The KP Funds

Managed by  Callan

KP Retirement Path 2050 Fund

Investment Objective

The KP Retirement Path 2050 Fund (the "Fund") seeks to achieve a balance of long-term capital growth, inflation protection, and current income by investing in a diversified mix of asset classes and investment strategies that become increasingly conservative over the life of the Fund.

Investment Strategy

The KP Retirement Path 2050 Fund pursues its investment objective by investing in a diversified combination of underlying mutual funds. Because it invests in other mutual funds, it is considered a "fund of funds." The underlying mutual funds are invested in a wide range of asset classes including stocks, bonds, real assets, and short-term investments. The fund is also diversified across a wide range of strategies managed by a total of 19 different sub-advisors - all selected by Callan LLC ("Callan"), the fund's investment advisor. Finally, Callan automatically adjusts the fund's asset allocation over time to achieve a balance between long-term growth, inflation protection, and current income.

To determine if one of these funds is an appropriate investment for you, carefully consider the fund's investment objectives, risk factors, charges, and expenses before investing. This and other information may be found in the fund's summary and full prospectuses, which may be obtained by calling (855)4-KPFNDS or on this website. Please read the prospectus carefully before investing.

The KP Retirement Path Funds are mutual funds. They are part of The KP Funds Series Trust, an open-end management investment company that offers shares of diversified portfolios. The funds are advised by Callan LLC, a registered investment advisor. They are administered by SEI Investments Global Funds Services and distributed by SEI Investments Distribution Co., which are not affiliated with Callan.

Only participants in the Kaiser Permanente defined contribution plans can invest in the funds.

There can be no assurance that a Fund will achieve its stated objectives. An investor may experience losses, at any time, including near, at or after the Fund's target year. In addition, there is no guarantee that an investor's investment in the fund will provide any income at or through the years following the Fund's target year in amounts adequate to meet the investor's goals or retirement needs.

Investing involves risk including loss of principal. Bond and bond funds are subject to interest rate risk and will decline in value as interest rates rise. Mortgage-backed securities are subject to pre-payment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities. Non-investment grade bonds involve greater risks of default and are more volatile than investment grade securities, due to the speculative nature of the investment. International investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. These risks are heightened when investing in emerging markets or in a single state.

Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Underlying Fund would be adversely affected. The use of leverage by the fund managers may accelerate the velocity of potential losses. Furthermore, the use of derivatives are often more volatile than other investments and magnify the Fund's gains or losses. Diversification does not protect against market loss.

Fund Advisor

Callan

Fund Administrator

SEI Investments Global Fund Services

Asset Class

Target Date Funds

Ticker

KPRHX

Gross Expense Ratio

0.45%

Net Expense Ratio

0.45%

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