UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22838
The KP Funds
(Exact name of registrant as specified in charter)
SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
(Address of principal executive offices) (Zip code)
SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
(Name and address of agent for service)
Registrant’s telephone number, including area code: (855) 457-3637
Date of fiscal year end: December 31, 2020
Date of reporting period: June 30, 2020
| Item 1. | Reports to Stockholders. |
A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act or 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.
| The KP Funds | Callan |
KP Retirement Path Retirement Income 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 Retirement Path 2065 Fund: KPRKX
KP Large Cap Equity Fund: KPLCX
KP Small Cap Equity Fund: KPSCX
KP International Equity Fund: KPIEX
KP Fixed Income Fund: KPFIX
Beginning on March 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 calling 1-855-457-3637.
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 calling 1-855-457-3637. 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.
Semi-Annual Report
June 30, 2020
| THE KP FUNDS |
| Table of Contents | ||||
| 1 | ||||
| 124 | ||||
| 128 | ||||
| 132 | ||||
| 140 | ||||
| 142 | ||||
| 162 | ||||
| 164 | ||||
| 165 | ||||
The Funds file their complete schedules of investments with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT within sixty days after period end. The Funds’ Forms N-Q and Form N-PORT reports are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, as well as information relating to how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 855-457-3637 (855-4KPFNDS); and (ii) on the Commission’s website at http://www.sec.gov.
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path Retirement Income Fund |
Sector Weightings†
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
| AFFILIATED REGISTERED INVESTMENT COMPANIES — 72.5% |
| |||||||
KP Fixed Income Fund | 18,024,087 | $ | 192,678 | |||||
KP International Equity Fund | 3,501,105 | 33,120 | ||||||
KP Large Cap Equity Fund | 6,126,199 | 83,439 | ||||||
KP Small Cap Equity Fund | 1,469,813 | 14,463 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 323,700 | ||||||
|
| |||||||
| UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 27.5% |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 1,005,451 | 4,555 | ||||||
DFA International Real Estate Securities, Cl Institutional | 1,212,033 | 4,557 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 251,931 | 8,898 | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 312,732 | 4,438 | ||||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 476,479 | 4,422 | ||||||
T. Rowe Price New Era Fund, Cl Institutional | 174,237 | 4,673 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 1,161,671 | 12,976 | ||||||
Vanguard Short-Term Bond Index Fund, Cl Institutional | 3,981,665 | 43,360 | ||||||
| Description | Shares | Value (000) | ||||||
Vanguard Short-Term Inflation-Protected Securities Index Fund, Cl Institutional | 1,382,854 | $ | 34,806 | |||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 122,685 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% |
| $ | 446,385 | |||||
|
| |||||||
Percentages are based on Net Assets of $446,385 (000).
Cl – Class
As of June 30, 2020, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
For the period ended June 30, 2020, there were no transfers in or out of Level 3.
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 accompanying notes are an integral part of the financial statements.
1
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path Retirement Income Fund |
The following is a summary of the Fund’s transactions with affiliates for the period ended June 30, 2020 (000):
| Value 12/31/2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ (Depreciation) | Realized Gain (Loss) | Value 6/30/2020 | Shares | Income | Capital Gain Distributions | ||||||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 200,120 | $ | 14,570 | $ | (30,368 | ) | $ | 7,315 | $ | 1,041 | $ | 192,678 | 18,024,087 | $ | - | $ | - | ||||||||||||||||||
| KP International Equity Fund | 33,195 | 5,571 | (2,245 | ) | (3,324 | ) | (77 | ) | 33,120 | 3,501,105 | - | - | ||||||||||||||||||||||||
| KP Large Cap Equity Fund | 84,703 | 10,396 | (11,231 | ) | (2,119 | ) | 1,690 | 83,439 | 6,126,199 | - | - | |||||||||||||||||||||||||
| KP Small Cap Equity Fund | 14,052 | 2,844 | (1,273 | ) | (826 | ) | (334 | ) | 14,463 | 1,469,813 | - | - | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
Totals | $ | 332,070 | $ | 33,381 | $ | (45,117 | ) | $ | 1,046 | $ | 2,320 | $ | 323,700 | 29,121,204 | $ | - | $ | - | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
2
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path 2020 Fund |
Sector Weightings†
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
| AFFILIATED REGISTERED INVESTMENT COMPANIES — 75.0% |
| |||||||
KP Fixed Income Fund | 36,847,126 | $ | 393,895 | |||||
KP International Equity Fund | 10,762,052 | 101,809 | ||||||
KP Large Cap Equity Fund | 16,745,067 | 228,068 | ||||||
KP Small Cap Equity Fund | 4,709,927 | 46,346 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies (Cost $731,759) (000) |
| 770,118 | ||||||
|
| |||||||
| UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 25.0% |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 2,300,733 | 10,422 | ||||||
DFA International Real Estate Securities, Cl Institutional | 2,773,346 | 10,428 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 576,467 | 20,361 | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 715,666 | 10,155 | ||||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 1,090,480 | 10,120 | ||||||
T. Rowe Price New Era Fund, Cl Institutional | 398,584 | 10,690 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 2,658,470 | 29,695 | ||||||
Vanguard Short-Term Bond Index Fund, Cl Institutional | 8,018,319 | 87,319 | ||||||
| Description | Shares | Value (000) | ||||||
Vanguard Short-Term Inflation-Protected Securities Index Fund, Cl Institutional | 2,689,932 | $ | 67,706 | |||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 256,896 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% |
| $ | 1,027,014 | |||||
|
| |||||||
Percentages are based on Net Assets of $1,027,013 (000).
Cl – Class
As of June 30, 2020, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
For the period ended June 30, 2020, there were no transfers in or out of Level 3.
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 accompanying notes are an integral part of the financial statements.
3
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path 2020 Fund |
The following is a summary of the Fund’s transactions with affiliates for the period ended June 30, 2020 (000):
| Value 12/31/2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ (Depreciation) | Realized Gain (Loss) | Value 6/30/2020 | Shares | Income | Capital Gain Distributions | ||||||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 405,013 | $ | 38,032 | $ | (65,966 | ) | $ | 15,555 | $ | 1,261 | $ | 393,895 | 36,847,126 | $ | - | $ | - | ||||||||||||||||||
| KP International Equity Fund | 107,146 | 13,652 | (7,088 | ) | (11,562 | ) | (339 | ) | 101,809 | 10,762,052 | - | - | ||||||||||||||||||||||||
| KP Large Cap Equity Fund | 238,637 | 25,061 | (32,674 | ) | (7,566 | ) | 4,610 | 228,068 | 16,745,067 | - | - | |||||||||||||||||||||||||
| KP Small Cap Equity Fund | 47,511 | 8,247 | (4,889 | ) | (4,089 | ) | (434 | ) | 46,346 | 4,709,927 | - | - | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
Totals | $ | 798,307 | $ | 84,992 | $ | (110,617) | $ | (7,662 | ) | $ | 5,098 | $ | 770,118 | 69,064,172 | $ | - | $ | - | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
4
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path 2025 Fund |
Sector Weightings†
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
| AFFILIATED REGISTERED INVESTMENT COMPANIES — 79.2% |
| |||||||
KP Fixed Income Fund | 41,568,476 | $ | 444,367 | |||||
KP International Equity Fund | 20,928,205 | 197,981 | ||||||
KP Large Cap Equity Fund | 28,161,110 | 383,554 | ||||||
KP Small Cap Equity Fund | 9,482,328 | 93,306 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies (Cost $1,067,229) (000) |
| 1,119,208 | ||||||
|
| |||||||
| UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 20.8% |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 3,147,926 | 14,260 | ||||||
DFA International Real Estate Securities, Cl Institutional | 3,793,863 | 14,265 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 788,763 | 27,860 | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 979,131 | 13,894 | ||||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 1,492,183 | 13,847 | ||||||
T. Rowe Price New Era Fund, Cl Institutional | 545,017 | 14,617 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 3,606,027 | 40,279 | ||||||
Vanguard Short-Term Bond Index Fund, Cl Institutional | 8,280,244 | 90,172 | ||||||
| Description | Shares | Value (000) | ||||||
Vanguard Short-Term Inflation-Protected Securities Index Fund, Cl Institutional | 2,575,475 | $ | 64,825 | |||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 294,019 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% |
| $ | 1,413,227 | |||||
|
| |||||||
Percentages are based on Net Assets of $1,413,225 (000).
Cl – Class
As of June 30, 2020, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
For the period ended June 30, 2020, there were no transfers in or out of Level 3.
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 accompanying notes are an integral part of the financial statements.
5
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path 2025 Fund |
The following is a summary of the Fund’s transactions with affiliates for the period ended June 30, 2020 (000):
| Value 12/31/2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ (Depreciation) | Realized Gain (Loss) | Value 6/30/2020 | Shares | Income | Capital Gain Distributions | ||||||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 454,732 | $ | 52,418 | $ | (81,544 | ) | $ | 17,184 | $ | 1,577 | $ | 444,367 | 41,568,476 | $ | - | $ | - | ||||||||||||||||||
| KP International Equity Fund | 204,844 | 28,825 | (12,351 | ) | (22,047 | ) | (1,290 | ) | 197,981 | 20,928,205 | - | - | ||||||||||||||||||||||||
| KP Large Cap Equity Fund | 397,690 | 41,948 | (49,481 | ) | (14,014 | ) | 7,411 | 383,554 | 28,161,110 | - | - | |||||||||||||||||||||||||
| KP Small Cap Equity Fund | 93,835 | 16,864 | (8,150 | ) | (8,081 | ) | (1,162 | ) | 93,306 | 9,482,328 | - | - | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
Totals | $ | 1,151,101 | $ | 140,055 | $ | (151,526 | ) | $ | (26,958 | ) | $ | 6,536 | $ | 1,119,208 | 100,140,119 | $ | - | $ | - | |||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
6
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path 2030 Fund |
Sector Weightings†
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS | ||||
| Description | Shares | Value (000) | ||||||
| AFFILIATED REGISTERED INVESTMENT COMPANIES — 84.1% |
| |||||||
KP Fixed Income Fund | 34,428,908 | $ | 368,045 | |||||
KP International Equity Fund | 27,662,827 | 261,690 | ||||||
KP Large Cap Equity Fund | 33,664,321 | 458,509 | ||||||
KP Small Cap Equity Fund | 12,692,887 | 124,898 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 1,213,142 | ||||||
|
| |||||||
| UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 15.9% |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 3,156,458 | 14,299 | ||||||
DFA International Real Estate Securities, Cl Institutional | 3,804,865 | 14,306 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 791,165 | 27,943 | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 981,893 | 13,933 | ||||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 1,496,302 | 13,886 | ||||||
T. Rowe Price New Era Fund, Cl Institutional | 546,563 | 14,659 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 3,607,539 | 40,296 | ||||||
Vanguard Short-Term Bond Index Fund, Cl Institutional | 4,744,914 | 51,672 | ||||||
| Description | Shares | Value (000) | ||||||
Vanguard Short-Term Inflation-Protected Securities Index Fund, Cl Institutional | 1,517,981 | $ | 38,208 | |||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 229,202 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% |
| $ | 1,442,344 | |||||
|
| |||||||
Percentages are based on Net Assets of $1,442,338 (000).
Cl – Class
As of June 30, 2020, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
For the period ended June 30, 2020, there were no transfers in or out of Level 3.
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 accompanying notes are an integral part of the financial statements.
7
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path 2030 Fund |
The following is a summary of the Fund’s transactions with affiliates for the period ended June 30, 2020 (000):
| Value 12/31/2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ (Depreciation) | Realized Gain (Loss) | Value 6/30/2020 | Shares | Income | Capital Gain Distributions | ||||||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 374,459 | $ | 44,464 | $ | (66,557 | ) | $ | 14,467 | $ | 1,212 | $ | 368,045 | 34,428,908 | $ | - | $ | - | ||||||||||||||||||
| KP International Equity Fund | 269,177 | 36,498 | (13,120 | ) | (28,913 | ) | (1,952 | ) | 261,690 | 27,662,827 | - | - | ||||||||||||||||||||||||
| KP Large Cap Equity Fund | 468,882 | 47,074 | (49,846 | ) | (16,536 | ) | 8,935 | 458,509 | 33,664,321 | - | - | |||||||||||||||||||||||||
| KP Small Cap Equity Fund | 124,073 | 21,610 | (8,600 | ) | (10,914 | ) | (1,271 | ) | 124,898 | 12,692,887 | - | - | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
Totals | $ | 1,236,591 | $ | 149,646 | $ | (138,123 | ) | $ | (41,896 | ) | $ | 6,924 | $ | 1,213,142 | 108,448,943 | $ | - | $ | - | |||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
8
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path 2035 Fund |
Sector Weightings†
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS | ||||
| Description | Shares | Value (000) | ||||||
| AFFILIATED REGISTERED INVESTMENT COMPANIES — 88.9% |
| |||||||
KP Fixed Income Fund | 31,089,459 | $ | 332,346 | |||||
KP International Equity Fund | 39,202,202 | 370,853 | ||||||
KP Large Cap Equity Fund | 40,731,439 | 554,762 | ||||||
KP Small Cap Equity Fund | 17,479,765 | 172,001 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies (Cost $1,377,126) (000) |
| 1,429,962 | ||||||
|
| |||||||
| UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 11.1% |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 3,146,240 | 14,252 | ||||||
DFA International Real Estate Securities, Cl Institutional | 3,792,069 | 14,258 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 788,625 | 27,855 | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 978,753 | 13,889 | ||||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 1,491,589 | 13,842 | ||||||
T. Rowe Price New Era Fund, Cl Institutional | 544,632 | 14,607 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 3,581,563 | 40,006 | ||||||
Vanguard Short-Term Bond Index Fund, Cl Institutional | 2,481,919 | 27,028 | ||||||
| Description | Shares | Value (000) | ||||||
Vanguard Short-Term Inflation-Protected Securities Index Fund, Cl Institutional | 538,829 | $ | 13,562 | |||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 179,299 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% |
| $ | 1,609,261 | |||||
|
| |||||||
Percentages are based on Net Assets of $1,609,252 (000).
Cl – Class
As of June 30, 2020, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
For the period ended June 30, 2020, there were no transfers in or out of Level 3.
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 accompanying notes are an integral part of the financial statements.
9
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path 2035 Fund |
The following is a summary of the Fund’s transactions with affiliates for the period ended June 30, 2020 (000):
| Value 12/31/2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ (Depreciation) | Realized Gain (Loss) | Value 6/30/2020 | Shares | Income | Capital Gain Distributions | ||||||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 342,614 | $ | 39,568 | $ | (63,944 | ) | $ | 12,789 | $ | 1,319 | $ | 332,346 | 31,089,459 | $ | - | $ | - | ||||||||||||||||||
| KP International Equity Fund | 382,809 | 51,732 | (19,006 | ) | (42,066 | ) | (2,616 | ) | 370,853 | 39,202,202 | - | - | ||||||||||||||||||||||||
| KP Large Cap Equity Fund | 573,141 | 51,881 | (58,726 | ) | (24,083 | ) | 12,549 | 554,762 | 40,731,439 | - | - | |||||||||||||||||||||||||
| KP Small Cap Equity Fund | 172,487 | 28,433 | (11,256 | ) | (16,171 | ) | (1,492 | ) | 172,001 | 17,479,765 | - | - | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
Totals | $ | 1,471,051 | $ | 171,614 | $ | (152,932 | ) | $ | (69,531 | ) | $ | 9,760 | $ | 1,429,962 | 128,502,865 | $ | - | $ | - | |||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
10
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path 2040 Fund |
Sector Weightings†
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS | ||||
| Description | Shares | Value (000) | ||||||
| AFFILIATED REGISTERED INVESTMENT COMPANIES — 92.5% |
| |||||||
KP Fixed Income Fund | 23,385,700 | $ | 249,993 | |||||
KP International Equity Fund | 42,270,024 | 399,874 | ||||||
KP Large Cap Equity Fund | 39,485,670 | 537,795 | ||||||
KP Small Cap Equity Fund | 19,041,271 | 187,366 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 1,375,028 | ||||||
|
| |||||||
| UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 7.5% |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 2,531,557 | 11,468 | ||||||
DFA International Real Estate Securities, Cl Institutional | 3,051,471 | 11,474 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 634,537 | 22,411 | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 787,501 | 11,175 | ||||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 1,200,237 | 11,138 | ||||||
T. Rowe Price New Era Fund, Cl Institutional | 438,183 | 11,752 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 2,885,016 | 32,226 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 111,644 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% |
| $ | 1,486,672 | |||||
|
| |||||||
Percentages are based on Net Assets of $1,486,662 (000).
Cl – Class
As of June 30, 2020, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
For the period ended June 30, 2020, there were no transfers in or out of Level 3.
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 accompanying notes are an integral part of the financial statements.
11
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path 2040 Fund |
The following is a summary of the Fund’s transactions with affiliates for the period ended June 30, 2020 (000):
| Value 12/31/2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ (Depreciation) | Realized Gain (Loss) | Value 6/30/2020 | Shares | Income | Capital Gain Distributions | ||||||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 259,049 | $ | 30,284 | $ | (49,965 | ) | $ | 9,356 | $ | 1,269 | $ | 249,993 | 23,385,700 | $ | - | $ | - | ||||||||||||||||||
| KP International Equity Fund | 411,591 | 57,605 | (20,763 | ) | (44,966 | ) | (3,593 | ) | 399,874 | 42,270,024 | - | - | ||||||||||||||||||||||||
| KP Large Cap Equity Fund | 555,878 | 49,871 | (55,681 | ) | (24,638 | ) | 12,365 | 537,795 | 39,485,670 | - | - | |||||||||||||||||||||||||
| KP Small Cap Equity Fund | 186,477 | 31,372 | (11,236 | ) | (17,709 | ) | (1,538 | ) | 187,366 | 19,041,271 | - | - | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
Totals | $ | 1,412,995 | $ | 169,132 | $ | (137,645 | ) | $ | (77,957 | ) | $ | 8,503 | $ | 1,375,028 | 124,182,665 | $ | - | $ | - | |||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
12
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path 2045 Fund |
Sector Weightings†
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS | ||||
| Description | Shares | Value (000) | ||||||
| AFFILIATED REGISTERED INVESTMENT COMPANIES — 94.3% |
| |||||||
KP Fixed Income Fund | 15,750,572 | $ | 168,374 | |||||
KP International Equity Fund | 37,657,716 | 356,242 | ||||||
KP Large Cap Equity Fund | 32,678,571 | 445,082 | ||||||
KP Small Cap Equity Fund | 16,598,666 | 163,331 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 1,133,029 | ||||||
|
| |||||||
| UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.7% |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 1,546,930 | 7,008 | ||||||
DFA International Real Estate Securities, Cl Institutional | 1,864,542 | 7,011 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 387,807 | 13,696 | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 481,224 | 6,828 | ||||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 733,430 | 6,806 | ||||||
T. Rowe Price New Era Fund, Cl Institutional | 267,705 | 7,180 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 1,745,261 | 19,495 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 68,024 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% |
| $ | 1,201,053 | |||||
|
| |||||||
Percentages are based on Net Assets of $1,201,044 (000).
Cl – Class
As of June 30, 2020, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
For the period ended June 30, 2020, there were no transfers in or out of Level 3.
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 accompanying notes are an integral part of the financial statements.
13
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path 2045 Fund |
The following is a summary of the Fund’s transactions with affiliates for the period ended June 30, 2020 (000):
| Value 12/31/2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ (Depreciation) | Realized Gain (Loss) | Value 6/30/2020 | Shares | Income | Capital Gain Distributions | ||||||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 172,379 | $ | 23,086 | $ | (34,226 | ) | $ | 5,909 | $ | 1,226 | $ | 168,374 | 15,750,572 | $ | - | $ | - | ||||||||||||||||||
| KP International Equity Fund | 358,248 | 56,740 | (16,958 | ) | (40,510 | ) | (1,278 | ) | 356,242 | 37,657,716 | - | - | ||||||||||||||||||||||||
| KP Large Cap Equity Fund | 452,979 | 45,229 | (43,308 | ) | (17,138 | ) | 7,320 | 445,082 | 32,678,571 | - | - | |||||||||||||||||||||||||
| KP Small Cap Equity Fund | 159,994 | 28,623 | (8,882 | ) | (14,847 | ) | (1,557 | ) | 163,331 | 16,598,666 | - | - | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
Totals | $ | 1,143,600 | $ | 153,678 | $ | (103,374 | ) | $ | (66,586 | ) | $ | 5,711 | $ | 1,133,029 | 102,685,525 | $ | - | $ | - | |||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
14
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path 2050 Fund |
Sector Weightings†
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS | ||||
| Description | Shares | Value (000) | ||||||
| AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.2% |
| |||||||
KP Fixed Income Fund | 8,808,051 | $ | 94,158 | |||||
KP International Equity Fund | 25,171,479 | 238,122 | ||||||
KP Large Cap Equity Fund | 21,689,565 | 295,412 | ||||||
KP Small Cap Equity Fund | 11,460,134 | 112,768 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 740,460 | ||||||
|
| |||||||
| UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 4.8% |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 851,377 | 3,857 | ||||||
DFA International Real Estate Securities, Cl Institutional | 1,026,087 | 3,858 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 213,463 | 7,539 | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 264,876 | 3,759 | ||||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 403,722 | 3,747 | ||||||
T. Rowe Price New Era Fund, Cl Institutional | 147,282 | 3,949 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 945,710 | 10,564 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 37,273 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% |
| $ | 777,733 | |||||
|
| |||||||
Percentages are based on Net Assets of $777,726 (000).
Cl – Class
As of June 30, 2020, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
For the period ended June 30, 2020, there were no transfers in or out of Level 3.
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 accompanying notes are an integral part of the financial statements.
15
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path 2050 Fund |
The following is a summary of the Fund’s transactions with affiliates for the period ended June 30, 2020 (000):
| Value 12/31/2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ (Depreciation) | Realized Gain (Loss) | Value 6/30/2020 | Shares | Income | Capital Gain Distributions | ||||||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 93,447 | $ | 16,009 | $ | (19,248 | ) | $ | 3,299 | $ | 651 | $ | 94,158 | 8,808,051 | $ | - | $ | - | ||||||||||||||||||
| KP International Equity Fund | 232,715 | 43,883 | (11,501 | ) | (26,987 | ) | 12 | 238,122 | 25,171,479 | - | - | |||||||||||||||||||||||||
| KP Large Cap Equity Fund | 292,160 | 37,569 | (28,368 | ) | (10,816 | ) | 4,867 | 295,412 | 21,689,565 | - | - | |||||||||||||||||||||||||
| KP Small Cap Equity Fund | 106,577 | 22,607 | (5,769 | ) | (10,593 | ) | (54 | ) | 112,768 | 11,460,134 | - | - | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
Totals | $ | 724,899 | $ | 120,068 | $ | (64,886 | ) | $ | (45,097 | ) | $ | 5,476 | $ | 740,460 | 67,129,229 | $ | - | $ | - | |||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
16
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path 2055 Fund |
Sector Weightings†
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS | ||||
| Description | Shares | Value (000) | ||||||
| AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.2% |
| |||||||
KP Fixed Income Fund | 3,024,573 | $ | 32,333 | |||||
KP International Equity Fund | 10,348,666 | 97,898 | ||||||
KP Large Cap Equity Fund | 8,864,866 | 120,739 | ||||||
KP Small Cap Equity Fund | 4,573,730 | 45,006 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 295,976 | ||||||
|
| |||||||
| UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 4.8% |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 343,333 | 1,555 | ||||||
DFA International Real Estate Securities, Cl Institutional | 413,857 | 1,556 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 86,167 | 3,044 | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 106,855 | 1,516 | ||||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 162,864 | 1,511 | ||||||
T. Rowe Price New Era Fund, Cl Institutional | 59,355 | 1,593 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 368,962 | 4,121 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 14,896 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% |
| $ | 310,872 | |||||
|
| |||||||
Percentages are based on Net Assets of $310,869 (000).
Cl – Class
As of June 30, 2020, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
For the period ended June 30, 2020, there were no transfers in or out of Level 3.
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 accompanying notes are an integral part of the financial statements.
17
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path 2055 Fund |
The following is a summary of the Fund’s transactions with affiliates for the period ended June 30, 2020 (000):
| Value 12/31/2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ (Depreciation) | Realized Gain (Loss) | Value 6/30/2020 | Shares | Income | Capital Gain Distributions | ||||||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 30,366 | $ | 7,431 | $ | (6,799 | ) | $ | 1,221 | $ | 114 | $ | 32,333 | 3,024,573 | $ | - | $ | - | ||||||||||||||||||
| KP International Equity Fund | 88,889 | 23,809 | (4,865 | ) | (9,931 | ) | (4 | ) | 97,898 | 10,348,666 | - | - | ||||||||||||||||||||||||
| KP Large Cap Equity Fund | 110,996 | 22,730 | (11,353 | ) | (2,542 | ) | 908 | 120,739 | 8,864,866 | - | - | |||||||||||||||||||||||||
| KP Small Cap Equity Fund | 39,662 | 11,430 | (2,359 | ) | (3,105 | ) | (622 | ) | 45,006 | 4,573,730 | - | - | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
Totals | $ | 269,913 | $ | 65,400 | $ | (25,376 | ) | $ | (14,357 | ) | $ | 396 | $ | 295,976 | 26,811,835 | $ | - | $ | - | |||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
Amounts designated as “—“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
18
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path 2060 Fund |
Sector Weightings†
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
| AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.2% |
| |||||||
KP Fixed Income Fund | 627,875 | $ | 6,712 | |||||
KP International Equity Fund | 2,147,997 | 20,320 | ||||||
KP Large Cap Equity Fund | 1,839,915 | 25,060 | ||||||
KP Small Cap Equity Fund | 949,128 | 9,339 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 61,431 | ||||||
|
| |||||||
| UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 4.8% |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 71,268 | 323 | ||||||
DFA International Real Estate Securities, Cl Institutional | 85,883 | 323 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 17,874 | 631 | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 22,174 | 315 | ||||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 33,805 | 314 | ||||||
T. Rowe Price New Era Fund, Cl Institutional | 12,317 | 330 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 76,627 | 856 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 3,092 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% |
| $ | 64,523 | |||||
|
| |||||||
Percentages are based on Net Assets of $64,522 (000).
Cl – Class
As of June 30, 2020, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
For the period ended June 30, 2020, there were no transfers in or out of Level 3.
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 accompanying notes are an integral part of the financial statements.
19
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path 2060 Fund |
The following is a summary of the Fund’s transactions with affiliates for the period ended June 30, 2020 (000):
| Value 12/31/2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ (Depreciation) | Realized Gain (Loss) | Value 6/30/2020 | Shares | Income | Capital Gain Distributions | ||||||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 6,223 | $ | 1,970 | $ | (1,760 | ) | $ | 209 | $ | 70 | $ | 6,712 | 627,875 | $ | - | $ | - | ||||||||||||||||||
| KP International Equity Fund | 18,213 | 6,143 | (2,013 | ) | (1,475 | ) | (548 | ) | 20,320 | 2,147,997 | - | - | ||||||||||||||||||||||||
| KP Large Cap Equity Fund | 22,743 | 6,243 | (3,609 | ) | (74 | ) | (243 | ) | 25,060 | 1,839,915 | - | - | ||||||||||||||||||||||||
| KP Small Cap Equity Fund | 8,127 | 2,911 | (945 | ) | (413 | ) | (341 | ) | 9,339 | 949,128 | - | - | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
Totals | $ | 55,306 | $ | 17,267 | $ | (8,327 | ) | $ | (1,753 | ) | $ | (1,062 | ) | $ | 61,431 | 5,564,915 | $ | - | $ | - | ||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
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 | June 30, 2020 (Unaudited) |
| KP Retirement Path 2065 Fund |
Sector Weightings†
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
| AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.2% |
| |||||||
KP Fixed Income Fund | 157,153 | $ | 1,680 | |||||
KP International Equity Fund | 536,294 | 5,073 | ||||||
KP Large Cap Equity Fund | 458,615 | 6,247 | ||||||
KP Small Cap Equity Fund | 235,811 | 2,320 | ||||||
|
| |||||||
Total Affiliated Registered Investment Companies |
| 15,320 | ||||||
|
| |||||||
| UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 4.8% |
| |||||||
DFA Commodity Strategy Portfolio, Cl Institutional | 17,061 | 77 | ||||||
DFA International Real Estate Securities, Cl Institutional | 20,408 | 77 | ||||||
DFA Real Estate Securities Portfolio, Cl Institutional | 4,214 | 149 | ||||||
Lazard Global Listed Infrastructure Portfolio, Cl Institutional | 5,279 | 75 | ||||||
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional | 8,088 | 75 | ||||||
T. Rowe Price New Era Fund, Cl Institutional | 2,923 | 78 | ||||||
Vanguard Inflation-Protected Securities Fund, Cl Institutional | 21,289 | 238 | ||||||
|
| |||||||
Total Unaffiliated Registered Investment Companies |
| 769 | ||||||
|
| |||||||
Total Investments In Securities — 100.0% |
| $ | 16,089 | |||||
|
| |||||||
Percentages are based on Net Assets of $16,089 (000).
Cl – Class
As of June 30, 2020, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
For the period ended June 30, 2020, there were no transfers in or out of Level 3.
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 accompanying notes are an integral part of the financial statements.
21
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Retirement Path 2065 Fund |
The following is a summary of the Fund’s transactions with affiliates for the period ended June 30, 2020 (000):
| Value 12/31/2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ (Depreciation) | Realized Gain (Loss) | Value 6/30/2020 | Shares | Income | Capital Gain Distributions | ||||||||||||||||||||||||||||
| KP Fixed Income Fund | $ | 1,438 | $ | 1,755 | $ | (1,595 | ) | $ | 67 | $ | 15 | $ | 1,680 | 157,153 | $ | - | $ | - | ||||||||||||||||||
| KP International Equity Fund | 4,209 | 5,091 | (3,732 | ) | 125 | (620 | ) | 5,073 | 536,294 | - | - | |||||||||||||||||||||||||
| KP Large Cap Equity Fund | 5,255 | 6,008 | (5,001 | ) | 324 | (339 | ) | 6,247 | 458,615 | - | - | |||||||||||||||||||||||||
| KP Small Cap Equity Fund | 1,878 | 2,323 | (1,697 | ) | 249 | (433 | ) | 2,320 | 235,811 | - | - | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
Totals | $ | 12,780 | $ | 15,177 | $ | (12,025 | ) | $ | 765 | $ | (1,377 | ) | $ | 15,320 | 1,387,873 | $ | - | $ | - | |||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
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 | June 30, 2020 (Unaudited) |
| KP Large Cap Equity Fund |
Sector Weightings†
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
COMMON STOCK — 95.8% |
| |||||||
Communication Services – 10.8% |
| |||||||
Activision Blizzard | 101,664 | $ | 7,716 | |||||
Alphabet, Cl A* | 47,439 | 67,271 | ||||||
Alphabet, Cl C* | 31,187 | 44,086 | ||||||
AMC Networks, Cl A* | 37,169 | 869 | ||||||
AT&T | 388,931 | 11,757 | ||||||
CenturyLink | 31,430 | 315 | ||||||
Charter Communications, Cl A* | 5,173 | 2,639 | ||||||
Comcast, Cl A | 667,709 | 26,027 | ||||||
Discovery, Cl A* | 5,793 | 122 | ||||||
Discovery, Cl C* | 73,360 | 1,413 | ||||||
DISH Network, Cl A* | 10,486 | 362 | ||||||
Electronic Arts* | 59,942 | 7,915 | ||||||
Facebook, Cl A* | 359,068 | 81,534 | ||||||
Fox | 6,776 | 182 | ||||||
Fox | 11,368 | 305 | ||||||
IAC* | 19,364 | 6,262 | ||||||
Interpublic Group of Companies | 14,426 | 248 | ||||||
Live Nation Entertainment* | 5,700 | 253 | ||||||
Netflix* | 48,289 | 21,973 | ||||||
News, Cl A | 14,068 | 167 | ||||||
News, Cl B | 5,200 | 62 | ||||||
Omnicom Group | 12,914 | 705 | ||||||
Spotify Technology* | 39,951 | 10,315 | ||||||
Take-Two Interactive Software* | 36,560 | 5,103 | ||||||
Tencent Holdings ADR | 179,717 | 11,502 | ||||||
T-Mobile US* | 18,900 | 1,968 | ||||||
Twitter* | 27,090 | 807 | ||||||
| Description | Shares | Value (000) | ||||||
Verizon Communications | 330,033 | $ | 18,195 | |||||
ViacomCBS, Cl B | 17,309 | 404 | ||||||
Walt Disney | 69,115 | 7,707 | ||||||
|
| |||||||
| 338,184 | ||||||||
|
| |||||||
Consumer Discretionary – 11.8% | ||||||||
Advance Auto Parts | 14,510 | 2,067 | ||||||
Alibaba Group Holding ADR* | 52,276 | 11,276 | ||||||
Amazon.com* | 53,330 | 147,128 | ||||||
Aptiv | 111,782 | 8,710 | ||||||
AutoNation* | 33,919 | 1,275 | ||||||
AutoZone* | 3,584 | 4,043 | ||||||
Best Buy | 97,018 | 8,467 | ||||||
Booking Holdings* | 4,793 | 7,632 | ||||||
BorgWarner | 8,397 | 296 | ||||||
CarMax* | 46,067 | 4,125 | ||||||
Carnival | 100,327 | 1,647 | ||||||
Carvana, Cl A* | 61,714 | 7,418 | ||||||
Chipotle Mexican Grill, Cl A* | 3,704 | 3,898 | ||||||
Cinemark Holdings | 84,187 | 972 | ||||||
Darden Restaurants | 18,488 | 1,401 | ||||||
Dick’s Sporting Goods | 29,515 | 1,218 | ||||||
Dollar General | 56,625 | 10,788 | ||||||
Dollar Tree* | 8,201 | 760 | ||||||
Domino’s Pizza | 8,327 | 3,076 | ||||||
DR Horton | 10,795 | 599 | ||||||
DraftKings, Cl A* | 82,857 | 2,756 | ||||||
Dunkin’ Brands Group | 3,047 | 199 | ||||||
eBay | 122,356 | 6,418 | ||||||
Etsy* | 2,306 | 245 | ||||||
Expedia Group | 4,480 | 368 | ||||||
Ford Motor | 134,727 | 819 | ||||||
Gap | 61,877 | 781 | ||||||
Garmin | 4,649 | 453 | ||||||
General Motors | 103,826 | 2,627 | ||||||
Genuine Parts | 4,715 | 410 | ||||||
H&R Block | 7,576 | 108 | ||||||
Hanesbrands | 120,243 | 1,358 | ||||||
Hasbro | 4,101 | 307 | ||||||
Hilton Worldwide Holdings | 78,271 | 5,749 | ||||||
Home Depot | 78,744 | 19,726 | ||||||
International Game Technology | 87,869 | 782 | ||||||
Kohl’s | 31,522 | 655 | ||||||
L Brands | 90,100 | 1,349 | ||||||
Las Vegas Sands | 10,912 | 497 | ||||||
Leggett & Platt | 4,746 | 167 | ||||||
Lennar, Cl A | 23,053 | 1,421 | ||||||
The accompanying notes are an integral part of the financial statements.
23
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Large Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
LKQ* | 9,700 | $ | 254 | |||||
Lowe’s | 85,407 | 11,540 | ||||||
Lululemon Athletica* | 23,688 | 7,391 | ||||||
Marriott International, Cl A | 37,122 | 3,182 | ||||||
McDonald’s | 44,437 | 8,197 | ||||||
MGM Resorts International | 16,400 | 276 | ||||||
Mohawk Industries* | 2,401 | 244 | ||||||
Newell Brands | 15,700 | 249 | ||||||
NIKE, Cl B | 50,155 | 4,918 | ||||||
Norwegian Cruise Line Holdings* | 7,500 | 123 | ||||||
NVR* | 1,287 | 4,194 | ||||||
O’Reilly Automotive* | 7,670 | 3,234 | ||||||
PulteGroup | 36,737 | 1,250 | ||||||
PVH | 2,642 | 127 | ||||||
Qurate Retail* | 395,245 | 3,755 | ||||||
Ralph Lauren, Cl A | 1,804 | 131 | ||||||
Ross Stores | 117,187 | 9,989 | ||||||
Royal Caribbean Cruises | 6,392 | 322 | ||||||
Starbucks | 71,042 | 5,228 | ||||||
Tapestry | 55,835 | 741 | ||||||
Target | 72,259 | 8,666 | ||||||
Tesla* | 2,566 | 2,771 | ||||||
Tiffany | 3,492 | 426 | ||||||
TJX | 57,318 | 2,898 | ||||||
Tractor Supply | 23,373 | 3,080 | ||||||
Ulta Beauty* | 7,278 | 1,481 | ||||||
Under Armour, Cl A* | 6,400 | 62 | ||||||
Under Armour, Cl C* | 6,520 | 58 | ||||||
Vail Resorts | 4,925 | 897 | ||||||
VF | 10,614 | 647 | ||||||
Wayfair, Cl A* | 5,600 | 1,107 | ||||||
Wendy’s | 23,527 | 512 | ||||||
Whirlpool | 7,034 | 911 | ||||||
Williams-Sonoma | 1,917 | 157 | ||||||
Wyndham Destinations | 34,896 | 983 | ||||||
Wynn Resorts | 11,396 | 849 | ||||||
Yum! Brands | 51,075 | 4,439 | ||||||
|
| |||||||
| 369,280 | ||||||||
|
| |||||||
Consumer Staples – 5.0% | ||||||||
Altria Group | 63,622 | 2,497 | ||||||
Archer-Daniels-Midland | 86,501 | 3,451 | ||||||
Brown-Forman, Cl B | 5,805 | 370 | ||||||
Campbell Soup | 6,713 | 333 | ||||||
Church & Dwight | 22,913 | 1,771 | ||||||
Clorox | 4,325 | 949 | ||||||
Coca-Cola | 164,262 | 7,339 | ||||||
| Description | Shares | Value (000) | ||||||
Colgate-Palmolive | 65,326 | $ | 4,786 | |||||
Conagra Brands | 15,742 | 554 | ||||||
Constellation Brands, Cl A | 5,762 | 1,008 | ||||||
Costco Wholesale | 16,347 | 4,957 | ||||||
Coty, Cl A | 9,699 | 43 | ||||||
Danone | 30,305 | 2,096 | ||||||
Diageo | 212,668 | 7,066 | ||||||
Estee Lauder, Cl A | 19,161 | 3,615 | ||||||
General Mills | 59,457 | 3,666 | ||||||
Hershey | 13,825 | 1,792 | ||||||
Hormel Foods | 8,970 | 433 | ||||||
Ingredion | 12,125 | 1,006 | ||||||
JM Smucker | 19,348 | 2,047 | ||||||
Kellogg | 8,015 | 529 | ||||||
Kimberly-Clark | 57,833 | 8,175 | ||||||
Kraft Heinz | 20,135 | 642 | ||||||
Kroger | 69,467 | 2,351 | ||||||
Lamb Weston Holdings | 4,700 | 301 | ||||||
McCormick | 4,311 | 773 | ||||||
Molson Coors Beverage, Cl B | 6,030 | 207 | ||||||
Mondelez International, Cl A | 48,917 | 2,501 | ||||||
Monster Beverage* | 68,868 | 4,774 | ||||||
Nestle | 89,118 | 9,852 | ||||||
PepsiCo | 100,586 | 13,304 | ||||||
Philip Morris International | 87,997 | 6,165 | ||||||
Post Holdings* | 15,052 | 1,319 | ||||||
Procter & Gamble | 213,027 | 25,472 | ||||||
Reckitt Benckiser Group | 30,069 | 2,769 | ||||||
Sprouts Farmers Market* | 58,907 | 1,507 | ||||||
Sysco | 42,197 | 2,307 | ||||||
Tyson Foods, Cl A | 69,765 | 4,166 | ||||||
Walgreens Boots Alliance | 98,143 | 4,160 | ||||||
Walmart | 133,366 | 15,975 | ||||||
|
| |||||||
| 157,028 | ||||||||
|
| |||||||
Energy – 1.7% | ||||||||
Apache | 15,896 | 215 | ||||||
Baker Hughes, Cl A | 24,623 | 379 | ||||||
Cabot Oil & Gas | 16,334 | 281 | ||||||
Chevron | 129,145 | 11,524 | ||||||
Concho Resources | 37,135 | 1,912 | ||||||
ConocoPhillips | 206,787 | 8,689 | ||||||
Devon Energy | 16,265 | 184 | ||||||
Diamondback Energy | 6,600 | 276 | ||||||
EOG Resources | 94,193 | 4,772 | ||||||
Exxon Mobil | 227,748 | 10,185 | ||||||
Halliburton | 28,036 | 364 | ||||||
The accompanying notes are an integral part of the financial statements.
24
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Large Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Hess | 8,296 | $ | 430 | |||||
HollyFrontier | 16,464 | 481 | ||||||
Kinder Morgan | 134,604 | 2,042 | ||||||
Marathon Oil | 33,714 | 206 | ||||||
Marathon Petroleum | 22,486 | 840 | ||||||
National Oilwell Varco | 14,246 | 174 | ||||||
Noble Energy | 20,216 | 181 | ||||||
Occidental Petroleum | 28,828 | 528 | ||||||
ONEOK | 15,282 | 508 | ||||||
Phillips 66 | 14,445 | 1,039 | ||||||
Pioneer Natural Resources | 21,976 | 2,147 | ||||||
Schlumberger | 55,482 | 1,020 | ||||||
Suncor Energy | 159,477 | 2,689 | ||||||
TechnipFMC | 17,912 | 122 | ||||||
Valero Energy | 33,357 | 1,962 | ||||||
Williams | 41,892 | 797 | ||||||
|
| |||||||
| 53,947 | ||||||||
|
| |||||||
Financials – 10.3% | ||||||||
Aflac | 23,876 | 860 | ||||||
Allstate | 98,964 | 9,598 | ||||||
American Express | 76,128 | 7,247 | ||||||
American Financial Group | 15,488 | 983 | ||||||
American International Group | 28,256 | 881 | ||||||
American National Insurance | 4,175 | 301 | ||||||
Ameriprise Financial | 20,732 | 3,111 | ||||||
Aon, Cl A | 72,850 | 14,031 | ||||||
Arch Capital Group* | 25,569 | 732 | ||||||
Arthur J Gallagher | 6,538 | 637 | ||||||
Associated Banc-Corp | 112,102 | 1,534 | ||||||
Assurant | 2,527 | 261 | ||||||
Assured Guaranty | 11,919 | 291 | ||||||
Bank of America | 482,288 | 11,454 | ||||||
Bank of New York Mellon | 136,552 | 5,278 | ||||||
BankUnited | 14,359 | 291 | ||||||
Berkshire Hathaway, Cl B* | 116,162 | 20,736 | ||||||
BlackRock, Cl A | 16,886 | 9,187 | ||||||
Capital One Financial | 62,995 | 3,943 | ||||||
Cboe Global Markets | 3,600 | 336 | ||||||
Charles Schwab | 95,353 | 3,217 | ||||||
Chubb | 99,492 | 12,598 | ||||||
Cincinnati Financial | 4,887 | 313 | ||||||
Citigroup | 298,693 | 15,263 | ||||||
Citizens Financial Group | 78,417 | 1,979 | ||||||
CME Group, Cl A | 12,310 | 2,001 | ||||||
Comerica | 27,823 | 1,060 | ||||||
Discover Financial Services | 41,976 | 2,103 | ||||||
| Description | Shares | Value (000) | ||||||
E*TRADE Financial | 7,175 | $ | 357 | |||||
Everest Re Group | 12,530 | 2,584 | ||||||
Fidelity National Financial | 25,998 | 797 | ||||||
Fifth Third Bancorp | 22,818 | 440 | ||||||
First American Financial | 12,982 | 623 | ||||||
First Citizens BancShares, Cl A | 6,189 | 2,507 | ||||||
First Republic Bank | 5,977 | 633 | ||||||
Franklin Resources | 10,432 | 219 | ||||||
Globe Life | 3,787 | 281 | ||||||
Goldman Sachs Group | 79,782 | 15,766 | ||||||
Hanover Insurance Group | 23,782 | 2,410 | ||||||
Hartford Financial Services Group | 45,341 | 1,748 | ||||||
Huntington Bancshares | 33,076 | 299 | ||||||
Intercontinental Exchange | 18,789 | 1,721 | ||||||
Invesco | 15,473 | 166 | ||||||
JPMorgan Chase | 365,614 | 34,390 | ||||||
KeyCorp | 31,634 | 385 | ||||||
Lincoln National | 8,157 | 300 | ||||||
Loews | 8,133 | 279 | ||||||
LPL Financial Holdings | 19,844 | 1,556 | ||||||
M&T Bank | 4,224 | 439 | ||||||
MarketAxess Holdings | 1,300 | 651 | ||||||
Marsh & McLennan | 112,276 | 12,055 | ||||||
Mercury General | 39,999 | 1,630 | ||||||
MetLife | 149,005 | 5,442 | ||||||
MGIC Investment | 280,649 | 2,298 | ||||||
Moody’s | 17,822 | 4,896 | ||||||
Morgan Stanley | 42,724 | 2,064 | ||||||
Morningstar | 588 | 83 | ||||||
MSCI, Cl A | 2,800 | 935 | ||||||
Nasdaq | 67,317 | 8,042 | ||||||
Northern Trust | 6,868 | 545 | ||||||
Old Republic International | 14,725 | 240 | ||||||
People’s United Financial | 98,320 | 1,138 | ||||||
PNC Financial Services Group | 61,240 | 6,443 | ||||||
Popular | 123,718 | 4,599 | ||||||
Principal Financial Group | 8,277 | 344 | ||||||
Progressive | 59,442 | 4,762 | ||||||
Prudential Financial | 13,054 | 795 | ||||||
Raymond James Financial | 4,900 | 337 | ||||||
Regions Financial | 160,088 | 1,780 | ||||||
S&P Global | 20,657 | 6,806 | ||||||
SLM | 122,089 | 858 | ||||||
State Street | 89,194 | 5,668 | ||||||
SVB Financial Group* | 1,700 | 366 | ||||||
Synchrony Financial | 288,896 | 6,402 | ||||||
The accompanying notes are an integral part of the financial statements.
25
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Large Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
T Rowe Price Group | 30,955 | $ | 3,823 | |||||
Travelers | 109,072 | 12,440 | ||||||
Truist Financial | 181,600 | 6,819 | ||||||
Unum Group | 63,032 | 1,046 | ||||||
US Bancorp | 248,456 | 9,148 | ||||||
Virtu Financial, Cl A | 25,697 | 606 | ||||||
Wells Fargo | 332,016 | 8,500 | ||||||
Western Alliance Bancorp | 14,254 | 540 | ||||||
White Mountains Insurance Group | 226 | 201 | ||||||
Willis Towers Watson | 4,422 | 871 | ||||||
WR Berkley | 5,500 | 315 | ||||||
XP, Cl A* | 14,230 | 598 | ||||||
Zions Bancorp | 38,759 | 1,318 | ||||||
|
| |||||||
| 323,530 | ||||||||
|
| |||||||
Health Care – 15.1% | ||||||||
Abbott Laboratories | 173,415 | 15,855 | ||||||
AbbVie | 180,638 | 17,735 | ||||||
ABIOMED* | 1,800 | 435 | ||||||
Agilent Technologies | 10,677 | 944 | ||||||
Alexion Pharmaceuticals* | 86,777 | 9,740 | ||||||
Align Technology* | 5,741 | 1,576 | ||||||
Alkermes* | 65,014 | 1,262 | ||||||
AmerisourceBergen, Cl A | 38,862 | 3,916 | ||||||
Amgen | 31,472 | 7,423 | ||||||
Anthem | 29,716 | 7,815 | ||||||
Avantor* | 159,347 | 2,709 | ||||||
Baxter International | 64,277 | 5,534 | ||||||
Becton Dickinson | 29,933 | 7,162 | ||||||
Biogen* | 29,203 | 7,813 | ||||||
Bio-Rad Laboratories, Cl A* | 1,785 | 806 | ||||||
Boston Scientific* | 156,622 | 5,499 | ||||||
Bristol-Myers Squibb | 95,841 | 5,635 | ||||||
Cardinal Health | 100,504 | 5,245 | ||||||
Centene* | 90,889 | 5,776 | ||||||
Cerner | 10,158 | 696 | ||||||
Cigna | 148,937 | 27,948 | ||||||
Cooper | 1,600 | 454 | ||||||
CVS Health | 73,805 | 4,795 | ||||||
Danaher | 70,446 | 12,457 | ||||||
DaVita* | 6,153 | 487 | ||||||
DENTSPLY SIRONA | 7,149 | 315 | ||||||
DexCom* | 3,200 | 1,297 | ||||||
Edwards Lifesciences* | 47,057 | 3,252 | ||||||
Eli Lilly | 28,838 | 4,735 | ||||||
Exelixis* | 88,534 | 2,102 | ||||||
| Description | Shares | Value (000) | ||||||
Gilead Sciences | 127,556 | $ | 9,814 | |||||
HCA Healthcare | 64,237 | 6,235 | ||||||
Henry Schein* | 5,853 | 342 | ||||||
Hill-Rom Holdings | 17,959 | 1,972 | ||||||
Hologic* | 102,840 | 5,862 | ||||||
Horizon Therapeutics* | 3,765 | 209 | ||||||
Humana | 36,341 | 14,091 | ||||||
IDEXX Laboratories* | 2,812 | 928 | ||||||
Illumina* | 5,051 | 1,871 | ||||||
Incyte* | 68,502 | 7,122 | ||||||
Insulet* | 8,960 | 1,741 | ||||||
Intuitive Surgical* | 20,621 | 11,750 | ||||||
IQVIA Holdings* | 16,898 | 2,398 | ||||||
Jazz Pharmaceuticals* | 8,261 | 912 | ||||||
Johnson & Johnson | 338,523 | 47,607 | ||||||
Laboratory Corp of America Holdings* | 3,103 | 515 | ||||||
Masimo* | 6,044 | 1,378 | ||||||
McKesson | 61,132 | 9,379 | ||||||
Medtronic | 267,628 | 24,542 | ||||||
Merck | 288,362 | 22,299 | ||||||
Mettler-Toledo International* | 800 | 644 | ||||||
Mylan* | 207,437 | 3,336 | ||||||
PerkinElmer | 3,596 | 353 | ||||||
Perrigo | 5,532 | 306 | ||||||
Pfizer | 591,696 | 19,348 | ||||||
PRA Health Sciences* | 6,898 | 671 | ||||||
Quest Diagnostics | 4,362 | 497 | ||||||
Regeneron Pharmaceuticals* | 8,451 | 5,271 | ||||||
ResMed | 4,974 | 955 | ||||||
Roche Holding | 8,040 | 2,786 | ||||||
STERIS | 2,700 | 414 | ||||||
Stryker | 66,227 | 11,933 | ||||||
Teleflex | 3,959 | 1,441 | ||||||
Thermo Fisher Scientific | 61,773 | 22,383 | ||||||
United Therapeutics* | 10,656 | 1,289 | ||||||
UnitedHealth Group | 105,600 | 31,147 | ||||||
Universal Health Services, Cl B | 10,412 | 967 | ||||||
Varian Medical Systems* | 2,929 | 359 | ||||||
Veeva Systems, Cl A* | 15,971 | 3,744 | ||||||
Vertex Pharmaceuticals* | 65,483 | 19,010 | ||||||
Waters* | 2,059 | 371 | ||||||
West Pharmaceutical Services | 2,400 | 545 | ||||||
Zimmer Biomet Holdings | 7,098 | 847 | ||||||
Zoetis, Cl A | 16,272 | 2,230 | ||||||
|
| |||||||
| 473,232 | ||||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
26
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Large Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Industrials – 7.8% | ||||||||
3M | 25,754 | $ | 4,017 | |||||
AGCO | 9,343 | 518 | ||||||
Alaska Air Group | 26,443 | 959 | ||||||
Allegion | 2,956 | 302 | ||||||
Allison Transmission Holdings | 78,339 | 2,881 | ||||||
American Airlines Group | 15,949 | 208 | ||||||
AMETEK | 7,962 | 712 | ||||||
AO Smith | 5,200 | 245 | ||||||
Boeing | 22,241 | 4,077 | ||||||
Canadian National Railway | 32,756 | 2,901 | ||||||
Carrier Global | 66,924 | 1,487 | ||||||
Caterpillar | 39,913 | 5,049 | ||||||
CH Robinson Worldwide | 4,364 | 345 | ||||||
Cintas | 2,876 | 766 | ||||||
Clean Harbors* | 8,516 | 511 | ||||||
Copa Holdings, Cl A | 1,631 | 82 | ||||||
Copart* | 7,200 | 600 | ||||||
CoStar Group* | 9,285 | 6,599 | ||||||
Crane | 17,711 | 1,053 | ||||||
CSX | 26,204 | 1,828 | ||||||
Cummins | 23,734 | 4,112 | ||||||
Curtiss-Wright | 4,128 | 369 | ||||||
Deere | 10,767 | 1,692 | ||||||
Delta Air Lines | 37,336 | 1,047 | ||||||
Dover | 4,663 | 450 | ||||||
Eaton | 126,491 | 11,065 | ||||||
Emerson Electric | 19,818 | 1,229 | ||||||
Equifax | 38,924 | 6,690 | ||||||
Expeditors International of Washington | 5,458 | 415 | ||||||
Fastenal | 19,718 | 845 | ||||||
FedEx | 8,266 | 1,159 | ||||||
Flowserve | 4,743 | 135 | ||||||
Fortive | 10,239 | 693 | ||||||
Fortune Brands Home & Security | 5,600 | 358 | ||||||
General Dynamics | 14,822 | 2,215 | ||||||
General Electric | 372,620 | 2,545 | ||||||
HD Supply Holdings* | 20,146 | 698 | ||||||
Hexcel | 16,098 | 728 | ||||||
Honeywell International | 128,425 | 18,569 | ||||||
Howmet Aerospace | 195,757 | 3,103 | ||||||
Hubbell, Cl B | 28,835 | 3,615 | ||||||
Huntington Ingalls Industries | 10,561 | 1,843 | ||||||
IDEX | 10,904 | 1,723 | ||||||
IHS Markit | 13,751 | 1,038 | ||||||
Illinois Tool Works | 64,379 | 11,257 | ||||||
| Description | Shares | Value (000) | ||||||
Ingersoll Rand* | 131,373 | $ | 3,694 | |||||
ITT | 39,692 | 2,332 | ||||||
Jacobs Engineering Group | 4,330 | 367 | ||||||
JB Hunt Transport Services | 13,465 | 1,620 | ||||||
Johnson Controls International | 281,983 | 9,627 | ||||||
Kansas City Southern | 3,192 | 477 | ||||||
L3Harris Technologies | 7,222 | 1,225 | ||||||
Lockheed Martin | 32,088 | 11,710 | ||||||
ManpowerGroup | 62,918 | 4,326 | ||||||
Masco | 116,217 | 5,835 | ||||||
MSC Industrial Direct, Cl A | 3,801 | 277 | ||||||
Nielsen Holdings | 13,000 | 193 | ||||||
Norfolk Southern | 21,201 | 3,722 | ||||||
Northrop Grumman | 51,364 | 15,791 | ||||||
nVent Electric | 20,088 | 376 | ||||||
Old Dominion Freight Line | 3,100 | 526 | ||||||
Oshkosh | 22,048 | 1,579 | ||||||
Otis Worldwide | 41,847 | 2,379 | ||||||
PACCAR | 23,290 | 1,743 | ||||||
Parker-Hannifin | 4,460 | 817 | ||||||
Pentair | 6,247 | 237 | ||||||
Quanta Services | 5,476 | 215 | ||||||
Raytheon Technologies | 183,285 | 11,294 | ||||||
Regal Beloit | 20,237 | 1,767 | ||||||
Republic Services, Cl A | 6,771 | 556 | ||||||
Robert Half International | 4,442 | 235 | ||||||
Rockwell Automation | 4,042 | 861 | ||||||
Rollins | 5,250 | 223 | ||||||
Roper Technologies | 3,573 | 1,387 | ||||||
Schneider National, Cl B | 42,719 | 1,054 | ||||||
Snap-on | 2,229 | 309 | ||||||
Southwest Airlines | 48,980 | 1,674 | ||||||
Stanley Black & Decker | 45,115 | 6,288 | ||||||
Teledyne Technologies* | 6,761 | 2,102 | ||||||
Textron | 9,314 | 307 | ||||||
Timken | 18,413 | 838 | ||||||
Trane Technologies | 70,152 | 6,242 | ||||||
TransDigm Group | 1,700 | 752 | ||||||
TransUnion | 44,015 | 3,831 | ||||||
Uber Technologies* | 17,451 | 542 | ||||||
Union Pacific | 64,423 | 10,892 | ||||||
United Airlines Holdings* | 29,391 | 1,017 | ||||||
United Parcel Service, Cl B | 24,150 | 2,685 | ||||||
United Rentals* | 9,438 | 1,407 | ||||||
Verisk Analytics, Cl A | 16,867 | 2,871 | ||||||
Waste Management | 24,309 | 2,575 | ||||||
The accompanying notes are an integral part of the financial statements.
27
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Large Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
WESCO International* | 29,106 | $ | 1,022 | |||||
Westinghouse Air Brake Technologies | 5,790 | 333 | ||||||
WW Grainger | 1,365 | 429 | ||||||
Xylem | 5,822 | 378 | ||||||
|
| |||||||
| 245,672 | ||||||||
|
| |||||||
Information Technology – 26.7% | ||||||||
Accenture, Cl A | 87,695 | 18,830 | ||||||
Adobe* | 46,899 | 20,416 | ||||||
Advanced Micro Devices* | 117,307 | 6,171 | ||||||
Akamai Technologies* | 30,583 | 3,275 | ||||||
Alliance Data Systems | 27,880 | 1,258 | ||||||
Amdocs | 65,795 | 4,006 | ||||||
Amphenol, Cl A | 10,160 | 973 | ||||||
Analog Devices | 66,210 | 8,120 | ||||||
ANSYS* | 2,934 | 856 | ||||||
Apple | 371,763 | 135,619 | ||||||
Applied Materials | 118,301 | 7,151 | ||||||
Arista Networks* | 1,700 | 357 | ||||||
Arrow Electronics* | 65,432 | 4,494 | ||||||
ASML Holding, Cl G | 20,671 | 7,608 | ||||||
Autodesk* | 35,350 | 8,455 | ||||||
Automatic Data Processing | 14,768 | 2,199 | ||||||
Avnet | 134,859 | 3,760 | ||||||
Black Knight* | 15,470 | 1,122 | ||||||
Booz Allen Hamilton Holding, Cl A | 14,649 | 1,140 | ||||||
Broadcom | 31,805 | 10,038 | ||||||
Broadridge Financial Solutions | 3,696 | 466 | ||||||
CACI International, Cl A* | 10,618 | 2,303 | ||||||
Cadence Design Systems* | 55,008 | 5,279 | ||||||
CDK Global | 24,772 | 1,026 | ||||||
CDW | 26,451 | 3,073 | ||||||
Cerence* | 29,248 | 1,194 | ||||||
Ciena* | 38,727 | 2,097 | ||||||
Cisco Systems | 346,830 | 16,176 | ||||||
Citrix Systems | 3,742 | 553 | ||||||
Cognizant Technology Solutions, Cl A | 40,964 | 2,328 | ||||||
Corning | 24,823 | 643 | ||||||
Crowdstrike Holdings, Cl A* | 18,609 | 1,866 | ||||||
Dell Technologies, Cl C* | 12,574 | 691 | ||||||
Dropbox, Cl A* | 44,229 | 963 | ||||||
DXC Technology | 20,913 | 345 | ||||||
EPAM Systems* | 6,879 | 1,734 | ||||||
F5 Networks* | 5,971 | 833 | ||||||
Fidelity National Information Services | 136,116 | 18,252 | ||||||
Fiserv* | 94,016 | 9,178 | ||||||
| Description | Shares | Value (000) | ||||||
FleetCor Technologies* | 2,803 | $ | 705 | |||||
FLIR Systems | 5,047 | 205 | ||||||
Fortinet* | 26,388 | 3,622 | ||||||
Gartner* | 2,867 | 348 | ||||||
Global Payments | 106,481 | 18,061 | ||||||
Hewlett Packard Enterprise | 41,645 | 405 | ||||||
HP | 356,796 | 6,219 | ||||||
Intel | 455,645 | 27,261 | ||||||
International Business Machines | 61,138 | 7,384 | ||||||
Intuit | 84,583 | 25,053 | ||||||
IPG Photonics* | 1,300 | 208 | ||||||
Jabil | 63,782 | 2,046 | ||||||
Jack Henry & Associates | 2,500 | 460 | ||||||
Juniper Networks | 13,480 | 308 | ||||||
Keysight Technologies* | 33,368 | 3,363 | ||||||
KLA | 5,176 | 1,007 | ||||||
Lam Research | 16,319 | 5,279 | ||||||
Leidos Holdings | 4,300 | 403 | ||||||
Manhattan Associates* | 6,941 | 654 | ||||||
Marvell Technology Group | 136,195 | 4,775 | ||||||
Mastercard, Cl A | 67,188 | 19,867 | ||||||
Maxim Integrated Products | 38,702 | 2,346 | ||||||
Microchip Technology | 8,446 | 889 | ||||||
Micron Technology* | 128,901 | 6,641 | ||||||
Microsoft | 812,818 | 165,417 | ||||||
MongoDB, Cl A* | 8,236 | 1,864 | ||||||
Motorola Solutions | 5,550 | 778 | ||||||
National Instruments | 21,262 | 823 | ||||||
NetApp | 22,995 | 1,020 | ||||||
NortonLifeLock | 184,730 | 3,663 | ||||||
NVIDIA | 50,745 | 19,278 | ||||||
NXP Semiconductors | 38,668 | 4,410 | ||||||
Oracle | 234,230 | 12,946 | ||||||
Paychex | 10,967 | 831 | ||||||
Paycom Software* | 1,600 | 496 | ||||||
Paylocity Holding* | 6,599 | 963 | ||||||
PayPal Holdings* | 140,034 | 24,398 | ||||||
Qorvo* | 43,109 | 4,765 | ||||||
QUALCOMM | 110,367 | 10,067 | ||||||
salesforce.com* | 104,298 | 19,538 | ||||||
Seagate Technology | 7,469 | 362 | ||||||
ServiceNow* | 25,508 | 10,332 | ||||||
Skyworks Solutions | 22,851 | 2,922 | ||||||
Slack Technologies, Cl A* | 60,623 | 1,885 | ||||||
Snap, Cl A* | 270,992 | 6,366 | ||||||
Splunk* | 42,288 | 8,403 | ||||||
The accompanying notes are an integral part of the financial statements.
28
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Large Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
SS&C Technologies Holdings | 99,139 | $ | 5,599 | |||||
SYNNEX | 16,183 | 1,938 | ||||||
Synopsys* | 40,254 | 7,849 | ||||||
TE Connectivity | 10,863 | 886 | ||||||
Texas Instruments | 152,019 | 19,302 | ||||||
Tyler Technologies* | 1,300 | 451 | ||||||
VeriSign* | 7,606 | 1,573 | ||||||
Visa, Cl A | 201,803 | 38,982 | ||||||
Western Digital | 9,601 | 424 | ||||||
Western Union | 16,663 | 360 | ||||||
Wix.com* | 5,770 | 1,478 | ||||||
Workday, Cl A* | 6,686 | 1,253 | ||||||
Xerox Holdings | 104,285 | 1,594 | ||||||
Xilinx | 8,149 | 802 | ||||||
Zebra Technologies, Cl A* | 10,684 | 2,735 | ||||||
|
| |||||||
| 839,110 | ||||||||
|
| |||||||
Materials – 1.8% | ||||||||
Air Products & Chemicals | 7,618 | 1,839 | ||||||
Albemarle | 4,200 | 324 | ||||||
Amcor | 52,240 | 533 | ||||||
Avery Dennison | 2,668 | 304 | ||||||
Ball | 11,261 | 783 | ||||||
Cabot | 26,232 | 972 | ||||||
Celanese, Cl A | 3,900 | 337 | ||||||
CF Industries Holdings | 44,373 | 1,249 | ||||||
Corteva | 24,219 | 649 | ||||||
Dow | 25,452 | 1,037 | ||||||
DuPont de Nemours | 109,409 | 5,813 | ||||||
Eastman Chemical | 28,311 | 1,972 | ||||||
Ecolab | 8,483 | 1,688 | ||||||
FMC | 4,132 | 412 | ||||||
Freeport-McMoRan | 46,748 | 541 | ||||||
International Flavors & Fragrances | 3,442 | 421 | ||||||
International Paper | 76,127 | 2,680 | ||||||
Linde | 17,917 | 3,800 | ||||||
LyondellBasell Industries, Cl A | 14,130 | 929 | ||||||
Martin Marietta Materials | 2,000 | 413 | ||||||
Mosaic | 12,681 | 159 | ||||||
NewMarket | 15,166 | 6,074 | ||||||
Newmont Goldcorp | 27,530 | 1,700 | ||||||
Nucor | 9,742 | 403 | ||||||
Packaging Corp of America | 2,982 | 298 | ||||||
PPG Industries | 81,570 | 8,651 | ||||||
Sealed Air | 5,942 | 195 | ||||||
Sherwin-Williams | 18,242 | 10,541 | ||||||
Vulcan Materials | 4,227 | 490 | ||||||
| Description | Shares | Value (000) | ||||||
Westrock | 8,178 | $ | 231 | |||||
|
| |||||||
| 55,438 | ||||||||
|
| |||||||
Real Estate – 1.8% | ||||||||
Alexandria Real Estate Equities‡ | 4,400 | 714 | ||||||
American Tower, Cl A‡ | 29,092 | 7,521 | ||||||
Apartment Investment & Management, Cl A‡ | 5,956 | 224 | ||||||
AvalonBay Communities‡ | 4,812 | 744 | ||||||
Boston Properties‡ | 24,021 | 2,171 | ||||||
Brixmor Property Group‡ | 12,835 | 165 | ||||||
Camden Property Trust‡ | 15,573 | 1,421 | ||||||
CBRE Group, Cl A* | 47,311 | 2,139 | ||||||
Corporate Office Properties Trust‡ | 52,163 | 1,322 | ||||||
Crown Castle International‡ | 14,273 | 2,389 | ||||||
Digital Realty Trust‡ | 9,200 | 1,307 | ||||||
Douglas Emmett‡ | 83,995 | 2,575 | ||||||
Duke Realty‡ | 64,795 | 2,293 | ||||||
Equinix‡ | 6,437 | 4,521 | ||||||
Equity Commonwealth‡ | 52,397 | 1,687 | ||||||
Equity LifeStyle Properties‡ | 12,916 | 807 | ||||||
Equity Residential‡ | 15,194 | 894 | ||||||
Essex Property Trust‡ | 2,132 | 489 | ||||||
Extra Space Storage‡ | 4,200 | 388 | ||||||
Federal Realty Investment Trust‡ | 2,800 | 239 | ||||||
Gaming and Leisure Properties‡ | 44,792 | 1,550 | ||||||
Healthpeak Properties‡ | 18,695 | 515 | ||||||
Host Hotels & Resorts‡ | 27,018 | 292 | ||||||
Iron Mountain‡ | 11,486 | 300 | ||||||
Kimco Realty‡ | 17,445 | 224 | ||||||
Medical Properties Trust‡ | 87,990 | 1,654 | ||||||
Mid-America Apartment Communities‡ | 32,608 | 3,739 | ||||||
Paramount Group‡ | 32,335 | 249 | ||||||
Prologis‡ | 54,992 | 5,132 | ||||||
Public Storage‡ | 14,215 | 2,728 | ||||||
Realty Income‡ | 11,900 | 708 | ||||||
Regency Centers‡ | 6,700 | 307 | ||||||
Retail Properties of America, Cl A‡ | 114,628 | 839 | ||||||
SBA Communications, Cl A‡ | 3,835 | 1,143 | ||||||
Simon Property Group‡ | 9,903 | 677 | ||||||
SL Green Realty‡ | 3,400 | 168 | ||||||
UDR‡ | 9,400 | 351 | ||||||
Ventas‡ | 12,013 | 440 | ||||||
Vornado Realty Trust‡ | 6,503 | 248 | ||||||
Welltower‡ | 14,383 | 744 | ||||||
Weyerhaeuser‡ | 24,087 | 541 | ||||||
|
| |||||||
| 56,559 | ||||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
29
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Large Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Utilities – 3.0% | ||||||||
AES | 21,196 | $ | 307 | |||||
Alliant Energy | 8,700 | 416 | ||||||
Ameren | 7,941 | 559 | ||||||
American Electric Power | 54,356 | 4,329 | ||||||
American Water Works | 6,282 | 808 | ||||||
Atmos Energy | 4,300 | 428 | ||||||
CenterPoint Energy | 19,047 | 356 | ||||||
CMS Energy | 9,164 | 535 | ||||||
Consolidated Edison | 23,791 | 1,711 | ||||||
Dominion Energy | 98,140 | 7,967 | ||||||
DTE Energy | 6,608 | 710 | ||||||
Duke Energy | 166,696 | 13,317 | ||||||
Edison International | 13,101 | 712 | ||||||
Entergy | 6,454 | 606 | ||||||
Evergy | 36,267 | 2,150 | ||||||
Eversource Energy | 11,605 | 966 | ||||||
Exelon | 135,304 | 4,910 | ||||||
FirstEnergy | 177,694 | 6,891 | ||||||
IDACORP | 22,175 | 1,938 | ||||||
NextEra Energy | 48,130 | 11,559 | ||||||
NiSource | 11,946 | 272 | ||||||
NRG Energy | 118,066 | 3,844 | ||||||
Pinnacle West Capital | 51,280 | 3,758 | ||||||
PPL | 24,824 | 642 | ||||||
Public Service Enterprise Group | 17,464 | 859 | ||||||
Sempra Energy | 31,835 | 3,732 | ||||||
Southern | 231,998 | 12,029 | ||||||
Vistra Energy | 82,409 | 1,535 | ||||||
WEC Energy Group | 10,820 | 948 | ||||||
Xcel Energy | 67,445 | 4,215 | ||||||
|
| |||||||
| 93,009 | ||||||||
|
| |||||||
Total Common Stock | 3,004,989 | |||||||
|
| |||||||
PREFERRED STOCK — 0.1% | ||||||||
Air BNB, Ser D* (A)(B) | 11,406 | 627 | ||||||
Air BNB, Ser E* (A)(B) | 6,939 | 381 | ||||||
Aurora Innovation(B) | 42,480 | 393 | ||||||
DoorDash (B) | 1,061 | 244 | ||||||
Magic Leap* (A)(B) | 5,553 | 30 | ||||||
Magic Leap, Ser C* (A)(B) | 13,521 | 62 | ||||||
Rivian Automotive (B) | 160,906 | 1,729 | ||||||
Snowflake (B) | 1,424 | 55 | ||||||
Stripe, Inc. (B) | 15,136 | 237 | ||||||
| Description | Shares | Value (000) | ||||||
Uipath Inc.(B) | 17,452 | $ | 687 | |||||
Waymo* (B) | 6,999 | 601 | ||||||
|
| |||||||
Total Preferred Stock | 5,046 | |||||||
|
| |||||||
EXCHANGE TRADED FUND — 0.1% |
| |||||||
iShares Russell 1000 ETF | 12,388 | 2,127 | ||||||
|
| |||||||
Total Exchange Traded Fund | 2,127 | |||||||
|
| |||||||
| Number of Rights | ||||||||
RIGHTS — 0.0% | ||||||||
T-Mobile US, Expires 7/30/2020 | 12,400 | 2 | ||||||
|
| |||||||
Total Rights | 2 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT — 1.9% |
| |||||||
State Street Institutional Treasury Money Market Fund, Cl Premier, 0.110% (C) | 60,629,617 | 60,630 | ||||||
|
| |||||||
Total Short-Term Investment | 60,630 | |||||||
|
| |||||||
Total Investments In Securities — 97.9% |
| $ | 3,072,794 | |||||
|
| |||||||
Percentages are based on net assets of $3,137,729 (000).
A list of the open futures contracts held by the Fund at June 30, 2020, is as follows (000):
| Type of Contract | Number of Contracts Long | Expiration Date | Notional Amount | Value | Unrealized Appreciation | |||||||||||||||
S&P 500 Index E-MINI | 209 | Sep-2020 | $ | 31,862 | $ | 32,292 | $ | 430 | ||||||||||||
|
|
|
|
|
| |||||||||||||||
| * | Non-income producing security. |
| ‡ | Real Estate Investment Trust |
| (A) | Level 3 security in accordance with fair value hierarchy. |
| (B) | There is currently no rate available. |
| (C) | The rate reported is the 7-day effective yield as of June 30, 2020. |
ADR — American Depositary Receipt
Cl — Class
S&P — Standard & Poor’s
Ser — Series
The accompanying notes are an integral part of the financial statements.
30
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Large Cap Equity Fund |
The following is a list of the level of inputs used as of June 30, 2020, 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 | $ | 3,004,989 | $ | — | $ | — | $ | 3,004,989 | ||||||||
Preferred Stock | — | 3,946 | 1,100 | 5,046 | ||||||||||||
Exchange Traded Fund | 2,127 | — | — | 2,127 | ||||||||||||
Rights | 2 | — | — | 2 | ||||||||||||
Short-Term Investment | 60,630 | — | — | 60,630 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 3,067,748 | $ | 3,946 | $ | 1,100 | $ | 3,072,794 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts** | ||||||||||||||||
Unrealized Appreciation | $ | 430 | $ | – | $ | – | $ | 430 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | 430 | $ | – | $ | – | $ | 430 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| ** | Futures contracts are valued at the unrealized appreciation on the instrument. |
| ^ | A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
For the period ended June 30, 2020, there were no transfers in or out of Level 3.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
31
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Small Cap Equity Fund |
Sector Weightings†
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
COMMON STOCK — 97.0% | ||||||||
Communication Services – 1.6% | ||||||||
ATN International | 32,134 | $ | 1,946 | |||||
Bandwidth, Cl A* | 20,762 | 2,637 | ||||||
Cincinnati Bell* | 18,478 | 274 | ||||||
Cogent Communications Holdings | 15,467 | 1,196 | ||||||
Consolidated Communications Holdings* | 25,683 | 174 | ||||||
EW Scripps, Cl A | 295,168 | 2,583 | ||||||
Gannett | 44,363 | 61 | ||||||
Glu Mobile* | 48,342 | 448 | ||||||
Iridium Communications* | 36,109 | 919 | ||||||
John Wiley & Sons, Cl A | 15,597 | 608 | ||||||
Marcus | 8,270 | 110 | ||||||
Meredith | 14,451 | 210 | ||||||
ORBCOMM* | 399,916 | 1,540 | ||||||
QuinStreet* | 16,604 | 174 | ||||||
Scholastic | 11,303 | 338 | ||||||
Shenandoah Telecommunications | 17,114 | 844 | ||||||
Spok Holdings | 6,047 | 57 | ||||||
TechTarget* | 8,293 | 249 | ||||||
Vonage Holdings* | 85,162 | 857 | ||||||
World Wrestling Entertainment, Cl A | 28,873 | 1,254 | ||||||
Zynga, Cl A* | 422,081 | 4,027 | ||||||
|
| |||||||
| 20,506 | ||||||||
|
| |||||||
Consumer Discretionary – 12.9% | ||||||||
1-800-Flowers.com, Cl A* | 140,873 | 2,820 | ||||||
Abercrombie & Fitch, Cl A | 22,750 | 242 | ||||||
| Description | Shares | Value (000) | ||||||
American Axle & Manufacturing Holdings* | 40,487 | $ | 308 | |||||
American Public Education* | 5,513 | 163 | ||||||
America’s Car-Mart* | 2,205 | 194 | ||||||
Asbury Automotive Group* | 7,145 | 553 | ||||||
Barnes & Noble Education* | 14,280 | 23 | ||||||
Bed Bath & Beyond | 46,500 | 493 | ||||||
Big Lots | 14,358 | 603 | ||||||
BJ’s Restaurants | 8,172 | 171 | ||||||
Bloomin’ Brands | 267,117 | 2,847 | ||||||
Boot Barn Holdings* | 10,318 | 222 | ||||||
Bright Horizons Family Solutions* | 15,435 | 1,809 | ||||||
Brinker International | 48,024 | 1,153 | ||||||
Brunswick | 69,964 | 4,478 | ||||||
Buckle | 10,249 | 161 | ||||||
Burlington Stores* | 11,401 | 2,245 | ||||||
Caleres | 14,694 | 123 | ||||||
Callaway Golf | 34,733 | 608 | ||||||
Capri Holdings* | 55,800 | 872 | ||||||
Carter’s | 37,377 | 3,016 | ||||||
Cato, Cl A | 7,745 | 63 | ||||||
Cavco Industries* | 33,263 | 6,415 | ||||||
Century Communities* | 15,947 | 489 | ||||||
Cheesecake Factory | 15,400 | 353 | ||||||
Chegg* | 36,331 | 2,444 | ||||||
Chewy, Cl A* | 19,740 | 882 | ||||||
Chico’s FAS | 43,095 | 59 | ||||||
Children’s Place | 5,349 | 200 | ||||||
Chuy’s Holdings* | 231,315 | 3,442 | ||||||
Conn’s* | 6,300 | 64 | ||||||
Cooper Tire & Rubber | 193,716 | 5,348 | ||||||
Cooper-Standard Holdings* | 5,812 | 77 | ||||||
Core-Mark Holding | 16,827 | 420 | ||||||
Cracker Barrel Old Country Store | 14,313 | 1,587 | ||||||
Crocs* | 126,323 | 4,651 | ||||||
Dana | 494,704 | 6,030 | ||||||
Dave & Buster’s Entertainment | 17,423 | 232 | ||||||
Deckers Outdoor* | 12,315 | 2,419 | ||||||
Designer Brands, Cl A | 119,739 | 811 | ||||||
Dine Brands Global | 6,159 | 259 | ||||||
Dorman Products* | 10,699 | 718 | ||||||
DR Horton | 74,704 | 4,142 | ||||||
El Pollo Loco Holdings* | 6,956 | 103 | ||||||
Ethan Allen Interiors | 8,934 | 106 | ||||||
Express* | 24,561 | 38 | ||||||
Fiesta Restaurant Group* | 7,920 | 51 | ||||||
Five Below* | 16,195 | 1,731 | ||||||
Floor & Decor Holdings, Cl A* | 95,669 | 5,515 | ||||||
The accompanying notes are an integral part of the financial statements.
32
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Fossil Group* | 16,354 | $ | 76 | |||||
Fox Factory Holding* | 89,232 | 7,371 | ||||||
GameStop, Cl A* | 23,299 | 101 | ||||||
GAN* | 50,767 | 1,292 | ||||||
Garrett Motion* | 26,789 | 148 | ||||||
Genesco* | 5,054 | 109 | ||||||
Gentherm* | 12,083 | 470 | ||||||
G-III Apparel Group* | 80,783 | 1,074 | ||||||
Group 1 Automotive | 6,445 | 425 | ||||||
Guess? | 15,104 | 146 | ||||||
Haverty Furniture | 6,348 | 102 | ||||||
Helen of Troy* | 17,340 | 3,270 | ||||||
Hibbett Sports* | 6,084 | 127 | ||||||
Installed Building Products* | 7,856 | 540 | ||||||
iRobot* | 10,360 | 869 | ||||||
KB Home | 78,803 | 2,418 | ||||||
Kontoor Brands | 17,185 | 306 | ||||||
La-Z-Boy, Cl Z | 17,099 | 463 | ||||||
LCI Industries | 54,107 | 6,221 | ||||||
LGI Homes* | 8,150 | 717 | ||||||
Liquidity Services* | 63,315 | 377 | ||||||
Lithia Motors, Cl A | 23,914 | 3,619 | ||||||
Lumber Liquidators Holdings* | 9,930 | 138 | ||||||
M/I Homes* | 10,321 | 355 | ||||||
Macy’s | 114,404 | 787 | ||||||
MarineMax* | 7,634 | 171 | ||||||
MDC Holdings | 173,055 | 6,178 | ||||||
Meritage Homes* | 13,131 | 1,000 | ||||||
Michaels* | 26,600 | 188 | ||||||
Monarch Casino & Resort* | 4,271 | 146 | ||||||
Monro | 55,512 | 3,050 | ||||||
Motorcar Parts of America* | 6,944 | 123 | ||||||
Movado Group | 5,476 | 59 | ||||||
National Vision Holdings* | 121,013 | 3,693 | ||||||
Office Depot | 201,570 | 474 | ||||||
Ollie’s Bargain Outlet Holdings* | 25,340 | 2,474 | ||||||
Oxford Industries | 6,252 | 275 | ||||||
Papa John’s International | 31,431 | 2,496 | ||||||
Perdoceo Education* | 25,888 | 412 | ||||||
PetMed Express | 7,407 | 264 | ||||||
Planet Fitness, Cl A* | 25,735 | 1,559 | ||||||
Polaris Industries | 26,070 | 2,413 | ||||||
Red Robin Gourmet Burgers* | 4,720 | 48 | ||||||
Regis* | 8,433 | 69 | ||||||
Rent-A-Center, Cl A | 18,142 | 505 | ||||||
Revolve Group, Cl A* | 223,993 | 3,329 | ||||||
RH* | 2,885 | 718 | ||||||
| Description | Shares | Value (000) | ||||||
Ruth’s Hospitality Group | 12,078 | $ | 99 | |||||
Shake Shack, Cl A* | 12,890 | 683 | ||||||
Shoe Carnival | 3,168 | 93 | ||||||
Shutterstock | 7,049 | 247 | ||||||
Signet Jewelers | 18,889 | 194 | ||||||
Sleep Number* | 10,449 | 435 | ||||||
Sonic Automotive, Cl A | 8,763 | 280 | ||||||
Sonos* | 144,558 | 2,115 | ||||||
Stamps.com* | 11,994 | 2,203 | ||||||
Standard Motor Products | 7,426 | 306 | ||||||
Steven Madden | 28,259 | 698 | ||||||
Sturm Ruger | 6,106 | 464 | ||||||
Tapestry | 276,910 | 3,677 | ||||||
TopBuild* | 45,623 | 5,191 | ||||||
Tupperware Brands | 17,047 | 81 | ||||||
Unifi* | 5,179 | 67 | ||||||
Universal Electronics* | 5,037 | 236 | ||||||
Vera Bradley* | 8,362 | 37 | ||||||
Vista Outdoor* | 21,113 | 305 | ||||||
Visteon* | 63,203 | 4,329 | ||||||
Wendy’s | 63,060 | 1,373 | ||||||
Wingstop, Cl A | 10,778 | 1,498 | ||||||
Winnebago Industries | 12,453 | 830 | ||||||
Wolverine World Wide | 167,087 | 3,978 | ||||||
YETI Holdings* | 142,573 | 6,092 | ||||||
Zumiez* | 7,324 | 201 | ||||||
|
| |||||||
| 168,630 | ||||||||
|
| |||||||
Consumer Staples – 4.0% | ||||||||
Andersons | 156,956 | 2,160 | ||||||
B&G Foods | 23,636 | 576 | ||||||
Boston Beer, Cl A* | 3,186 | 1,710 | ||||||
Bunge | 92,112 | 3,789 | ||||||
Calavo Growers | 6,025 | 379 | ||||||
Cal-Maine Foods | 30,861 | 1,373 | ||||||
Casey’s General Stores | 22,798 | 3,409 | ||||||
Central Garden & Pet* | 3,480 | 125 | ||||||
Central Garden & Pet, Cl A* | 14,828 | 501 | ||||||
Chefs’ Warehouse* | 62,273 | 846 | ||||||
Coca-Cola Consolidated | 1,711 | 392 | ||||||
Darling Ingredients* | 232,633 | 5,727 | ||||||
elf Beauty* | 91,988 | 1,754 | ||||||
Energizer Holdings | 74,797 | 3,552 | ||||||
Fresh Del Monte Produce | 11,134 | 274 | ||||||
Freshpet* | 21,580 | 1,805 | ||||||
Herbalife Nutrition* | 46,680 | 2,100 | ||||||
Inter Parfums | 6,414 | 309 | ||||||
The accompanying notes are an integral part of the financial statements.
33
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
J&J Snack Foods | 12,038 | $ | 1,530 | |||||
John B Sanfilippo & Son | 3,222 | 275 | ||||||
Landec* | 149,335 | 1,189 | ||||||
Medifast | 17,511 | 2,430 | ||||||
MGP Ingredients | 4,838 | 178 | ||||||
National Beverage* | 4,216 | 257 | ||||||
Nu Skin Enterprises, Cl A | 32,781 | 1,253 | ||||||
PriceSmart | 8,237 | 497 | ||||||
Sanderson Farms | 68,308 | 7,916 | ||||||
Seneca Foods, Cl A* | 2,535 | 86 | ||||||
SpartanNash | 13,284 | 282 | ||||||
TreeHouse Foods* | 55,649 | 2,437 | ||||||
United Natural Foods* | 19,306 | 352 | ||||||
Universal | 9,150 | 389 | ||||||
USANA Health Sciences* | 4,626 | 340 | ||||||
Vector Group | 44,289 | 445 | ||||||
WD-40 | 5,006 | 993 | ||||||
|
| |||||||
| 51,630 | ||||||||
|
| |||||||
Energy – 1.6% | ||||||||
Archrock | 46,623 | 303 | ||||||
Ardmore Shipping | 309,511 | 1,343 | ||||||
Bonanza Creek Energy* | 6,621 | 98 | ||||||
Bristow Group* | 2,265 | 32 | ||||||
Cactus, Cl A | 61,718 | 1,273 | ||||||
Callon Petroleum* | 140,144 | 161 | ||||||
Capital Product Partners | 40,024 | 323 | ||||||
CONSOL Energy* | 9,031 | 46 | ||||||
Core Laboratories | 16,165 | 328 | ||||||
Denbury Resources* | 175,483 | 48 | ||||||
Diamond S Shipping* | 30,804 | 246 | ||||||
DMC Global | 5,204 | 144 | ||||||
Dorian LPG* | 10,098 | 78 | ||||||
Dril-Quip* | 13,353 | 398 | ||||||
Exterran* | 10,082 | 54 | ||||||
Geospace Technologies* | 4,516 | 34 | ||||||
Green Plains* | 11,812 | 121 | ||||||
Gulfport Energy* | 51,390 | 56 | ||||||
Helix Energy Solutions Group* | 50,879 | 177 | ||||||
Helmerich & Payne | 39,600 | 773 | ||||||
Laredo Petroleum* | 3,434 | 48 | ||||||
Matador Resources* | 40,300 | 343 | ||||||
Matrix Service* | 9,565 | 93 | ||||||
Nabors Industries | 2,437 | 90 | ||||||
Newpark Resources* | 32,089 | 72 | ||||||
NexTier Oilfield Solutions* | 182,419 | 447 | ||||||
Oasis Petroleum* | 101,541 | 76 | ||||||
| Description | Shares | Value (000) | ||||||
Oceaneering International* | 72,976 | $ | 466 | |||||
Oil States International* | 21,225 | 101 | ||||||
Par Pacific Holdings* | 13,070 | 117 | ||||||
Patterson-UTI Energy | 70,800 | 246 | ||||||
PDC Energy* | 35,809 | 445 | ||||||
Penn Virginia* | 4,820 | 46 | ||||||
ProPetro Holding* | 29,389 | 151 | ||||||
QEP Resources | 83,693 | 108 | ||||||
Range Resources | 77,027 | 434 | ||||||
Renewable Energy Group* | 50,842 | 1,260 | ||||||
REX American Resources* | 1,994 | 138 | ||||||
Ring Energy* | 286,501 | 332 | ||||||
RPC | 154,282 | 475 | ||||||
SEACOR Holdings* | 6,327 | 179 | ||||||
SM Energy | 38,203 | 143 | ||||||
Southwestern Energy* | 200,234 | 513 | ||||||
Talos Energy* | 6,900 | 63 | ||||||
US Silica Holdings | 25,667 | 93 | ||||||
Valaris, Cl A* | 69,797 | 46 | ||||||
World Fuel Services | 304,288 | 7,838 | ||||||
|
| |||||||
| 20,399 | ||||||||
|
| |||||||
Financials – 14.7% | ||||||||
Allegiance Bancshares | 6,895 | 175 | ||||||
Ally Financial | 107,627 | 2,134 | ||||||
Amalgamated Bank, Cl A | 74,394 | 940 | ||||||
Ambac Financial Group* | 16,712 | 239 | ||||||
American Equity Investment Life Holding | 78,784 | 1,947 | ||||||
Ameris Bancorp | 143,205 | 3,378 | ||||||
AMERISAFE | 92,087 | 5,632 | ||||||
Apollo Commercial Real Estate Finance‡ | 52,701 | 517 | ||||||
ARMOUR Residential‡ | 23,746 | 223 | ||||||
Assetmark Financial Holdings* | 434 | 12 | ||||||
Atlantic Union Bankshares | 124,456 | 2,882 | ||||||
Axos Financial* | 19,659 | 434 | ||||||
Banc of California | 16,140 | 175 | ||||||
Banner | 99,811 | 3,793 | ||||||
Berkshire Hills Bancorp | 64,607 | 712 | ||||||
Blucora* | 17,923 | 205 | ||||||
Boston Private Financial Holdings | 30,169 | 208 | ||||||
Brightsphere Investment Group | 77,543 | 966 | ||||||
Brookline Bancorp | 29,342 | 296 | ||||||
BRP Group, Cl A* | 44,590 | 770 | ||||||
Byline Bancorp | 101,160 | 1,325 | ||||||
Cadence BanCorp, Cl A | 47,063 | 417 | ||||||
Capstar Financial Holdings | 142,467 | 1,710 | ||||||
The accompanying notes are an integral part of the financial statements.
34
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Capstead Mortgage‡ | 33,823 | $ | 186 | |||||
Central Pacific Financial | 10,223 | 164 | ||||||
City Holding | 6,011 | 392 | ||||||
Columbia Banking System | 202,143 | 5,730 | ||||||
Community Bank System | 19,212 | 1,095 | ||||||
Community Bankers Trust | 399,666 | 2,198 | ||||||
Customers Bancorp* | 109,776 | 1,320 | ||||||
CVB Financial | 307,324 | 5,759 | ||||||
Dime Community Bancshares | 11,125 | 153 | ||||||
Donnelley Financial Solutions* | 11,384 | 96 | ||||||
Eagle Bancorp | 12,393 | 406 | ||||||
Eagle Bancorp Montana | 33,897 | 589 | ||||||
eHealth* | 16,035 | 1,575 | ||||||
Employers Holdings | 11,711 | 353 | ||||||
Encore Capital Group* | 52,928 | 1,809 | ||||||
Enova International* | 12,168 | 181 | ||||||
Essent Group | 156,830 | 5,688 | ||||||
Evans Bancorp | 56,745 | �� | 1,320 | |||||
Evercore, Cl A | 58,564 | 3,451 | ||||||
EZCORP, Cl A* | 18,478 | 116 | ||||||
FB Financial | 127,380 | 3,155 | ||||||
First American Financial | 75,490 | 3,625 | ||||||
First BanCorp | 80,264 | 449 | ||||||
First Bancorp NC | 181,487 | 4,552 | ||||||
First Busey | 91,414 | 1,705 | ||||||
First Commonwealth Financial | 36,173 | 300 | ||||||
First Community | 89,317 | 1,353 | ||||||
First Financial Bancorp | 80,706 | 1,121 | ||||||
First Midwest Bancorp | 42,286 | 565 | ||||||
Flagstar Bancorp | 12,679 | 373 | ||||||
FNB | 335,629 | 2,517 | ||||||
Franklin Financial Network | 4,725 | 122 | ||||||
Granite Point Mortgage Trust‡ | 21,468 | 154 | ||||||
Great Western Bancorp | 20,747 | 285 | ||||||
Green Dot, Cl A* | 69,785 | 3,425 | ||||||
Greenhill | 5,015 | 50 | ||||||
Hamilton Lane, Cl A | 41,372 | 2,787 | ||||||
Hanmi Financial | 10,951 | 106 | ||||||
HCI Group | 2,255 | 104 | ||||||
Heritage Financial | 236,190 | 4,724 | ||||||
HomeStreet | 8,929 | 220 | ||||||
Hope Bancorp | 46,764 | 431 | ||||||
Horace Mann Educators | 97,426 | 3,578 | ||||||
Independent Bank | 12,051 | 809 | ||||||
Independent Bank Group | 13,400 | 543 | ||||||
International. FCStone* | 5,961 | 328 | ||||||
| Description | Shares | Value (000) | ||||||
Invesco Mortgage Capital‡ | 61,697 | $ | 231 | |||||
Investar Holding | 55,267 | 801 | ||||||
James River Group Holdings | 51,364 | 2,311 | ||||||
Kemper | 36,288 | 2,632 | ||||||
Kinsale Capital Group | 7,533 | 1,169 | ||||||
KKR Real Estate Finance Trust‡ | 8,800 | 146 | ||||||
LPL Financial Holdings | 22,435 | 1,759 | ||||||
Malvern Bancorp* | 30,257 | 385 | ||||||
Meta Financial Group | 12,526 | 228 | ||||||
National Bank Holdings, Cl A | 108,895 | 2,940 | ||||||
NBT Bancorp | 16,190 | 498 | ||||||
New York Mortgage Trust‡ | 140,395 | 366 | ||||||
NMI Holdings, Cl A* | 31,385 | 505 | ||||||
Northfield Bancorp | 15,606 | 180 | ||||||
Northwest Bancshares | 43,656 | 446 | ||||||
OFG Bancorp | 18,605 | 249 | ||||||
Old National Bancorp | 191,691 | 2,638 | ||||||
Old Point Financial | 23,186 | 354 | ||||||
Origin Bancorp | 32,761 | 721 | ||||||
Orrstown Financial Services | 36,588 | 540 | ||||||
Pacific Premier Bancorp | 138,068 | 2,993 | ||||||
PacWest Bancorp | 268,763 | 5,297 | ||||||
Palomar Holdings* | 6,500 | 557 | ||||||
PennyMac Mortgage Investment Trust‡ | 36,925 | 647 | ||||||
Piper Sandler | 5,375 | 318 | ||||||
PRA Group* | 16,768 | 648 | ||||||
Preferred Bank | 4,910 | 210 | ||||||
Primerica | 36,385 | 4,242 | ||||||
ProAssurance | 19,844 | 287 | ||||||
Provident Financial Services | 22,094 | 319 | ||||||
Ready Capital‡ | 13,254 | 115 | ||||||
Redwood Trust‡ | 42,841 | 300 | ||||||
Retail Properties of America, Cl A‡ | 78,700 | 576 | ||||||
S&T Bancorp | 14,204 | 333 | ||||||
Safety Insurance Group | 5,396 | 412 | ||||||
Sandy Spring Bancorp | 106,090 | 2,629 | ||||||
Seacoast Banking Corp of Florida* | 18,993 | 387 | ||||||
ServisFirst Bancshares | 17,051 | 610 | ||||||
Shore Bancshares | 204,219 | 2,265 | ||||||
Simmons First National, Cl A | 40,037 | 685 | ||||||
SmartFinancial | 101,353 | 1,640 | ||||||
Solar Capital | 99,039 | 1,586 | ||||||
Southern First Bancshares* | 64,566 | 1,789 | ||||||
Southern National Bancorp of Virginia | 163,568 | 1,585 | ||||||
Southside Bancshares | 11,687 | 324 | ||||||
The accompanying notes are an integral part of the financial statements.
35
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
State Auto Financial | 64,488 | $ | 1,151 | |||||
Sterling Bancorp | 397,410 | 4,658 | ||||||
Stewart Information Services | 126,991 | 4,128 | ||||||
Stifel Financial | 27,665 | 1,312 | ||||||
SVB Financial Group* | 26,816 | 5,780 | ||||||
TCF Financial | 150,843 | 4,438 | ||||||
Texas Capital Bancshares* | 25,820 | 797 | ||||||
Third Point Reinsurance* | 29,280 | 220 | ||||||
Tompkins Financial | 4,504 | 292 | ||||||
Tradeweb Markets, Cl A | 30,115 | 1,751 | ||||||
Triumph Bancorp* | 8,537 | 207 | ||||||
TrustCo Bank | 35,409 | 224 | ||||||
UMB Financial | 46,097 | 2,376 | ||||||
Umpqua Holdings | 81,341 | 865 | ||||||
United Community Banks | 29,227 | 588 | ||||||
United Fire Group | 7,984 | 221 | ||||||
United Insurance Holdings | 7,602 | 59 | ||||||
Universal Insurance Holdings | 11,046 | 196 | ||||||
Valley National Bancorp | 379,487 | 2,968 | ||||||
Veritex Holdings | 95,090 | 1,683 | ||||||
Virtus Investment Partners | 2,676 | 311 | ||||||
Waddell & Reed Financial, Cl A | 24,091 | 374 | ||||||
Walker & Dunlop | 10,565 | 537 | ||||||
WesBanco | 41,741 | 848 | ||||||
Westamerica Bancorporation | 39,980 | 2,296 | ||||||
WisdomTree Investments | 42,180 | 146 | ||||||
World Acceptance* | 1,959 | 128 | ||||||
WSFS Financial | 180,590 | 5,183 | ||||||
|
| |||||||
| 192,642 | ||||||||
|
| |||||||
Health Care – 16.6% | ||||||||
Acadia Healthcare* | 77,199 | 1,939 | ||||||
ACADIA Pharmaceuticals* | 57,601 | 2,792 | ||||||
Addus HomeCare* | 15,191 | 1,406 | ||||||
Allscripts Healthcare Solutions* | 59,700 | 404 | ||||||
Alphatec Holdings* | 1,032,450 | 4,852 | ||||||
AMAG Pharmaceuticals* | 11,874 | 91 | ||||||
Amedisys* | 6,007 | 1,193 | ||||||
AMN Healthcare Services* | 52,252 | 2,364 | ||||||
Amphastar Pharmaceuticals* | 12,413 | 279 | ||||||
AngioDynamics* | 13,430 | 137 | ||||||
ANI Pharmaceuticals* | 3,291 | 106 | ||||||
Anika Therapeutics* | 5,143 | 194 | ||||||
Arrowhead Pharmaceuticals* | 25,906 | 1,119 | ||||||
Axonics Modulation Technologies* | 54,327 | 1,907 | ||||||
BioDelivery Sciences International* | 888,248 | 3,873 | ||||||
Biohaven Pharmaceutical Holding* | 78,030 | 5,705 | ||||||
| Description | Shares | Value (000) | ||||||
Bio-Rad Laboratories, Cl A* | 1,972 | $ | 890 | |||||
BioTelemetry* | 12,572 | 568 | ||||||
Cardiovascular Systems* | 13,011 | 410 | ||||||
CareDx* | 65,953 | 2,337 | ||||||
Castle Biosciences* | 45,335 | 1,709 | ||||||
Catalent* | 21,220 | 1,555 | ||||||
Charles River Laboratories International* | 28,455 | 4,961 | ||||||
Chemed | 7,475 | 3,372 | ||||||
ChemoCentryx* | 17,615 | 1,014 | ||||||
Coherus Biosciences* | 70,421 | 1,258 | ||||||
Community Health Systems* | 42,127 | 127 | ||||||
Computer Programs & Systems | 4,577 | 104 | ||||||
CONMED | 10,415 | 750 | ||||||
Corcept Therapeutics* | 37,978 | 639 | ||||||
CorVel* | 3,366 | 239 | ||||||
Covetrus* | 35,958 | 643 | ||||||
CRISPR Therapeutics* | 34,016 | 2,500 | ||||||
Cross Country Healthcare* | 210,813 | 1,299 | ||||||
CryoLife* | 275,462 | 5,281 | ||||||
CryoPort* | 47,681 | 1,442 | ||||||
Cutera* | 6,767 | 82 | ||||||
Cytokinetics* | 21,737 | 512 | ||||||
Eagle Pharmaceuticals* | 3,657 | 175 | ||||||
Emergent BioSolutions* | 16,425 | 1,299 | ||||||
Enanta Pharmaceuticals* | 5,861 | 294 | ||||||
Encompass Health | 73,627 | 4,560 | ||||||
Endo International* | 74,238 | 255 | ||||||
Ensign Group | 18,378 | 769 | ||||||
Exact Sciences* | 31,564 | 2,744 | ||||||
Fate Therapeutics* | 42,275 | 1,450 | ||||||
Glaukos* | 14,409 | 554 | ||||||
Global Blood Therapeutics* | 11,180 | 706 | ||||||
Halozyme Therapeutics* | 140,120 | 3,757 | ||||||
Hanger* | 13,680 | 227 | ||||||
HealthEquity* | 12,365 | 725 | ||||||
HealthStream* | 9,259 | 205 | ||||||
Heska* | 3,142 | 293 | ||||||
HMS Holdings* | 141,727 | 4,590 | ||||||
Horizon Therapeutics* | 203,580 | 11,315 | ||||||
iCAD* | 28,627 | 286 | ||||||
Immunomedics* | 70,423 | 2,496 | ||||||
Innoviva* | 24,585 | 344 | ||||||
Inogen* | 6,716 | 239 | ||||||
Insmed* | 48,825 | 1,345 | ||||||
Inspire Medical Systems* | 77,458 | 6,740 | ||||||
Insulet* | 26,469 | 5,142 | ||||||
The accompanying notes are an integral part of the financial statements.
36
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Integer Holdings* | 11,939 | $ | 872 | |||||
Invacare | 12,283 | 78 | ||||||
iRhythm Technologies* | 7,994 | 926 | ||||||
Lannett* | 11,927 | 87 | ||||||
Lantheus Holdings* | 24,163 | 345 | ||||||
LeMaitre Vascular | 5,889 | 155 | ||||||
LHC Group* | 17,785 | 3,100 | ||||||
Ligand Pharmaceuticals* | 5,630 | 630 | ||||||
Livongo Health* | 18,133 | 1,363 | ||||||
Luminex | 15,484 | 504 | ||||||
Magellan Health* | 8,040 | 587 | ||||||
MEDNAX* | 63,564 | 1,087 | ||||||
Medpace Holdings* | 10,002 | 930 | ||||||
Meridian Bioscience* | 15,442 | 360 | ||||||
Merit Medical Systems* | 248,138 | 11,327 | ||||||
Mesa Laboratories | 1,465 | 318 | ||||||
Mirati Therapeutics* | 23,484 | 2,681 | ||||||
Momenta Pharmaceuticals* | 87,599 | 2,914 | ||||||
MyoKardia* | 28,046 | 2,710 | ||||||
Myriad Genetics* | 27,432 | 311 | ||||||
NanoString Technologies* | 39,592 | 1,162 | ||||||
Natera* | 154,501 | 7,703 | ||||||
Natus Medical* | 12,525 | 273 | ||||||
Neogen* | 19,491 | 1,512 | ||||||
NeoGenomics* | 122,858 | 3,806 | ||||||
Nevro* | 16,605 | 1,984 | ||||||
NextGen Healthcare* | 17,425 | 191 | ||||||
Omnicell* | 15,714 | 1,110 | ||||||
OraSure Technologies* | 26,207 | 305 | ||||||
Orthofix Medical* | 6,972 | 223 | ||||||
Owens & Minor | 22,693 | 173 | ||||||
Oxford Immunotec Global* | 357,738 | 4,651 | ||||||
Pacira BioSciences* | 15,243 | 800 | ||||||
Patterson | 159,837 | 3,516 | ||||||
Pennant Group* | 146,341 | 3,307 | ||||||
Penumbra* | 12,307 | 2,201 | ||||||
Personalis* | 61,666 | 800 | ||||||
Phibro Animal Health, Cl A | 7,322 | 192 | ||||||
Prestige Consumer Healthcare* | 59,227 | 2,225 | ||||||
Providence Service* | 43,057 | 3,398 | ||||||
Quidel* | 30,310 | 6,782 | ||||||
R1 RCM* | 452,120 | 5,041 | ||||||
RadNet* | 15,094 | 240 | ||||||
Reata Pharmaceuticals, Cl A* | 4,762 | 743 | ||||||
Recro Pharma* | 312,491 | 1,422 | ||||||
REGENXBIO* | 11,569 | 426 | ||||||
| Description | Shares | Value (000) | ||||||
Repligen* | 6,800 | $ | 841 | |||||
Select Medical Holdings* | 39,283 | 579 | ||||||
Shockwave Medical* | 17,900 | 848 | ||||||
Simulations Plus | 4,400 | 263 | ||||||
Spectrum Pharmaceuticals* | 40,054 | 135 | ||||||
Supernus Pharmaceuticals* | 69,207 | 1,644 | ||||||
Surmodics* | 4,889 | 211 | ||||||
Tabula Rasa HealthCare* | 7,600 | 416 | ||||||
Tactile Systems Technology* | 7,008 | 290 | ||||||
Tandem Diabetes Care* | 89,914 | 8,894 | ||||||
Tivity Health* | 15,458 | 175 | ||||||
Turning Point Therapeutics* | 29,441 | 1,902 | ||||||
Ultragenyx Pharmaceutical* | 21,545 | 1,685 | ||||||
US Physical Therapy | 4,703 | 381 | ||||||
Vanda Pharmaceuticals* | 19,340 | 221 | ||||||
Varex Imaging* | 14,127 | 214 | ||||||
Vericel* | 84,950 | 1,174 | ||||||
Xencor* | 18,244 | 591 | ||||||
Zynex* | 5,500 | 137 | ||||||
|
| |||||||
| 216,635 | ||||||||
|
| |||||||
Industrials – 18.2% | ||||||||
AAON | 14,850 | 806 | ||||||
AAR | 11,908 | 246 | ||||||
ABM Industries | 24,325 | 883 | ||||||
Advanced Drainage Systems | 47,011 | 2,322 | ||||||
AECOM* | 46,875 | 1,762 | ||||||
Aegion, Cl A* | 11,077 | 176 | ||||||
AerCap Holdings* | 59,156 | 1,822 | ||||||
Aerojet Rocketdyne Holdings* | 26,471 | 1,049 | ||||||
AeroVironment* | 7,972 | 635 | ||||||
Air Transport Services Group* | 39,790 | 886 | ||||||
Alamo Group | 27,344 | 2,807 | ||||||
Albany International, Cl A | 50,535 | 2,967 | ||||||
Allegiant Travel, Cl A | 4,862 | 531 | ||||||
Altra Industrial Motion | 74,195 | 2,364 | ||||||
American Woodmark* | 5,716 | 432 | ||||||
Apogee Enterprises | 9,911 | 228 | ||||||
Applied Industrial Technologies | 14,126 | 881 | ||||||
ArcBest | 9,204 | 244 | ||||||
Arcosa | 17,914 | 756 | ||||||
ASGN* | 47,870 | 3,192 | ||||||
Astec Industries | 8,289 | 384 | ||||||
Atlas Air Worldwide Holdings* | 9,384 | 404 | ||||||
Axon Enterprise* | 10,926 | 1,072 | ||||||
AZZ | 32,575 | 1,118 | ||||||
Barnes Group | 41,762 | 1,652 | ||||||
The accompanying notes are an integral part of the financial statements.
37
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Brady, Cl A | 18,149 | $ | 850 | |||||
BrightView Holdings* | 372,133 | 4,168 | ||||||
CAI International* | 90,129 | 1,502 | ||||||
Casella Waste Systems, Cl A* | 47,446 | 2,473 | ||||||
Chart Industries* | 13,224 | 641 | ||||||
CIRCOR International* | 7,910 | 202 | ||||||
Colfax* | 78,700 | 2,196 | ||||||
Columbus McKinnon | 53,539 | 1,791 | ||||||
Comfort Systems USA | 13,541 | 552 | ||||||
Construction Partners, Cl A* | 28,839 | 512 | ||||||
Covanta Holding | 233,002 | 2,234 | ||||||
Covenant Transportation Group, Cl A* | 137,521 | 1,984 | ||||||
Crane | 81,295 | 4,834 | ||||||
Cubic | 11,537 | 554 | ||||||
Douglas Dynamics | 41,803 | 1,468 | ||||||
Ducommun* | 33,424 | 1,165 | ||||||
DXP Enterprises* | 5,581 | 111 | ||||||
Dycom Industries* | 80,254 | 3,282 | ||||||
Echo Global Logistics* | 9,825 | 212 | ||||||
EMCOR Group | 79,487 | 5,257 | ||||||
Encore Wire | 7,724 | 377 | ||||||
Enerpac Tool Group, Cl A | 132,843 | 2,338 | ||||||
EnPro Industries | 59,057 | 2,911 | ||||||
ESCO Technologies | 9,525 | 805 | ||||||
Exponent | 18,961 | 1,535 | ||||||
Federal Signal | 22,393 | 666 | ||||||
Forrester Research* | 3,826 | 123 | ||||||
Forward Air | 10,413 | 519 | ||||||
Foundation Building Materials* | 6,100 | 95 | ||||||
Franklin Electric | 14,056 | 738 | ||||||
GATX | 37,758 | 2,302 | ||||||
Generac Holdings* | 11,765 | 1,434 | ||||||
Gibraltar Industries* | 58,993 | 2,832 | ||||||
GMS* | 15,482 | 381 | ||||||
Granite Construction | 17,165 | 329 | ||||||
Greenbrier | 12,173 | 277 | ||||||
Griffon | 15,605 | 289 | ||||||
Harsco* | 134,038 | 1,811 | ||||||
Hawaiian Holdings | 16,886 | 237 | ||||||
Heartland Express | 63,388 | 1,320 | ||||||
Heidrick & Struggles International | 6,884 | 149 | ||||||
Helios Technologies | 115,288 | 4,294 | ||||||
Hillenbrand | 27,414 | 742 | ||||||
HNI | 87,370 | 2,671 | ||||||
Hub Group, Cl A* | 68,455 | 3,276 | ||||||
Huron Consulting Group* | 27,453 | 1,215 | ||||||
| Description | Shares | Value (000) | ||||||
I3 Verticals, Cl A* | 56,407 | $ | 1,706 | |||||
InnerWorkings* | 320,693 | 423 | ||||||
Insperity | 19,475 | 1,261 | ||||||
Insteel Industries | 6,585 | 126 | ||||||
Interface, Cl A | 247,231 | 2,012 | ||||||
ITT | 77,985 | 4,581 | ||||||
John Bean Technologies | 11,563 | 995 | ||||||
Kaman | 10,269 | 427 | ||||||
Kansas City Southern | 33,965 | 5,071 | ||||||
Kelly Services, Cl A | 11,951 | 189 | ||||||
Kennametal | 111,632 | 3,205 | ||||||
Kirby* | 70,349 | 3,768 | ||||||
Knight-Swift Transportation Holdings, Cl A | 83,695 | 3,491 | ||||||
Korn Ferry | 20,461 | 629 | ||||||
Lindsay | 3,983 | 367 | ||||||
Luxfer Holdings | 318,125 | 4,501 | ||||||
Lydall* | 6,357 | 86 | ||||||
Marten Transport | 14,269 | 359 | ||||||
Masonite International* | 51,713 | 4,022 | ||||||
MasTec* | 38,980 | 1,749 | ||||||
Matson | 15,833 | 461 | ||||||
Matthews International, Cl A | 113,022 | 2,159 | ||||||
McGrath RentCorp | 80,957 | 4,372 | ||||||
Mercury Systems* | 43,008 | 3,383 | ||||||
Meritor* | 27,309 | 541 | ||||||
Moog, Cl A | 87,299 | 4,625 | ||||||
MSC Industrial Direct, Cl A | 33,827 | 2,463 | ||||||
Mueller Industries | 169,508 | 4,506 | ||||||
MYR Group* | 6,042 | 193 | ||||||
National Presto Industries | 1,809 | 158 | ||||||
Nordson | 13,392 | 2,541 | ||||||
NOW* | 40,200 | 347 | ||||||
Oshkosh | 53,239 | 3,813 | ||||||
Owens Corning | 33,810 | 1,885 | ||||||
Park Aerospace | 6,835 | 76 | ||||||
Patrick Industries | 8,218 | 503 | ||||||
PGT Innovations* | 21,144 | 332 | ||||||
Pitney Bowes | 61,689 | 160 | ||||||
Powell Industries | 3,212 | 88 | ||||||
Primoris Services | 63,175 | 1,122 | ||||||
Proto Labs* | 9,781 | 1,100 | ||||||
Quanex Building Products | 11,797 | 164 | ||||||
Quanta Services | 13,120 | 515 | ||||||
Radiant Logistics* | 194,759 | 765 | ||||||
Raven Industries | 13,130 | 282 | ||||||
Regal Beloit | 28,855 | 2,520 | ||||||
The accompanying notes are an integral part of the financial statements.
38
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Resideo Technologies* | 45,200 | $ | 530 | |||||
Resources Connection | 10,939 | 131 | ||||||
REV Group | 313,912 | 1,915 | ||||||
RR Donnelley & Sons | 25,000 | 30 | ||||||
Ryder System | 163,995 | 6,151 | ||||||
Saia* | 9,478 | 1,054 | ||||||
Shyft Group | 110,660 | 1,864 | ||||||
Simpson Manufacturing | 14,750 | 1,244 | ||||||
SkyWest | 18,647 | 608 | ||||||
Southwest Airlines | 62,647 | 2,141 | ||||||
SP Plus* | 82,330 | 1,705 | ||||||
SPX* | 16,341 | 672 | ||||||
SPX FLOW* | 15,729 | 589 | ||||||
Standex International | 4,560 | 262 | ||||||
Stericycle* | 33,975 | 1,902 | ||||||
Sunrun* | 28,729 | 567 | ||||||
Team* | 120,532 | 671 | ||||||
Tennant | 121,749 | 7,915 | ||||||
Terex | 108,210 | 2,031 | ||||||
Titan International | 16,981 | 25 | ||||||
Titan Machinery* | 250,644 | 2,722 | ||||||
TPI Composites* | 49,890 | 1,166 | ||||||
TransUnion | 45,738 | 3,981 | ||||||
Trex* | 26,920 | 3,501 | ||||||
Triumph Group | 19,557 | 176 | ||||||
TrueBlue* | 14,109 | 215 | ||||||
UFP Industries | 22,435 | 1,111 | ||||||
UniFirst | 5,591 | 1,001 | ||||||
Universal Logistics Holdings | 55,557 | 966 | ||||||
US Ecology | 9,348 | 317 | ||||||
US Xpress Enterprises, Cl A* | 351,241 | 2,107 | ||||||
USA Truck* | 159,057 | 1,233 | ||||||
Valmont Industries | 30,030 | 3,412 | ||||||
Veritiv* | 4,372 | 74 | ||||||
Viad | 7,232 | 138 | ||||||
Vicor* | 6,746 | 485 | ||||||
Wabash National | 125,359 | 1,331 | ||||||
Watts Water Technologies, Cl A | 10,134 | 821 | ||||||
Westinghouse Air Brake Technologies | 28,081 | 1,617 | ||||||
Willscot, Cl A* | 148,830 | 1,829 | ||||||
|
| |||||||
| 237,525 | ||||||||
|
| |||||||
Information Technology – 16.7% | ||||||||
3D Systems* | 43,621 | 305 | ||||||
8x8* | 38,353 | 614 | ||||||
ACI Worldwide* | 86,795 | 2,343 | ||||||
| Description | Shares | Value (000) | ||||||
ADTRAN | 17,246 | $ | 188 | |||||
Advanced Energy Industries* | 59,170 | 4,011 | ||||||
Agilysys* | 7,286 | 131 | ||||||
Alarm.com Holdings* | 15,475 | 1,003 | ||||||
Applied Optoelectronics* | 7,091 | 77 | ||||||
Arlo Technologies* | 27,661 | 71 | ||||||
Aspen Technology* | 20,435 | 2,117 | ||||||
AudioCodes | 51,430 | 1,635 | ||||||
Axcelis Technologies* | 11,905 | 332 | ||||||
Badger Meter | 10,677 | 672 | ||||||
Bel Fuse, Cl B | 3,256 | 35 | ||||||
Belden | 44,360 | 1,444 | ||||||
Benchmark Electronics | 227,393 | 4,912 | ||||||
Blackline* | 22,925 | 1,901 | ||||||
Bottomline Technologies DE* | 85,510 | 4,341 | ||||||
Brooks Automation | 27,130 | 1,200 | ||||||
CalAmp* | 154,497 | 1,237 | ||||||
Cardtronics* | 13,274 | 318 | ||||||
CEVA* | 7,987 | 299 | ||||||
Ciena* | 37,165 | 2,013 | ||||||
Cloudera* | 176,740 | 2,248 | ||||||
Cohu | 15,125 | 262 | ||||||
Comtech Telecommunications | 8,775 | 148 | ||||||
Cree* | 25,152 | 1,489 | ||||||
Crowdstrike Holdings, Cl A* | 54,077 | 5,423 | ||||||
CSG Systems International | 12,188 | 504 | ||||||
CTS | 12,259 | 246 | ||||||
Daktronics | 13,088 | 57 | ||||||
Diebold Nixdorf* | 27,825 | 169 | ||||||
Digi International* | 10,070 | 117 | ||||||
Diodes* | 15,123 | 767 | ||||||
DSP Group* | 8,239 | 131 | ||||||
Ebix | 8,011 | 179 | ||||||
Enphase Energy* | 67,034 | 3,189 | ||||||
ePlus* | 4,971 | 351 | ||||||
Euronet Worldwide* | 18,761 | 1,798 | ||||||
Everbridge* | 37,111 | 5,135 | ||||||
EVERTEC | 22,074 | 620 | ||||||
ExlService Holdings* | 12,437 | 788 | ||||||
Extreme Networks* | 43,590 | 189 | ||||||
Fabrinet* | 13,520 | 844 | ||||||
FARO Technologies* | 6,408 | 343 | ||||||
Fastly, Cl A* | 19,019 | 1,619 | ||||||
Five9* | 27,951 | 3,093 | ||||||
FormFactor* | 27,727 | 813 | ||||||
Gartner* | 4,660 | 565 | ||||||
The accompanying notes are an integral part of the financial statements.
39
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Harmonic* | 34,673 | $ | 165 | |||||
Ichor Holdings* | 8,128 | 216 | ||||||
II-VI* | 40,722 | 1,923 | ||||||
Infinera* | 87,469 | 518 | ||||||
Inphi* | 42,138 | 4,951 | ||||||
Insight Enterprises* | 36,316 | 1,787 | ||||||
Itron* | 78,999 | 5,234 | ||||||
KBR | 248,809 | 5,611 | ||||||
Knowles* | 173,437 | 2,647 | ||||||
Kulicke & Soffa Industries | 187,934 | 3,915 | ||||||
Lattice Semiconductor* | 151,396 | 4,298 | ||||||
Littelfuse | 30,421 | 5,191 | ||||||
LivePerson* | 71,228 | 2,951 | ||||||
MACOM Technology Solutions Holdings* | 207,503 | 7,128 | ||||||
ManTech International, Cl A | 9,877 | 676 | ||||||
MAXIMUS | 67,360 | 4,745 | ||||||
MaxLinear, Cl A* | 24,029 | 516 | ||||||
Methode Electronics | 13,673 | 427 | ||||||
MicroStrategy, Cl A* | 3,005 | 355 | ||||||
MKS Instruments | 19,388 | 2,195 | ||||||
Model N* | 60,016 | 2,086 | ||||||
MongoDB, Cl A* | 4,637 | 1,050 | ||||||
MTS Systems | 282,087 | 4,962 | ||||||
National Instruments | 112,620 | 4,359 | ||||||
NETGEAR* | 11,044 | 286 | ||||||
NIC | 24,773 | 569 | ||||||
nLight* | 85,874 | 1,912 | ||||||
Novanta* | 29,351 | 3,134 | ||||||
Nuance Communications* | 398,016 | 10,072 | ||||||
Okta, Cl A* | 13,295 | 2,662 | ||||||
OneSpan* | 11,769 | 329 | ||||||
Onto Innovation* | 162,367 | 5,527 | ||||||
OSI Systems* | 48,136 | 3,593 | ||||||
PC Connection | 3,978 | 184 | ||||||
PDF Solutions* | 9,999 | 196 | ||||||
Pegasystems | 14,615 | 1,479 | ||||||
Perficient* | 12,021 | 430 | ||||||
Perspecta | 150,471 | 3,495 | ||||||
Photronics* | 24,681 | 275 | ||||||
Plantronics | 11,771 | 173 | ||||||
Plexus* | 10,704 | 755 | ||||||
Power Integrations | 10,995 | 1,299 | ||||||
Progress Software | 16,581 | 642 | ||||||
Q2 Holdings* | 53,406 | 4,582 | ||||||
Rambus* | 41,206 | 626 | ||||||
Rapid7* | 32,825 | 1,675 | ||||||
| Description | Shares | Value (000) | ||||||
RingCentral, Cl A* | 26,502 | $ | 7,553 | |||||
Rogers* | 55,639 | 6,933 | ||||||
Sanmina* | 25,620 | 642 | ||||||
ScanSource* | 9,165 | 221 | ||||||
Semtech* | 35,710 | 1,865 | ||||||
SMART Global Holdings* | 4,666 | 127 | ||||||
SolarEdge Technologies* | 21,730 | 3,016 | ||||||
SPS Commerce* | 12,700 | 954 | ||||||
SVMK* | 132,132 | 3,110 | ||||||
Sykes Enterprises* | 14,209 | 393 | ||||||
Teradyne | 22,776 | 1,925 | ||||||
Tower Semiconductor* | 85,555 | 1,633 | ||||||
Trade Desk, Cl A* | 3,945 | 1,604 | ||||||
TTEC Holdings | 52,333 | 2,437 | ||||||
TTM Technologies* | 36,169 | 429 | ||||||
Ultra Clean Holdings* | 14,591 | 330 | ||||||
Unisys* | 19,525 | 213 | ||||||
Varonis Systems* | 41,478 | 3,670 | ||||||
Veeco Instruments* | 17,678 | 238 | ||||||
Viavi Solutions* | 83,992 | 1,070 | ||||||
Virtusa* | 10,992 | 357 | ||||||
Xperi Holding | 70,943 | 1,047 | ||||||
Zebra Technologies, Cl A* | 4,034 | 1,032 | ||||||
Zendesk* | 44,198 | 3,913 | ||||||
|
| |||||||
| 218,799 | ||||||||
|
| |||||||
Materials – 4.3% | ||||||||
AdvanSix* | 9,874 | 116 | ||||||
Alamos Gold, Cl A | 114,373 | 1,073 | ||||||
American Vanguard | 135,449 | 1,864 | ||||||
Arconic* | 35,570 | 495 | ||||||
Balchem | 11,759 | 1,115 | ||||||
Berry Global Group* | 43,635 | 1,934 | ||||||
Boise Cascade | 14,389 | 541 | ||||||
Cabot | 118,811 | 4,402 | ||||||
Century Aluminum* | 17,992 | 128 | ||||||
Clearwater Paper* | 5,925 | 214 | ||||||
Cleveland-Cliffs | 145,054 | 801 | ||||||
Compass Minerals International | 127,785 | 6,230 | ||||||
Element Solutions* | 92,025 | 998 | ||||||
Ferro* | 345,672 | 4,127 | ||||||
FutureFuel | 9,076 | 108 | ||||||
GCP Applied Technologies* | 19,800 | 368 | ||||||
Hawkins | 3,355 | 143 | ||||||
Haynes International | 4,432 | 104 | ||||||
HB Fuller | 62,034 | 2,767 | ||||||
Huntsman | 283,049 | 5,086 | ||||||
The accompanying notes are an integral part of the financial statements.
40
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Innospec | 8,970 | $ | 693 | |||||
Kaiser Aluminum | 5,859 | 431 | ||||||
Koppers Holdings* | 7,355 | 139 | ||||||
Kraton* | 83,355 | 1,440 | ||||||
Livent* | 53,677 | 331 | ||||||
Louisiana-Pacific | 239,809 | 6,151 | ||||||
Materion | 7,519 | 462 | ||||||
Mercer International | 14,484 | 118 | ||||||
Myers Industries | 12,759 | 186 | ||||||
Neenah | 6,177 | 306 | ||||||
O-I Glass, Cl I | 224,709 | 2,018 | ||||||
Olin | 219,304 | 2,520 | ||||||
Olympic Steel | 2,849 | 33 | ||||||
PH Glatfelter | 16,169 | 259 | ||||||
PolyOne | 78,530 | 2,060 | ||||||
Quaker Chemical | 4,695 | 872 | ||||||
Rayonier Advanced Materials | 15,947 | 45 | ||||||
Schweitzer-Mauduit International | 11,378 | 380 | ||||||
Silgan Holdings | 68,733 | 2,226 | ||||||
Stepan | 7,318 | 711 | ||||||
SunCoke Energy | 31,685 | 94 | ||||||
Tecnoglass | 202,308 | 1,103 | ||||||
TimkenSteel* | 13,208 | 51 | ||||||
Tredegar | 8,861 | 136 | ||||||
Trinseo | 14,300 | 317 | ||||||
US Concrete* | 5,706 | 141 | ||||||
Warrior Met Coal | 18,552 | 286 | ||||||
|
| |||||||
| 56,123 | ||||||||
|
| |||||||
Real Estate – 4.6% | ||||||||
Acadia Realty Trust‡ | 32,045 | 416 | ||||||
Agree Realty‡ | 90,467 | 5,945 | ||||||
Alexander & Baldwin‡ | 24,978 | 304 | ||||||
American Assets Trust‡ | 17,720 | 493 | ||||||
Armada Hoffler Properties‡ | 20,002 | 199 | ||||||
Brandywine Realty Trust‡ | 62,600 | 682 | ||||||
CareTrust‡ | 35,345 | 607 | ||||||
CatchMark Timber Trust, Cl A‡ | 214,127 | 1,895 | ||||||
Cedar Realty Trust‡ | 30,354 | 30 | ||||||
Chatham Lodging Trust‡ | 16,953 | 104 | ||||||
Community Healthcare Trust‡ | 61,944 | 2,534 | ||||||
DiamondRock Hospitality‡ | 73,878 | 409 | ||||||
Diversified Healthcare Trust‡ | 86,600 | 383 | ||||||
Easterly Government Properties‡ | 122,115 | 2,823 | ||||||
Essential Properties Realty Trust‡ | 33,756 | 501 | ||||||
Four Corners Property Trust‡ | 25,490 | 622 | ||||||
Franklin Street Properties‡ | 38,777 | 197 | ||||||
| Description | Shares | Value (000) | ||||||
Getty Realty‡ | 12,584 | $ | 374 | |||||
Global Net Lease‡ | 33,038 | 553 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital‡ | 65,904 | 1,876 | ||||||
Hersha Hospitality Trust, Cl A‡ | 13,073 | 75 | ||||||
Independence Realty Trust‡ | 35,194 | 404 | ||||||
Industrial Logistics Properties Trust‡ | 306,498 | 6,299 | ||||||
Innovative Industrial Properties, Cl A‡ | 6,792 | 598 | ||||||
Investors Real Estate Trust‡ | 4,534 | 320 | ||||||
iStar‡ | 103,016 | 1,269 | ||||||
Kite Realty Group Trust‡ | 30,866 | 356 | ||||||
Lexington Realty Trust, Cl B‡ | 101,464 | 1,070 | ||||||
LTC Properties‡ | 14,687 | 553 | ||||||
Marcus & Millichap* | 8,865 | 256 | ||||||
National Retail Properties‡ | 54,988 | 1,951 | ||||||
National Storage Affiliates Trust‡ | 22,937 | 657 | ||||||
NexPoint Residential Trust‡ | 8,180 | 289 | ||||||
Office Properties Income Trust‡ | 17,802 | 462 | ||||||
Omega Healthcare Investors‡ | 46,599 | 1,385 | ||||||
Outfront Media‡ | 107,270 | 1,520 | ||||||
Pennsylvania Real Estate Investment Trust‡ | 19,799 | 27 | ||||||
Postal Realty Trust, Cl A | 124,589 | 1,987 | ||||||
QTS Realty Trust, Cl A‡ | 58,077 | 3,722 | ||||||
Rayonier‡ | 192,915 | 4,782 | ||||||
RE/MAX Holdings, Cl A | 6,415 | 202 | ||||||
Realogy Holdings | 40,950 | 303 | ||||||
Retail Opportunity Investments‡ | 42,780 | 485 | ||||||
RLJ Lodging Trust‡ | 72,414 | 684 | ||||||
RPT Realty‡ | 28,781 | 200 | ||||||
Safehold‡ | 4,846 | 279 | ||||||
Saul Centers‡ | 4,178 | 135 | ||||||
SITE Centers‡ | 54,600 | 442 | ||||||
St. Joe* | 11,389 | 221 | ||||||
STAG Industrial‡ | 87,005 | 2,551 | ||||||
Summit Hotel Properties‡ | 38,072 | 226 | ||||||
Tanger Factory Outlet Centers‡ | 33,673 | 240 | ||||||
UMH Properties‡ | 235,871 | 3,050 | ||||||
Uniti Group‡ | 71,374 | 667 | ||||||
Universal Health Realty Income Trust‡ | 4,675 | 372 | ||||||
Urstadt Biddle Properties, Cl A‡ | 10,644 | 126 | ||||||
Washington‡ | 30,436 | 676 | ||||||
Washington Prime Group‡ | 67,536 | 57 | ||||||
Whitestone, Cl B‡ | 16,195 | 118 | ||||||
The accompanying notes are an integral part of the financial statements.
41
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Small Cap Equity Fund |
| Description | Shares | Value (000) | ||||||
Xenia Hotels & Resorts‡ | 41,531 | $ | 387 | |||||
|
| |||||||
| 60,350 | ||||||||
|
| |||||||
Utilities – 1.8% | ||||||||
ALLETE | 44,824 | 2,448 | ||||||
American States Water | 53,037 | 4,170 | ||||||
Avista | 133,053 | 4,842 | ||||||
California Water Service Group | 17,652 | 842 | ||||||
El Paso Electric | 14,890 | 998 | ||||||
Northwest Natural Holding | 11,174 | 623 | ||||||
NorthWestern | 70,430 | 3,840 | ||||||
Otter Tail | 51,626 | 2,002 | ||||||
South Jersey Industries | 33,760 | 844 | ||||||
Spire | 9,909 | 651 | ||||||
Unitil | 49,928 | 2,238 | ||||||
|
| |||||||
| 23,498 | ||||||||
|
| |||||||
Total Common Stock | 1,266,737 | |||||||
|
| |||||||
EXCHANGE TRADED FUNDS — 0.3% |
| |||||||
iShares Russell 2000 ETF | 15,819 | 2,265 | ||||||
iShares Russell 2000 Value ETF | 20,466 | 1,995 | ||||||
|
| |||||||
Total Exchange Traded Funds | 4,260 | |||||||
|
| |||||||
| Number of Rights | ||||||||
RIGHTS — 0.0% |
| |||||||
Media Genera‡‡ (A) | 9,318 | 1 | ||||||
Tobira Therapeutics, Expires 12/31/2028(A) | 900 | 13 | ||||||
|
| |||||||
Total Rights | ||||||||
(Cost $–) (000) | 14 | |||||||
|
| |||||||
| Shares | ||||||||
SHORT-TERM INVESTMENT — 2.6% |
| |||||||
State Street Institutional Treasury Money Market Fund, Cl Premier, 0.110% (B) | 34,117,478 | 34,117 | ||||||
|
| |||||||
Total Short-Term Investment | 34,117 | |||||||
|
| |||||||
Total Investments In Securities — 99.9% |
| $ | 1,305,128 | |||||
|
| |||||||
Percentages are based on net assets of $1,306,668 (000).
A list of the open futures contracts held by the Fund at June 30, 2020, is as follows (000):
| Type of Contract | Number of Contracts Long | Expiration Date | Notional Amount | Value | Unrealized Appreciation | |||||||||||||||
Russell 2000 Index E-MINI | 38 | Sep-2020 | $ | 2,638 | $ | 2,731 | $ | 93 | ||||||||||||
|
|
|
|
|
| |||||||||||||||
| * | Non-income producing security. |
| ‡ | Real Estate Investment Trust |
| ‡‡ | Expiration date unavailable. |
| (A) | Level 3 security in accordance with fair value hierarchy. |
| (B) | The rate reported is the 7-day effective yield as of June 30, 2020. |
| Cl | — Class |
| ETF | — Exchange Traded Fund |
The following is a list of the level of inputs used as of June 30, 2020, in valuing the Fund’s investments and other financial instruments carried at value (000):
| Investments in Securities | Level 1 | Level 2 | Level 3^ | Total | ||||||||||||
Common Stock | $ | 1,266,737 | $ | — | $ | — | $ | 1,266,737 | ||||||||
Exchange Traded Funds | 4,260 | — | — | 4,260 | ||||||||||||
Rights | — | — | 14 | 14 | ||||||||||||
Short-Term Investment | 34,117 | — | — | 34,117 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 1,305,114 | $ | — | $ | 14 | $ | 1,305,128 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts** |
| |||||||||||||||
Unrealized Appreciation | $ | 93 | $ | – | $ | – | $ | 93 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | 93 | $ | – | $ | – | $ | 93 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| ** | Futures contracts are valued at the unrealized appreciation on the instrument. |
| ^ | A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
For the period ended June 30, 2020, there were no transfers in or out of Level 3.
Amounts designated as “— “ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
42
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
Sector Weightings†
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS |
| Description | Shares | Value (000) | ||||||
COMMON STOCK — 96.0% |
| |||||||
Argentina – 0.3% |
| |||||||
Globant* | 15,011 | $ | 2,249 | |||||
MercadoLibre* | 3,503 | 3,454 | ||||||
|
| |||||||
| 5,703 | ||||||||
|
| |||||||
Australia – 3.3% |
| |||||||
Adairs | 97,276 | 157 | ||||||
Adbri | 1,013,350 | 2,229 | ||||||
Afterpay* | 6,158 | 263 | ||||||
AGL Energy | 19,382 | 230 | ||||||
ALS | 192,967 | 880 | ||||||
Alumina | 574,758 | 652 | ||||||
AMP* | 95,884 | 124 | ||||||
Ampol | 30,886 | 630 | ||||||
Ansell | 43,150 | 1,100 | ||||||
APA Group | 34,091 | 264 | ||||||
Aristocrat Leisure | 16,893 | 302 | ||||||
Asaleo Care | 380,463 | 266 | ||||||
ASX | 5,575 | 329 | ||||||
Aurizon Holdings | 59,651 | 204 | ||||||
AusNet Services | 57,189 | 66 | ||||||
Austal | 328,151 | 740 | ||||||
Australia & New Zealand Banking Group | 275,097 | 3,574 | ||||||
Australian Pharmaceutical Industries | 232,729 | 185 | ||||||
Beach Energy | 338,965 | 362 | ||||||
BHP Group | 108,284 | 2,699 | ||||||
BlueScope Steel | 234,720 | 1,908 | ||||||
Brambles | 224,074 | 1,698 | ||||||
| Description | Shares | Value (000) | ||||||
carsales.com | 93,228 | $ | 1,155 | |||||
Centuria Capital Group | 43,654 | 54 | ||||||
Centuria Office‡ | 74,806 | 105 | ||||||
Challenger | 30,777 | 95 | ||||||
Champion Iron* | 138,307 | 274 | ||||||
Charter Hall Group‡ | 167,763 | 1,139 | ||||||
CIMIC Group | 2,687 | 45 | ||||||
Class | 38,788 | 36 | ||||||
Cleanaway Waste Management | 1,183,037 | 1,821 | ||||||
Clover | 53,721 | 80 | ||||||
Coca-Cola Amatil | 162,773 | 981 | ||||||
Cochlear* | 1,922 | 253 | ||||||
Codan | 36,349 | 178 | ||||||
Coles Group | 39,257 | 469 | ||||||
Commonwealth Bank of Australia | 52,122 | 2,516 | ||||||
Computershare | 13,236 | 122 | ||||||
Cromwell Property Group‡ | 854,472 | 531 | ||||||
Crown Resorts | 11,372 | 77 | ||||||
CSL | 13,361 | 2,669 | ||||||
CSR | 375,781 | 960 | ||||||
Dacian Gold* | 451,385 | 140 | ||||||
Data#3 | 193,872 | 615 | ||||||
Dexus‡ | 32,509 | 208 | ||||||
Dicker Data | 21,871 | 106 | ||||||
Domain Holdings Australia | 113,356 | 264 | ||||||
Eclipx Group* | 58,836 | 52 | ||||||
Estia Health | 397,256 | 424 | ||||||
Evolution Mining | 84,230 | 334 | ||||||
Fortescue Metals Group | 48,822 | 471 | ||||||
Goodman Group‡ | 48,409 | 500 | ||||||
GPT Group‡ | 56,661 | 164 | ||||||
GUD Holdings | 125,081 | 996 | ||||||
GWA Group | 131,560 | 253 | ||||||
Hotel Property Investments‡ | 8,189 | 16 | ||||||
Iluka Resources | 211,221 | 1,251 | ||||||
Imdex | 28,505 | 22 | ||||||
Independence Group NL | 260,597 | 877 | ||||||
Infomedia | 41,080 | 49 | ||||||
Ingenia Communities Group‡ | 148,874 | 465 | ||||||
Insurance Australia Group | 194,630 | 779 | ||||||
IPH | 65,687 | 340 | ||||||
James Hardie Industries* | 12,847 | 249 | ||||||
JB Hi-Fi | 9,845 | 294 | ||||||
Johns Lyng Group | 33,128 | 54 | ||||||
Jupiter Mines | 1,547,104 | 302 | ||||||
Kogan.com | 60,719 | 624 | ||||||
The accompanying notes are an integral part of the financial statements.
43
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Lend Lease Group | 20,381 | $ | 176 | |||||
Macmahon Holdings | 338,900 | 60 | ||||||
Macquarie Group | 9,829 | 815 | ||||||
Magellan Financial Group | 3,562 | 146 | ||||||
Mayne Pharma Group* | 621,897 | 167 | ||||||
Medibank | 83,715 | 173 | ||||||
Metcash | 174,596 | 329 | ||||||
Mirvac Group‡ | 120,848 | 181 | ||||||
Mount Gibson Iron | 150,446 | 64 | ||||||
National Australia Bank | 237,735 | 3,020 | ||||||
National Storage‡ | 197,377 | 253 | ||||||
Netwealth Group | 21,667 | 135 | ||||||
Newcrest Mining | 76,732 | 1,696 | ||||||
Nine Entertainment Holdings | 375,631 | 362 | ||||||
Northern Star Resources | 21,336 | 201 | ||||||
Oil Search | 62,326 | 138 | ||||||
Orica | 126,531 | 1,467 | ||||||
Origin Energy | 52,756 | 215 | ||||||
OZ Minerals | 42,149 | 323 | ||||||
People Infrastructure | 80,180 | 112 | ||||||
Perseus Mining* | 883,550 | 808 | ||||||
Probiotec | 7,520 | 10 | ||||||
Qantas Airways | 17,789 | 47 | ||||||
QBE Insurance Group | 169,178 | 1,040 | ||||||
Ramsay Health Care | 5,426 | 250 | ||||||
REA Group | 1,507 | 113 | ||||||
Regional Express Holdings | 12,432 | 10 | ||||||
Regis Resources | 155,106 | 564 | ||||||
Rio Tinto | 10,767 | 731 | ||||||
RPMGlobal Holdings* | 72,933 | 53 | ||||||
Santos | 54,429 | 201 | ||||||
Saracen Mineral Holdings* | 109,372 | 416 | ||||||
Scentre Group‡ | 154,782 | 233 | ||||||
SEEK | 10,808 | 164 | ||||||
Sigma Healthcare | 300,077 | 129 | ||||||
Sims | 12,558 | 69 | ||||||
Sonic Healthcare | 13,008 | 275 | ||||||
South32 | 149,777 | 212 | ||||||
Stockland‡ | 71,427 | 165 | ||||||
Suncorp Group | 38,298 | 244 | ||||||
Sydney Airport | 29,074 | 115 | ||||||
Tabcorp Holdings | 54,355 | 127 | ||||||
Technology One | 317,386 | 1,937 | ||||||
Telstra | 119,744 | 260 | ||||||
TPG Telecom* | 10,268 | 63 | ||||||
Transurban Group | 78,984 | 778 | ||||||
Treasury Wine Estates | 22,227 | 162 | ||||||
| Description | Shares | Value (000) | ||||||
Tuas* | 5,134 | $ | 2 | |||||
Unibail-Rodamco-Westfield‡ | 13,660 | 38 | ||||||
Vicinity Centres‡ | 122,260 | 121 | ||||||
Vita Group | 96,528 | 65 | ||||||
Vocus Communications* | 46,533 | 96 | ||||||
Washington H Soul Pattinson | 29,495 | 400 | ||||||
Waypoint‡ | 443,822 | 801 | ||||||
Wesfarmers | 33,556 | 1,046 | ||||||
Western Areas | 142,584 | 261 | ||||||
Westpac Banking | 105,296 | 1,308 | ||||||
WiseTech Global | 3,487 | 47 | ||||||
Woodside Petroleum | 27,641 | 417 | ||||||
Woolworths Group | 74,624 | 1,926 | ||||||
WPP AUNZ | 126,581 | 25 | ||||||
|
| |||||||
| 68,033 | ||||||||
|
| |||||||
Austria – 0.2% |
| |||||||
ANDRITZ | 9,266 | 338 | ||||||
BAWAG Group | 10,480 | 364 | ||||||
Erste Group Bank | 9,181 | 217 | ||||||
EVN | 7,962 | 134 | ||||||
Oesterreichische Post | 11,815 | 393 | ||||||
OMV | 4,559 | 154 | ||||||
Raiffeisen Bank International | 4,038 | 72 | ||||||
S IMMO | 2,712 | 49 | ||||||
Telekom Austria, Cl A | 19,698 | 136 | ||||||
Verbund | 1,907 | 85 | ||||||
Vienna Insurance Group Wiener Versicherung Gruppe | 9,639 | 216 | ||||||
Voestalpine | 3,549 | 77 | ||||||
Wienerberger | 46,271 | 1,012 | ||||||
Zumtobel Group | 10,549 | 76 | ||||||
|
| |||||||
| 3,323 | ||||||||
|
| |||||||
Belgium – 0.6% |
| |||||||
Aedifica‡ | 959 | 105 | ||||||
Ageas | 5,330 | 190 | ||||||
AGFA-Gevaert* | 74,387 | 312 | ||||||
Anheuser-Busch InBev | 40,444 | 2,004 | ||||||
Barco* | 3,131 | 556 | ||||||
Befimmo‡ | 8,329 | 374 | ||||||
bpost* | 8,885 | 60 | ||||||
Brederode | 692 | 58 | ||||||
Cie d’Entreprises CFE | 1,136 | 78 | ||||||
Colruyt | 1,753 | 97 | ||||||
D’ieteren | 2,498 | 139 | ||||||
Econocom Group | 20,481 | 42 | ||||||
Elia Group | 891 | 97 | ||||||
The accompanying notes are an integral part of the financial statements.
44
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
EVS Broadcast Equipment | 6,019 | $ | 111 | |||||
Financiere de Tubize | 509 | 47 | ||||||
Groupe Bruxelles Lambert | 2,351 | 197 | ||||||
Intervest Offices & Warehouses‡ | 1,727 | 45 | ||||||
KBC Ancora* | 2,148 | 74 | ||||||
KBC Group | 91,302 | 5,276 | ||||||
Ontex Group* | 8,600 | 126 | ||||||
Orange Belgium | 2,252 | 37 | ||||||
Proximus | 5,041 | 103 | ||||||
Sofina | 444 | 118 | ||||||
Solvay | 2,178 | 175 | ||||||
Telenet Group Holding | 17,121 | 707 | ||||||
UCB | 3,612 | 420 | ||||||
Umicore | 5,858 | 277 | ||||||
Warehouses De Pauw CVA‡ | 12,422 | 341 | ||||||
|
| |||||||
| 12,166 | ||||||||
|
| |||||||
Brazil – 1.7% |
| |||||||
Alupar Investimento | 5,341 | 24 | ||||||
Ambev* | 511,625 | 1,343 | ||||||
Ambev ADR* | 2,040,668 | 5,388 | ||||||
B3 - Brasil Bolsa Balcao | 361,000 | 3,697 | ||||||
Banco Bradesco ADR* | 1,252,800 | 4,773 | ||||||
Banco BTG Pactual* | 9,700 | 138 | ||||||
Banco do Brasil* | 66,000 | 391 | ||||||
Cia de Saneamento do Parana* | 100,200 | 583 | ||||||
Cielo | 155,100 | 132 | ||||||
Embraer* | 61,960 | 93 | ||||||
IRB Brasil Resseguros S | 232,200 | 474 | ||||||
JBS | 224,900 | 884 | ||||||
LOG Commercial Properties e Participacoes | 115,276 | 695 | ||||||
LPS Brasil Consultoria de Imoveis* | 96,984 | 95 | ||||||
Marfrig Global Foods* | 97,800 | 226 | ||||||
Minerva* | 59,600 | 144 | ||||||
MRV Engenharia e Participacoes | 326,600 | 1,089 | ||||||
Natura & Holding* | 236,326 | 1,725 | ||||||
Odontoprev | 494,200 | 1,313 | ||||||
Porto Seguro | 138,642 | 1,301 | ||||||
Qualicorp Consultoria e Corretora de Seguros | 66,000 | 354 | ||||||
Raia Drogasil | 65,800 | 1,351 | ||||||
Rumo* | 633,300 | 2,625 | ||||||
Sul America* | 169,700 | 1,426 | ||||||
TOTVS | 859,900 | 3,700 | ||||||
Transmissora Alianca de Energia Eletrica | 40,900 | 214 | ||||||
WEG | 145,200 | 1,371 | ||||||
|
| |||||||
| 35,549 | ||||||||
|
| |||||||
| Description | Shares | Value (000) | ||||||
Canada – 4.1% |
| |||||||
Agnico Eagle Mines | 6,880 | $ | 441 | |||||
Aimia* | 59,760 | �� | 131 | |||||
Air Canada, Cl A* | 3,300 | 41 | ||||||
Algonquin Power & Utilities | 14,482 | 188 | ||||||
Alimentation Couche-Tard, Cl B | 83,602 | 2,622 | ||||||
AltaGas | 7,300 | 84 | ||||||
Artis‡ | 22,900 | 127 | ||||||
Atco, Cl I | 2,300 | 68 | ||||||
Atlantic Power* | 32,200 | 65 | ||||||
B2Gold | 29,900 | 170 | ||||||
Bank of Montreal | 19,205 | 1,022 | ||||||
Bank of Nova Scotia | 123,939 | 5,128 | ||||||
Barrick Gold | 173,054 | 4,657 | ||||||
Bausch Health* | 9,000 | 165 | ||||||
BCE | 26,127 | 1,090 | ||||||
BlackBerry* | 216,089 | 1,054 | ||||||
Boardwalk‡ | 5,628 | 123 | ||||||
Brookfield Asset Management, Cl A | 136,013 | 4,476 | ||||||
CAE* | 8,000 | 130 | ||||||
Cameco | 12,400 | 127 | ||||||
Canadian Apartment Properties‡ | 2,500 | 89 | ||||||
Canadian Imperial Bank of Commerce | 13,000 | 869 | ||||||
Canadian National Railway | 79,444 | 7,036 | ||||||
Canadian National Railway | 21,000 | 1,858 | ||||||
Canadian Natural Resources | 116,155 | 2,015 | ||||||
Canadian Pacific Railway | 11,744 | 2,987 | ||||||
Canadian Tire, Cl A | 1,800 | 156 | ||||||
Canadian Utilities, Cl A | 3,700 | 92 | ||||||
Canadian Western Bank | 8,100 | 141 | ||||||
Canopy Growth* | 5,900 | 96 | ||||||
Cascades | 12,600 | 137 | ||||||
CCL Industries, Cl B | 4,600 | 149 | ||||||
Celestica* | 41,918 | 288 | ||||||
Cenovus Energy* | 27,500 | 129 | ||||||
CGI, Cl A* | 7,100 | 447 | ||||||
CI Financial | 6,400 | 81 | ||||||
Cogeco | 9,100 | 543 | ||||||
Colliers International Group | 3,167 | 183 | ||||||
Computer Modelling Group | 13,044 | 46 | ||||||
Constellation Software | 2,584 | 2,918 | ||||||
CRH Medical* | 34,121 | 71 | ||||||
Cronos Group* | 4,700 | 28 | ||||||
Dollarama | 8,900 | 296 | ||||||
Dorel Industries, Cl B* | 7,800 | 31 | ||||||
Dream Hard Asset Alternatives Trust | 5,100 | 18 | ||||||
The accompanying notes are an integral part of the financial statements.
45
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Dream Office‡ | 11,365 | $ | 172 | |||||
DREAM Unlimited, Cl A | 23,800 | 157 | ||||||
Emera | 6,900 | 272 | ||||||
Empire | 4,600 | 110 | ||||||
Enbridge | 59,500 | 1,809 | ||||||
Exco Technologies | 4,200 | 21 | ||||||
Fairfax Financial Holdings | 9,336 | 2,885 | ||||||
Finning International | 50,723 | 692 | ||||||
First Capital Real Estate Investment Trust‡ | 5,000 | 51 | ||||||
First Quantum Minerals | 21,500 | 171 | ||||||
Fortis | 13,785 | 524 | ||||||
Franco-Nevada | 16,038 | 2,241 | ||||||
George Weston | 2,240 | 164 | ||||||
Gildan Activewear* | 32,947 | 510 | ||||||
Great-West Lifeco | 8,400 | 147 | ||||||
Hardwoods Distribution | 2,800 | 34 | ||||||
High Liner Foods | 15,435 | 66 | ||||||
HLS Therapeutics | 1,700 | 23 | ||||||
Hydro One | 10,000 | 188 | ||||||
iA Financial | 19,500 | 653 | ||||||
IGM Financial | 1,900 | 46 | ||||||
Imperial Oil | 7,300 | 117 | ||||||
Intact Financial | 4,100 | 390 | ||||||
Inter Pipeline | 62,609 | 583 | ||||||
Keyera | 5,700 | 87 | ||||||
Kinross Gold* | 36,200 | 261 | ||||||
Kirkland Lake Gold | 4,700 | 194 | ||||||
Kirkland Lake Gold | 3,400 | 140 | ||||||
Leon’s Furniture | 2,600 | 26 | ||||||
Loblaw | 40,048 | 1,950 | ||||||
Lundin Mining | 19,800 | 106 | ||||||
Magna International | 23,738 | 1,058 | ||||||
Mainstreet Equity* | 600 | 30 | ||||||
Manulife Financial | 56,200 | 765 | ||||||
Martinrea International | 30,900 | 234 | ||||||
Metro, Cl A | 7,610 | 314 | ||||||
Morguard‡ | 13,500 | 51 | ||||||
Morguard North American Residential Real Estate Investment Trust‡ | 16,100 | 173 | ||||||
Mullen Group* | 19,600 | 105 | ||||||
National Bank of Canada | 9,900 | 449 | ||||||
Nexus Real Estate Investment Trust‡ | 55,300 | 62 | ||||||
Nutrien | 17,009 | 547 | ||||||
Onex | 2,400 | 108 | ||||||
Open Text | 7,700 | 327 | ||||||
Pan American Silver | 6,100 | 185 | ||||||
| Description | Shares | Value (000) | ||||||
Parkland | 4,300 | $ | 107 | |||||
Pembina Pipeline | 15,572 | 389 | ||||||
Plaza Retail‡ | 8,900 | 21 | ||||||
Polaris Infrastructure | 10,200 | 108 | ||||||
Power Corp of Canada | 16,681 | 293 | ||||||
PrairieSky Royalty | 74,347 | 470 | ||||||
Quebecor, Cl B | 5,800 | 125 | ||||||
Resolute Forest Products* | 32,675 | 69 | ||||||
Restaurant Brands International | 8,500 | 462 | ||||||
RioCan‡ | 3,900 | 44 | ||||||
Ritchie Bros Auctioneers | 39,677 | 1,616 | ||||||
Rogers Communications, Cl B | 28,054 | 1,127 | ||||||
Royal Bank of Canada | 41,900 | 2,842 | ||||||
Saputo | 11,800 | — | ||||||
Saputo | 48,600 | 1,159 | ||||||
Shaw Communications, Cl B | 14,151 | 231 | ||||||
Shopify, Cl A* | 3,100 | 2,945 | ||||||
SmartCentres‡ | 2,200 | 34 | ||||||
Spin Master* | 52,026 | 940 | ||||||
Stantec | 3,671 | 113 | ||||||
Sun Life Financial | 17,000 | 625 | ||||||
Suncor Energy | 210,549 | 3,549 | ||||||
TC Energy | 27,533 | 1,176 | ||||||
Teck Resources, Cl B | 13,200 | 138 | ||||||
TECSYS | 2,800 | 49 | ||||||
TELUS | 12,773 | 214 | ||||||
Thomson Reuters | 5,040 | 342 | ||||||
TMX Group | 1,600 | 158 | ||||||
Toronto-Dominion Bank | 53,300 | 2,379 | ||||||
Total Energy Services* | 12,128 | 19 | ||||||
Transcontinental, Cl A | 1,900 | 21 | ||||||
Wajax | 10,200 | 63 | ||||||
Wheaton Precious Metals | 13,145 | 578 | ||||||
WSP Global | 3,100 | 190 | ||||||
Yamana Gold | 27,400 | 149 | ||||||
|
| |||||||
| 84,556 | ||||||||
|
| |||||||
Chile – 0.2% |
| |||||||
AES Gener | 676,490 | 98 | ||||||
CAP* | 4,551 | 29 | ||||||
Cencosud | 255,849 | 358 | ||||||
Cia Sud Americana de Vapores* | 19,660,503 | 450 | ||||||
Colbun | 384,866 | 61 | ||||||
Enaex | 26,268 | 222 | ||||||
Enel Americas | 9,571,000 | 1,445 | ||||||
Engie Energia Chile | 39,596 | 53 | ||||||
Falabella | 225,141 | 713 | ||||||
The accompanying notes are an integral part of the financial statements.
46
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Quinenco | 628,316 | $ | 899 | |||||
|
| |||||||
| 4,328 | ||||||||
|
| |||||||
China – 3.4% |
| |||||||
Alibaba Group Holding ADR* | 76,824 | 16,572 | ||||||
Anhui Conch Cement, Cl H | 330,280 | 2,226 | ||||||
Asia Cement China Holdings | 28,000 | 28 | ||||||
Autohome ADR | 9,894 | 747 | ||||||
Baidu ADR* | 44,819 | 5,374 | ||||||
Bank of Communications, Cl H | 3,439,506 | 2,123 | ||||||
BeiGene ADR* | 1,100 | 207 | ||||||
CECEP COSTIN New Materials Group* (A) | 1,134,000 | — | ||||||
China Railway Group, Cl H | 91,000 | 47 | ||||||
China Telecom ADR | 6,143 | 172 | ||||||
China Tourism Group Duty Free, Cl A | 268,750 | 5,864 | ||||||
FinVolution Group ADR | 38,030 | 69 | ||||||
JD.com ADR* | 62,793 | 3,779 | ||||||
Jiangsu Hengrui Medicine, Cl A | 119,240 | 1,561 | ||||||
JOYY ADR* | 430 | 38 | ||||||
Kweichow Moutai, Cl A | 13,700 | 2,836 | ||||||
Midea Group, Cl A | 391,100 | 3,317 | ||||||
Momo ADR* | 52,310 | 914 | ||||||
NetEase ADR | 21,646 | 9,294 | ||||||
Qudian ADR* | 17,657 | 30 | ||||||
Sohu.com ADR* | 10,872 | 100 | ||||||
TAL Education Group ADR* | 40,632 | 2,778 | ||||||
TravelSky Technology, Cl H | 1,054,000 | 1,857 | ||||||
Tsingtao Brewery, Cl H | 68,000 | 514 | ||||||
Vipshop Holdings ADR* | 128,892 | 2,566 | ||||||
Xiwang Special Steel* | 1,566 | — | ||||||
Yum China Holdings* | 100,617 | 4,837 | ||||||
Zhangzhou Pientzehuang Pharmaceutical, Cl A | 94,800 | 2,288 | ||||||
|
| |||||||
| 70,138 | ||||||||
|
| |||||||
Colombia – 0.0% |
| |||||||
Bancolombia ADR | 30,793 | 810 | ||||||
|
| |||||||
Cypress – 0.0% | ||||||||
QIWI ADR | 21,423 | 371 | ||||||
|
| |||||||
Czech Republic – 0.0% | ||||||||
Komercni Banka* | 23,191 | 541 | ||||||
O2 Czech Republic | 11,104 | 103 | ||||||
|
| |||||||
| 644 | ||||||||
|
| |||||||
Denmark – 2.0% |
| |||||||
ALK-Abello* | 2,401 | 645 | ||||||
Ambu, Cl B | 4,707 | 149 | ||||||
| Description | Shares | Value (000) | ||||||
AP Moeller - Maersk, Cl A | 101 | $ | 110 | |||||
AP Moeller - Maersk, Cl B | 184 | 216 | ||||||
Bavarian Nordic* | 3,872 | 106 | ||||||
Carlsberg, Cl B | 32,664 | 4,337 | ||||||
Chemometec | 12,479 | 597 | ||||||
Chr Hansen Holding | 3,140 | 324 | ||||||
Coloplast, Cl B | 30,641 | 4,764 | ||||||
D/S Nordern | 20,678 | 280 | ||||||
Danske Bank* | 29,678 | 398 | ||||||
Demant* | 50,758 | 1,345 | ||||||
DSV PANALPINA | 6,133 | 752 | ||||||
Genmab* | 1,901 | 639 | ||||||
GN Store Nord | 64,347 | 3,452 | ||||||
H Lundbeck | 1,960 | 74 | ||||||
H+H International, Cl B* | 3,440 | 55 | ||||||
MT Hoejgaard Holding* | 1,614 | 28 | ||||||
Nilfisk Holding* | 4,207 | 58 | ||||||
Novo Nordisk, Cl B | 225,954 | 14,729 | ||||||
Novozymes, Cl B | 6,298 | 366 | ||||||
Orsted | 19,029 | 2,211 | ||||||
Pandora | 2,895 | 158 | ||||||
Per Aarsleff Holding | 11,415 | 413 | ||||||
Ringkjoebing Landbobank | 2,963 | 210 | ||||||
Scandinavian Tobacco Group | 57,054 | 845 | ||||||
Solar, Cl B | 2,081 | 81 | ||||||
Spar Nord Bank* | 37,772 | 301 | ||||||
Tryg | 3,475 | 101 | ||||||
Vestas Wind Systems | 41,212 | 4,217 | ||||||
|
| |||||||
| 41,961 | ||||||||
|
| |||||||
Finland – 0.8% |
| |||||||
Admicom | 318 | 31 | ||||||
Altia | 2,850 | 26 | ||||||
Atria, Cl A | 3,051 | 30 | ||||||
Elisa | 4,120 | 251 | ||||||
eQ | 1,600 | 24 | ||||||
Fiskars Abp | 1,923 | 22 | ||||||
Fortum | 12,839 | 246 | ||||||
F-Secure* | 12,306 | 40 | ||||||
Huhtamaki* | 14,962 | 592 | ||||||
Kamux | 3,316 | 27 | ||||||
Kemira | 51,221 | 663 | ||||||
Kojamo | 3,078 | 65 | ||||||
Kone, Cl B | 10,085 | 694 | ||||||
Lassila & Tikanoja | 7,338 | 108 | ||||||
Metsa Board | 27,782 | 189 | ||||||
Metso | 3,015 | 99 | ||||||
The accompanying notes are an integral part of the financial statements.
47
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Neste | 12,501 | $ | 491 | |||||
Nokia* | 167,371 | 736 | ||||||
Nokian Renkaat | 217,990 | 4,810 | ||||||
Nordea Bank Abp | 3,302 | 23 | ||||||
Orion, Cl B | 2,841 | 137 | ||||||
QT Group* | 1,481 | 45 | ||||||
Sampo, Cl A | 66,405 | 2,297 | ||||||
Stora Enso, Cl R | 17,483 | 210 | ||||||
Terveystalo | 13,073 | 129 | ||||||
Tikkurila | 103,736 | 1,450 | ||||||
Tokmanni Group | 13,710 | 203 | ||||||
UPM-Kymmene | 15,753 | 457 | ||||||
Uponor | 14,156 | 191 | ||||||
Valmet | 45,831 | 1,203 | ||||||
Wartsila, Cl B | 58,303 | 485 | ||||||
|
| |||||||
| 15,974 | ||||||||
|
| |||||||
France – 6.9% |
| |||||||
ABC arbitrage | 7,029 | 54 | ||||||
Accor* | 5,954 | 163 | ||||||
Aeroports de Paris | 805 | 83 | ||||||
Air Liquide | 150,849 | 21,866 | ||||||
Airbus Group* | 30,631 | 2,193 | ||||||
Alstom* | 5,488 | 256 | ||||||
Alten* | 7,047 | 610 | ||||||
Amundi* | 1,702 | 134 | ||||||
Arkema | 2,103 | 202 | ||||||
Atos* | 2,948 | 253 | ||||||
AXA | 107,051 | 2,259 | ||||||
Bigben Interactive | 13,371 | 169 | ||||||
BioMerieux | 1,180 | 163 | ||||||
BNP Paribas* | 65,953 | 2,637 | ||||||
Bollore | 22,156 | 70 | ||||||
Bouygues* | 6,675 | 230 | ||||||
Bureau Veritas* | 8,404 | 178 | ||||||
Caisse Regionale de Credit Agricole Mutuel Brie Picardie* | 188 | 5 | ||||||
Capital Gemini | 42,427 | 4,896 | ||||||
Carrefour | 18,133 | 281 | ||||||
Casino Guichard Perrachon* | 1,370 | 51 | ||||||
Cegedim* | 2,822 | 91 | ||||||
Cie de Saint-Gobain* | 15,426 | 560 | ||||||
Cie Generale des Etablissements Michelin SCA | 4,976 | 514 | ||||||
CNP Assurances* | 4,404 | 51 | ||||||
Coface* | 20,815 | 138 | ||||||
Covivio‡ | 1,617 | 118 | ||||||
Credit Agricole* | 32,175 | 309 | ||||||
| Description | Shares | Value (000) | ||||||
Criteo ADR* | 9,628 | $ | 110 | |||||
Danone | 102,888 | 7,139 | ||||||
Dassault Aviation* | 62 | 58 | ||||||
Dassault Systemes | 16,349 | 2,833 | ||||||
Derichebourg | 11,647 | 34 | ||||||
Edenred | 43,428 | 1,894 | ||||||
Eiffage* | 2,341 | 215 | ||||||
Electricite de France | 18,194 | 169 | ||||||
Elis* | 62,797 | 741 | ||||||
Engie* | 338,292 | 4,200 | ||||||
EssilorLuxottica* | 55,192 | 7,110 | ||||||
Eurazeo* | 1,150 | 59 | ||||||
Eurofins Scientific* | 2,932 | 1,850 | ||||||
Faurecia* | 1,901 | 75 | ||||||
Focus Home Interactive | 244 | 9 | ||||||
Gaztransport Et Technigaz | 9,251 | 710 | ||||||
Gecina‡ | 1,302 | 161 | ||||||
Getlink* | 63,681 | 921 | ||||||
Groupe Partouche* | 895 | 21 | ||||||
Guerbet | 1,723 | 65 | ||||||
Hermes International | 2,155 | 1,811 | ||||||
HEXAOM* | 972 | 37 | ||||||
ICADE‡ | 953 | 67 | ||||||
Iliad | 403 | 79 | ||||||
Imerys | 2,686 | 92 | ||||||
Ingenico Group* | 1,802 | 288 | ||||||
Innate Pharma* | 20,038 | 124 | ||||||
Ipsen | 996 | 85 | ||||||
JCDecaux* | 18,620 | 348 | ||||||
Kering | 2,235 | 1,222 | ||||||
Klepierre‡ | 5,298 | 106 | ||||||
Korian* | 2,899 | 107 | ||||||
La Francaise des Jeux SAEM | 2,478 | 77 | ||||||
LafargeHolcim | 69 | 3 | ||||||
Legrand | 83,383 | 6,375 | ||||||
L’Oreal | 22,550 | 7,252 | ||||||
LVMH Moet Hennessy Louis Vuitton | 24,125 | 10,728 | ||||||
Mersen* | 4,721 | 113 | ||||||
Metropole Television* | 10,913 | 123 | ||||||
Natixis* | 23,654 | 63 | ||||||
Nexans* | 6,487 | 304 | ||||||
Orange | 57,693 | 691 | ||||||
Orpea* | 1,490 | 172 | ||||||
Pernod Ricard | 45,126 | 7,123 | ||||||
Peugeot* | 17,391 | 286 | ||||||
Publicis Groupe | 5,914 | 192 | ||||||
Quadient | 9,057 | 133 | ||||||
The accompanying notes are an integral part of the financial statements.
48
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Remy Cointreau | 714 | $ | 97 | |||||
Renault* | 4,985 | 127 | ||||||
Rexel* | 40,233 | 462 | ||||||
Safran* | 9,484 | 956 | ||||||
Sanofi | 33,194 | 3,403 | ||||||
Sartorius Stedim Biotech | 779 | 198 | ||||||
Schneider Electric | 148,663 | 16,638 | ||||||
Science* | 12,891 | 131 | ||||||
SCOR* | 4,913 | 135 | ||||||
SEB | 623 | 103 | ||||||
SES, Cl A | 9,380 | 64 | ||||||
Societe Generale* | 23,595 | 397 | ||||||
Sodexo | 2,473 | 169 | ||||||
Solocal Group* | 112,367 | 20 | ||||||
Somfy | 662 | 67 | ||||||
Sopra Steria Group* | 794 | 99 | ||||||
STMicroelectronics | 18,389 | 504 | ||||||
Suez | 10,152 | 119 | ||||||
Sword Group* | 866 | 28 | ||||||
Tarkett* | 4,305 | 50 | ||||||
TechnipFMC | 13,740 | 95 | ||||||
Teleperformance | 5,002 | 1,276 | ||||||
Thales | 8,225 | 667 | ||||||
TOTAL | 263,961 | 10,200 | ||||||
Ubisoft Entertainment* | 2,645 | 219 | ||||||
Valeo | 6,940 | 184 | ||||||
Veolia Environnement | 15,318 | 347 | ||||||
Vicat | 4,204 | 130 | ||||||
Vinci | 15,169 | 1,401 | ||||||
Virbac* | 286 | 63 | ||||||
Vivendi | 24,629 | 633 | ||||||
Wendel | 695 | 67 | ||||||
Worldline* | 4,094 | 359 | ||||||
|
| |||||||
| 144,317 | ||||||||
|
| |||||||
Germany – 5.9% |
| |||||||
adidas* | 12,729 | 3,363 | ||||||
Affimed* | 20,248 | 93 | ||||||
Allianz | 12,283 | 2,523 | ||||||
alstria office‡ | 24,997 | 373 | ||||||
Amadeus Fire* | 1,787 | 224 | ||||||
Aroundtown* | 33,864 | 195 | ||||||
Atoss Software | 140 | 16 | ||||||
BASF | 156,505 | 8,812 | ||||||
Bauer* | 3,014 | 33 | ||||||
Bayer | 128,772 | 9,590 | ||||||
Bayerische Motoren Werke | 120,163 | 7,675 | ||||||
| Description | Shares | Value (000) | ||||||
Beiersdorf | 68,040 | $ | 7,747 | |||||
Borussia Dortmund GmbH & KGaA | 2,047 | 13 | ||||||
Brenntag | 28,269 | 1,491 | ||||||
Carl Zeiss Meditec | 1,260 | 124 | ||||||
Centrotec* | 1,792 | 28 | ||||||
Cewe Stiftung & KGAA | 1,083 | 120 | ||||||
Commerzbank* | 31,506 | 142 | ||||||
CompuGroup Medical & KgaA | 6,103 | 484 | ||||||
Continental | 3,245 | 320 | ||||||
Corestate Capital Holding | 5,014 | 102 | ||||||
Covestro | 5,251 | 201 | ||||||
CropEnergies | 10,890 | 110 | ||||||
CTS Eventim & KGaA* | 11,804 | 494 | ||||||
Daimler | 25,321 | 1,034 | ||||||
Delivery Hero* | 3,840 | 398 | ||||||
Dermapharm Holding | 6,159 | 308 | ||||||
Deutsche Bank* | 58,051 | 558 | ||||||
Deutsche Boerse | 30,057 | 5,461 | ||||||
Deutsche EuroShop* | 18,082 | 256 | ||||||
Deutsche Lufthansa* | 5,900 | 60 | ||||||
Deutsche Post | 29,271 | 1,079 | ||||||
Deutsche Telekom | 163,017 | 2,757 | ||||||
Deutsche Wohnen | 10,232 | 461 | ||||||
DIC Asset | 9,755 | 132 | ||||||
Draegerwerk & KGaA | 908 | 61 | ||||||
Duerr | 3,415 | 90 | ||||||
E.ON | 65,803 | 744 | ||||||
Eckert & Ziegler Strahlen- und Medizintechnik | 1,377 | 231 | ||||||
Encavis | 35,648 | 523 | ||||||
Evonik Industries | 5,765 | 147 | ||||||
Evotec* | 12,121 | 332 | ||||||
Fraport Frankfurt Airport Services Worldwide* | 1,260 | 55 | ||||||
Fresenius & KGaA | 12,424 | 621 | ||||||
Fresenius Medical Care & KGaA | 34,436 | 2,971 | ||||||
GEA Group | 11,156 | 355 | ||||||
Gerresheimer | 3,522 | 326 | ||||||
GFT Technologies | 5,869 | 72 | ||||||
Hamburger Hafen und Logistik | 6,357 | 109 | ||||||
Hannover Rueck | 4,511 | 782 | ||||||
HeidelbergCement | 4,525 | 244 | ||||||
HelloFresh* | 65,174 | 3,494 | ||||||
Henkel & KGaA | 63,701 | 5,316 | ||||||
Hochtief | 754 | 68 | ||||||
Hornbach Baumarkt | 1,888 | 61 | ||||||
Hornbach Holding & KGaA | 6,417 | 534 | ||||||
The accompanying notes are an integral part of the financial statements.
49
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Infineon Technologies | 36,639 | $ | 870 | |||||
IVU Traffic Technologies | 5,518 | 96 | ||||||
KION Group | 1,675 | 104 | ||||||
Knorr-Bremse | 1,490 | 151 | ||||||
LANXESS | 2,336 | 124 | ||||||
LEG Immobilien | 1,990 | 254 | ||||||
Linde | 19,072 | 4,054 | ||||||
LPKF Laser & Electronics | 11,772 | 257 | ||||||
Merck KGaA | 40,868 | 4,787 | ||||||
METRO | 4,050 | 39 | ||||||
MorphoSys* | 3,911 | 498 | ||||||
MTU Aero Engines | 11,933 | 2,077 | ||||||
Muenchener Rueckversicherungs-Gesellschaft in Muenchen | 4,263 | 1,112 | ||||||
Nemetschek | 1,665 | 116 | ||||||
New Work | 530 | 163 | ||||||
Nexus | 1,524 | 67 | ||||||
Paul Hartmann | 107 | 38 | ||||||
ProSiebenSat.1 Media* | 30,094 | 359 | ||||||
Puma* | 2,554 | 199 | ||||||
QIAGEN* | 75,711 | 3,255 | ||||||
QSC | 18,840 | 29 | ||||||
RWE | 16,968 | 597 | ||||||
SAP | 147,585 | 20,740 | ||||||
Scout24 | 3,102 | 242 | ||||||
Siemens | 22,521 | 2,672 | ||||||
Siemens Healthineers | 4,528 | 218 | ||||||
Software | 17,599 | 714 | ||||||
Stabilus | 13,559 | 716 | ||||||
Symrise, Cl A | 3,767 | 439 | ||||||
Takkt | 4,992 | 51 | ||||||
TeamViewer* | 3,748 | 206 | ||||||
Telefonica Deutschland Holding | 34,296 | 102 | ||||||
ThyssenKrupp* | 10,582 | 76 | ||||||
Traffic Systems | 1,554 | 59 | ||||||
TUI | 37,413 | 179 | ||||||
Uniper | 6,088 | 197 | ||||||
United Internet | 3,313 | 141 | ||||||
Varta* | 5,039 | 572 | ||||||
VIB Vermoegen | 5,082 | 156 | ||||||
Volkswagen | 874 | 141 | ||||||
Vonovia | 14,876 | 916 | ||||||
Wuestenrot & Wuerttembergische | 10,718 | 183 | ||||||
Zalando* | 4,574 | 325 | ||||||
zooplus* | 1,338 | 220 | ||||||
|
| |||||||
| 122,424 | ||||||||
|
| |||||||
| Description | Shares | Value (000) | ||||||
Greece – 0.3% |
| |||||||
Aegean Airlines | 27,543 | $ | 123 | |||||
Eurobank Ergasias* | 4,957,521 | 2,297 | ||||||
Fourlis Holdings* | 125,273 | 602 | ||||||
Hellenic Petroleum | 8,507 | 57 | ||||||
Hellenic Telecommunications Organization | 71,491 | 967 | ||||||
JUMBO* | 117,537 | 2,115 | ||||||
Motor Oil Hellas Corinth Refineries | 48,181 | 669 | ||||||
National Bank of Greece* | 219,194 | 310 | ||||||
|
| |||||||
| 7,140 | ||||||||
|
| |||||||
Hong Kong – 6.3% |
| |||||||
Agile Group Holdings | 132,000 | 156 | ||||||
Agricultural Bank of China, Cl H | 5,177,000 | 2,085 | ||||||
AIA Group | 2,180,400 | 20,384 | ||||||
Ajisen China Holdings | 760,000 | 106 | ||||||
Analogue Holdings | 34,000 | 5 | ||||||
APT Satellite Holdings | 142,000 | 37 | ||||||
ASM Pacific Technology | 7,700 | 82 | ||||||
BAIC Motor, Cl H | 683,239 | 298 | ||||||
Bank of China, Cl H | 6,227,000 | 2,308 | ||||||
Bank of East Asia | 37,013 | 85 | ||||||
BOC Hong Kong Holdings | 108,500 | 347 | ||||||
Brightoil Petroleum Holdings* | 155,000 | 7 | ||||||
Budweiser Brewing APAC | 54,600 | 160 | ||||||
BYD Electronic International | 356,500 | 820 | ||||||
Champion‡ | 257,000 | 134 | ||||||
Chanjet Information Technology, Cl H | 800 | 1 | ||||||
China Aoyuan Group | 658,199 | 803 | ||||||
China Boqi Environmental Holding | 332,000 | 54 | ||||||
China Construction Bank, Cl H | 5,874,000 | 4,766 | ||||||
China Everbright Bank, Cl H | 489,000 | 185 | ||||||
China Meidong Auto Holdings | 42,000 | 104 | ||||||
China Mengniu Dairy | 129,000 | 495 | ||||||
China Minsheng Banking, Cl H | 430,127 | 296 | ||||||
China Mobile | 1,095,000 | 7,432 | ||||||
China National Building Material, Cl H | 1,386,168 | 1,478 | ||||||
China Overseas Grand Oceans Group | 93,000 | 53 | ||||||
China Resources Cement Holdings | 352,000 | 432 | ||||||
China Vanke, Cl H | 635,077 | 2,009 | ||||||
Chow Sang Sang Holdings International | 74,000 | 79 | ||||||
CITIC | 712,000 | 672 | ||||||
The accompanying notes are an integral part of the financial statements.
50
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
CITIC Telecom International Holdings | 115,000 | $ | 37 | |||||
CK Asset Holdings | 75,638 | 451 | ||||||
CK Hutchison Holdings | 250,884 | 1,613 | ||||||
CK Infrastructure Holdings | 20,000 | 103 | ||||||
CLP Holdings | 49,000 | 480 | ||||||
CNOOC | 1,150,000 | 1,272 | ||||||
Convenience Retail Asia | 94,000 | 44 | ||||||
Convoy Global Holdings* | 402,000 | 2 | ||||||
Country Garden Holdings | 1,197,621 | 1,477 | ||||||
Cowell e Holdings | 1,141,000 | 408 | ||||||
Dah Sing Banking Group | 51,600 | 47 | ||||||
Dah Sing Financial Holdings | 8,073 | 23 | ||||||
Dynam Japan Holdings | 96,200 | 87 | ||||||
Esprit Holdings* | 2,226,977 | 243 | ||||||
FIH Mobile* | 1,659,000 | 179 | ||||||
First Pacific | 1,051,857 | 202 | ||||||
Galaxy Entertainment Group* | 62,000 | 423 | ||||||
GDH Guangnan Holdings | 210,000 | 17 | ||||||
Giordano International | 494,000 | 75 | ||||||
Goodbaby International Holdings* | 326,000 | 37 | ||||||
Hang Lung Group | 42,000 | 98 | ||||||
Hang Lung Properties | 61,000 | 145 | ||||||
Hang Seng Bank | 22,800 | 385 | ||||||
Henderson Land Development | 42,708 | 163 | ||||||
Hengan International Group | 38,500 | 303 | ||||||
Hi Sun Technology China* | 315,000 | 36 | ||||||
HK Electric Investments & HK Electric Investments | 67,158 | 70 | ||||||
HKR International | 193,600 | 86 | ||||||
HKT Trust | 105,740 | 155 | ||||||
Hong Kong & China Gas | 308,939 | 478 | ||||||
Hong Kong Exchanges and Clearing | 34,925 | 1,494 | ||||||
Hongkong & Shanghai Hotels | 306,089 | 278 | ||||||
HSBC Holdings* | 1,311,011 | 6,132 | ||||||
Hysan Development | 38,000 | 122 | ||||||
Industrial & Commercial Bank of China, Cl H | 5,529,000 | 3,358 | ||||||
International Housewares Retail | 151,000 | 36 | ||||||
JH Educational Technology | 160,000 | 49 | ||||||
Johnson Electric Holdings | 366,070 | 647 | ||||||
Kaisa Group Holdings | 1,425,275 | 543 | ||||||
Kaisa Prosperity Holdings | 9,500 | 39 | ||||||
Kerry Properties | 14,500 | 38 | ||||||
Kingboard Holdings | 255,340 | 666 | ||||||
Kowloon Development | 44,000 | 48 | ||||||
Lenovo Group | 2,540,000 | 1,414 | ||||||
Li Ning | 441,500 | 1,420 | ||||||
| Description | Shares | Value (000) | ||||||
Link‡ | 62,300 | $ | 510 | |||||
Livzon Pharmaceutical Group, Cl H | 51,500 | 261 | ||||||
L’Occitane International | 161,885 | 273 | ||||||
Logan Group | 884,000 | 1,579 | ||||||
Longfor Group Holdings | 192,000 | 916 | ||||||
Lonking Holdings | 320,000 | 97 | ||||||
Luk Fook Holdings International | 27,000 | 59 | ||||||
Melco Resorts & Entertainment ADR* | 5,973 | 93 | ||||||
MTR | 44,377 | 230 | ||||||
NetDragon Websoft Holdings | 29,000 | 82 | ||||||
New World Development | 44,458 | 211 | ||||||
Nine Dragons Paper Holdings | 179,000 | 163 | ||||||
Nissin Foods | 36,000 | 29 | ||||||
NWS Holdings | 42,252 | 37 | ||||||
O-Net Technologies Group* | 225,000 | 148 | ||||||
PCCW | 114,136 | 65 | ||||||
Perfect Shape Medical | 740,716 | 265 | ||||||
Pico Far East Holdings | 18,000 | 3 | ||||||
Ping An Insurance Group of China, Cl H | 599,000 | 6,013 | ||||||
Poly Property Group | 111,374 | 34 | ||||||
Polytec Asset Holdings | 415,000 | 41 | ||||||
Power Assets Holdings | 40,000 | 217 | ||||||
Prosperity‡ | 257,000 | 77 | ||||||
Sands China | 71,600 | 283 | ||||||
Scud Group* | 252,000 | 8 | ||||||
S-Enjoy Service Group | 196,000 | 510 | ||||||
Shanghai Pharmaceuticals Holding, Cl H | 161,800 | 273 | ||||||
Shenzhou International Group Holdings | 258,000 | 3,129 | ||||||
Shimao Group Holdings | 119,000 | 506 | ||||||
Shui On Land | 287,500 | 48 | ||||||
Sino Land | 86,614 | 109 | ||||||
Sinopec Engineering Group, Cl H | 275,000 | 117 | ||||||
Sinopharm Group, Cl H | 95,600 | 246 | ||||||
Sinosoft Technology Group* | 440,000 | 64 | ||||||
Sinotruk Hong Kong | 611,126 | 1,588 | ||||||
SITC International Holdings | 565,000 | 603 | ||||||
SJM Holdings | 64,000 | 71 | ||||||
SmarTone Telecommunications Holdings | 66,447 | 36 | ||||||
Stella International Holdings | 794,948 | 818 | ||||||
Sun Hung Kai Properties | 37,393 | 478 | ||||||
Sunlight‡ | 84,000 | 42 | ||||||
Swire Pacific, Cl A | 13,000 | 69 | ||||||
Swire Properties | 36,600 | 93 | ||||||
The accompanying notes are an integral part of the financial statements.
51
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Tai Hing Group Holdings | 408,358 | $ | 71 | |||||
Techtronic Industries | 40,500 | 400 | ||||||
Television Broadcasts | 132,600 | 155 | ||||||
Tencent Holdings | 367,700 | 23,710 | ||||||
Tencent Music Entertainment Group ADR* | 273,467 | 3,681 | ||||||
Texwinca Holdings | 850,342 | 126 | ||||||
Tianyun International Holdings | 328,000 | 40 | ||||||
Tingyi Cayman Islands Holding | 829,014 | 1,297 | ||||||
Town Health International Medical Group* | 154,000 | 7 | ||||||
Trip.com Group ADR* | 13,822 | 358 | ||||||
United Laboratories International Holdings | 368,000 | 320 | ||||||
VSTECS Holdings | 214,000 | 115 | ||||||
VTech Holdings | 48,511 | 292 | ||||||
Wang On Properties | 9,484,000 | 163 | ||||||
Want Want China Holdings | 2,125,996 | 1,610 | ||||||
Weichai Power, Cl H | 765,000 | 1,429 | ||||||
WH Group | 275,101 | 237 | ||||||
Wharf Real Estate Investment | 51,000 | 244 | ||||||
Wheelock | 23,000 | 182 | ||||||
Wynn Macau | 50,000 | 86 | ||||||
Xinyi Glass Holdings | 2,276,000 | 2,790 | ||||||
Yue Yuen Industrial Holdings | 645,000 | 988 | ||||||
Zengame Technology Holding | 354,560 | 49 | ||||||
Zhongsheng Group Holdings | 151,500 | 848 | ||||||
|
| |||||||
| 130,988 | ||||||||
|
| |||||||
Hungary – 0.0% |
| |||||||
OTP Bank Nyrt* | 23,560 | 828 | ||||||
Richter Gedeon Nyrt | 1,924 | 40 | ||||||
|
| |||||||
| 868 | ||||||||
|
| |||||||
India – 2.6% |
| |||||||
Aarti Drugs | 5,514 | 94 | ||||||
Asian Paints | 88,658 | 1,981 | ||||||
Aurobindo Pharma | 62,375 | 634 | ||||||
Axis Bank* | 289,341 | 1,551 | ||||||
Bajaj Finance | 29,570 | 1,102 | ||||||
Bata India | 41 | 1 | ||||||
Bharti Airtel | 272,432 | 2,023 | ||||||
Birlasoft | 166,834 | 197 | ||||||
Britannia Industries | 29,722 | 1,417 | ||||||
Cipla | 48,634 | 413 | ||||||
Dishman Carbogen Amcis | 47,376 | 77 | ||||||
Dr Reddy’s Laboratories | 22,473 | 1,174 | ||||||
eClerx Services | 6,220 | 37 | ||||||
FDC | 11,827 | 44 | ||||||
HCL Technologies | 212,074 | 1,567 | ||||||
| Description | Shares | Value (000) | ||||||
HDFC Bank ADR* | 3,836 | $ | 174 | |||||
HDFC Bank* | 234,041 | 3,290 | ||||||
HEG | 10,386 | 114 | ||||||
Housing Development Finance | 255,359 | 5,929 | ||||||
Infosys | 289,148 | 2,834 | ||||||
Infosys ADR | 505,541 | 4,884 | ||||||
IOL Chemicals and Pharmaceuticals | 27,958 | 168 | ||||||
ION Exchange India | 6,166 | 53 | ||||||
JB Chemicals & Pharmaceuticals | 22,004 | 206 | ||||||
Lupin | 103,072 | 1,246 | ||||||
Mahindra & Mahindra | 97,016 | 654 | ||||||
Maruti Suzuki India | 17,709 | 1,364 | ||||||
Motherson Sumi Systems | 1,824,758 | 2,287 | ||||||
Mphasis | 21,511 | 250 | ||||||
Oracle Financial Services Software | 7,969 | 302 | ||||||
Power Finance | 108,808 | 121 | ||||||
Redington India | 5,025 | 6 | ||||||
Reliance Industries* | 16,104 | 47 | ||||||
Reliance Industries | 241,547 | 5,467 | ||||||
Sanofi India | 1,241 | 130 | ||||||
Shriram Transport Finance | 130,627 | 1,191 | ||||||
Sobha | 5,342 | 16 | ||||||
Sun Pharmaceutical Industries | 133,871 | 838 | ||||||
Tata Consultancy Services | 180,343 | 4,955 | ||||||
UPL | 503,625 | 2,838 | ||||||
Vodafone Idea* | 5,289,824 | 740 | ||||||
Wipro | 624,903 | 1,821 | ||||||
WNS Holdings ADR* | 2,386 | 131 | ||||||
|
| |||||||
| 54,368 | ||||||||
|
| |||||||
Indonesia – 0.4% |
| |||||||
Bank Mandiri Persero | 1,712,400 | 595 | ||||||
Bank Negara Indonesia Persero | 2,554,700 | 820 | ||||||
Bank Pembangunan Daerah Jawa Timur | 467,000 | 16 | ||||||
Bank Rakyat Indonesia Persero | 8,964,200 | 1,917 | ||||||
Erajaya Swasembada | 919,800 | 81 | ||||||
Indosat* | 291,300 | 48 | ||||||
Matahari Department Store* | 633,100 | 72 | ||||||
Media Nusantara Citra | 12,073,643 | 765 | ||||||
Mitra Pinasthika Mustika | 462,700 | 16 | ||||||
Perusahaan Gas Negara | 1,639,600 | 130 | ||||||
Puradelta Lestari | 2,315,300 | 28 | ||||||
Telekomunikasi Indonesia Persero | 13,086,800 | 2,798 | ||||||
United Tractors | 481,294 | 560 | ||||||
|
| |||||||
| 7,846 | ||||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
52
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Ireland – 0.9% |
| |||||||
AC Immune* | 18,026 | $ | 121 | |||||
AerCap Holdings* | 4,202 | 129 | ||||||
Bank of Ireland Group* | 159,720 | 330 | ||||||
CRH | 265,633 | 9,158 | ||||||
Irish Continental Group | 96,182 | 386 | ||||||
Paddy Power Betfair* | 5,953 | 785 | ||||||
Ryanair Holdings ADR* | 99,695 | 6,614 | ||||||
Smurfit Kappa Group | 6,574 | 220 | ||||||
|
| |||||||
| 17,743 | ||||||||
|
| |||||||
Israel – 0.6% |
| |||||||
Alony Hetz Properties & Investments | 21,372 | 213 | ||||||
Arko Holdings* | 140,961 | 30 | ||||||
Ashtrom Group | 8,795 | 93 | ||||||
Azrieli Group | 1,275 | 58 | ||||||
Bank Hapoalim | 33,875 | 202 | ||||||
Bank Leumi Le-Israel | 43,646 | 219 | ||||||
Bayside Land | 182 | 95 | ||||||
Blue Square Real Estate | 570 | 20 | ||||||
Camtek* | 5,747 | 72 | ||||||
Check Point Software Technologies* | 57,550 | 6,182 | ||||||
CyberArk Software* | 1,100 | 109 | ||||||
Danel Adir Yeoshua | 2,389 | 224 | ||||||
Delek Automotive Systems | 9,441 | 43 | ||||||
Delta Galil Industries | 4,264 | 49 | ||||||
Elbit Systems | 720 | 99 | ||||||
Elco | 3,756 | 125 | ||||||
Electra | 270 | 115 | ||||||
Electra Consumer Products 1970 | 2,149 | 50 | ||||||
First International Bank of Israel* | 13,139 | 278 | ||||||
ICL Group | 21,415 | 64 | ||||||
Industrial Buildings* | 600,881 | 1,089 | ||||||
Israel Discount Bank, Cl A | 211,631 | 645 | ||||||
Isramco Negev 2 | 676,878 | 59 | ||||||
Isras Investment | 163 | 22 | ||||||
Magic Software Enterprises | 3,542 | 40 | ||||||
Malam - Team | 550 | 110 | ||||||
Melisron | 5,330 | 201 | ||||||
Mizrahi Tefahot Bank | 3,633 | 68 | ||||||
Naphtha Israel Petroleum* | 34,467 | 111 | ||||||
Neto ME Holdings | 1,071 | 39 | ||||||
NICE-Systems* | 1,753 | 327 | ||||||
Norstar Holdings | 1,304 | 6 | ||||||
Nova Measuring Instruments* | 3,167 | 153 | ||||||
Oil Refineries | 57,166 | 11 | ||||||
Partner Communications* | 19,782 | 88 | ||||||
| Description | Shares | Value (000) | ||||||
Perion Network* | 11,171 | $ | 58 | |||||
Prashkovsky Investments and Construction | 10,428 | 137 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 | 1,076 | 60 | ||||||
Sapiens International | 4,688 | 131 | ||||||
Silicom* | 1,618 | 59 | ||||||
Tadiran Holdings | 1,211 | 60 | ||||||
Teva Pharmaceutical Industries* | 4,022 | 49 | ||||||
Teva Pharmaceutical Industries ADR* | 27,453 | 338 | ||||||
Wix.com* | 1,500 | 384 | ||||||
|
| |||||||
| 12,585 | ||||||||
|
| |||||||
Italy – 1.4% |
| |||||||
A2A | 119,285 | 169 | ||||||
ACEA | 25,756 | 497 | ||||||
Amplifon* | 14,928 | 399 | ||||||
Anima Holding | 27,893 | 121 | ||||||
Assicurazioni Generali | 32,735 | 497 | ||||||
ASTM* | 13,691 | 314 | ||||||
Atlantia* | 14,906 | 241 | ||||||
Avio* | 19,585 | 338 | ||||||
Azimut Holding | 39,928 | 686 | ||||||
B&C Speakers* | 1,422 | 18 | ||||||
Banca Carige* | 2,052,741 | 1 | ||||||
Banca Farmafactoring | 35,544 | 203 | ||||||
Banca Generali | 71,420 | 2,149 | ||||||
Banca Mediolanum | 30,358 | 219 | ||||||
Banca Sistema | 126,220 | 208 | ||||||
BasicNet | 8,739 | 40 | ||||||
Buzzi Unicem | 14,881 | 322 | ||||||
Cairo Communication* | 16,623 | 28 | ||||||
Cellularline | 2,087 | 12 | ||||||
Cerved Group* | 11,242 | 81 | ||||||
CNH Industrial* | 209,353 | 1,476 | ||||||
Davide Campari-Milano | 78,388 | 663 | ||||||
DiaSorin | 1,343 | 258 | ||||||
Digital Bros* | 3,711 | 90 | ||||||
Elica* | 16,618 | 50 | ||||||
Enel | 239,414 | 2,073 | ||||||
Eni | 288,342 | 2,770 | ||||||
Esprinet* | 49,779 | 212 | ||||||
EXOR | 3,163 | 182 | ||||||
Ferrari | 3,749 | 642 | ||||||
Fiat Chrysler Automobiles* | 31,359 | 320 | ||||||
Fiera Milano | 30,935 | 106 | ||||||
Fine Foods & Pharmaceuticals NTM | 8,130 | 100 | ||||||
The accompanying notes are an integral part of the financial statements.
53
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
FinecoBank Banca Fineco* | 18,479 | $ | 250 | |||||
Freni Brembo* | 156,230 | 1,452 | ||||||
Hera | 188,602 | 712 | ||||||
Immobiliare Grande Distribuzione SIIQ‡ | 44,639 | 176 | ||||||
Infrastrutture Wireless Italiane | 6,919 | 70 | ||||||
Intesa Sanpaolo* | 2,262,290 | 4,358 | ||||||
Iren | 321,364 | 799 | ||||||
Italmobiliare | 833 | 27 | ||||||
Leonardo-Finmeccanica | 11,424 | 76 | ||||||
Mediobanca Banca di Credito Finanziario | 16,681 | 121 | ||||||
Moncler* | 5,501 | 209 | ||||||
Nexi* | 10,859 | 189 | ||||||
Pharmanutra | 641 | 17 | ||||||
Pirelli & C* | 11,293 | 48 | ||||||
Poste Italiane | 14,364 | 126 | ||||||
Prysmian | 6,552 | 152 | ||||||
Recordati | 2,961 | 148 | ||||||
Reno de Medici | 31,801 | 25 | ||||||
Reply | 1,459 | 118 | ||||||
Saipem | 274,730 | 691 | ||||||
Sanlorenzo* | 909 | 15 | ||||||
Sesa | 3,358 | 203 | ||||||
Snam | 57,467 | 281 | ||||||
Societa Cattolica di Assicurazioni SC* | 4,518 | 26 | ||||||
Telecom Italia | 152,166 | 59 | ||||||
Telecom Italia | 256,529 | 101 | ||||||
Tenaris | 13,268 | 86 | ||||||
Terna Rete Elettrica Nazionale | 39,833 | 275 | ||||||
Tinexta Spa* | 11,170 | 150 | ||||||
UniCredit* | 150,638 | 1,397 | ||||||
Unipol Gruppo* | 313,535 | 1,224 | ||||||
|
| |||||||
| 29,066 | ||||||||
|
| |||||||
Japan – 16.1% |
| |||||||
77 Bank | 40,200 | 601 | ||||||
A&A Material | 1,700 | 17 | ||||||
A&D | 5,300 | 34 | ||||||
ABC-Mart | 3,900 | 228 | ||||||
Acom | 12,100 | 46 | ||||||
Adastria* | 18,000 | 287 | ||||||
Advantest | 5,600 | 320 | ||||||
Aeon | 18,700 | 435 | ||||||
Aeon Delight | 4,900 | 136 | ||||||
AEON Financial Service | 14,400 | 158 | ||||||
Aeon Mall | 2,100 | 28 | ||||||
| Description | Shares | Value (000) | ||||||
AGC* | 6,000 | $ | 171 | |||||
Ain Holdings | 33,400 | 2,185 | ||||||
Air Water | 15,000 | 212 | ||||||
Aisin Seiki* | 4,800 | 140 | ||||||
Ajinomoto | 13,100 | 217 | ||||||
Alfresa Holdings | 47,000 | 982 | ||||||
Alpen | 1,400 | 22 | ||||||
Altech | 2,519 | 45 | ||||||
Amada | 9,600 | 78 | ||||||
ANA Holdings* | 3,300 | 76 | ||||||
Anabuki Kosan | 2,000 | 29 | ||||||
Anest Iwata | 6,200 | 48 | ||||||
AOI TYO Holdings* | 5,600 | 23 | ||||||
Aozora Bank | 2,800 | 49 | ||||||
Applied | 900 | 33 | ||||||
Arata | 2,200 | 99 | ||||||
Arcs | 13,800 | 277 | ||||||
Argo Graphics | 3,000 | 94 | ||||||
Asahi | 13,900 | 192 | ||||||
Asahi Group Holdings | 17,900 | 628 | ||||||
Asahi Intecc | 5,300 | 150 | ||||||
Asahi Kasei | 37,100 | 305 | ||||||
Asante | 2,200 | 30 | ||||||
Asia Pile Holdings | 3,800 | 17 | ||||||
Asics* | 41,100 | 469 | ||||||
ASKUL | 4,100 | 131 | ||||||
Astellas Pharma | 75,800 | 1,265 | ||||||
Awa Bank | 2,000 | 45 | ||||||
Azbil | 10,400 | 317 | ||||||
Bank of Kyoto | 2,000 | 71 | ||||||
Bank of Nagoya | 1,800 | 39 | ||||||
Bank of Saga | 1,188 | 13 | ||||||
Bank of the Ryukyus | 5,600 | 50 | ||||||
BayCurrent Consulting* | 3,900 | 325 | ||||||
Beenos | 3,500 | 33 | ||||||
Benesse Holdings | 2,100 | 56 | ||||||
BML | 1,700 | 44 | ||||||
Bridgestone | 40,000 | 1,286 | ||||||
Broccoli | 3,100 | 37 | ||||||
Brother Industries | 5,800 | 105 | ||||||
Bunka Shutter | 64,400 | 446 | ||||||
Business Brain Showa-Ota | 200 | 2 | ||||||
Business Engineering | 1,605 | 39 | ||||||
Calbee | 7,200 | 199 | ||||||
Canon | 205,800 | 4,081 | ||||||
Capcom | 36,100 | 1,320 | ||||||
Career Design Center* | 5,600 | 49 | ||||||
The accompanying notes are an integral part of the financial statements.
54
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Casio Computer | 32,400 | $ | 568 | |||||
Cawachi | 7,300 | 187 | ||||||
Central Japan Railway* | 4,140 | 640 | ||||||
Central Sports | 800 | 17 | ||||||
Chiba Bank | 14,100 | 66 | ||||||
Chiba Kogyo Bank | 32,700 | 71 | ||||||
Chubu Electric Power | 19,300 | 242 | ||||||
Chugai Pharmaceutical | 19,500 | 1,044 | ||||||
Chugoku Electric Power* | 8,700 | 116 | ||||||
Coca-Cola Bottlers Japan Holdings* | 3,400 | 62 | ||||||
Computer Engineering & Consulting | 20,000 | 317 | ||||||
Computer Institute of Japan | 9,400 | 72 | ||||||
Concordia Financial Group | 27,300 | 87 | ||||||
CONEXIO* | 6,900 | 92 | ||||||
Cosmos Pharmaceutical | 600 | 92 | ||||||
Cota | 1,760 | 19 | ||||||
Credit Saison | 30,400 | 348 | ||||||
Creo | 3,300 | 39 | ||||||
Cresco | 3,800 | 50 | ||||||
CTI Engineering | 11,100 | 177 | ||||||
Cube System | 7,300 | 72 | ||||||
CyberAgent | 3,100 | 152 | ||||||
Cybernet Systems | 49,700 | 310 | ||||||
Cybozu | 1,400 | 44 | ||||||
Dai Nippon Printing | 7,500 | 172 | ||||||
Daicel | 6,500 | 50 | ||||||
Daido Metal | 18,400 | 93 | ||||||
Daifuku | 7,700 | 674 | ||||||
Daihen | 6,700 | 239 | ||||||
Dai-ichi Life Holdings | 142,600 | 1,698 | ||||||
Daiichi Sankyo | 16,700 | 1,363 | ||||||
Daiichikosho | 5,300 | 159 | ||||||
Daiken Medical | 20,100 | 112 | ||||||
Daiki Aluminium Industry | 18,200 | 96 | ||||||
Daikin Industries | 54,100 | 8,710 | ||||||
Daikoku Denki | 4,200 | 50 | ||||||
Daito Pharmaceutical | 5,200 | 193 | ||||||
Daito Trust Construction* | 2,100 | 193 | ||||||
Daitron* | 1,700 | 26 | ||||||
Daiwa House Industry | 30,500 | 719 | ||||||
Daiwa House Investment, Cl A‡ | 53 | 125 | ||||||
Daiwa Office Investment‡ | 35 | 194 | ||||||
Daiwa Securities Group | 88,900 | 371 | ||||||
DCM Holdings | 28,300 | 324 | ||||||
DD Holdings* | 3,600 | 31 | ||||||
Dena | 17,100 | 213 | ||||||
| Description | Shares | Value (000) | ||||||
Denso* | 255,000 | $ | 9,946 | |||||
Dentsu Group | 6,800 | 161 | ||||||
Digital Information Technologies | 12,000 | 158 | ||||||
Dip* | 22,700 | 459 | ||||||
Disco | 800 | 194 | ||||||
DKK | 3,700 | 89 | ||||||
DMS | 454 | 6 | ||||||
Doshisha | 9,700 | 146 | ||||||
Doutor Nichires Holdings | 7,900 | 128 | ||||||
Duskin | 14,000 | 357 | ||||||
East Japan Railway* | 22,500 | 1,558 | ||||||
Ebara Jitsugyo | 4,400 | 116 | ||||||
EDION | 35,700 | 362 | ||||||
Eiken Chemical* | 8,400 | 135 | ||||||
Eisai | 7,320 | 580 | ||||||
EJ Holdings | 1,200 | 21 | ||||||
Electric Power Development | 13,200 | 250 | ||||||
Elematec* | 2,300 | 19 | ||||||
ENEOS Holdings | 87,300 | 311 | ||||||
en-japan | 3,800 | 94 | ||||||
Exedy* | 6,900 | 103 | ||||||
FamilyMart | 6,800 | 117 | ||||||
FAN Communications | 11,900 | 49 | ||||||
FANUC | 25,680 | 4,627 | ||||||
Fast Retailing | 1,700 | 973 | ||||||
Feed One | 14,100 | 26 | ||||||
FINDEX | 15,600 | 148 | ||||||
Foster Electric* | 25,600 | 251 | ||||||
France Bed Holdings | 11,400 | 89 | ||||||
F-Tech | 8,100 | 38 | ||||||
Fuji Electric | 4,100 | 112 | ||||||
Fuji Heavy Industries | 18,400 | 383 | ||||||
Fuji Media Holdings | 63,500 | 612 | ||||||
Fuji Oil Holdings | 9,800 | 252 | ||||||
Fuji Soft | 4,600 | 182 | ||||||
FUJIFILM Holdings | 10,600 | 453 | ||||||
Fujimi | 3,100 | 95 | ||||||
Fujimori Kogyo | 600 | 21 | ||||||
Fujitsu* | 5,700 | 668 | ||||||
Fukui Computer Holdings | 14,300 | 364 | ||||||
Fukuoka Financial Group | 17,200 | 271 | ||||||
Fukushima Galilei | 1,400 | 44 | ||||||
FULLCAST Holdings* | 4,200 | 56 | ||||||
Funai Electric* | 4,500 | 21 | ||||||
Furukawa | 16,000 | 163 | ||||||
Furusato Industries | 1,400 | 18 | ||||||
Furyu | 19,700 | 189 | ||||||
The accompanying notes are an integral part of the financial statements.
55
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Future | 11,100 | $ | 177 | |||||
Gakujo | 1,100 | 12 | ||||||
GLOBERIDE | 5,400 | 101 | ||||||
Glory | 15,400 | 350 | ||||||
GLP J-Reit‡ | 105 | 152 | ||||||
GMO Payment Gateway | 1,300 | 135 | ||||||
Godo Steel | 9,600 | 163 | ||||||
Goldcrest | 30,700 | 420 | ||||||
Gree | 44,900 | 193 | ||||||
Gumi | 12,200 | 113 | ||||||
GungHo Online Entertainment* | 8,400 | 150 | ||||||
Gunma Bank | 26,400 | 84 | ||||||
Hachijuni Bank* | 70,200 | 266 | ||||||
Hagiwara Electric Holdings | 700 | 13 | ||||||
Hakuhodo DY Holdings | 7,000 | 83 | ||||||
Hamakyorex | 1,000 | 29 | ||||||
Hamamatsu Photonics | 4,300 | 186 | ||||||
Hankyu Hanshin Holdings | 6,300 | 213 | ||||||
Heiwado | 6,800 | 119 | ||||||
Hiday Hidaka | 100 | 2 | ||||||
Hikari Tsushin | 600 | 137 | ||||||
Hino Motors* | 8,900 | 60 | ||||||
Hioki EE | 1,600 | 43 | ||||||
Hirose Electric | 9,081 | 996 | ||||||
Hiroshima Bank | 31,700 | 149 | ||||||
Hisamitsu Pharmaceutical* | 3,200 | 173 | ||||||
Hitachi | 269,600 | 8,565 | ||||||
Hitachi Construction Machinery | 3,300 | 91 | ||||||
Hitachi Metals* | 5,300 | 63 | ||||||
Hitachi Zosen | 63,400 | 231 | ||||||
Hochiki* | 1,800 | 20 | ||||||
Hokkaido Electric Power | 67,400 | 259 | ||||||
Hokuetsu | 26,300 | 93 | ||||||
Hokuetsu Industries | 4,800 | 46 | ||||||
Hokuhoku Financial Group | 11,400 | 94 | ||||||
Honda Motor | 323,200 | 8,258 | ||||||
Honeys Holdings | 34,100 | 363 | ||||||
Hoshizaki Electric | 6,200 | 531 | ||||||
Hosiden | 70,900 | 621 | ||||||
Hoya | 108,600 | 10,342 | ||||||
Hulic | 8,700 | 82 | ||||||
Hyakujushi Bank | 5,400 | 97 | ||||||
Ichigo Hotel Investment‡ | 71 | 45 | ||||||
IDEA Consultants | 6,400 | 113 | ||||||
Idemitsu Kosan | 6,122 | 130 | ||||||
IDOM | 26,900 | 124 | ||||||
Iida Group Holdings | 5,000 | 77 | ||||||
| Description | Shares | Value (000) | ||||||
Imagineer | 14,200 | $ | 138 | |||||
Inabata | 13,100 | 158 | ||||||
Ines* | 19,900 | 252 | ||||||
Infocom | 3,400 | 93 | ||||||
Inpex | 70,300 | 438 | ||||||
Intage Holdings | 12,600 | 103 | ||||||
Internet Initiative Japan | 8,300 | 283 | ||||||
I-O Data Device, Cl O | 1,200 | 12 | ||||||
IR Japan Holdings | 2,700 | 283 | ||||||
ISB | 3,100 | 63 | ||||||
Isetan Mitsukoshi Holdings | 8,600 | 49 | ||||||
Isolite Insulating Products | 5,400 | 22 | ||||||
Isuzu Motors | 17,200 | 155 | ||||||
ITmedia | 8,800 | 134 | ||||||
Ito En | 1,500 | 85 | ||||||
ITOCHU | 54,800 | 1,180 | ||||||
Itochu Techno-Solutions | 8,100 | 305 | ||||||
Itoki | 6,400 | 20 | ||||||
Iwaki | 6,400 | 30 | ||||||
Iwasaki Electric | 10,500 | 190 | ||||||
Jaccs | 6,900 | 112 | ||||||
Jafco* | 11,400 | 386 | ||||||
Japan‡ | 37 | 190 | ||||||
Japan Airlines* | 3,500 | 63 | ||||||
Japan Airport Terminal | 1,600 | 68 | ||||||
Japan Aviation Electronics Industry* | 2,500 | 34 | ||||||
Japan Exchange Group | 29,600 | 683 | ||||||
Japan Lifeline* | 9,100 | 120 | ||||||
Japan Petroleum Exploration | 10,500 | 177 | ||||||
Japan Post Bank | 11,600 | 86 | ||||||
Japan Post Holdings | 145,100 | 1,034 | ||||||
Japan Post Insurance | 7,500 | 99 | ||||||
Japan Prime‡ | 24 | 71 | ||||||
Japan Pulp & Paper | 800 | 29 | ||||||
Japan Retail Fund Investment‡ | 73 | 92 | ||||||
Japan Tobacco | 221,600 | 4,111 | ||||||
Jeol | 3,000 | 83 | ||||||
JFE Holdings | 12,500 | 90 | ||||||
JGC Holdings | 5,800 | 62 | ||||||
JMS | 9,000 | 68 | ||||||
Joshin Denki | 2,800 | 56 | ||||||
JSR | 5,700 | 110 | ||||||
JTEKT* | 4,600 | 36 | ||||||
Juki* | 14,400 | 74 | ||||||
Juroku Bank | 11,900 | 216 | ||||||
Kadokawa | 10,500 | 216 | ||||||
Kaga Electronics | 8,300 | 151 | ||||||
The accompanying notes are an integral part of the financial statements.
56
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Kajima | 12,400 | $ | 146 | |||||
Kakaku.com | 3,600 | 91 | ||||||
Kaken Pharmaceutical | 17,700 | 904 | ||||||
Kamigumi | 11,100 | 218 | ||||||
Kanamoto | 21,400 | 468 | ||||||
Kandenko* | 72,100 | 614 | ||||||
Kanematsu | 24,300 | 292 | ||||||
Kansai Electric Power* | 32,900 | 314 | ||||||
Kansai Paint | 4,500 | 95 | ||||||
Kanto Denka Kogyo | 35,200 | 279 | ||||||
Kao | 28,900 | 2,289 | ||||||
KAWADA TECHNOLOGIES | 2,300 | 104 | ||||||
Kawai Musical Instruments Manufacturing | 2,600 | 67 | ||||||
Kawasaki Heavy Industries* | 4,300 | 62 | ||||||
KDDI | 85,200 | 2,555 | ||||||
Keihan Holdings | 2,700 | 120 | ||||||
Keikyu | 6,300 | 96 | ||||||
Keio* | 2,900 | 166 | ||||||
Keisei Electric Railway* | 3,400 | 106 | ||||||
Keiyo | 5,400 | 37 | ||||||
Keiyo Bank | 9,200 | 44 | ||||||
Kenedix | 104,100 | 516 | ||||||
Kenedix Retail‡ | 199 | 374 | ||||||
Kewpie | 21,800 | 411 | ||||||
Key Coffee | 6,800 | 145 | ||||||
Keyence | 5,400 | 2,258 | ||||||
KFC Holdings Japan | 6,400 | 177 | ||||||
Kikkoman* | 4,400 | 212 | ||||||
Kintetsu Group Holdings | 4,800 | 215 | ||||||
Kirin Holdings | 130,100 | 2,743 | ||||||
Kita-Nippon Bank | 700 | 13 | ||||||
Kitz | 10,600 | 68 | ||||||
Kobayashi Pharmaceutical | 1,300 | 114 | ||||||
Kobe Bussan | 1,800 | 102 | ||||||
Koei Chemical | 6,400 | 192 | ||||||
Koito Manufacturing | 53,100 | 2,137 | ||||||
Komatsu* | 190,000 | 3,890 | ||||||
Komeri | 18,200 | 466 | ||||||
Komori | 10,400 | 68 | ||||||
Konami Holdings | 9,300 | 310 | ||||||
Kose* | 2,300 | 278 | ||||||
K’s Holdings | 27,000 | 367 | ||||||
Kubota | 675,900 | 10,096 | ||||||
Kuraray | 9,200 | 96 | ||||||
Kureha | 19,100 | 835 | ||||||
Kurita Water Industries | 3,200 | 89 | ||||||
| Description | Shares | Value (000) | ||||||
Kyocera | 104,800 | $ | 5,704 | |||||
Kyodo Printing | 900 | 24 | ||||||
Kyowa Kirin | 8,200 | 215 | ||||||
Kyushu Electric Power* | 10,200 | 86 | ||||||
Kyushu Railway | 4,500 | 117 | ||||||
Lasertec | 2,200 | 210 | ||||||
Lawson* | 1,500 | 75 | ||||||
Life | 5,400 | 173 | ||||||
LINE* | 1,500 | 75 | ||||||
Lion | 13,000 | 312 | ||||||
LIXIL Group | 43,400 | 607 | ||||||
LIXIL VIVA* | 3,200 | 77 | ||||||
M3* | 12,900 | 548 | ||||||
Mabuchi Motor | 3,900 | 124 | ||||||
Maeda | 46,500 | 354 | ||||||
Makita | 14,200 | 516 | ||||||
Mandom | 19,800 | 365 | ||||||
Marubeni | 47,200 | 214 | ||||||
Marubun | 14,500 | 78 | ||||||
Marui Group | 22,800 | 412 | ||||||
Maruichi Steel Tube | 1,200 | 30 | ||||||
Marvelous | 16,900 | 110 | ||||||
Matsumotokiyoshi Holdings | 7,600 | 276 | ||||||
Max* | 4,800 | 68 | ||||||
Mazda Motor | 16,000 | 96 | ||||||
McDonald’s Holdings Japan | 2,000 | 108 | ||||||
MCJ | 17,300 | 138 | ||||||
Mebuki Financial Group | 30,000 | 70 | ||||||
Medipal Holdings | 43,900 | 846 | ||||||
Megmilk Snow Brand | 13,800 | 321 | ||||||
Meidensha | 14,000 | 227 | ||||||
Meiji Electric Industries | 1,600 | 21 | ||||||
MEIJI Holdings | 7,100 | 565 | ||||||
Meiko Network Japan | 9,500 | 75 | ||||||
Meitec | 12,100 | 583 | ||||||
Meiwa Estate | 3,800 | 15 | ||||||
Melco Holdings | 2,300 | 64 | ||||||
Menicon | 12,300 | 605 | ||||||
Mercari* | 2,900 | 90 | ||||||
METAWATER | 1,000 | 46 | ||||||
Micronics Japan* | 32,200 | 340 | ||||||
Mimasu Semiconductor Industry | 31,100 | 669 | ||||||
Minebea | 10,900 | 198 | ||||||
Mirai‡ | 712 | 252 | ||||||
Miroku Jyoho Service | 2,300 | 48 | ||||||
MISUMI Group | 8,600 | 215 | ||||||
Mitsubishi | 38,960 | 819 | ||||||
The accompanying notes are an integral part of the financial statements.
57
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Mitsubishi Chemical Holdings | 38,100 | $ | 222 | |||||
Mitsubishi Electric | 52,900 | 688 | ||||||
Mitsubishi Estate | 83,500 | 1,240 | ||||||
Mitsubishi Gas Chemical | 4,200 | 64 | ||||||
Mitsubishi Heavy Industries | 9,600 | 228 | ||||||
Mitsubishi Logistics | 16,500 | 426 | ||||||
Mitsubishi Materials | 3,400 | 72 | ||||||
Mitsubishi Motors | 16,000 | 40 | ||||||
Mitsubishi Research Institute | 3,700 | 148 | ||||||
Mitsubishi UFJ Financial Group | 360,800 | 1,415 | ||||||
Mitsubishi UFJ Lease & Finance | 11,800 | 56 | ||||||
Mitsuboshi Belting | 3,000 | 47 | ||||||
Mitsui | 48,500 | 717 | ||||||
Mitsui Chemicals | 5,300 | 111 | ||||||
Mitsui Fudosan | 27,700 | 488 | ||||||
Mitsui Matsushima Holdings | 6,300 | 49 | ||||||
Mitsui-Soko Holdings | 19,000 | 262 | ||||||
Miura | 2,500 | 104 | ||||||
Mixi | 8,600 | 152 | ||||||
Miyazaki Bank | 900 | 20 | ||||||
Mizuho Financial Group | 696,300 | 853 | ||||||
Mizuno | 3,400 | 65 | ||||||
Mochida Pharmaceutical | 2,400 | 89 | ||||||
MonotaRO | 3,800 | 152 | ||||||
MrMax Holdings | 11,100 | 62 | ||||||
MS&AD Insurance Group Holdings | 25,900 | 710 | ||||||
Murata Manufacturing | 17,000 | 997 | ||||||
Nabtesco | 3,600 | 111 | ||||||
Nagoya Railroad | 5,100 | 144 | ||||||
Nakabayashi | 4,800 | 26 | ||||||
Namco Bandai Holdings | 26,100 | 1,372 | ||||||
Nanto Bank | 5,700 | 111 | ||||||
Nasu Denki Tekko | 1,700 | 113 | ||||||
NEC | 21,500 | 1,030 | ||||||
NEC Capital Solutions | 1,300 | 24 | ||||||
Net Marketing | 10,800 | 65 | ||||||
NET One Systems | 26,935 | 904 | ||||||
Nexon | 24,200 | 546 | ||||||
NGK Insulators | 8,100 | 112 | ||||||
NGK Spark Plug* | 4,300 | 62 | ||||||
NH Foods | 2,700 | 109 | ||||||
Nichiban | 1,600 | 22 | ||||||
Nichiha | 1,500 | 32 | ||||||
NichiiGakkan | 16,800 | 259 | ||||||
Nichi-iko Pharmaceutical | 10,800 | 131 | ||||||
Nidec | 13,100 | 877 | ||||||
Nihon Chouzai | 8,200 | 122 | ||||||
| Description | Shares | Value (000) | ||||||
Nihon House Holdings* | 35,300 | $ | 90 | |||||
Nihon Kohden | 122,400 | 4,116 | ||||||
Nihon M&A Center* | 4,300 | 196 | ||||||
Nihon Unisys | 23,500 | 734 | ||||||
Niitaka | 10,700 | 560 | ||||||
Nikkon Holdings | 14,500 | 289 | ||||||
Nikon | 9,200 | 77 | ||||||
Nintendo | 3,900 | 1,742 | ||||||
Nippon Building Fund‡ | 41 | 234 | ||||||
Nippon Carbide Industries | 1,500 | 17 | ||||||
Nippon Commercial Development | 4,800 | 68 | ||||||
Nippon Express* | 2,200 | 114 | ||||||
Nippon Kanzai | 3,800 | 70 | ||||||
Nippon Paint Holdings* | 4,300 | 313 | ||||||
Nippon Paper Industries | 8,400 | 117 | ||||||
Nippon Parking Development | 13,300 | 17 | ||||||
Nippon Pillar Packing | 17,100 | 220 | ||||||
Nippon Prologis‡ | 56 | 170 | ||||||
Nippon Sheet Glass* | 62,100 | 215 | ||||||
Nippon Shinyaku | 1,400 | 114 | ||||||
Nippon Shokubai | 7,600 | 397 | ||||||
Nippon Signal | 16,100 | 169 | ||||||
Nippon Steel | 60,200 | 569 | ||||||
Nippon Suisan Kaisha | 44,200 | 193 | ||||||
Nippon Telegraph & Telephone | 132,800 | 3,095 | ||||||
Nippon Television Holdings | 65,320 | 707 | ||||||
Nippon Yusen* | 3,700 | 52 | ||||||
Nishi-Nippon Financial Holdings | 37,300 | 252 | ||||||
Nissan Chemical | 18,900 | 970 | ||||||
Nissan Motor | 68,700 | 254 | ||||||
Nisshin Oillio Group | 14,400 | 450 | ||||||
Nisshin Seifun Group | 5,000 | 75 | ||||||
Nissin Foods Holdings | 1,800 | 159 | ||||||
Nitori Holdings | 2,300 | 451 | ||||||
Nitto Denko* | 133,700 | 7,575 | ||||||
Nitto Kogyo | 13,200 | 236 | ||||||
Nohmi Bosai | 12,800 | 249 | ||||||
Nomura* | 31,900 | 266 | ||||||
Nomura Holdings | 241,300 | 1,079 | ||||||
Nomura Real Estate Holdings | 33,100 | 614 | ||||||
Nomura Real Estate Master Fund‡ | 123 | 148 | ||||||
Nomura Research Institute | 17,100 | 467 | ||||||
Noritake | 3,100 | 101 | ||||||
Noritz | 4,500 | 55 | ||||||
North Pacific Bank | 137,700 | 266 | ||||||
NS Solutions | 4,700 | 129 | ||||||
NSD | 23,900 | 408 | ||||||
The accompanying notes are an integral part of the financial statements.
58
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
NSK | 32,600 | $ | 243 | |||||
NTT Data | 135,500 | 1,508 | ||||||
NTT DOCOMO | 53,200 | 1,416 | ||||||
Obayashi | 112,000 | 1,047 | ||||||
Obic | 2,060 | 361 | ||||||
Odakyu Electric Railway* | 8,900 | 219 | ||||||
Oji Holdings | 107,100 | 492 | ||||||
Oki Electric Industry | 23,700 | 229 | ||||||
Olympus | 456,900 | 8,810 | ||||||
Omron | 125,600 | 8,411 | ||||||
Ono Pharmaceutical | 10,700 | 312 | ||||||
Onward Holdings* | 59,500 | 175 | ||||||
Open House | 10,100 | 347 | ||||||
Optorun | 2,000 | 47 | ||||||
Oracle Japan | 2,300 | 273 | ||||||
Organo | 14,500 | 783 | ||||||
Oriental Land* | 5,800 | 764 | ||||||
ORIX | 39,500 | 487 | ||||||
Orix JREIT‡ | 75 | 99 | ||||||
Osaka Gas | 11,300 | 223 | ||||||
Osaki Electric | 8,700 | 41 | ||||||
OSJB Holdings | 99,400 | 213 | ||||||
Otsuka | 7,800 | 411 | ||||||
Otsuka Holdings | 29,800 | 1,299 | ||||||
Oyo | 5,500 | 72 | ||||||
Pan Pacific International Holdings | 12,800 | 281 | ||||||
Panasonic | 65,700 | 573 | ||||||
Park24* | 3,500 | 60 | ||||||
Pasco | 2,000 | 28 | ||||||
Pasona Group | 3,800 | 42 | ||||||
PCA | 8,100 | 339 | ||||||
Penta-Ocean Construction | 82,400 | 445 | ||||||
PeptiDream* | 3,000 | 138 | ||||||
Persol Holdings | 19,300 | 265 | ||||||
Pigeon | 3,400 | 131 | ||||||
Pola Orbis Holdings | 3,100 | 54 | ||||||
Prima Meat Packers | 11,300 | 302 | ||||||
Proto | 12,600 | 117 | ||||||
PS Mitsubishi Construction | 30,000 | 145 | ||||||
Punch Industry | 4,400 | 17 | ||||||
Rakuten* | 25,800 | 228 | ||||||
Rasa | 4,800 | 41 | ||||||
Raysum | 15,800 | 139 | ||||||
Recruit Holdings | 37,600 | 1,295 | ||||||
Relia | 114,600 | 1,071 | ||||||
Renesas Electronics* | 86,100 | 444 | ||||||
Rengo | 41,700 | 340 | ||||||
| Description | Shares | Value (000) | ||||||
Resona Holdings | 462,440 | $ | 1,580 | |||||
Restar Holdings | 15,700 | 305 | ||||||
Ricoh | 19,600 | 141 | ||||||
Ricoh Leasing | 6,300 | 173 | ||||||
Riken Technos | 10,900 | 43 | ||||||
Rinnai | 4,900 | 409 | ||||||
Riso Kyoiku* | 52,000 | 158 | ||||||
Rohm | 11,700 | 781 | ||||||
Roland DG* | 17,700 | 204 | ||||||
Ryoden | 2,000 | 27 | ||||||
Ryohin Keikaku* | 6,000 | 86 | ||||||
Saison Information Systems | 900 | 17 | ||||||
Saizeriya | 27,400 | 530 | ||||||
SAMTY | 23,000 | 292 | ||||||
San ju San Financial Group | 1,700 | 21 | ||||||
Sangetsu | 7,100 | 100 | ||||||
Sanken Electric | 4,700 | 92 | ||||||
Sanki Engineering | 32,400 | 371 | ||||||
Sankyo Tateyama | 16,900 | 151 | ||||||
Sankyu | 10,500 | 394 | ||||||
Santen Pharmaceutical | 10,900 | 200 | ||||||
Sato Holdings | 13,500 | 292 | ||||||
Sawada Holdings* | 3,000 | 25 | ||||||
Sawai Pharmaceutical | 12,600 | 647 | ||||||
SBI Holdings | 7,600 | 164 | ||||||
SCSK | 10,200 | 496 | ||||||
SEC Carbon | 2,900 | 179 | ||||||
Secom | 13,100 | 1,144 | ||||||
Sega Sammy Holdings* | 46,900 | 561 | ||||||
Seibu Holdings | 5,400 | 59 | ||||||
Seiko Epson | 8,000 | 92 | ||||||
Seiko Holdings | 20,900 | 331 | ||||||
Seikoh Giken | 6,000 | 116 | ||||||
Seino Holdings | 9,500 | 124 | ||||||
Seiren | 6,500 | 82 | ||||||
Sekisui Chemical | 33,700 | 484 | ||||||
Sekisui House | 18,300 | 348 | ||||||
Senko | 24,500 | 182 | ||||||
Seria | 2,800 | 100 | ||||||
Seven & i Holdings* | 65,500 | 2,138 | ||||||
Seven Bank | 16,800 | 46 | ||||||
SFP Holdings* | 4,700 | 68 | ||||||
SG Holdings | 4,500 | 147 | ||||||
Sharp | 5,400 | 58 | ||||||
Shibaura Mechatronics | 2,300 | 61 | ||||||
Shiga Bank | 10,149 | 224 | ||||||
Shimachu | 19,800 | 549 | ||||||
The accompanying notes are an integral part of the financial statements.
59
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Shimadzu | 14,200 | $ | 378 | |||||
Shimamura | 1,700 | 115 | ||||||
Shimano | 3,000 | 578 | ||||||
Shimizu | 43,400 | 356 | ||||||
Shindengen Electric Manufacturing | 3,800 | 76 | ||||||
Shin-Etsu Chemical | 32,400 | 3,792 | ||||||
Shinnihonseiyaku | 2,500 | 40 | ||||||
Shinsei Bank | 5,900 | 71 | ||||||
Shionogi | 8,060 | 505 | ||||||
Ship Healthcare Holdings | 1,200 | 50 | ||||||
Shiseido* | 11,600 | 737 | ||||||
Shizuoka Bank | 13,700 | 88 | ||||||
SHO-BOND Holdings | 2,600 | 115 | ||||||
Showa Denko* | 3,400 | 76 | ||||||
Showa Sangyo | 4,400 | 135 | ||||||
Sinfonia Technology | 2,800 | 27 | ||||||
Sinko Industries | 8,600 | 116 | ||||||
Sintokogio | 12,300 | 90 | ||||||
SK-Electronics* | 8,400 | 86 | ||||||
SKY Perfect JSAT Holdings | 114,900 | 427 | ||||||
SMC | 4,400 | 2,254 | ||||||
Softbank | 55,200 | 703 | ||||||
SoftBank Group | 46,200 | 2,336 | ||||||
Sohgo Security Services | 7,900 | 368 | ||||||
Soliton Systems | 2,200 | 30 | ||||||
Sompo Holdings | 34,600 | 1,189 | ||||||
Sony | 49,000 | 3,371 | ||||||
Sony Financial Holdings* | 9,200 | 221 | ||||||
Square Enix Holdings | 2,700 | 136 | ||||||
ST | 1,700 | 27 | ||||||
St.-Care Holding | 4,800 | 18 | ||||||
Stanley Electric* | 3,500 | 84 | ||||||
Starts | 4,100 | 84 | ||||||
Studio Alice* | 1,800 | 26 | ||||||
SUMCO | 31,500 | 487 | ||||||
Suminoe Textile | 700 | 13 | ||||||
Sumitomo | 35,100 | 402 | ||||||
Sumitomo Chemical | 39,100 | 118 | ||||||
Sumitomo Dainippon Pharma | 6,100 | 84 | ||||||
Sumitomo Electric Industries | 41,500 | 477 | ||||||
Sumitomo Forestry | 29,100 | 365 | ||||||
Sumitomo Heavy Industries | 3,400 | 74 | ||||||
Sumitomo Metal Mining | 13,300 | 373 | ||||||
Sumitomo Mitsui Financial Group | 72,800 | 2,047 | ||||||
Sumitomo Mitsui Trust Holdings | 19,700 | 553 | ||||||
Sumitomo Realty & Development | 9,800 | 269 | ||||||
Sumitomo Riko | 28,100 | 163 | ||||||
| Description | Shares | Value (000) | ||||||
Sumitomo Rubber Industries* | 4,300 | $ | 42 | |||||
Sundrug | 7,900 | 262 | ||||||
Suntory Beverage & Food | 11,100 | 433 | ||||||
Sun-Wa Technos | 7,000 | 59 | ||||||
Suruga Bank | 90,200 | 317 | ||||||
Suzuken | 18,100 | 676 | ||||||
Suzuki Motor | 11,100 | 377 | ||||||
SWCC Showa Holdings | 11,600 | 123 | ||||||
Sysmex | 4,920 | 376 | ||||||
System Research | 4,000 | 77 | ||||||
Systena | 28,300 | 374 | ||||||
T&D Holdings | 40,600 | 347 | ||||||
Taiheiyo Cement | 40,000 | 927 | ||||||
Taiho Kogyo, Cl A | 1,858 | 9 | ||||||
Taisei | 6,100 | 222 | ||||||
Taisho Pharmaceutical Holdings | 900 | 55 | ||||||
Taiyo Nippon Sanso | 4,000 | 67 | ||||||
Takara Leben | 75,000 | 251 | ||||||
Takara Leben Real Estate Investment‡ | 500 | 416 | ||||||
Takara Standard | 10,700 | 151 | ||||||
Takasago International | 1,100 | 22 | ||||||
Takashimaya | 34,600 | 289 | ||||||
Takeda Pharmaceutical | 66,324 | 2,379 | ||||||
Tama Home | 38,800 | 441 | ||||||
Tamron* | 29,400 | 508 | ||||||
Tanseisha | 38,400 | 268 | ||||||
TDK | 9,100 | 904 | ||||||
TechMatrix | 43,200 | 750 | ||||||
TechnoPro Holdings | 2,900 | 167 | ||||||
Teijin | 5,400 | 86 | ||||||
Teikoku Tsushin Kogyo | 1,600 | 18 | ||||||
Tekken | 6,700 | 128 | ||||||
Terumo | 205,300 | 7,792 | ||||||
T-Gaia* | 14,100 | 266 | ||||||
THK | 3,600 | 90 | ||||||
Tigers Polymer | 3,500 | 16 | ||||||
TIS | 44,900 | 952 | ||||||
TKC | 5,500 | 291 | ||||||
Toa | 6,900 | 47 | ||||||
TOA ROAD CORP | 400 | 12 | ||||||
Tobu Railway* | 5,800 | 192 | ||||||
TOC | 2,300 | 15 | ||||||
Tochigi Bank | 12,900 | 20 | ||||||
Toho | 7,300 | 264 | ||||||
Toho Gas* | 1,900 | 95 | ||||||
Tohoku Electric Power* | 12,200 | 116 | ||||||
The accompanying notes are an integral part of the financial statements.
60
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Tokai | 2,500 | $ | 55 | |||||
Tokio Marine Holdings | 41,300 | 1,798 | ||||||
Tokyo Century | 1,400 | 72 | ||||||
Tokyo Dome | 34,700 | 249 | ||||||
Tokyo Electric Power Holdings* | 42,000 | 129 | ||||||
Tokyo Electron | 4,500 | 1,110 | ||||||
Tokyo Electron Device | 10,800 | 360 | ||||||
Tokyo Gas | 22,900 | 548 | ||||||
Tokyo Keiki | 1,900 | 17 | ||||||
Tokyo Ohka Kogyo | 10,700 | 538 | ||||||
Tokyo Tekko | 1,600 | 23 | ||||||
Tokyotokeiba | 12,400 | 415 | ||||||
Tokyu | 14,500 | 204 | ||||||
Tokyu Construction | 80,400 | 416 | ||||||
Tokyu Fudosan Holdings | 17,400 | 81 | ||||||
Tomen Devices | 3,400 | 117 | ||||||
TOMONY Holdings | 37,800 | 121 | ||||||
Tomy | 59,900 | 472 | ||||||
Toppan Forms* | 3,500 | 35 | ||||||
Toppan Printing | 7,400 | 124 | ||||||
Topre | 16,200 | 181 | ||||||
Toray Industries | 41,400 | 195 | ||||||
Torii Pharmaceutical | 11,500 | 331 | ||||||
Torishima Pump Manufacturing | 5,800 | 43 | ||||||
Tosei | 24,900 | 263 | ||||||
Toshiba | 11,400 | 366 | ||||||
Toshiba TEC | 11,400 | 437 | ||||||
Tosoh | 7,400 | 101 | ||||||
TOTO* | 3,900 | 150 | ||||||
Towa Pharmaceutical | 31,500 | 582 | ||||||
Toyo Construction | 58,300 | 217 | ||||||
Toyo Machinery & Metal* | 7,000 | 27 | ||||||
Toyo Seikan Group Holdings | 51,100 | 577 | ||||||
Toyo Suisan Kaisha | 21,100 | 1,181 | ||||||
Toyoda Gosei* | 1,400 | 29 | ||||||
Toyota Industries* | 10,200 | 540 | ||||||
Toyota Motor | 160,800 | 10,084 | ||||||
Toyota Tsusho | 6,400 | 163 | ||||||
Transaction | 17,300 | 174 | ||||||
Transcosmos* | 8,600 | 200 | ||||||
Treasure Factory* | 600 | 4 | ||||||
Trend Micro* | 3,800 | 214 | ||||||
TSI Holdings* | 7,200 | 31 | ||||||
Tsumura | 23,400 | 613 | ||||||
Tsuruha Holdings | 1,000 | 138 | ||||||
TV Asahi Holdings | 29,200 | 424 | ||||||
ULS Group | 1,500 | 41 | ||||||
| Description | Shares | Value (000) | ||||||
Unicharm | 11,500 | $ | 472 | |||||
UNITED | 19,600 | 209 | ||||||
United Arrows | 5,400 | 91 | ||||||
United Urban Investment‡ | 87 | 94 | ||||||
USS | 22,500 | 360 | ||||||
Vital KSK Holdings | 15,600 | 150 | ||||||
VT Holdings | 30,800 | 101 | ||||||
Wacom | 35,900 | 183 | ||||||
Wakita | 21,100 | 181 | ||||||
Warabeya Nichiyo Holdings | 9,400 | 148 | ||||||
Waseda Academy | 5,700 | 51 | ||||||
Weathernews | 1,300 | 42 | ||||||
Welcia Holdings | 1,500 | 121 | ||||||
West Japan Railway* | 12,300 | 689 | ||||||
Will Group | 31,500 | 199 | ||||||
World | 3,400 | 52 | ||||||
World Holdings | 6,600 | 105 | ||||||
Wowow | 3,700 | 83 | ||||||
Xebio Holdings | 3,300 | 26 | ||||||
Yakult Honsha | 3,600 | 212 | ||||||
YAMABIKO* | 9,900 | 83 | ||||||
Yamada Denki | 18,900 | 94 | ||||||
Yamaguchi Financial Group | 54,000 | 332 | ||||||
Yamaha | 4,200 | 198 | ||||||
Yamaha Motor* | 7,800 | 122 | ||||||
Yamaichi Electronics | 6,400 | 84 | ||||||
Yamanashi Chuo Bank | 10,000 | 79 | ||||||
Yamato Holdings* | 9,420 | 204 | ||||||
Yamazaki Baking | 3,100 | 53 | ||||||
Yamazen | 3,900 | 33 | ||||||
Yaskawa Electric* | 7,000 | 244 | ||||||
Yokogawa Electric | 5,700 | 89 | ||||||
Yokohama Reito | 23,600 | 196 | ||||||
Yokohama Rubber* | 2,700 | 38 | ||||||
Yossix | 4,700 | 87 | ||||||
Z Holdings* | 75,000 | 366 | ||||||
ZERIA Pharmaceutical | 8,600 | 160 | ||||||
ZOZO* | 21,200 | 471 | ||||||
|
| |||||||
| 335,200 | ||||||||
|
| |||||||
Kenya – 0.0% |
| |||||||
East African Breweries | 475,878 | 731 | ||||||
|
| |||||||
Luxembourg – 0.0% |
| |||||||
Addiko Bank | 545 | 4 | ||||||
Ternium ADR* | 1,969 | 30 | ||||||
|
| |||||||
| 34 | ||||||||
|
| |||||||
Malaysia – 0.0% |
| |||||||
Allianz Malaysia | 6,200 | 20 | ||||||
The accompanying notes are an integral part of the financial statements.
61
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Greatech Technology* | 158,400 | $ | 147 | |||||
Hong Leong Bank | 200 | 1 | ||||||
Hong Leong Industries | 5,500 | 10 | ||||||
Insas | 326,100 | 49 | ||||||
Kenanga Investment Bank | 85,500 | 11 | ||||||
KSL Holdings* | 551,500 | 77 | ||||||
Lii Hen Industries | 44,000 | 25 | ||||||
Malaysian Pacific Industries | 17,267 | 44 | ||||||
Petron Malaysia Refining & Marketing | 98,639 | 92 | ||||||
Sime Darby | 809,700 | 409 | ||||||
Syarikat Takaful Malaysia Keluarga | 24,000 | 25 | ||||||
Tropicana* | 48 | — | ||||||
Unisem | 23,619 | 11 | ||||||
|
| |||||||
| 921 | ||||||||
|
| |||||||
Mexico – 0.6% |
| |||||||
Credito Real SOFOM ER* | 2,787 | 1 | ||||||
Genomma Lab Internacional, Cl B* | 2,289,466 | 2,357 | ||||||
Gentera* | 2,852,737 | 1,387 | ||||||
Grupo Aeroportuario del Pacifico, Cl B | 372,959 | 2,693 | ||||||
Grupo Financiero Banorte, Cl O | 8,924 | 31 | ||||||
Grupo Financiero Inbursa, Cl O* | 2,737,591 | 1,902 | ||||||
Grupo Lala, Cl B | 1,072,016 | 570 | ||||||
Grupo Televisa ADR* | 89,573 | 469 | ||||||
Industrias Bachoco | 161,279 | 470 | ||||||
Kimberly-Clark de Mexico, Cl A | 482,207 | 752 | ||||||
Nemak* | 1,180,051 | 246 | ||||||
Qualitas Controladora | 4,669 | 18 | ||||||
Vitro* | 18,814 | 20 | ||||||
Wal-Mart de Mexico | 807,623 | 1,932 | ||||||
|
| |||||||
| 12,848 | ||||||||
|
| |||||||
Netherlands – 2.9% |
| |||||||
ABN AMRO Bank | 11,041 | 96 | ||||||
Adyen* | 521 | 762 | ||||||
Aegon | 55,391 | 166 | ||||||
Akzo Nobel | 66,288 | 5,985 | ||||||
Alfen Beheer BV* | 24,618 | 1,009 | ||||||
Altice Europe, Cl A* | 19,589 | 76 | ||||||
Amsterdam Commodities | 4,747 | 104 | ||||||
ArcelorMittal* | 76,478 | 820 | ||||||
ASM International | 19,993 | 3,104 | ||||||
ASML Holding | 14,629 | 5,405 | ||||||
ASR Nederland | 11,193 | 346 | ||||||
Boskalis Westminster* | 224,190 | 4,458 | ||||||
Coca-Cola European Partners | 1,470 | 56 | ||||||
| Description | Shares | Value (000) | ||||||
Eurocommercial Properties‡ | 27,393 | $ | 355 | |||||
Euronext | 3,607 | 365 | ||||||
Flow Traders | 5,513 | 197 | ||||||
Galapagos ADR* | 1,300 | 256 | ||||||
Galapagos* | 1,306 | 258 | ||||||
Heineken | 28,481 | 2,637 | ||||||
Heineken Holding | 3,449 | 285 | ||||||
Hunter Douglas* | 1,103 | 59 | ||||||
ING Groep* | 443,339 | 3,102 | ||||||
Just Eat Takeaway.com* | 5,364 | 560 | ||||||
Koninklijke Ahold Delhaize | 82,137 | 2,248 | ||||||
Koninklijke BAM Groep* | 197,548 | 360 | ||||||
Koninklijke DSM | 5,045 | 702 | ||||||
Koninklijke KPN | 445,027 | 1,183 | ||||||
Koninklijke Philips* | 132,996 | 6,239 | ||||||
Koninklijke Vopak | 2,017 | 107 | ||||||
Nederland Apparatenfabriek* | 1,082 | 50 | ||||||
NN Group | 9,148 | 308 | ||||||
Pharming Group* | 126,092 | 166 | ||||||
Prosus* | 14,381 | 1,342 | ||||||
Randstad* | 75,250 | 3,382 | ||||||
RELX | 196,747 | 4,565 | ||||||
SBM Offshore | 410,230 | 6,076 | ||||||
Signify* | 5,356 | 139 | ||||||
TKH Group | 1,232 | 49 | ||||||
Unibail-Rodamco-Westfield‡ | 3,358 | 189 | ||||||
Unilever | 43,015 | 2,295 | ||||||
Van Lanschot Kempen | 19,866 | 291 | ||||||
Wolters Kluwer | 7,923 | 622 | ||||||
|
| |||||||
| 60,774 | ||||||||
|
| |||||||
New Zealand – 0.2% |
| |||||||
a2 Milk* | 21,369 | 280 | ||||||
Auckland International Airport | 37,693 | 160 | ||||||
EBOS Group | 10,301 | 144 | ||||||
Fisher & Paykel Healthcare | 16,538 | 379 | ||||||
Fletcher Building | 112,233 | 269 | ||||||
Heartland Group Holdings | 81,708 | 65 | ||||||
Mercury NZ | 16,588 | 50 | ||||||
Meridian Energy | 40,395 | 126 | ||||||
Metlifecare | 77,584 | 260 | ||||||
NZX | 83,714 | 76 | ||||||
PGG Wrightson | 6,591 | 11 | ||||||
Property for Industry‡ | 32,158 | 49 | ||||||
Pushpay Holdings* | 172,017 | 979 | ||||||
Ryman Healthcare | 11,764 | 100 | ||||||
Skellerup Holdings | 43,989 | 61 | ||||||
The accompanying notes are an integral part of the financial statements.
62
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
SKY Network Television* | 634,384 | $ | 62 | |||||
Spark New Zealand | 51,364 | 152 | ||||||
Summerset Group Holdings | 25,430 | 106 | ||||||
Vista Group International | 37,912 | 36 | ||||||
|
| |||||||
| 3,365 | ||||||||
|
| |||||||
Norway – 0.9% |
| |||||||
ABG Sundal Collier Holding | 55,198 | 24 | ||||||
Adevinta, Cl B* | 21,150 | 214 | ||||||
Bakkafrost P | 25,834 | 1,629 | ||||||
DNB | 62,487 | 828 | ||||||
Equinor | 104,607 | 1,496 | ||||||
Fjordkraft Holding | 40,014 | 330 | ||||||
Gjensidige Forsikring* | 5,695 | 105 | ||||||
Mowi* | 12,238 | 233 | ||||||
Norsk Hydro* | 38,269 | 107 | ||||||
Norwegian Finans Holding | 90,443 | 622 | ||||||
Orkla | 22,847 | 201 | ||||||
Salmar* | 5,714 | 273 | ||||||
Sandnes Sparebank | 6,060 | 37 | ||||||
Schibsted, Cl A* | 11,411 | 299 | ||||||
Schibsted, Cl B* | 12,372 | 290 | ||||||
SpareBank 1 BV | 17,631 | 67 | ||||||
SpareBank 1 Nord Norge | 21,961 | 143 | ||||||
Sparebank 1 Oestlandet | 26,700 | 244 | ||||||
SpareBank 1 SMN | 4,125 | 34 | ||||||
SpareBank 1 SR-Bank | 37,738 | 275 | ||||||
Sparebanken Vest | 20,869 | 136 | ||||||
Telenor | 21,644 | 316 | ||||||
TGS NOPEC Geophysical | 244,000 | 3,560 | ||||||
Yara International | 223,109 | 7,778 | ||||||
|
| |||||||
| 19,241 | ||||||||
|
| |||||||
Panama – 0.2% |
| |||||||
Copa Holdings, Cl A* | 77,300 | 3,908 | ||||||
|
| |||||||
Peru – 0.1% | ||||||||
Cia de Minas Buenaventura ADR | 38,092 | 348 | ||||||
Credicorp | 14,872 | 1,988 | ||||||
|
| |||||||
| 2,336 | ||||||||
|
| |||||||
Philippines – 0.0% |
| |||||||
Bank of the Philippine Islands | 121,800 | 178 | ||||||
First Gen | 281,900 | 139 | ||||||
GT Capital Holdings | 17,870 | 165 | ||||||
Lopez Holdings | 759,100 | 42 | ||||||
Megaworld | 872,000 | 54 | ||||||
Metro Pacific Investments | 2,352,000 | 176 | ||||||
SSI Group | 279,000 | 6 | ||||||
|
| |||||||
| 760 | ||||||||
|
| |||||||
| Description | Shares | Value (000) | ||||||
Poland – 0.1% |
| |||||||
Asseco Poland | 12,648 | $ | 212 | |||||
Enea* | 60,238 | 109 | ||||||
Grupa Lotos | 60,862 | 928 | ||||||
Jastrzebska Spolka Weglowa* | 6,115 | 29 | ||||||
LPP* | 179 | 273 | ||||||
Neuca | 96 | 12 | ||||||
Polski Koncern Naftowy Orlen | 49,146 | 780 | ||||||
TEN Square Games | 4,248 | 561 | ||||||
|
| |||||||
| 2,904 | ||||||||
|
| |||||||
Portugal – 0.1% |
| |||||||
Banco Espirito Santo* (A) | 46,916 | — | ||||||
EDP-Energias de Portugal | 76,806 | 367 | ||||||
Galp Energia | 162,077 | 1,888 | ||||||
Jeronimo Martins | 7,168 | 126 | ||||||
NOS SGPS | 30,632 | 134 | ||||||
REN - Redes Energeticas Nacionais SGPS | 36,906 | 101 | ||||||
Semapa-Sociedade de Investimento e Gestao | 4,267 | 39 | ||||||
Sonae SGPS | 440,132 | 319 | ||||||
|
| |||||||
| 2,974 | ||||||||
|
| |||||||
Qatar – 0.1% |
| |||||||
Mannai | 7,450 | 6 | ||||||
Ooredoo QPSC | 636,880 | 1,145 | ||||||
Qatar National Bank SAQ | 36,089 | 172 | ||||||
United Development QSC | 170,100 | 53 | ||||||
|
| |||||||
| 1,376 | ||||||||
|
| |||||||
Russia – 0.5% |
| |||||||
Alrosa PJSC | 743,892 | 674 | ||||||
Globaltrans Investment GDR | 19,832 | 107 | ||||||
Lukoil PJSC ADR | 7,468 | 555 | ||||||
Magnit PJSC | 9,902 | 560 | ||||||
Magnitogorsk Iron & Steel Works PJSC GDR | 21,839 | 148 | ||||||
MMC Norilsk Nickel PJSC ADR | 51,759 | 1,362 | ||||||
PhosAgro PJSC GDR | 4,373 | 54 | ||||||
PhosAgro PJSC (LSE Shares) GDR | 32,751 | 407 | ||||||
Polyus PJSC GDR | 643 | 54 | ||||||
Sberbank of Russia PJSC ADR | 122,106 | 1,393 | ||||||
Tatneft PJSC ADR* | 5,656 | 267 | ||||||
VEON ADR | 163,551 | 294 | ||||||
Yandex, Cl A* | 105,834 | 5,293 | ||||||
|
| |||||||
| 11,168 | ||||||||
|
| |||||||
Singapore – 2.0% |
| |||||||
AEM Holdings | 154,400 | 351 | ||||||
The accompanying notes are an integral part of the financial statements.
63
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
AIMS APAC‡ | 112,900 | $ | 100 | |||||
ARA LOGOS Logistics Trust‡ | 218,300 | 89 | ||||||
Ascendas‡ | 88,316 | 203 | ||||||
Asian Pay Television Trust | 403,700 | 37 | ||||||
Best World International(A) | 17,700 | 17 | ||||||
CapitaLand | 78,900 | 166 | ||||||
CapitaLand Commercial Trust‡ | 74,974 | 92 | ||||||
CapitaLand Mall Trust‡ | 82,800 | 117 | ||||||
City Developments | 11,500 | 70 | ||||||
CSE Global | 303,300 | 88 | ||||||
Dairy Farm International Holdings | 31,800 | 149 | ||||||
DBS Group Holdings | 300,034 | 4,499 | ||||||
Delfi | 1,673,500 | 886 | ||||||
First Real Estate Investment Trust‡ | 685,900 | 344 | ||||||
Food Empire Holdings | 52,600 | 20 | ||||||
Frencken Group | 366,300 | 233 | ||||||
Genting Singapore | 1,057,400 | 581 | ||||||
Great Eastern Holdings | 51,200 | 724 | ||||||
Haw Par | 55,012 | 389 | ||||||
Hi-P International, Cl P | 123,000 | 95 | ||||||
Hongkong Land Holdings | 1,024,800 | 4,256 | ||||||
Hour Glass | 112,000 | 56 | ||||||
Japfa | 255,700 | 127 | ||||||
Jardine Cycle & Carriage | 2,533 | 37 | ||||||
Jardine Matheson Holdings | 198,600 | 8,324 | ||||||
Jardine Strategic Holdings | 24,400 | 529 | ||||||
Jumbo Group | 71,700 | 18 | ||||||
Keppel | 43,900 | 188 | ||||||
Keppel DC‡ | 395,500 | 724 | ||||||
Mapletree Commercial Trust‡ | 65,500 | 91 | ||||||
Mapletree Logistics Trust‡ | 76,700 | 108 | ||||||
Olam International | 70,700 | 71 | ||||||
Oversea-Chinese Banking | 98,065 | 637 | ||||||
Parkway Life‡ | 118,700 | 287 | ||||||
Sasseur Real Estate Investment Trust‡ | 37,700 | 20 | ||||||
Sheng Siong Group | 319,700 | 380 | ||||||
Silverlake Axis | 95,300 | 16 | ||||||
Sing Holdings | 134,800 | 34 | ||||||
Singapore Airlines | 40,750 | 110 | ||||||
Singapore Exchange | 23,700 | 143 | ||||||
Singapore Medical Group | 75 | — | ||||||
Singapore Technologies Engineering | 46,500 | 111 | ||||||
Singapore Telecommunications | 2,367,800 | 4,202 | ||||||
Sunningdale Tech | 66,700 | 48 | ||||||
Suntec‡ | 46,100 | 47 | ||||||
| Description | Shares | Value (000) | ||||||
UMS Holdings | 442,300 | $ | 287 | |||||
United Industrial | 18,948 | 30 | ||||||
United Overseas Bank | 594,470 | 8,656 | ||||||
UOL Group | 67,285 | 329 | ||||||
Venture | 82,900 | 967 | ||||||
Wilmar International | 56,800 | 167 | ||||||
Yangzijiang Shipbuilding Holdings | 60,400 | 41 | ||||||
Yanlord Land Group | 442,500 | 374 | ||||||
|
| |||||||
| 40,665 | ||||||||
|
| |||||||
South Africa – 1.0% |
| |||||||
Alviva Holdings | 10,469 | 4 | ||||||
Anglo American | 33,533 | 780 | ||||||
Anglo American Platinum | 51,639 | 3,743 | ||||||
Bid | 88,259 | 1,444 | ||||||
Bidvest Group | 177,491 | 1,454 | ||||||
Capitec Bank Holdings | 33,462 | 1,664 | ||||||
Cie Financiere Richemont | 89,646 | 571 | ||||||
Clicks Group | 117,224 | 1,425 | ||||||
DataTec | 28,258 | 43 | ||||||
FirstRand | 41,584 | 92 | ||||||
Gold Fields ADR | 60,710 | 571 | ||||||
Grindrod | 1,542,688 | 274 | ||||||
Liberty Holdings | 60,078 | 230 | ||||||
Momentum Metropolitan Holdings | 121,518 | 123 | ||||||
Peregrine Holdings* | 155,783 | 176 | ||||||
Raubex Group | 557,288 | 707 | ||||||
Standard Bank Group | 179,911 | 1,074 | ||||||
Super Group* | 73,843 | 68 | ||||||
Telkom | 278,837 | 480 | ||||||
Tiger Brands | 583,162 | 6,006 | ||||||
Tsogo Sun Gaming | 240,625 | 62 | ||||||
Tsogo Sun Hotels* | 48,518 | 6 | ||||||
Wilson Bayly Holmes-Ovcon | 9,970 | 58 | ||||||
|
| |||||||
| 21,055 | ||||||||
|
| |||||||
South Korea – 2.8% |
| |||||||
Actro | 4,405 | 33 | ||||||
Amore Pacific Group | 19,449 | 839 | ||||||
Cheil Worldwide | 24,245 | 334 | ||||||
Chong Kun Dang Pharmaceutical | 784 | 70 | ||||||
CJ Hello | 45,601 | 153 | ||||||
Daelim Industrial | 5,063 | 348 | ||||||
Daeyang Electric | 3,787 | 36 | ||||||
Dong-A ST, Cl A | 464 | 34 | ||||||
Dongyang E&P | 10,103 | 102 | ||||||
Douzone Bizon | 21,909 | 1,873 | ||||||
GS Home Shopping | 3,009 | 274 | ||||||
The accompanying notes are an integral part of the financial statements.
64
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Hana Financial Group | 31,926 | $ | 727 | |||||
Hankook Tire & Technology | 18,508 | 382 | ||||||
Hanwha Aerospace* | 1,076 | 22 | ||||||
Hyundai Glovis | 1,059 | 90 | ||||||
Hyundai Motor | 8,009 | 658 | ||||||
Innocean Worldwide | 3,291 | 123 | ||||||
Interpark Holdings | 47,727 | 91 | ||||||
JB Financial Group | 9,678 | 38 | ||||||
Kakao | 6,333 | 1,421 | ||||||
Kia Motors | 59,695 | 1,607 | ||||||
Kortek | 12,067 | 90 | ||||||
KT ADR | 93,225 | 908 | ||||||
KT | 20,346 | 401 | ||||||
LG | 23,028 | 1,362 | ||||||
LG Display* | 24,679 | 236 | ||||||
LG Electronics | 39,122 | 2,071 | ||||||
LG Household & Health Care | 3,485 | 3,911 | ||||||
LG Innotek | 7,487 | 1,104 | ||||||
LG Uplus | 101,551 | 1,036 | ||||||
NAVER | 16,974 | 3,798 | ||||||
NCSoft | 2,187 | 1,624 | ||||||
Neowiz* | 20,154 | 469 | ||||||
NHN* | 6,396 | 443 | ||||||
NHN KCP | 5,900 | 245 | ||||||
Partron | 20,826 | 155 | ||||||
POSCO | 1,529 | 223 | ||||||
S-1, Cl 1 | 9,226 | 657 | ||||||
Samsung Electronics | 288,458 | 12,797 | ||||||
Samsung Electronics GDR | 8,470 | 9,295 | ||||||
Samsung Fire & Marine Insurance | 8,317 | 1,215 | ||||||
Samsung SDS | 2,933 | 412 | ||||||
SeAH Holdings | 225 | 14 | ||||||
SK Hynix | 57,950 | 4,132 | ||||||
SK Telecom | 9,902 | 1,745 | ||||||
Tovis | 7,623 | 42 | ||||||
UIL | 6,402 | 21 | ||||||
Youngone Holdings | 595 | 19 | ||||||
|
| |||||||
| 57,680 | ||||||||
|
| |||||||
Spain – 1.2% |
| |||||||
Acerinox | 41,298 | 335 | ||||||
ACS Actividades de Construccion y Servicios* | 7,007 | 11 | ||||||
ACS Actividades de Construccion y Servicios | 8,307 | 211 | ||||||
Aena SME* | 1,995 | 267 | ||||||
Almirall | 64,995 | 860 | ||||||
Amadeus IT Group, Cl A | 119,691 | 6,261 | ||||||
| Description | Shares | Value (000) | ||||||
Banco Bilbao Vizcaya Argentaria* | 192,664 | $ | 666 | |||||
Banco Santander* | 2,218,972 | 5,441 | ||||||
Bankia | 280,001 | 300 | ||||||
Bankinter | 16,736 | 80 | ||||||
CaixaBank | 109,470 | 235 | ||||||
Cellnex Telecom* | 7,483 | 458 | ||||||
Cia de Distribucion Integral Logista Holdings | 2,256 | 42 | ||||||
CIE Automotive | 13,702 | 242 | ||||||
eDreams ODIGEO* | 7,047 | 20 | ||||||
Enagas | 6,875 | 169 | ||||||
Endesa | 9,227 | 228 | ||||||
Faes Farma | 66,103 | 270 | ||||||
Ferrovial* | 24,977 | 9 | ||||||
Ferrovial | 24,332 | 650 | ||||||
Gestamp Automocion* | 86,163 | 219 | ||||||
Grifols | 8,581 | 261 | ||||||
Iberdrola | 171,180 | 1,990 | ||||||
Industria de Diseno Textil | 31,465 | 837 | ||||||
Laboratorios Farmaceuticos Rovi | 1,194 | 34 | ||||||
Mapfre | 33,069 | 59 | ||||||
Masmovil Ibercom* | 23,129 | 593 | ||||||
Mediaset Espana Comunicacion* | 16,938 | 63 | ||||||
Naturgy Energy Group | 8,018 | 149 | ||||||
Naturhouse Health SAU | 5,270 | 10 | ||||||
Pharma Mar | 63,594 | 551 | ||||||
Red Electrica | 12,552 | 235 | ||||||
Repsol | 41,183 | 364 | ||||||
Repsol* | 41,183 | 20 | ||||||
Sacyr | 139,355 | 291 | ||||||
Siemens Gamesa Renewable Energy | 6,795 | 121 | ||||||
Telefonica | 137,054 | 656 | ||||||
Telefonica* | 137,054 | 27 | ||||||
Viscofan | 22,816 | 1,493 | ||||||
|
| |||||||
| 24,728 | ||||||||
|
| |||||||
Sweden – 1.9% |
| |||||||
AddNode Group, Cl B* | 3,262 | 62 | ||||||
Alfa Laval* | 9,485 | 210 | ||||||
Arise* | 45,868 | 183 | ||||||
Arjo | 89,437 | 499 | ||||||
Assa Abloy, Cl B | 154,152 | 3,161 | ||||||
Atlas Copco, Cl A | 19,655 | 838 | ||||||
Atlas Copco, Cl B | 11,465 | 424 | ||||||
Avanza Bank Holding | 13,100 | 186 | ||||||
Axfood | 22,019 | 482 | ||||||
Bergman & Beving, Cl B* | 5,478 | 42 | ||||||
The accompanying notes are an integral part of the financial statements.
65
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Betsson* | 39,735 | $ | 12 | |||||
Betsson | 39,735 | 279 | ||||||
BHG Group* | 20,272 | 180 | ||||||
BioGaia, Cl B | 1,875 | 104 | ||||||
Biotage* | 25,872 | 387 | ||||||
Boliden | 24,948 | 572 | ||||||
Boule Diagnostics* | 3,890 | 27 | ||||||
BTS Group, Cl B* | 574 | 12 | ||||||
Bure Equity | 5,615 | 123 | ||||||
Byggmax Group* | 58,008 | 275 | ||||||
Catella* | 51,082 | 113 | ||||||
Clas Ohlson, Cl B* | 36,924 | 414 | ||||||
Cloetta, Cl B* | 244,040 | 624 | ||||||
Coor Service Management Holding* | 28,314 | 187 | ||||||
Dios Fastigheter* | 14,675 | 98 | ||||||
Doro* | 2,251 | 9 | ||||||
Duni* | 8,054 | 85 | ||||||
Electrolux* | 6,220 | 104 | ||||||
Enea* | 1,355 | 25 | ||||||
Eolus Vind, Cl B | 28,057 | 381 | ||||||
Epiroc, Cl A | 19,723 | 247 | ||||||
Epiroc, Cl B | 10,544 | 129 | ||||||
Equities | 6,869 | 124 | ||||||
Essity, Cl B* | 124,230 | 4,021 | ||||||
Evolution Gaming Group | 3,665 | 221 | ||||||
Fortnox | 33,722 | 926 | ||||||
G5 Entertainment | 3,467 | 72 | ||||||
Getinge, Cl B | 138,380 | 2,584 | ||||||
GHP Specialty Care* | 15,964 | 28 | ||||||
Hennes & Mauritz, Cl B* | 24,118 | 353 | ||||||
Hexagon, Cl B* | 8,408 | 494 | ||||||
Humana* | 4,529 | 23 | ||||||
Husqvarna, Cl B | 12,638 | 104 | ||||||
ICA Gruppen | 3,208 | 152 | ||||||
Industrivarden, Cl C* | 4,770 | 109 | ||||||
Instalco | 12,578 | 196 | ||||||
Investment Latour, Cl B | 4,268 | 78 | ||||||
Investor, Cl B* | 13,342 | 709 | ||||||
Inwido* | 103,072 | 716 | ||||||
Kinnevik* | 6,657 | 176 | ||||||
Klovern, Cl B | 70,821 | 113 | ||||||
L E Lundbergforetagen, Cl B* | 2,275 | 104 | ||||||
LeoVegas | 66,979 | 302 | ||||||
Lindab International | 56,425 | 668 | ||||||
Loomis, Cl B* | 13,640 | 328 | ||||||
Lundin Energy | 5,754 | 141 | ||||||
Moberg Pharma* | 30,769 | 48 | ||||||
| Description | Shares | Value (000) | ||||||
Modern Times Group, Cl B* | 16,839 | $ | 184 | |||||
Mycronic | 13,274 | 252 | ||||||
NCC, Cl B* | 17,029 | 277 | ||||||
Nederman Holding* | 1,121 | 14 | ||||||
NetEnt | 58,894 | 454 | ||||||
New Wave Group, Cl B* | 28,903 | 97 | ||||||
Nibe Industrier, Cl B* | 8,990 | 200 | ||||||
Nobia* | 21,124 | 101 | ||||||
Nobina* | 42,848 | 257 | ||||||
Nolato, Cl B* | 9,734 | 659 | ||||||
Nordea Bank Abp | 117,931 | 820 | ||||||
Nordic Entertainment Group, Cl B* | 17,148 | 530 | ||||||
NP3 Fastigheter | 2,267 | 22 | ||||||
Nyfosa* | 125,499 | 862 | ||||||
Paradox Interactive | 16,869 | 365 | ||||||
Pricer, Cl B | 183,998 | 485 | ||||||
Ratos, Cl B* | 40,505 | 109 | ||||||
RaySearch Laboratories* | 3,236 | 30 | ||||||
Recipharm, Cl B* | 33,763 | 419 | ||||||
Sandvik* | 106,143 | 2,009 | ||||||
Scandi Standard* | 21,992 | 152 | ||||||
Sdiptech, Cl B* | 1,518 | 18 | ||||||
Sectra, Cl B | 2,019 | 115 | ||||||
Securitas, Cl B* | 8,369 | 114 | ||||||
Sintercast* | 348 | 5 | ||||||
Skandinaviska Enskilda Banken, Cl A* | 48,689 | 424 | ||||||
Skanska, Cl B* | 10,189 | 208 | ||||||
SKF, Cl B | 10,924 | 205 | ||||||
Stillfront Group* | 7,711 | 697 | ||||||
Svenska Cellulosa, Cl B* | 17,467 | 208 | ||||||
Svenska Handelsbanken, Cl A* | 155,755 | 1,486 | ||||||
Swedbank, Cl A* | 26,529 | 341 | ||||||
Swedish Match | 17,243 | 1,217 | ||||||
Swedish Orphan Biovitrum* | 26,680 | 621 | ||||||
Systemair* | 1,174 | 20 | ||||||
Tele2, Cl B | 15,154 | 202 | ||||||
Telefonaktiebolaget LM Ericsson, Cl B | 84,149 | 780 | ||||||
Telia | 80,594 | 302 | ||||||
Tethys Oil* | 33,973 | 169 | ||||||
VBG Group, Cl B* | 643 | 10 | ||||||
Vitec Software Group, Cl B | 821 | 19 | ||||||
Vitrolife* | 5,543 | 124 | ||||||
VNV Global | 7,782 | 58 | ||||||
Volvo, Cl B* | 44,150 | 695 | ||||||
Wihlborgs Fastigheter | 3,880 | 64 | ||||||
|
| |||||||
| 39,664 | ||||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
66
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Switzerland – 7.2% | ||||||||
ABB | 71,850 | $ | 1,629 | |||||
Adecco Group | 32,049 | 1,516 | ||||||
Alcon* | 29,413 | 1,702 | ||||||
Allreal Holding | 4,425 | 881 | ||||||
ALSO Holding | 3,507 | 868 | ||||||
ams* | 17,545 | 263 | ||||||
APG SGA* | 123 | 23 | ||||||
Ascom Holding* | 9,973 | 91 | ||||||
Bachem Holding, Cl B | 1,075 | 283 | ||||||
Baloise Holding | 1,417 | 213 | ||||||
Banque Cantonale Vaudoise | 971 | 95 | ||||||
Barry Callebaut | 89 | 170 | ||||||
Basilea Pharmaceutica* | 2,012 | 104 | ||||||
Belimo Holding | 104 | 767 | ||||||
Burkhalter Holding | 309 | 20 | ||||||
Chocoladefabriken Lindt & Spruengli | 3 | 258 | ||||||
Chocoladefabriken Lindt & Spruengli | 31 | 256 | ||||||
Cie Financiere Richemont | 201,586 | 12,981 | ||||||
Clariant* | 5,657 | 112 | ||||||
Coca-Cola | 6,140 | 155 | ||||||
Credit Suisse Group | 73,936 | 774 | ||||||
dormakaba Holding | 353 | 193 | ||||||
EMS-Chemie Holding | 226 | 176 | ||||||
Galenica | 11,197 | 804 | ||||||
Geberit | 6,057 | 3,045 | ||||||
Givaudan | 273 | 1,022 | ||||||
Gurit Holding | 124 | 181 | ||||||
Helvetia Holding | 7,442 | 698 | ||||||
Huber + Suhner | 1,058 | 75 | ||||||
Implenia | 5,512 | 204 | ||||||
Ina Invest Holding* | 586 | 13 | ||||||
Interroll Holding | 56 | 113 | ||||||
Julius Baer Group | 65,099 | 2,755 | ||||||
Kardex Holding | 1,154 | 212 | ||||||
Kuehne + Nagel International* | 1,608 | 269 | ||||||
LafargeHolcim | 206,605 | 9,169 | ||||||
Lastminute.com* | 5,179 | 125 | ||||||
Logitech International | 27,918 | 1,825 | ||||||
Lonza Group | 2,171 | 1,151 | ||||||
Metall Zug | 11 | 17 | ||||||
Nestle | 236,150 | 26,191 | ||||||
Novartis | 260,848 | 22,835 | ||||||
Orell Fuessli Holding | 203 | 19 | ||||||
Pargesa Holding | 1,077 | 82 | ||||||
Partners Group Holding | 552 | 503 | ||||||
| Description | Shares | Value (000) | ||||||
PSP Swiss Property | 786 | $ | 89 | |||||
Roche Holding | 75,486 | 26,294 | ||||||
Schindler Holding | 1,173 | 279 | ||||||
Schindler Holding | 541 | 129 | ||||||
SFS Group | 1,254 | 118 | ||||||
SGS | 172 | 423 | ||||||
Siegfried Holding* | 529 | 241 | ||||||
SIG Combibloc Group* | 22,254 | 362 | ||||||
Sika | 18,779 | 3,634 | ||||||
Sonova Holding | 5,244 | 1,050 | ||||||
Straumann Holding | 297 | 257 | ||||||
Sunrise Communications Group | 3,072 | 274 | ||||||
Swatch Group | 1,404 | 55 | ||||||
Swatch Group BR | 27,012 | 5,419 | ||||||
Swiss Life Holding | 981 | 365 | ||||||
Swiss Prime Site | 2,187 | 203 | ||||||
Swiss Re | 8,634 | 671 | ||||||
Swisscom | 736 | 386 | ||||||
Swissquote Group Holding | 1,695 | 146 | ||||||
Tamedia* | 1,993 | 148 | ||||||
Tecan Group | 377 | 134 | ||||||
Temenos | 1,817 | 285 | ||||||
u-blox Holding | 2,074 | 142 | ||||||
UBS Group | 606,772 | 7,067 | ||||||
Vaudoise Assurances Holding | 78 | 37 | ||||||
Vetropack Holding* | 3,223 | 178 | ||||||
Vifor Pharma | 1,321 | 200 | ||||||
VZ Holding | 1,065 | 80 | ||||||
V-ZUG Holding* | 110 | 9 | ||||||
Zehnder Group | 5,319 | 210 | ||||||
Zurich Insurance Group | 18,942 | 6,710 | ||||||
|
| |||||||
| 150,433 | ||||||||
|
| |||||||
Taiwan – 2.6% |
| |||||||
AU Optronics ADR | 578,712 | 1,759 | ||||||
ChipMOS Technologies ADR | 9,934 | 225 | ||||||
Chroma ATE | 179,000 | 926 | ||||||
Delta Electronics | 329,516 | 1,879 | ||||||
E.Sun Financial Holding | 2,165,723 | 2,037 | ||||||
Giant Manufacturing | 276,414 | 2,476 | ||||||
Himax Technologies ADR* | 8,099 | 34 | ||||||
King Slide Works | 32,847 | 375 | ||||||
MediaTek | 249,000 | 4,912 | ||||||
Merida Industry | 205,428 | 1,403 | ||||||
PChome Online | 172,587 | 694 | ||||||
Silicon Motion Technology ADR | 10,819 | 528 | ||||||
Taiwan Semiconductor Manufacturing ADR | 421,989 | 23,955 | ||||||
The accompanying notes are an integral part of the financial statements.
67
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Taiwan Semiconductor Manufacturing | 520,000 | $ | 5,537 | |||||
Teco Electric and Machinery | 983,387 | 902 | ||||||
Tripod Technology | 236,000 | 1,052 | ||||||
Uni-President Enterprises | 1,584,000 | 3,824 | ||||||
United Microelectronics ADR | 498,001 | 1,315 | ||||||
Yungtay Engineering | 641,000 | 1,232 | ||||||
|
| |||||||
| 55,065 | ||||||||
|
| |||||||
Thailand – 0.3% |
| |||||||
Airports of Thailand | 1,335,600 | 2,621 | ||||||
Bangkok Bank NVDR | 21,200 | 73 | ||||||
Delta Electronics Thailand NVDR | 43,500 | 76 | ||||||
Kasikornbank | 357,000 | 1,079 | ||||||
Major Cineplex Group | 1,484,900 | 722 | ||||||
Major Cineplex Group | 46,800 | 23 | ||||||
PTT NVDR | 1,380,300 | 1,691 | ||||||
|
| |||||||
| 6,285 | ||||||||
|
| |||||||
Turkey – 0.3% |
| |||||||
Akbank T.A.S.* | 1,085,533 | 970 | ||||||
Anadolu Cam Sanayii | 44,655 | 30 | ||||||
Dogan Sirketler Grubu Holding | 2,244,390 | 692 | ||||||
Dogus Otomotiv Servis ve Ticaret* | 91,794 | 212 | ||||||
Haci Omer Sabanci Holding | 648,510 | 879 | ||||||
KOC Holding | 148,028 | 390 | ||||||
Koza Altin Isletmeleri* | 31,213 | 382 | ||||||
Tekfen Holding | 5,919 | 15 | ||||||
Turk Telekomunikasyon* | 253,374 | 301 | ||||||
Turkiye Garanti Bankasi* | 856,708 | 1,064 | ||||||
Turkiye Is Bankasi, Cl C* | 1,029,411 | 841 | ||||||
Ulker Biskuvi Sanayi* | 157,279 | 560 | ||||||
Vestel Elektronik Sanayi ve Ticaret* | 182,299 | 435 | ||||||
Yapi ve Kredi Bankasi* | 1,522,527 | 544 | ||||||
|
| |||||||
| 7,315 | ||||||||
|
| |||||||
United Arab Emirates – 0.1% |
| |||||||
Emaar Properties PJSC* | 1,186,814 | 887 | ||||||
Emirates NBD Bank PJSC | 10,430 | 25 | ||||||
Emirates Telecommunications Group PJSC | 64,234 | 288 | ||||||
|
| |||||||
| 1,200 | ||||||||
|
| |||||||
United Kingdom – 12.6% |
| |||||||
3i Group | 179,416 | 1,859 | ||||||
4imprint Group | 9,467 | 290 | ||||||
Admiral Group | 39,033 | 1,111 | ||||||
Aggreko | 485,496 | 2,671 | ||||||
Anglo American | 403,731 | 9,455 | ||||||
Antofagasta | 11,215 | 131 | ||||||
| Description | Shares | Value (000) | ||||||
Ashtead Group | 13,633 | $ | 462 | |||||
Associated British Foods | 10,528 | 250 | ||||||
Assura‡ | 13 | — | ||||||
AstraZeneca | 38,356 | 4,025 | ||||||
Atlantica Sustainable Infrastructure | 35,453 | 1,032 | ||||||
Auto Trader Group | 147,761 | 968 | ||||||
Avast | 31,712 | 209 | ||||||
AVEVA Group | 2,168 | 110 | ||||||
Aviva | 114,101 | 389 | ||||||
BAE Systems | 246,394 | 1,481 | ||||||
Bank of Georgia Group* | 18,592 | 247 | ||||||
Bank of Ireland Group* | 11,295 | 23 | ||||||
Barclays* | 2,246,732 | 3,195 | ||||||
Barratt Developments | 71,582 | 443 | ||||||
Barrick Gold | 940 | 24 | ||||||
BasWare* | 1,307 | 44 | ||||||
Begbies Traynor Group | 81 | — | ||||||
Berkeley Group Holdings | 98,789 | 5,110 | ||||||
BHP Group | 443,535 | 9,162 | ||||||
Bodycote | 12,244 | 95 | ||||||
boohoo Group* | 129,347 | 663 | ||||||
Bovis Homes Group | 44,138 | 391 | ||||||
BP | 1,229,544 | 4,718 | ||||||
British American Tobacco | 74,379 | 2,869 | ||||||
British Land‡ * | 24,398 | 117 | ||||||
BT Group, Cl A | 266,685 | 380 | ||||||
Bunzl | 75,329 | 2,031 | ||||||
Burberry Group | 12,427 | 248 | ||||||
Capita* | 475,938 | 263 | ||||||
Carnival* | 288,479 | 3,559 | ||||||
Cementir Holding | 10,344 | 74 | ||||||
Centamin | 60,490 | 137 | ||||||
Centrica | 313,553 | 150 | ||||||
Checkit* | 37,991 | 19 | ||||||
Close Brothers Group | 18,166 | 249 | ||||||
Coca-Cola European Partners | 16,238 | 613 | ||||||
Codemasters Group Holdings* | 32,388 | 137 | ||||||
Compass Group* | 450,984 | 6,246 | ||||||
ConvaTec Group | 454,197 | 1,102 | ||||||
Cranswick | 7,700 | 347 | ||||||
Crest Nicholson Holdings | 62,417 | 153 | ||||||
CRH | 7,747 | 266 | ||||||
Croda International | 3,743 | 244 | ||||||
Daily Mail & General Trust, Cl A | 22,229 | 189 | ||||||
Dart Group | 40,787 | 426 | ||||||
DCC | 19,206 | 1,608 | ||||||
Devro | 95,397 | 177 | ||||||
The accompanying notes are an integral part of the financial statements.
68
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Diageo | 465,471 | $ | 15,488 | |||||
Dialog Semiconductor* | 21,047 | 970 | ||||||
Dignity* | 36,263 | 112 | ||||||
Direct Line Insurance Group | 41,773 | 141 | ||||||
Domino’s Pizza Group | 33,568 | 129 | ||||||
Drax Group | 296,405 | 951 | ||||||
DS Smith | 232,472 | 951 | ||||||
Dunelm Group | 40,777 | 603 | ||||||
easyJet | 65,026 | 550 | ||||||
Electrocomponents | 269,040 | 2,246 | ||||||
Elementis | 88,293 | 71 | ||||||
EMIS Group | 76,657 | 1,025 | ||||||
Epwin Group | 16,124 | 14 | ||||||
Ergomed* | 8,559 | 48 | ||||||
Euromoney Institutional Investor* | 19,821 | 193 | ||||||
Evraz | 12,827 | 46 | ||||||
Experian | 312,591 | 11,012 | ||||||
FDM Group Holdings | 37,741 | 426 | ||||||
Ferguson | 6,583 | 539 | ||||||
Flutter Entertainment* | 16,369 | 2,153 | ||||||
Future | 23,348 | 370 | ||||||
G4S | 372,201 | 529 | ||||||
Games Workshop Group | 8,345 | 833 | ||||||
Gamesys Group* | 16,470 | 175 | ||||||
GCP Student Living‡ | 4,387 | 7 | ||||||
Georgia Capital* | 25,305 | 147 | ||||||
GlaxoSmithKline | 146,514 | 2,981 | ||||||
Glencore* | 810,379 | 1,735 | ||||||
Global Ports Investments GDR* | 220,689 | 640 | ||||||
Globaltrans Investment GDR | 39,129 | 211 | ||||||
Go-Ahead Group | 1,117 | 12 | ||||||
Grainger | 87,543 | 312 | ||||||
Greencore Group* | 15,104 | 24 | ||||||
Greggs | 26,257 | 528 | ||||||
Gulf Keystone Petroleum | 70,736 | 79 | ||||||
GVC Holdings* | 137,014 | 1,262 | ||||||
Halfords Group | 141,196 | 266 | ||||||
Halma | 10,914 | 312 | ||||||
Hargreaves Lansdown | 9,415 | 191 | ||||||
Hays | 440,448 | 653 | ||||||
Hikma Pharmaceuticals | 24,198 | 667 | ||||||
Hiscox* | 22,566 | 222 | ||||||
HomeServe | 154,057 | 2,503 | ||||||
Hon Hai Precision Industry GDR | 185,240 | 1,100 | ||||||
Howden Joinery Group | 170,280 | 1,172 | ||||||
HSBC Holdings* | 597,862 | 2,803 | ||||||
IG Group Holdings | 76,069 | 770 | ||||||
| Description | Shares | Value (000) | ||||||
IMI | 348,213 | $ | 3,978 | |||||
Imperial Brands | 28,100 | 537 | ||||||
Inchcape | 81,794 | 497 | ||||||
Informa* | 80,293 | 470 | ||||||
IntegraFin Holdings | 77,230 | 439 | ||||||
InterContinental Hotels Group | 8,443 | 375 | ||||||
International Personal Finance | 293,772 | 191 | ||||||
Intertek Group | 55,013 | 3,725 | ||||||
Investec | 129,686 | 261 | ||||||
ITV | 731,227 | 681 | ||||||
J D Wetherspoon* | 4,377 | 55 | ||||||
J Sainsbury | 50,039 | 129 | ||||||
JD Sports Fashion | 12,708 | 98 | ||||||
John Wood Group | 60,330 | 147 | ||||||
Johnson Matthey | 78,826 | 2,059 | ||||||
Johnson Service Group | 63,371 | 91 | ||||||
Judges Scientific | 1,953 | 122 | ||||||
Jupiter Fund Management | 103,000 | 328 | ||||||
Just Eat Takeaway.com* | 9,707 | 1,017 | ||||||
Just Group* | 37,539 | 25 | ||||||
Kainos Group | 4,605 | 43 | ||||||
KAZ Minerals | 7,212 | 45 | ||||||
Kerry Group, Cl A | 4,612 | 574 | ||||||
Kingfisher | 65,882 | 180 | ||||||
Kingspan Group | 4,351 | 282 | ||||||
Land Securities Group‡ | 21,076 | 145 | ||||||
Legal & General Group | 177,830 | 486 | ||||||
Liontrust Asset Management | 233 | 4 | ||||||
Lloyds Banking Group | 15,174,700 | 5,879 | ||||||
London Stock Exchange Group | 9,188 | 954 | ||||||
Lookers | 129,424 | 34 | ||||||
Lukoil PJSC ADR | 196 | 15 | ||||||
M&G | 76,476 | 159 | ||||||
Man Group | 375,822 | 609 | ||||||
Marks & Spencer Group* | 163,049 | 201 | ||||||
Marston’s* | 565,773 | 375 | ||||||
McBride* | 19,790 | 15 | ||||||
McCarthy & Stone* | 91,111 | 82 | ||||||
Melrose Industries | 142,822 | 204 | ||||||
Mitchells & Butlers* | 50,501 | 118 | ||||||
Mondi | 13,971 | 263 | ||||||
Moneysupermarket.com Group | 140,285 | 566 | ||||||
Morgan Sindall Group | 13,937 | 214 | ||||||
National Express Group | 164,310 | 382 | ||||||
National Grid | 102,613 | 1,261 | ||||||
Next* | 3,836 | 233 | ||||||
Ninety One* | 56,653 | 145 | ||||||
The accompanying notes are an integral part of the financial statements.
69
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
Nomad Foods* | 49,962 | $ | 1,071 | |||||
Non-Standard Finance | 128,595 | 11 | ||||||
Ocado Group* | 13,567 | 342 | ||||||
Oxford Instruments | 5,840 | 105 | ||||||
Pagegroup | 59,880 | 282 | ||||||
Patisserie Holdings | 3,055 | — | ||||||
PayPoint | 18,652 | 140 | ||||||
Pearson | 24,261 | 173 | ||||||
Pennon Group | 13,360 | 186 | ||||||
Persimmon* | 8,932 | 254 | ||||||
Petrofac | 19,081 | 42 | ||||||
Petropavlovsk* | 1,534,709 | 480 | ||||||
Pets at Home Group | 236,983 | 707 | ||||||
Phoenix Group Holdings | 71,734 | 576 | ||||||
Playtech | 83,857 | 294 | ||||||
Plus500 | 49,816 | 813 | ||||||
Polar Capital Holdings | 9,928 | 62 | ||||||
Premier Foods* | 433,181 | 376 | ||||||
Provident Financial | 70,284 | 154 | ||||||
Prudential | 95,181 | 1,445 | ||||||
QinetiQ Group | 34,799 | 128 | ||||||
Rank Group | 14,029 | 25 | ||||||
Rathbone Brothers | 8,123 | 144 | ||||||
Reach | 100,987 | 97 | ||||||
Reckitt Benckiser Group | 109,727 | 10,100 | ||||||
Redde Northgate | 43,500 | 90 | ||||||
Redrow | 60,617 | 326 | ||||||
RELX | 220,642 | 5,139 | ||||||
Rentokil Initial* | 52,906 | 335 | ||||||
Rhi Magnesita | 6,249 | 191 | ||||||
Rightmove | 466,819 | 3,173 | ||||||
Rio Tinto | 127,281 | 7,224 | ||||||
Robert Walters | 1,244 | 6 | ||||||
Rolls-Royce Holdings* | 661,613 | 2,338 | ||||||
Rotork | 62,875 | 219 | ||||||
Royal Bank of Scotland Group* | 143,268 | 217 | ||||||
Royal Dutch Shell, Cl A | 121,279 | 1,946 | ||||||
Royal Dutch Shell, Cl B | 412,154 | 6,294 | ||||||
Royal Mail* | 286,872 | 649 | ||||||
RPS Group | 40,677 | 25 | ||||||
RSA Insurance Group | 31,000 | 158 | ||||||
RWS Holdings | 108 | 1 | ||||||
Safestore Holdings‡ | 37,025 | 335 | ||||||
Sage Group | 32,887 | 275 | ||||||
Samsung Electronics GDR | 770 | 850 | ||||||
Savills* | 23,409 | 241 | ||||||
Scapa Group* | 22,914 | 28 | ||||||
| Description | Shares | Value (000) | ||||||
Schroders | 3,489 | $ | 128 | |||||
SDL* | 8,777 | 54 | ||||||
Segro‡ | 35,381 | 393 | ||||||
Senior | 212,538 | 184 | ||||||
Serco Group | 549,499 | 1,037 | ||||||
Severn Trent | 6,911 | 213 | ||||||
SIG* | 175,573 | 67 | ||||||
Sirius Real Estate | 394,414 | 373 | ||||||
Smith & Nephew | 42,814 | 803 | ||||||
Smiths Group | 377,340 | 6,629 | ||||||
Softcat | 46,874 | 637 | ||||||
Spectris | 169,659 | 5,309 | ||||||
Spirax-Sarco Engineering | 2,133 | 265 | ||||||
Spirent Communications | 144,245 | 435 | ||||||
SSE | 30,809 | 521 | ||||||
SSP Group | 196,761 | 632 | ||||||
St. James’s Place | 54,377 | 645 | ||||||
St. Modwen Properties | 25,046 | 108 | ||||||
Stagecoach Group | 152,957 | 114 | ||||||
Standard Chartered | 213,704 | 1,178 | ||||||
Standard Life Aberdeen | 71,679 | 239 | ||||||
State Bank of India GDR* | 98,320 | 2,311 | ||||||
SThree | 11,019 | 37 | ||||||
Stock Spirits Group | 40,226 | 117 | ||||||
Tate & Lyle | 44,539 | 369 | ||||||
Taylor Wimpey* | 111,488 | 198 | ||||||
Team17 Group* | 11,370 | 77 | ||||||
Telit Communications* | 17,770 | 24 | ||||||
Tesco | 3,261,449 | 9,231 | ||||||
TP ICAP | 120,840 | 527 | ||||||
Tracsis | 3,041 | 24 | ||||||
Travis Perkins | 524,030 | 7,335 | ||||||
TUI | 38,388 | 184 | ||||||
Unilever | 74,222 | 4,005 | ||||||
United Utilities Group | 19,380 | 219 | ||||||
Urban Logistics ‡ | 11,705 | 20 | ||||||
Victrex | 133,229 | 3,245 | ||||||
Vodafone Group | 789,721 | 1,260 | ||||||
Weir Group | 417,070 | 5,525 | ||||||
WH Smith | 39,619 | 540 | ||||||
Whitbread* | 5,502 | 152 | ||||||
WM Morrison Supermarkets | 73,727 | 175 | ||||||
WPP | 114,228 | 896 | ||||||
XP Power | 1,052 | 46 | ||||||
|
| |||||||
| 261,575 | ||||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
70
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
| Description | Shares | Value (000) | ||||||
United States – 0.3% |
| |||||||
Consumer Staples – 0.1% | ||||||||
PriceSmart | 18,133 | $ | 1,094 | |||||
|
| |||||||
Health Care – 0.0% | ||||||||
Taro Pharmaceutical Industries* | 2,186 | 145 | ||||||
|
| |||||||
Information Technology – 0.1% |
| |||||||
Genpact | 42,698 | 1,559 | ||||||
|
| |||||||
Materials – 0.1% | ||||||||
Freeport-McMoRan* | 118,445 | 1,371 | ||||||
Southern Copper | 12,815 | 510 | ||||||
|
| |||||||
| 1,881 | ||||||||
|
| |||||||
| 4,679 | ||||||||
|
| |||||||
Total Common Stock | 1,999,785 | |||||||
|
| |||||||
PREFERRED STOCK — 0.7% | ||||||||
Alpargatas | 436,972 | 2,363 | ||||||
Amore Pacific Group | 1,381 | 39 | ||||||
Banco Bradesco* | 133,150 | 513 | ||||||
Banco do Brasil | 71,861 | 179 | ||||||
Bayerische Motoren Werke | 1,701 | 83 | ||||||
Brodrene A&O Johansen | 349 | 22 | ||||||
Cia de Transmissao de Energia Eletrica Paulista | 5,742 | 22 | ||||||
Cia Paranaense de Energia* | 16,900 | 190 | ||||||
Corem Property Group | 690 | 24 | ||||||
Einhell Germany | 253 | 20 | ||||||
FUCHS PETROLUB | 121,730 | 4,912 | ||||||
Grupo Aval Acciones y Valores | 1,210,996 | 267 | ||||||
Henkel & KGaA | 5,252 | 490 | ||||||
Itausa | 240,517 | 427 | ||||||
Jungheinrich | 39,090 | 917 | ||||||
Porsche Automobil Holding | 4,644 | 269 | ||||||
Sartorius | 1,029 | 341 | ||||||
Schaeffler | 13,045 | 98 | ||||||
STO & KGaA | 1,131 | 129 | ||||||
Telefonica Brasil | 45,681 | 406 | ||||||
Volkswagen | 12,085 | 1,847 | ||||||
|
| |||||||
Total Preferred Stock | 13,558 | |||||||
|
| |||||||
RIGHTS* — 0.0% | ||||||||
| Number of Rights | ||||||||
Implenia ‡‡ | 2,934 | – | ||||||
Pan American Silver ‡‡ | 20,581 | 8 | ||||||
SIG, Expires 7/14/2020 | 43,893 | – | ||||||
|
| |||||||
Total Rights | 8 | |||||||
|
| |||||||
| Description | Number of Warrants | Value (000) | ||||||
WARRANTS — 0.0% | ||||||||
Ezion Holdings, Expires 4/16/2023* (A) | 77,880 | $ | – | |||||
|
| |||||||
Total Warrants | – | |||||||
|
| |||||||
| Shares | ||||||||
SHORT-TERM INVESTMENT — 2.2% |
| |||||||
State Street Institutional Treasury Money Market Fund, Cl Premier, 0.110% (B) | 45,926,334 | 45,926 | ||||||
|
| |||||||
Total Short-Term Investment | 45,926 | |||||||
|
| |||||||
Total Investments In Securities — 98.9% (Cost $2,063,493) (000) |
| $ | 2,059,277 | |||||
|
| |||||||
Percentages are based on net assets of $2,083,192 (000).
A list of the open futures contracts held by the Fund at June 30, 2020, is as follows (000):
| Type of Contract | Number of Contracts Long | Expiration Date | Notional Amount | Value | Unrealized Appreciation | |||||||||||||
MSCI EAFE Index | 262 | Sep-2020 | $ | 23,228 | $ | 23,297 | $ | 69 | ||||||||||
S&P TSX 60 Index | 17 | Sep-2020 | 2,290 | 2,325 | 35 | |||||||||||||
|
|
|
|
|
| |||||||||||||
| $ | 25,518 | $ | 25,622 | $ | 104 | |||||||||||||
|
|
|
|
|
| |||||||||||||
| * | Non-income producing security. |
| ‡ | Real Estate Investment Trust |
| ‡‡ | Expiration date not available. |
| (A) | Level 3 security in accordance with fair value hierarchy. |
| (B) | The rate reported is the 7-day effective yield as of June 30, 2020. |
| ADR | — American Depositary Receipt |
| Cl | — Class |
| EAFE | — Europe, Australasia and Far East |
| GDR | — Global Depositary Receipt |
| MSCI | — Morgan Stanley Capital International |
| NVDR | — Non-Voting Depositary Receipt |
| PJSC | — Public Joint Stock Company |
| S&P | — Standard & Poor’s |
| TSX | — Toronto Stock Exchange |
The accompanying notes are an integral part of the financial statements.
71
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP International Equity Fund |
The following is a list of the level of inputs used as of June 30, 2020, 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 | $ | 5,703 | $ | – | $ | – | $ | 5,703 | ||||||||
Australia | 65 | 67,968 | – | 68,033 | ||||||||||||
Austria | – | 3,323 | – | 3,323 | ||||||||||||
Belgium | – | 12,166 | – | 12,166 | ||||||||||||
Brazil | 35,549 | – | – | 35,549 | ||||||||||||
Canada | 84,556 | – | – | 84,556 | ||||||||||||
Chile | 4,328 | – | – | 4,328 | ||||||||||||
China | 47,477 | 22,661 | – | 70,138 | ||||||||||||
Colombia | 810 | – | – | 810 | ||||||||||||
Cypress | 371 | – | – | 371 | ||||||||||||
Czech Republic | – | 644 | – | 644 | ||||||||||||
Denmark | – | 41,961 | – | 41,961 | ||||||||||||
Finland | 98 | 15,876 | – | 15,974 | ||||||||||||
France | 136 | 144,181 | – | 144,317 | ||||||||||||
Germany | 93 | 122,331 | – | 122,424 | ||||||||||||
Greece | – | 7,140 | – | 7,140 | ||||||||||||
Hong Kong | 4,359 | 126,629 | – | 130,988 | ||||||||||||
Hungary | – | 868 | – | 868 | ||||||||||||
India | 5,236 | 49,132 | – | 54,368 | ||||||||||||
Indonesia | – | 7,846 | – | 7,846 | ||||||||||||
Ireland | 6,864 | 10,879 | – | 17,743 | ||||||||||||
Israel | 7,528 | 5,057 | – | 12,585 | ||||||||||||
Italy | 18 | 29,048 | – | 29,066 | ||||||||||||
Japan | 430 | 334,770 | – | 335,200 | ||||||||||||
Kenya | – | 731 | – | 731 | ||||||||||||
Luxembourg | 30 | 4 | – | 34 | ||||||||||||
Malaysia | 11 | 910 | – | 921 | ||||||||||||
Mexico | 12,848 | – | – | 12,848 | ||||||||||||
Netherlands | 807 | 59,967 | – | 60,774 | ||||||||||||
New Zealand | – | 3,365 | – | 3,365 | ||||||||||||
Norway | – | 19,241 | – | 19,241 | ||||||||||||
Panama | 3,908 | – | – | 3,908 | ||||||||||||
Peru | 2,336 | – | – | 2,336 | ||||||||||||
Philippines | – | 760 | – | 760 | ||||||||||||
Poland | – | 2,904 | – | 2,904 | ||||||||||||
Portugal | – | 2,974 | – | 2,974 | ||||||||||||
Qatar | – | 1,376 | – | 1,376 | ||||||||||||
Russia | 7,430 | 3,738 | – | 11,168 | ||||||||||||
Singapore | – | 40,648 | 17 | 40,665 | ||||||||||||
South Africa | 672 | 20,383 | – | 21,055 | ||||||||||||
South Korea | 10,203 | 47,477 | – | 57,680 | ||||||||||||
Spain | 67 | 24,661 | – | 24,728 | ||||||||||||
Sweden | 70 | 39,594 | – | 39,664 | ||||||||||||
Switzerland | 23 | 150,410 | – | 150,433 | ||||||||||||
Taiwan | 27,816 | 27,249 | – | 55,065 | ||||||||||||
Thailand | – | 6,285 | – | 6,285 | ||||||||||||
Turkey | – | 7,315 | – | 7,315 | ||||||||||||
United Arab Emirates | – | 1,200 | – | 1,200 | ||||||||||||
United Kingdom | 4,136 | 257,439 | – | 261,575 | ||||||||||||
United States | 4,679 | – | – | 4,679 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stock | 278,657 | 1,721,111 | 17 | 1,999,785 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stock | 4,367 | 9,191 | – | 13,558 | ||||||||||||
Rights | 8 | – | – | 8 | ||||||||||||
Warrants | – | – | – | – | ||||||||||||
Short-Term Investment | 45,926 | – | – | 45,926 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 328,958 | $ | 1,730,302 | $ | 17 | $ | 2,059,277 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts* |
| |||||||||||||||
Unrealized Appreciation | $ | 104 | $ | – | $ | – | $ | 104 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | 104 | $ | – | $ | – | $ | 104 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| * | 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 in at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
For the period ended June 30, 2020, there were no transfers in or out of Level 3.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
72
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
Sector Weightings†
| † | Percentages based on total investments. |
| SCHEDULE OF INVESTMENTS | ||||
| Description | Face Amount (000) | Value (000) | ||||||
CORPORATE OBLIGATIONS — 29.3% |
| |||||||
Communication Services – 2.2% |
| |||||||
Activision Blizzard | $ | 50 | $ | 57 | ||||
Alphabet | 100 | 110 | ||||||
America Movil | 300 | 333 | ||||||
AT&T | 1,248 | 1,543 | ||||||
4.900%, 08/15/37 | 150 | 180 | ||||||
4.850%, 03/01/39 | 70 | 85 | ||||||
4.800%, 06/15/44 | 100 | 118 | ||||||
4.750%, 05/15/46 | 500 | 599 | ||||||
4.500%, 03/09/48 | 100 | 118 | ||||||
4.350%, 03/01/29 | 500 | 583 | ||||||
4.100%, 02/15/28 | 253 | 289 | ||||||
3.800%, 02/15/27 | 150 | 169 | ||||||
3.650%, 06/01/51 | 100 | 105 | ||||||
3.600%, 07/15/25 | 1,882 | 2,091 | ||||||
3.500%, 06/01/41 | 711 | 745 | ||||||
3.400%, 05/15/25 | 5,590 | 6,143 | ||||||
3.200%, 03/01/22 | 3,050 | 3,183 | ||||||
2.950%, 07/15/26 | 200 | 218 | ||||||
2.750%, 06/01/31 | 4,565 | 4,753 | ||||||
Baidu | 200 | 213 | ||||||
Bell Canada | 15 | 19 | ||||||
4.300%, 07/29/49 | 30 | 37 | ||||||
Charter Communications Operating | 150 | 198 | ||||||
6.384%, 10/23/35 | 150 | 198 | ||||||
5.375%, 04/01/38 | 100 | 120 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
5.375%, 05/01/47 | $ | 100 | $ | 118 | ||||
4.908%, 07/23/25 | 2,694 | 3,088 | ||||||
4.800%, 03/01/50 | 155 | 172 | ||||||
4.500%, 02/01/24 | 100 | 111 | ||||||
3.700%, 04/01/51 | 1,212 | 1,189 | ||||||
Comcast | 25 | 35 | ||||||
4.700%, 10/15/48 | 2,513 | 3,380 | ||||||
4.600%, 10/15/38 | 1,128 | 1,434 | ||||||
4.400%, 08/15/35 | 100 | 124 | ||||||
4.250%, 10/15/30 | 25 | 31 | ||||||
4.150%, 10/15/28 | 45 | 54 | ||||||
4.000%, 08/15/47 | 200 | 241 | ||||||
3.950%, 10/15/25 | 50 | 57 | ||||||
3.900%, 03/01/38 | 100 | 119 | ||||||
3.450%, 02/01/50 | 300 | 344 | ||||||
3.375%, 02/15/25 | 125 | 139 | ||||||
3.250%, 11/01/39 | 100 | 111 | ||||||
3.150%, 03/01/26 | 50 | 56 | ||||||
3.100%, 04/01/25 | 300 | 331 | ||||||
2.750%, 03/01/23 | 100 | 106 | ||||||
1.950%, 01/15/31 | 1,079 | 1,091 | ||||||
Discovery Communications | 40 | 48 | ||||||
5.000%, 09/20/37 | 150 | 177 | ||||||
4.125%, 05/15/29 | 100 | 114 | ||||||
3.800%, 03/13/24 | 50 | 54 | ||||||
2.950%, 03/20/23 | 27 | 28 | ||||||
Fox | 200 | 240 | ||||||
Interpublic Group | 25 | 28 | ||||||
Omnicom Group | 100 | 112 | ||||||
Orange | 200 | 280 | ||||||
4.125%, 09/14/21 | 100 | 105 | ||||||
Rogers Communications | 75 | 92 | ||||||
4.300%, 02/15/48 | 40 | 48 | ||||||
2.900%, 11/15/26 | 50 | 54 | ||||||
Telefonica Celular del Paraguay | 435 | 452 | ||||||
Telefonica Emisiones | 150 | 187 | ||||||
4.895%, 03/06/48 | 150 | 181 | ||||||
TELUS | 50 | 62 | ||||||
Tencent Holdings | 410 | 413 | ||||||
3.240%, 06/03/50 (A) | 740 | 742 | ||||||
1.810%, 01/26/26 (A) | 1,435 | 1,451 | ||||||
Thomson Reuters | 100 | 109 | ||||||
T-Mobile USA | 300 | 347 | ||||||
The accompanying notes are an integral part of the financial statements.
73
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
3.875%, 04/15/30 (A) | $ | 300 | $ | 334 | ||||
TWDC Enterprises | 72 | 80 | ||||||
Verizon Communications | 100 | 134 | ||||||
4.812%, 03/15/39 | 100 | 130 | ||||||
4.272%, 01/15/36 | 1,407 | 1,740 | ||||||
4.000%, 03/22/50 | 300 | 384 | ||||||
3.875%, 02/08/29 | 10 | 12 | ||||||
3.376%, 02/15/25 | 150 | 167 | ||||||
3.150%, 03/22/30 | 300 | 336 | ||||||
3.000%, 03/22/27 | 500 | 555 | ||||||
2.625%, 08/15/26 | 135 | 147 | ||||||
ViacomCBS | 100 | 136 | ||||||
4.200%, 05/19/32 | 902 | 1,014 | ||||||
Vodafone Group | 150 | 196 | ||||||
4.875%, 06/19/49 | 1,751 | 2,207 | ||||||
4.375%, 05/30/28 | 200 | 238 | ||||||
VTR Finance | 200 | 205 | ||||||
Walt Disney | 735 | 1,103 | ||||||
4.700%, 03/23/50 | 250 | 322 | ||||||
3.700%, 10/15/25 | 20 | 23 | ||||||
3.350%, 03/24/25 | 500 | 554 | ||||||
|
| |||||||
| 49,879 | ||||||||
|
| |||||||
Consumer Discretionary – 1.6% |
| |||||||
Alibaba Group Holding | 250 | 290 | ||||||
Amazon.com | 100 | 137 | ||||||
4.050%, 08/22/47 | 150 | 195 | ||||||
3.875%, 08/22/37 | 100 | 124 | ||||||
2.700%, 06/03/60 | 15 | 15 | ||||||
2.500%, 06/03/50 | 954 | 980 | ||||||
1.500%, 06/03/30 | 40 | 41 | ||||||
1.200%, 06/03/27 | 25 | 25 | ||||||
0.800%, 06/03/25 | 35 | 35 | ||||||
0.400%, 06/03/23 | 25 | 25 | ||||||
American Honda Finance | 50 | 52 | ||||||
2.350%, 01/08/27 | 100 | 106 | ||||||
1.950%, 05/20/22 | 125 | 128 | ||||||
Aptiv | 40 | 43 | ||||||
AutoNation | 25 | 26 | ||||||
AutoZone | 100 | 112 | ||||||
Best Buy | 25 | 29 | ||||||
Booking Holdings | 50 | 52 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
BorgWarner | $ | 25 | $ | 26 | ||||
California Institute of Technology | 20 | 22 | ||||||
Diageo Capital | 200 | 213 | ||||||
Diageo Investment | 100 | 104 | ||||||
Dollar General | 25 | 29 | ||||||
4.125%, 05/01/28 | 35 | 41 | ||||||
Dollar Tree | 45 | 52 | ||||||
eBay | 140 | 148 | ||||||
Expedia Group | 100 | 104 | ||||||
Ford Foundation | 1,740 | 1,796 | ||||||
Ford Motor Credit | 1,882 | 1,883 | ||||||
General Motors | 250 | 273 | ||||||
5.950%, 04/01/49 | 979 | 1,029 | ||||||
5.200%, 04/01/45 | 150 | 145 | ||||||
5.150%, 04/01/38 | 100 | 96 | ||||||
General Motors Financial | 100 | 104 | ||||||
4.200%, 11/06/21 | 100 | 103 | ||||||
4.000%, 01/15/25 | 100 | 104 | ||||||
4.000%, 10/06/26 | 50 | 52 | ||||||
3.700%, 05/09/23 | 1,123 | 1,154 | ||||||
3.150%, 06/30/22 | 1,240 | 1,262 | ||||||
2.450%, 11/06/20 | 2,560 | 2,564 | ||||||
Grupo Televisa | 2,840 | 92 | ||||||
5.000%, 05/13/45 | 200 | 222 | ||||||
Hasbro | 4,018 | 4,246 | ||||||
3.500%, 09/15/27 | 30 | 31 | ||||||
3.000%, 11/19/24 | 100 | 105 | ||||||
Home Depot | 150 | 224 | ||||||
4.250%, 04/01/46 | 100 | 127 | ||||||
3.900%, 12/06/28 | 40 | 48 | ||||||
3.900%, 06/15/47 | 50 | 61 | ||||||
3.300%, 04/15/40 | 300 | 337 | ||||||
2.800%, 09/14/27 | 50 | 55 | ||||||
2.625%, 06/01/22 | 100 | 104 | ||||||
Hyatt Hotels | 50 | 51 | ||||||
JD.com | 200 | 213 | ||||||
The accompanying notes are an integral part of the financial statements.
74
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Kohl’s | $ | 30 | $ | 34 | ||||
Las Vegas Sands | 40 | 39 | ||||||
3.200%, 08/08/24 | 45 | 45 | ||||||
2.900%, 06/25/25 | 15 | 15 | ||||||
Lear | 25 | 25 | ||||||
Leggett & Platt | 50 | 54 | ||||||
Leland Stanford Junior University | 727 | 747 | ||||||
Lowe’s | 1,438 | 1,963 | ||||||
4.050%, 05/03/47 | 100 | 118 | ||||||
3.100%, 05/03/27 | 100 | 111 | ||||||
2.500%, 04/15/26 | 50 | 54 | ||||||
Magna International | 50 | 54 | ||||||
Marriott International | 50 | 52 | ||||||
3.125%, 10/15/21 | 100 | 100 | ||||||
Massachusetts Institute of Technology | 100 | 113 | ||||||
McDonald’s | 100 | 110 | ||||||
3.500%, 03/01/27 | 100 | 113 | ||||||
3.375%, 05/26/25 | 100 | 111 | ||||||
3.350%, 04/01/23 | 130 | 139 | ||||||
3.300%, 07/01/25 | 200 | 222 | ||||||
Mohawk Industries | 50 | 54 | ||||||
New York and Presbyterian Hospital | 35 | 38 | ||||||
NIKE | 300 | 334 | ||||||
Nordstrom | 100 | 71 | ||||||
4.000%, 03/15/27 | 30 | 25 | ||||||
O’Reilly Automotive | 50 | 58 | ||||||
3.550%, 03/15/26 | 50 | 57 | ||||||
President & Fellows of Harvard College | 100 | 115 | ||||||
Princeton University | 20 | 21 | ||||||
Sands China | 200 | 211 | ||||||
Starbucks | 30 | 35 | ||||||
4.450%, 08/15/49 | 100 | 121 | ||||||
3.500%, 11/15/50 | 50 | 53 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
2.550%, 11/15/30 | $ | 100 | $ | 105 | ||||
1.300%, 05/07/22 | 15 | 15 | ||||||
Target | 200 | 249 | ||||||
3.375%, 04/15/29 | 50 | 58 | ||||||
Time Warner Cable | 431 | 593 | ||||||
4.000%, 09/01/21 | 100 | 103 | ||||||
TJX | 100 | 111 | ||||||
Toyota Motor Credit | 100 | 117 | ||||||
3.450%, 09/20/23 | 50 | 54 | ||||||
2.250%, 10/18/23 | 50 | 52 | ||||||
1.800%, 02/13/25 | 2,293 | 2,377 | ||||||
1.350%, 08/25/23 | 944 | 962 | ||||||
1.150%, 05/26/22 | 100 | 101 | ||||||
University of Pennsylvania | 100 | 116 | ||||||
VF | 200 | 205 | ||||||
Viacom | 150 | 176 | ||||||
Whirlpool | 60 | 63 | ||||||
Yale University | 1,350 | 1,364 | ||||||
0.873%, 04/15/25 | 3,709 | 3,738 | ||||||
|
| |||||||
| 35,606 | ||||||||
|
| |||||||
Consumer Staples – 0.6% |
| |||||||
Altria Group | 15 | 20 | ||||||
5.950%, 02/14/49 | 40 | 52 | ||||||
5.800%, 02/14/39 | 165 | 204 | ||||||
5.375%, 01/31/44 | 100 | 120 | ||||||
4.800%, 02/14/29 | 40 | 47 | ||||||
4.450%, 05/06/50 | 20 | 22 | ||||||
3.800%, 02/14/24 | 20 | 22 | ||||||
3.400%, 05/06/30 | 10 | 11 | ||||||
2.350%, 05/06/25 | 20 | 21 | ||||||
Anheuser-Busch | 2,320 | 2,839 | ||||||
4.700%, 02/01/36 | 150 | 177 | ||||||
Anheuser-Busch InBev Worldwide | 1,229 | 1,439 | ||||||
4.500%, 06/01/50 | 250 | 296 | ||||||
4.439%, 10/06/48 | 100 | 115 | ||||||
4.350%, 06/01/40 | 400 | 456 | ||||||
4.150%, 01/23/25 | 250 | 284 | ||||||
4.000%, 04/13/28 | 55 | 64 | ||||||
3.500%, 06/01/30 | 300 | 337 | ||||||
Archer-Daniels-Midland | 100 | 120 | ||||||
3.375%, 03/15/22 | 60 | 63 | ||||||
The accompanying notes are an integral part of the financial statements.
75
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Bunge Finance | $ | 120 | $ | 124 | ||||
3.000%, 09/25/22 | 30 | 31 | ||||||
Campbell Soup | 110 | 145 | ||||||
4.150%, 03/15/28 | 50 | 57 | ||||||
3.650%, 03/15/23 | 15 | 16 | ||||||
Church & Dwight | 100 | 105 | ||||||
Clorox | 50 | 56 | ||||||
1.800%, 05/15/30 | 5 | 5 | ||||||
Coca-Cola | 100 | 127 | ||||||
2.875%, 10/27/25 | 50 | 55 | ||||||
2.600%, 06/01/50 | 50 | 50 | ||||||
2.550%, 06/01/26 | 50 | 55 | ||||||
2.500%, 06/01/40 | 25 | 26 | ||||||
1.750%, 09/06/24 | 100 | 105 | ||||||
1.650%, 06/01/30 | 35 | 36 | ||||||
Conagra Brands | 20 | 28 | ||||||
5.300%, 11/01/38 | 10 | 13 | ||||||
4.850%, 11/01/28 | 25 | 30 | ||||||
4.600%, 11/01/25 | 200 | 230 | ||||||
4.300%, 05/01/24 | 15 | 17 | ||||||
3.800%, 10/22/21 | 20 | 21 | ||||||
Constellation Brands | 30 | 35 | ||||||
4.250%, 05/01/23 | 50 | 55 | ||||||
3.750%, 05/01/50 | 10 | 11 | ||||||
2.875%, 05/01/30 | 15 | 16 | ||||||
2.650%, 11/07/22 | 50 | 52 | ||||||
Costco Wholesale | 65 | 66 | ||||||
1.375%, 06/20/27 | 100 | 102 | ||||||
General Mills | 50 | 59 | ||||||
2.875%, 04/15/30 | 100 | 109 | ||||||
Georgetown University | 25 | 24 | ||||||
Hershey | 50 | 54 | ||||||
Ingredion | 50 | 54 | ||||||
Kellogg | 25 | 28 | ||||||
2.100%, 06/01/30 | 65 | 66 | ||||||
Keurig Dr Pepper | 150 | 198 | ||||||
4.985%, 05/25/38 | 175 | 223 | ||||||
4.597%, 05/25/28 | 50 | 60 | ||||||
Kimberly-Clark | 10 | 12 | ||||||
2.875%, 02/07/50 | 100 | 108 | ||||||
2.750%, 02/15/26 | 100 | 110 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Kroger | $ | 25 | $ | 29 | ||||
2.200%, 05/01/30 | 165 | 171 | ||||||
McCormick | 100 | 108 | ||||||
Molson Coors Brewing | 200 | 195 | ||||||
Mondelez International | 100 | 127 | ||||||
4.125%, 05/07/28 | 50 | 60 | ||||||
PepsiCo | 100 | 110 | ||||||
3.000%, 10/15/27 | 50 | 56 | ||||||
2.850%, 02/24/26 | 100 | 110 | ||||||
2.625%, 03/19/27 | 500 | 547 | ||||||
1.625%, 05/01/30 | 95 | 97 | ||||||
0.750%, 05/01/23 | 145 | 146 | ||||||
Philip Morris International | 100 | 121 | ||||||
3.375%, 08/11/25 | 100 | 111 | ||||||
2.500%, 11/02/22 | 100 | 104 | ||||||
2.100%, 05/01/30 | 20 | 21 | ||||||
Precision Castparts | 100 | 111 | ||||||
Procter & Gamble | 100 | 123 | ||||||
2.450%, 03/25/25 | 100 | 108 | ||||||
2.450%, 11/03/26 | 50 | 55 | ||||||
2.150%, 08/11/22 | 100 | 104 | ||||||
Suzano Austria GmbH | 200 | 203 | ||||||
Sysco | 50 | 56 | ||||||
3.550%, 03/15/25 | 50 | 54 | ||||||
3.300%, 02/15/50 | 120 | 113 | ||||||
2.500%, 07/15/21 | 35 | 35 | ||||||
2.400%, 02/15/30 | 15 | 15 | ||||||
Tyson Foods | 200 | 254 | ||||||
Unilever Capital | 100 | 103 | ||||||
2.125%, 09/06/29 | 250 | 264 | ||||||
University of Chicago | 5 | 5 | ||||||
University of Southern California | 35 | 36 | ||||||
USJ-Acucar e Alcool S | 379 | 104 | ||||||
Walgreens Boots Alliance | 200 | 217 | ||||||
Walmart | 35 | 46 | ||||||
3.950%, 06/28/38 | 115 | 146 | ||||||
3.700%, 06/26/28 | 100 | 118 | ||||||
3.300%, 04/22/24 | 100 | 110 | ||||||
The accompanying notes are an integral part of the financial statements.
76
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
3.250%, 07/08/29 | $ | 140 | $ | 163 | ||||
2.850%, 07/08/24 | 150 | 163 | ||||||
2.650%, 12/15/24 | 50 | 54 | ||||||
|
| |||||||
| 14,356 | ||||||||
|
| |||||||
Energy – 4.8% | ||||||||
Abu Dhabi Crude Oil Pipeline | 4,993 | 5,899 | ||||||
Azure Power Solar Energy Pvt | 350 | 352 | ||||||
Baker Hughes a GE | 30 | 35 | ||||||
3.138%, 11/07/29 | 65 | 68 | ||||||
Boardwalk Pipelines | 50 | 53 | ||||||
BP Capital Markets | 200 | 208 | ||||||
Canadian Natural Resources | 100 | 107 | ||||||
2.950%, 07/15/30 | 50 | 50 | ||||||
2.050%, 07/15/25 | 50 | 50 | ||||||
Cheniere Corpus Christi Holdings | 150 | 171 | ||||||
Chevron | 50 | 55 | ||||||
2.566%, 05/16/23 | 50 | 53 | ||||||
2.355%, 12/05/22 | 150 | 156 | ||||||
1.141%, 05/11/23 | 150 | 153 | ||||||
Cimarex Energy | 100 | 101 | ||||||
Concho Resources | 15 | 17 | ||||||
4.375%, 01/15/25 | 50 | 52 | ||||||
4.300%, 08/15/28 | 10 | 11 | ||||||
3.750%, 10/01/27 | 100 | 106 | ||||||
Consumer Energy | 85 | 82 | ||||||
Devon Energy | 150 | 146 | ||||||
Diamondback Energy | 50 | 49 | ||||||
3.250%, 12/01/26 | 20 | 20 | ||||||
2.875%, 12/01/24 | 30 | 30 | ||||||
Ecopetrol | 200 | 229 | ||||||
5.875%, 09/18/23 | 100 | 107 | ||||||
Emera US Finance | 1,473 | 1,500 | ||||||
Enable Midstream Partners | 100 | 88 | ||||||
Enbridge | 100 | 108 | ||||||
3.700%, 07/15/27 | 100 | 110 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Enbridge Energy Partners | $ | 100 | $ | 119 | ||||
Encana | 50 | 50 | ||||||
Energy Transfer Operating | 329 | 349 | ||||||
6.125%, 12/15/45 | 150 | 154 | ||||||
6.000%, 06/15/48 | 125 | 130 | ||||||
5.800%, 06/15/38 | 225 | 229 | ||||||
5.250%, 04/15/29 | 50 | 55 | ||||||
4.200%, 04/15/27 | 200 | 209 | ||||||
Energy Transfer Partners | 27 | 29 | ||||||
4.500%, 11/01/23 | 100 | 108 | ||||||
Enterprise Products Operating | 150 | 199 | ||||||
5.950%, 02/01/41 | 100 | 128 | ||||||
4.800%, 02/01/49 | 25 | 30 | ||||||
4.250%, 02/15/48 | 25 | 28 | ||||||
4.200%, 01/31/50 | 35 | 39 | ||||||
4.150%, 10/16/28 | 175 | 199 | ||||||
3.500%, 02/01/22 | 25 | 26 | ||||||
3.350%, 03/15/23 | 100 | 106 | ||||||
EOG Resources | 100 | 110 | ||||||
2.625%, 03/15/23 | 100 | 105 | ||||||
Equinor | 200 | 229 | ||||||
3.700%, 03/01/24 | 100 | 111 | ||||||
2.875%, 04/06/25 | 3,622 | 3,908 | ||||||
2.450%, 01/17/23 | 125 | 131 | ||||||
1.750%, 01/22/26 | 4,986 | 5,107 | ||||||
Exxon Mobil | 2,359 | 2,612 | ||||||
3.095%, 08/16/49 | 25 | 26 | ||||||
3.043%, 03/01/26 | 50 | 55 | ||||||
2.995%, 08/16/39 | 25 | 26 | ||||||
2.992%, 03/19/25 | 5,241 | 5,691 | ||||||
2.726%, 03/01/23 | 35 | 37 | ||||||
2.709%, 03/06/25 | 150 | 161 | ||||||
2.610%, 10/15/30 | 1,948 | 2,085 | ||||||
2.440%, 08/16/29 | 25 | 27 | ||||||
2.019%, 08/16/24 | 25 | 26 | ||||||
1.902%, 08/16/22 | 10 | 10 | ||||||
1.571%, 04/15/23 | 300 | 308 | ||||||
Fermaca Enterprises | 974 | 1,030 | ||||||
Gazprom PJSC Via Gaz Capital | 1,060 | 1,176 | ||||||
Geopark | 200 | 184 | ||||||
Halliburton | 100 | 102 | ||||||
3.800%, 11/15/25 | 10 | 11 | ||||||
3.500%, 08/01/23 | 6 | 6 | ||||||
3.250%, 11/15/21 | 3,280 | 3,352 | ||||||
The accompanying notes are an integral part of the financial statements.
77
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Hess | $ | 497 | $ | 596 | ||||
4.300%, 04/01/27 | 1,578 | 1,634 | ||||||
Husky Energy | 100 | 103 | ||||||
KazMunayGas National JSC | 2,520 | 2,935 | ||||||
Kinder Morgan Energy Partners | 150 | 185 | ||||||
5.500%, 03/01/44 | 100 | 118 | ||||||
Magellan Midstream Partners | 25 | 25 | ||||||
3.250%, 06/01/30 | 50 | 53 | ||||||
Marathon Oil | 150 | 155 | ||||||
Marathon Petroleum | 250 | 310 | ||||||
5.375%, 10/01/22 | 1,951 | 1,963 | ||||||
5.125%, 12/15/26 | 2,324 | 2,674 | ||||||
4.750%, 12/15/23 | 3,474 | 3,812 | ||||||
4.700%, 05/01/25 | 2,734 | 3,061 | ||||||
3.800%, 04/01/28 | 30 | 32 | ||||||
3.400%, 12/15/20 | 557 | 562 | ||||||
MEGlobal Canada ULC | 270 | 305 | ||||||
MPLX | 200 | 210 | ||||||
5.200%, 12/01/47 | 150 | 155 | ||||||
4.800%, 02/15/29 | 70 | 78 | ||||||
4.125%, 03/01/27 | 65 | 69 | ||||||
4.000%, 02/15/25 | 25 | 27 | ||||||
3.500%, 12/01/22 | 25 | 26 | ||||||
National Oilwell Varco | 29 | 29 | ||||||
Nexen | 150 | 212 | ||||||
Noble Energy | 346 | 337 | ||||||
4.950%, 08/15/47 | 100 | 89 | ||||||
3.250%, 10/15/29 | 2,383 | 2,167 | ||||||
Occidental Petroleum | 853 | 847 | ||||||
4.400%, 08/15/49 | 250 | 172 | ||||||
2.600%, 08/13/21 | 1,128 | 1,102 | ||||||
Odebrecht Oil & Gas Finance | 97 | — | ||||||
ONEOK | 748 | 909 | ||||||
5.200%, 07/15/48 | 75 | 75 | ||||||
4.550%, 07/15/28 | 50 | 52 | ||||||
4.450%, 09/01/49 | 100 | 93 | ||||||
4.000%, 07/13/27 | 30 | 30 | ||||||
3.100%, 03/15/30 | 25 | 24 | ||||||
2.200%, 09/15/25 | 1,170 | 1,150 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
ONEOK Partners | $ | 100 | $ | 103 | ||||
Pertamina Persero | 940 | 1,228 | ||||||
5.625%, 05/20/43 (A) | 375 | 433 | ||||||
4.700%, 07/30/49 (A) | 960 | 1,035 | ||||||
3.100%, 08/25/30 (A) | 660 | 661 | ||||||
Petroleos de Venezuela | 660 | 16 | ||||||
8.500%, 10/27/20 (A) | 123 | 11 | ||||||
6.000%, 11/15/26 (A) (C) | 785 | 19 | ||||||
5.375%, 04/12/27 (C) | 670 | 16 | ||||||
Petroleos Mexicanos | 1,190 | 915 | ||||||
6.840%, 01/23/30 (A) | 453 | 399 | ||||||
6.750%, 09/21/47 | 1,058 | 813 | ||||||
6.625%, 06/15/35 | 480 | 391 | ||||||
6.500%, 03/13/27 | 1,875 | 1,692 | ||||||
6.500%, 01/23/29 | 530 | 462 | ||||||
6.490%, 01/23/27 (A) | 1,496 | 1,366 | ||||||
5.950%, 01/28/31 (A) | 1,170 | 965 | ||||||
Petronas Capital | 780 | 988 | ||||||
3.500%, 04/21/30 (A) | 830 | 922 | ||||||
Phillips 66 | 200 | 222 | ||||||
2.150%, 12/15/30 | 25 | 24 | ||||||
Phillips 66 Partners | 25 | 27 | ||||||
2.450%, 12/15/24 | 100 | 103 | ||||||
Plains All American Pipeline | 5,594 | 5,975 | ||||||
3.850%, 10/15/23 | 150 | 156 | ||||||
3.650%, 06/01/22 | 2,709 | 2,769 | ||||||
3.550%, 12/15/29 | 100 | 97 | ||||||
ReNew Power | 280 | 278 | ||||||
5.875%, 03/05/27 (A) | 950 | 918 | ||||||
Sabine Pass Liquefaction | 85 | 97 | ||||||
5.000%, 03/15/27 | 300 | 336 | ||||||
Saudi Arabian Oil | 2,110 | 2,347 | ||||||
Shell International Finance | 400 | 498 | ||||||
2.875%, 05/10/26 | 100 | 110 | ||||||
Shell International Finance BV | 150 | 157 | ||||||
Sinopec Group Overseas Development 2016 | 460 | 488 | ||||||
Southern Gas Corridor CJSC | 840 | 966 | ||||||
Spectra Energy Partners | 100 | 109 | ||||||
The accompanying notes are an integral part of the financial statements.
78
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Suncor Energy | $ | 150 | $ | 189 | ||||
2.800%, 05/15/23 | 20 | 21 | ||||||
Total Capital | 50 | 58 | ||||||
Total Capital Canada | 100 | 107 | ||||||
Total Capital International | 25 | 28 | ||||||
3.386%, 06/29/60 | 100 | 103 | ||||||
3.127%, 05/29/50 | 2,822 | 2,895 | ||||||
2.700%, 01/25/23 | 100 | 105 | ||||||
TransCanada PipeLines | 25 | 32 | ||||||
4.875%, 01/15/26 | 100 | 117 | ||||||
4.625%, 03/01/34 | 300 | 345 | ||||||
4.250%, 05/15/28 | 25 | 29 | ||||||
Transcontinental Gas Pipe Line | 150 | 160 | ||||||
3.250%, 05/15/30 (A) | 75 | 80 | ||||||
Ultrapar International | 870 | 884 | ||||||
Valero Energy | 70 | 79 | ||||||
4.000%, 04/01/29 | 35 | 39 | ||||||
3.650%, 03/15/25 | 100 | 109 | ||||||
3.400%, 09/15/26 | 5,455 | 5,970 | ||||||
Williams | 1,123 | 1,665 | ||||||
5.750%, 06/24/44 | 20 | 23 | ||||||
4.850%, 03/01/48 | 25 | 28 | ||||||
4.550%, 06/24/24 | 45 | 50 | ||||||
3.700%, 01/15/23 | 15 | 16 | ||||||
3.600%, 03/15/22 | 100 | 104 | ||||||
3.500%, 11/15/30 | 2,194 | 2,300 | ||||||
YPF | 6,000 | 37 | ||||||
|
| |||||||
| 109,040 | ||||||||
|
| |||||||
Financials – 9.1% |
| |||||||
Affiliated Managers Group | 35 | 36 | ||||||
Aflac | 15 | 19 | ||||||
3.625%, 06/15/23 | 100 | 110 | ||||||
AIG Global Funding | 563 | 563 | ||||||
Allstate | 200 | 247 | ||||||
Ally Financial | 150 | 155 | ||||||
3.050%, 06/05/23 | 15 | 15 | ||||||
American Express | 105 | 122 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
3.125%, 05/20/26 | $ | 100 | $ | 111 | ||||
2.500%, 08/01/22 | 100 | 103 | ||||||
2.500%, 07/30/24 | 65 | 69 | ||||||
American Express Credit | 100 | 104 | ||||||
American Financial Group | 35 | 37 | ||||||
American International Group | 200 | 244 | ||||||
4.375%, 06/30/50 | 100 | 116 | ||||||
3.875%, 01/15/35 | 200 | 229 | ||||||
3.400%, 06/30/30 | 2,272 | 2,456 | ||||||
3.375%, 08/15/20 | 2,095 | 2,102 | ||||||
Andina de Fomento | 100 | 106 | ||||||
3.750%, 11/23/23 | 90 | 97 | ||||||
Aon 4.500%, 12/15/28 | 50 | 60 | ||||||
2.800%, 05/15/30 | 2,112 | 2,260 | ||||||
2.200%, 11/15/22 | 65 | 67 | ||||||
Arch Capital Group | 70 | 73 | ||||||
Ares Capital | 65 | 67 | ||||||
Assurant | 74 | 79 | ||||||
Australia & New Zealand Banking Group NY | 250 | 260 | ||||||
AXA Equitable Holdings | 150 | 169 | ||||||
Banco del Estado de Chile | 1,227 | 1,233 | ||||||
Banco Santander | 995 | 1,069 | ||||||
3.306%, 06/27/29 | 200 | 216 | ||||||
2.746%, 05/28/25 | 200 | 207 | ||||||
Bank of America | 250 | 345 | ||||||
4.450%, 03/03/26 | 130 | 150 | ||||||
4.244%, VAR ICE LIBOR USD 3 Month+1.814%, 04/24/38 | 100 | 122 | ||||||
4.200%, 08/26/24 | 165 | 183 | ||||||
4.100%, 07/24/23 | 100 | 110 | ||||||
4.078%, VAR ICE LIBOR USD 3 Month+1.320%, 04/23/40 | 100 | 122 | ||||||
4.000%, 01/22/25 | 100 | 110 | ||||||
3.974%, VAR ICE LIBOR USD 3 Month+1.210%, 02/07/30 | 40 | 47 | ||||||
3.950%, 04/21/25 | 200 | 221 | ||||||
3.946%, VAR ICE LIBOR USD 3 Month+1.190%, 01/23/49 | 100 | 121 | ||||||
3.864%, VAR ICE LIBOR USD 3 Month+0.940%, 07/23/24 | 2,725 | 2,953 | ||||||
The accompanying notes are an integral part of the financial statements.
79
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
3.559%, VAR ICE LIBOR USD 3 Month+1.060%, 04/23/27 | $ | 6,897 | $ | 7,698 | ||||
3.500%, 04/19/26 | 50 | 56 | ||||||
3.458%, VAR ICE LIBOR USD 3 Month+0.970%, 03/15/25 | 100 | 108 | ||||||
3.194%, VAR ICE LIBOR USD 3 Month+1.180%, 07/23/30 | 100 | 110 | ||||||
3.093%, VAR ICE LIBOR USD 3 Month+1.090%, 10/01/25 | 100 | 108 | ||||||
3.004%, VAR ICE LIBOR USD 3 Month+0.790%, 12/20/23 | 5,641 | 5,925 | ||||||
2.884%, VAR ICE LIBOR USD 3 Month+0.012%, 10/22/30 | 50 | 54 | ||||||
2.881%, VAR ICE LIBOR USD 3 Month+1.021%, 04/24/23 | 200 | 207 | ||||||
2.676%, VAR United States Secured Overnight Financing Rate+1.930%, 06/19/41 | 2,516 | 2,584 | ||||||
2.592%, VAR United States Secured Overnight Financing Rate+2.150%, 04/29/31 | 3,765 | 3,984 | ||||||
2.503%, 10/21/22 | 100 | 102 | ||||||
2.496%, VAR ICE LIBOR USD 3 Month+0.990%, 02/13/31 | 200 | 210 | ||||||
2.456%, VAR ICE LIBOR USD 3 Month+0.870%, 10/22/25 | 50 | 53 | ||||||
Bank of Georgia JSC | 750 | 736 | ||||||
Bank of Montreal | 100 | 109 | ||||||
2.500%, 06/28/24 | 65 | 69 | ||||||
2.050%, 11/01/22 | 80 | 82 | ||||||
Bank of New York Mellon | 100 | 104 | ||||||
3.450%, 08/11/23 | 50 | 54 | ||||||
3.400%, 01/29/28 | 50 | 57 | ||||||
3.300%, 08/23/29 | 100 | 113 | ||||||
3.000%, 02/24/25 | 100 | 110 | ||||||
2.950%, 01/29/23 | 50 | 53 | ||||||
2.450%, 08/17/26 | 50 | 54 | ||||||
Bank of Nova Scotia | 100 | 102 | ||||||
2.700%, 08/03/26 | 200 | 219 | ||||||
1.300%, 06/11/25 | 3,547 | 3,571 | ||||||
Barclays | ||||||||
4.610%, VAR ICE LIBOR USD 3 Month+1.400%, 02/15/23 | 200 | 211 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
4.375%, 09/11/24 | $ | 200 | $ | 213 | ||||
3.932%, VAR ICE LIBOR USD 3 Month+1.610%, 05/07/25 | 300 | 324 | ||||||
2.852%, VAR ICE LIBOR USD 3 Month+2.452%, 05/07/26 | 200 | 209 | ||||||
BAT Capital | 50 | 55 | ||||||
4.540%, 08/15/47 | 100 | 109 | ||||||
4.390%, 08/15/37 | 150 | 164 | ||||||
3.557%, 08/15/27 | 100 | 108 | ||||||
3.462%, 09/06/29 | 50 | 53 | ||||||
3.222%, 08/15/24 | 50 | 53 | ||||||
3.215%, 09/06/26 | 4,016 | 4,306 | ||||||
2.789%, 09/06/24 | 35 | 37 | ||||||
2.764%, 08/15/22 | 50 | 52 | ||||||
BB&T | 100 | 109 | ||||||
3.700%, 06/05/25 | 50 | 57 | ||||||
2.200%, 03/16/23 | 100 | 104 | ||||||
Berkshire Hathaway Finance | 200 | 262 | ||||||
4.250%, 01/15/49 | 50 | 64 | ||||||
BlackRock | 100 | 115 | ||||||
3.200%, 03/15/27 | 100 | 113 | ||||||
1.900%, 01/28/31 | 5 | 5 | ||||||
BNP Paribas | 150 | 161 | ||||||
2.819%, VAR ICE LIBOR USD 3 Month+1.111%, 11/19/25 (A) | 2,970 | 3,111 | ||||||
BP Capital Markets America | 100 | 116 | ||||||
3.410%, 02/11/26 | 100 | 111 | ||||||
2.112%, 09/16/21 | 100 | 102 | ||||||
BPCE | 250 | 277 | ||||||
Brighthouse Financial | 50 | 51 | ||||||
Brookfield Finance | 50 | 48 | ||||||
Canadian Imperial Bank of Commerce | 100 | 107 | ||||||
0.950%, 06/23/23 | 20 | 20 | ||||||
Capital One Financial | 50 | 56 | ||||||
3.650%, 05/11/27 | 100 | 110 | ||||||
3.200%, 02/05/25 | 50 | 54 | ||||||
2.600%, 05/11/23 | 2,375 | 2,486 | ||||||
Charles Schwab | 100 | 110 | ||||||
Citigroup | 250 | 433 | ||||||
4.750%, 05/18/46 | 100 | 127 | ||||||
The accompanying notes are an integral part of the financial statements.
80
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
4.450%, 09/29/27 | $ | 1,085 | $ | 1,239 | ||||
4.412%, VAR United States Secured Overnight Financing Rate+3.914%, 03/31/31 | 2,302 | 2,731 | ||||||
4.300%, 11/20/26 | 1,425 | 1,618 | ||||||
4.281%, VAR ICE LIBOR USD 3 Month+1.839%, 04/24/48 | 100 | 124 | ||||||
4.125%, 07/25/28 | 85 | 96 | ||||||
4.075%, VAR ICE LIBOR USD 3 Month+1.192%, 04/23/29 | 150 | 171 | ||||||
4.044%, VAR ICE LIBOR USD 3 Month+1.023%, 06/01/24 | 50 | 54 | ||||||
3.750%, 06/16/24 | 100 | 110 | ||||||
3.668%, VAR ICE LIBOR USD 3 Month+1.390%, 07/24/28 | 100 | 112 | ||||||
3.500%, 05/15/23 | 100 | 107 | ||||||
3.352%, VAR ICE LIBOR USD 3 Month+0.897%, 04/24/25 | 100 | 108 | ||||||
3.300%, 04/27/25 | 100 | 110 | ||||||
3.142%, VAR ICE LIBOR USD 3 Month+0.722%, 01/24/23 | 2,156 | 2,230 | ||||||
3.106%, VAR United States Secured Overnight Financing Rate+2.750%, 04/08/26 | 500 | 538 | ||||||
2.976%, VAR United States Secured Overnight Financing Rate+1.422%, 11/05/30 | 50 | 53 | ||||||
2.900%, 12/08/21 | 100 | 103 | ||||||
2.876%, VAR ICE LIBOR USD 3 Month+0.950%, 07/24/23 | 5,020 | 5,224 | ||||||
2.750%, 04/25/22 | 100 | 104 | ||||||
2.572%, VAR United States Secured Overnight Financing Rate+2.107%, 06/03/31 | 2,562 | 2,650 | ||||||
1.678%, VAR United States Secured Overnight Financing Rate+1.667%, 05/15/24 | 100 | 102 | ||||||
Citigroup Global Markets Holdings | ||||||||
15.920%, 11/19/21 (UAH) (A)(D) | 29,000 | 1,191 | ||||||
Citizens Financial Group | 95 | 103 | ||||||
2.375%, 07/28/21 | 30 | 30 | ||||||
CNO Financial Group | 100 | 107 | ||||||
Comerica | 50 | 56 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
3.700%, 07/31/23 | $ | 25 | $ | 27 | ||||
Cooperatieve Rabobank UA | 100 | 142 | ||||||
4.625%, 12/01/23 | 796 | 878 | ||||||
3.375%, 05/21/25 | 250 | 279 | ||||||
2.750%, 01/10/23 | 250 | 263 | ||||||
Credit Suisse Group Funding Guernsey | 250 | 333 | ||||||
Credit | 250 | 259 | ||||||
1.000%, 05/05/23 | 9,667 | 9,720 | ||||||
Deutsche Bank NY | ||||||||
3.961%, VAR United States Secured Overnight Financing Rate+2.581%, 11/26/25 | 200 | 210 | ||||||
3.700%, 05/30/24 | 85 | 88 | ||||||
Development Bank of Kazakhstan JSC | ||||||||
8.950%, 05/04/23 (KZT) (A) | 362,000 | 798 | ||||||
Discover Bank | 250 | 270 | ||||||
Discover Financial Services | 40 | 44 | ||||||
E*TRADE Financial | 50 | 58 | ||||||
Fairfax Financial Holdings | 25 | 27 | ||||||
Fibria Overseas Finance | 25 | 27 | ||||||
Fidelity National Financial | 50 | 56 | ||||||
Fifth Third Bancorp | 300 | 327 | ||||||
2.550%, 05/05/27 | 90 | 97 | ||||||
1.625%, 05/05/23 | 70 | 72 | ||||||
First Republic Bank | 200 | 240 | ||||||
Goldman Sachs Group | ||||||||
4.411%, VAR ICE LIBOR USD 3 Month+1.430%, 04/23/39 | 2,170 | 2,613 | ||||||
4.223%, VAR ICE LIBOR USD 3 Month+1.301%, 05/01/29 | 300 | 349 | ||||||
3.750%, 05/22/25 | 100 | 111 | ||||||
3.750%, 02/25/26 | 250 | 279 | ||||||
3.691%, VAR ICE LIBOR USD 3 Month+1.510%, 06/05/28 | 165 | 185 | ||||||
3.625%, 02/20/24 | 530 | 576 | ||||||
3.500%, 04/01/25 | 300 | 329 | ||||||
3.272%, VAR ICE LIBOR USD 3 Month+1.201%, 09/29/25 | 75 | 81 | ||||||
The accompanying notes are an integral part of the financial statements.
81
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
3.200%, 02/23/23 | $ | 150 | $ | 159 | ||||
2.908%, VAR ICE LIBOR USD 3 Month+1.053%, 06/05/23 | 100 | 104 | ||||||
2.876%, VAR ICE LIBOR USD 3 Month+0.821%, 10/31/22 | 3,463 | 3,550 | ||||||
2.350%, 11/15/21 | 45 | 45 | ||||||
Guardian Life Global Funding | 1,245 | 1,250 | ||||||
Hanover Insurance Group | 100 | 110 | ||||||
Hartford Financial Services Group | 100 | 121 | ||||||
HSBC Holdings | 200 | 253 | ||||||
4.950%, 03/31/30 | 250 | 300 | ||||||
4.583%, VAR ICE LIBOR USD 3 Month+1.535%, 06/19/29 | 200 | 231 | ||||||
4.250%, 08/18/25 | 200 | 218 | ||||||
4.000%, 03/30/22 | 100 | 106 | ||||||
3.803%, VAR ICE LIBOR USD 3 Month+1.211%, 03/11/25 | 250 | 270 | ||||||
3.600%, 05/25/23 | 200 | 215 | ||||||
3.033%, VAR ICE LIBOR USD 3 Month+0.923%, 11/22/23 | 1,044 | 1,090 | ||||||
Huntington National Bank | 250 | 259 | ||||||
ING Groep | 250 | 272 | ||||||
Intercontinental Exchange | 150 | 166 | ||||||
JPMorgan Chase | 250 | 361 | ||||||
4.203%, VAR ICE LIBOR USD 3 Month+1.260%, 07/23/29 | 100 | 117 | ||||||
4.023%, VAR ICE LIBOR USD 3 Month+1.000%, 12/05/24 | 827 | 911 | ||||||
4.005%, VAR ICE LIBOR USD 3 Month+1.120%, 04/23/29 | 150 | 173 | ||||||
3.964%, VAR ICE LIBOR USD 3 Month+1.380%, 11/15/48 | 195 | 239 | ||||||
3.897%, VAR ICE LIBOR USD 3 Month+1.220%, 01/23/49 | 150 | 181 | ||||||
3.882%, VAR ICE LIBOR USD 3 Month+1.360%, 07/24/38 | 150 | 176 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
3.797%, VAR ICE LIBOR USD 3 Month+0.890%, 07/23/24 | $ | 100 | $ | 109 | ||||
3.625%, 05/13/24 | 100 | 110 | ||||||
3.559%, VAR ICE LIBOR USD 3 Month+0.730%, 04/23/24 | 75 | 80 | ||||||
3.300%, 04/01/26 | 100 | 112 | ||||||
3.220%, VAR ICE LIBOR USD 3 Month+1.155%, 03/01/25 | 160 | 172 | ||||||
3.207%, VAR ICE LIBOR USD 3 Month+0.695%, 04/01/23 | 200 | 208 | ||||||
3.200%, 06/15/26 | 100 | 111 | ||||||
3.125%, 01/23/25 | 150 | 164 | ||||||
3.109%, VAR United States Secured Overnight Financing Rate+2.460%, 04/22/41 | 65 | 70 | ||||||
3.109%, 04/22/51 (E) | 768 | 827 | ||||||
2.776%, VAR ICE LIBOR USD 3 Month+0.935%, 04/25/23 | 75 | 78 | ||||||
2.700%, 05/18/23 | 100 | 105 | ||||||
2.522%, VAR United States Secured Overnight Financing Rate+2.040%, 04/22/31 | 100 | 106 | ||||||
2.301%, VAR United States Secured Overnight Financing Rate+1.160%, 10/15/25 | 75 | 79 | ||||||
2.182%, VAR United States Secured Overnight Financing Rate+1.890%, 06/01/28 | 8,609 | 8,911 | ||||||
2.083%, VAR United States Secured Overnight Financing Rate+1.850%, 04/22/26 | 100 | 104 | ||||||
2.005%, VAR United States Secured Overnight Financing Rate+1.585%, 03/13/26 | 500 | 517 | ||||||
JPMorgan Chase Bank | ||||||||
8.375%, 03/17/34 (IDR) (A)(D) | 13,200,000 | 971 | ||||||
8.250%, 05/17/36 (IDR) (A)(D) | 9,300,000 | 675 | ||||||
5.625%, 05/17/23 (IDR) (A)(D) | 16,000,000 | 1,106 | ||||||
KeyCorp | 100 | 105 | ||||||
Lazard Group | 50 | 53 | ||||||
Lincoln National | 30 | 34 | ||||||
3.625%, 12/12/26 | 100 | 110 | ||||||
The accompanying notes are an integral part of the financial statements.
82
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
3.050%, 01/15/30 | $ | 2,138 | $ | 2,251 | ||||
Lloyds Banking Group | 200 | 222 | ||||||
4.450%, 05/08/25 | 200 | 226 | ||||||
3.870%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+3.500%, 07/09/25 | 200 | 217 | ||||||
Loews | 100 | 106 | ||||||
Manulife Financial | 50 | 66 | ||||||
Markel | 25 | 27 | ||||||
3.500%, 11/01/27 | 50 | 54 | ||||||
Marsh & McLennan | 45 | 54 | ||||||
3.750%, 03/14/26 | 150 | 170 | ||||||
2.750%, 01/30/22 | 30 | 31 | ||||||
MassMutual Global Funding II | 1,423 | 1,502 | ||||||
MetLife | 1,530 | 1,806 | ||||||
3.600%, 11/13/25 | 50 | 57 | ||||||
Metropolitan Life Global Funding I | 1,615 | 1,624 | ||||||
Mitsubishi UFJ Financial Group | 35 | 42 | ||||||
3.850%, 03/01/26 | 200 | 227 | ||||||
3.741%, 03/07/29 | 150 | 171 | ||||||
3.535%, 07/26/21 | 30 | 31 | ||||||
3.407%, 03/07/24 | 50 | 54 | ||||||
3.287%, 07/25/27 | 50 | 55 | ||||||
3.218%, 03/07/22 | 50 | 52 | ||||||
2.665%, 07/25/22 | 50 | 52 | ||||||
Mizuho Financial Group | ||||||||
3.922%, VAR ICE LIBOR USD 3 Month+1.000%, 09/11/24 | 200 | 216 | ||||||
2.601%, 09/11/22 | 200 | 208 | ||||||
Moody’s | 150 | 161 | ||||||
Morgan Stanley | 200 | 312 | ||||||
4.875%, 11/01/22 | 100 | 109 | ||||||
4.431%, VAR ICE LIBOR USD 3 Month+1.628%, 01/23/30 | 150 | 179 | ||||||
3.971%, VAR ICE LIBOR USD 3 Month+1.455%, 07/22/38 | 100 | 118 | ||||||
3.875%, 01/27/26 | 200 | 226 | ||||||
3.737%, VAR ICE LIBOR USD 3 Month+0.847%, 04/24/24 | 90 | 97 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
3.622%, VAR United States Secured Overnight Financing Rate+3.120%, 04/01/31 | $ | 500 | $ | 571 | ||||
3.591%, VAR ICE LIBOR USD 3 Month+1.340%, 07/22/28 | 150 | 169 | ||||||
3.125%, 01/23/23 | 150 | 159 | ||||||
2.699%, VAR United States Secured Overnight Financing Rate+1.143%, 01/22/31 | 95 | 101 | ||||||
2.188%, VAR United States Secured Overnight Financing Rate+1.990%, 04/28/26 | 3,695 | 3,847 | ||||||
MUFG Americas Holdings | 160 | 170 | ||||||
Muthoot Finance | 820 | 828 | ||||||
MV24 Capital BV | 902 | 857 | ||||||
Nasdaq | 150 | 168 | ||||||
National Australia Bank | 350 | 362 | ||||||
National Rural Utilities Cooperative Finance | 100 | 112 | ||||||
2.400%, 03/15/30 | 80 | 85 | ||||||
1.750%, 01/21/22 | 25 | 26 | ||||||
NatWest Markets | 1,980 | 2,027 | ||||||
Northern Trust | 25 | 29 | ||||||
3.375%, VAR ICE LIBOR USD 3 Month+1.131%, 05/08/32 | 63 | 68 | ||||||
1.950%, 05/01/30 | 40 | 41 | ||||||
ORIX | 50 | 55 | ||||||
2.900%, 07/18/22 | 30 | 31 | ||||||
Owl Rock Capital | 25 | 25 | ||||||
Pacific Life Global Funding II | 1,935 | 1,945 | ||||||
PNC Financial Services Group | 125 | 137 | ||||||
3.450%, 04/23/29 | 50 | 57 | ||||||
2.550%, 01/22/30 | 500 | 540 | ||||||
Principal Financial Group | 100 | 110 | ||||||
Principal Life Global Funding II | 960 | 963 | ||||||
Progressive | 100 | 126 | ||||||
4.000%, 03/01/29 | 50 | 60 | ||||||
The accompanying notes are an integral part of the financial statements.
83
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Prosus | $ | 730 | $ | 764 | ||||
Prudential Financial | 50 | 55 | ||||||
3.500%, 05/15/24 | 200 | 221 | ||||||
3.000%, 03/10/40 | 25 | 26 | ||||||
2.100%, 03/10/30 | 15 | 15 | ||||||
Regions Financial | 50 | 54 | ||||||
2.750%, 08/14/22 | 50 | 52 | ||||||
Reinsurance Group of America | 50 | 54 | ||||||
RenaissanceRe Holdings | 50 | 55 | ||||||
Royal Bank of Canada | 100 | 104 | ||||||
2.550%, 07/16/24 | 50 | 53 | ||||||
2.250%, 11/01/24 | 4,745 | 4,992 | ||||||
1.150%, 06/10/25 | 6,266 | 6,277 | ||||||
Royal Bank of Scotland Group | 70 | 77 | ||||||
6.100%, 06/10/23 | 30 | 33 | ||||||
6.000%, 12/19/23 | 60 | 67 | ||||||
5.125%, 05/28/24 | 65 | 71 | ||||||
4.269%, VAR ICE LIBOR USD 3 Month+1.762%, 03/22/25 | 400 | 435 | ||||||
S&P Global | 100 | 115 | ||||||
Santander Holdings USA | 30 | 31 | ||||||
4.400%, 07/13/27 | 25 | 27 | ||||||
3.500%, 06/07/24 | 105 | 111 | ||||||
3.450%, 06/02/25 | 3,676 | 3,829 | ||||||
Santander UK | 200 | 213 | ||||||
Santander UK Group Holdings | ||||||||
3.373%, VAR ICE LIBOR USD 3 Month+1.080%, 01/05/24 | 200 | 210 | ||||||
Shriram Transport Finance | 1,080 | 989 | ||||||
Societe Generale | 3,596 | 3,670 | ||||||
Standard Chartered Bank | 13,160,000 | 955 | ||||||
State Street | ||||||||
2.901%, VAR United States Secured Overnight Financing Rate+2.600%, 03/30/26 (A) | 1,659 | 1,796 | ||||||
Sumitomo Mitsui Financial Group | 100 | 115 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
3.784%, 03/09/26 | $ | 50 | $ | 56 | ||||
3.748%, 07/19/23 | 100 | 108 | ||||||
3.544%, 01/17/28 | 50 | 56 | ||||||
3.446%, 01/11/27 | 50 | 55 | ||||||
3.202%, 09/17/29 | 25 | 27 | ||||||
3.102%, 01/17/23 | 50 | 53 | ||||||
2.846%, 01/11/22 | 50 | 52 | ||||||
2.784%, 07/12/22 | 50 | 52 | ||||||
2.778%, 10/18/22 | 50 | 52 | ||||||
2.724%, 09/27/29 | 200 | 210 | ||||||
2.130%, 07/08/30 | 2,041 | 2,045 | ||||||
1.474%, 07/08/25 | 4,547 | 4,553 | ||||||
SunTrust Banks | 150 | 155 | ||||||
Svensk Exportkredit | 200 | �� | 203 | |||||
0.625%, 05/14/25 | 200 | 201 | ||||||
Synchrony Financial | 100 | 106 | ||||||
4.375%, 03/19/24 | 35 | 37 | ||||||
2.850%, 07/25/22 | 30 | 30 | ||||||
Syngenta Finance | 635 | 677 | ||||||
4.892%, 04/24/25 (A) | 2,700 | 2,839 | ||||||
4.441%, 04/24/23 (A) | 1,480 | 1,553 | ||||||
TBC Bank JSC | 670 | 657 | ||||||
TC Ziraat Bankasi | 200 | 196 | ||||||
TD Ameritrade Holding | 30 | 34 | ||||||
Toronto-Dominion Bank | 250 | 253 | ||||||
Travelers | 100 | 124 | ||||||
2.550%, 04/27/50 | 20 | 20 | ||||||
Truist Bank | 300 | 305 | ||||||
Truist Financial | 3,031 | 3,081 | ||||||
Unum Group | 100 | 93 | ||||||
4.000%, 03/15/24 | 50 | 53 | ||||||
US Bancorp | 500 | 546 | ||||||
2.400%, 07/30/24 | 100 | 107 | ||||||
Voya Financial | 50 | 53 | ||||||
W R Berkley | 5 | 5 | ||||||
WEA Finance | 582 | 583 | ||||||
3.150%, 04/05/22 (A) | 461 | 467 | ||||||
Wells Fargo | 150 | 208 | ||||||
4.900%, 11/17/45 | 917 | 1,175 | ||||||
The accompanying notes are an integral part of the financial statements.
84
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
4.650%, 11/04/44 | $ | 350 | $ | 433 | ||||
4.150%, 01/24/29 | 100 | 118 | ||||||
4.125%, 08/15/23 | 200 | 217 | ||||||
3.550%, 09/29/25 | 100 | 112 | ||||||
3.068%, VAR United States Secured Overnight Financing Rate+2.530%, 04/30/41 | 85 | 89 | ||||||
3.000%, 02/19/25 | 100 | 108 | ||||||
3.000%, 04/22/26 | 100 | 109 | ||||||
2.625%, 07/22/22 | 4,965 | 5,173 | ||||||
2.406%, VAR ICE LIBOR USD 3 Month+0.825%, 10/30/25 | 150 | 156 | ||||||
2.393%, VAR United States Secured Overnight Financing Rate+2.100%, 06/02/28 | 1,269 | 1,311 | ||||||
2.188%, VAR United States Secured Overnight Financing Rate+2.000%, 04/30/26 | 545 | 563 | ||||||
2.164%, VAR ICE LIBOR USD 3 Month+0.750%, 02/11/26 | 6,251 | 6,442 | ||||||
1.654%, VAR United States Secured Overnight Financing Rate+1.600%, 06/02/24 | 416 | 423 | ||||||
Wells Fargo Bank | 250 | 368 | ||||||
Westpac Banking | 200 | 222 | ||||||
3.300%, 02/26/24 | 50 | 54 | ||||||
2.700%, 08/19/26 | 100 | 109 | ||||||
2.650%, 01/16/30 | 100 | 110 | ||||||
2.000%, 08/19/21 | 50 | 51 | ||||||
2.000%, 01/13/23 | 30 | 31 | ||||||
Willis North America | 100 | 117 | ||||||
3.600%, 05/15/24 | 50 | 54 | ||||||
|
| |||||||
| 209,031 | ||||||||
|
| |||||||
Health Care – 2.3% |
| |||||||
Abbott Laboratories | 200 | 287 | ||||||
3.750%, 11/30/26 | 100 | 117 | ||||||
3.400%, 11/30/23 | 35 | 38 | ||||||
AbbVie | 1,040 | 1,366 | ||||||
4.550%, 03/15/35 (A) | 300 | 364 | ||||||
4.300%, 05/14/36 | 150 | 173 | ||||||
4.250%, 11/14/28 | 15 | 17 | ||||||
4.250%, 11/21/49 (A) | 45 | 54 | ||||||
4.050%, 11/21/39 (A) | 766 | 896 | ||||||
3.800%, 03/15/25 (A) | 190 | 211 | ||||||
3.750%, 11/14/23 | 35 | 38 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
3.375%, 11/14/21 | $ | 100 | $ | 104 | ||||
3.200%, 11/06/22 | 100 | 105 | ||||||
3.200%, 11/21/29 (A) | 105 | 115 | ||||||
2.950%, 11/21/26 (A) | 3,593 | 3,908 | ||||||
2.900%, 11/06/22 | 150 | 157 | ||||||
2.850%, 05/14/23 | 50 | 53 | ||||||
2.600%, 11/21/24 (A) | 1,557 | 1,653 | ||||||
2.300%, 11/21/22 (A) | 50 | 52 | ||||||
2.150%, 11/19/21 (A) | 200 | 204 | ||||||
Advocate Health & Hospitals | 358 | 394 | ||||||
Aetna | 25 | 27 | ||||||
2.750%, 11/15/22 | 150 | 156 | ||||||
Agilent Technologies | 65 | 71 | ||||||
AmerisourceBergen | 100 | 108 | ||||||
Amgen | 300 | 329 | ||||||
3.375%, 02/21/50 | 225 | 251 | ||||||
3.150%, 02/21/40 | 125 | 134 | ||||||
2.450%, 02/21/30 | 50 | 53 | ||||||
2.200%, 02/21/27 | 1,625 | 1,714 | ||||||
1.900%, 02/21/25 | 15 | 15 | ||||||
Anthem | 65 | 74 | ||||||
3.300%, 01/15/23 | 200 | 213 | ||||||
3.125%, 05/15/50 | 20 | 21 | ||||||
2.875%, 09/15/29 | 200 | 217 | ||||||
2.375%, 01/15/25 | 514 | 545 | ||||||
2.250%, 05/15/30 | 15 | 15 | ||||||
Ascension Health | 45 | 49 | ||||||
2.532%, 11/15/29 | 10 | 11 | ||||||
AstraZeneca | 100 | 130 | ||||||
4.375%, 08/17/48 | 100 | 133 | ||||||
2.375%, 06/12/22 | 100 | 104 | ||||||
Becton Dickinson | 157 | 193 | ||||||
3.700%, 06/06/27 | 33 | 37 | ||||||
Becton Dickinson and | 70 | 74 | ||||||
Biogen | 100 | 106 | ||||||
3.150%, 05/01/50 | 15 | 15 | ||||||
2.250%, 05/01/30 | 10 | 10 | ||||||
Boston Scientific | 150 | 184 | ||||||
3.375%, 05/15/22 | 100 | 105 | ||||||
Bristol-Myers Squibb | 444 | 586 | ||||||
4.125%, 06/15/39 (A) | 2,217 | 2,822 | ||||||
3.875%, 08/15/25 (A) | 100 | 114 | ||||||
3.400%, 07/26/29 (A) | 80 | 93 | ||||||
3.250%, 02/20/23 (A) | 100 | 106 | ||||||
2.900%, 07/26/24 (A) | 55 | 60 | ||||||
The accompanying notes are an integral part of the financial statements.
85
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
2.600%, 05/16/22 (A) | $ | 50 | $ | 52 | ||||
2.000%, 08/01/22 | 100 | 103 | ||||||
Cardinal Health | 100 | 106 | ||||||
Cigna | 549 | 723 | ||||||
3.750%, 07/15/23 | 1,005 | 1,091 | ||||||
3.400%, 09/17/21 | 3,045 | 3,146 | ||||||
2.400%, 03/15/30 | 4,273 | 4,434 | ||||||
CommonSpirit Health | 100 | 102 | ||||||
Cottage Health Obligated Group | 944 | 1,034 | ||||||
CVS Health 5.125%, 07/20/45 | 200 | 258 | ||||||
4.300%, 03/25/28 | 310 | 363 | ||||||
4.125%, 04/01/40 | 600 | 708 | ||||||
3.875%, 07/20/25 | 120 | 135 | ||||||
3.700%, 03/09/23 | 115 | 123 | ||||||
CVS Pass-Through Trust | 555 | 583 | ||||||
Danaher | 30 | 34 | ||||||
DH Europe Finance II Sarl | 200 | 207 | ||||||
Eli Lilly | 100 | 124 | ||||||
2.350%, 05/15/22 | 100 | 104 | ||||||
Gilead Sciences | 150 | 195 | ||||||
3.650%, 03/01/26 | 500 | 572 | ||||||
2.500%, 09/01/23 | 35 | 37 | ||||||
1.950%, 03/01/22 | 15 | 16 | ||||||
GlaxoSmithKline Capital | 150 | 177 | ||||||
2.850%, 05/08/22 | 100 | 104 | ||||||
2.800%, 03/18/23 | 125 | 132 | ||||||
HCA | 40 | 49 | ||||||
5.250%, 04/15/25 | 35 | 40 | ||||||
5.250%, 06/15/26 | 40 | 46 | ||||||
5.125%, 06/15/39 | 25 | 29 | ||||||
5.000%, 03/15/24 | 55 | 61 | ||||||
4.750%, 05/01/23 | 35 | 38 | ||||||
4.500%, 02/15/27 | 30 | 34 | ||||||
4.125%, 06/15/29 | 20 | 22 | ||||||
Johnson & Johnson | 150 | 179 | ||||||
2.625%, 01/15/25 | 100 | 109 | ||||||
2.450%, 03/01/26 | 400 | 437 | ||||||
Kaiser Foundation Hospitals | 25 | 28 | ||||||
Laboratory Corp of America Holdings | 100 | 108 | ||||||
2.950%, 12/01/29 | 50 | 53 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
McKesson | $ | 200 | $ | 209 | ||||
Medtronic | 163 | 219 | ||||||
4.375%, 03/15/35 | 144 | 188 | ||||||
2.750%, 04/01/23 | 100 | 106 | ||||||
Memorial Sloan-Kettering Cancer Center | 30 | 32 | ||||||
Merck | 100 | 129 | ||||||
4.000%, 03/07/49 | 35 | 45 | ||||||
3.900%, 03/07/39 | 50 | 60 | ||||||
3.400%, 03/07/29 | 50 | 58 | ||||||
2.900%, 03/07/24 | 25 | 27 | ||||||
2.350%, 06/24/40 | 1,271 | 1,293 | ||||||
1.450%, 06/24/30 | 105 | 105 | ||||||
Mount Sinai Hospitals Group | 20 | 21 | ||||||
Mylan | 200 | 248 | ||||||
Northwell Healthcare | 100 | 102 | ||||||
Novartis Capital | 150 | 200 | ||||||
3.400%, 05/06/24 | 100 | 110 | ||||||
3.000%, 11/20/25 | 50 | 56 | ||||||
2.750%, 08/14/50 | 15 | 16 | ||||||
2.400%, 05/17/22 | 50 | 52 | ||||||
2.200%, 08/14/30 | 25 | 26 | ||||||
2.000%, 02/14/27 | 100 | 106 | ||||||
1.750%, 02/14/25 | 25 | 26 | ||||||
PerkinElmer | 30 | 32 | ||||||
Pfizer | 1,254 | 1,630 | ||||||
4.200%, 09/15/48 | 15 | 20 | ||||||
4.125%, 12/15/46 | 100 | 129 | ||||||
4.100%, 09/15/38 | 25 | 31 | ||||||
4.000%, 03/15/49 | 50 | 64 | ||||||
3.900%, 03/15/39 | 125 | 154 | ||||||
3.600%, 09/15/28 | 100 | 118 | ||||||
3.450%, 03/15/29 | 50 | 58 | ||||||
3.200%, 09/15/23 | 25 | 27 | ||||||
3.000%, 09/15/21 | 20 | 21 | ||||||
3.000%, 06/15/23 | 100 | 107 | ||||||
2.950%, 03/15/24 | 50 | 54 | ||||||
2.700%, 05/28/50 | 571 | 591 | ||||||
2.550%, 05/28/40 | 2,087 | 2,159 | ||||||
1.700%, 05/28/30 | 50 | 51 | ||||||
0.800%, 05/28/25 | 30 | 30 | ||||||
Providence St. Joseph Health Obligated Group | 40 | 42 | ||||||
Quest Diagnostics | 140 | 147 | ||||||
The accompanying notes are an integral part of the financial statements.
86
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
RWJ Barnabas Health | $ | 25 | $ | 26 | ||||
Shire Acquisitions Investments Ireland DAC | 60 | 67 | ||||||
2.875%, 09/23/23 | 50 | 53 | ||||||
SSM Health Care | 20 | 22 | ||||||
Stanford Health Care | 100 | 122 | ||||||
Stryker | 100 | 128 | ||||||
3.500%, 03/15/26 | 25 | 28 | ||||||
3.375%, 11/01/25 | 50 | 56 | ||||||
Takeda Pharmaceutical | 200 | 199 | ||||||
2.050%, 03/31/30 | 200 | 200 | ||||||
Thermo Fisher Scientific | 300 | 342 | ||||||
2.950%, 09/19/26 | 30 | 33 | ||||||
UnitedHealth Group | 100 | 135 | ||||||
4.450%, 12/15/48 | 10 | 13 | ||||||
4.250%, 04/15/47 | 100 | 128 | ||||||
4.250%, 06/15/48 | 50 | 64 | ||||||
3.875%, 12/15/28 | 10 | 12 | ||||||
3.850%, 06/15/28 | 50 | 59 | ||||||
3.750%, 07/15/25 | 50 | 57 | ||||||
3.700%, 12/15/25 | 10 | 12 | ||||||
3.500%, 06/15/23 | 50 | 54 | ||||||
3.500%, 02/15/24 | 10 | 11 | ||||||
3.500%, 08/15/39 | 350 | 407 | ||||||
3.125%, 05/15/60 | 1,071 | 1,147 | ||||||
2.900%, 05/15/50 | 25 | 26 | ||||||
2.750%, 05/15/40 | 1,825 | 1,954 | ||||||
1.250%, 01/15/26 | 20 | 20 | ||||||
Upjohn | 1,138 | 1,223 | ||||||
2.300%, 06/22/27 (A) | 1,471 | 1,517 | ||||||
1.125%, 06/22/22 (A) | 818 | 823 | ||||||
Zoetis | 125 | 161 | ||||||
3.250%, 02/01/23 | 50 | 53 | ||||||
3.000%, 09/12/27 | 50 | 55 | ||||||
|
| |||||||
| 53,183 | ||||||||
|
| |||||||
Industrials – 1.9% |
| |||||||
3M | 150 | 213 | ||||||
4.000%, 09/14/48 | 100 | 124 | ||||||
3.700%, 04/15/50 | 100 | 119 | ||||||
2.000%, 02/14/25 | 100 | 105 | ||||||
AerCap Ireland Capital DAC | 150 | 147 | ||||||
2.875%, 08/14/24 | 150 | 141 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Aeropuerto Internacional de Tocumen | $ | 388 | $ | 425 | ||||
Air Lease | 100 | 102 | ||||||
3.375%, 07/01/25 | 45 | 45 | ||||||
2.300%, 02/01/25 | 100 | 96 | ||||||
Aircastle | 15 | 15 | ||||||
5.000%, 04/01/23 | 15 | 15 | ||||||
4.250%, 06/15/26 | 35 | 32 | ||||||
4.125%, 05/01/24 | 15 | 14 | ||||||
Allegion US Holding | 50 | 52 | ||||||
American Airlines Pass-Through Trust | 39 | 36 | ||||||
Boeing | 50 | 59 | ||||||
5.805%, 05/01/50 | 690 | 815 | ||||||
5.705%, 05/01/40 | 50 | 57 | ||||||
5.150%, 05/01/30 | 2,151 | 2,398 | ||||||
4.875%, 05/01/25 | 689 | 751 | ||||||
4.508%, 05/01/23 | 1,844 | 1,948 | ||||||
3.900%, 05/01/49 | 25 | 23 | ||||||
3.750%, 02/01/50 | 50 | 45 | ||||||
3.600%, 05/01/34 | 25 | 24 | ||||||
3.450%, 11/01/28 | 50 | 49 | ||||||
3.100%, 05/01/26 | 25 | 26 | ||||||
2.950%, 02/01/30 | 50 | 49 | ||||||
2.350%, 10/30/21 | 150 | 152 | ||||||
2.300%, 08/01/21 | 30 | 30 | ||||||
2.125%, 03/01/22 | 50 | 50 | ||||||
Burlington Northern Santa Fe | 105 | 131 | ||||||
3.750%, 04/01/24 | 200 | 221 | ||||||
3.050%, 03/15/22 | 100 | 104 | ||||||
Canadian National Railway | 100 | 97 | ||||||
Canadian Pacific Railway | 15 | 18 | ||||||
2.900%, 02/01/25 | 100 | 108 | ||||||
2.050%, 03/05/30 | 35 | 36 | ||||||
Carlisle | 35 | 36 | ||||||
Carrier Global | 50 | 49 | ||||||
3.377%, 04/05/40 (A) | 1,056 | 1,031 | ||||||
2.722%, 02/15/30 (A) | 50 | 50 | ||||||
2.700%, 02/15/31 (A) | 827 | 825 | ||||||
2.493%, 02/15/27 (A) | 35 | 36 | ||||||
2.242%, 02/15/25 (A) | 35 | 36 | ||||||
1.923%, 02/15/23 (A) | 10 | 10 | ||||||
Caterpillar | 100 | 138 | ||||||
3.400%, 05/15/24 | 100 | 110 | ||||||
3.250%, 09/19/49 | 35 | 39 | ||||||
The accompanying notes are an integral part of the financial statements.
87
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Caterpillar Financial Services | $ | 100 | $ | 111 | ||||
3.150%, 09/07/21 | 55 | 57 | ||||||
0.950%, 05/13/22 | 100 | 101 | ||||||
CNH Industrial Capital | 10 | 11 | ||||||
4.200%, 01/15/24 | 50 | 53 | ||||||
3.875%, 10/15/21 | 10 | 10 | ||||||
1.950%, 07/02/23 | 2,044 | 2,057 | ||||||
CSX | 65 | 77 | ||||||
3.800%, 03/01/28 | 100 | 115 | ||||||
3.800%, 11/01/46 | 200 | 233 | ||||||
3.350%, 09/15/49 | 100 | 110 | ||||||
3.250%, 06/01/27 | 50 | 56 | ||||||
Deere | 15 | 16 | ||||||
Eaton | 100 | 111 | ||||||
Emerson Electric | 50 | 51 | ||||||
Equifax | 50 | 53 | ||||||
2.600%, 12/15/25 | 25 | 27 | ||||||
Eskom Holdings SOC | 710 | 672 | ||||||
6.350%, 08/10/28 (A) | 570 | 570 | ||||||
FedEx | 100 | 116 | ||||||
4.750%, 11/15/45 | 100 | 110 | ||||||
3.800%, 05/15/25 | 150 | 167 | ||||||
Fluor | 50 | 43 | ||||||
Fortune Brands Home & Security | 50 | 55 | ||||||
GATX | 200 | 214 | ||||||
GE Capital Funding | 1,377 | 1,433 | ||||||
3.450%, 05/15/25 (A) | 2,807 | 2,941 | ||||||
GE Capital International Funding Unlimited Co | 2,756 | 2,802 | ||||||
General Dynamics | 55 | 64 | ||||||
3.625%, 04/01/30 | 100 | 117 | ||||||
2.250%, 11/15/22 | 100 | 104 | ||||||
General Electric | 30 | 30 | ||||||
4.250%, 05/01/40 | 30 | 30 | ||||||
3.625%, 05/01/30 | 25 | 25 | ||||||
3.450%, 05/15/24 | 100 | 107 | ||||||
3.450%, 05/01/27 | 320 | 327 | ||||||
Georgian Oil and Gas JSC | 200 | 200 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Georgian Railway | $ | 1,500 | $ | 1,504 | ||||
Honeywell International | 150 | 165 | ||||||
2.300%, 08/15/24 | 150 | 160 | ||||||
Howmet Aerospace | 135 | 146 | ||||||
Hutama Karya Persero | 1,390 | 1,453 | ||||||
IDEX | 15 | 16 | ||||||
IHS Markit | 85 | 98 | ||||||
Indonesia Asahan Aluminium Persero | 380 | 448 | ||||||
5.450%, 05/15/30 (A) | 1,514 | 1,688 | ||||||
4.750%, 05/15/25 (A) | 1,833 | 1,957 | ||||||
Ingersoll-Rand Global Holding | 100 | 110 | ||||||
Ingersoll-Rand Luxembourg Finance | 100 | 113 | ||||||
Israel Electric | 820 | 939 | ||||||
John Deere Capital | 100 | 110 | ||||||
2.800%, 03/06/23 | 50 | 53 | ||||||
2.800%, 09/08/27 | 50 | 56 | ||||||
2.650%, 06/24/24 | 100 | 108 | ||||||
1.200%, 04/06/23 | 400 | 407 | ||||||
Johnson Controls International | 40 | 43 | ||||||
Kansas City Southern | 50 | 63 | ||||||
2.875%, 11/15/29 | 15 | 16 | ||||||
Kennametal | 25 | 27 | ||||||
L3Harris Technologies | 100 | 131 | ||||||
4.400%, 06/15/28 | 150 | 178 | ||||||
Latam Airlines, Pass-Through Trust | 670 | 572 | ||||||
Lockheed Martin | 150 | 205 | ||||||
3.800%, 03/01/45 | 100 | 121 | ||||||
1.850%, 06/15/30 | 10 | 10 | ||||||
Masco | 100 | 105 | ||||||
4.375%, 04/01/26 | 40 | 46 | ||||||
Mexico City Airport Trust | 705 | 624 | ||||||
3.875%, 04/30/28 (A) | 910 | 825 | ||||||
The accompanying notes are an integral part of the financial statements.
88
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
MidAmerican Energy | $ | 100 | $ | 113 | ||||
Norfolk Southern | 60 | 73 | ||||||
3.400%, 11/01/49 | 50 | 54 | ||||||
3.250%, 12/01/21 | 100 | 103 | ||||||
3.155%, 05/15/55 (A) | 68 | 70 | ||||||
3.150%, 06/01/27 | 25 | 27 | ||||||
2.900%, 06/15/26 | 35 | 39 | ||||||
Northrop Grumman | 200 | 266 | ||||||
4.030%, 10/15/47 | 150 | 182 | ||||||
3.250%, 08/01/23 | 50 | 54 | ||||||
Owens Corning | 100 | 110 | ||||||
PACCAR Financial | 100 | 103 | ||||||
Parker-Hannifin | 20 | 23 | ||||||
Pelabuhan Indonesia III Persero | 350 | 365 | ||||||
Republic Services | 50 | 58 | ||||||
Rockwell Automation | 85 | 96 | ||||||
Roper Technologies | 150 | 154 | ||||||
Ryder System | 25 | 27 | ||||||
2.800%, 03/01/22 | 30 | 31 | ||||||
2.500%, 09/01/24 | 20 | 20 | ||||||
Snap-on | 20 | 21 | ||||||
Southwest Airlines | 50 | 45 | ||||||
Stanley Black & Decker | ||||||||
4.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.657%, 03/15/60 | 30 | 30 | ||||||
2.900%, 11/01/22 | 100 | 105 | ||||||
Transnet | 425 | 412 | ||||||
Union Pacific | 100 | 115 | ||||||
3.799%, 10/01/51 | 200 | 238 | ||||||
3.646%, 02/15/24 | 100 | 109 | ||||||
3.600%, 09/15/37 | 150 | 167 | ||||||
3.550%, 08/15/39 | 70 | 79 | ||||||
United Airlines, Pass-Through Trust | 73 | 68 | ||||||
3.750%, 09/03/26 | 75 | 68 | ||||||
2.700%, 05/01/32 | 30 | 27 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
United Parcel Service | $ | 200 | $ | 288 | ||||
3.400%, 03/15/29 | 115 | 133 | ||||||
3.050%, 11/15/27 | 100 | 113 | ||||||
United Technologies | 10 | 12 | ||||||
4.125%, 11/16/28 | 330 | 389 | ||||||
3.950%, 08/16/25 | 15 | 17 | ||||||
3.750%, 11/01/46 | 150 | 171 | ||||||
Verisk Analytics | 110 | 128 | ||||||
4.000%, 06/15/25 | 50 | 57 | ||||||
Waste Connections | 50 | 56 | ||||||
Waste Management | 65 | 81 | ||||||
4.000%, 07/15/39 | 35 | 36 | ||||||
3.500%, 05/15/24 | 100 | 109 | ||||||
3.450%, 06/15/29 | 50 | 52 | ||||||
Westinghouse Air Brake Technologies | 150 | 167 | ||||||
WW Grainger | 100 | 105 | ||||||
Xylem | 90 | 91 | ||||||
|
| |||||||
| 42,562 | ||||||||
|
| |||||||
Information Technology – 1.7% |
| |||||||
Adobe | 30 | 32 | ||||||
2.150%, 02/01/27 | 30 | 32 | ||||||
1.900%, 02/01/25 | 30 | 32 | ||||||
1.700%, 02/01/23 | 20 | 21 | ||||||
Amphenol | 25 | 30 | ||||||
2.800%, 02/15/30 | 50 | 53 | ||||||
Apple | 400 | 551 | ||||||
4.500%, 02/23/36 | 100 | 132 | ||||||
3.850%, 08/04/46 | 100 | 125 | ||||||
3.450%, 05/06/24 | 100 | 110 | ||||||
3.000%, 06/20/27 | 25 | 28 | ||||||
3.000%, 11/13/27 | 100 | 112 | ||||||
2.950%, 09/11/49 | 100 | 109 | ||||||
2.850%, 05/11/24 | 250 | 269 | ||||||
2.500%, 02/09/22 | 50 | 52 | ||||||
2.400%, 01/13/23 | 200 | 210 | ||||||
2.300%, 05/11/22 | 100 | 104 | ||||||
1.550%, 08/04/21 | 50 | 51 | ||||||
1.125%, 05/11/25 | 65 | 66 | ||||||
Applied Materials | 125 | 143 | ||||||
Arrow Electronics | 100 | 103 | ||||||
Autodesk | 30 | 33 | ||||||
The accompanying notes are an integral part of the financial statements.
89
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Broadcom | $ | 100 | $ | 113 | ||||
4.300%, 11/15/32 (A) | 30 | 33 | ||||||
4.250%, 04/15/26 (A) | 100 | 111 | ||||||
4.150%, 11/15/30 (A) | 1,819 | 1,977 | ||||||
4.110%, 09/15/28 (A) | 211 | 230 | ||||||
3.875%, 01/15/27 | 100 | 108 | ||||||
3.459%, 09/15/26 (A) | 26 | 28 | ||||||
3.150%, 11/15/25 (A) | 2,953 | 3,143 | ||||||
2.250%, 11/15/23 (A) | 35 | 36 | ||||||
Cisco Systems | 100 | 111 | ||||||
3.500%, 06/15/25 | 50 | 57 | ||||||
2.950%, 02/28/26 | 50 | 56 | ||||||
2.500%, 09/20/26 | 100 | 111 | ||||||
2.200%, 09/20/23 | 100 | 106 | ||||||
1.850%, 09/20/21 | 100 | 102 | ||||||
Citrix Systems | 50 | 53 | ||||||
Corning | 100 | 132 | ||||||
Dell International | 1,310 | 1,502 | ||||||
5.300%, 10/01/29 (A) | 50 | 55 | ||||||
4.900%, 10/01/26 (A) | 50 | 55 | ||||||
Deutsche Telekom International Finance BV | 100 | 156 | ||||||
DXC Technology | 35 | 37 | ||||||
Fidelity National Information Services | 150 | 166 | ||||||
Fiserv | 40 | 49 | ||||||
3.800%, 10/01/23 | 100 | 109 | ||||||
3.500%, 07/01/29 | 45 | 51 | ||||||
2.750%, 07/01/24 | 50 | 53 | ||||||
2.650%, 06/01/30 | 100 | 106 | ||||||
2.250%, 06/01/27 | 100 | 104 | ||||||
Flex | 50 | 55 | ||||||
Genpact Luxembourg Sarl | 25 | 26 | ||||||
Global Payments | 100 | 115 | ||||||
2.900%, 05/15/30 | 45 | 47 | ||||||
Hewlett Packard Enterprise | 150 | 184 | ||||||
HP | 150 | 176 | ||||||
Intel | 300 | 396 | ||||||
3.700%, 07/29/25 | 25 | 28 | ||||||
3.250%, 11/15/49 | 100 | 113 | ||||||
3.150%, 05/11/27 | 100 | 112 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
2.600%, 05/19/26 | $ | 100 | $ | 110 | ||||
2.450%, 11/15/29 | 200 | 216 | ||||||
International Business Machines | 100 | 127 | ||||||
4.150%, 05/15/39 | 100 | 121 | ||||||
3.625%, 02/12/24 | 100 | 110 | ||||||
3.450%, 02/19/26 | 50 | 56 | ||||||
3.300%, 05/15/26 | 100 | 112 | ||||||
3.000%, 05/15/24 | 300 | 325 | ||||||
2.950%, 05/15/50 | 100 | 103 | ||||||
2.850%, 05/13/22 | 100 | 105 | ||||||
Jabil | 25 | 26 | ||||||
Juniper Networks | 50 | 55 | ||||||
Keysight Technologies | 50 | 54 | ||||||
KLA | 65 | 77 | ||||||
3.300%, 03/01/50 | 25 | 26 | ||||||
Lam Research | 30 | 36 | ||||||
3.750%, 03/15/26 | 100 | 114 | ||||||
3.125%, 06/15/60 | 2,213 | 2,321 | ||||||
Mastercard | 10 | 13 | ||||||
3.850%, 03/26/50 | 1,753 | 2,181 | ||||||
3.650%, 06/01/49 | 50 | 60 | ||||||
3.500%, 02/26/28 | 5 | 6 | ||||||
2.950%, 11/21/26 | 50 | 56 | ||||||
2.950%, 06/01/29 | 50 | 56 | ||||||
Microchip Technology | 4,885 | 5,028 | ||||||
Micron Technology | 100 | 116 | ||||||
Microsoft | 100 | 125 | ||||||
3.300%, 02/06/27 | 160 | 183 | ||||||
3.125%, 11/03/25 | 100 | 112 | ||||||
2.875%, 02/06/24 | 35 | 38 | ||||||
2.700%, 02/12/25 | 300 | 327 | ||||||
2.650%, 11/03/22 | 150 | 158 | ||||||
2.525%, 06/01/50 | 500 | 521 | ||||||
2.400%, 08/08/26 | 100 | 109 | ||||||
Motorola Solutions | 25 | 29 | ||||||
NVIDIA | 250 | 278 | ||||||
NXP BV | 1,296 | 1,541 | ||||||
4.300%, 06/18/29 (A) | 1,353 | 1,535 | ||||||
Oracle | 200 | 241 | ||||||
3.600%, 04/01/40 | 250 | 284 | ||||||
3.600%, 04/01/50 | 4,219 | 4,695 | ||||||
2.950%, 05/15/25 | 100 | 109 | ||||||
The accompanying notes are an integral part of the financial statements.
90
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
2.950%, 04/01/30 | $ | 400 | $ | 446 | ||||
2.500%, 05/15/22 | 150 | 155 | ||||||
2.400%, 09/15/23 | 200 | 209 | ||||||
1.900%, 09/15/21 | 90 | 92 | ||||||
PayPal Holdings | 105 | 110 | ||||||
1.650%, 06/01/25 | 1,778 | 1,838 | ||||||
QUALCOMM | 50 | 57 | ||||||
3.250%, 05/20/50 | 65 | 71 | ||||||
3.000%, 05/20/22 | 100 | 104 | ||||||
2.150%, 05/20/30 | 150 | 156 | ||||||
Seagate HDD Cayman | 53 | 56 | ||||||
Texas Instruments | 50 | 65 | ||||||
1.375%, 03/12/25 | 15 | 15 | ||||||
Total System Services | 100 | 117 | ||||||
Trimble | 100 | 107 | ||||||
Tyco Electronics Group | 25 | 27 | ||||||
Visa | 100 | 106 | ||||||
2.700%, 04/15/40 | 250 | 267 | ||||||
1.900%, 04/15/27 | 150 | 157 | ||||||
VMware | 100 | 103 | ||||||
Western Union | 50 | 54 | ||||||
Xilinx | 50 | 52 | ||||||
|
| |||||||
| 38,859 | ||||||||
|
| |||||||
Materials – 0.4% |
| |||||||
Air Products and Chemicals | 20 | 21 | ||||||
2.700%, 05/15/40 | 25 | 26 | ||||||
2.050%, 05/15/30 | 10 | 11 | ||||||
1.500%, 10/15/25 | 10 | 10 | ||||||
Airgas | 100 | 110 | ||||||
Barrick | 150 | 198 | ||||||
BHP Billiton Finance USA | 100 | 138 | ||||||
Celanese US Holdings | 20 | 21 | ||||||
CNAC HK Finbridge | 2,000 | 2,027 | ||||||
Dow Chemical | 50 | 65 | ||||||
4.800%, 11/30/28 | 100 | 119 | ||||||
3.150%, 05/15/24 | 200 | 214 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
DuPont de Nemours | $ | 40 | $ | 53 | ||||
4.205%, 11/15/23 | 100 | 109 | ||||||
2.169%, 05/01/23 | 60 | 61 | ||||||
Eastman Chemical | 150 | 163 | ||||||
Ecolab | 100 | 106 | ||||||
FMC | 100 | 119 | ||||||
Huntsman International | 20 | 21 | ||||||
International Paper | 150 | 189 | ||||||
LYB International Finance III | 75 | 81 | ||||||
4.200%, 05/01/50 | 1,350 | 1,453 | ||||||
3.375%, 05/01/30 | 50 | 53 | ||||||
2.875%, 05/01/25 | 50 | 53 | ||||||
LyondellBasell Industries | 1,024 | 1,084 | ||||||
Martin Marietta Materials | 100 | 110 | ||||||
Mosaic | 100 | 106 | ||||||
Newmont Goldcorp | 100 | 134 | ||||||
3.700%, 03/15/23 | 7 | 7 | ||||||
Nucor | 150 | 172 | ||||||
Nutrien | 150 | 193 | ||||||
3.625%, 03/15/24 | 100 | 108 | ||||||
Packaging Corp of America | 100 | 109 | ||||||
3.400%, 12/15/27 | 35 | 39 | ||||||
PPG Industries | 50 | 53 | ||||||
RPM International | 50 | 56 | ||||||
Sherwin-Williams | 50 | 54 | ||||||
3.450%, 08/01/25 | 100 | 110 | ||||||
3.300%, 05/15/50 | 50 | 51 | ||||||
2.950%, 08/15/29 | 50 | 54 | ||||||
Southern Copper | 150 | 191 | ||||||
3.875%, 04/23/25 | 30 | 33 | ||||||
Steel Dynamics | 25 | 26 | ||||||
Teck Resources | 566 | 563 | ||||||
Vale Overseas | 200 | 261 | ||||||
The accompanying notes are an integral part of the financial statements.
91
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Vulcan Materials | $ | 100 | $ | 109 | ||||
Westlake Chemical | 100 | 106 | ||||||
WRKCo | 100 | 116 | ||||||
4.200%, 06/01/32 | 50 | 59 | ||||||
|
| |||||||
| 9,325 | ||||||||
|
| |||||||
Real Estate – 0.6% | ||||||||
Alexandria Real Estate Equities | 100 | 110 | ||||||
4.000%, 02/01/50 | 50 | 61 | ||||||
3.450%, 04/30/25 | 25 | 28 | ||||||
American Campus Communities Operating Partnership | 100 | 103 | ||||||
American Tower | 150 | 170 | ||||||
3.375%, 05/15/24 | 100 | 109 | ||||||
2.250%, 01/15/22 | 50 | 51 | ||||||
AvalonBay Communities | 100 | 110 | ||||||
3.300%, 06/01/29 | 65 | 73 | ||||||
Boston Properties | 150 | 166 | ||||||
3.250%, 01/30/31 | 15 | 16 | ||||||
Brandywine Operating Partnership | 50 | 52 | ||||||
Brixmor Operating Partnership | 2,556 | 2,614 | ||||||
3.250%, 09/15/23 | 100 | 102 | ||||||
Camden Property Trust | 10 | 12 | ||||||
3.150%, 07/01/29 | 30 | 33 | ||||||
Crown Castle International | 100 | 111 | ||||||
4.000%, 11/15/49 | 10 | 11 | ||||||
3.700%, 06/15/26 | 35 | 39 | ||||||
3.250%, 01/15/51 | 100 | 101 | ||||||
2.250%, 09/01/21 | 55 | 56 | ||||||
2.250%, 01/15/31 | 25 | 25 | ||||||
1.350%, 07/15/25 | 20 | 20 | ||||||
CubeSmart | 15 | 17 | ||||||
CyrusOne | 100 | 104 | ||||||
Digital Realty Trust | 100 | 106 | ||||||
3.600%, 07/01/29 | 30 | 34 | ||||||
Duke Realty | 100 | 110 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
EPR Properties | $ | 50 | $ | 48 | ||||
Equinix | 45 | 47 | ||||||
5.375%, 05/15/27 | 35 | 38 | ||||||
2.625%, 11/18/24 | 65 | 69 | ||||||
1.800%, 07/15/27 | 881 | 881 | ||||||
ERP Operating | 120 | 126 | ||||||
4.150%, 12/01/28 | 50 | 59 | ||||||
Essex Portfolio | 100 | 108 | ||||||
2.650%, 03/15/32 | 15 | 16 | ||||||
Federal Realty Investment Trust | 3,198 | 3,403 | ||||||
3.500%, 06/01/30 | 1,325 | 1,398 | ||||||
3.200%, 06/15/29 | 50 | 52 | ||||||
GLP Capital | 15 | 17 | ||||||
5.375%, 11/01/23 | 15 | 16 | ||||||
5.375%, 04/15/26 | 25 | 27 | ||||||
5.250%, 06/01/25 | 15 | 16 | ||||||
4.000%, 01/15/30 | 65 | 65 | ||||||
Healthpeak Properties | 150 | 165 | ||||||
3.250%, 07/15/26 | 100 | 109 | ||||||
Highwoods Realty | 50 | 54 | ||||||
Host Hotels & Resorts | 100 | 102 | ||||||
Kilroy Realty | 50 | 52 | ||||||
Kimco Realty | 80 | 84 | ||||||
Life Storage | 50 | 55 | ||||||
Mid-America Apartments | 50 | 57 | ||||||
3.600%, 06/01/27 | 25 | 28 | ||||||
National Retail Properties | 35 | 39 | ||||||
3.600%, 12/15/26 | 100 | 105 | ||||||
Office Properties Income Trust | 50 | 49 | ||||||
Omega Healthcare Investors | 50 | 52 | ||||||
3.625%, 10/01/29 | 100 | 98 | ||||||
Prologis | 35 | 42 | ||||||
3.000%, 04/15/50 | 125 | 132 | ||||||
2.250%, 04/15/30 | 30 | 32 | ||||||
2.125%, 04/15/27 | 25 | 26 | ||||||
Public Storage | 30 | 35 | ||||||
The accompanying notes are an integral part of the financial statements.
92
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Realty Income | $ | 25 | $ | 28 | ||||
3.250%, 10/15/22 | 100 | 105 | ||||||
3.250%, 06/15/29 | 25 | 27 | ||||||
Regency Centers | 30 | 32 | ||||||
2.950%, 09/15/29 | 50 | 51 | ||||||
Sabra Health Care | 50 | 45 | ||||||
Simon Property Group | 125 | 135 | ||||||
3.300%, 01/15/26 | 100 | 107 | ||||||
UDR | 25 | 29 | ||||||
4.000%, 10/01/25 | 50 | 56 | ||||||
3.100%, 11/01/34 | 15 | 16 | ||||||
Ventas Realty | 50 | 52 | ||||||
2.650%, 01/15/25 | 100 | 100 | ||||||
VEREIT Operating Partnership | 20 | 22 | ||||||
4.625%, 11/01/25 | 50 | 54 | ||||||
4.600%, 02/06/24 | 15 | 16 | ||||||
Welltower | 100 | 112 | ||||||
3.100%, 01/15/30 | 30 | 31 | ||||||
2.700%, 02/15/27 | 100 | 104 | ||||||
Weyerhaeuser | 100 | 111 | ||||||
WP Carey | 50 | 53 | ||||||
|
| |||||||
| 13,532 | ||||||||
|
| |||||||
Utilities – 4.1% |
| |||||||
1MDB Energy | 2,000 | 2,075 | ||||||
ABY Transmision Sur | 619 | 797 | ||||||
Adani Electricity Mumbai | 415 | 386 | ||||||
Adani Transmission | 975 | 937 | ||||||
AEP Transmission | 50 | 59 | ||||||
3.100%, 12/01/26 | 150 | 168 | ||||||
Alabama Power | 30 | 37 | ||||||
Ameren | 2,086 | 2,210 | ||||||
Ameren Illinois | 25 | 33 | ||||||
3.250%, 03/15/50 | 714 | 788 | ||||||
American Electric Power | 35 | 36 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Appalachian Power | $ | 50 | $ | 55 | ||||
Arizona Public Service | 100 | 122 | ||||||
3.150%, 05/15/25 | 50 | 55 | ||||||
Atmos Energy | 20 | 25 | ||||||
3.000%, 06/15/27 | 65 | 72 | ||||||
Avangrid | 50 | 58 | ||||||
Berkshire Hathaway Energy | 100 | 110 | ||||||
Black Hills | 30 | 34 | ||||||
3.050%, 10/15/29 | 50 | 53 | ||||||
CenterPoint Energy | 25 | 29 | ||||||
3.850%, 02/01/24 | 25 | 27 | ||||||
3.700%, 09/01/49 | 25 | 27 | ||||||
3.600%, 11/01/21 | 10 | 10 | ||||||
2.950%, 03/01/30 | 25 | 27 | ||||||
2.500%, 09/01/22 | 50 | 52 | ||||||
CenterPoint Energy Houston Electric | 25 | 32 | ||||||
2.250%, 08/01/22 | 100 | 103 | ||||||
Cleco Corporate Holdings | 100 | 106 | ||||||
CMS Energy | ||||||||
4.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.116%, 06/01/50 | 100 | 102 | ||||||
3.000%, 05/15/26 | 40 | 43 | ||||||
Cometa Energia | 1,415 | 1,473 | ||||||
Commonwealth Edison | 50 | 53 | ||||||
Connecticut Light & Power | 25 | 30 | ||||||
3.200%, 03/15/27 | 25 | 28 | ||||||
Consolidated Edison of New York | 150 | 182 | ||||||
4.000%, 12/01/28 | 100 | 118 | ||||||
3.875%, 06/15/47 | 100 | 116 | ||||||
3.800%, 05/15/28 | 50 | 58 | ||||||
Dominion Energy | 1,309 | 1,724 | ||||||
4.050%, 09/15/42 | 150 | 170 | ||||||
3.375%, 04/01/30 | 150 | 166 | ||||||
3.071%, 08/15/24 | 35 | 38 | ||||||
2.750%, 01/15/22 | 100 | 102 | ||||||
2.450%, 01/15/23 (A) | 2,543 | 2,624 | ||||||
DTE Electric | 100 | 118 | ||||||
2.250%, 03/01/30 | 50 | 53 | ||||||
The accompanying notes are an integral part of the financial statements.
93
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
DTE Energy | $ | 70 | $ | 75 | ||||
2.529%, 10/01/24 | 2,325 | 2,433 | ||||||
Duke Energy | 200 | 226 | ||||||
Duke Energy Carolinas | 300 | 415 | ||||||
3.700%, 12/01/47 | 100 | 118 | ||||||
3.200%, 08/15/49 | 25 | 28 | ||||||
3.050%, 03/15/23 | 100 | 106 | ||||||
2.950%, 12/01/26 | 50 | 56 | ||||||
Duke Energy Florida | 1,322 | 1,666 | ||||||
3.800%, 07/15/28 | 50 | 58 | ||||||
2.500%, 12/01/29 | 50 | 54 | ||||||
1.750%, 06/15/30 | 2,326 | 2,358 | ||||||
Duke Energy Progress | 50 | 58 | ||||||
3.450%, 03/15/29 | 35 | 40 | ||||||
East Ohio Gas | 347 | 345 | ||||||
Edison International | 3,299 | 3,788 | ||||||
2.400%, 09/15/22 | 80 | 81 | ||||||
Empresa de Transmision Electrica | 400 | 468 | ||||||
Empresa de Transporte de Pasajeros Metro | 946 | 1,085 | ||||||
Enel Generacion Chile | 50 | 53 | ||||||
Entergy | 50 | 53 | ||||||
2.800%, 06/15/30 | 100 | 106 | ||||||
Entergy Louisiana | 50 | 64 | ||||||
2.900%, 03/15/51 | 15 | 15 | ||||||
Entergy Texas | 50 | 55 | ||||||
Evergy Kansas Central | 50 | 54 | ||||||
Evergy Metro | 100 | 113 | ||||||
2.250%, 06/01/30 | 50 | 52 | ||||||
Eversource Energy | 100 | 110 | ||||||
2.750%, 03/15/22 | 3,117 | 3,230 | ||||||
Exelon | 100 | 111 | ||||||
Exelon Generation | 600 | 683 | ||||||
FirstEnergy | 1,445 | 1,563 | ||||||
3.900%, 07/15/27 | 2,031 | 2,298 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
2.850%, 07/15/22 | $ | 515 | $ | 534 | ||||
2.250%, 09/01/30 | 40 | 40 | ||||||
1.600%, 01/15/26 | 35 | 35 | ||||||
FirstEnergy Transmission | 1,217 | 1,572 | ||||||
4.550%, 04/01/49 (A) | 1,138 | 1,383 | ||||||
Florida Power & Light | 50 | 65 | ||||||
3.990%, 03/01/49 | 50 | 64 | ||||||
3.700%, 12/01/47 | 1,239 | 1,488 | ||||||
Georgia Power | 200 | 232 | ||||||
Israel Electric | 1,172 | 1,313 | ||||||
ITC Holdings | 25 | 27 | ||||||
2.700%, 11/15/22 | 3,645 | 3,800 | ||||||
Kentucky Utilities | 145 | 154 | ||||||
Listrindo Capital BV | 530 | 533 | ||||||
MidAmerican Energy | 100 | 122 | ||||||
Minejesa Capital BV | 870 | 892 | ||||||
4.625%, 08/10/30 (A) | 675 | 685 | ||||||
National Fuel Gas | 50 | 49 | ||||||
Nevada Power | 40 | 46 | ||||||
2.400%, 05/01/30 | 1,221 | 1,288 | ||||||
NextEra Energy Capital Holdings | ||||||||
4.800%, VAR ICE LIBOR USD 3 Month+2.409%, 12/01/77 | 200 | 207 | ||||||
3.342%, 09/01/20 | 5,136 | 5,160 | ||||||
3.150%, 04/01/24 | 100 | 109 | ||||||
2.800%, 01/15/23 | 1,415 | 1,490 | ||||||
2.403%, 09/01/21 | 100 | 102 | ||||||
2.250%, 06/01/30 | 5,039 | 5,190 | ||||||
NiSource | 100 | 121 | ||||||
3.650%, 06/15/23 | 50 | 54 | ||||||
3.600%, 05/01/30 | 2,840 | 3,253 | ||||||
2.650%, 11/17/22 | 4,408 | 4,603 | ||||||
Oglethorpe Power | 50 | 56 | ||||||
Ohio Power | 20 | 24 | ||||||
Oklahoma Gas & Electric | 25 | 28 | ||||||
3.300%, 03/15/30 | 25 | 28 | ||||||
Oncor Electric Delivery | 50 | 63 | ||||||
3.750%, 04/01/45 | 100 | 120 | ||||||
3.700%, 11/15/28 | 100 | 117 | ||||||
The accompanying notes are an integral part of the financial statements.
94
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
ONE Gas | $ | 45 | $ | 57 | ||||
Pacific Gas and Electric | 20 | 19 | ||||||
2.500%, 02/01/31 | 50 | 49 | ||||||
1.750%, 06/16/22 | 1,675 | 1,678 | ||||||
PacifiCorp | 400 | 436 | ||||||
PECO Energy | 15 | 18 | ||||||
Perusahaan Listrik Negara | 1,045 | 1,299 | ||||||
5.500%, 11/22/21 (A) | 776 | 810 | ||||||
5.250%, 05/15/47 (A) | 210 | 236 | ||||||
4.875%, 07/17/49 (A) | 571 | 621 | ||||||
Piedmont Natural Gas | 100 | 114 | ||||||
Power Finance | 1,060 | 1,173 | ||||||
PPL Capital Funding | 559 | 592 | ||||||
4.000%, 09/15/47 | 100 | 108 | ||||||
PPL Electric Utilities | 35 | 37 | ||||||
Progress Energy | 1,085 | 1,564 | ||||||
PSEG Power | 50 | 54 | ||||||
Public Service Electric and Gas | 100 | 104 | ||||||
Public Service Enterprise Group | 150 | 157 | ||||||
Public Service of Colorado | 65 | 81 | ||||||
3.200%, 03/01/50 | 100 | 112 | ||||||
1.900%, 01/15/31 | 100 | 102 | ||||||
Public Service of New Hampshire | 25 | 29 | ||||||
Puget Sound Energy | 100 | 126 | ||||||
Ruwais Power PJSC | 540 | 666 | ||||||
San Diego Gas & Electric | 636 | 768 | ||||||
3.750%, 06/01/47 | 858 | 990 | ||||||
Saudi Electricity Global Sukuk | 390 | 446 | ||||||
Sempra Energy | 231 | 319 | ||||||
3.800%, 02/01/38 | 200 | 215 | ||||||
3.550%, 06/15/24 | 100 | 107 | ||||||
2.900%, 02/01/23 | 35 | 37 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Southern | $ | 150 | $ | 171 | ||||
3.700%, 04/30/30 | 200 | 227 | ||||||
Southern California Edison | 100 | 131 | ||||||
4.125%, 03/01/48 | 150 | 174 | ||||||
3.700%, 08/01/25 | 3,658 | 4,041 | ||||||
3.650%, 03/01/28 | 50 | 56 | ||||||
3.650%, 02/01/50 | 1,173 | 1,287 | ||||||
3.500%, 10/01/23 | 150 | 161 | ||||||
2.850%, 08/01/29 | 75 | 79 | ||||||
Southern Gas Capital | 30 | 32 | ||||||
Southwestern Electric Power | 25 | 29 | ||||||
2.750%, 10/01/26 | 50 | 53 | ||||||
Southwestern Public Service | 100 | 127 | ||||||
3.750%, 06/15/49 | 50 | 57 | ||||||
Tampa Electric | 25 | 32 | ||||||
4.300%, 06/15/48 | 25 | 31 | ||||||
Union Electric | 150 | 163 | ||||||
3.250%, 10/01/49 | 150 | 163 | ||||||
Virginia Electric & Power | 100 | 116 | ||||||
3.500%, 03/15/27 | 100 | 113 | ||||||
3.100%, 05/15/25 | 100 | 110 | ||||||
Washington Gas Light | 25 | 28 | ||||||
WEC Energy Group | 25 | 26 | ||||||
Wisconsin Electric Power | 10 | 12 | ||||||
Wisconsin Power and Light | 150 | 177 | ||||||
|
| |||||||
| 93,506 | ||||||||
|
| |||||||
Total Corporate Obligations |
| 668,879 | ||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES — 23.4% |
| |||||||
Agency Mortgage-Backed Obligations – 21.7% |
| |||||||
FHLMC | ||||||||
5.000%, 02/01/39 - 12/01/49 | 4,644 | 5,186 | ||||||
4.500%, 05/01/42 - 01/01/49 | 5,531 | 6,024 | ||||||
4.000%, 08/01/40 - 01/01/49 | 23,852 | 25,932 | ||||||
3.500%, 06/01/33 - 08/01/49 | 29,263 | 31,327 | ||||||
3.000%, 11/01/27 - 03/01/50 | 21,667 | 22,967 | ||||||
2.500%, 01/01/32 - 07/01/50 | 4,480 | 4,687 | ||||||
The accompanying notes are an integral part of the financial statements.
95
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
FHLMC, Ser 2011-3830, Cl DZ | $ | 789 | $ | 865 | ||||
FHLMC, Ser 2017-4681, Cl DA | 782 | 816 | ||||||
FHLMC, Ser 2018-4821, Cl MA | 2,435 | 2,577 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K055, Cl A2 | 400 | 437 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K065, Cl A2 | 1,026 | 1,172 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K067, Cl A2 | 1,402 | 1,603 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K068, Cl A2 | 723 | 830 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K069, Cl A2 | ||||||||
3.187%, 09/25/27 (E) | 400 | 458 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K070, Cl A2 | 361 | 416 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K072, Cl A2 | 100 | 116 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K076, Cl A2 | 2,705 | 3,239 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K078, Cl A2 | 200 | 239 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K079, Cl A2 | 200 | 240 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K080, Cl A2 | 402 | 482 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K085, Cl A2 | 1,311 | 1,591 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K086, Cl A2 | $ | 120 | $ | 145 | ||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K091, Cl A2 | 1,225 | 1,449 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K098, Cl A2 | 100 | 111 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K099, Cl A2 | 100 | 112 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K101, Cl A2 | ||||||||
2.524%, 10/25/29 | 200 | 223 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K107, Cl A2 | 870 | 912 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K723, Cl A2 | 350 | 367 | ||||||
FHLMC Multifamily Structured Pass-Through Certificates, Ser K737, Cl A2 | 300 | 329 | ||||||
FNMA | ||||||||
5.500%, 09/01/40 | 633 | 725 | ||||||
5.000%, 07/01/41 - 09/01/48 | 1,931 | 2,171 | ||||||
4.500%, 01/01/30 - 05/01/49 | 10,558 | 11,549 | ||||||
4.000%, 11/01/33 - 07/01/49 | 27,071 | 29,273 | ||||||
3.500%, 08/01/31 - 06/01/50 | 46,331 | 49,505 | ||||||
3.000%, 02/01/32 - 06/01/50 | 62,098 | 65,901 | ||||||
2.500%, 12/01/27 - 07/01/50 | 14,131 | 14,832 | ||||||
FNMA TBA | 385 | 421 | ||||||
4.500%, 07/01/37 | 5,190 | 5,576 | ||||||
4.000%, 07/13/39 | 4,995 | 5,293 | ||||||
3.500%, 07/25/26 - 07/01/41 | 9,245 | 9,722 | ||||||
3.000%, 07/01/26 - 09/13/42 | 25,175 | 26,449 | ||||||
2.500%, 07/25/43 - 07/25/43 | 33,305 | 34,751 | ||||||
2.000%, 07/16/69 - 08/13/69 | 8,540 | 8,732 | ||||||
The accompanying notes are an integral part of the financial statements.
96
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
FNMA, Ser 2015-M11, Cl A2 | $ | 450 | $ | 483 | ||||
FNMA, Ser 2016-54, Cl GA | 1,611 | 1,682 | ||||||
FNMA, Ser 2017-91, Cl PC | 500 | 518 | ||||||
FNMA, Ser 2018-11, Cl PA | 1,542 | 1,609 | ||||||
FNMA, Ser 2018-3, Cl PA | 1,663 | 1,732 | ||||||
FNMA, Ser 2018-44, Cl PA | 1,131 | 1,156 | ||||||
FNMA, Ser 2018-M12, Cl A2 | 100 | 120 | ||||||
FNMA, Ser M7, Cl A2 | 500 | 556 | ||||||
GNMA | ||||||||
5.000%, 09/20/46 - 09/20/48 | 1,449 | 1,604 | ||||||
4.500%, 12/20/41 - 11/20/48 | 2,134 | 2,317 | ||||||
4.000%, 06/20/45 - 07/20/49 | 20,726 | 22,305 | ||||||
3.500%, 11/20/44 - 03/20/50 | 28,141 | 30,006 | ||||||
3.000%, 06/20/45 - 06/20/50 | 10,229 | 10,869 | ||||||
2.500%, 12/20/46 | 337 | 357 | ||||||
GNMA TBA | 1,250 | 1,325 | ||||||
3.500%, 07/15/41 | 11,455 | 12,087 | ||||||
3.000%, 07/15/42 - 09/01/42 | 21,995 | 23,222 | ||||||
2.500%, 08/01/43 - 07/01/45 | 3,860 | 4,060 | ||||||
|
| |||||||
| 495,760 | ||||||||
|
| |||||||
Non-Agency Mortgage-Backed Obligations – 1.7% |
| |||||||
Alternative Loan Trust, Ser 2003-22CB, Cl 3A1 | 520 | 535 | ||||||
BANK, Ser 2017-BNK8, Cl A4 | 90 | 101 | ||||||
BANK, Ser 2017-BNK8, Cl B | 50 | 51 | ||||||
BANK, Ser 2018-BN13, Cl A5 | 50 | 59 | ||||||
BANK, Ser 2018-BN14, Cl A4 | 96 | 113 | ||||||
BANK, Ser 2018-BN15, Cl A4 | 50 | 60 | ||||||
BANK, Ser 2019-BN19, Cl A3 | 100 | 112 | ||||||
BANK, Ser 2019-BN21, Cl A5 | 993 | 1,087 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
BANK, Ser 2020-BN27, Cl A5 | $ | 693 | $ | 717 | ||||
BBCMS Mortgage Trust, Ser 2018-C2, Cl A5 | 50 | 59 | ||||||
Benchmark Mortgage Trust, Ser 2018-B2, Cl A5 | 100 | 115 | ||||||
Benchmark Mortgage Trust, Ser 2018-B6, Cl A4 | 50 | 59 | ||||||
Benchmark Mortgage Trust, Ser 2019-B11, Cl A5 | 200 | 229 | ||||||
Benchmark Mortgage Trust, Ser 2019-B9, Cl A5 | 57 | 67 | ||||||
Benchmark Mortgage Trust, Ser 2020-B16, Cl A5 | 232 | 252 | ||||||
Benchmark Mortgage Trust, Ser 2020-B17, Cl A5 | 1,644 | 1,722 | ||||||
CD Mortgage Trust, Ser 2019-CD8, Cl A4 | 100 | 109 | ||||||
Citigroup Commercial Mortgage Trust, Ser 2015-GC33, Cl A4 | 245 | 271 | ||||||
Citigroup Commercial Mortgage Trust, Ser 2016-C3, Cl A4 | 1,004 | 1,094 | ||||||
Citigroup Commercial Mortgage Trust, Ser 2016-P6, Cl A5 | 914 | 1,030 | ||||||
Citigroup Commercial Mortgage Trust, Ser 2017-P7, Cl A4 | 500 | 560 | ||||||
Citigroup Commercial Mortgage Trust, Ser 2018-C5, Cl A4 | 100 | 117 | ||||||
Citigroup Commercial Mortgage Trust, Ser C7, Cl A4 | 1,955 | 2,178 | ||||||
Citigroup Commercial Mortgage Trust, Ser GC43, Cl A4 | 50 | 55 | ||||||
The accompanying notes are an integral part of the financial statements.
97
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Citigroup Mortgage Loan Trust, Ser 2018-A, Cl A1 | $ | 578 | $ | 582 | ||||
COMM Mortgage Trust, Ser 2013-CCRE9, Cl A4 | 300 | 320 | ||||||
COMM Mortgage Trust, Ser 2013-CR12, Cl A3 | 1,276 | 1,359 | ||||||
COMM Mortgage Trust, Ser 2013-CR7, Cl A4 | 312 | 325 | ||||||
COMM Mortgage Trust, Ser 2015-DC1, Cl A5 | 200 | 216 | ||||||
COMM Mortgage Trust, Ser 2015-LC23, Cl A4 | 1,167 | 1,292 | ||||||
Credit Suisse First Boston Mortgage Securities, Ser 2004-AR2, Cl 5A1 | 20 | 21 | ||||||
CSAIL Commercial Mortgage Trust, Ser 2016-C7, Cl A5 | 597 | 655 | ||||||
CSAIL Commercial Mortgage Trust, Ser 2019-C16, Cl A3 | 484 | 537 | ||||||
CSFB Mortgage-Backed Pass-Through Certificates, Ser 2003-27, Cl 4A4 | 61 | 64 | ||||||
CSMC Trust, Ser 2018-RPL7, Cl A1 | 460 | 464 | ||||||
GS Mortgage Securities Trust, Ser 2013-GCJ12, Cl A4 | 367 | 383 | ||||||
GS Mortgage Securities Trust, Ser 2014-GC18, Cl A3 | 1,415 | 1,507 | ||||||
GS Mortgage Securities Trust, Ser 2014-GC18, Cl A4 | 581 | 628 | ||||||
GS Mortgage Securities Trust, Ser 2016-GS4, Cl A4 | 365 | 403 | ||||||
GS Mortgage Securities Trust, Ser 2017-GS5, Cl A4 | 750 | 834 | ||||||
GS Mortgage Securities Trust, Ser 2019-GC38, Cl A4 | 100 | 116 | ||||||
GS Mortgage Securities Trust, Ser 2019-GC42, Cl A4 | 100 | 110 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
GS Mortgage Securities Trust, Ser 2020-GC45, Cl A5 | $ | 1,091 | $ | 1,194 | ||||
GSR Mortgage Loan Trust, Ser 2005-4F, Cl 6A1 | 31 | 31 | ||||||
HarborView Mortgage Loan Trust, Ser 2004-3, Cl 1A | ||||||||
4.093%, 05/19/34 (E) | 23 | 23 | ||||||
JPMCC Commercial Mortgage Securities Trust, Ser 2017-JP5, Cl A2 | 400 | 408 | ||||||
MLCC Mortgage Investors, Ser 2006-2, Cl 2A | 97 | 94 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C19, Cl AS | 500 | 527 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C20, Cl A4 | 1,679 | 1,782 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl A4 | 1,839 | 2,019 | ||||||
Morgan Stanley Capital I Trust, Ser 2014-CPT, Cl A | 1,104 | 1,125 | ||||||
Morgan Stanley Capital I Trust, Ser 2017-HR2, Cl A4 | 250 | 281 | ||||||
Morgan Stanley Capital I Trust, Ser 2018-H4, Cl A4 | 1,173 | 1,394 | ||||||
Morgan Stanley Capital I Trust, Ser 2019-H7, Cl A3 | 556 | 611 | ||||||
Morgan Stanley Capital I Trust, Ser 2019-H7, Cl A4 | 100 | 112 | ||||||
UBS Commercial Mortgage Trust, Ser 2018-C8, Cl A4 | 300 | 343 | ||||||
UBS Commercial Mortgage Trust, Ser C18, Cl A4 | 100 | 110 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2015-C31, Cl A4 | 985 | 1,068 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2015-P2, Cl A4 | 638 | 711 | ||||||
The accompanying notes are an integral part of the financial statements.
98
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2016-C34, Cl A4 | $ | 1,338 | $ | 1,427 | ||||
Wells Fargo Commercial Mortgage Trust, Ser 2018-C47, Cl A4 | 339 | 403 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2019-C49, Cl A4 | 394 | 451 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2019-C49, Cl A5 | 100 | 117 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2019-C52, Cl A5 | 100 | 109 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2019-C54, Cl A4 | 1,114 | 1,239 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2020-C55, Cl A5 | 1,452 | 1,569 | ||||||
Wells Fargo Commercial Mortgage Trust, Ser 2020-C56, Cl A5 | 199 | 210 | ||||||
WFRBS Commercial Mortgage Trust, Ser 2013-C13, Cl A3 | 430 | 444 | ||||||
WFRBS Commercial Mortgage Trust, Ser 2013-C14, Cl A5 | 60 | 63 | ||||||
WFRBS Commercial Mortgage Trust, Ser 2014-C25, Cl A5 | 1,387 | 1,495 | ||||||
|
| |||||||
| 39,928 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities |
| 535,688 | ||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 20.9% |
| |||||||
U.S. Treasury Bonds | 1,000 | 1,486 | ||||||
5.000%, 05/15/37 | 2,240 | 3,674 | ||||||
4.750%, 02/15/37 | 10,315 | 16,450 | ||||||
4.625%, 02/15/40 | 500 | 811 | ||||||
4.500%, 02/15/36 | 750 | 1,148 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
4.375%, 02/15/38 - 05/15/41 | $ | 5,812 | $ | 9,134 | ||||
4.250%, 11/15/40 | 450 | 703 | ||||||
3.875%, 08/15/40 | 500 | 745 | ||||||
3.750%, 08/15/41 | 600 | 884 | ||||||
3.625%, 08/15/43 | 700 | 1,022 | ||||||
3.375%, 11/15/48 | 11,727 | 17,232 | ||||||
3.125%, 02/15/42 - 05/15/48 | 13,207 | 18,430 | ||||||
3.000%, 11/15/44 - 02/15/49 | 15,790 | 21,631 | ||||||
2.875%, 05/15/43 - 05/15/49 | 6,247 | 8,343 | ||||||
2.750%, 08/15/42 - 11/15/47 | 21,186 | 27,647 | ||||||
2.500%, 02/15/45 - 05/15/46 | 3,250 | 4,020 | ||||||
2.375%, 11/15/49 | 2,959 | 3,655 | ||||||
2.250%, 08/15/49 | 8,860 | 10,655 | ||||||
2.000%, 02/15/50 | 10,447 | 11,964 | ||||||
1.250%, 05/15/50 | 500 | 480 | ||||||
1.125%, 05/15/40 | 1,492 | 1,478 | ||||||
U.S. Treasury Notes | 2,000 | 2,418 | ||||||
3.000%, 09/30/25 | 1,000 | 1,139 | ||||||
2.875%, 11/15/21 - 05/15/28 | 10,025 | 11,201 | ||||||
2.750%, 08/15/21 - 08/31/25 | 11,200 | 12,015 | ||||||
2.625%, 12/15/21 - 02/15/29 | 7,500 | 8,295 | ||||||
2.500%, 01/15/22 - 01/31/25 | 6,700 | 7,184 | ||||||
2.375%, 02/29/24 - 05/15/29 | 15,126 | 16,576 | ||||||
2.250%, 12/31/23 - 08/15/27 | 16,761 | 18,222 | ||||||
2.125%, 08/15/21 - 05/31/26 | 20,325 | 21,685 | ||||||
2.000%, 10/31/21 - 11/15/26 | 26,742 | 28,505 | ||||||
1.875%, 11/30/21 - 06/30/26 | 9,750 | 10,202 | ||||||
1.750%, 02/28/22 - 12/31/26 | 25,892 | 27,300 | ||||||
1.625%, 08/15/22 - 08/15/29 | 8,750 | 9,206 | ||||||
1.500%, 11/30/21 - 02/15/30 | 35,829 | 37,700 | ||||||
1.375%, 01/31/22 - 08/31/26 | 7,000 | 7,227 | ||||||
1.250%, 08/31/24 | 5,503 | 5,734 | ||||||
1.125%, 08/31/21 - 02/28/27 | 9,500 | 9,768 | ||||||
0.625%, 03/31/27 - 05/15/30 | 12,036 | 12,009 | ||||||
0.500%, 03/31/25 - 06/30/27 | 14,334 | 14,361 | ||||||
0.375%, 04/30/25 | 7,446 | 7,480 | ||||||
0.250%, 04/15/23 - 06/30/25 | 25,756 | 25,754 | ||||||
The accompanying notes are an integral part of the financial statements.
99
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
0.125%, 04/30/22 - 06/30/22 | $ | 22,518 | $ | 22,502 | ||||
|
| |||||||
Total U.S. Treasury Obligations |
| 478,075 | ||||||
|
| |||||||
LOAN PARTICIPATIONS — 9.7% |
| |||||||
Air Transport – 0.0% |
| |||||||
Delta Air Lines, Inc., Term Loan, 1st Lien | 427 | 418 | ||||||
|
| |||||||
Airlines – 0.0% |
| |||||||
American Airlines, Inc., 2018 Replacement Term Loan | 730 | 510 | ||||||
|
| |||||||
Automobile – 0.1% |
| |||||||
Belron Finance US LLC, Initial Term B Loan, 1st Lien | 978 | 942 | ||||||
Honeywell Technologies Sàrl, Dollar Tranche B Term Loan, 1st Lien | 737 | 683 | ||||||
Panther BF Aggregator 2 L P, Initial Dollar Term Loan, 1st Lien | 1,642 | 1,560 | ||||||
|
| |||||||
| 3,185 | ||||||||
|
| |||||||
Automotive – 0.1% |
| |||||||
Chassix Inc., Term Loan B | 236 | 167 | ||||||
Chassix, Inc., Initial Loan, 1st Lien | 1 | 1 | ||||||
6.500%, 11/15/23 | 251 | 177 | ||||||
Dayco Products, LLC, Term Loan, 1st Lien | 679 | 421 | ||||||
International Cash Wash Group, Term Loan | 399 | 371 | ||||||
TI Group Automotive Systems, LLC, Initial US Term Loan, 1st Lien | 1,923 | 1,851 | ||||||
|
| |||||||
| 2,988 | ||||||||
|
| |||||||
| Description | Face Amount (000) | Value (000) | ||||||
Banking – 0.1% | ||||||||
Azalea TopCo, Inc., Initial Term Loan, 1st Lien | $ | 1,317 | $ | 1,274 | ||||
|
| |||||||
Beverage, Food and Tobacco – 0.1% |
| |||||||
Aramark Services B4 Cov-LiteLien1 | 250 | 235 | ||||||
K-Mac Holdings Corp., Initial Term Loan, 1st Lien | 291 | 259 | ||||||
K-Mac Holdings Corp., Initial Term Loan, 2nd Lien | 493 | 460 | ||||||
|
| |||||||
| 954 | ||||||||
|
| |||||||
Broadcasting and Entertainment – 0.3% |
| |||||||
Charter Communications Operating, LLC, Term B-2 Loan, 1st Lien | 748 | 718 | ||||||
CSC Holdings, LLC, March 2017 Refinancing Term Loan, 1st Lien | 1,243 | 1,173 | ||||||
Diamond Sports Group, LLC, Term Loan, 1st Lien | 1,493 | 1,211 | ||||||
NEP Group, Inc., Initial Dollar Term Loan, 2nd Lien | 317 | 259 | ||||||
NEP Group, Inc., Initial Loan, 1st Lien | 500 | 365 | ||||||
Numericable U.S. LLC, USD TLB-[12] Term Loan, 1st Lien | 1,465 | 1,401 | ||||||
Numericable U.S. LLC, USD TLB-11 Term Loan, 1st Lien | 247 | 234 | ||||||
Technicolor S.A., First Incremental U.S. Term Loan, 1st Lien | 732 | 356 | ||||||
The accompanying notes are an integral part of the financial statements.
100
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Virgin Media Bristol LLC, N Facility, 1st Lien | $ | 1,400 | $ | 1,334 | ||||
|
| |||||||
| 7,051 | ||||||||
|
| |||||||
Building Materials – 0.1% |
| |||||||
Beacon Roofing Supply, Inc., Initial Term Loan, 1st Lien | 976 | 927 | ||||||
Foundation Building Materials Holding Company LLC, Term Loan, 1st Lien | 750 | 720 | ||||||
Priso Acquisition Corporation (aka PrimeSource Building Products), Term B Loan, 1st Lien | 881 | 839 | ||||||
|
| |||||||
| 2,486 | ||||||||
|
| |||||||
Buildings and Real Estate – 0.2% |
| |||||||
C.H.I. Overhead Doors, Inc., Initial Term Loan, 1st Lien | 748 | 726 | ||||||
Claros Mortgage Trust, Inc., Initial Term Loan, 1st Lien | 407 | 376 | ||||||
Forest City Enterprises, L.P., Replacement Term Loan, 2nd Lien | 1,266 | 1,183 | ||||||
Pike Corporation, Initial Term Loan (2019), 1st Lien | 708 | 686 | ||||||
RHP Hotel Properties, LP, Tranche B Term Loan, 1st Lien | 578 | 542 | ||||||
VICI Properties 1 LLC, Term B Loan, 1st Lien | 1,164 | 1,083 | ||||||
|
| |||||||
| 4,596 | ||||||||
|
| |||||||
Cable/Wireless Video – 0.0% |
| |||||||
Charter Communications Operating LLC, Term Loan, 1st Lien | 901 | 867 | ||||||
|
| |||||||
| Description | Face Amount (000) | Value (000) | ||||||
Cargo Transport – 0.1% | ||||||||
XPO Logistics, Inc., Refinancing Term Loan (2018), 1st Lien | $ | 1,046 | $ | 1,018 | ||||
|
| |||||||
Chemicals – 0.8% |
| |||||||
AkzoNobel (Starfruit), Term Loan B | 1,615 | 1,511 | ||||||
Allnex (Luxembourg) & Cy S.C.A. (f/k/a AI Chem & Cy S.C.A.), Tranche B-2 Term Loan, 1st Lien | 689 | 649 | ||||||
Allnex (Luxembourg) & Cy S.C.A. (f/k/a AI Chem & Cy S.C.A.), Tranche B-3 Term Loan | 519 | 489 | ||||||
Alpha 3 B.V., Initial Term B-1 Loan | 748 | 718 | ||||||
Archroma Finance S.a r.l., Facility B2, 1st Lien | ||||||||
5.700%, VAR LIBOR+4.250%, 08/12/24 | 4 | 4 | ||||||
5.478%, VAR LIBOR+4.250%, 08/12/24 | 800 | 723 | ||||||
Ascend Performance Term Loan B (2019) | 932 | 913 | ||||||
ASP Chromaflo Intermediate Holdings, Inc., Initial Tranche B-1 Term Loan | 394 | 365 | ||||||
ASP Chromaflo Intermediate Holdings, Inc., Initial Tranche B-2 Term Loan | 512 | 475 | ||||||
Berry Global, Inc., Term Y Loan, 1st Lien | 993 | 947 | ||||||
Dubois Chemicals, Term Loan, 1st Lien | 1,247 | 1,109 | ||||||
Ferro Corporation, Tranche B-1 Term Loan, 1st Lien | 759 | 734 | ||||||
The accompanying notes are an integral part of the financial statements.
101
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Flint Group, Term Loan, 1st Lien | $ | 726 | $ | 624 | ||||
Messer Industries GmbH, Initial Term B-1 Loan | 1,118 | 1,064 | ||||||
Orion Engineered Carbons GmbH, Initial Dollar Term Loan, 1st Lien | 1,331 | 1,286 | ||||||
PMHC II, Inc., Initial Term Loan | 315 | 267 | ||||||
4.500%, 03/31/25 | 671 | 570 | ||||||
PQ Corporation, Third Amendment Tranche B-1 Term Loan | 1,361 | 1,309 | ||||||
Ravago Holdings America, Inc., Term Loan, 1st Lien | 307 | 297 | ||||||
Schenectady International Group, Inc., Initial Term Loan | 19 | 18 | ||||||
Schenectady International Group, Inc., Initial Term Loan, 1st Lien | 1,067 | 1,003 | ||||||
Styrolution, Term Loan, 1st Lien | 216 | 205 | ||||||
Tronox Limited, Initial Dollar Term Loan | 513 | 491 | ||||||
U.S. Farathane, LLC, Term B-4 Loan, 1st Lien | 1,098 | 818 | ||||||
Vantage Specialty Chemicals, Inc., Closing Date Term Loan | 29 | 25 | ||||||
Vantage Specialty Chemicals, Inc., Closing Date Term Loan, 1st Lien | 700 | 599 | ||||||
|
| |||||||
| 17,213 | ||||||||
|
| |||||||
| Description | Face Amount (000) | Value (000) | ||||||
Chemicals, Plastics and Rubber – 0.3% | ||||||||
Acuity Specialty Products, Inc., Initial Term Loan, 1st Lien | $ | 970 | $ | 810 | ||||
Axalta Coating Systems Dutch Holding B B.V. (Axalta Coating Systems U.S. Holdings, Inc.), Term B-3 Dollar Loan, 1st Lien | 1,362 | 1,302 | ||||||
Graftech International Ltd., Initial Term Loan, 1st Lien | 1,720 | 1,671 | ||||||
Nouryon Finance B.V., Initial Dollar Term Loan, 1st Lien | 314 | 294 | ||||||
Solenis Holdings LLC, Initial Dollar Term Loan, 1st Lien | 742 | 710 | ||||||
Summit Materials, Term Loan, 1st Lien | 500 | 479 | ||||||
Tronox Finance LLC, Initial Dollar Term Loan, 1st Lien | 727 | 696 | ||||||
Univar Solutions USA Inc., Term B-3 Loan, 1st Lien | 490 | 471 | ||||||
Vantage Specialty Chemicals, Inc., Initial Loan, 1st Lien | 205 | 142 | ||||||
Wilsonart LLC, Tranche D Term Loan, 1st Lien | 486 | 468 | ||||||
|
| |||||||
| 7,043 | ||||||||
|
| |||||||
Commercial Services – 0.0% |
| |||||||
Autokiniton US Holdings, Inc., Closing Date Term B Loan, 1st Lien | 573 | 539 | ||||||
|
| |||||||
Communication Services – 0.1% |
| |||||||
Altice Financing S.A., March 2017 Refinancing Term Loan | 926 | 874 | ||||||
The accompanying notes are an integral part of the financial statements.
102
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Cineworld Limited, Term Loan, 1st Lien | $ | 213 | $ | 144 | ||||
CPI International, Inc., Initial Term Loan, 1st Lien | 313 | 262 | ||||||
Flight Bidco Inc., Initial Term Loan | 611 | 575 | ||||||
Flight Bidco Inc., Initial Term Loan, 1st Lien | 556 | 473 | ||||||
Flint Acquisition Company, Inc 12/29/2023 Lien 1 | 2 | 2 | ||||||
|
| |||||||
| 2,330 | ||||||||
|
| |||||||
Computers & Electronics – 0.4% |
| |||||||
Applied Systems, Inc., Initial Term Loan | 746 | 724 | ||||||
Brooks Automation, Inc., Initial Term B Loan | 499 | 481 | ||||||
CPI International, Inc., Initial Term Loan, 1st Lien | 357 | 335 | ||||||
Cypress Intermediate Holdings III, Inc. (fka Jaguar Holding Inc.), Initial Term Loan | 1,225 | 1,182 | ||||||
Hyland Software Inc., 1st Lien | 636 | 617 | ||||||
MACOM Technology Solutions Holdings, Inc. (fka M/A-COM Technology Solutions Holdings, Inc.), Initial Term Loan, 1st Lien | 1,054 | 976 | ||||||
Oberthur Technologies Holding S.A.S. (fka OT Frenchco 1 SAS), Facility B1 (USD), 1st Lien | 1,357 | 1,246 | ||||||
Project Alpha, Term Loan B, 1st Lien | 1,128 | 1,086 | ||||||
Project Ruby Ultimate Parent Corp., New Term Loan | 1,552 | 1,459 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Solera, LLC (Solera Finance, Inc.), Dollar Term Loan, 1st Lien | $ | 1,897 | $ | 1,828 | ||||
|
| |||||||
| 9,934 | ||||||||
|
| |||||||
Containers, Packaging and Glass – 0.1% |
| |||||||
Flex Acquisition Company, Inc., Initial Term Loan, 1st Lien | 1,327 | 1,266 | ||||||
ProAmpac PG Borrower LLC, Initial Term Loan, 1st Lien | 484 | 460 | ||||||
|
| |||||||
| 1,726 | ||||||||
|
| |||||||
Diversified/Conglomerate Manufacturing – 0.0% |
| |||||||
Filtration Group Corporation, Initial Dollar Term Loan | 912 | 867 | ||||||
|
| |||||||
Diversified/Conglomerate Service – 0.6% |
| |||||||
AI Aqua Merger Sub, Inc., 2017 Incremental Term Loan, 2nd Lien | 249 | 238 | ||||||
AI Aqua Merger Sub, Inc., Tranche B-1 Term Loan, 1st Lien | 399 | 382 | ||||||
Amynta Agency Borrower Inc. (Amynta Warranty Borrower Inc.), Term B Loan, 1st Lien | 80 | 69 | ||||||
athenahealth, Inc., Term B Loan, 2nd Lien | 1,777 | 1,718 | ||||||
Brand Energy & Infrastructure Services, Inc. (fka FR Brand Acquisition Corp), Initial Term Loan, 1st Lien | 871 | 795 | ||||||
Inovalon Holdings, Inc., Refinancing Date Term Loan, 1st Lien | 1,399 | 1,354 | ||||||
The accompanying notes are an integral part of the financial statements.
103
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
PODS, LLC, Tranche B-4 Term Loan, 1st Lien | $ | 1,458 | $ | 1,392 | ||||
Pug LLC, USD Term B Loan, 1st Lien | 998 | 864 | ||||||
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), Initial Term Loan, 1st Lien | 1,144 | 1,078 | ||||||
Tempo Acquisition, LLC, Initial Term Loan, 1st Lien | 1,649 | 1,562 | ||||||
USS Ultimate Holdings, Inc., Initial Term Loan, 2nd Lien | 607 | 569 | ||||||
WEX Inc., Term B-3 Loan, 1st Lien | 1,217 | 1,163 | ||||||
William Morris Endeavor Entertainment, LLC (IMG Worldwide Holdings, LLC), Term B-1 Loan, 1st Lien | 42 | 41 | ||||||
8.881%, 05/01/27 | 458 | 433 | ||||||
2.930%, VAR LIBOR+2.750%, 05/18/25 | 1,882 | 1,528 | ||||||
|
| |||||||
| 13,186 | ||||||||
|
| |||||||
Ecological – 0.1% |
| |||||||
Cast & Crew Payroll, LLC, Initial Term Loan, 1st Lien | 699 | 636 | ||||||
Strategic Materials Holding Corp., Initial Term Loan, 1st Lien | 500 | 88 | ||||||
Strategic Materials Holding Corp., Initial Term Loan, 2nd Lien | 733 | 475 | ||||||
|
| |||||||
| 1,199 | ||||||||
|
| |||||||
| Description | Face Amount (000) | Value (000) | ||||||
Educational Services – 0.1% | ||||||||
Adtalem Global Education Inc., Term B Loan, 1st Lien | $ | 241 | $ | 223 | ||||
Global Education Management Systems Establishment, Term Loan, 1st Lien | 746 | 704 | ||||||
Learning Care Group (US) No. 2 Inc., Initial Term Loan, 1st Lien | 529 | 463 | ||||||
Learning Care, Term Loan B, 1st Lien | 663 | 581 | ||||||
|
| |||||||
| 1,971 | ||||||||
|
| |||||||
Electronics – 1.0% |
| |||||||
Airxcel, Inc., Initial Term Loan, 2nd Lien | 500 | 412 | ||||||
4.743%, VAR LIBOR+4.500%, 04/28/25 | 737 | 658 | ||||||
Aston FinCo S.a r.l., Dollar Term Loan, 1st Lien | 648 | 615 | ||||||
Cohu, Inc., Initial Term B Loan, 2nd Lien | 1,149 | 1,069 | ||||||
Epicor Software Corporation (fka Eagle Parent Inc.), Term B Loan, 1st Lien | 1,712 | 1,674 | ||||||
Flexera Software LLC (fka Flexera Software, Inc.), Initial Term Loan | 1,387 | 1,344 | ||||||
Flexera Software LLC (fka Flexera Software, Inc.), Initial Term Loan, 1st Lien | 4 | 3 | ||||||
Go Daddy Operating Company, LLC (GD Finance Co, Inc.), Tranche B-2 Term Loan, 1st Lien | 979 | 940 | ||||||
The accompanying notes are an integral part of the financial statements.
104
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Kronos Incorporated, Incremental Term Loan, 2nd Lien | $ | 1,258 | $ | 1,255 | ||||
Level 3 Financing, Inc., Tranche B 2027 Term Loan, 1st Lien | 2,045 | 1,931 | ||||||
MA Financeco., LLC, Tranche B-3 Term Loan, 1st Lien | 206 | 192 | ||||||
MA Financeco., LLC, Tranche B-4 Term Loan, 1st Lien | 207 | 202 | ||||||
Micro Holdings (Internet Brands), Term Loan (2017) | 739 | 709 | ||||||
Micro Holdings (Internet Brands), Term Loan, 2nd Lien | 244 | 231 | ||||||
Microchip Technology Incorporated, Initial Term Loan, 1st Lien | 1,183 | 1,139 | ||||||
Misys Limited, Dollar Term Loan, 1st Lien | 895 | 780 | ||||||
Presidio Holdings Inc., Initial Term Loan (2020), 1st Lien | 503 | 484 | ||||||
Project Alpha Intermediate Holding, Inc., Term Loan, 2nd Lien | 247 | 237 | ||||||
Project Boost Purchaser, LLC, Term Loan, 2nd Lien | 1,328 | 1,257 | ||||||
Seattle SpinCo, Inc., Initial Term Loan, 1st Lien | 1,394 | 1,296 | ||||||
SolarWinds Holdings, Inc., 2018 Refinancing Term Loan | 995 | 963 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
SS&C Technologies Holdings, Inc., Term B-3 Loan, 1st Lien | $ | 1,013 | $ | 968 | ||||
SS&C Technologies Holdings, Inc., Term B-4 Loan, 1st Lien | 700 | 669 | ||||||
Ultimate Software Group Inc., The, Initial Term Loan, 1st Lien | 1,742 | 1,685 | ||||||
Vertic Group, Term Loan 1st Lien | 1,450 | 1,367 | ||||||
VS Buyer, LLC, Initial Term Loan, 1st Lien | 803 | 773 | ||||||
|
| |||||||
| 22,853 | ||||||||
|
| |||||||
Entertainment & Leisure – 0.0% |
| |||||||
Metro-Goldwyn-Mayer Inc., Initial Term Loan | 427 | 411 | ||||||
|
| |||||||
Environmental Services – 0.1% |
| |||||||
GFL Environmental Inc., Effective Date Incremental Term Loan | 990 | 960 | ||||||
|
| |||||||
Finance (including structured products) – 0.3% |
| |||||||
Achilles Acquisition LLC, Closing Date Term Loan, 1st Lien | 741 | 704 | ||||||
American Builders & Contractors Supply Co., Inc., Restatement Effective Date Term Loan, 1st Lien | 1,244 | 1,184 | ||||||
AssuredPartners, Inc., 2020 February Refinancing Term Loan, 1st Lien | 1,222 | 1,166 | ||||||
BCP Renaissance Parent L.L.C., Initial Term Loan, 1st Lien | 249 | 210 | ||||||
The accompanying notes are an integral part of the financial statements.
105
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Deerfield Dakota Holding, LLC, Initial Dollar Term Loan, 1st Lien | $ | 651 | $ | 632 | ||||
Lions Gate Capital Holdings LLC, Term B Loan, 1st Lien | 596 | 562 | ||||||
Refinitiv US Holdings Inc., Initial Dollar Term Loan, 1st Lien | 1,000 | 976 | ||||||
RPI 2019 Intermediate Finance Trust, Term Loan B, 1st Lien | 464 | 451 | ||||||
VFH Parent LLC, Initial Term Loan, 1st Lien | 961 | 935 | ||||||
|
| |||||||
| 6,820 | ||||||||
|
| |||||||
Financial Services – 0.4% |
| |||||||
Altisource Solutions, Term Loan B, 1st Lien | 545 | 405 | ||||||
BIFM US Finance, LLC, Term Loan 1st Lien | 746 | 716 | ||||||
Blackstone Mortgage Trust Inc, Term Loan 1st Lien | 933 | 909 | ||||||
Citco Funding LLC, 2017 Term Loan, 1st Lien | 1,436 | 1,379 | ||||||
Ditech Holding Corporation, Term Loan, 1st Lien | 458 | 189 | ||||||
Evertec, Term Loan, First Lien | 474 | 455 | ||||||
Focus Financial Partners, Term Loan B, 1st Lien | 1,117 | 1,066 | ||||||
Hudson River Trading, Term Loan, 1st Lien | 842 | 816 | ||||||
Insurity Holdings, Term Loan, 1st Lien | 499 | 486 | ||||||
Liquidnet Holdings, Inc., Term Loan | 471 | 452 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Newport Group Holdings II, Inc., Initial Term Loan | $ | 440 | $ | 418 | ||||
St. George’s, Term Loan, 1st Lien | 750 | 724 | ||||||
Triton, Term Loan B, 1st Lien | 608 | 511 | ||||||
Virtus Investment 2/17 Term Loan, 1st Lien | 501 | 489 | ||||||
|
| |||||||
| 9,015 | ||||||||
|
| |||||||
Food & Beverage – 0.2% |
| |||||||
JBS USA Lux S.A. (fka JBS USA, LLC), New Term Loan, 1st Lien | 666 | 634 | ||||||
United Natural Foods, Inc., Initial Term Loan, 1st Lien | 1,379 | 1,312 | ||||||
US Foods (aka U.S. Foodservice), Initial Term Loan, 1st Lien | 497 | 467 | ||||||
US Foods Inc., 1st Lien | 1,208 | 1,122 | ||||||
|
| |||||||
| 3,535 | ||||||||
|
| |||||||
Forest Products – 0.0% |
| |||||||
Ply Gem Midco, Inc., Initial Term Loan, 1st Lien | 349 | 331 | ||||||
|
| |||||||
Gaming & Hotels – 0.1% |
| |||||||
CBAC Borrower, LLC, Term B Loan, 1st Lien | 488 | 435 | ||||||
Golden Nugget, Inc., Initial B Term Loan, 1st Lien | 1,591 | 1,257 | ||||||
Hanjin International Corp., Initial Term Loan | 1,000 | 905 | ||||||
|
| |||||||
| 2,597 | ||||||||
|
| |||||||
Health Care – 0.0% |
| |||||||
Carestream, Term Loan, 1st Lien | 367 | 345 | ||||||
The accompanying notes are an integral part of the financial statements.
106
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Lifescan Global Corporation, Initial Term Loan, 1st Lien | $ | 5 | $ | 4 | ||||
|
| |||||||
| 349 | ||||||||
|
| |||||||
Healthcare, Education and Childcare – 0.8% |
| |||||||
Bausch Health Companies Inc., First Incremental Term Loan, 1st Lien | 457 | 441 | ||||||
Bausch Health Companies Inc., Initial Term Loan, 1st Lien | 1,372 | 1,332 | ||||||
Bulldog Purchaser Inc., Initial Term Loan | 1,381 | 1,201 | ||||||
Change Healthcare Holdings, Inc. (fka Emdeon Inc.), Closing Date Term Loan, 1st Lien | 1,623 | 1,556 | ||||||
DaVita Inc., Tranche B-1 Term Loan, 1st Lien | 1,244 | 1,201 | ||||||
Elanco Animal Health Inc., Term Loan, 1st Lien | 719 | 684 | ||||||
Endo Luxembourg Finance Company I S.a r.l., Initial Term Loan, 1st Lien | 1,118 | 1,054 | ||||||
Grifols Worldwide Operations Limited, Dollar Tranche B Term Loan, 1st Lien | 1,701 | 1,635 | ||||||
Jaguar Holding Company I, LLC (fka Jaguar Holding Company I), 2018 Term Loan, 1st Lien | 1,448 | 1,428 | ||||||
LGC, Term Loan, 1st Lien | 306 | 293 | ||||||
Lifescan Global Corporation, Initial Term Loan | 241 | 218 | ||||||
Radiology Partners, Term B Loan, First Lien | 475 | 440 | ||||||
5.295%, 07/09/25 | 407 | 377 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Select Medical Corporation, Tranche B Term Loan, 1st Lien | $ | 972 | $ | 922 | ||||
Sotera Health Holdings, LLC, Initial Term Loan, 1st Lien | 1,231 | 1,200 | ||||||
Spectrum Holdings III Corp., Closing Date Term Loan, 1st Lien | 500 | 375 | ||||||
Surgery Center Holdings, Inc., Initial Term Loan, 1st Lien | 1,416 | 1,239 | ||||||
Syneos Health, Inc. (fka INC Research Holdings, Inc.), Term Loan, 1st Lien | 988 | 938 | ||||||
Viant Medical Holdings, Inc., Initial Term Loan, 1st Lien | 122 | 90 | ||||||
Viant Medical Holdings, Inc., Initial Term Loan, 2nd Lien | 469 | 415 | ||||||
|
| |||||||
| 17,039 | ||||||||
|
| |||||||
Home and Office Furnishings, Housewares and Durable Consumer Products – 0.1% |
| |||||||
ACProducts, Inc., Initial Term Loan, 1st Lien | 587 | 573 | ||||||
Blount International, Inc., New Refinancing Term Loan, 1st Lien | 490 | 476 | ||||||
Reynolds Group Holdings Inc., Incremental U.S. Term Loan | 548 | 522 | ||||||
Reynolds Group Holdings Incremental US Term Loans | 921 | 878 | ||||||
Samsonite International S.A., 2020 Incremental Tranche B Term Loan, 1st Lien | 182 | 176 | ||||||
The accompanying notes are an integral part of the financial statements.
107
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Serta Simmons Bedding, LLC, Initial Term Loan, 1st Lien | $ | 1,041 | $ | 238 | ||||
|
| |||||||
| 2,863 | ||||||||
|
| |||||||
Home Furnishings – 0.0% |
| |||||||
Al Aqua Merger Sub, Inc., Term Loan, 1st Lien | 803 | 783 | ||||||
|
| |||||||
Hotels, Motels, Inns and Gaming – 0.2% |
| |||||||
Caesars Resort Collection, LLC (fka Caesars Growth Properties Holdings, LLC), Term B Loan, 1st Lien | 1,225 | 1,086 | ||||||
Callaway Golf Company, Term Loan, 1st Lien | 883 | 871 | ||||||
Eldorado Resorts, Inc. Term Loan B | 98 | 98 | ||||||
Eldorado Resorts, Inc., Term Loan, 1st Lien | 328 | 326 | ||||||
Flutter Entertainment plc, USD Term Loan, 1st Lien | 1,147 | 1,139 | ||||||
Gateway Casinos & Entertainment, Term Loan B (2018) | 1,486 | 1,198 | ||||||
Hilton Worldwide Finance LLC, Refinanced Series B-2 Term Loan, 1st Lien | 750 | 707 | ||||||
|
| |||||||
| 5,425 | ||||||||
|
| |||||||
Housing – 0.0% |
| |||||||
Installed Building Products, Term Loan, 1st Lien | 750 | 705 | ||||||
|
| |||||||
Industrial Services – 0.1% |
| |||||||
Delachaux Group, Facility B2, 1st Lien | 485 | 460 | ||||||
JMC Steel, Term Loan, 1st Lien | 1,500 | 1,435 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
SiteOne Landscape Supply, LLC (fka John Deere Landscapes LLC), Tranche E Term Loan | $ | 770 | $ | 749 | ||||
|
| |||||||
| 2,644 | ||||||||
|
| |||||||
Insurance – 0.4% |
| |||||||
Acrisure, LLC, 2020 Term Loan, 1st Lien | 1,653 | 1,558 | ||||||
Alera Group Intermediate Holdings, Inc., Term B Loan, 1st Lien | 499 | 478 | ||||||
Alliant Holdings Intermediate, LLC, Initial Term Loan (2018), 1st Lien | 1,384 | 1,309 | ||||||
AmWINS Group, Inc., Term Loan | 125 | 121 | ||||||
AmWINS Group, Inc., Term Loan, 1st Lien | 622 | 603 | ||||||
AqGen Ascensus, Inc., Replacement Term Loan, 1st Lien | 500 | 486 | ||||||
Hub International Limited, Initial Term Loan | 3 | 3 | ||||||
Hub International, Ltd., Cov-Lite, Term Loan B, 1st Lien | 1,226 | 1,164 | ||||||
MPH Acquisition Holdings LLC, Initial Term Loan, 1st Lien | 1,025 | 972 | ||||||
NFP Corp, Term Loan, 1st Lien | 1,678 | 1,560 | ||||||
Sedgwick Claims Management Services, Inc., Term Loan B, 1st Lien | 266 | 254 | ||||||
|
| |||||||
| 8,508 | ||||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
108
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Investment Company – 0.0% | ||||||||
EIG Management Company, LLC, Initial Term Loan | $ | 441 | $ | 421 | ||||
StepStone Group, Term Loan B, 1st Lien | 475 | 458 | ||||||
|
| |||||||
| 879 | ||||||||
|
| |||||||
Leasing – 0.0% |
| |||||||
FLY Leasing, Term Loan, 1st Lien | 608 | 508 | ||||||
|
| |||||||
Leisure, Amusement, Motion Pictures, Entertainment – 0.3% |
| |||||||
Alterra Mountain Company, Initial Bluebird Term Loan, 1st Lien | 1,718 | 1,615 | ||||||
AMC Entertainment Holdings, Inc. (fka AMC Entertainment Inc.), Term B-1 Loan, 1st Lien | 886 | 641 | ||||||
Crown Finance US, Inc., Initial Dollar Tranche Term Loan, 1st Lien | 1,007 | 754 | ||||||
Motion Acquisition Limited, Facility B1 (USD), 1st Lien | 3 | 3 | ||||||
4.322%, VAR LIBOR+3.250%, 10/16/26 | 1,099 | 989 | ||||||
Motion Acquisition Limited, Facility B2 (USD), 1st Lien | — | — | ||||||
4.322%, VAR LIBOR+3.250%, 10/16/26 | 144 | 130 | ||||||
Seaworld Parks & Entertainment, Inc. (f/k/a SW Acquisitions Co., Inc.), Term B-5 Loan, 1st Lien | 1,231 | 1,084 | ||||||
Topgolf International, Inc., Initial Term Loan, 1st Lien | 626 | 563 | ||||||
UFC Holdings, LLC, Term B-1 Loan, 1st Lien | 991 | 945 | ||||||
|
| |||||||
| 6,724 | ||||||||
|
| |||||||
| Description | Face Amount (000) | Value (000) | ||||||
Machinery – 0.0% | ||||||||
CPM Holdings, Inc., Initial Term Loan | $ | 247 | $ | 208 | ||||
3.948%, 10/24/25 | 1 | 1 | ||||||
3.923%, 10/24/25 | 361 | 327 | ||||||
|
| |||||||
| 536 | ||||||||
|
| |||||||
Machinery (Non-Agriculture, Non-Construction and Non-Electronic) – 0.1% |
| |||||||
Altra Industrial Motion Corp., Term Loan, 1st Lien | 825 | 784 | ||||||
Douglas Dynamics L.L.C., 2020 Term B Loan, 1st Lien | 321 | 314 | ||||||
Granite US Holdings Corporation, Term B Loan, 1st Lien | 600 | 522 | ||||||
Ingersoll-Rand Services Company, 2020 Spinco Tranche B-1 Dollar Term Loan, 1st Lien | 1,000 | 949 | ||||||
Utex Industries, Inc., Initial Term Loan, 1st Lien | 544 | 141 | ||||||
|
| |||||||
| 2,710 | ||||||||
|
| |||||||
Manufacturing – 0.0% |
| |||||||
LTI Boyd Corporation, Term Loan B | 859 | 728 | ||||||
Pelican Products, Inc., Term Loan | 88 | 68 | ||||||
4.500%, VAR LIBOR+3.500%, 04/19/25 | 68 | 62 | ||||||
|
| |||||||
| 858 | ||||||||
|
| |||||||
Media – 0.0% |
| |||||||
Metro-Goldwyn-Mayer Inc., Initial Term Loan | 776 | 741 | ||||||
|
| |||||||
Metals & Mining – 0.1% |
| |||||||
Dynacast International LLC, Term B-2 Loan, 1st Lien | 1,223 | 991 | ||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
109
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Oil & Gas – 0.0% | ||||||||
BCP Raptor, LLC, Initial Term Loan, 1st Lien | $ | 695 | $ | 497 | ||||
PES Holdings, LLC, Tranche C Loan | 618 | 133 | ||||||
|
| |||||||
| 630 | ||||||||
|
| |||||||
Oil and Gas – 0.0% |
| |||||||
Lower Cadence Holdings LLC, Initial Term Loan, 1st Lien | 908 | 804 | ||||||
|
| |||||||
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0% |
| |||||||
ABG Intermediate Holdings 2 LLC, Initial Term Loan, 1st Lien | 765 | 713 | ||||||
|
| |||||||
Personal Transportation – 0.1% |
| |||||||
Avolon TLB Borrower 1 (US) LLC, Term B-3 Loan, 1st Lien | 750 | 696 | ||||||
JetBlue Airways Corporation, Term Loan, 1st Lien | 255 | 250 | ||||||
|
| |||||||
| 946 | ||||||||
|
| |||||||
Personal, Food and Miscellaneous Services – 0.2% |
| |||||||
1011778 B.C. Unlimited Liability Company (New Red Finance, Inc.) (aka Burger King/Tim Hortons), Term B-4 Loan, 1st Lien | 1,983 | 1,876 | ||||||
Aramark, Term Loan B-3 | 500 | 471 | ||||||
Flynn Restaurant Group LP, Initial Term Loan, 1st Lien | 1,018 | 924 | ||||||
IRB Holding Corp., 2020 Replacement Term B Loan, 1st Lien | 1,230 | 1,133 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Whatabrands LLC, 2020 Refinancing Term Loan, 1st Lien | $ | 500 | $ | 478 | ||||
|
| |||||||
| 4,882 | ||||||||
|
| |||||||
Printing, Publishing and Broadcasting – 0.1% |
| |||||||
Camelot U.S. Acquisition 1 Co., Initial Term Loan, 1st Lien | 998 | 964 | ||||||
Clear Channel Outdoor Holdings, Inc. Term Loan B | 824 | 745 | ||||||
Clear Channel Outdoor Holdings, Inc., Term B Loan, 1st Lien | 2 | 2 | ||||||
|
| |||||||
| 1,711 | ||||||||
|
| |||||||
Professional & Business Services – 0.3% |
| |||||||
Amynta Agency Borrower Inc. (Amynta Warranty Borrower Inc.), Term B Loan, 1st Lien | 120 | 103 | ||||||
Avantor, Inc., Initial B-1 Dollar Term Loan | 788 | 767 | ||||||
Casmar Holdings (Australia) Pty Limited, Initial Term Loan | 734 | 514 | ||||||
Cineworld (Crown Finance) Incremental 2019 Term Loan | 159 | 117 | ||||||
Fortress Investment, Term Loan B (2018) | 936 | 901 | ||||||
GHX Ultimate Parent Corporation, Initial Term Loan | 982 | 947 | ||||||
KinderCare (KUEHG Corp), Term Loan B-3 | 919 | 775 | ||||||
The accompanying notes are an integral part of the financial statements.
110
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
KUEHG Corp (fka KC MergerSub, Inc.), Term B-3 Loan, 1st Lien | $ | 320 | $ | 270 | ||||
Safe Fleet Holdings LLC, Initial Term Loan | 728 | 666 | ||||||
Western Dental Services, Inc., 1st Lien | 1,181 | 1,011 | ||||||
Western Dental, Incremental Term Loan B, 1st Lien | 161 | 137 | ||||||
|
| |||||||
| 6,208 | ||||||||
|
| |||||||
Real Estate – 0.1% |
| |||||||
DTZ Cushman & Wakefield, Term Loan | 1,740 | 1,635 | ||||||
iStar Inc. (fka iStar Financial Inc.), Loan, 1st Lien | 552 | 530 | ||||||
2.944%, VAR LIBOR+3.000%, 07/01/22 | 305 | 292 | ||||||
|
| |||||||
| 2,457 | ||||||||
|
| |||||||
Recreation Facilities & Services – 0.0% |
| |||||||
Bulldog Purchaser Inc., Term Loan, 1st Lien | 250 | 201 | ||||||
|
| |||||||
Restaurants – 0.0% |
| |||||||
Miller’s Ale House, Inc., Term B Loan, 1st Lien | 3 | 2 | ||||||
5.630%, 05/26/25 | 971 | 631 | ||||||
Miller’s Ale House, Inc., Term Loan, 1st Lien | 10 | 6 | ||||||
|
| |||||||
| 639 | ||||||||
|
| |||||||
Retail Stores – 0.2% |
| |||||||
Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC), Initial Term Loan, 1st Lien | 1,247 | 1,209 | ||||||
Belfor Holdings Inc., Initial Term Loan, 1st Lien | 347 | 342 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
EG Group Limited, Additional Facility Loan (USD), 1st Lien | $ | 1,388 | $ | 1,301 | ||||
Flynn Restaurant Group LP, Initial Term Loan | 532 | 427 | ||||||
Mister Car Wash Holdings, Inc., Initial Term Loan, 1st Lien | 798 | 716 | ||||||
Trugreen Limited Partnership, Initial Refinancing Term Loan | 1,475 | 1,427 | ||||||
|
| |||||||
| 5,422 | ||||||||
|
| |||||||
Securities & Trusts – 0.0% |
| |||||||
AI Ladder (Luxembourg) Subco S.a r.l., Facility B, 1st Lien | 500 | 451 | ||||||
|
| |||||||
Shipping & Ship Building – 0.1% |
| |||||||
AI Mistral Holdco Limited, Initial Term Loan | 976 | 705 | ||||||
Hornblower Sub, LLC (American Queen Sub, LLC), Term Loan | 884 | 703 | ||||||
|
| |||||||
| 1,408 | ||||||||
|
| |||||||
Steel – 0.1% |
| |||||||
Atkore International, Inc., Term Loan (2016) | 1,157 | 1,129 | ||||||
|
| |||||||
Technology – 0.1% |
| |||||||
Applied Systems Inc., Initial Term Loan, 2nd Lien | 308 | 306 | ||||||
Kofax, Term Loan, 1st Lien | 990 | 963 | ||||||
|
| |||||||
| 1,269 | ||||||||
|
| |||||||
Telecommunications – 0.4% |
| |||||||
CenturyLink, Inc., Term B Loan, 1st Lien | 1,443 | 1,357 | ||||||
The accompanying notes are an integral part of the financial statements.
111
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Commscope, Inc., Initial Term Loan, 1st Lien | $ | 1,468 | $ | 1,387 | ||||
Excelitas Technologies Corp. (fka EXC Holdings III Corp.), Initial USD Term Loan, 1st Lien | 978 | 951 | ||||||
MTN Infrastructure TopCo, Inc., Initial Term Loan, 1st Lien | 987 | 944 | ||||||
Prometric Holdings Inc. (fka ETS Holdings Inc.), Initial Term Loan, 1st Lien | 983 | 885 | ||||||
SBA Senior Finance II LLC, Initial Term Loan, 1st Lien | 1,200 | 1,152 | ||||||
T-Mobile USA, Inc., Assignment, 1st Lien | 1,500 | 1,497 | ||||||
Zayo Group Holdings, Inc., Initial Dollar Term Loan, 1st Lien | 1,250 | 1,184 | ||||||
|
| |||||||
| 9,357 | ||||||||
|
| |||||||
Transportation – 0.1% |
| |||||||
Agro Merchants North America Holdings, Inc., Effective Date Loan | 322 | 306 | ||||||
Mileage Plus Holdings, Term Loan, 1st Lien | 750 | | 744 | |||||
|
| |||||||
| 1,050 | ||||||||
|
| |||||||
Utilities – 0.1% |
| |||||||
AI Alpine AT BidCo GmbH, Facility B (USD), 1st Lien | 988 | 889 | ||||||
Traverse Midstream Partners LLC, Advance, 1st Lien | 766 | 635 | ||||||
|
| |||||||
| 1,524 | ||||||||
|
| |||||||
| Description | Face Amount (000) | Value (000) | ||||||
Waste Management – 0.0% | ||||||||
GFL Environmental Inc., Effective Date Incremental Term Loan, 1st Lien | $ | 177 | $ | 172 | ||||
|
| |||||||
Total Loan Participations |
| 221,113 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES — 9.0% |
| |||||||
Automotive – 7.2% |
| |||||||
Ally Auto Receivables Trust, Ser 2017-5, Cl A3 | 1,129 | 1,133 | ||||||
Ally Auto Receivables Trust, Ser 2019-4, Cl A2 | 2,574 | 2,588 | ||||||
Ally Auto Receivables Trust, Ser 2019-4, Cl A3 | 2,172 | 2,214 | ||||||
Ally Auto Receivables Trust, Ser 2019-4, Cl A4 | 716 | 734 | ||||||
American Credit Acceptance Receivables Trust, Ser 2019-2, Cl A | 552 | 553 | ||||||
American Credit Acceptance Receivables Trust, Ser 2019-4, Cl A | 2,665 | 2,678 | ||||||
American Credit Acceptance Receivables Trust, Ser 2020-2, Cl A | 2,772 | 2,786 | ||||||
Americredit Automobile Receivables Trust, Ser 2018-2, Cl B | 2,063 | 2,134 | ||||||
Americredit Automobile Receivables Trust, Ser 2019-1, Cl A2A | 574 | 577 | ||||||
Americredit Automobile Receivables Trust, Ser 2019-2, Cl A2A | 1,935 | 1,945 | ||||||
AmeriCredit Automobile Receivables Trust, Ser 2017-4, Cl B | 1,784 | 1,803 | ||||||
AmeriCredit Automobile Receivables Trust, Ser 2019-3, Cl A2A | 874 | 881 | ||||||
The accompanying notes are an integral part of the financial statements.
112
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
BMW Floorplan Master Owner Trust, Ser 2018-1, Cl A2 | $ | 1,721 | $ | 1,712 | ||||
Capital One Prime Auto Receivables Trust, Ser 2019-2, Cl A3 | 1,252 | 1,280 | ||||||
Carmax Auto Owner Trust, Ser 2020-1, Cl A3 | 1,347 | 1,386 | ||||||
Carmax Auto Owner Trust, Ser 2020-1, Cl A4 | 903 | 941 | ||||||
CarMax Auto Owner Trust, Ser 2018-2, Cl A4 | 731 | 761 | ||||||
CarMax Auto Owner Trust, Ser 2019-1, Cl A4 | 929 | 976 | ||||||
CPS Auto Receivables Trust, Ser 2019-A, Cl A | 396 | 397 | ||||||
CPS Auto Receivables Trust, Ser 2019-B, Cl A | 484 | 486 | ||||||
CPS Auto Receivables Trust, Ser 2019-C, Cl A | 1,007 | 1,012 | ||||||
CPS Auto Receivables Trust, Ser 2019-D, Cl A | 1,862 | 1,873 | ||||||
CPS Auto Receivables Trust, Ser 2020-A, Cl A | 2,803 | 2,826 | ||||||
CPS Auto Receivables Trust, Ser 2020-B, Cl A | 1,446 | 1,448 | ||||||
CPS Auto Receivables Trust, Ser 2020-B, Cl B | 690 | 696 | ||||||
Credit Acceptance Auto Loan Trust, Ser 2018-1A, Cl A | 1,647 | 1,657 | ||||||
Credit Acceptance Auto Loan Trust, Ser 2018-3A, Cl A | 835 | 849 | ||||||
Credit Acceptance Auto Loan Trust, Ser 2019-1A, Cl A | 2,183 | 2,234 | ||||||
Drive Auto Receivables Trust, Ser 2018-4, Cl D | 100 | 102 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Drive Auto Receivables Trust, Ser 2019-2, Cl B | $ | 1,599 | $ | 1,617 | ||||
Drive Auto Receivables Trust, Ser 2019-4, Cl B | 2,180 | 2,208 | ||||||
Drive Auto Receivables Trust, Ser 2020-1, Cl A2 | 2,813 | 2,825 | ||||||
Drive Auto Receivables Trust, Ser 2020-1, Cl A3 | 2,753 | 2,792 | ||||||
Drive Auto Receivables Trust, Ser 2020-2, Cl B | 994 | 997 | ||||||
Drive Auto Receivables Trust, Ser 2020-2, Cl C | 718 | 725 | ||||||
DT Auto Owner Trust, Ser 2018-3A, Cl A | 30 | 30 | ||||||
DT Auto Owner Trust, Ser 2019-1A, Cl A | 471 | 472 | ||||||
DT Auto Owner Trust, Ser 2019-2A, Cl A | 857 | 861 | ||||||
DT Auto Owner Trust, Ser 2019-3A, Cl A | 490 | 493 | ||||||
DT Auto Owner Trust, Ser 2019-4A, Cl A | 1,844 | 1,855 | ||||||
DT Auto Owner Trust, Ser 2020-1A, Cl A | 1,804 | 1,816 | ||||||
DT Auto Owner Trust, Ser 2020-2A, Cl A | 2,546 | 2,551 | ||||||
DT Auto Owner Trust, Ser 2020-2A, Cl B | 581 | 586 | ||||||
Exeter Automobile Receivables Trust, Ser 2019-2A, Cl A | 405 | 406 | ||||||
Exeter Automobile Receivables Trust, Ser 2019-4A, Cl A | 1,049 | 1,053 | ||||||
Exeter Automobile Receivables Trust, Ser 2020-1A, Cl A | 3,063 | 3,081 | ||||||
The accompanying notes are an integral part of the financial statements.
113
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Exeter Automobile Receivables Trust, Ser 2020-2A, Cl A | $ | 5,565 | $ | 5,573 | ||||
Exeter Automobile Receivables Trust, Ser 2020-2A, Cl B | 1,355 | 1,367 | ||||||
First Investors Auto Owner Trust, Ser 2019-2A, Cl A | 1,563 | 1,583 | ||||||
Flagship Credit Auto Trust, Ser 2019-1, Cl A | 1,390 | 1,409 | ||||||
Flagship Credit Auto Trust, Ser 2019-2, Cl A | 2,869 | 2,912 | ||||||
Flagship Credit Auto Trust, Ser 2019-4, Cl A | 3,809 | 3,859 | ||||||
Flagship Credit Auto Trust, Ser 2020-1, Cl A | 3,826 | 3,865 | ||||||
Flagship Credit Auto Trust, Ser 2020-2, Cl A | 3,231 | 3,250 | ||||||
Ford Credit Auto Lease Trust, Ser 2019-B, Cl A3 | 200 | 203 | ||||||
Ford Credit Auto Owner Trust, Ser 2017-C, Cl A3 | 414 | 416 | ||||||
Ford Credit Auto Owner Trust, Ser 2019-B, Cl A3 | 100 | 102 | ||||||
Ford Credit Auto Owner Trust, Ser 2020-A, Cl A2 | 1,772 | 1,780 | ||||||
Ford Credit Auto Owner Trust, Ser 2020-A, Cl A3 | 2,114 | 2,136 | ||||||
Ford Credit Auto Owner Trust, Ser 2020-A, Cl A4 | 1,329 | 1,356 | ||||||
Ford Credit Auto Owner Trust, Ser 2020-B, Cl A4 | 1,531 | 1,533 | ||||||
Ford Credit Floorplan Master Owner Trust, Ser 2017-3, Cl A | 150 | 152 | ||||||
GM Financial Automobile Leasing Trust, Ser 2020-2, Cl A3 | 1,860 | 1,863 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
GM Financial Automobile Leasing Trust, Ser 2020-2, Cl A4 | $ | 561 | $ | 563 | ||||
GM Financial Consumer Automobile, Ser 2017-1A, Cl A3 | 155 | 156 | ||||||
GM Financial Consumer Automobile Receivables Trust, Ser 2018-1, Cl A3 | 1,100 | 1,110 | ||||||
GM Financial Consumer Automobile Receivables Trust, Ser 2019-3, Cl A3 | 100 | 102 | ||||||
GM Financial Consumer Automobile Receivables Trust, Ser 2020-1, Cl A3 | 3,129 | 3,202 | ||||||
GM Financial Consumer Automobile Receivables Trust, Ser 2020-2, Cl A3 | 2,138 | 2,185 | ||||||
GM Financial Consumer Automobile Receivables Trust, Ser 2020-2, Cl A4 | 1,099 | 1,136 | ||||||
Honda Auto Receivables Owner Trust, Ser 2017-4, Cl A3 | 381 | 383 | ||||||
Honda Auto Receivables Owner Trust, Ser 2019-4, Cl A3 | 100 | 103 | ||||||
Honda Auto Receivables Owner Trust, Ser 2020-2, Cl A2 | 2,345 | 2,352 | ||||||
Honda Auto Receivables Owner Trust, Ser 2020-2, Cl A3 | 2,517 | 2,534 | ||||||
Honda Auto Receivables Owner Trust, Ser 2020-2, Cl A4 | 866 | 878 | ||||||
Hyundai Auto Receivables Trust, Ser 2019-A, Cl A3 | 1,911 | 1,959 | ||||||
Hyundai Auto Receivables Trust, Ser 2019-B, Cl A3 | 55 | 56 | ||||||
Hyundai Auto Receivables Trust, Ser 2020-A, Cl A3 | 2,594 | 2,650 | ||||||
The accompanying notes are an integral part of the financial statements.
114
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Hyundai Auto Receivables Trust, Ser 2020-A, Cl A4 | $ | 1,938 | $ | 1,999 | ||||
Mercedes-Benz Auto Receivables Trust, Ser 2019-1, Cl A3 | 100 | 102 | ||||||
Nissan Auto Receivables Owner Trust, Ser 2019-A, Cl A2A | 921 | 926 | ||||||
Nissan Auto Receivables Owner Trust, Ser 2019-A, Cl A3 | 65 | 67 | ||||||
Nissan Auto Receivables Owner Trust, Ser 2020-A, Cl A3 | 2,557 | 2,607 | ||||||
Santander Drive Auto Receivables Trust, Ser 2018-1, Cl D | 85 | 87 | ||||||
Santander Drive Auto Receivables Trust, Ser 2019-1, Cl B | 1,548 | 1,564 | ||||||
Santander Drive Auto Receivables Trust, Ser 2020-1, Cl A2A | 4,528 | 4,565 | ||||||
Santander Drive Auto Receivables Trust, Ser 2020-1, Cl A3 | 1,747 | 1,779 | ||||||
Toyota Auto Loan Extended Note Trust, Ser 2020-1A, Cl A | 3,259 | 3,308 | ||||||
Toyota Auto Receivables Owner Trust, Ser 2019-C, Cl A3 | 100 | 102 | ||||||
Toyota Auto Receivables Owner Trust, Ser 2020-A, Cl A4 | 743 | 766 | ||||||
Toyota Auto Receivables Owner Trust, Ser 2020-B, Cl A3 | 2,438 | 2,484 | ||||||
Toyota Auto Receivables Owner Trust, Ser 2020-B, Cl A4 | 1,910 | 1,967 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
USAA Auto Owner Trust, Ser 2019-1, Cl A4 | $ | 1,839 | $ | 1,891 | ||||
Volkswagen Auto Loan Enhanced Trust, Ser 2020-1, Cl A3 | 3,024 | 3,054 | ||||||
Volkswagen Auto Loan Enhanced Trust, Ser 2020-1, Cl A4 | 1,238 | 1,259 | ||||||
Westlake Automobile Receivables Trust, Ser 2019-1A, Cl A2A | 1,221 | 1,227 | ||||||
Westlake Automobile Receivables Trust, Ser 2019-2A, Cl A2A | 1,395 | 1,405 | ||||||
Westlake Automobile Receivables Trust, Ser 2019-3A, Cl A2 | 3,211 | 3,232 | ||||||
World Omni Auto Receivables Trust, Ser 2018-D, Cl A3 | 5,000 | 5,160 | ||||||
World Omni Auto Receivables Trust, Ser 2019-B, Cl A3 | 2,883 | 2,962 | ||||||
World Omni Auto Receivables Trust, Ser 2019-C, Cl A3 | 1,999 | 2,054 | ||||||
World Omni Auto Receivables Trust, Ser 2020-B, Cl A4 | 1,361 | 1,363 | ||||||
|
| |||||||
| 163,688 | ||||||||
|
| |||||||
Credit Card – 0.4% |
| |||||||
American Express Credit Account Master Trust, Ser 2019-1, Cl A | 450 | 469 | ||||||
American Express Credit Account Master Trust, Ser 2019-4, Cl A | 3,360 | 3,365 | ||||||
BA Credit Card Trust, Ser 2019-A1, Cl A1 | 100 | 103 | ||||||
Capital One Multi-Asset Execution Trust, Ser 2019-A2, Cl A2 | 1,814 | 1,864 | ||||||
The accompanying notes are an integral part of the financial statements.
115
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Discover Card Execution Note Trust, Ser 2018-A5, Cl A5 | $ | 65 | $ | 67 | ||||
Discover Card Execution Note Trust, Ser 2019-A1, Cl A1 | 1,282 | 1,334 | ||||||
Discover Card Execution Note Trust, Ser 2019-A2, Cl A | 1,613 | 1,615 | ||||||
Synchrony Credit Card Master Note Trust, Ser 2018-2, Cl A | 200 | 214 | ||||||
|
| |||||||
| 9,031 | ||||||||
|
| |||||||
Other Asset-Backed Securities – 1.4% |
| |||||||
Bayview Opportunity Master Fund IVa Trust, Ser 2019-RN2, Cl A1 | 107 | 106 | ||||||
CLUB Credit Trust, Ser 2018-P3, Cl A | 613 | 616 | ||||||
Consumer Loan Underlying Bond Credit Trust, Ser 2019-HP1, Cl A | 1,199 | 1,204 | ||||||
Consumer Loan Underlying Bond Credit Trust, Ser 2019-P1, Cl A | 662 | 664 | ||||||
GCAT, Ser 2020-1, Cl A1 | 949 | 918 | ||||||
PRPM, Ser 2019-4A, Cl A1 | 2,595 | 2,595 | ||||||
PRPM, Ser 2020-1A, Cl A1 | 2,036 | 2,023 | ||||||
SoFi Consumer Loan Program Trust, Ser 2019-3, Cl A | 1,457 | 1,477 | ||||||
Vericrest Opportunity Loan Trust, Ser 2019-NPL5, Cl A1A | 1,824 | 1,824 | ||||||
Vericrest Opportunity Loan Trust, Ser 2019-NPL8, Cl A1A | 2,785 | 2,782 | ||||||
Vericrest Opportunity Loan Trust, Ser 2020-NPL5, Cl A1A | 331 | 329 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Verizon Owner Trust, Ser 2018-A, Cl A1A | $ | 5,596 | $ | 5,719 | ||||
Verizon Owner Trust, Ser 2019-A, Cl A1A | 1,845 | 1,899 | ||||||
Verizon Owner Trust, Ser 2020-A, Cl A1A | 4,838 | 4,965 | ||||||
VOLT LXXXIII, Ser 2019-NPL9, Cl A1A | 1,113 | 1,111 | ||||||
VOLT LXXXV, Ser 2020-NPL1, Cl A1A | 1,198 | 1,191 | ||||||
VOLT LXXXVII, Ser 2020-NPL3, Cl A1A | 3,357 | 3,326 | ||||||
|
| |||||||
| 32,749 | ||||||||
|
| |||||||
Total Asset-Backed Securities |
| 205,468 | ||||||
|
| |||||||
SOVEREIGN DEBT — 8.8% |
| |||||||
1MDB Global Investments | 5,400 | 5,105 | ||||||
Abu Dhabi Government International Bond | 1,440 | 1,499 | ||||||
African Development Bank | 100 | 109 | ||||||
2.125%, 11/16/22 | 50 | 52 | ||||||
Angolan Government International Bond | 980 | 878 | ||||||
9.375%, 05/08/48 (A) | 1,685 | 1,365 | ||||||
8.250%, 05/09/28 (A) | 1,995 | 1,636 | ||||||
8.000%, 11/26/29 (A) | 1,020 | 837 | ||||||
Argentine Republic Government International Bond | 2,676 | 1,184 | ||||||
7.500%, 04/22/26 (C) | 2,066 | 831 | ||||||
7.125%, 07/06/36 | 560 | 218 | ||||||
7.125%, 06/28/17 | 420 | 162 | ||||||
6.875%, 01/11/48 | 1,090 | 422 | ||||||
5.625%, 01/26/22 | 980 | 404 | ||||||
3.750%, 5.25%, 03/31/2029, 12/31/38 (G) | 972 | 379 | ||||||
Armenia International Bond | 2,055 | 2,296 | ||||||
Asian Development Bank | 235 | 250 | ||||||
2.375%, 08/10/27 | 100 | 112 | ||||||
2.000%, 01/22/25 | 100 | 107 | ||||||
1.750%, 09/19/29 | 100 | 108 | ||||||
1.625%, 01/24/23 | 100 | 103 | ||||||
The accompanying notes are an integral part of the financial statements.
116
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
1.500%, 10/18/24 | $ | 150 | $ | 157 | ||||
0.625%, 04/07/22 | 300 | 302 | ||||||
Asian Infrastructure Investment Bank | 100 | 100 | ||||||
Bahrain Government International Bond | 645 | 716 | ||||||
6.750%, 09/20/29 (A) | 720 | 788 | ||||||
5.625%, 09/30/31 (A) | 330 | 333 | ||||||
Banque Centrale de Tunisie | 3,200 | 2,961 | ||||||
Banque Centrale de Tunisie International Bond | 555 | 557 | ||||||
Brazil Notas do Tesouro Nacional Serie B | 2,300 | 1,700 | ||||||
Brazilian Government International Bond | 1,130 | 1,085 | ||||||
4.750%, 01/14/50 | 1,790 | 1,689 | ||||||
4.500%, 05/30/29 | 910 | 932 | ||||||
Canada Government International Bond | 100 | 104 | ||||||
1.625%, 01/22/25 | 150 | 158 | ||||||
Chile Government International Bond | 107 | 117 | ||||||
2.450%, 01/31/31 | 200 | 207 | ||||||
Colombia Government International Bond | 1,345 | 1,843 | ||||||
6.125%, 01/18/41 | 1,030 | 1,286 | ||||||
5.000%, 06/15/45 | 1,140 | 1,291 | ||||||
4.500%, 03/15/29 | 870 | 956 | ||||||
4.375%, 07/12/21 | 200 | 205 | ||||||
4.125%, 05/15/51 | 721 | 725 | ||||||
4.000%, 02/26/24 | 200 | 211 | ||||||
3.875%, 04/25/27 | 980 | 1,030 | ||||||
3.125%, 04/15/31 | 200 | 198 | ||||||
Costa Rica Government International Bond | 565 | 470 | ||||||
7.000%, 04/04/44 (A) | 550 | 452 | ||||||
6.125%, 02/19/31 (A) | 430 | 371 | ||||||
Council of Europe Development Bank | ||||||||
2.625%, 02/13/23 | 30 | 32 | ||||||
2.500%, 02/27/24 | 60 | 64 | ||||||
1.375%, 02/27/25 | 50 | 52 | ||||||
Development Bank of Kazakhstan JSC | 80,000 | 176 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Development Bank of Mongolia | $ | 1,360 | $ | 1,306 | ||||
Dominican Republic International Bond | ||||||||
9.750%, 06/05/26 (DOP) (A) | 44,900 | 681 | ||||||
7.450%, 04/30/44 (A) | 1,150 | 1,182 | ||||||
6.875%, 01/29/26 (A) | 1,035 | 1,085 | ||||||
6.850%, 01/27/45 (A) | 400 | 382 | ||||||
6.600%, 01/28/24 (A) | 400 | 419 | ||||||
6.500%, 02/15/48 (A) | 720 | 663 | ||||||
6.400%, 06/05/49 (A) | 495 | 452 | ||||||
6.000%, 07/19/28 (A) | 1,730 | 1,740 | ||||||
5.950%, 01/25/27 (A) | 1,415 | 1,424 | ||||||
5.875%, 01/30/60 (A) | 715 | 612 | ||||||
5.500%, 01/27/25 (A) | 365 | 369 | ||||||
4.500%, 01/30/30 (A) | 545 | 493 | ||||||
Ecuador Government International Bond | 355 | 153 | ||||||
8.750%, 06/02/23 (A) | 1,190 | 542 | ||||||
7.950%, 06/20/24 (A) | 560 | 274 | ||||||
7.950%, 06/20/24 | 210 | 103 | ||||||
7.875%, 03/27/25 (A) (C) | 730 | 324 | ||||||
7.775%, 7.875%, 07/23/2020, 01/23/28 (A) (C) (G) | 2,890 | 1,185 | ||||||
Egypt Government International Bond | 990 | 969 | ||||||
8.500%, 01/31/47 (A) | 755 | 736 | ||||||
7.903%, 02/21/48 (A) | 1,400 | 1,292 | ||||||
7.625%, 05/29/32 (A) | 1,145 | 1,116 | ||||||
7.500%, 01/31/27 (A) | 1,465 | 1,533 | ||||||
6.200%, 03/01/24 (A) | 420 | 431 | ||||||
5.577%, 02/21/23 (A) | 680 | 694 | ||||||
El Salvador Government International Bond | 560 | 535 | ||||||
7.650%, 06/15/35 (A) | 270 | 234 | ||||||
7.625%, 02/01/41 (A) | 530 | 449 | ||||||
6.375%, 01/18/27 (A) | 965 | 827 | ||||||
European Bank for Reconstruction & Development | 100 | 106 | ||||||
0.500%, 05/19/25 | 100 | 100 | ||||||
European Investment Bank | 150 | 165 | ||||||
2.875%, 12/15/21 | 200 | 208 | ||||||
2.875%, 08/15/23 | 150 | 162 | ||||||
2.250%, 03/15/22 | 150 | 155 | ||||||
2.250%, 06/24/24 | 150 | 161 | ||||||
2.125%, 10/15/21 | 200 | 205 | ||||||
2.125%, 04/13/26 | 100 | 109 | ||||||
2.000%, 12/15/22 | 150 | 156 | ||||||
1.625%, 10/09/29 | 200 | 214 | ||||||
1.375%, 09/15/21 | 100 | 101 | ||||||
1.375%, 05/15/23 | 100 | 103 | ||||||
0.250%, 09/15/23 | 145 | 145 | ||||||
The accompanying notes are an integral part of the financial statements.
117
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Export Development Canada | $ | 100 | $ | 106 | ||||
1.375%, 02/24/23 | 150 | 154 | ||||||
Export-Import Bank of India | 1,185 | 1,170 | ||||||
Export-Import Bank of Korea | 200 | 217 | ||||||
Financiera de Desarrollo | 950 | 1,037 | ||||||
Gabon Government International Bond | 410 | 384 | ||||||
6.625%, 02/06/31 (A) | 570 | 508 | ||||||
Ghana Government International Bond | 2,440 | 2,922 | ||||||
8.627%, 06/16/49 (A) | 425 | 384 | ||||||
7.875%, 03/26/27 (A) | 570 | 563 | ||||||
7.625%, 05/16/29 (A) | 710 | 668 | ||||||
6.375%, 02/11/27 (A) | 735 | 686 | ||||||
Guatemala Government Bond | 1,450 | 1,677 | ||||||
5.375%, 04/24/32 (A) | 410 | 453 | ||||||
4.900%, 06/01/30 (A) | 470 | 502 | ||||||
4.875%, 02/13/28 (A) | 950 | 1,012 | ||||||
4.500%, 05/03/26 (A) | 1,490 | 1,549 | ||||||
4.375%, 06/05/27 (A) | 620 | 641 | ||||||
Honduras Government International Bond | 880 | 895 | ||||||
Hungary Government International Bond | 150 | 251 | ||||||
Indonesia Government International Bond | 970 | 1,507 | ||||||
8.500%, 10/12/35 | 260 | 404 | ||||||
6.625%, 02/17/37 (A) | 430 | 588 | ||||||
4.450%, 02/11/24 | 200 | 217 | ||||||
4.350%, 01/11/48 | 200 | 225 | ||||||
1.400%, 10/30/31 (EUR) | 100 | 106 | ||||||
Inter-American Development Bank | 150 | 177 | ||||||
2.375%, 07/07/27 | 100 | 111 | ||||||
2.125%, 01/15/25 | 125 | 134 | ||||||
2.000%, 07/23/26 | 150 | 162 | ||||||
1.750%, 04/14/22 | 150 | 154 | ||||||
1.750%, 09/14/22 | 100 | 103 | ||||||
0.875%, 04/03/25 | 150 | 153 | ||||||
0.625%, 07/15/25 | 100 | 101 | ||||||
0.500%, 05/24/23 | 300 | 302 | ||||||
International Bank for Reconstruction & Development | 150 | 165 | ||||||
2.500%, 11/22/27 | 200 | 226 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
2.125%, 12/13/21 | $ | 200 | $ | 205 | ||||
2.125%, 07/01/22 | 200 | 207 | ||||||
2.125%, 02/13/23 | 100 | 105 | ||||||
2.000%, 01/26/22 | 200 | 205 | ||||||
1.875%, 06/19/23 | 100 | 105 | ||||||
1.500%, 08/28/24 | 100 | 104 | ||||||
0.750%, 03/11/25 | 400 | 406 | ||||||
0.625%, 04/22/25 | 300 | 303 | ||||||
International Finance | 95 | 102 | ||||||
2.000%, 10/24/22 | 50 | 52 | ||||||
1.375%, 10/16/24 | 90 | 94 | ||||||
1.125%, 07/20/21 | 100 | 101 | ||||||
Israel Government International Bond | 200 | 237 | ||||||
3.150%, 06/30/23 | 200 | 214 | ||||||
Ivory Coast Government International Bond | 400 | 419 | ||||||
6.625%, 03/22/48 (EUR) (A) | 500 | 508 | ||||||
6.125%, 06/15/33 (A) | 1,260 | 1,254 | ||||||
5.875%, 10/17/31 (EUR) (A) | 700 | 737 | ||||||
5.750%, 12/31/32 (A) | 12 | 12 | ||||||
5.250%, 03/22/30 (EUR) (A) | 570 | 595 | ||||||
Japan Bank for International Cooperation | 200 | 218 | ||||||
2.500%, 06/01/22 | 200 | 208 | ||||||
2.500%, 05/23/24 | 250 | 268 | ||||||
2.375%, 04/20/26 | 200 | 218 | ||||||
Jordan Government International Bond | 250 | 257 | ||||||
Kenya Government International Bond | 385 | 379 | ||||||
6.875%, 06/24/24 (A) | 1,080 | 1,095 | ||||||
Korea Development Bank | 200 | 207 | ||||||
Korea Government International Bond | 200 | 218 | ||||||
Kreditanstalt fuer Wiederaufbau | 150 | 156 | ||||||
2.875%, 04/03/28 | 90 | 105 | ||||||
2.500%, 11/20/24 | 300 | 327 | ||||||
2.375%, 12/29/22 | 280 | 295 | ||||||
2.125%, 03/07/22 | 150 | 155 | ||||||
1.750%, 09/15/21 | 200 | 203 | ||||||
1.750%, 09/14/29 | 400 | 433 | ||||||
1.625%, 02/15/23 | 150 | 155 | ||||||
1.375%, 08/05/24 | 100 | 104 | ||||||
Landwirtschaftliche Rentenbank | 150 | 164 | ||||||
2.500%, 11/15/27 | 150 | 169 | ||||||
The accompanying notes are an integral part of the financial statements.
118
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Lebanon Government International Bond | $ | 655 | $ | 111 | ||||
6.850%, 05/25/29 (C) | 370 | 62 | ||||||
6.750%, 11/29/27 (C) | 675 | 115 | ||||||
6.650%, 02/26/30 (C) | 201 | 34 | ||||||
6.600%, 11/27/26 (C) | 527 | 89 | ||||||
6.200%, 02/26/25 (C) | 697 | 119 | ||||||
6.000%, 01/27/23 (C) | 665 | 115 | ||||||
Mexico Government International Bond | 450 | 549 | ||||||
5.550%, 01/21/45 | 300 | 353 | ||||||
5.000%, 04/27/51 | 2,706 | 2,916 | ||||||
4.750%, 04/27/32 | 500 | 551 | ||||||
4.500%, 04/22/29 | 200 | 217 | ||||||
4.150%, 03/28/27 | 200 | 215 | ||||||
3.250%, 04/16/30 | 790 | 783 | ||||||
Mongolia Government International Bond | 2,460 | 2,552 | ||||||
8.750%, 03/09/24 (A) | 1,915 | 2,049 | ||||||
5.625%, 05/01/23 (A) | 745 | 744 | ||||||
5.125%, 12/05/22 (A) | 720 | 713 | ||||||
5.125%, 12/05/22 | 490 | 485 | ||||||
Nigeria Government International Bond | 520 | 519 | ||||||
7.875%, 02/16/32 (A) | 550 | 517 | ||||||
7.696%, 02/23/38 (A) | 960 | 874 | ||||||
7.625%, 11/21/25 (A) | 1,340 | 1,365 | ||||||
7.143%, 02/23/30 (A) | 1,970 | 1,834 | ||||||
6.500%, 11/28/27 (A) | 735 | 697 | ||||||
Nordic Investment Bank | 200 | 201 | ||||||
Oesterreichische Kontrollbank | 100 | 109 | ||||||
2.875%, 03/13/23 | 50 | 54 | ||||||
1.500%, 02/12/25 | 50 | 52 | ||||||
Oman Government International Bond | 1,600 | 1,380 | ||||||
6.500%, 03/08/47 (A) | 1,525 | 1,316 | ||||||
5.375%, 03/08/27 (A) | 1,135 | 1,057 | ||||||
4.750%, 06/15/26 (A) | 390 | 360 | ||||||
Panama Government International Bond | 535 | 812 | ||||||
6.700%, 01/26/36 | 2,060 | 2,964 | ||||||
4.500%, 05/15/47 | 200 | 245 | ||||||
4.500%, 04/01/56 | 975 | 1,193 | ||||||
4.300%, 04/29/53 | 200 | 238 | ||||||
3.875%, 03/17/28 | 200 | 225 | ||||||
Paraguay Government International Bond | 515 | 633 | ||||||
5.600%, 03/13/48 (A) | 805 | 940 | ||||||
5.400%, 03/30/50 (A) | 770 | 891 | ||||||
4.950%, 04/28/31 (A) | 1,510 | 1,684 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Peru Government Bond | $ | 3,770 | $ | 1,216 | ||||
5.940%, 02/12/29 (PEN) (A) | 1,390 | 453 | ||||||
5.400%, 08/12/34 (PEN) (A) | 4,880 | 1,452 | ||||||
5.350%, 08/12/40 (PEN) (A) | 3,680 | 1,043 | ||||||
Perusahaan Penerbit SBSN Indonesia III | 440 | 488 | ||||||
Peruvian Government International Bond | 100 | 127 | ||||||
6.950%, 08/12/31 (PEN) (A) | 1,790 | 615 | ||||||
5.625%, 11/18/50 | 150 | 237 | ||||||
4.125%, 08/25/27 | 946 | 1,085 | ||||||
2.392%, 01/23/26 | 1,582 | 1,645 | ||||||
Philippine Government International Bond | 200 | 240 | ||||||
3.700%, 03/01/41 | 420 | 477 | ||||||
3.700%, 02/02/42 | 300 | 343 | ||||||
Poland Government International Bond | 125 | 138 | ||||||
3.000%, 03/17/23 | 150 | 159 | ||||||
Province of Alberta Canada | 200 | 232 | ||||||
2.200%, 07/26/22 | 100 | 103 | ||||||
Province of British Columbia Canada | 100 | 104 | ||||||
Province of New Brunswick Canada | 100 | 118 | ||||||
Province of Ontario Canada | 200 | 208 | ||||||
2.300%, 06/15/26 | 100 | 109 | ||||||
1.750%, 01/24/23 | 100 | 103 | ||||||
1.050%, 05/21/27 | 100 | 100 | ||||||
Province of Quebec Canada | 100 | 110 | ||||||
2.625%, 02/13/23 | 200 | 211 | ||||||
1.500%, 02/11/25 | 150 | 156 | ||||||
Provincia de Buenos Aires | 295 | 121 | ||||||
6.500%, 02/15/23 (A) | 450 | 187 | ||||||
Provincia de Cordoba | 970 | 597 | ||||||
Qatar Government International Bond | ||||||||
5.103%, 04/23/48 (A) | 1,635 | 2,222 | ||||||
4.817%, 03/14/49 (A) | 1,285 | 1,689 | ||||||
4.400%, 04/16/50 (A) | 1,163 | 1,439 | ||||||
3.400%, 04/16/25 (A) | 3,617 | 3,934 | ||||||
2.375%, 06/02/21 (A) | 451 | 456 | ||||||
The accompanying notes are an integral part of the financial statements.
119
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
Republic of Belarus International Bond | $ | 1,345 | $ | 1,384 | ||||
6.875%, 02/28/23 (A) | 825 | 825 | ||||||
6.200%, 02/28/30 (A) | 330 | 315 | ||||||
Republic of Belarus Ministry of Finance | 840 | 810 | ||||||
5.875%, 02/24/26 (A) | 590 | 571 | ||||||
Republic of Italy Government International Bond | 200 | 199 | ||||||
Republic of South Africa Government Bond | 25,800 | 1,373 | ||||||
Republic of South Africa Government International Bond | 600 | 609 | ||||||
5.750%, 09/30/49 | 850 | 738 | ||||||
4.300%, 10/12/28 | 1,870 | 1,733 | ||||||
Romanian Government International Bond | 540 | 707 | ||||||
5.125%, 06/15/48 (A) | 366 | 432 | ||||||
3.624%, 05/26/30 (EUR) (A) | 890 | 1,078 | ||||||
Russian Federal Bond - OFZ | 139,000 | 2,113 | ||||||
Russian Foreign Bond - Eurobond | 1,000 | 1,356 | ||||||
5.250%, 06/23/47 (A) | 600 | 792 | ||||||
5.100%, 03/28/35 (A) | 1,000 | 1,236 | ||||||
4.750%, 05/27/26 | 400 | 455 | ||||||
4.750%, 05/27/26 (A) | 200 | 228 | ||||||
Saudi Government International Bond | 1,250 | 1,274 | ||||||
Senegal Government International Bond | 376 | 388 | ||||||
6.250%, 07/30/24 (A) | 565 | 592 | ||||||
6.250%, 05/23/33 (A) | 1,305 | 1,328 | ||||||
4.750%, 03/13/28 (EUR) (A) | 1,155 | 1,253 | ||||||
Sri Lanka Government International Bond | 1,030 | 671 | ||||||
6.850%, 11/03/25 (A) | 1,205 | 801 | ||||||
6.825%, 07/18/26 (A) | 390 | 256 | ||||||
6.750%, 04/18/28 (A) | 360 | 233 | ||||||
6.200%, 05/11/27 (A) | 2,815 | 1,823 | ||||||
5.875%, 07/25/22 (A) | 1,030 | 793 | ||||||
5.750%, 04/18/23 (A) | 1,010 | 707 | ||||||
Turkey Government International Bond | 716 | 754 | ||||||
7.250%, 12/23/23 | 960 | 998 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
6.125%, 10/24/28 | $ | 1,035 | $ | 1,003 | ||||
5.625%, 03/30/21 | 1,210 | 1,230 | ||||||
4.250%, 04/14/26 | 1,250 | 1,137 | ||||||
Ukraine Government AID Bonds 1.471%, 09/29/21 | 200 | 203 | ||||||
Ukraine Government International Bond | ||||||||
11.670%, 11/22/23 (UAH) (A) | 22,650 | 858 | ||||||
8.994%, 02/01/24 (A) | 815 | 874 | ||||||
7.750%, 09/01/22 (A) | 494 | 514 | ||||||
7.750%, 09/01/23 (A) | 744 | 779 | ||||||
7.750%, 09/01/24 (A) | 449 | 468 | ||||||
7.750%, 09/01/25 (A) | 1,870 | 1,949 | ||||||
7.750%, 09/01/27 (A) | 2,480 | 2,573 | ||||||
7.375%, 09/25/32 (A) | 270 | 271 | ||||||
6.750%, 06/20/26 (EUR) (A) | 670 | 764 | ||||||
4.375%, 01/27/30 (EUR) (A) | 970 | 934 | ||||||
–%, 05/31/40 (A) (E) | 644 | 592 | ||||||
Uruguay Government International Bond | 2,541 | 3,277 | ||||||
4.975%, 04/20/55 | 1,635 | 2,095 | ||||||
4.500%, 08/14/24 | 100 | 109 | ||||||
4.375%, 12/15/28 (UYU) | 20,500 | 1,013 | ||||||
4.375%, 01/23/31 | 180 | 210 | ||||||
3.875%, 07/02/40 (UYU) | 41,400 | 982 | ||||||
Venezuela Government International Bond | 705 | 42 | ||||||
7.650%, 04/21/25 (C) | 362 | 21 | ||||||
7.000%, 03/31/38 (C) | 422 | 24 | ||||||
|
| |||||||
Total Sovereign Debt | 201,129 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.8% |
| |||||||
FFCB | 150 | 150 | ||||||
2.590%, 08/27/29 | 100 | 100 | ||||||
2.070%, 01/13/26 | 100 | 101 | ||||||
2.000%, 02/04/26 | 100 | 101 | ||||||
1.000%, 09/16/22 | 100 | 100 | ||||||
0.375%, 04/08/22 | 300 | 301 | ||||||
FHLB | ||||||||
3.250%, 06/09/28 - 11/16/28 | 405 | 480 | ||||||
2.750%, 12/13/24 | 300 | 331 | ||||||
2.520%, 03/02/35 | 150 | 150 | ||||||
2.500%, 02/13/24 | 220 | 238 | ||||||
2.000%, 12/11/24 | 250 | 251 | ||||||
1.875%, 11/29/21 | 150 | 154 | ||||||
1.625%, 11/19/21 | 205 | 209 | ||||||
0.250%, 06/03/22 | 200 | 200 | ||||||
FHLMC | 1,279 | 2,010 | ||||||
1.500%, 02/12/25 | 100 | 105 | ||||||
1.200%, 04/17/25 | 100 | 100 | ||||||
0.900%, 05/06/25 | 200 | 200 | ||||||
The accompanying notes are an integral part of the financial statements.
120
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Face Amount (000) | Value (000) | ||||||
0.670%, 04/27/23 | $ | 300 | $ | 300 | ||||
0.400%, 12/29/22 | 100 | 100 | ||||||
0.375%, 04/20/23 - 05/05/23 | 350 | 351 | ||||||
0.250%, 06/26/23 | 90 | 90 | ||||||
FNMA | 250 | 387 | ||||||
2.625%, 09/06/24 | 1,399 | 1,532 | ||||||
2.250%, 04/12/22 | 2,590 | 2,685 | ||||||
2.125%, 04/24/26 | 200 | 218 | ||||||
1.900%, 02/18/25 | 100 | 100 | ||||||
1.875%, 09/24/26 | 200 | 215 | ||||||
1.750%, 07/02/24 | 200 | 211 | ||||||
1.625%, 10/15/24 - 01/07/25 | 2,604 | 2,743 | ||||||
1.375%, 09/06/22 | 350 | 359 | ||||||
0.625%, 04/22/25 | 85 | 86 | ||||||
0.500%, 06/17/25 | 100 | 100 | ||||||
Tennessee Valley Authority | 200 | 308 | ||||||
2.875%, 02/01/27 | 250 | 283 | ||||||
0.750%, 05/15/25 | 2,555 | 2,589 | ||||||
|
| |||||||
Total U.S. Government Agency Obligations | 17,938 | |||||||
|
| |||||||
MUNICIPAL BONDS — 0.6% |
| |||||||
Bay Area, Toll Authority RB 6.263%, 04/01/49 | 200 | 349 | ||||||
California State GO 4.600%, 04/01/38 | 315 | 368 | ||||||
4.500%, 04/01/33 | 25 | 30 | ||||||
3.500%, 04/01/28 | 25 | 29 | ||||||
3.375%, 04/01/25 | 20 | 22 | ||||||
California State, Department of Water Resources, Power Supply Revenue RB | 100 | 103 | ||||||
Chicago, O’Hare International Airport RB | 150 | 200 | ||||||
4.472%, 01/01/49 | 50 | 65 | ||||||
City of San Francisco California Public Utilities Commission Water Revenue RB | 100 | 106 | ||||||
Dallas/Fort Worth International Airport RB | 100 | 104 | ||||||
Grand Parkway Transportation RB 3.236%, 10/01/52 | 30 | 31 | ||||||
Houston GO | 150 | 182 | ||||||
Illinois State GO | 2,355 | 2,389 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
Illinois State, Sales Tax Securitization RB | $ | 100 | $ | 107 | ||||
New Jersey State, Transportation Trust Fund Authority RB | 1,790 | 1,950 | ||||||
4.131%, 06/15/42 | 1,625 | 1,513 | ||||||
4.081%, 06/15/39 | 100 | 94 | ||||||
New York State, Dormitory Authority RB | 100 | 112 | ||||||
3.190%, 02/15/43 | 3,075 | 3,346 | ||||||
Ohio State, Beverage System RB | 10 | 11 | ||||||
Ohio State, Turnpike & Infrastructure Commission RB | 150 | 155 | ||||||
Pennsylvania State, Commonwealth Financing Authority RB | 150 | 177 | ||||||
Port Authority of New York & New Jersey RB | 150 | 181 | ||||||
3.287%, 08/01/69 | 50 | 53 | ||||||
Rutgers The State University of New Jersey RB | 150 | 158 | ||||||
Texas State GO | 50 | 53 | ||||||
Texas State, Permanent University Fund - Texas A&M University System RB | 100 | 108 | ||||||
Texas State, Transportation Commission GO | 40 | 41 | ||||||
University of California RB | 200 | 277 | ||||||
3.349%, 07/01/29 | 100 | 115 | ||||||
University of Texas, Taxable Financing System RB | 250 | 293 | ||||||
Wisconsin State RB 3.154%, 05/01/27 | 200 | 222 | ||||||
|
| |||||||
| 12,944 | ||||||||
|
| |||||||
Total Municipal Bonds | 12,944 | |||||||
|
| |||||||
The accompanying notes are an integral part of the financial statements.
121
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| Description | Number of Warrants | Value (000) | ||||||
WARRANTS — 0.0% | ||||||||
Horizon Global *‡ | 2,585 | $ | 2 | |||||
|
| |||||||
Total Warrants | 2 | |||||||
|
| |||||||
PREFERRED STOCK — 0.0% |
| |||||||
PES Energy(H) | 26,609 | – | ||||||
|
| |||||||
Total Preferred Stock | – | |||||||
|
| |||||||
SHORT-TERM INVESTMENT — 4.2% |
| |||||||
| Shares | ||||||||
State Street Institutional Treasury Money Market Fund, Cl Premier, | 97,428,282 | 97,428 | ||||||
|
| |||||||
Total Short-Term Investment (Cost $97,428) (000) | 97,428 | |||||||
|
| |||||||
Total Investments | $ | 2,438,664 | ||||||
|
| |||||||
Percentages are based on net assets of $2,285,331 (000).
A list of the open forward foreign currency contracts held by the Fund at June 30, 2020 is as follows (000):
Counterparty | Maturity Date | Currency to Deliver | Currency to Receive | Unrealized Appreciation (depreciation) | ||||||||||||||
| HSBC | 07/13/20 | USD | 1,298 | CLP | 1,043,400 | $ | (27 | ) | ||||||||||
| HSBC | 07/13/20 | CLP | 1,043,400 | USD | 1,249 | (22 | ) | |||||||||||
| Barclays PLC | 07/16/20 | IDR | 11,878,000 | USD | 800 | (22 | ) | |||||||||||
| HSBC | 07/17/20 | USD | 1,070 | PHP | 54,830 | 31 | ||||||||||||
| HSBC | 07/20/20 | USD | 1,557 | MXN | 37,000 | 48 | ||||||||||||
| HSBC | 07/20/20 | MXN | 14,750 | USD | 605 | (35 | ) | |||||||||||
| HSBC | 07/22/20 | USD | 2,122 | HUF | 690,800 | 69 | ||||||||||||
| HSBC | 07/22/20 | HUF | 690,800 | USD | 2,088 | (103 | ) | |||||||||||
| HSBC | 08/07/20 | USD | 144 | RUB | 10,090 | (2 | ) | |||||||||||
| Barclays PLC | 08/07/20 | USD | 1,071 | RUB | 76,680 | 1 | ||||||||||||
| HSBC | 08/07/20 | RUB | 76,220 | USD | 1,008 | (57 | ) | |||||||||||
| Barclays PLC | 08/11/20 | USD | 1,120 | THB | 35,260 | 21 | ||||||||||||
| Barclays PLC | 08/11/20 | THB | 35,260 | USD | 1,079 | (62 | ) | |||||||||||
| HSBC | 08/18/20 | USD | 551 | COP | 2,090,000 | 3 | ||||||||||||
| HSBC | 08/18/20 | COP | 2,090,000 | USD | 528 | (25 | ) | |||||||||||
| Barclays PLC | 08/24/20 | MYR | 14,038 | USD | 3,192 | (75 | ) | |||||||||||
| Barclays PLC | 09/16/20 | BRL | 9,615 | USD | 1,888 | 126 | ||||||||||||
| Barclays PLC | 09/21/20 | USD | 1,114 | ZAR | 19,830 | 19 | ||||||||||||
| HSBC | 09/21/20 | USD | 156 | ZAR | 2,750 | 1 | ||||||||||||
| HSBC | 09/21/20 | ZAR | 47,790 | USD | 2,570 | (160 | ) | |||||||||||
| Barclays PLC | 09/22/20 | USD | 2,244 | PEN | 7,649 | (88 | ) | |||||||||||
| Barclays PLC | 09/22/20 | PEN | 25,044 | USD | 7,303 | 243 | ||||||||||||
| HSBC | 09/22/20 | USD | 2,178 | PEN | 7,668 | (17 | ) | |||||||||||
| HSBC | 09/23/20 | USD | 1,234 | EUR | 1,098 | 2 | ||||||||||||
| HSBC | 09/23/20 | EUR | 7,370 | USD | 8,320 | 24 | ||||||||||||
|
| |||||||||||||||||
| $ | (107 | ) | ||||||||||||||||
|
| |||||||||||||||||
| A list of the open centrally cleared swap agreements held by the Fund at June 30, 2020 is as follows:
|
| |||||||||||||||||||||||
| Credit Default Swaps | ||||||||||||||||||||||||
Reference | Buy/Sell Protection | (Pays)/ Receives Rate | Payment Frequency | Termination Date | Notional Amount (Thousands) | Value (Thousands) | Upfront Payments/ Receipts (Thousands) | Net Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||
| CDS BRAZI 100 12/20/24 | Buy | 1.00% | Quarterly | 12/20/2024 | 2,360 | $137 | $116 | $21 | ||||||||||||||||
| CDS COLOM 100 12/20/24 | Buy | 1.00% | Quarterly | 12/20/2024 | 2,600 | 50 | 114 | (64 | ) | |||||||||||||||
| CDX.NA.HY.34 06/25 | Buy | 5.00% | Quarterly | 06/20/2025 | 1,231 | (15 | ) | 69 | (84 | ) | ||||||||||||||
| CDX SOAFI 100 06/20/25 | Buy | 1.00% | Quarterly | 06/20/2025 | 2,470 | 232 | 265 | (33 | ) | |||||||||||||||
| CHILE 06/20/2025 100 | Buy | 1.00% | Quarterly | 06/20/2025 | 2,290 | (17 | ) | (21 | ) | 4 | ||||||||||||||
| COLOM 06/20/2025 100 | Buy | 1.00% | Quarterly | 06/20/2025 | 1,120 | 30 | 76 | (46 | ) | |||||||||||||||
| MEX1 06/20/2025 100 | Buy | 1.00% | Quarterly | 06/20/2025 | 1,130 | 29 | 87 | (58 | ) | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
| $446 | $706 | $(260 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
| ‡ | Expiration date not available. |
The accompanying notes are an integral part of the financial statements.
122
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| KP Fixed Income Fund |
| (A) | Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of these securities at June 30, 2020 was $351,998 (000) and represents 15.4% of Net Assets. |
| (B) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase. |
| (C) | Security in default on interest payments. |
| (D) | Credit-linked note. |
| (E) | 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. |
| (F) | Unsettled bank loan. Interest rate may not be 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 the 7-day effective yield as of June 30, 2020. |
AID — Agency for International Development
ARS — Argentine Peso
BRL — Brazilian Real
Cl — Class
CLP — Chilean Peso
COP — Colombian Peso
DAC — Designated Activity Company
DOP — Dominican Peso
EUR — Euro
FFCB — Federal Farm Credit Bank
FHLB — Federal Home Loan Bank
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GNMA — Government National Mortgage Association
GO — General Obligation
HUF — Hungarian Forint
ICE — Intercontinental Exchange
IDR — Indonesian Rupiah
JSC — Joint Stock Company
KZT — Kazakhstan Tenge
LIBOR — London Interbank Offered Rate
LLC — Limited Liability Company
L.P. — Limited Partnership
Ltd. — Limited
MXN — Mexican Peso
MYR — Malaysian Ringgit
PEN — Peruvian Sol
PHP — Philippine Peso
PLC — Public Limited Company
RB — Revenue Bond
RUB — Russian Ruble
Ser — Series
TBA — To Be Announced
THB — Thai Bat
UAH — Ukrainian Hryvnia
USD — U.S. Dollar
UYU — Uruguayan Peso
VAR — Variable Rate
ZAR — South African Rand
The following is a list of the level of inputs used as of June 30, 2020, in valuing the Fund’s investments and other financial instruments carried at value (000):
| Investments in Securities | Level 1 | Level 2 | Level 3^ | Total | ||||||||||||
Corporate Obligations | $ | — | $ | 668,879 | $ | — | $ | 668,879 | ||||||||
Mortgage-Backed Securities | — | 535,688 | — | 535,688 | ||||||||||||
U.S. Treasury Obligations | — | 478,075 | — | 478,075 | ||||||||||||
Loan Participations | — | 220,218 | 895 | 221,113 | ||||||||||||
Asset-Backed Securities | — | 205,468 | — | 205,468 | ||||||||||||
Sovereign Debt | — | 201,129 | — | 201,129 | ||||||||||||
U.S. Government Agency Obligations | — | 17,938 | — | 17,938 | ||||||||||||
Municipal Bonds | — | 12,944 | — | 12,944 | ||||||||||||
Warrants | — | 2 | — | 2 | ||||||||||||
Preferred Stock | — | — | — | — | ||||||||||||
Short-Term Investment | 97,428 | — | — | 97,428 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 97,428 | $ | 2,340,341 | $ | 895 | $ | 2,438,664 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Forwards Contracts* | ||||||||||||||||
Unrealized Appreciation | $ | — | $ | 588 | $ | — | $ | 588 | ||||||||
Unrealized Depreciation | — | (695 | ) | — | (694 | ) | ||||||||||
Centrally Cleared Swaps | ||||||||||||||||
Credit Default Swaps* | ||||||||||||||||
Unrealized Appreciation | — | 25 | — | 25 | ||||||||||||
Unrealized Depreciation | — | (285 | ) | — | (285 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | — | $ | (367 | ) | $ | – | $ | (367 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
| ^ | A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
| * | Forward foreign currency contracts and swap contracts are valued at the unrealized appreciation/(depreciation) on the instrument. |
For the period ended June 30, 2020, there were no transfers in or out of Level 3.
Amounts designated as “-“ are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
123
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| Statements of Assets and Liabilities (000) |
| KP Retirement Path Retirement Income Fund | KP Retirement Path 2020 Fund | KP Retirement Path 2025 Fund | KP Retirement Path 2030 Fund | |||||||||||||
Assets: | ||||||||||||||||
Affiliated Investments at Cost | $ | 305,354 | $ | 731,759 | $ | 1,067,229 | $ | 1,160,945 | ||||||||
Unaffiliated Investments at Cost | 121,213 | 255,244 | 294,669 | 232,672 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated Investments at Fair Value | $ | 323,700 | $ | 770,118 | $ | 1,119,208 | $ | 1,213,142 | ||||||||
Unaffiliated Investments at Fair Value | 122,685 | 256,896 | 294,019 | 229,202 | ||||||||||||
Cash | 45 | 102 | 139 | 140 | ||||||||||||
Receivable for Capital Shares Sold | 326 | 1,213 | 2,322 | 2,735 | ||||||||||||
Dividends Receivable | 72 | 146 | 152 | 90 | ||||||||||||
Prepaid Expenses | 10 | 22 | 30 | 30 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 446,838 | 1,028,497 | 1,415,870 | 1,445,339 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Payable for Investment Securities Purchased | 425 | 1,420 | 2,561 | 2,916 | ||||||||||||
Payable due to Administrator | 11 | 25 | 35 | 36 | ||||||||||||
Payable due to Adviser | 3 | 7 | 8 | 6 | ||||||||||||
Other Accrued Expenses | 14 | 32 | 41 | 43 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 453 | 1,484 | 2,645 | 3,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 446,385 | $ | 1,027,013 | $ | 1,413,225 | $ | 1,442,338 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 420,965 | $ | 968,847 | $ | 1,332,943 | $ | 1,361,849 | ||||||||
Total Distributable Earnings | 25,420 | 58,166 | 80,282 | 80,489 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 446,385 | $ | 1,027,013 | $ | 1,413,225 | $ | 1,442,338 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class Shares: | ||||||||||||||||
Net Assets | $ | 446,385 | $ | 1,027,013 | $ | 1,413,225 | $ | 1,442,338 | ||||||||
Outstanding Shares of Beneficial Interest | 42,882,916 | 95,636,313 | 128,525,495 | 130,051,655 | ||||||||||||
Net Asset Value, Offering and Redemption Price Per Share* | $10.41 | $10.74 | $11.00 | $11.09 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| † | 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.
124
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| Statements of Assets and Liabilities (000) |
| KP Retirement Path 2035 Fund | KP Retirement Path 2040 Fund | KP Retirement Path 2045 Fund | ||||||||||
Assets: | ||||||||||||
Affiliated Investments at Cost | $ | 1,377,126 | $ | 1,330,480 | $ | 1,107,339 | ||||||
Unaffiliated Investments at Cost | 184,697 | 117,165 | 71,624 | |||||||||
|
|
|
|
|
| |||||||
Affiliated Investments at Fair Value | $ | 1,429,962 | $ | 1,375,028 | $ | 1,133,029 | ||||||
Unaffiliated Investments at Fair Value | 179,299 | 111,644 | 68,024 | |||||||||
Cash | 139 | 112 | 69 | |||||||||
Receivable for Capital Shares Sold | 2,997 | 3,480 | 2,968 | |||||||||
Dividends Receivable | 50 | 5 | 3 | |||||||||
Prepaid Expenses | 33 | 31 | 24 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 1,612,480 | 1,490,300 | 1,204,117 | |||||||||
|
|
|
|
|
| |||||||
Liabilities: | ||||||||||||
Payable for Investment Securities Purchased | 3,136 | 3,554 | 3,005 | |||||||||
Payable due to Administrator | 40 | 37 | 30 | |||||||||
Payable due to Adviser | 5 | 3 | 2 | |||||||||
Other Accrued Expenses | 47 | �� | 44 | 36 | ||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 3,228 | 3,638 | 3,073 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 1,609,252 | $ | 1,486,662 | $ | 1,201,044 | ||||||
|
|
|
|
|
| |||||||
NET ASSETS: | ||||||||||||
Paid-in Capital | $ | 1,521,785 | $ | 1,410,439 | $ | 1,149,754 | ||||||
Total Distributable Earnings | 87,467 | 76,223 | 51,290 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 1,609,252 | $ | 1,486,662 | $ | 1,201,044 | ||||||
|
|
|
|
|
| |||||||
Institutional Class Shares: | ||||||||||||
Net Assets | $ | 1,609,252 | $ | 1,486,662 | $ | 1,201,044 | ||||||
Outstanding Shares of Beneficial Interest | 144,283,248 | 133,028,195 | 107,070,115 | |||||||||
Net Asset Value, Offering and Redemption Price | $11.15 | $11.18 | $11.22 | |||||||||
|
|
|
|
|
| |||||||
| † | 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.
125
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| Statements of Assets and Liabilities (000) |
| KP Retirement Path 2050 Fund | KP Retirement Path 2055 Fund | KP Retirement Path 2060 Fund | KP Retirement Path 2065 Fund | |||||||||||||
Assets: | ||||||||||||||||
Affiliated Investments at Cost | $ | 735,569 | $ | 298,346 | $ | 61,290 | $ | 13,846 | ||||||||
Unaffiliated Investments at Cost | 39,300 | 15,656 | 3,217 | 722 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated Investments at Fair Value | $ | 740,460 | $ | 295,976 | $ | 61,431 | $ | 15,320 | ||||||||
Unaffiliated Investments at Fair Value | 37,273 | 14,896 | 3,092 | 769 | ||||||||||||
Cash | 38 | 15 | 3 | 1 | ||||||||||||
Receivable for Capital Shares Sold | 2,863 | 2,029 | 402 | 188 | ||||||||||||
Dividends Receivable | 1 | 1 | — | — | ||||||||||||
Prepaid Expenses | 15 | 6 | 1 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 780,650 | 312,923 | 64,929 | 16,278 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Payable for Investment Securities Purchased | 2,881 | 2,036 | 403 | 188 | ||||||||||||
Payable due to Administrator | 19 | 8 | 2 | — | ||||||||||||
Payable due to Adviser | 1 | — | — | — | ||||||||||||
Other Accrued Expenses | 23 | 10 | 2 | 1 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 2,924 | 2,054 | 407 | 189 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 777,726 | $ | 310,869 | $ | 64,522 | $ | 16,089 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 754,931 | $ | 307,879 | $ | 64,935 | $ | 15,734 | ||||||||
Total Distributable Earnings (Loss) | 22,795 | 2,990 | (413 | ) | 355 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 777,726 | $ | 310,869 | $ | 64,522 | $ | 16,089 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class Shares: | ||||||||||||||||
Net Assets | $ | 777,726 | $ | 310,869 | $ | 64,522 | $ | 16,089 | ||||||||
Outstanding Shares of Beneficial Interest | 68,467,836 | 27,186,050 | 5,744,185 | 1,566,867 | ||||||||||||
Net Asset Value, Offering and Redemption Price | $11.36 | $11.43 | $11.23 | $10.27 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| † | 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.
126
| THE KP FUNDS | June 30, 2020 (Unaudited) |
| Statements of Assets and Liabilities (000) |
| KP Large Cap Equity Fund | KP Small Cap Equity Fund | KP International Equity Fund | KP Fixed Income Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments at Cost | $ | 2,541,080 | $ | 1,296,154 | $ | 2,063,493 | $ | 2,371,195 | ||||||||
Cost of Foreign Currency | — | — | 10,428 | 232 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Investments at Fair Value | $ | 3,072,794 | $ | 1,305,128 | $ | 2,059,277 | $ | 2,438,664 | ||||||||
Cash | 709 | — | 545 | — | ||||||||||||
Foreign Currency at Value | — | — | 10,434 | 226 | ||||||||||||
Receivable for Investment Securities Sold | 84,167 | 5,970 | 3,582 | 119,068 | ||||||||||||
Receivable for Capital Shares Sold | 7,182 | 2,418 | 4,969 | 5,205 | ||||||||||||
Cash Collateral for Futures Contracts | 3,736 | 536 | 2,984 | — | ||||||||||||
Dividends and Interest Receivable | 2,112 | 790 | 3,638 | 11,711 | ||||||||||||
Reclaims Receivable | 391 | 13 | 4,539 | 151 | ||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | — | — | 588 | ||||||||||||
Cash Collateral for Forward Foreign Currency | — | — | — | 1,088 | ||||||||||||
Prepaid Expenses | 4 | 15 | 3 | 7 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 3,171,095 | 1,314,870 | 2,089,971 | 2,576,708 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Payable for Investment Securities Purchased | 32,482 | 7,568 | 4,936 | 289,973 | ||||||||||||
Payable due to Sub-Advisers | 534 | 440 | 580 | 333 | ||||||||||||
Payable due to Administrator | 103 | 43 | 69 | 75 | ||||||||||||
Payable due to Adviser | 86 | 36 | 58 | 63 | ||||||||||||
Due to Custodian | — | — | 361 | 12 | ||||||||||||
Due to Broker | — | — | — | 11 | ||||||||||||
Variation Margin Payable | — | — | — | 37 | ||||||||||||
Unrealized Depreciation on Foreign Currency Spot Contracts | — | — | 8 | — | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | — | — | 695 | ||||||||||||
Accrued Foreign Capital Gains Tax on Appreciated Securities | — | — | 676 | — | ||||||||||||
Other Accrued Expenses | 161 | 115 | 91 | 178 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 33,366 | 8,202 | 6,779 | 291,377 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 3,137,729 | $ | 1,306,668 | $ | 2,083,192 | $ | 2,285,331 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Paid-in Capital | $ | 2,518,760 | $ | 1,329,065 | $ | 2,129,695 | $ | 2,141,918 | ||||||||
Total Distributable Earnings (Loss) | 618,969 | (22,397 | ) | (46,503 | ) | 143,413 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 3,137,729 | $ | 1,306,668 | $ | 2,083,192 | $ | 2,285,331 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class Shares: | ||||||||||||||||
Net Assets | $ | 3,137,729 | $ | 1,306,668 | $ | 2,083,192 | $ | 2,285,331 | ||||||||
Outstanding Shares of Beneficial Interest | 230,445,337 | 132,847,225 | 220,188,566 | 213,711,980 | ||||||||||||
Net Asset Value, Offering and Redemption Price | $13.62 | $9.84 | $9.46 | $10.69 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| † | 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.
127
| THE KP FUNDS | For the period ended June 30, 2020 (Unaudited) |
| Statements of Operations (000) |
| KP Retirement Path Retirement Income Fund | KP Retirement Path 2020 Fund | KP Retirement Path 2025 Fund | KP Retirement Path 2030 Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Income Distributions from Unaffiliated Registered Investment Companies | $ | 745 | $ | 1,571 | $ | 1,823 | $ | 1,422 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 745 | 1,571 | 1,823 | 1,422 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Administration Fees | 51 | 118 | 161 | 163 | ||||||||||||
Investment Advisory Fees | 24 | 50 | 56 | 43 | ||||||||||||
Trustees’ Fees | 5 | 12 | 16 | 16 | ||||||||||||
Chief Compliance Officer Fees | 1 | 2 | 3 | 3 | ||||||||||||
Transfer Agent Fees | 16 | 38 | 51 | 52 | ||||||||||||
Printing Fees | 9 | 20 | 28 | 27 | ||||||||||||
Professional Fees | 8 | 19 | 26 | 26 | ||||||||||||
Registration Fees | 7 | 17 | 34 | 38 | ||||||||||||
Custodian Fees | 1 | 1 | 2 | 2 | ||||||||||||
Other Fees | 5 | 11 | 15 | 15 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 127 | 288 | 392 | 385 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 127 | 288 | 392 | 385 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 618 | 1,283 | 1,431 | 1,037 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Gain/(Loss) on Investments: | ||||||||||||||||
Net Realized Gain on Affiliated Investments | 2,320 | 5,098 | 6,536 | 6,924 | ||||||||||||
Net Realized Loss on Unaffiliated Investments | (267 | ) | (792 | ) | (1,417 | ) | (1,097 | ) | ||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated Investments | 1,046 | (7,662 | ) | (26,958 | ) | (41,896 | ) | |||||||||
Net Change in Unrealized Depreciation on Unaffiliated Investments | (1,562 | ) | (4,355 | ) | (7,576 | ) | (9,359 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Gain/(Loss) on Investments | 1,537 | (7,711 | ) | (29,415 | ) | (45,428 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | 2,155 | $ | (6,428 | ) | $ | (27,984 | ) | $ | (44,391 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
The accompanying notes are an integral part of the financial statements.
128
| THE KP FUNDS | For the period ended June 30, 2020 (Unaudited) |
| Statements of Operations (000) |
| KP Retirement Path 2035 Fund | KP Retirement Path 2040 Fund | KP Retirement Path 2045 Fund | ||||||||||
Investment Income: | ||||||||||||
Income Distributions from Unaffiliated Registered Investment Companies | $ | 1,161 | $ | 716 | $ | 436 | ||||||
|
|
|
|
|
| |||||||
Total Investment Income | 1,161 | 716 | 436 | |||||||||
|
|
|
|
|
| |||||||
Expenses: | ||||||||||||
Administration Fees | 181 | 167 | 133 | |||||||||
Investment Advisory Fees | 34 | 21 | 13 | |||||||||
Trustees’ Fees | 18 | 17 | 13 | |||||||||
Chief Compliance Officer Fees | 4 | 3 | 3 | |||||||||
Transfer Agent Fees | 58 | 53 | 42 | |||||||||
Registration Fees | 43 | 41 | 35 | |||||||||
Printing Fees | 31 | 28 | 22 | |||||||||
Professional Fees | 29 | 27 | 22 | |||||||||
Custodian Fees | 2 | 2 | 2 | |||||||||
Other Fees | 17 | 15 | 12 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 417 | 374 | 297 | |||||||||
|
|
|
|
|
| |||||||
Net Expenses | 417 | 374 | 297 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income | 744 | 342 | 139 | |||||||||
|
|
|
|
|
| |||||||
Net Realized and Unrealized Gain/(Loss) on Investments: | ||||||||||||
Net Realized Gain on Affiliated Investments | 9,760 | 8,503 | 5,711 | |||||||||
Net Realized Loss on Unaffiliated Investments | (1,216 | ) | (1,072 | ) | (636 | ) | ||||||
Net Change in Unrealized Depreciation on Affiliated Investments | (69,531 | ) | (77,957 | ) | (66,586 | ) | ||||||
Net Change in Unrealized Depreciation on Unaffiliated Investments | (10,790 | ) | (9,370 | ) | (5,733 | ) | ||||||
|
|
|
|
|
| |||||||
Net Realized and Unrealized Loss on Investments | (71,777 | ) | (79,896 | ) | (67,244 | ) | ||||||
|
|
|
|
|
| |||||||
Net Decrease in Net Assets Resulting from Operations | $ | (71,033 | ) | $ | (79,554 | ) | $ | (67,105 | ) | |||
|
|
|
|
|
| |||||||
The accompanying notes are an integral part of the financial statements.
129
| THE KP FUNDS | For the period ended June 30, 2020 (Unaudited) |
| Statements of Operations (000) |
| KP Retirement Path 2050 Fund | KP Retirement Path 2055 Fund | KP Retirement Path 2060 Fund | KP Retirement Path 2065 Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Income Distributions from Unaffiliated Registered Investment Companies | $ | 238 | $ | 93 | $ | 19 | $ | 5 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 238 | 93 | 19 | 5 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Administration Fees | 85 | 33 | 7 | 2 | ||||||||||||
Trustees’ Fees | 8 | 3 | 1 | — | ||||||||||||
Investment Advisory Fees | 7 | 3 | 1 | — | ||||||||||||
Chief Compliance Officer Fees | 2 | 1 | — | — | ||||||||||||
Transfer Agent Fees | 27 | 10 | 2 | — | ||||||||||||
Registration Fees | 24 | 11 | 2 | 1 | ||||||||||||
Professional Fees | 14 | 5 | 1 | — | ||||||||||||
Printing Fees | 14 | 5 | 1 | — | ||||||||||||
Custodian Fees | 1 | — | — | — | ||||||||||||
Offering Costs | — | — | — | 4 | ||||||||||||
Other Fees | 8 | 2 | 1 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 190 | 73 | 16 | 7 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Reimbursement from Investment Advisor | — | — | — | (4 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 190 | 73 | 16 | 3 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 48 | 20 | 3 | 2 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Gain/(Loss) on Investments: | ||||||||||||||||
Net Realized Gain/(Loss) on Affiliated Investments | 5,476 | 396 | (1,062 | ) | (1,377 | ) | ||||||||||
Net Realized Loss on Unaffiliated Investments | (486 | ) | (230 | ) | (79 | ) | (109 | ) | ||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated Investments | (45,097 | ) | (14,357 | ) | (1,753 | ) | 765 | |||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Unaffiliated Investments | (3,024 | ) | (1,085 | ) | (194 | ) | 35 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Loss on Investments | (43,131 | ) | (15,276 | ) | (3,088 | ) | (686 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease in Net Assets Resulting from Operations | $ | (43,083 | ) | $ | (15,256 | ) | $ | (3,085 | ) | $ | (684 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
Amounts designated as “-” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
130
| THE KP FUNDS | For the period ended June 30, 2020 (Unaudited) |
| Statements of Operations (000) |
| KP Large Cap Equity Fund | KP Small Cap Equity Fund | KP International Equity Fund | KP Fixed Income Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividend Income | $ | 25,639 | $ | 7,865 | $ | 29,031 | $ | 1 | ||||||||
Interest Income | 223 | 187 | 207 | 34,467 | ||||||||||||
Less: Foreign Taxes Withheld | (74 | ) | (3 | ) | (2,815 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 25,788 | 8,049 | 26,423 | 34,468 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Sub-Advisory Fees | 3,101 | 2,493 | 3,274 | 1,994 | ||||||||||||
Investment Advisory Fees | 587 | 236 | 374 | 438 | ||||||||||||
Administration Fees | 537 | 217 | 344 | 400 | ||||||||||||
Trustees’ Fees | 16 | 6 | 10 | 11 | ||||||||||||
Chief Compliance Officer Fees | 3 | 1 | 2 | 2 | ||||||||||||
Custodian Fees | 76 | 54 | 374 | 96 | ||||||||||||
Professional Fees | 40 | 16 | 26 | 30 | ||||||||||||
Printing Fees | 24 | 10 | 15 | 18 | ||||||||||||
Registration Fees | 15 | 21 | 15 | 17 | ||||||||||||
Transfer Agent Fees | 5 | 4 | 4 | 4 | ||||||||||||
Pricing Fees | — | 11 | 56 | 92 | ||||||||||||
Other Fees | 38 | 8 | 13 | 13 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 4,442 | 3,077 | 4,507 | 3,115 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 21,346 | 4,972 | 21,916 | 31,353 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Gain/(Loss) on Investments: | ||||||||||||||||
Net Realized Gain/(Loss) on Investments | 54,930 | (32,643 | ) | (32,903 | ) | 46,053 | ||||||||||
Net Realized Loss on Futures Contracts | (3,529 | ) | (1,351 | ) | (1,107 | ) | — | |||||||||
Net Realized Gain on Swap Contracts | — | — | — | 1,612 | ||||||||||||
Net Realized Gain/(Loss) on Foreign Currency Transactions | (5 | ) | — | 145 | (205 | ) | ||||||||||
Net Realized Gain/(Loss) on Forward Foreign Currency Contracts | (3 | ) | — | (445 | ) | 1,581 | ||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Investments | (133,603 | ) | (120,519 | ) | (230,050 | ) | 17,300 | |||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Futures Contracts | 43 | 92 | (229 | ) | — | |||||||||||
Net Change in Unrealized Depreciation on Swap Contracts | — | — | — | (260 | ) | |||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies | 6 | — | (46 | ) | (9 | ) | ||||||||||
Net Change in Unrealized Appreciation on Forward Foreign Currency Contracts | — | — | — | 68 | ||||||||||||
Change in Accrued Foreign Capital Gains Tax on Appreciated Securities | — | — | (99 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Gain/(Loss) on Investments | (82,161 | ) | (154,421 | ) | (264,734 | ) | 66,140 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | (60,815) | $ | (149,449 | ) | $ | (242,818 | ) | $ | 97,493 | ||||||
|
|
|
|
|
|
|
| |||||||||
Amounts designated as “-” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
131
| THE KP FUNDS |
| Statements of Changes in Net Assets (000) |
| KP Retirement Path Retirement Income Fund | KP Retirement Path 2020 Fund | |||||||||||||||
| Six-Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | Six-Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 618 | $ | 11,342 | $ | 1,283 | $ | 25,018 | ||||||||
Net Realized Gain on Affiliated and Unaffiliated Investments | 2,053 | 7,311 | 4,306 | 18,566 | ||||||||||||
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares | – | 4,735 | – | 12,625 | ||||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments | (516 | ) | 37,999 | (12,017 | ) | 93,358 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | 2,155 | 61,387 | (6,428 | ) | 149,567 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions: | – | (26,728 | ) | – | (62,780 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 15,194 | 22,857 | 42,376 | 83,175 | ||||||||||||
Reinvestment of Distributions | – | 26,728 | – | 62,780 | ||||||||||||
Redeemed | (31,989 | ) | (78,554 | ) | (74,305 | ) | (144,325 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase/(Decrease) in Net Assets from Capital Share Transactions | (16,795 | ) | (28,969 | ) | (31,929 | ) | 1,630 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase/(Decrease) in Net Assets | (14,640 | ) | 5,690 | (38,357 | ) | 88,417 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of Year or Period | 461,025 | 455,335 | 1,065,370 | 976,953 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Year or Period | $ | 446,385 | $ | 461,025 | $ | 1,027,013 | $ | 1,065,370 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 1,513 | 2,196 | 4,055 | 7,727 | ||||||||||||
Reinvestment of Distributions | – | 2,551 | – | 5,750 | ||||||||||||
Redeemed | (3,207 | ) | (7,558 | ) | (7,255 | ) | (13,370 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Shares Outstanding from Share Transactions | (1,694 | ) | (2,811 | ) | (3,200 | ) | 107 | |||||||||
|
|
|
|
|
|
|
| |||||||||
The accompanying notes are an integral part of the financial statements.
132
| THE KP FUNDS |
| Statements of Changes in Net Assets (000) |
| KP Retirement Path 2025 Fund | KP Retirement Path 2030 Fund | |||||||||||||||
| Six-Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | Six-Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 1,431 | $ | 32,103 | $ | 1,037 | $ | 30,949 | ||||||||
Net Realized Gain on Affiliated and Unaffiliated Investments | 5,119 | 22,038 | 5,827 | 19,844 | ||||||||||||
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares | – | 20,061 | – | 23,122 | ||||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments | (34,534 | ) | 140,119 | (51,255 | ) | 158,818 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | (27,984 | ) | 214,321 | (44,391 | ) | 232,733 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions: | – | (83,365 | ) | – | (86,693 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 80,023 | 146,692 | 92,576 | 169,971 | ||||||||||||
Reinvestment of Distributions | – | 83,365 | – | 86,693 | ||||||||||||
Redeemed | (91,074 | ) | (103,713 | ) | (74,201 | ) | (86,503 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase/(Decrease) in Net Assets from Capital Share Transactions | (11,051 | ) | 126,344 | 18,375 | 170,161 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase/(Decrease) in Net Assets | (39,035 | ) | 257,300 | (26,016 | ) | 316,201 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of Year or Period | 1,452,260 | 1,194,960 | 1,468,354 | 1,152,153 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Year or Period | $ | 1,413,225 | $ | 1,452,260 | $ | 1,442,338 | $ | 1,468,354 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 7,444 | 13,233 | 8,624 | 15,090 | ||||||||||||
Reinvestment of Distributions | – | 7,368 | – | 7,501 | ||||||||||||
Redeemed | (8,834 | ) | (9,365 | ) | (7,117 | ) | (7,717 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Shares Outstanding from Share Transactions | (1,390 | ) | 11,236 | 1,507 | 14,874 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
The accompanying notes are an integral part of the financial statements.
133
| THE KP FUNDS |
| Statements of Changes in Net Assets (000) |
| KP Retirement Path 2035 Fund | KP Retirement Path 2040 Fund | |||||||||||||||
| Six-Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | Six-Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 744 | $ | 33,472 | $ | 342 | $ | 29,877 | ||||||||
Net Realized Gain on Affiliated and Unaffiliated Investments | 8,544 | 20,993 | 7,431 | 18,610 | ||||||||||||
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares | – | 28,353 | – | 27,703 | ||||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments | (80,321 | ) | 195,644 | (87,327 | ) | 191,007 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | (71,033 | ) | 278,462 | (79,554 | ) | 267,197 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions: | – | (100,286 | ) | – | (95,377 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 110,603 | 204,397 | 116,849 | 207,029 | ||||||||||||
Reinvestment of Distributions | – | 100,286 | – | 95,377 | ||||||||||||
Redeemed | (84,187 | ) | (91,468 | ) | (78,467 | ) | (92,399 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets from Capital Share Transactions | 26,416 | 213,215 | 38,382 | 210,007 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase/(Decrease) in Net Assets | (44,617 | ) | 391,391 | (41,172 | ) | 381,827 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of Year or Period | 1,653,869 | 1,262,478 | 1,527,834 | 1,146,007 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Year or Period | $ | 1,609,252 | $ | 1,653,869 | $ | 1,486,662 | $ | 1,527,834 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 10,202 | 17,890 | 10,802 | 17,953 | ||||||||||||
Reinvestment of Distributions | – | 8,522 | – | 8,010 | ||||||||||||
Redeemed | (8,089 | ) | (8,003 | ) | (7,567 | ) | (8,020 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase in Shares Outstanding from Share Transactions | 2,113 | 18,409 | 3,235 | 17,943 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
The accompanying notes are an integral part of the financial statements.
134
| THE KP FUNDS |
| Statements of Changes in Net Assets (000) |
| KP Retirement Path 2045 Fund | KP Retirement Path 2050 Fund | |||||||||||||||
| Six-Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | Six-Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 139 | $ | 22,969 | $ | 48 | $ | 14,097 | ||||||||
Net Realized Gain on Affiliated and Unaffiliated Investments | 5,075 | 13,414 | 4,990 | 6,807 | ||||||||||||
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares | – | 22,608 | – | 14,536 | ||||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments | (72,319 | ) | 153,412 | (48,121 | ) | 95,376 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | (67,105 | ) | 212,403 | (43,083 | ) | 130,816 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions: | – | (74,041 | ) | – | (44,254 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 113,063 | 198,711 | 96,358 | 169,094 | ||||||||||||
Reinvestment of Distributions | – | 74,041 | – | 44,254 | ||||||||||||
Redeemed | (58,002 | ) | (71,438 | ) | (38,069 | ) | (49,922 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets from Capital Share Transactions | 55,061 | 201,314 | 58,289 | 163,426 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase/(Decrease) in Net Assets | (12,044 | ) | 339,676 | 15,206 | 249,988 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of Year or Period | 1,213,088 | 873,412 | 762,520 | 512,532 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Year or Period | $ | 1,201,044 | $ | 1,213,088 | $ | 777,726 | $ | 762,520 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 10,461 | 17,123 | 8,832 | 14,407 | ||||||||||||
Reinvestment of Distributions | – | 6,166 | – | 3,629 | ||||||||||||
Redeemed | (5,535 | ) | (6,164 | ) | (3,564 | ) | (4,262 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase in Shares Outstanding from Share Transactions | 4,926 | 17,125 | 5,268 | 13,774 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
The accompanying notes are an integral part of the financial statements.
135
| THE KP FUNDS |
| Statements of Changes in Net Assets (000) |
| KP Retirement Path 2055 Fund | KP Retirement Path 2060 Fund | |||||||||||||||
| Six-Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | Six-Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 20 | $ | 5,183 | $ | 3 | $ | 1,063 | ||||||||
Net Realized Gain/(Loss) on Affiliated and Unaffiliated Investments | 166 | 3,603 | (1,141 | ) | (169 | ) | ||||||||||
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares | – | 5,443 | – | 1,115 | ||||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Affiliated and Unaffiliated Investments | (15,442 | ) | 31,520 | (1,947 | ) | 7,346 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | (15,256 | ) | 45,749 | (3,085 | ) | 9,355 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions: | – | (16,148 | ) | – | (2,937 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 57,860 | 93,442 | 15,919 | 23,924 | ||||||||||||
Reinvestment of Distributions | – | 16,147 | – | 2,936 | ||||||||||||
Redeemed | (15,648 | ) | (21,277 | ) | (6,487 | ) | (8,991 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets from Capital Share Transactions | 42,212 | 88,312 | 9,432 | 17,869 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase in Net Assets | 26,956 | 117,913 | 6,347 | 24,287 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of Year or Period | 283,913 | 166,000 | 58,175 | 33,888 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Year or Period | $ | 310,869 | $ | 283,913 | $ | 64,522 | $ | 58,175 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 5,308 | 7,896 | 1,496 | 2,078 | ||||||||||||
Reinvestment of Distributions | – | 1,313 | – | 243 | ||||||||||||
Redeemed | (1,446 | ) | (1,798 | ) | (617 | ) | (785 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase in Shares Outstanding from Share Transactions | 3,862 | 7,411 | 879 | 1,536 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
The accompanying notes are an integral part of the financial statements.
136
| THE KP FUNDS |
| Statements of Changes in Net Assets (000) |
| KP Retirement Path 2065 Fund | ||||||||
| Six-Months Ended June 30, 2020 (Unaudited) | Period Ended December 31, 2019* | |||||||
Operations: | ||||||||
Net Investment Income | $ | 2 | $ | 244 | ||||
Net Realized Gain/(Loss) on Affiliated and Unaffiliated Investments | (1,486 | ) | 84 | |||||
Distributions of Realized Gains from Affiliated and Unaffiliated Registered Investment Company Shares | – | 260 | ||||||
Net Change in Unrealized Appreciation on Affiliated and Unaffiliated Investments | 800 | 721 | ||||||
|
|
|
| |||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | (684 | ) | 1,309 | |||||
|
|
|
| |||||
Distributions: | – | (270 | ) | |||||
|
|
|
| |||||
Capital Share Transactions: | ||||||||
Institutional Shares: | ||||||||
Issued | 15,361 | 13,438 | ||||||
Reinvestment of Distributions | – | 270 | ||||||
Redeemed | (12,013 | ) | (1,322 | ) | ||||
|
|
|
| |||||
Increase in Net Assets from Capital Share Transactions | 3,348 | 12,386 | ||||||
|
|
|
| |||||
Total Increase in Net Assets | 2,664 | 13,425 | ||||||
|
|
|
| |||||
Net Assets: | ||||||||
Beginning of Period | 13,425 | – | ||||||
|
|
|
| |||||
End of Period | $ | 16,089 | $ | 13,425 | ||||
|
|
|
| |||||
Share Transactions: | ||||||||
Institutional Shares: | ||||||||
Issued | 1,622 | 1,327 | ||||||
Reinvestment of Distributions | – | 25 | ||||||
Redeemed | (1,283 | ) | (124 | ) | ||||
|
|
|
| |||||
Net Increase in Shares Outstanding from Share Transactions | 339 | 1,228 | ||||||
|
|
|
| |||||
* Commenced operations May 24, 2019.
The accompanying notes are an integral part of the financial statements.
137
| THE KP FUNDS |
| Statements of Changes in Net Assets (000) |
| KP Large Cap Equity Fund | KP Small Cap Equity Fund | |||||||||||||||
| Six-Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | Six-Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 21,346 | $ | 43,008 | $ | 4,972 | $ | 10,016 | ||||||||
Net Realized Gain/(Loss) on Investments and Futures Contracts | 51,401 | 137,930 | (33,994 | ) | 51,735 | |||||||||||
Net Realized Loss on Foreign Currency Transactions | (8 | ) | (4 | ) | – | – | ||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Investments and Futures Contracts | (133,560 | ) | 545,301 | (120,427 | ) | 210,211 | ||||||||||
Net Change in Unrealized Appreciation on Forward Contracts and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies | 6 | 4 | – | – | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | (60,815 | ) | 726,239 | (149,449 | ) | 271,962 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions: | – | (155,200 | ) | – | (47,476 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 344,009 | 562,568 | 193,381 | 249,145 | ||||||||||||
Reinvestment of Distributions | – | 155,200 | – | 47,475 | ||||||||||||
Redeemed | (349,285 | ) | (437,139 | ) | (101,370 | ) | (163,978 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase/(Decrease) in Net Assets from Capital Share Transactions | (5,276 | ) | 280,629 | 92,011 | 132,642 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase/(Decrease) in Net Assets | (66,091 | ) | 851,668 | (57,438 | ) | 357,128 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of Year or Period | 3,203,820 | 2,352,152 | 1,364,106 | 1,006,978 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Year or Period | $ | 3,137,729 | $ | 3,203,820 | $ | 1,306,668 | $ | 1,364,106 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 28,022 | 43,839 | 23,018 | 23,661 | ||||||||||||
Reinvestment of Distributions | – | 11,050 | – | 4,187 | ||||||||||||
Redeemed | (27,848 | ) | (32,831 | ) | (11,182 | ) | (15,204 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase in Shares Outstanding from Share Transactions | 174 | 22,058 | 11,836 | 12,644 | ||||||||||||
|
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|
|
|
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|
| |||||||||
Amounts designated as “-” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
138
| THE KP FUNDS |
| Statements of Changes in Net Assets (000) |
| KP International Equity Fund | KP Fixed Income Fund | |||||||||||||||
| Six-Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | Six-Months Ended June 30, 2020 (Unaudited) | Year Ended December 31, 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 21,916 | $ | 46,144 | $ | 31,353 | $ | 70,339 | ||||||||
Net Realized Gain/(Loss) on Investments, Futures Contracts and Swap Contracts | (34,010 | ) | 16,719 | 47,665 | 37,899 | |||||||||||
Net Realized Gain/(Loss) on Foreign Currency Transactions | (300 | ) | (167 | ) | 1,376 | (393 | ) | |||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Investments, Futures Contracts and Swap Contracts | (230,279 | ) | 315,414 | 17,040 | 82,742 | |||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Forward Contracts and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies | (46 | ) | 33 | 59 | (58 | ) | ||||||||||
Change in Accrued Foreign Capital Gains Tax on Appreciated Securities | (99 | ) | 83 | – | – | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | (242,818 | ) | 378,226 | 97,493 | 190,529 | |||||||||||
|
|
|
|
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|
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| |||||||||
Distributions: | – | (58,924 | ) | – | (85,819 | ) | ||||||||||
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| |||||||||
Capital Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 329,549 | 343,428 | 269,588 | 523,009 | ||||||||||||
Reinvestment of Distributions | – | 58,924 | – | 85,819 | ||||||||||||
Redeemed | (113,640 | ) | (202,770 | ) | (421,971 | ) | (412,217 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase/(Decrease) in Net Assets from Capital Share Transactions | 215,909 | 199,582 | (152,383 | ) | 196,611 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase/(Decrease) in Net Assets | (26,909 | ) | 518,884 | (54,890 | ) | 301,321 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of Year or Period | 2,110,101 | 1,591,217 | 2,340,221 | 2,038,900 | ||||||||||||
|
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|
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End of Year or Period | $ | 2,083,192 | $ | 2,110,101 | $ | 2,285,331 | $ | 2,340,221 | ||||||||
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|
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|
|
|
| |||||||||
Share Transactions: | ||||||||||||||||
Institutional Shares: | ||||||||||||||||
Issued | 37,721 | 34,026 | 25,946 | 51,102 | ||||||||||||
Reinvestment of Distributions | – | 5,425 | – | 8,341 | ||||||||||||
Redeemed | (12,817 | ) | (20,011 | ) | (40,957 | ) | (41,039 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(Decrease) in Shares Outstanding from Share Transactions | 24,904 | 19,440 | (15,011 | ) | 18,404 | |||||||||||
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|
|
|
|
|
| |||||||||
Amounts designated as “-” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
139
| THE KP FUNDS |
| Financial Highlights |
For the six months ended June 30, 2020 (Unaudited) and the year or period ended December 31,
For a share outstanding throughout the periods
| Net Asset Value, Beginning of Year or Period | Net Investment Income† | Net Realized and Unrealized Gain/(Loss) on Investments | Total from Operations | Distributions from Investment Income | Distributions from Net Realized Capital Gains | Total Distributions | Net Asset Value, End of Year or Period | Total Return‡ | Net Assets End of Year or Period (000) | Ratio of Expenses to Average Net Assets††** | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover‡ | ||||||||||||||||||||||||||||||||||||||||
KP Retirement Path Retirement Income Fund - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
2020# | $ | 10.34 | $ | 0.01 | $ | 0.06 | $ | 0.07 | $ | — | $ | — | $ | — | $ | 10.41 | 0.68 | % | $ | 446,385 | 0.06 | % | 0.28 | % | 9 | % | ||||||||||||||||||||||||||
2019 | $ | 9.61 | $ | 0.25 | $ | 1.11 | $ | 1.36 | $ | (0.29 | ) | $ | (0.34 | ) | $ | (0.63 | ) | $ | 10.34 | 14.12 | % | $ | 461,025 | 0.06 | % | 2.44 | % | 18 | % | |||||||||||||||||||||||
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 | % | ||||||||||||||||||||||
KP Retirement Path 2020 Fund - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
2020# | $ | 10.78 | $ | 0.01 | $ | (0.05 | ) | $ | (0.04 | ) | $ | — | $ | — | $ | — | $ | 10.74 | (0.37 | )% | $ | 1,027,013 | 0.06 | % | 0.25 | % | 10 | % | ||||||||||||||||||||||||
2019 | $ | 9.90 | $ | 0.26 | $ | 1.29 | $ | 1.55 | $ | (0.29 | ) | $ | (0.38 | ) | $ | (0.67 | ) | $ | 10.78 | 15.60 | % | $ | 1,065,370 | 0.06 | % | 2.41 | % | 20 | % | |||||||||||||||||||||||
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 | % | |||||||||||||||||||||
KP Retirement Path 2025 Fund - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
2020# | $ | 11.18 | $ | 0.01 | $ | (0.19 | ) | $ | (0.18 | ) | $ | — | $ | — | $ | — | $ | 11.00 | (1.61 | )% | $ | 1,413,225 | 0.06 | % | 0.21 | % | 12 | % | ||||||||||||||||||||||||
2019 | $ | 10.07 | $ | 0.27 | $ | 1.52 | $ | 1.79 | $ | (0.28 | ) | $ | (0.40 | ) | $ | (0.68 | ) | $ | 11.18 | 17.71 | % | $ | 1,452,260 | 0.06 | % | 2.40 | % | 16 | % | |||||||||||||||||||||||
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 | % | |||||||||||||||||||||
KP Retirement Path 2030 Fund - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
2020# | $ | 11.42 | $ | 0.01 | $ | (0.34 | ) | $ | (0.33 | ) | $ | — | $ | — | $ | — | $ | 11.09 | (2.89 | )% | $ | 1,442,338 | 0.06 | % | 0.15 | % | 11 | % | ||||||||||||||||||||||||
2019 | $ | 10.14 | $ | 0.26 | $ | 1.72 | $ | 1.98 | $ | (0.26 | ) | $ | (0.44 | ) | $ | (0.70 | ) | $ | 11.42 | 19.62 | % | $ | 1,468,354 | 0.06 | % | 2.33 | % | 14 | % | |||||||||||||||||||||||
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 | % | |||||||||||||||||||||
KP Retirement Path 2035 Fund - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
2020# | $ | 11.63 | $ | 0.01 | $ | (0.49 | ) | $ | (0.48 | ) | $ | — | $ | — | $ | — | $ | 11.15 | (4.13 | )% | $ | 1,609,252 | 0.05 | % | 0.10 | % | 11 | % | ||||||||||||||||||||||||
2019 | $ | 10.20 | $ | 0.26 | $ | 1.92 | $ | 2.18 | $ | (0.26 | ) | $ | (0.49 | ) | $ | (0.75 | ) | $ | 11.63 | 21.31 | % | $ | 1,653,869 | 0.06 | % | 2.26 | % | 12 | % | |||||||||||||||||||||||
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 | % | |||||||||||||||||||||
KP Retirement Path 2040 Fund - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
2020# | $ | 11.77 | $ | —(1) | $ | (0.59 | ) | $ | (0.59 | ) | $ | — | $ | — | $ | — | $ | 11.18 | (5.01 | )% | $ | 1,486,662 | 0.05 | % | 0.05 | % | 10 | % | ||||||||||||||||||||||||
2019 | $ | 10.25 | $ | 0.26 | $ | 2.04 | $ | 2.30 | $ | (0.25 | ) | $ | (0.53 | ) | $ | (0.78 | ) | $ | 11.77 | 22.40 | % | $ | 1,527,834 | 0.06 | % | 2.20 | % | 12 | % | |||||||||||||||||||||||
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 | % | |||||||||||||||||||||
KP Retirement Path 2045 Fund - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
2020# | $ | 11.88 | $ | —(1) | $ | (0.66 | ) | $ | (0.66 | ) | $ | — | $ | — | $ | — | $ | 11.22 | (5.56 | )% | $ | 1,201,044 | 0.05 | % | 0.02 | % | 10 | % | ||||||||||||||||||||||||
2019 | $ | 10.27 | $ | 0.25 | $ | 2.12 | $ | 2.37 | $ | (0.24 | ) | $ | (0.52 | ) | $ | (0.76 | ) | $ | 11.88 | 23.14 | % | $ | 1,213,088 | 0.06 | % | 2.18 | % | 11 | % | |||||||||||||||||||||||
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 | % | |||||||||||||||||||||
KP Retirement Path 2050 Fund - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
2020# | $ | 12.07 | $ | —(1) | $ | (0.71 | ) | $ | (0.71 | ) | $ | — | $ | — | $ | — | $ | 11.36 | (5.88 | )% | $ | 777,726 | 0.05 | % | 0.01 | % | 9 | % | ||||||||||||||||||||||||
2019 | $ | 10.37 | $ | 0.26 | $ | 2.18 | $ | 2.44 | $ | (0.24 | ) | $ | (0.50 | ) | $ | (0.74 | ) | $ | 12.07 | 23.52 | % | $ | 762,520 | 0.06 | % | 2.19 | % | 12 | % | |||||||||||||||||||||||
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 | % | |||||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
140
| THE KP FUNDS |
| Financial Highlights |
For the six-months ended June 30, 2020 (Unaudited) and the year or period ended December 31,
For a share outstanding throughout the periods
| Net Asset Value, Beginning of Year or Period | Net Investment Income† | Net Realized and Unrealized Gain/(Loss) on Investments | Total from Operations | Distributions from Investment Income | Distributions from Net Realized Capital Gains | Return of Capital | Total Distributions | Net Asset Value, End of Year or Period | Total Return‡ | Net Assets End of Year or Period (000) | Ratio of Expenses to Average Net Assets††** | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover‡ | |||||||||||||||||||||||||||||||||||||||||||
KP Retirement Path 2055 Fund - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020# | $ | 12.17 | $ | —(1) | $ | (0.74 | ) | $ | (0.74 | ) | $ | — | $ | — | $ | — | $ | — | $ | 11.43 | (6.08 | )% | $ | 310,869 | 0.05 | % | 0.01 | % | 10 | % | ||||||||||||||||||||||||||
2019 | $ | 10.43 | $ | 0.27 | $ | 2.21 | $ | 2.48 | $ | (0.24 | ) | $ | (0.50 | ) | $ | — | $ | (0.74 | ) | $ | 12.17 | 23.71 | % | $ | 283,913 | 0.06 | % | 2.30 | % | 13 | % | |||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||
KP Retirement Path 2060 Fund - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020# | $ | 11.96 | $ | —(1) | $ | (0.73 | ) | $ | (0.73 | ) | $ | — | $ | — | $ | — | $ | — | $ | 11.23 | (6.10 | )% | $ | 64,522 | 0.05 | % | 0.01 | % | 15 | % | ||||||||||||||||||||||||||
2019 | $ | 10.18 | $ | 0.27 | $ | 2.14 | $ | 2.41 | $ | (0.23 | ) | $ | (0.40 | ) | $ | — | $ | (0.63 | ) | $ | 11.96 | 23.73 | % | $ | 58,175 | 0.06 | % | 2.29 | % | 23 | % | |||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||
KP Retirement Path 2065 Fund* - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020# | $ | 10.94 | $ | —(1) | $ | (0.67 | ) | $ | (0.67 | ) | $ | — | $ | — | $ | — | $ | — | $ | 10.27 | (6.12 | )% | $ | 16,089 | 0.06 | %^^ | 0.01 | % | 85 | % | ||||||||||||||||||||||||||
2019@ | $ | 10.00 | $ | 0.23 | $ | 0.93 | $ | 1.16 | $ | (0.21 | ) | $ | (0.01 | ) | $ | — | $ | (0.22 | ) | $ | 10.94 | 11.67 | % | $ | 13,425 | 0.06 | %^ | 3.61 | % | 12 | % | |||||||||||||||||||||||||
KP Large Cap Equity Fund - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020# | $ | 13.91 | $ | 0.09 | $ | (0.38 | ) | $ | (0.29 | ) | $ | — | $ | — | $ | — | $ | — | $ | 13.62 | (2.08 | )% | $ | 3,137,729 | 0.29 | % | 1.41 | % | 24 | % | ||||||||||||||||||||||||||
2019 | $ | 11.30 | $ | 0.20 | $ | 3.11 | $ | 3.31 | $ | (0.19 | ) | $ | (0.51 | ) | $ | — | $ | (0.70 | ) | $ | 13.91 | 29.32 | % | $ | 3,203,820 | 0.30 | % | 1.48 | % | 45 | % | |||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||
KP Small Cap Equity Fund - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020# | $ | 11.27 | $ | 0.04 | $ | (1.47 | ) | $ | (1.43 | ) | $ | — | $ | — | $ | — | $ | — | $ | 9.84 | (12.69 | )% | $ | 1,306,668 | 0.51 | % | 0.82 | % | 53 | % | ||||||||||||||||||||||||||
2019 | $ | 9.29 | $ | 0.09 | $ | 2.30 | $ | 2.39 | $ | (0.09 | ) | $ | (0.32 | ) | $ | — | $ | (0.41 | ) | $ | 11.27 | 25.67 | % | $ | 1,364,106 | 0.52 | % | 0.80 | % | 83 | % | |||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||
KP International Equity Fund - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020# | $ | 10.81 | $ | 0.11 | $ | (1.46 | ) | $ | (1.35 | ) | $ | — | $ | — | $ | — | $ | — | $ | 9.46 | (12.49 | )% | $ | 2,083,192 | 0.47 | % | 2.27 | % | 13 | % | ||||||||||||||||||||||||||
2019 | $ | 9.05 | $ | 0.25 | $ | 1.82 | $ | 2.07 | $ | (0.26 | ) | $ | (0.05 | ) | $ | — | $ | (0.31 | ) | $ | 10.81 | 22.87 | % | $ | 2,110,101 | 0.47 | % | 2.48 | % | 41 | % | |||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||
KP Fixed Income Fund - Institutional Shares |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020# | $ | 10.23 | $ | 0.14 | $ | 0.32 | $ | 0.46 | $ | — | $ | — | $ | — | $ | — | $ | 10.69 | 4.50 | % | $ | 2,285,331 | 0.28 | % | 2.78 | % | 189 | % | ||||||||||||||||||||||||||||
2019 | $ | 9.69 | $ | 0.34 | $ | 0.58 | $ | 0.92 | $ | (0.32 | ) | $ | (0.06 | ) | $ | — | $ | (0.38 | ) | $ | 10.23 | 9.57 | % | $ | 2,340,221 | 0.29 | % | 3.29 | % | 325 | % | |||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||
| * | Commenced operations on May 24, 2019. |
| ** | The expense ratios do not include expenses of the underlying affiliated investment companies. |
| @ | For the period ended May 24, 2019. All ratios for the period have been annualized. |
| # | For the period ended June 30, 2020. 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 ratio of Expenses to Average Net Assets included the effect of a reimbursement. If these offsets were excluded, the ratio would have been 0.36%. |
| ^^ | The ratio of Expenses to Average Net Assets included the effect of a reimbursement. If these offsets were excluded, the ratio would have been 0.12%. |
| (1) | Amount less than $0.01 per share. |
Amounts designated as “-” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
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| The KP FUNDS | June 30, 2020 (Unaudited) |
| Notes to Financial Statements |
1. Organization
The KP Funds (the “Trust”), was organized on March 25, 2013, as a statutory trust under the laws of the Commonwealth of Massachusetts. The Trust is an open-end registered management investment company comprised of fifteen funds: KP Path Retirement Income Fund (formerly, 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, and KP Retirement Path 2065 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.
KP Retirement Path 2065 Fund commenced operations on May 24, 2019.
Callan LLC serves as the Funds’ investment adviser (the “Adviser”). The Adviser has engaged a number of sub-advisers (the “Sub-Advisers”) to manage a portion of the Asset Class Funds’ assets. On September 3, 2013, the Trust was seeded with an issuance of 10,000 shares of the Institutional Class Shares of the KP Fixed Income Fund at an aggregate purchase price of $100,000.
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
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| The KP FUNDS | June 30, 2020 (Unaudited) |
amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Securities for which market prices are not available through the above methods are valued in accordance with Fair Value Procedures established by the Funds’ Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Pricing Committee (the “Committee”) designated by the Funds’ Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been delisted from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of June 30, 2020, 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 each non-U.S. security) applied by MarkIt in the event that there is a movement in the U.S. market that exceeds a specific threshold established by the Committee. The Committee establishes a “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, KP International Equity Fund values its non-U.S. securities that exceed the applicable “confidence interval” based upon the fair values provided by MarkIt. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by MarkIt are not reliable, the Adviser may contact SEI Global Fund Services (the “Administrator”) to request that a meeting of the Committee be held.
If a local market in which KP International Equity Fund owns securities is closed for one or more days, the Fund shall value all securities held in that corresponding currency based on the fair value prices provided by MarkIt using the predetermined confidence interval discussed above.
In accordance with the authoritative guidance on fair value measurement under U.S. GAAP, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
| • | Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date; |
| • | Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices |
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| The KP FUNDS | June 30, 2020 (Unaudited) |
in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board, etc.); and |
| • | Level 3 — Prices, inputs or modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity). |
Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For the six-months ended June 30, 2020, there have been no significant changes to the Funds’ fair value methodologies.
Federal Income Taxes — It is each Fund’s intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its income to shareholders. Accordingly, no provision for Federal income taxes has been made in the financial statements.
The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 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. The Fund is monitoring and accruing foreign capital gains for $299 (000). Please refer to the Statement of Assets and Liabilities for further information.
As of and during the six-months ended June 30, 2020, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the six-months ended June 30, 2020, the Funds did not incur any interest or penalties.
Security Transactions and Investment Income — Security transactions are accounted for on trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sales of investment securities are based on the specific identification method. Dividend income is recorded on the ex-dividend date, and interest income is recognized on the accrual basis from settlement date and includes the amortization of premiums and the accretion of discount calculated using the effective interest method. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.
Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and gains and losses on investments and net change in unrealized appreciation (depreciation) on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts received or paid.
Forward Foreign Currency Exchange Contracts — The Funds may enter into forward foreign currency exchange contracts to protect the value of securities held and related receivables and payables against changes in future foreign exchange rates. A forward currency contract is an agreement between two parties to buy and sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the current forward rate and the change in market value is recorded by the Funds as unrealized gain or loss. The Funds recognize realized gains or losses when the contract is closed,
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| The KP FUNDS | June 30, 2020 (Unaudited) |
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.
For the six-months ended June 30, 2020, the average balances of forward foreign currency exchange contracts were as follows (000):
KP Fixed Income Fund | ||||
Average Monthly Notional Contracts Purchased | $ (36,641) | |||
Average Monthly Notional Contracts Sold | 14,897 | |||
Futures Contracts — To the extent consistent with its investment objective and strategies, the Funds may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.
Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.
Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of June 30, 2020, if applicable.
For the six-months ended June 30, 2020, the average balances of futures contracts were as follows (000):
| KP Large Cap Equity Fund | KP Small Cap Equity Fund | KP International Equity Fund | ||||||||||
Average Quarterly Market Value Balance Long | $ | 27,838 | $ | 2,571 | $ | 19,641 | ||||||
Average Quarterly Market Value Balance Short | - | - | - | |||||||||
Swap Agreements — To the extent consistent with its Investment Objective and Strategies, a Fund may invest in swap contracts as an efficient means to synthetically obtain exposure to securities or baskets of securities and to manage a Fund’s interest rate duration and yield curve exposure. Swap contracts may also be used to mitigate a Fund’s overall level of risk and/or a Fund’s risk to particular types of securities, currencies or market segments. Interest rate swaps may further be used to manage a Fund’s yield spread sensitivity. A Fund may buy credit default swaps in an attempt to manage credit risk where a Fund has credit exposure to an issuer, and a Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities.
A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “basket” of securities representing a particular index. Swap agreements are privately negotiated in the over-the-counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“Centrally Cleared swaps”). Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit-default swaps involve periodic payments by a Fund or counterparty based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event, usually in the form of a credit rating downgrade, the party receiving periodic payments (i.e. floating rate payer) must pay the other party (i.e. fixed rate payer) an amount equal to the recovery rate used to settle the contracts. The recovery rate is a function of how many credit default swap investors wish to deliver the security or receive
145
| The KP FUNDS | June 30, 2020 (Unaudited) |
the security. The recovery rate is determined through an auction process. Total return swaps allow an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swap. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR or some other form of indices on the notional amount. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal to manage a Fund’s exposure to interest rates. Payments received or made are recorded as realized gains or loss. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the Statements of Assets and Liabilities. Interest rate swap contracts outstanding at period end, if any, are listed after a Fund’s portfolio. In connection with swap agreements securities may be set aside as collateral by a Fund’s custodian.
Swaps are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as an unrealized gain or loss on the Statements of Operations. Net payments of interest are recorded as realized gains or losses. Daily changes in valuation of Centrally Cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities.
Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements.
This risk is mitigated by having a master netting arrangement between a Fund and the counterparty and by having the counterparty post collateral to cover a Fund’s exposure to the counterparty. Refer to each Fund’s Schedule of Investments for details regarding open swap agreements as of June 30, 2020, if applicable.
For the six-months ended June 30, 2020, the average balances of swaps contracts were as follows (000):
| KP Fixed Income Fund | ||||
Average Quarterly Market Value Balance Long | $ | 909 | ||
Average Quarterly Market Value Balance Short | - | |||
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 coun-
146
| The KP FUNDS | June 30, 2020 (Unaudited) |
terparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.
It is the Funds’ policy to present the variation margin of the futures contracts separately on the Statements of Assets and Liabilities as the Funds do not have master netting agreements with the counterparties to the futures contracts. Refer to each Fund’s Schedule of Investments for details regarding futures contracts as of June 30, 2020, if applicable.
International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) generally govern OTC financial derivative transactions entered into by a fund and select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add additional counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third-party custodian.
As of June 30, 2020, there were no securities pledged as collateral for financial derivative instruments as governed by ISDA master agreements.
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged for the KP Fixed Income Fund as of June 30, 2020 (000):
KP Fixed Income Fund
| Financial��Derivative Assets | Financial Derivative Liabilities | |||||||||||||||||||||||||||||||
| Counterparty | Foreign Currency Contracts | Total Over the Counter | Foreign Contracts | Total Over the Counter | Net Market Value of OTC Derivatives | Collateral (Received)/ Pledged | Net Exposures† | |||||||||||||||||||||||||
Barclays | $ | 410 | $ | 410 | $ | (247 | ) | $ | (247 | ) | $ 163 | $ | - | $ 163 | ||||||||||||||||||
HSBC | 178 | 178 | (448 | ) | (448 | ) | (270 | ) | - | (270 | ) | |||||||||||||||||||||
Total over the counter | $ | 588 | $ | 588 | $ | (695 | ) | $ | (695 | ) | ||||||||||||||||||||||
† Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity.
Investments in Real Estate Investment Trusts (“REITs”) — Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end and may differ from the estimated amounts.
Master Limited Partnerships (“MLPs”) — Entities commonly referred to as “MLPs” are generally organized under state law as limited partnerships or limited liability companies. The Fund intends to invest in MLPs receiving partnership taxation treatment under the Internal Revenue Code of 1986 (the “Code”), and whose interests or “units” are traded on securities exchanges like shares of corporate stock. To be treated as a partnership for U.S. federal income tax purposes, an MLP whose units are traded on a securities exchange must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gain from the sale or disposition of real property, income and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. Mineral or natural resources activities include exploration, development, production, processing, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity and receive
147
| The KP FUNDS | June 30, 2020 (Unaudited) |
cash distributions. The MLPs themselves generally do not pay U.S. federal income taxes. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate dividends). Currently, most MLPs operate in the energy and/or natural resources sector.
Expenses — Expenses of the Trust can be directly attributed to a particular Fund are borne by that Fund. Expenses which cannot be directly attributed to a Fund are apportioned among the Funds of the Trust based on the number of funds and/or relative net assets. In addition to the expenses reflected on the Statement of Operations, the Target Date Funds indirectly bear expenses of the underlying funds (registered investment companies) in which they invest. Because each of the underlying funds have varied expense and fee levels, and the Target Date Funds may own different amounts of shares of these funds at different times, the amount of fees and expenses incurred indirectly will vary.
Offering Costs — Offering costs of the Fund, including costs of printing the initial prospectus, legal, and registration fees, are being amortized to expense over a twelve-month period from inception of the Fund. As of June 30, 2020, the offering costs for the KP Retirement Path 2065 Fund were fully amortized.
Dividends and Distributions to Shareholders — The Funds will distribute substantially all of their net investment income and net realized capital gains, if any, at least annually. All dividends and distributions are recorded on the ex-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 June 30, 2020, 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: | ||||||||||||
Foreign exchange contracts | Net Assets — Unrealized appreciation on forward |
| Net Assets — Unrealized depreciation on forward |
| ||||||||
| foreign currency contracts | $ | 588 | * | foreign currency contracts | $ | 695 | * | |||||
Credit Contracts | Net Assets — Unrealized appreciation on swap contracs | 25 | 285 | |||||||||
|
|
|
| |||||||||
Total Derivatives not accounted for as hedging instruments | $ | 613 | $ | 980 | ||||||||
|
|
|
| |||||||||
| * | 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 six-months ended June 30, 2020, were as follows:
The amount of realized gain/(loss) on derivatives recognized in income:
| Swap Contracts | Forward Foreign Currency Contracts | Total | ||||||||||
Credit contracts | $ | 1,612 | $ | - | $ | 1,612 | ||||||
Foreign exchange contracts | - | 1,581 | 1,581 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 1,612 | $ | 1,581 | $ | 3,193 | ||||||
|
|
|
|
|
| |||||||
148
| The KP FUNDS | June 30, 2020 (Unaudited) |
Change in unrealized appreciation/(depreciation) on derivatives recognized in income:
| Swap Contracts | Forward Foreign Currency Contracts | Total | ||||||||||
Credit contracts | $ | (260 | ) | $ | - | $ | (260 | ) | ||||
Foreign exchange contracts | - | 68 | 68 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | (260 | ) | $ | 68 | $ | (192 | ) | ||||
|
|
|
|
|
| |||||||
As of June 30, 2020, 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.
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 six-months ended June 30, 2020, the Funds were charged as follows for these services (000):
| Fund | Administration Fee | Fund | Administration Fee | |||||||
KP Retirement Path Retirement Income Fund | $ | 51 | KP Retirement Path 2050 Fund | $ | 85 | |||||
KP Retirement Path 2020 Fund | $ | 118 | KP Retirement Path 2055 Fund | $ | 33 | |||||
KP Retirement Path 2025 Fund | $ | 161 | KP Retirement Path 2060 Fund | $ | 7 | |||||
KP Retirement Path 2030 Fund | $ | 163 | KP Retirement Path 2065 Fund | $ | 2 | |||||
KP Retirement Path 2035 Fund | $ | 181 | KP Large Cap Equity Fund | $ | 537 | |||||
KP Retirement Path 2040 Fund | $ | 167 | KP Small Cap Equity Fund | $ | 217 | |||||
KP Retirement Path 2045 Fund | $ | 133 | KP International Equity Fund | $ | 344 | |||||
| KP Fixed Income Fund | $ | 400 | ||||||||
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 serve 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
149
| The KP FUNDS | June 30, 2020 (Unaudited) |
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 the 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 in the month for the monthly calculation.
The Effective Fee Rate determined at the beginning of a month shall be used throughout the month for purposes of the daily estimate, and shall be recalculated for the month to make the final determination. In the event that the estimated daily fee for a Fund differs from the final determination by an amount sufficient to require an adjustment to the Net Asset Value of the Fund for any day, such difference shall be treated as a pricing error under the Trust’s policy.
The Adviser has entered into sub-advisory agreements with each sub-adviser under which the sub-adviser makes investment decisions for the assets it has been allocated to manage. For its service, each sub-adviser receives a fee based on the specified percentage of that portion of the Fund’s assets allocated to that sub-adviser. The total fees paid to sub-advisors directly are labeled as “Sub-Advisory Fees” on the Statements of Operations.
As of June 30, 2020, the Adviser has entered into investment sub-advisory agreements with the following parties:
Investment Sub-Adviser
KP Large Cap Equity Fund
AQR Capital Management, LLC
MFS Investment Management
PanAgora Asset Management, Inc.
SSgA Funds Management, Inc.
T. Rowe Price
KP Small Cap Equity Fund
Aristotle Capital Boston, LLC
CastleArk Management, LLC
Columbus Circle Investors
DePrince Race & Zollo, Inc.
PENN Capital Management Company, Inc.
SSgA Funds Management, Inc.
Walthausen & Co., LLC
KP International Equity Fund
Acadian Asset Management LLC
Lazard Asset Management LLC
Marathon Asset Management LLP
MFS Investment Management
Sprucegrove Investment Management Ltd.
SSgA Funds Management, Inc.
William Blair & Company, LLC
KP Fixed Income Fund
Credit Suisse Asset Management
Loomis, Sayles & Company, LP
Payden & Rygel
SSgA Funds Management, Inc.
150
| The KP FUNDS | June 30, 2020 (Unaudited) |
7. Investment Transactions:
For the six-months ended June 30, 2020, 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 2020 Fund | $ | 100,469 | $ | 132,580 | ||||
KP Retirement Path 2025 Fund | 161,124 | 173,365 | ||||||
KP Retirement Path 2030 Fund | 171,382 | 154,943 | ||||||
KP Retirement Path 2035 Fund | 192,148 | 168,186 | ||||||
KP Retirement Path 2040 Fund | 184,147 | 149,032 | ||||||
KP Retirement Path 2045 Fund | 162,770 | 110,619 | ||||||
KP Retirement Path 2050 Fund | 124,713 | 69,286 | ||||||
KP Retirement Path 2055 Fund | 67,329 | 27,147 | ||||||
KP Retirement Path 2060 Fund | 17,886 | 8,856 | ||||||
KP Retirement Path 2065 Fund | 15,827 | 12,684 | ||||||
KP Retirement Path Retirement Income Fund | 40,509 | 57,132 | ||||||
KP Large Cap Equity Fund | 716,564 | 765,496 | ||||||
KP Small Cap Equity Fund | 738,792 | 634,438 | ||||||
KP International Equity Fund | 472,358 | 241,028 | ||||||
KP Fixed Income Fund | 1,029,199 | 946,471 | ||||||
In addition, KP Fixed Income Fund had purchases and sales of long-term U.S. Government securities of $2,882,576 (000) and $ 3,103,272 (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, they are charged or credited to paid-in capital, and undistributed earnings, in the period that the differences arise. Permanent differences are primarily attributable to the reclassification of short-term capital gains from affiliated registered investment companies, REIT adjustments, PFIC gain reclass, investment in partnerships, reclass of distributions, paydowns and foreign exchange gain/(loss). None of these permanent differences necessitate a charge to the paid in capital account.
The tax character of dividends and distributions declared during the year or period ended December 31, 2019 and December 31, 2018 were as follows (000):
| Year | Ordinary Income | Long-Term Capital Gain | Return of Capital | Total | ||||||||||||||||
KP Retirement Path Retirement Income Fund | 2019 | $ | 12,795 | $ | 13,933 | $ | — | $ | 26,728 | |||||||||||
| 2018 | 11,803 | 16,059 | — | 27,862 | ||||||||||||||||
KP Retirement Path 2020 Fund | 2019 | 27,936 | 34,844 | — | 62,780 | |||||||||||||||
| 2018 | 25,272 | 34,870 | — | 60,142 | ||||||||||||||||
KP Retirement Path 2025 Fund | 2019 | 35,357 | 48,008 | — | 83,365 | |||||||||||||||
| 2018 | 31,490 | 43,247 | — | 74,737 | ||||||||||||||||
KP Retirement Path 2030 Fund | 2019 | 33,665 | 53,028 | — | 86,693 | |||||||||||||||
| 2018 | 30,892 | 44,059 | — | 74,951 | ||||||||||||||||
KP Retirement Path 2035 Fund | 2019 | 35,964 | 64,322 | — | 100,286 | |||||||||||||||
| 2018 | 34,445 | 52,001 | — | 86,446 | ||||||||||||||||
KP Retirement Path 2040 Fund | 2019 | 31,771 | 63,606 | — | 95,377 | |||||||||||||||
| 2018 | 31,604 | 47,645 | — | 79,249 | ||||||||||||||||
KP Retirement Path 2045 Fund | 2019 | 24,211 | 49,830 | — | 74,041 | |||||||||||||||
| 2018 | 24,064 | 36,086 | — | 60,150 | ||||||||||||||||
KP Retirement Path 2050 Fund | 2019 | 14,783 | 29,471 | — | 44,254 | |||||||||||||||
| 2018 | 14,097 | 19,572 | — | 33,669 | ||||||||||||||||
151
| The KP FUNDS | June 30, 2020 (Unaudited) |
| Year | Ordinary Income | Long-Term Capital Gain | Return of Capital | Total | ||||||||||||||||
KP Retirement Path 2055 Fund | 2019 | $ | 5,413 | $ | 10,735 | $ | — | $ | 16,148 | |||||||||||
| 2018 | 4,535 | 5,416 | — | 9,951 | ||||||||||||||||
KP Retirement Path 2060 Fund | 2019 | 1,111 | 1,826 | — | 2,937 | |||||||||||||||
| 2018 | 928 | 1,783 | — | 2,711 | ||||||||||||||||
KP Retirement Path 2065 Fund | 2019 | * | 270 | — | — | 270 | ||||||||||||||
KP Large Cap Equity Fund | 2019 | 43,959 | 111,241 | — | 155,200 | |||||||||||||||
| 2018 | 46,521 | 153,148 | — | 199,669 | ||||||||||||||||
KP Small Cap Equity Fund | 2019 | 10,310 | 37,166 | — | 47,476 | |||||||||||||||
| 2018 | 62,717 | 87,900 | — | 150,617 | ||||||||||||||||
KP International Equity Fund | 2019 | 50,315 | 8,610 | — | 58,925 | |||||||||||||||
| 2018 | 38,316 | 62,126 | — | 100,442 | ||||||||||||||||
KP Fixed Income Fund | 2019 | 85,819 | — | — | 85,819 | |||||||||||||||
| 2018 | 55,856 | — | — | 55,856 | ||||||||||||||||
| * | KP Retirement Path 2065 Fund did not commence operations prior to December 31, 2018. |
As of December 31, 2019, 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 | Post October Losses | Unrealized Appreciation | Other Temporary Differences | Total Distributable Earnings | ||||||||||||||||||||||
KP Retirement Path Retirement Income Fund | $ | – | $ | 4,742 | $ | – | $ | – | $ | 18,521 | $ | 2 | $ | 23,265 | ||||||||||||||
KP Retirement Path 2020 Fund | – | 17,347 | – | – | 47,247 | – | 64,594 | |||||||||||||||||||||
KP Retirement Path 2025 Fund | – | 26,869 | – | – | 81,390 | 7 | 108,266 | |||||||||||||||||||||
KP Retirement Path 2030 Fund | – | 29,223 | – | – | 95,656 | 1 | 124,880 | |||||||||||||||||||||
KP Retirement Path 2035 Fund | – | 35,362 | – | – | 123,139 | (1 | ) | 158,500 | ||||||||||||||||||||
KP Retirement Path 2040 Fund | – | 33,213 | – | – | 122,565 | (1 | ) | 155,777 | ||||||||||||||||||||
KP Retirement Path 2045 Fund | – | 27,510 | – | – | 90,885 | – | 118,395 | |||||||||||||||||||||
KP Retirement Path 2050 Fund | – | 16,578 | – | – | 49,300 | – | 65,878 | |||||||||||||||||||||
KP Retirement Path 2055 Fund | – | 6,395 | – | – | 11,853 | (2 | ) | 18,246 | ||||||||||||||||||||
KP Retirement Path 2060 Fund | – | 1,154 | – | – | 1,517 | 1 | 2,672 | |||||||||||||||||||||
KP Retirement Path 2065 Fund | 67 | 251 | – | – | 721 | – | 1,039 | |||||||||||||||||||||
KP Large Cap Equity Fund | 112 | – | – | 41,831 | 637,839 | 2 | 679,784 | |||||||||||||||||||||
KP Small Cap Equity Fund | 470 | 8,040 | – | – | 118,540 | 2 | 127,052 | |||||||||||||||||||||
KP International Equity Fund | 2,123 | 5,857 | – | – | 188,337 | (3 | ) | 196,314 | ||||||||||||||||||||
KP Fixed Income Fund | 4,970 | – | – | – | 46,382 | (5,420 | )* | 45,932 | ||||||||||||||||||||
| * | Other temporary differences are primarily attributable to straddle loss deferral. |
Post-October losses represent losses realized on investment transactions from November 1, 2019, through December 31, 2019, 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, capital losses that are carried forward will retain their character as either short-term or long-term capital losses. As of December 31, 2019, the Funds have no capital loss carry forward to future periods.
During the fiscal year ended December 31, 2019, KP Fixed Income Fund utilized $19,861 in capital loss carry forwards to offset capital gains.
152
| The KP FUNDS | June 30, 2020 (Unaudited) |
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 June 30, 2020, were as follows (000):
| Federal Tax Cost | Aggregated Gross Unrealized Appreciation | Aggregated Gross Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) | |||||||||||||
KP Retirement Path Retirement Income Fund | $ | 426,567 | $ | 23,891 | $ | (4,073 | ) | $ | 19,818 | |||||||
KP Retirement Path 2020 Fund | 987,003 | 50,970 | (10,959 | ) | 40,011 | |||||||||||
KP Retirement Path 2025 Fund | 1,361,898 | 69,264 | (17,935 | ) | 51,329 | |||||||||||
KP Retirement Path 2030 Fund | 1,393,617 | 70,723 | (21,996 | ) | 48,727 | |||||||||||
KP Retirement Path 2035 Fund | 1,561,823 | 76,524 | (29,086 | ) | 47,438 | |||||||||||
KP Retirement Path 2040 Fund | 1,447,645 | 68,616 | (29,589 | ) | 39,027 | |||||||||||
KP Retirement Path 2045 Fund | 1,178,963 | 48,857 | (26,767 | ) | 22,090 | |||||||||||
KP Retirement Path 2050 Fund | 774,869 | 24,354 | (21,490 | ) | 2,864 | |||||||||||
KP Retirement Path 2055 Fund | 314,002 | 6,914 | (10,044 | ) | (3,130 | ) | ||||||||||
KP Retirement Path 2060 Fund | 64,507 | 1,474 | (1,458 | ) | 16 | |||||||||||
KP Retirement Path 2065 Fund | 14,568 | 1,521 | – | 1,521 | ||||||||||||
KP Large Cap Equity Fund | 2,541,080 | 673,280 | (141,566 | ) | 531,714 | |||||||||||
KP Small Cap Equity Fund | 1,296,154 | 162,803 | (153,829 | ) | 8,974 | |||||||||||
KP International Equity Fund | 2,063,493 | 260,369 | (264,585 | ) | (4,216 | ) | ||||||||||
KP Fixed Income Fund | 2,371,195 | 107,339 | (39,870 | ) | 67,469 | |||||||||||
The preceding differences between book and tax cost are primarily due to mark-to-market treatment of passive foreign investment companies, premium amortization on callable bonds 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, Sub-strategies and sub-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.
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.
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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 are 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. Many over-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. and non-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.
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 that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. These additional risks may be heightened with respect to emerging market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries.
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.
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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, possible bail-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 Under-lying 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 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 — 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 sensi-
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tive 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 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 — 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. Many over-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. and non-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 that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. These additional risks may be heightened with respect to emerging market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries.
• 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
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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 infl ation.
• 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 diffi cult 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 (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) — 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 (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 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.
• Passive Sub-strategy Risk — A certain portion of an Underlying Fund’s assets (i.e., a sub-strategy) may not be actively managed. Instead, such sub-strategy may be managed to track the performance of an unmanaged index of securities. As a result, the sub-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 the sub-strategy were managed pursuant to an active strategy. In addition, the return of the sub-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.
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• 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 an Underlying Fund to invest the proceeds at generally lower interest rates.
• Senior Loans/Bank Loans Risk (KP Fixed Income Fund)— 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 traded over-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 (KP Fixed Income Fund)— 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 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.
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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 retain sub-advisers who achieve superior investment records relative to other similar investments or effectively allocate the Fund’s assets among sub-advisers to enhance the return that would typically be expected of any one management style. While the Adviser monitors the investments of each sub-adviser and monitors the overall management of the Fund, each sub-adviser makes investment decisions for the assets it manages independently from one another. It is possible that the investment styles used by a sub-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 the 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’s Sub-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, the Sub-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 the Sub-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 the Sub-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 number 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 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
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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 traded over-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 a Sub-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 the Sub-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 a sub-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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11. Other:
At June 30, 2020, 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 | 0% | 1 | 100% | ||||||
KP Retirement Path 2020 Fund | 0 | 0% | 1 | 100% | ||||||
KP Retirement Path 2025 Fund | 0 | 0% | 1 | 100% | ||||||
KP Retirement Path 2030 Fund | 0 | 0% | 1 | 100% | ||||||
KP Retirement Path 2035 Fund | 0 | 0% | 1 | 100% | ||||||
KP Retirement Path 2040 Fund | 0 | 0% | 1 | 100% | ||||||
KP Retirement Path 2045 Fund | 0 | 0% | 1 | 100% | ||||||
KP Retirement Path 2050 Fund | 0 | 0% | 1 | 100% | ||||||
KP Retirement Path 2055 Fund | 0 | 0% | 1 | 100% | ||||||
KP Retirement Path 2060 Fund | 0 | 0% | 1 | 100% | ||||||
KP Retirement Path 2065 Fund | 0 | 0% | 2 | 100% | ||||||
KP Large Cap Equity Fund | 5 | 76% | 0 | 0% | ||||||
KP Small Cap Equity Fund | 3 | 40% | 1 | 26% | ||||||
KP International Equity Fund | 5 | 78% | 0 | 0% | ||||||
KP Fixed Income Fund | 5 | 78% | 0 | 0% | ||||||
12. New Accounting Pronouncements:
In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosures requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years.
In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), 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.
13. Subsequent Events:
The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.
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| The KP FUNDS | June 30, 2020 |
| Disclosure of Fund Expenses (Unaudited) |
All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.
Operating expenses such as these are deducted from the mutual fund‘s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the mutual fund’s average net assets; this percentage is known as the mutual fund’s expense ratio.
The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 invested on January 1, 2020 and held for the six-month period ended June 30, 2020.
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 “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other mutual funds.
NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown do not apply to your specific investment.
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| The KP FUNDS | June 30, 2020 |
| Disclosure of Fund Expenses (Unaudited) (Concluded) |
| Beginning Account Value 1/1/2020 | Ending Account Value 6/30/2020 | Annualized Expense Ratios | Expenses Paid During Period(1) | |||||||||||||
KP Retirement Path Retirement Income Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,006.80 | 0.06 | % | $ | 0.30 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,024.57 | 0.06 | 0.30 | ||||||||||||
KP Retirement Path 2020 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 996.30 | 0.06 | % | $ | 0.30 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,024.57 | 0.06 | 0.30 | ||||||||||||
KP Retirement Path 2025 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 983.90 | 0.06 | % | $ | 0.30 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,024.57 | 0.06 | 0.30 | ||||||||||||
KP Retirement Path 2030 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 971.10 | 0.06 | % | $ | 0.29 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,024.57 | 0.06 | 0.30 | ||||||||||||
KP Retirement Path 2035 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 958.70 | 0.05 | % | $ | 0.24 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,024.62 | 0.05 | 0.25 | ||||||||||||
KP Retirement Path 2040 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 949.90 | 0.05 | % | $ | 0.24 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,024.62 | 0.05 | 0.25 | ||||||||||||
KP Retirement Path 2045 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 944.40 | 0.05 | % | $ | 0.24 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,024.62 | 0.05 | 0.25 | ||||||||||||
| Beginning Account Value 1/1/2020 | Ending Account Value 6/30/2020 | Annualized Expense Ratios | Expenses Paid During Period(1) | |||||||||||||
KP Retirement Path 2050 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 941.20 | 0.05 | % | $ | 0.24 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,024.62 | 0.05 | 0.25 | ||||||||||||
KP Retirement Path 2055 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 939.20 | 0.05 | % | $ | 0.24 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,024.62 | 0.05 | 0.25 | ||||||||||||
KP Retirement Path 2060 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 939.00 | 0.05 | % | $ | 0.24 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,024.62 | 0.05 | 0.25 | ||||||||||||
KP Retirement Path 2065 Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 938.80 | 0.06 | % | $ | 0.24 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,024.62 | 0.06 | 0.25 | ||||||||||||
KP Large Cap Equity Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 979.20 | 0.29 | % | $ | 1.43 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,023.42 | 0.29 | 1.46 | ||||||||||||
KP Small Cap Equity Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 873.10 | 0.51 | % | $ | 2.38 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,022.33 | 0.51 | 2.56 | ||||||||||||
KP International Equity Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 875.10 | 0.47 | % | $ | 2.19 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,022.53 | 0.47 | 2.36 | ||||||||||||
KP Fixed Income Fund |
| |||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,045.00 | 0.28 | % | $ | 1.42 | ||||||||
Hypothetical 5% Return | 1,000.00 | 1,023.47 | 0.28 | 1.41 | ||||||||||||
(1) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).
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| The KP FUNDS | June 30, 2020 |
| Review of Liquidity Risk Management Program (Unaudited) |
Pursuant to Rule 22e-4 under the 1940 Act, the Funds’ investment adviser has adopted, and the Board has approved, a liquidity risk management program (the “Program”) to govern the Funds’ approach to managing liquidity risk. The Program is overseen by the Funds’ Liquidity Risk Management Program Administrator (the “Program Administrator”), and the Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Funds.
At a meeting of the Board held on May 19, 2020, the Trustees received a report from the Program Administrator addressing the operations of the Program and assessing its adequacy and effectiveness of implementation. The Board acknowledged that (i) the report covered the period from December 1, 2018 through December 31, 2019 and thus did not cover the recent period of market volatility, and (ii) the Board held a call with the Trust’s officers on March 25, 2020 where the officers discussed the operations and effectiveness of the Program during the then-current market volatility. The Program Administrator’s report noted that the Program Administrator had determined that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk since the Program was implemented on December 1, 2018. The Program Administrator’s report noted that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Program Administrator’s report further noted that no material changes have been made to the Program since its implementation. The Program Administrator also noted that the Board approved a change to the membership of the committee serving as Program Administrator.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.
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| The KP FUNDS | June 30, 2020 |
| Approval of Investment Advisory Agreement (Unaudited) |
Board Considerations in Renewing and Approving Fund Advisory and Sub-Advisory Agreements.
Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the advisory and, as applicable, sub-advisory agreements for each series (a “Fund”) of The KP Funds (the “Trust”) must be initially approved: (i) by a vote of a majority of the shareholders of the Fund; and (ii) by the vote of a majority of the members of the Board of Trustees (the “Board” or the “Trustees”) of the Trust who are not parties to the agreement or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.
In addition, pursuant to Section 15 of the 1940 Act, a Fund’s advisory and sub-advisory agreements must be renewed at least annually after their initial two-year term: (i) by the vote of the Board of the Trust or by a vote of a majority of the shareholders of the Fund; and (ii) by the vote of a majority of the Independent Trustees cast in person at a meeting called for the purpose of voting on such renewal.
Board Considerations in Renewing the Sub-Advisory Agreement between the Adviser and Credit Suisse Asset Management, LLC with respect to the KP Fixed Income Fund and the Sub-Advisory Agreement between the Adviser and Sprucegrove Investment Management Ltd. with respect to the KP International Equity Fund
A Board meeting was held on February 25, 2020 to decide whether to renew the following agreements (the “Agreements”) for additional one-year terms:
| • | the sub-advisory agreement between the Adviser and Credit Suisse Asset Management, LLC (“Credit Suisse”) with respect to the KP Fixed Income Fund, which included an amendment to incorporate a fee reduction; and |
| • | the sub-advisory agreement between the Adviser and Sprucegrove Investment Management Ltd. (“Sprucegrove,” and, together with Credit Suisse, the “Sub-Advisers”) with respect to the KP International Equity Fund. |
In preparation for the meeting, the Trustees requested that the Sub-Advisers furnish information necessary to evaluate the terms of the Agreements. Prior to the meeting, the Independent Trustees of the Funds met to review and discuss the information provided and submitted a request for additional information to the Sub-Advisers, and information was provided in response to this request. The Trustees used this information, as well as other information that the Sub-Advisers and other service providers of the Funds presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreements for an additional year.
Specifically, the Board requested and received written materials from the Sub-Advisers and other service providers of the Funds regarding: (i) the nature, extent and quality of the Sub-Advisers’ services; (ii) the Sub-Advisers’ investment management personnel; (iii) the Sub-Advisers’ operations and financial condition; (iv) the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Funds’ sub-advisory fees paid to the Sub-Advisers and overall Fund fees and operating expenses; (vi) the level of the Sub-Advisers’ profitability from their relationships with the Funds, including both direct and indirect benefits accruing to the Sub-Advisers and their affiliates; (vii) the Sub-Advisers’ potential economies of scale; (viii) the Sub-Advisers’ compliance programs, including a description of material compliance matters and material compliance violations; (ix) the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; and (x) the Funds’ performance attributable to the Sub-Advisers and overall performance compared with peer groups of mutual funds and the Funds’ benchmark indices.
Representatives from the Sub-Advisers, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Board meeting to help the Trustees evaluate the Sub-Advisers’ services, fees and other aspects of the Agreements. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management and the Sub-Advisers.
At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Sub-Advisers and other service providers of the Funds, renewed the Agreements. In
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| The KP FUNDS | June 30, 2020 |
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 Sub-Advisers; (ii) the investment performance of the Funds and the Sub-Advisers; (iii) the costs of the services provided and profits realized by the Sub-Advisers from their relationships with the Funds, including both direct and indirect benefits accruing to the Sub-Advisers and their affiliates; (iv) the extent to which economies of scale are being realized by the Sub-Advisers; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.
Nature, Extent and Quality of Services Provided by the Sub-Advisers
In considering the nature, extent and quality of the services provided by the Sub-Advisers, the Board reviewed the portfolio management services provided by the Sub-Advisers to the Funds, including the quality and continuity of the Sub-Advisers’ portfolio management personnel, the resources of the Sub-Advisers, and the Sub-Advisers’ compliance histories and compliance programs. The Trustees reviewed the terms of the Agreements. The Trustees also reviewed the Sub-Advisers’ investment and risk management approaches for the Funds. The Trustees considered that the Adviser supervises and monitors the performance of the Sub-Advisers. The most recent investment adviser registration forms (“Form ADV”) for the Sub-Advisers were available to the Board, as were the responses of the Sub-Advisers to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Sub-Advisers to the Funds.
The Trustees also considered other services provided to the Funds by the Sub-Advisers such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds’ investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Funds by the Sub-Advisers were sufficient to support renewal of the Agreements.
Investment Performance of the Funds and the Sub-Advisers
The Board was provided with regular reports regarding the Funds’ performance, and the Sub-Advisers’ contributions thereto, 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 Sub-Advisers provided information regarding and led discussions of factors impacting the Sub-Advisers’ performance for the Funds, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Sub-Advisers’ performance was satisfactory, or, where the Sub-Advisers’ performance was materially below the Funds’ benchmarks and/or peer groups, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Sub-Advisers in an effort to improve the performance of the Funds. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Sub-Advisers had been able to achieve for the Funds were sufficient to support renewal of the Agreements.
Costs of Sub-Advisory Services, Profitability and Economies of Scale
In considering the sub-advisory fees payable by the Funds to the Sub-Advisers, the Trustees reviewed, among other things, a report of the sub-advisory fees paid to the Sub-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 management fees charged by the Sub-Advisers to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Funds and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Funds are subject. The Trustees also considered that the fees payable to the Sub-Advisers reflected arms-length negotiations between the Adviser and the Sub-Advisers. The Board concluded, within the context of its full deliberations, that the sub-advisory fees were reasonable in light of the nature and quality of the services rendered by the Sub-Advisers.
The Trustees reviewed the costs of services provided by and the profits realized by the Sub-Advisers from their relationship with the Funds, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Sub-Advisers and their affiliates. The Trustees considered
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| The KP FUNDS | June 30, 2020 |
how the Sub-Advisers’ profitability was affected by factors such as their organizational structures and methods for allocating expenses. The Trustees concluded that the profit margins of the Sub-Advisers with respect to the management of the Funds were not unreasonable.
The Trustees considered the Sub-Advisers’ views relating to economies of scale in connection with the Funds as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Funds and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Funds’ shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the sub-advisory fees were reasonable in light of the information that was provided to the Trustees by the Sub-Advisers with respect to economies of scale.
Renewal of the Agreements
Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously concluded that the terms of the Agreements, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreements for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.
Board Considerations in Approving an Amendment to the Funds’ Advisory Agreement Between the Adviser and the Trust, on behalf of the Funds
At the February 25, 2020 meeting, the Adviser proposed an amendment to the investment advisory agreement between the Adviser and the Trust, on behalf of each Fund, that would result in lowering the investment advisory fee paid to the Adviser by each Fund. Based on the Board’s deliberations and its evaluation of the information provided by the Adviser regarding the lower fee 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 agreed to approve the amendment to the Advisory Agreement based on the Board’s conclusion that the new, lower advisory fees were fair and reasonable to the Funds.
167
The KP Funds
Investment Adviser
Callan LLC
600 Montgomery Street, Suite 800
San Francisco, CA 94111
Administrator
SEI Investments
Global Funds Services
One Freedom Valley Drive
Oaks, Pennsylvania 19456
Distributor
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, Pennsylvania 19456
Legal Counsel
Morgan, Lewis & Bockius LLP
1701 Market Street
Philadelphia, Pennsylvania 19103-2921
This information must be preceded or accompanied by a current prospectus for the Funds.
To Obtain a Prospectus, SAI, Annual or Semi-Annual Report, or More Information:
| By Telephone: | 855-457-3637 (855-4KPFNDS) | |
| By Mail: | The KP Funds | |
| c/o SEI Investments | ||
| One Freedom Valley Drive | ||
| Oaks, PA 19546 | ||
| By Internet: | www.kp-funds.com | |
From the SEC: You can also obtain the Prospectus, SAI or the Annual and Semi-Annual Reports, as well as other information about The KP Funds, from the EDGAR Database on the SEC’s website at: http://www.sec.gov. You may review and copy documents at the SEC Public Reference Room in Washington, DC (for information on the operation of the Public Reference Room, call 202-551-8090). You may request documents by mail from the SEC, upon payment of a duplicating fee, by writing to: U.S. Securities and Exchange Commission, Public Reference Section, Washington, DC 20549-1520. You may also obtain this information, upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.
The Trust’s Investment Company Act registration number is 811-22838
KPF-SA-001-0700
| Item 2. | Code of Ethics. |
Not applicable for semi-annual report.
| Item 3. | Audit Committee Financial Expert. |
Not applicable for semi-annual report.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable for semi-annual report.
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable to open-end management investment companies.
| Item 6. | Schedule of Investments. |
Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable to open-end management investment companies.
| Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable. Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005.
| Item 9. | Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers. |
Not applicable to open-end management investment companies.
| Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.
| Item 11. | Controls and Procedures. |
(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
| Items 12. | Exhibits. |
(a)(1) Not applicable for semi-annual report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | The KP Funds | |||||
| By (Signature and Title) | /s/ Michael Beattie | |||||
| Michael Beattie, President | ||||||
Date: September 4, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Michael Beattie | |||||
| Michael Beattie, President |
Date: September 4, 2020
| By (Signature and Title) | /s/ Stephen Connors | |||||
| Stephen Connors | ||||||
| Treasurer, Controller & CFO |
Date: September 4, 2020