holding | 100 | 103 | ||||||
John Deere Capital | 100 | 100 | ||||||
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 | ||||||
2.650%, 06/24/24 | 100 | 96 | ||||||
Johnson Controls International | 150 | 139 | ||||||
3.625%, 07/02/24 | 43 | 42 | ||||||
Kansas City Southern | 50 | 49 | ||||||
The accompanying notes are an integral part of the financial statements.
115
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Kazakhstan Temir Zholy National JSC | $ | 1,210 | $ | 1,167 | ||||
Kennametal | 25 | 25 | ||||||
L3 Technologies | 150 | 150 | ||||||
Latam Airlines, Pass-Through Trust | 446 | 428 | ||||||
4.200%, 11/15/27 | 871 | 838 | ||||||
Lockheed Martin | 150 | 157 | ||||||
2.900%, 03/01/25 | 100 | 96 | ||||||
2.500%, 11/29/20 | 150 | 148 | ||||||
Masco | 100 | 85 | ||||||
4.375%, 04/01/26 | 40 | 40 | ||||||
3.500%, 04/01/21 | 50 | 50 | ||||||
Norfolk Southern | 60 | 56 | ||||||
3.250%, 12/01/21 | 100 | 100 | ||||||
3.150%, 06/01/27 | 25 | 24 | ||||||
2.900%, 06/15/26 | 35 | 33 | ||||||
Northrop Grumman | 150 | 137 | ||||||
3.500%, 03/15/21 | 100 | 101 | ||||||
3.250%, 08/01/23 | 50 | 49 | ||||||
2.080%, 10/15/20 | 300 | 294 | ||||||
Owens Corning | 100 | 99 | ||||||
PACCAR Financial | 100 | 100 | ||||||
1.950%, 02/27/20 | 60 | 60 | ||||||
Parker-Hannifin | 150 | 148 | ||||||
Pelabuhan Indonesia III Persero | 350 | 344 | ||||||
Precision Castparts | 200 | 198 | ||||||
Republic Services | 50 | 50 | ||||||
2.900%, 07/01/26 | 150 | 142 | ||||||
Rockwell Collins | 150 | 144 | ||||||
Roper Technologies | 150 | 147 | ||||||
Ryder System | 25 | 25 | ||||||
3.500%, 06/01/21 | 50 | 50 | ||||||
2.800%, 03/01/22 | 30 | 29 | ||||||
Stanley Black & Decker | 100 | 98 | ||||||
Textron | 100 | 95 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Transnet | $ | 425 | $ | 398 | ||||
TTX | 922 | 921 | ||||||
Union Pacific | 100 | 99 | ||||||
4.500%, 09/10/48 | 1,529 | 1,508 | ||||||
4.375%, 09/10/38 | 224 | 220 | ||||||
3.799%, 10/01/51 | 200 | 170 | ||||||
3.646%, 02/15/24 | 100 | 100 | ||||||
3.600%, 09/15/37 | 150 | 134 | ||||||
United Airlines, Pass-Through Trust | 80 | 82 | ||||||
3.750%, 09/03/26 | 83 | 81 | ||||||
United Parcel Service | 150 | 136 | ||||||
3.125%, 01/15/21 | 45 | 45 | ||||||
3.050%, 11/15/27 | 100 | 95 | ||||||
United Technologies | 1,149 | 1,110 | ||||||
4.450%, 11/16/38 | 10 | 10 | ||||||
4.125%, 11/16/28 | 3,077 | 3,048 | ||||||
3.950%, 08/16/25 | 15 | 15 | ||||||
3.750%, 11/01/46 | 150 | 127 | ||||||
3.650%, 08/16/23 | 1,660 | 1,653 | ||||||
3.350%, 08/16/21 | 10 | 10 | ||||||
3.100%, 06/01/22 | 100 | 98 | ||||||
2.650%, 11/01/26 | 130 | 117 | ||||||
2.300%, 05/04/22 | 100 | 96 | ||||||
1.950%, 11/01/21 | 50 | 48 | ||||||
Verisk Analytics | 50 | 50 | ||||||
Wabtec | 1,071 | 1,005 | ||||||
4.150%, 03/15/24 | 1,539 | 1,487 | ||||||
Waste Management | 100 | 100 | ||||||
|
| |||||||
| 42,665 | ||||||||
|
| |||||||
Information Technology — 1.2% |
| |||||||
Analog Devices | 150 | 146 | ||||||
Apple | 898 | 951 | ||||||
4.500%, 02/23/36 | 2,422 | 2,547 | ||||||
3.750%, 09/12/47 | 150 | 138 | ||||||
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 | ||||||
2.850%, 05/11/24 | 250 | 244 | ||||||
2.500%, 02/09/22 | 50 | 49 | ||||||
2.400%, 01/13/23 | 200 | 194 | ||||||
2.300%, 05/11/22 | 100 | 98 | ||||||
2.250%, 02/23/21 | 50 | 49 | ||||||
2.150%, 02/09/22 | 250 | 244 | ||||||
1.550%, 08/04/21 | 50 | 48 | ||||||
The accompanying notes are an integral part of the financial statements.
116
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Applied Materials | $ | 25 | $ | 24 | ||||
2.625%, 10/01/20 | 50 | 50 | ||||||
Arrow Electronics | 100 | 99 | ||||||
Automatic Data Processing | 50 | 50 | ||||||
Broadcom | 100 | 90 | ||||||
3.625%, 01/15/24 | 100 | 94 | ||||||
3.000%, 01/15/22 | 100 | 96 | ||||||
2.375%, 01/15/20 | 100 | 99 | ||||||
2.200%, 01/15/21 | 100 | 97 | ||||||
Cisco Systems | 200 | 203 | ||||||
3.625%, 03/04/24 | 100 | 102 | ||||||
3.500%, 06/15/25 | 50 | 50 | ||||||
2.950%, 02/28/26 | 50 | 48 | ||||||
2.500%, 09/20/26 | 100 | 93 | ||||||
1.850%, 09/20/21 | 100 | 97 | ||||||
Corning | 100 | 101 | ||||||
Diamond 1 Finance | 260 | 261 | ||||||
5.450%, 06/15/23 (B) | 2,375 | 2,417 | ||||||
4.420%, 06/15/21 (B) | 100 | 100 | ||||||
Fidelity National Information Services | 28 | 29 | ||||||
3.625%, 10/15/20 | 200 | 201 | ||||||
Fiserv | 100 | 101 | ||||||
2.700%, 06/01/20 | 100 | 99 | ||||||
Hewlett Packard Enterprise | 100 | 101 | ||||||
3.600%, 10/15/20 | 200 | 200 | ||||||
IBM Credit | 100 | 97 | ||||||
Intel | 250 | 243 | ||||||
3.734%, 12/08/47 | 200 | 185 | ||||||
3.700%, 07/29/25 | 25 | 25 | ||||||
3.150%, 05/11/27 | 100 | 97 | ||||||
2.875%, 05/11/24 | 150 | 147 | ||||||
2.450%, 07/29/20 | 60 | 60 | ||||||
International Business Machines | 150 | 135 | ||||||
3.450%, 02/19/26 | 50 | 49 | ||||||
3.375%, 08/01/23 | 200 | 198 | ||||||
2.250%, 02/19/21 | 50 | 49 | ||||||
1.875%, 08/01/22 | 150 | 141 | ||||||
Jabil | 150 | 131 | ||||||
Juniper Networks | 50 | 50 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Lam Research | $ | 50 | $ | 49 | ||||
Mastercard | 10 | 10 | ||||||
3.500%, 02/26/28 | 5 | 5 | ||||||
2.950%, 11/21/26 | 50 | 48 | ||||||
Microsoft | 500 | 525 | ||||||
4.100%, 02/06/37 | 200 | 205 | ||||||
3.625%, 12/15/23 | 250 | 258 | ||||||
3.450%, 08/08/36 | 300 | 283 | ||||||
3.300%, 02/06/27 | 60 | 59 | ||||||
3.125%, 11/03/25 | 100 | 99 | ||||||
2.875%, 02/06/24 | 35 | 35 | ||||||
2.650%, 11/03/22 | 150 | 149 | ||||||
2.400%, 02/06/22 | 150 | 148 | ||||||
2.400%, 08/08/26 | 100 | 93 | ||||||
2.000%, 11/03/20 | 150 | 148 | ||||||
1.850%, 02/06/20 | 100 | 99 | ||||||
Motorola Solutions | 100 | 99 | ||||||
NetApp | 50 | 50 | ||||||
NXP BV | 4,248 | 4,163 | ||||||
Oracle | 500 | 502 | ||||||
4.125%, 05/15/45 | 1,137 | 1,076 | ||||||
4.000%, 07/15/46 | 508 | 474 | ||||||
4.000%, 11/15/47 | 569 | 530 | ||||||
3.900%, 05/15/35 | 200 | 191 | ||||||
3.850%, 07/15/36 | 250 | 236 | ||||||
3.800%, 11/15/37 | 250 | 234 | ||||||
2.950%, 05/15/25 | 100 | 96 | ||||||
2.500%, 05/15/22 | 150 | 147 | ||||||
2.400%, 09/15/23 | 200 | 192 | ||||||
1.900%, 09/15/21 | 90 | 87 | ||||||
QUALCOMM | 150 | 133 | ||||||
3.250%, 05/20/27 | 50 | 47 | ||||||
3.000%, 05/20/22 | 100 | 98 | ||||||
2.600%, 01/30/23 | 200 | 193 | ||||||
salesforce.com | 150 | 151 | ||||||
Seagate HDD Cayman | 100 | 89 | ||||||
Texas Instruments | 50 | 50 | ||||||
2.750%, 03/12/21 | 75 | 74 | ||||||
Total System Services | 100 | 101 | ||||||
Trimble | 100 | 101 | ||||||
Tyco Electronics Group | 25 | 23 | ||||||
Visa | 150 | 155 | ||||||
The accompanying notes are an integral part of the financial statements.
117
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
3.150%, 12/14/25 | $ | 200 | $ | 196 | ||||
2.800%, 12/14/22 | 100 | 99 | ||||||
2.200%, 12/14/20 | 300 | 297 | ||||||
VMware | 100 | 95 | ||||||
Western Union | 50 | 50 | ||||||
|
| |||||||
| 23,878 | ||||||||
|
| |||||||
Materials — 1.2% | ||||||||
Airgas | 100 | 101 | ||||||
ArcelorMittal | 21 | 22 | ||||||
6.250%, 02/25/22 | 3,163 | 3,343 | ||||||
6.125%, 06/01/25 | 2,652 | 2,765 | ||||||
5.500%, 03/01/21 | 2,392 | 2,460 | ||||||
5.250%, 08/05/20 | 25 | 26 | ||||||
Barrick | 150 | 150 | ||||||
BHP Billiton Finance USA | 100 | 109 | ||||||
Celanese US Holdings | 20 | 21 | ||||||
4.625%, 11/15/22 | 20 | 21 | ||||||
Cemex | 200 | 210 | ||||||
5.700%, 01/11/25 (B) | 605 | 580 | ||||||
Dow Chemical | 1,689 | 1,713 | ||||||
4.800%, 11/30/28 (B) | 1,087 | 1,106 | ||||||
4.125%, 11/15/21 | 250 | 254 | ||||||
DowDuPont | 1,688 | 1,754 | ||||||
5.319%, 11/15/38 | 35 | 36 | ||||||
4.725%, 11/15/28 | 100 | 103 | ||||||
4.205%, 11/15/23 | 1,507 | 1,540 | ||||||
Eastman Chemical | 150 | 145 | ||||||
Ecolab | 100 | 100 | ||||||
EI du Pont de Nemours | 17 | 17 | ||||||
Goldcorp | 50 | 49 | ||||||
International Paper | 150 | 141 | ||||||
3.650%, 06/15/24 | 200 | 201 | ||||||
LYB International Finance II BV | 350 | 319 | ||||||
Martin Marietta Materials | 100 | 82 | ||||||
Mexichem | 430 | 388 | ||||||
4.000%, 10/04/27 (B) | 625 | 568 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Mosaic | $ | 100 | $ | 95 | ||||
Nacional del Cobre de Chile | 505 | 481 | ||||||
Newmont Mining | 100 | 99 | ||||||
Nexa Resources | 650 | 629 | ||||||
Nucor | 150 | 148 | ||||||
Nutrien | 150 | 164 | ||||||
3.625%, 03/15/24 | 100 | 97 | ||||||
Packaging Corp of America | 100 | 98 | ||||||
3.400%, 12/15/27 | 35 | 33 | ||||||
2.450%, 12/15/20 | 35 | 34 | ||||||
Praxair | 200 | 196 | ||||||
Rio Tinto Finance USA | 200 | 201 | ||||||
Sherwin-Williams | 100 | 95 | ||||||
2.250%, 05/15/20 | 200 | 197 | ||||||
Southern Copper | 150 | 153 | ||||||
3.875%, 04/23/25 | 30 | 29 | ||||||
Vale Overseas | 849 | 1,049 | ||||||
6.875%, 11/21/36 | 200 | 229 | ||||||
4.375%, 01/11/22 | 2,410 | 2,452 | ||||||
Vedanta Resources | 680 | 564 | ||||||
Westlake Chemical | 100 | 92 | ||||||
Westrock | 100 | 101 | ||||||
|
| |||||||
| 25,560 | ||||||||
|
| |||||||
Real Estate — 0.4% | ||||||||
Alexandria Real Estate Equities | 919 | 930 | ||||||
3.450%, 04/30/25 | 25 | 24 | ||||||
2.750%, 01/15/20 | 50 | 50 | ||||||
American Tower | 200 | 196 | ||||||
2.250%, 01/15/22 | 50 | 48 | ||||||
AvalonBay Communities | 100 | 99 | ||||||
Boston Properties | 100 | 100 | ||||||
3.650%, 02/01/26 | 150 | 145 | ||||||
Brixmor Operating Partnership | 30 | 30 | ||||||
3.250%, 09/15/23 | 100 | 97 | ||||||
The accompanying notes are an integral part of the financial statements.
118
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Camden Property Trust | $ | 10 | $ | 10 | ||||
Crown Castle International | 100 | 104 | ||||||
3.800%, 02/15/28 | 150 | 142 | ||||||
3.700%, 06/15/26 | 35 | 34 | ||||||
2.250%, 09/01/21 | 55 | 53 | ||||||
Digital Realty Trust | 100 | 99 | ||||||
Duke Realty | 100 | 99 | ||||||
EPR Properties | 50 | 50 | ||||||
ERP Operating | 120 | 124 | ||||||
4.150%, 12/01/28 | 50 | 51 | ||||||
Essex Portfolio | 100 | 96 | ||||||
GLP Capital | 15 | 15 | ||||||
5.375%, 11/01/23 | 15 | 15 | ||||||
5.375%, 04/15/26 | 25 | 25 | ||||||
5.250%, 06/01/25 | 15 | 15 | ||||||
4.875%, 11/01/20 | 40 | 40 | ||||||
Healthcare Trust of America Holdings | 100 | 95 | ||||||
Hospitality Properties Trust | 100 | 101 | ||||||
5.000%, 08/15/22 | 100 | 102 | ||||||
Host Hotels & Resorts | 100 | 98 | ||||||
Kilroy Realty | 50 | 48 | ||||||
Kimco Realty | 697 | 632 | ||||||
3.300%, 02/01/25 | 80 | 76 | ||||||
3.200%, 05/01/21 | 50 | 50 | ||||||
Liberty Property | 100 | 102 | ||||||
Mid-America Apartments | 25 | 24 | ||||||
National Retail Properties | 35 | 35 | ||||||
3.600%, 12/15/26 | 100 | 96 | ||||||
Omega Healthcare Investors | 50 | 50 | ||||||
Prologis | 35 | 36 | ||||||
Realty Income | 25 | 25 | ||||||
3.250%, 10/15/22 | 100 | 99 | ||||||
Regency Centers | 30 | 29 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Select Income | $ | 50 | $ | 48 | ||||
Simon Property Group | 125 | 122 | ||||||
3.300%, 01/15/26 | 100 | 97 | ||||||
2.625%, 06/15/22 | 250 | 243 | ||||||
UDR | 2,702 | 2,725 | ||||||
4.000%, 10/01/25 | 50 | 50 | ||||||
Ventas Realty | 100 | 102 | ||||||
3.750%, 05/01/24 | 50 | 49 | ||||||
2.700%, 04/01/20 | 100 | 99 | ||||||
VEREIT Operating Partnership | 20 | 20 | ||||||
4.625%, 11/01/25 | 50 | 50 | ||||||
4.600%, 02/06/24 | 15 | 15 | ||||||
4.125%, 06/01/21 | 10 | 10 | ||||||
Welltower | 100 | 104 | ||||||
4.950%, 09/01/48 | 100 | 99 | ||||||
Weyerhaeuser | 100 | 104 | ||||||
WP Carey | 50 | 51 | ||||||
|
| |||||||
| 8,377 | ||||||||
|
| |||||||
Utilities — 3.5% | ||||||||
ABY Transmision Sur | 247 | 272 | ||||||
AEP Transmission | 150 | 145 | ||||||
Alabama Power | 30 | 30 | ||||||
Ameren Illinois | 25 | 26 | ||||||
American Electric Power | 1,706 | 1,734 | ||||||
3.650%, 12/01/21 | 35 | 35 | ||||||
American Water Capital | 100 | 97 | ||||||
3.400%, 03/01/25 | 100 | 99 | ||||||
Arizona Public Service | 200 | 204 | ||||||
3.150%, 05/15/25 | 50 | 49 | ||||||
Atlantic City Electric | 100 | 103 | ||||||
Atmos Energy | 65 | 62 | ||||||
Berkshire Hathaway Energy | 200 | 239 | ||||||
3.750%, 11/15/23 | 100 | 102 | ||||||
2.375%, 01/15/21 | 5,773 | 5,694 | ||||||
Black Hills | 1,804 | 1,808 | ||||||
The accompanying notes are an integral part of the financial statements.
119
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Celeo Redes Operacion Chile | $ | 904 | $ | 848 | ||||
CenterPoint Energy | 25 | 25 | ||||||
3.850%, 02/01/24 | 25 | 25 | ||||||
3.600%, 11/01/21 | 10 | 10 | ||||||
2.500%, 09/01/22 | 50 | 48 | ||||||
CenterPoint Energy Houston Electric | 100 | 97 | ||||||
Cleco Corporate Holdings | 100 | 95 | ||||||
CMS Energy | 40 | 38 | ||||||
Cometa Energia | 1,471 | 1,360 | ||||||
Consolidated Edison of New York | 150 | 150 | ||||||
4.000%, 12/01/28 | 100 | 102 | ||||||
3.875%, 06/15/47 | 100 | 92 | ||||||
3.800%, 05/15/28 | 50 | 51 | ||||||
Consumers Energy | 100 | 104 | ||||||
Delmarva Power & Light | 423 | 413 | ||||||
Dominion Energy | 1,258 | 1,404 | ||||||
4.050%, 09/15/42 | 150 | 136 | ||||||
2.962%, 07/01/19 | 1,600 | 1,594 | ||||||
2.750%, 01/15/22 | 100 | 98 | ||||||
2.579%, 07/01/20 | 45 | 44 | ||||||
Dominion Gas Holdings | 1,300 | 1,290 | ||||||
DTE Electric | 1,430 | 1,417 | ||||||
3.750%, 08/15/47 | 100 | 93 | ||||||
Duke Energy | 350 | 303 | ||||||
2.650%, 09/01/26 | 150 | 136 | ||||||
Duke Energy Carolinas | 300 | 341 | ||||||
3.950%, 11/15/28 | 900 | 923 | ||||||
3.700%, 12/01/47 | 100 | 91 | ||||||
3.050%, 03/15/23 | 100 | 99 | ||||||
2.950%, 12/01/26 | 50 | 48 | ||||||
Duke Energy Florida | 50 | 51 | ||||||
2.100%, 12/15/19 | 498 | 494 | ||||||
Duke Energy Progress | 50 | 51 | ||||||
Edison International | 80 | 75 | ||||||
Enel Generacion Chile | 50 | 49 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Entergy | $ | 50 | $ | 51 | ||||
Entergy Arkansas | 100 | 99 | ||||||
Entergy Louisiana | 130 | 132 | ||||||
Eversource Energy | 100 | 95 | ||||||
2.750%, 03/15/22 | 4,364 | 4,288 | ||||||
Exelon | 1,211 | 1,247 | ||||||
3.400%, 04/15/26 | 100 | 95 | ||||||
Exelon Generation | 600 | 584 | ||||||
FirstEnergy | 880 | 879 | ||||||
4.250%, 03/15/23 | 1,698 | 1,725 | ||||||
3.900%, 07/15/27 | 1,166 | 1,130 | ||||||
FirstEnergy Transmission | 1,181 | 1,283 | ||||||
4.350%, 01/15/25 (B) | 1,095 | 1,106 | ||||||
Florida Power & Light | 50 | 50 | ||||||
3.700%, 12/01/47 | 100 | 94 | ||||||
Fortis | 1,251 | 1,142 | ||||||
2.100%, 10/04/21 | 150 | 144 | ||||||
Georgia Power | 300 | 276 | ||||||
2.000%, 09/08/20 | 115 | 113 | ||||||
ITC Holdings | 25 | 25 | ||||||
2.700%, 11/15/22 | 2,183 | 2,110 | ||||||
Jersey Central Power & Light | 824 | 827 | ||||||
Kansas City Power & Light | 100 | 99 | ||||||
Korea Southern Power | 433 | 430 | ||||||
Listrindo Capital BV | 530 | 470 | ||||||
MidAmerican Energy | 250 | 242 | ||||||
Minejesa Capital BV | 870 | 761 | ||||||
National Fuel Gas | 50 | 47 | ||||||
NextEra Energy Capital Holdings | 200 | 169 | ||||||
3.550%, 05/01/27 | 100 | 95 | ||||||
3.342%, 09/01/20 | 7,705 | 7,720 | ||||||
The accompanying notes are an integral part of the financial statements.
120
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
NiSource | $ | 100 | $ | 93 | ||||
3.650%, 06/15/23 (B) | 50 | 50 | ||||||
2.650%, 11/17/22 | 20 | 19 | ||||||
Northern States Power | 100 | 97 | ||||||
2.200%, 08/15/20 | 50 | 49 | ||||||
NSTAR Electric | 100 | 96 | ||||||
Oglethorpe Power | 50 | 50 | ||||||
Oklahoma Gas & Electric | 25 | 25 | ||||||
Oncor Electric Delivery | 50 | 50 | ||||||
ONE Gas | 45 | 46 | ||||||
Pacific Gas & Electric | 400 | 371 | ||||||
4.250%, 08/01/23 (B) | 333 | 308 | ||||||
4.000%, 12/01/46 | 286 | 216 | ||||||
3.300%, 12/01/27 | 43 | 35 | ||||||
2.950%, 03/01/26 | 50 | 41 | ||||||
PacifiCorp | 150 | 146 | ||||||
PECO Energy | 15 | 14 | ||||||
Perusahaan Listrik Negara | 845 | 849 | ||||||
Pinnacle West Capital | 1,009 | 989 | ||||||
Power Finance | 1,060 | 1,031 | ||||||
PPL Capital Funding | 100 | 89 | ||||||
3.500%, 12/01/22 | 150 | 148 | ||||||
Progress Energy | 1,619 | 2,154 | ||||||
7.050%, 03/15/19 | 1,263 | 1,273 | ||||||
PSEG Power | 50 | 50 | ||||||
3.000%, 06/15/21 | 50 | 49 | ||||||
Public Service Electric & Gas | 100 | 101 | ||||||
Public Service Enterprise Group | 150 | 145 | ||||||
Public Service of Colorado | 65 | 64 | ||||||
Puget Energy | 100 | 106 | ||||||
Puget Sound Energy | 100 | 100 | ||||||
Ruwais Power PJSC | 540 | 591 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Sempra Energy | $ | 1,135 | $ | 1,143 | ||||
6.000%, 10/15/39 | 1,222 | 1,359 | ||||||
3.800%, 02/01/38 | 200 | 171 | ||||||
3.750%, 11/15/25 | 100 | 96 | ||||||
3.550%, 06/15/24 | 100 | 98 | ||||||
3.400%, 02/01/28 | 995 | 909 | ||||||
2.900%, 02/01/23 | 35 | 34 | ||||||
South Carolina Electric & Gas | 150 | 148 | ||||||
3.500%, 08/15/21 | 55 | 55 | ||||||
Southern | 150 | 142 | ||||||
2.350%, 07/01/21 | 200 | 194 | ||||||
Southern California Edison | 1,283 | 1,215 | ||||||
3.650%, 03/01/28 | 50 | 49 | ||||||
3.500%, 10/01/23 | 150 | 149 | ||||||
Southern Gas Capital | 30 | 28 | ||||||
Southwestern Electric Power | 25 | 25 | ||||||
3.850%, 02/01/48 | 100 | 89 | ||||||
2.750%, 10/01/26 | 50 | 46 | ||||||
Southwestern Public Service | 100 | 101 | ||||||
State Grid Overseas Investment 2013 | 440 | 432 | ||||||
Tampa Electric | 25 | 24 | ||||||
4.300%, 06/15/48 | 25 | 24 | ||||||
Terraform Global Operating | 700 | 651 | ||||||
Union Electric | 150 | 151 | ||||||
Virginia Electric & Power | 1,214 | 1,266 | ||||||
3.800%, 04/01/28 | 100 | 100 | ||||||
3.500%, 03/15/27 | 100 | 99 | ||||||
3.100%, 05/15/25 | 100 | 97 | ||||||
2.750%, 03/15/23 | 100 | 98 | ||||||
WEC Energy Group | 65 | 65 | ||||||
Wisconsin Electric Power | 10 | 10 | ||||||
Wisconsin Power & Light | 100 | 96 | ||||||
Xcel Energy | 100 | 97 | ||||||
2.400%, 03/15/21 | 2,057 | 2,026 | ||||||
|
| |||||||
| 71,154 | ||||||||
|
| |||||||
Total Corporate Obligations | 503,048 | |||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
121
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
LOAN PARTICIPATIONS — 9.3% |
| |||||||
Aerospace/Defense — 0.0% | ||||||||
Accudyne Industries Borrower S.C.A. / Accudyne Industries, LLC (fka Silver II US Holdings, LLC), Initial Term Loan, 1st Lien 5.522%, VAR LIBOR+3.250%, 08/18/24 | $ | 1,014 | $ | 960 | ||||
|
| |||||||
Airlines — 0.1% | ||||||||
American Airlines, Inc., 2018 Replacement Term Loan, 1st Lien 4.256%, VAR LIBOR+1.750%, 06/27/25 | 1,242 | 1,160 | ||||||
|
| |||||||
Automotive — 0.3% | ||||||||
Altra Industrial Motion Corp., Term Loan, 1st Lien 4.345%, 09/26/25 | 985 | 933 | ||||||
Capital Automotive L.P., Initial Tranche B Term Loan, 1st Lien 8.522%, VAR LIBOR+6.000%, 03/21/25 | 470 | 463 | ||||||
Chassix, Inc., Initial Loan, 1st Lien | 251 | 246 | ||||||
8.188%, 11/15/23 | 244 | 239 | ||||||
Dayco Products, LLC , Term Loan 6.957%, VAR LIBOR+4.250%, 05/08/23 | 686 | 667 | ||||||
Honeywell Technologies Sàrl, Dollar Tranche B Term Loan, 1st Lien 5.390%, 09/19/25 | 998 | 940 | ||||||
Horizon Global Corporation, 2017 Replacement Term Loan, 1st Lien 8.345%, 03/30/21 (A) | 229 | 217 | ||||||
TI Group Automotive Systems LLC, Initial Term Loan, 1st Lien 5.022%, VAR LIBOR+2.500%, 06/24/22 | 1,803 | 1,747 | ||||||
|
| |||||||
| 5,452 | ||||||||
|
| |||||||
Building Materials — 0.1% | ||||||||
American Builders & Contractors Supply Co., Inc., TermB-2 Loan, 1st Lien 4.522%, VAR LIBOR+2.000%, 10/31/23 | 1,103 | 1,047 | ||||||
Beacon Roofing Supply, Inc., Initial Term Loan, 1st Lien 4.682%, VAR LIBOR+2.250%, 01/02/25 | 1,241 | 1,177 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
PGT Innovations, Inc. (fka PGT, Inc.), Initial Term Loan 5.845%, VAR LIBOR+3.500%, 02/16/22 | $ | 50 | $ | 49 | ||||
Vertiv Group Corporation (fka Cortes NP Acquisition Corporation), Term B Loan, 1st Lien 6.707%, VAR LIBOR+4.000%, 11/30/23 | 703 | 636 | ||||||
|
| |||||||
| 2,909 | ||||||||
|
| |||||||
Cable/Wireless Video — 0.1% |
| |||||||
Charter Communications Operating, LLC (aka CCO Safari LLC), Term B Loan, 1st Lien 4.530%, VAR LIBOR+2.000%, 04/30/25 | 1,419 | 1,357 | ||||||
|
| |||||||
Chemicals — 1.2% | ||||||||
AkzoNobel (Starfruit), Term Loan B | 1,465 | 1,399 | ||||||
Allnex (Luxembourg) & Cy S.C.A. (f/k/a AI Chem & Cy S.C.A.), TrancheB-2 Term Loan, 1st Lien 5.956%, VAR LIBOR+3.250%, 06/02/23 | 698 | 682 | ||||||
Allnex (Luxembourg) & Cy S.C.A. (f/k/a AI Chem & Cy S.C.A.), TrancheB-3 Term Loan 5.956%, VAR LIBOR+3.250%, 06/02/23 | 526 | 514 | ||||||
Archroma Finance S.a r.l., Facility B2, 1st Lien 6.420%, VAR LIBOR+4.250%, 08/12/24 | 815 | 805 | ||||||
Ascend Performance Materials Operations LLC, Term B Loan, 1st Lien 6.750%, VAR LIBOR+5.250%, 08/12/22 | 491 | 484 | ||||||
ASP Chromaflo Intermediate Holdings, Inc., InitialTranche B-1 Term Loan 6.022%, VAR LIBOR+3.500%, 11/20/23 | 399 | 387 | ||||||
ASP Chromaflo Intermediate Holdings, Inc., Initial TrancheB-2 Term Loan, 1st Lien 6.022%, VAR LIBOR+3.500%, 11/20/23 | 519 | 504 | ||||||
Ferro Corporation, TrancheB-1 Term Loan, 1st Lien 5.053%, 02/14/24 (A) | 769 | 738 | ||||||
The accompanying notes are an integral part of the financial statements.
122
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Flint Group, Term Loan, 1st Lien 5.487%, 09/07/21 (A) | $ | 737 | $ | 656 | ||||
H.B. Fuller Company, Commitment, 2nd Lien 4.470%, VAR LIBOR+2.000%, 10/20/24 | 787 | 738 | ||||||
INEOS Styrolution US Holding LLC (fka Styrolution US Holding LLC), New 2024 Dollar Term Loan, 1st Lien 4.803%, 03/29/24 (A) | 221 | 210 | ||||||
Ineos US Finance LLC, New 2024 Dollar Term Loan, 1st Lien 4.522%, VAR LIBOR+2.000%, 04/01/24 | 1,740 | 1,640 | ||||||
Klockner Pentaplast of America, Inc. (fka Kleopatra Acquisition Corp), Dollar Term Loan, 1st Lien 6.595%, VAR LIBOR+4.250%, 06/30/22 | 693 | 561 | ||||||
OCI Partners LP, Initial Term Loan, 1st Lien 6.386%, 02/14/25 | 496 | 486 | ||||||
Orion Engineered Carbons GmbH, Initial Dollar Term Loan, 1st Lien 4.386%, VAR LIBOR+2.000%, 07/25/24 | 1,352 | 1,318 | ||||||
PMHC II, Inc., Initial Term Loan 6.415%, 03/31/25 | 219 | 199 | ||||||
6.094%, 03/21/25 | 237 | 216 | ||||||
6.001%, 03/31/25 | 290 | 264 | ||||||
PQ Corporation, Third Amendment TrancheB-1 Term Loan 5.027%, 02/08/25 (A) | 918 | 868 | ||||||
Pregis Holding I Corporation, Term Loan 6.313%, VAR LIBOR+3.500%, 05/20/21 | 735 | 690 | ||||||
Ravago Holdings America Inc., Initial Term Loan, 1st Lien 5.280%, VAR LIBOR+2.750%, 06/30/23 | 658 | 642 | ||||||
Reynolds Group Holdings Inc., Incremental U.S. Term Loan 5.272%, VAR LIBOR+2.750%, 02/05/23 | 555 | 527 | ||||||
Reynolds Group Holdings Incremental US Term Loans 5.272%, VAR LIBOR+2.750%, 02/05/23 | 933 | 887 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Ring Container Technologies Group, LLC, Initial Term Loan 5.272%, VAR LIBOR+2.750%, 10/31/24 | $ | 742 | $ | 702 | ||||
Schenectady International Group, Inc., Initial Term Loan 7.186%, 08/17/25 (A) | 850 | 816 | ||||||
Spectrum Holdings III Corp., Closing Date Term Loan 9.345%, VAR LIBOR+7.000%, 01/26/26 | 500 | 485 | ||||||
Tricorbraun Holdings, Inc., Closing Date Term Loan, 1st Lien 6.136%, 11/29/23 (A) | 757 | 740 | ||||||
Tricorbraun Holdings, Inc., Delayed Draw Term Loan 6.103%, VAR LIBOR+3.750%, 11/30/23 | 76 | 75 | ||||||
Tronox Blocked Borrower LLC, Blocked Dollar Term Loan 5.522%, VAR LIBOR+3.000%, 09/23/24 | 449 | 435 | ||||||
Tronox Finance LLC, Initial Dollar Term Loan 5.522%, VAR LIBOR+3.000%, 09/23/24 | 1,036 | 1,003 | ||||||
U.S. Farathane, LLC, TermB-4 Loan, 1st Lien 5.886%, VAR LIBOR+3.500%, 12/31/21 | 927 | 885 | ||||||
Univar USA Inc., TermB-3 Loan, 1st Lien 4.772%, VAR LIBOR+2.500%, 07/01/24 | 1,524 | 1,454 | ||||||
Vantage Specialty Chemicals, Inc., Closing Date Term Loan, 1st Lien 6.022%, VAR LIBOR+4.000%, 10/28/24 | 625 | 601 | ||||||
5.995%, 10/28/24 | 368 | 353 | ||||||
Vantage Specialty Chemicals, Inc., Initial Loan 10.777%, VAR LIBOR+8.250%, 10/20/25 | 205 | 200 | ||||||
Wilsonart LLC, Tranche D Term Loan, 1st Lien 6.060%, VAR LIBOR+3.250%, 12/19/23 | 493 | 470 | ||||||
|
| |||||||
| 23,634 | ||||||||
|
| |||||||
Commercial Services — 0.1% | ||||||||
Autokiniton US Holdings, Inc., Closing Date Term B Loan, 1st Lien 6.506%, 05/17/25 (A) | 580 | 563 | ||||||
The accompanying notes are an integral part of the financial statements.
123
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Newport Group Holdings II, Inc., Initial Term Loan 6.538%, 08/08/25 | $ | 194 | $ | 190 | ||||
Safe Fleet Holdings LLC, Initial Term Loan 5.380%, VAR LIBOR+3.000%, 02/03/25 | 744 | 708 | ||||||
|
| |||||||
| 1,461 | ||||||||
|
| |||||||
Communication Services — 0.4% |
| |||||||
Altice Financing S.A., March 2017 Refinancing Term Loan 5.220%, 07/15/25 | 938 | 885 | ||||||
2.750%, VAR LIBOR+2.750%, 07/15/25 | 2 | 3 | ||||||
CPI International, Inc., Initial Term Loan, 1st Lien 9.595%, 07/25/25 (A) | 313 | 306 | ||||||
Flight Bidco Inc., Initial Term Loan, 1st Lien 9.840%, 06/19/26 | 306 | 299 | ||||||
5.840%, 07/23/25 | 619 | 613 | ||||||
Level 3 Financing, Inc., Tranche B 2024 Term Loan, 1st Lien 4.754%, VAR LIBOR+2.250%, 02/22/24 | 1,670 | 1,583 | ||||||
MTN Infrastructure TopCo, Inc., Initial Term Loan, 1st Lien 5.522%, VAR LIBOR+3.000%, 11/15/24 | 850 | 808 | ||||||
SBA Senior Finance II LLC, Initial Term Loan, 1st Lien 4.530%, VAR LIBOR+2.000%, 04/11/25 | 1,215 | 1,162 | ||||||
Sprint Communications, Inc., Initial Term Loan, 1st Lien 5.063%, VAR LIBOR+2.500%, 02/02/24 | 1,773 | 1,683 | ||||||
Zayo Group LLC (Zayo Capital, Inc.), 2017 Incremental RefinancingB-2 Term Facility 4.772%, VAR LIBOR+2.250%, 01/19/24 | 1,226 | 1,171 | ||||||
|
| |||||||
| 8,513 | ||||||||
|
| |||||||
Computers & Electronics — 0.9% |
| |||||||
Air Newco LLC, 2018 Refinancing Dollar Term B Loan 7.137%, 05/31/24 | 710 | 701 | ||||||
Brooks Automation, Inc., Initial Term B Loan 4.910%, 10/04/24 (A) | 1,485 | 1,426 | ||||||
Campaign Monitor Finance Pty Limited (CM Delaware LLC), Term Loan, 1st Lien 7.492%, VAR LIBOR+5.250%, 03/18/21 | 47 | 45 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
CPI International, Inc., Initial Term Loan, 1st Lien 5.845%, VAR LIBOR+3.500%, 07/26/24 | $ | 362 | $ | 350 | ||||
Dell International L.L.C. (EMC Corporation), Replacement TermA-2 Loan 4.280%, VAR LIBOR+1.750%, 09/07/21 | 995 | 965 | ||||||
Epicor Software Corporation (fka Eagle Parent Inc.), Term B Loan, 1st Lien 5.780%, VAR LIBOR+3.250%, 06/01/22 | 1,230 | 1,173 | ||||||
EXC Holdings III Corp., Initial USD Term Loan 6.303%, VAR LIBOR+3.500%, 11/15/24 | 993 | 955 | ||||||
Go Daddy Operating Company, LLC (GD Finance Co, Inc.), TrancheB-1 Term Loan 4.772%, VAR LIBOR+2.250%, 02/15/24 | 984 | 938 | ||||||
Kronos Incorporated, Incremental Term Loan, 1st Lien 5.388%, VAR LIBOR+3.000%, 11/01/23 | 1,526 | 1,447 | ||||||
MA Financeco, LLC,Tranche B-2 Term Loan, 1st Lien 4.772%, VAR LIBOR+2.500%, 11/19/21 | 193 | 183 | ||||||
MA Financeco, LLC,Tranche B-3 Term Loan 5.022%, VAR LIBOR+2.750%, 06/21/24 | 127 | 118 | ||||||
MACOM Technology Solutions Holdings, Inc. (fkaM/A-COM Technology Solutions Holdings, Inc.), Initial Term Loan, 1st Lien 4.595%, VAR LIBOR+2.250%, 05/07/24 | 1,067 | 1,003 | ||||||
Micro Holdings (Internet Brands), Term Loan, 2nd Lien 10.004%, VAR LIBOR+7.500%, 08/15/25 | 244 | 222 | ||||||
Microchip Technology Incorporated, Initial Term Loan, 1st Lien 4.530%, VAR LIBOR+2.000%, 05/23/25 | 1,094 | 1,035 | ||||||
Misys Limited, Dollar Term Loan, 1st Lien 6.303%, VAR LIBOR+3.500%, 06/13/24 | 635 | 590 | ||||||
The accompanying notes are an integral part of the financial statements.
124
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Oberthur Technologies Holding S.A.S. (fka OT Frenchco 1 SAS), Facility B1 (USD), 1st Lien 0.000%, VAR LIBOR+3.750%, 01/10/24 (F) | $ | 623 | $ | 604 | ||||
Project Ruby Ultimate Parent Corp., New Term Loan 5.845%, VAR LIBOR+3.500%, 02/09/24 | 1,572 | 1,538 | ||||||
Seattle SpinCo, Inc., Initial Term Loan 5.022%, VAR LIBOR+2.750%, 06/21/24 | 859 | 798 | ||||||
Solera, LLC (Solera Finance, Inc.), Dollar Term Loan 5.272%, VAR LIBOR+2.750%, 03/03/23 | 1,519 | 1,429 | ||||||
SS&C Technologies Holdings, Inc., TermB-3 Loan 4.772%, VAR LIBOR+2.500%, 04/16/25 | 1,133 | 1,067 | ||||||
SS&C Technologies Holdings, Inc., TermB-4 Loan 4.772%, VAR LIBOR+2.500%, 04/16/25 | 430 | 405 | ||||||
TeamViewer, Term Loan B, 1st Lien 7.136%, 02/22/24 | 494 | 489 | ||||||
Wall Street Systems Delaware, Inc., Initial Dollar Term Loan 5.386%, VAR LIBOR+3.000%, 11/21/24 | 613 | 569 | ||||||
|
| |||||||
| 18,050 | ||||||||
|
| |||||||
Construction — 0.1% | ||||||||
Brand Energy & Infrastructure Services, Inc. (fka FR Brand Acquisition Corp), Initial Term Loan, 1st Lien 6.759%, VAR LIBOR+4.250%, 06/21/24 | 542 | 513 | ||||||
6.727%, VAR LIBOR+4.250%, 06/14/24 | 907 | 859 | ||||||
6.727%, 06/21/24 | 279 | 265 | ||||||
|
| |||||||
| 1,637 | ||||||||
|
| |||||||
Consumer Discretionary — 0.0% |
| |||||||
Priso Acquisition (aka PrimeSource Building Products), Term B Loan, 1st Lien 5.345%, VAR LIBOR+3.000%, 05/08/22 | 716 | 682 | ||||||
|
| |||||||
| Description | Face Amount (000) | Value (000) | ||||||
Consumer Nondurables — 0.1% |
| |||||||
Acuity Specialty Products, Inc., Initial Term Loan, 1st Lien 6.386%, VAR LIBOR+4.000%, 08/12/24 | $ | 983 | $ | 868 | ||||
Plaze, Inc., Term Loan 5.955%, VAR LIBOR+3.500%, 07/31/22 | 110 | 109 | ||||||
5.896%, VAR LIBOR+3.500%, 07/31/22 | 30 | 30 | ||||||
5.886%, VAR LIBOR+3.500%, 07/31/22 | 347 | 344 | ||||||
|
| |||||||
| 1,351 | ||||||||
|
| |||||||
Educational Services — 0.0% |
| |||||||
Adtalem Global Education Inc., Term B Loan 5.522%, 04/09/25 (A) | 244 | 239 | ||||||
Prometric Holdings Inc. (fka ETS Holdings Inc.), Initial Term Loan 5.350%, VAR LIBOR+3.000%, 01/17/25 | 744 | 715 | ||||||
|
| |||||||
| 954 | ||||||||
|
| |||||||
Entertainment & Leisure — 0.3% |
| |||||||
AMC Entertainment Holdings, Inc. (fka AMC Entertainment Inc.), Initial Term Loan, 1st Lien 4.705%, VAR LIBOR+2.250%, 12/15/22 | 1,821 | 1,747 | ||||||
Crown Finance US, Inc., Initial Dollar Tranche Term Loan 5.022%, VAR LIBOR+2.500%, 02/28/25 | 993 | 936 | ||||||
Intrawest Resorts Holdings, Inc., Initial Bluebird Term Loan, 1st Lien 5.522%, VAR LIBOR+3.000%, 07/31/24 | 1,239 | 1,186 | ||||||
Seaworld Parks & Entertainment, Inc. (f/k/a SW Acquisitions Co., Inc.), TermB-5 Loan, 1st Lien 5.345%, 04/01/24 (A) | 1,247 | 1,188 | ||||||
Stars Group Holdings, Term Loan, 1st Lien 6.303%, 06/27/25 | 637 | 614 | ||||||
|
| |||||||
| 5,671 | ||||||||
|
| |||||||
Entertainment Content — 0.1% |
| |||||||
Metro-Goldwyn-Mayer Inc., Initial Term Loan 4.850%, 06/27/25 | 433 | 416 | ||||||
Metro-Goldwyn-Mayer Inc., Initial Term Loan, 1st Lien 6.850%, 06/29/26 | 276 | 257 | ||||||
The accompanying notes are an integral part of the financial statements.
125
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
NEP Group, Inc., Initial Dollar Term Loan, 2nd Lien 5.595%, 10/05/25 | $ | 750 | $ | 717 | ||||
NEP Group, Inc., Initial Loan, 1st Lien 9.345%, 10/05/26 | 500 | 467 | ||||||
|
| |||||||
| 1,857 | ||||||||
|
| |||||||
Environmental Services — 0.1% | ||||||||
Strategic Materials Holding Corp., Initial Term Loan 10.291%, 10/31/25 | 500 | 445 | ||||||
6.291%, VAR | 743 | 693 | ||||||
|
| |||||||
| 1,138 | ||||||||
|
| |||||||
Financial Services — 0.5% | ||||||||
Achilles Acquisition LLC, Closing Date Term Loan, 1st Lien 6.375%, 10/04/25 | 1,000 | 983 | ||||||
Altisource Solutions, Term Loan B, 1st Lien 6.803%, 03/29/24 (A) | 629 | 613 | ||||||
Citco Funding LLC, 2017 Term Loan, 1st Lien 4.845%, VAR LIBOR+3.000%, 03/23/22 | 952 | 924 | ||||||
CPI Acquisition, Inc., Term Loan 7.020%, VAR LIBOR+4.500%, 08/17/22 | 300 | 188 | ||||||
CPM Holdings, Inc., Initial Term Loan 10.772%, 10/24/26 | 247 | 243 | ||||||
6.272%, 10/24/25 | 367 | 359 | ||||||
Fortress Investment, Term Loan B (2018) 4.522%, 12/27/22 (A) | 1,250 | 1,211 | ||||||
GOBP Holdings, Inc., Initial Term Loan, 1st Lien 6.095%, 10/22/25 | 810 | 788 | ||||||
Hudson River Trading LLC, Repriced Term Loan, 1st Lien 5.845%, 03/20/25 | 600 | 586 | ||||||
IRB Holding Corp., Term B Loan, 1st Lien 5.682%, 02/05/25 | 1,247 | 1,186 | ||||||
0.000%, 02/05/25 (F) | 3 | 3 | ||||||
Jefferies Finance LLC (JFINCo-Issuer Corporation), Term Loan 4.938%, VAR LIBOR+2.500%, 07/26/24 | 741 | 724 | ||||||
Jostens/Champ Acquisitions, Term Loan, 1st Lien 0.000%, 12/17/25 (F) | 619 | 601 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Liquidnet Holdings, Inc., Term Loan 5.595%, 07/15/24 | $ | 712 | $ | 700 | ||||
Resideo Funding Inc., Tranche B Term Loan 4.490%, 10/03/25 | 750 | 724 | ||||||
Triton, Term Loan B, 1st Lien 8.509%, 10/31/24 | 632 | 584 | ||||||
Walter Investment Management, Tranche B Term Loan, 1st Lien 8.522%, VAR LIBOR+6.000%, 06/30/22 | 458 | 393 | ||||||
|
| |||||||
| 10,810 | ||||||||
|
| |||||||
Food & Beverage — 0.2% | ||||||||
1011778 B.C. Unlimited Liability Company (New Red Finance, Inc.) (aka Burger King/Tim Hortons), TermB-3 Loan 4.772%, VAR LIBOR+2.250%, 02/16/24 | 1,360 | 1,294 | ||||||
Arterra Wines Canada, Inc. (fka 9941762 Canada Inc.), USD Term LoanB-1, 1st Lien 5.542%, 12/15/23 (A) | 490 | 466 | ||||||
JBS USA Lux S.A. (fka JBS USA, LLC), Initial Term Loan, 1st Lien 5.301%, VAR LIBOR+2.500%, 10/30/22 | 593 | 569 | ||||||
4.886%, VAR LIBOR+2.500%, 10/30/22 | 102 | 98 | ||||||
Starfruit Finco B.V. (Starfruit US Holdco LLC), Initial Dollar Term Loan 5.599%, 10/01/25 | 285 | 272 | ||||||
Supervalu/United Natural Foods, Term Loan B, 1st Lien 6.772%, 10/18/25 | 900 | 731 | ||||||
|
| |||||||
| 3,430 | ||||||||
|
| |||||||
Forest Products — 0.0% | ||||||||
ProAmpac PG Borrower LLC, Initial Term Loan 11.145%, VAR LIBOR+8.500%, 11/18/24 | 225 | 224 | ||||||
6.145%, VAR LIBOR+3.500%, 11/17/23 | 109 | 104 | ||||||
6.092%, VAR LIBOR+3.500%, 11/17/23 | 34 | 32 | ||||||
6.082%, VAR LIBOR+3.500%, 11/17/23 | 89 | 85 | ||||||
6.020%, VAR LIBOR+3.500%, 11/17/23 | 80 | 76 | ||||||
5.800%, 11/17/23 | 178 | 170 | ||||||
|
| |||||||
| 691 | ||||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
126
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Gaming & Hotels — 0.5% | ||||||||
Belmond Interfin Ltd. (fka Orient-Express Hotels Interfin Ltd.), Dollar Term Loan 5.272%, 07/03/24 (A) | $ | 1,683 | $ | 1,665 | ||||
Caesars Resort Collection, LLC (fka Caesars Growth Properties Holdings, LLC), Term B Loan, 1st Lien 5.272%, 12/23/24 (A) | 1,995 | 1,912 | ||||||
CBAC Borrower, LLC, Term B Loan 6.522%, VAR LIBOR+4.000%, 07/08/24 | 503 | 491 | ||||||
Golden Nugget, Inc., Initial B Term Loan 5.095%, VAR LIBOR+2.750%, 10/04/23 | 643 | 617 | ||||||
Golden Nugget, Inc., Initial B Term Loan, 1st Lien 5.186%, VAR LIBOR+2.750%, 10/04/23 | 511 | 490 | ||||||
Hanjin International Corp., Initial Term Loan 4.945%, VAR LIBOR+2.500%, 09/20/20 | 1,000 | 968 | ||||||
K-Mac Holdings Corp., Initial Term Loan, 1st Lien 9.254%, VAR LIBOR+6.750%, 03/09/26 | 296 | 280 | ||||||
Las Vegas Sands, LLC, Refinancing Term Loan (2018), 1st Lien 4.272%, 03/27/25 (A) | 995 | 948 | ||||||
MGM Growth Properties Operating Partnership LP, Term B Loan, 1st Lien 4.522%, VAR LIBOR+2.000%, 04/25/23 | 760 | 727 | ||||||
Playa Resorts Holding B.V., Initial Term Loan 5.270%, VAR LIBOR+2.750%, 04/05/24 | 993 | 925 | ||||||
Seminole Hard Rock Entertainment, Inc. (Seminole Hard Rock International, LLC), Term Loan 5.146%, 05/08/20 (A) | 1,250 | 1,229 | ||||||
Stars Group Holdings B.V., USD Term Loan, 1st Lien 5.886%, 06/27/25 | 48 | 46 | ||||||
|
| |||||||
| 10,298 | ||||||||
|
| |||||||
| Description | Face Amount (000) | Value (000) | ||||||
Gaming/Leisure — 0.0% | ||||||||
ESH Hospitality, Inc., Term Loan B (2018) 4.522%, 08/30/23 (A) | $ | 702 | $ | 673 | ||||
|
| |||||||
Health Care — 0.4% | ||||||||
Endo Luxembourg Finance Company I S.a r.l., Initial Term Loan 6.772%, VAR LIBOR+4.250%, 04/29/24 | 879 | 831 | ||||||
Lifescan Global Corporation, Initial Term Loan 8.396%, 09/28/24 (A) | 513 | 483 | ||||||
Onex Carestream Finance LP, Term Loan (First Lien 2013), 1st Lien 6.345%, VAR LIBOR+4.000%, 06/07/19 | 142 | 138 | ||||||
PDS Holdco Inc., New Term Loan 6.845%, 06/23/23 (A) | 1,196 | 1,124 | ||||||
Prospect Medical Holdings, Inc., TermB-1 Loan 7.938%, 02/16/24 | 1,488 | 1,466 | ||||||
Sterigenics-Nordion Holdings, LLC, Incremental Term Loan, 1st Lien 5.522%, VAR LIBOR+3.000%, 05/15/22 | 1,241 | 1,186 | ||||||
Surgery Center Holdings, Inc., Term Loan B, 1st Lien 5.780%, VAR LIBOR+3.250%, 09/02/24 | 373 | 354 | ||||||
Valeant Pharmaceuticals International Inc., Initial Term Loan, 1st Lien 5.379%, VAR LIBOR+3.000%, 06/02/25 | 1,705 | 1,625 | ||||||
|
| |||||||
| 7,207 | ||||||||
|
| |||||||
Home Furnishings — 0.1% | ||||||||
Comfort Holding, LLC, Initial Term Loan 12.345%, VAR LIBOR+10.000%, 01/31/25 | 292 | 273 | ||||||
Comfort Holding, LLC, Initial Term Loan, 1st Lien 7.095%, VAR LIBOR+4.750%, 02/05/24 | 843 | 789 | ||||||
Serta Simmons Bedding, LLC, Initial Term Loan 5.932%, VAR LIBOR+3.500%, 10/20/23 | 232 | 193 | ||||||
The accompanying notes are an integral part of the financial statements.
127
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
5.879%, VAR LIBOR+3.500%, 10/20/23 | $ | 826 | $ | 688 | ||||
|
| |||||||
| 1,943 | ||||||||
|
| |||||||
Home Products Store — 0.0% | ||||||||
Foundation Building Materials Holding Company LLC, Term Loan, 1st Lien 5.705%, 05/09/25 | 759 | 710 | ||||||
|
| |||||||
Housing — 0.1% | ||||||||
DTZ US Borrower LLC, Term Loan B (2018) 5.772%, 08/15/25 | 499 | 476 | ||||||
Installed Building Products, Term Loan B (2018) 5.022%, 04/15/25 (A) | 997 | 954 | ||||||
|
| |||||||
| 1,430 | ||||||||
|
| |||||||
Industrial Services — 0.2% | ||||||||
Messer Industries, Term Loan, 1st Lien 0.000%, 10/01/25 (F) | 1,750 | 1,657 | ||||||
SiteOne Landscape Supply, LLC (fka John Deere Landscapes LLC), Tranche E Term Loan 5.210%, 10/24/29 | 780 | 758 | ||||||
Tunnel Hill, Term Loan B, 1st lien 0.000%, 10/01/25 (F) | 1,000 | 983 | ||||||
|
| |||||||
| 3,398 | ||||||||
|
| |||||||
Information Technology — 0.3% | ||||||||
AI Ladder (Luxembourg) Subco S.a r.l., Facility B 7.020%, 05/02/25 | 525 | 517 | ||||||
Ciena Corporations, Term Loan B (2018) 4.470%, 09/19/25 | 1,000 | 957 | ||||||
Cypress Intermediate Holdings III, Inc. (fka Jaguar Holding Inc.), Initial Term Loan, 1st Lien 5.530%, VAR | 739 | 701 | ||||||
Infor (US), Inc. (fka Lawson Software Inc.), TrancheB-6 Term Loan 5.136%, VAR LIBOR+2.750%, 02/01/22 | 1,180 | 1,129 | ||||||
Limetree Bay Terminals, LLC (Limetree Bay Financing, LLC), Advance 6.350%, VAR LIBOR+4.000%, 02/15/24 | 690 | 640 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Mitchell International, Inc., Initial Term Loan | $ | 622 | $ | 599 | ||||
Sedgwick, Term Loan, 1st Lien | 906 | 863 | ||||||
|
| |||||||
| 5,406 | ||||||||
|
| |||||||
Insurance — 0.3% | ||||||||
Acrisure, LLC, Additional Term Loan, 1st Lien | 498 | 469 | ||||||
Acrisure, LLC, Refinancing Term Loan 6.772%, VAR LIBOR+4.250%, 11/22/23 | 1,075 | 1,039 | ||||||
Alliant Holdings Intermediate, LLC, Initial Term Loan (2018) 5.205%, VAR LIBOR+3.000%, 05/09/25 | 1,402 | 1,322 | ||||||
HIG Finance 2 Limited, Initial Dollar Term Loan | 109 | 105 | ||||||
5.875%, 12/13/24 | 865 | 836 | ||||||
Hub International Limited, Initial Term Loan | 995 | 937 | ||||||
NFP Corp., Term B Loan, 1st Lien 5.345%, VAR LIBOR+3.000%, 12/09/23 | 1,695 | 1,600 | ||||||
|
| |||||||
| 6,308 | ||||||||
|
| |||||||
Investment Company — 0.0% | ||||||||
EIG Management Company, LLC, Initial Term Loan | 447 | 441 | ||||||
StepStone Group, Term Loan B, 1st Lien | 481 | 471 | ||||||
|
| |||||||
| 912 | ||||||||
|
| |||||||
Leasing — 0.1% | ||||||||
Avolon TLB Borrower 1 (US) LLC, TermB-3 Loan | 1,272 | 1,220 | ||||||
Fly Funding II S.à r.l., Loan 6.750%, VAR LIBOR+2.000%, 08/09/19 | 663 | 640 | ||||||
United Rentals, Term Loan B, 1st Lien | 748 | 731 | ||||||
USS Ultimate Holdings, Inc., Initial Term Loan | 363 | 352 | ||||||
|
| |||||||
| 2,943 | ||||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
128
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Machinery — 0.2% | ||||||||
AI Alpine AT BidCo GmbH, Facility B (USD) | $ | 1,000 | $ | 955 | ||||
Airxcel, Inc., Initial Term Loan 6.845%, VAR | 746 | 701 | ||||||
Airxcel, Inc., Initial Term Loan, 1st Lien | 500 | 460 | ||||||
Clark Equipment Company, Repriced Term Loan, 1st Lien 4.803%, VAR | 839 | 797 | ||||||
4.345%, 05/18/24 | 96 | 91 | ||||||
Douglas Dynamics L.L.C., 2017 Replacement Term Loan Facility, 1st Lien | 396 | 386 | ||||||
Graftech International Ltd., Initial Term Loan 6.022%, VAR | 1,219 | 1,152 | ||||||
|
| |||||||
| 4,542 | ||||||||
|
| |||||||
Manufacturing — 0.1% | ||||||||
Allflex Holdings III, Inc., Initial Term Loan | 518 | 511 | ||||||
Aristocrat Leisure Limited,Term B-3 Loan, 1st Lien 4.219%, VAR LIBOR+1.750%, 10/19/24 | 432 | 414 | ||||||
Blount International, Inc., Term Loan | 498 | 490 | ||||||
LTI Boyd Corporation, Term Loan B | 668 | 628 | ||||||
Pelican Products, Inc., Term Loan | 88 | 84 | ||||||
5.879%, VAR LIBOR+3.500%, 04/19/25 | 69 | 65 | ||||||
Pro Mach Group, Inc., Initial Term Loan | 748 | 709 | ||||||
|
| |||||||
| 2,901 | ||||||||
|
| |||||||
Materials — 0.0% | ||||||||
Axalta Coating System Dutch Holdings, Term Loan 4.136%, VAR LIBOR+1.750%, 06/01/24 | 1,078 | 1,013 | ||||||
|
| |||||||
| Description | Face Amount (000) | Value (000) | ||||||
Media — 0.2% | ||||||||
CSC Holdings, LLC (fka CSC Holdings, Inc.), March 2017 Refinancing Term Loan, 1st Lien 2.250%, VAR LIBOR+2.250%, 07/17/25 | $ | 755 | $ | 714 | ||||
Numericable U.S. LLC, USD Term LoanB-12, 1st Lien 6.143%, VAR LIBOR+3.000%, 01/31/26 | 1,487 | 1,378 | ||||||
Tecnnicolor, Term Loan B, 1st Lien 5.457%, VAR LIBOR+2.750%, 12/06/23 | 491 | 447 | ||||||
Ziggo Secured Finance Partnership, Term Loan E Facility, 1st Lien 4.955%, VAR LIBOR+2.500%, 04/15/25 | 1,500 | 1,410 | ||||||
|
| |||||||
| 3,949 | ||||||||
|
| |||||||
Medical Devices — 0.0% | ||||||||
MedPlast Holdings Inc., Term Loan, 1st Lien | 223 | 220 | ||||||
MedPlast Holdings Inc., Term Loan, 2nd Lien | 122 | 118 | ||||||
|
| |||||||
| 338 | ||||||||
|
| |||||||
Metals & Mining — 0.1% | ||||||||
Dynacast International LLC, TermB-2 Loan, 1st Lien 5.772%, VAR LIBOR+3.250%, 01/28/22 | 1,240 | 1,175 | ||||||
|
| |||||||
Metals/Minerals — 0.1% | ||||||||
Atkore International, Inc., Term Loan (2016) | 1,237 | 1,196 | ||||||
|
| |||||||
Oil & Gas — 0.2% | ||||||||
BCP Raptor, LLC, Initial Term Loan, 1st Lien 6.869%, VAR LIBOR+4.250%, 06/24/24 | 465 | 433 | ||||||
EG Group Limited, Additional Facility Loan (USD), 1st Lien 6.386%, VAR LIBOR+4.000%, 02/07/25 | 1,154 | 1,109 | ||||||
EG Group Limited, Second Lien Facility (USD), 1st Lien 10.386%, 03/23/26 | 500 | 493 | ||||||
The accompanying notes are an integral part of the financial statements.
129
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Limetree Bay Terminals, LLC (Limetree Bay Financing, LLC), Advance 6.350%, VAR LIBOR+4.000%, 02/15/24 | $ | 39 | $ | 36 | ||||
Lucid Energy Group II Borrower, LLC, Initial Term Loan, 1st Lien 5.504%, VAR LIBOR+3.000%, 02/17/25 | 993 | 911 | ||||||
Oryx Southern Delaware Holdings LLC, Initial Term Loan, 1st Lien 5.772%, VAR LIBOR+3.250%, 02/28/25 | 611 | 564 | ||||||
PES Holdings, LLC, Tranche C Loan | 560 | 474 | ||||||
Seadrill Operating LP, Initial Term Loan, 1st Lien 8.803%, VAR LIBOR+6.000%, 02/21/21 | 341 | 266 | ||||||
Traverse Midstream Partners LLC, Advance, 1st Lien 6.600%, VAR LIBOR+4.000%, 09/27/24 | 778 | 745 | ||||||
|
| |||||||
| 5,031 | ||||||||
|
| |||||||
Personal Services — 0.1% | ||||||||
William Morris Endeavor Entertainment, LLC (IMG Worldwide Holdings, LLC), TermB-1 Loan, 1st Lien 5.280%, VAR LIBOR+2.750%, 05/16/25 | 1,516 | 1,389 | ||||||
5.150%, VAR LIBOR+2.750%, 05/16/25 | 138 | 127 | ||||||
William Morris Endeavor, Term Loan | 4 | 4 | ||||||
|
| |||||||
| 1,520 | ||||||||
|
| |||||||
Professional & Business Services — 0.6% |
| |||||||
Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC), Initial Term Loan, 1st Lien 6.136%, VAR LIBOR+3.750%, 07/28/22 | 487 | 461 | ||||||
ASGN Incorporated (fka On Assignment, Inc.), InitialTerm B-2 Loan 4.345%, VAR LIBOR+2.000%, 02/21/25 | 445 | 429 | ||||||
Avantor, Inc., InitialB-1 Dollar Term Loan 6.072%, VAR LIBOR+4.000%, 11/21/24 | 942 | 910 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
BCP Renaissance Parent L.L.C., Initial Term Loan, 1st Lien 6.027%, VAR LIBOR+3.500%, 10/31/24 | $ | 464 | $ | 451 | ||||
Casmar Holdings (Australia) Pty Limited, Initial Term Loan 7.206%, VAR LIBOR+4.500%, 12/08/23 | 118 | 104 | ||||||
0.000%, VAR LIBOR+4.500%, 12/08/23 (F) | 372 | 325 | ||||||
Change Healthcare Holdings, Inc. (fka Emdeon Inc.), Closing Date Term Loan, 1st Lien 5.272%, VAR LIBOR+2.750%, 02/03/24 | 855 | 809 | ||||||
5.272%, VAR LIBOR+2.750%, 03/01/24 | 736 | 696 | ||||||
Explorer Holdings, Inc., Initial Term Loan 6.136%, VAR LIBOR+3.750%, 04/12/23 | 249 | 239 | ||||||
Flex Acquisition Company, Inc., Initial Term Loan 5.349%, VAR LIBOR+3.000%, 12/29/23 | 1,481 | 1,394 | ||||||
Focus Financial Partners, LLC, TrancheB-2 Term Loan, 1st Lien | 878 | 848 | ||||||
Forest City Enterprises, L.P., Initial Term Loan | 526 | 512 | ||||||
GHX Ultimate Parent Corporation, Initial Term Loan 6.063%, VAR LIBOR+3.000%, 06/21/24 | 742 | 699 | ||||||
Inovalon Holdings, Inc., Term Loan, 1st Lien 5.938%, VAR LIBOR+3.500%, 04/02/25 | 1,498 | 1,455 | ||||||
Tempo Acquisition, LLC, Initial Term Loan, 1st Lien 5.522%, VAR LIBOR+3.000%, 05/01/24 | 1,418 | 1,354 | ||||||
Western Dental, Incremental Term Loan B, 1st Lien | 163 | 155 | ||||||
WEX Inc., TermB-2 Loan, 1st Lien 4.595%, VAR LIBOR+2.250%, 06/30/23 | 1,484 | 1,424 | ||||||
|
| |||||||
| 12,265 | ||||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
130
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Real Estate — 0.2% | ||||||||
Capital Automotive L.P., Initial TrancheB-2 Term Loan 5.030%, VAR LIBOR+2.500%, 03/21/24 | $ | 1,482 | $ | 1,420 | ||||
iStar Inc. (fka iStar Financial Inc.), Loan, 1st Lien 5.220%, VAR LIBOR+3.000%, 07/01/20 | 1,126 | 1,078 | ||||||
RE/MAX, LLC (fka RE/MAX International, LLC), Term Loan 5.272%, VAR LIBOR+2.750%, 12/09/23 | 489 | 474 | ||||||
RHP Hotel Properties, LP, Tranche B Term Loan 4.440%, VAR LIBOR+2.000%, 05/11/24 | 737 | 709 | ||||||
|
| |||||||
| 3,681 | ||||||||
|
| |||||||
Recreation Facilities & Services — 0.0% |
| |||||||
Bulldog Purchaser Inc., Delayed Draw Term Loan | 352 | 347 | ||||||
Bulldog Purchaser Inc., Initial Term Loan | 648 | 632 | ||||||
|
| |||||||
| 979 | ||||||||
|
| |||||||
Restaurants — 0.1% | ||||||||
Flynn Restaurant Group LP, Initial Term Loan | 532 | 512 | ||||||
5.845%, 06/20/25 | 1,282 | 1,205 | ||||||
Miller’s Ale House, Inc., Term B Loan, 1st Lien | 996 | 976 | ||||||
|
| |||||||
| 2,693 | ||||||||
|
| |||||||
Retailing — 0.1% | ||||||||
Belron Finance US LLC, Initial Term B Loan 4.839%, VAR LIBOR+2.500%, 11/07/24 | 993 | 945 | ||||||
Callaway/Jack Wolfskin, Term Loan B, 1st Lien | 952 | 941 | ||||||
Mister Car Wash Holdings, Inc., Term Loan, 1st Lien 5.745%, VAR LIBOR+3.250%, 08/20/21 | 742 | 726 | ||||||
Trugreen Limited Partnership, Initial Incremental Term Loan 6.421%, VAR LIBOR+4.000%, 04/13/23 | 489 | 483 | ||||||
|
| |||||||
| 3,095 | ||||||||
|
| |||||||
| Description | Face Amount (000) | Value (000) | ||||||
Securities & Trusts — 0.2% | ||||||||
AssuredPartners, Inc., 2017 September Refinancing Term Loan 5.595%, VAR | $ | 1,239 | $ | 1,167 | ||||
Compass Group Diversified Holdings LLC, Term Loan 4.845%, VAR | 640 | 621 | ||||||
Lions Gate Capital Holdings LLC, Term B Loan 4.772%, VAR | 744 | 715 | ||||||
RPI Finance Trust, Initial TermLoan B-6, 1st Lien 4.522%, VAR | 712 | 687 | ||||||
|
| |||||||
| 3,190 | ||||||||
|
| |||||||
Semiconductor Equipment — 0.1% |
| |||||||
Cohu, Inc., Initial Term B Loan, 1st Lien | 1,164 | 1,117 | ||||||
|
| |||||||
Shipping & Ship Building — 0.1% |
| |||||||
AI Mistral Holdco Limited, Initial Term Loan, 1st Lien 5.345%, VAR | 737 | 691 | ||||||
Hornblower Sub, LLC (American Queen Sub, LLC), Term Loan | 549 | 527 | ||||||
International Seaways Operating Corporation, Term Loan, 1st Lien 8.530%, VAR | 584 | 573 | ||||||
Navios Maritime Partners L.P (Navios Partners Finance (US) Inc.), Initial Term Loan 7.780%, VAR | 913 | 902 | ||||||
|
| |||||||
| 2,693 | ||||||||
|
| |||||||
Steel — 0.1% | ||||||||
Zekelman Industries (fka JMC Steel Group), Term Loan, 1st Lien 4.862%, VAR | 1,305 | 1,258 | ||||||
|
| |||||||
Trading Companies & Distributors — 0.0% |
| |||||||
Fastener Acquisition, Inc., Initial Term Loan, 1st Lien | 219 | 206 | ||||||
The accompanying notes are an integral part of the financial statements.
131
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
6.595%, 03/21/25 | $ | 165 | $ | 155 | ||||
SouthernCarlson Inc., Term Loan, 2nd Lien | 231 | 214 | ||||||
|
| |||||||
| 575 | ||||||||
|
| |||||||
Transportation — 0.1% | ||||||||
Agro Merchants North America Holdings, Inc., Effective Date Loan, 1st Lien 6.136%, VAR | 990 | 948 | ||||||
XPO Logistics, Term Loan B 4.509%, VAR | 1,046 | 997 | ||||||
|
| |||||||
| 1,945 | ||||||||
|
| |||||||
Waste Management — 0.1% | ||||||||
GFL Environmental Inc., Effective Date Incremental Term Loan, 1st Lien | 806 | 750 | ||||||
5.386%, 05/30/25 | 426 | 396 | ||||||
|
| |||||||
| 1,146 | ||||||||
|
| |||||||
Total Loan Participations | 189,247 | |||||||
|
| |||||||
SOVEREIGN DEBT — 8.5% | ||||||||
1MDB Global Investments | 5,400 | 4,834 | ||||||
African Development Bank | 100 | 101 | ||||||
2.625%, 03/22/21 | 125 | 125 | ||||||
2.125%, 11/16/22 | 50 | 49 | ||||||
1.375%, 02/12/20 | 100 | 99 | ||||||
Angolan Government International Bond | 1,490 | 1,564 | ||||||
9.375%, 05/08/48 (B) | 2,070 | 1,936 | ||||||
8.250%, 05/09/28 (B) | 1,260 | 1,185 | ||||||
Argentine Republic Government International Bond | 2,676 | 2,088 | ||||||
7.625%, 04/22/46 | 690 | 500 | ||||||
7.500%, 04/22/26 | 4,185 | 3,353 | ||||||
7.125%, 07/06/36 (B) | 560 | 401 | ||||||
7.125%, 06/28/17 | 420 | 300 | ||||||
6.875%, 01/11/48 | 1,090 | 759 | ||||||
5.625%, 01/26/22 | 1,150 | 970 | ||||||
3.750%, 3.750%, 03/31/19 12/31/38 (G) | 2,392 | 1,311 | ||||||
Armenia International Bond | 2,215 | 2,322 | ||||||
6.000%, 09/30/20 (B) | 676 | 682 | ||||||
Asian Development Bank | 150 | 153 | ||||||
2.875%, 11/27/20 | 150 | 151 | ||||||
2.750%, 03/17/23 | 235 | 236 | ||||||
2.750%, 01/19/28 | 200 | 198 | ||||||
| Description | Face Amount (000)(1) | Value (000) | ||||||
2.375%, 08/10/27 | 100 | $ | 96 | |||||
2.000%, 01/22/25 | 100 | 96 | ||||||
1.750%, 06/08/21 | 200 | 196 | ||||||
1.625%, 08/26/20 | 100 | 98 | ||||||
1.625%, 03/16/21 | 200 | 196 | ||||||
Bahrain Government International Bond | 1,060 | 1,037 | ||||||
Banco del Estado de Chile | 1,877 | 1,835 | ||||||
Banco Nacional de Costa Rica | 300 | 288 | ||||||
Bolivian Government International Bond | 595 | 509 | ||||||
Brazil Notas do Tesouro Nacional Serie F | 7,300 | 1,969 | ||||||
Brazilian Government International Bond 6.000%, 04/07/26 | 200 | 214 | ||||||
5.625%, 01/07/41 | 370 | 355 | ||||||
5.625%, 02/21/47 | 1,070 | 1,010 | ||||||
4.875%, 01/22/21 | 365 | 373 | ||||||
Canada Government International Bond | 100 | 98 | ||||||
Chile Government International Bond | 200 | 192 | ||||||
3.125%, 01/21/26 | 107 | 103 | ||||||
Colombia Government International Bond 7.375%, 09/18/37 | 1,345 | 1,627 | ||||||
6.125%, 01/18/41 | 975 | 1,053 | ||||||
5.000%, 06/15/45 | 1,343 | 1,278 | ||||||
4.500%, 03/15/29 | 3,427 | 3,388 | ||||||
4.375%, 07/12/21 | 200 | 203 | ||||||
4.000%, 02/26/24 | 200 | 198 | ||||||
3.875%, 04/25/27 | 770 | 735 | ||||||
Council of Europe Development Bank | 30 | 30 | ||||||
Dominican Republic International Bond | 1,205 | 1,253 | ||||||
6.875%, 01/29/26 (B) | 1,995 | 2,092 | ||||||
6.850%, 01/27/45 (B) | 250 | 246 | ||||||
6.600%, 01/28/24 (B) | 400 | 417 | ||||||
6.500%, 02/15/48 (B) | 1,165 | 1,101 | ||||||
6.000%, 07/19/28 (B) | 790 | 788 | ||||||
5.950%, 01/25/27 (B) | 1,415 | 1,410 | ||||||
5.500%, 01/27/25 (B) | 365 | 362 | ||||||
Ecuador Government International Bond | 790 | 797 | ||||||
9.650%, 12/13/26 (B) | 1,125 | 1,024 | ||||||
The accompanying notes are an integral part of the financial statements.
132
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
8.875%, 10/23/27 (B) | $ | 700 | $ | 602 | ||||
8.750%, 06/02/23 (B) | 640 | 597 | ||||||
7.950%, 06/20/24 (B) | 1,770 | 1,557 | ||||||
7.950%, 06/20/24 | 210 | 185 | ||||||
7.875%, 01/23/28 (B) | 2,940 | 2,389 | ||||||
Egypt Government International Bond | 500 | 451 | ||||||
7.903%, 02/21/48 (B) | 1,400 | 1,204 | ||||||
7.500%, 01/31/27 (B) | 1,685 | 1,605 | ||||||
5.577%, 02/21/23 (B) | 360 | 341 | ||||||
El Salvador Government International Bond | 2,370 | 2,241 | ||||||
European Bank for Reconstruction & Development | 200 | 198 | ||||||
1.125%, 08/24/20 | 200 | 195 | ||||||
European Investment Bank | 250 | 256 | ||||||
3.125%, 12/14/23 | 150 | 153 | ||||||
2.875%, 12/15/21 | 200 | 202 | ||||||
2.875%, 08/15/23 | 150 | 151 | ||||||
2.500%, 03/15/23 | 295 | 293 | ||||||
2.375%, 05/13/21 | 250 | 249 | ||||||
2.375%, 05/24/27 | 250 | 240 | ||||||
2.250%, 03/15/22 | 150 | 148 | ||||||
2.125%, 10/15/21 | 200 | 197 | ||||||
2.125%, 04/13/26 | 100 | 96 | ||||||
2.000%, 12/15/22 | 150 | 146 | ||||||
1.375%, 06/15/20 | 150 | 147 | ||||||
1.375%, 09/15/21 | 100 | 97 | ||||||
Export Credit Bank of Turkey 5.875%, 04/24/19 (B) | 200 | 199 | ||||||
Export Development Canada 2.500%, 01/24/23 | 100 | 99 | ||||||
2.000%, 05/17/22 | 200 | 196 | ||||||
Export-Import Bank of Korea | 200 | 191 | ||||||
2.500%, 05/10/21 | 200 | 196 | ||||||
Financiera de Desarrollo | 950 | 943 | ||||||
Gabon Government International Bond | 815 | 731 | ||||||
Georgia Government International Bond | 1,660 | 1,740 | ||||||
Ghana Government International Bond | 2,170 | 2,453 | ||||||
8.627%, 06/16/49 (B) | 980 | 853 | ||||||
7.875%, 08/07/23 (B) | 780 | 762 | ||||||
7.625%, 05/16/29 (B) | 710 | 636 | ||||||
Guatemala Government Bond | 1,150 | 1,089 | ||||||
4.500%, 05/03/26 (B) | 710 | 666 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Hashemite Kingdom of Jordan Government AID Bond | $ | 200 | $ | 199 | ||||
Honduras Government International Bond | 670 | 712 | ||||||
7.500%, 03/15/24 (B) | 1,270 | 1,332 | ||||||
6.250%, 01/19/27 (B) | 330 | 326 | ||||||
Hungary Government International Bond | 1,056 | 1,141 | ||||||
Indonesia Government International Bond | 970 | 1,305 | ||||||
8.500%, 10/12/35 | 260 | 350 | ||||||
4.450%, 02/11/24 | 200 | 201 | ||||||
4.350%, 01/11/48 | 200 | 182 | ||||||
3.700%, 01/08/22 (B) | 210 | 208 | ||||||
Inter-American Development Bank | 150 | 153 | ||||||
2.625%, 04/19/21 | 265 | 265 | ||||||
2.500%, 01/18/23 | 150 | 149 | ||||||
2.375%, 07/07/27 | 100 | 96 | ||||||
2.125%, 11/09/20 | 250 | 248 | ||||||
2.125%, 01/15/25 | 125 | 121 | ||||||
1.875%, 03/15/21 | 150 | 148 | ||||||
1.750%, 04/14/22 | 150 | 146 | ||||||
1.750%, 09/14/22 | 100 | 97 | ||||||
1.625%, 05/12/20 | 150 | 148 | ||||||
International Bank for Reconstruction & Development | 250 | 255 | ||||||
2.750%, 07/23/21 | 250 | 251 | ||||||
2.500%, 11/25/24 | 300 | 297 | ||||||
2.500%, 07/29/25 | 150 | 148 | ||||||
2.250%, 06/24/21 | 50 | 50 | ||||||
2.125%, 12/13/21 | 200 | 197 | ||||||
2.125%, 02/13/23 | 100 | 98 | ||||||
2.000%, 01/26/22 | 200 | 197 | ||||||
1.875%, 04/21/20 | 200 | 198 | ||||||
1.625%, 03/09/21 | 150 | 147 | ||||||
1.375%, 09/20/21 | 300 | 290 | ||||||
International Finance | 95 | 96 | ||||||
2.000%, 10/24/22 | 50 | 49 | ||||||
1.625%, 07/16/20 | 100 | 99 | ||||||
1.125%, 07/20/21 | 100 | 96 | ||||||
Iraq International Bond | 1,225 | 1,095 | ||||||
Israel Government International Bond | 200 | 199 | ||||||
Ivory Coast Government International Bond | 1,010 | 837 | ||||||
5.750%, 12/31/32 (B) | 1,542 | 1,359 | ||||||
The accompanying notes are an integral part of the financial statements.
133
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
5.375%, 07/23/24 (B) | $ | 1,095 | $ | 1,004 | ||||
Japan Bank for International Cooperation | 200 | 204 | ||||||
3.250%, 07/20/23 | 200 | 203 | ||||||
2.500%, 06/01/22 | 200 | 197 | ||||||
2.375%, 04/20/26 | 200 | 191 | ||||||
2.250%, 11/04/26 | 200 | 188 | ||||||
2.125%, 07/21/20 | 200 | 198 | ||||||
Jordan Government International Bond | 1,110 | 983 | ||||||
Kenya Government International Bond | 1,585 | 1,348 | ||||||
7.250%, 02/28/28 (B) | 390 | 348 | ||||||
6.875%, 06/24/24 (B) | 1,485 | 1,394 | ||||||
Korea Development Bank | 200 | 198 | ||||||
Korea International Bond | 200 | 192 | ||||||
Kreditanstalt fuer Wiederaufbau 3.125%, 12/15/21 | 150 | 152 | ||||||
2.875%, 04/03/28 | 90 | 90 | ||||||
2.750%, 07/15/20 | 200 | 200 | ||||||
2.625%, 04/12/21 | 100 | 100 | ||||||
2.375%, 12/29/22 | 280 | 277 | ||||||
2.125%, 03/07/22 | 150 | 148 | ||||||
1.750%, 03/31/20 | 500 | 495 | ||||||
1.750%, 09/15/21 | 200 | 196 | ||||||
1.625%, 05/29/20 | 250 | 246 | ||||||
Landwirtschaftliche Rentenbank | 150 | 153 | ||||||
2.500%, 11/15/27 | 150 | 146 | ||||||
Lebanon Government International Bond | 375 | 293 | ||||||
6.650%, 11/03/28 | 246 | 189 | ||||||
6.600%, 11/27/26 | 527 | 414 | ||||||
6.200%, 02/26/25 | 697 | 557 | ||||||
Mexico Government International Bond | 500 | 505 | ||||||
4.600%, 02/10/48 | 579 | 514 | ||||||
4.350%, 01/15/47 | 200 | 171 | ||||||
4.150%, 03/28/27 | 975 | 943 | ||||||
4.125%, 01/21/26 | 200 | 196 | ||||||
3.750%, 01/11/28 | 200 | 187 | ||||||
Mongolia Government International Bond | 2,460 | 2,700 | ||||||
8.750%, 03/09/24 (B) | 200 | 214 | ||||||
5.625%, 05/01/23 (B) | 745 | 704 | ||||||
5.125%, 12/05/22 | 490 | 459 | ||||||
Nigeria Government International Bond | 970 | 879 | ||||||
| Description | Face Amount (000)(1) | Value (000) | ||||||
7.696%, 02/23/38 (B) | 960 | $ | 837 | |||||
7.625%, 11/21/25 (B) | 820 | 791 | ||||||
7.625%, 11/28/47 (B) | 570 | 479 | ||||||
7.143%, 02/23/30 (B) | 720 | 636 | ||||||
6.750%, 01/28/21 (B) | 220 | 222 | ||||||
6.500%, 11/28/27 (B) | 1,450 | 1,280 | ||||||
Nordic Investment Bank | 200 | 196 | ||||||
Oesterreichische Kontrollbank 3.125%, 11/07/23 | 100 | 102 | ||||||
2.875%, 03/13/23 | 50 | 50 | ||||||
1.875%, 01/20/21 | 150 | 148 | ||||||
Oman Government International Bond | 1,400 | 1,155 | ||||||
6.500%, 03/08/47 (B) | 795 | 640 | ||||||
5.625%, 01/17/28 (B) | 590 | 519 | ||||||
5.375%, 03/08/27 (B) | 775 | 678 | ||||||
4.750%, 06/15/26 (B) | 465 | 402 | ||||||
Oman Sovereign Sukuk SAOC | 620 | 557 | ||||||
Panama Government International Bond | 535 | 746 | ||||||
6.700%, 01/26/36 | 1,335 | 1,629 | ||||||
5.200%, 01/30/20 | 100 | 102 | ||||||
4.500%, 05/15/47 | 200 | 194 | ||||||
3.875%, 03/17/28 | 200 | 197 | ||||||
Peru Government Bond | 2,320 | 698 | ||||||
5.940%, 02/12/29 (PEN) (B) | 1,390 | 418 | ||||||
Perusahaan Penerbit SBSN Indonesia III | 440 | 430 | ||||||
4.150%, 03/29/27 (B) | 890 | 855 | ||||||
Peruvian Government International Bond | 1,372 | 2,020 | ||||||
7.350%, 07/21/25 | 100 | 122 | ||||||
6.950%, 08/12/31 (PEN) (B) | 1,790 | 577 | ||||||
6.550%, 03/14/37 | 1,015 | 1,281 | ||||||
5.625%, 11/18/50 | 150 | 176 | ||||||
Philippine Government International Bond 7.750%, 01/14/31 | 209 | 282 | ||||||
5.500%, 03/30/26 | 200 | 222 | ||||||
4.200%, 01/21/24 | 200 | 206 | ||||||
3.700%, 02/02/42 | 300 | 284 | ||||||
Poland Government International Bond | 125 | 128 | ||||||
3.000%, 03/17/23 | 150 | 148 | ||||||
Province of Alberta Canada | 200 | 202 | ||||||
2.200%, 07/26/22 | 100 | 98 | ||||||
Province of British Columbia Canada | 100 | 97 | ||||||
The accompanying notes are an integral part of the financial statements.
134
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000)(1) | Value (000) | ||||||
Province of Manitoba Canada | 500 | $ | 467 | |||||
2.050%, 11/30/20 | 150 | 148 | ||||||
Province of New Brunswick Canada | 100 | 103 | ||||||
Province of Ontario Canada | 500 | 483 | ||||||
2.450%, 06/29/22 | 200 | 197 | ||||||
1.875%, 05/21/20 | 150 | 148 | ||||||
Province of Quebec Canada | 100 | 100 | ||||||
2.625%, 02/13/23 | 200 | 198 | ||||||
2.500%, 04/20/26 | 600 | 581 | ||||||
Provincia de Buenos Aires 7.875%, 06/15/27 (B) | 495 | 356 | ||||||
6.500%, 02/15/23 (B) | 300 | 242 | ||||||
Provincia de Cordoba | 970 | 854 | ||||||
Qatar Government International Bond | 971 | 1,020 | ||||||
4.500%, 04/23/28 (B) | 1,673 | 1,746 | ||||||
3.875%, 04/23/23 (B) | 6,072 | 6,141 | ||||||
Republic of Belarus International Bond | 915 | 936 | ||||||
6.875%, 02/28/23 (B) | 1,350 | 1,375 | ||||||
Republic of Italy Government International Bond | 300 | 313 | ||||||
Republic of South Africa Government International Bond | 625 | 633 | ||||||
5.875%, 06/22/30 | 400 | 390 | ||||||
4.300%, 10/12/28 | 2,415 | 2,150 | ||||||
Russian Federal Bond - OFZ | 64,500 | 907 | ||||||
Russian Foreign Bond - Eurobond | 1,600 | 1,492 | ||||||
4.750%, 05/27/26 | 1,200 | 1,188 | ||||||
Saudi Government International Bond | 785 | 780 | ||||||
Senegal Government International Bond | 376 | 399 | ||||||
6.750%, 03/13/48 (B) | 385 | 318 | ||||||
6.250%, 05/23/33 (B) | 735 | 632 | ||||||
Sri Lanka Government International Bond | 1,400 | 1,310 | ||||||
6.825%, 07/18/26 (B) | 570 | 526 | ||||||
6.750%, 04/18/28 (B) | 360 | 327 | ||||||
| Description | Face Amount (000)(1) | Value (000) | ||||||
6.250%, 07/27/21 (B) | 395 | $ | 380 | |||||
6.200%, 05/11/27 (B) | 2,040 | 1,796 | ||||||
5.875%, 07/25/22 (B) | 1,030 | 963 | ||||||
5.750%, 04/18/23 (B) | 1,010 | 929 | ||||||
Turkey Government International Bond | 716 | 738 | ||||||
7.250%, 12/23/23 | 960 | 985 | ||||||
6.000%, 03/25/27 | 1,645 | 1,547 | ||||||
5.625%, 03/30/21 | 1,450 | 1,450 | ||||||
4.250%, 04/14/26 | 870 | 749 | ||||||
Ukraine Government AID Bonds | 200 | 193 | ||||||
Ukraine Government International Bond 8.994%, 02/01/24 (B) | 700 | 652 | ||||||
7.750%, 09/01/21 (B) | 214 | 201 | ||||||
7.750%, 09/01/22 (B) | 2,089 | 1,914 | ||||||
7.750%, 09/01/23 (B) | 744 | 669 | ||||||
7.750%, 09/01/24 (B) | 394 | 346 | ||||||
7.750%, 09/01/25 (B) | 1,024 | 887 | ||||||
7.750%, 09/01/27 (B) | 215 | 181 | ||||||
7.375%, 09/25/32 (B) | 1,510 | 1,198 | ||||||
3.069%, 05/31/40 (A)(B) | 314 | 181 | ||||||
Uruguay Government International Bond | 5,900 | 180 | ||||||
8.500%, 03/15/28 (UYU) (B) | 3,940 | 103 | ||||||
5.100%, 06/18/50 | 1,536 | 1,507 | ||||||
4.975%, 04/20/55 | 1,100 | 1,046 | ||||||
4.500%, 08/14/24 | 100 | 102 | ||||||
Venezuela Government International Bond | 705 | 160 | ||||||
7.650%, 04/21/25 (D) | 362 | 82 | ||||||
7.000%, 03/31/38 (D) | 422 | 95 | ||||||
Zambia Government International Bond | 750 | 559 | ||||||
8.500%, 04/14/24 (B) | 405 | 302 | ||||||
5.375%, 09/20/22 (B) | 680 | 486 | ||||||
|
| |||||||
Total Sovereign Debt | 172,784 | |||||||
|
| |||||||
ASSET-BACKED SECURITIES — 5.3% |
| |||||||
Automotive — 3.1% | ||||||||
American Credit Acceptance Receivables Trust,Ser 2018-2, Cl A | 1,062 | 1,060 | ||||||
American Credit Acceptance Receivables Trust, | 2,318 | 2,315 | ||||||
American Credit Acceptance Receivables Trust, | 413 | 414 | ||||||
The accompanying notes are an integral part of the financial statements.
135
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Americredit Automobile Receivables Trust, | $ | 1,530 | $ | 1,527 | ||||
Americredit Automobile Receivables Trust, | 2,063 | 2,074 | ||||||
AmeriCredit Automobile Receivables Trust, | 1,671 | 1,665 | ||||||
AmeriCredit Automobile Receivables Trust, | 1,319 | 1,302 | ||||||
Bank of The West Auto Trust, | 3,451 | 3,508 | ||||||
BMW Floorplan Master Owner Trust,Ser 2018-1, Cl A2 2.775%, VAR ICE LIBOR | 1,721 | 1,721 | ||||||
Capital Auto Receivables Asset Trust,Ser 2017-1, Cl A2 | 412 | 412 | ||||||
Carmax Auto Owner Trust,Ser 2018-4, Cl A4 3.480%, 02/15/24 | 2,207 | 2,252 | ||||||
CarMax Auto Owner Trust,Ser 2016-4, Cl A4 1.600%, 06/15/22 | 250 | 244 | ||||||
CarMax Auto Owner Trust,Ser 2017-3, Cl A2A 1.640%, 09/15/20 | 720 | 718 | ||||||
CarMax Auto Owner Trust,Ser 2018-2, Cl A4 3.160%, 07/17/23 | 731 | 735 | ||||||
CarMax Auto Owner Trust,Ser 2018-3, Cl A4 3.270%, 03/15/24 | 1,186 | 1,198 | ||||||
CPS Auto Receivables Trust,Ser 2017-C, Cl A 1.780%, 09/15/20 (B) | 145 | 145 | ||||||
CPS Auto Receivables Trust,Ser 2018-A, Cl A 2.160%, 05/17/21 (B) | 899 | 896 | ||||||
CPS Auto Receivables Trust,Ser 2018-D, Cl A 3.060%, 01/18/22 (B) | 2,959 | 2,956 | ||||||
Credit Acceptance Auto Loan Trust,Ser 2018-1A, Cl A | 1,099 | 1,091 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Credit Acceptance Auto Loan Trust,Ser 2018-3A, Cl A | $ | 835 | $ | 841 | ||||
Drive Auto Receivables Trust,Ser 2017-2, Cl B 2.250%, 06/15/21 | 330 | 329 | ||||||
Drive Auto Receivables Trust,Ser 2017-3, Cl B | 753 | 752 | ||||||
Drive Auto Receivables Trust,Ser 2018-1, Cl B 2.880%, 02/15/22 | 1,193 | 1,192 | ||||||
Drive Auto Receivables Trust,Ser 2018-4, Cl A2A 2.780%, 10/15/20 | 1,892 | 1,890 | ||||||
Drive Auto Receivables Trust,Ser 2018-4, Cl B | 1,818 | 1,814 | ||||||
Drive Auto Receivables Trust,Ser 2018-4, Cl D 4.090%, 01/15/26 | 100 | 101 | ||||||
DT Auto Owner Trust,Ser 2017-4A, Cl A 1.850%, 08/17/20 (B) | 254 | 254 | ||||||
DT Auto Owner Trust,Ser 2018-2A, Cl B | 1,913 | 1,913 | ||||||
DT Auto Owner Trust,Ser 2018-3A, Cl A | 3,470 | 3,460 | ||||||
Exeter Automobile Receivables Trust,Ser 2018-1A, Cl A | 613 | 612 | ||||||
Exeter Automobile Receivables Trust,Ser 2018-3A, Cl A | 1,301 | 1,299 | ||||||
First Investors Auto Owner Trust,Ser 2018-1A, Cl A1 | 805 | 803 | ||||||
Flagship Credit Auto Trust,Ser 2015-3, Cl A | 19 | 19 | ||||||
Ford Credit Auto Owner Trust,Ser 2017-B, Cl A2A | 584 | 582 | ||||||
Ford Credit Auto Owner Trust,Ser 2017-B, Cl A3 | 145 | 143 | ||||||
Ford Credit Auto Owner Trust,Ser 2017-C, Cl A3 | 1,197 | 1,183 | ||||||
Ford Credit Auto Owner Trust,Ser 2018-B, Cl A4 | 2,268 | 2,298 | ||||||
The accompanying notes are an integral part of the financial statements.
136
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
GM Financial Automobile Leasing Trust, | $ | 100 | $ | 100 | ||||
GM Financial Consumer Automobile, | 2,314 | 2,293 | ||||||
GM Financial Consumer Automobile Receivables Trust,Ser 2018-1, Cl A3 | 1,130 | 1,118 | ||||||
GM Financial Consumer Automobile Receivables Trust,Ser 2018-4, Cl A4 | 2,756 | 2,782 | ||||||
Honda Auto Receivables Owner Trust,Ser 2017-4, Cl A3 | 1,202 | 1,190 | ||||||
Honda Auto Receivables Owner Trust,Ser 2018-1, Cl A3 | 180 | 179 | ||||||
Hyundai Auto Receivables Trust,Ser 2018-B, Cl A4 | 1,766 | 1,784 | ||||||
Nissan Auto Receivables Owner Trust,Ser 2018-B, Cl A3 | 30 | 30 | ||||||
Nissan Auto Receivables Owner Trust,Ser 2018-C, Cl A4 | ||||||||
3.270%, 06/16/25 | 2,080 | 2,106 | ||||||
Santander Drive Auto Receivables Trust,Ser 2018-1, Cl D | 85 | 84 | ||||||
Santander Drive Auto Receivables Trust,Ser 2018-4, Cl C | 865 | 872 | ||||||
Toyota Auto Receivables Owner Trust,Ser 2017-D, Cl A3 | 225 | 222 | ||||||
World Omni Auto Receivables Trust,Ser 2018-D, Cl A3 | 5,000 | 5,058 | ||||||
|
| |||||||
| 63,536 | ||||||||
|
| |||||||
Credit Card — 1.5% | ||||||||
American Express Credit Account Master Trust,Ser 2017-1, Cl A | 3,149 | 3,112 | ||||||
American Express Credit Account Master Trust,Ser 2017-6, Cl A | 4,274 | 4,208 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
American Express Credit Account Master Trust,Ser 2018-9, Cl A 2.835%, VAR ICE LIBOR | $ | 1,307 | $ | 1,298 | ||||
BA Credit Card Trust,Ser 2017-A1, Cl A1 | 2,303 | 2,275 | ||||||
Capital One Multi-Asset Execution Trust, | 2,123 | 2,100 | ||||||
Capital One Multi-Asset Execution Trust, | 1,427 | 1,405 | ||||||
Capital One Multi-Asset Execution Trust, 3.035%, VAR ICE LIBOR | 1,924 | 1,927 | ||||||
Chase Issuance Trust,Ser 2018-A1, Cl A1 2.655%, VAR ICE LIBOR | 2,070 | 2,064 | ||||||
Citibank Credit Card Issuance Trust,Ser 2014-A1, Cl A1 2.880%, 01/23/23 | 200 | 200 | ||||||
Citibank Credit Card Issuance Trust,Ser 2017-A2, Cl A2 1.740%, 01/19/21 | 5,296 | 5,293 | ||||||
Citibank Credit Card Issuance Trust,Ser 2017-A7, Cl A7 2.757%, VAR ICE LIBOR | 2,742 | 2,733 | ||||||
Citibank Credit Card Issuance Trust,Ser 2017-A8, Cl A8 | 250 | 246 | ||||||
Citibank Credit Card Issuance Trust,Ser 2018-A2, Cl A2 | ||||||||
2.800%, VAR ICE LIBOR | 2,078 | 2,066 | ||||||
Discover Card Execution Note Trust,Ser 2017-A7, Cl A7 2.815%, VAR ICE LIBOR | 2,209 | 2,199 | ||||||
Discover Card Execution Note Trust,Ser 2018-A5, Cl A5 | 65 | 66 | ||||||
The accompanying notes are an integral part of the financial statements.
137
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Synchrony Credit Card Master Note Trust,Ser 2018-2, Cl A | $ | 200 | $ | 202 | ||||
|
| |||||||
| 31,394 | ||||||||
|
| |||||||
Other Asset-Backed Securities — 0.7% |
| |||||||
BANK, | 50 | 53 | ||||||
Bayview Opportunity Master Fund IIIa Trust,Ser 2017-RN8, Cl A1 | 313 | 312 | ||||||
Bayview Opportunity Master Fund IVa Trust,Ser 2018-RN1, Cl A1 | 127 | 127 | ||||||
Bayview Opportunity Master Fund IVa Trust,Ser 2018-RN3, Cl A1 | 70 | 70 | ||||||
Bayview Opportunity Master Fund Trust, | 862 | 862 | ||||||
CLUB Credit Trust,Ser 2018-P3, Cl A | 2,526 | 2,524 | ||||||
Ford Credit Floorplan Master Owner Trust,Ser 2017-3, Cl A | 150 | 147 | ||||||
GCAT,Ser 2017-2, Cl A1 | 322 | 319 | ||||||
GCAT,Ser 2018-1, Cl A1 | 556 | 552 | ||||||
NYMT Residential,Ser 2016-RP1A, Cl A | 23 | 23 | ||||||
Oak Hill Advisors Residential Loan Trust, | 736 | 721 | ||||||
Oak Hill Advisors Residential Loan Trust, | 998 | 976 | ||||||
VOLT LXVIII,Ser 2018-NPL4, Cl A1A | 1,246 | 1,246 | ||||||
VOLT LXX, | 2,273 | 2,270 | ||||||
VOLT LXXI,Ser 2018-NPL7, Cl A1A | 1,820 | 1,810 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
VOLT LXXII,Ser 2018-NPL8, Cl A1A | $ | 1,889 | $ | 1,885 | ||||
|
| |||||||
| 13,897 | ||||||||
|
| |||||||
Total Asset-Backed Securities | 108,827 | |||||||
|
| |||||||
MUNICIPAL BONDS — 0.4% |
| |||||||
Bay Area, Toll Authority RB | 200 | 272 | ||||||
California State GO | 315 | 325 | ||||||
4.500%, 04/01/33 | 25 | 26 | ||||||
3.500%, 04/01/28 | 25 | 25 | ||||||
3.375%, 04/01/25 | 20 | 20 | ||||||
2.800%, 04/01/21 | 15 | 15 | ||||||
California State, Department of Water Resources, Power Supply Revenue RB | 100 | 97 | ||||||
Chicago, O’Hare International Airport RB | 150 | 153 | ||||||
4.472%, 01/01/49 | 50 | 51 | ||||||
Florida State, Hurricane Catastrophe Fund RB | 150 | 150 | ||||||
Houston GO | 150 | 148 | ||||||
Illinois State GO | 2,990 | 2,851 | ||||||
New Jersey State, Transportation Trust Fund Authority RB | 470 | 576 | ||||||
5.754%, 12/15/28 | 1,365 | 1,482 | ||||||
New York State, Dormitory Authority RB | 100 | 102 | ||||||
Pennsylvania State, Commonwealth Financing Authority RB | 150 | 148 | ||||||
Port Authority of New York & New Jersey RB | 150 | 150 | ||||||
Sales Tax Securitization RB 3.820%, 01/01/48 | 100 | 91 | ||||||
South Carolina State, Public Service Authority RB | 100 | 95 | ||||||
Texas State, Permanent University Fund - Texas A&M University System RB | 100 | 96 | ||||||
The accompanying notes are an integral part of the financial statements.
138
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
University of California RB | $ | 200 | $ | 210 | ||||
University of Texas, Taxable Financing System RB | 250 | 226 | ||||||
Wisconsin State RB | 200 | 197 | ||||||
|
| |||||||
Total Municipal Bonds | 7,506 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.2% |
| |||||||
FFCB | 100 | 99 | ||||||
1.550%, 05/08/20 | 200 | 197 | ||||||
FHLB | 405 | 409 | ||||||
3.000%, 10/12/21 | 400 | 405 | ||||||
2.950%, 09/17/21 | 150 | 150 | ||||||
2.750%, 12/13/24 | 300 | 298 | ||||||
2.625%, 05/28/20 | 250 | 250 | ||||||
2.300%, 07/19/22 | 200 | 197 | ||||||
2.260%, 10/04/22 | 150 | 148 | ||||||
2.200%, 01/29/21 | 155 | 154 | ||||||
2.160%, 08/17/22 | 100 | 98 | ||||||
2.150%, 02/14/20 - 09/26/22 | 500 | 495 | ||||||
1.875%, 11/29/21 | 150 | 147 | ||||||
Tennessee Valley Authority 5.250%, 09/15/39 | 200 | 251 | ||||||
2.875%, 02/01/27 | 250 | 247 | ||||||
|
| |||||||
Total U.S. Government Agency Obligations | 3,545 | |||||||
|
| |||||||
| Shares | ||||||||
PREFERRED STOCK — 0.0% | ||||||||
PES Energy (H) | 26,609 | 146 | ||||||
|
| |||||||
Total Preferred Stock | 146 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT — 2.7% |
| |||||||
State Street Institutional Treasury Money Market Fund, Cl Premier, 2.240% (I) | 55,575,202 | 55,575 | ||||||
|
| |||||||
Total Short-Term Investment | 55,575 | |||||||
|
| |||||||
Total Investments In Securities — 103.3% | $ | 2,106,660 | ||||||
|
| |||||||
Percentages are based on net assets of $2,038,900 (000).
A list of the open futures contracts held by the Fund at December 31, 2018, is as follows (000):
| Type of Contract | Number of Contracts Short | Expiration Date | Notional Amount | Value | Unrealized Depreciation | |||||
U.S. Ultra Long Treasury Bond | (17) | Mar-2019 | $(2,586) | $(2,731) | $(145) | |||||
|
|
|
A list of the open forward foreign currency contracts held by the Fund at December 31, 2018 is as follows (000):
Counterparty | Maturity Date | Currency to Deliver | Currency to Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||
| HSBC | 01/09/19 | USD | 1,187 | KZT | 448,400 | $ | (15 | ) | ||||||||||||
| BNP Paribas | 01/16/19 | USD | 977 | ZAR | 13,590 | (34 | ) | |||||||||||||
| HSBC | 01/16/19 | USD | 628 | ZAR | 9,240 | 13 | ||||||||||||||
| HSBC | 01/16/19 | ZAR | 9,240 | USD | 623 | (18 | ) | |||||||||||||
| BNP Paribas | 02/13/19 | USD | 1,469 | CLP | 995,000 | (34 | ) | |||||||||||||
| State Street | 02/15/19 | BRL | 3,656 | USD | 940 | — | ||||||||||||||
| State Street | 02/15/19 | USD | 280 | BRL | 1,052 | (10 | ) | |||||||||||||
| Barclays PLC | 03/04/19 | USD | 217 | IDR | 3,145,000 | (1 | ) | |||||||||||||
| Barclays PLC | 03/14/19 | MXN | 2,400 | USD | 118 | (3 | ) | |||||||||||||
| Barclays PLC | 03/19/19 | USD | 638 | INR | 46,180 | 20 | ||||||||||||||
| HSBC | 03/20/19 | USD | 1,474 | COP | 4,725,000 | (24 | ) | |||||||||||||
| Barclays PLC | 03/21/19 | USD | 495 | PLN | 1,866 | 5 | ||||||||||||||
|
| |||||||||||||||||||
| $ | (101 | ) | ||||||||||||||||||
|
| |||||||||||||||||||
| (1) | In U.S. dollars unless otherwise indicated. |
| (A) | 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. |
| (B) | Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of these securities at December 31, 2018 was $243,607 (000) and represents 12.0% of Net Assets. |
| (C) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase. |
| (D) | Security in default on interest payments. |
| (E) | Credit-linked note. |
| (F) | Unsettled bank loan. Interest rate not available. |
| (G) | Step Bonds — Represents the current rate, the step rate, the step date and the final maturity date. |
| (H) | There is currently no rate available. |
| (I) | The rate reported is the7-day effective yield as of December 31, 2018. |
AID — Agency for International Development
ARS — Argentine Peso
BRL — Brazilian Real
Cl — Class
CLP — Chilean Peso
COP — Colombian 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
GNMA — Government National Mortgage Association
GO — General Obligation
ICE — Intercontinental Exchange
IDR — Indonesian Rupiah
The accompanying notes are an integral part of the financial statements.
139
| THE KP FUNDS | December 31, 2018 |
| KP Fixed Income Fund |
INR — Indian Rupee
JSC — Joint Stock Company
KZT — Kazakhstan Tenge
LIBOR — London Interbank Offered Rate
LKR — Sri Lanka Rupee
LLC — Limited Liability Company
L.P. — Limited Partnership
Ltd. — Limited
MXN — Mexican Peso
NGN — Nigerian Naira
PEN — Peruvian Sol
PIK —Payment-in-Kind
PJSC — Public Joint Stock Company
PLC — Public Limited Company
PLN — Polish Zloty
RB — Revenue Bond
RUB — Russian Ruble
Ser — Series
TBA — To Be Announced
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 December 31, 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 | $ | — | $ | 535,371 | $ | — | $ | 535,371 | ||||||||
Mortgage-Backed Securities | — | 530,611 | — | 530,611 | ||||||||||||
Corporate Obligations | — | 503,048 | — | 503,048 | ||||||||||||
Loan Participations | — | 189,247 | — | 189,247 | ||||||||||||
Sovereign Debt | — | 172,784 | — | 172,784 | ||||||||||||
Asset-Backed Securities | — | 108,827 | — | 108,827 | ||||||||||||
Municipal Bonds | — | 7,506 | — | 7,506 | ||||||||||||
U.S. Government Agency Obligations | — | 3,545 | — | 3,545 | ||||||||||||
Preferred Stock | — | 146 | — | 146 | ||||||||||||
Short-Term Investment | 55,575 | — | — | 55,575 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 55,575 | $ | 2,051,085 | $ | — | $ | 2,106,660 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts** | ||||||||||||||||
Unrealized Depreciation | $ | (145 | ) | $ | — | $ | — | $ | (145 | ) | ||||||
Forward Currency | ||||||||||||||||
Unrealized Appreciation | — | 38 | — | 38 | ||||||||||||
Unrealized Depreciation | — | (139 | ) | — | (139 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial | $ | (145 | ) | $ | (101 | ) | $ | — | $ | (246 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
| ^ | 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. |
| ** | Futures contracts and Forward foreign currency contracts are valued at the unrealized appreciation/(depreciation) on the instrument. |
For the year ended December 31, 2018, there were no transfers between Level 1 and Level 2 assets and liabilities. For the year ended December 31, 2018, securities with the total market value of $105 (000) were transferred between Level 3 and Level 2. Changes in the classification between Level 2 and Level 3 are due to the availability of observable inputs to determine value. 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.
140
| THE KP FUNDS | December 31, 2018 |
| 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 | $ | 338,736 | $ | 758,566 | $ | 987,382 | $ | 1,019,414 | ||||||||
Unaffiliated Investments at Cost | 134,290 | 259,776 | 261,906 | 191,644 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated Investments at Fair Value | $ | 324,958 | $ | 725,803 | $ | 943,319 | $ | 969,436 | ||||||||
Unaffiliated Investments at Fair Value | 130,403 | 251,209 | 251,713 | 182,786 | ||||||||||||
Receivable for Investment Securities Sold | 262 | — | — | — | ||||||||||||
Receivable for Capital Shares Sold | — | 940 | 853 | 2,483 | ||||||||||||
Prepaid Expenses | 12 | 26 | 33 | 32 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 455,635 | 977,978 | 1,195,918 | 1,154,737 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Payable for Capital Shares Redeemed | 262 | — | — | — | ||||||||||||
Payable due to Administrator | 10 | 21 | 26 | 25 | ||||||||||||
Payable due to Adviser | 5 | 9 | 9 | 7 | ||||||||||||
Chief Compliance Officer Fees Payable | 1 | 2 | 2 | 2 | ||||||||||||
Payable for Investment Securities Purchased | — | 938 | 851 | 2,481 | ||||||||||||
Other Accrued Expenses | 22 | 55 | 70 | 69 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 300 | 1,025 | 958 | 2,584 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 455,335 | $ | 976,953 | $ | 1,194,960 | $ | 1,152,153 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 466,729 | $ | 999,146 | $ | 1,217,650 | $ | 1,173,313 | ||||||||
Total Distributable Loss | (11,394 | ) | (22,193 | ) | (22,690 | ) | (21,160 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 455,335 | $ | 976,953 | $ | 1,194,960 | $ | 1,152,153 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class Shares: | ||||||||||||||||
Net Assets | $ | 455,335 | $ | 976,953 | $ | 1,194,960 | $ | 1,152,153 | ||||||||
Outstanding Shares of Beneficial Interest | 47,386,595 | 98,730,023 | 118,679,256 | 113,669,666 | ||||||||||||
Net Asset Value, Offering and Redemption Price Per Share* | $ | 9.61 | $ | 9.90 | $ | 10.07 | $ | 10.14 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| † | 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.
141
| THE KP FUNDS | December 31, 2018 |
| 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 | $ | 1,182,597 | $ | 1,116,755 | $ | 876,464 | ||||||
Unaffiliated Investments at Cost | 147,838 | 93,969 | 56,001 | |||||||||
|
|
|
|
|
| |||||||
Affiliated Investments at Fair Value | $ | 1,122,907 | $ | 1,058,174 | $ | 821,107 | ||||||
Unaffiliated Investments at Fair Value | 139,643 | 87,897 | 52,355 | |||||||||
Receivable for Capital Shares Sold | 2,328 | 2,283 | 2,493 | |||||||||
Prepaid Expenses | 36 | 33 | 25 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 1,264,914 | 1,148,387 | 875,980 | |||||||||
|
|
|
|
|
| |||||||
Liabilities: | ||||||||||||
Payable for Investment Securities Purchased | 2,325 | 2,282 | 2,492 | |||||||||
Payable due to Administrator | 27 | 25 | 19 | |||||||||
Payable due to Adviser | 5 | 3 | 2 | |||||||||
Chief Compliance Officer Fees Payable | 2 | 2 | 2 | |||||||||
Other Accrued Expenses | 77 | 68 | 53 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 2,436 | 2,380 | 2,568 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 1,262,478 | $ | 1,146,007 | $ | 873,412 | ||||||
|
|
|
|
|
| |||||||
NET ASSETS: | ||||||||||||
Paid-in Capital | $ | 1,282,154 | $ | 1,162,050 | $ | 893,379 | ||||||
Total Distributable Loss | (19,676 | ) | (16,043 | ) | (19,967 | ) | ||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 1,262,478 | $ | 1,146,007 | $ | 873,412 | ||||||
|
|
|
|
|
| |||||||
Institutional Class Shares: | ||||||||||||
Net Assets | $ | 1,262,478 | $ | 1,146,007 | $ | 873,412 | ||||||
Outstanding Shares of Beneficial Interest | 123,761,111 | 111,849,624 | 85,019,011 | |||||||||
Net Asset Value, Offering and Redemption Price Per Share* | $ | 10.20 | $ | 10.25 | $ | 10.27 | ||||||
|
|
|
|
|
| |||||||
| † | Shares are presented unrounded. |
| * | The net asset value is calculated by dividing the unrounded net assets by the unrounded shares. |
The accompanying notes are an integral part of the financial statements.
142
| THE KP FUNDS | December 31, 2018 |
| 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 | $ | 527,430 | $ | 175,615 | $ | 37,309 | ||||||
Unaffiliated Investments at Cost | 29,525 | 9,605 | 1,964 | |||||||||
|
|
|
|
|
| |||||||
Affiliated Investments at Fair Value | $ | 485,076 | $ | 157,124 | $ | 32,072 | ||||||
Unaffiliated Investments at Fair Value | 27,488 | 8,888 | 1,818 | |||||||||
Receivable for Capital Shares Sold | 2,257 | 1,175 | 215 | |||||||||
Prepaid Expenses | 15 | 5 | 1 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 514,836 | 167,192 | 34,106 | |||||||||
|
|
|
|
|
| |||||||
Liabilities: | ||||||||||||
Payable for Investment Securities Purchased | 2,256 | 1,175 | 215 | |||||||||
Payable due to Administrator | 11 | 4 | 1 | |||||||||
Payable due to Adviser | 1 | — | — | |||||||||
Chief Compliance Officer Fees Payable | 1 | — | — | |||||||||
Other Accrued Expenses | 35 | 13 | 2 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 2,304 | 1,192 | 218 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 512,532 | $ | 166,000 | $ | 33,888 | ||||||
|
|
|
|
|
| |||||||
NET ASSETS: | ||||||||||||
Paid-in Capital | $ | 533,216 | $ | 177,355 | $ | 37,634 | ||||||
Total Distributable Loss | (20,684 | ) | (11,355 | ) | (3,746 | ) | ||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 512,532 | $ | 166,000 | $ | 33,888 | ||||||
|
|
|
|
|
| |||||||
Institutional Class Shares: | ||||||||||||
Net Assets | $ | 512,532 | $ | 166,000 | $ | 33,888 | ||||||
Outstanding Shares of Beneficial Interest | 49,426,332 | 15,913,336 | 3,328,873 | |||||||||
Net Asset Value, Offering and Redemption Price Per Share* | $ | 10.37 | $ | 10.43 | $ | 10.18 | ||||||
|
|
|
|
|
| |||||||
| † | 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.
143
| THE KP FUNDS | December 31, 2018 |
| 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 | $ | 2,220,815 | $ | 1,083,360 | $ | 1,664,558 | $ | 2,139,088 | ||||||||
Cost of Foreign Currency | — | — | 6,452 | 188 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Investments at Fair Value | $ | 2,341,821 | $ | 1,002,545 | $ | 1,575,452 | $ | 2,106,660 | ||||||||
Cash | 63 | 33 | 41 | 2,630 | ||||||||||||
Foreign Currency at Value | — | — | 6,555 | 188 | ||||||||||||
Receivable for Investment Securities Sold | 16,565 | 5,129 | 210 | 48,195 | ||||||||||||
Receivable for Capital Shares Sold | 5,219 | 1,692 | 3,693 | 3,302 | ||||||||||||
Dividends and Interest Receivable | 2,511 | 921 | 2,566 | 13,815 | ||||||||||||
Cash Collateral for Futures Contracts | 703 | 115 | 1,826 | 65 | ||||||||||||
Reclaims Receivable | 225 | 8 | 2,537 | 37 | ||||||||||||
Variation Margin Receivable | 105 | 11 | 18 | — | ||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | — | — | 38 | ||||||||||||
Prepaid Expenses | 17 | 10 | 11 | 13 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 2,367,229 | 1,010,464 | 1,592,909 | 2,174,943 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Payable for Investment Securities Purchased | 14,282 | 2,924 | 286 | 135,030 | ||||||||||||
Payable due toSub-Advisers | 404 | 361 | 409 | 300 | ||||||||||||
Payable due to Adviser | 88 | 38 | 59 | 75 | ||||||||||||
Payable due to Administrator | 75 | 33 | 50 | 64 | ||||||||||||
Payable for Capital Shares Redeemed | 50 | 9 | 20 | 157 | ||||||||||||
Chief Compliance Officer Fees Payable | 1 | — | 1 | 1 | ||||||||||||
Variation Margin Payable | — | — | — | 10 | ||||||||||||
Unrealized Depreciation on Foreign Currency Spot Contracts | — | — | — | 1 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | — | — | 139 | ||||||||||||
Accrued Foreign Capital Gains Tax on Appreciated Securities | — | — | 283 | — | ||||||||||||
TBA Collateral Due to Broker | — | — | — | 4 | ||||||||||||
Other Accrued Expenses | 177 | 121 | 584 | 262 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 15,077 | 3,486 | 1,692 | 136,043 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 2,352,152 | $ | 1,006,978 | $ | 1,591,217 | $ | 2,038,900 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 2,243,407 | $ | 1,104,412 | $ | 1,714,204 | $ | 2,097,690 | ||||||||
Total Distributable Earnings (Loss) | 108,745 | (97,434 | ) | (122,987 | ) | (58,790 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 2,352,152 | $ | 1,006,978 | $ | 1,591,217 | $ | 2,038,900 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class Shares: | ||||||||||||||||
Net Assets | $ | 2,352,152 | $ | 1,006,978 | $ | 1,591,217 | $ | 2,038,900 | ||||||||
Outstanding Shares of Beneficial Interest | 208,213,346 | 108,366,933 | 175,844,832 | 210,319,396 | ||||||||||||
Net Asset Value, Offering and Redemption Price Per Share* | $ | 11.30 | $ | 9.29 | $ | 9.05 | $ | 9.69 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| † | 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.
144
| THE KP FUNDS | For the year ended December 31, 2018 |
| STATEMENTS OF OPERATIONS (000) |
| KP Retirement Path 2015 Fund | KP Retirement Path 2020 Fund | KP Retirement Path 2025 Fund | KP Retirement Path 2030 Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Income Distributions from Affiliated Registered Investment Companies | $ | 7,592 | $ | 16,221 | $ | 19,947 | $ | 19,516 | ||||||||
Income Distributions from Unaffiliated Registered Investment Companies | 3,234 | 6,285 | 6,676 | 5,201 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 10,826 | 22,506 | 26,623 | 24,717 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Administration Fees | 110 | 232 | 287 | 277 | ||||||||||||
Investment Advisory Fees | 53 | 98 | 98 | 71 | ||||||||||||
Trustees’ Fees | 10 | 20 | 25 | 24 | ||||||||||||
Chief Compliance Officer Fees | 3 | 7 | 8 | 8 | ||||||||||||
Transfer Agent Fees | 39 | 85 | 105 | 102 | ||||||||||||
Printing Fees | 24 | 52 | 64 | 62 | ||||||||||||
Professional Fees | 21 | 44 | 55 | 54 | ||||||||||||
Registration Fees | 19 | 46 | 60 | 60 | ||||||||||||
Custodian Fees | — | 1 | 1 | 1 | ||||||||||||
Other Fees | 8 | 16 | 20 | 19 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 287 | 601 | 723 | 678 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 10,539 | 21,905 | 25,900 | 24,039 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Gain/(Loss) on Investments: | ||||||||||||||||
Net Realized Gain on Affiliated Investments | 7,858 | 17,126 | 18,974 | 19,107 | ||||||||||||
Net Realized Gain/(Loss) on Unaffiliated Investments | 559 | 476 | 105 | (210 | ) | |||||||||||
Distributions of Realized Gains from Affiliated Registered Investment Companies Shares | 8,656 | 23,874 | 38,375 | 45,727 | ||||||||||||
Distributions of Realized Gains from Unaffiliated Registered Investment Companies Shares | 478 | 1,002 | 1,248 | 1,151 | ||||||||||||
Net Change in Unrealized Depreciation on Affiliated Investments | (36,286 | ) | (90,149 | ) | (129,291 | ) | (147,728 | ) | ||||||||
Net Change in Unrealized Depreciation on Unaffiliated Investments | (5,784 | ) | (11,213 | ) | (12,809 | ) | (11,160 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Loss on Investments | (24,519 | ) | (58,884 | ) | (83,398 | ) | (93,113 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease in Net Assets Resulting from Operations | $ | (13,980 | ) | $ | (36,979 | ) | $ | (57,498 | ) | $ | (69,074 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
145
| THE KP FUNDS | For the year ended December 31, 2018 |
| STATEMENTS OF OPERATIONS (000) |
| KP Retirement Path 2035 Fund | KP Retirement Path 2040 Fund | KP Retirement Path 2045 Fund | ||||||||||
Investment Income: | ||||||||||||
Income Distributions from Affiliated Registered Investment Companies | $ | 21,733 | $ | 19,887 | $ | 15,121 | ||||||
Income Distributions from Unaffiliated Registered Investment Companies | 4,383 | 3,041 | 1,808 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 26,116 | 22,928 | 16,929 | |||||||||
|
|
|
|
|
| |||||||
Expenses: | ||||||||||||
Administration Fees | 311 | 287 | 215 | |||||||||
Investment Advisory Fees | 55 | 35 | 21 | |||||||||
Trustees’ Fees | 27 | 25 | 19 | |||||||||
Chief Compliance Officer Fees | 9 | 8 | 6 | |||||||||
Transfer Agent Fees | 114 | 105 | 79 | |||||||||
Printing Fees | 70 | 64 | 48 | |||||||||
Registration Fees | 66 | 61 | 49 | |||||||||
Professional Fees | 60 | 56 | 42 | |||||||||
Custodian Fees | 1 | 1 | 1 | |||||||||
Other Fees | 20 | 22 | 15 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 733 | 664 | 495 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income | 25,383 | 22,264 | 16,434 | |||||||||
|
|
|
|
|
| |||||||
Net Realized and Unrealized Gain/(Loss) on Investments: | ||||||||||||
Net Realized Gain on Affiliated Investments | 22,580 | 19,801 | 15,266 | |||||||||
Net Realized Loss on Unaffiliated Investments | (290 | ) | (210 | ) | (109 | ) | ||||||
Distributions of Realized Gains from Affiliated Registered Investment Companies Shares | 58,462 | 58,869 | 47,572 | |||||||||
Distributions of Realized Gains from Unaffiliated Registered Investment Companies Shares | 1,151 | 876 | 520 | |||||||||
Net Change in Unrealized Depreciation on Affiliated Investments | (185,335 | ) | (182,582 | ) | (146,622 | ) | ||||||
Net Change in Unrealized Depreciation on Unaffiliated Investments | (10,621 | ) | (8,027 | ) | (4,785 | ) | ||||||
|
|
|
|
|
| |||||||
Net Realized and Unrealized Loss on Investments | (114,053 | ) | (111,273 | ) | (88,158 | ) | ||||||
|
|
|
|
|
| |||||||
Net Decrease in Net Assets Resulting from Operations | $ | (88,670 | ) | $ | (89,009 | ) | $ | (71,724 | ) | |||
|
|
|
|
|
| |||||||
The accompanying notes are an integral part of the financial statements.
146
| THE KP FUNDS | For the year ended December 31, 2018 |
| STATEMENTS OF OPERATIONS (000) |
| KP Retirement Path 2050 Fund | KP Retirement Path 2055 Fund | KP Retirement Path 2060 Fund | ||||||||||
Investment Income: | ||||||||||||
Income Distributions from Affiliated Registered Investment Companies | $ | 8,780 | $ | 2,815 | $ | 576 | ||||||
Income Distributions from Unaffiliated Registered Investment Companies | 949 | 300 | 61 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 9,729 | 3,115 | 637 | |||||||||
|
|
|
|
|
| |||||||
Expenses: | ||||||||||||
Administration Fees | 122 | 37 | 8 | |||||||||
Investment Advisory Fees | 11 | 3 | 1 | |||||||||
Trustees’ Fees | 11 | 3 | 1 | |||||||||
Chief Compliance Officer Fees | 4 | 1 | — | |||||||||
Transfer Agent Fees | 46 | 14 | 3 | |||||||||
Registration Fees | 31 | 11 | 3 | |||||||||
Printing Fees | 28 | 8 | 2 | |||||||||
Professional Fees | 24 | 7 | 1 | |||||||||
Custodian Fees | 1 | — | — | |||||||||
Other Fees | 6 | 4 | — | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 284 | 88 | 19 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income | 9,445 | 3,027 | 618 | |||||||||
|
|
|
|
|
| |||||||
Net Realized and Unrealized Gain/(Loss) on Investments: | ||||||||||||
Net Realized Gain on Affiliated Investments | 8,139 | 2,606 | 1,365 | |||||||||
Net Realized Gain/(Loss) on Unaffiliated Investments | 17 | (16 | ) | (6 | ) | |||||||
Distributions of Realized Gains from Affiliated Registered Investment Companies Shares | 28,884 | 9,445 | 1,914 | |||||||||
Distributions of Realized Gains from Unaffiliated Registered Investment Companies Shares | 271 | 84 | 17 | |||||||||
Net Change in Unrealized Depreciation on Affiliated Investments | (87,628 | ) | (28,839 | ) | (6,800 | ) | ||||||
Net Change in Unrealized Depreciation on Unaffiliated Investments | (2,567 | ) | (798 | ) | (159 | ) | ||||||
|
|
|
|
|
| |||||||
Net Realized and Unrealized Loss on Investments | (52,884 | ) | (17,518 | ) | (3,669 | ) | ||||||
|
|
|
|
|
| |||||||
Net Decrease in Net Assets Resulting from Operations | $ | (43,439 | ) | $ | (14,491 | ) | $ | (3,051 | ) | |||
|
|
|
|
|
| |||||||
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
147
| THE KP FUNDS | For the year ended December 31, 2018 |
| 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 | $ | 46,103 | $ | 12,345 | $ | 45,231 | $ | 1,959 | ||||||||
Interest Income | 729 | — | — | 60,159 | ||||||||||||
Less: Foreign Taxes Withheld | (67 | ) | — | (4,160 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 46,765 | 12,345 | 41,071 | 62,118 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Sub-Advisory Fees | 4,780 | 4,634 | 4,597 | 3,282 | ||||||||||||
Investment Advisory Fees | 1,053 | 496 | 680 | 783 | ||||||||||||
Administration Fees | 888 | 419 | 574 | 661 | ||||||||||||
Trustees’ Fees | 23 | 11 | 15 | 16 | ||||||||||||
Chief Compliance Officer Fees | 7 | 3 | 4 | 5 | ||||||||||||
Custodian Fees | 177 | 143 | 771 | 225 | ||||||||||||
Professional Fees | 79 | 36 | 51 | 58 | ||||||||||||
Pricing Fees | 55 | 30 | 425 | 275 | ||||||||||||
Registration Fees | 48 | 33 | 37 | 62 | ||||||||||||
Printing Fees | 43 | 39 | 29 | 29 | ||||||||||||
Transfer Agent Fees | 11 | 5 | 7 | 8 | ||||||||||||
Other Fees | 55 | 26 | 41 | 40 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 7,219 | 5,875 | 7,231 | 5,444 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 39,546 | 6,470 | 33,840 | 56,674 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Gain/(Loss) on Investments: | ||||||||||||||||
Net Realized Gain/(Loss) on Investments | 148,671 | 113,337 | 35,670 | (23,879 | ) | |||||||||||
Net Realized Gain/(Loss) on Futures Contracts | (426 | ) | (187 | ) | (1,665 | ) | 16 | |||||||||
Net Realized Loss on Foreign Currency Transactions | — | — | (524 | ) | (1,457 | ) | ||||||||||
Net Realized Loss on Forward Foreign Currency Contracts | (4 | ) | — | (111 | ) | (70 | ) | |||||||||
Net Change in Unrealized Depreciation on Investments | (322,284 | ) | (226,282 | ) | (307,187 | ) | (41,054 | ) | ||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Futures Contracts | (827 | ) | 58 | (498 | ) | (145 | ) | |||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies | (2 | ) | — | (68 | ) | — | ||||||||||
Net Change in Unrealized Depreciation on Forward Foreign Currency Contracts | — | — | — | (50 | ) | |||||||||||
Change in Accrued Foreign Capital Gains Tax on Appreciated Securities | — | — | 360 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Loss on Investments | (174,872 | ) | (113,074 | ) | (274,023 | ) | (66,639 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease in Net Assets Resulting from Operations | $ | (135,326 | ) | $ | (106,604 | ) | $ | (240,183 | ) | $ | (9,965 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
148
| THE KP FUNDS |
| STATEMENTS OF CHANGES IN NET ASSETS (000) |
| KP Retirement Path 2015 Fund | KP Retirement Path 2020 Fund | |||||||||||||||
| Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 10,539 | $ | 8,381 | $ | 21,905 | $ | 16,239 | ||||||||
Net Realized Gain on Affiliated and Unaffiliated Investments | 8,417 | 8,608 | 17,602 | 13,193 | ||||||||||||
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares | 9,134 | 6,463 | 24,876 | 15,947 | ||||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments | (42,070 | ) | 19,112 | (101,362 | ) | 47,610 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | (13,980 | ) | 42,564 | (36,979 | ) | 92,989 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions:(1) | (27,862 | ) | (18,222 | ) | (60,142 | ) | (32,519 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 101,731 | 20,469 | 240,172 | 86,658 | ||||||||||||
Reinvestment of Distributions | 27,862 | 18,221 | 60,142 | 32,519 | ||||||||||||
Redeemed | (72,103 | ) | (85,648 | ) | (103,774 | ) | (74,224 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase/(Decrease) in Net Assets from Capital Share Transactions | 57,490 | (46,958 | ) | 196,540 | 44,953 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase/(Decrease) in Net Assets | 15,648 | (22,616 | ) | 99,419 | 105,423 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of Year | 439,687 | 462,303 | 877,534 | 772,111 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Year(2) | $ | 455,335 | $ | 439,687 | $ | 976,953 | $ | 877,534 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 9,550 | 1,953 | 21,716 | 8,096 | ||||||||||||
Reinvestment of Distributions | 2,881 | 1,717 | 6,046 | 2,958 | ||||||||||||
Redeemed | (6,873 | ) | (8,246 | ) | (9,540 | ) | (6,980 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Shares Outstanding from Share Transactions | 5,558 | (4,576 | ) | 18,222 | 4,074 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
| (1) | Current year presentation of distributions conforms withS-X Disclosure Simplification. Prior year distributions have been consolidated to conform withS-X Disclosure Simplification (See Note 12). |
| (2) | Includes undistributed net investment income of $0 and $0, in 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
The accompanying notes are an integral part of the financial statements.
149
| THE KP FUNDS |
| STATEMENTS OF CHANGES IN NET ASSETS (000) |
| KP Retirement Path 2025 Fund | KP Retirement Path 2030 Fund | |||||||||||||||
| Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 25,900 | $ | 19,026 | $ | 24,039 | $ | 17,696 | ||||||||
Net Realized Gain on Affiliated and Unaffiliated Investments | 19,079 | 13,490 | 18,897 | 11,967 | ||||||||||||
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares | 39,623 | 23,833 | 46,878 | 26,504 | ||||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments | (142,100 | ) | 71,803 | (158,888 | ) | 82,986 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | (57,498 | ) | 128,152 | (69,074 | ) | 139,153 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions:(1) | (74,737 | ) | (37,756 | ) | (74,951 | ) | (36,781 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 267,692 | 130,169 | 281,167 | 134,916 | ||||||||||||
Reinvestment of Distributions | 74,737 | 37,756 | 74,951 | 36,781 | ||||||||||||
Redeemed | (76,547 | ) | (39,741 | ) | (73,319 | ) | (34,582 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets from Capital Share Transactions | 265,882 | 128,184 | 282,799 | 137,115 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase in Net Assets | 133,647 | 218,580 | 138,774 | 239,487 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of Year | 1,061,313 | 842,733 | 1,013,379 | 773,892 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Year(2) | $ | 1,194,960 | $ | 1,061,313 | $ | 1,152,153 | $ | 1,013,379 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 23,477 | 11,949 | 24,147 | 12,265 | ||||||||||||
Reinvestment of Distributions | 7,399 | 3,339 | 7,385 | 3,187 | ||||||||||||
Redeemed | (6,821 | ) | (3,653 | ) | (6,408 | ) | (3,125 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase in Shares Outstanding from Share Transactions | 24,055 | 11,635 | 25,124 | 12,327 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| (1) | Current year presentation of distributions conforms withS-X Disclosure Simplification. Prior year distributions have been consolidated to conform withS-X Disclosure Simplification (See Note 12). |
| (2) | Includes undistributed net investment income of $0 and $0, in 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
The accompanying notes are an integral part of the financial statements.
150
| THE KP FUNDS |
| STATEMENTS OF CHANGES IN NET ASSETS (000) |
| KP Retirement Path 2035 Fund | KP Retirement Path 2040 Fund | |||||||||||||||
| Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 25,383 | $ | 19,415 | $ | 22,264 | $ | 17,539 | ||||||||
Net Realized Gain on Affiliated and Unaffiliated Investments | 22,290 | 12,150 | 19,591 | 10,915 | ||||||||||||
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares | 59,613 | 32,964 | 59,745 | 32,319 | ||||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments | (195,956 | ) | 105,873 | (190,609 | ) | 104,565 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | (88,670 | ) | 170,402 | (89,009 | ) | 165,338 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions:(1) | (86,446 | ) | (41,352 | ) | (79,249 | ) | (38,654 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 302,571 | 154,433 | 262,764 | 156,449 | ||||||||||||
Reinvestment of Distributions | 86,446 | 41,352 | 79,249 | 38,654 | ||||||||||||
Redeemed | (84,563 | ) | (37,597 | ) | (71,446 | ) | (40,860 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets from Capital Share Transactions | 304,454 | 158,188 | 270,567 | 154,243 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase in Net Assets | 129,338 | 287,238 | 102,309 | 280,927 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of Year | 1,133,140 | 845,902 | 1,043,698 | 762,771 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Year(2) | $ | 1,262,478 | $ | 1,133,140 | $ | 1,146,007 | $ | 1,043,698 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 25,466 | 13,876 | 21,868 | 13,942 | ||||||||||||
Reinvestment of Distributions | 8,475 | 3,510 | 7,749 | 3,239 | ||||||||||||
Redeemed | (7,218 | ) | (3,362 | ) | (6,013 | ) | (3,617 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase in Shares Outstanding from Share Transactions | 26,723 | 14,024 | 23,604 | 13,564 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| (1) | Current year presentation of distributions conforms withS-X Disclosure Simplification. Prior year distributions have been consolidated to conform withS-X Disclosure Simplification (See Note 12). |
| (2) | Includes undistributed net investment income of $0 and $0, in 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
The accompanying notes are an integral part of the financial statements.
151
| THE KP FUNDS |
| STATEMENTS OF CHANGES IN NET ASSETS (000) |
| KP Retirement Path 2045 Fund | KP Retirement Path 2050 Fund | |||||||||||||||
| Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 16,434 | $ | 12,551 | $ | 9,445 | $ | 6,761 | ||||||||
Net Realized Gain on Affiliated and Unaffiliated Investments | 15,157 | 7,187 | 8,156 | 3,475 | ||||||||||||
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares | 48,092 | 24,702 | 29,155 | 13,651 | ||||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments | (151,407 | ) | 78,173 | (90,195 | ) | 40,209 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | (71,724 | ) | 122,613 | (43,439 | ) | 64,096 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions:(1) | (60,150 | ) | (27,710 | ) | (33,669 | ) | (14,526 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 234,804 | 140,447 | 174,803 | 109,506 | ||||||||||||
Reinvestment of Distributions | 60,149 | 27,710 | 33,669 | 14,527 | ||||||||||||
Redeemed | (56,528 | ) | (32,035 | ) | (32,833 | ) | (17,190 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets from Capital Share Transactions | 238,425 | 136,122 | 175,639 | 106,843 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase in Net Assets | 106,551 | 231,025 | 98,531 | 156,413 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of Year | 766,861 | 535,836 | 414,001 | 257,588 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Year(2) | $ | 873,412 | $ | 766,861 | $ | 512,532 | $ | 414,001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 19,448 | 12,444 | 14,396 | 9,642 | ||||||||||||
Reinvestment of Distributions | 5,867 | 2,307 | 3,258 | 1,200 | ||||||||||||
Redeemed | (4,723 | ) | (2,831 | ) | (2,710 | ) | (1,503 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase in Shares Outstanding from Share Transactions | 20,592 | 11,920 | 14,944 | 9,339 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| (1) | Current year presentation of distributions conforms withS-X Disclosure Simplification. Prior year distributions have been consolidated to conform withS-X Disclosure Simplification (See Note 12). |
| (2) | Includes undistributed net investment income of $0 and $0, in 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
The accompanying notes are an integral part of the financial statements.
152
| THE KP FUNDS |
| STATEMENTS OF CHANGES IN NET ASSETS (000) |
| KP Retirement Path 2055 Fund | KP Retirement Path 2060 Fund | |||||||||||||||
| Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 3,027 | $ | 1,824 | $ | 618 | $ | 376 | ||||||||
Net Realized Gain on Affiliated and Unaffiliated Investments | 2,590 | 724 | 1,359 | 537 | ||||||||||||
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares | 9,529 | 3,692 | 1,931 | 753 | ||||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments | (29,637 | ) | 9,433 | (6,959 | ) | 1,279 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | (14,491 | ) | 15,673 | (3,051 | ) | 2,945 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions:(1) | (9,951 | ) | (3,591 | ) | (2,711 | ) | (914 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 81,491 | 47,091 | 23,578 | 14,049 | ||||||||||||
Reinvestment of Distributions | 9,951 | 3,591 | 2,711 | 914 | ||||||||||||
Redeemed | (12,748 | ) | (5,835 | ) | (9,624 | ) | (3,106 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets from Capital Share Transactions | 78,694 | 44,847 | 16,665 | 11,857 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase in Net Assets | 54,252 | 56,929 | 10,903 | 13,888 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of Year | 111,748 | 54,819 | 22,985 | 9,097 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Year(2) | $ | 166,000 | $ | 111,748 | $ | 33,888 | $ | 22,985 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 6,723 | 4,142 | 1,946 | 1,231 | ||||||||||||
Reinvestment of Distributions | 957 | 296 | 267 | 75 | ||||||||||||
Redeemed | (1,060 | ) | (509 | ) | (800 | ) | (275 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase in Shares Outstanding from Share Transactions | 6,620 | 3,929 | 1,413 | 1,031 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| (1) | Current year presentation of distributions conforms withS-X Disclosure Simplification. Prior year distributions have been consolidated to conform withS-X Disclosure Simplification (See Note 12). |
| (2) | Includes undistributed net investment income of $0 and $0, in 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
The accompanying notes are an integral part of the financial statements.
153
| THE KP FUNDS |
| STATEMENTS OF CHANGES IN NET ASSETS (000) |
| KP Large Cap Equity Fund | KP Small Cap Equity Fund | |||||||||||||||
| Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 39,546 | $ | 28,777 | $ | 6,470 | $ | 4,018 | ||||||||
Net Realized Gain on Investments and Futures Contracts | 148,245 | 114,879 | 113,150 | 103,834 | ||||||||||||
Net Realized Loss on Forward Foreign Currency Transactions | (4 | ) | (4 | ) | — | — | ||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Investments and Futures Contracts | (323,111 | ) | 272,695 | (226,224 | ) | 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 | (2 | ) | 13 | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | (135,326 | ) | 416,360 | (106,604 | ) | 163,618 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions:(1) | (199,669 | ) | (144,245 | ) | (150,617 | ) | (94,436 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 548,789 | 556,932 | 207,302 | 156,258 | ||||||||||||
Reinvestment of Distributions | 199,670 | 144,245 | 150,617 | 94,435 | ||||||||||||
Redeemed | (312,229 | ) | (199,003 | ) | (168,878 | ) | (175,532 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets from Capital Share Transactions | 436,230 | 502,174 | 189,041 | 75,161 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase/(Decrease) in Net Assets | 101,235 | 774,289 | (68,180 | ) | 144,343 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of Year | 2,250,917 | 1,476,628 | 1,075,158 | 930,815 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Year(2) | $ | 2,352,152 | $ | 2,250,917 | $ | 1,006,978 | $ | 1,075,158 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 40,190 | 46,225 | 16,263 | 13,147 | ||||||||||||
Reinvestment of Distributions | 17,723 | 10,965 | 16,495 | 7,755 | ||||||||||||
Redeemed | (23,060 | ) | (15,767 | ) | (13,425 | ) | (14,823 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase in Shares Outstanding from Share Transactions | 34,853 | 41,423 | 19,333 | 6,079 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| (1) | Current year presentation of distributions conforms withS-X Disclosure Simplification. Prior year distributions have been consolidated to conform withS-X Disclosure Simplification (See Note 12). |
| (2) | Includes undistributed net investment income of $63 and $222, in 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
154
| THE KP FUNDS |
| STATEMENTS OF CHANGES IN NET ASSETS (000) |
| KP International Equity Fund | KP Fixed Income Fund | |||||||||||||||
| Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 33,840 | $ | 27,299 | $ | 56,674 | $ | 36,544 | ||||||||
Net Realized Gain/(Loss) on Investments and Futures Contracts | 34,005 | 58,033 | (23,863 | ) | 4,420 | |||||||||||
Net Realized Gain/(Loss) on Forward Foreign Currency Transactions and Foreign Currency Transactions | (635 | ) | 578 | (1,527 | ) | (370 | ) | |||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Investments and Futures Contracts | (307,685 | ) | 246,751 | (41,199 | ) | 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 | (68 | ) | 243 | (50 | ) | (154 | ) | |||||||||
Change in Accrued Foreign Capital Gains Tax on Appreciated Securities | 360 | (401 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | (240,183 | ) | 332,503 | (9,965 | ) | 58,613 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions:(1) | (100,442 | ) | (40,026 | ) | (55,856 | ) | (37,554 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 514,071 | 262,294 | 662,327 | 588,784 | ||||||||||||
Reinvestment of Distributions | 100,442 | 40,026 | 55,855 | 37,554 | ||||||||||||
Redeemed | (152,639 | ) | (357,559 | ) | (195,341 | ) | (134,858 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase/(Decrease) in Net Assets from Capital Share Transactions | 461,874 | (55,239 | ) | 522,841 | 491,480 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase in Net Assets | 121,249 | 237,238 | 457,020 | 512,539 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of Year | 1,469,968 | 1,232,730 | 1,581,880 | 1,069,341 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Year(2) | $ | 1,591,217 | $ | 1,469,968 | $ | 2,038,900 | $ | 1,581,880 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 47,491 | 25,765 | 66,879 | 58,589 | ||||||||||||
Reinvestment of Distributions | 11,076 | 3,589 | 5,776 | 3,739 | ||||||||||||
Redeemed | (13,931 | ) | (36,183 | ) | (19,771 | ) | (13,378 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Shares Outstanding from Share Transactions | 44,636 | (6,829 | ) | 52,884 | 48,950 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
| (1) | Current year presentation of distributions conforms withS-X Disclosure Simplification. Prior year distributions have been consolidated to conform withS-X Disclosure Simplification (See Note 12). |
| (2) | Includes undistributed (distributions in excess of) net investment income of $(4,491) and $18, in 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
155
| THE KP FUNDS |
| FINANCIAL HIGHLIGHTS |
For the year or period ended December 31,
For a share outstanding throughout the periods
Net Asset | 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 | $ | 0.25 | $ | (0.54 | ) | $ | (0.29 | ) | $ | (0.25 | ) | $ | (0.36 | ) | $ | (0.61 | ) | $ | 9.61 | (2.65 | )% | $ | 455,335 | 0.07 | % | 2.43 | % | 23 | % | |||||||||||||||||||||
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 | $ | 0.26 | $ | (0.62 | ) | $ | (0.36 | ) | $ | (0.26 | ) | $ | (0.38 | ) | $ | (0.64 | ) | $ | 9.90 | (3.25 | )% | $ | 976,953 | 0.07 | % | 2.39 | % | 17 | % | |||||||||||||||||||||
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 | $ | 0.26 | $ | (0.75 | ) | $ | (0.49 | ) | $ | (0.27 | ) | $ | (0.39 | ) | $ | (0.66 | ) | $ | 10.07 | (4.28 | )% | $ | 1,194,960 | 0.06 | % | 2.28 | % | 13 | % | |||||||||||||||||||||
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 | $ | 0.25 | $ | (0.85 | ) | $ | (0.60 | ) | $ | (0.28 | ) | $ | (0.42 | ) | $ | (0.70 | ) | $ | 10.14 | (5.20 | )% | $ | 1,152,153 | 0.06 | % | 2.20 | % | 12 | % | |||||||||||||||||||||
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 | $ | 0.24 | $ | (0.98 | ) | $ | (0.74 | ) | $ | (0.29 | ) | $ | (0.45 | ) | $ | (0.74 | ) | $ | 10.20 | (6.24 | )% | $ | 1,262,478 | 0.06 | % | 2.07 | % | 12 | % | |||||||||||||||||||||
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 | % | |||||||||||||||||||||||
KP Retirement Path 2040 Fund* - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | $ | 11.83 | $ | 0.23 | $ | (1.06 | ) | $ | (0.83 | ) | $ | (0.29 | ) | $ | (0.46 | ) | $ | (0.75 | ) | $ | 10.25 | (6.89 | )% | $ | 1,146,007 | 0.06 | % | 1.97 | % | 11 | % | |||||||||||||||||||||
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 | $ | 0.23 | $ | (1.11 | ) | $ | (0.88 | ) | $ | (0.29 | ) | $ | (0.46 | ) | $ | (0.75 | ) | $ | 10.27 | (7.27 | )% | $ | 873,412 | 0.06 | % | 1.94 | % | 11 | % | |||||||||||||||||||||
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 | $ | 0.24 | $ | (1.16 | ) | $ | (0.92 | ) | $ | (0.29 | ) | $ | (0.43 | ) | $ | (0.72 | ) | $ | 10.37 | (7.52 | )% | $ | 512,532 | 0.06 | % | 1.96 | % | 10 | % | |||||||||||||||||||||
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 | % | |||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
156
| THE KP FUNDS |
| FINANCIAL HIGHLIGHTS |
For the year or period ended December 31,
For a share outstanding throughout the periods
Net Asset | 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 Retirement Path 2055 Fund* - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | $ | 12.03 | $ | 0.25 | $ | (1.18 | ) | $ | (0.93 | ) | $ | (0.30 | ) | $ | (0.37 | ) | $ | — | $ | (0.67 | ) | $ | 10.43 | (7.68 | )% | $ | 166,000 | 0.06 | % | 2.09 | % | 12 | % | |||||||||||||||||||||||
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 | $ | 0.25 | $ | (1.18 | ) | $ | (0.93 | ) | $ | (0.29 | ) | $ | (0.60 | ) | $ | — | $ | (0.89 | ) | $ | 10.18 | (7.65 | )% | $ | 33,888 | 0.06 | % | 2.05 | % | 36 | % | |||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||
KP Large Cap Equity Fund* - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | $ | 12.98 | $ | 0.22 | $ | (0.87 | ) | $ | (0.65 | ) | $ | (0.19 | ) | $ | (0.84 | ) | $ | — | $ | (1.03 | ) | $ | 11.30 | (4.82 | )% | $ | 2,352,152 | 0.30 | % | 1.65 | % | 49 | % | |||||||||||||||||||||||
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 |
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2018 | $ | 12.08 | $ | 0.07 | $ | (1.24 | ) | $ | (1.17 | ) | $ | (0.06 | ) | $ | (1.56 | ) | $ | — | $ | (1.62 | ) | $ | 9.29 | (9.30 | )% | $ | 1,006,978 | 0.52 | % | 0.57 | % | 85 | % | |||||||||||||||||||||||
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 |
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2018 | $ | 11.20 | $ | 0.24 | $ | (1.79 | ) | $ | (1.55 | ) | $ | (0.19 | ) | $ | (0.41 | ) | $ | — | $ | (0.60 | ) | $ | 9.05 | (13.75 | )% | $ | 1,591,217 | 0.47 | % | 2.19 | % | 32 | % | |||||||||||||||||||||||
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 |
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2018 | $ | 10.05 | $ | 0.31 | $ | (0.40 | ) | $ | (0.09 | ) | $ | (0.27 | ) | $ | — | $ | — | $ | (0.27 | ) | $ | 9.69 | (0.86 | )% | $ | 2,038,900 | 0.31 | % | 3.18 | % | 422 | % | ||||||||||||||||||||||||
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. |
| † | Per share calculations were performed using the average shares method. |
| †† | Ratio does not include the expenses of the underlying funds, as applicable. |
| ‡ | Total return and portfolio turnover are for the period indicated and have not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay of Fund distributions or the redemption of Fund shares. |
| ^ | The amount shown for a share outstanding throughout the period does not accord with the aggregate net realized and unrealized losses on investments for the period because of the sales and repurchases of Fund shares in relation to fluctuating market value of the investments of the Fund. |
| (1) | Amount less than $0.01 per share. |
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
157
| THE KP FUNDS | December 31, 2018 |
| 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 anopen-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 ofsub-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.
158
| THE KP FUNDS | December 31, 2018 |
Investments inopen-end andclosed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments inopen-end andclosed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Securities for which market prices are not available through the above methods are valued in accordance with Fair Value Procedures established by the Funds’ Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Pricing Committee (the “Committee”) designated by the Funds’ Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been delisted from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of December 31, 2018, KP Large Cap Equity, KP International Equity and KP Fixed Income Funds had securities valued in accordance with fair value procedures. Refer to each Funds’ 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 eachnon-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 itsnon-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 |
159
| THE KP FUNDS | December 31, 2018 |
| • | Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity). |
Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For the year ended December 31, 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 than50-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 themore-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 2 open tax year ends, as applicable),on-going analysis of and changes to tax laws, regulations and interpretations thereof.
KP International Equity Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. KP International Equity Fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. Tax is monitoring and accruing foreign capital cap gains for $283 (000) of which $51 (000) is related to India and $232 (000) is related to Thailand. Please refer to the Statement of Assets and Liabilities for further information.
As of and during the year ended December 31, 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 year ended December 31, 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 theex-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 ismarked-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. Refer to each Funds’ Schedule of Investments for details regarding open forward foreign currency contracts.
160
| THE KP FUNDS | December 31, 2018 |
For the year ended December 31, 2018, the average balances of forward foreign currency exchange contracts were as follows (000):
| KP Fixed Income Fund | ||||
Average Monthly Notional Contracts Purchased | $ | (5,758 | ) | |
Average Monthly Notional Contracts Sold | 4,507 | |||
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 December 31, 2018, if applicable.
For the year ended December 31, 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 Market Value Balance Long | $ | 18,202 | $ | 4,213 | $ | 17,319 | $ | — | ||||||||
Average Monthly Market Value Balance Short | — | — | — | (2,056 | ) | |||||||||||
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 December 31, 2018, if applicable.
161
| THE KP FUNDS | December 31, 2018 |
International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) generally govern OTC financial derivative transactions entered into by a fund and select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add additional counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third party custodian.
As of December 31, 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 December 31, 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† | |||||||||||||||||||||
Barclays PLC | $ | 25 | $ | 25 | $ | (4 | ) | $ | (4 | ) | $ | 21 | $ | — | $ | 21 | ||||||||||||
BNP Paribas | — | — | (68 | ) | (68 | ) | (68 | ) | — | (68 | ) | |||||||||||||||||
HSBC | 13 | 13 | (57 | ) | (57 | ) | (44 | ) | — | (44 | ) | |||||||||||||||||
State Street | — | — | (10 | ) | (10 | ) | (10 | ) | — | (10 | ) | |||||||||||||||||
|
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Total over the counter | $ | 38 | $ | 38 | $ | (139 | ) | $ | (139 | ) | ||||||||||||||||||
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| † | 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 fiscalyear-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.
162
| THE KP FUNDS | December 31, 2018 |
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 onex-dividend date.
3. Derivative Transactions:
The following tables include the KP Fixed Income Fund’s exposure by type of risk on derivatives held throughout the period:
The fair value of derivative instruments as of December 31, 2018, is as follows:
| Asset Derivatives | Liability Derivatives | |||||||||||
| Statement of Assets and Liability Location | Fair Value (000) | Statement of Assets and Liability Location | Fair Value (000) | |||||||||
Derivatives not accounted for as hedging instruments: | ||||||||||||
Interest rate contracts | Net Assets — Unrealized appreciation on futures contracts | $ | — | * | Net Assets — Unrealized depreciation on futures contracts | $ | 145 | * | ||||
Foreign exchange contracts | Net Assets — Unrealized appreciation on forward foreign currency contracts | 38 | * | Net Assets — Unrealized depreciation on forward foreign currency contracts | 139 | * | ||||||
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Total Derivatives not accounted for as hedging instruments | $ | 38 | $ | 284 | ||||||||
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| * | Includes cumulative appreciation/(depreciation) of futures and forward contracts as reported in the Schedule of Investments. |
The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2018, were as follows:
The amount of realized gain/(loss) on derivatives recognized in income:
| Futures Contracts | Forward Foreign Currency Contracts | Total | ||||||||
Interest rate contracts | $16 | $ | — | $ | 16 | |||||
Foreign exchange contracts | — | (70 | ) | (70 | ) | |||||
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Total | $16 | $ | (70 | ) | $ | (54 | ) | |||
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Change in unrealized appreciation/(depreciation) on derivatives recognized in income:
| Futures Contracts | Forward Foreign Currency Contracts | Total | ||||||||
Interest rate contracts | $(145) | $ | — | $ | (145 | ) | ||||
Foreign exchange contracts | — | (50 | ) | (50 | ) | |||||
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Total | $(145) | $ | (50 | ) | $ | (195 | ) | |||
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As of December 31, 2018, the KP Fixed Income Fund’s derivative instruments are not subject to a master netting arrangement. For the derivative exposure of the KP Large Cap Equity Fund, KP Small Cap Equity Fund and KP International Equity Fund refer to each funds’ Schedule of Investments and Statement of Operations.
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| THE KP FUNDS | December 31, 2018 |
4. 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 year ended December 31, 2018, the Funds were charged as follows for these services (000):
| Fund | Administration Fee | Fund | Administration Fee | |||||||
KP Retirement Path 2015 Fund | $ | 110 | KP Retirement Path 2050 Fund | $ | 122 | |||||
KP Retirement Path 2020 Fund | $ | 232 | KP Retirement Path 2055 Fund | $ | 37 | |||||
KP Retirement Path 2025 Fund | $ | 287 | KP Retirement Path 2060 Fund | $ | 8 | |||||
KP Retirement Path 2030 Fund | $ | 277 | KP Large Cap Equity Fund | $ | 888 | |||||
KP Retirement Path 2035 Fund | $ | 311 | KP Small Cap Equity Fund | $ | 419 | |||||
KP Retirement Path 2040 Fund | $ | 287 | KP International Equity Fund | $ | 574 | |||||
KP Retirement Path 2045 Fund | $ | 215 | KP Fixed Income Fund | $ | 661 | |||||
The Trust and SEI Investments Distribution Co. (the “Distributor”) are parties to a Distribution Agreement. The Distributor receives no fees under the agreement.
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.
5. Transactions with Affiliates:
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.
6. 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.
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.
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| THE KP FUNDS | December 31, 2018 |
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 intosub-advisory agreements with eachsub-adviser under which thesub-adviser makes investment decisions for the assets it has been allocated to manage. For its service, eachsub-adviser receives a fee based on the specified percentage of that portion of the Fund’s assets allocated to thatsub-adviser. The total fees paid tosub-advisors directly are labeled as“Sub-Advisory Fees” on the Statements of Operations.
As of December 31, 2018, the Adviser has entered into investmentsub-advisory agreements with the following parties:
| InvestmentSub-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 | SSgA Funds Management, Inc. | |
| William Blair & Company, LLC | ||
| KP Small Cap Equity Fund | KP Fixed Income Fund | |
| Aristotle Capital Boston, LLC | Credit Suisse Asset Management | |
| CastleArk Management, LLC | Loomis, Sayles & Company, LP | |
| Columbus Circle Investors | Payden & Rygel | |
| DePrince Race & Zollo, Inc. | SSgA Funds Management, Inc. | |
| PENN Capital Management Company, Inc. | ||
| SSgA Funds Management, Inc. | ||
| Walthausen & Co., LLC | ||
7. Investment Transactions:
For the year ended December 31, 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 | $ | 147,556 | $ | 98,272 | ||||
KP Retirement Path 2020 Fund | 339,648 | 156,493 | ||||||
KP Retirement Path 2025 Fund | 399,919 | 143,283 | ||||||
KP Retirement Path 2030 Fund | 412,832 | 134,093 | ||||||
KP Retirement Path 2035 Fund | 449,914 | 146,939 | ||||||
KP Retirement Path 2040 Fund | 394,199 | 120,892 | ||||||
KP Retirement Path 2045 Fund | 332,281 | 89,489 | ||||||
KP Retirement Path 2050 Fund | 230,820 | 50,252 | ||||||
KP Retirement Path 2055 Fund | 99,098 | 17,798 | ||||||
KP Retirement Path 2060 Fund | 27,200 | 10,696 | ||||||
KP Large Cap Equity Fund | 1,423,532 | 1,153,803 | ||||||
KP Small Cap Equity Fund | 969,908 | 919,535 | ||||||
KP International Equity Fund | 874,228 | 484,111 | ||||||
KP Fixed Income Fund | 1,193,049 | 988,693 | ||||||
In addition, KP Fixed Income Fund had purchases and sales of long-term U.S. Government securities of $6,078,265 (000) and $5,794,024 (000), respectively.
8. 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,
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| THE KP FUNDS | December 31, 2018 |
they are charged or credited topaid-in capital, and undistributed earnings, in the period that the differences arise. The following permanent differences primarily attributable to the reclassification of distributions, PFICs and investment in partnership, have been reclassified to/from the following accounts during the year ended December 31, 2018 (000).
| Paid-in Capital | Distributable Earnings | |||||||
KP Small Cap Equity Fund | $ | (1 | ) | $ | 1 | |||
These reclassifications have no impact on net assets or net asset value per share of the Funds.
The tax character of dividends and distributions declared during the year or period ended December 31, 2018 and December 31, 2017 were as follows (000):
| Year | Ordinary Income | Long-Term Capital Gain | Return of Capital | Total | ||||||||||||||||
KP Retirement Path 2015 Fund | 2018 | $ | 11,803 | $ | 16,059 | $ | — | $ | 27,862 | |||||||||||
| 2017 | 18,222 | — | — | 18,222 | ||||||||||||||||
KP Retirement Path 2020 Fund | 2018 | 25,272 | 34,870 | — | 60,142 | |||||||||||||||
| 2017 | 32,519 | — | — | 32,519 | ||||||||||||||||
KP Retirement Path 2025 Fund | 2018 | 31,490 | 43,247 | — | 74,737 | |||||||||||||||
| 2017 | 37,756 | — | — | 37,756 | ||||||||||||||||
KP Retirement Path 2030 Fund | 2018 | 30,892 | 44,059 | — | 74,951 | |||||||||||||||
| 2017 | 36,781 | — | — | 36,781 | ||||||||||||||||
KP Retirement Path 2035 Fund | 2018 | 34,445 | 52,001 | — | 86,446 | |||||||||||||||
| 2017 | 41,352 | — | — | 41,352 | ||||||||||||||||
KP Retirement Path 2040 Fund | 2018 | 31,604 | 47,645 | — | 79,249 | |||||||||||||||
| 2017 | 38,654 | — | — | 38,654 | ||||||||||||||||
KP Retirement Path 2045 Fund | 2018 | 24,064 | 36,086 | — | 60,150 | |||||||||||||||
| 2017 | 27,710 | — | — | 27,710 | ||||||||||||||||
KP Retirement Path 2050 Fund | 2018 | 14,097 | 19,572 | — | 33,669 | |||||||||||||||
| 2017 | 14,526 | — | — | 14,526 | ||||||||||||||||
KP Retirement Path 2055 Fund | 2018 | 4,535 | 5,416 | — | 9,951 | |||||||||||||||
| 2017 | 3,591 | — | — | 3,591 | ||||||||||||||||
KP Retirement Path 2060 Fund | 2018 | 928 | 1,783 | — | 2,711 | |||||||||||||||
| 2017 | 914 | — | — | 914 | ||||||||||||||||
KP Large Cap Equity Fund | 2018 | 46,521 | 153,148 | — | 199,669 | |||||||||||||||
| 2017 | 144,245 | — | — | 144,245 | ||||||||||||||||
KP Small Cap Equity Fund | 2018 | 62,717 | 87,900 | — | 150,617 | |||||||||||||||
| 2017 | 94,436 | — | — | 94,436 | ||||||||||||||||
KP International Equity Fund | 2018 | 38,316 | 62,126 | — | 100,442 | |||||||||||||||
| 2017 | 40,026 | — | — | 40,026 | ||||||||||||||||
KP Fixed Income Fund | 2018 | 55,856 | — | — | 55,856 | |||||||||||||||
| 2017 | 37,554 | — | — | 37,554 | ||||||||||||||||
As of December 31, 2018, the components of distributable earnings/(accumulated losses) on a tax basis were as follows (000):
| Undistributed Ordinary Income | Undistributed Long-Term Capital Gain | Capital Loss Carryforwards | Post October Losses | Unrealized Appreciation/ (Depreciation) | Other Temporary Differences | Total Distributable Earnings/ (Accumulated Losses) | ||||||||||||||||||||||
KP Retirement Path 2015 Fund | $ | — | $ | 8,478 | $ | — | $ | — | $ | (19,873 | ) | $ | 1 | $ | (11,394 | ) | ||||||||||||
KP Retirement Path 2020 Fund | — | 22,993 | — | — | (45,186 | ) | — | (22,193 | ) | |||||||||||||||||||
KP Retirement Path 2025 Fund | — | 35,046 | — | — | (57,741 | ) | 5 | (22,690 | ) | |||||||||||||||||||
KP Retirement Path 2030 Fund | — | 41,145 | — | — | (62,306 | ) | 1 | (21,160 | ) | |||||||||||||||||||
KP Retirement Path 2035 Fund | — | 51,888 | — | — | (71,564 | ) | — | (19,676 | ) | |||||||||||||||||||
KP Retirement Path 2040 Fund | — | 51,771 | — | — | (67,814 | ) | — | (16,043 | ) | |||||||||||||||||||
KP Retirement Path 2045 Fund | — | 41,666 | — | — | (61,633 | ) | — | (19,967 | ) | |||||||||||||||||||
KP Retirement Path 2050 Fund | — | 25,049 | — | — | (45,734 | ) | 1 | (20,684 | ) | |||||||||||||||||||
KP Retirement Path 2055 Fund | — | 8,317 | — | — | (19,669 | ) | (3 | ) | (11,355 | ) | ||||||||||||||||||
KP Retirement Path 2060 Fund | — | 1,704 | — | — | (5,450 | ) | — | (3,746 | ) | |||||||||||||||||||
KP Large Cap Equity Fund | 830 | 15,518 | — | (6,112 | ) | 98,507 | 2 | 108,745 | ||||||||||||||||||||
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| THE KP FUNDS | December 31, 2018 |
| Undistributed Ordinary Income | Undistributed Long-Term Capital Gain | Capital Loss Carryforwards | Post October Losses | Unrealized Appreciation/ (Depreciation) | Other Temporary Differences | Total Distributable Earnings/ (Accumulated Losses) | ||||||||||||||||||||||
KP Small Cap Equity Fund | $ | 434 | $ | — | $ | — | $ | (6,968 | ) | $ | (90,899 | ) | $ | (1 | ) | $ | (97,434 | ) | ||||||||||
KP International Equity Fund | — | — | — | (1,419 | ) | (121,565 | ) | (3 | ) | (122,987 | ) | |||||||||||||||||
KP Fixed Income Fund | — | — | (19,861 | ) | (2,412 | ) | (36,197 | ) | (320 | ) | (58,790 | ) | ||||||||||||||||
Post-October losses represent losses realized on investment transactions from November 1, 2018 through December 31, 2018, 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. 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. Losses carried forward under these new provisions are as follows (000):
| Short-Term Loss | Long-Term Loss | |||||||
KP Fixed Income Fund | $ | (16,365 | ) | $ | (3,496 | ) | ||
The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments (including foreign currency and derivatives, if applicable) for Federal income tax purposes at December 31, 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 | $ | 475,234 | $ | — | $ | (19,873 | ) | $ | (19,873 | ) | ||||||
KP Retirement Path 2020 Fund | 1,022,198 | — | (45,186 | ) | (45,186 | ) | ||||||||||
KP Retirement Path 2025 Fund | 1,252,773 | — | (57,741 | ) | (57,741 | ) | ||||||||||
KP Retirement Path 2030 Fund | 1,214,528 | — | (62,306 | ) | (62,306 | ) | ||||||||||
KP Retirement Path 2035 Fund | 1,334,114 | — | (71,564 | ) | (71,564 | ) | ||||||||||
KP Retirement Path 2040 Fund | 1,213,885 | — | (67,814 | ) | (67,814 | ) | ||||||||||
KP Retirement Path 2045 Fund | 935,095 | — | (61,633 | ) | (61,633 | ) | ||||||||||
KP Retirement Path 2050 Fund | 558,298 | — | (45,734 | ) | (45,734 | ) | ||||||||||
KP Retirement Path 2055 Fund | 185,681 | — | (19,669 | ) | (19,669 | ) | ||||||||||
KP Retirement Path 2060 Fund | 39,340 | — | (5,450 | ) | (5,450 | ) | ||||||||||
KP Large Cap Equity Fund | 2,243,314 | 289,296 | (190,789 | ) | 98,507 | |||||||||||
KP Small Cap Equity Fund | 1,093,444 | 74,669 | (165,568 | ) | (90,899 | ) | ||||||||||
KP International Equity Fund | 1,696,743 | 96,151 | (217,442 | ) | (121,291 | ) | ||||||||||
KP Fixed Income Fund | 2,142,840 | 11,006 | (47,184 | ) | (36,178 | ) | ||||||||||
The preceding differences between book and tax cost are primarily due tomark-to-market treatment of passive foreign investment companies and wash sales.
9 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”.
Allocation Risk (KP Large Cap Equity Fund, KP Small Cap Equity Fund, KP International Equity Fund, KP Fixed Income Fund) — The Adviser’s judgment about, and allocations among, Substrategies andsub-advisers may adversely affect the Fund’s performance.
Asset Allocation Risk (Target Date Funds) — The Fund is subject to asset allocation risk, which is the risk that the selection of the Underlying Funds and the allocation of the Fund’s assets among the various asset classes and market segments will cause the Fund to underperform other funds with a similar investment objective.
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| THE KP FUNDS | December 31, 2018 |
Asset-Backed Securities Risk (KP Fixed Income Fund) — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.
Below Investment Grade Securities (Junk Bonds) Risk (KP Fixed Income Fund) — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as “high yield bonds,” but there is no guarantee that an investment in these securities will result in a high rate of return.
Common Stock Risk (KP Large Cap Equity Fund, KP Small Cap Equity Fund, KP International Equity Fund) — The prices of common stock may fall over short or extended periods of time. Common stock generally is subordinate to preferred stock and debt upon the liquidation or bankruptcy of the issuing company.
Convertible and Preferred Securities Risk (KP Large Cap Equity Fund, KP International Equity Fund, KP Fixed Income Fund) — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible bonds may be more sensitive to changes in interest rates than stocks. Convertible bonds may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.
Corporate Fixed Income Securities Risk (KP Large Cap Equity Fund, KP Fixed Income Fund) — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.
Credit Risk (KP Fixed Income Fund) — 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.
Currency Risk (KP International Equity Fund, KP Fixed Income Fund) — As a result of the Fund’s investments in securities or other instruments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected.
Depositary Receipts Risk (KP Large Cap Equity Fund, KP International Equity Fund) — Depositary receipts are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments.
Derivatives Risk (KP Large Cap Equity Fund, KP Small Cap Equity Fund, KP International Equity Fund, KP Fixed Income Fund) — The Fund’s use of futures contracts, forward contracts, credit linked notes, structured notes and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described below. 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. Manyover-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Liquidity risk is described below. The Fund’s use of forward contracts, credit-linked notes, structured notes and swaps is also subject to credit risk and valuation risk. Credit risk is described above and valuation risk is described below. Each of these risks could cause a fund to lose more than the principal amount invested in a derivative instrument. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. andnon-U.S. regulators are in the process of adopting and implementing regulations governing derivatives markets, the ultimate impact of which remains unclear.
Exchange-Traded Funds (“ETFs”) Risk (KP Large Cap Equity Fund) — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities in which the ETF invests, although lack of liquidity in an ETF could result in its value being more volatile than the value of its underlying securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF’s expenses.
Extension Risk (KP Fixed Income Fund) — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.
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| THE KP FUNDS | December 31, 2018 |
Fixed Income Market Risk (KP Fixed Income Fund) — The prices of the Fund’s fixed income securities 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.
Foreign Investment/Emerging Markets Risk (KP Large Cap Equity Fund, KP International Equity Fund, KP Fixed Income Fund) — The risk thatnon-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.
Foreign Sovereign Debt Securities Risk (KP Fixed Income Fund) — The risk that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there may be no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.
Geographic Concentration Risk (KP International Equity Fund) — Since the Fund focuses its investments in particular foreign countries or geographic regions, it may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic conditions in those foreign countries and geographic regions and subject to the related risks.
Growth Investing Risk (KP Large Cap Equity Fund, KP Small Cap Equity Fund, KP International Equity Fund) — An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions. In addition, growth stocks may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer.
Interest Rate Risk (KP Fixed Income Fund) — The risk that the value of fixed income securities, including U.S. Government securities, will fall due to rising interest rates. Rates associated with rising interest rates are heightened given that interest rates in the U.S. are at, or near, historic lows.
Investment in Europe Risk (KP International Equity Fund) — The European financial markets have recently experienced volatility and adverse trends due to concerns about rising government debt levels of certain European countries, each of which may require external assistance to meet its obligations and run the risk of default on its debt, possiblebail-out by the rest of the European Union (“EU”) or debt restructuring. Assistance given to an EU member state may be dependent on a country’s implementation of reforms in order to curb the risk of default on its debt, and a failure to implement these reforms or increase revenues could result in a deep economic downturn. These events may adversely affect the economic and market environment in Europe, which in turn may adversely affect the price or liquidity of high yield securities issued by European issuers and therefore may adversely affect the Fund and its investments in such securities.
Investment in Japan Risk (KP International Equity Fund) — The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could have a negative impact on Japanese securities. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanoes, typhoons and tsunamis.
Investment in Underlying Funds Risk (Target Date Funds) — The value of an investment in the Fund is based primarily on the prices of the Underlying Funds in which the Fund invests. In turn, the price of each Underlying Fund is based on the value of its assets. The Fund, and thus its shareholders, bears its own direct expenses in addition to bearing a proportionate share of expenses of the Underlying Funds, which may make owning shares of the Fund more costly than owning shares of the Underlying Funds directly. Before investing in the Fund, investors should assess the risks associated with the Underlying Funds and the types of investments made by those Underlying Funds. These risks include any combination of the risks described below, although the Fund’s exposure to a particular risk will be proportionate to the Fund’s overall asset allocation and Underlying Fund allocation.
| • | Allocation Risk— With respect to an Underlying Fund that uses a multi-manager structure, the Underlying Fund’s investment adviser’s judgment about, and allocations among,sub-advisers and their investment programs may adversely affect the Underlying Fund’s performance. |
| • | Asset-Backed Securities Risk— Payment of principal and interest on assetbacked securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets. |
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| THE KP FUNDS | December 31, 2018 |
| • | Below Investment Grade Securities (Junk Bonds) Risk— Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as “high yield bonds,” but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets. |
| • | Common Stock Risk— The prices of common stock may fall over short or extended periods of time. Common stock generally is subordinate to preferred stock and debt upon the liquidation or bankruptcy of the issuing company. |
| • | Convertible and Preferred Securities Risk— Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible bonds may be more sensitive to changes in interest rates than stocks. Convertible bonds may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due. |
| • | Corporate Fixed Income Securities Risk— Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. |
| • | Credit Risk— 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. |
| • | Currency Risk— As a result of an Underlying Fund’s investments in securities or other instruments denominated in, and/or receiving revenues in, foreign currencies, the Underlying Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Underlying Fund would be adversely affected. |
| • | Depositary Receipts Risk— Depositary receipts are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject tomany of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments. |
| • | Derivatives Risk— An Underlying Fund’s use of futures contracts, forward contracts, credit-linked notes, structured notes and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk and liquidity risk are described below. Manyover-the-counter (“OTC”) derivative instruments will not have liquidity beyond the counterparty to the instrument. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Underlying Fund’s share price and may also cause the Underlying Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. An Underlying Fund’s use of forward contracts, structured notes and swaps is also subject to credit risk and valuation risk. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Credit risk is described above. Each of these risks could cause an Underlying Fund to lose more than the principal amount invested in a derivative instrument. An Underlying Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. andnon-U.S. regulators are in the process of adopting and implementing regulations governing derivatives markets, the ultimate impact of which remains unclear. |
| • | Extension Risk— The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value. |
| • | Fixed Income Market Risk— The prices of an Underlying Fund’s fixed income securities 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. |
| • | Foreign Investment/Emerging Markets Risk— The risk thatnon-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements |
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| THE KP FUNDS | December 31, 2018 |
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. |
| • | Foreign Sovereign Debt Securities Risk— The risk that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there may be no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. |
| • | Geographic Concentration Risk— An Underlying Fund that focuses its investments in particular foreign countries or geographic regions may be more volatile than a more geographically diversified fund. The performance of the Underlying Fund will be affected by the political, social and economic conditions in those foreign countries and geographic regions and subject to the related risks. |
| • | Growth Investing Risk— An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions. In addition, growth stocks may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer. |
| • | Income Fluctuations Risk— An Underlying Fund’s income distributions may be likely to fluctuate considerably more than the income distributions of other mutual funds, particularly with respect to income fluctuations associated with changes in inflation. |
| • | Inflation Protected Securities Risk— The value of inflation protected securities, including TIPS, will generally fluctuate in response to changes in “real” interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation. |
| • | Interest Rate Risk— The risk that the value of fixed income securities, including U.S. Government securities, will fall due to rising interest rates. Risks associated with rising interest rates are heightened given that interest rates in the U.S. are at, or near, historic lows. |
| • | Large Capitalization Companies Risk— The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. |
| • | Liquidity Risk— The risk that certain securities may be difficult or impossible to sell at the time and the price that an Underlying Fund would like. An Underlying Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Underlying Fund management or performance. |
| • | Mortgage-Backed Securities Risk— Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations. |
| • | Mortgage Dollar Rolls Risk— An Underlying Fund’s use of mortgage dollar rolls may increase its portfolio turnover rate, and may lead to higher transaction costs and increased capital gains for the Underlying Fund. At the time an Underlying Fund enters into a mortgage dollar roll, it will earmark or set aside in a segregated account sufficient cash or liquid assets to cover its obligation under the transaction. Mortgage dollar roll transactions may be considered a borrowing by an Underlying Fund. |
| • | Municipal Securities Risk— There may be economic or political changes that impact the ability of municipal issuers to repay principal and to make interest payments on municipal securities. Changes in the financial condition or credit rating of municipal issuers also may adversely affect the value of an Underlying Fund’s municipal securities. Constitutional or legislative limits on borrowing by municipal issuers may result in reduced supplies of municipal securities. Moreover, certain municipal securities are backed only by a municipal issuer’s ability to levy and collect taxes. |
| • | PassiveSub-strategy Risk— A certain portion of an Underlying Fund’s assets (i.e., asub-strategy) may not be actively managed. Instead, suchsub-strategy may be managed to track the performance of an unmanaged |
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| THE KP FUNDS | December 31, 2018 |
index of securities. As a result, thesub-strategy will hold constituent securities of its index regardless of the current or projected performance of a specific security or a particular industry or market sector, which could cause the Underlying Fund’s return to be lower than if thesub-strategy were managed pursuant to an active strategy. In addition, the return of thesub-strategy may not match or achieve a high degree of correlation with the returns of its index due to expenses and transaction costs, the unavailability of securities included in the index for purchase, the timing of cash flows into and out of such portion, and other reasons. |
| • | Portfolio Turnover Risk— Due to its investment strategy, an Underlying Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities. |
| • | Prepayment Risk— The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring an Underlying Fund to invest the proceeds at generally lower interest rates. |
| • | Senior Loans/Bank Loans Risk— With respect to senior loans, including bank loans, an Underlying Fund, as a direct lender to the borrower, assumes the credit risk of the borrower directly, or, through purchase of a participation in a bank loan, assumes both the credit risk of the direct bank lender as well as the borrower. An Underlying Fund may have difficulty in certain cases of disposing of senior loans and bank loans as the market for such instruments is not as liquid as markets for other types of investments. |
| • | Small and Medium Capitalization Companies Risk — The risk that small and medium capitalization companies in which an Underlying Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be tradedover-the-counter or listed on an exchange. The market for small and medium capitalization stocks may be less liquid than the market for larger capitalization stocks. |
| • | U.S. Government Securities Risk— An Underlying Fund’s investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Obligations issued by some U.S. government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates. |
Investment Style Risk (KP Large Cap Equity Fund, KP Small Cap Equity Fund, KP International Equity Fund, KP Fixed Income Fund) — The risk that large capitalization equity securities may underperform other segments of the equity markets or the equity markets as a whole.
Large Capitalization Companies Risk (KP Large Cap Equity Fund, KP International Equity Fund) — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.
Liquidity Risk (KP Small Cap Equity Fund, KP International Equity Fund, KP Fixed Income Fund) — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.
Market Risk (KP Large Cap Equity Fund, KP Small Cap Equity Fund, KP International Equity Fund, KP Fixed Income Fund, Target Date Funds) — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably.
Model and Data Risk (KP Large Cap Equity Fund) — Quantitative models and information, and data supplied by third parties (“Models and Data”), are used to construct sets of transactions and investments, and to provide risk management insights. When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. Some of the models used for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. The Fund bears the risk that the quantitative models used will not be successful in
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| THE KP FUNDS | December 31, 2018 |
selecting companies for investment or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective. All models rely on correct market data inputs. If incorrect market data is entered into even a well-founded model, the resulting information will be incorrect. However, even if market data is input correctly, “model prices” will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.
Mortgage-Backed Securities Risk (KP Fixed Income Fund) — Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.
Mortgage Dollar Rolls Risk (KP Fixed Income Fund) — The Fund’s use of mortgage dollar rolls may increase its portfolio turnover rate, and may lead to higher transaction costs and increased capital gains for the Fund. At the time the Fund enters into a mortgage dollar roll, it will earmark or set aside in a segregated account sufficient cash or liquid assets to cover its obligation under the transaction. Mortgage dollar roll transactions may be considered a borrowing by the Fund.
Multi-Manager Risk (KP Large Cap Equity Fund, KP Small Cap Equity Fund, KP International Equity Fund, KP Fixed Income Fund) — The Adviser may be unable to identify and retainsub-advisers who achieve superior investment records relative to other similar investments or effectively allocate the Fund’s assets amongsub-advisers to enhance the return that would typically be expected of any one management style. While the Adviser monitors the investments of eachsub-adviser and monitors the overall management of the Fund, eachsub-adviser makes investment decisions for the assets it manages independently from one another. It is possible that the investment styles used by asub-adviser in an asset class will not always be complementary to those used by others, which could adversely affect the performance of the Fund. A multi-manager fund may, under certain circumstances, incur trading costs that might not occur in a fund that is served by a single adviser.
Municipal Securities Risk (KP Fixed Income Fund) — There may be economic or political changes that impact the ability of municipal issuers to repay principal and to make interest payments on municipal securities. Changes in the financial condition or credit rating of municipal issuers also may adversely affect the value of the Fund’s municipal securities. Constitutional or legislative limits on borrowing by municipal issuers may result in reduced supplies of municipal securities. Moreover, certain municipal securities are backed only by a municipal issuer’s ability to levy and collect taxes.
Passive Sub-strategy Risk (KP Large Cap Equity Fund, KP Small Cap Equity Fund, KP International Equity Fund, KP Fixed Income Fund) — The Fund’sSub-strategy managed by SSGA FM is not actively managed. Instead, SSGA FM attempts to track the performance of an unmanaged index of securities. As a result, theSub-strategy will hold constituent securities of its index regardless of the current or projected performance of a specific security or a particular industry or market sector, which could cause the Fund’s return to be lower than if theSub-strategy employed an active strategy. In addition, the Substrategy’s return may not match or achieve a high degree of correlation with the return of its index due to expenses and transaction costs, the unavailability of securities included in the index for purchase, the timing of cash flows into and out of theSub-strategy, and other reasons.
Portfolio Turnover Risk (KP Small Cap Equity Fund, KP Fixed Income Fund, KP Fixed Income Fund) — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities.
Prepayment Risk (KP Fixed Income Fund) — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.
Retirement Income Risk (Target Date Funds) — The Fund is not a complete retirement program and there is no guarantee that the Fund will provide sufficient retirement income to an investor. An investor’s ability to meet his or her retirement goals is dependent upon many factors including the amount the investor saves, the investor’s expected retirement date, the investor’s individual retirement needs, the investor’s other sources of income and other assets, and inflation. The Fund’s glide path (or allocation methodology) will not eliminate the investment volatility that could reduce the amount of funds available for an investor to withdraw when the investor intends to begin to withdraw a portion or all of his or her investment in the Fund. The Fund is considered a “through retirement” fund because it continues to grow more conservative through its target date year, reaching its most conservative asset allocation five years after the target date year. The Fund, therefore, provides greater exposure to equity securities during the first five years of an investor’s assumed retirement age and is subject to greater volatility than if it had reached its most conservative allocation during the target date year. This risk is greater for an investor who begins to withdraw a
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| THE KP FUNDS | December 31, 2018 |
portion or all of his or her investment in the Fund before the Fund reaches its most conservative allocation. Conversely, for an investor who begins to withdraw a portion or all of his or her investment in the Fund sometime after the Fund reaches its most conservative allocation, there is a greater risk that the Fund’s glide path (or allocation methodology) may over-emphasize conservative investments designed to ensure capital conservation and current income, which may ultimately prevent the investor from achieving his or her income and appreciation goals. There can be no assurance that an investor’s investment in the Fund will provide income in amounts adequate to meet the investor’s goals. An investor should consider these and other factors when choosing an overall retirement strategy, including an investment in the Fund.
Rights and Warrants Risk (KP Large Cap Equity Fund) — Rights and warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Rights and warrants may be more speculative than other types of investments. The price of a right or warrant may be more volatile than the price of its underlying security, and an investment in a right or warrant may therefore create greater potential for capital loss than an investment in the underlying security. A right or warrant ceases to have value if it is not exercised prior to its expiration date.
Senior Loans/Bank Loans Risk (KP Fixed Income Fund) — With respect to senior loans, including bank loans, the Fund, as a direct lender to the borrower, assumes the credit risk of the borrower directly, or, through purchase of a participation in a bank loan, assumes both the credit risk of the direct bank lender as well as the borrower. The secondary market for loans is a private, unregulated inter-dealer or inter-bank resale market. Purchases and sales of loans in the secondary market generally are subject to contractual restrictions and may have extended settlement periods.
Small and Medium Capitalization Companies Risk (KP Small Cap Equity Fund, KP International Equity Fund) — The risk that small and medium capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be tradedover-the-counter or listed on an exchange. The market for small and medium capitalization stocks may be less liquid than the market for larger capitalization stocks.
Tracking Error Risk (KP Large Cap Equity Fund, KP Small Cap Equity Fund, KP International Equity Fund, KP Fixed Income Fund) — The risk that aSub-strategy’s performance may vary substantially from the performance of the benchmark index it tracks as a result of cash flows, Fund expenses, imperfect correlation between theSub-strategy’s investments and the benchmark and other factors.
U.S. Government Securities Risk (KP Fixed Income Fund) — The Fund’s investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Obligations issued by some U.S. government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.
Value Investing Risk (KP Large Cap Equity Fund, KP Small Cap Equity Fund, KP International Equity Fund) — If asub-adviser’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds. In addition, “value stocks” can continue to be undervalued by the market for long periods of time.
Valuation Risk (KP Fixed Income Fund) — The lack of an active trading market may make it difficult to obtain an accurate price for an instrument held by the Fund.
10. Indemnifications:
In the normal course of business, the Funds enter into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Funds’ organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. The Funds’ maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds. Based on experience, the Adviser is of the view that the risk of loss to the Funds in connection with the Funds’ indemnification obligation is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Funds.
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| THE KP FUNDS | December 31, 2018 |
11. Other:
At December 31, 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 either affiliated shareholders, the Target Date Funds, or unaffiliated shareholders, omnibus accounts that are held on behalf of 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 | 35% | 1 | 35% | ||||||||||||||||
KP International Equity Fund | 5 | 78% | — | 0% | ||||||||||||||||
KP Fixed Income Fund | 5 | 79% | — | 0% | ||||||||||||||||
12. Regulatory Matters:
On August 17, 2018, the SEC adopted amendments to RegulationS-X. These changes are effective for periods after November 5, 2018. The updates to Registered Investment Companies were mainly focused on simplifying the presentation of distributable earnings by eliminating the need to present the components of distributable earnings on a book basis in the Statements of Assets and Liabilities. The update also impacted the presentation of undistributed net investment income and distribution to shareholders on the Statements of Changes in Net Assets. The amounts presented in the current Statements of Changes in Net Assets represent the aggregated total distributions of net investment income and realized capital gains, except for distributions classified as return of capital which are still presented separately. The disaggregated amounts from the prior fiscal year are broken out below if there were both distributions from net investment income and realized capital gains. Otherwise, the amount on the current Statement of Changes for the prior fiscal year end represents distributions of net investment income:
| Net Investment Income | Net Realized Gains | Total | ||||||||||
KP Retirement Path 2015 Fund | $ | 9,790 | $ | 8,432 | $ | 18,222 | ||||||
KP Retirement Path 2020 Fund | 19,678 | 12,841 | 32,519 | |||||||||
KP Retirement Path 2025 Fund | 24,188 | 13,568 | 37,756 | |||||||||
KP Retirement Path 2030 Fund | 23,531 | 13,250 | 36,781 | |||||||||
KP Retirement Path 2035 Fund | 26,789 | 14,563 | 41,352 | |||||||||
KP Retirement Path 2040 Fund | 24,829 | 13,825 | 38,654 | |||||||||
KP Retirement Path 2045 Fund | 18,256 | 9,454 | 27,710 | |||||||||
KP Retirement Path 2050 Fund | 9,852 | 4,674 | 14,526 | |||||||||
KP Retirement Path 2055 Fund | 2,656 | 935 | 3,591 | |||||||||
KP Retirement Path 2060 Fund | 544 | 370 | 914 | |||||||||
KP Large Cap Equity Fund | 29,727 | 114,518 | 144,245 | |||||||||
KP Small Cap Equity Fund | 5,537 | 88,899 | 94,436 | |||||||||
KP International Equity Fund | 33,624 | 6,402 | 40,026 | |||||||||
KP Fixed Income Fund | 37,093 | 461 | 37,554 | |||||||||
13. New Accounting Pronouncements:
In August 2018, the FASB issued Accounting Standards Update2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosures requirements for fair value measurements. For
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| THE KP FUNDS | December 31, 2018 |
public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. At this time, management is currently evaluating the impact of this new guidance on the financial statements and disclosures.
In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic310-20), Premium Amortization on Purchased Callable Debt Securities (the “ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.
14. Subsequent Events:
The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.
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| THE KP FUNDS | December 31, 2018 |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
To the Board of Trustees of The KP Funds and Shareholders of KP Retirement Path 2015 Fund, KP Retirement Path 2020 Fund, KP Retirement Path 2025 Fund, KP Retirement Path 2030 Fund, KP Retirement Path 2035 Fund, KP Retirement Path 2040 Fund, KP Retirement Path 2045 Fund, KP Retirement Path 2050 Fund, KP Retirement Path 2055 Fund, KP Retirement Path 2060 Fund, KP Large Cap Equity Fund, KP Small Cap Equity Fund, KP International Equity Fund, and KP Fixed Income Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of KP Retirement Path 2015 Fund, KP Retirement Path 2020 Fund, KP Retirement Path 2025 Fund, KP Retirement Path 2030 Fund, KP Retirement Path 2035 Fund, KP Retirement Path 2040 Fund, KP Retirement Path 2045 Fund, KP Retirement Path 2050 Fund, KP Retirement Path 2055 Fund, KP Retirement Path 2060 Fund, KP Large Cap Equity Fund, KP Small Cap Equity Fund, KP International Equity Fund, and KP Fixed Income Fund (constituting The KP Funds, hereafter collectively referred to as the “Funds”) as of December 31, 2018, the related statements of operations for the year ended December 31, 2018, the statements of changes in net assets for each of the two years in the period ended December 31, 2018, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2018, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2018 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2018 by correspondence with the custodians, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 28, 2019
We have served as the auditor of one or more investment companies in Callan LLC since 2013.
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| THE KP FUNDS | December 31, 2018 |
| TRUSTEES AND OFFICERS OF THE TRUST (Unaudited) |
Set forth below are the names, year of birth, position with the Trust, length of term of office, and the principal occupations for the last five years of each of the persons currently serving as Trustees and Officers of the Trust. Unless otherwise noted, the business address of each Trustee is SEI Investments Company, One Freedom Valley Drive, Oaks, Pennsylvania 19456. Trustees who are deemed not to be “interested persons” of the Trust are referred to as
| Name and Year of Birth | Position with Trust and Length of Time Served | Principal Occupations in the Past 5 Years | ||
| INTERESTED TRUSTEES | ||||
ROBERT A. NESHER (Born: 1946) | Chairman of the Board of Trustees1 (Since 2013) | SEI employee 1974 to present; currently performs various services on behalf of SEI Investments for which Mr. Nesher is compensated. Vice Chairman of The Advisors’ Inner Circle Fund III, Gallery Trust, Schroder Series Trust and Schroder Global Series Trust. President, Chief Executive Officer and Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. President and Director of SEI Structured Credit Fund, LP. President, Chief Executive Officer and Director of SEI Alpha Strategy Portfolios, LP, 2007 to 2013. President and Director of SEI Opportunity Fund, L.P. to 2010. Vice Chairman of O’Connor EQUUS(closed-end investment company) to 2016. President, Chief Executive Officer and Trustee of SEI Liquid Asset Trust to 2016. Vice Chairman of Winton Series Trust to 2017. Vice Chairman of Winton Diversified Opportunities Fund(closed-end investment company) to 2018. | ||
N. JEFFREY KLAUDER (Born: 1952) | Trustee1 (Since 2018) | Executive Vice President and General Counsel of SEI Investments since 2004. | ||
| 1 | Trustees who are deemed to be “interested persons” (as the term is defined in the 1940 Act) of the Trust are referred to as “Interested Trustees”. Messrs. Nesher and Klauder are deemed Interested Trustees by virtue of their affiliation with the Distributor and/or its affiliates. |
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| THE KP FUNDS | December 31, 2018 |
“Independent Trustees.” The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling1-855-457-3637. The following chart lists Trustees and Officers as of December 31, 2018:
| Other Directorships Held in the Past 5 Years | ||
Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Director of SEI Structured Credit Fund, LP, SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments-Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Investments-Unit Trust Management (UK) Limited, SEI Multi-Strategy Funds PLC and SEI Global Nominee Ltd.
Former Directorships: Director of SEI Opportunity Fund, L.P. to 2010. Director of SEI Alpha Strategy Portfolios, LP to 2013. Trustee of SEI Liquid Asset Trust to 2016. | ||
Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds. Director of SEI Private Trust Company; SEI Investments Management Corporation; SEI Trust Company; SEI Investments (South Africa), Limited; SEI Investments (Canada) Company; SEI Global Fund Services Ltd.; SEI Investments Global Limited; SEI Global Master Fund; SEI Global Investments Fund; and SEI Global Assets Fund. | ||
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| THE KP FUNDS | December 31, 2018 |
| TRUSTEES AND OFFICERS OF THE TRUST (Unaudited) |
| Name and Year of Birth | Position with Trust and Length of Time Served | Principal Occupations in Past 5 Years | ||
| INDEPENDENT TRUSTEES | ||||
JOSEPH T. GRAUSE JR. (Born: 1952) | Trustee (Since 2013) Lead Independent Trustee (Since 2018) | Self-Employed Consultant since 2012. Director of Endowments and Foundations, Morningstar Investment Management, Morningstar, Inc., 2010 to 2011. Director of International Consulting and Chief Executive Officer of Morningstar Associates Europe Limited, Morningstar, Inc., 2007 to 2010. Country Manager – Morningstar UK Limited, Morningstar, Inc., 2005 to 2007. | ||
MITCHELL A. JOHNSON (Born: 1942) | Trustee (Since 2013) | Retired. Private Investor since 1994. | ||
BETTY L. KRIKORIAN (Born: 1943) | Trustee (Since 2013) | Vice President, Compliance, AARP Financial Inc., from 2008 to 2010. Self-Employed Legal and Financial Services Consultant since 2003. Counsel(in-house) for State Street Bank from 1995 to 2003. | ||
BRUCE R. SPECA (Born: 1956) | Trustee (Since 2013) | Global Head of Asset Allocation, Manulife Asset Management (subsidiary of Manulife Financial), 2010 to 2011. Executive Vice President – Investment Management Services, John Hancock Financial Services (subsidiary of Manulife Financial), 2003 to 2010. | ||
GEORGE J. SULLIVAN JR. (Born: 1942) | Trustee (Since 2013) | Retired since 2012. Self-Employed Consultant, Newfound Consultants Inc., 1997 to 2011. | ||
TRACIE E. AHERN (Born: 1968) | Trustee (Since 2018) | Principal, Danesmead Partners since 2016; Chief Operating Officer/Chief Financial Officer, Brightwood Capital Advisors LLC, 2015 to 2016; Advisor, Brightwood Capital Advisors LLC, 2016; Chief Financial Officer, Soros Fund Management LLC, 2007 to 2015. | ||
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| THE KP FUNDS | December 31, 2018 |
Other Directorships Held in the | ||
Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds. Director of The Korea Fund, Inc. | ||
Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Director of Federal Agricultural Mortgage Corporation (Farmer Mac) since 1997.
Former Directorships: Director of SEI Alpha Strategy Portfolios, LP to 2013. Trustee of SEI Liquid Asset Trust to 2016. | ||
Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds. | ||
Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds. Director of Stone Harbor Investments Funds, Stone Harbor Emerging Markets Income Fund(closed-end fund) and Stone Harbor Emerging Markets Total Income Fund(closed-end fund). | ||
Current Directorships: Trustee/Director of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, SEI Structured Credit Fund, LP, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust.
Former Directorships: Director of SEI Opportunity Fund, L.P. to 2010. Director of SEI Alpha Strategy Portfolios, LP to 2013. Trustee of SEI Liquid Asset Trust to 2016. Trustee/ Director of State Street Navigator Securities Lending Trust to 2017. Member of the independent review committee for SEI’s Canadian-registered mutual funds to 2017. | ||
Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds. | ||
181
| THE KP FUNDS | December 31, 2018 |
| TRUSTEES AND OFFICERS OF THE TRUST (Unaudited) |
| Name and Year of Birth | Position and Length of Time Served | Principal Occupations in Past 5 Years | ||
| OFFICERS | ||||
MICHAEL BEATTIE (Born: 1965) | President (Since 2013) | Director of Client Service, SEI Investments, since 2004. | ||
JAMES BERNSTEIN (Born: 1962) | Vice President and Assistant Secretary (Since 2017) | Attorney, SEI Investments, since 2017.
Prior Positions: Self-employed consultant, 2017. Associate General Counsel & Vice President, Nationwide Funds Group and Nationwide Mutual Insurance Company, from 2002 to 2016. Assistant General Counsel & Vice President, Market Street Funds and Provident Mutual Insurance Company, from 1999 to 2002. | ||
JOHN BOURGEOIS (Born: 1973) | Assistant Treasurer (Since 2017) | Fund Accounting Manager, SEI Investments, since 2000. | ||
STEPHEN CONNORS (Born: 1984) | Treasurer, Controller and Chief Financial Officer (Since 2015) | Director, SEI Investments, Fund Accounting since 2014. Audit Manager, Deloitte & Touche LLP, from 2011 to 2014. | ||
DIANNE M. DESCOTEAUX (Born: 1977) | Vice President and Secretary (Since 2014) | Counsel at SEI Investments since 2010. Associate at Morgan, Lewis & Bockius LLP, from 2006 to 2010. | ||
RUSSELL EMERY (Born: 1962) | Chief Compliance Officer (Since 2014) | Chief Compliance Officer of SEI Structured Credit Fund, LP since 2007. Chief Compliance Officer of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Chief Compliance Officer of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, The Advisors’ Inner Circle Fund III, Gallery Trust, Schroder Series Trust, Schroder Global Series Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Daily Income Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Chief Compliance Officer of SEI Opportunity Fund, L.P. to 2010. Chief Compliance Officer of O’Connor EQUUS(closed-end investment company) to 2016. Chief Compliance Officer of SEI Liquid Asset Trust to 2016. Chief Compliance Officer of Winton Series Trust to 2017. Chief Compliance Officer of Winton Diversified Opportunities Fund(closed-end investment company) to 2018. | ||
ROBERT MORROW (Born: 1968) | Vice President (Since 2017) | Account Manager, SEI Investments, since 2007. | ||
BRIDGET E. SUDALL (Born: 1980) | Anti-Money Laundering Compliance Officer and Privacy Officer (Since 2015) | Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners, from 2011 to 2015. Investor Services Team Lead, Morgan Stanley Alternative Investment Partners, from 2007 to 2011. | ||
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| THE KP FUNDS | December 31, 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 July 1, 2018 and held for thesix-month period ended December 31, 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 | December 31, 2018 |
| DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued) |
| Beginning Account Value 7/1/2018 | Ending Account Value 12/31/2018 | Annualized Expense Ratios | Expenses Paid During Period* | |||||||||||||
KP Retirement Path 2015 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 973.50 | 0.07 | % | $ | 0.35 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,024.90 | 0.07 | % | $ | 0.36 | ||||||||
KP Retirement Path 2020 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 964.80 | 0.07 | % | $ | 0.35 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,024.90 | 0.07 | % | $ | 0.36 | ||||||||
KP Retirement Path 2025 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 952.90 | 0.06 | % | $ | 0.30 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,024.90 | 0.06 | % | $ | 0.31 | ||||||||
KP Retirement Path 2030 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 940.60 | 0.06 | % | $ | 0.29 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,024.90 | 0.06 | % | $ | 0.31 | ||||||||
KP Retirement Path 2035 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 929.70 | 0.06 | % | $ | 0.29 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,024.90 | 0.06 | % | $ | 0.31 | ||||||||
KP Retirement Path 2040 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 922.50 | 0.06 | % | $ | 0.29 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,024.90 | 0.06 | % | $ | 0.31 | ||||||||
KP Retirement Path 2045 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 918.00 | 0.06 | % | $ | 0.29 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,024.90 | 0.06 | % | $ | 0.31 | ||||||||
| Beginning Account Value 7/1/2018 | Ending Account Value 12/31/2018 | Annualized Expense Ratios | Expenses Paid During Period* | |||||||||||||
KP Retirement Path 2050 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 915.70 | 0.06 | % | $ | 0.29 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,024.90 | 0.06 | % | $ | 0.31 | ||||||||
KP Retirement Path 2055 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 914.00 | 0.06 | % | $ | 0.29 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,024.90 | 0.06 | % | $ | 0.31 | ||||||||
KP Retirement Path 2060 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 913.60 | 0.06 | % | $ | 0.29 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,024.90 | 0.06 | % | $ | 0.31 | ||||||||
KP Large Cap Equity Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 921.90 | 0.30 | % | $ | 1.45 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,023.70 | 0.30 | % | $ | 1.53 | ||||||||
KP Small Cap Equity Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 847.40 | 0.52 | % | $ | 2.42 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,022.60 | 0.52 | % | $ | 2.65 | ||||||||
KP International Equity Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 892.00 | 0.48 | % | $ | 2.29 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,022.80 | 0.48 | % | $ | 2.45 | ||||||||
KP Fixed Income Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,010.50 | 0.31 | % | $ | 1.57 | ||||||||
Hypothetical 5% Return | $ | 1,000.00 | $ | 1,023.60 | 0.31 | % | $ | 1.58 | ||||||||
| * | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period shown). |
184
| THE KP FUNDS | December 31, 2018 |
| APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) |
Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Funds’ advisory andsub-advisory agreements must be renewed at least annually after their initialtwo-year term: (i) by the vote of the Board of Trustees (the “Board” or the “Trustees”) of The KP Funds (the “Trust”) or by a vote of a majority of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such renewal.
Board meetings were held on August 21, 2018 and November 14, 2018 to decide whether to renew the following agreements (the “Agreements”) for additionalone-year terms:
| • | the investment advisory agreement between Callan LLC (the “Adviser”) and the Trust, on behalf of the Funds; |
| • | thesub-advisory agreements between the Adviser and certainsub-advisers (each, a“Sub-Adviser” and together, the“Sub-Advisers”), pursuant to which theSub-Advisers serve as investmentsub-advisers to the Funds, as set forth in the following table: |
| Sub-Adviser | Fund(s) | |
Acadian Asset Management LLC | KP International Equity Fund | |
AQR Capital Management, LLC | KP Large Cap Equity Fund | |
Aristotle Capital Boston, LLC | KP Small Cap Equity Fund | |
CastleArk Management LLC | KP Small Cap Equity Fund | |
Columbus Circle Investors | KP Small Cap Equity Fund | |
DePrince Race & Zollo, Inc. | KP Small Cap Equity Fund | |
Loomis, Sayles & Company, L.P. | KP Fixed Income Fund | |
Marathon Asset Management LLP | KP International Equity Fund | |
MFS Investment Management | KP Large Cap Equity Fund KP International Equity Fund | |
PanAgora Asset Management, Inc. | KP Large Cap Equity Fund | |
Payden & Rygel | KP Fixed Income Fund | |
PENN Capital Management Company, Inc. | KP Small Cap Equity Fund | |
SSgA Funds Management, Inc. | KP Large Cap Equity Fund KP Small Cap Equity Fund KP International Equity Fund KP Fixed Income Fund | |
T. Rowe Price Associates, Inc. | KP Large Cap Equity Fund | |
Walthausen & Co., LLC | KP Small Cap Equity Fund |
In preparation for the meetings, the Trustees requested that the Adviser and theSub-Advisers furnish information necessary to evaluate the terms of the Agreements. Prior to the meetings, the Independent Trustees of the Funds met to review and discuss the information provided and submitted a request for additional information to the Adviser and certainSub-Advisers, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser, theSub-Advisers and other service providers of the Funds presented or submitted to the Board at the meetings and other meetings held during the prior year, to help them decide whether to renew the Agreements for an additional year.
Specifically, the Board requested and received written materials from the Adviser, theSub-Advisers and other service providers of the Funds regarding: (i) the nature, extent and quality of the Adviser’s and theSub-Advisers’ services; (ii) the Adviser’s and theSub-Advisers’ investment management personnel; (iii) the Adviser’s and theSub-Advisers’ operations and financial condition; (iv) the Adviser’s and theSub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Funds’ advisory fees paid to the Adviser and theSub-Advisers and overall fees and operating expenses compared with peer groups of mutual funds; (vi) the level of the Adviser’s and theSub-Advisers’ profitability from their relationships with the Funds, including both direct and indirect benefits accruing to the Adviser and theSub-Advisers and their affiliates; (vii) the Adviser’s and theSub-Advisers’ potential economies of scale; (viii) the Adviser’s and theSub-Advisers’ compliance programs, including a description of material compliance matters and material compliance violations; (ix) the Adviser’s and theSub-Advisers’ policies on and compliance procedures for personal securities transactions; and (x) the Funds’ performance compared with peer groups of mutual funds and the Funds’ benchmark indices.
185
| THE KP FUNDS | December 31, 2018 |
| APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued) |
Representatives from the Adviser and theSub-Advisers, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Board meetings to help the Trustees evaluate the Adviser’s and theSub-Advisers’ services, fees and other aspects of the Agreements. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management, the Adviser and theSub-Advisers.
At the Board meetings, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser, theSub-Advisers and other service providers of the Funds, renewed the Agreements. In considering the renewal of the Agreements, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Adviser and theSub-Advisers; (ii) the investment performance of the Funds and the Adviser and theSub-Advisers; (iii) the costs of the services provided and profits realized by the Adviser and theSub-Advisers from their relationships with the Funds, including both direct and indirect benefits accruing to the Adviser and theSub-Advisers and their affiliates; (iv) the extent to which economies of scale are being realized by the Adviser and theSub-Advisers; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.
Nature, Extent and Quality of Services Provided by the Adviser and theSub-Advisers
In considering the nature, extent and quality of the services provided by the Adviser and theSub-Advisers, the Board reviewed the portfolio management services provided by the Adviser and theSub-Advisers to the Funds, including the quality and continuity of the Adviser’s and theSub-Advisers’ portfolio management personnel, the resources of the Adviser and theSub-Advisers, and the Adviser’s and theSub-Advisers’ compliance histories and compliance programs. The Trustees reviewed the terms of the Agreements. The Trustees also reviewed the Adviser’s and theSub-Advisers’ investment and risk management approaches for the Funds. The Trustees considered that the Adviser supervises and monitors the performance of theSub-Advisers. The most recent investment adviser registration forms (“Form ADV”) for the Adviser and theSub-Advisers were available to the Board, as were the responses of the Adviser and theSub-Advisers to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Adviser and theSub-Advisers to the Funds.
The Trustees also considered other services provided to the Funds by the Adviser and theSub-Advisers such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds’ investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Funds by the Adviser and theSub-Advisers were sufficient to support renewal of the Agreements.
Investment Performance of the Funds, the Adviser and theSub-Advisers
The Board was provided with regular reports regarding the Funds’ performance over various time periods. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ performance to their benchmark indices and peer groups of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Adviser and theSub-Advisers provided information regarding and led discussions of factors impacting the performance of the Funds, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Funds’ performance was satisfactory, or, where the Funds’ performance was materially below their benchmarks and/or peer groups, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Adviser and theSub-Advisers in an effort to improve the performance of the Funds. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Adviser and theSub-Advisers had been able to achieve for the Funds were sufficient to support renewal of the Agreements.
Costs of Advisory Services, Profitability and Economies of Scale
In considering the advisory fees payable by the Funds to the Adviser and theSub-Advisers, the Trustees reviewed, among other things, a report of the advisory fees paid to the Adviser and theSub-Advisers. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ net and gross expense ratios and advisory fees to those paid by peer groups of mutual funds as classified by Lipper. The Trustees reviewed the
186
| THE KP FUNDS | December 31, 2018 |
| APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued) |
management fees charged by certainSub-Advisers to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Funds and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Funds are subject. The Trustees also considered that the fees payable to theSub-Advisers reflected arms-length negotiations between the Adviser and theSub-Advisers. The Board concluded, within the context of its full deliberations, that the advisory fees were reasonable in light of the nature and quality of the services rendered by the Adviser and theSub-Advisers.
The Trustees reviewed the costs of services provided by and the profits realized by the Adviser and theSub-Advisers from their relationship with the Funds, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Adviser and theSub-Advisers and their affiliates. The Trustees considered how the Adviser’s and theSub-Advisers’ profitability was affected by factors such as their organizational structures and methods for allocating expenses. The Trustees concluded that the profit margins of the Adviser and theSub-Advisers with respect to the management of the Funds were not unreasonable. The Board also considered the Adviser’s and theSub-Advisers’ commitment to managing the Funds and Adviser’s willingness to continue its expense limitation arrangements with the Funds.
The Trustees considered the Adviser’s andSub-Advisers’ views relating to economies of scale in connection with the Funds as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Funds and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Funds’ shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on afund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fees were reasonable in light of the information that was provided to the Trustees by the Adviser and theSub-Advisers with respect to economies of scale.
Renewal of the Agreements
Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously concluded that the terms of the Agreements, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreements for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that wasall-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.
187
| THE KP FUNDS | December 31, 2018 |
| NOTICE TO SHAREHOLDERS (Unaudited) |
For shareholders that do not have a December 31, 2018 taxable year end, this notice is for informational purposes only. For shareholders with a December 31, 2018 tax year end, please consult your tax adviser as to the pertinence of this notice.
For the fiscal period ended December 31, 2018 the Funds are designating the following with regard to distributions paid during the period:
| Foreign Investors | ||||||||||||||||||||||||||||||||||||
| Fund | Return of Capital (Tax Basis) | Long- Term Capital Gains Distributions (Tax Basis) | Ordinary Income Distributions (Tax Basis) | Total Distributions (Tax Basis) | Corporate Dividends Received Deduction(1) | Qualifying Dividend Income(2) | U.S. Government Interest(3) | Interest Related Dividends(4) | Short-Term Capital Gains Dividends(5) | |||||||||||||||||||||||||||
KP Retirement Path 2015 Fund | 0.00% | 57.64% | 42.36% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | |||||||||||||||||||||||||||
KP Retirement Path 2020 Fund | 0.00% | 57.98% | 42.02% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | |||||||||||||||||||||||||||
KP Retirement Path 2025 Fund | 0.00% | 57.87% | 42.13% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||||||||||||||||||||
KP Retirement Path 2030 Fund | 0.00% | 58.78% | 41.22% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||||||||||||||||||||
KP Retirement Path 2035 Fund | 0.00% | 60.15% | 39.85% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||||||||||||||||||||
KP Retirement Path 2040 Fund | 0.00% | 60.12% | 39.88% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||||||||||||||||||||
KP Retirement Path 2045 Fund | 0.00% | 59.99% | 40.01% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||||||||||||||||||||
KP Retirement Path 2050 Fund | 0.00% | 58.13% | 41.87% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||||||||||||||||||||
KP Retirement Path 2055 Fund | 0.00% | 54.42% | 45.58% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||||||||||||||||||||
KP Retirement Path 2060 Fund | 0.00% | 65.78% | 34.22% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | |||||||||||||||||||||||||||
KP Large Cap Equity Fund | 0.00% | 76.70% | 23.30% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | |||||||||||||||||||||||||||
KP Small Cap Equity Fund | 0.00% | 58.36% | 41.64% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | |||||||||||||||||||||||||||
KP International Equity Fund | 0.00% | 61.85% | 38.15% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | |||||||||||||||||||||||||||
KP Fixed Income Fund | 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||||||||||||||||||||
| (1) | Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). |
| (2) | The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Relief Reconciliation Act of 2003 and its reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law. |
| (3) | “U.S. Government Interest represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of total ordinary income distributions (the total of short term capital gain and net investment income distributions). Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders of the Funds who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income. |
| (4) | The percentage in this column represents the amount of “Interest Related Dividends” and is reflected as a percentage of ordinary income distribution. Interest related dividends are exempt from U.S. withholding tax when paid for foreign investors. |
| (5) | The percentage in this column represents the amount of “Short-Term Capital Gain Dividends” and is reflected as a percentage of short-term capital gain distribution that is exempt from U.S. withholding tax when paid to foreign investors. |
188
| THE KP FUNDS | December 31, 2018 |
| NOTICE TO SHAREHOLDERS (Unaudited) (Continued) |
The following KP Funds designate long term capital gains for December 31, 2017, calendar year end:
| Fund | Long Term Capital Gain | |||
KP Retirement Path 2015 Fund | $ | 7,987,660 | ||
KP Retirement Path 2020 Fund | 17,650,722 | |||
KP Retirement Path 2025 Fund | 24,130,245 | |||
KP Retirement Path 2030 Fund | 25,285,135 | |||
KP Retirement Path 2035 Fund | 30,089,160 | |||
KP Retirement Path 2040 Fund | 28,767,102 | |||
KP Retirement Path 2045 Fund | 21,786,151 | |||
KP Retirement Path 2050 Fund | 11,796,299 | |||
KP Retirement Path 2055 Fund | 3,168,887 | |||
KP Retirement Path 2060 Fund | 654,299 | |||
KP Large Cap Equity Fund | 15,366,985 | |||
KP Small Cap Equity Fund | 16,025,660 | |||
KP International Equity Fund | 25,534,536 | |||
KP Fixed Income Fund | — | |||
189
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, call202-551-8090). 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, bye-mailing the SEC at the following address: publicinfo@sec.gov.
The Trust’s Investment Company Act registration number is811-22838
KPF-AR-001-0500
| Item 2. | Code of Ethics. |
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function. There have been no amendments to or waivers granted to this code of ethics.
| Item 3. | Audit Committee Financial Expert. |
(a)(1) The Registrant’s board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.
(a)(2) The audit committee financial experts areJohn Darr and George Sullivan,and they are independent as defined in FormN-CSR Item 3(a)(2).
| Item 4. | Principal Accountant Fees and Services. |
Fees billed by PricewaterhouseCoopers LLP (“PwC”) related to the Trust.
PwC billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years were as follows:
| 2018 | 2017 | |||||||||||||||||||||||||
| All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | |||||||||||||||||||||
(a) | Audit Fees | $ | 241,155 | $ | 0 | $ | 0 | $ | 236,425 | $ | 0 | $ | 0 | |||||||||||||
(b) | Audit-Related Fees | N/A | $ | 0 | $ | 0 | N/A | $ | 0 | $ | 0 | |||||||||||||||
(c) | Tax Fees | N/A | $ | 0 | $ | 0 | N/A | $ | 0 | $ | 0 | |||||||||||||||
(d) | All Other Fees | N/A | $ | 0 | $ | 0 | N/A | $ | 0 | $ | 0 | |||||||||||||||
(e)(1)
All requests or applications for services to be provided by the independent auditor shall be submitted to the Chief Financial Officer (“CFO”) of the Registrant and must include a detailed description of the services proposed to be rendered. The Registrant ‘s CFO will determine whether such services (1) require specificpre-approval, (2) are included within the list of services that have received the generalpre-approval of the audit committee or (3) have been previouslypre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise.
Requests or applications to provide services that require specificpre-approval by the audit committee will be submitted to the audit committee by the CFO. The audit committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The audit committee has delegated specificpre-approval authority to either the audit committee chair or financial experts, provided that the estimated fee for any such proposedpre-approved service does not exceed $100,000 and anypre-approval decisions are reported to the audit committee at its next regularly scheduled meeting.
All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment advisor or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.
In addition, the audit committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor’s independence from the Registrant, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and discussing with the independent auditor its methods and procedures for ensuring independence.
(e)(2) Percentage of fees billed applicable tonon-audit services approved pursuant to the “de minimus” exception of Rule2-01(c)(7)(i)(C) were as follows (PwC):
| 2018 | 2017 | |||||||
Audit-Related Fees | 0 | % | 0 | % | ||||
Tax Fees | 0 | % | 0 | % | ||||
All Other Fees | 0 | % | 0 | % | ||||
(f) Not applicable.
(g) The aggregatenon-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including anysub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal years were $0 and $0 for 2018 and 2017, respectively.
(h) During the past fiscal year, allnon-audit services provided by Registrant’s principal accountant to either Registrant’s investment adviser or to any entity controlling, controlled by, or under common control with Registrant’s investment adviser that provides ongoing services to Registrant werepre-approved by the audit committee of Registrant’s Board of Trustees. Included in the audit committee’spre-approval was the review and consideration as to whether the provision of thesenon-audit services is compatible with maintaining the principal accountant’s independence.
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable toopen-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 forClosed-End Management Investment Companies. |
Not applicable toopen-end management investment companies.
| Item 8. | Portfolio Managers ofClosed-End Management Investment Companies. |
Not applicable. Effective forclosed-end management investment companies for fiscal years ending on or after December 31, 2005.
| Item 9. | Purchases of Equity Securities byClosed-End Management Company and Affiliated Purchasers. |
Not applicable toopen-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 Rule30a-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 Rule30a-3(b) under the Act (17 CFR §270.30a-3(b)) and Rules13a-15(b) or15d-15(b) under the Securities Exchange Act, as amended (17 CFR §270.30a-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 Rule30a-3(d) under the Act (17 CFR §270.3a-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 forClosed-End Management Investment Companies. |
Not applicable toopen-end management investment companies.
| Item 13. | Exhibits. |
(a)(1) A copy of the Registrant’s Code of Ethics, as required by Item 2 of this Form, accompanies this filing as an exhibit.
(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule30a-2(a) under the Act (17 CFR §270.30a-2(a)), is filed herewith.
(b) Officer certifications, as required by Rule30a-2(b) under the Act (17 CFR §270.30a-2(b)), also accompany this filing as an exhibit.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | The KP Funds | |||||
| By (Signature and Title) | /s/ Michael Beattie | |||||
Michael Beattie, President | ||||||
| Date: March 8, 2019 | ||||||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Michael Beattie | |||||
Michael Beattie, President | ||||||
| Date: March 8, 2019 | ||||||
| By (Signature and Title) | /s/ Stephen Connors | |||||
| Stephen Connors, | ||||||
| Treasurer, Controller & CFO | ||||||
| Date: March 8, 2019 | ||||||