SEC Info  
    Home      Search      My Interests      Help      Sign In      Please Sign In

KP Funds – ‘N-Q’ for 3/31/18

On:  Wednesday, 5/30/18, at 1:46pm ET   ·   Effective:  5/30/18   ·   For:  3/31/18   ·   Accession #:  1193125-18-178173   ·   File #:  811-22838

Previous ‘N-Q’:  ‘N-Q’ on 11/28/17 for 9/30/17   ·   Next & Latest:  ‘N-Q’ on 11/29/18 for 9/30/18

  in    Show  and    Hints

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 5/30/18  KP Funds                          N-Q         3/31/18    2:8.0M                                   Donnelley...Solutions/FAKP Fixed Income Fund Institutional Shares (KPFIX)KP International Equity Fund Institutional Shares (KPIEX)KP Large Cap Equity Fund Institutional Shares (KPLCX)KP Retirement Path 2020 Fund Institutional Shares (KPRBX)KP Retirement Path 2025 Fund Institutional Shares (KPRCX)KP Retirement Path 2030 Fund Institutional Shares (KPRDX)KP Retirement Path 2035 Fund Institutional Shares (KPREX)KP Retirement Path 2040 Fund Institutional Shares (KPRFX)KP Retirement Path 2045 Fund Institutional Shares (KPRGX)KP Retirement Path 2050 Fund Institutional Shares (KPRHX)KP Retirement Path 2055 Fund Institutional Shares (KPRIX)KP Retirement Path 2060 Fund Institutional Shares (KPRJX)KP Retirement Path Retirement Income Fund Institutional Shares (KPRAX)KP Small Cap Equity Fund Institutional Shares (KPSCX)

Quarterly Schedule of Portfolio Holdings of a Management Investment Company   —   Form N-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         Kp Fixed Income Fund                                HTML   5.56M 
 2: EX-99.CERT  Certification Pursuant to Section 302               HTML     12K 


N-Q   —   Kp Fixed Income Fund


This is an HTML Document rendered as filed.  [ Alternative Formats ]



  KP Fixed Income Fund  

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22838

The KP Funds

(Exact name of registrant as specified in charter)

 

 

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

Registrant’s telephone number, including area code: 855-457-3637

Date of fiscal year end: December 31, 2018

Date of reporting period: March 31, 2018

 


Item 1.    Schedules of Investments

The registrant’s schedules as of the close of the reporting period, as set forth in §§ 210.12-12 through 210.12-14 of

Regulation S-X [17 CFS §§ 210-12.12-12.14], are attached hereto.


KP Retirement Path 2015 Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares      Value (000)  

Affiliated Registered Investment Companies — 72.4%

 

KP Fixed Income Fund

     17,955,583      $ 178,299  

KP International Equity Fund

     2,986,248        33,267  

KP Large Cap Equity Fund

     6,199,531        80,470  

KP Small Cap Equity Fund

     1,213,051        14,666  
     

 

 

 

Total Affiliated Registered Investment Companies
(Cost $290,215) (000)

        306,702  
     

 

 

 

Unaffiliated Registered Investment Companies — 27.6%

 

DFA Commodity Strategy Portfolio

     707,824        4,219  

DFA International Real Estate Securities Portfolio

     801,323        4,135  

Lazard Global Listed Infrastructure Portfolio

     265,379        3,997  

T. Rowe Price Institutional Floating Rate Fund

     425,774        4,262  

T. Rowe Price New Era Fund, Cl I

     112,712        3,934  

Vanguard Inflation-Protected Securities Fund

     1,282,438        13,209  

Vanguard REIT Index Fund

     515,907        8,542  

Vanguard Short-Term Bond Index Fund

     4,046,189        41,595  

Vanguard Short-Term Inflation-Protected Securities Index Fund

     1,343,261        32,950  
     

 

 

 

Total Unaffiliated Registered Investment Companies
(Cost $116,781) (000)

        116,843  
     

 

 

 

Total Investments In Securities — 100.0%
(Cost $406,996) (000)

      $ 423,545  
     

 

 

 

Percentages are based on Net Assets of $423,592 (000).    

Cl – Class    

REIT – Real Estate Investment Trust    

As of March 31, 2018, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended March 31, 2018, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended March 31, 2018, there have been no changes to the Fund’s fair value methodologies.

For further financial information on individual Registered Investment Companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual Registered Investment Company’s website.

For more information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

 

1


KP Retirement Path 2015 Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

The following is a summary of the transactions with affiliates for the period ended March 31, 2018 (000):

 

     Value
12/31/2017
    Purchases
at Cost
    Proceeds
from Sales
    Change in
Unrealized
Appreciation
    Realized
Gain
    Value
3/31/2018
    Dividend
Income
    Capital Gain
Distributions
 

KP Fixed Income Fund

  $ 179,057     $ 14,494     $ (13,082   $ (2,165   $ (5   $ 178,299     $ -       $ -    

KP International Equity Fund

    36,623       755       (4,055     (756     700       33,267       -         -    

KP Large Cap Equity Fund

    89,342       1,831       (11,148     (2,753     3,198       80,470       -         -    

KP Small Cap Equity Fund

    16,167       331       (1,882     (347     397       14,666       -         -    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $ 321,189     $ 17,411     $ (30,167   $ (6,021   $ 4,290     $ 306,702     $ -       $ -    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

 

2


KP Retirement Path 2020 Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares      Value (000)  

Affiliated Registered Investment Companies — 75.8%

 

KP Fixed Income Fund

     32,473,850      $ 322,465  

KP International Equity Fund

     8,569,592        95,465  

KP Large Cap Equity Fund

     15,546,655        201,796  

KP Small Cap Equity Fund

     3,616,234        43,720  
     

 

 

 

Total Affiliated Registered Investment Companies
(Cost $617,297) (000)

        663,446  
     

 

 

 

Unaffiliated Registered Investment Companies — 24.2%

 

DFA Commodity Strategy Portfolio

     1,498,240        8,930  

DFA International Real Estate Securities Portfolio

     1,696,956        8,756  

Lazard Global Listed Infrastructure Portfolio

     562,178        8,466  

T. Rowe Price Institutional Floating Rate Fund

     900,285        9,012  

T. Rowe Price New Era Fund, Cl I

     239,008        8,341  

Vanguard Inflation-Protected Securities Fund

     2,608,752        26,870  

Vanguard REIT Index Fund

     1,049,690        17,383  

Vanguard Short-Term Bond Index Fund

     6,880,234        70,729  

Vanguard Short-Term Inflation-Protected Securities Index Fund

     2,163,731        53,077  
     

 

 

 

Total Unaffiliated Registered Investment Companies
(Cost $212,326) (000)

        211,564  
     

 

 

 

Total Investments In Securities — 100.0%
(Cost $829,623) (000)

      $ 875,010  
     

 

 

 

Percentages are based on Net Assets of $875,089 (000).

Cl – Class

REIT – Real Estate Investment Trust

As of March 31, 2018, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended March 31, 2018, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended March 31, 2018, there have been no changes to the Fund’s fair value methodologies.

For further financial information on individual Registered Investment Companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual Registered Investment Company’s website.

For more information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

 

3


KP Retirement Path 2020 Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

The following is a summary of the transactions with affiliates for the period ended March 31, 2018 (000):

 

     Value
12/31/2017
    Purchases
at Cost
    Proceeds
from Sales
    Change in
Unrealized
Appreciation
    Realized
Gain
    Value
3/31/2018
    Dividend
Income
    Capital Gain
Distributions
 

KP Fixed Income Fund

  $ 309,890     $ 26,899     $ (10,569   $ (3,742   $ (13   $ 322,465     $ -       $ -    

KP International Equity Fund

    101,298       2,744       (8,354     (1,710     1,487       95,465       -         -    

KP Large Cap Equity Fund

    215,339       5,819       (20,196     (5,032     5,866       201,796       -         -    

KP Small Cap Equity Fund

    46,447       1,249       (4,094     (753     871       43,720       -         -    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $ 672,974     $ 36,711     $ (43,213   $ (11,237   $ 8,211     $ 663,446     $ -       $ -    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

 

4


KP Retirement Path 2025 Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares      Value (000)  

Affiliated Registered Investment Companies — 80.6%

 

KP Fixed Income Fund

     33,313,071      $ 330,799  

KP International Equity Fund

     14,416,746        160,603  

KP Large Cap Equity Fund

     23,325,786        302,769  

KP Small Cap Equity Fund

     6,242,541        75,472  
     

 

 

 

Total Affiliated Registered Investment Companies
(Cost $796,837) (000)

        869,643  
     

 

 

 

Unaffiliated Registered Investment Companies — 19.4%

 

DFA Commodity Strategy Portfolio

     1,886,349        11,243  

DFA International Real Estate Securities Portfolio

     2,137,979        11,032  

Lazard Global Listed Infrastructure Portfolio

     709,026        10,678  

T. Rowe Price Institutional Floating Rate Fund

     1,133,314        11,344  

T. Rowe Price New Era Fund, Cl I

     301,499        10,522  

Vanguard Inflation-Protected Securities Fund

     3,180,545        32,760  

Vanguard REIT Index Fund

     1,279,891        21,195  

Vanguard Short-Term Bond Index Fund

     5,680,566        58,396  

Vanguard Short-Term Inflation-Protected Securities Index Fund

     1,743,666        42,772  
     

 

 

 

Total Unaffiliated Registered Investment Companies
(Cost $211,281) (000)

        209,942  
     

 

 

 

Total Investments In Securities — 100.0%
(Cost $1,008,118) (000)

      $ 1,079,585  
     

 

 

 

Percentages are based on Net Assets of $1,079,644 (000).

Cl – Class

REIT – Real Estate Investment Trust

As of March 31, 2018, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended March 31, 2018, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended March 31, 2018, there have been no changes to the Fund’s fair value methodologies.

For further financial information on individual Registered Investment Companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual Registered Investment Company’s website.

For more information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

 

5


KP Retirement Path 2025 Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

The following is a summary of the transactions with affiliates for the period ended March 31, 2018 (000):

 

     Value
12/31/2017
    Purchases
at Cost
    Proceeds
from Sales
    Change in
Unrealized
Appreciation
    Realized
Gain
(Loss)
    Value
3/31/2018
    Dividend
Income
    Capital Gain
Distributions
 

KP Fixed Income Fund

  $ 307,654     $ 31,742     $ (4,878   $ (3,708   $ (11   $ 330,799     $ -       $ -    

KP International Equity Fund

    164,867       5,562       (9,267     (2,228     1,669       160,603       -         -    

KP Large Cap Equity Fund

    313,441       10,521       (22,010     (5,612     6,429       302,769       -         -    

KP Small Cap Equity Fund

    77,485       2,598       (4,753     (875     1,017       75,472       -         -    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $ 863,447     $ 50,423     $ (40,908   $ (12,423   $ 9,104     $ 869,643     $ -       $ -    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

 

6


KP Retirement Path 2030 Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares      Value (000)  

Affiliated Registered Investment Companies — 85.6%

 

KP Fixed Income Fund

     26,164,618      $ 259,815  

KP International Equity Fund

     18,074,612        201,351  

KP Large Cap Equity Fund

     25,558,964        331,755  

KP Small Cap Equity Fund

     7,721,965        93,359  
     

 

 

 

Total Affiliated Registered Investment Companies
(Cost $800,041) (000)

        886,280  
     

 

 

 

Unaffiliated Registered Investment Companies — 14.4%

 

DFA Commodity Strategy Portfolio

     1,726,107        10,288  

DFA International Real Estate Securities Portfolio

     1,956,885        10,098  

Lazard Global Listed Infrastructure Portfolio

     649,258        9,778  

T. Rowe Price Institutional Floating Rate Fund

     1,037,119        10,382  

T. Rowe Price New Era Fund, Cl I

     276,030        9,633  

Vanguard Inflation-Protected Securities Fund

     2,889,061        29,757  

Vanguard REIT Index Fund

     1,162,698        19,254  

Vanguard Short-Term Bond Index Fund

     2,959,667        30,425  

Vanguard Short-Term Inflation-Protected Securities Index Fund

     816,513        20,029  
     

 

 

 

Total Unaffiliated Registered Investment Companies
(Cost $150,712) (000)

        149,644  
     

 

 

 

Total Investments In Securities — 100.0%
(Cost $950,753) (000)

      $ 1,035,924  
     

 

 

 

Percentages are based on Net Assets of $1,035,943 (000).

Cl – Class

REIT – Real Estate Investment Trust

As of March 31, 2018, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended March 31, 2018, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended March 31, 2018, there have been no changes to the Fund’s fair value methodologies.

For further financial information on individual Registered Investment Companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual Registered Investment Company’s website.

For more information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

 

7


KP Retirement Path 2030 Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

The following is a summary of the transactions with affiliates for the period ended March 31, 2018 (000):

 

     Value
12/31/2017
    Purchases
at Cost
    Proceeds
from Sales
    Change in
Unrealized
Appreciation
    Realized
Gain
(Loss)
    Value
3/31/2018
    Dividend
Income
    Capital Gain
Distributions
 

KP Fixed Income Fund

  $ 238,907     $ 27,720     $ (3,915   $ (2,886   $ (11   $ 259,815     $ -       $ -    

KP International Equity Fund

    203,754       8,249       (9,831     (2,567     1,746       201,351       -         -    

KP Large Cap Equity Fund

    337,314       13,636       (19,764     (5,172     5,741       331,755       -         -    

KP Small Cap Equity Fund

    94,220       3,801       (4,795     (886     1,019       93,359       -         -    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $ 874,195     $ 53,406     $ (38,305   $ (11,511   $ 8,495     $ 886,280     $ -       $ -    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

 

8


KP Retirement Path 2035 Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares      Value (000)  

Affiliated Registered Investment Companies — 90.0%

 

KP Fixed Income Fund

     24,063,155      $ 238,947  

KP International Equity Fund

     24,966,423        278,126  

KP Large Cap Equity Fund

     30,972,799        402,027  

KP Small Cap Equity Fund

     10,619,357        128,388  
     

 

 

 

Total Affiliated Registered Investment Companies
(Cost $934,220) (000)

        1,047,488  
     

 

 

 

Unaffiliated Registered Investment Companies — 10.0%

 

DFA Commodity Strategy Portfolio

     1,745,550        10,403  

DFA International Real Estate Securities Portfolio

     1,979,705        10,215  

Lazard Global Listed Infrastructure Portfolio

     657,202        9,897  

T. Rowe Price Institutional Floating Rate Fund

     1,048,842        10,500  

T. Rowe Price New Era Fund, Cl I

     279,378        9,750  

Vanguard Inflation-Protected Securities Fund

     2,901,440        29,885  

Vanguard REIT Index Fund

     1,167,712        19,338  

Vanguard Short-Term Bond Index Fund

     1,031,745        10,606  

Vanguard Short-Term Inflation-Protected Securities Index Fund

     217,208        5,328  
     

 

 

 

Total Unaffiliated Registered Investment Companies
(Cost $116,714) (000)

        115,922  
     

 

 

 

Total Investments In Securities — 100.0%
(Cost $1,050,934) (000)

      $ 1,163,410  
     

 

 

 

Percentages are based on Net Assets of $1,163,396 (000).

Cl – Class

REIT – Real Estate Investment Trust

As of March 31, 2018, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended March 31, 2018, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended March 31, 2018, there have been no changes to the Fund’s fair value methodologies.

For further financial information on individual Registered Investment Companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual Registered Investment Company’s website.

For more information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

 

9


KP Retirement Path 2035 Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

The following is a summary of the transactions with affiliates for the period ended March 31, 2018 (000):

 

     Value
12/31/2017
    Purchases
at Cost
    Proceeds
from Sales
    Change in
Unrealized
Appreciation
    Realized
Gain
(Loss)
    Value
3/31/2018
    Dividend
Income
    Capital Gain
Distributions
 

KP Fixed Income Fund

  $ 216,991     $ 28,187     $ (3,603   $ (2,622   $ (6   $ 238,947     $ -       $ -    

KP International Equity Fund

    277,208       12,808       (10,588     (3,160     1,858       278,126       -         -    

KP Large Cap Equity Fund

    403,680       18,578       (20,657     (5,560     5,986       402,027       -         -    

KP Small Cap Equity Fund

    127,924       5,875       (5,550     (1,035     1,174       128,388       -         -    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $ 1,025,803     $ 65,448     $ (40,398   $ (12,377   $ 9,012     $ 1,047,488     $ -       $ -    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

 

10


KP Retirement Path 2040 Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares      Value (000)  

Affiliated Registered Investment Companies — 93.0%

 

KP Fixed Income Fund

     18,420,598      $ 182,917  

KP International Equity Fund

     26,545,626        295,718  

KP Large Cap Equity Fund

     30,012,565        389,563  

KP Small Cap Equity Fund

     11,175,150        135,108  
     

 

 

 

Total Affiliated Registered Investment Companies
(Cost $889,445) (000)

        1,003,306  
     

 

 

 

Unaffiliated Registered Investment Companies — 7.0%

 

DFA Commodity Strategy Portfolio

     1,333,887        7,950  

DFA International Real Estate Securities Portfolio

     1,513,270        7,808  

Lazard Global Listed Infrastructure Portfolio

     502,742        7,571  

T. Rowe Price Institutional Floating Rate Fund

     801,552        8,024  

T. Rowe Price New Era Fund, Cl I

     213,677        7,457  

Vanguard Inflation-Protected Securities Fund

     2,191,006        22,567  

Vanguard REIT Index Fund

     881,847        14,604  
     

 

 

 

Total Unaffiliated Registered Investment Companies
(Cost $76,378) (000)

        75,981  
     

 

 

 

Total Investments In Securities — 100.0%
(Cost $965,823) (000)

      $ 1,079,287  
     

 

 

 

Percentages are based on Net Assets of $1,079,255 (000).

Cl – Class

REIT – Real Estate Investment Trust

As of March 31, 2018, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended March 31, 2018, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended March 31, 2018, there were no Level 3 investments.

For the period ended March 31, 2018, there have been no changes to the Fund’s fair value methodologies.

For further financial information on individual Registered Investment Companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual Registered Investment Company’s website.

For more information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

 

11


KP Retirement Path 2040 Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

The following is a summary of the transactions with affiliates for the period ended March 31, 2018 (000):

 

     Value
12/31/2017
    Purchases
at Cost
    Proceeds
from Sales
    Change in
Unrealized
Appreciation
    Realized
Gain
(Loss)
    Value
3/31/2018
    Dividend
Income
    Capital Gain
Distributions
 

KP Fixed Income Fund

  $ 164,735     $ 22,209     $ (2,030   $ (1,993   $ (4   $ 182,917     $ -       $ -    

KP International Equity Fund

    290,421       14,740       (7,906     (2,911     1,374       295,718       -         -    

KP Large Cap Equity Fund

    385,954       19,485       (16,053     (4,477     4,654       389,563       -         -    

KP Small Cap Equity Fund

    132,342       6,690       (4,012     (759     847       135,108       -         -    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $ 973,452     $ 63,124     $ (30,001   $ (10,140   $ 6,871     $ 1,003,306     $ -       $ -    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

 

12


KP Retirement Path 2045 Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

 

Description    Shares      Value (000)  

Affiliated Registered Investment Companies — 94.4%

 

KP Fixed Income Fund

     11,628,836      $ 115,474  

KP International Equity Fund

     21,077,202        234,800  

KP Large Cap Equity Fund

     22,905,931        297,320  

KP Small Cap Equity Fund

     8,964,287        108,378  
     

 

 

 

Total Affiliated Registered Investment Companies
(Cost $672,045) (000)

        755,972  
     

 

 

 

Unaffiliated Registered Investment Companies — 5.6%

 

DFA Commodity Strategy Portfolio

     789,116        4,703  

DFA International Real Estate Securities Portfolio

     895,520        4,621  

Lazard Global Listed Infrastructure Portfolio

     297,587        4,482  

T. Rowe Price Institutional Floating Rate Fund

     474,085        4,745  

T. Rowe Price New Era Fund, Cl I

     126,503        4,415  

Vanguard Inflation-Protected Securities Fund

     1,274,133        13,124  

Vanguard REIT Index Fund

     512,834        8,492  
     

 

 

 

Total Unaffiliated Registered Investment Companies
(Cost $44,802) (000)

 

     44,582  
     

 

 

 

Total Investments In Securities — 100.0%
(Cost $716,847) (000)

 

   $ 800,554  
     

 

 

 

Percentages are based on Net Assets of $800,528 (000).

Cl – Class

REIT – Real Estate Investment Trust

As of March 31, 2018, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended March 31, 2018, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended March 31, 2018, there were no Level 3 investments.

For the period ended March 31, 2018, there have been no changes to the Fund’s fair value methodologies.

For further financial information on individual Registered Investment Companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual Registered Investment Company’s website.

For more information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

The following is a summary of the transactions with affiliates for the period ended March 31, 2018 (000):

 

     Value
12/31/2017
    Purchases
at Cost
    Proceeds
from Sales
    Change in
Unrealized
(Depreciation)
    Realized
Gain
(Loss)
    Value
3/31/2018
    Dividend
Income
    Capital Gain
Distributions
 

KP Fixed Income Fund

  $ 103,026     $ 15,150     $ (1,457   $ (1,244   $ (1   $ 115,474     $ -       $ -    

KP International Equity Fund

    227,002       14,081       (4,963     (2,159     839       234,800       -         -    

KP Large Cap Equity Fund

    291,029       17,893       (11,600     (3,354     3,352       297,320       -         -    

KP Small Cap Equity Fund

    104,856       6,457       (2,979     (581     625       108,378       -         -    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $ 725,913     $ 53,581     $ (20,999   $ (7,338   $ 4,815     $ 755,972     $ -       $ -    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

13


KP Retirement Path 2050 Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares      Value (000)  

Affiliated Registered Investment Companies — 94.9%

 

KP Fixed Income Fund

     5,561,454      $ 55,225  

KP International Equity Fund

     12,167,960        135,551  

KP Large Cap Equity Fund

     13,127,442        170,394  

KP Small Cap Equity Fund

     5,171,607        62,525  
     

 

 

 

Total Affiliated Registered Investment Companies
(Cost $382,386) (000)

        423,695  
     

 

 

 

Unaffiliated Registered Investment Companies — 5.1%

 

DFA Commodity Strategy Portfolio

     413,945        2,467  

DFA International Real Estate Securities Portfolio

     470,205        2,426  

Lazard Global Listed Infrastructure Portfolio

     156,388        2,355  

T. Rowe Price Institutional Floating Rate Fund

     248,558        2,488  

T. Rowe Price New Era Fund, Cl I

     66,510        2,321  

Vanguard Inflation-Protected Securities Fund

     634,942        6,540  

Vanguard REIT Index Fund

     255,576        4,233  
     

 

 

 

Total Unaffiliated Registered Investment Companies
(Cost $23,027) (000)

        22,830  
     

 

 

 

Total Investments In Securities — 100.0%
(Cost $405,413) (000)

      $ 446,525  
     

 

 

 

Percentages are based on Net Assets of $446,511 (000).

Cl – Class

REIT – Real Estate Investment Trust

As of March 31, 2018, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended March 31, 2018, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended March 31, 2018, there were no Level 3 investments.

For the period ended March 31, 2018, there have been no changes to the Fund’s fair value methodologies.

For further financial information on individual Registered Investment Companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual Registered Investment Company’s website.

For more information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

The following is a summary of the transactions with affiliates for the period ended March 31, 2018 (000):

 

     Value
12/31/2017
    Purchases
at Cost
    Proceeds
from Sales
    Change in
Unrealized
(Depreciation)
    Realized
Gain
(Loss)
    Value
3/31/2018
    Dividend
Income
    Capital Gain
Distributions
 

KP Fixed Income Fund

  $ 47,536     $ 8,975     $ (716   $ (569   $ (1   $ 55,225     $ -       $ -    

KP International Equity Fund

    126,616       12,430       (2,664     (1,094     263       135,551       -         -    

KP Large Cap Equity Fund

    161,162       15,685       (6,261     (2,001     1,809       170,394       -         -    

KP Small Cap Equity Fund

    58,229       5,697       (1,383     (301     283       62,525       -         -    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $ 393,543     $ 42,787     $ (11,024   $ (3,965   $ 2,354     $ 423,695     $ -       $ -    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

14


KP Retirement Path 2055 Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares      Value (000)  

Affiliated Registered Investment Companies — 94.9%

 

KP Fixed Income Fund

     1,481,059      $ 14,707  

KP International Equity Fund

     3,562,529        39,687  

KP Large Cap Equity Fund

     3,829,580        49,707  

KP Small Cap Equity Fund

     1,491,916        18,037  
     

 

 

 

Total Affiliated Registered Investment Companies
(Cost $113,099) (000)

        122,138  
     

 

 

 

Unaffiliated Registered Investment Companies — 5.1%

 

DFA Commodity Strategy Portfolio

     124,642        743  

DFA International Real Estate Securities Portfolio

     141,788        732  

Lazard Global Listed Infrastructure Portfolio

     47,235        711  

T. Rowe Price Institutional Floating Rate Fund

     74,793        749  

T. Rowe Price New Era Fund, Cl I

     20,093        701  

Vanguard Inflation-Protected Securities Fund

     173,746        1,790  

Vanguard REIT Index Fund

     69,950        1,158  
     

 

 

 

Total Unaffiliated Registered Investment Companies
(Cost $6,705) (000)

        6,584  
     

 

 

 

Total Investments In Securities — 100.0%
(Cost $119,804) (000)

      $ 128,722  
     

 

 

 

Percentages are based on Net Assets of $128,718 (000).

Cl – Class

REIT – Real Estate Investment Trust

As of March 31, 2018, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended March 31, 2018, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended March 31, 2018, there were no Level 3 investments.

For the period ended March 31, 2018, there have been no changes to the Fund’s fair value methodologies.

For further financial information on individual Registered Investment Companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual Registered Investment Company’s website.

For more information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

The following is a summary of the transactions with affiliates for the period ended March 31, 2018 (000):

 

     Value
12/31/2017
    Purchases
at Cost
    Proceeds
from Sales
    Change in
Unrealized
(Depreciation)
    Realized
Gain
(Loss)
    Value
3/31/2018
    Dividend
Income
    Capital Gain
Distributions
 

KP Fixed Income Fund

  $ 11,964     $ 3,204     $ (319   $ (135   $ (7   $ 14,707     $ -       $ -    

KP International Equity Fund

    34,624       6,410       (1,052     (512     217       39,687       -         -    

KP Large Cap Equity Fund

    43,926       8,064       (2,103     (533     353       49,707       -         -    

KP Small Cap Equity Fund

    15,711       2,895       (539     (129     99       18,037       -         -    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $ 106,225     $ 20,573     $ (4,013   $ (1,309   $ 662     $ 122,138     $ -       $ -    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

15


KP Retirement Path 2060 Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares      Value (000)  

Affiliated Registered Investment Companies — 94.9%

 

KP Fixed Income Fund

     310,246      $ 3,081  

KP International Equity Fund

     741,150        8,256  

KP Large Cap Equity Fund

     797,175        10,347  

KP Small Cap Equity Fund

     310,414        3,753  
     

 

 

 

Total Affiliated Registered Investment Companies
(Cost $24,591) (000)

        25,437  
     

 

 

 

Unaffiliated Registered Investment Companies — 5.1%

 

DFA Commodity Strategy Portfolio

     25,266        151  

DFA International Real Estate Securities Portfolio

     28,606        148  

Lazard Global Listed Infrastructure Portfolio

     9,484        143  

T. Rowe Price Institutional Floating Rate Fund

     15,145        152  

T. Rowe Price New Era Fund, Cl I

     4,039        141  

Vanguard Inflation-Protected Securities Fund

     37,556        387  

Vanguard REIT Index Fund

     15,125        249  
     

 

 

 

Total Unaffiliated Registered Investment Companies
(Cost $1,404) (000)

        1,371  
     

 

 

 

Total Investments In Securities — 100.0%
(Cost $25,995) (000)

      $ 26,808  
     

 

 

 

Percentages are based on Net Assets of $26,807 (000).

Cl – Class

REIT – Real Estate Investment Trust

As of March 31, 2018, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended March 31, 2018, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended March 31, 2018, there were no Level 3 investments.

For the period ended March 31, 2018, there have been no changes to the Fund’s fair value methodologies.

For further financial information on individual Registered Investment Companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the individual Registered Investment Company’s website.

For more information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

The following is a summary of the transactions with affiliates for the period ended March 31, 2018 (000):

 

     Value
12/31/2017
    Purchases
at Cost
    Proceeds
from Sales
    Change in
Unrealized
(Depreciation)
    Realized
Gain
(Loss)
    Value
3/31/2018
    Dividend
Income
   

Capital

Gain

Distributions

 

KP Fixed Income Fund

  $ 2,462     $ 936     $ (287   $ (20   $ (10   $ 3,081     $ -       $ -    

KP International Equity Fund

    7,123       2,055       (839     (272     189       8,256       -         -    

KP Large Cap Equity Fund

    9,032       2,584       (1,213     (330     274       10,347       -         -    

KP Small Cap Equity Fund

    3,231       928       (392     (95     81       3,753       -         -    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $ 21,848     $ 6,503     $ (2,731   $ (717   $ 534     $ 25,437     $ -       $ -    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

16


KP Large Cap Equity Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares        Value (000)  

Common Stock — 98.1%

       

Consumer Discretionary – 13.1%

 

Advance Auto Parts

     2,123        $ 252  

Amazon.com*

     47,520          68,778  

Aptiv*

     41,891          3,559  

AutoZone*

     1,480          960  

Best Buy

     35,876          2,511  

Booking Holdings*

     12,635          26,286  

BorgWarner

     5,697          286  

Brunswick

     8,730          518  

Burlington Stores*

     3,621          482  

CarMax*

     5,489          340  

Carnival

     42,489          2,786  

Carter’s

     5,649          588  

CBS, Cl B

     10,241          526  

Charter Communications, Cl A*

     5,500          1,712  

Chipotle Mexican Grill, Cl A*

     751          243  

Comcast, Cl A

     412,899          14,109  

Darden Restaurants

     28,282          2,411  

Discovery Communications, Cl A*

     4,793          103  

Discovery Communications, Cl C*

     8,246          161  

DISH Network, Cl A*

     6,700          254  

Dollar General

     78,814          7,373  

Dollar Tree*

     21,611          2,051  

DR Horton

     36,841          1,615  

Expedia

     3,580          395  

Extended Stay America

     45,455          899  

Foot Locker

     12,519          570  

Ford Motor

     116,652          1,292  

Fossil Group*

     700          9  

Gap

     6,862          214  

Garmin

     3,349          197  

General Motors

     65,402          2,377  

Genuine Parts

     4,315          388  

Goodyear Tire & Rubber

     7,530          200  

Graham Holdings, Cl B

     703          423  

H&R Block

     27,978          711  

Hanesbrands

     92,111          1,697  

Harley-Davidson

     16,878          724  

Hasbro

     11,436          964  

Hilton Grand Vacations*

     38,984          1,677  

Hilton Worldwide Holdings

     98,681          7,772  

Home Depot

     49,204          8,770  

Hyatt Hotels, Cl A

     11,615          886  

International Game Technology

     22,627          605  

Interpublic Group of Companies

     135,525          3,121  

John Wiley & Sons, Cl A

     38,264          2,437  

Johnson Controls International

     207,603          7,316  

Kohl’s

     6,850          449  
Description    Shares        Value (000)  

L Brands

     7,325        $ 280  

Las Vegas Sands

     97,334          6,998  

Lear

     10,129          1,885  

Leggett & Platt

     4,046          179  

Lennar, Cl A

     8,295          489  

Liberty Interactive QVC Group, Cl A*

     10,630          268  

Live Nation Entertainment*

     33,314          1,404  

LKQ*

     9,400          357  

Lowe’s

     74,624          6,548  

Lululemon Athletica*

     3,768          336  

Macy’s

     8,842          263  

Marriott International, Cl A

     8,934          1,215  

Mattel*

     9,790          129  

McDonald’s

     29,052          4,543  

MGM Resorts International

     14,800          518  

Michael Kors Holdings*

     62,524          3,881  

Michaels*

     10,122          199  

Mohawk Industries*

     1,901          441  

Netflix*

     34,313          10,134  

Newell Brands

     50,952          1,298  

News, Cl A

     35,756          565  

News, Cl B

     3,100          50  

NIKE, Cl B

     71,551          4,754  

Nordstrom

     3,649          177  

Norwegian Cruise Line Holdings*

     6,000          318  

NVR*

     1,125          3,150  

Omnicom Group

     70,608          5,131  

O’Reilly Automotive*

     2,569          635  

PulteGroup

     14,204          419  

PVH

     2,242          339  

Ralph Lauren, Cl A

     24,979          2,793  

Restaurant Brands International

     33,400          1,901  

Ross Stores

     108,274          8,443  

Royal Caribbean Cruises

     60,999          7,182  

Signet Jewelers

     13,750          530  

Skechers U.S.A., Cl A*

     23,627          919  

Starbucks

     42,067          2,435  

Tapestry

     8,289          436  

Target

     30,072          2,088  

TEGNA

     104,207          1,187  

Tesla*

     15,289          4,069  

Thor Industries

     5,122          590  

Tiffany

     2,992          292  

Time Warner

     41,607          3,935  

TJX

     25,137          2,050  

Tractor Supply

     3,743          236  

TripAdvisor*

     2,893          118  

Twenty-First Century Fox

     12,700          462  

Twenty-First Century Fox, Cl A

     47,414          1,740  

Ulta Beauty*

     1,700          347  

Under Armour, Cl A*

     4,700          77  
 

 

17


KP Large Cap Equity Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares        Value (000)  

Under Armour, Cl C*

     4,720        $ 68  

Urban Outfitters*

     9,964          368  

VF

     9,914          735  

Viacom, Cl B

     10,421          324  

Walt Disney

     63,038          6,332  

Whirlpool

     6,839          1,047  

Wyndham Worldwide

     2,965          339  

Wynn Resorts

     4,149          757  

Yum! Brands

     38,759          3,300  
       

 

 

 
          294,000  
       

 

 

 

Consumer Staples – 6.5%

       

Altria Group

     132,066          8,230  

Archer-Daniels-Midland

     95,416          4,138  

Brown-Forman, Cl B

     7,905          430  

Bunge

     1,879          139  

Campbell Soup

     5,513          239  

Church & Dwight

     7,300          368  

Clorox

     3,925          523  

Coca-Cola

     126,766          5,505  

Colgate-Palmolive

     26,131          1,873  

Conagra Brands

     92,596          3,415  

Constellation Brands, Cl A

     13,094          2,984  

Costco Wholesale

     13,147          2,477  

Coty, Cl A

     90,600          1,658  

CVS Health

     39,303          2,445  

Danone

     21,953          1,776  

Diageo

     123,798          4,189  

Dr Pepper Snapple Group

     5,430          643  

Estee Lauder, Cl A

     38,389          5,748  

Flowers Foods

     21,650          473  

General Mills

     106,467          4,797  

Hershey

     23,356          2,311  

Hormel Foods

     7,670          263  

Ingredion

     5,763          743  

JM Smucker

     16,879          2,093  

Kellogg

     7,203          468  

Kimberly-Clark

     17,216          1,896  

Kraft Heinz

     17,839          1,111  

Kroger

     26,600          637  

McCormick

     3,530          376  

Molson Coors Brewing, Cl B

     5,476          413  

Mondelez International, Cl A

     43,994          1,836  

Monster Beverage*

     12,420          711  

Nestle

     72,476          5,733  

Nu Skin Enterprises, Cl A

     24,439          1,801  

PepsiCo

     98,267          10,726  

Philip Morris International

     244,796          24,333  

Pinnacle Foods

     69,773          3,775  

Procter & Gamble

     130,853          10,374  

Reckitt Benckiser Group

     22,284          1,887  

Rite Aid*

     11,397          19  
Description    Shares        Value (000)  

Sysco

     57,595        $ 3,453  

Tyson Foods, Cl A

     32,058          2,346  

US Foods Holding*

     44,579          1,461  

Walgreens Boots Alliance

     40,021          2,620  

Wal-Mart Stores

     124,343          11,063  
       

 

 

 
          144,499  
       

 

 

 

Energy – 4.2%

       

Anadarko Petroleum

     73,681          4,451  

Andeavor

     4,232          426  

Apache

     11,196          431  

Baker Hughes a GE

     12,723          353  

Cabot Oil & Gas

     13,434          322  

Chevron

     97,709          11,143  

Cimarex Energy

     2,800          262  

Concho Resources*

     4,500          676  

ConocoPhillips

     89,558          5,310  

Devon Energy

     76,928          2,445  

EOG Resources

     55,001          5,790  

EQT

     7,463          355  

Exxon Mobil

     240,864          17,971  

Halliburton

     27,882          1,309  

Helmerich & Payne

     3,287          219  

Hess

     7,896          400  

HollyFrontier

     22,287          1,089  

Kinder Morgan

     56,223          847  

Marathon Oil

     196,410          3,168  

Marathon Petroleum

     97,495          7,128  

National Oilwell Varco

     11,046          407  

Newfield Exploration*

     5,837          142  

Noble Energy

     14,126          428  

Occidental Petroleum

     62,878          4,084  

Oceaneering International*

     8,962          166  

ONEOK

     12,260          698  

Phillips 66

     12,445          1,194  

Pioneer Natural Resources

     6,795          1,167  

Range Resources

     6,085          88  

Schlumberger

     136,193          8,823  

Southwestern Energy*

     169,054          732  

TechnipFMC

     12,912          380  

Valero Energy

     72,160          6,694  

Whiting Petroleum*

     76,184          2,578  

Williams

     24,791          616  

World Fuel Services

     57,633          1,415  
       

 

 

 
          93,707  
       

 

 

 

Financials – 15.9%

       

Affiliated Managers Group

     1,700          322  

Aflac

     63,406          2,775  

Allstate

     64,285          6,094  

American Express

     98,149          9,155  

American Financial Group

     15,494          1,739  

American International Group

     26,833          1,460  
 

 

18


KP Large Cap Equity Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares        Value (000)  

Ameriprise Financial

     32,669        $ 4,833  

Aon

     55,043          7,724  

Arthur J Gallagher

     5,300          364  

Assurant

     20,416          1,866  

Athene Holding, Cl A*

     16,948          810  

Axis Capital Holdings

     7,227          416  

Bank of America

     671,663          20,143  

Bank of New York Mellon

     109,668          5,651  

BB&T

     27,210          1,416  

Berkshire Hathaway, Cl B*

     99,794          19,907  

BGC Partners, Cl A

     19,618          264  

BlackRock, Cl A

     19,879          10,769  

Brighthouse Financial*

     2,732          140  

Capital One Financial

     59,840          5,734  

Cboe Global Markets

     3,300          377  

Charles Schwab

     130,498          6,815  

Chubb

     63,256          8,651  

Cincinnati Financial

     4,457          331  

Citigroup

     238,069          16,070  

Citizens Financial Group

     121,852          5,115  

CME Group, Cl A

     18,606          3,009  

Comerica

     10,604          1,017  

Discover Financial Services

     40,956          2,946  

E*TRADE Financial*

     7,901          438  

Erie Indemnity, Cl A

     1,577          185  

Everest Re Group

     15,547          3,993  

Federated Investors, Cl B

     6,582          220  

Fifth Third Bancorp

     20,914          664  

FNF Group

     52,498          2,101  

Franklin Resources

     52,739          1,829  

Goldman Sachs Group

     48,109          12,117  

Hanover Insurance Group

     3,966          468  

Hartford Financial Services Group

     14,394          742  

Huntington Bancshares

     33,348          504  

Intercontinental Exchange

     92,583          6,714  

Invesco

     23,570          754  

JPMorgan Chase

     361,436          39,747  

KeyCorp

     44,149          863  

Lazard, Cl A

     19,522          1,026  

Leucadia National

     9,447          215  

Lincoln National

     7,924          579  

Loews

     8,033          399  

LPL Financial Holdings

     3,297          201  

M&T Bank

     8,330          1,536  

Marsh & McLennan

     15,201          1,255  

MetLife

     117,317          5,384  

Moody’s

     23,732          3,828  

Morgan Stanley

     141,476          7,634  

Morningstar

     588          56  

MSCI, Cl A

     11,085          1,657  

Nasdaq

     51,811          4,467  
Description    Shares        Value (000)  

Navient

     7,808        $ 102  

Northern Trust

     6,192          639  

People’s United Financial

     10,854          203  

PNC Financial Services Group

     104,164          15,754  

Popular

     3,212          134  

Principal Financial Group

     18,876          1,150  

Progressive

     65,303          3,979  

Prudential Financial

     39,876          4,129  

Raymond James Financial

     3,800          340  

Regions Financial

     220,137          4,090  

Reinsurance Group of America, Cl A

     28,620          4,407  

S&P Global

     33,087          6,322  

SEI Investments

     2,694          202  

State Street

     66,463          6,628  

SunTrust Banks

     27,351          1,861  

SVB Financial Group*

     1,600          384  

Synchrony Financial

     50,798          1,703  

Synovus Financial

     8,882          444  

T Rowe Price Group

     33,470          3,614  

TCF Financial

     16,908          386  

TD Ameritrade Holding

     61,260          3,628  

Torchmark

     3,187          268  

Travelers

     76,835          10,669  

Unum Group

     6,555          312  

US Bancorp

     217,081          10,963  

Wells Fargo

     395,048          20,704  

Willis Towers Watson

     21,609          3,289  

XL Group

     7,593          420  

Zions Bancorporation

     41,438          2,185  
       

 

 

 
          354,398  
       

 

 

 

Health Care – 14.3%

       

Abbott Laboratories

     134,461          8,057  

AbbVie

     83,375          7,891  

Aetna

     15,277          2,582  

Agilent Technologies

     28,136          1,882  

Alexion Pharmaceuticals*

     36,720          4,093  

Align Technology*

     8,902          2,236  

Allergan

     9,866          1,660  

Alnylam Pharmaceuticals*

     20,270          2,414  

AmerisourceBergen, Cl A

     7,001          604  

Amgen

     53,997          9,205  

Anthem

     31,067          6,825  

Baxter International

     109,716          7,136  

Becton Dickinson

     49,859          10,804  

Biogen*

     27,906          7,641  

Boston Scientific*

     66,405          1,814  

Bristol-Myers Squibb

     102,790          6,501  

Bruker

     6,223          186  

Cardinal Health

     9,095          570  

Celgene*

     83,031          7,407  
 

 

19


KP Large Cap Equity Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares        Value (000)  

Centene*

     14,553        $ 1,555  

Cerner*

     9,115          529  

Charles River Laboratories International*

     9,524          1,017  

Cigna

     109,453          18,360  

Cooper

     4,994          1,143  

Danaher

     99,204          9,713  

DaVita*

     4,448          293  

DENTSPLY SIRONA

     9,197          463  

Edwards Lifesciences*

     7,131          995  

Eli Lilly

     28,755          2,225  

Envision Healthcare*

     3,366          129  

Exelixis*

     58,032          1,285  

Express Scripts Holding*

     105,829          7,311  

Gilead Sciences

     109,135          8,228  

HCA Healthcare

     41,233          4,000  

Henry Schein*

     4,600          309  

Hologic*

     8,200          306  

Humana

     43,838          11,785  

IDEXX Laboratories*

     2,700          517  

Illumina*

     4,400          1,040  

Incyte*

     22,807          1,901  

Intuitive Surgical*

     25,340          10,461  

IQVIA Holdings*

     4,300          422  

Johnson & Johnson

     231,607          29,680  

Laboratory Corp of America Holdings*

     2,952          478  

McKesson

     32,741          4,612  

Medtronic

     171,391          13,749  

Merck

     242,172          13,191  

Mettler-Toledo International*

     800          460  

Mylan*

     15,467          637  

Nektar Therapeutics, Cl A*

     4,700          499  

Novartis

     10,430          843  

PerkinElmer

     3,296          250  

Perrigo

     3,932          328  

Pfizer

     473,814          16,816  

QIAGEN*

     4,953          160  

Quest Diagnostics

     4,054          407  

Regeneron Pharmaceuticals*

     4,908          1,690  

ResMed

     4,200          414  

Roche Holding

     4,193          961  

Stryker

     46,884          7,545  

Thermo Fisher Scientific

     36,546          7,545  

United Therapeutics*

     5,995          674  

UnitedHealth Group

     118,357          25,328  

Universal Health Services, Cl B

     2,600          308  

Varian Medical Systems*

     15,054          1,846  

Vertex Pharmaceuticals*

     74,414          12,128  

Waters*

     11,554          2,295  

WellCare Health Plans*

     7,850          1,520  

Zimmer Biomet Holdings

     6,098          665  
Description    Shares        Value (000)  

Zoetis, Cl A

     14,672        $ 1,225  
       

 

 

 
          319,749  
       

 

 

 

Industrials – 10.2%

       

3M

     41,896          9,197  

Acuity Brands

     1,200          167  

Alaska Air Group

     6,972          432  

Allegion

     2,856          244  

Allison Transmission Holdings

     22,214          868  

American Airlines Group

     89,036          4,626  

AMETEK

     6,727          511  

AO Smith

     4,500          286  

Arconic

     12,755          294  

Armstrong World Industries*

     3,453          194  

Boeing

     116,323          38,140  

Canadian National Railway

     24,266          1,775  

Caterpillar

     51,585          7,603  

CH Robinson Worldwide

     4,064          381  

Cintas

     2,476          422  

Copa Holdings, Cl A

     1,531          197  

Crane

     35,691          3,310  

CSX

     26,504          1,477  

Cummins

     20,093          3,257  

Deere

     9,567          1,486  

Delta Air Lines

     40,922          2,243  

Dover

     4,597          451  

Dun & Bradstreet

     15,929          1,864  

Eaton

     97,982          7,830  

Emerson Electric

     19,118          1,306  

Equifax

     20,381          2,401  

Expeditors International of Washington

     10,891          689  

Fastenal

     8,376          457  

FedEx

     14,050          3,374  

Flowserve

     4,043          175  

Fluor

     4,185          239  

Fortive

     35,317          2,738  

Fortune Brands Home & Security

     4,500          265  

General Dynamics

     15,110          3,338  

General Electric

     310,339          4,183  

HD Supply Holdings*

     29,475          1,118  

Honeywell International

     88,473          12,785  

Huntington Ingalls Industries

     9,191          2,369  

IDEX

     7,294          1,039  

IHS Markit*

     10,500          507  

Illinois Tool Works

     30,535          4,784  

Ingersoll-Rand

     84,247          7,204  

ITT

     14,186          695  

Jacobs Engineering Group

     3,630          215  

JB Hunt Transport Services

     2,500          293  

JetBlue Airways*

     30,317          616  

Kansas City Southern

     19,571          2,150  
 

 

20


KP Large Cap Equity Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares        Value (000)  

KAR Auction Services

     27,255        $ 1,477  

L3 Technologies

     8,590          1,787  

Landstar System

     4,928          540  

Lockheed Martin

     18,900          6,387  

ManpowerGroup

     6,063          698  

Masco

     9,222          373  

Nielsen Holdings

     9,700          308  

Norfolk Southern

     21,743          2,952  

Northrop Grumman

     25,192          8,795  

Oshkosh

     9,445          730  

Owens Corning

     14,882          1,196  

PACCAR

     14,878          984  

Parker-Hannifin

     3,960          677  

Pentair

     23,535          1,603  

Quanta Services*

     4,576          157  

Raytheon

     17,361          3,747  

Regal Beloit

     10,305          756  

Republic Services, Cl A

     9,310          617  

Robert Half International

     47,810          2,768  

Rockwell Automation

     4,862          847  

Rockwell Collins

     4,936          666  

Roper Technologies

     3,073          863  

Ryder System

     23,045          1,677  

Snap-on

     1,729          255  

Southwest Airlines

     39,167          2,243  

Spirit AeroSystems Holdings, Cl A

     51,266          4,291  

Stanley Black & Decker

     18,897          2,895  

Stericycle*

     2,621          153  

Teledyne Technologies*

     2,513          470  

Terex

     11,194          419  

Textron

     7,690          453  

TransDigm Group*

     1,400          430  

Union Pacific

     52,010          6,992  

United Continental Holdings*

     17,600          1,223  

United Parcel Service, Cl B

     39,683          4,153  

United Rentals*

     2,500          432  

United Technologies

     56,033          7,050  

Verisk Analytics, Cl A*

     4,600          478  

Waste Connections

     51,150          3,669  

Waste Management

     62,087          5,223  

WW Grainger

     18,180          5,132  

Xylem

     5,222          402  
       

 

 

 
          227,163  
       

 

 

 

Information Technology – 25.5%

 

    

Accenture, Cl A

     94,113          14,446  

Activision Blizzard

     90,018          6,073  

Adobe Systems*

     54,562          11,790  

Advanced Micro Devices*

     23,600          237  

Akamai Technologies*

     22,785          1,617  

Alibaba Group Holding ADR*

     54,500          10,003  

Alliance Data Systems

     1,480          315  
Description    Shares      Value (000)  

Alphabet, Cl A*

     36,739      $ 38,104  

Alphabet, Cl C*

     28,944        29,864  

Amdocs

     25,245        1,684  

Amphenol, Cl A

     9,152        788  

Analog Devices

     21,904        1,996  

ANSYS*

     7,806        1,223  

Apple

     354,009        59,396  

Applied Materials

     133,652        7,432  

Arista Networks*

     893        228  

ARRIS International*

     55,002        1,461  

ASML Holding, Cl G

     9,100        1,807  

Autodesk*

     6,608        830  

Automatic Data Processing

     13,268        1,506  

Black Knight*

     23,271        1,096  

Booz Allen Hamilton Holding, Cl A

     4,847        188  

Broadcom

     41,847        9,861  

CA

     9,266        314  

Cadence Design Systems*

     19,224        707  

CDW

     11,846        833  

Cisco Systems

     253,540        10,874  

Citrix Systems*

     3,825        355  

Cognizant Technology Solutions, Cl A

     56,041        4,511  

CoreLogic*

     2,667        121  

Corning

     26,123        728  

CSRA

     4,957        204  

Dell Technologies, Cl V*

     21,370        1,565  

Dolby Laboratories, Cl A

     9,102        579  

Dropbox, Cl A*

     24,685        771  

DST Systems

     892        75  

DXC Technology

     88,841        8,931  

eBay*

     67,993        2,736  

Electronic Arts*

     40,194        4,873  

F5 Networks*

     38,551        5,575  

Facebook, Cl A*

     249,002        39,788  

Fidelity National Information Services

     70,626        6,801  

First Solar*

     14,135        1,003  

Fiserv*

     52,664        3,756  

FleetCor Technologies*

     1,334        270  

FLIR Systems

     22,004        1,100  

Fortinet*

     13,191        707  

Gartner*

     2,700        318  

Genpact

     6,113        196  

Global Payments

     42,312        4,719  

Harris

     3,586        578  

Hewlett Packard Enterprise

     57,436        1,007  

HP

     90,201        1,977  

IAC*

     14,530        2,272  

Intel

     242,742        12,642  

International Business Machines

     57,673        8,849  

Intuit

     76,827        13,318  
 

 

21


KP Large Cap Equity Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares        Value (000)  

IPG Photonics*

     3,661        $ 854  

Juniper Networks

     42,261          1,028  

KLA-Tencor

     40,888          4,457  

Lam Research

     12,636          2,567  

Marvell Technology Group

     19,807          416  

Mastercard, Cl A

     31,917          5,591  

Maxim Integrated Products

     103,150          6,212  

Microchip Technology

     7,146          653  

Micron Technology*

     98,238          5,122  

Microsoft

     723,067          65,994  

Motorola Solutions

     4,885          514  

NetApp

     7,894          487  

NVIDIA

     36,762          8,514  

ON Semiconductor*

     28,434          696  

Oracle

     169,704          7,764  

Paychex

     9,267          571  

PayPal Holdings*

     144,956          10,998  

Qorvo*

     3,900          275  

QUALCOMM

     56,130          3,110  

Red Hat*

     66,274          9,909  

salesforce.com*

     83,130          9,668  

Seagate Technology

     8,369          490  

ServiceNow*

     21,184          3,505  

Shopify, Cl A*

     9,849          1,227  

Skyworks Solutions

     23,729          2,379  

Snap, Cl A*

     49,600          787  

Symantec

     18,237          471  

Synopsys*

     24,761          2,061  

Take-Two Interactive Software*

     8,247          806  

TE Connectivity

     10,415          1,040  

Tencent Holdings ADR

     93,000          4,956  

Teradyne

     20,942          957  

Texas Instruments

     133,388          13,858  

Total System Services

     60,536          5,222  

Twitter*

     21,698          630  

VeriSign*

     2,557          303  

Visa, Cl A

     215,163          25,738  

VMware, Cl A*

     37,211          4,513  

Western Digital

     39,537          3,648  

Western Union

     13,763          265  

Workday, Cl A*

     20,400          2,593  

Xerox

     6,504          187  

Xilinx

     32,906          2,377  

Zebra Technologies, Cl A*

     6,611          920  

Zynga, Cl A*

     335,115          1,227  
       

 

 

 
          570,558  
       

 

 

 

Materials – 2.5%

       

Air Products & Chemicals

     21,751          3,459  

Albemarle

     3,200          297  

Alcoa*

     26,400          1,187  

Avery Dennison

     2,468          262  
Description    Shares        Value (000)  

Ball

     10,204        $ 405  

Berry Global Group*

     36,815          2,018  

Cabot

     5,221          291  

Celanese, Cl A

     13,632          1,366  

CF Industries Holdings

     6,850          258  

Chemours

     7,148          348  

Crown Holdings*

     29,334          1,489  

Domtar

     8,847          376  

DowDuPont

     91,860          5,852  

Eastman Chemical

     15,812          1,669  

Ecolab

     7,709          1,057  

FMC

     3,932          301  

Freeport-McMoRan

     85,150          1,496  

Huntsman

     67,593          1,977  

International Flavors & Fragrances

     2,442          334  

International Paper

     12,476          667  

LyondellBasell Industries, Cl A

     45,284          4,786  

Martin Marietta Materials

     1,900          394  

Monsanto

     30,285          3,534  

Mosaic

     9,981          242  

Newmont Mining

     24,595          961  

Nucor

     9,655          590  

Olin

     41,911          1,274  

Packaging Corp of America

     2,800          316  

PPG Industries

     70,209          7,835  

Praxair

     8,614          1,243  

Sealed Air

     5,242          224  

Sherwin-Williams

     10,611          4,161  

Steel Dynamics

     64,799          2,865  

Vulcan Materials

     4,027          460  

Westlake Chemical

     8,032          893  

WestRock

     7,378          473  

WR Grace

     6,573          403  
       

 

 

 
          55,763  
       

 

 

 

Real Estate – 1.7%

       

Alexandria Real Estate Equities‡

     3,000          375  

American Tower, Cl A‡

     24,077          3,499  

Apartment Investment & Management, Cl A‡

     4,754          194  

AvalonBay Communities‡

     5,242          862  

Boston Properties‡

     4,467          550  

CBRE Group, Cl A*

     64,678          3,054  

Crown Castle International‡

     58,782          6,443  

Digital Realty Trust‡

     6,200          653  

Duke Realty‡

     10,800          286  

Equinix‡

     2,394          1,001  

Equity LifeStyle Properties‡

     35,062          3,077  

Equity Residential‡

     11,084          683  

Essex Property Trust‡

     1,932          465  

Extra Space Storage‡

     3,700          323  

Federal Realty Investment Trust‡

     2,200          255  
 

 

22


KP Large Cap Equity Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares        Value (000)  

Gaming and Leisure Properties‡

     37,790        $ 1,265  

GGP‡

     18,543          379  

HCP‡

     13,595          316  

Host Hotels & Resorts‡

     21,818          407  

Iron Mountain‡

     8,486          279  

Kimco Realty‡

     12,145          175  

Liberty Property Trust‡

     14,160          563  

Macerich‡

     3,145          176  

Mid-America Apartment Communities‡

     3,400          310  

Park Hotels & Resorts‡

     37,306          1,008  

Prologis‡

     71,451          4,501  

Public Storage‡

     11,158          2,236  

Realty Income‡

     8,400          435  

Regency Centers‡

     4,500          265  

SBA Communications, Cl A‡ *

     3,400          581  

Simon Property Group‡

     9,304          1,436  

SL Green Realty‡

     2,800          271  

UDR‡

     8,300          296  

Ventas‡

     10,313          511  

Vornado Realty Trust‡

     5,003          337  

Welltower‡

     11,203          610  

Weyerhaeuser‡

     22,682          794  
       

 

 

 
          38,871  
       

 

 

 

Telecommunication Services – 1.1%

 

AT&T

     242,806          8,656  

CenturyLink

     28,130          462  

T-Mobile US*

     84,175          5,138  

Verizon Communications

     223,426          10,685  
       

 

 

 
          24,941  
       

 

 

 

Utilities – 3.1%

       

AES

     19,337          220  

Alliant Energy

     7,100          290  

Ameren

     84,240          4,770  

American Electric Power

     82,575          5,664  

American Water Works

     26,600          2,185  

Avangrid

     26,032          1,331  

CenterPoint Energy

     76,989          2,109  

CMS Energy

     8,164          370  

Consolidated Edison

     40,596          3,164  

Dominion Energy

     19,315          1,302  

DTE Energy

     29,153          3,044  

Duke Energy

     96,129          7,447  

Edison International

     9,468          603  

Entergy

     34,139          2,689  

Eversource Energy

     9,149          539  

Exelon

     256,653          10,012  

FirstEnergy

     13,533          460  

Hawaiian Electric Industries

     3,367          116  

NextEra Energy

     30,386          4,963  

NiSource

     10,446          250  
Description    Shares        Value (000)  

NRG Energy

     9,264        $ 283  

OGE Energy

     21,318          699  

PG&E*

     15,483          680  

Pinnacle West Capital

     7,101          567  

PPL

     20,899          591  

Public Service Enterprise Group

     79,238          3,981  

SCANA

     4,045          152  

Sempra Energy

     38,647          4,298  

Southern

     79,626          3,556  

Vistra Energy*

     3,621          75  

WEC Energy Group

     9,620          603  

Xcel Energy

     47,308          2,152  
       

 

 

 
          69,165  
       

 

 

 

Total Common Stock
(Cost $1,829,924) (000)

          2,192,814  
       

 

 

 

Preferred Stock — 0.2%

       

Air BNB, Ser D* (A) (B)

     11,406          1,335  

Air BNB, Ser E* (A) (B)

     6,939          812  

Flipkart Online Services* (A) (B)

     579          51  

Flipkart Online Services, Ser A* (A) (B)

     199          17  

Flipkart Online Services, Ser C* (A) (B)

     349          30  

Flipkart Online Services, Ser E* (A) (B)

     650          57  

Flipkart Online Services, Ser G* (A) (B)

     3,027          358  

Magic Leap* (A) (B)

     5,553          150  

Magic Leap, Ser C* (A) (B)

     13,521          365  

Uber Technologies, Cl E* (A) (B)

     21,969          756  

Uber Technologies, Cl G* (A) (B)

     7,921          273  
       

 

 

 

Total Preferred Stock
(Cost $3,256) (000)

          4,204  
       

 

 

 

Exchange Traded Fund — 0.0%

       

iShares Russell 1000 ETF

     7,908          1,161  
       

 

 

 

Total Exchange Traded Fund
(Cost $1,177) (000)

          1,161  
       

 

 

 

Short-Term Investment — 1.7%

       

State Street Institutional Treasury Money Market Fund, Cl Institutional, 1.510%, (C)

     38,816,812          38,817  
       

 

 

 

Total Short-Term Investment
(Cost $38,817) (000)

          38,817  
       

 

 

 

Total Investments In Securities — 100.0%
(Cost $1,873,174) (000)

        $ 2,236,996  
       

 

 

 

Percentages are based on Net Assets of $2,236,255 (000).

 

 

23


KP Large Cap Equity Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

A list of the open futures contracts held by the Fund at March 31, 2018, is as follows (000):

 

Type of

Contract

   Number of
Contracts
Long
     Expiration
Date
     Notional
Amount
     Value      Unrealized
(Depreciation)
 

S&P 500 Index E-MINI

     159        Jun-2018      $ 21,992      $ 21,012      $ (980
        

 

 

    

 

 

    

 

 

 

 

* Non-income producing security.
Real Estate Investment Trust
(A) Level 3 security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of March 31, 2018, was $4,204 (000) and represented 0.2% of Net Assets.
(B) Currently, no stated interest rate.
(C) The rate reported is the 7-day effective yield as of March 31, 2018.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

S&P — Standard & Poor’s

Ser — Series

The following is a list of the level of inputs used as of March 31, 2018, in valuing the Fund’s investments and other financial instruments carried at value (000):

 

Investments in Securities    Level 1      Level 2      Level 3^      Total  

Common Stock

   $ 2,192,814      $ -        $ -        $ 2,192,814  

Preferred Stock

     -          -          4,204        4,204  

Short-Term Investment

     38,817        -          -          38,817  

Exchange Traded Fund

     1,161        -          -          1,161  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments in Securities

   $ 2,232,792      $ -        $ 4,204      $ 2,236,996  
  

 

 

    

 

 

    

 

 

    

 

 

 
           
Other Financial Instruments    Level 1      Level 2      Level 3      Total  

Futures Contracts**

           

Unrealized Depreciation

   $ (980    $ -        $ -        $ (980
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Other Financial Instruments

   $ (980    $ -        $ -        $ (980
  

 

 

    

 

 

    

 

 

    

 

 

 

 

** Futures contracts are valued at the unrealized depreciation 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 March 31, 2018, 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.

For the period ended March 31, 2018, there have been no changes to the Fund’s fair value methodologies.

For more information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

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

 

24


KP Small Cap Equity Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares        Value (000)  

Common Stock — 96.5%

       

Consumer Discretionary – 14.0%

 

1-800-Flowers.com, Cl A*

     174,641        $ 2,061  

Aaron’s

     31,670          1,476  

Abercrombie & Fitch, Cl A

     66,897          1,620  

Acushnet Holdings

     86,378          1,994  

Adtalem Global Education*

     36,840          1,752  

AH Belo, Cl A

     197,880          1,019  

American Axle & Manufacturing Holdings*

     26,721          407  

American Eagle Outfitters

     69,020          1,376  

American Public Education*

     4,412          190  

Asbury Automotive Group*

     4,852          327  

Ascena Retail Group*

     42,085          85  

Barnes & Noble

     15,889          79  

Barnes & Noble Education*

     8,826          61  

Belmond, Cl A*

     22,530          251  

Big 5 Sporting Goods

     5,300          38  

Biglari Holdings*

     254          104  

BJ’s Restaurants

     4,836          217  

Bloomin’ Brands

     113,989          2,768  

BMC Stock Holdings*

     87,377          1,708  

BorgWarner

     31,437          1,579  

Bravo Brio Restaurant Group*

     80,450          322  

Buckle

     7,605          168  

Caleres

     50,254          1,689  

Callaway Golf

     24,903          407  

Capella Education

     3,050          266  

Career Education*

     17,157          225  

Carter’s

     18,166          1,891  

Cato, Cl A

     6,513          96  

Cavco Industries*

     2,271          395  

Century Casinos*

     131,526          981  

Chegg*

     207,792          4,293  

Chico’s FAS

     117,054          1,058  

Children’s Place

     4,573          618  

Chuy’s Holdings*

     104,130          2,728  

Conn’s*

     30,655          1,042  

Cooper Tire & Rubber

     117,794          3,451  

Cooper-Standard Holdings*

     4,309          529  

Core-Mark Holding

     12,387          263  

Crocs*

     18,622          303  

Dave & Buster’s Entertainment*

     10,666          445  

Del Frisco’s Restaurant Group*

     123,237          1,879  

Denny’s*

     61,796          954  

DineEquity

     23,570          1,546  

Dixie Group*

     214,108          589  

Dorman Products*

     7,998          530  

DR Horton

     67,702          2,968  
Description    Shares        Value (000)  

DSW, Cl A

     64,498        $ 1,449  

El Pollo Loco Holdings*

     6,356          60  

Eldorado Resorts*

     47,830          1,578  

Ethan Allen Interiors

     6,811          156  

Etsy*

     37,695          1,058  

EW Scripps, Cl A

     14,763          177  

Express*

     324,537          2,324  

Fiesta Restaurant Group*

     7,455          138  

Finish Line, Cl A

     11,150          151  

Five Below*

     14,591          1,070  

Floor & Decor Holdings, Cl A*

     32,705          1,705  

Fossil Group*

     11,926          151  

Fox Factory Holding*

     9,881          345  

Francesca’s Holdings*

     8,462          41  

Fred’s, Cl A*

     10,499          31  

FTD*

     5,124          19  

Gannett

     29,851          298  

Genesco*

     5,222          212  

Gentherm*

     9,724          330  

G-III Apparel Group*

     162,434          6,121  

Goodyear Tire & Rubber

     106,000          2,817  

Group 1 Automotive

     5,209          340  

Guess?

     15,849          329  

Habit Restaurants, Cl A*

     229,786          2,022  

Haverty Furniture

     4,912          99  

Hibbett Sports*

     4,899          117  

Inspired Entertainment*

     68,564          377  

Installed Building Products*

     5,541          333  

iRobot*

     7,392          474  

JC Penney*

     83,703          253  

John Wiley & Sons, Cl A

     74,775          4,763  

Kirkland’s*

     154,379          1,496  

La-Z-Boy, Cl Z

     12,707          381  

LCI Industries

     6,652          693  

LGI Homes*

     4,654          328  

Lindblad Expeditions Holdings*

     139,872          1,436  

Lithia Motors, Cl A

     6,363          640  

Lululemon Athletica*

     16,611          1,480  

Lumber Liquidators Holdings*

     7,774          186  

M/I Homes*

     7,397          236  

Malibu Boats, Cl A*

     29,531          981  

Marcus

     5,160          157  

MarineMax*

     5,534          108  

Marriott Vacations Worldwide

     6,223          829  

MDC Holdings

     110,078          3,073  

MDC Partners, Cl A*

     131,666          948  

Melco Resorts & Entertainment ADR

     144,280          4,181  

Meredith

     45,615          2,454  

Meritage Homes*

     10,205          462  

Modine Manufacturing*

     188,059          3,977  
 

 

25


KP Small Cap Equity Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares        Value (000)  

Monarch Casino & Resort*

     3,167        $ 134  

Monro

     36,630          1,963  

Motorcar Parts of America*

     4,759          102  

Movado Group

     3,951          152  

Nautilus*

     7,867          106  

New Media Investment Group

     14,272          245  

Nexstar Media Group, Cl A

     50,232          3,340  

Norwegian Cruise Line Holdings*

     74,429          3,942  

Nutrisystem

     8,019          216  

Ollie’s Bargain Outlet Holdings*

     12,989          783  

Oxford Industries

     4,406          328  

Penn National Gaming*

     22,351          587  

Penske Automotive Group

     52,769          2,339  

Perry Ellis International*

     3,500          90  

PetMed Express

     5,570          233  

Pier 1 Imports

     470,559          1,515  

Planet Fitness, Cl A*

     48,000          1,813  

PlayAGS*

     24,930          580  

Red Robin Gourmet Burgers*

     3,466          201  

Regis*

     9,634          146  

Rent-A-Center, Cl A*

     13,743          119  

RH*

     4,917          468  

Ruth’s Hospitality Group

     7,830          191  

Scholastic

     7,438          289  

SeaWorld Entertainment*

     239,560          3,553  

Shake Shack, Cl A*

     4,929          205  

Shoe Carnival

     3,168          75  

Shutterfly*

     8,708          708  

Skechers U.S.A., Cl A*

     73,536          2,860  

Sleep Number*

     10,389          365  

Sonic

     10,095          255  

Sonic Automotive, Cl A

     6,360          121  

Standard Motor Products

     5,270          251  

Steven Madden

     14,218          624  

Strayer Education

     2,789          282  

Sturm Ruger

     56,329          2,957  

Superior Industries International

     6,299          84  

Tailored Brands

     13,051          327  

Texas Roadhouse, Cl A

     26,155          1,511  

Tile Shop Holdings

     7,998          48  

TopBuild*

     44,171          3,380  

Unifi*

     4,579          166  

Universal Electronics*

     3,803          198  

Vail Resorts

     6,083          1,349  

Vera Bradley*

     4,356          46  

Vista Outdoor*

     15,441          252  

Visteon*

     9,355          1,031  

Vitamin Shoppe*

     6,954          30  

Weight Watchers International*

     17,555          1,119  

William Lyon Homes, Cl A*

     7,732          213  

Wingstop, Cl A

     7,658          362  
Description    Shares        Value (000)  

Winnebago Industries

     73,671        $ 2,770  

Wolverine World Wide

     25,322          732  

World Wrestling Entertainment, Cl A

     68,491          2,466  

Zumiez*

     4,673          112  
       

 

 

 
          150,466  
       

 

 

 

Consumer Staples – 3.3%

       

Andersons

     135,507          4,485  

Avon Products*

     114,300          325  

B&G Foods

     105,411          2,498  

Calavo Growers

     4,134          381  

Cal-Maine Foods*

     7,823          342  

Central Garden & Pet*

     2,851          123  

Central Garden & Pet, Cl A*

     9,255          366  

Chefs’ Warehouse*

     59,196          1,361  

Coca-Cola Bottling Consolidated

     1,203          208  

Darling Ingredients*

     243,940          4,220  

Dean Foods

     23,900          206  

Energizer Holdings

     49,107          2,926  

Flowers Foods

     171,075          3,740  

Herbalife*

     14,834          1,446  

Inter Parfums

     36,478          1,720  

J&J Snack Foods

     3,984          544  

John B Sanfilippo & Son

     2,253          130  

Medifast

     15,218          1,422  

MGP Ingredients

     3,400          305  

Nu Skin Enterprises, Cl A

     19,588          1,444  

Seneca Foods, Cl A*

     1,835          51  

SpartanNash

     9,316          160  

SUPERVALU*

     10,472          159  

United Natural Foods*

     66,340          2,849  

Universal

     62,415          3,027  

WD-40

     3,650          481  
       

 

 

 
          34,919  
       

 

 

 

Energy – 3.6%

       

Archrock

     19,083          167  

Ardmore Shipping*

     293,142          2,228  

Bristow Group*

     9,036          118  

Callon Petroleum*

     337,270          4,466  

Capital Product Partners (A)

     133,540          417  

CARBO Ceramics*

     6,259          45  

Carrizo Oil & Gas*

     20,495          328  

Cloud Peak Energy*

     17,579          51  

CONSOL Energy*

     6,500          188  

Denbury Resources*

     107,524          295  

Diamondback Energy

     33,053          4,182  

Dorian LPG*

     1          -    

Eclipse Resources*

     621,143          894  

Energen*

     63,730          4,006  

Era Group*

     5,000          47  
 

 

26


KP Small Cap Equity Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares        Value (000)  

Exterran*

     8,282        $ 221  

Geospace Technologies*

     3,914          39  

Green Plains

     30,256          508  

Gulf Island Fabrication*

     3,100          22  

Helix Energy Solutions Group*

     37,524          217  

HighPoint Resources*

     25,071          127  

Independence Contract Drilling*

     74,722          283  

Jones Energy, Cl A*

     2          -    

Keane Group*

     94,610          1,400  

Matador Resources*

     49,855          1,491  

Matrix Service*

     6,579          90  

McDermott International*

     75,439          459  

Newpark Resources*

     23,377          189  

Noble*

     65,534          243  

Oceaneering International*

     25,982          482  

Oil States International*

     15,787          414  

Par Pacific Holdings*

     6,791          117  

PDC Energy*

     17,583          862  

Pioneer Energy Services*

     17,774          48  

Resolute Energy*

     53,739          1,862  

REX American Resources*

     1,475          107  

Ring Energy*

     142,103          2,039  

RPC

     176,160          3,176  

RSP Permian*

     38,930          1,825  

SEACOR Holdings*

     74,980          3,832  

SRC Energy*

     63,954          603  

TETRA Technologies*

     33,476          126  

Unit*

     14,040          277  
       

 

 

 
          38,491  
       

 

 

 

Financials – 18.2%

       

Access National

     76,817          2,192  

American Equity Investment Life Holding

     65,764          1,931  

American Financial Group

     34,955          3,923  

Ameris Bancorp

     10,295          545  

AMERISAFE

     59,066          3,263  

Apollo Commercial Real Estate Finance‡

     29,263          526  

ARMOUR Residential‡

     11,190          260  

Aspen Insurance Holdings

     59,949          2,689  

Atlantic Capital Bancshares*

     62,407          1,130  

Banc of California

     65,913          1,272  

Bank of Hawaii

     40,050          3,328  

Banner

     27,203          1,509  

Berkshire Hills Bancorp

     36,050          1,368  

BofI Holding*

     14,790          599  

Boston Private Financial Holdings

     22,273          335  

Bridgewater Bancshares*

     22,949          300  

BrightSphere Investment Group

     74,766          1,178  

Brookline Bancorp

     20,265          328  

Byline Bancorp*

     48,761          1,118  
Description    Shares        Value (000)  

Capstar Financial Holdings*

     114,728        $ 2,160  

Capstead Mortgage‡

     25,201          218  

Carolina Financial

     38,539          1,514  

CenterState Banks

     42,171          1,119  

Central Pacific Financial

     8,100          231  

Chemical Financial

     24,582          1,344  

City Holding

     4,164          285  

Civista Bancshares

     56,665          1,295  

CoBiz Financial

     147,041          2,882  

Columbia Banking System

     34,422          1,444  

Comerica

     38,019          3,647  

Commerce Bancshares

     60,984          3,654  

Community Bank System

     13,387          717  

Community Bankers Trust*

     239,201          2,153  

Customers Bancorp*

     69,642          2,030  

CVB Financial

     176,665          4,000  

Dime Community Bancshares

     8,319          153  

Donnelley Financial Solutions*

     9,100          156  

E*TRADE Financial*

     60,140          3,332  

Eagle Bancorp Montana

     34,296          712  

eHealth*

     4,800          69  

Employers Holdings

     8,491          343  

Encore Capital Group*

     28,572          1,291  

Enova International*

     8,572          189  

Entegra Financial*

     22,666          657  

Equity Bancshares, Cl A*

     42,562          1,667  

Evans Bancorp

     48,063          2,175  

EZCORP, Cl A*

     13,834          183  

FB Financial*

     40,345          1,638  

Fidelity Southern

     6,114          141  

Financial Engines

     16,748          586  

First BanCorp*

     48,010          289  

First Bancorp NC

     30,403          1,084  

First Commonwealth Financial

     25,691          363  

First Financial Bancorp

     67,055          1,968  

First Financial Bankshares

     17,775          823  

First Hawaiian

     87,232          2,428  

First Horizon National

     176,735          3,328  

First Internet Bancorp

     55,908          2,069  

First Midwest Bancorp

     85,131          2,093  

FirstCash

     66,412          5,396  

FNB

     298,792          4,019  

Glacier Bancorp

     20,971          805  

Great Western Bancorp

     15,522          625  

Green Bancorp*

     43,034          957  

Green Dot, Cl A*

     65,762          4,219  

Greenhill

     6,709          124  

Guaranty Bancorp

     96,765          2,743  

Guaranty Bancshares

     17,868          595  

Hanmi Financial

     8,614          265  
 

 

27


KP Small Cap Equity Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares        Value (000)  

Hannon Armstrong Sustainable Infrastructure Capital‡

     98,200        $ 1,915  

HCI Group

     2,200          84  

Heritage Commerce

     112,899          1,861  

Heritage Financial

     122,480          3,748  

HomeStreet*

     6,997          200  

Hope Bancorp

     33,996          618  

Horace Mann Educators

     29,115          1,245  

IBERIABANK

     53,501          4,173  

Independent Bank

     7,392          529  

Infinity Property & Casualty

     2,863          339  

International. FCStone*

     4,206          180  

Invesco Mortgage Capital‡

     30,000          491  

Investar Holding

     37,567          971  

Investment Technology Group

     8,847          175  

James River Group Holdings

     6,600          234  

LegacyTexas Financial Group

     11,424          489  

LPL Financial Holdings

     26,660          1,628  

Luther Burbank

     33,014          396  

Maiden Holdings

     18,165          118  

MarketAxess Holdings

     1,862          405  

Meta Financial Group

     2,394          261  

MSCI, Cl A

     5,808          868  

National Bank Holdings, Cl A

     82,569          2,745  

Navigators Group

     5,933          342  

NBT Bancorp

     11,736          416  

New York Mortgage Trust‡

     30,000          178  

NMI Holdings, Cl A*

     15,090          250  

Northfield Bancorp

     12,267          191  

Northwest Bancshares

     27,659          458  

OFG Bancorp

     11,109          116  

Old Line Bancshares

     44,383          1,465  

Old National Bancorp

     157,035          2,654  

Opus Bank

     64,822          1,815  

Oritani Financial

     10,586          162  

Orrstown Financial Services

     15,045          363  

Pacific Premier Bancorp*

     10,240          412  

PacWest Bancorp

     25,930          1,284  

PennyMac Mortgage Investment Trust‡

     15,800          285  

Piper Jaffray

     3,739          311  

PRA Group*

     11,887          452  

Primerica

     40,650          3,927  

ProAssurance

     14,061          683  

Prosperity Bancshares

     59,756          4,340  

Provident Financial Services

     16,408          420  

Reliant Bancorp

     35,582          811  

RLI

     10,308          653  

S&T Bancorp

     9,174          366  

Safety Insurance Group

     4,108          316  

Sandy Spring Bancorp

     46,032          1,784  
Description    Shares        Value (000)  

Seacoast Banking Corp of Florida*

     12,400        $ 328  

Selective Insurance Group

     15,499          941  

ServisFirst Bancshares

     12,009          490  

Shore Bancshares

     55,922          1,055  

Sierra Bancorp

     17,896          477  

Simmons First National, Cl A

     20,692          589  

SmartFinancial*

     19,959          470  

Solar Capital

     53,930          1,095  

Southern First Bancshares*

     4,601          205  

Southern National Bancorp of Virginia

     121,976          1,932  

Southside Bancshares

     7,454          259  

State Auto Financial

     32,498          928  

State Bank Financial

     86,828          2,606  

Sterling Bancorp

     42,603          576  

Stewart Information Services

     6,323          278  

SVB Financial Group*

     15,765          3,784  

Synovus Financial

     37,840          1,890  

TCF Financial

     100,510          2,293  

Texas Capital Bancshares*

     7,559          680  

Third Point Reinsurance*

     21,823          304  

Tompkins Financial

     3,215          244  

TriCo Bancshares

     48,249          1,796  

TrustCo Bank

     25,996          220  

UMB Financial

     26,712          1,934  

Umpqua Holdings

     213,568          4,572  

United Community Banks

     19,494          617  

United Fire Group

     5,603          268  

United Insurance Holdings

     5,302          101  

Universal Insurance Holdings

     8,424          269  

Veritex Holdings*

     20,727          574  

Virtus Investment Partners

     1,877          232  

Waddell & Reed Financial, Cl A

     22,411          453  

Walker & Dunlop

     7,418          441  

WesBanco

     42,008          1,777  

Westamerica Bancorporation

     46,862          2,722  

Western Alliance Bancorp*

     31,555          1,834  

WisdomTree Investments

     30,562          280  

World Acceptance*

     1,694          178  

Zions Bancorporation

     56,965          3,004  
       

 

 

 
          194,795  
       

 

 

 

Health Care – 10.8%

       

Abaxis

     6,006          424  

ABIOMED*

     3,087          898  

Acadia Healthcare*

     33,234          1,302  

Aceto

     9,010          69  

Acorda Therapeutics*

     12,424          294  

Aerie Pharmaceuticals*

     33,884          1,838  

Almost Family*

     3,400          190  

AMAG Pharmaceuticals*

     9,091          183  

Amedisys*

     7,455          450  
 

 

28


KP Small Cap Equity Fund

Schedule of Investments

March 31, 2018 (unaudited)

 

Description    Shares        Value (000)  

AMN Healthcare Services*

     38,806        $ 2,202  

Amphastar Pharmaceuticals*

     9,512          178  

Analogic

     3,317          318  

AngioDynamics*

     9,903          171  

ANI Pharmaceuticals*

     2,447          142  

Anika Therapeutics*

     3,899          194  

Array BioPharma*

     129,193          2,108  

AxoGen*

     56,766          2,072  

Bio-Techne

     12,325          1,862  

BioTelemetry*

     8,215          255  

Cambrex*

     8,815          461  

Catalent*

     36,080          1,481  

Charles River Laboratories International*

     10,934          1,167  

Chemed

     11,120          3,034  

Collegium Pharmaceutical*

     42,660          1,090  

Community Health Systems*

     31,174          123  

Computer Programs & Systems

     3,115          91  

CONMED

     27,013          1,711  

Corcept Therapeutics*

     25,096          413  

CorVel*

     2,500          126  

Cross Country Healthcare*

     118,667          1,318  

CryoLife*

     61,899          1,241  

Cutera*

     3,600          181  

Cytokinetics*

     13,823          100  

Depomed*

     16,985          112  

DexCom*

     10,298          764  

Diplomat Pharmacy*

     51,755          1,043  

Eagle Pharmaceuticals*

     2,144          113  

Emergent BioSolutions*

     9,458          498  

Enanta Pharmaceuticals*

     3,897          315  

Encompass Health

     102,767          5,875  

Ensign Group

     12,792          336  

Envision Healthcare*

     64,864          2,493  

Esperion Therapeutics*

     20,464          1,480  

GenMark Diagnostics*

     275,086          1,496  

Glaukos*

     2,316          71  

Global Blood Therapeutics*

     14,463          699  

GlycoMimetics*

     42,761          694  

Haemonetics*

     61,987          4,535  

Halozyme Therapeutics*

     59,540          1,166  

HealthEquity*

     28,682          1,736  

HealthStream*

     7,053          175  

Heron Therapeutics*

     11,450          316  

Heska*

     1,741          138  

HMS Holdings*

     76,260          1,284  

ICU Medical*

     7,870          1,986  

IDEXX Laboratories*

     8,000          1,531  

Impax Laboratories*

     19,513          380  

Innoviva*

     18,451          308  

Inogen*

     4,610          566  
Description    Shares        Value (000)  

Insulet*

     48,292        $ 4,186  

Integer Holdings*

     7,613          431  

Integra LifeSciences Holdings*

     17,029          942  

Intersect ENT*

     25,960          1,020  

Intra-Cellular Therapies, Cl A*

     31,487          663  

Invacare

     8,893          155  

K2M Group Holdings*

     90,640          1,718  

Kindred Healthcare*

     23,887          219  

Lannett*

     8,185          131  

Lantheus Holdings*

     46,809          744  

LeMaitre Vascular

     4,200          152  

LHC Group*

     4,422          272  

Ligand Pharmaceuticals*

     15,008          2,479  

LivaNova*

     17,630          1,560  

Luminex

     10,744          226  

Magellan Health*

     6,471          693  

Medicines*

     17,095          563  

MEDNAX*

     46,880          2,608  

Meridian Bioscience

     10,733          152  

Merit Medical Systems*

     69,233          3,140  

MiMedx Group*

     27,970          195  

Momenta Pharmaceuticals*

     20,233          367  

Myriad Genetics*

     18,733          554  

Natus Medical*

     8,620          290  

Nektar Therapeutics, Cl A*

     23,478          2,495  

Neogen*

     13,773          923  

NeoGenomics*

     188,708          1,540  

Neurocrine Biosciences*

     18,232          1,512  

Novocure*

     42,785          933  

Omnicell*

     10,425          452  

OraSure Technologies*

     16,147          273  

Orthofix International*

     4,881          287  

Owens & Minor

     16,000          249  

Oxford Immunotec Global*

     139,442          1,736  

PetIQ, Cl A*

     35,504