The KP Funds

Managed by  Callan

KP Small Cap Equity Fund

Fund Characteristics
as of December 31, 2019

Current Allocation

Sub-Advisor Strategy Percentage
Aristotle Capital Boston Small Cap Core 13%
CastleArk Management, LLC Small Cap Growth 13%
Columbus Circle Investors Small/SMID Cap Growth 13%
DePrince Race & Zollo, Inc. Small Cap Value 14%
PENN Capital Management Micro Cap Core 14%
SSGA Funds Management S&P 600 20%
Walthausen & Co., LLC Small/SMID Cap Value 14%

Fund Characteristics

Forecast Earnings Growth 13.6%
Price/Book Value 2.1
Price/Earnings Ratio 26.0
Median Market Capitalization $2.5 billion
SEC Yield 0.89%

Sector Allocation

Consumer Discretionary 13.2%
Consumer Staples 5.0%
Energy 3.1%
Financials 17.0%
Fund 0.3%
Health Care 13.9%
Industrials 18.6%
Information Technology 14.3%
Materials 6.2%
Real Estate 5.1%
Telecommunications 1.5%
Utilities 1.8%
Total 100.0%

Top 10 Holdings

World Fuel Services Corp 0.73%
Compass Minerals International Inc 0.70%
CVB Financial Corp. 0.68%
Merit Medical Systems Inc 0.61%
PacWest Bancorp 0.60%
ITT Inc 0.59%
Sanderson Farms Inc 0.59%
Darling Ingredients Inc 0.58%
Wyndham Destinations Inc 0.58%
Andersons Inc 0.56%
Total 6.23%
Holdings are subject to change

as of December 31, 2019

Average Annual Total Return

Last Quarter Last Year Last 3 Years Last 5 Years Since Inception**
KP Small Cap Equity Fund 8.50% 25.67% 10.37% 8.68% 7.93%
Russell 2000 Index 9.94% 25.52% 8.59% 8.23%
Morningstar Small Blend 8.14% 24.31% 7.09% 7.29%

* The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth less than their original cost and current performance may be lower than the performance quoted. Returns greater than one year are average annual total returns. For performance data current to the most recent month end, please call 855-4-KPFNDS.

** The inception date for the KP Small Cap Equity Fund is January 10, 2014.

SEC Yield: 30-Day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons among funds. It is based on the most recent month end. This figure reflects the interest earned during the period after deducting the Fund’s expenses for the period.

Dividend Yield: The total amount of dividends paid out for a stock over the preceding twelve months divided by the closing price of a share of the common stock. This value is expressed in percent.

Forecast Growth In Earnings: This growth rate is a measure of a company's expected long-term success in generating future year-over-year earnings growth. This growth rate is a market value weighted average of the consensus (mean) analysts' long-term earnings growth rate forecast for each company in the portfolio. The definition of long-term varies by analyst but is limited to a 3-8 year range. This value is expressed as the expected average annual growth of earnings in percent.

Price/Book Value: The Price to Book Value (P/B) is a measure of value for a company. It is equal to the market value of all the shares of common stock divided by the book value of the company. The book value is the sum of capital surplus, common stock, and retained earnings.

Price/Earnings Ratio: The Price to Earnings Ratio (P/E) is a measure of value for a company. It is equal to the price of a share of common stock divided by the earnings per share for a twelve-month period.

Median Market Capitalization: The weighted median market capitalization is the point at which half of the market value of the portfolio is invested in stocks with a greater market capitalization, and consequently the other half is invested in stocks with a lower market capitalization. This value is expressed in dollars and is scaled in billions.

Russell 2000 Index: The Russell 2000 Index is a free float-adjusted capitalization-weighted index comprised of approximately 2000 equity securities issued by small companies based primarily in the U.S.

Morningstar Small Blend Funds Median: Represents the median return for the Morningstar Small Blend Funds group, which is comprised of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate.

The KP Core Funds serve as core building blocks for the KP Retirement Path Funds. Only the KP Small Cap Equity Fund is available for direct investment. 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.

The KP Core 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. Diversification is not guaranteed to protect against market loss.

Investing involves risk including loss of principal.