N-CSRS

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)

Michael Beattie

c/o SEI Corporation

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

Date of fiscal year end: December 31, 2014

Date of reporting period: June 30, 2014

Item 1. Reports to Stockholders.

The KP Funds  

KP Retirement Path 2015 Fund: KPRAX

KP Retirement Path 2020 Fund: KPRBX

KP Retirement Path 2025 Fund: KPRCX

KP Retirement Path 2030 Fund: KPRDX

KP Retirement Path 2035 Fund: KPREX

KP Retirement Path 2040 Fund: KPRFX

KP Retirement Path 2045 Fund: KPRGX

KP Retirement Path 2050 Fund: KPRHX

KP Retirement Path 2055 Fund: KPRIX

KP Retirement Path 2060 Fund: KPRJX

KP Large Cap Equity Fund: KPLCX

KP Small Cap Equity Fund: KPSCX

KP International Equity Fund: KPIEX

KP Fixed Income Fund: KPFIX

Semi-Annual Report

June 30, 2014

THE KP FUNDS June 30, 2014 (Unaudited)

TABLE OF CONTENTS
Schedules of Investments	1
Statements of Assets and Liabilities	79
Statements of Operations	83
Statements of Changes in Net Assets	87
Financial Highlights	91
Notes to Financial Statements	92
Disclosure of Fund Expenses	101
Approval of Investment Advisory Agreement	103

The Funds file their complete schedules of investments with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q within sixty days after period end. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, as well as information relating to how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 855-457-3637 (855-4KPFNDS); and (ii) on the Commission’s website at http://www.sec.gov.

THE KP FUNDS June 30, 2014 (Unaudited)

KP Retirement Path 2015 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 63.0%
KP Fixed Income Fund*		18,181,447	$	184,905
KP International Equity Fund*		3,885,303		40,951
KP Large Cap Equity Fund*		9,303,970		97,971
KP Small Cap Equity Fund*		2,074,874		21,496
Total Affiliated Registered Investment Companies (Cost $328,697) (000)				345,323
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 37.0%
DFA Commodity Strategy Portfolio		602,554		5,465
DFA International Real Estate Securities Portfolio		960,954		5,487

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		369,297	$	5,458
T Rowe Price Institutional Floating Rate Fund		532,561		5,480
T Rowe Price New Era Fund		108,601		5,543
Vanguard Inflation-Protected Securities Fund		7,308,021		79,511
Vanguard REIT Index Fund		665,804		10,933
Vanguard Short-Term Bond Index Fund		8,046,442		84,729
Total Unaffiliated Registered Investment Companies (Cost $197,392) (000)				202,606
Total Investments — 100.0% (Cost $526,089) (000)			$	547,929

Percentages are based on Net Assets of $547,960 (000).

* Non-income producing security.

REIT — Real Estate Investment Trust

As of June 30, 2014, 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, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of June 30, 2014, there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended June 30, 2014:

	Value 1/10/2014* (000)		Purchases at Cost (000)		Proceeds from Sales (000)			Unrealized Appreciation (000)		Realized Gain (000)		Value 6/30/2014 (000)		Dividend Income (000)
KP Fixed Income Fund	$	—	$	192,408	$	(11,853	)	$	4,310	$	40	$	184,905	$	—
KP International Equity Fund		—		43,939		(6,873	)		3,601		284		40,951		—
KP Large Cap Equity Fund		—		107,529		(17,728	)		7,481		689		97,971		—
KP Small Cap Equity Fund		—		24,307		(4,174	)		1,234		129		21,496		—

* The Fund commenced operations on January 10, 2014.

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

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

1

THE KP FUNDS June 30, 2014 (Unaudited)

KP Retirement Path 2020 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 70.3%
KP Fixed Income Fund*		18,924,016	$	192,457
KP International Equity Fund*		8,203,802		86,468
KP Large Cap Equity Fund*		13,255,758		139,583
KP Small Cap Equity Fund*		4,389,760		45,478
Total Affiliated Registered Investment Companies (Cost $438,575) (000)				463,986
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 29.7%
DFA Commodity Strategy Portfolio		705,133		6,396
DFA International Real Estate Securities Portfolio		1,184,932		6,766

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		446,942	$	6,606
T Rowe Price Institutional Floating Rate Fund		639,991		6,586
T Rowe Price New Era Fund		131,495		6,712
Vanguard Inflation-Protected Securities Fund		7,197,374		78,307
Vanguard REIT Index Fund		809,918		13,299
Vanguard Short-Term Bond Index Fund		6,753,959		71,118
Total Unaffiliated Registered Investment Companies (Cost $189,872) (000)				195,790
Total Investments — 100.0% (Cost $628,447) (000)			$	659,776

Percentages are based on Net Assets of $659,793 (000).

* Non-income producing security.

REIT — Real Estate Investment Trust

As of June 30, 2014, 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, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of June 30, 2014, there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended June 30, 2014:

	Value 1/10/2014* (000)		Purchases at Cost (000)		Proceeds from Sales (000)			Unrealized Appreciation (000)		Realized Gain (000)		Value 6/30/2014 (000)		Dividend Income (000)
KP Fixed Income Fund	$	—	$	192,368	$	(4,337	)	$	4,425	$	1	$	192,457	$	—
KP International Equity Fund		—		85,855		(7,243	)		7,588		268		86,468		—
KP Large Cap Equity Fund		—		139,185		(10,777	)		10,805		370		139,583		—
KP Small Cap Equity Fund		—		48,611		(5,990	)		2,593		264		45,478		—

* The Fund commenced operations on January 10, 2014.

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

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

2

THE KP FUNDS June 30, 2014 (Unaudited)

KP Retirement Path 2025 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 78.7%
KP Fixed Income Fund*		14,196,488	$	144,378
KP International Equity Fund*		12,049,860		127,006
KP Large Cap Equity Fund*		14,907,251		156,974
KP Small Cap Equity Fund*		5,985,642		62,011
Total Affiliated Registered Investment Companies (Cost $460,432) (000)				490,369
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 21.3%
DFA Commodity Strategy Portfolio		657,017		5,959
DFA International Real Estate Securities Portfolio		1,116,633		6,376

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		420,140	$	6,209
T Rowe Price Institutional Floating Rate Fund		594,649		6,119
T Rowe Price New Era Fund		124,666		6,363
Vanguard Inflation-Protected Securities Fund		4,499,923		48,959
Vanguard REIT Index Fund		772,831		12,690
Vanguard Short-Term Bond Index Fund		3,839,286		40,428
Total Unaffiliated Registered Investment Companies (Cost $128,124) (000)				133,103
Total Investments — 100.0% (Cost $588,556) (000)			$	623,472

Percentages are based on Net Assets of $623,466 (000).

* Non-income producing security.

REIT — Real Estate Investment Trust

As of June 30, 2014, 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, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of June 30, 2014, there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended June 30, 2014:

	Value 1/10/2014* (000)		Purchases at Cost (000)		Proceeds from Sales (000)			Unrealized Appreciation (000)		Realized Gain (000)		Value 6/30/2014 (000)		Dividend Income (000)
KP Fixed Income Fund	$	—	$	142,170	$	(1,070	)	$	3,274	$	4	$	144,378	$	—
KP International Equity Fund		—		120,125		(4,320	)		11,116		85		127,006		—
KP Large Cap Equity Fund		—		151,179		(6,430	)		12,018		207		156,974		—
KP Small Cap Equity Fund		—		63,188		(4,867	)		3,529		161		62,011		—

* The Fund commenced operations on January 10, 2014.

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

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

3

THE KP FUNDS June 30, 2014 (Unaudited)

KP Retirement Path 2030 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 86.8%
KP Fixed Income Fund*		9,765,695	$	99,317
KP International Equity Fund*		14,424,637		152,036
KP Large Cap Equity Fund*		15,543,084		163,668
KP Small Cap Equity Fund*		6,865,012		71,122
Total Affiliated Registered Investment Companies (Cost $454,143) (000)				486,143
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 13.2%
DFA Commodity Strategy Portfolio		580,699		5,267
DFA International Real Estate Securities Portfolio		922,294		5,266

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		352,906	$	5,216
T Rowe Price Institutional Floating Rate Fund		508,312		5,231
T Rowe Price New Era Fund		105,987		5,410
Vanguard Inflation-Protected Securities Fund		2,168,705		23,595
Vanguard REIT Index Fund		642,714		10,553
Vanguard Short-Term Bond Index Fund		1,271,442		13,388
Total Unaffiliated Registered Investment Companies (Cost $70,199) (000)				73,926
Total Investments — 100.0% (Cost $524,342) (000)			$	560,069

Percentages are based on Net Assets of $560,046 (000).

* Non-income producing security.

REIT — Real Estate Investment Trust

As of June 30, 2014, 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, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of June 30, 2014, there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended June 30, 2014:

	Value 1/10/2014* (000)		Purchases at Cost (000)		Proceeds from Sales (000)			Unrealized Appreciation (000)		Realized Gain (000)		Value 6/30/2014 (000)		Dividend Income (000)
KP Fixed Income Fund	$	—	$	99,109	$	(2,035	)	$	2,242	$	1	$	99,317	$	—
KP International Equity Fund		—		142,475		(3,602	)		13,113		50		152,036		—
KP Large Cap Equity Fund		—		153,756		(2,704	)		12,580		36		163,668		—
KP Small Cap Equity Fund		—		71,734		(4,836	)		4,065		159		71,122		—

* The Fund commenced operations on January 10, 2014.

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

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

4

THE KP FUNDS June 30, 2014 (Unaudited)

KP Retirement Path 2035 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 91.9%
KP Fixed Income Fund*		8,063,334	$	82,004
KP International Equity Fund*		17,416,262		183,567
KP Large Cap Equity Fund*		18,580,423		195,652
KP Small Cap Equity Fund*		8,208,206		85,037
Total Affiliated Registered Investment Companies (Cost $508,771) (000)				546,260
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 8.1%
DFA Commodity Strategy Portfolio		478,937		4,344
DFA International Real Estate Securities Portfolio		775,415		4,428

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		295,704	$	4,371
T Rowe Price Institutional Floating Rate Fund		427,437		4,398
T Rowe Price New Era Fund		88,931		4,539
Vanguard Inflation-Protected Securities Fund		1,221,831		13,294
Vanguard REIT Index Fund		540,650		8,877
Vanguard Short-Term Bond Index Fund		393,040		4,139
Total Unaffiliated Registered Investment Companies (Cost $45,442) (000)				48,390
Total Investments — 100.0% (Cost $554,213) (000)			$	594,650

Percentages are based on Net Assets of $594,618 (000).

* Non-income producing security.

REIT — Real Estate Investment Trust

As of June 30, 2014, 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, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of June 30, 2014, there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended June 30, 2014:

	Value 1/10/2014* (000)		Purchases at  Cost (000)		Proceeds from Sales (000)			Unrealized Appreciation (000)		Realized Gain (000)		Value 6/30/2014 (000)		Dividend Income (000)
KP Fixed Income Fund	$	—	$	81,641	$	(1,481	)	$	1,837	$	7	$	82,004	$	—
KP International Equity Fund		—		171,567		(3,829	)		15,808		21		183,567		—
KP Large Cap Equity Fund		—		183,568		(2,941	)		14,973		52		195,652		—
KP Small Cap Equity Fund		—		84,909		(4,897	)		4,871		154		85,037		—

* The Fund commenced operations on January 10, 2014.

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

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

5

THE KP FUNDS June 30, 2014 (Unaudited)

KP Retirement Path 2040 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*		5,130,996	$	52,182
KP International Equity Fund*		15,642,392		164,871
KP Large Cap Equity Fund*		18,236,457		192,031
KP Small Cap Equity Fund*		7,494,925		77,647
Total Affiliated Registered Investment Companies (Cost $452,388) (000)				486,731
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.7%
DFA Commodity Strategy Portfolio		324,835		2,946
DFA International Real Estate Securities Portfolio		517,553		2,955

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		200,623	$	2,965
T Rowe Price Institutional Floating Rate Fund		284,349		2,926
T Rowe Price New Era Fund		58,855		3,004
Vanguard Inflation-Protected Securities Fund		815,074		8,868
Vanguard REIT Index Fund		360,459		5,919
Total Unaffiliated Registered Investment Companies (Cost $27,638) (000)				29,583
Total Investments — 100.0% (Cost $480,026) (000)			$	516,314

Percentages are based on Net Assets of $516,283 (000).

* Non-income producing security.

REIT — Real Estate Investment Trust

As of June 30, 2014, 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, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of June 30, 2014, there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended June 30, 2014:

	Value 1/10/2014* (000)		Purchases at Cost (000)		Proceeds from Sales (000)			Unrealized Appreciation (000)		Realized Gain (000)		Value 6/30/2014 (000)		Dividend Income (000)
KP Fixed Income Fund	$	—	$	52,285	$	(1,278	)	$	1,169	$	6	$	52,182	$	—
KP International Equity Fund		—		156,597		(5,886	)		14,126		34		164,871		—
KP Large Cap Equity Fund		—		180,234		(2,940	)		14,702		35		192,031		—
KP Small Cap Equity Fund		—		79,815		(6,726	)		4,346		212		77,647		—

* The Fund commenced operations on January 10, 2014.

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

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

6

THE KP FUNDS June 30, 2014 (Unaudited)

KP Retirement Path 2045 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.0%
KP Fixed Income Fund*		2,584,737	$	26,287
KP International Equity Fund*		10,908,730		114,978
KP Large Cap Equity Fund*		11,573,306		121,867
KP Small Cap Equity Fund*		4,790,485		49,629
Total Affiliated Registered Investment Companies (Cost $290,584) (000)				312,761
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.0%
DFA Commodity Strategy Portfolio		178,823		1,622
DFA International Real Estate Securities Portfolio		291,713		1,666

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		112,209	$	1,658
T Rowe Price Institutional Floating Rate Fund		159,830		1,645
T Rowe Price New Era Fund		32,627		1,665
Vanguard Inflation-Protected Securities Fund		456,867		4,971
Vanguard REIT Index Fund		202,164		3,319
Total Unaffiliated Registered Investment Companies (Cost $15,477) (000)				16,546
Total Investments — 100.0% (Cost $306,061) (000)			$	329,307

Percentages are based on Net Assets of $329,287 (000).

* Non-income producing security.

REIT — Real Estate Investment Trust

As of June 30, 2014, 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, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of June 30, 2014, there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended June 30, 2014:

	Value 1/10/2014* (000)		Purchases at Cost (000)		Proceeds from Sales (000)			Unrealized Appreciation (000)		Realized Gain (000)		Value 6/30/2014 (000)		Dividend Income (000)
KP Fixed Income Fund	$	—	$	26,557	$	(858	)	$	582	$	6	$	26,287	$	—
KP International Equity Fund		—		107,541		(2,249	)		9,658		28		114,978		—
KP Large Cap Equity Fund		—		115,574		(2,899	)		9,158		34		121,867		—
KP Small Cap Equity Fund		—		50,330		(3,558	)		2,779		78		49,629		—

* The Fund commenced operations on January 10, 2014.

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

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

7

THE KP FUNDS June 30, 2014 (Unaudited)

KP Retirement Path 2050 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.0%
KP Fixed Income Fund*		832,412	$	8,466
KP International Equity Fund*		3,501,475		36,905
KP Large Cap Equity Fund*		3,709,392		39,059
KP Small Cap Equity Fund*		1,529,298		15,844
Total Affiliated Registered Investment Companies (Cost $93,647) (000)				100,274
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.0%
DFA Commodity Strategy Portfolio		57,543		522
DFA International Real Estate Securities Portfolio		93,603		535

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		35,539	$	525
T Rowe Price Institutional Floating Rate Fund		50,829		523
T Rowe Price New Era Fund		10,467		534
Vanguard Inflation-Protected Securities Fund		145,706		1,585
Vanguard REIT Index Fund		64,647		1,062
Total Unaffiliated Registered Investment Companies (Cost $4,947) (000)				5,286
Total Investments — 100.0% (Cost $98,594) (000)			$	105,560

Percentages are based on Net Assets of $105,551 (000).

* Non-income producing security.

REIT — Real Estate Investment Trust

As of June 30, 2014, 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, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of June 30, 2014, there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended June 30, 2014:

	Value 1/10/2014* (000)		Purchases at Cost (000)		Proceeds from Sales (000)			Unrealized Appreciation (000)		Realized Gain (000)		Value 6/30/2014 (000)		Dividend Income (000)
KP Fixed Income Fund	$	—	$	8,580	$	(293	)	$	177	$	2	$	8,466	$	—
KP International Equity Fund		—		35,247		(1,219	)		2,863		14		36,905		—
KP Large Cap Equity Fund		—		37,659		(1,360	)		2,735		25		39,059		—
KP Small Cap Equity Fund		—		16,710		(1,736	)		853		17		15,844		—

* The Fund commenced operations on January 10, 2014.

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

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

8

THE KP FUNDS June 30, 2014 (Unaudited)

KP Retirement Path 2055 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.1%
KP Fixed Income Fund*		69,416	$	706
KP International Equity Fund*		293,000		3,088
KP Large Cap Equity Fund*		310,514		3,270
KP Small Cap Equity Fund*		128,197		1,328
Total Affiliated Registered Investment Companies (Cost $8,014) (000)				8,392
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.0%
DFA Commodity Strategy Portfolio		4,774		43
DFA International Real Estate Securities Portfolio		7,828		45

Description	Shares		Value (000)
Lazard Global Listed Infrastructure Portfolio		3,011	$	44
T Rowe Price Institutional Floating Rate Fund		4,278		44
T Rowe Price New Era Fund		877		45
Vanguard Inflation-Protected Securities Fund		12,284		134
Vanguard REIT Index Fund		5,425		89
Total Unaffiliated Registered Investment Companies (Cost $418) (000)				444
Total Investments — 100.1% (Cost $8,432) (000)			$	8,836

Percentages are based on Net Assets of $8,831 (000).

* Non-income producing security.

REIT — Real Estate Investment Trust

As of June 30, 2014, 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, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of June 30, 2014, there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended June 30, 2014:

	Value 1/10/2014* (000)		Purchases at  Cost (000)		Proceeds from Sales (000)			Unrealized Appreciation (000)		Realized Gain (000)		Value 6/30/2014 (000)		Dividend Income (000)
KP Fixed Income Fund	$	—	$	725	$	(31	)	$	12	$	—	$	706	$	—
KP International Equity Fund		—		3,116		(185	)		155		2		3,088		—
KP Large Cap Equity Fund		—		3,293		(185	)		160		2		3,270		—
KP Small Cap Equity Fund		—		1,409		(133	)		51		1		1,328		—

* The Fund commenced operations on January 10, 2014.

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

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

9

THE KP FUNDS June 30, 2014 (Unaudited)

KP Retirement Path 2060 Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

  SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 95.1%
KP Fixed Income Fund*		20,261	$	206
KP International Equity Fund*		85,529		901
KP Large Cap Equity Fund*		90,503		954
KP Small Cap Equity Fund*		37,292		386
Total Affiliated Registered Investment Companies (Cost $2,369) (000)				2,447
UNAFFILIATED REGISTERED INVESTMENT COMPANIES — 5.1%
DFA Commodity Strategy Portfolio		1,420		13

Description	Shares		Value (000)
DFA International Real Estate Securities Portfolio		2,255	$	13
Lazard Global Listed Infrastructure Portfolio		871		13
T Rowe Price Institutional Floating Rate Fund		1,256		13
T Rowe Price New Era Fund		252		13
Vanguard Inflation-Protected Securities Fund		3,579		39
Vanguard REIT Index Fund		1,569		25
Total Unaffiliated Registered Investment Companies (Cost $125) (000)				129
Total Investments — 100.2% (Cost $2,494) (000)			$	2,576

Percentages are based on Net Assets of $2,572 (000).

* Non-income producing security.

REIT — Real Estate Investment Trust

As of June 30, 2014, 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, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of June 30, 2014, there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended June 30, 2014:

	Value 1/10/2014* (000)		Purchases at Cost (000)		Proceeds from Sales (000)			Unrealized Appreciation (000)		Realized Gain (000)			Value 6/30/2014 (000)		Dividend Income (000)
KP Fixed Income Fund	$	—	$	653	$	(447	)	$	2	$	(2	)	$	206	$	—
KP International Equity Fund		—		2,849		(1,926	)		28		(50	)		901		—
KP Large Cap Equity Fund		—		3,003		(2,042	)		32		(39	)		954		—
KP Small Cap Equity Fund		—		1,217		(833	)		16		(14	)		386		—

* The Fund commenced operations on January 10, 2014.

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

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

10

THE KP FUNDS June 30, 2014 (Unaudited)

KP Large Cap Equity Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
COMMON STOCK — 98.4%
Consumer Discretionary — 15.8%
Advance Auto Parts		14,440	$	1,948
Amazon.com*		55,196		17,927
AutoNation*		1,413		84
AutoZone*		809		434
Bed Bath & Beyond*		17,004		976
Best Buy		6,477		201
BorgWarner		5,897		384
Cablevision Systems, Cl A		5,073		90
CarMax*		42,689		2,220
Carnival		11,264		424
CBS, Cl B		13,473		837
Chipotle Mexican Grill, Cl A*		6,364		3,771
Coach		7,389		253
Comcast, Cl A		135,264		7,237
Ctrip.com International ADR*		47,500		3,042
Darden Restaurants		3,728		172
Delphi Automotive		76,898		5,286
DIRECTV*		11,952		1,016
Discovery Communications, Cl A*		5,193		386
Dollar General*		7,814		448
Dollar Tree*		56,963		3,102
DR Horton		176,395		4,335
Expedia		2,780		219
Family Dollar Stores		2,269		150
Ford Motor		99,876		1,722
Fossil Group*		1,186		124
GameStop, Cl A		2,704		109

Description	Shares		Value (000)
Gannett		5,297	$	166
Gap		6,962		289
Garmin		3,414		208
General Motors		52,092		1,891
Genuine Parts		3,969		348
Goodyear Tire & Rubber		6,330		176
Graham Holdings, Cl B		108		78
H&R Block		7,276		243
Harley-Davidson		5,285		369
Harman International Industries		1,818		195
Hasbro		30,911		1,639
Hilton Worldwide Holdings*		110,178		2,567
Home Depot		33,855		2,741
Interpublic Group of		9,726		190
Johnson Controls		86,740		4,331
Kohl’s		18,989		1,000
L Brands		6,325		371
Las Vegas Sands		63,400		4,832
Leggett & Platt		3,246		111
Lennar, Cl A		4,691		197
Lowe’s		132,923		6,380
Macy’s		8,942		519
Marriott International, Cl A		5,292		339
Mattel		34,193		1,333
McDonald’s		56,558		5,698
MGM Resorts International*		121,100		3,197
Michael Kors Holdings*		32,313		2,864
Mohawk Industries*		1,406		195
Netflix*		6,853		3,019
Newell Rubbermaid		6,401		198
News*		11,468		206
NIKE, Cl B		18,303		1,419
Nordstrom		3,349		227
Omnicom Group		59,549		4,241
O’Reilly Automotive*		2,587		390
PetSmart		2,481		148
priceline.com*		10,650		12,812
PulteGroup		9,301		188
PVH		1,942		226
Ralph Lauren, Cl A		1,404		226
Ross Stores		5,578		369
Scripps Networks Interactive, Cl A		2,491		202
Staples		101,723		1,103
Starbucks		93,214		7,214
Starwood Hotels & Resorts Worldwide		4,934		399
Target		90,981		5,273

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

11

THE KP FUNDS June 30, 2014 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Tesla Motors*		6,650	$	1,596
Tiffany		2,592		260
Time*		3,645		88
Time Warner		51,137		3,592
Time Warner Cable		7,091		1,045
TJX		17,440		927
Tractor Supply		51,343		3,101
TripAdvisor*		2,593		282
Twenty-First Century Fox, Cl A		203,021		7,136
Under Armour, Cl A*		4,200		250
Urban Outfitters*		2,490		84
VF		8,314		524
Viacom, Cl B		40,818		3,540
Walt Disney		87,524		7,504
Whirlpool		1,937		270
Wyndham Worldwide		3,427		259
Wynn Resorts		32,191		6,682
Yum! Brands		11,176		907
				175,271
Consumer Staples — 8.8%
Altria Group		86,297		3,619
Archer-Daniels-Midland		16,047		708
Avon Products		10,056		147
Brown-Forman, Cl B		4,182		394
Campbell Soup		4,913		225
Clorox		3,425		313
Coca-Cola		93,820		3,974
Coca-Cola Enterprises		5,521		264
Colgate-Palmolive		21,432		1,461
ConAgra Foods		10,835		322
Constellation Brands, Cl A*		4,390		387
Costco Wholesale		11,062		1,274
CVS Caremark		108,298		8,163
Danone		38,804		2,881
Diageo		162,534		5,190
Dr Pepper Snapple Group		35,722		2,093
Estee Lauder, Cl A		41,646		3,093
General Mills		106,415		5,590
Hershey		3,861		376
Hormel Foods		3,035		150
Imperial Tobacco Group		16,434		740
JM Smucker		2,783		297
Kellogg		20,348		1,337
Keurig Green Mountain		3,000		374
Kimberly-Clark		9,565		1,064
Kraft Foods Group		14,539		872

Description	Shares		Value (000)
Kroger		12,507	$	618
Lorillard		71,204		4,341
McCormick		3,030		217
Mead Johnson Nutrition, Cl A		5,152		480
Molson Coors Brewing, Cl B		4,176		310
Mondelez International, Cl A		41,857		1,574
Monster Beverage*		3,637		258
Nestle		78,129		6,052
PepsiCo		93,774		8,378
Philip Morris International		179,044		15,094
Procter & Gamble		88,620		6,965
Reynolds American		8,046		486
Safeway		5,730		197
Sysco		15,114		566
Tyson Foods, Cl A		7,074		266
Walgreen		44,118		3,270
Wal-Mart Stores		39,920		2,997
Whole Foods Market		9,449		365
				97,742
Energy — 7.7%
Anadarko Petroleum		12,777		1,399
Apache		25,806		2,597
Baker Hughes		10,673		795
Cabot Oil & Gas		10,834		370
Cameron International*		4,815		326
Chesapeake Energy		12,081		375
Chevron		92,799		12,115
Cimarex Energy		2,100		301
ConocoPhillips		30,636		2,626
CONSOL Energy		5,999		276
Denbury Resources		8,539		158
Devon Energy		9,665		767
Diamond Offshore Drilling		1,621		80
Ensco, Cl A		6,207		345
EOG Resources		27,056		3,162
Equities		19,163		2,049
Exxon Mobil		185,529		18,679
FMC Technologies*		5,612		343
Halliburton		20,879		1,483
Helmerich & Payne		2,787		324
Hess		6,396		633
Kinder Morgan		17,074		619
Marathon Oil		16,914		675
Marathon Petroleum		7,125		556
Murphy Oil		4,406		293
Nabors Industries		5,953		175

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

12

THE KP FUNDS June 30, 2014 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
National Oilwell Varco		10,946	$	901
Newfield Exploration*		3,137		139
Noble		5,842		196
Noble Energy		8,726		676
Occidental Petroleum		66,092		6,783
ONEOK		5,360		365
Peabody Energy		6,370		104
Phillips 66		14,345		1,154
Pioneer Natural Resources		42,249		9,709
QEP Resources		4,213		145
Range Resources		75,563		6,570
Rowan, Cl A		2,917		93
Schlumberger		32,296		3,809
Southwestern Energy*		8,411		383
Spectra Energy		16,268		691
Tesoro		3,132		184
Transocean		8,091		364
Valero Energy		13,641		683
Williams		18,391		1,071
				85,541
Financials — 15.7%
ACE		43,202		4,480
Affiliated Managers Group*		1,400		288
Aflac		11,113		692
Allstate		10,893		640
American Express		22,806		2,163
American International Group		36,067		1,969
American Tower, Cl A‡		9,688		872
Ameriprise Financial		4,839		581
Aon		40,535		3,652
Apartment Investment & Management, Cl A‡		3,354		108
Assurant		1,627		107
AvalonBay Communities‡		3,112		442
Bank of America		261,094		4,013
Bank of New York Mellon		163,169		6,116
BB&T		18,329		723
Berkshire Hathaway, Cl B*		44,738		5,663
BlackRock, Cl A		12,368		3,953
Boston Properties‡		3,667		433
Capital One Financial		14,405		1,190
CBRE Group, Cl A*		6,385		205
Charles Schwab		29,923		806
Chubb		32,009		2,950
Cincinnati Financial		3,357		161
Citigroup		91,987		4,333

Description	Shares		Value (000)
CME Group, Cl A		7,650	$	543
Comerica		4,219		212
Crown Castle International‡		98,582		7,321
Discover Financial Services		11,435		709
E*TRADE Financial*		6,701		142
Equity Residential‡		8,684		547
Essex Property Trust‡		1,600		296
Fifth Third Bancorp		20,439		436
Franklin Resources		88,300		5,107
General Growth Properties‡		12,237		288
Genworth Financial, Cl A*		11,362		198
Goldman Sachs Group		45,001		7,534
Hartford Financial Services Group		11,479		411
HCP‡		10,995		455
Health Care‡		7,803		489
Host Hotels & Resorts‡		19,618		432
Hudson City Bancorp		11,129		109
Huntington Bancshares		18,948		181
Intercontinental Exchange		2,951		557
Invesco		11,173		422
JPMorgan Chase		330,546		19,046
KeyCorp		20,963		300
Kimco Realty‡		11,014		253
Legg Mason		2,485		128
Leucadia National		8,647		227
Lincoln National		6,857		353
Loews		7,933		349
M&T Bank		3,327		413
Macerich‡		3,745		250
Marsh & McLennan		13,357		692
McGraw Hill Financial		22,588		1,875
MetLife		146,924		8,162
Moody’s		16,420		1,439
Morgan Stanley		202,715		6,554
NASDAQ OMX Group		51,651		1,995
Navient		11,661		207
Northern Trust		5,292		340
People’s United Financial		7,454		113
Plum Creek Timber‡		4,908		221
PNC Financial Services Group		41,219		3,671
Principal Financial Group		7,077		357
Progressive		12,962		329
Prologis‡		12,869		529
Prudential Financial		49,877		4,428
Public Storage‡		3,552		609
Regions Financial		32,801		348

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

13

THE KP FUNDS June 30, 2014 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Simon Property Group‡		7,741	$	1,287
State Street		106,110		7,136
SunTrust Banks		12,933		518
T Rowe Price Group		6,355		536
TD Ameritrade Holding		163,600		5,129
Torchmark		2,458		201
Travelers		70,194		6,603
Unum Group		6,855		238
US Bancorp		176,395		7,641
Ventas‡		7,113		456
Vornado Realty Trust‡		4,503		481
Wells Fargo		326,250		17,148
Weyerhaeuser‡		15,016		497
XL Group, Cl A		6,393		209
Zions Bancorporation		4,322		127
				174,324
Health Care — 15.4%
Abbott Laboratories		129,092		5,280
AbbVie		40,073		2,262
Actavis*		4,303		960
Aetna		8,841		717
Agilent Technologies		8,577		493
Alexion Pharmaceuticals*		38,842		6,069
Allergan		31,818		5,384
AmerisourceBergen, Cl A		5,901		429
Amgen		18,715		2,215
athenahealth*		6,600		826
Baxter International		13,646		987
Becton Dickinson and		4,938		584
Biogen Idec*		30,482		9,611
Boston Scientific*		34,328		438
Bristol-Myers Squibb		41,770		2,026
Cardinal Health		48,295		3,311
CareFusion*		5,568		247
Celgene*		85,136		7,311
Cerner*		7,615		393
Cigna		6,482		596
Covidien		43,297		3,905
CR Bard		2,036		291
DaVita HealthCare Partners*		4,608		333
DENTSPLY International		3,349		159
Edwards Lifesciences*		2,491		214
Eli Lilly		24,928		1,550
Express Scripts Holding*		62,412		4,327
Forest Laboratories*		5,813		575
Gilead Sciences*		168,073		13,936

Description	Shares		Value (000)
Hospira*		4,389	$	225
Humana		27,572		3,521
Intuitive Surgical*		10,946		4,508
Johnson & Johnson		187,240		19,590
Laboratory Corp of America Holdings*		1,952		200
McKesson		55,600		10,354
Medtronic		87,835		5,599
Merck		132,393		7,659
Mylan*		9,567		493
Novartis		12,117		1,097
Patterson		1,945		77
PerkinElmer		2,596		122
Perrigo		3,432		500
Pfizer		473,220		14,045
Quest Diagnostics		10,290		604
Regeneron Pharmaceuticals*		5,387		1,522
Roche Holding		4,872		1,453
St. Jude Medical		48,843		3,382
Stryker		7,515		634
Tenet Healthcare*		2,273		107
Thermo Fisher Scientific		35,400		4,176
UnitedHealth Group		69,055		5,645
Valeant Pharmaceuticals International*		44,700		5,638
Varian Medical Systems*		2,384		198
Vertex Pharmaceuticals*		27,408		2,595
Waters*		2,248		235
WellPoint		6,915		744
Zimmer Holdings		3,998		415
Zoetis, Cl A		14,342		463
				171,230
Industrials — 13.1%
3M		64,267		9,206
ADT		3,849		134
Allegion		2,056		117
American Airlines Group*		134,900		5,796
AMETEK		6,327		331
Boeing		90,405		11,502
Canadian National Railway		35,530		2,310
Caterpillar		15,409		1,674
CH Robinson Worldwide		3,464		221
Cintas		2,376		151
Colfax*		9,900		738
CSX		24,567		757
Cummins		4,204		649
Danaher		181,980		14,326

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

14

THE KP FUNDS June 30, 2014 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Deere		9,067	$	821
Delta Air Lines		20,691		801
Dover		3,997		364
Dun & Bradstreet		867		96
Eaton		51,371		3,965
Emerson Electric		17,227		1,143
Equifax		3,312		240
Expeditors International of Washington		4,758		210
Fastenal		7,076		350
FedEx		23,219		3,515
Flowserve		3,643		271
Fluor		3,785		291
General Dynamics		7,983		930
General Electric		249,337		6,553
Honeywell International		83,204		7,734
Illinois Tool Works		25,533		2,236
Ingersoll-Rand		6,167		385
Iron Mountain		3,997		142
Jacobs Engineering Group*		3,130		167
Joy Global		2,485		153
Kansas City Southern		19,692		2,117
L-3 Communications Holdings, Cl 3		2,254		272
Lockheed Martin		50,289		8,083
Masco		8,122		180
Nielsen		7,641		369
Norfolk Southern		7,539		777
Northrop Grumman		29,097		3,481
PACCAR		9,017		567
Pall		2,993		256
Parker Hannifin		3,860		485
Pentair*		16,805		1,212
Pitney Bowes		5,452		151
Precision Castparts		39,033		9,852
Quanta Services*		5,876		203
Raytheon		7,657		706
Republic Services, Cl A		6,171		234
Robert Half International		3,242		155
Rockwell Automation		3,542		443
Rockwell Collins		3,636		284
Roper Industries		2,573		376
Ryder System		1,192		105
Snap-on		1,401		166
Southwest Airlines		18,015		484
Stanley Black & Decker		28,366		2,491
Stericycle*		2,249		266
Textron		7,490		287

Description	Shares		Value (000)
Tyco International		88,021	$	4,015
Union Pacific		22,806		2,275
United Continental Holdings*		52,600		2,160
United Parcel Service, Cl B		68,373		7,019
United Technologies		119,626		13,811
Wabtec		38,500		3,179
Waste Management		10,361		463
WW Grainger		1,458		371
Xylem		4,222		165
				145,739
Information Technology — 15.6%
Accenture, Cl A		103,421		8,361
Adobe Systems*		11,310		818
Akamai Technologies*		44,512		2,718
Alliance Data Systems*		1,385		390
Altera		8,260		287
Amphenol, Cl A		4,076		393
Analog Devices		8,042		435
Apple		150,123		13,951
Applied Materials		31,099		701
ASML Holding, Cl G		45,500		4,245
Autodesk*		5,893		332
Automatic Data Processing		12,139		962
Avago Technologies, Cl A		6,000		432
Baidu ADR*		22,500		4,203
Broadcom, Cl A		14,141		525
CA		8,566		246
Cisco Systems		127,321		3,164
Citrix Systems*		3,825		239
Cognizant Technology Solutions, Cl A*		49,854		2,438
Computer Sciences		3,857		244
Corning		31,823		699
eBay*		28,631		1,433
Electronic Arts*		8,139		292
EMC		51,787		1,364
F5 Networks*		1,835		204
Facebook, Cl A*		117,367		7,898
Fidelity National Information Services		31,978		1,750
First Solar*		1,623		115
Fiserv*		36,214		2,184
FLIR Systems		3,347		116
Google, Cl A*		47,858		27,755
Harris		2,486		188
Hewlett-Packard		46,650		1,571
Intel		123,566		3,819
International Business Machines		55,702		10,097

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

15

THE KP FUNDS June 30, 2014 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Intuit		6,897	$	555
Jabil Circuit		4,322		90
Juniper Networks*		105,380		2,586
KLA-Tencor		4,391		319
Lam Research		3,783		256
Linear Technology		5,508		259
LinkedIn, Cl A*		11,200		1,920
MasterCard, Cl A		24,805		1,822
Microchip Technology		5,346		261
Micron Technology*		27,234		897
Microsoft		186,943		7,797
Motorola Solutions		5,901		393
NetApp		8,794		321
NetSuite*		23,900		2,076
NVIDIA		12,909		239
Oracle		191,004		7,742
Paychex		7,667		319
QUALCOMM		41,845		3,315
Red Hat*		65,730		3,633
salesforce.com*		97,267		5,649
SanDisk		5,794		605
Seagate Technology		7,869		447
ServiceNow*		43,400		2,689
Symantec		18,113		415
TE Connectivity		9,915		613
Teradata*		3,885		156
Texas Instruments		37,108		1,773
Total System Services		3,991		125
Vantiv, Cl A*		65,500		2,202
VeriSign*		3,025		148
Visa, Cl A		59,638		12,567
VMware, Cl A*		18,200		1,762
Western Digital		5,067		468
Western Union		67,583		1,172
Workday, Cl A*		20,100		1,806
Xerox		26,417		329
Xilinx		6,868		325
Yahoo!*		22,845		803
				173,423
Materials — 3.1%
Air Products & Chemicals		5,168		665
Airgas		1,616		176
Alcoa		27,965		416
Allegheny Technologies		2,588		117
Avery Dennison		2,268		116
Ball		3,252		204

Description	Shares		Value (000)
Bemis		2,379	$	97
CF Industries Holdings		1,250		301
Crown Holdings*		34,083		1,697
Dow Chemical		29,914		1,539
Eastman Chemical		3,968		347
Ecolab		48,873		5,442
EI du Pont de Nemours		22,814		1,493
FMC		3,532		251
Freeport-McMoRan Copper & Gold		26,410		964
International Flavors & Fragrances		2,242		234
International Paper		10,573		534
LyondellBasell Industries, Cl A		10,562		1,031
MeadWestvaco		4,010		177
Monsanto		13,217		1,649
Mosaic		7,694		380
Newmont Mining		11,668		297
Nucor		8,155		402
Owens-Illinois*		3,988		138
PPG Industries		24,206		5,087
Praxair		7,213		958
Sealed Air		4,542		155
Sherwin-Williams		31,650		6,548
Sigma-Aldrich		2,809		285
United States Steel		3,352		87
Valspar		4,648		354
Vulcan Materials		32,227		2,054
				34,195
Telecommunication Services — 1.8%
AT&T		183,045		6,473
CenturyLink		13,930		504
Frontier Communications		23,842		139
Verizon Communications		225,985		11,058
Vodafone Group		556,559		1,857
Windstream Holdings		13,739		137
				20,168
Utilities — 1.4%
AES		17,245		268
AGL Resources		3,307		182
Ameren		6,323		258
American Electric Power		11,849		661
CenterPoint Energy		11,247		287
CMS Energy		6,064		189
Consolidated Edison		7,511		434
Dominion Resources		14,812		1,059
DTE Energy		4,608		359
Duke Energy		33,741		2,503

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

16

THE KP FUNDS June 30, 2014 (Unaudited)

KP Large Cap Equity Fund

Description	Shares		Value (000)
Edison International		8,368	$	486
Entergy		4,611		379
Exelon		20,894		762
FirstEnergy		10,829		376
Integrys Energy Group		1,839		131
NextEra Energy		11,051		1,133
NiSource		8,146		320
Northeast Utilities		8,149		385
NRG Energy		8,464		315
Pepco Holdings		7,035		193
PG&E		11,783		566
Pinnacle West Capital		3,092		179
PPL		16,299		579
Public Service Enterprise Group		12,982		530
SCANA		3,945		212
Sempra Energy		5,496		575
Southern		22,637		1,027
TECO Energy		4,856		90
Wisconsin Energy		5,895		277
Xcel Energy		12,868		415
				15,130
Total Common Stock (Cost $1,022,478) (000)				1,092,763
PREFERRED STOCK — 0.0%
Air BNB* (A)		3,802		464
Dropbox* (A)		1,097		16
United Technologies*		3,560		232
Total Preferred Stock (Cost $713) (000)				712
CASH EQUIVALENT (B) — 1.2%
State Street Institutional Liquid Reserves Fund, 0.080%		13,159,524		13,160
Total Cash Equivalent (Cost $13,160) (000)				13,160
Total Investments — 99.6% (Cost $1,036,351) (000)			$	1,106,635

Percentages are based on net assets of $ 1,110,580 (000).

A list of the open futures contracts held by the Fund at June 30, 2014, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Appreciation ($ Thousands)
S&P 500 Index EMINI		100		Sep-2014	$	142

For the period ended June 30, 2014, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

* Non-income producing security.

‡ Real Estate Investment Trust

(A) Security is fair valued using methods determined in good faith by the Fair Value Pricing Committee of the Board of Trustees. The total market value of such security as of June 30, 2014 was $480 (000) and represented 0.04% of net assets.

(B) The rate reported is the 7-day effective yield as of June 30, 2014.

ADR — American Depositary Receipt

Cl — Class

S&P — Standard & Poors

The following is a list of the level of inputs used as of June 30, 2014, 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	$	1,092,763	$	—	$	—	$	1,092,763
Preferred Stock		232		—		480		712
Cash Equivalent		13,160		—		—		13,160
Total Investments in Securities	$	1,106,155	$	—	$	480	$	1,106,635
Other Financial Instruments
Futures Contracts*
Unrealized Appreciation	$	142	$	—	$	—	$	142
Total Other Financial Instruments	$	142	$	—	$	—	$	142

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

^ A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments in at the beginning and/or end of the period in relation to net assets.

For the period ended June 30, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of June 30, 2014, there were no Level 3 investments.

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

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

17

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
COMMON STOCK — 97.6%
Consumer Discretionary — 16.5%
1-800-Flowers.com, Cl A*		1,500	$	9
Abercrombie & Fitch, Cl A		66,980		2,896
Aeropostale*		2,800		10
AH Belo, Cl A		700		8
AMC Entertainment Holdings, Cl A		800		20
American Axle & Manufacturing Holdings*		2,830		53
American Eagle Outfitters		133,920		1,503
American Public Education*		800		28
America’s Car-Mart*		400		16
ANN INC*		18,564		764
Arctic Cat		600		24
Asbury Automotive Group*		1,287		88
Ascent Capital Group, Cl A*		608		40
Barnes & Noble*		1,800		41
Beazer Homes USA*		1,200		25
bebe stores inc		1,400		4
Belmond, Cl A*		3,992		58
Big 5 Sporting Goods		700		9
Big Lots		77,215		3,529
Biglari Holdings*		60		25
BJ’s Restaurants*		900		31
Black Diamond*		800		9
Bloomin’ Brands*		3,100		70
Blue Nile*		600		17
Bob Evans Farms		1,000		50
Bon-Ton Stores		800		8
Boyd Gaming*		3,100		38

Description	Shares		Value (000)
Bravo Brio Restaurant Group*		800	$	12
Bridgepoint Education*		700		9
Bright Horizons Family Solutions*		1,200		52
Brown Shoe		1,772		51
Brunswick		3,720		157
Buckle		1,200		53
Buffalo Wild Wings*		727		120
Burlington Stores*		1,200		38
Caesars Acquisition, Cl A*		1,900		24
Caesars Entertainment*		1,900		34
Callaway Golf		3,500		29
Capella Education		500		27
Career Education*		2,000		9
Carmike Cinemas*		1,000		35
Carriage Services, Cl A		800		14
Carrols Restaurant Group*		1,400		10
Cato, Cl A		1,200		37
Cavco Industries*		300		26
CBS Outdoor Americas		72,360		2,364
Central European Media Enterprises, Cl A*		3,100		9
Cheesecake Factory		1,912		89
Chegg*		3,000		21
Chico’s FAS		103,375		1,753
Children’s Place		964		48
Christopher & Banks*		34,000		298
Churchill Downs		507		46
Chuy’s Holdings*		29,082		1,056
Citi Trends*		700		15
ClubCorp Holdings		900		17
Columbia Sportswear		500		41
Conn’s*		991		49
Container Store Group*		500		14
Cooper Tire & Rubber		79,347		2,381
Cooper-Standard Holding*		600		40
Core-Mark Holding		1,000		46
Coupons.com*		500		13
Cracker Barrel Old Country Store		794		79
Crocs*		3,600		54
Crown Media Holdings, Cl A*		2,200		8
CSS Industries		300		8
Culp		300		5
Cumulus Media, Cl A*		5,500		36
Daily Journal*		50		10
Dana Holding		6,404		156
Deckers Outdoor*		20,891		1,804
Del Frisco’s Restaurant Group*		40,825		1,125

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

18

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Denny’s*		3,484	$	23
Destination Maternity		500		11
Destination XL Group*		1,800		10
DeVry Education Group		48,643		2,059
Dex Media*		500		6
Diamond Resorts International*		1,400		33
DineEquity		700		56
Dorman Products*		1,100		54
Drew Industries		964		48
Education Management*		1,000		2
Einstein Noah Restaurant Group		400		6
Entercom Communications, Cl A*		1,100		12
Entravision Communications, Cl A		2,100		13
Eros International, Cl A*		800		12
Ethan Allen Interiors		46,094		1,141
EW Scripps, Cl A*		1,200		25
Expedia		25,280		1,991
Express*		3,475		59
Federal-Mogul Holdings*		900		18
Fiesta Restaurant Group*		40,052		1,859
Finish Line, Cl A		1,900		57
Five Below*		2,200		88
Flexsteel Industries		200		7
Fox Factory Holding*		400		7
Francesca’s Holdings*		1,500		22
Fred’s, Cl A		1,633		25
FTD*		800		25
Fuel Systems Solutions*		600		7
Genesco*		1,000		82
Gentherm*		18,200		810
G-III Apparel Group*		32,053		2,618
Global Sources*		573		5
GNC Holdings, Cl A		62,520		2,131
GoPro, Cl A*		14,410		584
Grand Canyon Education*		1,910		88
Gray Television*		2,300		30
Group 1 Automotive		900		76
Guess?		36,010		972
Hanesbrands		20,555		2,023
Harman International Industries		30,103		3,235
Harte-Hanks		1,600		12
Haverty Furniture		800		20
Helen of Troy*		1,139		69
Hemisphere Media Group*		600		8
hhgregg*		300		3
Hibbett Sports*		1,100		60

Description	Shares		Value (000)
HomeAway*		35,567	$	1,238
Houghton Mifflin Harcourt*		4,400		84
Hovnanian Enterprises, Cl A*		4,998		26
HSN		1,248		74
Iconix Brand Group*		30,355		1,303
Ignite Restaurant Group*		200		3
Installed Building Products*		200		2
International Speedway, Cl A		1,200		40
Interval Leisure Group		1,500		33
Intrawest Resorts Holdings*		900		10
iRobot*		1,200		49
Isle of Capri Casinos*		900		8
ITT Educational Services*		1,000		17
Jack in the Box		19,925		1,192
JAKKS Pacific		500		4
Jamba*		700		8
Johnson Outdoors, Cl A		300		8
Journal Communications, Cl A*		1,900		17
JTH Holding, Cl A*		100		3
K12*		1,200		29
Kate Spade*		39,408		1,503
KB Home		3,554		66
Kirkland’s*		600		11
Krispy Kreme Doughnuts*		2,700		43
La Quinta Holdings*		1,800		34
Lands’ End*		700		24
La-Z-Boy, Cl Z		2,154		50
LeapFrog Enterprises, Cl A*		2,500		18
Lee Enterprises*		2,200		10
LGI Homes*		400		7
Libbey*		800		21
Life Time Fitness*		1,719		84
LifeLock*		3,300		46
Lifetime Brands		600		9
Lithia Motors, Cl A		942		89
Loral Space & Communications*		500		36
Lumber Liquidators Holdings*		1,103		84
M*		1,000		24
Malibu Boats, Cl A*		300		6
Marcus		700		13
Marine Products		700		6
MarineMax*		1,100		18
Marriott Vacations Worldwide*		1,200		70
Martha Stewart Living Omnimedia, Cl A*		1,600		8
Matthews International, Cl A		1,182		49
Mattress Firm Holding*		600		29

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

19

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
McClatchy, Cl A*		2,600	$	14
MDC Holdings		118,829		3,600
MDC Partners, Cl A		1,700		37
Media General*		2,200		45
Men’s Wearhouse		1,983		111
Meredith		33,485		1,619
Meritage Homes*		1,641		69
Modine Manufacturing*		34,200		538
Monarch Casino & Resort*		500		8
Monro Muffler Brake		1,286		68
Morgans Hotel Group*		1,200		10
Motorcar Parts of America*		18,020		439
Movado Group		11,598		483
Multimedia Games Holding*		1,300		39
NACCO Industries, Cl A		200		10
Nathan’s Famous*		100		5
National CineMedia		2,400		42
Nautilus*		1,300		14
New Home*		200		3
New Media Investment Group*		1,200		17
New York*		1,800		7
New York Times, Cl A		5,289		80
Nexstar Broadcasting Group, Cl A		1,246		64
Noodles, Cl A*		300		10
Nutrisystem		1,300		22
Office Depot*		158,843		904
Orbitz Worldwide*		2,100		19
Outerwall*		799		47
Overstock.com*		400		6
Oxford Industries		518		35
Pacific Sunwear of California*		2,800		7
Papa John’s International		1,300		55
Penn National Gaming*		3,200		39
Pep Boys-Manny Moe & Jack*		2,400		28
Perry Ellis International*		500		9
PetMed Express		900		12
Pier 1 Imports		3,532		54
Pinnacle Entertainment*		2,436		61
Pool		1,800		101
Popeyes Louisiana Kitchen*		1,000		44
Potbelly		400		6
Quiksilver*		5,600		20
ReachLocal*		600		4
Reading International, Cl A*		500		4
Red Robin Gourmet Burgers*		600		43
Regis		1,600		23

Description	Shares		Value (000)
Remy International		600	$	14
Rent-A-Center, Cl A		2,000		57
Rentrak*		8,220		431
Restoration Hardware Holdings*		10,230		952
RetailMeNot*		1,300		35
RG Barry		400		8
Ruby Tuesday*		2,700		20
Ruth’s Hospitality Group		1,600		20
Ryland Group		1,965		77
Saga Communications, Cl A		200		9
Salem Communications, Cl A		700		7
Scholastic		1,000		34
Scientific Games, Cl A*		1,800		20
Sears Hometown and Outlet Stores*		400		9
Select Comfort*		2,200		45
Sequential Brands Group*		700		10
SFX Entertainment*		1,800		15
Shiloh Industries*		100		2
Shoe Carnival		565		12
Shutterfly*		1,621		70
Signet Jewelers		13,400		1,482
Sinclair Broadcast Group, Cl A		2,826		98
Sizmek*		1,000		10
Skechers U.S.A., Cl A*		1,617		74
Skullcandy*		1,100		8
Smith & Wesson Holding*		2,100		31
Sonic*		17,400		384
Sonic Automotive, Cl A		1,600		43
Sotheby’s		2,484		104
Spartan Motors		1,400		6
Speedway Motorsports		500		9
Stage Stores		46,255		865
Standard Motor Products		800		36
Standard Pacific*		6,200		53
Stein Mart		1,000		14
Steiner Leisure*		600		26
Steven Madden*		2,265		78
Stoneridge*		1,100		12
Strattec Security		100		6
Strayer Education*		500		26
Sturm Ruger		802		47
Superior Industries International		831		17
Systemax*		300		4
Tempur Sealy International*		17,012		1,016
Tenneco*		18,160		1,194

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

20

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Texas Roadhouse, Cl A		2,679	$	70
Tile Shop Holdings*		800		12
Tilly’s, Cl A*		600		5
Time*		4,500		109
Tower International*		800		29
TRI Pointe Homes*		700		11
TripAdvisor*		20,924		2,273
Tuesday Morning*		31,200		556
Tumi Holdings*		1,900		38
UCP, Cl A*		500		7
Under Armour, Cl A*		23,188		1,379
Unifi*		500		14
Universal Electronics*		700		34
Universal Technical Institute		900		11
Vail Resorts		1,457		112
ValueVision Media, Cl A*		1,600		8
Vera Bradley*		1,000		22
Vince Holding*		500		18
Vitacost.com*		600		4
Vitamin Shoppe*		1,255		54
VOXX International, Cl A*		800		8
WCI Communities*		400		8
Weight Watchers International		1,100		22
West Marine*		700		7
Weyco Group		300		8
William Lyon Homes, Cl A*		500		15
Williams-Sonoma		12,500		897
Winmark		100		7
Winnebago Industries*		1,200		30
Wolverine World Wide		4,107		107
World Wrestling Entertainment, Cl A		1,100		13
Zoe’s Kitchen*		200		7
Zumiez*		800		22
				70,985
Consumer Staples — 3.5%
Alico		100		4
Alliance One International*		3,600		9
Andersons		1,157		60
Annie’s*		600		20
B&G Foods		2,207		72
Boston Beer, Cl A*		338		76
Boulder Brands*		2,300		33
Calavo Growers		400		14
Cal-Maine Foods		600		45
Casey’s General Stores		1,550		108
Central Garden and Pet, Cl A*		1,700		16

Description	Shares		Value (000)
Chefs’ Warehouse*		800	$	16
Chiquita Brands International*		2,100		23
Coca-Cola Bottling Consolidated		200		15
Craft Brew Alliance*		400		4
Darling Ingredients*		122,394		2,558
Dean Foods		241,710		4,253
Diamond Foods*		20,687		583
Elizabeth Arden*		1,100		24
Fairway Group Holdings, Cl A*		600		4
Farmer Bros*		200		4
Female Health		900		5
Fresh Del Monte Produce		1,500		46
Fresh Market*		1,700		57
Harbinger Group*		3,400		43
Ingles Markets, Cl A		500		13
Inter Parfums		600		18
Inventure Foods*		600		7
J&J Snack Foods		600		56
John B Sanfilippo & Son		300		8
Lancaster Colony		774		74
Lifeway Foods*		300		4
Limoneira		400		9
Medifast*		600		18
National Beverage*		500		9
Natural Grocers by Vitamin Cottage*		300		6
Nature’s Sunshine Products		500		8
Nutraceutical International*		300		7
Oil-Dri Corp of America		200		6
Omega Protein*		900		12
Orchids Paper Products		300		10
Pantry*		900		15
Post Holdings*		1,792		91
PriceSmart		781		68
Revlon, Cl A*		500		15
Roundy’s		800		4
Sanderson Farms		926		90
Seaboard*		12		36
Seneca Foods, Cl A*		400		12
Snyder’s-Lance		53,861		1,425
SpartanNash		1,500		32
Spectrum Brands Holdings		13,892		1,194
SUPERVALU*		8,625		71
Susser Holdings*		726		59
Synutra International*		1,000		7
Tootsie Roll Industries		727		21
TreeHouse Foods*		11,024		883

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

21

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
United Natural Foods*		1,991	$	129
Universal		29,297		1,621
USANA Health Sciences*		200		16
Vector Group		2,600		54
Village Super Market, Cl A		300		7
WD-40		608		46
Weis Markets		497		23
WhiteWave Foods, Cl A*		23,600		764
				15,040
Energy — 6.7%
Abraxas Petroleum*		3,600		23
Adams Resources & Energy		100		8
Alon USA Energy		800		10
Alpha Natural Resources*		8,700		32
American Eagle Energy*		1,200		7
Amyris*		1,700		6
Apco Oil and Gas International*		200		3
Approach Resources*		1,400		32
Arch Coal		9,600		35
Ardmore Shipping		700		10
Basic Energy Services*		1,200		35
Bill Barrett*		2,055		55
Bonanza Creek Energy*		1,217		70
BPZ Resources*		5,100		16
Bristow Group		1,431		115
C&J Energy Services*		1,900		64
Callon Petroleum*		82,669		963
CARBO Ceramics		771		119
Carrizo Oil & Gas*		17,890		1,239
CHC Group*		1,800		15
Clayton Williams Energy*		17,180		2,359
Clean Energy Fuels*		2,800		33
Cloud Peak Energy*		2,470		45
Comstock Resources		2,000		58
Contango Oil & Gas*		641		27
Dawson Geophysical		400		11
Delek US Holdings		29,050		820
DHT Holdings		2,800		20
Diamondback Energy*		17,223		1,529
Eclipse Resources*		28,800		724
Emerald Oil*		2,500		19
Energy XXI Bermuda		3,888		92
Equal Energy		1,500		8
Era Group*		800		23
Evolution Petroleum		700		8
EXCO Resources		5,700		34

Description	Shares		Value (000)
Exterran Holdings		2,252	$	101
Forest Oil*		4,400		10
Forum Energy Technologies*		2,400		87
Frontline*		1,700		5
FX Energy*		2,400		9
GasLog		1,700		54
Gastar Exploration*		89,005		775
Geospace Technologies*		500		28
Goodrich Petroleum*		1,400		39
Green Plains		1,500		49
Gulf Island Fabrication		600		13
Gulfmark Offshore, Cl A		23,555		1,064
Halcon Resources*		148,100		1,080
Hallador Energy		600		6
Harvest Natural Resources*		1,700		8
Helix Energy Solutions Group*		4,298		113
Hercules Offshore*		6,560		26
Hornbeck Offshore Services*		1,500		70
ION Geophysical*		5,900		25
Jones Energy, Cl A*		500		10
Key Energy Services*		5,341		49
Kodiak Oil & Gas*		10,532		153
Magnum Hunter Resources*		8,100		66
Matador Resources*		2,800		82
Matrix Service*		45,592		1,495
McDermott International*		9,600		78
Midstates Petroleum*		1,400		10
Miller Energy Resources*		1,200		8
Mitcham Industries*		500		7
Natural Gas Services Group*		600		20
Navios Maritime Aquisition*		3,300		12
Newpark Resources*		3,377		42
Nordic American Tankers		4,000		38
North Atlantic Drilling		3,000		32
Northern Oil and Gas*		2,600		42
Nuverra Environmental Solutions*		600		12
Pacific Ethanol*		800		12
Panhandle Oil and Gas, Cl A		300		17
Parker Drilling*		4,700		31
Parsley Energy, Cl A*		2,000		48
Patterson-UTI Energy		36,500		1,275
PBF Energy, Cl A		44,690		1,191
PDC Energy*		1,423		90
Penn Virginia*		76,918		1,304
PetroQuest Energy*		2,500		19
PHI*		500		22

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

22

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Pioneer Energy Services*		2,500	$	44
Quicksilver Resources*		4,800		13
Renewable Energy Group*		900		10
Resolute Energy*		3,000		26
REX American Resources*		200		15
Rex Energy*		1,800		32
RigNet*		500		27
Ring Energy*		800		14
Rosetta Resources*		2,530		139
RPC		74,600		1,752
RSP Permian*		900		29
Sanchez Energy*		1,896		71
Scorpio Tankers		7,875		80
SEACOR Holdings*		800		66
SemGroup, Cl A		1,682		133
Ship Finance International		2,300		43
Solazyme*		3,100		37
Stone Energy*		2,297		107
Swift Energy*		1,900		25
Synergy Resources*		28,304		375
Teekay Tankers, Cl A		2,600		11
Tesco		1,200		26
TETRA Technologies*		3,200		38
Tidewater		38,185		2,145
TransAtlantic Petroleum*		900		10
Triangle Petroleum*		2,800		33
Tsakos Energy Navigation*		54,870		367
Ultra Petroleum*		76,476		2,271
VAALCO Energy*		1,700		12
Vantage Drilling*		7,900		15
W&T Offshore		1,500		25
Warren Resources*		2,900		18
Western Refining		2,043		77
Westmoreland Coal*		500		18
Willbros Group*		1,500		19
WPX Energy*		103,274		2,468
				28,985
Financials — 18.5%
1st Source		700		21
1st United Bancorp		1,300		11
Acadia Realty Trust‡		2,200		62
Agree Realty‡		700		21
Alexander & Baldwin		1,853		76
Alexander’s‡		100		37
Altisource Asset Management*		57		41
Altisource Portfolio Solutions*		600		69

Description	Shares		Value (000)
Altisource Residential‡		2,400	$	62
Ambac Financial Group*		2,800		68
American Assets Trust‡		1,300		45
American Campus Communities‡		17,000		651
American Capital Mortgage Investment‡		2,200		44
American Equity Investment Life Holding		2,910		72
American Financial Group		34,525		2,056
American National Bankshares		300		7
American Realty Capital Healthcare Trust‡		6,900		75
American Residential Properties‡ *		1,300		24
Ameris Bancorp		1,100		24
AMERISAFE		717		29
Ames National		400		9
AmTrust Financial Services		1,300		54
Anworth Mortgage Asset‡		5,398		28
Apollo Commercial Real Estate Finance‡		1,800		30
Apollo Residential Mortgage‡		1,400		23
Ares Commercial Real Estate‡		900		11
Argo Group International Holdings		1,109		57
Arlington Asset Investment, Cl A		800		22
Armada Hoffler Properties‡		800		8
ARMOUR Residential‡		13,803		60
Arrow Financial		500		13
Ashford Hospitality Prime‡		700		12
Ashford Hospitality Trust‡		2,800		32
Associated Estates Realty‡		2,300		41
Assurant		31,183		2,044
Astoria Financial		91,820		1,236
Atlas Financial Holdings*		500		8
AV Homes*		400		7
Aviv‡		700		20
Baldwin & Lyons, Cl B		400		10
Banc of California		900		10
BancFirst		300		19
Banco Latinoamericano de Comercio Exterior, Cl E		1,300		39
Bancorp*		1,600		19
BancorpSouth		3,844		94
Bank Mutual		1,800		10
Bank of Hawaii		36,110		2,119
Bank of Kentucky Financial		300		10
Bank of Marin Bancorp		300		14
Bank of the Ozarks		71,238		2,383
BankFinancial		900		10
Banner		816		32
BBCN Bancorp		3,212		51

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

23

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
BBX Capital, Cl A*		300	$	5
Beneficial Mutual Bancorp*		1,400		19
Berkshire Hills Bancorp		1,107		26
BGC Partners, Cl A		7,060		53
BNC Bancorp*		700		12
BofI Holding*		500		37
Boston Private Financial Holdings		3,271		44
Bridge Bancorp		400		10
Bridge Capital Holdings*		400		10
Brookline Bancorp		147,715		1,385
Bryn Mawr Bank		500		15
Calamos Asset Management, Cl A		700		9
Camden National		300		12
Campus Crest Communities‡		2,500		22
Capital Bank Financial, Cl A*		900		21
Capital City Bank Group		700		10
Capitol Federal Financial		103,140		1,255
Capstead Mortgage‡		4,000		53
Cardinal Financial		1,200		22
CareTrust‡ *		743		15
Cascade Bancorp*		1,006		5
Cash America International		1,200		53
CatchMark Timber Trust, Cl A‡		400		5
Cathay General Bancorp		3,221		82
Cedar Realty Trust‡		3,735		23
Centerstate Banks		1,100		12
Central Pacific Financial		800		16
Century Bancorp, Cl A		200		7
Chambers Street Properties‡		9,268		75
Charter Financial		759		8
Chatham Lodging Trust‡		1,100		24
Chemical Financial		45,877		1,288
Chesapeake Lodging Trust‡		2,000		60
Citizens, Cl A*		1,700		13
Citizens & Northern		500		10
City Holding		637		29
Clifton Bancorp*		1,089		14
CNB Financial		600		10
CNO Financial Group		8,809		157
CoBiz Financial		1,500		16
Cohen & Steers		800		35
Colony Financial‡		3,800		88
Columbia Banking System		36,370		957
Commerce Bancshares		49,690		2,311
Community Bank System		1,639		59
Community Trust Bancorp		688		24
CommunityOne Bancorp*		300		3

Description	Shares		Value (000)
ConnectOnc Bancorp		500	$	10
ConnectOne Bancorp*		100		5
Consolidated-Tomoka Land		100		5
Consumer Portfolio Services*		1,100		8
CorEnergy Infrastructure Trust‡		1,300		10
CoreSite Realty‡		900		30
Cousins Properties‡		8,100		101
Cowen Group, Cl A*		4,300		18
Crawford, Cl B		1,000		10
Credit Acceptance*		300		37
CU Bancorp*		400		8
CubeSmart‡		5,755		105
Customers Bancorp*		920		18
CVB Financial		47,740		765
CyrusOne‡		900		22
CYS Investments‡		6,804		61
DCT Industrial Trust‡		13,500		111
Diamond Hill Investment Group		100		13
DiamondRock Hospitality‡		7,713		99
Dime Community Bancshares		1,218		19
Donegal Group, Cl A		200		3
DuPont Fabros Technology‡		2,649		71
Dynex Capital‡		2,400		21
Eagle Bancorp*		900		30
EastGroup Properties‡		1,293		83
Education Realty Trust‡		4,700		50
eHealth*		800		30
EMC Insurance Group		200		6
Empire State Realty Trust, Cl A‡		3,500		58
Employers Holdings		1,300		28
Encore Capital Group*		1,100		50
Enstar Group*		300		45
Enterprise Bancorp		400		8
Enterprise Financial Services		800		14
EPR Properties‡		2,200		123
Equity One‡		2,600		61
ESB Financial		500		6
Essent Group*		1,700		34
EverBank Financial		3,400		69
Evercore Partners, Cl A		1,363		79
Excel Trust‡		1,933		26
Ezcorp, Cl A*		2,300		27
FBL Financial Group, Cl A		400		18
FBR*		400		11
Federal Agricultural Mortgage, Cl C		500		16
Federated National Holding		500		13

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

24

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
FelCor Lodging Trust‡		5,137	$	54
Fidelity & Guaranty Life		400		10
Fidelity Southern		600		8
Financial Engines		2,091		94
Financial Institutions		600		14
First American Financial		4,183		116
First Bancorp		1,300		24
First BanCorp*		4,200		23
First Busey		3,209		19
First Business Financial Services		200		9
First Cash Financial Services*		1,166		67
First Citizens BancShares, Cl A		300		74
First Commonwealth Financial		3,838		35
First Community Bancshares		600		9
First Connecticut Bancorp		756		12
First Defiance Financial		400		11
First Financial		500		16
First Financial Bancorp		89,135		1,534
First Financial Bankshares		63,548		1,994
First Financial Holdings*		1,005		61
First Financial Northwest		400		4
First Industrial Realty Trust‡		4,377		82
First Interstate BancSystem, Cl A		800		22
First Merchants		1,440		30
First Midwest Bancorp		3,146		54
First NBC Bank Holding*		600		20
First of Long Island		364		14
First Potomac Realty Trust‡		2,285		30
First Republic Bank		16,343		899
FirstMerit		6,533		129
Flagstar Bancorp*		800		14
Flushing Financial		1,186		24
FNB		152,603		1,956
Forestar Group*		1,300		25
Fox Chase Bancorp		500		8
Franklin Financial*		400		9
Franklin Street Properties‡		3,751		47
FXCM, Cl A		1,600		24
Gain Capital Holdings		700		6
GAMCO Investors, Cl A		200		17
German American Bancorp		500		14
Getty Realty‡		926		18
GFI Group		2,500		8
Glacier Bancorp		2,916		83
Gladstone Commercial‡		600		11
Glimcher Realty Trust‡		6,147		67

Description	Shares		Value (000)
Global Indemnity, Cl A*		300	$	8
Government Properties Income Trust‡		2,300		58
Gramercy Property Trust‡		4,400		27
Great Southern Bancorp		400		13
Green Dot, Cl A*		1,300		25
Greenhill		1,152		57
Greenlight Capital Re, Cl A*		1,251		41
Guaranty Bancorp		600		8
Hallmark Financial Services*		400		4
Hancock Holding		139,890		4,940
Hanmi Financial		1,400		30
Hannon Armstrong Sustainable Infrastructure Capital‡		700		10
Hatteras Financial‡		3,900		77
HCI Group		400		16
Healthcare Realty Trust‡		36,699		934
Heartland Financial USA		700		17
Heritage Commerce		900		7
Heritage Financial		1,090		18
Heritage Oaks Bancorp*		1,200		9
Hersha Hospitality Trust, Cl A‡		8,500		57
HFF, Cl A		1,400		52
Highwoods Properties‡		3,700		155
Hilltop Holdings*		2,900		62
Home BancShares		2,200		72
Home Loan Servicing Solutions		2,900		66
HomeStreet		500		9
HomeTrust Bancshares*		800		13
Horace Mann Educators		68,070		2,129
Horizon Bancorp		400		9
Hudson Pacific Properties‡		2,100		53
Hudson Valley Holding		600		11
Iberiabank		19,380		1,341
ICG Group*		63,677		1,329
Independence Holding		500		7
Independent Bank		53,145		2,017
Independent Bank Group		400		22
Infinity Property & Casualty		25,785		1,734
Inland Real Estate‡		3,400		36
International Bancshares		2,242		61
International. FCStone*		600		12
Invesco Mortgage Capital‡		4,852		84
Investment Technology Group*		1,500		25
Investors Bancorp		14,575		161
Investors Real Estate Trust‡		4,213		39
iStar Financial‡ *		3,506		53
Janus Capital Group		6,065		76

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

25

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
JGWPT Holdings, Cl A*		500	$	6
Kansas City Life Insurance		200		9
KCG Holdings, Cl A*		2,100		25
Kearny Financial*		600		9
Kemper		53,363		1,967
Kennedy-Wilson Holdings		2,802		75
Kite Realty Group Trust‡		5,155		32
Ladder Capital, Cl A*		500		9
Ladenburg Thalmann Financial Services*		4,400		14
Lakeland Bancorp		1,489		16
Lakeland Financial		700		27
LaSalle Hotel Properties‡		4,235		149
Legg Mason		20,448		1,048
Lexington Realty Trust‡		8,300		91
LTC Properties‡		1,500		59
Macatawa Bank*		1,500		8
Mack-Cali Realty‡		3,600		77
Maiden Holdings		1,900		23
MainSource Financial Group		800		14
Manning & Napier, Cl A		600		10
Marcus & Millichap*		400		10
MarketAxess Holdings		1,563		85
Marlin Business Services		300		5
MB Financial		37,310		1,009
Meadowbrook Insurance Group		2,200		16
Medical Properties Trust‡		7,011		93
Mercantile Bank		600		14
Merchants Bancshares		200		6
Meridian Interstate Bancorp*		300		8
Meta Financial Group		300		12
Metro Bancorp*		600		14
MGIC Investment*		13,680		126
MidSouth Bancorp		200		4
MidWestOne Financial Group		200		5
Moelis, Cl A*		300		10
Monmouth Real Estate Investment, Cl A‡		2,360		24
Montpelier Re Holdings		1,500		48
Mortgage Investment Trust‡		1,200		23
NASB Financial		100		2
National Bank Holdings, Cl A		68,290		1,362
National Bankshares		300		9
National General Holdings		1,400		24
National Health Investors‡		1,323		83
National Interstate		300		8
National Penn Bancshares		144,795		1,532

Description	Shares		Value (000)
National Western Life Insurance, Cl A		93	$	23
Navigators Group*		400		27
NBT Bancorp		1,822		44
Nelnet, Cl A		800		33
New Residential Investment‡		218,763		1,379
New York‡		7,200		80
New York Mortgage Trust‡		4,100		32
NewBridge Bancorp*		1,000		8
NewStar Financial*		1,100		15
Nicholas Financial		600		9
NMI Holdings, Cl A*		2,100		22
Northfield Bancorp		35,430		464
Northrim BanCorp		200		5
Northwest Bancshares		75,340		1,022
OceanFirst Financial		600		10
OFG Bancorp		1,800		33
Old National Bancorp		82,880		1,184
OmniAmerican Bancorp		500		13
One Liberty Properties‡		500		11
OneBeacon Insurance Group, Cl A		925		14
Oppenheimer Holdings, Cl A		300		7
Oritani Financial		1,900		29
Owens Realty Mortgage‡		400		8
Pacific Continental		700		10
Pacific Premier Bancorp*		700		10
PacWest Bancorp		28,016		1,209
Park National		500		39
Park Sterling		1,700		11
Parkway Properties‡		2,900		60
Peapack Gladstone Financial		400		8
Pebblebrook Hotel Trust‡		2,634		97
Penns Woods Bancorp		200		9
Pennsylvania Real Estate Investment Trust‡		2,818		53
PennyMac Financial Services, Cl A*		500		8
PennyMac Mortgage Investment Trust‡		3,008		66
Peoples Bancorp		500		13
Peoples Financial Services		300		15
PHH*		2,300		53
Phoenix*		300		15
Physicians Realty Trust‡		38,150		549
PICO Holdings*		1,000		24
Pinnacle Financial Partners		1,400		55
Piper Jaffray*		700		36
Platinum Underwriters Holdings		1,100		71
Portfolio Recovery Associates*		2,052		121
Potlatch‡		1,662		69

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

26

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Preferred Bank*		500	$	12
Primerica		50,300		2,407
PrivateBancorp		2,797		81
ProAssurance		31,810		1,412
Prosperity Bancshares		2,800		175
Provident Financial Services		2,428		42
PS Business Parks‡		800		67
Pzena Investment Management, Cl A		700		8
QTS Realty Trust*		500		14
Radian Group		7,845		116
RAIT Financial Trust‡		3,300		27
Ramco-Gershenson Properties Trust‡		2,700		45
RE, Cl A		500		15
Redwood Trust‡		3,500		68
Regional Management*		200		3
Renasant		1,367		40
Republic Bancorp, Cl A		400		9
Resource America, Cl A		800		7
Resource Capital‡		5,733		32
Retail Opportunity Investments‡		2,900		46
Rexford Industrial Realty‡		700		10
RLI		1,796		82
RLJ Lodging Trust‡		5,174		149
Rouse Properties‡		1,100		19
Ryman Hospitality Properties‡		1,651		79
S&T Bancorp		1,274		32
Sabra Health Care‡		36,584		1,051
Safeguard Scientifics*		800		17
Safety Insurance Group		587		30
Sandy Spring Bancorp		959		24
Saul Centers‡		300		15
Seacoast Banking		700		8
Select Income‡		1,500		44
Selective Insurance Group		2,348		58
Sierra Bancorp		500		8
Signature Bank NY*		16,837		2,124
Silver Bay Realty Trust‡		1,600		26
Silvercrest Asset Management Group, Cl A		100		2
Simmons First National, Cl A		700		28
Southside Bancshares		810		23
Southwest Bancorp		900		15
Sovran Self Storage‡		1,300		100
Springleaf Holdings, Cl A*		1,000		26
St. Joe*		2,600		66
STAG Industrial‡		2,100		50
Starwood Waypoint Residential Trust‡ *		1,600		42

Description	Shares		Value (000)
State Auto Financial		600	$	14
State Bank Financial		1,201		20
Sterling Bancorp		3,346		40
Stewart Information Services		800		25
Stifel Financial*		2,653		125
Stock Yards Bancorp		600		18
Stonegate Bank		400		10
Stonegate Mortgage*		500		7
Strategic Hotels & Resorts‡ *		9,991		117
Suffolk Bancorp*		500		11
Summit Hotel Properties‡		3,100		33
Sun Bancorp*		1,200		5
Sun Communities‡		1,695		84
Sunstone Hotel Investors‡		7,442		111
Susquehanna Bancshares		116,581		1,231
SWS Group*		1,200		9
Symetra Financial		113,130		2,574
Talmer Bancorp, Cl A*		900		12
Taylor Capital Group*		800		17
Tejon Ranch*		600		19
Terreno Realty‡		1,200		23
Territorial Bancorp		384		8
Texas Capital Bancshares*		1,752		95
The Geo Group*		2,952		105
Third Point Reinsurance*		2,300		35
Tompkins Financial		569		27
TowneBank		1,200		19
Tree.com*		300		9
Trico Bancshares		700		16
Tristate Capital Holdings*		900		13
TrustCo Bank NY		3,700		25
Trustmark		2,600		64
UMB Financial		1,507		96
UMH Properties‡		1,000		10
Umpqua Holdings		6,542		117
Union Bankshares		1,776		46
United Bankshares		2,676		87
United Community Banks		1,900		31
United Community Financial*		2,000		8
United Financial Bancorp		2,012		27
United Fire Group		900		26
United Insurance Holdings*		700		12
Universal Health Realty Income Trust‡		498		22
Universal Insurance Holdings		1,000		13
Univest Corp of Pennsylvania		634		13
Urstadt Biddle Properties, Cl A‡		926		19
Valley National Bancorp		8,100		80

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

27

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
VantageSouth Bancshares*		900	$	5
ViewPoint Financial Group		1,600		43
Virtus Investment Partners		300		64
Walker & Dunlop*		700		10
Walter Investment Management*		1,500		45
Washington Federal		55,045		1,236
Washington Real Estate Investment Trust‡		2,560		67
Washington Trust Bancorp		585		22
Waterstone Financial		1,400		16
Webster Financial		3,550		112
WesBanco		1,151		36
West Bancorporation		600		9
Westamerica Bancorporation		30,820		1,611
Western Alliance Bancorp*		3,161		75
Western Asset Mortgage Capital‡		1,600		23
Westwood Holdings Group		300		18
Whitestone, Cl B‡		900		13
Wilshire Bancorp		2,800		29
Winthrop Realty Trust‡		1,500		23
Wintrust Financial		1,800		83
WisdomTree Investments*		4,104		51
World Acceptance*		300		23
WSFS Financial		300		22
Yadkin Financial*		500		9
				79,867
Health Care — 9.6%
Abaxis		900		40
ABIOMED*		1,600		40
Acadia Healthcare*		1,492		68
ACADIA Pharmaceuticals*		3,294		74
Accelerate Diagnostics*		944		25
Acceleron Pharma*		700		24
Accuray*		3,000		26
AcelRx Pharmaceuticals*		800		8
Achillion Pharmaceuticals*		3,900		30
Acorda Therapeutics*		1,704		57
Addus HomeCare*		300		7
Adeptus Health, Cl A*		8,100		205
Aegerion Pharmaceuticals*		1,140		37
Aerie Pharmaceuticals*		300		7
Affymetrix*		2,800		25
Agenus*		2,500		8
Agios Pharmaceuticals*		600		27
Air Methods*		1,640		85
Akebia Therapeutics*		300		8

Description	Shares		Value (000)
Akorn*		33,284	$	1,107
Albany Molecular Research*		900		18
Alimera Sciences*		1,100		7
Alliance HealthCare Services*		300		8
Almost Family*		300		7
Alnylam Pharmaceuticals*		11,542		729
AMAG Pharmaceuticals*		1,000		21
Amedisys*		1,000		17
AMN Healthcare Services*		2,000		25
Ampio Pharmaceuticals*		1,700		14
Amsurg, Cl A*		1,332		61
Anacor Pharmaceuticals*		1,000		18
Analogic		496		39
AngioDynamics*		1,100		18
ANI Pharmaceuticals*		19,185		661
Anika Therapeutics*		500		23
Antares Pharma*		4,400		12
Aratana Therapeutics*		1,000		16
Arena Pharmaceuticals*		9,128		53
ARIAD Pharmaceuticals*		6,700		43
Array BioPharma*		4,800		22
Arrowhead Research*		2,100		30
AtriCure*		67,962		1,249
Atrion		62		20
Auspex Pharmaceuticals*		400		9
Auxilium Pharmaceuticals*		2,000		40
AVANIR Pharmaceuticals, Cl A*		6,300		36
BioCryst Pharmaceuticals*		2,800		36
BioDelivery Sciences International*		1,500		18
Bio-Path Holdings*		3,000		9
Bio-Reference Labs*		1,100		33
BioScrip*		2,600		22
BioTelemetry*		1,100		8
BioTime*		2,300		7
Bluebird Bio*		800		31
Brookdale Senior Living*		26,000		867
Cambrex*		1,300		27
Cantel Medical		1,293		47
Capital Senior Living*		1,300		31
Cara Therapeutics*		100		2
Cardiovascular Systems*		23,698		738
Castlight Health, Cl B*		500		8
Catamaran*		24,800		1,095
Celldex Therapeutics*		16,605		271
Cellular Dynamics International*		300		4
Cempra*		800		9

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

28

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Cepheid*		2,837	$	136
Cerus*		3,100		13
Chemed		719		67
ChemoCentryx*		1,400		8
Chimerix*		1,100		24
Chindex International*		500		12
Clovis Oncology*		1,000		41
Computer Programs & Systems		482		31
CONMED		1,166		51
Corcept Therapeutics*		3,100		9
CorVel*		500		23
Cross Country Healthcare*		1,100		7
CryoLife		1,000		9
CTI BioPharma*		5,700		15
Cyberonics*		1,041		65
Cynosure, Cl A*		700		15
Cytokinetics*		1,600		8
Cytori Therapeutics*		2,600		6
CytRx*		2,300		10
Dendreon*		6,200		14
Depomed*		61,750		858
Derma Sciences*		800		9
DexCom*		16,802		666
Durata Therapeutics*		500		9
Dyax*		5,500		53
Dynavax Technologies*		10,500		17
Emergent Biosolutions*		1,079		24
Emeritus*		1,600		51
Enanta Pharmaceuticals*		400		17
Endocyte*		1,300		9
Endologix*		2,439		37
Ensign Group		843		26
Envision Healthcare Holdings*		28,255		1,015
Epizyme*		500		16
Esperion Therapeutics*		300		5
Exact Sciences*		34,123		581
Exactech*		400		10
ExamWorks Group*		30,751		976
Exelixis*		7,975		27
Five Prime Therapeutics*		400		6
Five Star Quality Care*		1,800		9
Fluidigm*		1,100		32
Foundation Medicine*		300		8
Furiex Pharmaceuticals*		300		32
Galectin Therapeutics*		700		10
Galena Biopharma*		4,500		14
GenMark Diagnostics*		1,600		22

Description	Shares		Value (000)
Genocea Biosciences*		100	$	2
Genomic Health*		700		19
Gentiva Health Services*		1,300		20
Geron*		7,000		22
Globus Medical, Cl A*		48,980		1,172
Greatbatch*		1,026		50
Haemonetics*		2,153		76
Halozyme Therapeutics*		3,879		38
Hanger*		1,400		44
HealthSouth		63,926		2,292
HealthStream*		900		22
Healthways*		1,500		26
HeartWare International*		670		59
Heron Therapeutics*		800		10
HMS Holdings*		3,442		70
Horizon Pharma*		81,395		1,288
Hyperion Therapeutics*		300		8
ICU Medical*		500		30
Idenix Pharmaceuticals*		4,700		113
Idera Pharmaceuticals*		2,400		7
IDEXX Laboratories*		11,450		1,530
ImmunoGen*		3,399		40
Immunomedics*		3,100		11
Impax Laboratories*		2,786		83
Incyte*		11,767		664
Infinity Pharmaceuticals*		2,100		27
Inogen*		100		2
Inovio Pharmaceuticals*		2,400		26
Insmed*		1,500		30
Insulet*		2,153		85
Insys Therapeutics*		300		9
Integra LifeSciences Holdings*		1,000		47
InterMune*		3,883		171
Intra-Cellular Therapies*		700		12
Intrexon*		1,400		35
Invacare		1,500		28
IPC The Hospitalist*		700		31
Ironwood Pharmaceuticals, Cl A*		4,583		70
Isis Pharmaceuticals*		4,738		163
Karyopharm Therapeutics*		500		23
Keryx Biopharmaceuticals*		3,700		57
Kindred Biosciences*		300		6
Kindred Healthcare		2,300		53
KYTHERA Biopharmaceuticals*		700		27
Landauer		400		17
Lannett*		1,000		50
LDR Holding*		700		18

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

29

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Lexicon Pharmaceuticals*		9,000	$	14
LHC Group*		500		11
LifePoint Hospitals*		16,400		1,018
Ligand Pharmaceuticals*		11,475		715
Luminex*		1,500		26
MacroGenics*		800		17
Magellan Health*		1,144		71
Mallinckrodt*		14,868		1,190
MannKind*		9,300		102
Masimo*		1,982		47
MedAssets*		2,600		59
Medicines*		2,590		75
Medidata Solutions*		2,200		94
Medivation*		21,408		1,650
Merge Healthcare*		3,900		9
Meridian Bioscience		1,611		33
Merit Medical Systems*		1,900		29
Merrimack Pharmaceuticals*		4,000		29
MiMedx Group*		4,000		28
Molina Healthcare*		1,200		54
Momenta Pharmaceuticals*		1,810		22
MWI Veterinary Supply*		459		65
NanoViricides*		1,600		7
National Healthcare		400		23
National Research, Cl A*		600		8
Natus Medical*		1,300		33
Navidea Biopharmaceuticals*		4,900		7
Nektar Therapeutics*		5,350		69
Neogen*		1,514		61
Neuralstem*		2,800		11
Neurocrine Biosciences*		3,053		45
NewLink Genetics*		700		19
Northwest Biotherapeutics*		1,400		9
Novadaq Technologies*		22,682		374
Novavax*		7,500		35
NPS Pharmaceuticals*		4,202		139
NuVasive*		1,905		68
NxStage Medical*		42,700		614
Omeros*		1,500		26
Omnicare		16,691		1,110
Omnicell*		1,500		43
OncoMed Pharmaceuticals*		14,453		337
Oncothyreon*		2,900		9
Ophthotech*		400		17
OPKO Health*		8,074		71
OraSure Technologies*		2,400		21

Description	Shares		Value (000)
Orexigen Therapeutics*		4,500	$	28
Organovo Holdings*		2,500		21
Orthofix International*		700		25
Osiris Therapeutics*		700		11
OvaScience*		600		6
Owens & Minor		2,600		88
Oxford Immunotec Global*		400		7
Pacific Biosciences of California*		1,800		11
Pacira Pharmaceuticals*		16,417		1,507
Pain Therapeutics*		1,500		9
PAREXEL International*		2,208		117
PDL BioPharma		6,731		65
Peregrine Pharmaceuticals*		6,800		13
Pernix Therapeutics Holdings*		1,400		13
Pharmacyclics*		7,100		637
PharMerica*		27,973		800
Phibro Animal Health, Cl A*		600		13
PhotoMedex*		400		5
Portola Pharmaceuticals*		1,500		44
Pozen		1,100		9
Prestige Brands Holdings*		2,160		73
Progenics Pharmaceuticals*		3,500		15
Prothena*		600		14
Providence Service*		12,525		458
PTC Therapeutics*		900		24
Puma Biotechnology*		988		65
Quality Systems		1,600		26
Quidel*		1,200		27
RadNet*		1,300		9
Raptor Pharmaceutical*		2,600		30
Receptos*		600		26
Regulus Therapeutics*		700		6
Relypsa*		700		17
Repligen*		1,400		32
Repros Therapeutics*		1,000		17
Retrophin*		1,000		12
Revance Therapeutics*		300		10
Rigel Pharmaceuticals*		3,500		13
Rockwell Medical*		1,700		20
RTI Surgical*		2,500		11
Sagent Pharmaceuticals*		800		21
Sangamo BioSciences*		2,600		40
Sarepta Therapeutics*		1,700		51
SciClone Pharmaceuticals*		2,400		13
Select Medical Holdings		3,200		50
Sequenom*		5,000		19
Skilled Healthcare Group, Cl A*		500		3

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

30

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Spectranetics*		1,800	$	41
Spectrum Pharmaceuticals*		2,400		20
STAAR Surgical*		1,500		25
Stemline Therapeutics*		400		6
STERIS		18,949		1,013
Sucampo Pharmaceuticals, Cl A*		900		6
Sunesis Pharmaceuticals*		1,300		8
Supernus Pharmaceuticals*		1,000		11
Surgical Care Affiliates*		400		12
SurModics*		700		15
Symmetry Medical*		1,700		15
Synageva BioPharma*		811		85
Synergy Pharmaceuticals*		3,500		14
Synta Pharmaceuticals*		2,000		8
Tandem Diabetes Care*		400		7
Team Health Holdings*		22,360		1,116
Techne		17,670		1,635
TESARO*		600		19
Tetraphase Pharmaceuticals*		600		8
TG Therapeutics*		1,000		9
TherapeuticsMD*		3,200		14
Theravance*		3,300		98
Theravance Biopharma*		1,000		32
Thoratec*		2,248		78
Threshold Pharmaceuticals*		1,900		8
Tornier*		1,200		28
Triple-S Management, Cl B*		1,000		18
Ultragenyx Pharmaceutical*		300		13
Unilife*		3,900		12
Universal American		1,700		14
US Physical Therapy		400		14
Utah Medical Products		100		5
Vanda Pharmaceuticals*		1,400		23
Vascular Solutions*		800		18
Veracyte*		100		2
Verastem*		700		6
Versartis*		300		8
VIVUS*		3,200		17
Vocera Communications*		700		9
Volcano*		2,000		35
WellCare Health Plans*		1,778		133
West Pharmaceutical Services		2,868		121
Wright Medical Group*		34,510		1,084
Xencor*		400		5
XenoPort*		2,300		11
XOMA*		3,300		15
Zeltiq Aesthetics*		800		12

Description	Shares		Value (000)
ZIOPHARM Oncology*		3,200	$	13
Zogenix*		4,400		9
				41,126
Industrials — 16.7%
AAON		1,200		40
AAR		1,600		44
ABM Industries		58,438		1,577
Acacia Research		81,110		1,439
ACCO Brands*		4,700		30
Accuride*		1,300		6
Aceto		1,200		22
Actuant, Cl A		2,781		96
Acuity Brands		8,000		1,107
Advisory Board*		1,462		76
Aegion, Cl A*		1,600		37
Aerovironment*		800		25
Air Transport Services Group*		2,300		19
Aircastle		2,800		50
Alamo Group		300		16
Albany International, Cl A		1,215		46
Allegiant Travel, Cl A		568		67
Allison Transmission Holdings		28,800		896
Altra Industrial Motion		27,823		1,012
Ameresco, Cl A*		800		6
American Railcar Industries		400		27
American Science & Engineering		300		21
American Woodmark*		500		16
Apogee Enterprises		1,100		38
Applied Industrial Technologies		1,656		84
ARC Document Solutions*		1,400		8
ArcBest		1,100		48
Argan		500		19
Astec Industries		23,338		1,024
Astronics*		600		34
Atlas Air Worldwide Holdings*		1,100		41
AZZ		1,090		50
Baltic Trading*		2,000		12
Barnes Group		24,470		943
Barrett Business Services		300		14
Beacon Roofing Supply*		2,079		69
Blount International*		2,200		31
Brady, Cl A		1,917		57
Briggs & Stratton		60,650		1,242
Brink’s		2,030		57
Builders FirstSource*		1,800		13
CAI International*		800		18

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

31

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Capstone Turbine*		13,700	$	21
Casella Waste Systems, Cl A*		1,600		8
CBIZ*		1,400		13
CDI		600		9
Ceco Environmental		700		11
Celadon Group		900		19
Cenveo*		2,200		8
Chart Industries*		1,221		101
CIRCOR International		12,762		984
Civeo*		3,800		95
CLARCOR		34,350		2,126
Columbus McKinnon		900		24
Comfort Systems USA		1,700		27
Commercial Vehicle Group*		1,000		10
Continental Building Products*		700		11
Con-way		2,795		141
Corporate Executive Board		1,349		92
CRA International*		400		9
Cubic		800		36
Curtiss-Wright		1,980		130
Deluxe		43,747		2,562
DigitalGlobe*		3,108		86
Douglas Dynamics		871		15
Ducommun*		400		10
DXP Enterprises*		500		38
Dycom Industries*		1,325		41
Dynamic Materials		500		11
Echo Global Logistics*		800		15
EMCOR Group		2,660		118
Encore Wire		852		42
Energy Recovery*		1,900		9
EnerSys		1,918		132
Engility Holdings*		700		27
Ennis		1,100		17
Enphase Energy*		400		3
EnPro Industries*		900		66
Erickson*		300		5
ESCO Technologies		1,000		35
Esterline Technologies*		1,232		142
ExOne*		300		12
Exponent		500		37
Federal Signal		2,500		37
Forward Air		26,286		1,259
Franklin Covey*		400		8
Franklin Electric		1,969		79
FreightCar America		500		13
FTI Consulting*		1,709		65

Description	Shares		Value (000)
FuelCell Energy*		8,800	$	21
Furmanite*		1,800		21
G&K Services, Cl A		846		44
GenCorp*		2,493		48
Generac Holdings*		2,778		135
General Cable		41,232		1,058
Gibraltar Industries*		1,400		22
Global Brass & Copper Holdings		500		8
Global Power Equipment Group		700		11
Gorman-Rupp		800		28
GP Strategies*		700		18
GrafTech International*		4,900		51
Graham		500		17
Granite Construction		55,437		1,994
Great Lakes Dredge & Dock*		2,600		21
Greenbrier*		1,000		58
Griffon		1,600		20
H&E Equipment Services*		1,300		47
Harsco		53,435		1,424
Hawaiian Holdings*		61,300		840
Healthcare Services Group		2,778		82
Heartland Express		45,282		967
HEICO		2,608		135
Heidrick & Struggles International		900		17
Heritage-Crystal Clean*		500		10
Herman Miller		31,709		959
Hexcel*		48,502		1,984
Hillenbrand		25,645		837
HNI		1,805		71
Houston Wire & Cable		600		7
Hub Group, Cl A*		1,382		70
Hurco		300		8
Huron Consulting Group*		6,437		456
Hyster-Yale Materials Handling		400		35
ICF International*		900		32
InnerWorkings*		1,200		10
Insperity		1,000		33
Insteel Industries		600		12
Interface, Cl A		2,423		46
International Shipholding		300		7
ITT		23,756		1,143
JetBlue Airways*		89,247		968
John Bean Technologies		1,300		40
Kadant		500		19
Kaman		1,145		49
KAR Auction Services		33,472		1,067

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

32

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Kelly Services, Cl A		1,248	$	21
KEYW Holding*		1,300		16
Kforce		1,200		26
Kimball International, Cl B		1,400		23
Kirby*		7,800		913
Knight Transportation		31,600		752
Knightsbridge Tankers		1,200		17
Knoll		42,344		734
Korn*		2,000		59
Kratos Defense & Security Solutions*		1,900		15
Layne Christensen*		800		11
LB Foster, Cl A		400		22
Lindsay		500		42
LMI Aerospace*		600		8
LSI Industries		900		7
Lydall*		800		22
Manitex International*		600		10
Marten Transport		1,000		22
Masonite International*		1,200		68
MasTec*		2,502		77
Matson		1,781		48
McGrath RentCorp		6,060		223
Meritor*		71,880		937
Middleby*		10,551		873
Miller Industries		500		10
Mistras Group*		27,874		683
Mobile Mini		25,092		1,202
Moog, Cl A*		1,788		130
MSA Safety		1,170		67
Mueller Industries		69,734		2,052
Mueller Water Products, Cl A		6,690		58
Multi-Color		500		20
MYR Group*		800		20
National Presto Industries		200		15
Navigant Consulting*		1,864		33
Navios Maritime Holdings		3,200		32
NCI Building Systems*		900		17
NL Industries		500		5
NN		800		20
Norcraft*		200		3
Nortek*		400		36
Northwest Pipe*		400		16
On Assignment*		2,181		78
Orbital Sciences*		2,408		71
Orion Marine Group*		1,100		12
Park-Ohio Holdings		400		23

Description	Shares		Value (000)
Patrick Industries*		300	$	14
Patriot Transportation Holding*		300		10
Pendrell*		6,100		11
Performant Financial*		900		9
PGT*		68,875		583
Pike*		900		8
Pitney Bowes		148,168		4,091
Plug Power*		6,800		32
Ply Gem Holdings*		600		6
Polypore International*		1,781		85
Powell Industries		347		23
Power Solutions International*		100		7
PowerSecure International*		700		7
Preformed Line Products		100		5
Primoris Services		1,400		40
Proto Labs*		914		75
Quad		1,100		25
Quality Distribution*		1,000		15
Quanex Building Products		1,500		27
Raven Industries		1,430		47
RBC Bearings		932		60
Regal-Beloit		22,240		1,748
Republic Airways Holdings*		2,000		22
Resources Connection		82,890		1,087
Revolution Lighting Technologies*		1,900		4
Rexnord*		3,100		87
Roadrunner Transportation Systems*		1,100		31
Robert Half International		9,200		439
RPX*		2,200		39
Rush Enterprises, Cl A*		24,497		848
Ryder System		4,900		432
Safe Bulkers		1,600		16
Saia*		12,961		569
Schawk, Cl A		600		12
Scorpio Bulkers*		5,400		48
Simpson Manufacturing		36,060		1,311
SkyWest		2,100		26
SP Plus*		600		13
Sparton*		500		14
Spirit Airlines*		16,526		1,045
SPX		8,327		901
Standex International		540		40
Steelcase, Cl A		138,766		2,100
Sterling Construction*		700		7
Stock Building Supply Holdings*		600		12
Sun Hydraulics		927		38

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

33

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Swift Transportation, Cl A*		3,541	$	89
TAL International Group		1,403		62
Taser International*		2,400		32
Team*		900		37
Teledyne Technologies*		1,500		146
Tennant		751		57
Tetra Tech		2,482		68
Textainer Group Holdings		900		35
Thermon Group Holdings*		1,100		29
Titan International		1,800		30
Titan Machinery*		700		12
Towers Watson, Cl A		7,610		793
Trex*		1,400		40
TriMas*		1,899		72
TriNet Group*		600		14
Trinity Industries		10,300		450
Triumph Group		29,940		2,090
TrueBlue*		1,654		46
Tutor Perini*		1,500		48
Twin Disc		300		10
Ultrapetrol Bahamas*		1,500		4
UniFirst		563		60
United Stationers		1,663		69
Universal Forest Products		800		39
Universal Truckload Services		300		8
URS		19,410		890
US Ecology		17,500		857
UTi Worldwide*		3,607		37
Valmont Industries		15,032		2,285
Viad		900		21
Vicor*		700		6
VSE		200		14
Wabash National*		2,700		38
WABCO Holdings*		4,300		459
WageWorks*		24,175		1,164
Watsco		1,000		103
Watts Water Technologies, Cl A		1,200		74
Werner Enterprises		1,900		50
Wesco Aircraft Holdings*		2,100		42
West		1,600		43
Woodward		2,666		134
Xerium Technologies*		500		7
XPO Logistics*		43,413		1,242
YRC Worldwide*		1,400		39
				71,649

Description	Shares		Value (000)
Information Technology — 18.2%
ACI Worldwide*		1,456	$	81
Actuate*		1,700		8
Acxiom*		3,106		67
ADTRAN		49,804		1,125
Advanced Energy Industries*		1,500		29
Advent Software		2,100		68
Aeroflex Holding*		600		6
Agilysys*		600		8
Alliance Fiber Optic Products		500		9
Allot Communications*		79,917		1,043
Alpha & Omega Semiconductor*		500		5
Ambarella*		1,200		37
American Software, Cl A		1,000		10
Amkor Technology*		3,500		39
Angie’s List*		1,600		19
Anixter International		1,100		110
Applied Micro Circuits*		3,300		36
Applied Optoelectronics*		300		7
Aruba Networks*		4,202		74
Aspen Technology*		15,217		706
Audience*		600		7
Autodesk*		21,100		1,190
AVG Technologies*		1,100		22
Axcelis Technologies*		4,400		9
Badger Meter		643		34
Bankrate*		2,700		47
Barracuda Networks*		200		6
Bazaarvoice*		2,000		16
Bel Fuse, Cl B		400		10
Belden		1,784		139
Benchmark Electronics*		2,300		59
Benefitfocus*		13,000		601
Black Box		700		16
Blackbaud		49,649		1,774
Blackhawk Network Holdings, Cl A*		2,191		61
Blucora*		1,600		30
Bottomline Technologies de*		1,556		47
Brightcove*		1,100		12
Broadridge Financial Solutions		52,089		2,169
BroadSoft*		1,100		29
Brocade Communications Systems		245,800		2,262
Brooks Automation		2,700		29
Cabot Microelectronics*		50,343		2,247
CACI International, Cl A*		1,000		70
CalAmp*		1,400		30

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

34

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Calix*		1,700	$	14
Callidus Software*		1,800		21
Carbonite*		700		8
Cardtronics*		1,863		63
Care.com*		100		1
Cass Information Systems		400		20
Cavium*		2,110		105
CEVA*		900		13
ChannelAdvisor*		800		21
Checkpoint Systems*		1,600		22
CIBER*		3,100		15
Ciena*		39,246		850
Cinedigm, Cl A*		3,100		8
Cirrus Logic*		2,400		55
Clearfield*		500		8
Cognex*		3,562		137
Coherent*		1,021		68
Cohu		64,100		686
CommVault Systems*		1,892		93
Computer Task Group		600		10
Compuware		8,900		89
comScore*		64,258		2,281
Comtech Telecommunications		600		22
Comverse*		1,000		27
Constant Contact*		32,879		1,056
Control4*		34,900		683
Convergys		3,931		84
Conversant*		95,172		2,418
Cornerstone OnDemand*		2,202		101
CoStar Group*		6,721		1,063
Covisint*		500		2
Cray*		1,600		43
CSG Systems International		1,376		36
CTS		1,466		27
CUI Global*		800		7
Cvent*		700		20
Cypress Semiconductor		6,065		66
Daktronics		1,400		17
Datalink*		800		8
Dealertrack Technologies*		2,204		100
Demand Media*		1,500		7
Demandware*		1,200		83
Dice Holdings*		1,400		11
Diebold		27,270		1,095
Digi International*		900		8
Digimarc		300		10

Description	Shares		Value (000)
Digital River*		1,473	$	23
Diodes*		1,400		41
Dot Hill Systems*		2,400		11
DSP Group*		800		7
DTS*		600		11
E2open*		600		12
EarthLink Holdings		4,500		17
Eastman Kodak*		700		17
Ebix		1,200		17
Electro Rent		700		12
Electro Scientific Industries		1,000		7
Electronic Arts*		26,680		957
Electronics For Imaging*		27,119		1,225
Ellie Mae*		1,100		34
Emulex*		3,771		21
Endurance International Group Holdings*		900		14
EnerNOC*		1,200		23
Entegris*		5,409		74
Entropic Communications*		3,400		11
Envestnet*		1,400		68
EPAM Systems*		1,400		61
Epiq Systems		1,300		18
ePlus*		100		6
Euronet Worldwide*		2,028		98
EVERTEC		2,700		65
Exar*		1,700		19
ExlService Holdings*		1,300		38
Extreme Networks*		4,400		20
F5 Networks*		14,700		1,639
Fabrinet*		1,300		27
Fair Isaac		1,406		90
Fairchild Semiconductor International, Cl A*		5,100		80
FARO Technologies*		14,463		710
FEI		1,689		153
Finisar*		3,742		74
FleetMatics Group*		1,500		49
FormFactor*		2,400		20
Forrester Research		500		19
Fusion-io*		4,400		50
Gigamon*		1,000		19
Global Cash Access Holdings*		3,000		27
Global Eagle Entertainment*		1,100		14
Glu Mobile*		2,300		12
Gogo*		2,300		45
GrubHub*		400		14
GSI Group*		1,200		15

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

35

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
GT Advanced Technologies*		148,050	$	2,753
Guidance Software*		700		6
Guidewire Software*		2,750		112
Hackett Group		700		4
Harmonic*		4,316		32
Heartland Payment Systems		1,503		62
Higher One Holdings*		1,300		5
Hittite Microwave		3,689		288
iGATE*		1,400		51
II-VI*		2,100		30
Immersion*		1,000		13
Imperva*		800		21
Infinera*		5,000		46
Infoblox*		2,355		31
Inphi*		1,100		16
Insight Enterprises*		1,700		52
Integrated Device Technology*		77,079		1,192
Integrated Silicon Solution*		1,400		21
Interactive Intelligence Group*		600		34
InterDigital		1,700		81
Internap Network Services*		2,300		16
International Rectifier*		2,876		80
Intersil, Cl A		71,091		1,063
Intevac*		1,000		8
Intralinks Holdings*		1,700		15
InvenSense, Cl A*		2,900		66
Itron*		1,500		61
Ixia*		2,500		29
IXYS		900		11
j2 Global		1,901		97
Jive Software*		1,800		15
Kemet*		1,700		10
Kofax*		3,000		26
Kopin*		2,700		9
KVH Industries*		600		8
Lattice Semiconductor*		4,700		39
Lexmark International, Cl A		49,353		2,376
Limelight Networks*		1,600		5
Lionbridge Technologies*		2,500		15
Liquidity Services*		1,000		16
Littelfuse		911		85
LivePerson*		2,500		25
LogMeIn*		25,421		1,185
Luxoft Holding, Cl A*		200		7
M*		400		9
Manhattan Associates*		2,980		103
ManTech International, Cl A		1,000		30

Description	Shares		Value (000)
Marchex, Cl B		101,463	$	1,220
Marin Software*		600		7
Marketo*		1,000		29
Mavenir Systems*		400		6
MAXIMUS		2,635		113
MaxLinear, Cl A*		1,000		10
Maxwell Technologies*		1,300		20
Measurement Specialties*		582		50
Mentor Graphics		3,839		83
Mercury Systems*		1,300		15
Mesa Laboratories		100		8
Methode Electronics		1,500		57
Micrel		101,515		1,145
Microsemi*		28,523		763
MicroStrategy, Cl A*		300		42
Millennial Media*		3,100		15
MKS Instruments		44,278		1,383
Model N*		500		6
ModusLink Global Solutions*		1,500		6
MoneyGram International*		1,000		15
Monolithic Power Systems		1,600		68
Monotype Imaging Holdings		1,588		45
Monster Worldwide*		4,000		26
Move*		1,648		24
MTS Systems		600		41
Multi-Fineline Electronix*		500		6
Nanometrics*		1,000		18
NETGEAR*		1,441		50
NetScout Systems*		1,500		67
NeuStar, Cl A*		2,400		62
Newport*		1,500		28
NIC		2,665		42
Nimble Storage*		400		12
Numerex, Cl A*		600		7
NVE*		200		11
Oclaro*		3,800		8
OmniVision Technologies*		2,300		51
OpenTable*		927		96
Oplink Communications*		800		14
OSI Systems*		800		53
Pandora Media*		81,550		2,407
Park Electrochemical		790		22
ParkerVision*		3,900		6
PC Connection		400		8
PDF Solutions*		1,200		25
Pegasystems		1,400		30

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

36

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Peregrine Semiconductor*		1,100	$	8
Perficient*		1,300		25
Pericom Semiconductor*		900		8
Photronics*		2,300		20
Plantronics		1,774		85
Plexus*		1,432		62
PLX Technology*		1,700		11
PMC-Sierra*		7,042		54
Polycom*		5,600		70
Power Integrations		1,245		72
PRGX Global*		1,200		8
Procera Networks*		800		8
Progress Software*		2,164		52
Proofpoint*		28,917		1,083
PROS Holdings*		1,033		27
QAD*		200		4
Qlik Technologies*		3,722		84
QLogic*		3,539		36
Qualys*		700		18
Quantum*		7,800		10
QuickLogic*		2,200		11
QuinStreet*		1,300		7
Rally Software Development*		400		4
Rambus*		69,026		987
RealD*		1,900		24
RealNetworks*		900		7
RealPage*		2,000		45
Reis		200		4
RF Micro Devices*		11,749		113
Rocket Fuel*		700		22
Rofin-Sinar Technologies*		1,100		26
Rogers*		700		46
Rosetta Stone*		700		7
Rubicon Technology*		900		8
Ruckus Wireless*		2,100		25
Rudolph Technologies*		1,300		13
Sanmina*		3,315		76
Sapiens International*		600		5
Sapient*		4,481		73
ScanSource*		1,211		46
Science Applications International		1,700		75
SciQuest*		1,200		21
Seachange International*		1,500		12
Semtech*		2,608		68
ServiceNow*		40,145		2,486
ServiceSource International*		2,300		13
ShoreTel*		2,500		16

Description	Shares		Value (000)
Shutterstock*		11,268	$	935
Silicon Graphics International*		1,300		13
Silicon Image*		3,600		18
Silicon Laboratories*		1,800		89
Silicon Motion Technology ADR		54,411		1,112
Silver Spring Networks*		1,400		19
Skyworks Solutions		19,400		911
Solera Holdings		14,663		985
Sonus Networks*		10,000		36
Spansion, Cl A*		29,700		626
Speed Commerce*		1,900		7
Splunk*		25,441		1,408
SPS Commerce*		700		44
SS&C Technologies Holdings*		2,764		122
Stamps.com*		600		20
SunPower, Cl A*		19,628		804
Super Micro Computer*		1,500		38
Sykes Enterprises*		1,500		33
Synaptics*		6,682		606
Synchronoss Technologies*		1,400		49
SYNNEX*		13,382		975
Syntel*		600		52
Take-Two Interactive Software*		4,022		89
Tangoe*		1,200		18
TechTarget*		800		7
TeleCommunication Systems, Cl A*		1,400		5
Telenav*		1,100		6
TeleTech Holdings*		800		23
Tessco Technologies		200		6
Tessera Technologies		72,187		1,593
Textura*		800		19
TiVo*		4,791		62
Travelzoo*		300		6
Trimble Navigation*		16,529		611
TriQuint Semiconductor*		6,700		106
Trulia*		1,500		71
TTM Technologies*		2,100		17
Tyler Technologies*		1,325		121
Ubiquiti Networks*		1,200		54
Ultimate Software Group*		1,094		151
Ultra Clean Holdings*		1,000		9
Ultratech*		1,100		24
Unisys*		2,161		53
Universal Display*		1,600		51
Unwired Planet*		4,100		9
Varonis Systems*		100		3

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

37

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
VASCO Data Security International*		1,300	$	15
Veeco Instruments*		1,642		61
VeriFone Systems*		56,675		2,083
Verint Systems*		25,575		1,254
ViaSat*		1,679		97
Violin Memory*		3,300		15
VirnetX Holding*		1,700		30
Virtusa*		1,000		36
Vishay Intertechnology		151,490		2,348
Vishay Precision Group*		500		8
Vistaprint*		1,419		57
Vringo*		2,300		8
Web.com Group*		2,151		62
WebMD Health, Cl A*		19,090		922
WEX*		7,819		821
Wix.com*		400		8
Xcerra*		66,098		601
XO Group*		1,200		15
Xoom*		1,300		34
Yelp, Cl A*		21,090		1,617
Zendesk*		500		9
Zix*		2,200		8
				78,558
Materials — 5.9%
A Schulman		1,128		44
Advanced Emissions Solutions*		1,000		23
AEP Industries*		200		7
AK Steel Holding*		5,500		44
Allied Nevada Gold*		4,000		15
AM Castle*		600		7
American Vanguard		1,200		16
Ampco-Pittsburgh		300		7
AptarGroup		32,100		2,151
Avery Dennison		40,735		2,088
Axiall		38,312		1,812
Balchem		1,265		68
Berry Plastics Group*		3,700		95
Boise Cascade*		1,600		46
Calgon Carbon*		2,300		51
Century Aluminum*		2,100		33
Chase		300		10
Chemtura*		3,744		98
Clearwater Paper*		12,745		786
Coeur Mining*		4,000		37
Commercial Metals		4,572		79
Crown Holdings*		16,900		841

Description	Shares		Value (000)
Deltic Timber		442	$	27
Eagle Materials		31,831		3,002
Ferro*		39,180		492
Flotek Industries*		2,000		64
FutureFuel		900		15
Globe Specialty Metals		2,500		52
Gold Resource		1,900		10
Graphic Packaging Holding*		79,500		930
Greif, Cl A		23,820		1,300
Handy & Harman*		300		8
Hawkins		400		15
Haynes International		13,295		751
HB Fuller		2,068		99
Headwaters*		89,500		1,243
Hecla Mining		13,502		47
Horsehead Holding*		50,415		920
Innophos Holdings		12,167		700
Innospec		1,044		45
Intrepid Potash*		2,200		37
Kaiser Aluminum		708		52
KapStone Paper and Packaging*		3,430		113
KMG Chemicals		200		4
Koppers Holdings		900		34
Kraton Performance Polymers*		1,400		31
Kronos Worldwide		83,620		1,310
Landec*		1,000		12
Louisiana-Pacific*		5,503		83
LSB Industries*		18,432		768
Marrone Bio Innovations*		400		5
Materion		800		30
Minerals Technologies		1,407		92
Molycorp*		7,200		19
Myers Industries		1,300		26
Neenah Paper		643		34
Noranda Aluminum Holding		2,100		7
Olin		3,129		84
Olympic Steel		400		10
OM Group		1,219		40
OMNOVA Solutions*		2,100		19
PH Glatfelter		1,766		47
PolyOne		27,784		1,171
Quaker Chemical		510		39
Rentech*		10,100		26
Resolute Forest Products*		2,800		47
RTI International Metals*		1,100		29
Schnitzer Steel Industries, Cl A		1,158		30
Schweitzer-Mauduit International		1,144		50

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

38

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Shares		Value (000)
Senomyx*		1,700	$	15
Sensient Technologies		1,895		106
Stepan		800		42
Stillwater Mining*		4,769		84
SunCoke Energy*		2,724		59
Taminco*		1,200		28
Texas Industries*		900		83
Trecora Resources*		800		9
Tredegar		1,100		26
Tronox, Cl A		2,500		67
UFP Technologies*		300		7
United States Lime & Minerals		100		6
Universal Stainless & Alloy Products*		300		10
US Concrete*		600		15
US Silica Holdings		2,200		121
Vulcan Materials		20,600		1,313
Walter Energy		2,300		13
Wausau Paper		1,900		21
Westlake Chemical		10,680		895
Worthington Industries		1,994		85
Zep		1,000		18
				25,350
Telecommunication Services — 0.9%
8x8*		3,600		29
Atlantic Telegraph-Network		392		23
Boingo Wireless*		1,200		8
Cbeyond*		1,200		12
Cincinnati Bell*		9,400		37
Cogent Communications Holdings		15,082		521
Consolidated Communications Holdings		1,652		37
Enventis		600		10
FairPoint Communications*		800		11
General Communication, Cl A*		1,400		16
Globalstar*		11,100		47
Hawaiian Telcom Holdco*		400		11
IDT, Cl B		600		10
inContact*		2,500		23
Inteliquent		1,500		21
Intelsat*		1,100		21
Iridium Communications*		3,100		26
Lumos Networks		600		9
magicJack VocalTec*		700		11
NTELOS Holdings		600		7
ORBCOMM*		1,600		11
Premiere Global Services*		2,200		29
RingCentral, Cl A*		38,700		586

Description	Shares		Value (000)
SBA Communications, Cl A*		13,406	$	1,372
Shenandoah Telecommunications		1,000		30
USA Mobility		800		12
Vonage Holdings*		205,900		771
				3,701
Utilities — 1.1%
ALLETE		1,700		87
American States Water		1,600		53
Artesian Resources, Cl A		300		7
Atlantic Power		5,300		22
Avista		2,400		80
Black Hills		1,800		110
California Water Service Group		43,400		1,051
Chesapeake Utilities		360		26
Cleco		2,400		142
Connecticut Water Service		358		12
Dynegy, Cl A*		3,956		137
El Paso Electric		1,658		67
Empire District Electric		1,700		44
IDACORP		1,940		113
Laclede Group		1,300		63
MGE Energy		1,377		54
Middlesex Water		700		15
New Jersey Resources		1,712		98
NorthWestern		1,600		84
Northwest Natural Gas		18,520		873
NRG Yield, Cl A		800		42
ONE Gas		2,100		79
Ormat Technologies		800		23
Otter Tail		1,502		45
Pattern Energy Group, Cl A		1,600		53
Piedmont Natural Gas		16,720		625
PNM Resources		3,300		97
Portland General Electric		3,200		111
SJW		600		16
South Jersey Industries		1,300		79
Southwest Gas		1,900		100
UIL Holdings		2,200		85
Unitil		517		17
UNS Energy		1,729		104
WGL Holdings		2,009		87
York Water		500		10
				4,711
Total Common Stock (Cost $393,116) (000)				419,972

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

39

THE KP FUNDS June 30, 2014 (Unaudited)

KP Small Cap Equity Fund

Description	Number of Rights		Value (000)
RIGHTS — 0.0%
Central European Media*		50	$	—
Chelsea Therapeutics International*		2,000		—
Leap Wireless*		2,300		—
Total Rights (Cost $—) (000)				—
CASH EQUIVALENT (A) — 2.7%
State Street Institutional Liquid Reserves Fund, 0.080%		11,564,183		11,564
Total Cash Equivalent (Cost $11,564) (000)				11,564
Total Investments — 100.3% (Cost $404,680) (000)			$	431,536

Percentages are based on net assets of $430,033 (000).

A list of the open futures contracts held by the Fund at June 30, 2014, is as follows:

Type of Contract	Number of Contracts Long	Expiration Date	Unrealized Appreciation ($ Thousands)
Russell 2000 Index     E-MINI	29	Sep-2014	$91

For the period ended June 30, 2014, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

* Non-income producing security.

‡ Real Estate Investment Trust

(A) The rate reported is the 7-day effective yield as of June 30, 2014.

ADR — American Depositary Receipt

Cl — Class

As of June 30, 2014, all of the Fund’s investments and other financial instruments 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, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of June 30, 2014, there were no Level 3 investments.

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

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

40

THE KP FUNDS June 30, 2014 (Unaudited)

KP International Equity Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
COMMON STOCK — 96.4%
Australia — 2.7%
AGL Energy		10,501	$	153
ALS		27,275		228
Alumina		486,340		620
Amcor		52,767		519
AMP		54,821		274
Ansell		3,937		74
APA Group		14,900		97
Asciano		17,352		92
ASX		3,606		121
Aurizon Holdings		37,633		177
Australia & New Zealand Banking Group		54,970		1,728
Bank of Queensland		6,767		78
Bendigo and Adelaide Bank		7,327		84
BHP Billiton		70,873		2,400
BlueScope Steel*		80,868		413
Boral		13,742		68
Brambles		27,911		242
Caltex Australia		2,614		53
CFS Retail Property Trust Group‡		39,621		76
Coca-Cola Amatil		68,013		607
Cochlear		982		57
Commonwealth Bank of Australia		29,760		2,271
Computershare		8,453		99
Crown Resorts		6,594		93
CSL		8,784		551

Description	Shares		Value (000)
Dexus Property Group‡		102,995	$	108
DuluxGroup		27,469		147
Fairfax Media*		544,919		464
Federation Centres‡		26,849		63
Flight Centre Travel Group		1,071		45
Fortescue Metals Group		28,324		116
Goodman Fielder*		276,941		178
Goodman Group‡		31,856		152
GPT Group‡		30,468		110
Harvey Norman Holdings		8,565		25
Iluka Resources		47,320		363
Incitec Pivot		30,631		84
Insurance Australia Group		40,984		226
Leighton Holdings		1,817		34
Lend Lease Group		10,372		128
Macquarie Group		5,346		301
Metcash		63,564		158
Mirvac Group‡		68,258		115
National Australia Bank		42,780		1,322
Newcrest Mining		13,456		133
Orica		22,790		418
Origin Energy		20,053		276
Orora		30,600		41
Premier Investments		3,000		24
Qantas Airways*		17,713		21
QBE Insurance Group		22,739		233
Ramsay Health Care		2,446		105
REA Group		1,020		41
Rio Tinto		8,018		448
SAI Global*		54,701		264
Santos		33,548		451
Scentre Group‡ *		93,155		281
Seek		5,739		86
Sigma Pharmaceuticals		185,893		128
Sonic Healthcare		7,086		116
SP AusNet		28,075		35
Stockland‡		42,736		156
Suncorp Group		23,441		299
Sydney Airport		18,951		75
Tabcorp Holdings		12,270		39
Tatts Group		24,869		77
Telstra		78,013		383
Toll Holdings		64,870		312
TPG Telecom		5,030		26
Transpacific Industries Group*		267,260		256
Transurban Group		32,251		225
Treasury Wine Estates		10,590		50

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

41

THE KP FUNDS June 30, 2014 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Wesfarmers		20,723	$	818
Westfield‡		35,322		238
Westpac Banking		57,431		1,835
Woodside Petroleum		11,888		460
Woolworths		22,729		755
WorleyParsons		3,571		59
Wotif.com Holdings		19,496		45
				24,523
Austria — 0.2%
Andritz		5,221		302
Erste Group Bank		4,550		147
IMMOFINANZ		16,691		59
Oesterreichische Post		8,017		398
OMV		2,743		124
Raiffeisen Bank International		2,306		74
Telekom Austria		3,571		35
Vienna Insurance Group Wiener Versicherung Gruppe		620		33
Voestalpine		2,000		95
Wienerberger		24,675		414
				1,681
Belgium — 0.5%
Ageas		4,105		164
Anheuser-Busch InBev		28,179		3,236
Belgacom		2,704		90
Colruyt		1,426		72
Delhaize Group		1,893		129
Groupe Bruxelles Lambert		1,495		155
KBC Groep		4,637		252
Solvay		1,099		189
Telenet Group Holding*		959		55
UCB		2,040		173
Umicore		2,123		99
				4,614
Brazil — 3.2%
&FBovespa		224,945		1,184
B2W Cia Digital*		39,800		503
Banco ABC Brasil		15,300		94
Banco do Brasil		215,400		2,418
Bematech		27,400		110
Brasil Pharma*		135,515		232
Braskem ADR		42,200		542
CETIP — Mercados Organizados		262,000		3,730
Cia Brasileira de Distribuicao
Grupo Pao de Acucar ADR		60,436		2,801
Cia Energetica de Minas Gerais ADR		271,700		2,171

Description	Shares		Value (000)
Cosan, Cl A		10,319	$	140
EDP — Energias do Brasil		172,300		846
Embraer ADR		6,701		244
Grupo BTG Pactual		19,100		297
Itau Unibanco Holding ADR		153,085		2,201
Itausa — Investimentos Itau		507,200		1,983
Kepler Weber		2,700		50
Kroton Educacional		104,400		2,934
Light		80,600		793
LPS Brasil Consultoria de Imoveis		38,200		174
Magazine Luiza*		88,000		364
Mahle-Metal Leve Industria e Comercio		11,000		113
MRV Engenharia e Participacoes		125,200		420
Porto Seguro		31,300		447
Rodobens Negocios Imobiliarios		7,500		36
Sao Martinho		18,300		321
Telefonica Brasil ADR		107,959		2,214
Totvs		32,100		553
Usinas Siderurgicas de Minas*		93,500		290
Vale		54,100		643
Via Varejo*		26,100		290
				29,138
Canada — 1.3%
Brookfield Asset Management, Cl A		11,141		491
Canadian National Railway		70,480		4,583
Canadian Natural Resources		29,778		1,368
Loblaw		43,472		1,940
Rogers Communications, Cl B		16,347		658
Valeant Pharmaceuticals International*		20,838		2,628
				11,668
Chile — 0.1%
Cia Cervecerias Unidas		52,576		616
Quinenco		34,687		72
Sociedad Quimica y Minera de Chile ADR		7,809		229
Vina Concha y Toro		12,621		26
				943
China — 2.3%
Ajisen China Holdings		102,000		79
Asia Cement China Holdings		50,500		32
Baidu ADR*		6,688		1,250
Bank of China, Cl H		5,649,000		2,529
China Construction Bank, Cl H		6,301,000		4,764
China Digital TV Holding ADR*		25,800		116

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

42

THE KP FUNDS June 30, 2014 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
China Shenhua Energy, Cl H		143,000	$	413
China Telecom, Cl H		1,866,000		912
Goodbaby International Holdings		335,000		165
Harbin Electric, Cl H		118,000		72
Huaneng Power International, Cl H		666,000		752
Li Ning*		594,500		475
Mindray Medical International ADR		10,411		328
New Oriental Education & Technology Group ADR		58,400		1,552
Peak Sport Products		376,000		92
PetroChina, Cl H		2,508,000		3,168
Shanghai Electric Group, Cl H		264,000		106
Sichuan Expressway Company*		220,000		70
SinoMedia Holding		121,000		94
SOHO China		346,000		272
SouFun Holdings ADR		61,725		604
Travelsky Technology, Cl H		583,000		536
Tsingtao Brewery, Cl H		64,000		500
Vipshop Holdings ADR*		4,755		893
Xingda International Holdings		234,000		94
Xinyuan Real Estate ADR		17,212		73
Xiwang Special Steel		393,000		50
Yangzijiang Shipbuilding Holdings		31,000		27
Yingde Gases Group		480,000		521
				20,539
Colombia — 0.1%
Bancolombia ADR		8,800		509
Czech Republic — 0.1%
CEZ		30,700		926
Komercni Banka		937		216
				1,142
Denmark — 1.7%
AP Moeller — Maersk, Cl B		172		421
Carlsberg, Cl B		20,547		2,213
Coloplast, Cl B		36,117		3,266
Danske Bank		17,630		498
DSV		3,352		109
GN Store Nord		49,558		1,420
Novo Nordisk, Cl B		56,229		2,588
Novozymes, Cl B		4,190		210
Pandora		2,090		160
TDC		14,300		148
Topdanmark*		6,559		200
Tryg		475		48
Vestas Wind Systems*		57,258		2,889
William Demant Holding*		9,469		860
				15,030

Description	Shares		Value (000)
Finland — 0.8%
Cargotec, Cl B		2,700	$	103
Elisa		2,427		74
Fortum		8,209		220
Kone, Cl B		5,579		233
Metso		19,563		741
Neste Oil		2,483		48
Nokia		67,463		511
Nokian Renkaat		1,972		77
Orion, Cl B		1,839		69
Outokumpu		968		10
Sampo, Cl A		55,970		2,832
Stora Enso, Cl R		10,250		100
Tikkurila		54,589		1,495
UPM-Kymmene		9,782		167
Valmet		19,573		234
Wartsila Abp		9,862		489
				7,403
France — 7.1%
Accor		3,236		168
Aeroports de Paris		558		74
Air France-KLM*		49,662		626
Air Liquide		46,120		6,226
Alcatel-Lucent*		52,457		187
Alstom		4,023		147
Arkema		1,023		99
AtoS		1,318		110
AXA		64,109		1,532
BNP Paribas		36,711		2,490
Bollore*		98		64
Bouygues		3,628		151
Bureau Veritas		4,115		114
Capital Gemini		2,718		193
Carrefour		19,049		703
Casino Guichard Perrachon		1,051		139
Christian Dior		1,026		204
Cie de St.-Gobain		8,242		465
Cie Generale des Etablissements Michelin		3,451		412
CNP Assurances		3,228		67
Credit Agricole		19,196		271
Danone		80,204		5,957
Dassault Systemes		11,619		1,495
Edenred		14,511		440
Electricite de France		4,578		144
Essilor International		3,788		402
Eurazeo		751		62
Eurofins Scientific		2,082		640

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

43

THE KP FUNDS June 30, 2014 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Eutelsat Communications		2,977	$	103
Fonciere Des Regions‡		546		59
GDF Suez		110,069		3,030
Gecina‡		439		64
Groupe Eurotunnel		61,041		825
ICADE‡		681		73
Iliad		477		144
Imerys		1,988		168
JCDecaux		1,355		51
Kering		1,403		308
Klepierre‡		1,876		96
Lafarge		3,408		295
Lagardere SCA		2,320		76
Legrand		44,786		2,740
L’Oreal		4,445		766
LVMH Moet Hennessy Louis Vuitton		29,693		5,725
Natixis		17,264		111
Neopost		7,809		585
Orange		34,345		542
Pernod Ricard		45,201		5,428
Peugeot		7,169		106
Publicis Groupe*		3,302		280
Remy Cointreau		499		46
Renault		3,523		319
Rexel		5,153		121
Safran		4,965		325
Sanofi		32,811		3,486
Schneider Electric		73,796		6,946
SCOR		2,964		102
Societe BIC		546		75
Societe Generale		13,286		696
Sodexo		1,747		188
Suez Environnement		5,227		100
Technip		3,278		359
Thales		6,485		393
Total		45,188		3,266
Unibail-Rodamco‡		1,784		519
Valeo		1,422		191
Vallourec		8,751		392
Veolia Environnement*		7,814		149
Vicat		2,915		255
Vinci		8,935		668
Vivendi		22,226		544
Wendel		574		83
Zodiac Aerospace		3,555		120
				64,500

Description	Shares		Value (000)
Germany — 6.3%
adidas		5,574	$	565
Allianz		8,453		1,409
Axel Springer		2,566		158
BASF		32,689		3,806
Bayer		89,676		12,665
Bayerische Motoren Werke		17,082		2,167
Beiersdorf		40,614		3,930
Brenntag		1,082		193
Celesio		1,080		38
Commerzbank*		17,717		279
Continental		2,051		475
CTS Eventim & KGaA		3,815		109
Daimler		17,817		1,669
Deutsche Bank		25,586		900
Deutsche Boerse		3,567		277
Deutsche Lufthansa		4,294		92
Deutsche Post		17,987		650
Deutsche Telekom		123,687		2,168
Deutsche Wohnen		5,151		111
E.ON		59,249		1,224
Fielmann		1,458		210
Fraport Frankfurt Airport Services Worldwide		715		51
Fresenius & KGaA		2,356		351
Fresenius Medical Care & KGaA		26,899		1,809
Fuchs Petrolub		1,334		60
GEA Group		6,920		328
Gerresheimer		282		19
Hannover Rueck		2,745		247
HeidelbergCement		2,647		226
Henkel & KGaA		2,117		213
Hochtief		524		45
Hugo Boss		596		89
Infineon Technologies		21,205		265
K+S		3,208		105
Kabel Deutschland Holding		410		60
LANXESS		1,762		120
Linde		25,374		5,395
MAN		663		82
Merck KGaA		50,988		4,426
Metro		3,113		136
MTU Aero Engines		9,206		847
Muenchener Rueckversicherungs		3,332		739
OSRAM Licht*		1,560		79
RWE		8,974		385
SAP		69,484		5,366

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

44

THE KP FUNDS June 30, 2014 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Siemens		14,667	$	1,937
Sky Deutschland*		8,808		81
Telefonica Deutschland Holding		5,766		48
ThyssenKrupp		8,528		249
TUI		16,866		284
United Internet		2,253		99
Volkswagen		547		141
				57,377
Greece — 0.1%
Aegean Airlines		17,695		169
Athens Water Supply & Sewage		7,539		97
Intracom Holdings*		29,411		28
Mytilineos Holdings*		15,516		129
Public Power		22,622		350
Tsakos Energy Navigation*		37,770		253
				1,026
Guernsey — 0.0%
Friends Life Group		27,209		147
Hong Kong — 3.1%
AIA Group		942,400		4,736
APT Satellite Holdings		98,000		145
ASM Pacific Technology		3,900		43
Bank of East Asia		23,947		99
BOC Hong Kong Holdings		67,000		194
Cathay Pacific Airways		19,000		35
Cheung Kong Holdings		25,000		443
Cheung Kong Infrastructure Holdings		11,000		76
China Mengniu Dairy		96,000		444
China Ocean Resources		185,480		307
China Resources Cement Holdings		286,000		179
China Resources Enterprise		366,000		1,015
China Travel International Investment Hong Kong		230,000		45
China Unicom Hong Kong		2,036,000		3,147
CLP Holdings		32,500		267
Esprit Holdings		662,800		940
First Pacific		510,000		570
Galaxy Entertainment Group		42,000		336
Geely Automobile Holdings		855,000		301
Genting Singapore		118,000		126
GOME Electrical Appliances Holding		4,404,000		722
Guangdong Yueyun Transportation Company, Cl H		93,000		40
Hang Lung Properties		42,000		130
Hang Seng Bank		14,400		236
Henderson Land Development		18,700		109
HKT Trust		43,000		51

Description	Shares		Value (000)
Hong Kong & China Gas		112,200	$	246
Hong Kong Exchanges and Clearing		19,953		372
Hongkong & Shanghai Hotels		255,208		364
Hutchison Whampoa		149,000		2,038
Hydoo International Holding		84,000		26
Hysan Development		13,000		61
Jardine Matheson Holdings		18,400		1,091
Ju Teng International Holdings		180,000		129
Kerry Properties		10,500		37
Lenovo Group		2,110,000		2,880
Li & Fung		2,458,000		3,641
Link‡		43,500		234
MGM China Holdings		17,600		61
MTR		27,000		104
New World Development		100,178		114
Noble Group		76,000		84
NWS Holdings		24,697		46
PCCW		66,136		39
Power Assets Holdings		26,000		227
Shangri-La Asia		26,000		41
Shui On Land		1,702,500		415
Sino Land		56,000		92
SJM Holdings		36,000		90
SmarTone Telecommunications Holdings		69,500		88
Sun Hung Kai Properties		29,310		402
Swire Pacific, Cl A		11,500		142
Swire Properties		22,000		64
Techtronic Industries		25,000		80
Television Broadcasts		48,300		314
Wharf Holdings		27,000		194
Wheelock		16,000		67
Wynn Macau		28,400		111
Yue Yuen Industrial Holdings		12,000		40
				28,670
India — 0.7%
Infosys ADR		62,300		3,350
State Bank of India GDR		1,399		125
Tata Motors ADR		62,800		2,453
WNS Holdings ADR*		27,545		528
				6,456
Indonesia — 0.9%
Adhi Karya Persero		1,372,000		322
Bank Mandiri Persero		1,040,300		853
Bank Negara Indonesia Persero		4,570,600		1,837
Bank Rakyat Indonesia Persero		2,519,000		2,195
Bank Tabungan Negara Persero		2,913,700		256

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

45

THE KP FUNDS June 30, 2014 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Benakat Integra*		3,542,800	$	38
Elnusa		4,079,000		218
PT Energi Mega Persada*		13,967,200		111
PT Multipolar*		5,074,000		289
PT Vale Indonesia*		844,700		253
Telekomunikasi Indonesia Persero		2,974,900		619
United Tractors		313,600		611
Visi Media Asia*		2,197,400		48
XL Axiata		263,600		113
				7,763
Ireland — 0.5%
Bank of Ireland*		3,989,837		1,348
CRH		17,868		459
DCC		11,973		734
Experian		64,131		1,084
Independent News & Media*		358,400		77
Irish Continental Group PLC*		64,550		240
Kerry Group, Cl A		2,806		211
Paddy Power		8,225		541
Ryanair Holdings ADR*		700		39
				4,733
Israel — 0.3%
Bank Hapoalim		19,650		114
Bank Leumi Le-Israel*		20,785		81
Bezeq The Israeli Telecommunication		35,938		67
Check Point Software Technologies*		16,575		1,112
Delek Group		66		27
Israel*		43		24
Israel Chemicals		7,158		62
Mizrahi Tefahot Bank		2,030		26
NICE Systems		1,126		46
Teva Pharmaceutical Industries		15,437		816
				2,375
Italy — 1.6%
Assicurazioni Generali		21,706		476
Atlantia		7,773		222
Banca Monte dei Paschi di Siena*		81,453		158
Banco Popolare SC*		6,925		114
CNH Industrial		101,447		1,042
Davide Campari*		16,867		146
Enel		121,935		711
Enel Green Power		32,912		93
Eni		46,989		1,286
Exor		1,932		79
Fiat		16,594		164
Finmeccanica		7,611		72

Description	Shares		Value (000)
Intesa Sanpaolo		293,120	$	897
Luxottica Group		32,451		1,878
Mediobanca		11,573		115
Piaggio & C.*		434,726		1,548
Pirelli & C.		4,679		75
Prysmian		3,977		90
Saipem		119,655		3,227
Snam		38,144		230
Telecom Italia		305,000		354
Terna Rete Elettrica Nazionale		27,941		147
UniCredit		131,941		1,105
Unione di Banche Italiane SCpA		16,287		141
UnipolSai		18,094		58
				14,428
Japan — 14.2%
ABC-Mart		400		21
Acom*		6,400		30
Advantest		2,400		30
Aeon		11,700		144
AEON Financial Service		2,100		55
Aeon Mall		2,300		61
Air Water		3,000		48
Aisin Seiki		3,500		139
Ajinomoto		11,000		172
Alfresa Holdings		15,600		1,006
Amada		7,000		71
ANA Holdings		24,000		57
Aozora Bank		20,000		66
Asahi Glass		19,000		112
Asahi Group Holdings		7,000		220
Asahi Kasei		24,000		184
Asics		2,700		63
Astellas Pharma		97,200		1,276
Azbil		10,900		279
Bank of Kyoto		7,000		64
Bank of Yokohama		79,000		455
Benesse Holdings		1,300		56
Bridgestone		12,000		420
Brother Industries		4,400		76
Calbee		1,100		30
Canon		21,100		687
Casio Computer		4,300		62
Central Japan Railway		2,700		385
Chiba Bank		69,000		487
Chiyoda		3,000		36
Chubu Electric Power		11,300		139
Chugai Pharmaceutical		4,100		116

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

46

THE KP FUNDS June 30, 2014 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Chugoku Bank		3,400	$	52
Chugoku Electric Power		5,100		70
Citizen Holdings		4,200		33
Credit Saison		2,900		61
Dai Nippon Printing		10,000		104
Daicel		5,000		48
Daido Steel		4,000		20
Daihatsu Motor		3,300		59
Dai-ichi Life Insurance		122,600		1,826
Daiichi Sankyo		11,600		216
Daikin Industries		4,400		278
Daito Trust Construction		1,300		153
Daiwa House Industry		11,000		228
Daiwa Securities Group		31,000		268
Dena		1,700		23
Denso		104,400		4,984
Dentsu		18,900		769
Don Quijote Holdings		1,000		56
East Japan Railway		24,700		1,945
Eisai		4,600		193
Electric Power Development		2,200		71
FamilyMart		1,000		43
FANUC		17,600		3,034
Fast Retailing		1,000		330
Fuji Electric		11,000		52
Fuji Heavy Industries		10,900		302
FUJIFILM Holdings		72,300		2,016
Fujitsu		232,000		1,738
Fukuoka Financial Group		15,000		72
Gree		1,700		15
GungHo Online Entertainment		8,100		52
Gunma Bank		6,000		35
Hachijuni Bank		7,000		43
Hakuhodo DY Holdings		3,800		38
Hamamatsu Photonics		1,200		59
Hankyu Hanshin Holdings		22,000		126
Hikari Tsushin		400		30
Hino Motors		4,500		62
Hirose Electric		600		89
Hiroshima Bank		8,000		38
Hisamitsu Pharmaceutical		1,200		54
Hitachi		345,000		2,527
Hitachi Chemical		1,700		28
Hitachi Construction Machinery		1,700		34
Hitachi High-Technologies		1,000		24
Hitachi Metals		32,000		484
Hokuhoku Financial Group		22,000		47

Description	Shares		Value (000)
Hokuriku Electric Power		2,700	$	36
Honda Motor		170,200		5,942
Hoya		135,400		4,500
Hulic		5,000		66
Ibiden		2,500		50
Idemitsu Kosan		1,400		30
IHI		24,000		112
Iida Group Holdings		3,000		46
Inpex		207,700		3,158
Isetan Mitsukoshi Holdings		73,100		952
Isuzu Motors		22,000		146
ITOCHU		77,900		1,000
Itochu Techno-Solutions		400		17
Iyo Bank		4,200		42
J Front Retailing		9,000		63
Japan Airlines		1,000		55
Japan Display*		7,000		43
Japan Exchange Group		4,800		118
Japan Prime Realty Investment‡		13		47
Japan Real Estate Investment‡		22		128
Japan Retail Fund Investment‡		40		90
Japan Tobacco		82,900		3,022
JFE Holdings		9,100		188
JGC		4,000		122
Joyo Bank		12,000		64
JSR		3,100		53
JTEKT		4,200		71
JX Holdings		137,800		738
Kajima		16,000		71
Kakaku.com		2,900		51
Kamigumi		4,000		37
Kaneka		6,000		38
Kansai Electric Power		13,600		128
Kansai Paint		4,000		67
Kao		49,700		1,956
Kawasaki Heavy Industries		26,000		99
KDDI		10,800		659
Keikyu		9,000		81
Keio		11,000		86
Keisei Electric Railway		5,000		50
Keyence		900		393
Kikkoman		3,000		62
Kinden		21,000		204
Kintetsu		33,000		120
Kirin Holdings		79,900		1,153
Kobe Steel		57,000		86
Koito Manufacturing		2,000		51
Komatsu		17,500		406

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

47

THE KP FUNDS June 30, 2014 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Konami		1,700	$	38
Konica Minolta		9,000		89
Kubota		21,000		298
Kuraray		6,500		82
Kurita Water Industries		2,100		49
Kyocera		52,700		2,501
Kyowa Hakko Kirin		4,000		54
Kyushu Electric Power		7,900		89
Lawson		1,200		90
LIXIL Group		25,800		696
M3		3,900		62
Mabuchi Motor		400		30
Makita		2,100		130
Marubeni		31,000		227
Marui Group		66,100		635
Maruichi Steel Tube		700		19
Mazda Motor		49,000		230
McDonald’s Holdings Japan		1,100		31
Medipal Holdings		2,200		31
MEIJI Holdings		1,200		79
Miraca Holdings		1,100		53
Mitsubishi		83,700		1,741
Mitsubishi Chemical Holdings		25,000		111
Mitsubishi Electric		36,000		444
Mitsubishi Estate		47,000		1,160
Mitsubishi Gas Chemical		8,000		51
Mitsubishi Heavy Industries		210,000		1,309
Mitsubishi Logistics		24,000		359
Mitsubishi Materials		21,000		74
Mitsubishi Motors		12,200		135
Mitsubishi Tanabe Pharma		4,200		63
Mitsubishi UFJ Financial Group		476,300		2,921
Mitsubishi UFJ Lease & Finance		9,900		57
Mitsui		32,400		519
Mitsui Chemicals		13,000		36
Mitsui Fudosan		16,000		540
Mitsui OSK Lines		20,000		74
Mizuho Financial Group		728,500		1,496
MS&AD Insurance Group Holdings		66,600		1,609
Murata Manufacturing		3,800		356
Nabtesco		2,400		53
Nagoya Railroad		15,000		60
Namco Bandai Holdings		42,300		991
NEC		50,000		159
Nexon		3,000		29
NGK Insulators		5,000		114
NGK Spark Plug		3,000		85

Description	Shares		Value (000)
NH Foods		43,000	$	841
NHK Spring		2,500		23
Nidec		3,800		233
Nikon		6,300		99
Nintendo		5,900		706
Nippon Building Fund‡		25		145
Nippon Electric Glass		6,000		35
Nippon Express		15,000		73
Nippon Paint		3,000		63
Nippon Prologis‡		23		54
Nippon Steel & Sumitomo Metal		139,000		444
NIPPON SUISAN KAISHA*		77,000		238
Nippon Telegraph & Telephone		49,100		3,062
Nippon Yusen		30,000		87
Nissan Motor		46,400		440
Nisshin Seifun Group		3,400		41
Nissin Foods Holdings		1,000		51
Nitori Holdings		1,300		71
Nitto Denko		3,000		141
NKSJ Holdings		26,700		719
NOK		1,500		30
Nomura Holdings		67,700		479
Nomura Real Estate Holdings		2,400		45
Nomura Research Institute		2,000		63
NSK		9,000		117
NTT Data		29,000		1,114
NTT DOCOMO		28,500		487
NTT Urban Development		1,800		20
Obayashi		166,000		1,184
Odakyu Electric Railway		12,000		115
Oji Holdings		16,000		66
Olympus		4,600		158
Omron		3,900		164
Ono Pharmaceutical		1,500		132
ONWARD HOLDINGS*		47,000		337
Oracle Japan		600		26
Oriental Land		900		154
ORIX		24,500		406
Osaka Gas		34,000		143
Otsuka		900		44
Otsuka Holdings		19,600		608
Panasonic		41,200		502
Park24		1,600		29
Rakuten		15,100		195
Resona Holdings		231,200		1,347
Ricoh		13,500		161
Rinnai		600		58

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

48

THE KP FUNDS June 30, 2014 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Rohm		1,800	$	103
Sankyo		1,100		42
Sanrio		800		23
Santen Pharmaceutical		1,500		84
SBI Holdings		3,900		48
Secom		22,600		1,382
Sega Sammy Holdings		23,300		458
Seiko Epson		2,400		102
Sekisui Chemical		8,000		93
Sekisui House		81,000		1,111
Seven & I Holdings		56,900		2,397
Seven Bank		9,600		39
Sharp		29,000		93
Shikoku Electric Power		3,300		46
Shimadzu		4,000		37
Shimamura		400		39
Shimano		1,500		166
Shimizu		104,000		736
Shin-Etsu Chemical		47,400		2,880
Shinsei Bank		31,000		70
Shionogi		5,500		115
Shiseido		30,400		554
Shizuoka Bank		10,000		108
Showa Shell Sekiyu		3,100		35
SMC		1,000		268
SoftBank		17,800		1,325
Sony		19,000		315
Sony Financial Holdings		3,000		51
Stanley Electric		2,800		73
Sumitomo		20,800		281
Sumitomo Chemical		250,000		945
Sumitomo Dainippon Pharma		3,300		38
Sumitomo Electric Industries		63,100		888
Sumitomo Forestry		40,200		490
Sumitomo Heavy Industries		10,000		48
Sumitomo Metal Mining		10,000		162
Sumitomo Mitsui Financial Group		75,100		3,147
Sumitomo Mitsui Trust Holdings		60,000		274
Sumitomo Realty & Development		7,000		300
Sumitomo Rubber Industries		2,800		40
Suntory Beverage & Food		3,000		118
Suruga Bank		3,000		58
Suzuken		1,200		45
Suzuki Motor		6,600		207
Sysmex		2,600		98
T&D Holdings		11,100		151
Taiheiyo Cement		22,000		89

Description	Shares		Value (000)
Taisei		18,000	$	100
Taisho Pharmaceutical Holdings		600		44
Taiyo Nippon Sanso		37,000		328
Takashimaya		5,000		49
Takeda Pharmaceutical		14,700		682
TDK		2,300		108
Teijin		18,000		45
Terumo		84,800		1,896
THK		2,200		52
Tobu Railway		20,000		105
Toho		2,200		52
Toho Gas		7,000		38
Tohoku Electric Power		8,400		99
Tokio Marine Holdings		12,700		418
Tokyo Electric Power		28,000		117
Tokyo Electron		3,100		209
Tokyo Gas		187,000		1,093
Tokyo Tatemono		8,000		74
Tokyu		21,000		149
Tokyu Fudosan Holdings		9,700		77
TonenGeneral Sekiyu		5,000		47
Toppan Printing		11,000		85
Toray Industries		26,000		171
Toshiba		75,000		350
TOTO		5,000		67
Toyo Seikan Group Holdings		39,500		607
Toyo Suisan Kaisha		22,000		679
Toyoda Gosei		1,000		21
Toyota Industries		19,800		1,022
Toyota Motor		85,100		5,111
Toyota Tsusho		3,900		112
Trend Micro		2,100		69
Unicharm		2,200		131
United Urban Investment‡		44		71
USS		3,700		63
West Japan Railway		20,400		898
Yahoo Japan		27,600		127
Yakult Honsha		1,600		81
Yamada Denki		87,100		311
Yamaguchi Financial Group		4,000		42
Yamaha		3,400		54
Yamaha Motor		4,900		84
Yamato Holdings		47,400		982
Yamato Kogyo		700		21
Yamazaki Baking		2,000		25
Yaskawa Electric		4,000		48

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

49

THE KP FUNDS June 30, 2014 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Yokogawa Electric		3,700	$	47
Yokohama Rubber		4,000		35
				129,650
Jersey — 0.2%
Delphi Automotive		25,137		1,728
Randgold Resources		1,600		133
				1,861
Luxembourg — 0.2%
Altice*		1,101		77
ArcelorMittal		53,408		791
Millicom International Cellular		2,032		186
O’Key Group GDR		29,895		275
Oriflame Cosmetics		1,600		37
RTL Group		675		75
SES		5,708		217
Tenaris		8,738		206
Ternium ADR		8,233		230
				2,094
Macau — 0.0%
Sands China		44,400		335
Malaysia — 0.8%
AirAsia		739,000		529
Allianz Malaysia		9,000		36
Asia File*		14,800		32
Brem Holding		102,700		66
Cahya Mata Sarawak		474,900		552
CB Industrial Product Holding		31,200		43
DiGi.Com		317,100		566
DKSH Holdings Malaysia		16,300		42
Engtex Group		57,400		33
Fitters Diversified		206,100		63
George Kent Malaysia*		95,400		51
Hong Leong Industries*		19,900		41
IGB		127,900		107
Insas*		330,800		123
JCY International		162,700		35
KSL Holdings*		254,200		180
Land & General*		647,400		111
LBS Bina Group		110,800		59
Malayan Flour Mills		67,100		33
Malaysian Pacific Industries		84,200		133
Mega First		48,700		34
MISC		154,200		312
Muda Holdings		62,500		40
Muhibbah Engineering M		248,700		232

Description	Shares		Value (000)
Petronas Chemicals Group		16,200	$	34
PJ Development Holdings*		87,600		45
Prestariang		73,000		43
Protasco		246,500		151
Scientex		21,600		40
Sunway		49,100		46
Syarikat Takaful Malaysia		10,800		44
Ta Ann Holdings*		56,100		76
TA Enterprise Berhad*		139,600		37
Telekom Malaysia		1,159,800		2,294
Tiong Nam Logistics Holdings*		81,600		33
Tropicana		80,600		38
Unisem*		431,200		196
WTK Holdings		488,200		213
YTL Power International		199,605		91
				6,834
Mexico — 1.8%
America Movil ADR		256,743		5,326
Controladora Comercial Mexicana		54,663		205
Empresas ICA*		865,962		1,687
Gruma, Cl B*		61,372		979
Grupo Aeromexico*		247,363		426
Grupo Aeroportuario del Pacifico, Cl B		146,210		1,343
Grupo Comercial Chedraui		246,200		868
Grupo Financiero Inbursa, Cl O		710,420		2,118
Grupo Financiero Interacciones, Cl O		177,106		1,283
Grupo Simec, Cl B*		80,200		372
Industrias Bachoco ADR		267		14
Megacable Holdings		32,374		137
OHL Mexico*		323,165		987
TF Administradora Industrial S de RL‡		306,089		684
				16,429
Netherlands — 3.9%
Aegon		33,005		288
Airbus Group		21,116		1,415
Akzo Nobel		60,159		4,510
ASML Holding		8,631		803
Corio‡		1,370		70
Delta Lloyd		3,695		94
Fugro		1,289		74
Gemalto		1,400		145
Heineken		58,108		4,172
Heineken Holding		1,878		123
ING Groep*		429,180		6,030
James Hardie Industries		8,258		108

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

50

THE KP FUNDS June 30, 2014 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Koninklijke Ahold		50,020	$	939
Koninklijke Boskalis Westminster		25,511		1,463
Koninklijke DSM		2,920		213
Koninklijke KPN		221,403		807
Koninklijke Philips		40,618		1,289
Koninklijke Vopak		1,322		65
OCI*		1,766		69
QIAGEN*		4,409		107
Randstad Holding		75,222		4,078
Reed Elsevier		12,832		294
Royal Dutch Shell, Cl A		163,960		6,933
STMicroelectronics		11,871		107
TNT Express		8,120		73
Unilever		29,867		1,307
Wolters Kluwer		5,323		158
Ziggo		2,625		121
				35,855
New Zealand — 0.1%
Auckland International Airport		16,215		55
Contact Energy		5,912		27
Fletcher Building		12,811		100
Ryman Healthcare		7,227		54
Telecom Corp of New Zealand		213,285		501
Xero*		1,155		26
				763
Norway — 0.4%
Aker Solutions		3,184		55
DNB		71,961		1,316
Gjensidige Forsikring		3,468		62
Norsk Hydro		25,047		134
Orkla		14,233		127
Schibsted		8,862		462
Statoil		48,065		1,476
Telenor		12,629		288
Yara International		3,355		168
				4,088
Panama — 0.0%
Avianca Holdings ADR		25,285		406
Peru — 0.1%
Credicorp		4,701		731
Philippines — 0.5%
BDO Unibank		531,610		1,138
Cosco Capital*		619,300		137
Energy Development*		7,035,700		1,015
First Gen		274,000		136

Description	Shares		Value (000)
Globe Telecom		5,015	$	184
Lopez Holdings		2,151,000		264
Nickel Asia		171,800		130
Pepsi-Cola Products Philippines*		725,000		76
San Miguel		144,580		275
Universal Robina		216,370		765
				4,120
Poland — 0.8%
Bank Millennium*		22,599		58
Enea		119,958		624
Energa		127,200		866
Fabryki Mebli Forte		3,800		61
Getin Noble Bank*		229,697		237
ING Bank Slaski*		1,300		57
KGHM Polska Miedz		20,290		831
Neuca		400		31
Orange Polska		383,554		1,226
PGE		378,477		2,699
PKP Cargo		15,092		390
				7,080
Portugal — 0.0%
Banco Espirito Santo*		46,916		39
EDP — Energias de Portugal		36,139		181
Galp Energia SGPS		6,463		118
Jeronimo Martins SGPS		4,734		78
				416
Russia — 1.4%
Gazprom Neft OAO ADR		8,600		190
Gazprom OAO ADR		568,600		4,956
Globaltrans Investment GDR		7,600		87
LSR Group GDR*		9,200		36
Sberbank of Russia ADR		170,048		1,723
Sistema GDR*		82,600		2,544
Surgutneftegas OAO ADR		234,700		1,814
Tatneft OAO ADR		28,502		1,106
				12,456
Singapore — 1.0%
Ascendas Real Estate Investment Trust‡		36,000		66
CapitaCommercial Trust‡		39,000		53
CapitaLand		46,000		118
CapitaMall Trust‡		42,000		67
City Developments		7,000		57
ComfortDelGro		35,000		70
DBS Group Holdings		336,000		4,515

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

51

THE KP FUNDS June 30, 2014 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Global Logistic Properties		57,000	$	123
Golden Agri-Resources		123,000		55
Great Eastern Holdings		39,000		684
GuocoLeisure*		273,000		249
Hutchison Port Holdings Trust, Cl U		98,000		71
Jardine Cycle & Carriage		2,000		71
Keppel		27,000		233
Keppel Land		11,000		30
Oversea-Chinese Banking		47,929		367
Sembcorp Industries		18,000		78
Sembcorp Marine		14,000		46
Singapore Airlines		10,000		83
Singapore Exchange		15,000		84
Singapore Press Holdings		28,000		94
Singapore Technologies Engineering		29,000		88
Singapore Telecommunications		483,000		1,491
StarHub		10,000		33
United Industrial		22,000		59
United Overseas Bank		23,588		426
UOL Group		8,257		43
Wilmar International		34,000		87
				9,441
South Africa — 2.1%
African Bank Investments		638,711		408
Barloworld		25,200		240
Coronation Fund Managers		73,197		657
FirstRand		765,953		2,935
Group		20,882		440
Group Five		10,037		39
Investec		23,100		212
Murray & Roberts Holdings*		238,038		544
Netcare		137,300		371
Old Mutual		161,382		546
Sasol		65,785		3,911
Sibanye Gold		559,892		1,652
Standard Bank Group		239,914		3,271
Steinhoff International Holdings		600,600		3,346
Telkom SOC		41,718		179
				18,751
South Korea — 4.0%
Aekyung Petrochemical		513		37
AMOREPACIFIC Group		146		108
Asia Cement		1,605		172
AUK*		15,960		31
China Great Star International		42,482		158
CJ		838		61

Description	Shares		Value (000)
CKH Food & Health*		116,805	$	480
Daeduck Electronics		22,500		180
Daeduck GDS		10,950		134
Daehan Flour Mills*		229		39
Daesung Holdings		3,710		38
Daou Data		19,087		97
DAP*		6,942		32
Dayou Smart Aluminium*		49,800		102
Dong-A Hwasung, Cl A		6,581		43
Dongwon Development		1,770		43
Dongwong F&B*		354		69
Dongyang E&P		10,103		145
DRB Industrial		4,110		38
EM-Tech*		4,101		39
Eugene Investment & Securities*		14,700		33
Hana Financial Group		28,090		1,041
Hanil Cement*		880		120
Hanil E-Wha (A)		9,820		204
Hanjin Transportation*		1,525		55
Huvis		5,330		60
Hwasung Industrial*		8,260		89
Hyundai Hy Communications & Networks		20,200		82
Hyundai Motor		5,605		1,271
KB Financial Group		12,920		449
KG Chemical		1,920		30
KH Vatec*		3,235		50
Kia Motors		60,144		3,365
Kolon Industries*		9,657		680
Korea District Heating		979		64
Korea Electric Power		73,180		2,698
Korea Info & Comm*		11,567		66
Kumho Tire*		6,290		73
Kumkang Kind		2,366		120
Kunsul Chemical Industrial		920		40
Kyungchang Industrial		11,175		155
LG Display ADR		177,864		2,804
LG Innotek*		5,224		749
LG Uplus		43,250		394
Lotte Food		156		117
Lotte Shopping		2,616		798
Mobase		3,657		30
Moorim Paper		35,210		81
Neowiz Games*		24,139		392
Nice Information & Telecommunication		14,278		273
NICE Information Service		11,572		36
NVH Korea		11,697		58

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

52

THE KP FUNDS June 30, 2014 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
RedcapTour		1,671	$	36
S&T Motiv		1,240		39
S-1, Cl 1		8,954		720
Saeron Automotive		4,310		45
Sam Young Electronics		8,260		94
Samkee Automotive		6,185		59
Samsung Electronics		8,645		11,295
Samyang Genex*		366		42
Seah Besteel		3,277		105
SeAH Special Steel		3,085		98
SeAH Steel		704		80
Sejong Industrial		3,340		56
Sewon Precision Industry*		1,240		38
Shinhan Financial Group		25,560		1,184
SK Gas		3,401		327
SK Hynix		76,860		3,688
SL*		3,748		83
Ssangyong Motor Company*		8,687		75
Tongyang Life Insurance*		3,200		31
Woongjin Thinkbig		5,290		40
Zeus		2,726		44
				36,702
Spain — 1.7%
Abertis Infraestructuras		7,143		164
Acciona		5,101		456
Acerinox*		36,960		655
ACS Actividades de Construccion y Servicios		3,090		141
Amadeus IT Holding, Cl A		71,108		2,933
Banco Bilbao Vizcaya Argentaria		109,063		1,390
Banco de Sabadell		63,789		218
Banco Popular Espanol		32,940		220
Banco Santander		330,476		3,454
Bankia*		87,352		169
CaixaBank		32,853		203
Distribuidora Internacional de Alimentacion		10,448		96
Enagas		3,557		114
Ferrovial		7,477		167
Gas Natural SDG		6,492		205
Grifols		2,756		151
Iberdrola		92,312		706
Inditex		4,022		619
International Consolidated Airlines Group*		18,480		117
Mapfre		16,726		67
Mediaset Espana Comunicacion		31,130		363

Description	Shares		Value (000)
Red Electrica		2,006	$	183
Repsol		15,672		413
Telefonica		89,076		1,527
Viscofan		11,973		714
Zardoya Otis		2,864		51
				15,496
Sweden — 1.8%
Alfa Laval		5,821		150
Assa Abloy, Cl B		46,484		2,365
Atlas Copco, Cl A		19,369		544
Boliden		5,144		75
Electrolux		4,481		113
Elekta, Cl B		6,565		84
Getinge, Cl B		3,865		101
Hennes & Mauritz, Cl B		79,946		3,494
Hexagon, Cl B		4,569		147
Husqvarna, Cl B		7,824		61
Industrivarden, Cl C		2,387		47
Investment Kinnevik, Cl B		4,278		182
Investor, Cl B		8,305		312
Lundin Petroleum*		3,945		80
Modern Times Group, Cl B		11,244		483
Nordea Bank		88,978		1,256
Sandvik		19,730		269
Securitas, Cl B		5,470		65
Skandinaviska Enskilda Banken, Cl A		28,109		376
Skanska, Cl B		7,043		161
SKF, Cl B		7,138		182
Svenska Cellulosa SCA, Cl B		10,699		279
Svenska Handelsbanken, Cl A		41,589		2,035
Swedbank, Cl A		16,327		433
Swedish Match		26,458		919
Tele2, Cl B		6,000		71
Telefonaktiebolaget LM Ericsson, Cl B		116,509		1,408
TeliaSonera		43,423		317
Volvo, Cl B		27,518		380
				16,389
Switzerland — 6.0%
ABB		45,289		1,043
Actelion		1,890		239
Adecco		14,641		1,205
Aryzta		1,617		153
Baloise Holding		877		103
Barry Callebaut		37		50
Cie Financiere Richemont		25,609		2,687
Coca-Cola HBC*		3,768		87

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

53

THE KP FUNDS June 30, 2014 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Credit Suisse Group		28,143	$	805
EMS-Chemie Holding		139		55
Geberit		5,293		1,858
Givaudan		172		287
Helvetia Holding		200		92
Holcim		4,201		369
Huaxin Cement, Cl B		95,296		84
Julius Baer Group		4,148		171
Kuehne + Nagel International		12,196		1,623
Lindt & Spruengli		19		211
Logitech International		32,691		426
Lonza Group		986		107
Nestle		171,962		13,321
Novartis		62,046		5,618
Pargesa Holding		626		56
Partners Group Holding		309		84
Roche Holding		30,035		8,958
Schindler Holding		1,246		189
SGS		103		247
Sika		41		168
Sonova Holding		18,009		2,748
Sulzer*		418		59
Swatch Group		1,540		456
Swiss Life Holding		595		141
Swiss Prime Site		1,024		85
Swiss Re		23,781		2,117
Swisscom		439		255
Syngenta		1,732		645
Transocean		6,673		300
UBS		363,654		6,672
Zurich Insurance Group		2,765		833
				54,607
Taiwan — 2.6%
Advanced Semiconductor Engineering ADR		153,582		998
AU Optronics ADR*		463,190		1,941
ChipMOS TECHNOLOGIES Bermuda		13,900		335
Delta Electronics		90,000		656
Hon Hai Precision Industry GDR		400,864		2,665
Silicon Motion Technology ADR		28,673		586
Siliconware Precision Industries ADR		221,639		1,820
Taiwan Semiconductor Manufacturing		815,765		13,435
Yungtay Engineering		367,000		873
				23,309

Description	Shares		Value (000)
Thailand — 1.3%
Bangkok Bank		138,700	$	826
Cal-Comp Electronics Public Company*		389,792		36
Delta Electronics Thailand		171,600		330
GFPT		1,537,900		606
Hana Microelectronics		417,400		431
Kasikornbank		91,100		575
KCE Electronics		307,000		333
Krung Thai Bank		717,200		462
PTT		343,100		3,361
PTT Exploration & Production		230,300		1,189
PTT Global Chemical		1,127,500		2,345
Ratchaburi Electricity Generating Holding		123,900		207
Siamgas & Petrochemicals		496,400		262
SVI		1,569,600		215
Thai Vegetable Oil		288,600		200
Thanachart Capital		603,500		656
Tipco Asphalt		23,200		45
TPI Polene		243,100		96
				12,175
Turkey — 1.3%
Adana Cimento Sanayii, Cl A		53,391		114
Akcansa Cimento		21,998		133
Aksigorta*		25,000		37
Alarko Holding		303,288		685
Albaraka Turk*		44,267		37
Anadolu Anonim Turk Sigorta*		148,517		100
Bagfas Bandirma Gubre Fabrik		6,700		156
Baticim Bati Anadolu Cimento Sanayii		13,568		45
Cimsa Cimento Sanayi ve Ticaret*		66,877		432
EGE Seramik Sanayi ve Ticaret		22,722		32
Goodyear Lastikleri		16,125		505
KOC Holding		50,183		246
Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret*		25,000		45
Soda Sanayii		159,170		283
Tupras Turkiye Petrol Rafinerileri		70,201		1,637
Turk Ekonomi Bankasi*		51,500		50
Turkcell Iletisim Hizmetleri*		165,660		1,036
Turkiye Garanti Bankasi		336,980		1,319
Turkiye Halk Bankasi		170,483		1,279
Turkiye Is Bankasi, Cl C		919,209		2,487
Vestel Beyaz Esya Sanayi ve Ticaret		48,934		113
Vestel Elektronik Sanayi ve Ticaret*		470,230		632
				11,403

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

54

THE KP FUNDS June 30, 2014 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
United Kingdom — 16.0%
3i Group		132,933	$	914
Aberdeen Asset Management		17,752		138
Admiral Group		29,393		779
Aggreko PLC*		4,732		134
AMEC PLC		22,407		466
Anglo American		14,680		359
Anglo American PLC		28,034		686
Antofagasta PLC		7,344		96
ARM Holdings		26,327		397
ASOS*		1,002		51
Associated British Foods		6,495		339
AstraZeneca		23,333		1,733
Aviva		54,953		480
Babcock International Group		9,499		189
BAE Systems		196,783		1,458
Barclays		1,189,183		4,331
Barratt Developments		24,259		155
Betfair Group		18,219		319
BG Group		254,528		5,380
BHP Billiton		70,571		2,282
BP		626,168		5,518
British American Tobacco		36,492		2,172
British Land‡		17,232		207
British Sky Broadcasting Group		34,899		540
BT Group, Cl A		146,729		967
Bunzl		64,171		1,782
Burberry Group		8,021		204
Bwin.Party Digital Entertainment		109,216		180
Cable & Wireless Communications		465,489		392
Capita		110,679		2,169
Carnival		21,232		802
Centrica		113,914		609
Close Brothers Group		5,518		121
Cobham		20,284		108
Compass Group		577,368		10,048
Croda International		2,529		95
Daily Mail & General Trust, Cl A		23,217		331
Devro		64,238		273
Diageo		199,486		6,370
Direct Line Insurance Group		28,802		133
easyJet		2,983		70
Fresnillo		3,568		53
G4S		274,708		1,199
GKN		30,780		191
GlaxoSmithKline		94,830		2,538
Glencore		316,139		1,761

Description	Shares		Value (000)
GVC Holdings PLC*		14,300	$	108
Hammerson‡		13,277		132
Hargreaves Lansdown		4,014		85
Hays		607,602		1,519
HomeServe		110,984		612
HSBC Holdings		1,047,467		10,628
ICAP		100,960		657
IG Group Holdings		45,081		453
IMI		10,325		263
Imperial Tobacco Group		17,875		805
Inchcape		2,188		24
Informa PLC*		110,831		909
Inmarsat		8,041		103
InterContinental Hotels Group		4,651		193
International Personal Finance		102,030		1,026
Intertek Group		44,631		2,100
Intu Properties‡		16,219		86
Investec		10,279		95
ITV		493,160		1,504
J Sainsbury		23,827		129
Johnson Matthey		3,849		204
Jupiter Fund Management		51,953		355
Kingfisher		43,293		266
Ladbrokes		46,860		113
Land Securities Group‡		14,071		250
Legal & General Group		109,487		422
Lloyds Banking Group*		2,261,103		2,873
London Stock Exchange Group		3,282		113
Marks & Spencer Group		30,785		224
Meggitt		14,126		122
Melrose Industries		19,961		89
Merlin Entertainments PLC*		100,738		618
Michael Page International		17,491		129
Millennium & Copthorne Hotels		12,600		125
Moneysupermarket.com Group		25,678		83
National Express Group PLC*		28,423		127
National Grid		69,180		995
Next		2,828		313
Northgate		15,097		136
Old Mutual		89,299		302
Pearson		15,379		304
Perform Group PLC*		36,648		145
Persimmon		5,868		128
Petrofac		9,532		196
Provident Financial		31,963		1,250
Prudential		47,464		1,089
Reckitt Benckiser Group		86,593		7,558

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

55

THE KP FUNDS June 30, 2014 (Unaudited)

KP International Equity Fund

Description	Shares		Value (000)
Reed Elsevier		89,684	$	1,443
Rexam		88,345		809
Rightmove		41,541		1,524
Rio Tinto		116,799		6,214
Rolls-Royce Holdings		131,875		2,413
Royal Bank of Scotland Group*		46,659		262
Royal Mail*		12,014		103
RSA Insurance Group*		18,845		153
SABMiller		17,866		1,036
Sage Group		176,213		1,158
Schroders		2,410		103
Segro‡		12,890		76
Serco Group		86,177		539
Severn Trent		4,421		146
Shire		10,927		855
Smith & Nephew		26,868		478
Smiths Group		159,192		3,534
Spectris		17,803		676
Sports Direct International*		4,876		59
SSE		18,019		483
Stagecoach Group		115,045		740
Standard Chartered		292,321		5,973
Standard Life		43,978		282
Subsea 7		4,613		86
Tate & Lyle		8,317		97
Tesco		233,959		1,138
Thomas Cook Group PLC*		322,749		737
Travis Perkins		4,723		132
TUI Travel		125,312		854
Tullow Oil		16,250		237
Unilever		61,584		2,795
United Utilities Group		12,639		191
Vodafone Group		640,770		2,138
Weir Group		3,837		172
WH Smith		25,612		468
Whitbread		3,222		243
William Hill		16,151		91
WM Morrison Supermarkets		38,048		119
Wolseley		4,913		269
WPP		343,880		7,497
				145,802
United States — 0.6%
NCR*		33,181		1,164
Seadrill		6,703		266
TAL Education Group ADR*		20,332		559

Description	Shares		Value (000)
Yum! Brands		38,767	$	3,148
YY ADR*		2,013		152
				5,289
Total Common Stock (Cost $818,626) (000)				877,147
PREFERRED STOCK — 0.9%
Alpargatas		52,200		272
Banco Bradesco		81,600		1,185
Bayerische Motoren Werke		963		92
Cia Paranaense de Energia		61,000		932
Gerdau		72,800		429
Henkel & KGaA		3,331		385
Itau Unibanco Holding		26,400		380
Porsche Automobil Holding		2,793		291
ProSiebenSat.1 Media		35,456		1,580
Volkswagen		8,536		2,242
Total Preferred Stock (Cost $7,542) (000)				7,788
UNAFFILIATED REGISTERED INVESTMENT COMPANY — 0.0%
FII BTG Pactual Corporate Office Fund		2,762		153
Total Unaffiliated Registered Investment Company (Cost $138) (000)				153
	Number of Warrants
WARRANTS — 0.0%
Sun Hung Kai Properties* Expires 4/22/16		2,583		3
Total Warrants (Cost $—) (000)				3
	Number of Rights
RIGHTS — 0.0%
Acerinox*, Expires 7/9/14		36,960		23
Cia B2W*, Expires 7/8/14		23,830		32
HKT Trust*, Expires 7/11/14		7,740		2
Repsol*, Expires 7/7/14		15,672		11
Total Rights (Cost $—) (000)				68
CASH EQUIVALENT (B) — 1.7%
State Street Institutional Liquid Reserves Fund, 0.080%		15,798,440		15,798
Total Cash Equivalent (Cost $15,798) (000)				15,798
Total Investments — 99.0% (Cost $842,104) (000)			$	900,957

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

56

THE KP FUNDS June 30, 2014 (Unaudited)

KP International Equity Fund

Percentages are based on net assets of $910,407 (000).

A list of the open futures contracts held by the Fund at June 30, 2014, is as follows:

Type of Contract	Number of Contracts Long	Expiration Date	Unrealized Appreciation ($ Thousands)
E-MINI MSCI Future	160	Sep-2014	$86

For the period ended June 30, 2014, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

* Non-income producing security.

‡ Real Estate Investment Trust

(A) Security is fair valued using methods determined in good faith by the Fair Value Pricing Committee of the Board of Trustees. The total market value of such security as of June 30, 2014 was $204 (000) and represented 0.02% of net assets.

(B) The rate reported is the 7-day effective yield as of June 30, 2014.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

MSCI — Morgan Stanley Capital International

NY — New York

PLC — Public Limited Company

The following is a list of the level of inputs used as of June 30, 2014, in valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
Australia	$	24,523	$	—	$	—	$	24,523
Austria		1,681		—		—		1,681
Belgium		4,614		—		—		4,614
Brazil		29,138		—		—		29,138
Canada		11,668		—		—		11,668
Chile		943		—		—		943
China		20,539		—		—		20,539
Colombia		509		—		—		509
Czech Republic		1,142		—		—		1,142
Denmark		15,030		—		—		15,030
Finland		7,403		—		—		7,403
France		64,500		—		—		64,500
Germany		57,377		—		—		57,377
Greece		1,026		—		—		1,026
Guernsey		147		—		—		147
Hong Kong		28,670		—		—		28,670
India		6,456		—		—		6,456
Indonesia		7,763		—		—		7,763
Ireland		4,733		—		—		4,733
Israel		2,375		—		—		2,375
Italy		14,428		—		—		14,428
Japan		129,650		—		—		129,650
Jersey		1,861		—		—		1,861
Luxembourg		2,094		—		—		2,094
Macau		335		—		—		335
Malaysia		6,834		—		—		6,834
Mexico		16,429		—		—		16,429
Netherlands		35,855		—		—		35,855

Investments in Securities	Level 1		Level 2		Level 3^		Total
New Zealand	$	763	$	—	$	—	$	763
Norway		4,088		—		—		4,088
Panama		406		—		—		406
Peru		731		—		—		731
Philippines		4,120		—		—		4,120
Poland		7,080		—		—		7,080
Portugal		416		—		—		416
Russia		12,456		—		—		12,456
Singapore		9,441		—		—		9,441
South Africa		18,751		—		—		18,751
South Korea		36,498		—		204		36,702
Spain		15,496		—		—		15,496
Sweden		16,389		—		—		16,389
Switzerland		54,607		—		—		54,607
Taiwan		23,309		—		—		23,309
Thailand		12,175		—		—		12,175
Turkey		11,403		—		—		11,403
United Kingdom		145,802		—		—		145,802
United States		5,289		—		—		5,289
Total Common Stock		876,943		—		204		877,147
Preferred Stock		7,788		—		—		7,788
Unaffiliated Registered Investment Company		153		—		—		153
Warrants		3		—		—		3
Rights		68		—		—		68
Cash Equivalent		15,798		—		—		15,798
Total Investments in Securities	$	900,753	$	—	$	204	$	900,957
Other Financial Instruments
Futures Contracts*
Unrealized Appreciation	$	86	$	—	$	—	$	86
Total Other Financial Instruments	$	86	$	—	$	—	$	86

* 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 period in relation to net assets. If significant, the disclosure of the unobservable inputs and the interrelationships and sensitivity between these inputs are required for those Level 3 securities that are not valued by third party pricing vendors or broker quotes.

For the period ended June 30, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of June 30, 2014, there were no Level 3 investments.

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

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

57

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

Description	Face Amount (000)		Value (000)
U.S. TREASURY OBLIGATIONS — 33.6%
U.S. Treasury Bonds
5.375%, 02/15/31	$	3,883	$	5,098
4.500%, 02/15/36		6,672		8,103
3.625%, 02/15/44		6,245		6,590
U.S. Treasury Notes
5.125%, 05/15/16		500		544
4.250%, 08/15/15		3,500		3,660
3.625%, 02/15/20		8,000		8,799
3.375%, 11/15/19		1,000		1,087
2.750%, 11/15/23		5,500		5,637
2.500%, 05/15/24		2,291		2,288
2.250%, 04/30/21		3,000		3,029
2.125%, 06/30/21		749		749
2.000%, 09/30/20		14,958		14,847
1.750%, 05/15/22		3,000		2,888
1.625%, 03/31/19		5,953		5,967
1.500%, 07/31/16		34,246		34,262
1.375%, 09/30/18		2,000		1,998
1.250%, 04/30/19		13,250		13,029
1.000%, 09/30/16		10,500		10,396
0.875%, 06/15/17		35,070		35,083
0.625%, 12/15/16		18,000		17,990
0.500%, 07/31/17		15,000		14,802
0.375%, 08/31/15		53,813		53,886
0.250%, 12/31/15		15,000		14,987
Total U.S. Treasury Obligations (Cost $264,835) (000)				265,719
CORPORATE OBLIGATIONS — 26.3%
Consumer Discretionary — 1.5%
21st Century Fox America 4.500%, 02/15/21		100		110
Amazon.com
2.500%, 11/29/22		150		142
1.200%, 11/29/17		200		199
Atento Luxco 1 7.375%, 01/29/20 (A)		370		381

Description	Face Amount (000)		Value (000)
AutoZone 1.300%, 01/13/17	$	100	$	100
Avianca Holdings 8.375%, 05/10/20 (A)		330		353
Carnival 1.200%, 02/05/16		100		101
CBS 3.375%, 03/01/22		150		150
Comcast
6.500%, 01/15/17		250		284
4.750%, 03/01/44		262		277
Delphi 4.150%, 03/15/24		40		42
Diageo Capital PLC 5.750%, 10/23/17		200		228
DIRECTV Holdings
5.000%, 03/01/21		200		223
4.450%, 04/01/24		100		106
Discovery Communications 5.050%, 06/01/20		100		112
ERAC USA Finance
3.850%, 11/15/24 (A)		563		567
2.350%, 10/15/19 (A)		1,160		1,158
Ford Motor Credit
3.000%, 06/12/17		250		261
2.375%, 03/12/19		200		201
Gap 5.950%, 04/12/21		200		231
Golden Eagle Retail Group 4.625%, 05/21/23 (A)		370		344
Grupo Televisa 7.250%, 05/14/43		2,840		190
Home Depot 5.400%, 03/01/16		250		271
Johnson Controls 3.625%, 07/02/24		43		43
Kellogg 4.450%, 05/30/16		100		107
Kohl’s 4.000%, 11/01/21		100		105
Macy’s Retail Holdings 3.625%, 06/01/24		100		99
Magna International 3.625%, 06/15/24		50		50
Mattel 2.350%, 05/06/19		100		100
McDonald’s 5.350%, 03/01/18		100		114
NBCUniversal Media 4.375%, 04/01/21		250		276
Omnicom Group 4.450%, 08/15/20		100		109

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

58

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Scripps Networks Interactive 2.700%, 12/15/16	$	100	$	104
Staples 2.750%, 01/12/18		100		101
Starbucks 6.250%, 08/15/17		100		115
Target 2.900%, 01/15/22		100		100
Thomson Reuters 0.875%, 05/23/16		100		100
Time Warner
4.875%, 03/15/20		150		168
4.650%, 06/01/44		424		416
3.150%, 07/15/15		150		154
Time Warner Cable
8.750%, 02/14/19		100		128
7.300%, 07/01/38		485		653
6.750%, 07/01/18		250		296
TJX 2.750%, 06/15/21		100		100
Toyota Motor Credit 2.750%, 05/17/21		100		100
TRW Automotive 4.500%, 03/01/21 (A)		1,211		1,277
Viacom
5.850%, 09/01/43		254		292
4.250%, 09/01/23		100		105
2.200%, 04/01/19		100		100
Walt Disney
2.550%, 02/15/22		100		98
1.850%, 05/30/19		50		50
Whirlpool 4.000%, 03/01/24		60		61
Wyndham Worldwide 4.250%, 03/01/22		150		154
Yum! Brands 3.875%, 11/01/23		100		102
				11,808
Consumer Staples — 1.3%
Ajecorp BV 6.500%, 05/14/22 (A)		350		322
Altria Group 9.250%, 08/06/19		200		266
Anheuser-Busch InBev Finance 4.625%, 02/01/44		220		229
Anheuser-Busch InBev Worldwide
7.750%, 01/15/19		200		247
2.500%, 07/15/22		250		240
1.375%, 07/15/17		200		201
Bunge Limited Finance 3.200%, 06/15/17		100		104
Central American Bottling 6.750%, 02/09/22 (A)		330		352

Description	Face Amount (000)		Value (000)
Coca-Cola 2.450%, 11/01/20	$	150	$	151
Coca-Cola Company
3.200%, 11/01/23		100		101
1.800%, 09/01/16		200		205
Coca-Cola Femsa
5.250%, 11/26/43		442		490
2.375%, 11/26/18		150		152
Colgate-Palmolive 1.750%, 03/15/19		100		100
ConAgra Foods
3.200%, 01/25/23		150		145
1.900%, 01/25/18		100		100
Costco Wholesale 1.700%, 12/15/19		100		98
CVS Caremark 5.750%, 06/01/17		200		225
General Mills
5.650%, 02/15/19		100		116
3.150%, 12/15/21		61		62
Kimberly-Clark 1.900%, 05/22/19		150		150
Kraft Foods Group
6.125%, 08/23/18		150		174
3.500%, 06/06/22		125		128
Kroger
6.400%, 08/15/17		100		115
4.000%, 02/01/24		100		104
Lorillard Tobacco 2.300%, 08/21/17		100		102
Lowe’s 4.625%, 04/15/20		100		110
Mondelez International 4.125%, 02/09/16		200		211
PepsiCo
7.900%, 11/01/18		200		249
2.500%, 05/10/16		200		207
Pernod Ricard 2.950%, 01/15/17 (A)		2,898		3,015
Philip Morris International 5.650%, 05/16/18		250		287
Procter & Gamble
1.450%, 08/15/16		225		229
0.750%, 11/04/16		150		149
Reynolds American 6.750%, 06/15/17		100		115
Tyson Foods 4.500%, 06/15/22		150		157
Unilever Capital 2.200%, 03/06/19		100		101
Wal-Mart Stores
3.300%, 04/22/24		50		51
2.550%, 04/11/23		150		145
1.125%, 04/11/18		250		246
				9,951

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

59

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Energy — 3.9%
Anadarko Petroleum 6.375%, 09/15/17	$	200	$	230
BP Capital Markets
3.125%, 10/01/15		300		310
2.750%, 05/10/23		200		192
2.237%, 05/10/19		100		101
Cameron International 1.400%, 06/15/17		50		50
Canadian Natural Resources 5.700%, 05/15/17		200		224
Cenovus Energy 5.700%, 10/15/19		2,102		2,438
Chevron
2.355%, 12/05/22		150		144
1.718%, 06/24/18		100		101
CNOOC Curtis Funding No. 1 4.500%, 10/03/23 (A)		360		375
CNOOC Nexen Finance
4.875%, 04/30/44		200		202
1.625%, 04/30/17		200		200
ConocoPhillips 5.750%, 02/01/19		125		146
Continental Resources
5.000%, 09/15/22		100		109
4.500%, 04/15/23		100		107
DCP Midstream Operating 3.875%, 03/15/23		150		152
Ecopetrol 5.875%, 09/18/23		1,097		1,175
El Paso Pipeline Partners Operating
6.500%, 04/01/20		448		525
5.000%, 10/01/21		1,237		1,353
4.100%, 11/15/15		150		156
Enable Midstream Partners 2.400%, 05/15/19 (A)		50		50
Enbridge 5.600%, 04/01/17		100		111
Enbridge Energy Partners 5.875%, 12/15/16		50		55
Energy Transfer Partners
5.200%, 02/01/22		150		166
4.150%, 10/01/20		755		798
Ensco 4.700%, 03/15/21		100		109
Enterprise Products Operating LLC
3.350%, 03/15/23		100		100
3.200%, 02/01/16		150		156
EOG Resources 2.625%, 03/15/23		100		97
Exxon Mobil 1.819%, 03/15/19		150		151

Description	Face Amount (000)		Value (000)
Fermaca Enterprises S de RL de CV 6.375%, 03/30/38 (A)	$	200	$	209
Halliburton 3.500%, 08/01/23		100		103
Hess 8.125%, 02/15/19		150		189
KazMunayGas National
11.750%, 01/23/15 (A)		240		253
6.375%, 04/09/21 (A)		430		479
5.750%, 04/30/43 (A)		470		451
Kinder Morgan Energy Partners
6.500%, 09/01/39		375		442
5.500%, 03/01/44		161		170
3.950%, 09/01/22		250		256
3.500%, 03/01/21		20		20
Marathon Oil 2.800%, 11/01/22		150		146
Marathon Petro 3.500%, 03/01/16		100		104
National Oilwell Varco 2.600%, 12/01/22		200		193
Newmont Mining 3.500%, 03/15/22		200		193
Noble Energy
5.250%, 11/15/43		648		714
4.150%, 12/15/21		200		215
Occidental Petroleum 3.125%, 02/15/22		100		101
Oleoducto Central 4.000%, 05/07/21 (A)		200		201
ONEOK Partners 3.375%, 10/01/22		100		99
Pertamina Persero
6.450%, 05/30/44 (A)		370		367
6.000%, 05/03/42 (A)		340		318
5.250%, 05/23/21 (A)		390		402
4.300%, 05/20/23 (A)		530		500
Petrobras Global Finance 4.875%, 03/17/20		1,570		1,613
Petrobras International Finance
5.375%, 01/27/21		650		677
3.500%, 02/06/17		300		308
Petroleos de Venezuela
9.750%, 05/17/35 (A)		585		479
9.000%, 11/17/21		830		705
8.500%, 11/02/17 (A)		130		122
5.375%, 04/12/27		570		353
5.250%, 04/12/17		350		296
Petroleos Mexicanos
8.000%, 05/03/19		250		310
6.625%, 06/15/35		940		1,106
6.375%, 01/23/45 (A)		545		633
5.500%, 06/27/44		540		562
3.500%, 01/30/23		200		195

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

60

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Phillips 66 2.950%, 05/01/17	$	200	$	210
Plains All American Pipeline 3.850%, 10/15/23		150		154
Sasol Financing International 4.500%, 11/14/22		200		203
Schlumberger Investment 3.650%, 12/01/23		200		208
Shell International Finance
4.300%, 09/22/19		200		222
1.125%, 08/21/17		150		150
Sinopec Group Overseas Development 4.375%, 10/17/23 (A)		460		480
Spectra Energy Capital 3.300%, 03/15/23		150		144
State Oil of the Azerbaijan Republic 4.750%, 03/13/23		570		567
Statoil 2.450%, 01/17/23		125		120
Suncor Energy 6.100%, 06/01/18		100		116
Talisman Energy
5.850%, 02/01/37		90		99
3.750%, 02/01/21		960		992
Total Capital Canada 2.750%, 07/15/23		200		194
Total Capital International
2.100%, 06/19/19		100		100
1.550%, 06/28/17		200		203
TransCanada PipeLines 6.350%, 05/15/67 (B)		100		104
0.750%, 01/15/16		100		100
Transocean 6.375%, 12/15/21		200		231
Valero Energy 9.375%, 03/15/19		29		38
Williams
8.750%, 03/15/32		277		361
4.550%, 06/24/24		50		50
Williams Partners 5.250%, 03/15/20		1,773		2,000
Yingde Gases Investment 8.125%, 04/22/18 (A)		330		349
				30,962
Financials — 10.1%
Abbey National Treasury Services 4.000%, 04/27/16		100		105
ACE 2.600%, 11/23/15		100		103
Aflac 8.500%, 05/15/19		100		129

Description	Face Amount (000)		Value (000)
African Development Bank 0.875%, 05/15/17	$	205	$	203
Alleghany 4.950%, 06/27/22		100		109
American Express
7.000%, 03/19/18		300		357
2.750%, 09/15/15		300		308
American Honda Finance 2.125%, 10/10/18		200		203
American International Group
8.175%, 05/15/58 (B)		220		303
5.850%, 01/16/18		200		228
4.125%, 02/15/24		574		604
3.375%, 08/15/20		350		364
American Tower 3.400%, 02/15/19 ‡		100		105
Ameriprise Financial 5.300%, 03/15/20		100		114
Andina de Fomento 4.375%, 06/15/22		100		106
AON 5.000%, 09/30/20		100		112
ARC Properties Operating Partnership
3.000%, 02/06/19 ‡ (A)		100		100
2.000%, 02/06/17 ‡ (A)		100		100
Asian Development Bank
1.750%, 03/15/19		100		101
1.125%, 03/15/17		400		403
Assurant 4.000%, 03/15/23		74		74
Australia & New Zealand Banking Group New York
2.250%, 06/13/19		2,393		2,403
1.250%, 01/10/17		250		252
Banco de Costa Rica 5.250%, 08/12/18 (A)		340		349
Banco de Credito del Peru 6.125%, 04/24/27 (A) (B)		340		362
Banco de Reservas de la Republica Dominicana 7.000%, 02/01/23 (A)		390		406
Banco do Brasil 3.875%, 10/10/22		200		188
Banco Nacional de Costa Rica 4.875%, 11/01/18 (A)		350		358
Banco Nacional de Desenvolvimento Economico e Social 5.750%, 09/26/23 (A)		390		419
Banco Regional SAECA 8.125%, 01/24/19 (A)		390		429
Bancolombia 6.125%, 07/26/20		330		357

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

61

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Bank of America
6.500%, 08/01/16	$	500	$	554
5.000%, 01/21/44		427		453
4.750%, 08/01/15		250		261
4.100%, 07/24/23		551		572
3.300%, 01/11/23		400		394
2.650%, 04/01/19		1,136		1,151
2.600%, 01/15/19		712		720
2.000%, 01/11/18		750		755
Bank of Ceylon 6.875%, 05/03/17 (A)		210		223
Bank of Georgia 7.750%, 07/05/17		330		353
Bank of Montreal 1.400%, 09/11/17		200		201
Bank of New York Mellon
3.550%, 09/23/21		100		105
2.200%, 05/15/19		50		50
2.100%, 08/01/18		200		203
Bank of Nova Scotia
2.050%, 10/07/15		200		202
1.100%, 12/13/16		150		150
Barclays Bank
5.140%, 10/14/20		150		164
5.000%, 09/22/16		250		272
BB&T 2.250%, 02/01/19		100		101
BBVA Bancomer 6.008%, 05/17/22 (A) (B)		380		401
Berkshire Hathaway 1.900%, 01/31/17		250		256
Berkshire Hathaway Finance 0.950%, 08/15/16		150		151
BioMed Realty 2.625%, 05/01/19 ‡		50		50
Blackrock 5.000%, 12/10/19		100		114
BlackRock 3.500%, 03/18/24		150		152
BMCE Bank 6.250%, 11/27/18		200		210
BNP Paribas
3.600%, 02/23/16		150		157
3.250%, 03/03/23		150		148
2.375%, 09/14/17		150		154
Boston Properties LP
5.625%, 11/15/20 ‡		1,591		1,832
4.125%, 05/15/21 ‡		100		106
3.850%, 02/01/23 ‡		100		103
BPCE 1.625%, 02/10/17		250		252
Branch Banking & Trust 1.000%, 04/03/17		250		249

Description	Face Amount (000)		Value (000)
Canadian Imperial Bank of Commerce 0.900%, 10/01/15	$	100	$	100
Capital One Bank USA 2.150%, 11/21/18		250		252
Capital One Financial 2.450%, 04/24/19		978		987
CFR International 5.125%, 12/06/22 (A)		200		216
Charles Schwab 4.450%, 07/22/20		100		112
China Overseas Finance Cayman III 5.375%, 10/29/23		790		799
Cielo 3.750%, 11/16/22 (A)		390		371
Citigroup
8.500%, 05/22/19		500		639
5.500%, 09/13/25		550		614
4.587%, 12/15/15		500		527
3.750%, 06/16/24		100		100
CNA Financial
7.350%, 11/15/19		841		1,037
5.875%, 08/15/20		100		117
Comerica 2.125%, 05/23/19		50		50
Commonwealth Bank of Australia 2.250%, 03/13/19		250		252
Cooperatieve Centrale Raiffeisen-Boerenleenbank 3.875%, 02/08/22		300		318
Corporate Office Properties 3.700%, 06/15/21‡		527		527
Council of Europe Development Bank 1.125%, 05/31/18		150		149
Credit Suisse New York 5.400%, 01/14/20		250		281
Crown Castle Holdings 3.849%, 04/15/23		150		151
Deutsche Bank
6.000%, 09/01/17		200		227
3.700%, 05/30/24		85		85
Development Bank of Kazakhstan 4.125%, 12/10/22 (A)		770		729
Digital Realty Trust 3.625%, 10/01/22 ‡		100		95
Discover Bank 2.000%, 02/21/18		250		251
ERP Operating
4.625%, 12/15/21 ‡		200		220
4.500%, 07/01/44 ‡		449		450
2.375%, 07/01/19 ‡		1,053		1,058

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

62

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Essex Portfolio LP 5.200%, 03/15/21	$	481	$	538
European Bank for Reconstruction & Development
1.500%, 03/16/20		200		194
1.000%, 02/16/17		200		201
European Investment Bank
3.250%, 01/29/24		250		261
1.875%, 03/15/19		150		151
1.750%, 06/17/19		100		100
1.625%, 09/01/15		500		508
1.125%, 09/15/17		1,000		1,001
1.000%, 08/17/17		100		100
0.875%, 04/18/17		250		250
0.500%, 08/15/16		500		499
Export Credit Bank of Turkey 5.875%, 04/24/19 (A)		200		212
Export-Import Bank of Korea 4.000%, 01/11/17		400		427
Fifth Third Bank 1.150%, 11/18/16		200		201
First Horizon National Bank 5.375%, 12/15/15		100		106
FMS Wertmanagement AoeR 0.625%, 04/18/16		200		201
Fondo MIVIVIENDA 3.375%, 04/02/19 (A)		340		343
Ford Motor Credit 4.250%, 02/03/17		200		215
Genworth Holdings
7.700%, 06/15/20		825		1,017
7.625%, 09/24/21		150		188
4.800%, 02/15/24		384		410
Goldman Sachs Group
6.150%, 04/01/18		500		573
5.750%, 01/24/22		400		463
4.000%, 03/03/24		1,155		1,176
3.850%, 07/08/24		555		554
3.625%, 02/07/16		500		521
2.625%, 01/31/19		1,323		1,342
Grupo Aval 4.750%, 09/26/22 (A)		370		366
GTB Finance 6.000%, 11/08/18 (A)		350		348
HCP 5.375%, 02/01/21 ‡		200		227
Health Care 5.250%, 01/15/22 ‡		100		112
Hospitality Properties Trust 5.000%, 08/15/22 ‡		100		106
Host Hotels & Resorts 3.750%, 10/15/23 ‡		100		99
HSBC Finance 6.676%, 01/15/21		200		239

Description	Face Amount (000)		Value (000)
HSBC Holdings 5.250%, 03/14/44	$	420	$	450
HSBC USA
3.500%, 06/23/24		805		807
2.625%, 09/24/18		250		258
1.300%, 06/23/17		200		200
Inter-American Development Bank
2.250%, 07/15/15		100		102
2.125%, 11/09/20		250		250
1.125%, 03/15/17		400		404
1.000%, 07/14/17		100		100
0.875%, 03/15/18		150		148
Intercontinental Exchange 4.000%, 10/15/23		150		158
Intercorp Retail Trust 8.875%, 11/14/18 (A)		330		362
International Bank for Reconstruction & Development
2.250%, 06/24/21		50		50
2.125%, 03/15/16		500		515
1.875%, 03/15/19		100		101
1.375%, 04/10/18		100		101
0.875%, 04/17/17		250		250
0.500%, 05/16/16		100		100
International Finance
1.250%, 07/16/18		100		100
0.875%, 06/15/18		300		294
0.625%, 11/15/16		150		150
Intesa Sanpaolo
5.250%, 01/12/24		250		273
5.017%, 06/26/24 (A)		373		378
Japan Finance
2.500%, 05/18/16		200		207
1.750%, 11/13/18		200		200
Jefferies Group 6.875%, 04/15/21		100		117
JPMorgan Chase
6.000%, 01/15/18		300		344
4.250%, 10/15/20		400		434
3.875%, 02/01/24		1,859		1,914
3.625%, 05/13/24		100		100
3.375%, 05/01/23		250		245
3.150%, 07/05/16		500		521
2.350%, 01/28/19		200		202
1.350%, 02/15/17		150		151
Kaisa Group Holdings 8.875%, 03/19/18 (A)		330		339
KeyCorp 5.100%, 03/24/21		150		170
KFW
2.125%, 01/17/23		250		242
1.875%, 04/01/19		150		152
1.000%, 06/11/18		1,000		985
0.750%, 03/17/17		500		499
0.500%, 04/19/16		750		750

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

63

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Kilroy Realty LP 5.000%, 11/03/15 ‡	$	125	$	132
Kimco Realty 3.200%, 05/01/21 ‡		50		50
Korea Development Bank 1.500%, 01/22/18		200		197
Korea Finance 2.875%, 08/22/18		200		205
Landwirtschaftliche Rentenbank
2.125%, 07/15/16		150		155
1.750%, 04/15/19		100		100
1.000%, 04/04/18		200		198
Liberty Property 4.125%, 06/15/22 ‡		100		104
Lincoln National 7.000%, 05/17/66 (B)		150		156
Loews 2.625%, 05/15/23		100		94
Majapahit Holding 8.000%, 08/07/19 (A)		310		366
MetLife
6.750%, 06/01/16		200		222
3.600%, 04/10/24		100		102
MFB Magyar Fejlesztesi Bank 6.250%, 10/21/20 (A)		200		222
Morgan Stanley
5.500%, 07/28/21		372		427
4.875%, 11/01/22		250		268
3.875%, 04/29/24		365		369
3.800%, 04/29/16		500		525
2.500%, 01/24/19		250		253
2.125%, 04/25/18		500		505
1.750%, 02/25/16		100		101
National Australia Bank 2.750%, 03/09/17		250		261
National Rural Utilities Cooperative Finance 10.375%, 11/01/18		150		202
National Savings Bank 8.875%, 09/18/18 (A)		490		555
Nomura Holdings 4.125%, 01/19/16		200		210
Nordic Investment Bank 0.500%, 04/14/16		200		200
Oesterreichische Kontrollbank 0.750%, 12/15/16		250		250
Omega Healthcare Investors 6.750%, 10/15/22 ‡		150		162
Pacific LifeCorp 5.125%, 01/30/43 (A)		358		371
PNC Bank 2.700%, 11/01/22		250		241
1.125%, 01/27/17		100		100

Description	Face Amount (000)		Value (000)
PNC Financial Services Group 3.900%, 04/29/24	$	100	$	102
Power Sector Assets & Liabilities Management 7.390%, 12/02/24 (A)		290		373
Principal Financial Group 3.300%, 09/15/22		1,017		1,013
Prologis 6.875%, 03/15/20 ‡		100		120
Prudential Financial
5.625%, 06/15/43 (B)		150		160
4.750%, 09/17/15		150		157
3.500%, 05/15/24		874		872
Realty Income 3.250%, 10/15/22 ‡		100		98
Royal Bank of Canada
2.200%, 07/27/18		150		153
2.150%, 03/15/19		200		202
Royal Bank of Scotland PLC 2.550%, 09/18/15		250		255
Santander Holdings USA 3.000%, 09/24/15		200		205
Scotiabank Peru 4.500%, 12/13/27 (A) (B)		400		383
Simon Property Group 5.250%, 12/01/16 ‡		150		164
2.200%, 02/01/19 ‡		150		151
Sumitomo Mitsui Banking 3.950%, 01/10/24		250		262
SunTrust Banks
3.500%, 01/20/17		100		106
2.500%, 05/01/19		50		51
Svensk Exportkredit 1.750%, 10/20/15		200		204
Svenska Handelsbanken 3.125%, 07/12/16		250		262
Toronto-Dominion Bank
2.375%, 10/19/16		200		208
2.125%, 07/02/19		3,532		3,531
Toyota Motor Credit
2.100%, 01/17/19		200		202
2.050%, 01/12/17		200		205
Travelers 3.900%, 11/01/20		100		108
Turkiye Garanti Bankasi 4.000%, 09/13/17 (A)		200		202
Turkiye Halk Bankasi 3.875%, 02/05/20 (A)		390		369
Turkiye Vakiflar Bankasi Tao 5.000%, 10/31/18 (A)		320		326
UBS 5.875%, 12/20/17		250		286
UDR 4.625%, 01/10/22		1,108		1,204

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

64

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Unum Group 4.000%, 03/15/24	$	50	$	52
US Bancorp
2.950%, 07/15/22		200		197
1.950%, 11/15/18		100		101
Ventas Realty
3.750%, 05/01/24		50		50
1.550%, 09/26/16		100		101
Wells Fargo
5.625%, 12/11/17		500		569
4.125%, 08/15/23		150		156
3.676%, 06/15/16 (E)		250		264
2.125%, 04/22/19		200		201
Westpac Banking
4.875%, 11/19/19		200		225
2.250%, 01/17/19		100		101
Weyerhaeuser 4.625%, 09/15/23 ‡		100		108
Willis Group Holdings 4.125%, 03/15/16		14		15
WP Carey 4.600%, 04/01/24		50		52
XLIT 5.750%, 10/01/21		74		86
Zenith Bank 6.250%, 04/22/19 (A)		340		338
				79,912
Health Care — 1.3%
AbbVie 2.900%, 11/06/22		100		97
1.750%, 11/06/17		200		202
1.200%, 11/06/15		200		202
Actavis 1.875%, 10/01/17		100		101
Actavis Funding SCS 3.850%, 06/15/24 (A)		100		101
Aetna 2.750%, 11/15/22		150		145
Amerisource Bergen 3.400%, 05/15/24		100		100
Amgen 5.700%, 02/01/19		250		289
3.625%, 05/22/24		938		946
AstraZeneca 1.950%, 09/18/19		100		99
Baxter International 3.200%, 06/15/23		100		99
0.950%, 06/01/16		100		100
Becton Dickinson 3.125%, 11/08/21		100		103
Boston Scientific 2.650%, 10/01/18		100		102

Description	Face Amount (000)		Value (000)
Cardinal Health 3.200%, 03/15/23	$	100	$	99
CareFusion 3.875%, 05/15/24		100		101
Catholic Health Initiatives 4.350%, 11/01/42		599		574
Celgene 2.250%, 05/15/19		100		100
Cigna 4.000%, 02/15/22		100		106
Covidien International Finance 6.000%, 10/15/17		200		229
Express Scripts 3.125%, 05/15/16		100		104
Express Scripts Holding
3.900%, 02/15/22		150		157
1.250%, 06/02/17		55		55
Gilead Sciences
4.800%, 04/01/44		645		681
2.050%, 04/01/19		100		100
GlaxoSmithKline Capital
2.800%, 03/18/23		125		122
0.700%, 03/18/16		200		200
Howard Hughes Medical Institute 3.500%, 09/01/23		150		154
McKesson
4.883%, 03/15/44		610		641
3.250%, 03/01/16		150		156
Medtronic
1.375%, 04/01/18		175		174
0.875%, 02/27/17		100		100
Merck
1.300%, 05/18/18		200		198
0.700%, 05/18/16		150		150
Novartis Capital 4.400%, 05/06/44		650		677
Novartis Securities Investment 5.125%, 02/10/19		200		228
NYU Hospitals Center 5.750%, 07/01/43		240		276
Perrigo 4.000%, 11/15/23 (A)		200		203
Pfizer
3.000%, 06/15/23		100		100
1.500%, 06/15/18		200		198
1.100%, 05/15/17		100		100
Quest Diagnostics 5.450%, 11/01/15		100		106
Sanofi 2.625%, 03/29/16		200		207
Teva Pharmaceutical Finance 2.950%, 12/18/22		150		144

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

65

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Thermo Fisher Scientific
3.600%, 08/15/21	$	100	$	104
2.400%, 02/01/19		150		151
2.250%, 08/15/16		100		103
UnitedHealth Group 2.875%, 03/15/22		200		199
WellPoint
5.100%, 01/15/44		610		664
3.300%, 01/15/23		200		200
Zoetis 3.250%, 02/01/23		150		148
				10,695
Industrials — 2.1%
3M 1.625%, 06/15/19		100		99
ABB Finance USA 2.875%, 05/08/22		150		149
Air Lease 3.375%, 01/15/19		150		154
American Airlines Pass-Through Trust 4.950%, 01/15/23 (A)		200		217
BHP Billiton Finance 1.625%, 02/24/17		200		204
Burlington Northern Santa Fe 5.650%, 05/01/17		100		112
4.450%, 03/15/43		685		681
3.050%, 03/15/22		100		100
Canadian National Railway 5.550%, 03/01/19		100		116
Caterpillar 3.900%, 05/27/21		150		162
3.400%, 05/15/24		1,019		1,031
Caterpillar Financial Services 2.050%, 08/01/16		200		205
CSX 7.375%, 02/01/19		100		123
Deere 2.600%, 06/08/22		150		147
Eaton 1.500%, 11/02/17		200		201
Emerson Electric 2.625%, 02/15/23		100		97
ENA Norte Trust 4.950%, 04/25/23 (A)		16		16
Eskom Holdings 5.750%, 01/26/21 (A)		450		461
FedEx 5.100%, 01/15/44		560		607
GATX 2.500%, 07/30/19		150		151
General Dynamics 2.250%, 11/15/22		150		142

Description	Face Amount (000)		Value (000)
General Electric 5.250%, 12/06/17	$	250	$	282
2.700%, 10/09/22		200		196
General Electric Capital 5.625%, 05/01/18		500		573
4.650%, 10/17/21		400		445
1.250%, 05/15/17		200		201
1.000%, 01/08/16		300		302
Georgian Railway 7.750%, 07/11/22 (A)		700		784
Grupo KUO De 6.250%, 12/04/22 (A)		350		367
Illinois Tool Works 1.950%, 03/01/19		100		100
John Deere Capital
3.350%, 06/12/24		481		484
2.800%, 03/04/21		100		101
1.300%, 03/12/18		150		148
1.125%, 06/12/17		1,599		1,603
KazAgro National Management Holding 4.625%, 05/24/23 (A)		300		290
Kazakhstan Temir Zholy Finance
6.950%, 07/10/42 (A)		310		339
6.375%, 10/06/20 (A)		730		808
Koninklijke Philips 5.750%, 03/11/18		200		228
Norfolk Southern
5.750%, 01/15/16		45		48
3.250%, 12/01/21		100		103
Northrop Grumman 3.250%, 08/01/23		150		149
Odebrecht Finance 7.125%, 06/26/42 (A)		340		367
Pitney Bowes 4.625%, 03/15/24		100		103
Precision Castparts 2.500%, 01/15/23		150		144
Raytheon 2.500%, 12/15/22		150		144
Republic Services 3.550%, 06/01/22		150		155
Ryder System 2.550%, 06/01/19		95		96
San Miguel 4.875%, 04/26/23		420		390
Stanley Black & Decker 2.900%, 11/01/22		100		98
Transnet 4.000%, 07/26/22 (A)		970		911
Transportadora de Gas Internacional 5.700%, 03/20/22 (A)		330		354

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

66

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Union Pacific 3.646%, 02/15/24	$	100	$	104
United Parcel Service 5.125%, 04/01/19		100		114
3.125%, 01/15/21		150		156
United Technologies 5.375%, 12/15/17		200		227
3.100%, 06/01/22		150		151
Waste Management 3.500%, 05/15/24		100		101
				16,341
Information Technology — 1.2%
Apple
4.450%, 05/06/44		515		522
2.400%, 05/03/23		200		189
2.100%, 05/06/19		150		151
1.050%, 05/05/17		200		200
1.000%, 05/03/18		100		98
Baidu 3.250%, 08/06/18		200		207
Cisco Systems 5.500%, 02/22/16		200		216
4.450%, 01/15/20		200		222
EMC 3.375%, 06/01/23		100		101
1.875%, 06/01/18		250		252
Fidelity National Information Services 3.500%, 04/15/23		150		148
Google 3.625%, 05/19/21		200		214
Hewlett-Packard 4.650%, 12/09/21		1,522		1,660
2.600%, 09/15/17		200		207
Intel 3.300%, 10/01/21		100		104
1.350%, 12/15/17		250		249
International Business Machines
7.625%, 10/15/18		125		155
3.375%, 08/01/23		100		101
1.625%, 05/15/20		100		96
1.250%, 02/06/17		200		201
Juniper Networks 4.500%, 03/15/24		50		52
Microsoft 3.625%, 12/15/23		100		105
1.625%, 12/06/18		150		150
NetApp 3.375%, 06/15/21		50		50
Oracle
2.800%, 07/08/21		516		515
2.500%, 10/15/22		200		191
2.250%, 10/08/19		2,427		2,424
1.200%, 10/15/17		250		250

Description	Face Amount (000)		Value (000)
Telefonaktiebolaget LM Ericsson 4.125%, 05/15/22	$	150	$	156
Texas Instruments 2.375%, 05/16/16		200		207
Xerox 4.500%, 05/15/21		150		162
Xilinx 2.125%, 03/15/19		50		50
				9,605
Materials — 1.2%
Airgas 3.650%, 07/15/24		100		101
ArcelorMittal 5.750%, 08/05/20		200		215
Barrick 3.850%, 04/01/22		100		99
Braskem Finance 6.450%, 02/03/24		200		214
Cementos Pacasmayo 4.500%, 02/08/23 (A)		200		191
Cemex Finance 9.375%, 10/12/22 (A)		330		388
CRH America 6.000%, 09/30/16		100		111
Dow Chemical 8.550%, 05/15/19		225		289
Eastman Chemical Company 2.400%, 06/01/17		200		206
Ecolab 3.000%, 12/08/16		200		209
EI du Pont de Nemours
4.625%, 10/01/14		100		112
2.800%, 02/15/23		100		98
Fibria Overseas Finance 5.250%, 05/12/24		250		249
Freeport-McMoRan Copper
3.550%, 03/01/22		150		149
2.375%, 03/15/18		250		253
Goldcorp 3.700%, 03/15/23		150		148
Grupo Cementos de Chihuahua 8.125%, 02/08/20 (A)		320		352
Grupo Idesa 7.875%, 12/18/20 (A)		340		362
International Paper
7.950%, 06/15/18		125		153
4.800%, 06/15/44		490		494
LyondellBasell Industries 5.000%, 04/15/19		250		282
Monsanto
4.200%, 07/15/34		240		242
2.750%, 07/15/21		497		498
2.125%, 07/15/19		100		100

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

67

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Mosaic 5.450%, 11/15/33	$	310	$	347
Nacional del Cobre de Chile
5.625%, 10/18/43 (A)		310		342
3.000%, 07/17/22 (A)		200		194
OCP 5.625%, 04/25/24 (A)		810		849
Potash Corp of Saskatchewan 3.625%, 03/15/24		100		102
Praxair 3.000%, 09/01/21		150		153
Rio Tinto Finance USA
2.250%, 12/14/18		150		153
1.625%, 08/21/17		200		202
1.375%, 06/17/16		200		202
Rock-Tenn 4.450%, 03/01/19		100		108
Samarco Mineracao 5.750%, 10/24/23 (A)		550		577
TAM Capital 3 8.375%, 06/03/21 (A)		330		358
Teck Resources 6.250%, 07/15/41		247		268
Vale Overseas 6.250%, 01/23/17		200		224
4.375%, 01/11/22		100		103
				9,697
Telecommunication Services — 1.3%
America Movil
5.000%, 03/30/20		100		111
2.375%, 09/08/16		200		206
AT&T
5.800%, 02/15/19		250		291
4.300%, 12/15/42		385		364
2.950%, 05/15/16		200		208
2.400%, 08/15/16		200		206
2.300%, 03/11/19		150		151
British Telecommunications 2.350%, 02/14/19		200		202
Colombia Telecomunicaciones 5.375%, 09/27/22 (A)		370		369
Columbus International 7.375%, 03/30/21 (A)		200		216
Comcel Trust 6.875%, 02/06/24 (A)		240		259
Eileme 2 11.625%, 01/31/20 (A)		400		478
France Telecom 4.125%, 09/14/21		100		107
L-3 Communications 5.200%, 10/15/19		125		141
Ooredoo International Finance 3.875%, 01/31/28 (A)		458		429

Description	Face Amount (000)		Value (000)
Reed Elsevier Capital 3.125%, 10/15/22	$	100	$	99
Rogers Communications 6.800%, 08/15/18		150		178
TBG Global Pte 4.625%, 04/03/18 (A)		250		254
Telecom Italia Capital 7.175%, 06/18/19		1,031		1,193
Telefonica Celular del Paraguay 6.750%, 12/13/22 (A)		240		258
Telefonica Emisiones 3.192%, 04/27/18		790		826
Verizon Communications
6.550%, 09/15/43		280		352
6.400%, 09/15/33		825		1,011
5.150%, 09/15/23		1,350		1,511
4.500%, 09/15/20		200		220
3.650%, 09/14/18		200		214
2.500%, 09/15/16		250		258
Vimpel Communications Via VIP Finance Ireland 9.125%, 04/30/18		300		341
Vodafone Group 2.950%, 02/19/23		150		145
				10,598
Utilities — 2.4%
Abengoa Transmision Sur 6.875%, 04/30/43 (A)		250		275
AES Andres Dominicana 9.500%, 11/12/20 (A)		350		379
AES El Salvador Trust II 6.750%, 03/28/23 (A)		360		344
American Electric Power 1.650%, 12/15/17		150		151
Berkshire Hathaway Energy 3.750%, 11/15/23		200		206
1.100%, 05/15/17		150		149
CMS Energy 6.250%, 02/01/20		100		119
Commonwealth Edison 2.150%, 01/15/19		250		252
Consolidated Edison Company of New York
5.850%, 04/01/18		100		115
4.450%, 03/15/44		238		244
Dominion Gas Holdings 1.050%, 11/01/16 (A)		250		249
Dominion Resources 4.050%, 09/15/42		542		503
DTE Energy 3.500%, 06/01/24		897		905
Duke Energy
3.950%, 10/15/23		250		263
2.150%, 11/15/16		100		103

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

68

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Empresa Nacional de Electricidad 4.250%, 04/15/24	$	50	$	50
Entergy 5.125%, 09/15/20		100		111
First Energy Transmission 4.350%, 01/15/25		425		429
FirstEnergy 7.375%, 11/15/31		260		307
FPL Group Capital 7.875%, 12/15/15		100		110
Hrvatska Elektroprivreda 6.000%, 11/09/17 (A)		340		360
Hydro-Quebec 1.375%, 06/19/17		200		202
ITC Holdings 3.650%, 06/15/24		25		25
Korea Gas 3.500%, 07/02/26 (A)		303		306
NextEra Energy Capital Holdings
3.625%, 06/15/23		715		720
2.700%, 09/15/19		688		702
2.400%, 09/15/19		712		716
NiSource Finance 6.400%, 03/15/18		150		172
5.650%, 02/01/45		448		504
NSTAR Electric 2.375%, 10/15/22		100		95
Oncor Electric Delivery 7.000%, 09/01/22		100		128
One Gas 2.070%, 02/01/19		74		74
Pacific Gas & Electric 4.750%, 02/15/44		619		659
3.500%, 10/01/20		150		158
PPL Capital Funding 3.500%, 12/01/22		150		152
Progress Energy 7.750%, 03/01/31		918		1,298
5.625%, 01/15/16		100		107
PSEG Power 4.300%, 11/15/23		987		1,032
Public Service Electric & Gas 2.300%, 09/15/18		100		102
Public Service of Colorado 4.300%, 03/15/44		577		598
Puget Energy 6.500%, 12/15/20		100		121
Sempra Energy
9.800%, 02/15/19		1,287		1,711
6.500%, 06/01/16		100		110
3.550%, 06/15/24		689		694
Southern 2.450%, 09/01/18		150		154

Description	Face Amount (000)		Value (000)
Southern California Edison 3.500%, 10/01/23	$	150	$	156
Southern California Gas 4.450%, 03/15/44		635		672
Southern Power 5.250%, 07/15/43		380		423
Star Energy Geothermal Wayang Windu 6.125%, 03/27/20 (A)		370		378
State Grid Overseas Investment 4.125%, 05/07/24 (A)		270		277
TECO Finance 4.000%, 03/15/16		150		158
TransAlta 1.900%, 06/03/17		31		31
Union Electric 3.500%, 04/15/24		150		152
Virginia Electric and Power 3.450%, 02/15/24		100		102
Wisconsin Energy 6.250%, 05/15/67 (B)		100		103
Xcel Energy 0.750%, 05/09/16		150		150
				18,766
Total Corporate Obligations (Cost $204,175) (000)				208,335
MORTGAGE-BACKED SECURITIES — 10.5%
Agency Mortgage-Backed Obligations — 9.1%
FHLMC 5.500%, 07/01/37		550		614
4.000%, 07/15/41		4,320		4,577
3.500%, 07/15/41		350		360
3.000%, 07/15/43		3,000		2,959
FHLMC Multifamily Structured Pass-Through Certificates, Ser K037, Cl A2
3.490%, 01/25/24		833		876
2.856%, 01/25/21		620		639
FNMA
6.000%, 07/01/37		2,900		3,267
5.500%, 07/01/37		3,430		3,840
5.000%, 07/15/38		4,900		5,441
4.500%, 07/17/18		6,500		7,020
4.000%, 07/13/39		9,260		9,827
3.500%, 07/25/26		8,570		8,891
3.000%, 07/01/26		5,400		5,546
2.500%, 07/01/27		5,400		5,485
GNMA
4.500%, 07/15/39		270		295
4.000%, 07/01/39		5,190		5,554
3.500%, 07/15/41		6,790		7,073
				72,264

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

69

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Non-Agency Mortgage-Backed Obligations — 1.4%
Aventura Mall Trust, Ser 2013- AVM, Cl A 3.867%, 12/05/32 (A) (B)	$	419	$	444
Banc of America Funding, Ser 2005-4, Cl 1A3 5.500%, 08/25/35		57		59
Commercial Mortgage Pass- Through Certificates, Ser WWP, Cl A2 3.424%, 03/10/31 (A)		367		373
Commercial Mortgage Trust, Ser 2007-C9, Cl A4
5.988%, 12/10/49 (B)		1,493		1,672
4.258%, 10/10/46		621		671
4.006%, 04/10/47		446		471
3.983%, 10/10/46		550		583
3.819%, 06/10/47		265		275
3.147%, 02/10/47		69		72
GS Mortgage Securities II, Ser 2012-BWTR, Cl A 2.954%, 11/05/34 (A)		682		673
GS Mortgage Securities Trust, Ser 2014-GC18, Cl A4
4.074%, 01/10/47		341		362
3.551%, 04/10/34 (A)		262		271
2.933%, 06/05/31 (A)		1,726		1,786
GSR Mortgage Loan Trust, Ser 2005-4F, Cl 6A1 6.500%, 02/25/35		296		300
HarborView Mortgage Loan Trust, Ser 2004-3, Cl 1A 2.587%, 05/19/34 (B)		90		91
JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2013-FL3, Cl A2 0.852%, 04/15/28 (A) (B)		79		79
JP Morgan Mortgage Trust, Ser 2005-A2, Cl 3A2 2.354%, 04/25/35 (B)		131		131
MLCC Mortgage Investors, Ser 2006-2, Cl 2A 5.500%, 05/25/36 (B)		607		607
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C15, Cl A4
4.051%, 04/15/47		345		365
3.892%, 06/15/47		379		396
3.787%, 01/15/47		218		225
Provident Funding Mortgage Loan Trust, Ser 2005-2, Cl 1A1A 2.417%, 10/25/35 (B)		474		465
Wells Fargo Commercial Mortgage Trust, Ser 2014-LC16, Cl A5 3.817%, 08/15/50		272		283

Description	Face Amount (000)		Value (000)
Wells Fargo Mortgage Backed Securities, Ser 2005-AR10, Cl 2A4 2.614%, 06/25/35	$	342	$	346
				11,000
Total Mortgage-Backed Securities (Cost $82,613) (000)				83,264
LOAN PARTICIPATIONS — 9.7%
Aerospace/Defense — 0.1%
DAE Aviation 1/14 Term Loan B1 5.000%, 11/02/18		496		500
TransDigm 5/14 Cov-Lite Term Loan D 3.750%, 05/21/21		150		149
				649
Automotive — 0.5%
Allison Transmission 8/13 Term Loan B3 3.750%, 08/23/19		998		999
Chrysler Automotive 1/14 Term Loan B 3.250%, 12/31/18		275		274
Federal Mogul 4/14 Term Loan C 4.750%, 04/15/21		325		325
Metaldyne 2/14 (USD) Term Loan B 4.250%, 12/18/18		983		987
Tower International 1/14 Term Loan B 4.000%, 04/23/20		998		993
Visteon 4/14 Delayed Draw Term Loan B 3.500%, 04/09/21		100		99
0.000%, 04/09/21 (D)		100		99
				3,776
Building Materials — 0.0%
Vat 1/14 (USD) Term Loan 4.750%, 02/11/21		50		50
Chemicals — 0.4%
Arizona Chemical 6/14 Cov-Lite Term Loan
5.750%, 06/10/21		50		50
0.000%, 06/10/21 (D)		50		50
Berry Plastics 2/13 Cov-Lite Term Loan D 3.500%, 02/08/20		997		988
Entegris 4/14 Cov-Lite Term Loan B 3.500%, 04/30/21		25		25
Ineos 4/12 (USD) Cov-Lite Term Loan 6.500%, 04/27/18		997		995

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

70

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Minerals Tech 4/14 Cov-Lite Term Loan 4.000%, 05/07/21	$	175	$	176
PQ Corp 3/14 Term Loan 4.000%, 08/07/17		560		561
				2,845
Computers & Electronics — 1.2%
Apex Tool 1/13 Term Loan 4.500%, 01/25/20		997		985
Applied Systems 1/14 Cov-Lite Term Loan 4.250%, 01/25/21		499		500
Ascend Learning 5/12 Term Loan 6.000%, 05/23/17		175		176
Avago 5/14 Cov-Lite Term Loan 3.750%, 05/06/21		500		501
Avast Software 3/14 Term Loan 5.000%, 03/20/20		50		50
CompuCom 5/13 Cov-Lite Term Loan 4.250%, 05/07/20		479		474
Dell 9/13 (USD) Cov-Lite Term Loan B 4.500%, 04/29/20		995		1,000
Go Daddy 5/14 Term Loan 4.750%, 05/13/21		25		25
0.000%, 05/13/21 (D)		500		497
Hyland Software 2/14 Cov-Lite Term Loan B 4.750%, 02/19/21		500		502
Infor (Lawson) 1/14 B5 Term Loan B 3.750%, 06/03/20		998		990
Internet Brands 2/13 Term Loan 6.250%, 03/18/19		497		496
Misys 6/12 (USD) Term Loan 5.000%, 12/12/18		497		501
Scientific Games 10/13 Cov-Lite Term Loan B 4.250%, 05/22/20		499		500
SkillSoft 4/14 Cov-Lite Term Loan 4.500%, 04/28/21		125		125
Sophos 1/14 (USD) Cov-Lite Term Loan B 5.000%, 01/29/21		500		502
SumTotal Systems 11/12 Term Loan 7.250%, 11/16/18		37		36
6.250%, 10/25/19		462		450
SunEdison 5/14 Term Loan 6.500%, 05/22/19		75		75
Vantiv 6/14 Term Loan B 3.750%, 06/07/21		75		75
0.000%, 06/07/21 (D)		75		75

Description	Face Amount (000)		Value (000)
Vertafore 3/13 Term Loan 4.250%, 11/30/19	$	994	$	995
Wall Street Systems 4/14 Term Loan 0.000%, 04/30/21 (D)		125		125
				9,655
Consumer Nondurables — 0.1%
Revlon 8/13 Acquisition Facility 4.000%, 10/08/19		998		999
Educational Services — 0.2%
Education Management 12/10 Extended Term Loan C2 4.250%, 06/01/16		997		710
Laureate Education 10/13 New Series (2018) Extended Term Loan 5.000%, 06/15/18		997		974
				1,684
Entertainment And Leisure — 0.1%
Equinox Fitness Clubs 4/13 Term Loan B 4.250%, 01/31/20		499		500
Financial Services — 0.1%
AltiSource Solutions 12/13 Term Loan B 0.000%, 12/09/20 (D)		50		50
ION Trading Technologies 6/14 (USD) Term Loan 0.000%, 05/31/21 (D)		100		100
NXT Capital 9/13 Term Loan B 6.250%, 09/04/18		499		501
0.000%, 09/04/18 (D)		100		101
RCS Cap 3/14 Term Loan 6.500%, 04/29/19		75		77
				829
Food And Beverage — 0.4%
Advance Pierre Foods 10/12 Term Loan 5.750%, 07/10/17		499		499
Del Monte Foods 2/14 Cov-Lite Term Loan 4.250%, 08/18/21		499		496
Dole Food 11/13 Cov-Lite Term Loan B 4.500%, 11/01/18		997		995
New Albertson’s 6/14 Cov-Lite Term Loan 0.000%, 06/25/21 (D)		75		75
Phillips Pet Food 1/14 Term Loan 4.500%, 01/31/21		500		490

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

71

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Pinnacle Foods 4/13 Term Loan G 3.250%, 04/29/20	$	997	$	992
				3,547
Forest Products — 0.1%
Ply Gem 1/14 Cov-Lite Term Loan 4.000%, 02/01/21		500		496
Gaming And Hotels — 0.4%
Boyd Gaming 8/13 Cov-Lite Term Loan B 4.000%, 08/14/20		973		975
Hilton Hotels 10/13 Cov-Lite Term Loan 3.500%, 10/26/20		933		931
La Quinta 2/14 Cov-Lite Term Loan B 4.000%, 04/14/21		125		125
MGM Resorts 12/12 Cov-Lite Term Loan B 4.250%, 12/20/19		997		994
				3,025
Health Care — 1.0%
Alliance Healthcare 6/13 Term Loan B 4.250%, 06/03/19		497		499
Amneal Pharmaceuticals 10/13 Cov-Lite Term Loan B 7.000%, 11/01/19		1		1
5.750%, 11/01/19		498		500
Community Health 1/14 Cov-Lite Term Loan D 4.250%, 01/27/21		998		1,003
DaVita 6/14 Term Loan B 3.500%, 06/19/21		275		276
Gentiva Health Services 10/13 Term Loan B 6.500%, 10/18/19		499		498
Grifols 2/14 (USD) Term Loan B 3.150%, 02/27/21		400		399
IASIS 2/13 Term Loan B 4.500%, 05/03/18		650		652
Ikaria 1/14 Cov-Lite Term Loan 5.000%, 02/12/21		125		126
Kindred Healthcare 3/14 Term Loan B 4.000%, 04/09/21		125		125
Mallinckrodt 3/14 Cov-Lite Term Loan 3.500%, 03/19/21		150		150
Millennium Laboratories 4/14 Term Loan B 5.250%, 04/16/21		175		177

Description	Face Amount (000)		Value (000)
Ortho-Clinical 6/14 Cov-Lite Term Loan 4.750%, 06/30/21	$	250	$	251
0.000%, 06/30/21 (D)		250		252
Par Pharmaceutical 2/14 Term Loan B2 4.000%, 09/30/19		400		399
Patheon 1/14 (USD) Term Loan 4.250%, 03/11/21		500		496
Pharmedium 1/14 Cov-Lite Term Loan 4.250%, 01/28/21		488		486
Salix Pharmaceuticals 12/13 Term Loan 4.250%, 01/02/20		494		497
Steward Health 4/13 Term Loan B 6.750%, 04/10/20		499		491
Valeant 6/13 Term Loan E 0.000%, 06/26/20 (D)		1,000		999
				8,277
Insurance — 0.1%
Asurion 6/13 Cov-Lite Incremental Term Loan B2 4.250%, 06/19/20		995		994
Leasing — 0.2%
Avis Budget Car Rental 5/13 Term Loan B 3.000%, 03/15/19		499		497
BakerCorp 2/13 Term Loan 4.250%, 02/07/20		498		490
BakerCorp 2/14 Term Loan 0.000%, 02/14/20 (D)		300		295
ILFC (Delos Finance) 2/14 Term Loan B 3.500%, 03/06/21		225		225
				1,507
Machinery — 0.3%
Doosan Infracore 5/14 Cov-Lite Term Loan B 5.500%, 05/14/21		100		101
Gardner Denver 7/13 (USD) Term Loan 4.250%, 07/30/20		997		997
Husky International (Cov-Lite 6/11) Term Loan 4.250%, 07/02/18		1,000		1,001
International Equipment 8/13 Term Loan B 6.750%, 08/16/19		488		493
				2,592

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

72

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Manufacturing — 0.0%
Signode 5/14 (USD) Cov-Lite Term Loan 4.000%, 05/01/21	$	125	$	125
Media — 0.3%
Mediacom Broadband 6/14 Term Loan J 0.000%, 06/18/21 (D)		75		75
Mediacom LLC 6/14 Term Loan G 0.000%, 06/18/21 (D)		50		50
Mission/Nexstar Broadcasting 9/13 Term Loan B2 3.750%, 10/01/20		468		467
Nexstar/Mission Broadcasting 9/13 Term Loan B2 3.750%, 10/01/20		530		530
Weather Channel 2/13 Term Loan B 3.500%, 02/13/17		970		961
				2,083
Metals & Mining — 0.3%
BWAY 11/12 Cov-Lite Term Loan B 4.500%, 08/06/17		499		500
Oxbow Carbon 7/13 Cov-Lite Term Loan B 4.250%, 07/19/19		987		988
Patriot Coal 12/13 Exit Term Loan 9.000%, 12/18/18		499		492
				1,980
Not For Profit — 0.1%
National Mentor 1/14 Term Loan B 4.750%, 01/31/21		500		503
Oil & Gas — 0.6%
Ameriforge 1/13 Term Loan 5.000%, 01/22/20		499		502
Ameriforge 1/13, Term Loan 5.000%, 12/19/19		150		151
Dynegy 4/13 Term Loan B2 4.000%, 04/23/20		499		500
Energy Transfer Equity 12/13 Term Loan B 3.250%, 12/02/19		1,175		1,163
Seadrill Partners 2/14 Term Loan 4.000%, 02/21/21		299		297
0.000%, 02/12/21 (D)		75		74
Tallgrass Energy 11/13 Term Loan B 4.250%, 11/13/18		1,000		1,007

Description	Face Amount (000)		Value (000)
Western Pipeline 3/13 Term Loan 3.500%, 03/27/20	$	124	$	124
0.000%, 03/22/20 (D)		847		846
				4,664
Printing & Publishing — 0.1%
Interactive Data 5/14 Cov-Lite Term Loan 4.750%, 05/02/21		125		126
Rentpath 5/13 Cov-Lite Term Loan B 6.250%, 05/29/20		499		501
				627
Professional & Business Services — 1.3%
Acosta 10/13 Term Loan B 4.250%, 03/02/18		574		576
Audio Visual Services 1/14 Cov-Lite Term Loan B 4.500%, 01/25/21		50		50
Brickman Group 12/13 Cov-Lite Term Loan 4.000%, 12/18/20		499		494
Bright Horizons 1/13 Term Loan B 4.000%, 01/24/20		997		997
Campaign Monitor 4/14 Cov-Lite Term Loan 6.250%, 03/18/21		50		49
CBS Outdoor 1/14 Cov-Lite Term Loan B 3.000%, 01/31/21		1,000		996
Citco (6/11) Term Loan 4.250%, 06/29/18		997		998
Corporate Capital 5/14 Term Loan B 4.000%, 05/15/19		75		75
Emerald Expo 6/13 Cov-Lite Term Loan B 5.500%, 06/12/20		479		482
Expert Global (4/12) Term Loan B 8.000%, 04/02/18		496		492
Extreme Reach 1/14 Term Loan 6.750%, 01/24/20		500		506
Garda World 11/13 (USD) Term Loan B 4.000%, 11/06/20		792		791
Garda World 11/13 (USD) Tranche B Delayed Term Loan 4.000%, 11/06/20		203		202
Getty Images 10/12 Cov-Lite Term Loan B 4.750%, 10/03/19		997		963
MoneyGram Payment 3/13 Term Loan 0.000%, 03/26/20 (D)		997		983

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

73

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Nuveen Investments 4/13 Term Loan B 4.151%, 05/13/17	$	1,000	$	1,001
TransUnion 3/14 Cov-Lite Term Loan 4.000%, 04/09/21		350		350
				10,005
Real Estate — 0.1%
Ryman Hospitality Properties 6/14 Term Loan B 3.750%, 01/05/21		50		50
TCW Group 1/14 Term Loan B 3.000%, 02/06/20		469		465
Walter Investment 12/13 Cov-Lite Term Loan 4.750%, 12/18/20		499		493
				1,008
Retail Food & Drug — 0.3%
Bioscrip 7/13 Cov-Lite Delayed Term Loan 6.500%, 07/31/20		106		107
Bioscrip 7/13 Cov-Lite Term Loan B 6.500%, 07/31/20		176		178
GNC 10/12 Term Loan 3.250%, 03/02/18		999		989
Rite Aid 3/14 Tranche 7 Term Loan 3.500%, 02/21/20		1,000		998
				2,272
Retailing — 0.5%
99 Cents Only Stores 10/13 Cov-Lite Term Loan B2 4.500%, 01/11/19		997		1,002
CEC Entertainment 2/14 Term Loan B 4.250%, 02/12/21		75		74
Dunkin’ Brands 1/14 Term Loan B4 3.250%, 02/05/21		996		986
J. Crew 2/14 Cov-Lite Term Loan 4.000%, 03/05/21		250		246
J.C. Penney 6/14 Cov-Lite Term Loan 5.000%, 06/13/19		50		50
Men’s Wearhouse 4/14 Cov-Lite Term Loan B 4.500%, 04/15/21		125		126
OSI Restaurant 4/13 Cov-Lite Term Loan 3.500%, 10/28/19		241		241

Description	Face Amount (000)		Value (000)
Party City 2/14 Cov-Lite Term Loan B 4.000%, 07/27/19	$	998	$	990
				3,715
Securities & Trusts — 0.2%
Grosvenor Capital 1/14 Cov-Lite Term Loan 3.750%, 01/04/21		998		990
HarbourVest 1/14 Cov-Lite Term Loan 3.250%, 02/04/21		480		475
MCS AMS 10/13 Term Loan 7.000%, 10/15/19		491		475
				1,940
Shipping & Ship Building — 0.0%
Floatel 5/14 Cov-Lite Term Loan 0.000%, 05/22/20 (D)		100		101
Stena 2/14 Cov-Lite Term Loan B 4.000%, 03/03/21		175		174
				275
Steel — 0.1%
Fortescue 11/13 Cov-Lite Term Loan 3.750%, 06/30/19		997		998
Telecommunications — 0.3%
IPC Information Systems 5/14 Term Loan 6.000%, 11/08/20		100		100
Mitel Networks 1/14 Term Loan B 5.250%, 01/31/20		464		467
SBA Finance 2/14 Incremental Term Loan B 3.250%, 03/24/21		200		199
Windstream 1/13 Term Loan B4 3.500%, 01/10/20		997		995
Ziggo 2/14 (USD) Term Loan B1 3.250%, 01/15/22		105		103
Ziggo 2/14 (USD) Term Loan B2 3.250%, 01/15/22		66		65
Ziggo 2/14 (USD) Term Loan B3 0.000%, 01/15/22 (D)		118		116
				2,045
Transportation — 0.1%
EMSC (Cov-Lite 5/11) Term Loan 6.000%, 05/25/18		64		64
5.250%, 04/27/18		934		936
Swift Transportation 6/14 Cov- Lite Term Loan B 3.750%, 06/09/21		100		100
				1,100

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

74

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
Utilities — 0.2%
Calpine 5/13 Cov-Lite Term Loan B2 3.250%, 01/31/22	$	997	$	987
EFIH 6/14 DIP Cov-Lite Term Loan 4.250%, 06/10/16		150		151
Raven Power 12/13 Term Loan B 5.250%, 12/19/20		429		429
				1,567
Total Loan Participations (Cost $77,043) (000)				76,332
U.S. GOVERNMENT AGENCY OBLIGATIONS — 7.2%
FHLB
5.375%, 05/18/16		1,000		1,092
4.125%, 03/13/20		750		838
1.000%, 06/21/17		500		502
0.500%, 11/20/15		750		752
FHLMC
6.250%, 07/15/32		674		930
5.500%, 07/01/33		1,394		1,567
5.250%, 04/18/16		500		543
5.000%, 10/15/25		1,151		1,261
4.500%, 12/01/40		1,138		1,243
4.375%, 07/17/15		400		417
4.000%, 05/01/24		198		212
3.527%, 10/25/23		1,799		1,898
3.500%, 03/15/33		4,454		4,598
3.000%, 11/01/42		1,268		1,253
2.375%, 01/13/22		2,505		2,499
1.750%, 09/10/15		1,000		1,018
1.250%, 10/02/19		500		486
1.000%, 03/08/17		1,000		1,003
0.750%, 01/12/18		1,000		985
0.580%, 08/26/16		100		100
0.500%, 05/27/16		600		600
FNMA
6.000%, 03/01/34		589		667
5.000%, 03/15/16		3,922		4,306
4.500%, 04/01/41		2,074		2,265
4.000%, 03/01/24		1,954		2,084
3.500%, 02/01/43		1,762		1,818
3.389%, 03/25/24		1,349		1,407
3.000%, 03/01/42		12,024		11,908
1.875%, 02/19/19		1,000		1,013
1.750%, 06/20/19		300		301
0.875%, 05/21/18		500		492
0.750%, 04/20/17		1,000		995
0.500%, 03/30/16		500		501
GNMA
4.500%, 07/20/40		4,403		4,823
Tennessee Valley Authority
3.500%, 12/15/42		750		688
Total U.S. Government Agency Obligations (Cost $56,364) (000)				57,065

Description	Face Amount (000)(1)		Value (000)
SOVEREIGN DEBT — 6.3%
Argentina Bonar Bonds, 8.750%, 05/07/24		205	$	189
Argentine Republic Government International Bond 3.750%, 03/31/19 (E)		800		384
Bolivian Government International Bond 5.950%, 08/22/23 (A)		200		211
Brazilian Government International Bond 5.625%, 01/07/41		678		700
Canada Government International Bond 1.625%, 02/27/19		100		100
Colombia Government International Bond 7.375%, 03/18/19		2,520		3,006
Costa Rica Government International Bond 7.000%, 04/04/44 (A)		520		515
Croatia Government International Bond 6.750%, 11/05/19 (A)		1,370		1,512
Dominican Republic International Bond 7.500%, 05/06/21 (A)		1,350		1,481
El Salvador Government International Bond 5.875%, 01/30/25 (A)		460		446
Export Development Canada 1.000%, 05/15/17		250		251
Georgia Government International Bond 6.875%, 04/12/21 (A)		460		521
Government of Italy 4.750%, 01/25/16		100		106
Guatemala Government Bond 5.750%, 06/06/22 (A)		560		581
Honduras Government International Bond 7.500%, 03/15/24 (A)		730		756
Hungary Government International Bond 6.250%, 01/29/20		1,270		1,375
India Government Bond 7.160%, 05/20/23 (INR)		26,000		385
Indonesia Government International Bond 8.500%, 10/12/35 (A) (E)		1,200		1,458
Israel Government International Bond, 3.150%, 06/30/23		200		199

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

75

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)(1)		Value (000)
Ivory Coast Government International Bond 5.750%, 12/31/32 (A) (E)		1,620	$	1,569
Kenya Government International Bond 6.875%, 06/24/24 (A)		860		887
Korea Land & Housing 1.875%, 08/02/17 (A)		1,727		1,737
Mexico Government International Bond 6.750%, 09/27/34		3,081		3,301
Montenegro Government International Bond 5.375%, 05/20/19 (EUR) (A)		140		198
Morocco Government International Bond 5.500%, 12/11/42 (A)		305		300
Pakistan Government International Bond 8.250%, 04/15/24 (A)		730		749
Panama Government International Bond 9.375%, 04/01/29		960		1,196
Peruvian Government International Bond 6.550%, 03/14/37		420		528
Philippine Government International Bond 8.375%, 06/17/19		1,540		2,045
Poland Government International Bond 6.375%, 07/15/19		325		367
Province of British Columbia 1.200%, 04/25/17		200		202
Province of Manitoba Canada 1.125%, 06/01/18		100		99
Province of Ontario Canada 2.450%, 06/29/22		750		746
Province of Quebec Canada 5.125%, 11/14/16		350		360
Red de Carreteras de Occidente 9.000%, 06/10/28 (MXN) (A)		6,100		447
Republic of Armenia 6.000%, 09/30/20 (A)		1,460		1,540
Republic of Belarus 8.950%, 01/26/18		1,270		1,343
Republic of Brazil 6.000%, 01/17/17		1,460		1,499
Republic of Costa Rica 9.200%, 03/27/19 (CRC)		80,000		146
Republic of Ghana 8.500%, 10/04/17 (A)		560		571
Republic of Honduras 8.750%, 12/16/20 (A)		410		454

Description	Face Amount (000)(1)		Value (000)
Republic of Indonesia 8.500%, 10/12/35		440	$	586
Republic of Italy 5.375%, 06/12/17		200		222
Republic of Korea 7.125%, 04/16/19		100		123
Republic of Paraguay 4.625%, 01/25/23 (A)		200		203
Republic of Serbia 5.875%, 12/03/18) (A)		410		432
Romanian Government International Bond 6.750%, 02/07/22 (A)		1,390		1,562
Russian Federation 7.500%, 03/31/30 (A) (E)		1,280		1,378
South Africa Government International Bond 5.500%, 03/09/20		455		498
Sri Lanka Government International Bond 6.250%, 10/04/20 (A)		1,950		2,029
Standard Chartered Bank 13.770%, 04/13/15 (NGN) (A) (C)		77,000		438
Svensk Exportkredit 1.875%, 06/17/19		200		201
Tanzania Government International Bond 6.332%, 03/09/20 (B)		850		905
Turkey Government International Bond 8.000%, 02/14/34		1,611		1,886
Ukraine Government International Bond 7.750%, 09/23/20 (A)		1,190		1,132
Uruguay Government International Bond 5.100%, 06/18/50		1,540		1,613
Venezuela Government International Bond 7.650%, 04/21/25		1,980		1,544
Zambia Government International Bond 8.500%, 04/14/24 (A)		390		432
Total Sovereign Debt (Cost $47,461) (000)				49,644
ASSET-BACKED SECURITIES — 4.0%
Automotive — 3.6%
Americredit Automobile Receivables Trust, Ser 2014-1, Cl A2 0.570%, 07/10/17		2,619		2,619

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

76

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

Description	Face Amount (000)		Value (000)
AmeriCredit Automobile Receivables Trust, Ser 2014-1, Cl B 1.680%, 07/08/19	$	1,048	$	1,049
California Republic Auto Receivables Trust, Ser 2014-2, Cl A4 1.570%, 12/16/19		1,382		1,384
0.850%, 05/15/18		2,097		2,097
Carfinance Capital Auto Trust, Ser 2014-1A, Cl A 1.460%, 12/17/18 (A)		479		478
CPS Auto Trust, Ser 2014-A, Cl A 1.210%, 08/15/18 (A)		1,424		1,422
Exeter Automobile Receivables Trust, Ser 2014-2A, Cl B 2.170%, 05/15/19 (A)		1,090		1,088
First Investors Auto Owner Trust, Ser 2014-1A, Cl A2 0.800%, 02/15/18 (A)		2,805		2,803
Flagship Credit Auto Trust, Ser 2014-1, Cl A 1.210%, 04/15/19 (A)		1,078		1,076
Ford Credit Auto Owner Trust, Ser 2014-1, Cl A 2.260%, 11/15/25 (A)		1,630		1,645
1.420%, 08/15/19		2,026		2,026
Honda Auto Receivables Owner Trust, Ser 2014-2, Cl A3 0.770%, 03/19/18		2,015		2,014
Nissan Auto Receivables Owner Trust, Ser 2014-A, Cl A4 1.340%, 08/17/20		2,299		2,307
Santander Drive Auto Receivables Trust, Ser 2014-3, Cl B 1.450%, 05/15/19		1,381		1,382
0.431%, 08/15/17		5,073		5,072
				28,462
Credit Cards — 0.0%
American Express Issuance Trust II, Ser 2013-2, Cl A 0.582%, 08/15/19 (B)		290		291
Other Asset-Backed Securities — 0.4%
Bayview Opportunity Master Fund Trust, Ser 2014-18NP, Cl A 3.228%, 07/28/34 (A) (E)		392		392
Ford Credit Floorplan Master Owner Trust, Ser 2014-1, Cl A1 1.200%, 02/15/19		2,299		2,300
Selene Non-Performing Loans, Ser 2014-1A, Cl A 2.981%, 05/25/54 (A) (E)		100		100
VOLT, Ser 2013-NPL4, Cl A1 3.960%, 11/25/53 (A) (E)		255		257
				3,049
Total Asset-Backed Securities (Cost $31,783) (000)				31,802

Description	Face Amount (000)		Value (000)
MUNICIPAL BONDS — 0.5%
California State GO 7.300%, 10/01/39	$	400	$	569
Florida State, Hurricane Catastrophy Fund RB 2.995%, 07/01/20		150		149
Illinois State GO 5.665%, 03/01/18		200		223
5.100%, 06/01/33		710		713
New Jersey State, Transportation Trust Fund RB 5.754%, 12/15/28		635		736
New York State Dormitory Authority RB 5.628%, 03/15/39		610		731
New York State, Metropolitan Transportation Authority RB 6.814%, 11/15/40		455		614
Total Municipal Bonds (Cost $3,597) (000)				3,735
CASH EQUIVALENT (F) — 11.9%
State Street Institutional Liquid Reserves Fund, 0.080%		94,360,180		94,360
Total Cash Equivalent (Cost $94,360) (000)				94,360
Total Investments — 110.0% (Cost $862,231) (000)			$	870,256

Percentages are based on net assets of $790,829 (000).

A list of the open forward foreign currency contracts held by the Fund at June 30, 2014, is as follows:

Counterparty	Maturity	Currency to Deliver (Thousands)	Currency to Receive (Thousands)	Unrealized Appreciation (Depreciation) ($ Thousands)
Barclays	7/16/14	BRL 881	USD 388	$	(9	)
Barclays	7/16/14	USD 388	BRL 881		8
Royal Bank of Scotland	8/19/14	ZAR 4,000	USD 383		10
UBS	8/21/14	TRY 805	USD 375		(1	)
Barclays	8/21/14	EUR 423	USD 579		—
Barclays	8/21/14	PZL 1,188	USD 386		(4	)
Barclays	8/21/14	USD 386	PZL 1,188		4
Credit Suisse First Boston	9/2/14	MXN 11,060	USD 852		4
Credit Suisse First Boston	9/2/14	USD 843	MXN 11,060		6
				$	18

For the period ended June 30, 2014, the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

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

77

THE KP FUNDS June 30, 2014 (Unaudited)

KP Fixed Income Fund

‡ Real Estate Investment Trust

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

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

(B) Floating rate security - Rate disclosed is the rate in effect on June 30, 2014.

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

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

(E) Step Bonds — The rate reported on the Schedule of Investments is the effective yield as of June 30, 2014. The coupon on a step bond changes on a specified date.

(F) The rate reported is the 7-day effective yield as of June 30, 2014.

BRL — Brazilian Real

Cl — Class

EUR — Euro

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

LLC — Limited Liability Company

LP — Limited Partnership

MXN — Mexican Peso

PLC — Public Limited Company

PZL — Polish Zlotych

RB — Revenue Bond

Ser — Series

TRY — Turkish Lira

USD — United States Dollar

ZAR — South African Rand

The following is a list of the level of inputs used as of June 30, 2014, in valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Treasury Obligations	$	—	$	265,719	$	—	$	265,719
Corporate Obligations		—		208,335		—		208,335
Mortgage-Backed Securities		—		83,264		—		83,264
Loan Participations		—		76,332		—		76,332
U.S. Government Agency Obligations		—		57,065		—		57,065
Sovereign Debt		—		49,644		—		49,644
Asset-Backed Securities		—		31,802		—		31,802

Investments in Securities	Level 1		Level 2			Level 3		Total
Municipal Bonds	$	—	$	3,735		$	—	$	3,735
Cash Equivalent		94,360		—			—		94,360
Total Investments in Securities	$	94,360	$	775,896		$	—	$	870,256
Other Financial Instruments
Forwards Contracts*
Unrealized Appreciation	$	—	$	32		$	—	$	32
Unrealized Depreciation		—		(14	)		—		(14	)
Total Other Financial Instruments	$	—	$	18		$	—	$	18

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

For the period ended June 30, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of June 30, 2014, there were no Level 3 investments.

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

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

78

THE KP FUNDS June 30, 2014 (Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES (000)

	KP Retirement Path 2015 Fund		KP Retirement Path 2020 Fund		KP Retirement Path 2025 Fund		KP Retirement Path 2030 Fund
Assets:
Affiliated Investments at Cost	$	328,697	$	438,575	$	460,432	$	454,143
Investments at Cost		197,392		189,872		128,124		70,199
Affiliated Investments at Fair Value		345,323		463,986		490,369		486,143
Investments at Fair Value		202,606		195,790		133,103		73,926
Cash		—		914		54		192
Dividends Receivable		779		758		469		225
Deferred Offering Costs		26		30		28		24
Receivable for Capital Shares Sold		15		—		—		—
Prepaid Expenses		8		10		9		8
Total Assets		548,757		661,488		624,032		560,518
Liabilities:
Payable for Investment Securities Purchased		703		694		434		213
Payable due to Custodian		14		—		—		—
Payable due to Administrator		12		14		13		12
Payable due to Adviser		8		8		5		3
Payable for Capital Shares Redeemed		—		913		53		190
Other Accrued Expenses		60		66		61		54
Total Liabilities		797		1,695		566		472
Net Assets	$	547,960	$	659,793	$	623,466	$	560,046
NET ASSETS:
Paid-in Capital	$	522,917	$	625,671	$	586,804	$	523,293
Undistributed Net Investment Income		1,293		1,241		812		418
Accumulated Net Realized Gain on Investments		1,910		1,552		934		608
Net Unrealized Appreciation on Investments		21,840		31,329		34,916		35,727
Net Assets	$	547,960	$	659,793	$	623,466	$	560,046
Institutional Class Shares:
Net Assets	$	547,960	$	659,793	$	623,466	$	560,046
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		52,860,120		63,411,445		59,693,876		53,467,657
Net Asset Value, Offering and Redemption Price Per Share*	$	10.37	$	10.40	$	10.44	$	10.47

† 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.

79

THE KP FUNDS June 30, 2014 (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	$	508,771	$	452,388	$	290,584
Investments at Cost		45,442		27,638		15,477
Affiliated Investments at Fair Value		546,260		486,731		312,761
Investments at Fair Value		48,390		29,583		16,546
Cash		447		289		225
Dividends Receivable		125		82		45
Deferred Offering Costs		26		22		14
Prepaid Expenses		8		7		4
Total Assets		595,256		516,714		329,595
Liabilities:
Payable for Capital Shares Redeemed		445		288		223
Payable for Investment Securities Purchased		121		81		45
Payable due to Administrator		12		11		7
Payable due to Adviser		2		1		1
Other Accrued Expenses		58		50		32
Total Liabilities		638		431		308
Net Assets	$	594,618	$	516,283	$	329,287
NET ASSETS:
Paid-in Capital	$	553,411	$	479,376	$	305,705
Undistributed Net Investment Income		222		100		41
Accumulated Net Realized Gain on Investments		548		519		295
Net Unrealized Appreciation on Investments		40,437		36,288		23,246
Net Assets	$	594,618	$	516,283	$	329,287
Institutional Class Shares:
Net Assets	$	594,618	$	516,283	$	329,287
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		56,712,297		49,170,179		31,377,208
Net Asset Value, Offering and Redemption Price Per Share*	$	10.48	$	10.50	$	10.49

† 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.

80

THE KP FUNDS June 30, 2014 (Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES (000)

	KP Retirement Path 2050 Fund		KP Retirement Path 2055 Fund			KP Retirement Path 2060 Fund
Assets:
Affiliated Investments at Cost	$	93,647	$	8,014		$	2,369
Investments at Cost		4,947		418			125
Affiliated Investments at Fair Value		100,274		8,392			2,447
Investments at Fair Value		5,286		444			129
Cash		125		10			—
Dividends Receivable		15		1			—
Deferred Offering Costs		3		—			—
Prepaid Expenses		1		—			—
Receivable for Capital Shares Sold		—		—			199
Total Assets		105,704		8,847			2,775
Liabilities:
Payable for Capital Shares Redeemed		124		10			—
Payable for Investment Securities Purchased		15		1			—
Payable due to Administrator		2		—			—
Payable due to Custodian		—		—			199
Other Accrued Expenses		12		5			4
Total Liabilities		153		16			203
Net Assets	$	105,551	$	8,831		$	2,572
NET ASSETS:
Paid-in Capital	$	98,477	$	8,422		$	2,597
Undistributed Net Investment Income/(Accumulated Net Investment Loss)		6		(4	)		(5	)
Accumulated Net Realized Gain/(Loss) on Investments		102		9			(102	)
Net Unrealized Appreciation on Investments		6,966		404			82
Net Assets	$	105,551	$	8,831		$	2,572
Institutional Class Shares:
Net Assets	$	105,551	$	8,831		$	2,572
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		10,056,698		841,486			245,090
Net Asset Value, Offering and Redemption Price Per Share*	$	10.50	$	10.49		$	10.50

† 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.

81

THE KP FUNDS June 30, 2014 (Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES (000)

	KP Large Cap Equity Fund		KP Small Cap Equity Fund			KP International Equity Fund			KP Fixed Income Fund
Assets:
Investments at Cost	$	1,036,351	$	404,680		$	842,104		$	862,231
Cost (overdraft) of Foreign Currency		—		—			7,610			(21	)
Investments at Fair Value		1,106,635		431,536			900,957			870,256
Foreign Currency at Value		—		—			7,652			—
Receivable for Investment Securities Sold		4,001		11,374			1,890			26,603
Dividends Receivable		1,008		302			1,670			4,198
Cash Collateral for Futures Contracts		507		161			1,036			—
Receivable for Capital Shares Sold		75		30			68			16
Reclaims Receivable		55		—			580			1
Deferred Offering Costs		14		5			11			9
Prepaid Expenses		4		1			3			3
Variation Margin Receivable		2		—			—			—
Unrealized Appreciation on Foreign Currency Spot Contracts		—		—			4			—
Unrealized Appreciation on Forward Foreign Currency Contracts		—		—			—			32
Total Assets		1,112,301		443,409			913,871			901,118
Liabilities:
Payable for Investment Securities Purchased		1,319		11,218			2,436			109,802
Payable due to Adviser		258		168			317			166
Payable due to Administrator		34		13			28			24
Chief Compliance Officer Fees Payable		6		2			5			6
Payable for Trustees’ Fees		4		2			3			3
Payable for Capital Shares Redeemed		—		1,932			186			148
Unrealized Depreciation on Foreign Currency Spot Contracts		—		—			2			—
Unrealized Depreciation on Forward Foreign Currency Contracts		—		—			—			14
Accrued Foreign Capital Gains Tax		—		—			175			—
Foreign Currency Overdraft		—		—			—			21
Other Accrued Expenses		100		41			312			105
Total Liabilities		1,721		13,376			3,464			110,289
Net Assets	$	1,110,580	$	430,033		$	910,407		$	790,829
NET ASSETS:
Paid-in Capital	$	1,025,184	$	404,721		$	833,058		$	774,147
Undistributed Net Investment Income		8,505		1,610			13,849			5,995
Accumulated Net Realized Gain/(Loss) on Investments		6,464		(3,245	)		4,682			2,644
Net Unrealized Appreciation on Investments		70,284		26,856			58,853			8,025
Net Unrealized Appreciation on Futures Contracts		142		91			86			—
Net Unrealized Appreciation on Foreign Currency Contracts and Foreign Currency Translation		1		—			54			18
Accumulated Foreign Capital Gains Tax on Appreciated Securities		—		—			(175	)		—
Net Assets	$	1,110,580	$	430,033		$	910,407		$	790,829
Institutional Class Shares:
Net Assets	$	1,110,580	$	430,033		$	910,407		$	790,829
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)†		105,510,669		41,503,701			86,411,000			77,778,811
Net Asset Value, Offering and Redemption Price Per Share*	$	10.53	$	10.36		$	10.54		$	10.17

† 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.

82

THE KP FUNDS for the period ended June 30, 2014 (Unaudited)

STATEMENTS OF OPERATIONS (000)

	KP Retirement Path 2015 Fund*		KP Retirement Path 2020 Fund*		KP Retirement Path 2025 Fund*		KP Retirement Path 2030 Fund*
Investment Income:
Dividend Income	$	1,506	$	1,479	$	1,022	$	597
Total Investment Income		1,506		1,479		1,022		597
Expenses:
Administration Fees		60		70		65		58
Investment Advisory Fees		41		38		25		14
Trustees’ Fees		5		6		6		5
Chief Compliance Officer Fees		2		2		2		2
Registration Fees		33		38		35		31
Offering Costs		23		26		24		22
Custodian Fees		22		26		24		21
Professional Fees		19		23		21		19
Printing Fees		3		3		3		3
Other Fees		5		6		5		4
Total Expenses		213		238		210		179
Net Investment Income		1,293		1,241		812		418
Net Realized Gain on Investments		768		649		477		362
Net Realized Gain on Affiliated Investments		1,142		903		457		246
Net Change in Unrealized Appreciation on Investments		5,214		5,918		4,979		3,727
Net Change in Unrealized Appreciation on Affiliated Investments		16,626		25,411		29,937		32,000
Net Realized and Unrealized Gain on Investments		23,750		32,881		35,850		36,335
Net Increase in Net Assets Resulting from Operations	$	25,043	$	34,122	$	36,662	$	36,753

* Commenced operations on January 10, 2014.

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

83

THE KP FUNDS for the period ended June 30, 2014 (Unaudited)

STATEMENTS OF OPERATIONS (000)

	KP Retirement Path 2035 Fund*		KP Retirement Path 2040 Fund*		KP Retirement Path 2045 Fund*
Investment Income:
Dividend Income	$	406	$	258	$	144
Total Investment Income		406		258		144
Expenses:
Administration Fees		62		54		35
Investment Advisory Fees		9		6		3
Trustees’ Fees		6		5		4
Chief Compliance Officer Fees		2		1		1
Registration Fees		32		28		18
Offering Costs		23		20		13
Custodian Fees		22		19		13
Professional Fees		20		17		11
Printing Fees		3		3		2
Other Fees		5		5		3
Total Expenses		184		158		103
Net Investment Income		222		100		41
Net Realized Gain on Investments		314		232		149
Net Realized Gain on Affiliated Investments		234		287		146
Net Change in Unrealized Appreciation on Investments		2,948		1,945		1,069
Net Change in Unrealized Appreciation on Affiliated Investments		37,489		34,343		22,177
Net Realized and Unrealized Gain on Investments		40,985		36,807		23,541
Net Increase in Net Assets Resulting from Operations	$	41,207	$	36,907	$	23,582

* Commenced operations on January 10, 2014.

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

84

THE KP FUNDS for the period ended June 30, 2014 (Unaudited)

STATEMENTS OF OPERATIONS (000)

	KP Retirement Path 2050 Fund*		KP Retirement Path 2055 Fund*			KP Retirement Path 2060 Fund*
Investment Income:
Dividend Income	$	46	$	4		$	1
Total Investment Income		46		4			1
Expenses:
Administration Fees		14		2			1
Trustees’ Fees		2		—			—
Investment Advisory Fees		1		—			—
Custodian Fees		6		5			4
Registration Fees		6		1			1
Offering Costs		5		—			—
Professional Fees		4		—			—
Printing Fees		1		—			—
Other Fees		1		—			—
Total Expenses		40		8			6
Net Investment Income/(Loss)		6		(4	)		(5	)
Net Realized Gain on Investments		44		4			3
Net Realized Gain/(Loss) on Affiliated Investments		58		5			(105	)
Net Change in Unrealized Appreciation on Investments		339		26			4
Net Change in Unrealized Appreciation on Affiliated Investments		6,627		378			78
Net Realized and Unrealized Gain/(Loss) on Investments		7,068		413			(20	)
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	7,074	$	409		$	(25	)

* Commenced operations on January 10, 2014.

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

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

85

THE KP FUNDS for the period ended June 30, 2014 (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	$	10,071		$	2,476		$	17,422		$	35
Interest Income		—			—			—			7,169
Less: Foreign Taxes Withheld		(58	)		(1	)		(1,629	)		(52	)
Total Investment Income		10,013			2,475			15,793			7,152
Expenses:
Investment Advisory Fees		1,192			735			1,422			842
Administration Fees		163			63			135			129
Chief Compliance Officer Fees		8			3			7			7
Trustees’ Fees		8			3			7			10
Registration Fees		58			23			47			44
Professional Fees		31			12			26			28
Custodian Fees		24			14			245			27
Offering Costs		13			5			11			13
Printing Fees		3			1			3			3
Other Fees		8			6			41			54
Total Expenses		1,508			865			1,944			1,157
Net Investment Income		8,505			1,610			13,849			5,995
Net Realized Gain/(Loss) on Investments		5,522			(3,416	)		3,069			3,095
Net Realized Gain/(Loss) on Futures Contracts		928			171			1,385			(7	)
Net Realized Gain/(Loss) on Foreign Currency Transactions		14			—			228			(444	)
Net Change in Unrealized Appreciation on Investments		70,284			26,856			58,853			8,025
Net Change in Unrealized Appreciation on Futures Contracts		142			91			86			—
Net Change in Unrealized Appreciation on Foreign Currency Translation		1			—			54			18
Change in Accrued Foreign Capital Gains Tax on Appreciated Securities		—			—			(175	)		—
Net Realized and Unrealized Gain on Investments		76,891			23,702			63,500			10,687
Net Increase in Net Assets Resulting from Operations	$	85,396		$	25,312		$	77,349		$	16,682

* Commenced operations on January 10, 2014.

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

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

86

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Retirement Path 2015 Fund*			KP Retirement Path 2020 Fund*			KP Retirement Path 2025 Fund*			KP Retirement Path 2030 Fund*
	Period Ended June 30, 2014 (Unaudited)			Period Ended June 30, 2014 (Unaudited)			Period Ended June 30, 2014 (Unaudited)			Period Ended June 30, 2014 (Unaudited)
Operations:
Net Investment Income	$	1,293		$	1,241		$	812		$	418
Net Realized Gain on Investments		1,910			1,552			934			608
Net Change in Unrealized Appreciation on Investments		21,840			31,329			34,916			35,727
Net Increase in Net Assets Resulting from Operations		25,043			34,122			36,662			36,753
Capital Share Transactions:
Institutional Shares:
Issued		591,597			670,764			619,009			550,660
Redeemed		(68,680	)		(45,093	)		(32,205	)		(27,367	)
Increase in Net Assets from Capital Share Transactions		522,917			625,671			586,804			523,293
Total Increase in Net Assets		547,960			659,793			623,466			560,046
Net Assets:
Beginning of Period		—			—			—			—
End of Period	$	547,960		$	659,793		$	623,466		$	560,046
Undistributed Net Investment Income	$	1,293		$	1,241		$	812		$	418
Share Transactions:
Institutional Shares:
Issued		59,693			67,901			62,916			56,224
Redeemed		(6,833	)		(4,490	)		(3,222	)		(2,756	)
Net Increase in Shares Outstanding from Share Transactions		52,860			63,411			59,694			53,468

* Commenced operations on January 10, 2014.

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

87

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Retirement Path 2035 Fund*			KP Retirement Path 2040 Fund*			KP Retirement Path 2045 Fund*
	Period Ended June 30, 2014 (Unaudited)			Period Ended June 30, 2014 (Unaudited)			Period Ended June 30, 2014 (Unaudited)
Operations:
Net Investment Income	$	222		$	100		$	41
Net Realized Gain on Investments		548			519			295
Net Change in Unrealized Appreciation on Investments		40,437			36,288			23,246
Net Increase in Net Assets Resulting from Operations		41,207			36,907			23,582
Capital Share Transactions:
Institutional Shares:
Issued		581,797			510,380			330,896
Redeemed		(28,386	)		(31,004	)		(25,191	)
Increase in Net Assets from Capital Share Transactions		553,411			479,376			305,705
Total Increase in Net Assets		594,618			516,283			329,287
Net Assets:
Beginning of Period		—			—			—
End of Period	$	594,618		$	516,283		$	329,287
Undistributed Net Investment Income	$	222		$	100		$	41
Share Transactions:
Institutional Shares:
Issued		59,575			52,293			33,931
Redeemed		(2,863	)		(3,123	)		(2,554	)
Net Increase in Shares Outstanding from Share Transactions		56,712			49,170			31,377

* Commenced operations on January 10, 2014.

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

88

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Retirement Path 2050 Fund*			KP Retirement Path 2055 Fund*			KP Retirement Path 2060 Fund*
	Period Ended June 30, 2014 (Unaudited)			Period Ended June 30, 2014 (Unaudited)			Period Ended June 30, 2014 (Unaudited)
Operations:
Net Investment Income/(Loss)	$	6		$	(4	)	$	(5	)
Net Realized Gain/(Loss) on Investments		102			9			(102	)
Net Change in Unrealized Appreciation on Investments		6,966			404			82
Net Increase (Decrease) in Net Assets Resulting from Operations		7,074			409			(25	)
Capital Share Transactions:
Institutional Shares:
Issued		117,304			14,303			8,192
Redeemed		(18,827	)		(5,881	)		(5,595	)
Increase in Net Assets from Capital Share Transactions		98,477			8,422			2,597
Total Increase in Net Assets		105,551			8,831			2,572
Net Assets:
Beginning of Period		—			—			—
End of Period	$	105,551		$	8,831		$	2,572
Undistributed Net Investment Income/(Accumulated Net Investment Loss)	$	6		$	(4	)	$	(5	)
Share Transactions:
Institutional Shares:
Issued		11,976			1,445			817
Redeemed		(1,919	)		(604	)		(572	)
Net Increase in Shares Outstanding from Share Transactions		10,057			841			245

* Commenced operations on January 10, 2014.

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

89

THE KP FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (000)

	KP Large Cap Equity Fund*			KP Small Cap Equity Fund*			KP International Equity Fund*			KP Fixed Income Fund*
	Period Ended June 30, 2014 (Unaudited)			Period Ended June 30, 2014 (Unaudited)			Period Ended June 30, 2014 (Unaudited)			Period Ended June 30, 2014 (Unaudited)
Operations:
Net Investment Income	$	8,505		$	1,610		$	13,849		$	5,995
Net Realized Gain/(Loss) on Investments		5,522			(3,416	)		3,069			3,095
Net Realized Gain/(Loss) on Futures Contracts		928			171			1,385			(7	)
Net Realized Gain/(Loss) on Foreign Currency Transactions		14			—			228			(444	)
Net Change in Unrealized Appreciation on Investments		70,284			26,856			58,853			8,025
Net Change in Unrealized Appreciation on Futures Contracts		142			91			86			—
Net Change in Unrealized Appreciation on Foreign Currency Translation		1			—			54			18
Change in Accrued Foreign Capital Gains Tax on Appreciated Securities		—			—			(175	)		—
Net Increase in Net Assets Resulting from Operations		85,396			25,312			77,349			16,682
Capital Share Transactions:
Institutional Shares:
Issued		1,081,975			452,231			896,313			972,496
Redeemed		(56,791	)		(47,510	)		(63,255	)		(198,449	)
Increase in Net Assets from Capital Share Transactions		1,025,184			404,721			833,058			774,047
Total Increase in Net Assets		1,110,580			430,033			910,407			790,729
Net Assets:
Beginning of Period		—			—			—			100
End of Period	$	1,110,580		$	430,033		$	910,407		$	790,829
Undistributed Net Investment Income	$	8,505		$	1,610		$	13,849		$	5,995
Share Transactions:
Institutional Shares:
Issued		111,144			46,217			92,822			97,732
Redeemed		(5,633	)		(4,713	)		(6,411	)		(19,963	)
Net Increase in Shares Outstanding from Share Transactions		105,511			41,504			86,411			77,769

* Commenced operations on January 10, 2014.

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

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

90

THE KP FUNDS

FINANCIAL HIGHLIGHTS

For the period ended June 30, 2014 (Unaudited)

For a share outstanding throughout the period

	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)†			Net Realized and Unrealized Gain on Investments		Total from Operations		Net Asset Value, End of Period		Total Return‡			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income/(Loss) to Average Net Assets			Portfolio Turnover‡
KP Retirement Path 2015 Fund*
Institutional Shares
2014@	$	10.00	$	0.03		$	0.34	$	0.37	$	10.37		3.70	%	$	547,960		0.10	%		0.59	%		14	%
KP Retirement Path 2020 Fund*
Institutional Shares
2014@	$	10.00	$	0.02		$	0.38	$	0.40	$	10.40		4.00	%	$	659,793		0.09	%		0.48	%		8	%
KP Retirement Path 2025 Fund*
Institutional Shares
2014@	$	10.00	$	0.02		$	0.42	$	0.44	$	10.44		4.40	%	$	623,466		0.09	%		0.34	%		6	%
KP Retirement Path 2030 Fund*
Institutional Shares
2014@	$	10.00	$	0.01		$	0.46	$	0.47	$	10.47		4.70	%	$	560,046		0.08	%		0.20	%		5	%
KP Retirement Path 2035 Fund*
Institutional Shares
2014@	$	10.00	$	—		$	0.48	$	0.48	$	10.48		4.80	%	$	594,618		0.08	%		0.10	%		5	%
KP Retirement Path 2040 Fund*
Institutional Shares
2014@	$	10.00	$	—		$	0.50	$	0.50	$	10.50		5.00	%	$	516,283		0.08	%		0.05	%		6	%
KP Retirement Path 2045 Fund*
Institutional Shares
2014@	$	10.00	$	—		$	0.49	$	0.49	$	10.49		4.90	%	$	329,287		0.08	%		0.03	%		5	%
KP Retirement Path 2050 Fund*
Institutional Shares
2014@	$	10.00	$	—		$	0.50	$	0.50	$	10.50		5.00	%	$	105,551		0.10	%		0.01	%		7	%
KP Retirement Path 2055 Fund*
Institutional Shares
2014@	$	10.00	$	(0.01	)	$	0.50	$	0.49	$	10.49		4.90	%	$	8,831		0.27	%		(0.16	)%		8	%
KP Retirement Path 2060 Fund*
Institutional Shares
2014@	$	10.00	$	(0.03	)	$	0.53^	$	0.50	$	10.50		5.00	%	$	2,572		0.77	%		(0.67	)%		264	%
KP Large Cap Equity Fund*
Institutional Shares
2014@	$	10.00	$	0.09		$	0.44	$	0.53	$	10.53		5.30	%	$	1,110,580		0.35	%		1.99	%		121	%
KP Small Cap Equity Fund*
Institutional Shares
2014@	$	10.00	$	0.05		$	0.31	$	0.36	$	10.36		3.60	%	$	430,033		0.52	%		0.98	%		170	%
KP International Equity Fund*
Institutional Shares
2014@	$	10.00	$	0.19		$	0.35	$	0.54	$	10.54		5.40	%	$	910,407		0.55	%		3.94	%		113	%
KP Fixed Income Fund*
Institutional Shares
2014@	$	10.00	$	0.09		$	0.08	$	0.17	$	10.17		1.70	%	$	790,829		0.37	%		1.89	%		284	%

* Commenced operations on January 10, 2014.

@ For the period ended June 30, 2014. All ratios for the period have been annualized.

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

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

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

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

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

91

THE KP FUNDS June 30, 2014 (Unaudited)

NOTES TO FINANCIAL STATEMENTS

1. Organization

The KP Funds (the “Trust”), was organized on March 25, 2013 as a statutory trust under the laws of the Commonwealth of Massachusetts. The Trust is an open-end registered management investment company comprised of fourteen funds: KP Retirement Path 2015 Fund, KP Retirement Path 2020 Fund, KP Retirement Path 2025 Fund, KP Retirement Path 2030 Fund, KP Retirement Path 2035 Fund, KP Retirement Path 2040 Fund, KP Retirement Path 2045 Fund, KP Retirement Path 2050 Fund, KP Retirement Path 2055 Fund, and KP Retirement Path 2060 Fund (collectively, the “Target Date Funds”); and the KP Large Cap Equity Fund, KP Small Cap Equity Fund, KP International Equity Fund, and KP Fixed Income Fund (collectively, the “Asset Class Funds” and collectively with the Target Date Funds, the “Funds” and each a “Fund”). The investment objective of the Target Date Funds is to seek a balance of long-term capital growth, inflation protection, and current income. The investment objective of KP Large Cap Equity, KP Small Cap Equity and KP International Equity Funds is to seek long-term capital appreciation. The investment objective of KP Fixed Income Fund is to provide current income consistent with the preservation of capital. The Funds are diversified for purposes of the Investment Company Act of 1940, as amended (the “1940 Act”). The assets of each Fund of the Trust are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Funds are registered to offer Institutional Class Shares.

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

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust.

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 — The Funds’ investments in equity 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 the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Debt securities are priced based upon valuations provided by independent, third-party pricing agents, if available. Such values generally reflect the last reported sales price in the most advantageous market, 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 fair value for such securities. Such methodologies typically include matrix systems which reflect such factors as security prices, yields, maturities and ratings. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

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:

92

THE KP FUNDS June 30, 2014 (Unaudited)

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, 2014, KP Large Cap Equity Fund and KP International Equity Fund had securities valued in accordance with fair value procedures. Refer to their respective schedules’ 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. In addition, SEI Investments Global Fund Services (the “Administrator”) monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Fund calculates net asset value. If price movements in a monitored index or security exceed levels established by the Administrator, the Administrator notifies the Adviser that such limits have been exceeded. In such event, the adviser makes the determination whether a Committee meeting should be called based on the information provided.

KP International Equity Fund uses Interactive Data Pricing and Reference Data, Inc., (“Interactive Data”) as a third party fair valuation vendor. Interactive Data 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 Interactive Data 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 Interactive Data. 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 Interactive Data are not reliable, the Adviser may contact 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 Interactive Data using the predetermined confidence interval discussed above.

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

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

• Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, etc.); and

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

93

THE KP FUNDS June 30, 2014 (Unaudited)

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For the period ended June 30, 2014, there have been no significant changes to the Funds’ fair value methodologies.

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

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

As of and during the period ended June 30, 2014, 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 period ended June 30, 2014 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 and includes the amortization of premiums and the accretion of discount. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

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

Forward Foreign Currency Exchange Contracts — The Funds may enter into forward foreign currency exchange contracts to protect the value of securities held and related receivables and payables against changes in future foreign exchange rates. A forward currency contract is an agreement between two parties to buy and sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the current forward rate and the change in market value is recorded by the Funds as unrealized gain or loss. The Funds recognize realized gains or losses when the contract is closed, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Any realized or unrealized gains (losses) during the period are presented on the Statements of Operations. As of and during the period ended June 30, 2014, KP Fixed Income Fund held forward foreign currency contracts.

94

THE KP FUNDS June 30, 2014 (Unaudited)

Futures Contracts — To the extent consistent with its investment objective and strategies, the Funds may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of June 30, 2014, if applicable.

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.

Classes — Class specific expenses are borne by the specific class of shares. Income, realized and unrealized gains and losses and non-class specific expenses are allocated to the respective class on the basis of relative daily net assets.

Dividends and Distributions to Shareholders — The Funds will distribute substantially all of their net investment income and net realized capital gains, if any, at least annually. All dividends and distributions are recorded on ex-dividend date.

Offering Costs — Offering costs, including costs of printing initial prospectuses, legal and registration fees are amortized over twelve months from the inception dates of the Funds. As of June 30, 2014, the Funds had deferred offering costs left to be amortized as follows:

Fund	Offering Costs		Fund	Offering Costs
KP Retirement Path 2015 Fund	$	26,424	KP Retirement Path 2050 Fund	$	3,341
KP Retirement Path 2020 Fund		30,406	KP Retirement Path 2055 Fund		426
KP Retirement Path 2025 Fund		27,607	KP Retirement Path 2060 Fund		158
KP Retirement Path 2030 Fund		24,487	KP Large Cap Equity Fund		14,046
KP Retirement Path 2035 Fund		25,978	KP Small Cap Equity Fund		5,369
KP Retirement Path 2040 Fund		22,458	KP International Equity Fund		11,356
KP Retirement Path 2045 Fund		13,639	KP Fixed Income Fund		8,538

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 prearranged 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

95

THE KP FUNDS June 30, 2014 (Unaudited)

with a counterparty in a given account exceeds a specified threshold which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets in the Statement of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability in the Statement of Assets and Liabilities as deposits due to counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Customer account agreements and related addendums govern cleared derivatives transactions such as futures, options on futures, and cleared Over-the-Counter (“OTC”) derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the US, counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Fund assets in the segregated account.

Additionally, portability of exposure in the event of default further reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but generally may not be netted between futures and cleared OTC derivatives.

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, 2014, 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, 2014, there were no securities pledged as collateral for financial derivative instruments as governed by ISDA, Inc. master agreements.

96

THE KP FUNDS June 30, 2014 (Unaudited)

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged for the KP Fixed Income Fund as of June 30, 2014 (000)*:

	Financial Derivative Assets				Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Total Over the Counter		Forward Foreign Currency Contracts			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral (Received)/ Pledged		Net Exposures†
Barclays	$	12	$	12	$	(13	)	$	(13	)	$	(1	)	$	—	$	(1	)
Credit Suisse First Boston		10		10		—			—			10			—		10
Royal Bank of Scotland		10		10		—			—			10			—		10
UBS		—		—		(1	)		(1	)		(1	)		—		(1	)
Total over the counter	$	32	$	32	$	(14	)	$	(14	)

* All numbers have been rounded (000).

† 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.

3. Administration, Distribution, Shareholder Servicing, Transfer Agent and Custody Agreements:

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides administrative services for an annual fee which is calculated based upon the aggregate average daily net assets of the Trust and paid monthly by each Fund at the following annual rates:

Fund	Administration Fee	Fund	Administration Fee
KP Retirement Path 2015 Fund	.025%	KP Retirement Path 2050 Fund	.025%
KP Retirement Path 2020 Fund	.025%	KP Retirement Path 2055 Fund	.025%
KP Retirement Path 2025 Fund	.025%	KP Retirement Path 2060 Fund	.025%
KP Retirement Path 2030 Fund	.025%	KP Large Cap Equity Fund	.030%
KP Retirement Path 2035 Fund	.025%	KP Small Cap Equity Fund	.030%
KP Retirement Path 2040 Fund	.025%	KP International Equity Fund	.030%
KP Retirement Path 2045 Fund	.025%	KP Fixed Income Fund	.030%

The Trust and SEI Investments Distribution Co. (the “Distributor”) are parties to a Distribution Agreement. The Distributor receives no fees under the agreement.

Certain officers of the Trust are also officers of the Administrator, which is a wholly-owned subsidiary of SEI Investments Company and/or the Distributor. Such officers are paid no fees by the Trust for serving as officers of the Trust.

A portion of the services provided by the Chief Compliance Officer (“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 have been approved by and are reviewed by the Board.

Northeast Retirement Services, Inc. serves as the Transfer Agent and dividend disbursing agent for the Funds under a transfer agency agreement.

State Street Bank and Trust Company serves as custodian (the “Custodian”) for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased and sold by the Funds.

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THE KP FUNDS June 30, 2014 (Unaudited)

4. Investment Advisory Agreements:

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Funds, calculated daily and paid monthly at the following annual rates (shown as a percentage of the average daily net assets of each Fund):

Fund	Annual Advisory Fee
KP Retirement Path 2015 Fund	0.00% of the Fund’s average daily net assets invested in Affiliated Underlying Funds.1 0.05% of the Fund’s average daily net assets invested in Unaffiliated Underlying Funds.2
KP Retirement Path 2020 Fund	0.00% of the Fund’s average daily net assets invested in Affiliated Underlying Funds.1 0.05% of the Fund’s average daily net assets invested in Unaffiliated Underlying Funds.2
KP Retirement Path 2025 Fund	0.00% of the Fund’s average daily net assets invested in Affiliated Underlying Funds.1 0.05% of the Fund’s average daily net assets invested in Unaffiliated Underlying Funds.2
KP Retirement Path 2030 Fund	0.00% of the Fund’s average daily net assets invested in Affiliated Underlying Funds.1 0.05% of the Fund’s average daily net assets invested in Unaffiliated Underlying Funds.2
KP Retirement Path 2035 Fund	0.00% of the Fund’s average daily net assets invested in Affiliated Underlying Funds.1 0.05% of the Fund’s average daily net assets invested in Unaffiliated Underlying Funds.2
KP Retirement Path 2040 Fund	0.00% of the Fund’s average daily net assets invested in Affiliated Underlying Funds.1 0.05% of the Fund’s average daily net assets invested in Unaffiliated Underlying Funds.2
KP Retirement Path 2045 Fund	0.00% of the Fund’s average daily net assets invested in Affiliated Underlying Funds.1 0.05% of the Fund’s average daily net assets invested in Unaffiliated Underlying Funds.2
KP Retirement Path 2050 Fund	0.00% of the Fund’s average daily net assets invested in Affiliated Underlying Funds.1 0.05% of the Fund’s average daily net assets invested in Unaffiliated Underlying Funds.2
KP Retirement Path 2055 Fund	0.00% of the Fund’s average daily net assets invested in Affiliated Underlying Funds.1 0.05% of the Fund’s average daily net assets invested in Unaffiliated Underlying Funds.2
KP Retirement Path 2060 Fund	0.00% of the Fund’s average daily net assets invested in Affiliated Underlying Funds.1 0.05% of the Fund’s average daily net assets invested in Unaffiliated Underlying Funds.2
KP Large Cap Equity Fund	0.05% of the Fund’s average daily net assets.
KP Small Cap Equity Fund	0.05% of the Fund’s average daily net assets.
KP International Equity Fund	0.05% of the Fund’s average daily net assets.
KP Fixed Income Fund	0.05% of the Fund’s average daily net assets.

¹  “Affiliated Underlying Funds” are Underlying Funds to which the Adviser serves as investment adviser.

²  “Unaffiliated Underlying Funds” are Underlying Funds to which the Adviser does not serve as investment adviser.

As of June 30, 2014, the Adviser has entered into investment sub-advisory agreements with the following parties and pays the sub-advisers out of the fee that it receives from the Funds:

Investment Sub-Adviser
KP Large Cap Equity Fund	KP International Equity Fund
MFS Investment Management	Acadian Asset Management LLC
SSgA Funds Management, Inc.	Marathon Asset Management LLP
T.Rowe Price Associates, Inc.	MFS Investment Management
KP Small Cap Equity Fund	SSgA Funds Management, Inc.
CastleArk Management, LLC	KP Fixed Income Fund
Columbus Circle Investors	Eaton Vance Management
DePrince Race & Zollo, Inc.	Loomis, Sayles & Company, L.P.
SSgA Funds Management, Inc.	Payden & Rygel
Walthausen & Co., LLC	SSgA Funds Management, Inc.

5. Investment Transactions:

For the period ended June 30, 2014, the Funds had purchases and sales of investment securities other than long-term U.S. Government and short-term securities as follows (000):

	Purchases		Sales and Maturities
KP Retirement Path 2015 Fund	$	587,878	$	64,402
KP Retirement Path 2020 Fund		669,945		43,743
KP Retirement Path 2025 Fund		615,978		28,791
KP Retirement Path 2030 Fund		546,420		22,899
KP Retirement Path 2035 Fund		574,974		21,431
KP Retirement Path 2040 Fund		502,142		22,717

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THE KP FUNDS June 30, 2014 (Unaudited)

	Purchases		Sales and Maturities
KP Retirement Path 2045 Fund	$	318,963	$	13,242
KP Retirement Path 2050 Fund		104,182		5,705
KP Retirement Path 2055 Fund		9,039		617
KP Retirement Path 2060 Fund		8,128		5,533
KP Large Cap Equity Fund		2,088,545		1,070,858
KP Small Cap Equity Fund		971,108		574,551
KP International Equity Fund		1,644,915		821,420
KP Fixed Income Fund		511,244		213,932

In addition, KP Fixed Income Fund had purchases and sales of long-term U.S. Government securities of $1,814,390 (000) and $1,438,874 (000), respectively.

6. Federal Tax Information:

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital, undistributed net investment income or accumulated net realized gain, as appropriate, in the period that the differences arise.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments and purchased equity options for Federal income tax purposes at June 30, 2014, were as follows (000):

	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation
KP Retirement Path 2015 Fund	$	526,089	$	21,845	$	(5	)	$	21,840
KP Retirement Path 2020 Fund		628,447		31,335		(6	)		31,329
KP Retirement Path 2025 Fund		588,556		34,921		(5	)		34,916
KP Retirement Path 2030 Fund		524,342		35,731		(4	)		35,727
KP Retirement Path 2035 Fund		554,213		40,440		(3	)		40,437
KP Retirement Path 2040 Fund		480,026		36,290		(2	)		36,288
KP Retirement Path 2045 Fund		306,061		23,247		(1	)		23,246
KP Retirement Path 2050 Fund		98,594		6,966		—			6,966
KP Retirement Path 2055 Fund		8,432		404		—			404
KP Retirement Path 2060 Fund		2,494		82		—			82
KP Large Cap Equity Fund		1,036,351		80,127		(9,843	)		70,284
KP Small Cap Equity Fund		404,680		32,892		(6,036	)		26,856
KP International Equity Fund		842,104		76,183		(17,330	)		58,853
KP Fixed Income Fund		862,231		9,189		(1,164	)		8,025

7. Risks:

As with all mutual funds, a shareholder of a fund is subject to the risk that his or her investment could lose money. The Funds are subject to the principal risks noted below, any of which may adversely affect the fund’s net asset value and ability to meet its investment objective. A more complete description of principal risks is included in the prospectus under the heading “Principal Risks”.

Credit Risk — Credit risk is the risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

Fixed Income Market Risk — Fixed income market risk is the risk that the prices of a funds’ fixed income securities, including structured notes, respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar.

99

THE KP FUNDS June 30, 2014 (Unaudited)

Interest Rate Risk — Interest rate risk is the risk that the value of fixed income securities, including U.S. Government securities, will fall due to rising interest rates.

Derivatives Risk — A fund’s use of futures contracts and forward contracts is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on a fund’s share price and may also cause a fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and the price that a fund would like. A fund may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on a fund’s management or performance. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. A fund’s use of forward contracts is also subject to credit risk and valuation risk. Credit risk is described above. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause a fund to lose more than the principal amount invested in a derivative instrument.

Foreign Currency Risk — Foreign currency risk may arise from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Risks may also arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gain on the contracts at the date of default.

8. Indemnifications:

In the normal course of business, the Funds enter into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Funds’ organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. The Funds’ maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds. Based on experience, the Adviser is of the view that the risk of loss to the Funds in connection with the Funds’ indemnification obligation is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Funds.

9. Other:

At June 30, 2014, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of an omnibus account that are held on behalf of various individual shareholders, was as follows:

Fund	No. of Shareholders		% Ownership
KP Retirement Path 2015 Fund		1		100%
KP Retirement Path 2020 Fund		1		100%
KP Retirement Path 2025 Fund		1		100%
KP Retirement Path 2030 Fund		1		100%
KP Retirement Path 2035 Fund		1		100%
KP Retirement Path 2040 Fund		1		100%
KP Retirement Path 2045 Fund		1		100%
KP Retirement Path 2050 Fund		1		100%
KP Retirement Path 2055 Fund		1		100%
KP Retirement Path 2060 Fund		1		100%
KP Large Cap Equity Fund		6		87%
KP Small Cap Equity Fund		6		91%
KP International Equity Fund		5		82%
KP Fixed Income Fund		5		89%

10. Subsequent Events:

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements as of June 30, 2014.

100

THE KP FUNDS June 30, 2014

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 made at the beginning of the period shown and held for the entire period.

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

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

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

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

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

101

THE KP FUNDS June 30, 2014

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

	Beginning Account Value 1/10/2014		Ending Account Value 6/30/2014		Annualized Expense Ratios			Expenses Paid During Period
KP Retirement Path 2015 Fund
Actual Fund Return	$	1,000.00	$	1,037.00		0.10	%	$	0.48	*
Hypothetical 5% Return	$	1,000.00	$	1,024.30		0.10	%	$	0.50	**
KP Retirement Path 2020 Fund
Actual Fund Return	$	1,000.00	$	1,040.00		0.09	%	$	0.43	*
Hypothetical 5% Return	$	1,000.00	$	1,024.35		0.09	%	$	0.45	**
KP Retirement Path 2025 Fund
Actual Fund Return	$	1,000.00	$	1,044.00		0.09	%	$	0.43	*
Hypothetical 5% Return	$	1,000.00	$	1,024.35		0.09	%	$	0.45	**
KP Retirement Path 2030 Fund
Actual Fund Return	$	1,000.00	$	1,047.00		0.08	%	$	0.38	*
Hypothetical 5% Return	$	1,000.00	$	1,024.40		0.08	%	$	0.40	**
KP Retirement Path 2035 Fund
Actual Fund Return	$	1,000.00	$	1,048.00		0.08	%	$	0.38	*
Hypothetical 5% Return	$	1,000.00	$	1,024.40		0.08	%	$	0.40	**
KP Retirement Path 2040 Fund
Actual Fund Return	$	1,000.00	$	1,050.00		0.08	%	$	0.38	*
Hypothetical 5% Return	$	1,000.00	$	1,024.40		0.08	%	$	0.40	**
KP Retirement Path 2045 Fund
Actual Fund Return	$	1,000.00	$	1,049.00		0.08	%	$	0.38	*
Hypothetical 5% Return	$	1,000.00	$	1,024.40		0.08	%	$	0.40	**

	Beginning Account Value 1/10/2014		Ending Account Value 6/30/2014		Annualized Expense Ratios			Expenses Paid During Period
KP Retirement Path 2050 Fund
Actual Fund Return	$	1,000.00	$	1,040.00		0.09	%	$	0.43	*
Hypothetical 5% Return	$	1,000.00	$	1,024.35		0.09	%	$	0.45	**
KP Retirement Path 2055 Fund
Actual Fund Return	$	1,000.00	$	1,049.00		0.27	%	$	1.30	*
Hypothetical 5% Return	$	1,000.00	$	1,023.46		0.27	%	$	1.35	**
KP Retirement Path 2060 Fund
Actual Fund Return	$	1,000.00	$	1,050.00		0.77	%	$	3.70	*
Hypothetical 5% Return	$	1,000.00	$	1,020.98		0.77	%	$	3.86	**
KP Large Cap Equity Fund
Actual Fund Return	$	1,000.00	$	1,053.00		0.35	%	$	1.68	*
Hypothetical 5% Return	$	1,000.00	$	1,023.06		0.35	%	$	1.76	**
KP Small Cap Equity Fund
Actual Fund Return	$	1,000.00	$	1,036.00		0.52	%	$	2.48	*
Hypothetical 5% Return	$	1,000.00	$	1,022.22		0.52	%	$	2.61	**
KP International Equity Fund
Actual Fund Return	$	1,000.00	$	1,054.00		0.55	%	$	2.65	*
Hypothetical 5% Return	$	1,000.00	$	1,022.07		0.55	%	$	2.76	**
KP Fixed Income Fund
Actual Fund Return	$	1,000.00	$	1,017.00		0.37	%	$	1.75	*
Hypothetical 5% Return	$	1,000.00	$	1,022.96		0.37	%	$	1.86	**

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 171/365 (to reflect the inception to date period shown).

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

102

THE KP FUNDS June 30, 2014

APPROVAL ON INVESTMENT ADVISORY AGREEMENT (Unaudited)

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

A Board meeting was held on August 14, 2013 to decide whether to approve the following agreements (the “Agreements”) for initial two-year terms:

• the advisory agreement between Callan Associates, Inc. (the “Adviser”) and the Trust, on behalf of the KP Large Cap Equity Fund, KP Small Cap Equity Fund, KP International Equity Fund, KP Fixed Income Fund, KP Retirement Path 2015 Fund, KP Retirement Path 2020 Fund, KP Retirement Path 2025 Fund, KP Retirement Path 2030 Fund, KP Retirement Path 2035 Fund, KP Retirement Path 2040 Fund, KP Retirement Path 2045 Fund, KP Retirement Path 2050 Fund, KP Retirement Path 2055 Fund and KP Retirement Path 2060 Fund; and

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

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

Specifically, the Board requested and received written materials from the Adviser, the Sub-Advisers and other service providers of the Funds regarding: (i) the nature, extent and quality of the services to be provided by the Adviser and the Sub-Advisers; (ii) the Adviser’s and the Sub-Advisers’ investment management personnel; (iii) the Adviser’s and the Sub-Advisers’ operations and financial condition; (iv) the Adviser’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Funds’ proposed advisory fees to be paid to the Adviser and the Sub-Advisers and overall fees and operating expenses compared with peer groups of mutual funds; (vi) the Adviser’s and the Sub-Advisers’ compliance systems; (vii) the Adviser’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (viii) the Adviser’s and the Sub-Advisers’ investment experience; (ix) the Adviser’s rationale for introducing the Funds as well as the Funds’ proposed objectives and strategies; and (x) the Adviser’s and the Sub-Advisers’ performance in managing similar accounts.

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

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser, the Sub-Advisers and other service providers of the Funds, approved the

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THE KP FUNDS June 30, 2014

APPROVAL ON INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued)

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

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

In considering the nature, extent and quality of the services to be provided by the Adviser and the Sub-Advisers, the Board reviewed the portfolio management services to be provided by the Adviser and the Sub-Advisers to the Funds, including the quality and continuity of the Adviser’s and the Sub-Advisers’ portfolio management personnel and the resources of the Adviser and the Sub-Advisers. The Trustees reviewed the terms of the proposed Agreements. The Trustees considered that the Adviser would supervise and monitor the performance of the Sub-Advisers. The most recent investment adviser registration forms (“Form ADV”) for the Adviser and the Sub-Advisers were provided to the Board, as were the responses of the Adviser and the Sub-Advisers to a detailed series of questions which included, among other things, information about the background and experience of the portfolio managers proposed to be primarily responsible for the day-to-day management of the Funds.

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

Costs of Advisory Services

In considering the advisory fees payable by the Funds to the Adviser and the Sub-Advisers, the Trustees reviewed, among other things, a report of the proposed advisory fees to be paid to the Adviser and 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, an independent provider of investment company data. The Trustees reviewed pro forma fee and expense information. The Board concluded, within the context of its full deliberations, that the advisory fees were reasonable in light of the nature and quality of the services expected to be rendered by the Adviser and the Sub-Advisers. The Board also considered the Adviser’s and the Sub-Advisers’ commitment to managing the Funds and the Adviser’s willingness to enter into expense limitation arrangements with certain Funds.

Because the Funds were new and had not commenced operations, they did not yet have an investment performance record and it was not possible to determine the profitability that the Adviser or the Sub-Advisers might achieve with respect to the Funds or the extent to which economies of scale would be realized by the Adviser or the Sub-Advisers as the assets of the Funds grow. Accordingly, the Trustees did not make any conclusions regarding the Funds’ investment performance, the Adviser’s or the Sub-Advisers’ profitability, or the extent to which economies of scale would be realized by the Adviser or the Sub-Advisers as the assets of the Funds grow, but will do so during future considerations 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, the Board, including all of the Independent Trustees, unanimously concluded that the terms of the Agreements, including the fees to be paid thereunder, were fair and reasonable and agreed to approve the Agreements for initial terms of two years. In its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

104

The KP Funds

Investment Adviser

Callan Associates Inc.

600 Montgomery Street, Suite 800

San Francisco, CA 94111

Distributor

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Legal Counsel

Morgan, Lewis & Bockius LLP

1701 Market Street

Philadelphia, Pennsylvania 19103-2921

More information about the Funds is available, without charge, through the following:

Statement of Additional Information (“SAI”): The SAI, dated January 1, 2014, includes detailed information about the Funds. The SAI is on file with the SEC and is incorporated by reference into this prospectus. This means that the SAI, for legal purposes, is a part of this prospectus.

Annual and Semi-Annual Reports: These reports list the Funds’ holdings and contain information from the Adviser about investment strategies, and recent market conditions and trends and their impact on Fund performance. The reports also contain detailed financial information about the Funds.

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

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

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

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

KPF-SA-001-0100

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable. Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Items 12. Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	The KP Funds
By (Signature and Title)	/s/ Michael Beattie
	Michael Beattie, President

Date: September 8, 2014

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 8, 2014

By (Signature and Title)	/s/ Rami Abdel-Rahman
	Rami Abdel-Rahman Treasurer, Controller & CFO

Date: September 8, 2014

EX-99.CERT

Certification

Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Michael Beattie, certify that:

1. I have reviewed this report on Form N-CSRS of The KP Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 8, 2014

/s/ Michael Beattie

Michael Beattie

President

Certification

Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Rami Abdel-Rahman, certify that:

1. I have reviewed this report on Form N-CSRS of The KP Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 8, 2014

/s/ Rami Abdel-Rahman

Rami Abdel-Rahman

Treasurer, Controller & CFO

EX-99.906CE

CERTIFICATION

Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the President of The KP Funds (the “Fund”), with respect to the Fund’s Form N-CSRS for the period ended June 30, 2014 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. such Form N-CSRS fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in such Form N-CSRS fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: September 8, 2014

/s/ Michael Beattie

Michael Beattie,

President

CERTIFICATION

Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the Treasurer, Controller and CFO of The KP Funds (the “Fund”), with respect to the Fund’s Form N-CSRS for the period ended June 30, 2014 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. such Form N-CSRS fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in such Form N-CSRS fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: September 8, 2014

/s/ Rami Abdel-Rahman

Rami Abdel-Rahman

Treasurer, Controller and CFO