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KP Funds – ‘N-Q’ for 9/30/17

On: Tuesday, 11/28/17, at 1:44pm ET · Effective: 11/28/17 · For: 9/30/17 · Accession #: 1193125-17-353590 · File #: 811-22838

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

11/28/17  KP Funds                          N-Q         9/30/17    2:7.8M                                   Donnelley … Solutions/FA
          → KP 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   5.37M 
 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

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

(Name and address of agent for service)

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

Date of fiscal year end: December 31, 2017

Date of reporting period: September 30, 2017

Item 1. Schedules of Investments

KP Retirement Path 2015 Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Affiliated Registered Investment Companies — 73.1%
KP Fixed Income Fund			17,693,643			$	179,236
KP International Equity Fund			3,428,678				37,613
KP Large Cap Equity Fund			6,932,183				90,257
KP Small Cap Equity Fund			1,368,315				17,309

Total Affiliated Registered Investment Companies (Cost $297,199) (000)							324,415


Unaffiliated Registered Investment Companies — 26.5%
DFA Commodity Strategy Portfolio			747,400				4,380
DFA International Real Estate Securities Portfolio			852,319				4,355
Lazard Global Listed Infrastructure Portfolio			266,599				4,444
T. Rowe Price Institutional Floating Rate Fund			434,741				4,356
T. Rowe Price New Era Fund, Cl I			132,496				4,629
Vanguard Inflation-Protected Securities Fund			1,253,294				13,109
Vanguard REIT Index Fund			491,834				8,962
Vanguard Short-Term Bond Index Fund			3,910,682				40,906
Vanguard Short-Term Inflation- Protected Securities Index Fund			1,299,254				32,235

Total Unaffiliated Registered Investment Companies (Cost $114,795) (000)							117,376

Total Investments in Securities — 99.6% (Cost $411,994) (000) †						$	441,791

Percentages are based on Net Assets of $443,617 (000).

Cl – Class

REIT – Real Estate Investment Trust

†	At September 30, 2017, the tax cost basis of the Fund’s investments was $411,994 (000), and the unrealized appreciation and depreciation were $30,153 (000) and $(356) (000), respectively.

As of September 30, 2017, 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 September 30, 2017, 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 September 30, 2017, 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

September 30, 2017 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2017 (000):


		Value 12/31/2016				Purchases at Cost				Proceeds from Sales				Change in Unrealized Appreciation				Realized Gain				Value 9/30/2017				Dividend Income				Capital Gain Distributions
KP Fixed Income Fund		$	159,878			$	54,314			$	(39,673	)		$	4,410			$	307			$	179,236			$	-			$	-
KP International Equity Fund			27,218				12,699				(9,822	)			7,039				479				37,613				-				-
KP Large Cap Equity Fund			79,257				16,552				(19,130	)			9,741				3,837				90,257				-				-
KP Small Cap Equity Fund			13,182				4,802				(2,643	)			1,542				426				17,309				-				-

Totals		$	279,535			$	88,367			$	(71,268	)		$	22,732			$	5,049			$	324,415			$	-			$	-

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

2

KP Retirement Path 2020 Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Affiliated Registered Investment Companies — 76.7%
KP Fixed Income Fund			29,083,424			$	294,616
KP International Equity Fund			9,150,538				100,381
KP Large Cap Equity Fund			16,092,842				209,529
KP Small Cap Equity Fund			3,794,472				48,000

Total Affiliated Registered Investment Companies (Cost $586,543) (000)							652,526


Unaffiliated Registered Investment Companies — 22.9%
DFA Commodity Strategy Portfolio			1,445,957				8,473
DFA International Real Estate Securities Portfolio			1,649,455				8,429
Lazard Global Listed Infrastructure Portfolio			515,932				8,601
T. Rowe Price Institutional Floating Rate Fund			841,201				8,429
T. Rowe Price New Era Fund, Cl I			256,292				8,955
Vanguard Inflation-Protected Securities Fund			2,362,766				24,715
Vanguard REIT Index Fund			926,417				16,879
Vanguard Short-Term Bond Index Fund			6,071,546				63,508
Vanguard Short-Term Inflation- Protected Securities Index Fund			1,899,590				47,128

Total Unaffiliated Registered Investment Companies (Cost $191,602) (000)							195,117

Total Investments in Securities — 99.6% (Cost $778,145) (000) †						$	847,643

Percentages are based on Net Assets of $850,646 (000).

Cl – Class

REIT – Real Estate Investment Trust

†	At September 30, 2017, the tax cost basis of the Fund’s investments was $778,145 (000), and the unrealized appreciation and depreciation were $70,651 (000) and $(1,153) (000), respectively.

As of September 30, 2017, 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 September 30, 2017, 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 September 30, 2017, 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

September 30, 2017 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2017 (000):


		Value 12/31/2016				Purchases at Cost				Proceeds from Sales				Change in Unrealized Appreciation				Realized Gain				Value 9/30/2017				Dividend Income				Capital Gain Distributions
KP Fixed Income Fund		$	243,375			$	72,839			$	(28,806	)		$	6,966			$	242			$	294,616			$	-			$	-
KP International Equity Fund			78,221				20,558				(17,917	)			18,467				1,052				100,381				-				-
KP Large Cap Equity Fund			150,728				55,081				(25,649	)			24,077				5,292				209,529				-				-
KP Small Cap Equity Fund			42,361				3,991				(3,767	)			4,806				609				48,000				-				-

Totals		$	514,685			$	152,469			$	(76,139	)		$	54,316			$	7,195			$	652,526			$	-			$	-

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

4

KP Retirement Path 2025 Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Affiliated Registered Investment Companies — 81.4%
KP Fixed Income Fund			28,130,005			$	284,957
KP International Equity Fund			14,490,554				158,961
KP Large Cap Equity Fund			22,859,234				297,627
KP Small Cap Equity Fund			6,154,439				77,854

Total Affiliated Registered Investment Companies (Cost $724,650) (000)							819,399


Unaffiliated Registered Investment Companies — 18.3%
DFA Commodity Strategy Portfolio			1,708,886				10,014
DFA International Real Estate Securities Portfolio			1,950,146				9,965
Lazard Global Listed Infrastructure Portfolio			609,872				10,167
T. Rowe Price Institutional Floating Rate Fund			994,319				9,963
T. Rowe Price New Era Fund, Cl I			302,837				10,581
Vanguard Inflation-Protected Securities Fund			2,772,598				29,001
Vanguard REIT Index Fund			1,086,550				19,797
Vanguard Short-Term Bond Index Fund			4,672,680				48,876
Vanguard Short-Term Inflation- Protected Securities Index Fund			1,446,969				35,900

Total Unaffiliated Registered Investment Companies (Cost $181,045) (000)							184,264

Total Investments in Securities — 99.7% (Cost $905,695) (000) †						$	1,003,663

Percentages are based on Net Assets of $1,006,554 (000).

Cl – Class

REIT – Real Estate Investment Trust

†	At September 30, 2017, the tax cost basis of the Fund’s investments was $905,695 (000), and the unrealized appreciation and depreciation were $99,288 (000) and $(1,320) (000), respectively.

As of September 30, 2017, 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 September 30, 2017, 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 September 30, 2017, 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

September 30, 2017 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2017 (000):


		Value 12/31/2016				Purchases at Cost				Proceeds from Sales				Change in Unrealized Appreciation				Realized Gain (Loss)				Value 9/30/2017				Dividend Income				Capital Gain Distributions
KP Fixed Income Fund		$	219,574			$	69,920			$	(11,214	)		$	6,553			$	124			$	284,957			$	-			$	-
KP International Equity Fund			141,328				15,698				(28,831	)			29,739				1,027				158,961				-				-
KP Large Cap Equity Fund			196,194				82,462				(21,122	)			35,614				4,479				297,627				-				-
KP Small Cap Equity Fund			71,689				7,802				(10,318	)			7,164				1,517				77,854				-				-

Totals		$	628,785			$	175,882			$	(71,485	)		$	79,070			$	7,147			$	819,399			$	-			$	-

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

6

KP Retirement Path 2030 Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Affiliated Registered Investment Companies — 86.4%
KP Fixed Income Fund			21,580,483			$	218,610
KP International Equity Fund			17,705,808				194,233
KP Large Cap Equity Fund			24,239,264				315,595
KP Small Cap Equity Fund			7,380,622				93,365

Total Affiliated Registered Investment Companies (Cost $715,671) (000)							821,803


Unaffiliated Registered Investment Companies — 13.4%
DFA Commodity Strategy Portfolio			1,504,076				8,814
DFA International Real Estate Securities Portfolio			1,716,148				8,770
Lazard Global Listed Infrastructure Portfolio			536,656				8,946
T. Rowe Price Institutional Floating Rate Fund			875,084				8,768
T. Rowe Price New Era Fund, Cl I			266,507				9,312
Vanguard Inflation-Protected Securities Fund			2,440,678				25,530
Vanguard REIT Index Fund			956,328				17,423
Vanguard Short-Term Bond Index Fund			2,352,072				24,603
Vanguard Short-Term Inflation- Protected Securities Index Fund			625,928				15,529

Total Unaffiliated Registered Investment Companies (Cost $125,217) (000)							127,695

Total Investments in Securities — 99.8% (Cost $840,888) (000) †						$	949,498

Percentages are based on Net Assets of $951,700 (000).

Cl – Class

REIT – Real Estate Investment Trust

†	At September 30, 2017, the tax cost basis of the Fund’s investments was $840,888 (000), and the unrealized appreciation and depreciation were $109,464 (000) and $(854) (000), respectively.

As of September 30, 2017, 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 September 30, 2017, 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 September 30, 2017, 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

September 30, 2017 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2017 (000):


		Value 12/31/2016				Purchases at Cost				Proceeds from Sales				Change in Unrealized Appreciation				Realized Gain (Loss)				Value 9/30/2017				Dividend Income				Capital Gain Distributions
KP Fixed Income Fund		$	155,165			$	65,829			$	(7,423	)		$	4,918			$	121			$	218,610			$	-			$	-
KP International Equity Fund			190,200				21,402				(55,531	)			37,659				503				194,233				-				-
KP Large Cap Equity Fund			210,598				79,931				(17,111	)			38,491				3,686				315,595				-				-
KP Small Cap Equity Fund			89,053				11,194				(17,298	)			7,892				2,524				93,365				-				-

Totals		$	645,016			$	178,356			$	(97,363	)		$	88,960			$	6,834			$	821,803			$	-			$	-

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

8

KP Retirement Path 2035 Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Affiliated Registered Investment Companies — 90.6%
KP Fixed Income Fund			19,510,833			$	197,645
KP International Equity Fund			23,844,870				261,578
KP Large Cap Equity Fund			28,790,246				374,848
KP Small Cap Equity Fund			9,943,125				125,781

Total Affiliated Registered Investment Companies (Cost $825,683) (000)							959,852


Unaffiliated Registered Investment Companies — 9.2%
DFA Commodity Strategy Portfolio			1,488,299				8,721
DFA International Real Estate Securities Portfolio			1,698,077				8,677
Lazard Global Listed Infrastructure Portfolio			531,044				8,853
T. Rowe Price Institutional Floating Rate Fund			865,893				8,676
T. Rowe Price New Era Fund, Cl I			263,724				9,215
Vanguard Inflation-Protected Securities Fund			2,418,013				25,292
Vanguard REIT Index Fund			947,284				17,260
Vanguard Short-Term Bond Index Fund			676,485				7,076
Vanguard Short-Term Inflation- Protected Securities Index Fund			142,966				3,547

Total Unaffiliated Registered Investment Companies (Cost $95,018) (000)							97,317

Total Investments in Securities — 99.8% (Cost $920,701) (000) †						$	1,057,169

Percentages are based on Net Assets of $1,059,138 (000).

Cl – Class

REIT – Real Estate Investment Trust

†	At September 30, 2017, the tax cost basis of the Fund’s investments was $920,701 (000), and the unrealized appreciation and depreciation were $137,335 (000) and $(867) (000), respectively.

As of September 30, 2017, 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 September 30, 2017, 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 September 30, 2017, 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

September 30, 2017 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2017 (000):


		Value 12/31/2016				Purchases at Cost				Proceeds from Sales				Change in Unrealized Appreciation				Realized Gain (Loss)				Value 9/30/2017				Dividend Income				Capital Gain Distributions
KP Fixed Income Fund		$	132,082			$	67,014			$	(5,924	)		$	4,379			$	94			$	197,645			$	-			$	-
KP International Equity Fund			248,350				29,884				(67,211	)			50,080				475				261,578				-				-
KP Large Cap Equity Fund			263,591				78,095				(16,881	)			46,437				3,606				374,848				-				-
KP Small Cap Equity Fund			115,902				16,754				(20,811	)			10,889				3,047				125,781				-				-

Totals		$	759,925			$	191,747			$	(110,827	)		$	111,785			$	7,222			$	959,852			$	-			$	-

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

10

KP Retirement Path 2040 Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Affiliated Registered Investment Companies — 93.4%
KP Fixed Income Fund			14,779,605			$	151,195
KP International Equity Fund			24,819,227				272,267
KP Large Cap Equity Fund			27,385,067				356,554
KP Small Cap Equity Fund			10,197,624				129,000

Total Affiliated Registered Investment Companies (Cost $775,907) (000)							909,016


Unaffiliated Registered Investment Companies — 6.6%
DFA Commodity Strategy Portfolio			1,098,017				6,434
DFA International Real Estate Securities Portfolio			1,252,648				6,401
Lazard Global Listed Infrastructure Portfolio			391,702				6,530
T. Rowe Price Institutional Floating Rate Fund			638,880				6,402
T. Rowe Price New Era Fund, Cl I			194,548				6,797
Vanguard Inflation-Protected Securities Fund			1,771,102				18,526
Vanguard REIT Index Fund			693,717				12,639

Total Unaffiliated Registered Investment Companies (Cost $61,957) (000)							63,729

Total Investments In Securities — 100.0% (Cost $837,864) (000) †						$	972,745

Percentages are based on Net Assets of $972,746 (000).

Cl – Class

REIT – Real Estate Investment Trust

†	At September 30, 2017, the tax basis cost of the Fund’s investments was $837,864 (000) and the unrealized appreciation and depreciation were $135,417 (000) and ($536) (000), respectively.

As of September 30, 2017, 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 September 30, 2017, 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 September 30, 2017, there were no Level 3 investments.

For the period ended September 30, 2017, 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

September 30, 2017 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2017 (000):


		Value 12/31/2016				Purchases at Cost				Proceeds from Sales				Change in Unrealized Appreciation				Realized Gain (Loss)				Value 9/30/2017				Dividend Income				Capital Gain Distributions
KP Fixed Income Fund		$	88,789			$	62,349			$	(4,573	)		$	4,555			$	75			$	151,195			$	-			$	-
KP International Equity Fund			248,249				34,192				(65,515	)			54,818				523				272,267				-				-
KP Large Cap Equity Fund			261,814				62,145				(26,753	)			56,214				3,134				356,554				-				-
KP Small Cap Equity Fund			113,607				20,138				(35,621	)			28,098				2,778				129,000				-				-

Totals		$	712,459			$	178,824			$	(132,462	)		$	143,685			$	6,510			$	909,016			$	-			$	-

12

KP Retirement Path 2045 Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Affiliated Registered Investment Companies — 94.8%
KP Fixed Income Fund			9,141,328			$	93,516
KP International Equity Fund			19,074,545				209,248
KP Large Cap Equity Fund			20,383,258				265,389
KP Small Cap Equity Fund			7,972,609				100,854

Total Affiliated Registered Investment Companies (Cost $571,081) (000)							669,007


Unaffiliated Registered Investment Companies — 5.2%
DFA Commodity Strategy Portfolio			639,290				3,746
DFA International Real Estate Securities Portfolio			729,392				3,727
Lazard Global Listed Infrastructure Portfolio			228,080				3,802
T. Rowe Price Institutional Floating Rate Fund			372,005				3,727
T. Rowe Price New Era Fund, Cl I			113,254				3,958
Vanguard Inflation-Protected Securities Fund			1,018,076				10,649
Vanguard REIT Index Fund			398,701				7,265

Total Unaffiliated Registered Investment Companies (Cost $35,842) (000)							36,874

Total Investments In Securities — 100.0% (Cost $606,923) (000) †						$	705,881

Percentages are based on Net Assets of $705,877 (000).

Cl — Class

REIT— Real Estate Investment Trust

†	At September 30, 2017, the tax basis cost of the Fund’s investments was $606,923 (000) and the unrealized appreciation and depreciation were $99,147 (000) and ($189) (000), respectively.

As of September 30, 2017, 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 September 30, 2017, 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 September 30, 2017, there were no Level 3 investments.

For the period ended September 30, 2017, 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.

13

KP Retirement Path 2045 Fund

Schedule of Investments

September 30, 2017 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2017 (000):


		Value 12/31/2016				Purchases at Cost				Proceeds from Sales				Change in Unrealized Appreciation				Realized Gain (Loss)				Value 9/30/2017				Dividend Income				Capital Gain Distributions
KP Fixed Income Fund		$	45,430			$	48,224			$	(2,885	)		$	2,703			$	44			$	93,516			$	-			$	-
KP International Equity Fund			186,139				31,471				(50,054	)			41,547				145				209,248				-				-
KP Large Cap Equity Fund			195,581				45,904				(19,642	)			41,264				2,282				265,389				-				-
KP Small Cap Equity Fund			80,834				18,342				(20,962	)			21,257				1,383				100,854				-				-

Totals		$	507,984			$	143,941			$	(93,543	)		$	106,771			$	3,854			$	669,007			$	-			$	-

14

KP Retirement Path 2050 Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Affiliated Registered Investment Companies — 95.1%
KP Fixed Income Fund			4,111,311			$	42,059
KP International Equity Fund			10,382,270				113,894
KP Large Cap Equity Fund			11,018,480				143,461
KP Small Cap Equity Fund			4,305,643				54,466

Total Affiliated Registered Investment Companies (Cost $305,246) (000)							353,880


Unaffiliated Registered Investment Companies — 4.9%
DFA Commodity Strategy Portfolio			317,318				1,859
DFA International Real Estate Securities Portfolio			362,250				1,851
Lazard Global Listed Infrastructure Portfolio			113,262				1,888
T. Rowe Price Institutional Floating Rate Fund			184,689				1,851
T. Rowe Price New Era Fund, Cl I			56,205				1,964
Vanguard Inflation-Protected Securities Fund			496,512				5,194
Vanguard REIT Index Fund			194,342				3,540

Total Unaffiliated Registered Investment Companies (Cost $17,635) (000)							18,147

Total Investments In Securities — 100.0% (Cost $322,881) (000) †						$	372,027

Percentages are based on Net Assets of $372,023 (000).

Cl – Class

REIT – Real Estate Investment Trust

†	At September 30, 2017, the tax basis cost of the Fund’s investments was $322,881 (000) and the unrealized appreciation and depreciation were $49,185 (000) and ($39) (000), respectively.

As of September 30, 2017, 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 September 30, 2017, 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 September 30, 2017, there were no Level 3 investments.

For the period ended September 30, 2017 , 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.

15

KP Retirement Path 2050 Fund

Schedule of Investments

September 30, 2017 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2017 (000):


		Value 12/31/2016				Purchases at Cost				Proceeds from Sales				Change in Unrealized Appreciation				Realized Gain				Value 9/30/2017				Dividend Income				Capital Gain Distributions
KP Fixed Income Fund		$	20,319			$	21,874			$	(1,266	)		$	1,110			$	22			$	42,059			$	-			$	-
KP International Equity Fund			90,509				25,209				(23,285	)			21,434				27				113,894				-				-
KP Large Cap Equity Fund			95,036				36,077				(9,705	)			20,868				1,185				143,461				-				-
KP Small Cap Equity Fund			38,852				13,869				(9,490	)			10,628				607				54,466				-				-

Totals		$	244,716			$	97,029			$	(43,746	)		$	54,040			$	1,841			$	353,880			$	-			$	-

16

KP Retirement Path 2055 Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Affiliated Registered Investment Companies — 95.1%
KP Fixed Income Fund			993,707			$	10,166
KP International Equity Fund			2,697,869				29,596
KP Large Cap Equity Fund			2,857,111				37,199
KP Small Cap Equity Fund			1,106,126				13,992

Total Affiliated Registered Investment Companies (Cost $79,618) (000)							90,953


Unaffiliated Registered Investment Companies — 4.9%
DFA Commodity Strategy Portfolio			84,110				493
DFA International Real Estate Securities Portfolio			96,066				491
Lazard Global Listed Infrastructure Portfolio			30,021				500
T. Rowe Price Institutional Floating Rate Fund			48,973				491
T. Rowe Price New Era Fund, Cl I			14,884				520
Vanguard Inflation-Protected Securities Fund			123,384				1,291
Vanguard REIT Index Fund			48,243				879

Total Unaffiliated Registered Investment Companies (Cost $4,587) (000)							4,665

Total Investments In Securities — 100.0% (Cost $84,205) (000) †						$	95,618

Percentages are based on Net Assets of $95,617 (000).

Cl – Class

REIT – Real Estate Investment Trust

†	At September 30, 2017, the tax basis cost of the Fund’s investments was $84,205 (000) and the unrealized appreciation and depreciation were $11,427 (000) and ($14) (000), respectively.

As of September 30, 2017, 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 September 30, 2017, 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 September 30, 2017, there were no Level 3 investments.

For the period ended September 30, 2017, 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.

17

KP Retirement Path 2055 Fund

Schedule of Investments

September 30, 2017 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2017 (000):


		Value 12/31/2016				Purchases at Cost				Proceeds from Sales				Change in Unrealized Appreciation				Realized Gain (Loss)				Value 9/30/2017				Dividend Income				Capital Gain Distributions
KP Fixed Income Fund		$	4,327			$	5,968			$	(230	)		$	104			$	(3	)		$	10,166			$	-			$	-
KP International Equity Fund			19,263				10,614				(1,858	)			1,594				(17	)			29,596				-				-
KP Large Cap Equity Fund			20,224				14,325				2,073				782				(205	)			37,199				-				-
KP Small Cap Equity Fund			8,265				5,352				(1,082	)			1,553				(96	)			13,992				-				-

Totals		$	52,079			$	36,259			$	(1,097	)		$	4,033			$	(321	)		$	90,953			$	-			$	-

18

KP Retirement Path 2060 Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Affiliated Registered Investment Companies — 95.1%
KP Fixed Income Fund			195,298			$	1,998
KP International Equity Fund			530,145				5,816
KP Large Cap Equity Fund			561,460				7,310
KP Small Cap Equity Fund			217,410				2,750

Total Affiliated Registered Investment Companies (Cost $16,078) (000)							17,874


Unaffiliated Registered Investment Companies — 4.9%
DFA Commodity Strategy Portfolio			16,902				99
DFA International Real Estate Securities Portfolio			19,317				99
Lazard Global Listed Infrastructure Portfolio			6,035				101
T. Rowe Price Institutional Floating Rate Fund			9,847				99
T. Rowe Price New Era Fund, Cl I			2,994				105
Vanguard Inflation-Protected Securities Fund			23,615				247
Vanguard REIT Index Fund			9,226				167

Total Unaffiliated Registered Investment Companies (Cost $903) (000)							917

Total Investments In Securities — 100.0% (Cost $16,981) (000) †						$	18,791

Percentages are based on Net Assets of $18,791 (000).

Cl – Class

REIT – Real Estate Investment Trust

†	At September 30, 2017, the tax basis cost of the Fund’s investments was $16,981 (000) and the unrealized appreciation and depreciation were $1,812 (000) and ($2) (000), respectively.

As of September 30, 2017, 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 September 30, 2017, 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 September 30, 2017, there were no Level 3 investments.

For the period ended September 30, 2017, 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.

19

KP Retirement Path 2060 Fund

Schedule of Investments

September 30, 2017 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2017 (000):


		Value 12/31/2016				Purchases at Cost				Proceeds from Sales				Change in Unrealized Appreciation				Realized Gain (Loss)				Value 9/30/2017				Dividend Income				Capital Gain Distributions
KP Fixed Income Fund		$	718			$	1,527			$	(292	)		$	42			$	3			$	1,998			$	-			$	-
KP International Equity Fund			3,197				3,325				(1,713	)			818				189				5,816				-				-
KP Large Cap Equity Fund			3,356				4,307				(1,327	)			826				148				7,310				-				-
KP Small Cap Equity Fund			1,371				1,604				(716	)			397				94				2,750				-				-

Totals		$	8,642			$	10,763			$	(4,048	)		$	2,083			$	434			$	17,874			$	-			$	-

20

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Common Stock — 97.8%
Consumer Discretionary – 12.2%
Advance Auto Parts			8,437			$	837
Amazon.com*			48,962				47,070
AMC Networks, Cl A*			27,443				1,605
AutoZone*			832				495
Bed Bath & Beyond			31,298				735
Best Buy			35,917				2,046
BorgWarner			5,697				292
Brunswick			10,048				562
Burlington Stores*			3,621				346
CalAtlantic Group			9,141				335
CarMax*			5,389				409
Carnival			27,466				1,773
CBS, Cl B			10,476				608
Charter Communications, Cl A*			5,700				2,071
Chipotle Mexican Grill, Cl A*			651				200
Coach			8,289				334
Comcast, Cl A			339,290				13,056
Darden Restaurants			6,949				547
Delphi Automotive			85,623				8,425
Dick’s Sporting Goods			14,849				401
Discovery Communications, Cl A*			3,893				83
Discovery Communications, Cl C*			5,393				109
DISH Network, Cl A*			6,100				331
Dollar General			85,814				6,955
Dollar Tree*			21,311				1,850
Domino’s Pizza			4,452				884
DR Horton			30,742				1,228
Expedia			15,296				2,202
Extended Stay America			59,964				1,199
Ferrari			17,468				1,930
Foot Locker			18,543				653
Ford Motor			198,429				2,375
Fossil Group*			700				7
GameStop, Cl A			26,123				540
Gap			5,662				167
Garmin			2,949				159
General Motors			92,032				3,716
Genuine Parts			4,215				403
Goodyear Tire & Rubber			6,630				220
Graham Holdings, Cl B			341				199
H&R Block			26,878				712
Hanesbrands			74,800				1,843
Harley-Davidson			16,690				805
Hasbro			29,330				2,865
Hilton Worldwide Holdings			76,271				5,297
Home Depot			69,731				11,405
Hyatt Hotels, Cl A*			10,676				660


Description		Shares				Value (000)
Interpublic Group of Companies			166,202			$	3,455
John Wiley & Sons, Cl A			19,038				1,019
Johnson Controls International			202,957				8,177
Kohl’s			4,451				203
L Brands			7,325				305
Las Vegas Sands			36,977				2,372
Lear			7,918				1,370
Leggett & Platt			4,046				193
Lennar, Cl A			5,395				285
Liberty Expedia Holdings, Cl A*			5,228				278
Liberty Interactive QVC Group, Cl A*			20,295				478
Live Nation Entertainment*			33,314				1,451
LKQ*			8,800				317
Lowe’s			80,251				6,415
Macy’s			14,137				308
Marriott International, Cl A			8,734				963
Mattel			9,790				152
McDonald’s			35,975				5,637
MGM Resorts International			15,000				489
Michael Kors Holdings*			19,865				951
Michaels*			74,210				1,593
Mohawk Industries*			1,801				446
Netflix*			26,375				4,783
Newell Brands			31,274				1,334
News, Cl A			9,868				131
News			3,100				42
NIKE, Cl B			37,132				1,925
Nordstrom			2,949				139
NVR*			552				1,576
Omnicom Group			90,113				6,675
O’Reilly Automotive*			2,469				532
priceline.com*			11,869				21,730
PulteGroup			24,529				670
PVH			28,499				3,593
Ralph Lauren, Cl A			24,679				2,179
Restaurant Brands International			50,000				3,194
Ross Stores			49,072				3,169
Royal Caribbean Cruises			17,709				2,099
Scripps Networks Interactive, Cl A			2,791				240
Signet Jewelers			1,800				120
Skechers U.S.A., Cl A*			15,258				383
Starbucks			61,518				3,304
Target			22,485				1,327
TEGNA			27,851				371
Tesla*			7,050				2,405
Thor Industries			4,292				540
Tiffany			3,092				284
Time Warner			43,798				4,487
TJX			41,321				3,047
Toll Brothers			15,137				628
Tractor Supply			3,743				237

21

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
TripAdvisor*			2,893			$	117
Tupperware Brands			11,929				737
Twenty-First Century Fox			12,200				315
Twenty-First Century Fox, Cl A			65,715				1,734
Ulta Beauty*			1,600				362
Under Armour, Cl A*			4,700				77
Under Armour, Cl C*			4,720				71
Vail Resorts			673				153
VF			9,414				598
Viacom, Cl B			15,174				422
Visteon*			8,348				1,033
Walt Disney			76,383				7,529
Whirlpool			3,322				613
Wyndham Worldwide			2,765				291
Wynn Resorts			2,291				341
Yum! Brands			46,859				3,449

							256,787

Consumer Staples – 7.4%
Altria Group			106,117				6,730
Archer-Daniels-Midland			165,166				7,021
Brown-Forman, Cl B			5,764				313
Bunge			21,605				1,501
Campbell Soup			36,942				1,730
Church & Dwight			7,200				349
Clorox			3,525				465
Coca-Cola			128,454				5,782
Colgate-Palmolive			24,731				1,802
Conagra Brands			120,282				4,058
Constellation Brands, Cl A			4,862				970
Costco Wholesale			12,447				2,045
Coty, Cl A			88,741				1,467
CVS Health			170,927				13,900
Danone			21,605				1,695
Diageo			121,837				4,005
Dr Pepper Snapple Group			5,230				463
Estee Lauder, Cl A			6,371				687
General Mills			90,084				4,663
Hershey			4,061				443
Hormel Foods			7,670				246
Ingredion			10,736				1,295
JM Smucker			17,277				1,813
Kellogg			7,203				449
Kimberly-Clark			13,273				1,562
Kraft Heinz			16,739				1,298
Kroger			25,400				509
McCormick			3,230				331
Molson Coors Brewing, Cl B			14,770				1,206
Mondelez International, Cl A			66,310				2,696
Monster Beverage*			11,920				659
Nestle			71,328				5,974
Nu Skin Enterprises, Cl A			16,481				1,013


Description		Shares				Value (000)
PepsiCo			118,787			$	13,236
Philip Morris International			225,242				25,004
Pilgrim’s Pride*			54,082				1,536
Pinnacle Foods			44,353				2,536
Procter & Gamble			145,812				13,266
Reckitt Benckiser Group PLC			15,705				1,434
Rite Aid*			11,397				22
Sysco			34,089				1,839
Tyson Foods, Cl A			57,084				4,022
Walgreens Boots Alliance			47,902				3,699
Wal-Mart Stores			124,879				9,758

							155,492

Energy – 4.2%
Anadarko Petroleum			67,656				3,305
Andeavor			4,032				416
Apache			10,896				499
Baker Hughes			18,209				667
Cabot Oil & Gas			17,616				471
Chesapeake Energy*			28,581				123
Chevron			88,408				10,388
Cimarex Energy			2,800				318
Concho Resources*			4,300				566
ConocoPhillips			85,662				4,287
CONSOL Energy*			11,018				187
Devon Energy			82,901				3,043
EOG Resources			53,701				5,195
EQT			4,963				324
Exxon Mobil			240,835				19,744
Halliburton			77,834				3,583
Helmerich & Payne			3,287				171
Hess			7,896				370
Kinder Morgan			53,623				1,028
Marathon Oil			122,100				1,656
Marathon Petroleum			52,426				2,940
National Oilwell Varco			11,046				395
Newfield Exploration*			5,837				173
Noble Energy			14,126				401
Occidental Petroleum			60,845				3,907
ONEOK			10,960				607
Phillips 66			12,245				1,122
Pioneer Natural Resources			6,495				958
QEP Resources*			18,156				156
Range Resources			6,085				119
Schlumberger			132,792				9,264
Southwestern Energy*			32,307				197
TechnipFMC*			12,412				347
Valero Energy			69,786				5,369
Williams			132,894				3,988
World Fuel Services			29,529				1,001

							87,285

22

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Financials – 15.9%
Affiliated Managers Group			1,600			$	304
Aflac			27,691				2,254
Allstate			70,922				6,518
American Express			96,885				8,764
American Financial Group			3,506				363
American International Group			39,941				2,452
Ameriprise Financial			35,226				5,231
Annaly Capital Management‡			64,020				780
Aon			54,088				7,902
Arch Capital Group*			4,044				398
Arthur J Gallagher			5,100				314
Aspen Insurance Holdings			6,318				255
Assurant			6,878				657
Assured Guaranty			63,163				2,384
Axis Capital Holdings			8,044				461
Bank of America			654,717				16,591
Bank of New York Mellon			109,815				5,822
BankUnited			11,519				410
BB&T			22,629				1,062
Berkshire Hathaway, Cl B*			89,725				16,448
BlackRock, Cl A			12,862				5,750
Brighthouse Financial*			2,732				166
Capital One Financial			44,978				3,808
CBOE Holdings			3,100				334
Charles Schwab			64,298				2,812
Chimera Investment‡			79,811				1,510
Chubb			88,037				12,550
Cincinnati Financial			4,257				326
Citigroup			236,766				17,222
Citizens Financial Group			80,100				3,033
CME Group, Cl A			9,550				1,296
Comerica			14,629				1,116
Discover Financial Services			46,476				2,997
ETRADE Financial			7,801				340
Everest Re Group			17,786				4,062
Federated Investors, Cl B			30,034				892
Fifth Third Bancorp			20,314				568
First American Financial			22,656				1,132
First Horizon National			37,840				725
First Republic Bank			37,701				3,938
FNF Group			20,959				995
Franklin Resources			50,561				2,250
Goldman Sachs Group			51,142				12,130
Hanover Insurance Group			3,752				364
Hartford Financial Services Group			27,707				1,536
Huntington Bancshares			31,348				438
Intercontinental Exchange			90,910				6,246
Invesco			17,077				598
JPMorgan Chase			377,433				36,049
KeyCorp			31,363				590


Description		Shares				Value (000)
Leucadia National			9,447			$	239
Lincoln National			13,128				965
Loews			7,433				356
M&T Bank			4,324				696
Marsh & McLennan			14,401				1,207
MetLife			116,417				6,048
Moody’s			22,810				3,175
Morgan Stanley			170,524				8,214
Morningstar			588				50
Nasdaq			49,320				3,826
Navient			7,808				117
Northern Trust			6,192				569
People’s United Financial			9,454				172
PNC Financial Services Group			99,483				13,407
Popular			41,675				1,498
Principal Financial Group			7,677				494
Progressive			16,662				807
Prudential Financial			41,473				4,409
Raymond James Financial			5,053				426
Regions Financial			91,033				1,386
Reinsurance Group of America, Cl A			16,824				2,347
S&P Global			36,215				5,661
State Street			64,575				6,170
SunTrust Banks			69,962				4,182
Synchrony Financial			50,598				1,571
Synovus Financial			41,680				1,920
T Rowe Price Group			23,947				2,171
TCF Financial			24,670				420
TD Ameritrade Holding			64,660				3,155
Torchmark			3,187				255
Travelers			88,982				10,902
Unum Group			6,555				335
US Bancorp			207,550				11,123
Validus Holdings			15,545				765
Voya Financial			25,590				1,021
Wells Fargo			416,404				22,965
Western Alliance Bancorp*			23,750				1,261
Willis Towers Watson			3,849				594
WR Berkley			23,371				1,560
XL Group			7,593				300
Zions Bancorporation			41,438				1,955

							333,837

Health Care – 15.7%
Abbott Laboratories			157,815				8,421
AbbVie			65,463				5,817
Aetna			35,531				5,650
Agilent Technologies			43,373				2,785
Alexion Pharmaceuticals*			44,812				6,287
Align Technology*			2,000				373
Allergan			18,445				3,780

23

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Alnylam Pharmaceuticals*			21,799			$	2,561
AmerisourceBergen, Cl A			4,801				397
Amgen			52,605				9,808
Anthem			32,810				6,230
Baxter International			119,427				7,494
Becton Dickinson & Company			40,671				7,969
Biogen*			35,462				11,104
Bioverativ*			15,734				898
Boston Scientific*			38,228				1,115
Bristol-Myers Squibb			87,936				5,605
Cardinal Health			8,795				589
Celgene*			71,303				10,397
Centene*			36,812				3,562
Cerner*			8,815				629
Charles River Laboratories International*			9,560				1,033
Cigna			78,787				14,728
Cooper			2,132				506
CR Bard			2,036				653
Danaher			126,661				10,865
DaVita*			10,650				633
DENTSPLY SIRONA			6,649				398
Edwards Lifesciences*			6,082				665
Eli Lilly			59,765				5,112
Envision Healthcare*			3,366				151
Exelixis*			39,343				953
Express Scripts Holding*			125,200				7,928
Gilead Sciences			131,553				10,658
HCA Healthcare*			8,300				661
Henry Schein*			4,600				377
Hill-Rom Holdings			12,701				940
Hologic*			8,200				301
Humana			41,001				9,989
IDEXX Laboratories*			2,500				389
Illumina*			4,100				817
Incyte*			17,607				2,055
Intuitive Surgical*			10,404				10,881
Johnson & Johnson			226,251				29,415
Laboratory Corp of America Holdings*			2,952				446
McKesson			42,754				6,567
Medtronic			152,480				11,858
Merck			298,808				19,133
Mettler-Toledo International*			700				438
Mylan*			15,467				485
Novartis			10,264				879
Patterson			2,145				83
PerkinElmer			2,896				200
Perrigo			4,032				341
Pfizer			547,946				19,562
QIAGEN			15,592				491
Quest Diagnostics			3,954				370


Description		Shares				Value (000)
Quintiles IMS Holdings*			4,400			$	418
Regeneron Pharmaceuticals*			2,607				1,166
ResMed			4,000				308
Roche Holding			4,127				1,054
Stryker			47,384				6,729
Thermo Fisher Scientific			36,160				6,841
United Therapeutics*			5,995				703
UnitedHealth Group			122,476				23,987
Universal Health Services, Cl B			2,500				277
Varian Medical Systems*			8,053				806
Vertex Pharmaceuticals*			70,871				10,775
Waters*			2,335				419
WellCare Health Plans*			4,075				700
Zimmer Biomet Holdings			5,698				667
Zoetis, Cl A			13,772				878

							328,160

Industrials – 10.3%
3M			66,852				14,032
Acuity Brands			1,200				206
AECOM*			14,602				538
AGCO			2,348				173
Alaska Air Group			46,754				3,566
Allegion			2,856				247
Allison Transmission Holdings			22,214				834
American Airlines Group			139,050				6,604
AMETEK			6,527				431
AO Smith			4,100				244
Arconic			10,855				270
Boeing			117,371				29,837
BWX Technologies, Cl W			12,406				695
Canadian National Railway			23,881				1,979
Caterpillar			38,876				4,848
CH Robinson Worldwide			4,064				309
Cintas			2,476				357
Colfax*			8,439				351
Crane			28,209				2,256
CSX			25,904				1,406
Cummins			14,490				2,435
Deere			9,167				1,151
Delta Air Lines			62,368				3,007
Dover			4,397				402
Dun & Bradstreet			15,929				1,854
Eaton			58,276				4,475
Emerson Electric			50,718				3,187
Equifax			18,352				1,945
Expeditors International of Washington			5,158				309
Fastenal			7,776				354
FedEx			15,048				3,395
Flowserve			4,043				172
Fluor			4,185				176

24

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Fortive			36,017			$	2,550
Fortune Brands Home & Security			4,500				303
General Dynamics			7,822				1,608
General Electric			359,269				8,687
HD Supply Holdings*			18,000				649
Honeywell International			84,724				12,009
Hubbell, Cl B			1,496				174
Huntington Ingalls Industries			8,885				2,012
IHS Markit*			10,100				445
Illinois Tool Works			29,796				4,409
Ingersoll-Rand			90,018				8,027
ITT			11,810				523
Jacobs Engineering Group			13,322				776
JB Hunt Transport Services			2,500				278
Kansas City Southern			3,092				336
L3 Technologies			10,185				1,919
Lockheed Martin			21,400				6,640
ManpowerGroup			11,588				1,365
Masco			9,222				360
MSC Industrial Direct, Cl A			2,857				216
Nielsen Holdings			9,700				402
Norfolk Southern			19,921				2,634
Northrop Grumman			28,780				8,281
Oshkosh			12,901				1,065
Owens Corning			27,259				2,108
PACCAR			9,917				717
Parker-Hannifin			3,760				658
Pentair			6,431				437
Pitney Bowes			14,124				198
Quanta Services*			3,776				141
Raytheon			16,961				3,165
Regal Beloit			12,396				979
Republic Services, Cl A			8,279				547
Robert Half International			20,373				1,026
Rockwell Automation			10,630				1,894
Rockwell Collins			4,636				606
Roper Technologies			2,873				699
Ryder System			2,294				194
Snap-on			1,729				258
Southwest Airlines			51,925				2,907
Spirit AeroSystems Holdings, Cl A			54,236				4,215
Stanley Black & Decker			18,370				2,773
Stericycle*			2,221				159
Textron			22,739				1,225
Timken			15,058				731
TransDigm Group			1,400				358
TransUnion*			23,714				1,121
Union Pacific			68,502				7,944
United Continental Holdings*			16,927				1,031
United Parcel Service, Cl B			53,128				6,380
United Rentals*			2,400				333


Description		Shares				Value (000)
United Technologies			72,258			$	8,388
Valmont Industries			2,272				359
Verisk Analytics, Cl A*			4,400				366
Waste Connections			53,850				3,767
Waste Management			29,228				2,288
WESCO International*			6,683				389
WW Grainger			1,565				281
Xylem			5,222				327

							216,682

Information Technology – 23.1%
Accenture, Cl A			109,550				14,797
Activision Blizzard			57,162				3,687
Adobe Systems*			41,526				6,195
Advanced Micro Devices*			23,600				301
Akamai Technologies*			34,617				1,687
Alibaba Group Holding ADR*			59,300				10,242
Alliance Data Systems			1,380				306
Alphabet, Cl A*			36,462				35,504
Alphabet, Cl C*			28,833				27,654
Amdocs			18,005				1,158
Amphenol, Cl A			8,552				724
Analog Devices			10,298				887
ANSYS*			2,500				307
Apple			394,159				60,748
Applied Materials			151,356				7,884
ARRIS International*			27,839				793
Arrow Electronics*			10,213				821
ASML Holding, Cl G			9,600				1,643
Autodesk*			6,108				686
Automatic Data Processing			12,568				1,374
Avnet			14,521				571
Booz Allen Hamilton Holding, Cl A			7,704				288
Broadcom			30,517				7,402
Brocade Communications Systems			5,336				64
CA			53,248				1,777
Cadence Design Systems*			44,502				1,756
CDW			16,779				1,107
Cisco Systems			221,792				7,459
Citrix Systems*			26,648				2,047
Cognizant Technology Solutions, Cl A			61,980				4,496
CoreLogic*			23,076				1,067
Corning			28,545				854
CSRA			4,957				160
Dell Technologies Class V, Cl V*			20,207				1,560
DST Systems			5,966				327
DXC Technology			24,630				2,115
eBay*			91,666				3,525
Electronic Arts*			35,956				4,245
Euronet Worldwide*			2,069				196
F5 Networks*			17,540				2,115

25

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Facebook, Cl A*			245,924			$	42,021
Fidelity National Information Services			69,591				6,499
First Solar*			7,651				351
Fiserv*			19,512				2,516
FLIR Systems			25,569				995
Gartner*			2,600				323
Genpact			4,799				138
Global Payments			41,512				3,945
Harris			3,286				433
Hewlett Packard Enterprise			107,046				1,575
HP			66,332				1,324
IAC*			8,507				1,000
Intel			204,626				7,792
International Business Machines			60,618				8,794
Intuit			40,681				5,782
Juniper Networks			70,684				1,967
KLA-Tencor			46,610				4,941
Lam Research			8,995				1,664
Manhattan Associates*			3,606				150
Marvell Technology Group			51,028				913
Mastercard, Cl A			26,538				3,747
Maxim Integrated Products			41,408				1,976
Microchip Technology			6,646				597
Micron Technology*			81,486				3,205
Microsoft			706,505				52,628
Motorola Solutions			4,685				398
NCR*			22,163				832
NetApp			7,794				341
NVIDIA			27,827				4,975
NXP Semiconductors*			30,210				3,416
ON Semiconductor*			14,660				271
Oracle			133,467				6,453
Paychex			9,267				556
PayPal Holdings*			175,531				11,239
Qorvo*			3,400				240
QUALCOMM			42,094				2,182
Red Hat*			62,028				6,876
salesforce.com*			88,730				8,289
Seagate Technology			7,869				261
ServiceNow*			29,841				3,507
Shopify, Cl A*			4,249				495
Skyworks Solutions			7,368				751
Symantec			17,637				579
Synopsys*			24,761				1,994
TE Connectivity			9,915				823
Tencent Holdings ADR			97,800				4,295
Teradata*			17,864				604
Teradyne			23,831				889
Texas Instruments			147,376				13,211
Total System Services			56,109				3,675
VeriSign*			2,357				251


Description		Shares				Value (000)
Visa, Cl A			211,162			$	22,223
Western Digital			24,956				2,156
Western Union			13,763				264
Workday, Cl A*			2,400				253
Xerox			52,454				1,746
Xilinx			56,306				3,988
Zynga, Cl A*			176,625				668

							484,506

Materials – 2.5%
Air Products & Chemicals			19,149				2,896
Albemarle			3,200				436
AptarGroup			4,359				376
Avery Dennison			2,368				233
Ball			10,104				417
Bemis			13,972				637
Cabot			35,175				1,963
Celanese, Cl A			37,439				3,904
CF Industries Holdings			6,850				241
Chemours			30,398				1,538
Crown Holdings*			28,869				1,724
DowDuPont			87,516				6,059
Eastman Chemical			17,934				1,623
Ecolab			7,309				940
FMC			3,932				351
Freeport-McMoRan*			57,273				804
Graphic Packaging Holding			68,986				962
Huntsman			2,706				74
International Flavors & Fragrances			2,242				320
International Paper			11,476				652
LyondellBasell Industries, Cl A			39,612				3,924
Martin Marietta Materials			1,800				371
Monsanto			29,497				3,534
Mosaic			9,981				215
Newmont Mining			22,625				849
Nucor			9,255				519
Packaging Corp of America			2,600				298
PPG Industries			68,817				7,478
Praxair			8,014				1,120
Sealed Air			5,542				237
Sherwin-Williams			10,382				3,717
Vulcan Materials			3,827				458
WestRock			45,054				2,556
WR Grace			2,022				146

							51,572

Real Estate – 2.0%
Alexandria Real Estate Equities‡			2,700				321
American Tower, Cl A‡			12,188				1,666
Apartment Investment & Management, Cl A‡			4,154				182
AvalonBay Communities‡			3,812				680
Boston Properties‡			4,367				537

26

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Brixmor Property Group ‡			55,036			$	1,035
Camden Property Trust ‡			2,241				205
CBRE Group, Cl A*			21,445				812
Crown Castle International ‡			57,782				5,777
Digital Realty Trust ‡			5,700				675
Duke Realty ‡			60,974				1,757
Equinix ‡			2,194				979
Equity LifeStyle Properties ‡			35,062				2,983
Equity Residential ‡			10,484				691
Essex Property Trust ‡			1,832				465
Extra Space Storage ‡			3,600				288
Federal Realty Investment Trust ‡			2,000				248
Gaming and Leisure Properties ‡			37,790				1,394
GGP ‡			16,943				352
HCP ‡			36,554				1,017
Host Hotels & Resorts ‡			21,518				398
Iron Mountain ‡			7,686				299
Kimco Realty ‡			12,145				238
Liberty Property Trust ‡			14,160				581
Macerich ‡			3,145				173
Mid-America Apartment Communities ‡			3,200				342
National Retail Properties ‡			10,372				432
Park Hotels & Resorts ‡			101,427				2,795
Prologis ‡			70,251				4,458
Public Storage ‡			12,082				2,586
Realty Income ‡			7,900				452
Regency Centers ‡			4,100				254
Retail Properties of America, Cl A ‡			31,449				413
SBA Communications, Cl A ‡ *			14,907				2,147
Senior Housing Properties Trust‡			10,493				205
Simon Property Group ‡			8,704				1,402
SL Green Realty ‡			2,900				294
UDR ‡			7,600				289
Ventas ‡			10,213				665
Vornado Realty Trust ‡			5,003				385
Weingarten Realty Investors ‡			9,391				298
Welltower ‡			10,303				724
Weyerhaeuser ‡			21,582				735

							42,629

Telecommunication Services – 1.3%
AT&T			327,080				12,812
CenturyLink			14,630				276
Level 3 Communications*			12,266				654
T-Mobile US*			58,900				3,632
Verizon Communications			217,386				10,758

							28,132

Utilities – 3.2%
AES			19,337				213
Alliant Energy			6,500				270
Ameren			120,376				6,963


Description		Shares				Value (000)
American Electric Power			82,067			$	5,764
American Water Works			17,117				1,385
Avangrid			26,032				1,234
CenterPoint Energy			44,158				1,290
CMS Energy			8,164				378
Consolidated Edison			30,207				2,437
Dominion Energy			18,215				1,401
DTE Energy			28,700				3,081
Duke Energy			77,261				6,484
Edison International			71,240				5,498
Entergy			5,154				394
Eversource Energy			19,166				1,158
Exelon			112,500				4,238
FirstEnergy			12,933				399
Hawaiian Electric Industries			66,862				2,231
NextEra Energy			18,191				2,666
NiSource			9,446				242
NRG Energy			8,364				214
PG&E			86,190				5,869
Pinnacle West Capital			21,282				1,800
PPL			18,999				721
Public Service Enterprise Group			96,430				4,460
SCANA			4,045				196
Sempra Energy			7,096				810
Southern			28,537				1,402
Vistra Energy			73,435				1,372
WEC Energy Group			8,820				554
Xcel Energy			46,101				2,181

							67,305

Total Common Stock (Cost $1,710,158) (000)							2,052,387


Preferred Stock — 0.2%
Air BNB, Ser D*(B)			11,406				1,280
Air BNB, Ser E*(B)			6,939				779
Dropbox, Cl A*(B)			29,866				281
Dropbox, Cl C*(B)			1,097				10
Flipkart Online Services*(B)			5,739				620
Magic Leap, Ser C*(B)			13,521				311
Uber Technologies, Cl E*(B)			21,072				900
Uber Technologies, Cl G*(B)			7,921				339

Total Preferred Stock (Cost $3,777) (000)							4,520

27

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Short-Term Investment — 1.9%
State Street Institutional Treasury Money Market Fund, Cl Institutional, 0.927% (A)			39,471,326			$	39,471

Total Short-Term Investment (Cost $39,471) (000)							39,471

Total Investments — 99.9% (Cost $1,753,406) (000) †						$	2,096,378

Percentages are based on Net Assets of $2,098,074 (000).

A list of the open futures contracts held by the Fund at September 30, 2017,

is as follows (000):


Type of Contract		Number of Contracts Long				Expiration Date				Notional Amount				Value				Unrealized Appreciation
S&P 500 Index E-MINI			182				Dec-2017			$	22,530			$	22,897			$	367

										$	22,530			$	22,897			$	367

*	Non-income producing security.

‡	Real Estate Investment Trust

(A)	The rate reported is the 7-day effective yield as of September 30, 2017.

(B)	Rate not available.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

S&P — Standard & Poor’s

Ser — Series

†	At September 30, 2017, the tax basis cost of the Fund’s investments was $1,753,406 (000) and the unrealized appreciation and depreciation were $367,166 (000) and ($23,827) (000), respectively.

The following is a list of the level of inputs used as of September 30, 2017, 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		$	2,052,387			$	-			$	-			$	2,052,387
Preferred Stock			-				-				4,520				4,520
Short-Term
Investment			-				39,471				-				39,471

Total Investments in Securities		$	2,052,387			$	39,471			$	4,520			$	2,096,378


Other Financial Instruments		Level 1				Level 2				Level 3				Total
Futures Contracts**
Unrealized Appreciation		$	367			$	-			$	-			$	367

Total Other Financial
Instruments		$	367			$	-			$	-			$	367

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

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

For the period ended September 30, 2017, 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 September 30, 2017, 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.

28

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Common Stock — 96.9%
Consumer Discretionary – 14.2%
1-800-Flowers.com, Cl A*			175,882			$	1,732
Abercrombie & Fitch, Cl A			17,644				255
Acushnet Holdings			102,274				1,816
Adtalem Global Education			24,180				867
AH Belo, Cl A			137,955				635
American Axle & Manufacturing Holdings*			21,822				384
American Public Education*			4,765				100
Asbury Automotive Group*			4,952				303
Ascena Retail Group*			49,830				122
Barnes & Noble			16,189				123
Barnes & Noble Education*			11,326				74
Belmond, Cl A*			22,169				303
Big 5 Sporting Goods			5,300				41
Biglari Holdings*			294				98
BJ’s Restaurants*			5,036				153
Boyd Gaming			69,235				1,804
Bravo Brio Restaurant Group*			73,325				167
Buckle			8,305				140
Caleres			100,272				3,060
Callaway Golf			25,491				368
Capella Education			3,024				212
Career Education*			16,757				174
Carter’s			54,892				5,421
Cato, Cl A			7,013				93
Cavco Industries*			2,258				333
Chegg*			195,185				2,897
Chico’s FAS			33,776				302
Children’s Place			4,673				552
Chuy’s Holdings*			122,142				2,571
Coach			51,632				2,080
Columbia Sportswear			34,075				2,098
Cooper Tire & Rubber			82,807				3,097
Cooper-Standard Holdings*			4,309				500
Core-Mark Holding			12,491				401
Crocs*			19,222				186
Darden Restaurants			19,174				1,511
Dave & Buster’s Entertainment*			24,528				1,287
Del Frisco’s Restaurant Group*			137,850				2,006
Despegar.com*			12,324				394
DineEquity			4,809				207
Dixie Group*			214,108				856
Dorman Products*			8,180				586
DR Horton			48,900				1,953
DSW, Cl A			52,710				1,132
El Pollo Loco Holdings*			6,356				77
Ethan Allen Interiors			6,662				216


Description		Shares				Value (000)
EW Scripps, Cl A*			14,763			$	282
Expedia			9,800				1,411
Express*			339,262				2,293
Extended Stay America			72,400				1,448
Fiesta Restaurant Group*			7,955				151
Finish Line, Cl A			11,850				143
Five Below*			14,862				816
Floor & Decor Holdings, Cl A*			8,031				313
Fossil Group*			12,426				116
Fox Factory Holding*			10,043				433
Francesca’s Holdings*			10,762				79
Fred’s, Cl A			10,499				68
FTD*			5,124				67
Gannett			29,651				267
Genesco*			5,714				152
Gentherm*			13,031				484
G-III Apparel Group*			176,991				5,136
Goodyear Tire & Rubber			106,000				3,524
Grand Canyon Education*			21,710				1,972
Group 1 Automotive			5,209				377
Guess?			132,627				2,259
Habit Restaurants, Cl A*			164,016				2,140
Haverty Furniture			4,912				128
Hibbett Sports*			6,099				87
Iconix Brand Group*			16,723				95
Installed Building Products*			5,641				366
iRobot*			7,438				573
JC Penney*			81,017				309
John Wiley & Sons, Cl A			14,811				792
Kirkland’s*			188,173				2,151
La-Z-Boy, Cl Z			12,725				342
LCI Industries			6,590				763
LGI Homes*			4,454				216
Lindblad Expeditions Holdings*			139,872				1,497
Lions Gate Entertainment, Cl A*			42,407				1,419
Lithia Motors, Cl A			6,450				776
Loral Space & Communications*			34,510				1,708
Lumber Liquidators Holdings*			26,505				1,033
M/I Homes*			6,397				171
Marcus			5,560				154
MarineMax*			7,134				118
Marriott Vacations Worldwide			6,443				802
MDC Holdings			101,807				3,381
MDC Partners, Cl A			131,666				1,448
Meritage Homes*			10,227				454
Modine Manufacturing*			195,470				3,763
Mohawk Industries*			7,477				1,851
Monarch Casino & Resort*			3,267				129
Monro			34,075				1,910
Motorcar Parts of America*			4,759				140

29

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Movado Group			4,551			$	127
Nautilus*			7,867				133
New Media Investment Group			13,872				205
Nexstar Media Group, Cl A			27,931				1,740
Norwegian Cruise Line Holdings*			73,900				3,994
Nutrisystem			8,019				448
Ollie’s Bargain Outlet Holdings*			13,138				610
Oxford Industries			12,560				798
Penn National Gaming*			22,535				527
Penske Automotive Group			29,565				1,406
Perry Ellis International*			3,600				85
PetMed Express			5,348				177
Pier 1 Imports			526,767				2,207
Planet Fitness, Cl A			30,045				811
Polaris Industries			6,543				685
Red Robin Gourmet Burgers*			19,772				1,325
Regis*			8,834				126
Rent-A-Center, Cl A			13,743				158
RH*			4,995				351
Royal Caribbean Cruises			11,500				1,363
Ruby Tuesday*			20,000				43
Ruth’s Hospitality Group			7,701				161
Scholastic			7,439				277
Scientific Games, Cl A*			52,635				2,413
SeaWorld Entertainment			239,560				3,112
Select Comfort*			10,889				338
Shake Shack, Cl A*			4,792				159
Shoe Carnival			3,668				82
Shutterfly*			8,908				432
Skechers U.S.A., Cl A*			50,400				1,265
Sonic			11,095				282
Sonic Automotive, Cl A			6,360				130
Standard Motor Products			5,554				268
Steven Madden*			14,119				611
Strayer Education			2,889				252
Sturm Ruger			4,615				239
Superior Industries International			6,599				110
Tailored Brands			12,692				183
Tile Shop Holdings			9,698				123
Time			26,042				352
TopBuild*			35,683				2,325
Unifi*			4,479				160
Universal Electronics*			3,804				241
Vail Resorts			12,181				2,779
Vera Bradley*			5,556				49
Vista Outdoor*			158,709				3,641
Visteon*			9,355				1,158
Vitamin Shoppe*			6,954				37
Wayfair, Cl A*			12,627				851
Wendy’s			99,650				1,548


Description		Shares				Value (000)
William Lyon Homes, Cl A*			6,132			$	141
Wingstop, Cl A			7,594				252
Winnebago Industries			94,524				4,230
Wolverine World Wide			25,910				747
World Wrestling Entertainment, Cl A			72,943				1,718
Wynn Resorts			16,700				2,487
Yum China Holdings*			33,600				1,343
ZAGG*			177,003				2,788
Zumiez*			5,173				94

							148,891

Consumer Staples – 2.7%
Andersons			121,314				4,155
B&G Foods			91,079				2,901
Bob Evans Farms			5,373				416
Calavo Growers			5,002				366
Cal-Maine Foods			7,796				320
Central Garden & Pet, Cl A*			9,378				349
Central Garden & Pet*			3,027				118
Chefs’ Warehouse*			53,953				1,041
Coca-Cola Bottling
Consolidated			1,205				260
Darling Ingredients*			244,467				4,283
Energizer Holdings			39,012				1,797
Flowers Foods			146,123				2,749
Herbalife*			13,522				917
Inter Parfums			39,177				1,616
J&J Snack Foods			4,011				527
John B Sanfilippo & Son			2,253				152
Medifast			2,887				171
Nu Skin Enterprises, Cl A			17,854				1,098
Seaboard			846				3,811
Seneca Foods, Cl A*			1,835				63
SpartanNash			9,832				259
SUPERVALU*			9,931				216
Universal			6,800				390
WD-40			3,693				413

							28,388

Energy – 3.5%
Archrock			18,383				231
Ardmore Shipping			340,361				2,808
Atwood Oceanics*			21,977				206
Bill Barrett*			22,371				96
Bristow Group			9,436				88
Capital Product Partners (A)			121,712				426
CARBO Ceramics*			6,259				54
Carrizo Oil & Gas*			20,794				356
Cloud Peak Energy*			22,000				80
Contango Oil & Gas*			6,741				34
Delek US Holdings			136,707				3,654
Denbury Resources*			116,924				157

30

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Eclipse Resources*			545,519			$	1,364
Era Group*			5,800				65
Exterran*			8,287				262
Geospace Technologies*			3,914				70
Green Plains			10,456				211
Gulf Island Fabrication			4,400				56
Helix Energy Solutions Group*			37,319				276
Jones Energy, Cl A*			2				-
Keane Group*			49,286				822
Matador Resources*			34,870				947
Matrix Service*			7,771				118
McDermott International*			76,339				555
Nabors Industries			134,849				1,088
Newpark Resources*			23,077				231
Noble			63,700				293
Oceaneering International			218,959				5,752
Oil States International*			13,600				345
Patterson-UTI Energy			26,585				557
PBF Energy, Cl A			96,032				2,651
PDC Energy*			17,620				864
Pioneer Energy Services*			22,674				58
Resolute Energy*			48,679				1,445
REX American Resources*			1,475				138
Ring Energy*			116,486				1,688
RPC			41,075				1,018
SEACOR Holdings*			88,580				4,084
SRC Energy*			127,250				1,230
Tesco*			13,675				75
TETRA Technologies*			442,723				1,266
Unit*			13,733				283
US Silica Holdings			21,716				675

							36,677

Financials – 17.1%
Access National			71,525				2,050
American Equity Investment Life Holding			62,069				1,805
American Financial Group			34,955				3,616
Ameris Bancorp			9,795				470
AMERISAFE			5,186				302
Apollo Commercial Real Estate Finance‡			25,663				465
ARMOUR Residential‡			10,700				288
Aspen Insurance Holdings			34,234				1,383
Assurant			29,950				2,861
Atlantic Capital Bancshares*			91,851				1,667
Banc of California			18,231				378
Bank Mutual			12,433				126
Bank of Hawaii			40,050				3,339
Banner			25,743				1,577
Berkshire Hills Bancorp			32,860				1,273
BofI Holding*			15,090				430


Description		Shares				Value (000)
Boston Private Financial Holdings			22,035			$	365
Brookline Bancorp			61,385				951
Byline Bancorp*			57,876				1,230
Capstar Financial Holdings*			114,728				2,246
Capstead Mortgage‡			25,101				242
Carolina Financial			17,798				639
Central Pacific Financial			8,000				257
Chemical Financial			22,407				1,171
City Holding			4,107				295
Civista Bancshares			47,195				1,054
CoBiz Financial			164,037				3,222
Cohen & Steers			19,327				763
Columbia Banking System			29,480				1,241
Comerica			36,881				2,813
Commerce Bancshares			58,080				3,355
Commerce Union Bancshares			35,582				825
Community Bank System			13,483				745
Community Bankers Trust*			105,493				971
Customers Bancorp*			63,953				2,086
CVB Financial			177,123				4,281
Dime Community Bancshares			8,083				174
Donnelley Financial Solutions*			9,100				196
ETRADE Financial			32,348				1,411
Eagle Bancorp*			46,620				3,126
Eagle Bancorp Montana			14,376				264
East West Bancorp			35,100				2,098
eHealth*			4,900				117
Employers Holdings			8,751				398
Encore Capital Group*			25,867				1,146
Enova International*			8,572				115
Equity Bancshares, Cl A*			15,034				535
Evans Bancorp			33,616				1,452
Evercore, Cl A			10,523				844
EZCORP, Cl A*			14,334				136
FB Financial*			36,813				1,389
Fidelity Southern			6,312				149
Financial Engines			16,948				589
First BanCorp*			47,909				245
First Bancorp NC			16,972				584
First Commonwealth Financial			26,163				370
First Financial Bancorp			53,907				1,410
First Financial Bankshares			17,673				799
First Horizon National			93,473				1,790
First Internet Bancorp			55,908				1,806
First Merchants			28,697				1,232
First Midwest Bancorp			89,306				2,092
FirstCash			66,729				4,214
FNB			298,792				4,192
Glacier Bancorp			20,871				788
Great Western Bancorp			28,723				1,186
Green Bancorp*			19,482				461

31

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Green Dot, Cl A*			67,123			$	3,328
Greenhill			8,050				134
Guaranty Bancorp			88,647				2,464
Guaranty Bancshares			17,868				572
Hamilton Lane, Cl A			46,971				1,261
Hanmi Financial			8,462				262
Hannon Armstrong Sustainable Infrastructure Capital‡			89,505				2,181
Hanover Insurance Group			15,703				1,522
HCI Group			2,400				92
Heritage Commerce			126,496				1,800
Heritage Financial			122,480				3,613
HomeStreet*			7,230				195
Hope Bancorp			34,388				609
Horace Mann Educators			38,064				1,498
IBERIABANK			49,844				4,095
Independent Bank			49,188				3,672
Infinity Property & Casualty			2,881				271
Interactive Brokers Group, Cl A			19,100				860
International. FCStone*			4,397				168
Investar Holding			32,377				780
Investment Technology Group			74,563				1,651
LegacyTexas Financial Group			11,324				452
LendingTree*			1,997				488
Maiden Holdings			18,965				151
MarketAxess Holdings			3,824				706
Meta Financial Group			2,400				188
Moelis, Cl A			29,688				1,278
National Bank Holdings, Cl A			77,382				2,762
Navigators Group			6,033				352
NBT Bancorp			11,436				420
Northfield Bancorp			12,467				216
Northwest Bancshares			27,459				474
OFG Bancorp			12,909				118
Old Line Bancshares			44,383				1,243
Old National Bancorp			161,006				2,946
OM Asset Management			160,338				2,392
Opus Bank			54,858				1,317
Oritani Financial			9,986				168
PacWest Bancorp			23,632				1,194
Piper Jaffray			3,683				219
PRA Group*			12,187				349
Primerica			40,650				3,315
ProAssurance			14,242				778
Prosperity Bancshares			50,143				3,296
Provident Financial Services			15,908				424
Pzena Investment Management, Cl A			68,552				746
RLI			10,413				597
S&T Bancorp			9,174				363
Safety Insurance Group			4,037				308
Selective Insurance Group			15,599				840


Description		Shares				Value (000)
ServisFirst Bancshares			12,009			$	467
Shore Bancshares			55,922				931
Simmons First National, Cl A			8,596				498
SmartFinancial*			19,959				480
Solar Capital			57,210				1,238
Southern First Bancshares*			5,303				193
Southern National Bancorp of Virginia			121,976				2,072
Southside Bancshares			7,515				273
State Auto Financial			31,719				832
State Bank Financial			86,828				2,488
Stewart Information Services			6,167				233
Sunshine Bancorp*			47,384				1,101
Synovus Financial			37,840				1,743
TCF Financial			100,510				1,713
Texas Capital Bancshares*			5,600				480
Third Point Reinsurance*			16,800				262
Tompkins Financial			3,202				276
TrustCo Bank			24,985				222
UMB Financial			26,712				1,990
Umpqua Holdings			188,862				3,685
United Community Banks			19,494				556
United Fire Group			5,603				257
United Insurance Holdings			5,302				86
Universal Insurance Holdings			8,471				195
Virtus Investment Partners			1,877				218
Waddell & Reed Financial, Cl A			21,911				440
Walker & Dunlop*			7,718				404
WashingtonFirst Bankshares			48,489				1,726
WesBanco			46,052				1,889
Westamerica Bancorporation			50,015				2,978
Western Alliance Bancorp*			31,555				1,675
WisdomTree Investments			29,951				305
World Acceptance*			1,494				124
Zions Bancorporation			46,600				2,199

							179,447

Health Care – 10.5%
Abaxis			5,891				263
Acadia Healthcare*			46,022				2,198
Aceto			8,810				99
Acorda Therapeutics*			12,211				289
Aerie Pharmaceuticals*			38,670				1,879
Almost Family*			3,400				183
AMAG Pharmaceuticals*			9,091				168
Amedisys*			7,587				425
AMN Healthcare Services*			12,634				577
Amphastar Pharmaceuticals*			9,212				165
Analogic			3,317				278
AngioDynamics*			9,903				169
ANI Pharmaceuticals*			2,347				123
Anika Therapeutics*			3,799				220
AxoGen*			63,406				1,227

32

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
BioTelemetry*			52,040			$	1,717
Bioverativ*			9,460				540
Bluebird Bio*			11,037				1,516
Cambrex*			8,715				479
Cantel Medical			9,510				896
Catalent*			36,080				1,440
Charles River Laboratories International*			9,970				1,077
Chemed			12,478				2,521
Clovis Oncology*			21,817				1,798
Community Health Systems*			29,874				229
Computer Programs & Systems			3,115				92
CONMED			6,502				341
Corcept Therapeutics*			28,637				553
CorVel*			2,500				136
Cross Country Healthcare*			107,636				1,532
CryoLife*			46,639				1,059
Cutera*			25,240				1,044
Cytokinetics*			13,598				197
Depomed*			18,285				106
Diplomat Pharmacy*			12,365				256
Eagle Pharmaceuticals*			2,244				134
Emergent BioSolutions*			9,430				381
Enanta Pharmaceuticals*			3,897				182
Ensign Group			12,399				280
Envision Healthcare*			34,841				1,566
FibroGen*			25,195				1,355
GenMark Diagnostics*			174,167				1,677
Haemonetics*			14,085				632
Halozyme Therapeutics*			36,175				628
HealthEquity*			35,817				1,812
HealthSouth			111,413				5,164
HealthStream*			6,577				154
Heska*			1,741				153
HMS Holdings*			22,608				449
ICU Medical*			4,024				748
IDEXX Laboratories*			19,560				3,041
Impax Laboratories*			29,377				596
Innoviva*			20,251				286
Inogen*			4,507				429
Insulet*			12,790				704
Integer Holdings*			7,520				385
Integra LifeSciences Holdings*			16,902				853
Intersect ENT*			44,100				1,374
Invacare			9,393				148
K2M Group Holdings*			148,250				3,144
Kindred Healthcare			22,187				151
Landauer			2,474				167
Lannett*			7,567				140
Lantheus Holdings*			53,735				956
LeMaitre Vascular			4,100				153


Description		Shares				Value (000)
LHC Group*			4,422			$	314
Ligand Pharmaceuticals*			15,675				2,134
Luminex			11,044				225
Magellan Health*			6,246				539
Medicines*			17,095				633
MEDNAX*			26,339				1,136
Meridian Bioscience			10,933				156
Merit Medical Systems*			67,489				2,858
Mettler-Toledo International*			5,105				3,197
MiMedx Group*			27,770				330
Momenta Pharmaceuticals*			20,428				378
Myriad Genetics*			60,773				2,199
NanoString Technologies*			113,350				1,832
Natus Medical*			8,920				335
Nektar Therapeutics, Cl A*			64,159				1,540
Neogen*			10,260				795
NeoGenomics*			204,218				2,273
Novocure*			45,065				895
Omnicell*			38,765				1,979
OraSure Technologies*			61,969				1,394
Orthofix International*			4,683				221
Oxford Immunotec Global*			79,552				1,336
PAREXEL International*			22,803				2,008
PetIQ, Cl A*			29,803				807
PharMerica*			8,144				239
Phibro Animal Health, Cl A			5,208				193
Portola Pharmaceuticals, Cl A*			11,675				631
PRA Health Sciences*			20,845				1,588
Prestige Brands Holdings*			25,166				1,261
Progenics Pharmaceuticals*			20,597				152
Providence Service*			34,256				1,853
Puma Biotechnology*			3,655				438
Quality Systems*			12,035				189
Quidel*			68,346				2,998
Quorum Health*			8,900				46
Repligen*			29,919				1,146
Sarepta Therapeutics*			28,575				1,296
SciClone Pharmaceuticals*			13,327				149
Select Medical Holdings*			28,273				543
Spectrum Pharmaceuticals*			20,799				293
Sucampo Pharmaceuticals, Cl A*			7,400				87
Supernus Pharmaceuticals*			47,411				1,896
Surmodics*			3,900				121
Tactile Systems Technology*			45,135				1,397
Teladoc*			63,389				2,101
Tivity Health*			59,372				2,422
US Physical Therapy			3,408				209
Varex Imaging*			10,169				344
Vocera Communications*			82,882				2,600
WellCare Health Plans*			17,560				3,016

							110,356

33

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Industrials – 20.1%
AAON			10,817			$	373
AAR			8,663				327
ABM Industries			14,951				624
Actuant, Cl A			15,622				400
Advanced Drainage Systems			78,003				1,580
Aegion, Cl A*			8,704				203
AerCap Holdings*			39,897				2,039
Aerojet Rocketdyne Holdings*			20,052				702
Aerovironment*			5,662				306
Air Transport Services Group*			126,619				3,082
Alamo Group			2,477				266
Albany International, Cl A			25,501				1,464
Allegiant Travel, Cl A			3,362				443
Altra Industrial Motion			58,143				2,797
American Woodmark*			3,819				368
AMETEK			50,800				3,355
Apogee Enterprises			25,765				1,243
Applied Industrial Technologies			10,446				687
ArcBest			58,565				1,959
Astec Industries			5,029				282
Atlas Air Worldwide Holdings*			6,820				449
Axon Enterprise*			13,833				314
AZZ			16,877				822
Barnes Group			38,032				2,679
BMC Stock Holdings*			36,906				788
Brady, Cl A			12,586				478
Briggs & Stratton			11,169				262
Brink’s			39,145				3,298
Builders FirstSource*			92,725				1,668
BWX Technologies, Cl W			24,525				1,374
CAI International*			54,671				1,658
Casella Waste Systems, Cl A*			74,834				1,407
Celadon Group			416,393				2,811
Chart Industries*			8,040				315
CIRCOR International			4,316				235
Columbus McKinnon			118,765				4,498
Comfort Systems USA			9,768				349
Commercial Vehicle Group*			151,347				1,112
Covanta Holding			160,476				2,383
Covenant Transportation Group, Cl A*			147,912				4,286
CPI Aerostructures*			165,592				1,548
Cubic			6,553				334
Daseke*			81,645				1,065
Deluxe			42,400				3,093
DigitalGlobe*			38,467				1,356
DXP Enterprises*			80,436				2,533
Dycom Industries*			19,628				1,686
Echo Global Logistics*			109,639				2,067
EMCOR Group			51,280				3,558
Encore Wire			5,410				242


Description		Shares				Value (000)
Engility Holdings*			4,529			$	157
EnPro Industries			23,924				1,927
ESCO Technologies			6,793				407
Essendant			11,025				145
Exponent			6,799				502
Federal Signal			16,200				345
Forward Air			37,272				2,133
Franklin Electric			10,406				467
FTI Consulting*			10,800				383
GATX			48,990				3,016
General Cable			124,029				2,338
Genesee & Wyoming, Cl A*			19,659				1,455
Gibraltar Industries*			8,186				255
Global Brass & Copper Holdings			20,814				703
Granite Construction			5,690				330
Greenbrier			7,483				360
Griffon			8,078				179
Harsco*			28,551				597
Hawaiian Holdings*			14,137				531
Healthcare Services Group			19,505				1,053
Heartland Express			13,462				338
Heidrick & Struggles International			5,500				116
Hillenbrand			16,844				654
HNI			40,030				1,660
Hub Group, Cl A*			94,334				4,052
InnerWorkings*			169,401				1,906
Insperity			4,958				436
Insteel Industries			5,185				135
Interface, Cl A			146,941				3,218
ITT			157,364				6,966
John Bean Technologies			23,302				2,356
Kaman			7,512				419
KBR			286,989				5,131
Kelly Services, Cl A			8,214				206
Kennametal			22,300				900
Korn			15,443				609
Kratos Defense & Security Solutions*			118,550				1,551
Lindsay			2,771				255
LSC Communications			9,400				155
Lydall*			4,638				266
Marten Transport			143,313				2,945
Matson			11,233				317
Matthews International, Cl A			32,163				2,002
McGrath RentCorp			152,540				6,674
Mercury Systems*			94,323				4,893
Meritor*			74,180				1,929
Milacron Holdings*			202,170				3,409
Mobile Mini			85,943				2,961
Moog, Cl A*			48,782				4,070
Mueller Industries			15,404				538

34

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Multi-Color			3,710			$	304
MYR Group*			4,800				140
National Presto Industries			1,301				138
Navigant Consulting*			12,283				208
Navistar International*			27,675				1,220
Nordson			14,200				1,683
On Assignment*			80,270				4,309
Orbital ATK			10,449				1,391
Orion Group Holdings*			8,200				54
Owens Corning			18,100				1,400
Patrick Industries*			4,201				353
PGT Innovations*			12,759				191
Powell Industries			2,510				75
Proto Labs*			6,646				534
Quanex Building Products			8,969				206
Quanta Services*			41,445				1,549
Raven Industries			9,415				305
RBC Bearings*			13,532				1,693
Resources Connection			7,100				99
Revolution Lighting Technologies*			231,829				1,507
Roadrunner Transportation Systems*			8,889				85
RR Donnelley & Sons			18,100				186
Rush Enterprises, Cl A*			35,065				1,623
Saia*			35,904				2,249
Simpson Manufacturing			46,476				2,279
SiteOne Landscape Supply*			19,555				1,136
SkyWest			13,899				610
Snap-on			21,370				3,184
SP Plus*			48,994				1,935
SPX*			11,094				325
SPX FLOW*			14,833				572
Standex International			3,396				361
Student Transportation			140,069				838
Sun Hydraulics			5,365				290
Team*			49,698				663
Tennant			4,692				311
Terex			38,719				1,743
Tetra Tech			15,088				702
Titan International			14,151				144
Titan Machinery*			21,597				335
TransUnion*			28,700				1,356
Trex*			7,945				716
Triton International			39,535				1,316
Triumph Group			136,838				4,071
TrueBlue*			11,113				249
UniFirst			4,154				629
Univar*			46,000				1,331
Universal Forest Products			5,392				529
US Ecology			5,708				307
Valmont Industries			8,340				1,319


Description		Shares				Value (000)
Veritiv*			3,273			$	106
Viad			5,336				325
Vicor*			4,700				111
Wabash National			65,629				1,498
WABCO Holdings*			23,379				3,460
Wabtec			14,968				1,134
WageWorks*			10,596				643
Watts Water Technologies, Cl A			7,500				519
Werner Enterprises			37,695				1,378
YRC Worldwide*			182,631				2,520

							209,965

Information Technology – 17.6%
2U*			48,008				2,690
8x8*			24,025				324
ACI Worldwide*			108,234				2,466
ADTRAN			12,637				303
Advanced Energy Industries*			36,377				2,938
Advanced Micro Devices*			79,688				1,016
Agilysys*			4,400				53
Alarm.com Holdings*			20,706				935
Alpha & Omega Semiconductor*			300				5
Amkor Technology*			342,450				3,613
Anixter International*			7,687				653
Applied Optoelectronics*			5,034				326
Aspen Technology*			16,341				1,026
Badger Meter			7,900				387
Barracuda Networks*			10,800				262
Bazaarvoice*			394,082				1,951
Bel Fuse, Cl B			2,556				80
Belden			23,785				1,915
Benchmark Electronics*			43,867				1,498
Black Box			4,400				14
Blackhawk Network Holdings, Cl A*			39,360				1,724
Blucora*			12,155				308
Bottomline Technologies*			57,610				1,834
Brooks Automation			66,878				2,030
Cabot Microelectronics			6,786				542
CACI International, Cl A*			6,545				912
CalAmp*			76,706				1,783
Cardtronics*			11,951				275
CEVA*			5,921				253
Cognex			18,120				1,998
Coherent*			4,110				967
Cohu			11,908				284
CommVault Systems*			21,055				1,280
Comtech Telecommunications			6,900				142
Control4*			5,400				159
CoStar Group*			6,295				1,689
Cray*			10,490				204

35

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
CSG Systems International			8,814			$	353
CTS			8,486				205
Cypress Semiconductor			87,715				1,317
CYREN*			573,126				1,032
Daktronics			9,800				104
DHI Group*			14,897				39
Diebold Nixdorf			157,148				3,591
Digi International*			7,816				83
Diodes*			9,985				299
DSP Group*			6,500				84
DST Systems			50,800				2,788
Ebix			5,928				387
Electro Scientific Industries*			9,745				136
Electronics For Imaging*			138,073				5,893
Envestnet*			30,890				1,575
ePlus*			3,788				350
Euronet Worldwide*			41,354				3,920
Everi Holdings*			170,890				1,297
ExlService Holdings*			9,044				527
Extreme Networks*			71,015				844
Fabrinet*			10,047				372
FARO Technologies*			4,254				163
FireEye*			80,575				1,351
Five9*			130,349				3,115
FLIR Systems			73,782				2,871
Forrester Research			2,911				122
Gartner*			8,240				1,025
Gigamon*			10,045				423
Global Payments			7,600				722
Glu Mobile*			185,505				697
Gogo*			78,458				927
GrubHub*			41,290				2,174
GTT Communications*			42,320				1,339
Harmonic*			23,627				72
Hortonworks*			63,475				1,076
IAC*			13,400				1,576
II-VI*			14,934				615
Infinera*			53,415				474
Insight Enterprises*			28,996				1,331
Integrated Device Technology*			39,345				1,046
InterXion Holding*			32,285				1,644
IPG Photonics*			10,370				1,919
Itron*			59,070				4,575
KEMET*			13,000				275
Knowles*			62,448				954
Kopin*			17,900				75
Kulicke & Soffa Industries*			18,600				401
Liquidity Services*			38,036				224
LivePerson*			102,916				1,395
LogMeIn			2,609				287
Lumentum Holdings*			49,286				2,679
ManTech International, Cl A			6,961				307


Description		Shares				Value (000)
Marvell Technology Group			32,255			$	577
Mattersight*			563,136				1,577
MaxLinear, Cl A*			16,230				385
Methode Electronics			9,909				420
Micron Technology*			41,700				1,640
Microsemi*			45,670				2,351
MicroStrategy, Cl A*			2,545				325
Mimecast*			128,640				3,656
MKS Instruments			45,768				4,323
Model N*			77,082				1,152
Monotype Imaging Holdings			10,908				210
MTS Systems			4,567				244
Nanometrics*			6,558				189
NETGEAR*			8,495				404
Netlist*			473,018				348
New Relic*			21,680				1,080
NIC			17,772				305
Novanta*			47,353				2,065
Oclaro*			45,174				390
OSI Systems*			4,693				429
Park Electrochemical			5,578				103
Perficient*			9,081				179
Plexus*			8,862				497
Power Integrations			7,912				579
Progress Software			12,967				495
PROS Holdings*			28,415				686
Pure Storage, Cl A*			90,550				1,448
Qualys*			8,462				438
QuinStreet*			10,500				77
Rambus*			29,339				392
RealPage*			43,345				1,729
RingCentral, Cl A*			92,705				3,870
Rogers*			61,184				8,155
Rudolph Technologies*			8,165				215
Sanmina*			20,204				751
ScanSource*			6,651				290
Semtech*			17,729				666
ServiceNow*			25,535				3,001
Shopify, Cl A*			11,951				1,392
ShotSpotter*			25,770				347
Shutterstock*			4,949				165
SolarEdge Technologies*			9,500				271
SPS Commerce*			4,514				256
Square, Cl A*			116,675				3,361
Stamps.com*			4,230				857
Stratasys*			30,742				711
Super Micro Computer*			9,915				219
Sykes Enterprises*			10,755				314
Synchronoss Technologies*			11,214				105
Take-Two Interactive Software*			35,105				3,589
TeleTech Holdings			3,973				166
Teradyne			58,475				2,181

36

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
TiVo			66,501			$	1,320
Trimble*			58,250				2,286
TTM Technologies*			24,566				378
Universal Display			53,358				6,875
Varonis Systems*			33,745				1,414
VASCO Data Security International*			8,863				107
Veeco Instruments*			12,543				268
VeriFone Systems*			64,785				1,314
Viavi Solutions*			60,897				576
Virtusa*			7,245				274
Vishay Intertechnology			178,040				3,347
XO Group*			6,175				121
Xperi			181,549				4,593
Zebra Technologies, Cl A*			13,502				1,466

							183,803

Materials – 6.0%
A Schulman			7,648				261
AdvanSix*			7,927				315
AK Steel Holding*			82,705				462
Alamos Gold, Cl A			57,115				386
American Vanguard			6,685				153
AptarGroup			35,260				3,043
Avery Dennison			34,535				3,396
Balchem			8,558				696
Boise Cascade*			14,640				511
Calgon Carbon			13,713				293
Carpenter Technology			55,369				2,659
Celanese, Cl A			11,900				1,241
Century Aluminum*			12,979				215
Chemours			40,300				2,040
Clearwater Paper*			4,223				208
Commercial Metals			280,392				5,336
Compass Minerals International			51,223				3,324
Deltic Timber			2,873				254
Eagle Materials			13,430				1,433
Ferroglobe			206,297				2,715
Flotek Industries*			15,998				74
FMC			44,400				3,965
FutureFuel			6,638				104
Hawkins			2,781				113
Haynes International			3,665				132
HB Fuller			13,510				784
Ingevity*			11,259				703
Innophos Holdings			5,114				252
Innospec			6,371				393
Kaiser Aluminum			4,515				466
KapStone Paper and Packaging			23,125				497
KMG Chemicals			13,094				719
Koppers Holdings*			5,430				251


Description		Shares				Value (000)
Kraton*			36,903			$	1,492
LSB Industries*			5,985				47
Materion			5,187				224
Mercer International			146,826				1,740
Myers Industries			6,472				136
Neenah Paper			4,402				377
Olympic Steel			2,649				58
PH Glatfelter			137,928				2,683
Platform Specialty Products*			149,964				1,672
PolyOne			88,352				3,537
Quaker Chemical			3,505				519
Rayonier Advanced Materials			11,170				153
Schweitzer-Mauduit International			8,292				344
Silgan Holdings			100,848				2,968
Stepan			5,296				443
Summit Materials, Cl A*			56,475				1,809
SunCoke Energy*			16,668				152
TimkenSteel*			10,121				167
Tredegar			7,476				135
US Concrete*			31,784				2,425
Westlake Chemical			47,130				3,916

							62,391

Real Estate – 3.2%
Acadia Realty Trust‡			22,277				638
Agree Realty‡			7,660				376
American Assets Trust‡			10,903				434
Armada Hoffler Properties‡			11,619				160
Brandywine Realty Trust‡			64,998				1,137
CareTrust‡			20,326				387
CBL & Associates Properties‡			44,830				376
Cedar Realty Trust‡			22,341				126
Chatham Lodging Trust‡			10,545				225
Chesapeake Lodging Trust‡			16,235				438
Community Healthcare Trust‡			47,449				1,279
CyrusOne‡			22,395				1,320
DiamondRock Hospitality‡			52,737				577
EastGroup Properties‡			9,185				809
Education Realty Trust‡			62,809				2,257
Forestar Group*			10,805				186
Four Corners Property Trust‡			16,422				409
Franklin Street Properties‡			27,982				297
Getty Realty‡			8,768				251
Government Properties Income Trust‡			25,278				474
Hersha Hospitality Trust, Cl A‡			10,887				203
HFF, Cl A			9,822				389
Independence Realty Trust‡			22,175				226
Kite Realty Group Trust‡			21,991				445
Lexington Realty Trust‡			57,982				593
LTC Properties‡			10,417				489
MedEquities Realty Trust‡			112,251				1,319

37

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
National Storage Affiliates Trust ‡			11,523			$	279
Outfront Media ‡			135,070				3,401
Parkway ‡			11,656				268
Pennsylvania ‡			18,079				190
PS Business Parks ‡			5,285				706
QTS Realty Trust, Cl A ‡			40,957				2,144
Ramco-Gershenson Properties Trust ‡			20,730				270
Rayonier ‡			89,201				2,577
RE/MAX Holdings, Cl A			4,628				294
Retail Opportunity Investments ‡			174,319				3,314
RLJ Lodging Trust ‡			92,457				2,034
Saul Centers ‡			3,107				192
STAG Industrial ‡			45,420				1,248
Summit Hotel Properties ‡			27,320				437
Universal Health Realty Income Trust ‡			3,238				244
Urstadt Biddle Properties, Cl A ‡			7,703				167
Whitestone, Cl B ‡			10,100				132

							33,717

Telecommunication Services – 0.7%
ATN International			2,965				156
Boingo Wireless*			107,265				2,292
Cincinnati Bell*			10,996				219
Cogent Communications Holdings			11,042				540
Consolidated Communications Holdings			16,835				321
General Communication, Cl A*			6,985				285
Hawaiian Telcom Holdco*			18,385				548
Iridium Communications*			21,336				220
Lumos Networks*			7,045				126
Spok Holdings			6,000				92
Vonage Holdings*			241,520				1,966

							6,765

Utilities – 1.3%
ALLETE			40,573				3,136
American States Water			9,616				474
AquaVenture Holdings*			74,382				1,004
Avista			17,233				892
California Water Service Group			12,889				492
Dynegy, Cl A*			383,814				3,757
El Paso Electric			10,697				591
Northwest Natural Gas			7,563				487
South Jersey Industries			21,241				733
Spire			12,885				962


Description		Shares				Value (000)
Unitil			23,345			$	1,155

							13,683

Total Common Stock (Cost $877,833) (000)							1,014,083


Exchange Traded Funds — 0.3%
iShares Russell 2000			12,330				1,827
iShares Russell 2000 Value			13,238				1,643

Total Exchange Traded Funds (Cost $2,936) (000)							3,470


Rights — 0.0%
		Number of Rights
Chelsea Therapeutics International †(B)			2,000				–
Durata Therapeutics †(B)			900				–
Dyax, Expires 12/31/2019 (B)			12,613				31
Media General †(B)			9,318				1
Tobira Therapeutics, Expires 12/31/2028 (B)			900				–

Total Rights (Cost $–) (000)							32


Short-Term Investment — 2.8%
State Street Institutional Treasury Money Market Fund, Cl Institutional, 0.920% (C)			28,963,471				28,963

Total Short-Term Investment (Cost $28,963) (000)							28,963

Total Investments in Securities — 100.0% (Cost $909,732) (000) @						$	1,046,548

Percentages are based on Net Assets of $1,046,898 (000).

A list of the open futures contracts held by the Fund at September 30,

2017, is as follows (000):


Type of Contract		Number of Contracts Long		Expiration Date		Notional Amount				Value				Unrealized Appreciation
Russell 2000				Dec-
Index E-MINI		89		2017		$	6,339			$	6,643			$	304

						$	6,339			$	6,643			$	304

*	Non-income producing security.

†	Expiration date is unavailable.

‡	Real Estate Investment Trust

(A)	Security considered Master Limited Partnership. At September 30, 2017, this security amounted to $426 (000) or 0.0% of Net Assets.

38

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2017 (unaudited)

(B) Level 3 security 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 September 30, 2017, was $32 and represented 0.0% of Net Assets.

(C) The rate reported is the 7-day effective yield as of September 30, 2017.

Cl — Class

@ At September 30, 2017, the tax cost basis of the Fund’s investments was $909,732 (000), and the unrealized appreciation and depreciation were $169,687 (000) and $(32,567) (000), respectively.


Investments in Securities		Level 1				Level 2				Level 3^				Total
Common Stock		$	1,014,083			$	-			$	-			$	1,014,083
Exchange Traded Funds			3,470				-				-				3,470
Rights			-				-				32				32
Short-Term Investment			28,963				-				-				28,963

Total Investments in Securities		$	1,046,516			$	-			$	32			$	1,046,548


Other Financial Instruments		Level 1				Level 2				Level 3				Total
Futures Contracts**
Unrealized Appreciation		$	304			$	-			$	-			$	304

Total Other Financial Instruments		$	304			$	-			$	-			$	304

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

^

A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

As of September 30, 2017, 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 September 30, 2017, 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.

39

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Common Stock — 97.0%
Australia – 2.9%
Abacus Property Group‡			18,202			$	54
Aconex*			8,021				25
Adelaide Brighton			19,447				89
AGL Energy			11,666				214
Ainsworth Game Technology*			5,399				11
ALS			145,885				894
Altium			5,875				50
Alumina			476,901				823
Amcor			32,821				392
AMP			51,317				195
Ansell			7,188				126
APA Group			19,193				126
APN Outdoor Group			7,424				27
ARB			3,836				52
Ardent Leisure Group			22,473				32
Aristocrat Leisure			9,382				154
Asaleo Care			285,274				346
ASX			3,341				137
Aurizon Holdings			35,416				136
AusNet Services			36,668				49
Austal			12,906				16
Australia & New Zealand Banking Group			162,756				3,778
Australian Agricultural*			20,716				25
Australian Pharmaceutical Industries			19,473				23
Automotive Holdings Group			12,095				31
Aventus Retail Property Fund‡			11,006				20
Aveo Group			21,860				41
Bank of Queensland			6,607				67
Bapcor			13,810				57
Beach Energy			75,770				49
Bega Cheese			8,574				46
Bellamy’s Australia*			3,993				24
Bendigo & Adelaide Bank			7,770				71
BHP Billiton			67,254				1,360
Blackmores			597				55
BlueScope Steel			99,655				858
Boral			20,132				107
Brambles			27,566				195
Breville Group			4,591				41
Brickworks			4,260				45
BT Investment Management			9,345				81
BWP Trust‡			30,570				71
Cabcharge Australia			5,939				8
Caltex Australia			18,055				455
carsales.com			56,229				566
Cedar Woods Properties			2,353				10
Centuria Industrial‡			6,517				13
Challenger			9,778				95
Charter Hall Group‡			22,471				95
Charter Hall Long Wale‡			5,831				19
Charter Hall Retail‡			16,316				51
CIMIC Group			1,961				68
Cleanaway Waste Management			670,753				723
Coca-Cola Amatil			106,470				645
Cochlear			988				123
Commonwealth Bank of Australia			28,082				1,658
Computershare			7,832				89
Corporate Travel Management			3,588				62


Description		Shares				Value (000)
Costa Group Holdings			12,822			$	56
Credit Group			2,528				38
Cromwell Property Group‡			74,113				56
Crown Resorts			7,766				69
CSL			7,654				805
CSR			24,573				91
Dexus‡			17,535				131
Domino’s Pizza Enterprises			1,289				46
Donaco International			25,064				8
Downer EDI			30,087				160
DuluxGroup			95,645				525
Eclipx Group			12,959				42
Energy World*			31,652				10
Estia Health			12,273				31
Evolution Mining			58,645				102
Fairfax Media			652,410				484
FlexiGroup			14,134				17
Flight Centre Travel Group			1,077				38
Folkestone Education Trust‡			8,380				18
Fortescue Metals Group			26,803				108
Freedom Foods Group			3,672				12
G8 Education			20,424				65
Galaxy Resources*			15,430				31
Gateway Lifestyle			16,502				25
GDI Property Group‡			18,492				16
Genworth Mortgage Insurance
Australia			14,780				32
Goodman Group‡			31,040				200
GPT Group‡			30,983				121
GrainCorp, Cl A			12,152				77
Greencross			4,688				19
Growthpoint Properties Australia‡			13,544				34
GUD Holdings			58,594				501
GWA Group			7,400				15
Hansen Technologies			6,846				18
Harvey Norman Holdings			11,807				36
Healthscope			33,196				43
HT&E			13,604				22
IDP Education			5,550				25
Iluka Resources			63,549				474
Incitec Pivot			28,454				80
Independence Group NL			24,101				65
Infigen Energy*			49,136				29
Inghams Group			8,068				24
Insurance Australia Group			41,102				205
Investa Office Fund‡ *			23,111				82
InvoCare			4,743				58
IOOF Holdings			11,642				102
IPH			36,984				132
IRESS			7,670				68
James Hardie Industries			7,566				105
Japara Healthcare			11,253				16
JB Hi-Fi			5,744				104
Karoon Gas Australia*			10,804				11
Lend Lease Group			9,531				134
Link Administration Holdings			21,970				130
Liquefied Natural Gas*			22,580				7
Macquarie Atlas Roads Group			26,728				114
Macquarie Group			5,453				388
Magellan Financial Group			5,960				115
Mantra Group			15,612				39
Mayne Pharma Group*			61,782				32
McMillan Shakespeare			3,811				44
Medibank			47,218				108
Mesoblast*			16,915				18

40

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Metcash			172,699			$	347
Michael Hill International			10,400				9
Mineral Resources			7,968				102
Mirvac Group‡			63,705				114
Monadelphous Group			4,546				56
Myer Holdings			38,418				23
MYOB Group			19,451				52
Nanosonics*			14,941				31
National Australia Bank			108,651				2,685
National Storage‡			32,269				38
Navitas			12,319				44
Newcrest Mining			47,255				779
NEXTDC*			14,296				49
Nine Entertainment Holdings			36,217				39
Northern Star Resources			30,348				118
Nufarm			8,133				53
OFX Group			10,103				14
Oil Search			23,572				129
oOh!media			7,485				26
Orica			128,955				2,000
Origin Energy*			30,387				178
Orocobre*			8,564				30
Orora			83,968				204
OZ Minerals			15,079				88
Pact Group Holdings			10,535				43
Perpetual			2,404				98
Pilbara Minerals*			61,940				31
Platinum Asset Management			11,702				56
Premier Investments			5,104				53
Primary Health Care			22,786				55
Programmed Maintenance Services			12,256				29
Qantas Airways			8,014				37
QBE Insurance Group			23,790				187
Qube Holdings			50,921				99
Ramsay Health Care			2,442				119
RCG			15,190				9
REA Group			970				51
Regis Healthcare			9,607				26
Regis Resources			23,419				66
Reliance Worldwide			19,301				60
Resolute Mining			32,105				26
Retail Food Group			6,805				23
Rio Tinto PLC			7,398				386
Sandfire Resources NL			8,287				37
Santos			58,486				184
Saracen Mineral Holdings*			38,988				40
Scentre Group‡			92,692				285
SEEK			6,566				86
Select Harvests			3,187				10
Seven Group Holdings			4,244				40
Seven West Media			46,648				24
SG Fleet Group			4,472				14
Shopping Centres Australasia Property Group‡			42,072				76
Sigma Healthcare			193,146				125
Sims Metal Management			8,463				89
Sirtex Medical			2,990				31
SmartGroup			4,068				29
Sonic Healthcare			6,805				112
South32			86,480				222
Southern Cross Media Group			39,666				37
Spark Infrastructure Group			86,330				170
SpeedCast International			9,445				29
St. Barbara			25,166				52
Star Entertainment Grp			36,951				152


Description		Shares				Value (000)
Steadfast Group			39,053			$	85
Stockland‡			41,760				140
Suncorp Group			22,409				230
Super Retail Group			6,649				42
Sydney Airport			18,902				105
Syrah Resources*			11,992				32
Tabcorp Holdings			16,824				56
Tassal Group			9,043				27
Tatts Group			25,547				80
Technology One			12,851				51
Telstra			72,274				198
Tox Free Solutions			8,146				16
TPG Telecom			6,699				26
Transurban Group			35,766				333
Treasury Wine Estates			12,731				137
Vicinity Centres‡			57,907				121
Village Roadshow*			3,387				10
Virtus Health			3,028				13
Vita Group			9,081				12
Viva Energy‡			25,338				42
Vocus Communications			27,862				52
Webjet			4,061				34
Wesfarmers			19,122				621
Western Areas			12,164				25
Westfield‡			34,247				210
Westgold Resources*			9,066				14
Westpac Banking			56,609				1,417
Whitehaven Coal			25,874				75
WiseTech Global			4,090				28
Woodside Petroleum			13,205				301
Woolworths			143,900				2,845
WorleyParsons*			10,538				112
WPP AUNZ			14,271				12

							40,492

Austria – 0.2%
ANDRITZ			4,554				263
Austria Technologie & Systemtechnik			998				14
BUWOG			5,357				160
DO & CO			293				14
Erste Group Bank			5,222				225
EVN			2,278				36
FACC*			847				12
Immobilien Anlagen			4,026				116
IMMOFINANZ			42,036				109
Kapsch TrafficCom			173				9
Lenzing			677				98
Oesterreichische Post			7,786				359
OMV			2,540				148
Porr Ag			491				16
Raiffeisen Bank International			2,496				84
RHI			1,300				55
S IMMO			2,508				44
Schoeller-Bleckmann Oilfield Equipment			570				46
Semperit Holding			396				12
Telekom Austria, Cl A			8,717				79
UNIQA Insurance Group			6,958				72
Vienna Insurance Group Wiener Versicherung Gruppe			2,049				61
Voestalpine			1,933				99
Wienerberger			26,028				637
Zumtobel Group			1,488				26

							2,794

41

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Belgium – 0.7%
Ablynx*			2,919			$	43
Ackermans & van Haaren			1,189				207
Aedifica ‡			836				79
Ageas			3,369				158
AGFA-Gevaert*			8,255				39
Anheuser-Busch InBev			24,021				2,876
Barco			490				53
Befimmo ‡			1,222				77
Bekaert			1,854				89
Biocartis* (A)			861				11
bpost			5,086				151
Cie d’Entreprises CFE			388				58
Cofinimmo ‡			1,140				146
Colruyt			1,239				63
D’ieteren			1,278				59
Econocom Group			6,368				49
Elia System Operator			1,744				101
Euronav			6,350				52
EVS Broadcast Equipment			832				31
Exmar*			1,664				9
Fagron			2,058				30
Gimv			1,200				74
Greenyard			625				14
Groupe Bruxelles Lambert			1,393				147
Intervest Offices & Warehouses‡			370				10
Ion Beam Applications			910				31
KBC Ancora			1,710				101
KBC Group			37,841				3,206
Kinepolis Group			847				56
Melexis			1,058				102
Nyrstar*			3,628				29
Ontex Group			4,363				149
Orange Belgium			1,549				36
Proximus			2,600				90
Sioen Industries			310				10
Sofina			786				121
Solvay			1,284				193
Telenet Group Holding*			1,010				67
Tessenderlo Group*			1,528				74
UCB			2,183				155
Umicore			1,638				135
Van de Velde			209				12
Warehouses De Pauw CVA ‡			892				101

							9,294

Brazil – 1.2%
AES Tiete Energia			400				2
Ambev ADR			358,633				2,363
Arezzo Industria e Comercio			22,100				351
B2W Cia Digital*			53,915				357
Banco BTG Pactual			74,924				444
Banco do Brasil			18,200				201
Cia de Saneamento Basico do Estado de Sao Paulo			150,600				1,579
Cia de Saneamento Basico do Estado de Sao Paulo ADR			9,449				99
Cia de Saneamento de Minas Gerais-COPASA			16,400				222
Cia Energetica de Minas Gerais ADR			36,892				91
Embraer			39,538				224
Estacio Participacoes			49,600				485
Grendene			122,100				1,020
JBS			153,700				413
LPS Brasil Consultoria de Imoveis*			118,635				266


Description		Shares				Value (000)
MRV Engenharia e Participacoes			191,000			$	826
Natura Cosmeticos			112,027				1,107
Porto Seguro			107,033				1,273
Positivo Tecnologia			56,200				63
PPLA Participations*			1,356				1
Qualicorp			28,200				334
Smiles			8,800				222
Telefonica Brasil ADR			20,318				322
Tim Participacoes			95,603				350
Tim Participacoes ADR			81,966				1,499
TOTVS			80,000				797
Vale, Cl B ADR			120,124				1,210
Via Varejo*			105,000				764
Vulcabras Azaleia*			13,000				37

							16,922

Canada – 4.6%
Advantage Oil & Gas*			9,800				61
Aecon Group			3,200				45
Ag Growth International			900				38
AGF Management, Cl B			3,300				21
Agnico Eagle Mines			3,900				176
Agrium			2,300				247
AGT Food & Ingredients			1,100				22
Aimia			8,100				16
Air Canada, Cl B*			3,600				76
Alacer Gold*			16,300				28
Alamos Gold, Cl A			15,100				102
Alaris Royalty			2,000				33
Algonquin Power & Utilities			19,500				206
Alimentation Couche-Tard, Cl B			23,700				1,081
Allied Properties‡			2,300				73
AltaGas			2,800				64
Altius Minerals			2,300				22
Altus Group			1,800				46
ARC Resources			6,000				83
Aritzia*			3,200				38
Artis ‡			3,700				39
Asanko Gold*			9,200				9
Atco, Cl I			1,300				48
Athabasca Oil*			23,900				21
Atlantic Power*			6,900				17
ATS Automation Tooling Systems*			3,900				41
AutoCanada			1,400				27
Avigilon*			2,100				30
B2Gold*			48,800				135
Badger Daylighting			1,900				40
Bank of Montreal			11,000				832
Bank of Nova Scotia			55,500				3,568
Barrick Gold			49,471				795
Baytex Energy*			13,200				40
BCE			16,282				763
Birchcliff Energy			11,900				58
Bird Construction			2,100				17
BlackBerry*			8,500				95
Boardwalk ‡			1,100				34
Bombardier*			32,600				59
Bonavista Energy			13,700				33
Bonterra Energy			1,100				15
Boralex			3,000				52
Brookfield Asset Management, Cl A			63,927				2,640
BRP			1,600				52
CAE			181,100				3,169
Callidus Capital			600				5
Cameco			6,700				65

42

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Canaccord Genuity Group			6,500			$	22
Canacol Energy*			7,100				24
Canadian Apartment Properties‡			3,300				89
Canadian Imperial Bank of Commerce			7,300				639
Canadian National Railway			12,800				1,060
Canadian Natural Resources			71,105				2,381
Canadian Pacific Railway			7,499				1,259
Canadian‡			1,800				67
Canadian Tire, Cl A			1,100				137
Canadian Utilities, Cl A			2,100				65
Canadian Western Bank			4,500				122
Canfor*			3,600				68
Canfor Pulp Products			1,700				18
Canopy Growth*			7,500				64
Capital Power			5,300				105
Cara Operations			1,400				27
Cardinal Energy			5,400				20
Cascades			3,500				42
CCL Industries, Cl B			2,400				116
Celestica*			6,000				74
Cenovus Energy			17,600				176
Centerra Gold			11,300				80
CES Energy Solutions			13,500				69
CGI Group, Cl A*			3,600				187
China Gold International Resources*			14,300				22
Choice Properties‡			2,300				24
Chorus Aviation			1,500				10
CI Financial			4,500				98
Cineplex			3,200				100
Clearwater Seafoods			2,200				16
Cogeco			300				20
Cogeco Communications			800				59
Colliers International Group			1,700				84
Cominar‡			4,500				49
Computer Modelling Group			4,600				34
Constellation Software			1,746				953
Corby Spirit and Wine, Cl A			600				10
Corus Entertainment			6,000				62
Cott			7,100				107
Crescent Point Energy			9,200				74
Crew Energy*			6,200				22
CRH Medical*			4,100				11
Crombie‡			2,200				24
CT‡			1,600				18
Denison Mines*			32,000				15
Descartes Systems Group*			4,000				109
Detour Gold*			8,900				98
DIRTT Environmental Solutions*			5,300				23
Dollarama			1,800				197
Dominion Diamond			4,200				60
Dorel Industries, Cl B			1,600				38
Dream Global‡			4,100				36
Dream Industrial‡			1,300				9
Dream Office‡			1,820				31
DREAM Unlimited, Cl A*			3,900				23
ECN Capital			20,000				63
Eldorado Gold			40,900				90
Element Financial			6,600				49
Emera			900				34
Empire			2,900				51
Enbridge			27,600				1,153
Enbridge Income Fund Holdings			5,900				152
Encana			16,400				193
Endeavour Mining*			3,600				72


Description		Shares				Value (000)
Endeavour Silver*			7,200			$	17
Enercare			5,300				87
Enerflex			4,400				65
Enerplus			12,500				123
Enghouse Systems			1,000				41
Ensign Energy Services			7,500				42
Entertainment One			19,514				67
Equitable Group			700				31
Evertz Technologies			1,000				14
Exchange Income			400				11
Exco Technologies			1,300				10
Extendicare			4,500				34
Fairfax Financial Holdings			5,585				2,907
Fiera Capital, Cl A			2,800				32
Finning International			2,800				64
First Capital Realty			2,700				43
First Majestic Silver*			8,500				58
First National Financial			900				19
First Quantum Minerals			11,600				130
FirstService			1,700				111
Fortis			7,000				251
Fortuna Silver Mines*			8,500				37
Franco-Nevada			9,741				755
Freehold Royalties			5,100				60
Genworth MI Canada			2,100				62
George Weston			900				78
Gibson Energy			6,900				98
Gildan Activewear			14,250				445
Gluskin Sheff + Associates			1,800				27
Goldcorp			14,600				189
Granite‡			1,100				44
Great Canadian Gaming*			2,600				67
Great-West Lifeco			5,000				144
Guyana Goldfields*			9,000				30
H&R‡			2,400				41
High Liner Foods			1,200				13
Home Capital Group, Cl B			3,300				37
Hudbay Minerals			12,200				90
Hudson’s Bay			4,000				41
Husky Energy*			5,900				74
Hydro One(A)			5,000				91
IAMGOLD*			23,100				141
IGM Financial			1,400				47
Imperial Metals*			3,400				9
Imperial Oil			5,000				160
Industrial Alliance Insurance & Financial Services			1,800				82
Innergex Renewable Energy			5,100				59
Intact Financial			2,200				182
Inter Pipeline			6,300				131
Interfor*			3,600				57
InterRent‡			1,600				10
Intertape Polymer Group			2,900				42
Ivanhoe Mines, Cl A*			31,300				100
Jean Coutu Group PJC, Cl A			1,400				27
Just Energy Group			4,900				28
Kelt Exploration*			8,300				47
Keyera			3,200				98
Killam Apartment‡			3,500				37
Kinaxis*			1,100				65
Kinross Gold*			21,000				89
Kirkland Lake Gold			9,000				116
Klondex Mines*			9,500				35
Knight Therapeutics*			5,800				40
Labrador Iron Ore Royalty			3,400				54

43

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Laurentian Bank of Canada			2,000			$	97
Linamar			800				48
Loblaw			48,523				2,649
Lucara Diamond			15,500				30
Lundin Gold*			4,300				18
Lundin Mining			32,800				225
MacDonald Dettwiler & Associates			1,800				102
MAG Silver*			3,800				43
Magellan Aerospace			700				10
Magna International			16,042				856
Major Drilling Group International*			4,800				27
Manulife Financial			33,300				675
Maple Leaf Foods			4,400				120
Martinrea International			4,900				45
Medical Facilities			1,300				16
MEG Energy*			12,500				55
Methanex			1,500				75
Metro, Cl A			3,800				131
Morguard‡			1,400				16
Morneau Shepell			3,200				53
MTY Food Group			900				35
Mullen Group			5,500				75
National Bank of Canada			5,800				279
Nevsun Resources			16,900				37
New Flyer Industries			2,600				108
New Gold*			29,400				109
NexGen Energy*			15,700				35
Norbord			2,100				80
North West			2,500				60
Northland Power			6,100				113
Northview Apartment ‡			1,200				22
NorthWest Healthcare Properties‡			2,200				20
Novagold Resources*			12,800				52
NuVista Energy*			9,600				58
Obsidian Energy*			26,600				28
OceanaGold			31,100				94
Onex			1,400				108
Open Text			4,500				145
Osisko Gold Royalties			5,900				76
Osisko Mining*			8,300				29
Painted Pony Energy*			7,400				20
Pan American Silver			7,600				129
Paramount Resources, Cl A*			3,793				75
Parex Resources*			7,900				95
Parkland Fuel			6,600				134
Pason Systems			4,000				60
Pembina Pipeline			6,800				239
Pengrowth Energy*			25,600				26
Peyto Exploration & Development			2,800				46
Potash Corp of Saskatchewan			14,200				274
Power Corp of Canada			5,900				-
Power Financial			4,200				116
PrairieSky Royalty			23,069				590
Precision Drilling*			16,600				52
Premier Gold Mines*			10,700				31
Premium Brands Holdings			1,300				104
Pretium Resources*			7,800				72
ProMetic Life Sciences*			31,100				40
Pure Industrial Real Estate Trust‡			6,600				34
Quebecor, Cl B			4,200				158
Raging River Exploration*			12,000				76
Restaurant Brands International			3,800				243
Richmont Mines*			3,300				31
RioCan‡			2,700				52
Ritchie Bros Auctioneers			32,362				1,024


Description		Shares				Value (000)
Rogers Communications, Cl B			18,337			$	946
Rogers Sugar			4,600				23
Royal Bank of Canada			33,077				2,559
Russel Metals			3,400				75
Sandstorm Gold*			8,400				38
Saputo			3,600				125
Seabridge Gold*			2,300				28
Secure Energy Services			9,000				62
SEMAFO*			17,600				47
Seven Generations Energy*			4,200				66
Shaw Communications, Cl B			7,100				164
ShawCor			3,500				77
Shopify*			1,400				163
Sienna Senior Living			2,100				30
Sierra Wireless*			1,700				36
Silvercorp Metals			9,100				25
Sleep Country Canada Holdings(A)			1,900				55
Smart‡			1,100				26
SNC-Lavalin Group			3,000				136
Spartan Energy*			9,666				53
Spin Master* (A)			1,300				50
Sprott			9,400				16
SSR Mining*			6,200				66
Stantec			5,800				161
Stars Group*			6,200				127
Stella-Jones			2,300				88
Stornoway Diamond*			30,200				18
Student Transportation			4,800				29
Sun Life Financial			10,300				410
Suncor Energy			147,917				5,185
Superior Plus			7,200				73
Surge Energy			15,600				28
Tahoe Resources			15,700				83
Tamarack Valley Energy*			4,700				11
Teck Resources, Cl B			9,600				202
TELUS			3,300				119
TFI International			4,600				119
Thomson Reuters			4,900				225
Timbercreek Financial			3,700				28
TMAC Resources*			1,800				15
TMX Group			1,900				107
TORC Oil & Gas			8,400				41
Torex Gold Resources*			4,100				64
Toromont Industries			4,000				183
Toronto-Dominion Bank			57,946				3,263
Total Energy Services			2,300				26
Tourmaline Oil*			3,900				79
TransAlta			15,100				88
TransAlta Renewables			5,100				56
TransCanada			25,900				1,280
Transcontinental, Cl A			3,200				66
Trican Well Service*			15,050				55
Tricon Capital Group			6,100				50
Trinidad Drilling*			16,400				25
Trisura Group*			0				-
Turquoise Hill Resources*			17,000				53
Uni-Select			1,900				41
Uranium Participation*			7,200				20
Valeant Pharmaceuticals International*			5,600				80
Valener			1,900				34
Veresen			5,300				80
Vermilion Energy			1,900				68
Wajax			1,400				23
West Fraser Timber			1,200				69

44

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Western Forest Products			20,000			$	43
WestJet Airlines			1,500				32
Westshore Terminals Investment			2,800				54
Wheaton Precious Metals			7,500				143
Whitecap Resources			18,700				145
Winpak			1,600				66
WPT Industrial‡			1,700				23
WSP Global			4,400				183
Yamana Gold			16,000				42

							63,561

Chile – 0.2%
CAP			11,219				117
Cia Cervecerias Unidas			59,131				796
Cia Cervecerias Unidas ADR			9,921				267
Cia Sud Americana de Vapores*			3,240,859				173
Enaex			16,760				217
Enersis Chile			3,847,896				470
Enersis Chile ADR			48,894				293
Inversiones La Construccion			4,669				74
Quinenco			296,139				840

							3,247

China – 1.8%
58.com ADR*			27,571				1,741
Alibaba Group Holding ADR*			57,102				9,862
Autohome ADR*			19,444				1,168
Baidu ADR*			13,777				3,412
CECEP COSTIN New Materials Group*			1,134,000				1
Changyou.com ADR*			2,671				106
China Resources Beer Holdings			313,073				848
Momo ADR*			45,740				1,433
NetEase ADR			9,487				2,503
Phoenix New Media ADR*			27,094				160
Powerlong Real Estate Holdings			306,000				156
Tsingtao Brewery, Cl H			98,000				375
Weibo ADR*			29,565				2,925

							24,690

Colombia – 0.0%
Bancolombia ADR			15,028				688
Almacenes Exito			41,133				217

							905

Czech Republic – 0.0%
Komercni Banka			10,754				470

Denmark – 1.5%
ALK-Abello			331				52
Alm Brand			3,559				35
Ambu, Cl B			1,489				115
AP Moeller – Maersk, Cl B			114				217
AP Moeller – Maersk, Cl A			65				119
Bang & Olufsen*			1,871				40
Bavarian Nordic*			1,647				74
Carlsberg, Cl B			22,222				2,431
Chr Hansen Holding			1,706				146
Coloplast, Cl B			21,859				1,773
D/S Nordern			1,342				29
Danske Bank			17,140				686
Dfds			1,648				94
DONG Energy(A)			2,836				162


Description		Shares				Value (000)
DSV			3,300			$	250
FLSmidth			2,002				133
Genmab*			995				220
GN Store Nord			42,864				1,469
H Lundbeck			1,171				68
IC Group			439				10
ISS			7,233				291
Jyske Bank			3,278				189
Matas			2,098				31
Nets* (A)			5,835				151
NKT			1,394				119
NNIT(A)			484				15
Novo Nordisk, Cl B			143,997				6,883
Novozymes, Cl B			3,998				205
Pandora			1,927				190
Per Aarsleff Holding			1,234				36
Rockwool International, Cl B			421				114
Royal Unibrew			2,448				134
Scandinavian Tobacco Group(A)			2,628				47
Schouw			612				67
SimCorp			1,909				117
Solar, Cl B			174				11
Spar Nord Bank			4,602				57
Sydbank			3,605				150
TDC			13,694				80
Topdanmark*			2,881				114
TORM			974				10
Tryg			2,446				56
Vestas Wind Systems			26,343				2,364
William Demant Holding*			37,315				985
Zealand Pharma*			1,211				23

							20,562

Egypt – 0.0%
Telecom Egypt(B)			129,194				95

Finland – 0.8%
Amer Sports			16,184				429
Cargotec, Cl B			1,974				124
Caverion			4,850				45
Citycon			18,366				49
Cramo			2,180				57
DNA			3,122				55
Elisa			2,439				105
Finnair			2,745				36
Fortum			7,658				153
F-Secure			4,129				21
Huhtamaki			4,606				186
Kemira			5,541				72
Kesko, Cl B			3,353				180
Kone, Cl B			5,877				311
Konecranes, Cl A			3,333				148
Lehto Group			791				12
Metsa Board			9,809				67
Metso			2,247				82
Neste			2,162				94
Nokia			64,765				389
Nokian Renkaat			66,600				2,961
Oriola, Cl B			5,893				24
Orion, Cl B			1,760				82
Outokumpu			16,041				167
Outotec			7,346				58
Ponsse Oy			362				10
Ramirent			4,456				46

45

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Sampo, Cl A			43,611			$	2,304
Sanoma			4,368				48
Stockmann Abp, Cl B			1,290				9
Stora Enso, Cl R			9,489				134
Technopolis			8,502				39
Tieto			2,939				90
Tikkurila			91,064				1,658
Tokmanni Group			1,866				16
UPM-Kymmene			9,277				252
Uponor			3,160				55
Valmet			6,577				129
Wartsila, Cl B			8,359				593
YIT			6,213				51

							11,341

France – 6.5%
Accor			3,197				159
Aeroports de Paris			501				81
Air France-KLM*			6,472				102
Air Liquide			91,180				12,161
Airbus Group			20,664				1,965
Albioma			1,587				36
Alstom			2,594				111
Altamir			1,526				28
Alten			1,514				137
Altran Technologies			7,745				142
Arkema			1,170				143
Assystem			389				15
Atos			1,641				255
AXA			54,576				1,650
Axway Software			357				9
Beneteau			2,029				35
BNP Paribas			34,687				2,797
Boiron			395				35
Bollore			14,705				73
Bonduelle SCA			714				32
Bourbon			1,188				11
Bouygues			3,683				175
Bureau Veritas			4,548				117
Capital Gemini			2,798				328
Carrefour			9,855				199
Casino Guichard Perrachon			1,086				64
Cellectis*			1,293				36
Chargeurs			768				23
Cie de Saint-Gobain			8,428				503
Cie des Alpes			351				11
Cie Generale des Etablissements Michelin			2,885				421
Cie Plastic Omnium			2,976				127
CNP Assurances			3,310				78
Coface*			5,144				55
Credit Agricole			19,847				361
Danone			57,203				4,488
Dassault Aviation			49				79
Dassault Systemes			21,399				2,165
DBV Technologies*			844				71
Derichebourg			3,492				37
Devoteam			206				19
Direct Energie			409				23
Edenred			21,623				588
Eiffage			1,265				131
Electricite de France			9,248				112
Elior Group(A)			5,631				149
Elis			10,990				294
Engie			212,119				3,602


Description		Shares				Value (000)
Eramet*			411			$	28
Essilor International			3,500				433
Esso Francaise*			145				11
Euler Hermes Group			775				92
Eurazeo			881				79
Eurofins Scientific			1,743				1,101
Europcar Groupe(A)			4,513				68
Eutelsat Communications			2,944				87
Faurecia			3,814				265
FFP			331				41
Fnac Darty*			850				82
Fonciere Des Regions‡			668				69
Gaztransport Et Technigaz			1,156				63
Gecina‡			811				132
Genfit*			1,295				38
GL Events			335				11
Groupe Crit			109				10
Groupe Eurotunnel			49,425				596
Guerbet			297				28
Haulotte Group			555				10
Hermes International			1,474				744
ICADE‡			562				50
ID Logistics Group*			115				21
Iliad			454				121
Imerys			1,714				155
Ingenico Group			985				93
Innate Pharma*			2,180				26
Interparfums			493				20
Ipsen			634				84
IPSOS			1,884				65
Jacquet Metal Service			510				17
JCDecaux			8,805				330
Kaufman & Broad			709				34
Kering			1,278				509
Klepierre‡			3,801				150
Korian			2,360				78
LafargeHolcim			2,046				119
Lagardere			1,990				67
Le Noble Age			236				16
Legrand			45,106				3,255
LISI			1,055				55
L’Oreal			15,708				3,340
LVMH Moet Hennessy Louis Vuitton			21,577				5,953
Maisons du Monde(A)			2,182				96
Manitou BF			418				16
Marie Brizard Wine & Spirits*			691				12
Mercialys‡			3,076				61
Mersen			603				22
Metropole Television			1,525				35
MGI Coutier			382				17
Natixis			16,193				130
Naturex*			348				39
Neopost			9,128				355
Nexans			1,511				90
Nexity			2,241				137
Nokia			33,663				202
Oeneo			1,058				12
Orange			33,646				551
Orpea			2,098				248
Parrot*			790				9
Pernod Ricard			48,542				6,715
Peugeot			8,702				207
Pierre & Vacances*			189				10
Plastivaloire			396				10
Publicis Groupe			3,535				247

46

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Rallye			1,467			$	27
Remy Cointreau			453				54
Renault			3,087				303
Rexel			5,114				88
Rubis SCA			4,228				269
Safran			5,275				539
Sanofi			21,693				2,154
Sartorius Stedim Biotech			1,373				95
Schneider Electric			83,745				7,287
Science*			1,023				10
SCOR			2,976				125
SEB			435				80
SES, Cl A			6,287				138
Societe BIC			571				68
Societe Generale			12,941				758
Sodexo			1,598				200
SOITEC*			815				53
Solocal Group*			26,668				32
Sopra Steria Group			758				141
SPIE			5,202				143
SRP Groupe* (A)			660				13
Ste Industrielle d’Aviation Latecoere*			2,789				19
STMicroelectronics			11,042				214
Suez			6,329				116
Synergie			300				16
Tarkett			1,629				73
Technicolor			18,675				64
TechnipFMC			3,593				99
Teleperformance			5,610				838
Television Francaise 1			2,239				33
Thales			5,898				668
TOTAL			176,664				9,489
Trigano			395				61
Ubisoft Entertainment*			3,404				234
Valeo			4,162				309
Vallourec			32,278				192
Veolia Environnement			8,299				192
Vicat			3,298				252
Vinci			8,493				807
Virbac			453				67
Vivendi			17,368				439
Wendel			476				77
Worldline* (A)			1,932				82
Zodiac Aerospace			27,718				801

							89,719

Germany – 5.8%
Aareal Bank			2,745				116
adidas			7,210				1,631
ADLER Real Estate*			791				13
ADO Properties(A)			1,731				86
ADVA Optical Networking*			1,691				11
AIXTRON*			5,982				81
Allianz			7,707				1,730
alstria office ‡			7,154				102
Amadeus Fire			328				31
AURELIUS Equity Opportunities & KGaA			1,268				83
Aurubis			1,724				140
Axel Springer			10,561				679
BASF			37,855				4,028
Bayer			79,525				10,838
Bayerische Motoren Werke			70,229				7,124
BayWa			921				37
Bechtle			1,682				126


Description		Shares				Value (000)
Beiersdorf			49,584			$	5,335
Bertrandt			318				32
bet-at-home.com			120				17
Bilfinger			1,727				72
Biotest			1,026				34
Borussia Dortmund GmbH & KGaA			2,535				25
Brenntag			16,389				912
CANCOM			797				60
Capital Stage			4,956				37
Carl Zeiss Meditec			2,048				106
CECONOMY			12,457				146
Cewe Stiftung & KGAA			313				30
comdirect bank			785				11
Commerzbank			18,494				251
CompuGroup Medical			1,166				66
Continental			1,855				471
Covestro(A)			1,924				165
CTS Eventim & KGaA			12,043				526
Daimler			16,239				1,295
Deutsche Bank			34,856				603
Deutsche Beteiligungs			676				36
Deutsche Boerse			3,365				365
Deutsche EuroShop			2,388				90
Deutsche Lufthansa			4,015				112
Deutsche Pfandbriefbank(A)			5,991				90
Deutsche Post			16,374				729
Deutsche Telekom			108,331				2,021
Deutsche Wohnen			6,166				262
Deutz			5,203				42
DIC Asset			3,070				34
Diebold Nixdorf			388				33
DMG Mori			884				55
Draegerwerk & KGaA			522				58
Drillisch			2,291				161
Duerr			1,375				184
E.ON			37,122				420
Elmos Semiconductor			433				11
ElringKlinger			1,480				28
Evonik Industries			2,787				100
Evotec*			6,134				146
Ferratum			502				16
Fielmann			2,443				212
Fraport Frankfurt Airport Services Worldwide			803				76
Freenet			6,278				210
Fresenius & KGaA			7,003				565
Fresenius Medical Care & KGaA			22,860				2,236
GEA Group			6,192				282
Gerresheimer			3,099				240
Gerry Weber International			1,013				13
GFT Technologies			660				12
Grammer			505				33
Grand City Properties			4,869				103
GRENKE			1,335				124
H&R GmbH & KGaA*			694				12
Hamborner ‡			4,822				52
Hamburger Hafen und Logistik			1,309				41
Hannover Rueck			2,204				266
Hapag-Lloyd* (A)			1,998				84
HeidelbergCement			2,586				266
Heidelberger Druckmaschinen*			13,201				54
Henkel & KGaA			1,804				220
Hochtief			325				55
Hornbach Baumarkt			435				17
HUGO BOSS			1,069				94

47

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Hypoport*			140			$	25
Indus Holding			1,064				79
Infineon Technologies			19,148				482
Innogy(A)			2,382				106
Isra Vision			171				32
Jenoptik			2,663				89
Jungheinrich			2,620				121
K+S			3,228				88
KION Group			1,249				120
Kloeckner			3,893				50
Koenig & Bauer			701				58
Krones			798				111
KWS Saat			109				48
LANXESS			1,573				124
LEG Immobilien			3,077				311
Leoni			1,612				107
Linde			12,921				2,694
MAN			703				79
Manz*			231				10
Merck KGaA			27,519				3,061
METRO*			3,482				74
MLP			2,216				15
MorphoSys*			1,372				116
MTU Aero Engines			12,588				2,008
Muenchener Rueckversicherungs- Gesellschaft in Muenchen			2,615				559
Nemetschek			947				77
Nordex*			2,995				34
Norma Group			1,695				111
OHB			258				12
OSRAM Licht			1,440				115
PATRIZIA Immobilien*			2,032				42
Pfeiffer Vacuum Technology			369				58
ProSiebenSat.1 Media			54,525				1,857
QIAGEN			27,369				861
Rational			160				110
Rheinmetall			2,233				252
RHOEN-KLINIKUM			1,341				45
RIB Software			1,897				40
Rocket Internet* (A)			2,656				68
RWE			8,995				204
S&T			1,839				40
SAF-Holland			2,523				51
Salzgitter			1,995				90
SAP			109,705				12,018
Senvion*			1,099				15
SGL Carbon*			3,188				54
Siemens			12,902				1,817
Siltronic*			987				122
Sixt			938				75
Sixt Leasing			519				13
SLM Solutions Group*			532				22
SMA Solar Technology			569				22
Software			2,678				131
Stabilus			9,696				879
STADA Arzneimittel			2,963				288
STO & KGaA			96				14
STRATEC Biomedical			209				13
Stroeer & KGaA			1,423				93
Suedzucker			3,679				79
Surteco			337				10
Symrise			7,324				556
TAG Immobilien			5,802				98
Takkt			1,685				39
Telefonica Deutschland Holding			12,541				70


Description		Shares				Value (000)
ThyssenKrupp			6,375			$	189
TLG Immobilien			3,748				86
TUI			14,376				244
Uniper			10,187				279
United Internet			2,117				132
VERBIO Vereinigte BioEnergie			974				10
Volkswagen			547				93
Vonovia			7,948				337
Vossloh			602				41
VTG			598				33
Wacker Chemie			737				106
Wacker Neuson			1,362				45
WCM Beteiligungs & Grundbesitz			4,394				19
Wirecard			5,873				538
Wuestenrot & Wuerttembergische			769				21
XING			157				49
Zalando* (A)			1,877				94
Zeal Network			346				11
zooplus*			327				55

							80,754

Greece – 0.3%
Aegean Airlines			27,543				263
Alpha Bank AE*			90,846				179
Athens Water Supply & Sewage			6,948				51
Fourlis Holdings			53,604				373
Grivalia Properties REIC AE ‡			85,019				874
Hellenic Petroleum			8,507				72
JUMBO			20,509				339
Motor Oil Hellas Corinth Refineries			68,639				1,640
OPAP			11,894				126

							3,917

Hong Kong – 6.1%
Agile Group Holdings			204,000				298
Agricultural Bank of China, Cl H			4,839,000				2,168
AIA Group			1,437,600				10,601
Ajisen China Holdings			475,000				216
ASM Pacific Technology			5,300				77
Bank of China, Cl H			12,249,000				6,037
Bank of East Asia			20,119				87
Beijing Gas Blue Sky Holdings*			216,000				14
Beijing Jingkelong, Cl H			172,000				51
BOC Hong Kong Holdings			64,500				313
Bright Smart Securities &
Commodities Group			32,000				10
Brightoil Petroleum Holdings*			155,000				30
BYD Electronic International			908,500				2,687
Cafe de Coral Holdings			18,000				56
Champion ‡			103,000				71
China Construction Bank, Cl H			8,984,000				7,454
China Financial International Investments*			310,000				9
China Goldjoy Group			380,000				28
China LNG Group			100,000				15
China Mengniu Dairy			309,000				864
China Merchants Holdings International			77,165				238
China Mobile			502,500				5,091
China National Materials			221,000				124

48

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
China Overseas Grand Oceans Group			273,000			$	176
China Overseas Land & Investment			192,000				625
China Petroleum & Chemical, Cl H			132,000				99
China Strategic Holdings*			700,000				10
China Sunshine Paper Holdings			134,000				49
China Trustful Group*			36,000				15
Chong Hing Bank			9,000				18
Chow Sang Sang Holdings International			15,000				34
CITIC Telecom International Holdings			71,000				20
CK Asset Holdings			51,222				425
CK Hutchison Holdings			178,884				2,287
CK Infrastructure Holdings			11,000				95
CK Life Sciences Int’l Holdings			126,000				10
CLP Holdings			205,500				2,106
CMBC Capital Holdings			520,000				45
Convoy Global Holdings*			402,000				10
Country Garden Holdings			276,000				440
CSI Properties			230,000				11
Dah Sing Banking Group			25,200				55
Dah Sing Financial Holdings			8,000				54
Digital Domain Holdings*			620,000				18
Dingyi Group Investment*			80,000				5
Emperor Capital Group			126,000				10
Emperor International Holdings			48,000				17
Esprit Holdings			1,576,377				880
Fairwood Holdings			2,500				10
Far East Consortium International			72,000				38
FDG Kinetic*			62,000				11
First Pacific			436,000				348
Freeman FinTech*			260,000				15
Future World Financial Holdings*			464,000				11
Galaxy Entertainment Group			41,000				289
GCL New Energy Holdings*			246,000				16
Geely Automobile Holdings			1,494,000				4,208
Giordano International			62,000				37
Global Brands Group Holding*			808,000				78
Goodbaby International Holdings			282,000				156
Great Eagle Holdings			13,240				70
G-Resources Group			897,000				12
Guangnan Holdings			210,000				27
Guotai Junan International Holdings			137,000				44
Haitong International Securities Group			108,487				63
Hang Lung Group			15,000				54
Hang Lung Properties			34,000				81
Hang Seng Bank			13,300				324
Harbin Electric, Cl H			444,000				211
Henderson Land Development			20,982				139
Hengan International Group			71,458				661
Hisense Kelon Electrical Holdings, Cl A			158,000				173
HK Electric Investments & HK Electric Investments(A)			48,658				44
HKBN			52,000				54
HKT Trust			63,740				78
Hong Kong & China Gas			145,917				275
Hong Kong Exchanges and Clearing			19,312				520
Hongkong & Shanghai Hotels			187,994				313
Hopewell Holdings			31,000				121
HSBC Holdings PLC			725,075				7,105


Description		Shares				Value (000)
Huarong International Financial Holdings*			30,000			$	11
Hutchison Telecommunications Hong Kong Holdings			62,000				23
Hysan Development			12,000				56
I-CABLE Communications*			9,889				-
Industrial & Commercial Bank of China, Cl H			9,977,000				7,409
Johnson Electric Holdings			18,000				69
Ju Teng International Holdings			218,000				86
K Wah International Holdings			115,000				69
Kerry Logistics Network			35,000				48
Kerry Properties			14,000				58
Kingboard Chemical Holdings			705,000				3,732
Kingboard Laminates Holdings			1,307,500				2,112
Lai Sun Development			9,600				17
Landing International Development*			2,460,000				49
Langham Hospitality Investments and Langham Hospitality Investments			32,000				14
Li & Fung			100,000				50
Li Bao Ge Group			10,000				9
Li Ning*			1,033,791				922
Link ‡			38,500				312
Liu Chong Hing Investment			6,000				10
Luk Fook Holdings International			18,000				73
Macau Legend Development*			74,000				12
Madison Holdings Group*			56,000				14
Man Wah Holdings			77,600				70
Mason Group Holdings*			1,040,000				14
Melco International Development			38,000				109
Melco Resorts & Entertainment ADR			4,173				101
MGM China Holdings			20,800				50
Microport Scientific			16,000				15
Modern Dental Group			28,000				10
MTR			25,680				150
Neo Telemedia			268,000				8
New World Development			118,413				170
NewOcean Energy Holdings			38,000				10
Nine Dragons Paper Holdings			7,000				14
NWS Holdings			26,252				51
Orient Overseas International			11,000				103
Pacific Basin Shipping			186,000				42
Pacific Textiles Holdings			46,000				47
PCCW			80,136				43
Poly Property Group			135,000				69
Power Assets Holdings			24,000				208
Prosperity ‡			84,000				35
Realord Group Holdings*			18,000				10
Regal ‡			32,000				10
Regina Miracle International Holdings(A)			15,000				13
Road King Infrastructure			104,000				167
Sa Sa International Holdings			44,000				17
Sands China			42,000				219
Scud Group*			252,000				-
Shangri-La Asia			26,000				48
Shenwan Hongyuan			25,000				9
Shenzhou International Group Holdings			56,579				443
Shimao Property Holdings			79,500				172

49

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Shui On Land			170,000			$	44
Shun Tak Holdings			70,000				31
Sino Land			53,957				95
Sinotruk Hong Kong			854,500				1,183
SITC International Holdings			67,485				61
SJM Holdings			43,000				39
SmarTone Telecommunications Holdings			82,447				99
Stella International Holdings			179,948				315
Summit Ascent Holdings*			42,000				6
Sun Art Retail Group			227,000				210
Sun Hung Kai			19,000				12
Sun Hung Kai Properties			24,893				404
SUNeVision Holdings			28,000				19
Sunlight ‡			65,000				42
Swire Pacific, Cl A			8,500				82
Swire Properties			19,800				67
Tai United Holdings			65,000				11
Techtronic Industries			23,500				125
Television Broadcasts			130,100				433
Texwinca Holdings			44,000				26
Tianneng Power International			410,000				423
Tingyi Cayman Islands Holding			447,014				673
Town Health International Medical Group			154,000				14
Truly International Holdings			74,000				25
United Laboratories International Holdings*			30,000				22
Value Partners Group			51,000				46
Vision Fame International Holding*			140,000				9
VSTECS Holdings			36,000				12
VTech Holdings			8,400				122
Want Want China Holdings			1,326,996				933
Weichai Power, Cl H			153,000				168
Weiqiao Textile, Cl H			145,000				77
Welling Holding			120,000				22
WH Group (A)			139,101				148
Wharf Holdings			21,000				187
Wheelock			14,000				98
Wynn Macau			31,200				84
Xinyi Glass Holdings			94,000				93
Yue Yuen Industrial Holdings			14,500				55
Yuzhou Properties			136,000				73
Zhongsheng Group Holdings			221,500				480

							84,289

India – 1.6%
Avanti Feeds			3,302				103
Axis Bank			67,506				527
Bharat Petroleum			135,086				975
Bharti Airtel			101,277				604
Century Enka			7,644				36
Gujarat Narmada Valley Fertilizers & Chemicals			55,910				259
Hindalco Industries			546,044				2,012
Housing Development Finance			113,189				3,019
Indian Bank			18,056				72
Indian Oil			474,746				2,910
Indraprastha Gas			23,829				537
Infosys ADR			199,400				2,909
Jindal Stainless Hisar*			44,257				118
Kirloskar Ferrous Industries			29,669				35
Mangalore Refinery & Petrochemicals			118,675				231


Description		Shares				Value (000)
NIIT Technologies			17,799			$	148
NMDC			95,559				172
Polyplex			3,769				26
Puravankara			27,301				30
Rain Industries			52,329				141
Redington India			151,579				362
Shriram Transport Finance			12,587				203
State Bank of India GDR			7,530				289
Tata Consultancy Services			98,297				3,666
Tata Steel			74,817				747
Thirumalai Chemicals			2,634				59
Vakrangee			85,177				644
Venky’s India			7,651				234
Vijaya Bank			75,415				63
Wipro			88,486				380

							21,511

Indonesia – 0.7%
Adaro Energy			1,540,100				209
Bank CIMB Niaga*			783,900				75
Bank Negara Indonesia Persero			3,771,200				2,073
Bank Pembangunan Daerah Jawa Timur			467,000				24
Bank Tabungan Negara Persero			8,193,200				1,916
Delta Dunia Makmur*			5,031,800				338
Japfa Comfeed Indonesia			404,400				38
Media Nusantara Citra			3,161,743				310
Telekomunikasi Indonesia Persero			12,669,200				4,401
United Tractors			49,600				118

							9,502

Ireland – 0.6%
Bank of Ireland Group*			106,398				871
C&C Group			16,802				61
CRH			149,504				5,703
Dalata Hotel Group*			10,136				66
Glanbia			9,278				175
Green ‡			34,343				61
Hibernia ‡			36,731				66
Irish Continental Group			57,612				385
Irish Residential Properties ‡			20,446				36
Origin Enterprises			6,692				53
Paddy Power Betfair			5,040				503
Permanent TSB Group Holdings*			5,460				12
Ryanair Holdings ADR*			496				52
Smurfit Kappa Group			11,763				368

							8,412

Israel – 0.4%
Africa Israel Properties* (B)			517				11
Airport City* (B)			3,752				48
Alony Hetz Properties & Investments (B)			6,001				64
Amot Investments (B)			6,867				38
Azrieli Group (B)			881				49
B Communications* (B)			664				9
Bank Hapoalim (B)			18,376				129
Bank Leumi Le-Israel (B)			24,923				132
Bayside Land			28				13

50

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Bezeq The Israeli Telecommunication (B)			38,296			$	55
Big Shopping Centers (B)			184				13
Blue Square Real Estate (B)			240				10
Cellcom Israel* (B)			2,918				27
Check Point Software Technologies*			29,770				3,395
Clal Insurance Enterprises Holdings* (B)			752				13
Delek Automotive Systems			1,428				11
Delek Group (B)			245				46
Delta-Galil Industries (B)			384				12
El Al Israel Airlines (B)			14,890				10
Elbit Systems (B)			452				66
Electra (B)			78				17
First International Bank of Israel (B)			2,906				54
Formula Systems 1985 (B)			275				11
Frutarom Industries (B)			736				57
Gazit-Globe (B)			5,336				51
Harel Insurance Investments & Financial Services (B)			6,037				38
IDI Insurance (B)			284				18
Israel* (B)			184				37
Israel Chemicals (B)			10,618				47
Israel Discount Bank, Cl A* (B)			60,141				152
Jerusalem Economy* (B)			6,316				16
Jerusalem Oil Exploration* (B)			412				22
Kenon Holdings* (B)			723				12
Matrix IT (B)			1,358				14
Mazor Robotics* (B)			1,951				47
Melisron (B)			955				46
Menora Mivtachim Holdings (B)			953				11
Migdal Insurance & Financial Holding* (B)			13,597				14
Mizrahi Tefahot Bank (B)			2,827				51
Naphtha Israel Petroleum (B)			1,510				9
NICE-Systems (B)			1,257				100
Norstar Holdings (B)			544				10
Oil Refineries (B)			76,027				38
Partner Communications* (B)			5,859				32
Paz Oil (B)			381				63
Phoenix Holdings* (B)			2,422				11
Radware*			2,566				43
Rami Levy Chain Stores Hashikma Marketing 2006 (B)			243				12
Reit 1 ‡(B)			9,175				36
Sapiens International*			934				12
Shapir Engineering and Industry (B)			3,162				11
Shikun & Binui (B)			10,716				27
Shufersal (B)			2,454				15
Strauss Group			2,648				50
Teva Pharmaceutical Industries (B)			12,219				213
Teva Pharmaceutical Industries ADR			3,653				64
Tower Semiconductor* (B)			4,559				140

							5,752

Italy – 1.6%
A2A			80,765				139
ACEA			3,110				48
Amplifon			4,506				68
Anima Holding (A)			11,268				91
Ascopiave			2,362				10
Assicurazioni Generali			21,072				393
Astaldi			1,845				13
ASTM			2,348				61
Atlantia			7,896				249


Description		Shares				Value (000)
Autogrill			6,330			$	82
Azimut Holding			5,935				129
Banca Carige*			37,507				10
Banca Generali			2,922				101
Banca IFIS			970				53
Banca Mediolanum			12,949				113
Banca Popolare di Sondrio SCPA			24,059				104
Banco BPM*			77,186				320
Beni Stabili SIIQ ‡			48,661				42
Biesse			764				34
BPER Banca			24,720				148
Brembo			6,988				118
Brunello Cucinelli			1,727				54
Buzzi Unicem			4,903				133
Buzzi Unicem			2,149				33
Cairo Communication			2,369				12
Cementir Holding			1,553				13
Cerved Information Solutions			9,854				116
CIR-Compagnie Industriali Riunite			17,051				26
CNH Industrial			132,720				1,594
Credito Emiliano			4,286				39
Credito Valtellinese*			4,834				23
Danieli & C Officine Meccaniche			669				17
Danieli & C Officine Meccaniche			2,570				48
Datalogic			1,158				41
Davide Campari-Milano			55,840				405
De’ Longhi			3,035				98
DiaSorin			1,067				95
Ei Towers			928				55
El.En.			474				13
Enav (A)			16,201				74
Enel			137,169				826
Eni			181,492				3,003
ERG			3,518				56
Esprinet			1,363				8
EXOR			1,864				119
Falck Renewables			6,160				12
Ferrari			2,134				236
Fiat Chrysler Automobiles*			18,594				333
Fila			607				14
Fincantieri*			28,316				34
FinecoBank Banca Fineco			20,205				179
Geox			3,289				14
Hera			36,283				114
Immobiliare Grande Distribuzione SIIQ ‡			11,566				12
Industria Macchine Automatiche			870				83
Infrastrutture Wireless Italiane (A)			12,834				85
Interpump Group			3,517				109
Intesa Sanpaolo			266,751				943
Intesa Sanpaolo			19,236				64
Iren			31,236				84
Italgas			24,393				137
Italmobiliare			351				9
Juventus Football Club*			19,509				18
Leonardo-Finmeccanica			6,959				130
Luxottica Group			31,879				1,781
Maire Tecnimont			5,888				32
MARR			1,816				48
Mediaset*			24,396				84
Mediobanca			9,725				104
Moncler			8,044				232
OVS (A)			7,389				56
Piaggio & C			306,264				959
Poste Italiane (A)			10,447				77

51

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Prysmian			3,472			$	117
RAI Way (A)			4,576				25
Recordati			1,763				81
Reply			247				59
Safilo Group*			1,581				11
Saipem*			152,666				658
Salini Impregilo			10,123				40
Salvatore Ferragamo			2,673				75
Saras			24,143				65
Snam			411,139				1,981
Societa Cattolica di Assicurazioni SCRL			7,623				66
Societa Iniziative Autostradali e Servizi			3,996				64
Sogefi*			2,114				13
Tamburi Investment Partners			2,427				17
Technogym (A)			4,689				42
Telecom Italia*			197,652				185
Telecom Italia RSP			101,659				76
Tenaris			7,964				113
Terna Rete Elettrica Nazionale			24,280				142
Tod’s			534				38
UniCredit			93,767				1,997
Unione di Banche Italiane			52,627				273
Unipol Gruppo Finanziario			20,262				93
UnipolSai			19,210				45
Yoox Net-A-Porter Group, Cl A*			2,672				105
Zignago Vetro			1,102				11

							21,602

Japan – 14.0%
77 Bank			3,600				89
ABC-Mart			700				37
Achilles			500				10
Acom			8,900				34
Activia Properties ‡			27				112
Adastria			1,300				29
ADEKA			4,900				89
Advance Residence Investment ‡			62				153
Advantest			8,000				150
Aeon			10,600				157
Aeon Delight			2,400				90
Aeon Fantasy			300				10
AEON Financial Service			8,400				175
AEON Investment‡			73				74
Aeon Mall			2,100				37
Ai Holdings			1,900				47
Aica Kogyo			2,700				91
Aichi Bank			200				12
Aichi Steel			600				24
Aida Engineering			3,100				37
Aiful*			16,700				56
Ain Holdings			1,100				76
Air Water			3,000				55
Aisan Industry			1,100				11
Aisin Seiki			3,100				164
Ajinomoto			9,400				183
Akatsuki*			200				16
Akebono Brake Industry			3,800				13
Akita Bank			1,000				31
Alfresa Holdings			32,200				589
Alpen			500				10
Alpine Electronics			2,200				40
Alps Electric			3,400				90
Amada Holdings			6,800				75


Description		Shares				Value (000)
Amano			3,200			$	76
Amuse			400				10
ANA Holdings			2,300				87
Anest Iwata			1,000				9
Anicom Holdings			700				18
Anritsu			7,000				58
AOKI Holdings			2,400				31
Aomori Bank			1,100				38
Aoyama Trading			2,300				82
Aozora Bank			2,000				76
Arcland Sakamoto			900				14
Arcland Service Holdings			600				13
Arcs			2,400				54
Ardepro			8,400				8
Ariake Japan			1,000				72
As One			900				48
Asahi Diamond Industrial			2,200				21
Asahi Glass			3,500				130
Asahi Group Holdings			6,700				271
Asahi Holdings			1,500				31
Asahi Intecc			2,300				120
Asahi Kasei			22,000				272
Asatsu-DK			1,700				48
Asics			3,200				48
ASKA Pharmaceutical			700				12
ASKUL			1,300				37
Astellas Pharma			34,900				444
Ateam			400				10
Atom			3,900				29
Autobacs Seven			3,700				60
Avex Group Holdings			1,800				24
Awa Bank			9,000				59
Axial Retailing			900				35
Azbil			9,700				416
Bando Chemical Industries			1,000				11
Bank of Iwate			1,000				40
Bank of Kyoto			1,200				61
Bank of Nagoya			800				31
Bank of Okinawa			1,400				56
Bank of Saga			500				12
Bank of the Ryukyus			2,300				36
Belc			600				30
Bell System24 Holdings			1,100				12
Belluna			2,500				26
Benefit One			1,600				32
Benesse Holdings			1,500				54
Bic Camera			5,100				57
BML			1,200				26
Bridgestone			11,000				500
Broadleaf			1,800				15
Bronco Billy			400				10
Brother Industries			4,000				93
Bunka Shutter			2,100				16
Calbee			1,500				53
Canon			102,500				3,501
Canon Electronics			800				16
Canon Marketing Japan			2,400				57
Capcom			2,200				54
Casio Computer			12,200				172
Cawachi			400				10
Central Glass			2,000				44
Central Japan Railway			2,440				428
Chiba Bank			12,000				86
Chiyoda			7,000				41
Chiyoda			900				23

52

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Chiyoda Integre			500			$	12
Chofu Seisakusho			1,300				31
Chubu Electric Power			11,100				138
Chudenko			2,000				58
Chugai Pharmaceutical			3,900				162
Chugoku Bank			2,900				40
Chugoku Electric Power			4,700				50
Chugoku Marine Paints			2,000				17
Ci:z Holdings			1,400				49
Citizen Holdings			14,900				103
CKD			2,700				53
Clarion			5,000				20
Coca-Cola West			2,400				78
cocokara fine			900				51
COLOPL			2,600				30
Colowide			3,100				57
Comforia Residential‡			26				55
COMSYS Holdings			5,500				131
Concordia Financial Group			21,100				104
CONEXIO			600				10
COOKPAD			2,500				17
Cosel			800				10
Cosmo Energy Holdings			2,900				66
Cosmos Pharmaceutical			500				112
Create Restaurants Holdings			1,600				17
Create SD Holdings			1,500				40
Credit Saison			2,600				54
CROOZ			500				10
CyberAgent			5,200				152
CYBERDYNE*			2,000				27
D.A. Consortium Holdings			1,200				20
Dai Nippon Printing			4,500				108
Daibiru			2,800				31
Daicel			5,600				67
Daido Metal			1,100				10
Daido Steel			1,400				83
Daifuku			8,100				399
Daihen			5,000				44
Daiho			3,000				14
Daiichi Jitsugyo			400				12
Dai-ichi Life Holdings			91,700				1,645
Daiichi Sankyo			9,800				221
Daiichikosho			1,900				91
Daiken			600				15
Daikin Industries			31,400				3,179
Daikokutenbussan			200				9
Daikyo			1,800				35
Daikyonishikawa			2,000				32
Dainichiseika Color & Chemicals Manufacturing			600				27
Daio Paper			3,800				45
Daiseki			2,000				50
Daishi Bank			1,500				71
Daito Trust Construction			1,200				219
Daiwa House Industry			13,100				452
Daiwa House Investment, Cl A‡			28				67
Daiwa Industries			1,100				12
Daiwa Office Investment‡			18				90
Daiwa Securities Group			29,000				164
Daiwabo Holdings			900				38
DCM Holdings			5,100				46
Dena			2,000				45
Denka			4,400				145
Denki Kogyo			400				10
Denso			196,500				9,943


Description		Shares				Value (000)
Dentsu			3,700			$	162
Denyo			600				11
Descente			2,200				30
Dexerials			2,300				28
DIC			4,100				148
Digital Garage			1,800				38
Dip			1,600				37
Disco			500				102
DMG Mori			5,500				99
Don Quijote Holdings			2,000				75
Doshisha			1,200				27
Doutor Nichires Holdings			2,100				45
Dowa Holdings			2,600				95
DTS			1,100				30
Duskin			2,200				62
DyDo Group Holdings			300				14
Eagle Industry			1,000				18
Earth Chemical			700				32
East Japan Railway			16,200				1,496
Ebara			4,800				159
EDION			3,600				34
Ehime Bank			800				10
Eighteenth Bank			8,000				20
Eiken Chemical			600				23
Eisai			4,620				237
Eizo			800				32
Elecom			600				12
Electric Power Development			2,900				73
en-japan			1,300				48
Enplas			400				19
EPS Holdings			1,400				27
eRex			1,500				14
euglena*			3,100				33
Exedy			1,600				49
Ezaki Glico			2,200				116
F@N Communications			1,800				20
FamilyMart			1,600				84
Fancl			1,900				41
FANUC			17,580				3,560
Fast Retailing			900				266
FC Residential Investments‡			65				44
FCC			1,700				38
Financial Products Group			3,400				38
Foster Electric			1,000				20
FP			1,200				61
Frontier Real Estate Investment‡			20				81
Fudo Tetra			5,900				10
Fuji			1,000				26
Fuji Electric			9,000				50
Fuji Heavy Industries			14,700				530
Fuji Kyuko			1,000				22
Fuji Machine Manufacturing			3,400				63
Fuji Media Holdings			38,500				548
Fuji Oil Holdings			2,800				73
Fuji Pharma			300				10
Fuji Seal International			2,300				69
Fuji Soft			1,400				41
Fujibo Holdings			400				14
Fujicco			1,200				28
FUJIFILM Holdings			40,300				1,563
Fujikura			13,100				105
Fujimi			700				16
Fujimori Kogyo			800				27
Fujita Kanko			300				10
Fujitec			3,400				48

53

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Fujitsu			34,000			$	253
Fujitsu General			3,000				61
Fujiya			500				11
Fukuda			200				11
Fukuda Denshi			300				22
Fukui Computer Holdings			300				8
Fukuoka Corp‡			34				48
Fukuoka Financial Group			34,000				157
Fukushima Industries			700				26
Fukuyama Transporting			1,600				51
Funai Electric			1,300				10
Funai Soken Holdings			1,100				34
Furukawa			1,700				29
Furukawa Electric			3,300				181
Fuso Chemical			800				26
Futaba			1,900				36
Futaba Industrial			2,500				28
Future			1,200				11
Fuyo General Lease			1,000				65
Geo Holdings			1,400				20
Giken			500				14
Global One Real Estate Investment‡			11				36
Glory			2,900				103
GLP J-Reit‡			119				124
GMO internet			3,700				45
GMO Payment Gateway			800				50
GNI Group*			5,000				21
Goldcrest			600				14
Goldwin			200				14
Gree			5,900				40
GS Yuasa			19,000				100
G-Tekt			600				12
GungHo Online Entertainment			19,800				53
Gunma Bank			17,000				105
Gunze			900				41
Gurunavi			1,400				20
H2O Retailing			4,600				82
Hachijuni Bank			8,100				51
Hakuhodo DY Holdings			4,700				62
Hamamatsu Photonics			2,400				73
Hankyu Hanshin Holdings			4,200				159
Hankyu‡			27				32
Hanwa			1,800				65
Harmonic Drive Systems			1,400				72
Haseko			13,700				183
Hazama Ando			8,600				60
Hearts United Group			700				10
Heiwa			2,900				57
Heiwa Real Estate			2,200				37
Heiwa Real Estate‡			49				40
Heiwado			1,600				35
Hibiya Engineering			700				15
Hiday Hidaka			700				19
Hikari Tsushin			400				50
Hino Motors			4,300				53
Hiramatsu			1,700				9
Hirata			400				40
Hirose Electric			8,400				1,182
Hiroshima Bank			5,000				40
HIS			2,100				66
Hisamitsu Pharmaceutical			1,200				58
Hitachi			276,000				1,945
Hitachi Capital			2,600				62
Hitachi Chemical			2,200				60
Hitachi Construction Machinery			2,100				62


Description		Shares				Value (000)
Hitachi High-Technologies			1,300			$	47
Hitachi Kokusai Electric			2,700				74
Hitachi Maxell			1,900				43
Hitachi Metals			4,300				60
Hitachi Transport System			2,600				60
Hitachi Zosen			8,600				46
Hogy Medical			700				50
Hokkaido Electric Power			9,800				70
Hokkoku Bank			1,200				53
Hokuetsu Bank			1,100				25
Hokuetsu Kishu Paper			6,900				43
Hokuhoku Financial Group			6,300				101
Hokuriku Electric Power			7,400				62
Hokuto			1,500				26
Honda Motor			204,500				6,056
Horiba			1,900				107
Hoshino Resorts‡			10				50
Hoshizaki Electric			1,500				132
Hosiden			2,500				41
House Foods Group			3,300				98
Hoya			149,100				8,049
Hulic			6,000				59
Hulic‡			53				78
Hyakugo Bank			12,000				54
Hyakujushi Bank			13,000				45
Ibiden			5,700				91
IBJ Leasing			1,600				43
Ichibanya			900				37
Ichigo			12,100				41
Ichiyoshi Securities			1,100				11
Icom			400				10
Idec			1,300				27
Idemitsu Kosan			2,300				65
IDOM			2,900				18
IHI			2,600				90
Iida Group Holdings			3,100				55
Iino Kaiun Kaisha			3,000				14
Inaba Denki Sangyo			1,600				66
Inabata			2,600				35
Industrial & Infrastructure Fund Investment‡			19				81
Ines			1,100				10
Infocom			500				12
Infomart			4,800				34
Information Services International- Dentsu			400				9
Inpex			16,400				174
Internet Initiative Japan			1,700				32
Invesco Office‡			50				48
Investors Cloud			200				12
Invincible Investment‡			167				69
Iriso Electronics			1,000				52
Iseki			600				13
Isetan Mitsukoshi Holdings			38,000				397
Ishihara Sangyo Kaisha*			1,500				21
Istyle			1,900				12
Isuzu Motors			9,500				126
Ito En			2,800				94
ITOCHU			32,900				539
Itochu Enex			1,600				17
Itochu Techno-Solutions			2,400				90
Itoham Yonekyu Holdings			7,500				68
Itoki			1,500				13
Iwatani			1,800				55
Iyo Bank			12,200				99

54

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Izumi			1,800			$	92
J Front Retailing			4,800				66
J Trust			3,200				27
JAC Recruitment			700				11
Jaccs			1,400				35
Jafco			1,700				87
Jamco			500				11
Japan Airlines			4,600				156
Japan Airport Terminal			1,000				36
Japan Asset Marketing*			8,600				9
Japan Aviation Electronics Industry			2,000				31
Japan Display*			16,400				32
Japan Excellent‡			62				74
Japan Exchange Group			9,000				159
Japan Hotel‡			190				120
Japan Lifeline			1,100				54
Japan Logistics Fund‡			36				67
Japan Material			900				24
Japan Petroleum Exploration			1,600				35
Japan Post Bank			6,900				85
Japan Post Holdings			62,400				737
Japan Prime‡			14				47
Japan Pulp & Paper			300				12
Japan‡			21				101
Japan Rental Housing Investments‡			97				68
Japan Retail Fund Investment‡			43				77
Japan Securities Finance			6,100				33
Japan Steel Works			3,100				71
Japan Tobacco			93,400				3,061
Japan Wool Textile			1,700				15
JCR Pharmaceuticals			600				18
Jeol			3,000				15
JFE Holdings			28,000				546
JGC			4,000				65
JIG-SAW*			200				11
Jimoto Holdings			5,700				11
JINS			700				44
J-Oil Mills			300				11
Joshin Denki			1,000				34
Joyful Honda			1,300				34
JSP			500				15
JSR			3,900				74
JTEKT			4,500				62
Juroku Bank			1,500				49
Justsystems			1,600				34
JVC Kenwood			4,900				14
JX Holdings			53,600				276
kabu.com Securities			8,300				25
Kadokawa Dwango			2,700				33
Kaga Electronics			700				21
Kagome			3,900				122
Kajima			16,000				159
Kakaku.com			3,100				40
Kaken Pharmaceutical			1,600				81
Kameda Seika			700				31
Kamei			800				13
Kamigumi			2,500				58
Kanamoto			1,400				44
Kandenko			5,000				52
Kaneka			5,000				39
Kanematsu			4,000				51
Kanematsu Electronics			400				12
Kansai Electric Power			12,200				156
Kansai Paint			3,500				88
Kansai Urban Banking			800				10


Description		Shares				Value (000)
Kanto Denka Kogyo			1,800			$	19
Kao			55,800				3,283
Kasai Kogyo			1,000				15
Katakura Industries			900				11
Kato Sangyo			1,400				42
Kato Works			300				9
Kawasaki Heavy Industries			2,900				96
Kawasaki Kisen Kaisha			4,600				120
KDDI			31,800				838
Keihan Holdings			2,000				59
Keihin			2,000				34
Keikyu			4,000				81
Keio			2,000				82
Keisei Electric Railway			2,700				75
Keiyo			1,500				10
Keiyo Bank			12,000				56
Kenedix			13,300				74
Kenedix Office Investment, Cl A‡			22				121
Kenedix Residential Investment‡			18				46
Kenedix Retail‡			26				54
Kenko Mayonnaise			400				10
Kewpie			5,300				128
Key Coffee			500				10
Keyence			1,600				850
KH Neochem			1,200				29
Kikkoman			2,900				89
Kinden			6,700				108
Kintetsu Department Store*			300				9
Kintetsu Group Holdings			3,100				115
Kintetsu World Express			2,000				33
Kirin Holdings			82,800				1,948
Kisoji			1,400				34
Kissei Pharmaceutical			1,700				46
Kitz			4,300				35
Kiyo Bank			3,500				59
KNT-CT Holdings*			500				9
Koa			1,600				30
Kobayashi Pharmaceutical			2,500				142
Kobe Bussan			500				22
Kobe Steel			6,200				71
Koei Tecmo Holdings			2,100				44
Kohnan Shoji			1,600				30
Koito Manufacturing			1,900				119
Kokuyo			4,300				73
Komatsu			99,600				2,832
KOMEDA Holdings			2,000				33
Komeri			1,700				49
Komori			3,000				38
Konami Holdings			1,800				87
Konica Minolta			8,100				67
Konishi			1,100				19
Konoike Transport			1,100				17
Kose			600				69
Koshidaka Holdings			500				15
Kotobuki Spirits			1,000				36
K’s Holdings			3,800				84
Kubota			162,400				2,951
Kumagai Gumi			1,800				54
Kumiai Chemical Industry			4,800				35
Kura			400				18
Kurabo Industries			7,000				19
Kuraray			6,100				114
Kureha			800				44
Kurita Water Industries			56,500				1,632
Kuroda Electric			1,500				26

55

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Kusuri no Aoki			700			$	42
KYB			1,000				60
Kyocera			68,500				4,249
Kyodo Printing			300				10
Kyoei Steel			700				11
Kyokuto Kaihatsu Kogyo			1,500				25
Kyokuto Securities			700				10
KYORIN Holdings			2,200				44
Kyoritsu Maintenance			1,600				48
Kyowa Exeo			4,500				89
Kyowa Hakko Kirin			4,400				75
Kyudenko			2,100				81
Kyushu Electric Power			7,300				78
Kyushu Financial Group			6,700				41
Kyushu Railway			2,700				80
LaSalle Logiport‡			65				63
Lasertec			2,000				41
Lawson			800				53
Leopalace21			12,600				88
Life			400				10
LIFULL			2,400				21
LINE*			1,000				36
Linical			700				9
Link And Motivation			1,500				9
Lintec			2,500				68
Lion			4,500				82
LIXIL Group			30,800				816
M&A Capital Partners*			300				15
M3			3,600				103
Mabuchi Motor			1,000				50
Macnica Fuji Electronics Holdings			2,100				39
Maeda			19,000				232
Maeda Kosen			700				12
Maeda Road Construction			3,000				65
Makino Milling Machine			5,000				44
Makita			3,900				157
Mandom			2,000				55
Mani			1,300				31
Mars Engineering			500				10
Marubeni			28,600				195
Marudai Food			5,000				24
Maruha Nichiro			2,100				62
Marui Group			10,300				147
Maruichi Steel Tube			1,200				35
Marusan Securities			3,500				29
Maruwa			400				23
Maruzen Showa Unyu			2,000				9
Marvelous			1,200				10
Matsui Securities			6,300				47
Matsumotokiyoshi Holdings			3,800				253
Matsuya			1,200				11
Matsuya Foods			300				11
Max			1,000				14
Mazda Motor			9,800				150
McDonald’s Holdings Japan			1,300				58
MCJ			1,400				15
MCUBS MidCity Investment‡			15				46
Mebuki Financial Group			20,000				77
Medipal Holdings			3,400				59
Megachips			800				26
Megmilk Snow Brand			2,500				68
Meidensha			10,000				38
MEIJI Holdings			2,100				166
Meiko Network Japan			700				10
Meitec			1,200				60


Description		Shares				Value (000)
Melco Holdings			300			$	10
Menicon			500				20
METAWATER			400				11
Micronics Japan			1,300				12
Milbon			600				36
Mimasu Semiconductor Industry			600				10
Minato Bank			900				16
Minebea			6,600				103
Ministop			500				10
Miraca Holdings			1,200				56
Mirait Holdings			3,100				37
Miroku Jyoho Service			800				19
MISUMI Group			4,700				124
Mitsuba			1,500				23
Mitsubishi			44,860				1,042
Mitsubishi Chemical Holdings			24,800				236
Mitsubishi Electric			32,600				509
Mitsubishi Estate			49,100				854
Mitsubishi Gas Chemical			3,600				84
Mitsubishi Heavy Industries			18,300				724
Mitsubishi Logisnext			1,500				11
Mitsubishi Logistics			12,500				310
Mitsubishi Materials			2,200				76
Mitsubishi Motors			11,300				89
Mitsubishi Pencil			2,000				50
Mitsubishi Shokuhin			900				26
Mitsubishi Steel Manufacturing			500				13
Mitsubishi Tanabe Pharma			3,800				87
Mitsubishi UFJ Financial Group			226,300				1,470
Mitsubishi UFJ Lease & Finance			8,100				43
Mitsuboshi Belting			3,000				36
Mitsui			28,800				426
Mitsui Chemicals			3,600				109
Mitsui Engineering & Shipbuilding			3,800				50
Mitsui Fudosan			15,600				338
Mitsui Fudosan Logistics Park‡			10				29
Mitsui High-Tec			1,100				23
Mitsui Mining & Smelting			2,900				149
Mitsui OSK Lines			2,200				67
Mitsui Sugar			700				24
Mitsui-Soko Holdings			4,000				12
Miura			4,600				101
Mixi			1,000				48
Miyazaki Bank			800				29
Mizuho Financial Group			770,200				1,349
Mizuno			1,000				28
Mochida Pharmaceutical			700				51
Modec			800				20
Monex Group			9,800				26
MonotaRO			3,100				83
Mori Hills Investment‡			77				92
Mori Trust Hotel‡			10				13
Mori Trust Sogo‡			48				72
Morinaga			1,900				106
Morinaga Milk Industry			1,800				69
Morita Holdings			1,800				28
Morpho*			200				9
MOS Food Services			1,600				50
MS&AD Insurance Group Holdings			40,400				1,301
Murata Manufacturing			3,200				470
Musashi Seimitsu Industry			1,200				37
Musashino Bank			1,500				45
Nabtesco			1,900				71
Nachi-Fujikoshi			9,000				51
Nagaileben			1,500				38

56

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Nagase			5,600			$	94
Nagatanien Holdings			1,000				12
Nagoya Railroad			3,600				78
Nakanishi			1,200				54
Namco Bandai Holdings			30,700				1,054
Namura Shipbuilding			2,000				12
Nankai Electric Railway			5,200				129
NanoCarrier*			1,600				10
Nanto Bank			1,500				42
NEC			21,900				594
NEC Networks & System Integration			1,400				33
NET One Systems			4,200				44
Neturen			1,100				11
Nexon			3,300				86
NGK Insulators			4,400				82
NGK Spark Plug			2,800				60
NH Foods			10,000				275
NHK Spring			9,700				105
Nichias			6,000				74
Nichicon			2,500				31
Nichiden			400				8
Nichiha			1,400				53
NichiiGakkan			1,500				15
Nichi-iko Pharmaceutical			2,400				37
Nichirei			5,900				148
Nidec			4,000				491
Nifco			2,100				128
Nihon Chouzai			300				10
Nihon Kohden			84,100				1,818
Nihon M&A Center			3,300				161
Nihon Nohyaku			1,800				10
Nihon Parkerizing			5,000				80
Nihon Trim			200				9
Nihon Unisys			3,700				59
Nikkiso			2,800				26
Nikkon Holdings			2,800				69
Nikon			38,600				669
Nintendo			1,900				703
Nippo			3,000				64
Nippon Accommodations Fund‡			22				85
Nippon Building Fund‡			23				115
Nippon Ceramic			600				17
Nippon Chemi-Con			700				25
Nippon Denko			4,800				19
Nippon Densetsu Kogyo			1,800				38
Nippon Electric Glass			1,400				54
Nippon Express			1,400				91
Nippon Flour Mills			2,800				43
Nippon Gas			1,800				56
NIPPON Investment‡			19				55
Nippon Kanzai			600				11
Nippon Kayaku			7,000				108
Nippon Koei			500				17
Nippon Light Metal Holdings			30,400				86
Nippon Paint Holdings			2,800				95
Nippon Paper Industries			5,400				100
Nippon Parking Development			6,600				10
Nippon Prologis‡			31				65
Nippon Road			200				11
Nippon Seiki			2,000				41
Nippon Sheet Glass*			4,600				36
Nippon Shinyaku			2,500				174
Nippon Shokubai			1,300				92
Nippon Signal			7,400				80
Nippon Soda			6,000				36


Description		Shares				Value (000)
Nippon Steel & Sumikin Bussan			800			$	44
Nippon Steel & Sumitomo Metal			13,200				302
Nippon Suisan Kaisha			60,500				337
Nippon Telegraph & Telephone			52,000				2,383
Nippon Television Holdings			30,720				539
Nippon Thompson			2,300				13
Nippon Yusen			3,300				69
Nipro			6,900				95
Nishimatsu Construction			2,600				75
Nishimatsuya Chain			2,500				28
Nishi-Nippon Financial Holdings			7,000				77
Nishi-Nippon Railroad			3,000				72
Nishio Rent All			900				30
Nissan Chemical Industries			7,100				250
Nissan Motor			50,700				502
Nissan Shatai			4,100				45
Nissha Printing			1,800				49
Nisshin Oillio Group			1,400				46
Nisshin Seifun Group			4,000				67
Nisshin Steel			2,500				32
Nisshinbo Holdings			7,396				87
Nissin			600				16
Nissin Electric			2,600				32
Nissin Foods Holdings			1,000				61
Nissin Kogyo			2,000				36
Nitori Holdings			1,400				201
Nitta			1,200				44
Nittetsu Mining			200				15
Nitto Boseki			1,400				43
Nitto Denko			2,900				242
Nitto Kogyo			1,100				19
Noevir Holdings			800				44
NOF			3,500				99
Nohmi Bosai			700				11
Nojima			1,400				28
NOK			1,700				38
Nomura			6,400				142
Nomura Holdings			161,000				901
Nomura Real Estate Holdings			2,400				51
Nomura Real Estate Master Fund‡			64				83
Nomura Research Institute			2,300				90
Noritake			500				24
Noritz			1,600				29
North Pacific Bank			14,600				46
NS Solutions			1,900				42
NS United Kaiun Kaisha			500				11
NSD			2,200				41
NSK			6,500				88
NTN			21,000				89
NTT Data			99,600				1,066
NTT DOCOMO			23,000				525
NTT Urban Development			39,700				395
NuFlare Technology			200				11
Obara Group			600				34
Obayashi			88,700				1,064
Obic			3,160				199
OBIC Business Consultants			600				30
Odakyu Electric Railway			5,000				95
Ogaki Kyoritsu Bank			1,600				45
Ohsho Food Service			1,000				40
Oiles			700				13
Oita Bank			800				33
Oji Holdings			15,000				81
Okabe			1,100				10
Okamoto Industries			3,000				31

57

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Okamura			3,400			$	39
Okasan Securities Group			8,000				46
Oki Electric Industry			4,400				59
Okinawa Electric Power			1,920				42
OKUMA			1,200				66
Okumura			1,600				61
Okuwa			1,000				10
Olympus			5,000				169
Omron			80,200				4,084
OncoTherapy Science*			5,000				11
Ono Pharmaceutical			7,100				161
Onward Holdings			31,000				236
Open House			1,700				59
Optex Group			600				22
Oracle Japan			800				63
Orient			21,900				36
Oriental Land			3,800				291
ORIX			23,100				373
Orix JREIT Inc. ‡			129				185
Osaka Gas			6,400				119
Osaka Soda			400				10
Osaka Steel			400				9
OSAKA Titanium Technologies			700				10
Osaki Electric			1,500				12
OSG			3,800				86
OSJB Holdings			4,700				14
Otsuka			1,000				64
Otsuka Holdings			12,200				485
Outsourcing			4,000				56
Oyo			700				11
Pacific Industrial			2,400				32
Pacific Metals*			700				18
Pack			500				18
PAL GROUP Holdings			400				12
PALTAC			1,400				55
Panasonic			37,200				539
Paramount Bed Holdings			900				39
Parco			800				10
Park24			1,800				44
PC Depot			1,400				11
Penta-Ocean Construction			14,300				90
PeptiDream*			3,600				111
Persol Holdings			14,300				333
Pigeon			6,000				205
Pilot			1,800				86
Piolax			1,400				40
Pioneer*			15,600				29
Plenus			1,000				22
Pola Orbis Holdings			1,900				57
Premier Investment ‡			74				70
Press Kogyo			5,300				29
Pressance			2,000				27
Prestige International			2,000				20
Prima Meat Packers			7,000				47
Proto			600				11
Qol			600				10
Raito Kogyo			2,600				26
Rakuten			16,100				175
Recruit Holdings			18,600				402
Relia			1,700				20
Relo Group			5,200				119
Renesas Electronics*			35,500				386
Rengo			9,100				54
Resona Holdings			214,140				1,100
Resorttrust			4,200				75


Description		Shares				Value (000)
Ricoh			74,200			$	721
Ricoh Leasing			900				34
Riken			300				15
Riken Vitamin			300				11
Ringer Hut			1,100				25
Rinnai			700				60
Riso Kagaku			1,300				24
Rock Field			700				12
Rohm			1,600				137
Rohto Pharmaceutical			5,000				113
Rokko Butter			500				11
Roland DG			500				13
Round One			3,500				47
Royal Holdings			1,600				40
Ryobi			1,400				38
Ryohin Keikaku			900				265
Ryosan			1,300				52
Ryoyo Electro			800				14
S Foods			500				19
Sac’s Bar Holdings			800				10
Saeron Automotive			4,310				27
Saizeriya			1,500				41
Sakai Chemical Industry			600				15
Sakai Moving Service			500				26
Sakata INX			2,000				37
Sakata Seed			1,600				46
San-A, Cl A			1,000				45
San-Ai Oil			2,800				31
SanBio*			800				12
Sanden Holdings			1,000				20
Sangetsu			3,300				57
San-In Godo Bank			7,700				67
Sanken Electric			6,000				33
Sanki Engineering			1,800				20
Sankyo			800				26
Sankyo Tateyama			800				11
Sankyu			2,400				102
Sanrio			2,600				49
Santen Pharmaceutical			6,200				98
Sanwa Holdings			10,300				118
Sanyo Chemical Industries			700				41
Sanyo Denki			400				23
Sanyo Special Steel			1,200				31
Sapporo Holdings			3,400				92
Sato Holdings			1,400				33
Sawai Pharmaceutical			3,600				204
SBI Holdings			3,900				59
SCREEN Holdings			2,100				146
SCSK			5,700				242
Secom			8,400				611
Sega Sammy Holdings			3,200				45
Seibu Holdings			3,200				55
Seikagaku			2,100				38
Seiko Epson			4,800				116
Seiko Holdings			1,600				36
Seino Holdings			6,800				95
Seiren			2,500				46
Sekisui Chemical			13,600				268
Sekisui House ‡			50				58
Sekisui House			10,400				175
Sekisui House Residential Investment ‡			55				54
Sekisui Jushi			2,200				41
Sekisui Plastics			1,000				13
Senko			14,200				101

58

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Senshu Ikeda Holdings			13,300			$	51
Septeni Holdings			3,700				10
Seria			1,900				106
Seven & i Holdings			39,700				1,532
Seven Bank			10,700				39
Sharp*			2,500				75
Shibuya			800				26
Shiga Bank			12,000				67
Shikoku Bank			2,400				36
Shikoku Chemicals			1,000				15
Shikoku Electric Power			8,600				101
Shima Seiki Manufacturing			1,200				63
Shimachu			2,300				60
Shimadzu			4,300				85
Shimamura			400				48
Shimano			1,300				173
Shimizu			50,600				562
Shindengen Electric Manufacturing			300				19
Shin-Etsu Chemical			36,000				3,219
Shin-Etsu Polymer			1,700				15
Shinko Electric Industries			3,600				24
Shinko Plantech			1,300				11
Shinmaywa Industries			4,000				36
Shinnihon			1,300				10
Shinsei Bank			3,500				56
Shionogi			5,160				282
Ship Healthcare Holdings			2,400				74
Shiseido			14,000				560
Shizuoka Bank			10,000				90
Shizuoka Gas			1,600				13
SHO-BOND Holdings			2,600				148
Shochiku			600				85
Shoei Foods			500				21
Showa			2,400				29
Showa Denko			6,900				215
Showa Sangyo			1,200				31
Showa Shell Sekiyu			4,100				47
Siix			800				35
Sinko Industries			600				10
Sintokogio			1,700				18
SKY Perfect JSAT Holdings			7,800				35
Skylark			5,300				78
SMC			1,000				353
SMK			2,000				9
SMS			1,700				55
Sodick			2,200				27
SoftBank Group			22,100				1,785
Sogo Medical			300				14
Sohgo Security Services			1,400				64
Sojitz			62,300				172
Sompo Holdings			20,000				778
Sony			21,300				791
Sony Financial Holdings			3,700				61
Sosei Group*			800				68
Sotetsu Holdings			3,800				92
Square Enix Holdings			4,400				165
St. Marc Holdings			1,100				32
Stanley Electric			2,400				82
Star Micronics			1,600				28
Start Today			3,300				105
Starts			1,600				41
Starzen			200				10
Stella Chemifa			400				17
Studio Alice			400				10
Sugi Holdings			1,900				101


Description		Shares				Value (000)
SUMCO			10,700			$	168
Sumitomo			20,700				298
Sumitomo Bakelite			9,000				66
Sumitomo Chemical			73,200				458
Sumitomo Dainippon Pharma			16,000				208
Sumitomo Densetsu			600				11
Sumitomo Electric Industries			27,300				446
Sumitomo Forestry			6,900				108
Sumitomo Heavy Industries			2,000				80
Sumitomo Metal Mining			4,500				145
Sumitomo Mitsui Construction			8,440				49
Sumitomo Mitsui Financial Group			50,900				1,953
Sumitomo Mitsui Trust Holdings			16,400				592
Sumitomo Osaka Cement			19,000				84
Sumitomo Realty & Development			6,000				182
Sumitomo Riko			1,000				10
Sumitomo Rubber Industries			3,100				57
Sumitomo Seika Chemicals			400				19
Sumitomo Warehouse			7,000				46
Sun Frontier Fudousan			1,000				11
Sundrug			1,200				50
Suntory Beverage & Food			5,000				223
Suruga Bank			3,500				75
Suzuken			1,500				53
Suzuki Motor			6,000				315
Sysmex			2,720				174
Systena			700				17
T&D Holdings			9,400				136
Tachi-S, Cl S			1,800				33
Tadano			5,200				61
Taihei Dengyo Kaisha			500				13
Taiheiyo Cement			2,000				77
Taiho Kogyo, Cl A			700				11
Taikisha			1,400				39
Taisei			3,600				189
Taisho Pharmaceutical Holdings			700				53
Taiyo Holdings			900				42
Taiyo Nippon Sanso			2,800				33
Taiyo Yuden			5,500				81
Takamatsu Construction Group			400				11
Takara Bio			2,600				36
Takara Holdings			8,300				76
Takara Leben			3,200				16
Takara Standard			2,100				36
Takasago International			700				24
Takasago Thermal Engineering			2,700				45
Takashimaya			6,000				56
Takeda Pharmaceutical			12,000				663
Takeuchi Manufacturing			1,800				38
Takuma			4,100				50
Tamron			600				12
Tanseisha			1,400				17
Tatsuta Electric Wire and Cable			1,700				13
TDK			3,900				265
TechnoPro Holdings			3,600				171
Teijin			3,600				71
Teikoku Sen-I, Cl I			800				16
Tekken			400				13
Tenma			500				10
Terumo			121,600				4,782
T-Gaia			1,100				21
THK			2,400				82
TIS			4,100				121
TKC			1,200				37
Toa			500				10

59

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Toagosei			5,800			$	78
Tobu Railway			3,800				104
TOC			3,100				27
Tocalo			600				23
Tochigi Bank			5,300				23
Toda			11,000				86
Toei			400				44
Toei Animation			200				21
Toenec			400				12
Toho			2,200				77
Toho Bank			11,700				44
Toho Gas			1,400				41
Toho Holdings			2,500				48
Toho Titanium			1,400				10
Toho Zinc			600				26
Tohoku Electric Power			54,100				688
Tokai			400				17
Tokai Carbon			9,700				91
TOKAI Holdings			4,700				36
Tokai Rika			2,800				55
Tokai Tokyo Financial Holdings			11,400				68
Token			400				48
Tokio Marine Holdings			15,900				622
Tokushu Tokai Paper			300				12
Tokuyama			3,200				76
Tokyo Broadcasting System Holdings			2,000				37
Tokyo Century			2,100				94
Tokyo Dome			4,800				44
Tokyo Electric Power Holdings*			24,800				100
Tokyo Electron			3,800				583
Tokyo Gas			12,000				294
Tokyo Ohka Kogyo			1,900				68
Tokyo Rope Manufacturing			700				11
Tokyo Seimitsu			2,000				71
Tokyo Steel Manufacturing			4,700				39
Tokyo Tatemono			4,200				54
Tokyo TY Financial Group			1,400				36
Tokyotokeiba			700				21
Tokyu			9,200				130
Tokyu‡			49				60
Tokyu Construction			4,500				37
Tokyu Fudosan Holdings			10,300				62
TOMONY Holdings			7,000				32
Tomy			4,500				62
Topcon			5,300				93
Toppan Forms			3,100				33
Toppan Printing			9,000				89
Topre			1,800				55
Topy Industries			800				27
Toray Industries			83,700				813
Toridoll Holdings			1,100				33
Torii Pharmaceutical			500				14
Tosei			1,200				11
Toshiba			70,000				196
Toshiba Machine			7,000				38
Toshiba Plant Systems & Services			2,400				40
Toshiba TEC			7,000				39
Tosho			600				15
Tosoh			5,000				113
Totetsu Kogyo			1,400				46
TOTO			2,400				101
Towa Bank			1,100				12
Towa Pharmaceutical			500				25
Toyo			1,100				10


Description		Shares				Value (000)
Toyo Construction			2,500			$	11
Toyo Engineering			1,000				12
Toyo Ink SC Holdings			11,000				62
Toyo Kanetsu			300				11
Toyo Kohan			2,100				10
Toyo Seikan Group Holdings			23,100				387
Toyo Suisan Kaisha			8,600				315
Toyo Tanso			500				12
Toyo Tire & Rubber			4,900				110
Toyobo			4,500				86
Toyoda Gosei			1,100				26
Toyota Boshoku			3,600				76
Toyota Industries			2,800				161
Toyota Motor			75,100				4,479
Toyota Tsusho			3,600				118
TPR			1,200				40
Trancom			300				16
Transcosmos			1,100				25
Trend Micro			2,000				98
Trusco Nakayama			2,100				51
TS Tech			2,500				84
TSI Holdings			4,000				32
Tsubaki Nakashima			1,000				21
Tsubakimoto Chain			7,000				56
Tsugami			2,000				17
Tsukishima Kikai			800				10
Tsukuba Bank			3,100				10
Tsukui			2,100				15
Tsumura			3,000				108
Tsuruha Holdings			700				84
Tsurumi Manufacturing			600				11
TV Asahi Holdings			1,200				24
UACJ			1,300				37
Ube Industries			5,500				159
UKC Holdings			600				10
Ulvac			2,000				126
Unicharm			7,000				160
Union Tool			300				9
Unipres			2,100				58
UNITED			500				13
United Arrows			1,200				44
United Super Markets Holdings			2,900				28
United Urban Investment‡			52				76
Unitika*			2,500				20
Universal Entertainment			1,200				35
Unizo Holdings			900				21
Ushio			11,700				156
USS			4,300				87
V Technology			200				33
Valor Holdings			2,000				43
Vector			1,000				14
Vital KSK Holdings			1,200				10
VT Holdings			3,200				18
Wacoal Holdings			2,500				71
Wacom			7,300				34
Wakita			1,600				19
Warabeya Nichiyo Holdings			400				10
WATAMI			800				11
Welcia Holdings			2,300				87
West Japan Railway			23,200				1,614
W-Scope			1,300				26
Xebio Holdings			1,400				27
Yahagi Construction			1,200				10
Yahoo Japan			24,500				117
Yakult Honsha			1,500				108

60

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Yakuodo			400			$	10
YAMABIKO			1,600				22
Yamada Denki			96,200				527
Yamagata Bank			1,600				37
Yamaguchi Financial Group			4,000				47
Yamaha			2,900				107
Yamaha Motor			4,800				144
Yamanashi Chuo Bank			8,000				34
Yamato Holdings			26,220				529
Yamato Kogyo			2,000				54
Yamazaki Baking			2,800				51
Yamazen			3,200				35
Yaoko			1,100				51
Yaskawa Electric			4,400				139
Yellow Hat			600				17
Yodogawa Steel Works			1,200				33
Yokogawa Bridge Holdings			1,300				25
Yokogawa Electric			4,500				77
Yokohama Reito			1,200				11
Yokohama Rubber			2,500				52
Yondoshi Holdings			700				20
Yonex			2,800				21
Yorozu			700				15
Yoshinoya Holdings			3,400				56
Yuasa Trading			1,000				35
Yumeshin Holdings			1,500				10
Yurtec			1,000				8
Yushin Precision Equipment			400				11
Zenkoku Hosho			2,400				101
Zenrin Ltd			1,300				40
Zensho Holdings			4,900				89
Zeon			8,000				104
ZERIA Pharmaceutical			1,700				30
ZIGExN*			700				10
Zojirushi			2,400				23

							193,237

Kenya – 0.0%
Equity Group Holdings			275,700				104

Luxembourg – 0.2%
O’Key Group GDR			54,096				114
RTL Group			780				59
Ternium ADR			66,433				2,054

							2,227

Malaysia – 0.5%
Allianz Malaysia			8,400				28
Brem Holding			213,616				56
CIMB Group Holdings			51,500				77
CSC Steel Holdings			100,500				41
Genting			158,300				358
Heineken Malaysia			10,000				44
Hong Leong Bank			17,900				67
Hong Leong Industries			5,500				12
Insas			330,800				77
JCY International			608,700				74
K&N Kenanga Holdings*			85,500				11
KSL Holdings*			551,500				166
Lii Hen Industries			73,300				64
Lion Industries*			217,100				68
Malayan Banking			829,500				1,872
Malaysia Airports Holdings			85,700				173
Malaysian Pacific Industries			39,000				124


Description		Shares				Value (000)
MISC			92,100			$	159
Nestle Malaysia			900				18
Padini Holdings			564,500				608
Petron Malaysia Refining & Marketing			121,500				297
Petronas Chemicals Group			286,200				494
Shell Refining Federation of Malaya*			63,000				118
Sunway			302,167				132
Tenaga Nasional			101,400				344
Top Glove			121,100				159
Tropicana			47				-
Uchi Technologies			119,200				73
Unisem			1,138,600				1,017
ViTrox			67,000				70

							6,801

Mexico – 0.2%
America Movil			656,665				583
Cemex ADR*			46,420				421
Fomento Economico Mexicano ADR			2,196				210
Gruma, Cl B			3,735				55
Grupo Aeromexico*			131,577				243
Grupo Elektra DE			6,636				301
Grupo Simec, Cl B*			2,563				9
Industrias Bachoco			57,083				316
Industrias CH, Cl B*			37,465				161
Macquarie Mexico Real Estate Management‡			72,709				96
Prologis Property Mexico‡			210,533				417
Vitro			25,669				106

							2,918

Netherlands – 3.3%
Aalberts Industries			4,722				228
ABN AMRO Group(A)			7,134				214
Accell Group			1,190				37
Aegon			30,531				178
AerCap Holdings*			2,602				133
Akzo Nobel			61,661				5,693
Altice, Cl B*			2,099				42
Altice, Cl A*			8,423				169
AMG Advanced Metallurgical Group			1,376				59
APERAM			2,388				125
Arcadis			3,785				82
ArcelorMittal			28,235				729
ASM International			2,389				151
ASML Holding			7,724				1,315
ASR Nederland			5,785				231
Basic-Fit* (A)			1,573				35
BE Semiconductor Industries			1,849				129
BinckBank			1,954				10
Boskalis Westminster			165,184				5,773
Brunel International			766				12
Coca-Cola European Partners			3,760				158
Corbion			2,960				95
Eurocommercial Properties‡			2,719				116
Euronext(A)			2,875				175
Flow Traders(A)			1,443				39
ForFarmers			816				11
Fugro			103,946				1,470
Galapagos*			2,165				221
Gemalto			1,373				61
Heineken			25,760				2,546
Heineken Holding			1,744				164

61

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
IMCD Group			2,653			$	163
ING Groep			408,177				7,525
Intertrust(A)			2,763				45
Kendrion			579				25
Koninklijke Ahold Delhaize			54,285				1,015
Koninklijke BAM Groep			10,282				59
Koninklijke DSM			3,152				258
Koninklijke KPN			267,697				919
Koninklijke Philips			38,621				1,594
Koninklijke Vopak			1,408				62
NN Group			5,229				219
NSI‡			1,170				46
OCI*			3,700				87
Philips Lighting(A)			4,329				175
PostNL			20,980				90
Randstad Holding			63,016				3,899
Refresco Group(A)			2,721				55
Relx			157,010				3,341
Royal Dutch Shell, Cl A			22,886				692
SBM Offshore			104,185				1,889
SIF Holding			523				11
Takeaway.com* (A)			709				31
TKH Group			1,987				129
TomTom*			6,266				68
Unibail-Rodamco‡			1,812				442
Unilever			27,473				1,625
Vastned Retail‡			1,155				51
Wereldhave‡			2,081				98
Wessanen			3,888				73
Wolters Kluwer			5,243				242

							45,329

New Zealand – 0.1%
a2 Milk*			32,914				153
Air New Zealand			27,934				68
Argosy Property			42,827				32
Auckland International Airport			16,249				76
Chorus			20,927				59
Contact Energy			14,478				58
Fisher & Paykel Healthcare			27,864				257
Fletcher Building			13,814				80
Freightways			9,444				53
Genesis Energy			25,186				43
Goodman Property Trust‡			49,179				45
Infratil			22,938				52
Kiwi Property Group‡			71,972				71
Mercury NZ			14,657				36
Meridian Energy			24,236				50
Metlifecare			9,307				39
New Zealand Refining			7,242				13
Precinct Properties New Zealand‡			53,513				49
Ryman Healthcare			8,549				57
SKY Network Television			19,059				37
SKYCITY Entertainment Group			32,875				89
Spark New Zealand			89,026				235
Summerset Group Holdings			10,665				39
Trade Me Group			17,670				58
Xero*			4,475				100
Z Energy			18,164				97

							1,946

Norway – 0.8%
Akastor			6,259				14
Aker, Cl A			1,293				53
Aker BP			5,086				98


Description		Shares				Value (000)
Aker Solutions			7,544			$	40
Atea			4,074				54
Austevoll Seafood			4,906				51
B2Holding			7,247				17
Bakkafrost P			2,138				98
Borregaard			5,268				59
BW LPG(A)			3,303				15
BW Offshore			4,079				14
DNB			36,048				727
DNO*			32,542				45
Entra(A)			5,500				76
Europris(A)			9,027				43
Frontline			3,849				24
Gaming Innovation Group*			15,179				9
Gjensidige Forsikring			4,008				69
Golden Ocean Group*			3,874				31
Grieg Seafood			2,312				23
Hexagon Composites*			3,456				12
Hoegh LNG Holdings			2,572				24
IDEX*			20,459				16
Kongsberg Automotive*			15,434				18
Leroy Seafood Group			15,607				100
Marine Harvest			7,635				151
Nordic Nanovector*			1,782				18
Nordic Semiconductor*			6,624				36
Norsk Hydro			23,230				169
Norway Royal Salmon			572				12
Norwegian Air Shuttle*			1,343				39
Norwegian Finans Holding*			5,293				60
Norwegian Property			7,924				10
Ocean Yield			1,825				16
Opera Software			5,434				15
Orkla			14,070				144
Petroleum Geo-Services			15,069				36
Protector Forsikring			3,416				34
REC Silicon*			90,910				12
Salmar			2,642				75
Scatec Solar(A)			2,842				15
Schibsted, Cl A			9,159				236
Schibsted, Cl B			9,743				230
Selvaag Bolig			2,183				9
Skandiabanken(A)			3,864				43
SpareBank 1 Nord Norge			5,094				39
SpareBank 1 SMN			6,403				65
Statoil			43,601				872
Stolt-Nielsen			1,401				21
Storebrand			23,130				196
Subsea 7			12,864				211
Telenor			13,054				276
TGS NOPEC Geophysical			5,102				121
Thin Film Electronics*			34,870				12
Wallenius Wilhelmsen Logistics, Cl B*			5,325				32
XXL(A)			5,035				55
Yara International			130,595				5,850

							10,840

Panama – 0.0%
Avianca Holdings ADR			3,928				30

Peru – 0.0%
Cia de Minas Buenaventura ADR			24,030				307

62

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Philippines – 0.1%
Bloomberry Resorts*			1,080,300			$	228
Cebu Air			270,790				584
Energy Development			2,104,700				233
Lopez Holdings			1,239,500				147
Metro Retail Stores Group			612,000				51
Pepsi-Cola Products Philippines			214,000				13
San Miguel			144,580				280

							1,536

Poland – 0.7%
CD Projekt			75,756				2,413
Grupa Lotos			60,862				997
Jastrzebska Spolka Weglowa*			6,115				162
Polski Koncern Naftowy Orlen			112,309				3,746
Polskie Gornictwo Naftowe i
Gazownictwo			1,337,820				2,489
Tauron Polska Energia			82,805				85
Trakcja			22,360				72

							9,964

Portugal – 0.1%
Banco Comercial Portugues, Cl R*			501,953				146
Banco Espirito Santo*			46,916				-
Corticeira Amorim SGPS			1,669				23
CTT-Correios de Portugal			7,572				46
EDP-Energias de Portugal			41,071				154
Galp Energia			8,650				153
Jeronimo Martins			4,245				84
Mota-Engil SGPS			3,895				15
Navigator			11,556				56
NOS SGPS			13,416				83
REN – Redes Energeticas Nacionais SGPS			13,811				45
Semapa-Sociedade de Investimentoe Gestao			662				13
Sonae SGPS			32,660				39

							857

Qatar – 0.2%
Barwa Real Estate(B)			142,526				1,254
Mannai(B)			759				15
Ooredoo QSC(B)			63,688				1,449
Qatar Islamic Bank SAQ(B)			7,532				188
Qatar National Bank SAQ(B)			6,021				202
United Development QSC(B)			36,420				149

							3,257

Russia – 0.6%
Lukoil PJSC ADR			2,455				130
Magnitogorsk Iron & Steel Works PJSC GDR			79,834				771
Sberbank of Russia PJSC ADR			474,276				6,752

							7,653

Singapore – 2.2%
Accordia Golf Trust			27,900				15
Ascendas ‡			41,900				82
Ascendas Hospitality Trust ‡			21,400				13
Ascott Residence Trust ‡			64,800				56
Asian Pay Television Trust			72,100				30


Description		Shares				Value (000)
Boustead Singapore			15,300			$	10
Bumitama Agri			19,400				11
Cache Logistics Trust ‡			55,106				34
CapitaLand			44,100				116
CapitaLand Commercial Trust ‡			38,400				47
CapitaLand Mall Trust ‡			49,600				73
CapitaLand Retail China Trust ‡			32,600				39
CDL Hospitality Trusts ‡			42,400				51
China Aviation Oil Singapore			8,600				10
City Developments			6,900				58
ComfortDelGro			43,000				66
COSCO Shipping International
Singapore			45,000				9
Croesus Retail Trust			41,400				36
CWT			8,200				14
Dairy Farm International Holdings			16,500				127
DBS Group Holdings			325,034				4,989
ESR-REIT ‡			34,800				14
Ezion Holdings*			129,800				15
Far East Hospitality Trust ‡			30,900				15
First ‡			28,800				28
First Resources			29,700				41
Frasers Centrepoint Trust ‡			30,000				47
Frasers Commercial Trust ‡			35,222				36
Frasers Logistics & Industrial Trust ‡			62,300				49
Genting Singapore			103,300				89
GL			191,400				120
Global Logistic Properties			45,700				111
Golden Agri-Resources			142,300				39
Great Eastern Holdings			37,500				697
Haw Par			29,512				260
Hongkong Land Holdings			543,300				3,912
Hutchison Port Holdings Trust, Cl U			95,600				41
Hyflux			27,300				10
Japfa			23,900				10
Jardine Cycle & Carriage			2,033				59
Jardine Matheson Holdings			89,800				5,689
Jardine Strategic Holdings			3,800				164
Keppel ‡			94,700				82
Keppel			25,000				120
Keppel DC ‡			52,500				51
Lippo Malls Indonesia Retail Trust ‡			97,300				31
M1			19,900				27
Manulife US ‡			40,100				37
Mapletree Commercial Trust ‡			81,800				92
Mapletree Greater China Commercial Trust ‡			94,500				80
Mapletree Industrial Trust ‡			69,400				96
Mapletree Logistics Trust ‡			81,600				75
Midas Holdings			65,900				10
Noble Group			54,580				16
OUE			18,200				26
OUE Hospitality Trust ‡			55,400				32
Oversea-Chinese Banking			53,072				437
Parkway Life ‡			20,000				40
Raffles Medical Group			43,200				35
RHT Health Trust			21,500				14
Riverstone Holdings			12,500				10
Sabana Shari’ah Compliant Industrial ‡			34,300				12
SATS			12,900				44
Sembcorp Industries			20,900				46
Sembcorp Marine			38,300				50
Sheng Siong Group			18,200				12
SIIC Environment Holdings			29,800				12

63

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Silverlake Axis			31,400			$	14
Singapore Airlines			10,800				80
Singapore Exchange			13,600				74
Singapore Post			69,300				64
Singapore Press Holdings			27,000				54
Singapore Technologies Engineering			26,300				67
Singapore Telecommunications			1,172,400				3,181
Soilbuild Business Space‡			25,900				13
SPH‡			38,400				28
Starhill Global‡			81,100				45
StarHub			9,600				18
Suntec‡			48,600				67
United Engineers			25,500				51
United Industrial			16,648				39
United Overseas Bank			393,687				6,819
UOL Group			8,985				54
Venture			13,300				173
Wilmar International			27,000				63
Wing Tai Holdings			24,600				39
Yangzijiang Shipbuilding Holdings			41,800				44
Yanlord Land Group			37,300				51
Yoma Strategic Holdings			59,500				26

							29,883

South Africa – 1.4%
Alviva Holdings			10,469				15
Anglo American			28,981				519
Anglo American Platinum*			12,958				330
Bid			18,993				426
Blue Label Telecoms			171,180				221
Cie Financiere Richemont			40,953				372
Exxaro Resources			4,777				43
FirstRand			338,014				1,299
Grindrod			128,035				131
Investec			51,677				374
Kumba Iron Ore			25,303				412
Liberty Holdings			26,183				204
MMI Holdings			87,990				113
Mondi			49,008				1,308
MTN Group			46,216				425
Murray & Roberts Holdings			176,339				209
Old Mutual			113,839				294
Peregrine Holdings			228,876				495
Sappi			223,035				1,517
Sasol			108,270				2,967
Standard Bank Group			270,185				3,149
Telkom			145,447				637
Tiger Brands			105,400				2,938
Tsogo Sun Holdings			115,020				172
Wilson Bayly Holmes-Ovcon			9,970				108

							18,678

South Korea – 4.3%
Aekyung Petrochemical			5,130				68
Autech			7,427				63
CJ O Shopping			1,356				234
CKH Food & Health*			122,645				105
Dae Han Flour Mills			104				16
Daehan Steel			13,793				135
Daeyang Electric*			3,787				39
Dongbu HiTek*			5,663				76
Dongkuk Steel Mill			6,065				57
Dongyang E&P			10,103				111
GMB Korea			5,250				35


Description		Shares				Value (000)
GS Home Shopping			1,437			$	273
Hana Financial Group			19,067				788
Hanwha Chemical			14,580				413
Hite Jinro			13,931				320
Hyundai Elevator			6,294				274
Hyundai Engineering & Construction			1,557				52
Hyundai Motor			5,043				663
Kia Motors			76,106				2,103
KT			70,409				1,792
Kwangju Bank			5,257				56
LG			7,326				516
LG Display			22,171				591
LG Display ADR			177,864				2,387
LG Electronics			51,237				3,686
LG Innotek			6,713				903
LG Uplus			46,249				539
Lotte Chemical			7,875				2,599
LOTTE Himart			3,321				191
Lotte Shopping			2,262				487
LS			3,588				247
Mirae Asset Life Insurance			12,467				54
Moorim Paper*			35,210				76
POSCO			6,869				1,901
POSCO ADR			71,600				4,969
S-1			4,437				346
Sam Young Electronics			8,260				98
Samchully			548				48
Samsung Electronics			6,431				14,396
Samsung Fire & Marine Insurance			1,272				311
SeAH Holdings			225				28
Sejong Industrial			3,340				21
Sewon Precision Industry			614				9
SFA Engineering			8,738				315
Shinhan Financial Group			39,808				1,748
SK Holdings			8,428				2,119
SK Hynix			93,598				6,774
SK Innovation			24,748				4,300
SK Telecom			10,346				2,303
Tera Semicon			8,127				213
UIL			6,402				45
YMC			3,269				78

							59,971

Spain – 1.8%
Abengoa, Cl B*			617,210				9
Abertis Infraestructuras			12,046				243
Acciona			1,357				109
Acerinox			42,750				616
ACS Actividades de Construccion y Servicios			4,165				154
Aena SME(A)			1,172				212
Almirall			3,195				33
Amadeus IT Group, Cl A			75,373				4,900
Applus Services			7,178				90
Atresmedia de Medios de Comunicacion			4,549				48
Axiare Patrimonio SOCIMI‡			3,575				73
Banco Bilbao Vizcaya Argentaria			112,454				1,006
Banco de Sabadell			92,542				193
Banco Santander			1,216,972				8,497
Bankia			126,482				610
Bankinter			11,575				109
Bolsas y Mercados Espanoles SHMSF			4,006				138

64

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
CaixaBank			62,523			$	313
Cellnex Telecom(A)			7,647				175
Cia de Distribucion Integral Logista Holdings			1,671				40
CIE Automotive			2,483				66
Codere*			52,126				22
Construcciones y Auxiliar de Ferrocarriles			1,029				42
Distribuidora Internacional de Alimentacion			12,082				70
Ebro Foods			3,513				83
Enagas			3,897				110
Ence Energia y Celulosa			7,406				38
Endesa			5,475				123
Euskaltel (A)			4,421				40
Faes Farma			14,354				48
Ferrovial			8,385				185
Financiera Alba			522				32
Fomento de Construcciones y Contratas*			3,976				40
Gas Natural SDG			6,046				134
Global Dominion Access* (A)			2,132				10
Grifols			5,148				150
Grupo Catalana Occidente			1,907				80
Hispania Activos Inmobiliarios SOCIMI‡			5,992				108
Iberdrola			96,729				752
Indra Sistemas*			6,263				99
Industria de Diseno Textil			18,397				693
Inmobiliaria Colonial Socimi‡			13,407				133
International Consolidated Airlines Group			10,622				85
Lar Espana Real Estate Socimi‡			4,951				48
Liberbank*			21,088				19
Mapfre			21,496				70
Mediaset Espana Comunicacion			35,707				402
Melia Hotels International			5,755				83
Merlin Properties Socimi‡			17,849				247
Miquel y Costas & Miquel			572				21
NH Hotel Group			10,986				74
Obrascon Huarte Lain*			4,219				15
Papeles y Cartones de Europa			2,447				23
Pharma Mar*			9,923				39
Promotora de Informaciones, Cl A*			2,949				12
Prosegur Cia de Seguridad			14,056				105
Realia Business*			8,256				11
Red Electrica			7,489				158
Repsol			21,485				396
Sacyr*			19,183				50
Saeta Yield			2,503				29
Siemens Gamesa Renewable Energy			4,811				63
Talgo (A)			5,020				28
Tecnicas Reunidas			1,714				54
Telefonica			76,466				830
Telepizza Group* (A)			4,776				27
Tubacex*			4,499				17
Viscofan			11,952				732
Zardoya Otis			9,926				109

							24,373

Sweden – 1.6%
AAK			1,304				99
AcadeMedia* (A)			2,159				17
AF, Cl B			3,778				88


Description		Shares				Value (000)
Ahlsell (A)			11,329			$	74
Alfa Laval			5,046				123
Alimak Group (A)			1,701				31
Arcam*			240				10
Assa Abloy, Cl B			97,103				2,218
Atlas Copco, Cl B			6,775				263
Atlas Copco, Cl A			11,325				480
Attendo (A)			5,472				64
Avanza Bank Holding			1,231				52
Axfood			5,606				96
Bergman & Beving, Cl B			1,105				15
Betsson			6,109				56
Bilia, Cl A			4,285				47
BillerudKorsnas			8,637				146
BioGaia, Cl B			824				31
Boliden			4,726				160
Bonava, Cl B			4,433				72
Bravida Holding (A)			9,344				68
Bufab			1,307				17
Bure Equity			2,535				35
Byggmax Group			3,223				27
Camurus*			670				10
Capio (A)			7,251				42
Castellum			12,733				200
Catena Media*			1,581				15
Cherry*			2,522				17
Clas Ohlson, Cl B			1,973				37
Cloetta, Cl B			11,083				38
Collector*			901				10
Com Hem Holding			6,780				97
D Carnegie, Cl B*			1,607				23
Dios Fastigheter			5,544				35
Dometic Group (A)			14,595				124
Duni			2,134				34
Dustin Group (A)			2,977				25
Elanders, Cl B			808				10
Electrolux			4,153				140
Elekta, Cl B			17,554				182
Eltel (A)			6,171				20
Essity, Cl B*			10,590				288
Evolution Gaming Group (A)			1,023				65
Fabege			6,734				138
Fastighets Balder, Cl B*			4,997				130
Fingerprint Cards, Cl B			15,443				43
Getinge, Cl B			4,558				85
Granges			3,918				45
Gunnebo			1,909				10
Haldex			2,147				27
Hansa Medical*			1,022				27
Hemfosa Fastigheter			8,219				104
Hennes & Mauritz, Cl B			109,173				2,828
Hexagon, Cl B			4,487				222
Hexpol			11,886				125
Hoist Finance (A)			3,722				38
Holmen, Cl B			2,561				120
Hufvudstaden, Cl A			5,701				97
Humana			1,453				10
Husqvarna, Cl B			7,953				82
ICA Gruppen			1,621				61
Industrivarden, Cl C			3,157				80
Indutrade			4,450				117
Intrum Justitia			3,593				127
Investment Oresund			1,426				24
Investor, Cl B			7,943				393
Inwido			2,957				38

65

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
ITAB Shop Concept			1,376			$	11
JM			3,694				116
Kambi Group*			1,140				11
KappAhl			3,435				22
Kindred Group			11,004				126
Kinnevik			4,032				131
Klovern, Cl B			31,775				42
Kungsleden			10,543				73
L E Lundbergforetagen, Cl B			731				58
LeoVegas (A)			3,366				29
Lindab International			3,608				38
Loomis, Cl B			3,709				148
Lundin Petroleum*			3,745				82
Mekonomen			1,374				31
Millicom International Cellular			6,115				404
Modern Times Group, Cl B			12,009				435
Mycronic			3,321				46
NCC, Cl B			4,039				96
NetEnt			9,260				72
New Wave Group, Cl B			1,968				14
Nibe Industrier, Cl B			17,310				174
Nobia			6,234				62
Nobina (A)			5,789				34
Nolato, Cl B			1,047				51
Nordax Group (A)			5,949				35
Nordea Bank			82,913				1,125
Oriflame Holding			2,008				68
Pandox, Cl B			3,864				73
Paradox Interactive			1,136				12
Peab			9,155				101
Probi			325				14
Ratos, Cl B			11,922				58
RaySearch Laboratories			1,189				25
Recipharm, Cl B			2,366				28
Resurs Holding (A)			5,447				39
Rezidor Hotel Group			2,640				11
Saab, Cl B			3,037				154
Sandvik			71,689				1,236
SAS*			4,281				14
Scandi Standard			1,887				14
Scandic Hotels Group (A)			4,385				60
Securitas, Cl B			5,281				88
Skandinaviska Enskilda Banken, Cl A			26,470				349
Skanska, Cl B			5,857				135
SKF, Cl B			6,494				142
SkiStar			1,147				27
SSAB, Cl A*			10,992				53
SSAB*			34,211				136
Starbreeze*			11,079				15
Svenska Cellulosa, Cl B			30,638				259
Svenska Handelsbanken, Cl A			106,057				1,601
Sweco, Cl B			3,426				84
Swedbank, Cl A			15,273				422
Swedish Match			10,362				363
Swedish Orphan Biovitrum*			7,775				119
Tele2, Cl B			7,219				83
Telefonaktiebolaget LM Ericsson, Cl B			90,285				518
Telia			45,073				212
Tethys Oil			1,494				11
Thule Group(A)			5,327				114
Tobii*			4,961				30
Trelleborg, Cl B			11,691				293
Victoria Park, Cl B			3,607				14
Vitrolife			674				55


Description		Shares				Value (000)
Volati			1,272			$	10
Volvo, Cl B			26,216				504
Wallenstam, Cl B			9,515				95
Wihlborgs Fastigheter			3,763				92

							21,869

Switzerland – 6.9%
ABB			33,617				831
Adecco Group			16,747				1,304
Allreal Holding			654				115
ALSO Holding			215				30
ams			3,142				227
APG SGA			77				32
Arbonia*			1,881				34
Aryzta			4,342				133
Ascom Holding			1,936				43
Autoneum Holding			161				45
Bachem Holding, Cl B			214				26
Baloise Holding			862				136
Banque Cantonale Vaudoise			154				115
Barry Callebaut			44				67
Basilea Pharmaceutica*			649				53
Bell Food Group			83				39
BKW			568				34
Bobst Group			447				49
Bossard Holding			308				71
Bucher Industries			345				123
Burckhardt Compression Holding			155				48
Burkhalter Holding			263				34
Cembra Money Bank			1,516				133
Chocoladefabriken Lindt & Sprungli			2				139
Chocoladefabriken Lindt & Sprungli			17				97
Cie Financiere Richemont			96,148				8,787
Clariant			14,973				359
Coca-Cola			3,115				105
Comet Holding			363				54
Conzzeta			73				77
COSMO Pharmaceuticals			360				53
Credit Suisse Group			40,952				648
Daetwyler Holding			425				67
DKSH Holding			3,682				313
dormakaba Holding			171				174
Dufry*			591				93
EFG International			4,680				41
Emmi			110				72
EMS-Chemie Holding			138				92
Feintool International Holding			78				9
Ferguson			4,398				289
Flughafen Zurich			945				214
Forbo Holding			63				101
GAM Holding			7,820				121
Geberit			4,341				2,053
Georg Fischer			204				251
Givaudan			161				350
Gurit Holding			15				17
Helvetia Holding			525				285
Huber + Suhner			637				39
Idorsia*			4,806				86
Implenia			815				53
Inficon Holding			81				53
Intershop Holding			41				20
Julius Baer Group			3,885				230
Kardex			337				40
Komax Holding			201				58
Kudelski			1,932				24

66

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Kuehne + Nagel International			8,155			$	1,510
LafargeHolcim			96,891				5,663
Leonteq			489				30
Logitech International			30,264				1,104
Lonza Group			1,297				340
Meyer Burger Technology*			26,356				37
Mobilezone Holding			854				11
Mobimo Holding			381				103
Molecular Partners*			442				12
Nestle			214,683				17,979
Newron Pharmaceuticals*			562				9
Novartis			190,210				16,283
OC Oerlikon			10,756				166
Orior			188				15
Panalpina Welttransport Holding			541				79
Pargesa Holding			651				54
Partners Group Holding			301				204
PSP Swiss Property			1,947				180
Rieter Holding			183				39
Roche Holding			44,248				11,295
Santhera Pharmaceuticals Holding*			258				10
Schindler Holding			703				155
Schindler Holding			400				86
Schmolz + Bickenbach*			18,207				17
Schweiter Technologies			53				68
SFS Group			880				107
SGS			95				228
Siegfried Holding			192				63
Sika			36				268
Sonova Holding			3,838				652
St. Galler Kantonalbank			142				65
Straumann Holding			161				103
Sulzer*			700				83
Sunrise Communications Group(A)			1,739				143
Swatch Group			16,575				6,895
Swatch Group Reg			941				75
Swiss Life Holding			556				196
Swiss Prime Site			1,228				110
Swiss Re			5,465				495
Swisscom			450				231
Swissquote Group Holding			355				13
Tecan Group			561				116
Temenos Group			2,957				302
u-blox Holding			332				66
UBS Group			436,857				7,467
Valiant Holding			841				91
Valora Holding			148				52
VAT Group(A)			1,009				140
Vifor Pharma			822				96
Vontobel Holding			1,210				78
VZ Holding			148				47
Ypsomed Holding			182				28
Zehnder Group			301				11
Zurich Insurance Group			9,832				3,000

							95,856

Taiwan – 1.9%
Advanced Semiconductor Engineering ADR			62,796				388
AU Optronics ADR			833,621				3,368
Chroma ATE			220,000				776
Delta Electronics			101,516				522
PChome Online			57,588				295
Ruentex Industries			211,082				313


Description		Shares				Value (000)
Taiwan Semiconductor Manufacturing			344,000			$	2,456
Taiwan Semiconductor Manufacturing ADR			400,622				15,044
Teco Electric and Machinery			718,387				643
United Microelectronics ADR			498,001				1,245
Yungtay Engineering			484,000				900

							25,950

Thailand – 1.2%
Advanced Information Technology			59,900				51
Amata NVDR			354,700				233
Bangchak NVDR			260,200				312
Bangkok Bank NVDR			21,200				119
Bangkok Bank			144,700				846
Banpu NVDR			1,345,100				710
BEC World			464,600				227
Cal-Comp Electronics Thailand NVDR			1,123,419				119
Dhipaya Insurance NVDR			16,800				23
GFPT NVDR			1,194,100				712
Hana Microelectronics NVDR			798,800				1,137
Indorama Ventures NVDR			144,800				183
Kasikornbank PLC			45,400				291
KGI Securities Thailand NVDR			747,900				93
Krung Thai Bank NVDR			757,700				427
MCS Steel NVDR			345,900				173
MFEC NVDR			216,800				33
Polyplex Thailand NVDR			159,000				62
PTT NVDR			289,800				3,546
PTT Exploration & Production NVDR			158,300				425
PTT Global Chemical			103,200				238
PTT Global Chemical NVDR			1,164,600				2,690
Sansiri			1,538,500				105
Siam Cement NVDR			91,600				1,373
Siamgas & Petrochemicals NVDR			624,900				373
Star Petroleum Refining NVDR			1,491,400				792
SVI NVDR			172,800				26
Syntec Construction NVDR			2,826,500				513
Thai Oil NVDR			172,100				477
Thai Vegetable Oil NVDR			28,800				25
Thai Wah			163,000				50
Tipco Asphalt NVDR			36,100				26
Tisco Financial Group NVDR			77,900				180

							16,590

Turkey – 0.9%
Albaraka Turk Katilim Bankasi			44,267				18
Anadolu Cam Sanayii			553,932				322
Arcelik			29,206				186
Dogan Sirketler Grubu Holding*			1,398,951				342
Eregli Demir ve Celik Fabrikalari			712,468				1,546
Ford Otomotiv Sanayi			14,664				188
Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret			20,606				65
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.			85,387				79
TAV Havalimanlari Holding			96,262				477

67

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Torunlar Gayrimenkul Yatirim Ortakligi‡			412,027			$	762
Tupras Turkiye Petrol Rafinerileri			15,354				524
Turkiye Garanti Bankasi			1,221,598				3,318
Turkiye Halk Bankasi			244,795				833
Turkiye Is Bankasi, Cl C			919,209				1,749
Turkiye Sise ve Cam Fabrikalari			421,191				484
Turkiye Vakiflar Bankasi TAO, Cl D			931,118				1,639
Ulker Biskuvi Sanayi			52,194				283
Yapi ve Kredi Bankasi			204,733				248

							13,063

United Arab Emirates – 0.1%
Aldar Properties PJSC (B)			979,657				622
National Central Cooling PJSC (B)			265,588				149
Union National Bank PJSC (B)			43,378				50

							821

United Kingdom – 14.8%
3i Group			108,228				1,324
888 Holdings			11,179				38
AA			30,247				69
Abcam			9,574				131
Acacia Mining			9,546				25
Admiral Group			28,641				697
Advanced Medical Solutions Group			10,453				41
Aggreko			274,039				3,448
Aldermore Group*			13,476				42
Allied Minds*			13,370				24
Amec Foster Wheeler			47,946				328
Amerisur Resources*			53,259				15
Anglo American			322,104				5,782
Antofagasta			47,311				602
AO World*			14,060				21
Arrow Global Group			8,590				49
Ascential			18,807				87
Ashmore Group			18,501				84
Ashtead Group			8,643				208
ASOS*			2,645				212
Associated British Foods			6,193				264
Assura‡			96,821				81
AstraZeneca			21,347				1,417
Auto Trader Group (A)			48,978				258
AVEVA Group			3,342				109
Aviva			68,574				473
B&M European Value Retail			41,014				213
Babcock International Group			5,098				57
BAE Systems			160,322				1,357
Balfour Beatty			35,443				128
Bank of Ireland Group*			11,295				92
Barclays PLC			1,258,835				3,261
Barratt Developments			38,476				317
BBA Aviation			51,421				206
Beazley			24,808				159
Bellway			5,939				262
Berkeley Group Holdings			2,207				110
BGEO Group			8,556				374
BHP Billiton			313,646				5,525
Biffa (A)			11,033				35
Big Yellow Group‡			7,606				77
Blue Prism Group*			1,802				24
Bodycote			9,250				114
boohoo.com*			32,919				93


Description		Shares				Value (000)
Booker Group			84,376			$	232
Bovis Homes Group			6,642				97
BP			570,597				3,649
Brewin Dolphin Holdings			15,759				74
British American Tobacco ADR			7,000				437
British American Tobacco			33,205				2,080
British Land‡			16,858				136
Britvic			13,565				137
BT Group, Cl A			142,787				543
BTG*			19,523				177
Bunzl			53,513				1,626
Burberry Group			7,597				180
Burford Capital			9,426				131
Cairn Energy*			30,803				79
Cairn Homes*			32,942				67
Cape			5,616				20
Capita			91,354				692
Capital & Counties Properties			37,494				133
Card Factory			16,784				69
Carillion			22,382				15
Carnival			64,047				4,072
Centamin			54,789				106
Centrica			111,744				280
Chemring Group			18,662				45
Chesnara			7,767				41
Cineworld Group			10,477				95
Civitas Social Housing‡			10,035				15
Clinigen Group			5,093				73
Close Brothers Group			13,844				275
CMC Markets (A)			5,271				11
Cobham			1,510,660				2,949
Compass Group			404,447				8,580
ConvaTec Group (A)			261,804				960
Conviviality			8,687				48
Costain Group			5,842				35
Countryside Properties (A)			16,071				75
Countrywide			7,213				10
Crest Nicholson Holdings			13,231				98
CRH			3,314				126
Croda International			2,254				115
CVS Group			3,170				62
CYBG*			43,723				178
Daily Mail & General Trust, Cl A			49,037				426
Dairy Crest Group			7,519				62
Dart Group			4,407				32
DCC			10,125				983
De La Rue			5,418				47
Debenhams			62,228				41
Dechra Pharmaceuticals			4,748				130
Derwent London‡			5,027				188
Devro			59,294				189
DFS Furniture			9,602				28
Diageo			358,678				11,790
Dialight*			996				11
Dialog Semiconductor*			3,938				174
Dignity			2,731				84
Diploma			6,481				92
Direct Line Insurance Group			23,644				115
Dixons Carphone			19,548				51
Domino’s Pizza Group			24,888				103
Drax Group			20,466				85
DS Smith			51,064				337
Dunelm Group			5,192				49
easyJet			24,340				397

68

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
EI Group*			25,883			$	48
Electrocomponents			22,984				191
Elementis			23,287				85
Elis			10,547				282
EMIS Group			3,112				38
Empiric Student Property‡			25,834				35
EnQuest*			64,935				24
Equiniti Group (A)			15,410				62
Essentra			13,483				100
esure Group			16,869				64
Evraz			17,783				75
Experian			143,341				2,879
Faroe Petroleum*			12,437				16
Fenner			9,648				44
Ferrexpo			15,336				60
Fevertree Drinks			4,663				137
Firstgroup*			64,607				101
Forterra (A)			9,207				34
Foxtons Group			10,609				10
Fresnillo			4,392				83
G4S			261,288				974
Galliford Try			4,042				73
GB Group			6,324				31
Genus			3,115				88
GKN			29,494				137
GlaxoSmithKline			82,940				1,655
Glencore			391,667				1,795
Global Ports Investments GDR*			131,456				564
Globaltrans Investment GDR			57,349				537
Go-Ahead Group			2,167				49
Gocompare.Com Group			12,466				17
Grafton Group			11,482				128
Grainger			21,591				78
Great Portland Estates‡			15,439				126
Greencore Group			35,982				95
Greene King			15,072				110
Greggs			5,053				84
GVC Holdings*			52,433				577
Halfords Group			10,640				50
Halma			18,704				281
Hammerson‡			13,588				98
Hansteen Holdings‡			39,677				73
Hargreaves Lansdown			4,400				87
Hastings Group Holdings (A)			13,244				54
Hays PLC			387,674				984
Helical			4,205				17
Hikma Pharmaceuticals			2,900				47
Hill & Smith Holdings			3,688				62
Hiscox			14,479				248
Hochschild Mining			11,971				37
HomeServe			105,234				1,173
Hon Hai Precision Industry GDR			143,541				1,004
Hostelworld Group (A)			4,521				22
Hotel Chocolat Group*			2,456				10
Howden Joinery Group			31,002				179
HSBC Holdings PLC			338,146				3,340
Hunting			6,977				44
Hurricane Energy*			77,676				34
Ibstock (A)			19,158				58
IG Group Holdings			70,002				601
Imagination Technologies Group*			10,089				23
IMI			114,461				1,906
Imperial Brands			16,169				690
Inchcape			34,149				395
Indivior PLC			35,915				163


Description		Shares				Value (000)
Informa PLC			91,781			$	826
Inmarsat			8,964				77
InterContinental Hotels Group			3,105				164
Intermediate Capital Group			14,710				184
International Personal Finance			98,241				277
Interserve			8,135				13
Intertek Group			37,148				2,480
Intu Properties‡			16,299				50
Investec			11,082				81
iomart Group			3,109				14
IQE*			31,778				53
ITE Group			13,661				33
ITV			416,958				976
IWG			33,983				141
J D Wetherspoon			4,480				75
J Sainsbury			27,697				88
Jackpotjoy*			2,897				31
JD Sports Fashion			20,998				105
Jimmy Choo*			5,339				16
John Laing Group (A)			19,757				76
John Menzies			4,386				42
John Wood Group			19,121				174
Johnson Matthey			3,264				149
Jupiter Fund Management			66,436				491
Just Eat*			71,666				642
Just Group			29,845				59
Kainos Group			2,707				11
KAZ Minerals*			12,346				128
KCOM Group			25,392				34
Keller Group			3,711				41
Kerry Group, Cl A			2,754				265
Keywords Studios			2,173				40
Kier Group			5,030				78
Kingfisher			38,674				155
Kingspan Group			7,592				323
Ladbrokes			66,972				110
Laird			24,385				47
Lancashire Holdings			10,620				95
Land Securities Group‡			12,836				167
Legal & General Group			103,812				362
Lloyds Banking Group			8,303,716				7,537
London Stock Exchange Group			5,486				282
LondonMetric Property‡			32,685				73
Lonmin*			12,070				11
Lookers			16,438				26
Luceco (A)			3,510				11
Lukoil PJSC ADR			4,112				218
Majestic Wine			2,479				12
Man Group			81,556				183
Marks & Spencer Group			27,922				132
Marshalls			10,387				61
Marston’s			34,963				51
McCarthy & Stone (A)			63,332				127
Mediclinic International			7,163				62
Meggitt			13,083				91
Melrose Industries			94,090				268
Merlin Entertainments (A)			164,549				982
Metro Bank*			3,639				165
Micro Focus International ADR*			6,000				191
Micro Focus International			1,400				45
Mitchells & Butlers			10,783				36
Mitie Group			18,791				64
Mondi			6,355				171
Moneysupermarket.com Group			111,380				475

69

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Morgan Advanced Materials			14,553			$	61
N Brown Group			8,686				41
National Express Group			41,785				198
National Grid			80,303				995
NCC Group			12,432				36
NewRiver‡			14,334				65
NEX Group			96,125				853
Next			2,536				179
NMC Health			3,987				147
Non-Standard Finance (A)			105,590				112
Northgate			8,027				47
Nostrum Oil & Gas*			3,702				20
Novae Group			2,724				26
Ocado Group*			27,126				106
Old Mutual			85,608				223
On the Beach Group (A)			4,403				23
OneSavings Bank			6,524				35
Ophir Energy*			35,297				34
Oxford Instruments			2,830				37
Paddy Power Betfair			6,467				642
Pagegroup			37,305				249
Pan African Resources			86,747				15
Pantheon Resources*			17,067				12
Paragon Banking Group			14,346				85
Paysafe Group*			23,378				182
Pearson			14,133				116
Pendragon			64,794				28
Pennon Group			20,250				216
Persimmon			5,342				185
Petra Diamonds*			25,399				29
Petrofac			18,514				112
Pets at Home Group			97,238				278
Phoenix Group Holdings			18,656				189
Photo-Me International			10,818				25
Playtech			32,800				404
Plus500			4,138				50
Polypipe Group			9,679				55
Premier Foods*			25,884				15
Premier Oil*			23,548				21
Primary Health Properties‡			29,077				48
Provident Financial			28,478				317
Prudential PLC			112,696				2,697
Purplebricks Group*			10,473				54
PZ Cussons			16,517				71
QinetiQ Group			28,318				94
Randgold Resources			1,625				159
Rank Group			9,405				28
Rathbone Brothers			2,551				89
Reckitt Benckiser Group PLC			87,052				7,947
Redde			16,074				39
Redefine International‡			71,856				37
Redrow			12,446				99
RELX			74,038				1,624
Renewi			39,435				54
Renishaw			1,926				123
Rentokil Initial			94,574				381
Restaurant Group			9,592				39
Restore			6,121				43
Rightmove			33,329				1,806
Rio Tinto PLC			88,015				4,096
Rolls-Royce Holdings PLC			244,473				2,906
Rotork			70,461				246
Royal Bank of Scotland Group*			61,520				221
Royal Dutch Shell, Cl A			74,564				2,247


Description		Shares				Value (000)
Royal Dutch Shell, Cl B			307,203				9,446
Royal Mail			17,639			$	91
RPC Group			20,913				278
RPS Group			11,843				46
RSA Insurance Group			17,609				147
SafeCharge International Group			2,887				11
Safestore Holdings‡			10,995				64
Saga			59,448				158
Sage Group			18,690				175
Samsung Electronics GDR			5,170				5,852
Savills			7,536				94
Scapa Group			7,435				44
Schroder‡			14,710				12
Schroders			2,126				96
Segro‡			17,127				123
Senior			22,243				82
Serco Group PLC*			394,536				610
Severn Trent			4,052				118
Shaftesbury‡			12,053				164
Shire			15,309				776
SIG			30,237				72
Sirius Minerals*			198,656				68
Sky PLC			36,461				447
Smart Metering Systems			3,366				31
Smith & Nephew			23,614				427
Smiths Group PLC			79,077				1,671
Soco International			7,102				11
Softcat			4,696				26
SolGold*			30,651				14
Sophos Group (A)			13,263				98
Sound Energy, Cl A*			34,244				22
South32			5,924				15
Spectris			22,574				729
Spirax-Sarco Engineering			3,777				280
Spire Healthcare Group (A)			15,002				45
Sports Direct International			11,796				65
SSE			16,091				301
SSP Group			147,850				1,065
St. James’s Place			35,867				551
St. Modwen Properties			10,025				50
Staffline Group			768				12
Stagecoach Group			123,320				282
Standard Chartered PLC			139,727				1,389
Standard Life Aberdeen			46,629				271
Standard Life Investment Property Income Trust‡			21,212				26
State Bank of India GDR			44,900				1,724
Stobart Group			16,271				59
Stock Spirits Group			8,523				27
SuperGroup			2,748				63
Synthomer			13,541				89
TalkTalk Telecom Group			26,648				75
Tate & Lyle			7,837				68
Taylor Wimpey			56,448				148
Ted Baker			1,694				60
Telecom Plus			3,257				47
Telford Homes			2,008				11
Tesco*			1,918,008				4,810
Thomas Cook Group			534,987				862
TP ICAP			27,380				192
Travis Perkins			253,104				4,911
Tritax Big Box‡			70,661				135
TUI			46,754				793
Tullow Oil*			70,259				175
UBM			19,972				183

70

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
UDG Healthcare			12,737			$	145
Ultra Electronics Holdings			4,154				100
Unilever			50,085				2,899
UNITE Group‡			11,718				108
United Utilities Group			11,759				135
Vectura Group*			30,948				44
Vedanta Resources			4,030				47
Vesuvius			11,153				88
Victoria*			2,726				23
Victrex			10,135				321
Virgin Money Holdings UK			14,963				57
Vodafone Group PLC			559,395				1,565
Watkin Jones			7,565				22
Weir Group			146,595				3,859
WH Smith			31,925				865
Whitbread			3,166				160
William Hill			43,186				146
WM Morrison Supermarkets			38,173				120
Workspace Group‡			6,322				75
Worldpay Group (A)			129,762				709
WPP PLC			332,676				6,174
X5 Retail Group GDR*			2,458				110
ZPG (A)			14,387				70

							206,323

United States – 1.6%
Consumer Discretionary – 0.4%
Delphi Automotive			14,770				1,453
SodaStream International*			948				63
Yum China Holdings			107,344				4,291

							5,807

Health Care – 0.0%
Neuroderm*			760				30
Taro Pharmaceutical Industries*			309				34

							64

Industrials – 0.6%
Caesarstone*			1,222				36
Canadian National Railway			63,968				5,301
Copa Holdings, Cl A			13,300				1,656
Kornit Digital*			1,466				22

							7,015

Information Technology – 0.3%
CyberArk Software*			1,606				66
Genpact			12,433				357
InterXion Holding*			3,730				190
Ituran Location and Control			923				33
NXP Semiconductors*			5,859				663
Orbotech*			2,343				99
Wix.com*			1,702				122
Yandex, Cl A*			103,883				3,423

							4,953

Telecommunication Services – 0.3%
America Movil, Cl L ADR			248,256				4,407

							22,246

Total Common Stock (Cost $1,161,584) (000)							1,342,460


Description		Shares				Value (000)
Preferred Stock — 0.9%
Alpargatas			295,198			$	1,482
Banco Bradesco ADR			508,447				5,630
Banco do Estado do Rio Grande do Sul			88,900				491
Bayerische Motoren Werke			924				82
Biotest			1,045				28
Cia Brasileira de Distribuicao*			11,465				435
Cia de Gas de Sao Paulo, Cl A			15,855				274
Cia de Transmissao de Energia Eletrica Paulista			15,000				322
Cia Energetica de Minas Gerais			48,800				123
FUCHS PETROLUB			1,384				82
Henkel & KGaA			3,005				409
Itausa — Investimentos Itau			177,297				619
Metalurgica Gerdau*			225,600				374
Porsche Automobil Holding			2,645				169
Sartorius			1,797				172
Schaeffler			3,354				54
Sixt			857				53
Volkswagen			8,030				1,310

Total Preferred Stock (Cost $9,639) (000)							12,109


Exchange Traded Fund — 0.0%
P2P Global Investments			4,390				47

Total Exchange Traded Fund (Cost $43) (000)							47


Rights — 0.0%*
		Number of Rights
Beach Energy, Expires 10/19/2017			16,236				1
CapitaLand Commercial Trust, Expires 10/18/2017			6,374				1
Equiniti Group, Expires 10/19/2017			3,302				5
Macquarie Atlas Roads Group, Expires 10/9/2017(B)			4,039				1
Manulife US, Expires 10/19/2017			16,441				4
Mapletree Logistics, Expires 10/14/2017			8,160				1
Syrah Resources, Expires 10/10/2017			1,142				–

Total Rights (Cost $–) (000)							13

71

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)


Description		Shares				Value (000)
Short-Term Investment — 2.0%
State Street Institutional Treasury Money Market Fund, Cl Institutional, 0.920%, (C)			27,747,837			$	27,748
Total Short-Term Investment (Cost $27,748) (000)							27,748

Total Investments In Securities — 99.9% (Cost $1,199,014) (000) †						$	1,382,377

Percentages are based on Net Assets of $1,383,268 (000).

A list of the open futures contracts held by the Fund at September 30, 2017, is as follows (000):


Type of Contract		Number of Contracts Long				Expiration Date				Notional Amount				Value				Unrealized Appreciation
MSCI EAFE Index E-MINI			71				Dec-2017			$	6,961			$	7,023			$	62

										$	6,961			$	7,023			$	62

‡	Real Estate Investment Trust

*	Non-income producing security.

(A)

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

(B)	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 September 30, 2017, was $9,918 (000) and represented 0.46% of net assets.

(C)	The rate reported is the 7-day effective yield as of September 30, 2017.

ADR — American Depositary Receipt

Cl — Class

EAFE – Europe, Australasia and Far East

GDR — Global Depositary Receipt

MSCI – Morgan Stanley Capital International

NVDR—Non-Voting Depositary Receipt

†	At September 30, 2017, the tax basis cost of the Fund’s investments was $1,199,014 (000) and the unrealized appreciation and depreciation were $214,313 (000) and $(30,888) (000), respectively.

The following is a list of the level of inputs used as of September 30, 2017, in valuing the Fund’s investments and other financial instruments carried at value (000):


Investments In Securities		Level 1				Level 2				Level 3^				Total
Common Stock
Australia		$	40,357			$	135			$	-			$	40,492
Austria			2,728				66				-				2,794
Belgium			9,217				77				-				9,294
Brazil			16,922				-				-				16,922
Canada			63,561				-				-				63,561
Chile			3,247				-				-				3,247
China			24,690				-				-				24,690
Colombia			905				-				-				905
Czech Republic			470				-				-				470
Denmark			20,562				-				-				20,562
Egypt			-				95				-				95
Finland			11,341				-				-				11,341
France			89,686				33				-				89,719
Germany			80,704				50				-				80,754
Greece			3,917				-				-				3,917
Hong Kong			83,897				315				77				84,289
India			21,511				-				-				21,511
Indonesia			9,502				-				-				9,502
Ireland			8,412				-				-				8,412
Israel			3,588				2,164				-				5,752
Italy			21,578				24				-				21,602
Japan			191,671				1,566				-				193,237
Kenya			104				-				-				104
Luxembourg			2,227				-				-				2,227
Malaysia			6,801				-				-				6,801
Mexico			2,918				-				-				2,918
Netherlands			45,329				-				-				45,329
New Zealand			1,946				-				-				1,946
Norway			10,840				-				-				10,840
Panama			30				-				-				30
Peru			307				-				-				307
Philippines			1,536				-				-				1,536
Poland			9,964				-				-				9,964
Portugal			857				-				-				857
Qatar			-				3,257				-				3,257
Russia			7,653				-				-				7,653
Singapore			29,752				131				-				29,883
South Africa			18,678				-				-				18,678
South Korea			59,971				-				-				59,971
Spain			24,358				15				-				24,373
Sweden			21,656				213				-				21,869
Switzerland			95,798				58				-				95,856
Taiwan			25,428				522				-				25,950
Thailand			16,590				-				-				16,590
Turkey			13,063				-				-				13,063
United Arab Emirates			-				821				-				821
United Kingdom			206,024				299				-				206,323
United States			22,246				-				-				22,246

Total Common Stock			1,332,542				9,841				77				1,342,460

Preferred Stock		$	12,028			$	81			$	-			$	12,109
Exchange Traded Fund			47				-				-				47
Rights			-				13				-				13
Short-Term Investment			-				27,748				-				27,748

Total Investments in Securities		$	1,344,617			$	37,683			$	77			$	1,382,377


Other Financial Instruments		Level 1				Level 2				Level 3				Total
Futures Contracts**
Unrealized Appreciation		$	62			$	-			$	-			$	62

Total Other Financial Instruments		$	62			$	-			$	-			$	62

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

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

72

KP International Equity Funds

Schedule of Investments

September 30, 2017 (unaudited)

For the period ended September 30, 2017, there were transfers between Level 1 and Level 2 assets and liabilities due to changes in the availability of observable inputs used to determine fair value. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2017, 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.

73

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
Corporate Obligations — 25.9%
Consumer Discretionary – 2.8%
21st Century Fox America
6.150%, 02/15/41		$	500			$	625
4.500%, 02/15/21			100				107
3.700%, 10/15/25			20				21
Amazon.com
4.800%, 12/05/34			300				340
4.250%, 08/22/57 (A)			563				578
3.875%, 08/22/37 (A)			1,528				1,555
2.400%, 02/22/23 (A)			999				996
American Honda Finance
2.450%, 09/24/20			100				101
1.950%, 07/20/20			1,519				1,517
1.700%, 02/22/19			25				25
Arcos Dorados Holdings
5.875%, 04/04/27 (A)			330				347
AutoZone
3.750%, 06/01/27			100				101
Bed Bath & Beyond
3.749%, 08/01/24			25				25
Block Financial
4.125%, 10/01/20			200				208
CBS
3.375%, 03/01/22			150				155
3.375%, 02/15/28			1,014				985
Charter Communications Operating
6.484%, 10/23/45			150				176
6.384%, 10/23/35			247				289
5.375%, 05/01/47 (A)			677				703
3.579%, 07/23/20			200				206
Cleveland Clinic Foundation
4.858%, 01/01/14			656				714
Comcast
4.400%, 08/15/35			100				108
4.250%, 01/15/33			500				538
4.000%, 08/15/47			200				203
3.375%, 02/15/25			125				129
3.150%, 03/01/26			50				50
3.150%, 02/15/28			3,291				3,279
2.750%, 03/01/23			100				101
Delphi
4.150%, 03/15/24			40				42
Delphi Automotive
3.150%, 11/19/20			100				102
Diageo Investment
2.875%, 05/11/22			100				103
Discovery Communications
5.000%, 09/20/37			150				152
3.800%, 03/13/24			50				52
2.950%, 03/20/23			50				50
Dollar General
4.150%, 11/01/25			25				27
DR Horton
4.000%, 02/15/20			35				36
3.750%, 03/01/19			25				26


Description		Face Amount (000)⁽¹⁾				Value (000)
Expedia
4.500%, 08/15/24			100			$	105
Ford Motor
5.291%, 12/08/46			150				156
4.346%, 12/08/26			45				47
Ford Motor Credit
5.875%, 08/02/21			200				223
3.339%, 03/28/22			200				203
2.425%, 06/12/20			200				200
General Motors
6.750%, 04/01/46			250				301
5.150%, 04/01/38			753				772
General Motors Financial
4.300%, 07/13/25			100				103
4.000%, 01/15/25			100				102
4.000%, 10/06/26			50				50
3.700%, 05/09/23			100				102
3.150%, 06/30/22			3,272				3,298
3.100%, 01/15/19			100				102
2.350%, 10/04/19			50				50
Grupo Televisa
7.250%, 05/14/43 (MXN)			2,840				123
5.000%, 05/13/45			200				201
Hasbro
3.500%, 09/15/27			30				30
Home Depot
4.400%, 04/01/21			100				107
4.250%, 04/01/46			100				108
2.800%, 09/14/27			50				49
2.625%, 06/01/22			100				101
2.000%, 06/15/19			100				101
2.000%, 04/01/21			100				100
1.800%, 06/05/20			71				71
Hyundai Capital America
3.250%, 09/20/22 (A)			2,404				2,400
Lear
5.250%, 01/15/25			45				48
3.800%, 09/15/27			1,897				1,890
Lowe’s
4.625%, 04/15/20			100				105
4.050%, 05/03/47			1,356				1,393
3.100%, 05/03/27			100				99
2.500%, 04/15/26			50				48
1.150%, 04/15/19			20				20
Macy’s Retail Holdings
3.625%, 06/01/24			100				96
Magna International
3.625%, 06/15/24			50				52
Marriott International
3.125%, 10/15/21			100				102
Mattel
2.350%, 05/06/19			100				100
McDonald’s
4.450%, 03/01/47			150				159
3.500%, 03/01/27			100				103
3.375%, 05/26/25			100				103
2.750%, 12/09/20			20				20
NBCUniversal Media
4.375%, 04/01/21			100				108

74

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
Newell Brands
5.500%, 04/01/46		$	100			$	118
4.000%, 12/01/24			50				52
3.150%, 04/01/21			150				154
NIKE
2.375%, 11/01/26			200				190
Nissan Motor Acceptance
2.600%, 09/28/22 (A)			2,756				2,759
2.150%, 09/28/20 (A)			972				972
Nordstrom
4.000%, 03/15/27			30				30
Omnicom Group
3.600%, 04/15/26			100				101
O’Reilly Automotive
3.550%, 03/15/26			50				50
Priceline Group
2.750%, 03/15/23			50				50
QVC
4.450%, 02/15/25			65				66
Scripps Networks Interactive
2.750%, 11/15/19			100				101
Starbucks
2.450%, 06/15/26			200				192
Target
4.000%, 07/01/42			200				201
Time Warner
4.875%, 03/15/20			100				107
4.750%, 03/29/21			100				108
3.600%, 07/15/25			100				100
2.100%, 06/01/19			100				100
Time Warner Cable
8.250%, 04/01/19			200				217
7.300%, 07/01/38			238				299
5.875%, 11/15/40			500				549
4.000%, 09/01/21			100				103
TJX
2.750%, 06/15/21			100				102
Toyota Motor Credit
4.250%, 01/11/21			100				106
2.750%, 05/17/21			100				102
2.250%, 10/18/23			50				49
2.100%, 01/17/19			150				151
1.550%, 10/18/19			4,450				4,426
USJ Acucar e Alcool
9.875%, 11/09/21 (A)			305				219
Viacom
6.875%, 04/30/36			100				111
4.375%, 03/15/43			216				186
3.450%, 10/04/26			150				144
Walt Disney
3.150%, 09/17/25			100				102
1.850%, 05/30/19			150				150
Wesleyan University
4.781%, 07/01/16			726				754
Whirlpool
4.000%, 03/01/24			60				63


Description		Face Amount (000)				Value (000)
Wyndham Worldwide
4.250%, 03/01/22		$	50			$	51

							41,758

Consumer Staples – 1.8%
Adecoagro
6.000%, 09/21/27 (A)			550				547
Alimentation Couche-Tard
2.700%, 07/26/22 (A)			4,210				4,224
Altria Group
9.250%, 08/06/19			200				227
5.375%, 01/31/44			100				120
Anheuser-Busch InBev Finance
4.900%, 02/01/46			1,519				1,716
3.650%, 02/01/26			350				362
2.650%, 02/01/21			215				218
Anheuser-Busch InBev Worldwide
7.750%, 01/15/19			100				107
5.375%, 01/15/20			100				108
4.950%, 01/15/42			500				566
4.439%, 10/06/48			100				107
2.500%, 07/15/22			100				101
Archer-Daniels-Midland
3.750%, 09/15/47			100				99
BAT Capital
4.540%, 08/15/47 (A)			351				361
4.390%, 08/15/37 (A)			908				932
3.557%, 08/15/27 (A)			100				101
3.222%, 08/15/24 (A)			50				50
2.764%, 08/15/22 (A)			2,261				2,274
2.297%, 08/14/20 (A)			50				50
Bunge Finance
3.250%, 08/15/26			120				116
3.000%, 09/25/22			30				30
Central American Bottling
5.750%, 01/31/27 (A)			195				206
Church & Dwight
2.450%, 08/01/22			100				100
CK Hutchison International 17
2.250%, 09/29/20 (A)			957				953
Clorox
3.500%, 12/15/24			50				52
Coca-Cola
3.300%, 09/01/21			100				105
2.875%, 10/27/25			50				50
2.550%, 06/01/26			50				49
2.450%, 11/01/20			50				51
1.875%, 10/27/20			50				50
Coca-Cola Femsa
2.375%, 11/26/18			150				151
Colgate-Palmolive
1.750%, 03/15/19			100				100
Constellation Brands
6.000%, 05/01/22			20				23
4.250%, 05/01/23			50				53
3.875%, 11/15/19			10				10
3.750%, 05/01/21			15				16

75

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
Costco Wholesale
1.700%, 12/15/19		$	100			$	100
CVS Health
5.125%, 07/20/45			200				230
3.875%, 07/20/25			120				125
2.875%, 06/01/26			50				48
2.250%, 12/05/18			150				151
2.125%, 06/01/21			50				50
CVS Pass-Through Trust
4.163%, 08/11/36 (A)			1,052				1,070
General Mills
5.650%, 02/15/19			100				105
Hershey
2.300%, 08/15/26			50				47
Ingredion
3.200%, 10/01/26			50				49
JM Smucker
2.500%, 03/15/20			100				101
Kellogg
4.000%, 12/15/20			100				106
Kimberly-Clark
2.750%, 02/15/26			100				99
Kraft Heinz Foods
5.000%, 06/04/42			150				160
3.950%, 07/15/25			150				154
3.500%, 07/15/22			200				207
2.000%, 07/02/18			735				737
Kroger
3.300%, 01/15/21			100				102
2.650%, 10/15/26			200				183
McCormick
3.150%, 08/15/24			100				101
Mead Johnson Nutrition
3.000%, 11/15/20			30				31
MHP
7.750%, 05/10/24 (A)			270				291
Molson Coors Brewing
4.200%, 07/15/46			200				200
1.450%, 07/15/19			25				25
Mondelez International
5.375%, 02/10/20			200				214
Mondelez International Holdings Netherlands
1.625%, 10/28/19 (A)			1,203				1,194
PepsiCo
3.600%, 03/01/24			100				106
3.450%, 10/06/46			200				190
2.850%, 02/24/26			100				99
2.375%, 10/06/26			200				191
Philip Morris International
4.500%, 03/26/20			100				106
3.375%, 08/11/25			100				102
1.875%, 02/25/21			200				198
Procter & Gamble
2.450%, 11/03/26			50				48
2.150%, 08/11/22			100				100
1.900%, 11/01/19			100				101


Description		Face Amount (000)				Value (000)
Reynolds American
8.125%, 06/23/19		$	100			$	110
4.450%, 06/12/25			150				161
2.300%, 06/12/18			3,807				3,824
Sysco
2.600%, 10/01/20			50				51
2.500%, 07/15/21			35				35
1.900%, 04/01/19			30				30
Tyson Foods
4.875%, 08/15/34			200				221
Unilever Capital
4.250%, 02/10/21			150				160
2.200%, 05/05/22			100				100
Walgreens Boots Alliance
3.450%, 06/01/26			165				165
2.700%, 11/18/19			100				101
Wal-Mart Stores
4.250%, 04/15/21			125				134
4.000%, 04/11/43			400				420
3.300%, 04/22/24			100				105
WhiteWave Foods
5.375%, 10/01/22			10				11

							27,134

Energy – 3.6%
Anadarko Petroleum
6.950%, 06/15/19			2,744				2,957
6.600%, 03/15/46			200				248
Apache
3.250%, 04/15/22			100				101
Baker Hughes a GE
7.500%, 11/15/18			150				160
Boardwalk Pipelines
4.950%, 12/15/24			50				53
BP Capital Markets
3.561%, 11/01/21			200				210
3.279%, 09/19/27			2,015				2,013
2.520%, 09/19/22			2,162				2,164
2.500%, 11/06/22			250				250
2.237%, 05/10/19			100				101
2.112%, 09/16/21			100				100
1.676%, 05/03/19			20				20
Buckeye Partners
3.950%, 12/01/26			200				197
Canadian Natural Resources
5.900%, 02/01/18			495				502
4.950%, 06/01/47			850				891
3.850%, 06/01/27			100				101
2.950%, 01/15/23			1,318				1,311
Cenovus Energy
6.750%, 11/15/39			220				253
5.700%, 10/15/19			25				27
5.250%, 06/15/37 (A)			200				198
4.450%, 09/15/42			40				35
3.000%, 08/15/22			20				20

76

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
Chevron
2.954%, 05/16/26		$	50			$	50
2.566%, 05/16/23			50				50
2.355%, 12/05/22			150				150
2.193%, 11/15/19			90				91
2.100%, 05/16/21			50				50
1.961%, 03/03/20			50				50
1.561%, 05/16/19			50				50
Cimarex Energy
3.900%, 05/15/27			100				102
CNOOC Finance 2015 USA
3.500%, 05/05/25			200				203
Concho Resources
4.375%, 01/15/25			50				53
ConocoPhillips
6.500%, 02/01/39			300				400
4.200%, 03/15/21			50				53
Devon Energy
3.250%, 05/15/22			100				101
Ecopetrol
7.375%, 09/18/43			200				229
5.875%, 09/18/23			100				111
Emera US Finance
4.750%, 06/15/46			200				215
Enable Midstream Partners
2.400%, 05/15/19			50				50
Enbridge
5.500%, 12/01/46			203				233
4.000%, 10/01/23			380				400
3.700%, 07/15/27			1,494				1,515
2.900%, 07/15/22			2,164				2,176
Enbridge Energy Partners
5.875%, 10/15/25			100				114
Encana
3.900%, 11/15/21			50				52
Energy Transfer
6.625%, 10/15/36			988				1,124
6.125%, 12/15/45			150				165
4.500%, 11/01/23			100				105
4.200%, 04/15/27			200				202
EnLink Midstream Partners
5.450%, 06/01/47			150				155
2.700%, 04/01/19			800				802
Enterprise Products Operating
3.700%, 02/15/26			250				257
3.350%, 03/15/23			100				103
2.850%, 04/15/21			30				30
EOG Resources
3.150%, 04/01/25			100				100
2.625%, 03/15/23			100				99
Equities
3.900%, 10/01/27			859				859
3.000%, 10/01/22			2,597				2,603
ExxonMobil
4.114%, 03/01/46			150				162
3.043%, 03/01/26			50				51
2.726%, 03/01/23			35				35
2.709%, 03/06/25			150				151
2.222%, 03/01/21			20				20
1.708%, 03/01/19			50				50


Description		Face Amount (000)				Value (000)
Fermaca Enterprises
6.375%, 03/30/38 (A)		$	188			$	207
Halliburton
5.000%, 11/15/45			100				110
3.500%, 08/01/23			100				103
Hess
4.300%, 04/01/27			200				198
Husky Energy
4.000%, 04/15/24			100				103
KazMunayGas National JSC
5.750%, 04/19/47 (A)			690				679
Kinder Morgan
5.550%, 06/01/45			300				323
3.050%, 12/01/19			50				51
Kinder Morgan Energy Partners
6.375%, 03/01/41			150				173
5.500%, 03/01/44			100				105
4.150%, 02/01/24			994				1,030
3.500%, 03/01/21			20				21
Magellan Midstream Partners
4.250%, 02/01/21			100				106
Marathon Petroleum
4.750%, 09/15/44			1,012				1,007
3.400%, 12/15/20			100				103
MPLX
5.200%, 03/01/47			200				209
4.125%, 03/01/27			65				66
4.000%, 02/15/25			25				26
National Oilwell Varco
2.600%, 12/01/22			100				97
Noble Energy
4.950%, 08/15/47			1,077				1,098
4.150%, 12/15/21			100				105
Occidental Petroleum
4.400%, 04/15/46			200				213
3.400%, 04/15/26			70				71
Odebrecht Drilling Norbe VIII
6.350%, 06/30/21 (A) (B)			300				194
ONEOK
4.000%, 07/13/27			30				30
ONEOK Partners
6.850%, 10/15/37			567				700
3.375%, 10/01/22			100				101
Petrobras Global Finance
7.375%, 01/17/27			420				462
6.125%, 01/17/22			20				22
4.375%, 05/20/23			1,065				1,053
Petroleos de Venezuela
9.000%, 11/17/21			660				271
8.500%, 10/27/20 (A)			245				203
6.000%, 11/15/26 (A)			385				117
5.375%, 04/12/27			365				109

77

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)⁽¹⁾				Value (000)
Petroleos Mexicanos
8.000%, 05/03/19			250			$	273
7.190%, 09/12/24 (MXN) (A)			5,500				276
6.875%, 08/04/26			50				57
6.750%, 09/21/47			938				998
6.500%, 03/13/27 (A)			1,097				1,216
6.500%, 06/02/41			350				366
6.375%, 02/04/21			50				55
6.375%, 01/23/45			190				193
5.625%, 01/23/46			1,019				948
5.500%, 02/04/19			30				31
5.500%, 01/21/21			2,962				3,160
5.500%, 06/27/44			160				149
4.875%, 01/24/22			620				650
4.625%, 09/21/23			200				207
3.500%, 07/23/20			100				102
3.500%, 01/30/23			455				448
Phillips 66
4.650%, 11/15/34			300				318
Phillips 66 Partners
3.605%, 02/15/25			25				25
Pioneer Natural Resources
3.450%, 01/15/21			100				102
Plains All American Pipeline
4.900%, 02/15/45			168				156
4.650%, 10/15/25			150				154
4.500%, 12/15/26			1,392				1,413
Sabine Pass Liquefaction
5.625%, 02/01/21			140				151
5.625%, 03/01/25			85				94
Shell International Finance
4.550%, 08/12/43			400				434
3.250%, 05/11/25			150				154
2.875%, 05/10/26			100				99
Sinopec Group Overseas Development
3.500%, 05/03/26 (A)			580				587
Spectra Energy Partners
3.500%, 03/15/25			100				101
State Oil of the Azerbaijan Republic
4.750%, 03/13/23			705				705
Statoil
3.950%, 05/15/43			200				201
3.700%, 03/01/24			100				105
2.450%, 01/17/23			125				125
Stoneway Capital
10.000%, 03/01/27 (A)			330				354
Suncor Energy
6.500%, 06/15/38			150				195
Sunoco Logistics Partners Operations
5.400%, 10/01/47			340				346
4.400%, 04/01/21			100				105
Total Capital Canada
2.750%, 07/15/23			100				101
Total Capital International
2.700%, 01/25/23			100				101


Description		Face Amount (000)⁽¹⁾				Value (000)
TransCanada PipeLines
4.875%, 01/15/26			100			$	112
4.625%, 03/01/34			300				328
Valero Energy
9.375%, 03/15/19			29				32
6.625%, 06/15/37			1,012				1,277
3.650%, 03/15/25			100				102
Williams Partners
6.300%, 04/15/40			1,139				1,364
5.250%, 03/15/20			250				269
3.600%, 03/15/22			100				103
YPF
16.500%, 05/09/22 (ARS) (A)			6,000				326

							54,117

Financials – 6.7%
Aflac
3.625%, 06/15/23			100				106
AIA Group
2.250%, 03/11/19 (A)			424				423
American Express
2.500%, 08/01/22			3,816				3,812
American Express Credit
2.700%, 03/03/22			100				101
2.375%, 05/26/20			100				101
2.250%, 05/05/21			100				100
2.200%, 03/03/20			100				101
1.875%, 05/03/19			1,848				1,850
American International Group
4.700%, 07/10/35			200				215
4.500%, 07/16/44			461				481
3.875%, 01/15/35			200				196
Ameriprise Financial
5.300%, 03/15/20			100				107
Aon
5.000%, 09/30/20			100				108
Ares Capital
3.875%, 01/15/20			60				62
Assurant
4.000%, 03/15/23			74				77
Australia & New Zealand Banking Group NY
2.625%, 05/19/22			250				250
Banco de Costa Rica
5.250%, 08/12/18 (A)			540				548
Banco Nacional de Costa Rica
5.875%, 04/25/21 (A)			460				478
4.875%, 11/01/18 (A)			550				558

78

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)⁽¹⁾				Value (000)
Bank of America
5.700%, 01/24/22			100			$	113
5.000%, 01/21/44			250				290
4.450%, 03/03/26			130				137
4.244%, VAR ICE LIBOR USD 3 Month+1.814%, 04/24/38			100				106
4.200%, 08/26/24			165				173
4.183%, 11/25/27			250				259
4.100%, 07/24/23			100				106
4.000%, 01/22/25			3,211				3,323
3.950%, 04/21/25			200				206
3.593%, VAR ICE LIBOR USD 3 Month+1.370%, 07/21/28			1,434				1,448
3.500%, 04/19/26			50				51
3.248%, 10/21/27			862				845
3.093%, VAR ICE LIBOR USD 3 Month+1.090%, 10/01/25			100				100
2.881%, VAR ICE LIBOR USD 3 Month+1.021%, 04/24/23			200				201
2.503%, 10/21/22			100				99
2.250%, 04/21/20			250				250
2.151%, 11/09/20			100				100
Bank of Georgia JSC
11.000%, 06/01/20 (GEL) (A)			1,370				557
Bank of Montreal
2.100%, 12/12/19			65				65
2.100%, 06/15/20			100				100
Bank of New York Mellon
3.550%, 09/23/21			100				105
3.300%, 08/23/29			100				99
3.000%, 02/24/25			100				100
2.500%, 04/15/21			100				101
2.450%, 11/27/20			50				50
2.450%, 08/17/26			50				48
Bank of Nova Scotia
2.800%, 07/21/21			100				102
2.450%, 03/22/21			50				50
2.150%, 07/14/20			200				201
1.950%, 01/15/19			50				50
1.650%, 06/14/19			50				50
Banque Federative du Credit Mutuel
2.700%, 07/20/22 (A)			2,642				2,654
Barclays
4.375%, 01/12/26			200				209
2.875%, 06/08/20			250				252
Barrick North America Finance
4.400%, 05/30/21			37				40
BB&T
2.750%, 04/01/22			200				204
2.450%, 01/15/20			100				101
Berkshire Hathaway
3.125%, 03/15/26			200				202
Berkshire Hathaway Finance
4.300%, 05/15/43			200				218
1.300%, 08/15/19			35				35


Description		Face Amount (000)				Value (000)
BGEO Group JSC
6.000%, 07/26/23 (A)		$	550			$	566
BlackRock
5.000%, 12/10/19			100				107
BNP Paribas
2.375%, 05/21/20			200				202
BOC Aviation
3.875%, 04/27/26 (A)			200				206
Brighthouse Financial
4.700%, 06/22/47 (A)			451				441
3.700%, 06/22/27 (A)			50				49
Canadian Imperial Bank of Commerce
2.100%, 10/05/20			3,067				3,066
1.600%, 09/06/19			50				50
Capital One
1.650%, 02/05/18			2,642				2,641
Capital One Financial
3.750%, 07/28/26			100				99
3.200%, 02/05/25			50				50
3.050%, 03/09/22			150				152
2.450%, 04/24/19			100				100
CBOE Holdings
1.950%, 06/28/19			30				30
Charles Schwab
4.450%, 07/22/20			100				107
Chubb INA Holdings
3.350%, 05/15/24			100				104
Citibank
2.100%, 06/12/20			1,265				1,267
Citigroup
8.125%, 07/15/39			250				395
4.650%, 07/30/45			186				206
4.400%, 06/10/25			1,040				1,095
4.281%, VAR ICE LIBOR USD 3 Month+1.839%, 04/24/48			100				105
4.125%, 07/25/28			644				663
3.887%, VAR ICE LIBOR USD 3 Month+1.563%, 01/10/28			200				205
3.750%, 06/16/24			100				104
3.668%, VAR ICE LIBOR USD 3 Month+1.390%, 07/24/28			100				101
3.500%, 05/15/23			100				102
3.300%, 04/27/25			100				101
2.900%, 12/08/21			100				101
2.876%, VAR ICE LIBOR USD 3 Month+0.950%, 07/24/23			4,668				4,674
2.750%, 04/25/22			100				101
2.650%, 10/26/20			100				101
2.500%, 07/29/19			100				101
2.400%, 02/18/20			100				101

79

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)⁽¹⁾				Value (000)
Citigroup Global Markets Holdings
24.750%, 03/03/21(GHS) (A)(C)			2,060			$	550
19.981%, 02/01/18(EGP) (A) (D)			8,000				429
19.028%, 01/25/18(EGP) (A) (D)			11,800				634
17.913%, 03/08/18(EGP) (A) (D)			8,200				431
17.086%, 03/22/18(EGP) (A) (D)			15,800				826
Citizens Bank
2.200%, 05/26/20			250				250
Citizens Financial Group
2.375%, 07/28/21			30				30
CME Group
3.000%, 03/15/25			150				152
CNA Financial
5.875%, 08/15/20			100				109
Comerica
2.125%, 05/23/19			50				50
Cooperatieve Rabobank UA
3.375%, 05/21/25			250				257
2.250%, 01/14/20			250				251
Credit Agricole
3.250%, 10/04/24 (A)			1,427				1,429
Credit Suisse Group Funding
Guernsey
4.875%, 05/15/45			250				279
3.125%, 12/10/20			250				255
Credit Suisse New York
3.625%, 09/09/24			250				260
Deutsche Bank
3.700%, 05/30/24			85				86
2.950%, 08/20/20			100				101
Deutsche Bank NY
2.700%, 07/13/20			150				151
Discover Bank
3.100%, 06/04/20			250				256
Discover Financial Services
4.100%, 02/09/27			40				41
Fibria Overseas Finance
5.500%, 01/17/27			25				26
Fifth Third Bancorp
2.875%, 07/27/20			250				255
2.600%, 06/15/22			3,938				3,935
First Republic Bank
4.625%, 02/13/47			200				206
FMS Wertmanagement AoeR
1.375%, 06/08/21			200				196
FS Investment
4.250%, 01/15/20			30				31


Description		Face Amount (000)				Value (000)
Goldman Sachs Group
6.750%, 10/01/37		$	200			$	264
5.150%, 05/22/45			350				401
4.750%, 10/21/45			553				615
3.750%, 05/22/25			100				103
3.750%, 02/25/26			250				256
3.691%, VAR ICE LIBOR USD 3 Month+1.510%, 06/05/28			165				166
3.625%, 01/22/23			1,200				1,243
3.272%, VAR ICE LIBOR USD 3 Month+1.201%, 09/29/25			75				75
2.908%, VAR ICE LIBOR USD 3 Month+1.053%, 06/05/23			100				100
2.750%, 09/15/20			75				76
2.625%, 04/25/21			100				101
2.600%, 04/23/20			100				101
2.600%, 12/27/20			100				101
2.550%, 10/23/19			200				202
2.350%, 11/15/21			45				45
2.300%, 12/13/19			85				85
Hanover Insurance Group
4.500%, 04/15/26			100				105
HSBC Finance
6.676%, 01/15/21			29				33
HSBC Holdings
6.500%, 09/15/37			250				332
4.250%, 08/18/25			200				207
4.041%, VAR ICE LIBOR USD 3 Month+1.546%, 03/13/28			1,548				1,616
4.000%, 03/30/22			100				106
3.600%, 05/25/23			200				208
3.262%, VAR ICE LIBOR USD 3 Month+1.055%, 03/13/23			2,558				2,611
2.950%, 05/25/21			200				203
Industrial & Commercial Bank of China
2.905%, 11/13/20			250				252
Intercontinental Exchange
4.000%, 10/15/23			150				162
Jefferies Group
6.875%, 04/15/21			100				113

80

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)⁽¹⁾				Value (000)
JPMorgan Chase
5.600%, 07/15/41			250			$	310
4.350%, 08/15/21			250				268
4.260%, VAR ICE LIBOR USD 3 Month+1.580%, 02/22/48			812				852
3.882%, VAR ICE LIBOR USD 3 Month+1.360%, 07/24/38			1,305				1,316
3.625%, 05/13/24			100				104
3.625%, 12/01/27			444				445
3.540%, VAR ICE LIBOR USD 3 Month+1.380%, 05/01/28			200				202
3.300%, 04/01/26			100				100
3.220%, VAR ICE LIBOR USD 3 Month+1.155%, 03/01/25			160				163
3.200%, 06/15/26			100				99
3.125%, 01/23/25			150				151
2.776%, VAR ICE LIBOR USD 3 Month+0.935%, 04/25/23			75				75
2.750%, 06/23/20			300				306
2.700%, 05/18/23			100				100
2.550%, 10/29/20			180				182
2.400%, 06/07/21			50				50
JPMorgan Chase Bank
8.375%, 03/17/34 (IDR) (A)			3,000,000				245
Kazakhstan Temir Zholy Finance
6.375%, 10/06/20 (A)			930				1,006
KeyBank
2.400%, 06/09/22			250				249
KeyCorp
5.100%, 03/24/21			150				163
KFW
2.500%, 11/20/24			650				656
1.875%, 06/30/20			200				201
1.875%, 11/30/20			200				200
1.250%, 09/30/19			150				149
1.000%, 07/15/19			100				99
Landwirtschaftliche Rentenbank
1.750%, 04/15/19			100				100
Lazard Group
3.750%, 02/13/25			50				51
Lima Metro Line 2 Finance
5.875%, 07/05/34 (A)			790				869
Lincoln National
3.625%, 12/12/26			100				102
Lloyds Banking Group
4.582%, 12/10/25			200				210
Loews
2.625%, 05/15/23			100				100
Marsh & McLennan
2.750%, 01/30/22			30				30
2.350%, 09/10/19			75				76


Description		Face Amount (000)⁽¹⁾				Value (000)
MetLife
6.400%, 12/15/36		$	300			$	346
3.600%, 04/10/24			100				104
3.600%, 11/13/25			50				52
Mitsubishi UFJ Financial Group
3.850%, 03/01/26			200				208
3.287%, 07/25/27			50				50
2.665%, 07/25/22			50				50
Mizuho Financial Group
2.601%, 09/11/22			200				198
Moody’s
2.750%, 07/15/19			100				101
Morgan Stanley
6.375%, 07/24/42			200				269
4.875%, 11/01/22			100				108
3.971%, VAR ICE LIBOR USD 3 Month+1.455%, 07/22/38			1,499				1,507
3.875%, 01/27/26			200				208
3.591%, VAR ICE LIBOR USD 3 Month+1.340%, 07/22/28			150				151
3.125%, 07/27/26			1,836				1,801
2.800%, 06/16/20			100				102
2.650%, 01/27/20			100				101
2.375%, 07/23/19			550				553
MUFG Americas Holdings
3.000%, 02/10/25			200				197
Nasdaq
3.850%, 06/30/26			150				154
National Australia Bank
2.625%, 01/14/21			250				251
National Rural Utilities Cooperative Finance
10.375%, 11/01/18			150				164
2.700%, 02/15/23			100				100
New York Life Global Funding
1.950%, 09/28/20 (A)			2,487				2,483
Northern Trust
3.375%, VAR ICE LIBOR USD 3 Month+1.131%, 05/08/32			63				63
Oesterreichische Kontrollbank
1.875%, 01/20/21			150				150
ORIX
2.900%, 07/18/22			30				30
PNC Bank
2.450%, 07/28/22			250				250
2.400%, 10/18/19			250				252
1.450%, 07/29/19			250				249
Pricoa Global Funding I
1.900%, 09/21/18 (A)			736				737
Principal Financial Group
3.400%, 05/15/25			100				102
Private Export Funding
2.250%, 03/15/20			200				203
Progressive
4.125%, 04/15/47			100				105
Prudential Financial
4.600%, 05/15/44			200				220

81

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)⁽¹⁾				Value (000)
Regions Financial
3.200%, 02/08/21			50			$	51
2.750%, 08/14/22			50				50
Royal Bank of Canada
2.150%, 03/15/19			200				201
2.125%, 03/02/20			2,157				2,166
2.000%, 12/10/18			50				50
1.875%, 02/05/20			250				250
1.625%, 04/15/19			150				150
Royal Bank of Scotland Group
3.498%, VAR ICE LIBOR USD 3 Month+1.480%, 05/15/23			200				201
S&P Global
4.000%, 06/15/25			100				105
Santander Holdings USA
4.400%, 07/13/27 (A)			25				26
2.700%, 05/24/19			50				50
2.650%, 04/17/20			100				100
Santander UK
2.375%, 03/16/20			100				101
Santander UK Group Holdings
3.125%, 01/08/21			100				102
Standard Chartered Bank
11.000%, 08/05/24(LKR) (A)			69,000				468
11.000%, 08/05/25(LKR) (A)			79,000				535
10.750%, 03/03/21(LKR) (A)			132,000				882
8.250%, 05/19/36(IDR) (A)			13,160,000				1,074
7.610%, 05/13/30(INR) (A)(C)			24,000				383
Sumitomo Mitsui Financial Group
3.784%, 03/09/26			50				52
3.446%, 01/11/27			50				51
3.364%, 07/12/27			100				101
2.934%, 03/09/21			250				254
2.846%, 01/11/22			50				50
2.784%, 07/12/22			50				50
SunTrust Banks
2.900%, 03/03/21			50				51
2.700%, 01/27/22			150				151
2.500%, 05/01/19			50				50
Svensk Exportkredit
1.125%, 08/28/19			200				198
Svenska Handelsbanken
1.950%, 09/08/20			250				249
Synchrony Financial
4.500%, 07/23/25			100				104
3.000%, 08/15/19			100				102
TC Ziraat Bankasi
5.125%, 05/03/22 (A)			650				660
TD Ameritrade Holding
3.300%, 04/01/27			30				30


Description		Face Amount (000)				Value (000)
Toronto-Dominion Bank
2.125%, 07/02/19		$	100			$	101
2.125%, 04/07/21			50				50
1.950%, 04/02/20 (A)			473				472
1.800%, 07/13/21			100				98
Travelers
4.000%, 05/30/47			140				145
3.900%, 11/01/20			100				105
Turkiye Garanti Bankasi
6.125%, VAR USD Swap
Semi 30/360 5 Year
Curr+4.220%, 05/24/27 (A)			510				511
Turkiye Is Bankasi
7.000%, VAR USD Swap
Semi 30/360 5 Year
Curr+5.117%, 06/29/28 (A)			750				757
UBS
2.350%, 03/26/20			250				252
Unum Group
4.000%, 03/15/24			50				52
US Bancorp
2.375%, 07/22/26			250				238
1.950%, 11/15/18			100				100
Voya Financial
3.125%, 07/15/24			50				49
Wells Fargo
4.900%, 11/17/45			714				796
4.750%, 12/07/46			454				498
4.650%, 11/04/44			350				375
4.125%, 08/15/23			200				212
3.584%, VAR ICE LIBOR USD 3 Month+1.310%, 05/22/28			75				76
3.550%, 09/29/25			100				103
3.000%, 01/22/21			100				102
3.000%, 02/19/25			100				99
3.000%, 04/22/26			100				98
3.000%, 10/23/26			250				245
2.625%, 07/22/22			1,440				1,442
2.550%, 12/07/20			85				86
Wells Fargo Bank
2.150%, 12/06/19			250				251
Westpac Banking
2.700%, 08/19/26			100				97
2.600%, 11/23/20			150				152
2.250%, 01/17/19			100				101
2.000%, 08/19/21			50				49
1.600%, 08/19/19			100				99
Willis North America
3.600%, 05/15/24			50				51
XLIT
5.750%, 10/01/21			74				83

							99,816

Health Care – 2.5%
Abbott Laboratories
4.900%, 11/30/46			958				1,070
3.400%, 11/30/23			50				51
2.900%, 11/30/21			2,453				2,498
2.800%, 09/15/20			150				152
2.350%, 11/22/19			70				71

82

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
AbbVie
4.700%, 05/14/45		$	200			$	218
4.500%, 05/14/35			200				215
3.200%, 11/06/22			100				103
2.900%, 11/06/22			3,406				3,454
2.850%, 05/14/23			50				50
2.300%, 05/14/21			50				50
Aetna
2.800%, 06/15/23			25				25
2.750%, 11/15/22			150				151
Agilent Technologies
3.050%, 09/22/26			65				63
Allergan Funding SCS
4.550%, 03/15/35			300				320
3.800%, 03/15/25			190				197
3.450%, 03/15/22			4,271				4,429
AmerisourceBergen
3.400%, 05/15/24			100				103
Amgen
4.563%, 06/15/48			300				325
2.650%, 05/11/22			3,619				3,649
2.200%, 05/11/20			1,757				1,762
2.125%, 05/01/20			200				200
1.850%, 08/19/21			200				197
Anthem
3.300%, 01/15/23			200				206
AstraZeneca
2.375%, 11/16/20			150				151
2.375%, 06/12/22			100				99
1.950%, 09/18/19			100				100
Baxalta
3.600%, 06/23/22			100				104
Baxter International
2.600%, 08/15/26			100				95
Becton Dickinson
4.685%, 12/15/44			200				211
4.669%, 06/06/47			131				137
3.700%, 06/06/27			50				51
3.363%, 06/06/24			1,139				1,150
2.404%, 06/05/20			20				20
Biogen
3.625%, 09/15/22			100				105
Boston Scientific
3.375%, 05/15/22			100				102
2.850%, 05/15/20			100				102
Bristol-Myers Squibb
2.000%, 08/01/22			100				99
Cardinal Health
3.200%, 03/15/23			100				102
3.079%, 06/15/24			150				151
Celgene
5.000%, 08/15/45			250				283
3.875%, 08/15/25			100				105
Cigna
4.000%, 02/15/22			100				105
3.875%, 10/15/47			100				100
CR Bard
3.000%, 05/15/26			50				50
Danaher
3.350%, 09/15/25			30				31


Description		Face Amount (000)				Value (000)
Eli Lilly
3.100%, 05/15/27		$	49			$	49
Express Scripts Holding
4.800%, 07/15/46			200				211
4.750%, 11/15/21			100				109
Gilead Sciences
4.750%, 03/01/46			496				555
4.600%, 09/01/35			400				441
4.000%, 09/01/36			206				212
2.950%, 03/01/27			1,769				1,754
2.550%, 09/01/20			150				153
2.500%, 09/01/23			35				35
2.350%, 02/01/20			20				20
1.950%, 03/01/22			15				15
GlaxoSmithKline Capital
2.850%, 05/08/22			100				102
2.800%, 03/18/23			125				127
Humana
4.950%, 10/01/44			200				226
Johnson & Johnson
3.625%, 03/03/37			150				156
2.450%, 12/05/21			100				101
2.450%, 03/01/26			200				197
Kaiser Foundation Hospitals
3.150%, 05/01/27			25				25
Laboratory Corp of America
Holdings
3.250%, 09/01/24			100				100
2.625%, 02/01/20			100				101
McKesson
2.284%, 03/15/19			100				101
Medtronic
4.625%, 03/15/45			200				228
4.375%, 03/15/35			200				220
2.750%, 04/01/23			100				101
2.500%, 03/15/20			150				152
Merck
2.750%, 02/10/25			200				201
1.850%, 02/10/20			150				150
Millennium Health
0.000%, 04/16/21 (C)(E)			7				1
Mylan
5.250%, 06/15/46			200				217
3.750%, 12/15/20			100				104
New York and Presbyterian
Hospital
4.763%, 08/01/16			669				690
Northwell Healthcare
4.260%, 11/01/47			779				785
Novartis Capital
3.400%, 05/06/24			100				105
3.000%, 11/20/25			50				51
2.400%, 05/17/22			50				50
1.800%, 02/14/20			25				25
Novartis Securities Investment
5.125%, 02/10/19			100				105

83

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
Pfizer
5.200%, 08/12/20		$	100			$	110
4.000%, 12/15/36			250				268
3.000%, 06/15/23			100				103
Quest Diagnostics
2.500%, 03/30/20			150				151
Shire Acquisitions Investments Ireland DAC
3.200%, 09/23/26			60				59
2.875%, 09/23/23			50				50
1.900%, 09/23/19			100				100
Stryker
3.500%, 03/15/26			25				26
3.375%, 11/01/25			50				51
2.000%, 03/08/19			30				30
Teva Pharmaceutical Finance Netherlands III
4.100%, 10/01/46			200				168
3.150%, 10/01/26			216				199
2.800%, 07/21/23			65				62
1.700%, 07/19/19			20				20
1.400%, 07/20/18			3,006				2,995
Thermo Fisher Scientific
3.600%, 08/15/21			100				104
3.200%, 08/15/27			100				99
2.950%, 09/19/26			30				30
UnitedHealth Group
4.625%, 07/15/35			200				229
4.250%, 04/15/47			100				107
3.750%, 07/15/25			50				53
2.875%, 03/15/22			100				102
2.300%, 12/15/19			50				51
Zimmer Biomet Holdings
3.550%, 04/01/25			150				151
Zoetis
3.250%, 02/01/23			50				52
3.000%, 09/12/27			50				49

							36,406

Industrials – 1.9%
3M
3.625%, 10/15/47			487				485
1.625%, 06/15/19			100				100
AerCap Ireland Capital
4.625%, 10/30/20			225				239
4.500%, 05/15/21			3,512				3,716
3.750%, 05/15/19			175				179
Air Lease
3.375%, 01/15/19			150				152
2.125%, 01/15/20			50				50
Allegion US Holding
3.550%, 10/01/27			50				50
American Airlines Pass- Through Trust, Ser 2013-2 Cl A
4.950%, 01/15/23			146				156
Boeing
2.350%, 10/30/21			150				152
2.125%, 03/01/22			50				50


Description		Face Amount (000)				Value (000)
Burlington Northern Santa Fe
4.900%, 04/01/44		$	200			$	233
3.750%, 04/01/24			200				213
3.050%, 03/15/22			100				103
Canadian National Railway
5.550%, 03/01/19			100				105
Canadian Pacific Railway
2.900%, 02/01/25			100				99
Caterpillar
3.900%, 05/27/21			50				53
3.400%, 05/15/24			100				105
Caterpillar Financial Services
1.850%, 09/04/20			2,073				2,063
1.350%, 05/18/19			200				199
Cintas No. 2
3.700%, 04/01/27			200				209
CSX
6.150%, 05/01/37			101				129
3.800%, 11/01/46			200				193
3.250%, 06/01/27			50				50
DP World
6.850%, 07/02/37 (A)			386				476
Eaton
3.103%, 09/15/27			100				99
Embraer Netherlands Finance
5.400%, 02/01/27			65				70
Emerson Electric
2.625%, 02/15/23			100				100
FedEx
4.750%, 11/15/45			100				109
3.200%, 02/01/25			200				203
Fortive
3.150%, 06/15/26			150				149
GE Capital International Funding Unlimited
4.418%, 11/15/35			976				1,061
2.342%, 11/15/20			250				253
General Dynamics
2.250%, 11/15/22			100				100
General Electric
6.875%, 01/10/39			500				732
3.450%, 05/15/24			100				105
Georgian Oil and Gas JSC
6.750%, 04/26/21 (A)			200				212
Georgian Railway
7.750%, 07/11/22 (A)			1,100				1,221
Honeywell International
4.250%, 03/01/21			125				134
2.500%, 11/01/26			150				144
Illinois Tool Works
1.950%, 03/01/19			100				100
Ingersoll-Rand Global Holding
4.250%, 06/15/23			100				108

84

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)⁽¹⁾				Value (000)
John Deere Capital
3.350%, 06/12/24			100			$	103
2.800%, 03/04/21			100				102
2.800%, 03/06/23			50				51
2.800%, 09/08/27			50				49
2.650%, 06/24/24			100				100
Johnson Controls International
4.500%, 02/15/47			150				159
3.625%, 07/02/24 (F)			43				45
L3 Technologies
5.200%, 10/15/19			125				133
Latam Airlines Pass-Through Trust, Ser 2015-1 Cl A
4.200%, 11/15/27			547				556
Lima Metro Line 2 Finance
5.875%, 07/05/34			200				220
Lockheed Martin
4.700%, 05/15/46			150				168
2.900%, 03/01/25			100				99
2.500%, 11/23/20			4,347				4,414
Masco
4.500%, 05/15/47			100				100
4.375%, 04/01/26			40				43
3.500%, 04/01/21			50				51
Mexico City Airport Trust
5.500%, 07/31/47 (A)			460				466
Norfolk Southern
3.250%, 12/01/21			100				103
3.150%, 06/01/27			25				25
2.900%, 06/15/26			35				35
Northrop Grumman
3.500%, 03/15/21			100				104
3.250%, 08/01/23			50				52
Owens Corning
4.200%, 12/01/24			100				105
PACCAR Financial
1.950%, 02/27/20			60				60
1.300%, 05/10/19			20				20
Parker-Hannifin
3.300%, 11/21/24			150				154
Pitney Bowes
3.875%, 05/15/22			50				49
Red de Carreteras de Occidente
9.000%, 06/10/28 (MXN)(A)			6,100				322
Republic Services
2.900%, 07/01/26			150				147
Rockwell Collins
3.200%, 03/15/24			150				153
Roper Technologies
2.050%, 10/01/18			100				100
Ryder System
2.800%, 03/01/22			30				30
2.550%, 06/01/19			95				96
Southwest Airlines
2.750%, 11/06/19			50				51
Stanley Black & Decker
2.900%, 11/01/22			100				101


Description		Face Amount (000)				Value (000)
Textron
3.650%, 03/15/27		$	100			$	101
TTX
2.250%, 02/01/19 (A)			922				924
Union Pacific
3.799%, 10/01/51			200				196
3.646%, 02/15/24			100				106
3.600%, 09/15/37			2,275				2,302
United Airlines Pass Through Trust, Ser 2014-2 Cl A
3.750%, 09/03/26			89				92
United Parcel Service
5.125%, 04/01/19			100				105
3.125%, 01/15/21			45				47
United Technologies
3.125%, 05/04/27			1,103				1,099
3.100%, 06/01/22			100				103
2.650%, 11/01/26			130				125
2.300%, 05/04/22			100				99
1.950%, 11/01/21			50				49
1.500%, 11/01/19			50				50
Verisk Analytics
4.000%, 06/15/25			50				52
Waste Management
3.500%, 05/15/24			100				104

							28,579

Information Technology – 1.4%
Activision Blizzard
3.400%, 09/15/26			50				51
Alphabet
3.375%, 02/25/24			100				105
Apple
4.650%, 02/23/46			1,035				1,173
4.500%, 02/23/36			350				394
3.850%, 08/04/46			1,169				1,182
3.750%, 09/12/47			498				491
3.450%, 05/06/24			100				105
3.000%, 06/20/27			25				25
2.850%, 05/06/21			200				205
2.500%, 02/09/22			50				51
2.250%, 02/23/21			50				50
2.150%, 02/09/22			250				250
1.700%, 02/22/19			20				20
1.550%, 08/04/21			50				49
Applied Materials
3.300%, 04/01/27			25				25
2.625%, 10/01/20			50				51
Arrow Electronics
3.500%, 04/01/22			100				102
Automatic Data Processing
2.250%, 09/15/20			50				51
Broadcom
3.875%, 01/15/27 (A)			100				103
3.625%, 01/15/24 (A)			100				103
3.000%, 01/15/22 (A)			100				102
2.375%, 01/15/20 (A)			100				100

85

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
Cisco Systems
5.500%, 01/15/40		$	871			$	1,089
4.950%, 02/15/19			100				104
4.450%, 01/15/20			200				212
3.625%, 03/04/24			100				106
3.500%, 06/15/25			50				53
2.950%, 02/28/26			50				50
2.500%, 09/20/26			100				97
1.850%, 09/20/21			100				99
Dell International
8.100%, 07/15/36 (A)			216				270
6.020%, 06/15/26 (A)			260				289
5.450%, 06/15/23 (A)			85				93
4.420%, 06/15/21 (A)			100				105
eBay
2.750%, 01/30/23			250				249
Fidelity National Information Services
5.000%, 10/15/25			28				31
3.625%, 10/15/20			200				208
Fiserv
2.700%, 06/01/20			100				101
Harris
5.054%, 04/27/45			100				115
2.700%, 04/27/20			35				35
Hewlett Packard Enterprise
4.900%, 10/15/25			100				106
2.850%, 10/05/18			100				101
HP
4.650%, 12/09/21			100				108
IBM Credit
1.800%, 01/20/21			2,171				2,157
Intel
4.100%, 05/19/46			250				262
3.700%, 07/29/25			25				26
3.150%, 05/11/27			100				102
2.450%, 07/29/20			60				61
International Business Machines
4.000%, 06/20/42			150				151
3.450%, 02/19/26			50				52
3.375%, 08/01/23			200				208
2.250%, 02/19/21			50				50
Juniper Networks
4.500%, 03/15/24			50				53
Keysight Technologies
3.300%, 10/30/19			100				101
Lam Research
2.800%, 06/15/21			50				51
Mastercard
2.950%, 11/21/26			50				50


Description		Face Amount (000)				Value (000)
Microsoft
4.250%, 02/06/47		$	500			$	553
4.100%, 02/06/37			200				217
3.450%, 08/08/36			300				302
3.300%, 02/06/27			60				62
3.125%, 11/03/25			100				103
2.875%, 02/06/24			35				36
2.400%, 08/08/26			100				97
1.850%, 02/06/20			100				100
1.625%, 12/06/18			150				150
Motorola Solutions
3.500%, 09/01/21			100				103
NetApp
3.375%, 06/15/21			50				51
Oracle
4.300%, 07/08/34			500				546
2.950%, 05/15/25			100				101
2.500%, 05/15/22			150				152
2.400%, 09/15/23			50				50
2.375%, 01/15/19			150				152
1.900%, 09/15/21			90				89
QUALCOMM
4.300%, 05/20/47			909				929
3.250%, 05/20/27			50				50
3.000%, 05/20/22			100				103
2.600%, 01/30/23			200				201
Seagate HDD Cayman
4.750%, 01/01/25			100				97
Texas Instruments
2.750%, 03/12/21			75				77
Total System Services
4.800%, 04/01/26			100				109
Tyco Electronics Group
3.125%, 08/15/27			25				25
Visa
4.300%, 12/14/45			150				166
3.150%, 12/14/25			200				205
2.800%, 12/14/22			100				102
VMware
2.950%, 08/21/22			3,321				3,341
Xerox
3.625%, 03/15/23			100				99
Xilinx
2.125%, 03/15/19			50				50

							20,151

Materials – 1.2%
Agrium
6.125%, 01/15/41			150				185
Airgas
3.650%, 07/15/24			100				104
Anglo American Capital
4.125%, 04/15/21(A)			2,900				3,011
3.625%, 09/11/24(A)			935				933
Barrick
5.250%, 04/01/42			150				172
BHP Billiton Finance USA
5.000%, 09/30/43			100				118
Braskem Finance
6.450%, 02/03/24			660				744

86

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
Celanese US Holdings
5.875%, 06/15/21		$	20			$	22
4.625%, 11/15/22			20				22
Dow Chemical
8.550%, 05/15/19			1,600				1,767
Ecolab
3.250%, 01/14/23			100				103
EI du Pont de Nemours
4.625%, 01/15/20			100				106
4.150%, 02/15/43			150				152
2.200%, 05/01/20			17				17
Goldcorp
3.700%, 03/15/23			50				52
International Paper
5.150%, 05/15/46			150				168
LyondellBasell Industries
5.000%, 04/15/19			200				207
Mexichem
5.875%, 09/17/44 (A)			690				716
5.500%, 01/15/48 (A)			625				616
Monsanto
4.700%, 07/15/64			200				202
Nacional del Cobre de Chile
3.625%, 08/01/27 (A)			350				349
Newmont Mining
3.500%, 03/15/22			100				103
Packaging Corp of America
3.650%, 09/15/24			100				102
Potash Corp of Saskatchewan
3.625%, 03/15/24			100				102
PPG Industries
2.300%, 11/15/19			100				100
Rio Tinto Finance USA
3.750%, 06/15/25			200				211
Sherwin-Williams
4.500%, 06/01/47			698				733
3.450%, 08/01/25			100				101
2.750%, 06/01/22			1,827				1,839
Southern Copper
5.875%, 04/23/45			150				171
3.875%, 04/23/25			30				31
Vale
5.625%, 09/11/42			100				102
Vale Overseas
6.875%, 11/21/36			807				924
5.875%, 06/10/21			262				288
4.375%, 01/11/22			585				610
VM Holding
5.375%, 05/04/27(A)			590				619
Vulcan Materials
7.500%, 06/15/21			50				58
4.500%, 06/15/47			1,070				1,086
Westlake Chemical
5.000%, 08/15/46			1,047				1,139
3.600%, 08/15/26			100				100
WestRock RKT
4.450%, 03/01/19			100				103

							18,288


Description		Face Amount (000)				Value (000)
Real Estate – 0.5%
Alexandria Real Estate Equities
2.750%, 01/15/20		$	50			$	51
American Tower
4.000%, 06/01/25			200				207
2.250%, 01/15/22			50				49
AvalonBay Communities
3.500%, 11/15/24			100				103
Boston Properties
3.850%, 02/01/23			100				105
3.700%, 11/15/18			100				102
3.650%, 02/01/26			150				153
Brixmor Operating Partnership
3.875%, 08/15/22			30				31
3.250%, 09/15/23			100				99
CBL & Associates
5.250%, 12/01/23			150				152
Crown Castle International
5.250%, 01/15/23			100				111
3.700%, 06/15/26			35				35
3.200%, 09/01/24			1,120				1,115
2.250%, 09/01/21			55				54
DDR
3.500%, 01/15/21			100				101
Digital Realty Trust
3.625%, 10/01/22			100				104
2.750%, 02/01/23			2,073				2,064
Duke Realty
3.750%, 12/01/24			100				103
EPR Properties
4.750%, 12/15/26			50				52
ERP Operating
4.625%, 12/15/21			120				130
Essex Portfolio
3.375%, 04/15/26			100				99
HCP
5.375%, 02/01/21			200				217
Healthcare Trust of America Holdings
3.750%, 07/01/27			100				100
Hospitality Properties Trust
5.250%, 02/15/26			100				107
5.000%, 08/15/22			100				108
Host Hotels & Resorts
3.750%, 10/15/23			100				102
Kimco Realty
3.300%, 02/01/25			80				80
3.200%, 05/01/21			50				51
Liberty Property
4.125%, 06/15/22			100				105
Mid-America Apartments
3.600%, 06/01/27			25				25
National Retail Properties
4.000%, 11/15/25			35				36
3.600%, 12/15/26			100				99
Omega Healthcare Investors
4.375%, 08/01/23			50				52

87

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
Realty Income
3.250%, 10/15/22		$	100			$	102
Regency Centers
3.600%, 02/01/27			30				30
Select Income
4.250%, 05/15/24			50				50
Senior Housing Properties Trust
3.250%, 05/01/19			150				152
Simon Property Group
3.375%, 10/01/24			125				128
3.300%, 01/15/26			100				100
2.200%, 02/01/19			150				151
UDR
4.000%, 10/01/25			50				52
Ventas Realty
4.250%, 03/01/22			100				106
3.750%, 05/01/24			50				51
2.700%, 04/01/20			100				101
VEREIT Operating Partnership
4.875%, 06/01/26			20				21
4.600%, 02/06/24			15				16
4.125%, 06/01/21			10				11
3.000%, 02/06/19			25				25
Vornado Realty
2.500%, 06/30/19			100				101
Welltower
5.250%, 01/15/22			100				110
Weyerhaeuser
4.625%, 09/15/23			100				109
WP Carey
4.600%, 04/01/24			50				52

							7,570

Telecommunication Services – 1.2%
America Movil
6.125%, 03/30/40			250				305
AT&T
5.250%, 03/01/37			2,332				2,454
5.150%, 03/15/42			191				193
4.900%, 08/14/37			1,142				1,154
4.350%, 06/15/45			600				551
4.125%, 02/17/26			200				205
3.900%, 08/14/27			793				794
3.800%, 03/01/24			200				206
3.600%, 02/17/23			200				206
3.400%, 05/15/25			2,088				2,059
2.625%, 12/01/22			125				124
2.450%, 06/30/20			250				252
Cox Communications
4.600%, 08/15/47 (A)			747				741
Deutsche Telekom International Finance
2.225%, 01/17/20 (A)			1,009				1,010
Digicel
6.000%, 04/15/21 (A)			280				273
Liquid Telecommunications Financing
8.500%, 07/13/22 (A)			710				748


Description		Face Amount (000)				Value (000)
Orange
5.375%, 07/08/19		$	200			$	211
4.125%, 09/14/21			100				107
RELX Capital
3.125%, 10/15/22			100				101
Rogers Communications
2.900%, 11/15/26			50				48
Telefonica Emisiones SAU
5.462%, 02/16/21			110				121
5.213%, 03/08/47			150				165
Thomson Reuters
3.350%, 05/15/26			100				100
Verizon Communications
5.250%, 03/16/37			441				484
5.150%, 09/15/23			1,004				1,125
4.862%, 08/21/46			750				760
4.812%, 03/15/39			100				103
4.400%, 11/01/34			400				400
4.272%, 01/15/36			1,428				1,403
3.125%, 03/16/22			150				154
2.946%, 03/15/22			102				104
2.625%, 08/15/26			135				127
Vodafone Group
4.375%, 02/19/43			300				301
2.500%, 09/26/22			100				100

							17,189

Utilities – 2.3%
Abengoa Transmision
6.875%, 04/30/43 (A)			249				276
AEP Transmission
3.100%, 12/01/26			150				150
American Water Capital
3.400%, 03/01/25			100				103
Appalachian Power
4.450%, 06/01/45			1,099				1,192
Arizona Public Service
4.500%, 04/01/42			200				220
3.150%, 05/15/25			50				50
Atmos Energy
3.000%, 06/15/27			65				65
Berkshire Hathaway Energy
3.750%, 11/15/23			100				105
Celeo Redes Operacion Chile
5.200%, 06/22/47 (A)			580				587
CenterPoint Energy
2.500%, 09/01/22			50				50
CenterPoint Energy Houston Electric
2.250%, 08/01/22			100				100
Cleco Corporate Holdings
3.743%, 05/01/26			100				101
CMS Energy
6.250%, 02/01/20			100				109
3.000%, 05/15/26			40				39
Comision Federal de Electricidad
4.750%, 02/23/27 (A)			400				421

88

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
Consolidated Edison of New York
4.450%, 03/15/44		$	150			$	166
3.875%, 06/15/47			100				103
Delmarva Power & Light
4.150%, 05/15/45			610				640
Dominion Energy
4.050%, 09/15/42			150				148
2.962%, 07/01/19			1,600				1,623
2.750%, 01/15/22			100				101
2.579%, 07/01/20			45				45
Dominion Energy Gas Holdings
2.500%, 12/15/19			1,300				1,311
DTE Electric
3.750%, 08/15/47			100				101
DTE Energy
2.400%, 12/01/19			100				101
Duke Energy
3.750%, 09/01/46			350				337
Duke Energy Carolinas
5.300%, 02/15/40			300				368
2.950%, 12/01/26			50				50
Edison International
2.400%, 09/15/22			80				79
Enel Generacion Chile
4.250%, 04/15/24			50				52
Energuate Trust
5.875%, 05/03/27 (A)			200				207
Entergy
4.000%, 07/15/22			50				53
Entergy Arkansas
3.500%, 04/01/26			100				103
Exelon
5.625%, 06/15/35			160				192
3.400%, 04/15/26			100				101
Exelon Generation
5.600%, 06/15/42			600				612
FirstEnergy
3.900%, 07/15/27			30				30
FirstEnergy Transmission
5.450%, 07/15/44 (A)			772				897
Fortis
3.055%, 10/04/26			3,019				2,914
2.100%, 10/04/21			150				147
Georgia Power
4.300%, 03/15/42			300				313
2.000%, 09/08/20			115				115
ITC Holdings
5.300%, 07/01/43			351				412
3.650%, 06/15/24			25				26
Jersey Central Power & Light
7.350%, 02/01/19			824				878
4.700%, 04/01/24 (A)			1,781				1,934
Kansas City Power & Light
3.650%, 08/15/25			100				103
Listrindo Capital
4.950%, 09/14/26 (A)			450				457


Description		Face Amount (000)				Value (000)
Metropolitan Edison
7.700%, 01/15/19		$	100			$	107
MidAmerican Energy
3.950%, 08/01/47			250				260
2.400%, 03/15/19			138				139
Minejesa Capital
5.625%, 08/10/37 (A)			670				702
National Fuel Gas
3.950%, 09/15/27			50				49
NextEra Energy Capital Holdings
3.550%, 05/01/27			100				103
2.700%, 09/15/19			1,439				1,456
NiSource Finance
5.250%, 02/15/43			537				625
4.375%, 05/15/47			100				105
Northern States Power
2.600%, 05/15/23			100				101
2.200%, 08/15/20			50				50
NSTAR Electric
2.375%, 10/15/22			100				100
Oncor Electric Delivery
7.000%, 09/01/22			100				120
ONE Gas
2.070%, 02/01/19			74				74
Pacific Gas & Electric
6.050%, 03/01/34			400				521
2.950%, 03/01/26			50				50
PPL Capital Funding
4.000%, 09/15/47			100				99
3.500%, 12/01/22			150				156
Progress Energy
7.750%, 03/01/31			1,586				2,244
7.050%, 03/15/19			1,225				1,313
PSEG Power
3.000%, 06/15/21			50				51
Puget Energy
6.500%, 12/15/20			100				112
Sempra Energy
9.800%, 02/15/19			1,135				1,251
3.750%, 11/15/25			100				103
3.550%, 06/15/24			100				102
Southern
2.350%, 07/01/21			1,789				1,779
1.850%, 07/01/19			100				100
Southern California Edison
3.500%, 10/01/23			150				158
Southern Gas Capital
3.250%, 06/15/26			30				29
Southwestern Electric Power
2.750%, 10/01/26			50				48
State Grid Overseas Investment 2013
3.125%, 05/22/23 (A)			315				319
State Grid Overseas Investment 2016
2.750%, 05/04/22 (A)			1,178				1,180
Union Electric
3.500%, 04/15/24			150				156

89

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
Virginia Electric & Power
4.000%, 11/15/46		$	789			$	811
3.500%, 03/15/27			100				104
3.100%, 05/15/25			100				101
2.750%, 03/15/23			100				101
WEC Energy Group
1.650%, 06/15/18			1,109				1,109
Xcel Energy
3.350%, 12/01/26			100				101

							34,376

Total Corporate Obligations (Cost $380,590) (000)							385,384


Mortgage-Backed Securities — 24.5%
Agency Mortgage-Backed Obligations – 23.0%
FHLMC
6.250%, 07/15/32			1,176				1,653
5.000%, 02/01/39			876				956
4.500%, 08/01/43 - 12/01/40			2,662				2,870
4.000%, 10/14/40 - 07/01/24			13,703				14,428
3.500%, 10/15/41 - 04/01/47			19,500				20,126
3.000%, 10/15/42 - 11/01/42			23,583				23,746
2.500%, 02/01/32 - 01/01/32			2,583				2,604
1.330%, 12/30/20			400				391
FHLMC, Ser 2010-3629, Cl CZ
5.000%, 01/15/40			262				286
FHLMC, Ser 2011-3954, Cl HU
4.000%, 05/15/29			86				88
FHLMC, Ser 2017-4681, Cl DA
3.000%, 04/15/45			1,934				1,964
FHLMC Multifamily Structured Pass-Through Certificates, Ser K029, Cl A2
3.320%, 02/25/23 (C)			1,000				1,048
FHLMC Multifamily Structured Pass-Through Certificates, Ser K055, Cl A2
2.673%, 03/25/26			400				398
FHLMC Multifamily Structured Pass-Through Certificates, Ser K725, Cl A2
3.002%, 01/25/24			1,618				1,663
FHLMC Multifamily Structured Pass-Through Certificates, Ser K726, Cl A2
2.905%, 04/25/24			1,545				1,579
FNMA
5.500%, 09/01/40 - 08/01/37			2,291				2,559
5.000%, 11/01/44 - 02/01/38			3,241				3,557
4.500%, 10/14/34 - 03/01/41			19,766				21,241
4.000%, 10/14/39 - 02/01/32			45,733				48,292
3.500%, 10/01/40 - 10/01/46			54,152				56,042
3.000%, 10/15/42 - 10/01/46			40,903				41,284
2.500%, 10/15/27 - 01/01/32			10,641				10,716
FNMA, Ser 2005-35, Cl DZ
5.000%, 04/25/35			223				243
FNMA, Ser 2015-M11, Cl A2
2.928%, 04/25/25 (C)			850				858


Description		Face Amount (000)				Value (000)
FNMA, Ser 2017-41, Cl MD
4.000%, 05/25/53		$	1,582			$	1,669
FNMA, Ser 2017-71, Cl AB
3.000%, 08/25/44			2,199				2,242
GNMA
5.000%, 11/20/46 - 09/20/46			1,297				1,401
4.500%, 10/15/39 - 08/20/47			5,272				5,625
4.000%, 10/01/39 - 05/20/47			16,650				17,560
3.500%, 10/15/41 - 07/20/47			30,480				31,712
3.000%, 10/01/42 - 08/20/47			22,422				22,746

							341,547

Non-Agency Mortgage-Backed Obligations – 1.5%
Alternative Loan Trust, Ser 2003-22CB, Cl 3A1
6.000%, 12/25/33			810				813
BAMLL Commercial Mortgage Securities Trust, Ser 2012- PARK, Cl A
2.959%, 12/10/30 (A)			1,171				1,194
Citigroup Commercial Mortgage Trust, Ser 2013- GC17, Cl A4
4.131%, 11/10/46			388				417
Citigroup Commercial Mortgage Trust, Ser 2017-P7, Cl A4
3.712%, 04/14/50			500				524
COMM Mortgage Trust, Ser 2013-CCRE9, Cl A4
4.373%, 07/10/45 (C)			690				749
COMM Mortgage Trust, Ser 2013-CR11, Cl A3
3.983%, 08/10/50			1,064				1,136
COMM Mortgage Trust, Ser 2013-CR7, Cl A4
3.213%, 03/10/46			268				275
COMM Mortgage Trust, Ser 2013-CR8, Cl A5
3.612%, 06/10/46 (C)			90				94
COMM Mortgage Trust, Ser 2013-LC6, Cl A4
2.941%, 01/10/46			718				728
COMM Mortgage Trust, Ser 2015-DC1, Cl A5
3.350%, 02/10/48			1,000				1,021
Commercial Mortgage Trust, Ser 2015-3BP, Cl A
3.178%, 02/10/35 (A)			13				13
Credit Suisse First Boston Mortgage Securities, Ser 2004-AR2, Cl 5A1
3.427%, 03/25/34 (C)			60				61
CSAIL Commercial Mortgage Trust, Ser 2016-C7, Cl A4
3.210%, 11/15/49			500				504
CSAIL Commercial Mortgage Trust, Ser 2016-C7, Cl A5
3.502%, 11/15/49			644				661

90

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
CSFB Mortgage-Backed Pass- Through Certificates, Ser 2003-27, Cl 4A4
5.750%, 11/25/33		$	87			$	90
GS Mortgage Securities II, Ser 2015-GC30, Cl A4
3.382%, 05/10/50			103				106
GS Mortgage Securities Trust, Ser 2012-SHOP, Cl A
2.933%, 06/05/31 (A)			1,578				1,600
GS Mortgage Securities Trust, Ser 2013-GC16, Cl A4
4.271%, 11/10/46			23				25
GS Mortgage Securities Trust, Ser 2013-GCJ12, Cl A4
3.135%, 06/10/46			242				247
GS Mortgage Securities Trust, Ser 2015-GC32, Cl A4
3.764%, 07/10/48			500				526
GS Mortgage Securities Trust, Ser 2017-GS7, Cl A4
3.430%, 08/10/50			833				850
GSR Mortgage Loan Trust, Ser 2005-4F, Cl 6A1
6.500%, 02/25/35			40				40
HarborView Mortgage Loan Trust, Ser 2004-3, Cl 1A
3.114%, 05/19/34 (C)			48				49
JPMBB Commercial Mortgage Securities Trust, Ser 2016-C1, Cl A5
3.576%, 03/15/49			345				358
JPMCC Commercial Mortgage Securities Trust, Ser 2017- JP5, Cl A2
3.240%, 03/15/50			400				412
JPMCC Commercial Mortgage Securities Trust, Ser 2017- JP5, Cl A5
3.723%, 03/15/50			395				415
JPMorgan Mortgage Trust, Ser 2003-A2, Cl 3A1
2.996%, 11/25/33 (C)			164				157
JPMorgan Mortgage Trust, Ser 2005-A1, Cl 6T1
3.642%, 02/25/35 (C)			223				221
JPMorgan Mortgage Trust, Ser 2005-A2, Cl 3A2
3.469%, 04/25/35 (C)			65				65
JPMorgan Mortgage Trust, Ser 2005-A3, Cl 4A1
3.337%, 06/25/35 (C)			102				103
MLCC Mortgage Investors, Ser 2006-2, Cl 2A
3.120%, 05/25/36 (C)			291				290
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C10, Cl A4
4.219%, 07/15/46 (C)			315				339


Description		Face Amount (000)				Value (000)
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C12, Cl A4
4.259%, 10/15/46 (C)		$	452			$	486
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C14, Cl A4
3.787%, 01/15/47			491				517
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C14, Cl A5
4.064%, 02/15/47			189				201
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C19, Cl AS
3.832%, 12/15/47			500				517
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C20, Cl A4
3.249%, 02/15/48			762				773
Morgan Stanley Capital I Trust, Ser 2014-CPT, Cl A
3.350%, 07/13/29 (A)			1,104				1,140
Structured Adjustable Rate Mortgage Loan Trust, Ser 2004-6, Cl 1A
3.307%, 06/25/34 (C)			285				282
Wells Fargo Commercial Mortgage Trust, Ser 2015- C28, Cl A4
3.540%, 05/15/48			1,000				1,035
Wells Fargo Commercial Mortgage Trust, Ser 2015- NXS3, Cl A4
3.617%, 09/15/57			96				100
Wells Fargo Commercial Mortgage Trust, Ser 2015- SG1, Cl A4
3.789%, 09/15/48			493				518
Wells Fargo Commercial Mortgage Trust, Ser 2016- LC25, Cl A4
3.640%, 12/15/59			546				568
Wells Fargo Mortgage Backed Securities Trust, Ser 2003-J, Cl 1A9
3.601%, 10/25/33 (C)			657				661
Wells Fargo Mortgage Backed Securities Trust, Ser 2005- AR10, Cl 2A4
3.296%, 05/01/35 (C)			149				153
WFRBS Commercial Mortgage Trust, Ser 2013-C13, Cl A3
2.749%, 05/15/45			500				503
WFRBS Commercial Mortgage Trust, Ser 2013-C14, Cl A4
3.073%, 06/15/46			584				597
WFRBS Commercial Mortgage Trust, Ser 2013-C14, Cl A5

91

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
3.337%, 06/15/46		$	60			$	62

							22,196

Total Mortgage-Backed Securities (Cost $363,404) (000)							363,743


U.S. Treasury Obligations — 24.5%
U.S. Treasury Bonds
5.375%, 02/15/31			1,000				1,340
5.000%, 05/15/37			2,240				3,062
4.750%, 02/15/37			10,315				13,702
4.625%, 02/15/40			500				658
4.375%, 02/15/38			1,200				1,525
3.750%, 11/15/43			6,500				7,619
3.500%, 02/15/39			3,400				3,839
3.375%, 05/15/44			6,000				6,613
3.000%, 02/15/47 - 11/15/45			16,336				16,806
2.875%, 08/15/45 - 11/15/46			13,201				13,253
2.500%, 05/15/46 - 02/15/46			985				916
2.250%, 08/15/46			3,950				3,473
U.S. Treasury Notes
3.500%, 05/15/20			750				787
3.375%, 11/15/19			1,000				1,039
3.125%, 05/15/19			1,500				1,540
2.750%, 02/15/24			1,000				1,039
2.625%, 11/15/20 - 08/15/20			2,750				2,830
2.500%, 05/15/24 - 08/15/23			3,100				3,175
2.375%, 05/15/27 - 12/31/20			5,483				5,549
2.250%, 08/15/27 - 03/31/21			14,044				14,024
2.125%, 07/31/24 - 12/31/22			15,565				15,550
2.000%, 12/31/21 - 09/30/20			30,613				30,586
1.875%, 04/30/22 - 02/28/22			20,799				20,749
1.750%, 06/30/22 - 09/30/22			16,659				16,549
1.625%, 05/15/26 - 11/15/22			34,842				34,094
1.500%, 08/15/26 - 03/31/23			36,313				35,632
1.375%, 07/31/19 - 12/31/18			43,986				43,631
1.250%, 08/31/19 - 04/30/19			45,924				45,419
1.125%, 09/30/21 - 08/31/21			13,970				13,691
1.000%, 09/30/19			800				793
0.875%, 04/15/19			1,000				991
0.750%, 07/15/19 - 02/15/19			3,000				2,968

Total U.S. Treasury Obligations (Cost $363,983) (000)							363,442


Loan Participations — 9.6%
Aerospace/Defense – 0.1%
Sequa Mezzanine Holdings LLC, Initial Term Loan
6.814%, VAR LIBOR+5.500%, 11/28/17			354				356
6.758%, VAR LIBOR+5.500%, 11/28/21			1				1
Transdigm, Tranche D Term Loan, 1st Lien
4.333%, VAR LIBOR+3.000%, 06/04/21			136				137
4.235%, VAR LIBOR+3.000%, 06/04/21			9				9


Description		Face Amount (000)				Value (000)
Transdigm Inc., Tranche F Term Loan, 2nd Lien
4.235%, VAR LIBOR+3.000%, 06/09/23		$	495			$	496

							999

Airlines – 0.1%
American Airlines, 2017 Replacement Term Loan
3.237%, VAR LIBOR+2.000%, 06/27/20			1,242				1,242

Automotive – 0.1%
Dayco, Term Loan B
6.317%, 05/08/23 (C)			698				700
Horizon Global, 1st Lien
5.735%, 03/30/21 (C)			247				248
TI Group Automotive Systems, LLC, Initial US Term Loan
3.985%, VAR LIBOR+2.750%, 06/30/22			619				620

							1,568

Building Materials – 0.3%
American Builders & Contractors Supply, Additional Term B-1 Loan
3.735%, VAR LIBOR+2.500%, 10/31/23			1,120				1,123
Jeld-Wen, Term B-3 Loan, 1st Lien
4.333%, VAR LIBOR+3.000%, 07/01/22			953				960
PGT,Initial Term Loan, 1st Lien
6.026%, 02/16/22 (C)			82				83
6.022%, 02/16/22 (C)			236				240
5.985%, 02/16/22 (C)			82				83
5.981%, 02/16/22 (C)			13				14
Priso Acquisition (aka PrimeSource Building Products), Term B Loan, 1st Lien
4.235%, VAR LIBOR+3.000%, 05/08/22			741				744
SRS Distribution, Term B-4 Loan, 1st Lien
4.583%, VAR LIBOR+3.250%, 08/25/22			110				111
4.546%, VAR LIBOR+3.250%, 08/25/22			162				163
4.485%, VAR LIBOR+3.250%, 08/25/22			355				358
4.485%, VAR LIBOR+3.250%, 08/25/22			155				156

							4,035

92

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
Chemicals – 0.9%
Allnex (Luxembourg) & Cy SCA (f/k/a AI Chem & Cy S.C.A.), Tranche B-2 Term Loan, 1st Lien
4.567%, VAR LIBOR+3.250%, 09/13/23		$	708			$	709
Allnex (Luxembourg) & Cy SCA (f/k/a AI Chem & Cy SCA), Tranche B-3 Term Loan, 1st Lien
4.567%, VAR LIBOR+3.250%, 06/02/23			534				535
Ascend Performance Materials Operations LLC, Term B Loan, 1st Lien
6.583%, VAR LIBOR+5.250%, 04/10/18			499				502
ASP Chromaflo Intermediate Holdings, Initial Tranche B-1 Term Loan, 1st Lien
5.235%, VAR LIBOR+4.000%, 11/20/23			405				407
ASP Chromaflo Intermediate Holdings, Initial Tranche B-2 Term Loan
5.235%, VAR LIBOR+4.000%, 11/20/23			527				529
Avantor Performance Materials Holdings, Initial Term Loan
5.240%, VAR LIBOR+4.000%, 03/11/24			748				750
Axalta Coating Systems Dutch Holding B (Axalta Coating Systems U.S. Holdings), Term B-2 Dollar Loan, 1st Lien
3.333%, VAR LIBOR+2.000%, 06/21/24			1,098				1,103
Berry Global, (fka Berry Plastics Corporation), Term K Loan
3.485%, VAR LIBOR+2.250%, 02/08/20			720				722
Ferro, Term Loan B, 1st Lien
3.735%, 02/08/24 (C)			998				1,002
Ineos US Finance LLC, New 2024 Dollar Term Loan, 1st Lien
3.985%, VAR LIBOR+2.750%, 04/01/24			995				1,001
IPS, 2nd Lien
10.737%, 12/14/24 (C)			250				248
IPS Intermediate Holdings, Initial Term Loan, 1st Lien
6.487%, VAR LIBOR+5.250%, 12/14/23			498				502


Description		Face Amount (000)				Value (000)
Nexeo Solutions, LLC, Term B Loan, 1st Lien
5.083%, VAR LIBOR+3.750%, 06/09/23		$	247			$	248
5.067%, VAR LIBOR+3.750%, 06/09/23			246				248
5.061%, VAR LIBOR+3.750%, 06/09/23			250				251
Pregis Holding I, Term Loan, 1st Lien
4.833%, VAR LIBOR+3.500%, 05/20/21			745				744
Ravago Holdings America, Term Loan, 2nd Lien
4.490%, VAR LIBOR+3.250%, 07/13/23			668				670
Solenis International, L.P. (Solenis Holdings 3 LLC), Initial Dollar Term Loan
4.567%, VAR LIBOR+3.250%, 07/31/21			483				481
Tricorbraun Holdings, Closing Date Term Loan
5.083%, 11/30/23 (C)			769				772
Tricorbraun Holdings, Delayed Draw Term Loan, 1st Lien
3.750%, 11/29/17 (C)			77				78
Univar USA, Term B-2 Loan
3.985%, VAR LIBOR+2.750%, 07/01/22			714				717
US Farathane, LLC, 1st Lien
5.296%, 12/23/21 (C)			469				470
Wilsonart LLC, Tranche D Term Loan, 1st Lien
4.590%, VAR LIBOR+3.250%, 12/19/23			500				502

							13,191

Computers & Electronics – 1.5%
Applied Systems, Term Loan B, 1st Lien
4.574%, 09/19/24 (C)			1,000				1,010
Aricent Technologies (Aricent US Inc.), Initial Term Loan, 1st Lien
5.737%, VAR LIBOR+4.500%, 04/14/21			448				448
Aricent Technologies, Initial Term Loan, 1st Lien
9.737%, VAR LIBOR+8.500%, 04/14/22			550				552
Campaign Monitor Finance Pty Limited (CM Delaware LLC), Term Loan, 1st Lien
6.583%, VAR LIBOR+5.250%, 03/18/21			47				47

93

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
Dell International L.L.C. (EMC), Term A-2 Loan
3.490%, VAR LIBOR+2.250%, 09/07/21		$	731			$	731
Dell, Term Loan A1
3.240%, 12/31/18 (C)			43				43
Electrical Components International, Loan, 2nd Lien
6.085%, VAR LIBOR+4.750%, 05/28/21			631				635
Epicor Software (fka Eagle Parent), Term B Loan, 1st Lien
4.990%, VAR LIBOR+3.750%, 06/01/22			748				749
EZE Software Group LLC, New Loan, 1st Lien
7.833%, VAR LIBOR+6.500%, 04/05/21			750				749
Go Daddy Operating, LLC (GD Finance), Initial Term Loan
3.735%, VAR LIBOR+2.500%, 02/15/24			999				1,001
Greeneden U.S. Holdings I, LLC, Tranche B-2 Dollar Term Loan, 1st Lien
5.083%, VAR LIBOR+3.750%, 12/01/23			939				945
Infor (US), (fka Lawson Software), Tranche B-6 Term Loan, 1st Lien
4.083%, VAR LIBOR+2.750%, 02/01/22			1,205				1,202
Kronos, Incremental Term Loan, 1st Lien
4.812%, VAR LIBOR+3.500%, 11/01/23			1,289				1,296
4.759%, VAR LIBOR+3.500%, 11/01/23			3				3
MA Financeco, LLC, Tranche B-2 Term Loan, 1st Lien
3.811%, VAR LIBOR+2.500%, 11/19/21			195				194
MA Financeco, LLC, Tranche B-3 Term Loan, 1st Lien
3.987%, VAR LIBOR+2.750%, 04/29/24			128				128
MACOM Technology Solutions Holdings, (fka M/A-COM Technology Solutions Holdings), Initial Term Loan, 1st Lien
3.487%, VAR LIBOR+2.250%, 05/07/24			1,083				1,081
MH Sub I, LLC (Micro Holding Corp.), Initial Term Loan, 1st Lien
8.820%, 07/08/22 (C)			244				242


Description		Face Amount (000)				Value (000)
Microsemi, Closing Date Term B Loan, 1st Lien
3.553%, VAR LIBOR+2.250%, 12/17/22		$	814			$	816
Misys Limited, Dollar Term Loan, 1st Lien
8.567%, VAR LIBOR+7.250%, 04/28/25			208				211
4.817%, VAR LIBOR+3.500%, 06/13/24			678				680
Oberthur Technologies Holding SAS (fka OT Frenchco 1 SAS), Facility B1 (USD), 1st Lien
5.083%, VAR LIBOR+3.750%, 01/10/24			633				613
Omnitracs, LLC (Coronado Holdings, LLC), Term Loan, 1st Lien
9.090%, VAR LIBOR+7.750%, 05/25/21			500				500
ON Semiconductor Corporation, 2017 New Replacement Term Loan, 2nd Lien
3.485%, VAR LIBOR+2.250%, 03/31/23			620				622
Project Alpha Intermediate Holding, Term Loan
4.810%, VAR LIBOR+3.500%, 04/19/24			589				575
Project Ruby Ultimate Parent Corp., Closing Date Term Loan, 1st Lien
4.985%, VAR LIBOR+3.750%, 02/09/24			1,596				1,604
Seattle SpinCo, Initial Term Loan
3.987%, VAR LIBOR+2.750%, 04/19/24			866				867
Solera, LLC (Solera Finance, Inc.), Dollar Term Loan, 1st Lien
4.485%, VAR LIBOR+3.250%, 03/03/23			746				748
Spectrum Brands, 2017 Refinanced USD Term Loan
3.314%, VAR LIBOR+2.000%, 06/23/22			695				699
3.312%, VAR LIBOR+2.000%, 06/23/22			300				301
3.258%, VAR LIBOR+2.000%, 06/23/22			2				3
SS&C Technologies Holdings, 2017 Refinancing New Term B-1 Loan, 1st Lien
3.485%, VAR LIBOR+2.250%, 07/08/22			658				660

94

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
SS&C Technologies Holdings, Inc., 2017 Refinancing New Term B-2 Loan, 1st Lien
3.485%, VAR LIBOR+2.250%, 07/08/22		$	34			$	34
Vertiv Group (fka Cortes NP Acquisition Corporation), Term B Loan, 1st Lien
5.239%, VAR LIBOR+4.000%, 11/30/23			1,226				1,234
Wall Street Systems Delaware, Initial Term Loan, 1st Lien
4.833%, 04/09/21 (C)			912				916
Western Digital, U.S. Term B-2 Loan
3.985%, VAR LIBOR+2.750%, 04/29/23			3				4

							22,143

Construction – 0.1%
Brand Energy & Infrastructure Services, (fka FR Brand Acquisition Corp), Initial Term Loan
5.581%, VAR LIBOR+4.250%, 06/14/24			5				5
5.564%, VAR LIBOR+4.250%, 06/14/24			159				160
5.514%, VAR LIBOR+4.250%, 06/14/24			836				840
Pike, Initial Term Loan (2017), 1st Lien
4.740%, VAR LIBOR+3.500%, 09/20/24			623				631

							1,636

Consumer Discretionary – 0.1%
Constellation/Arterra Wines, Cov-Lite Term Loan
4.057%, 12/15/23 (C)			498				501
Trugreen Limited Partner
5.235%, 04/13/23 (C)			495				500
USS Ultimate Holdings, Initial Term Loan, 1st Lien
4.985%, VAR LIBOR+3.750%, 08/09/24			367				371

							1,372

Consumer Nondurables – 0.1%
Acuity Specialty Products, Initial Term Loan
5.235%, VAR LIBOR+4.000%, 08/12/24			494				495
Galleria, Term B Loan
4.250%, VAR LIBOR+3.000%, 09/29/23			175				174


Description		Face Amount (000)				Value (000)
Prestige Brands, Term B-4 Loan, 2nd Lien
3.985%, VAR LIBOR+2.750%, 01/26/24		$	1,074			$	1,078

							1,747

Educational Services – 0.0%
Education Management II LLC, Tranche A Term Loan, 1st Lien
5.804%, VAR LIBOR+4.500%, 07/02/20			129				55
Education Management II LLC, Tranche B Term Loan, 1st Lien
8.804%, VAR LIBOR+7.500%, 07/02/20			246				3

							58

Entertainment & Leisure – 0.2%
AMC Entertainment Holdings, (fka AMC Entertainment), Initial Term Loan, 1st Lien
3.484%, VAR LIBOR+2.250%, 12/15/22			716				714
Authentic Brands 5/14, 2nd Lien
9.796%, 05/27/22 (C)			500				503
BC Equity Ventures LLC, Term Loan, 1st Lien
7.740%, VAR LIBOR+6.500%, 08/31/22			495				500
Intrawest Resorts Holdings, Initial Bluebird Term Loan, 1st Lien
4.485%, VAR LIBOR+3.250%, 07/31/24			914				917
0.000%, 07/31/24 (G)			86				87

							2,721

Financial Services – 0.5%
Altisource Solutions SARL, Term B Loan, 2nd Lien
4.735%, VAR LIBOR+3.500%, 12/09/20			932				864
Assuredpartners, Cov-Lite Term Loan, 1st Lien
4.739%, 10/21/22 (C)			750				751
Citco Funding LLC, 2017 Term Loan, 1st Lien
4.235%, VAR LIBOR+3.000%, 03/23/22			967				975
Freedom Mortgage Corporation, Initial Term Loan, 1st Lien
6.956%, VAR LIBOR+5.500%, 02/17/22			1,091				1,108

95

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
Jefferies Finance, Term Loan B, 1st Lien
4.313%, 07/26/24 (C)		$	750			$	750
NXT Capital, (NXT Capital, LLC), Term Loan, 2nd Lien
5.740%, VAR LIBOR+4.500%, 11/23/22			746				755
Virtus Investment 2/17 Term Loan, 1st Lien
5.066%, 03/03/24 (C)			1,000				1,010
Walter Investment Management, Tranche B Term Loan, 1st Lien
4.985%, VAR LIBOR+3.750%, 12/18/20			617				565

							6,778

Food & Beverage – 0.1%
JBS USA Lux S.A. (fka JBS USA, LLC), Initial Term Loan, 1st Lien
3.804%, VAR LIBOR+2.500%, 10/30/22			704				695
3.757%, VAR LIBOR+2.500%, 10/30/22			2				2
US Foods, Inc. (aka U.S. Foodservice), Initial Term Loan, 1st Lien
3.985%, VAR LIBOR+2.750%, 06/27/23			985				990

							1,687

Forest Products – 0.0%
ProAmpac PG Borrower LLC, Initial Term Loan, 1st Lien
9.816%, VAR LIBOR+8.500%, 11/18/24			125				127
7.250%, VAR LIBOR+4.000%, 11/17/23			1				1
5.316%, VAR LIBOR+4.000%, 11/17/23			149				151
5.311%, VAR LIBOR+4.000%, 11/17/23			115				116
5.236%, VAR LIBOR+4.000%, 11/17/23			232				233

							628

Gaming & Hotels – 0.4%
CBAC Borrower, LLC, Term B Loan, 1st Lien
5.235%, VAR LIBOR+4.000%, 07/08/24			509				513
Gateway Casinos & Entertainment Limited, Initial Tranche B-1 Term Loan
5.083%, VAR LIBOR+3.750%, 02/22/23			750				754
Golden Nugget, Term Loan B, 1st Lien
4.488%, 10/04/23 (C)			298				299


Description		Face Amount (000)				Value (000)
Hanjin/Wilshire Grand, Term Loan B, 1st Lien
0.000%, 09/20/20 (C)(G)		$	1,000			$	1,000
Hilton Worldwide Finance LLC, Series B-2 Term Loan, 1st Lien
3.237%, VAR LIBOR+2.000%, 10/25/23			983				987
Las Vegas Sands, LLC, Refinancing Term Loan (2017), 2nd Lien
3.235%, VAR LIBOR+2.000%, 03/20/24			1,494				1,499
MGM Growth Properties Operating Partnership LP, Term B Loan, 1st Lien
3.485%, VAR LIBOR+2.250%, 04/25/23			267				268
Playa Resorts Holding, Initial Term Loan, 1st Lien
4.320%, VAR LIBOR+3.000%, 04/05/24			1,000				993
Plaze, Cove-Lite Term Loan
4.833%, 07/31/22 (C)			304				305
4.799%, 07/31/22 (C)			40				40

							6,658

Gaming/Leisure – 0.1%
Belmond Interfin Ltd., Term Loan B
3.985%, 07/03/24 (C)			1,000				1,001

Health Care – 0.8%
Alliance HealthCare Services, Inc., Initial Term Loan, 1st Lien
4.570%, VAR LIBOR+3.250%, 06/03/19			68				68
4.567%, VAR LIBOR+3.250%, 06/03/19			84				84
4.561%, VAR LIBOR+3.250%, 06/03/19			179				179
4.554%, VAR LIBOR+3.250%, 06/03/19			144				145
Alvogen Pharma US, Loan, 1st Lien
6.240%, VAR LIBOR+5.000%, 04/01/22			210				209
Amneal Pharmaceuticals LLC, Term Loan B, 1st Lien
4.796%, VAR LIBOR+3.500%, 11/01/19			554				556
Avantor, Cov-Lite Term Loan, 1st Lien
0.000%, 09/20/24 (C)(G)			1,000				1,003
Endo Luxembourg Finance I SARL, Initial Term Loan, 1st Lien
5.500%, VAR LIBOR+4.250%, 04/29/24			893				901

96

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
Grifols Worldwide Operations Limited, Tranche B Term Loan, 2nd Lien
3.447%, VAR LIBOR+2.250%, 01/31/25		$	1,054			$	1,056
HCA, Tranche B-9 Term Loan, 1st Lien
3.235%, VAR LIBOR+2.000%, 03/17/23			496				498
Iasis Healthcare LLC, Term B-3 Loan, 1st Lien
5.296%, 02/16/21 (C)			563				564
Onex Carestream Finance LP, Term Loan (First Lien 2013), 1st Lien
5.333%, VAR LIBOR+4.000%, 06/07/19			122				122
5.296%, VAR LIBOR+4.000%, 06/07/19			117				117
Pharmerica Term Loan
0.000%, 09/26/24 (C)(G)			490				492
0.000%, 09/26/25 (C)(G)			500				499
Prospect Medical Holdings, Term Loan
7.500%, 06/30/22 (C)			998				1,010
Surgery Center Holdings, Initial Term Loan, 1st Lien
4.490%, VAR LIBOR+3.250%, 09/02/24			889				881
Tecostar Holdings, Closing Date Term Loan, 2nd Lien
7.000%, VAR LIBOR+3.750%, 04/18/24			1				1
5.061%, VAR LIBOR+3.750%, 04/18/24			303				304
Valeant Pharmaceuticals International, Ser F Tranche B Term Loan, 1st Lien
5.990%, VAR LIBOR+4.750%, 04/01/22			1,133				1,153
Western Dental Services
6.485%, 06/23/23 (C)			963				968
Zest Holdings, LLC, Replaced Term Loan
5.490%, VAR LIBOR+4.250%, 08/16/23			499				505

							11,315

Home Furnishings – 0.1%
Comfort Holding, LLC, Initial Term Loan, 1st Lien
11.231%, VAR LIBOR+10.000%, 01/31/25			192				160
5.981%, VAR LIBOR+4.750%, 02/05/24			249				223


Description		Face Amount (000)				Value (000)
Serta Simmons Bedding, LLC, Initial Term Loan
4.812%, VAR LIBOR+3.500%, 10/20/23		$	232			$	225
4.799%, VAR LIBOR+3.500%, 10/20/23			839				813

							1,421

Insurance – 0.4%
Acrisure, LLC, Term B Loan, 1st Lien
6.272%, VAR LIBOR+5.000%, 11/22/23			1,091				1,103
Alliant Holdings Intermediate, LLC, Initial Term Loan, 1st Lien
4.564%, VAR LIBOR+3.250%, 08/12/22			1,167				1,171
AmWINS Group, Term Loan, 1st Lien
3.985%, VAR LIBOR+2.750%, 01/25/24			709				710
3.981%, VAR LIBOR+2.750%, 01/25/24			286				286
NFP, Term B Loan, 1st Lien
4.735%, VAR LIBOR+3.500%, 01/08/24			1,215				1,222
Sedgwick Claims Management Services, 2016 New Term Loan, 1st Lien
4.583%, VAR LIBOR+3.250%, 03/01/21			743				746
USI, (fka Compass Investors), Initial Term Loan, 1st Lien
4.314%, VAR LIBOR+3.000%, 04/05/24			524				522

							5,760

Leasing – 0.2%
Avolon TLB Borrower 1 (US) LLC, Initial Term B-2 Loan, 1st Lien
3.486%, VAR LIBOR+2.750%, 03/21/22			1,392				1,394
BakerCorp International, (f/k/a B-Corp Holdings), Refinanced Term Loan, 1st Lien
4.311%, VAR LIBOR+3.000%, 02/07/20			597				574
CH Hold, Initial Term Loan, 1st Lien
4.235%, VAR LIBOR+3.000%, 02/01/24			496				500
Fly Funding II SARL, Loan
3.560%, VAR LIBOR+2.250%, 02/09/23			710				711

							3,179

97

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
Machinery – 0.1%
Blount International, Initial Term Loan, 1st Lien
8.250%, VAR LIBOR+5.000%, 04/12/23		$	1			$	2
6.237%, VAR LIBOR+5.000%, 04/12/23			494				498
Clark Equipment, Tranche B Term Loan, 1st Lien
4.083%, VAR LIBOR+2.750%, 05/18/24			748				752
Douglas Dynamics, Initial Term Loan, 1st Lien
4.240%, 12/31/21 (C)			445				446
SiteOne Landscape Supply, LLC (fka John Deere Landscapes LLC), Tranche C Term Loan , 1st Lien
4.740%, VAR LIBOR+3.500%, 04/29/22			339				341

							2,039

Manufacturing – 0.0%
PLZ Aeroscience
4.820%, 07/31/22 (C)			154				154

Materials – 0.0%
Greenrock Finance, Initial USD Term B Loan
4.833%, VAR LIBOR+3.500%, 06/05/24			500				504

Media – 0.4%
Charter Communications Operating, LLC (aka CCO Safari LLC), Term H-1 Loan, 1st Lien
3.240%, VAR LIBOR+2.000%, 01/15/22			499				500
Charter Communications Operating, LLC (aka CCO Safari LLC), Term I-1 Loan, 1st Lien
3.490%, VAR LIBOR+2.250%, 01/15/24			938				942
CSC Holdings, LLC (fka CSC Holdings, Inc.), March 2017 Refinancing Term Loan, 2nd Lien
3.484%, VAR LIBOR+2.250%, 07/17/25			262				260
Entravision Communications, Term Loan B, 1st Lien
3.833%, 05/31/20 (C)			272				271
Mission Broadcasting, Term B- 2 Loan, 1st Lien
3.737%, VAR LIBOR+2.500%, 01/27/24			62				62


Description		Face Amount (000)				Value (000)
Nexstar Broadcasting, Term B- 2 Loan, 1st Lien
3.737%, VAR LIBOR+2.500%, 01/17/24		$	498			$	499
Numericable U.S. LLC, USD TLB-10 Term Loan, 1st Lien
4.561%, VAR LIBOR+3.250%, 01/14/25			1,241				1,245
Technicolor S.A., First Incremental U.S. Term Loan, 1st Lien
4.067%, VAR LIBOR+2.750%, 12/06/23			498				496
Virgin Media Bristol LLC, I Facility
3.984%, VAR LIBOR+2.750%, 01/31/25			1,000				1,003
Ziggo Secured Finance Partnership, Term Loan E Facility
3.734%, VAR LIBOR+2.500%, 04/15/25			1,000				999

							6,277

Metals & Mining – 0.0%
Dynacast International LLC, Term B-2 Loan, 1st Lien
4.583%, VAR LIBOR+3.250%, 01/28/22			499				501

Oil & Gas – 0.1%
BCP Raptor, LLC, Initial Term Loan, 1st Lien
5.522%, VAR LIBOR+4.250%, 06/24/24			222				223
Limetree Bay Terminals, LLC (Limetree Bay Financing, LLC), Advance, 1st Lien
5.234%, VAR LIBOR+4.000%, 02/15/24			748				741
Philadelphia Energy Solutions Refining and Marketing LLC, Initial Term Loan, 1st Lien
6.333%, VAR LIBOR+5.000%, 04/04/18			692				560
Seadrill Operating LP (Seadrill Partners Finco LLC), Initial Term Loan, 1st Lien
4.333%, VAR LIBOR+3.000%, 02/21/21			362				264

							1,788

Personal Services – 0.1%
William Morris Endeavor Entertainment, LLC (IMG Worldwide Holdings, LLC), Term Loan
4.490%, VAR LIBOR+3.250%, 05/06/21			1,241				1,248

							1,248

98

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
Pipelines – 0.1%
BCP Renaissance (Rover), Term Loan B, 1st Lien
0.000%, 09/19/24 (C) (G)		$	717			$	724
Traverse Midstream Partners
5.330%, 09/27/24 (C)			278				282

							1,006

Printing & Publishing – 0.1%
DH Publishing, L.P., Term B-5 Loan, 1st Lien
3.731%, VAR LIBOR+2.500%, 08/21/23			1,366				1,368

Professional & Business Services – 1.0%
Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC), Initial Term Loan, 1st Lien
5.083%, VAR LIBOR+3.750%, 07/28/22			1,000				996
Bright Horizons Family Solutions LLC (fka Bright Horizons Family Solutions), Term B Loan
3.485%, VAR LIBOR+2.250%, 11/07/23			970				973
Change Healthcare Holdings, Inc. (fka Emdeon), Closing Date Term Loan, 1st Lien
3.985%, VAR LIBOR+2.750%, 03/01/24			1,397				1,400
Duff & Phelps, Initial Term Loan, 1st Lien
5.083%, VAR LIBOR+3.750%, 04/23/20			495				496
Evertec, Term Loan A
3.759%, 01/20/17 (C)			17				17
3.735%, 01/20/18 (C)			1,087				1,080
ExamWorks Group, (fka Gold Merger), Term B-1 Loan, 2nd Lien
4.485%, VAR LIBOR+3.250%, 07/27/23			347				348
Explorer Holdings, Initial Term Loan, 1st Lien
5.061%, VAR LIBOR+3.750%, 04/12/23			252				254
FinCo I LLC, Initial Term Loan, 1st Lien
2.750%, VAR LIBOR+2.750%, 06/10/22			1,000				1,009
Flex Acquisition, Initial Term Loan, 1st Lien
4.299%, VAR LIBOR+3.000%, 12/29/23			998				1,000
Focus Financial Partners, LLC, Initial Term Loan, 1st Lien
4.549%, VAR LIBOR+3.250%, 05/22/24			488				492


Description		Face Amount (000)				Value (000)
Global Payments, Term B-2 Loan, 1st Lien
3.235%, VAR LIBOR+2.000%, 04/21/23		$	886			$	888
Harbourvest Partners L.P., New Term Loan
3.804%, VAR LIBOR+2.500%, 02/04/21			329				328
Infinity Acquisition, LLC, Initial Term Loan, 1st Lien
4.333%, VAR LIBOR+3.000%, 08/06/21			1,150				1,142
iPayment, Initial Term Loan
7.305%, VAR LIBOR+6.000%, 04/06/23			518				523
Sai Global Term Loan B, 1st Lien
5.500%, 12/08/23 (C)			205				207
Sai Global, Term Loan B, 1st Lien
5.500%, 12/08/23 (C)			292				295
Team Health Holdings, Initial Term Loan
3.985%, VAR LIBOR+2.750%, 02/06/24			998				978
Tempo Acquisition, LLC, Initial Term Loan
4.235%, VAR LIBOR+3.000%, 05/01/24			1,000				1,000
West, Refinanced Term B-12 Loan, 1st Lien
3.735%, VAR LIBOR+2.500%, 06/17/23			743				742

							14,168

Real Estate – 0.2%
Capital Automotive LP, Initial Tranche B Term Loan, 1st Lien
7.240%, 03/21/25 (C)			232				234
DTZ U.S. Borrower, LLC (DTZ AUS Holdco PTY Limited), 2015-1 Additional Term Loan, 1st Lien
4.583%, VAR LIBOR+3.250%, 11/04/21			56				56
4.567%, VAR LIBOR+3.250%, 11/04/21			859				860
4.561%, VAR LIBOR+3.250%, 11/04/21			386				387
iStar (fka iStar Financial), Loan, 1st Lien
4.981%, VAR LIBOR+3.000%, 07/01/20			188				189
4.237%, VAR LIBOR+3.000%, 07/01/20			188				189

99

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
RE/MAX, LLC (fka RE/MAX International, LLC), Term Loan, 1st Lien
4.083%, VAR LIBOR+2.750%, 12/15/23		$	496			$	498
RHP Hotel Properties, LP, Tranche B Term Loan, 1st Lien
3.560%, VAR LIBOR+2.250%, 04/19/24			748				752

							3,165

Retail Food & Drug – 0.0%
BJ’s Wholesale Club, Tranche B Term Loan, 1st Lien
4.982%, VAR LIBOR+3.750%, 02/03/24			560				536

Retailing – 0.2%
1011778 B.C. Unlimited Liability (New Red Finance) (aka Burger King/Tim Hortons), Term B-3 Loan
3.583%, VAR LIBOR+2.250%, 02/16/24			537				536
3.485%, VAR LIBOR+2.250%, 02/16/24			842				840
CDW LLC (fka CDW Corporation), Term Loan
3.340%, VAR LIBOR+2.000%, 08/17/23			500				502
HD Supply, Term B-4 Loan
3.833%, VAR LIBOR+2.500%, 10/17/23			744				748
Landry’s (fka Landry’s Restaurants), B Term Loan Retired 09/26/2017, 1st Lien
4.008%, VAR LIBOR+2.750%, 10/04/23			107				107
4.007%, VAR LIBOR+2.750%, 10/04/23			6				6
3.982%, VAR LIBOR+2.750%, 10/04/23			161				161

							2,900

Securities & Trusts – 0.0%
RPI Finance Trust, Initial Term Loan B-6, 1st Lien
3.333%, VAR LIBOR+2.000%, 03/27/23			748				750

Shipping & Ship Building – 0.2%
AI Mistral Holdco Limited, Initial Term Loan, 1st Lien
4.235%, VAR LIBOR+3.000%, 01/17/24			748				731


Description		Face Amount (000)				Value (000)
International Seaways Operating, Term Loan, 1st Lien
6.740%, VAR LIBOR+5.500%, 05/30/22		$	750			$	735
Navios Maritime Partners L.P. (Navios Partners Finance (US) ), Initial Term Loan
6.320%, VAR LIBOR+5.000%, 09/14/20			988				981
OSG Bulk Ships, Initial Term Loan, 1st Lien
5.570%, VAR LIBOR+4.250%, 08/05/19			400				380

							2,827

Steel – 0.1%
Zekelman Industries, (fka JMC Steel Group), Term Loan, 1st Lien
4.073%, VAR LIBOR+2.750%, 06/14/21			838				841

Telecommunications – 0.8%
CenturyLink, Inc., Initial Term B Loan
2.750%, VAR Ticking Fee+2.750%, 01/31/25			1,250				1,211
Ciena, Refinancing Term Loan, 1st Lien
3.736%, VAR LIBOR+2.500%, 01/26/22			1,198				1,201
CPI International, Initial Term Loan, 1st Lien
8.485%, 07/25/25 (C)			313				313
4.735%, 07/26/24 (C)			367				366
Digicel International Finance Limited, Initial Term B Loan, 1st Lien
5.070%, VAR LIBOR+3.750%, 05/27/24			360				361
DigitalGlobe, Term Loan, 1st Lien
3.985%, VAR LIBOR+2.750%, 01/15/24			597				596
Flint Acquisition 12/29/2023
Lien 1 4.313%, 09/07/21 (C)			746				726
4.266%, 09/07/21 (C)			2				2
Level 3 Financing, Tranche B 2024 Term Loan
3.486%, VAR LIBOR+2.250%, 02/22/24			1,000				999
LTS Buyer LLC (Sidera Networks), Term B Loan, 1st Lien
4.485%, VAR LIBOR+3.250%, 04/13/20			490				490

100

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)⁽¹⁾				Value (000)
Radiate Holdco, LLC, Closing Date Term Loan, 1st Lien
4.235%, VAR LIBOR+3.000%, 02/01/24			998			$	983
SBA Senior Finance II LLC, Incremental Tranche B-1 Term Loan, 1st Lien
3.490%, VAR LIBOR+2.250%, 03/24/21			729				731
Sprint Communications, Initial Term Loan
3.750%, VAR LIBOR+2.500%, 02/02/24			1,297				1,298
Syniverse Holdings, Tranche B Term Loan, 1st Lien
4.333%, VAR LIBOR+3.000%, 04/23/19			390				377
Telenet Financing USD LLC, Term Loan AI Facility, 2nd Lien
3.984%, VAR LIBOR+2.750%, 06/30/25			1,030				1,032
Zayo Group LLC (Zayo Capital), 2017 Incremental Refinancing B-2 Term Facility, 1st Lien
3.487%, VAR LIBOR+2.250%, 01/19/24			1,136				1,136

							11,822

Transportation – 0.1%
XPO Logistics, Refinanced Term Loan, 1st Lien
3.554%, VAR LIBOR+2.250%, 11/01/21			931				932

Total Loan Participations (Cost $142,039) (000)							141,965

Sovereign Debt — 9.3%
1MDB Global Investments
4.400%, 03/09/23			2,000				1,902
African Development Bank
1.375%, 02/12/20			100				99
1.125%, 09/20/19			100				99
Andina de Fomento
4.375%, 06/15/22			100				108
Argentine Bonos del Tesoro
18.200%, 10/03/21 (ARS)			16,148				960


Description		Face Amount (000)⁽¹⁾				Value (000)
Argentine Republic Government International Bond
8.280%, 12/31/33			1,625			$	1,885
7.500%, 04/22/26			1,160				1,304
7.125%, 07/06/36(A)			560				588
7.125%, 06/28/17(A)			360				359
6.875%, 04/22/21			195				213
5.625%, 01/26/22			750				787
3.750%, 03/31/19(B)			1,519				1,071
Armenia International Bond
6.000%, 09/30/20(A)			1,236				1,305
Asian Development Bank
2.375%, 08/10/27			100				99
2.000%, 01/22/25			100				98
1.750%, 03/21/19			100				100
1.750%, 06/08/21			200				199
1.625%, 08/26/20			100				100
1.625%, 03/16/21			200				198
1.375%, 01/15/19			100				100
1.000%, 08/16/19			100				99
Azerbaijan Government International Bond
4.750%, 03/18/24(A)			1,820				1,870
Banco Nacional de Desenvolvimento Economicoe Social
4.750%, 05/09/24(A)			715				720
Brazil Notas do Tesouro Nacional Serie F
10.000%, 01/01/23 (BRL)			2,170				705
10.000%, 01/01/25 (BRL)			1,100				355
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/21 (BRL)			1,230				402
Brazilian Government International Bond
6.000%, 04/07/26			1,090				1,210
5.625%, 01/07/41			370				373
4.875%, 01/22/21			365				390
4.250%, 01/07/25			1,105				1,116
2.625%, 01/05/23			1,295				1,242
Canada Government International Bond
1.625%, 02/27/19			100				100
Chile Government International Bond
3.125%, 01/21/26			107				110
Colombia Government International Bond
7.375%, 03/18/19			100				108
7.375%, 09/18/37			695				917
6.125%, 01/18/41			600				705
5.000%, 06/15/45			660				679
4.500%, 01/28/26			340				363
4.375%, 07/12/21			200				213
4.000%, 02/26/24			970				1,011
3.875%, 04/25/27			1,617				1,643

101

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
Costa Rica Government International Bond
7.158%, 03/12/45 (A)		$	1,400			$	1,512
7.000%, 04/04/44 (A)			390				414
Council of Europe Development Bank
1.750%, 11/14/19			100				100
Croatia Government International Bond
6.375%, 03/24/21			460				510
Dominican Republic International Bond
7.500%, 05/06/21 (A)			657				731
7.450%, 04/30/44 (A)			915				1,090
6.875%, 01/29/26 (A)			765				872
6.850%, 01/27/45 (A)			250				280
6.600%, 01/28/24 (A)			290				326
5.950%, 01/25/27 (A)			800				860
5.500%, 01/27/25 (A)			365				386
Ecuador Government International Bond
10.750%, 03/28/22 (A)			790				883
9.650%, 12/13/26 (A)			560				591
8.750%, 06/02/23 (A)			440				455
7.950%, 06/20/24 (A)			1,190				1,176
Egypt Government International Bond
8.500%, 01/31/47 (A)			500				557
7.500%, 01/31/27 (A)			660				718
6.125%, 01/31/22 (A)			790				818
El Salvador Government International Bond
8.625%, 02/28/29 (A)			880				988
7.650%, 06/15/35 (A)			1,165				1,197
7.375%, 12/01/19 (A)			365				380
6.375%, 01/18/27 (A)			320				317
5.875%, 01/30/25 (A)			505				495
European Bank for Reconstruction & Development
1.750%, 11/26/19			150				150
1.500%, 03/16/20			200				199
0.875%, 07/22/19			200				197
European Investment Bank
3.250%, 01/29/24			250				264
2.375%, 05/24/27			250				248
2.250%, 03/15/22			150				151
2.125%, 10/15/21			200				201
2.125%, 04/13/26			100				98
1.875%, 03/15/19			150				151
1.625%, 12/18/18			100				100
1.375%, 06/15/20			150				148
1.375%, 09/15/21			100				98
1.250%, 05/15/19			100				99
1.250%, 12/16/19			300				297
Export Credit Bank of Turkey
5.875%, 04/24/19 (A)			200				207
Export Development Canada
2.000%, 05/17/22			200				199


Description		Face Amount (000)				Value (000)
Export-Import Bank of Korea
2.875%, 01/21/25		$	200			$	196
2.500%, 05/10/21			200				198
Georgia Government International Bond
6.875%, 04/12/21 (A)			1,060				1,184
Ghana Government International Bond
10.750%, 10/14/30 (A)			970				1,260
9.250%, 09/15/22 (A)			490				544
7.875%, 08/07/23 (A)			1,010				1,072
Hashemite Kingdom of Jordan Government AID Bond
2.503%, 10/30/20			200				205
Honduras Government International Bond
8.750%, 12/16/20 (A)			670				764
7.500%, 03/15/24 (A)			200				227
6.250%, 01/19/27 (A)			330				355
Hungary Government International Bond
5.750%, 11/22/23			900				1,043
5.375%, 03/25/24			1,390				1,590
Indonesia Government International Bond
8.500%, 10/12/35 (A)			1,570				2,329
5.875%, 01/15/24 (A)			535				613
5.250%, 01/17/42 (A)			400				446
5.250%, 01/08/47 (A)			280				315
4.750%, 07/18/47 (A)			330				348
4.125%, 01/15/25 (A)			360				378
3.850%, 07/18/27 (A)			500				514
3.700%, 01/08/22 (A)			210				218
Inter-American Development Bank
2.375%, 07/07/27			100				99
2.125%, 11/09/20			250				252
2.125%, 01/15/25			125				123
1.875%, 03/15/21			150				150
1.750%, 04/14/22			150				148
1.750%, 09/14/22			100				98
1.625%, 05/12/20			150				150
1.000%, 05/13/19			100				99
International Bank for Reconstruction & Development
2.500%, 11/25/24			100				101
2.500%, 07/29/25			150				150
2.250%, 06/24/21			50				51
2.125%, 02/13/23			100				99
2.000%, 01/26/22			200				200
1.875%, 03/15/19			200				201
1.875%, 10/07/19			200				201
1.875%, 04/21/20			200				201
1.625%, 03/09/21			150				149
1.375%, 09/20/21			300				293
1.250%, 07/26/19			100				99
International Finance
1.625%, 07/16/20			100				100
1.125%, 07/20/21			100				96

102

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)⁽¹⁾				Value (000)
Israel Government International Bond
3.150%, 06/30/23			200			$	207
Ivory Coast Government International Bond
6.125%, 06/15/33(A)			810				796
5.750%, 12/31/32(A)			563				552
5.375%, 07/23/24(A)			450				454
Jamaica Government International Bond
8.000%, 03/15/39			250				309
Japan Bank for International Cooperation
2.500%, 06/01/22			200				202
2.375%, 04/20/26			200				195
2.250%, 11/04/26			200				192
2.125%, 07/21/20			200				200
Jordan Government International Bond
5.750%, 01/31/27(A)			370				363
Kazakhstan Government International Bond
6.500%, 07/21/45(A)			540				665
Korea Development Bank
2.500%, 01/13/21			200				199
Korea International Bond
7.125%, 04/16/19			100				108
2.750%, 01/19/27			200				194
Kreditanstalt fuer Wiederaufbau
2.125%, 03/07/22			150				151
1.750%, 03/31/20			500				500
1.750%, 09/15/21			200				199
1.625%, 05/29/20			250				249
Lebanon Government International Bond
8.250%, 04/12/21			660				712
6.750%, 11/29/27			215				212
6.650%, 11/03/28			160				155
6.650%, 02/26/30			495				478
6.600%, 11/27/26			450				441
6.375%, 03/09/20			285				291
6.200%, 02/26/25			390				379
6.100%, 10/04/22			440				439
6.000%, 01/27/23			505				498
5.450%, 11/28/19			530				531
5.150%, 11/12/18			215				216
Malaysia Government Bond
4.254%, 05/31/35 (MYR)			3,650				844
3.844%, 04/15/33 (MYR)			2,510				559
Mexico Government International Bond
6.050%, 01/11/40			160				192
5.550%, 01/21/45			783				900
4.350%, 01/15/47			876				852
4.150%, 03/28/27			510				536
4.125%, 01/21/26			200				211


Description		Face Amount (000)⁽¹⁾				Value (000)
Mongolia Government International Bond
10.875%, 04/06/21(A)			1,840			$	2,135
8.750%, 03/09/24(A)			200				224
5.125%, 12/05/22(A)			1,935				1,879
Nigeria Government International Bond
7.875%, 02/16/32(A)			720				786
6.750%, 01/28/21(A)			220				234
Nordic Investment Bank
1.500%, 09/29/20			200				198
Oman Government International Bond
6.500%, 03/08/47(A)			660				679
5.375%, 03/08/27(A)			1,010				1,038
4.750%, 06/15/26(A)			465				460
3.875%, 03/08/22(A)			300				302
3.625%, 06/15/21(A)			200				201
Oman Sovereign Sukuk SAOC
4.397%, 06/01/24(A)			620				621
Panama Government International Bond
9.375%, 04/01/29			455				685
6.700%, 01/26/36			1,265				1,673
5.200%, 01/30/20			100				107
4.500%, 05/15/47			200				211
Peru Government Bond
6.150%, 08/12/32 (PEN) (A)			1,820				587
Perusahaan Penerbit SBSN Indonesia III
4.150%, 03/29/27(A)			490				506
Peruvian Government International Bond
7.350%, 07/21/25			480				630
6.950%, 08/12/31 (PEN) (A)			1,000				346
6.550%, 03/14/37			715				962
5.625%, 11/18/50			905				1,142
Petroleos Mexicanos
6.750%, 09/21/47			580				617
Philippine Government International Bond
7.750%, 01/14/31			209				304
6.375%, 10/23/34			1,030				1,386
5.500%, 03/30/26			200				239
4.200%, 01/21/24			200				219
3.700%, 02/02/42			300				299
Poland Government International Bond
6.375%, 07/15/19			200				216
4.000%, 01/22/24			125				134
3.000%, 03/17/23			150				154
Province of Alberta Canada
2.200%, 07/26/22			100				100
1.900%, 12/06/19			200				200
Province of British Columbia Canada
2.000%, 10/23/22			100				99
Province of Manitoba Canada
2.125%, 06/22/26			500				475
2.050%, 11/30/20			150				150

103

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)⁽¹⁾				Value (000)
Province of Ontario Canada
2.500%, 04/27/26			500			$	492
2.450%, 06/29/22			200				202
2.000%, 01/30/19			250				251
1.875%, 05/21/20			150				150
1.625%, 01/18/19			100				100
1.250%, 06/17/19			150				148
Province of Quebec Canada
2.875%, 10/16/24			100				103
2.625%, 02/13/23			200				203
2.500%, 04/20/26			600				594
Provincia de Buenos Aires
7.875%, 06/15/27 (A)			685				742
6.500%, 02/15/23 (A)			350				369
Provincia de Cordoba
7.450%, 09/01/24 (A)			630				684
7.125%, 06/10/21 (A)			170				183
Republic of Belarus International Bond
6.875%, 02/28/23 (A)			680				730
Republic of Italy Government International Bond
5.375%, 06/15/33			300				345
Republic of South Africa Government Bond
8.750%, 02/28/48 (ZAR)			5,500				367
Romanian Government International Bond
6.750%, 02/07/22 (A)			820				948
4.375%, 08/22/23 (A)			540				579
Russian Federal Bond - OFZ
8.150%, 02/03/27 (RUB)			62,000				1,128
Russian Foreign Bond - Eurobond
5.625%, 04/04/42 (A)			400				444
4.875%, 09/16/23 (A)			400				436
Saudi Government International Bond
4.625%, 10/04/47 (A)			268				268
3.625%, 03/04/28 (A)			2,052				2,047
2.875%, 03/04/23 (A)			1,244				1,240
Senegal Government International Bond
8.750%, 05/13/21 (A)			1,025				1,182
6.250%, 07/30/24 (A)			300				320
6.250%, 05/23/33 (A)			380				391
Serbia Government International Bond
7.250%, 09/28/21 (A)			1,075				1,241
South Africa Government International Bond
4.875%, 04/14/26			240				242
4.300%, 10/12/28			1,550				1,460
Sri Lanka Government International Bond
6.850%, 11/03/25 (A)			445				489
6.825%, 07/18/26 (A)			430				472
6.200%, 05/11/27 (A)			1,190				1,248
6.125%, 06/03/25 (A)			220				233
5.875%, 07/25/22 (A)			1,205				1,283


Description		Face Amount (000)⁽¹⁾				Value (000)
Turkey Government Bond
8.500%, 09/14/22 (TRY)			2,700			$	692
Turkey Government International Bond
8.000%, 02/14/34			436				542
7.375%, 02/05/25			610				709
6.875%, 03/17/36			630				711
6.000%, 03/25/27			1,000				1,073
5.750%, 05/11/47			715				703
5.625%, 03/30/21			950				1,010
4.250%, 04/14/26			740				711
Ukraine Government AID Bonds
1.471%, 09/29/21			200				196
Ukraine Government International Bond
7.750%, 09/01/20 (A)			956				1,013
7.750%, 09/01/21 (A)			214				227
7.750%, 09/01/22 (A)			774				821
7.750%, 09/01/23 (A)			1,034				1,086
7.750%, 09/01/24 (A)			394				411
7.750%, 09/01/25 (A)			1,019				1,055
7.750%, 09/01/26 (A)			454				467
7.750%, 09/01/27 (A)			215				221
7.375%, 09/25/32 (A)			1,130				1,100
2.963%, 05/31/40 (A)(C)			314				169
Ukreximbank Via Biz Finance
9.625%, 04/27/22 (A)			815				873
Uruguay Government International Bond
9.875%, 06/20/22 (UYU) (A)			5,900				220
8.500%, 03/15/28 (UYU) (A)			3,940				140
5.100%, 06/18/50			1,605				1,693
4.500%, 08/14/24			544				596
4.375%, 10/27/27			1,820				1,961
Venezuela Government International Bond
9.250%, 09/15/27			1,025				405
7.750%, 10/13/19			515				231
7.650%, 04/21/25			362				121
7.000%, 12/01/18			80				52
7.000%, 03/31/38			422				140
Zambia Government International Bond
8.970%, 07/30/27 (A)			200				217
8.500%, 04/14/24 (A)			1,105				1,180
5.375%, 09/20/22 (A)			480				457

Total Sovereign Debt (Cost $132,601) (000)							138,123


Asset-Backed Securities — 6.4%
Automotive – 3.6%
AmeriCredit Automobile Receivables Trust, Ser 2016- 1, Cl A2B
1.982%, VAR ICE LIBOR USD 1 Month+0.750%, 06/10/19			71				71

104

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
AmeriCredit Automobile Receivables Trust, Ser 2016- 3, Cl A3
1.460%, 05/10/21		$	250			$	249
AmeriCredit Automobile Receivables Trust, Ser 2017- 1, Cl A2A
1.510%, 05/18/20			1,192				1,191
AmeriCredit Automobile Receivables Trust, Ser 2017- 3, Cl C
2.690%, 06/19/23			1,057				1,058
BMW Vehicle Lease Trust, Ser 2017-1, Cl A3
1.980%, 05/20/20			350				351
Capital Auto Receivables Asset Trust, Ser 2016-3, Cl A2A
1.360%, 04/22/19			293				293
CarFinance Capital Auto Trust, Ser 2015-1A, Cl A
1.750%, 06/15/21 (A)			308				308
CarMax Auto Owner Trust, Ser 2016-4, Cl A4
1.600%, 06/15/22			250				247
CarMax Auto Owner Trust, Ser 2017-3, Cl A2A
1.640%, 09/15/20			2,076				2,076
CarMax Auto Owner Trust, Ser 2017-3, Cl A3
1.970%, 04/15/22			1,614				1,614
CarMax Auto Owner Trust, Ser 2017-3, Cl A4
2.220%, 11/15/22			546				544
CPS Auto Receivables Trust, Ser 2014-D, Cl A
1.490%, 04/15/19 (A)			1				1
CPS Auto Receivables Trust, Ser 2015-A, Cl A
1.530%, 07/15/19 (A)			5				5
CPS Auto Receivables Trust, Ser 2015-B, Cl A
1.650%, 11/15/19 (A)			26				26
CPS Auto Receivables Trust, Ser 2015-C, Cl A
1.770%, 06/17/19 (A)			121				121
CPS Auto Receivables Trust, Ser 2016-B, Cl A
2.070%, 11/15/19 (A)			422				423
CPS Auto Receivables Trust, Ser 2016-C, Cl A
1.620%, 01/15/20 (A)			1,011				1,010
CPS Auto Receivables Trust, Ser 2017-C, Cl A
1.780%, 09/15/20 (A)			1,082				1,079
CPS Auto Trust, Ser 2016-D, Cl A
1.500%, 06/15/20 (A)			1,114				1,112
Drive Auto Receivables Trust, Ser 2017-1, Cl A2A
1.670%, 05/15/19			1,348				1,348


Description		Face Amount (000)				Value (000)
Drive Auto Receivables Trust, Ser 2017-2, Cl A2A
1.630%, 08/15/19		$	2,045			$	2,045
Drive Auto Receivables Trust, Ser 2017-2, Cl B
2.250%, 06/15/21			1,532				1,531
Drive Auto Receivables Trust, Ser 2017-AA, Cl A2
1.480%, 03/15/19 (A)			655				655
Drive Auto Receivables Trust, Ser 2017-BA, Cl A2
1.590%, 12/17/18 (A)			1,497				1,497
Drive Auto Receivables Trust, Ser 2017-BA, Cl B
2.200%, 05/15/20 (A)			733				734
DT Auto Owner Trust, Ser 2016-3A, Cl A
1.750%, 11/15/19 (A)			179				179
DT Auto Owner Trust, Ser 2016-4A, Cl A
1.440%, 11/15/19 (A)			574				574
DT Auto Owner Trust, Ser 2017-2A, Cl A
1.720%, 05/15/20 (A)			1,559				1,559
DT Auto Owner Trust, Ser 2017-3A, Cl A
1.730%, 08/17/20 (A)			2,624				2,623
Exeter Automobile Receivables Trust, Ser 2016-1A, Cl A
2.350%, 07/15/20 (A)			100				100
Exeter Automobile Receivables Trust, Ser 2016-3A, Cl A
1.840%, 11/16/20 (A)			1,004				1,003
Exeter Automobile Receivables Trust, Ser 2017-3A, Cl A
2.050%, 12/15/21 (A)			2,415				2,413
First Investors Auto Owner Trust, Ser 2016-2A, Cl A1
1.530%, 11/16/20 (A)			606				605
Flagship Credit Auto Trust, Ser 2014-2, Cl A
1.430%, 12/16/19 (A)			2				2
Flagship Credit Auto Trust, Ser 2015-1, Cl A
1.630%, 06/15/20 (A)			3				2
Flagship Credit Auto Trust, Ser 2015-3, Cl A
2.380%, 10/15/20 (A)			189				190
Flagship Credit Auto Trust, Ser 2016-2, Cl A1
2.280%, 05/15/20 (A)			159				159
Flagship Credit Auto Trust, Ser 2016-3, Cl A1
1.610%, 12/15/19 (A)			625				624
Flagship Credit Auto Trust, Ser 2016-4, Cl A1
1.470%, 03/16/20 (A)			537				536
Ford Credit Auto Owner Trust,
Ser 2017-2, Cl A

105

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
2.360%, 03/15/29 (A)		$	1,569			$	1,561
Ford Credit Auto Owner Trust, Ser 2017-A, Cl A4
1.920%, 04/15/22			3,427				3,424
Ford Credit Auto Owner Trust, Ser 2017-B, Cl A2A
1.490%, 05/15/20			2,491				2,491
Ford Credit Auto Owner Trust, Ser 2017-B, Cl A3
1.690%, 11/15/21			145				145
Ford Credit Floorplan Master Owner Trust A, Ser 2016-5, Cl A1
1.950%, 11/15/21			769				769
Ford Credit Floorplan Master Owner Trust A, Ser 2017-1, Cl A1
2.070%, 05/15/22			1,353				1,357
GM Financial Automobile Leasing Trust, Ser 2017-3, Cl A3
2.010%, 11/20/20			1,394				1,394
GM Financial Consumer Automobile, Ser 2017-1A, Cl A3
1.780%, 10/18/21 (A)			1,814				1,812
Santander Drive Auto Receivables Trust, Ser 2015- 2, Cl B
1.830%, 01/15/20			322				323
Santander Drive Auto Receivables Trust, Ser 2017- 1, Cl A2
1.490%, 02/18/20			547				546
Toyota Auto Receivables Owner Trust, Ser 2016-D, Cl A3
1.230%, 10/15/20			4,354				4,329
Toyota Auto Receivables Owner Trust, Ser 2017-A, Cl A2A
1.420%, 09/16/19			2,441				2,440
United Auto Credit Securitization Trust, Ser 2016- 2, Cl A
1.670%, 09/10/18 (A)			207				207
World Omni Auto Receivables Trust, Ser 2017-A, Cl A3
1.930%, 09/15/22			1,956				1,956

							52,912

Credit Card – 1.7%
American Express Credit Account Master Trust, Ser 2017-1, Cl A
1.930%, 09/15/22			2,449				2,452
BA Credit Card Trust, Ser 2017-A1, Cl A1
1.950%, 08/15/22			1,968				1,971


Description		Face Amount (000)				Value (000)
Capital One Multi-Asset Execution Trust, Ser 2016-A1, Cl A1
1.684%, VAR LIBOR USD 1 Month+0.450%, 02/15/22		$	3,011			$	3,027
Capital One Multi-Asset Execution Trust, Ser 2016-A3, Cl A3
1.340%, 04/15/22			250				248
Capital One Multi-Asset Execution Trust, Ser 2017-A2, Cl A2
1.637%, VAR LIBOR USD 1 Month+0.410%, 01/15/25			1,731				1,742
Capital One Multi-Asset Execution Trust, Ser 2017-A3, Cl A3
2.430%, 01/15/25			1,448				1,464
Chase Issuance Trust, Ser 2016-A3, Cl A3
1.784%, VAR LIBOR USD 1 Month+0.550%, 06/15/23			2,413				2,441
Citibank Credit Card Issuance Trust, Ser 2014-A1, Cl A1
2.880%, 01/23/23			200				206
Citibank Credit Card Issuance Trust, Ser 2017-A2, Cl A2
1.740%, 01/19/21			3,601				3,604
Citibank Credit Card Issuance Trust, Ser 2017-A7, Cl A7
1.602%, VAR LIBOR USD 1 Month+0.370%, 08/08/24			2,242				2,248
Discover Card Execution Note Trust, Ser 2016-A4, Cl A4
1.390%, 03/15/22			270				268
Discover Card Execution Note Trust, Ser 2017-A5, Cl A5
1.834%, VAR LIBOR USD 1 Month+0.600%, 12/15/26			799				807
Discover Card Execution Note Trust, Ser 2017-A6, Cl A6
1.880%, 02/15/23			5,341				5,330
Synchrony Credit Card Master Note Trust, Ser 2016-1, Cl A
2.040%, 03/15/22			125				126

							25,934

Other Asset-Backed Securities – 1.1%
AJAX Mortgage Loan Trust, Ser 2016-C, Cl A
4.000%, 10/25/57 (A)			713				711
AJAX Mortgage Loan Trust, Ser 2017-A, Cl A
3.470%, 04/25/57 (A)			303				305
Bayview Opportunity Master Fund IIIa Trust, Ser 2017- RN7, Cl A1
3.105%, 09/28/32 (A)			1,678				1,678

106

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)				Value (000)
Bayview Opportunity Master Fund IIIb Trust, Ser 2017- RN2, Cl A1
3.475%, 04/28/32(A)(C)		$	1,208			$	1,215
Bayview Opportunity Master Fund IIIb Trust, Ser 2017- RN3, Cl A1
3.228%, 05/28/32(A)			540				540
Bayview Opportunity Master Fund IVb Trust, Ser 2017- NPL1, Cl A1
3.598%, 01/28/32(A)			485				484
CAM Mortgage Trust, Ser 2016-2, Cl A1
3.250%, 06/15/57(A)			42				42
GCAT, Ser 2017-2, Cl A1
3.500%, 04/25/47(A)			831				826
GCAT, Ser 2017-3, Cl A1
3.352%, 04/25/47(A)			502				501
GCAT, Ser 2017-5, Cl A1
3.228%, 07/25/47(A)			606				606
NYMT Residential, Ser 2016- RP1A, Cl A
4.000%, 03/25/21(A)			131				132
Oak Hill Advisors Residential Loan Trust, Ser 2017-NPL1, Cl A1
3.000%, 06/25/57(A)			782				783
PRPM, Ser 2017-2A, Cl A1
3.470%, 09/25/22(A)			1,125				1,125
RCO Mortgage, Ser 2017-1, Cl A1
3.375%, 08/25/22(A)			2,157				2,160
Verizon Owner Trust, Ser 2017-1A, Cl A
2.060%, 09/20/21(A)			897				899
Verizon Owner Trust, Ser 2017-2A, Cl A
1.920%, 12/20/21(A)			1,631				1,630
VOLT LVI, Ser 2017-NPL3, Cl A1
3.500%, 03/25/47(A)			683				688
VOLT LVII, Ser 2017-NPL4, Cl A1
3.375%, 04/25/47(A)			359				361
VOLT LXI, Ser 2017-NPL8, Cl A1
3.125%, 06/25/47(A)			914				917
VOLT XXII, Ser 2015-NPL4, Cl A1
3.500%, 02/25/55(A)			129				130
VOLT XXXVIII, Ser 2015- NP12, Cl A1
3.875%, 09/25/45(A)			86				87

							15,820

Total Asset-Backed Securities (Cost $94,621) (000)							94,666


Description		Face Amount (000)				Value (000)
U.S. Government Agency Obligations — 2.2%
FFCB
1.550%, 05/08/20		$	200			$	199
FHLB
2.750%, 12/13/24			300				308
2.300%, 07/19/22			200				200
2.260%, 10/04/22			150				150
2.160%, 08/17/22			100				99
2.150%, 09/26/22			200				199
1.875%, 11/29/21			150				150
1.375%, 11/15/19			125				125
1.250%, 01/16/19			250				249
1.125%, 06/21/19			300				298
1.001%, 10/12/17(D)			14,826				14,822
1.000%, 10/02/17(D)			7,390				7,390
1.000%, 09/26/19			250				248
0.875%, 10/01/18 — 08/05/19			250				248
FHLMC
2.375%, 01/13/22			2,311				2,352
1.600%, 07/26/19			250				250
1.250%, 08/01/19			500				498
1.125%, 04/15/19			300				298
FNMA
6.625%, 11/15/30			300				425
4.332%, 03/25/20 (C)			598				627
2.625%, 09/06/24			1,252				1,281
2.125%, 04/24/26			200				195
1.875%, 12/28/20			131				132
1.750%, 06/20/19			300				301
1.650%, 01/27/20			300				299
1.500%, 07/30/20 — 06/22/20			927				922
1.375%, 01/28/19			200				200
1.000%, 08/28/19			250				247
Tennessee Valley Authority
5.250%, 09/15/39			200				262
2.875%, 02/01/27			250				257

Total U.S. Government Agency Obligations (Cost $33,140) (000)							33,231

Commercial Paper — 0.2%
Bank of Tokyo-Mitsubishi UFJ NY
1.130%, 10/05/17			3,693				3,692

Total Commercial Paper (Cost $3,692) (000)							3,692

Municipal Bonds — 0.5%
Bay Area Toll Authority RB 6.263%, 04/01/49			200				287
California State GO
7.300%, 10/01/39			1,835				2,692

107

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)


Description		Face Amount (000)/Shares				Value (000)
California State, Department of Water Resources, Power Supply Revenue RB
2.000%, 05/01/22		$	100			$	99
Florida State, Hurricane Catastrophe Fund RB
2.995%, 07/01/20			150				153
Illinois State GO
5.100%, 06/01/33			1,710				1,728
New Jersey State, Transportation Trust Fund RB
5.754%, 12/15/28			1,035				1,159
South Carolina State, Public Service Authority RB
2.388%, 12/01/23			100				93
State of Wisconsin RB
3.154%, 05/01/27			200				201
University of California RB
4.858%, 05/15/12			200				216
University of Texas System RB
3.354%, 08/15/47			250				244

Total Municipal Bonds (Cost $6,692) (000)							6,872

Preferred Stock — 0.0%
Education Management* (E)			1,550,903				2

Total Preferred Stock (Cost $188) (000)							2

Short-Term Investment — 5.4%
State Street Institutional Treasury Money Market Fund, Cl Institutional, 0.920% (H)			80,981,657				80,982

Total Short-Term Investment (Cost $80,982) (000)							80,982

Total Investments In Securities — 108.5% (Cost $1,601,932) (000) †						$	1,612,102

Percentages are based on net assets of $1,486,274 (000).

A list of the open forward foreign currency contracts held by the Fund at September 30, 2017 is as follows (000):


Counterparty		Maturity Date				Currency to Deliver				Currency to Receive				Unrealized Appreciation (Depreciation)
Barclays PLC			11/14/17			USD	779			MYR	3,350			$	14
Barclays PLC			12/04/17			USD	915			IDR	12,383,000				(1	)
BNP Paribas			11/10/17			KRW	1,641,000			USD	1,457				23
HSBC			01/22/18			USD	182			PEN	592				(1	)

														$	35

*	Non-income producing security.

(A)

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

(B)	Security in default on interest payments.

(C)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

(D)

Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase. (E) Level 3 security 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 September 30, 2017, was $3 and represented 0.0% of Net Assets.

(F)	Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on September 30, 2017. The coupon on a step bond changes on a specified date.

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

(H)	The rate reported is the 7-day effective yield as of September 30, 2017.

AID — Agency for International Development

ARS — Argentine Peso

BRL — Brazilian Real

Cl — Class

EGP — Egyptian Pound

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GEL — Georgian Lari

GHS — Ghana Cedi

GNMA — Government National Mortgage Association

GO — General Obligation

ICE — Intercontinental Exchange

IDR — Indonesian Rupiah

INR — Indian Rupee

KRW — South Korean Won

LIBOR — London Interbank Offered Rate

LKR — Sri Lanka Rupee

LLC — Limited Liability Company

L.P. — Limited Partnership

Ltd. — Limited

MXN — Mexican Peso

MYR — Malaysian Ringgit

PEN — Peruvian Sol

PLC — Public Limited Company

RB — Revenue Bond

RUB — Russian Ruble

S&P — Standard & Poor’s

Ser — Series

TRY — Turkish Lira

USD — U.S. Dollar

UYU — Uruguayan Peso

VAR — Variable

ZAR — South African Rand

†	At September 30, 2017, the tax cost basis of the Fund’s investments was $1,601,932 (000), and the unrealized appreciation and depreciation were $16,377 (000) and $(6,172) (000), respectively.

108

KP Fixed Income Fund

Schedule of Investments

September 30, 2017 (unaudited)

The following is a list of the level of inputs used as of September 30, 2017, in valuing the Fund’s investments and other financial instruments carried at value (000):


Investments in Securities		Level 1				Level 2				Level 3^				Total
Corporate Obligations		$	-			$	385,383			$	1			$	385,384
Mortgage- Backed Securities			-				363,743				-				363,743
U.S. Treasury Obligations			-				363,442				-				363,442
Loan Participations			-				141,965				-				141,965
Sovereign Debt			-				138,123				-				138,123
Asset-Backed Securities			-				94,666				-				94,666
U.S. Government Agency Obligations			-				33,231				-				33,231
Commercial Paper			-				3,692				-				3,692
Municipal Bonds			-				6,872				-				6,872
Preferred Stock			-				-				2				2
Short-Term Investment			-				80,982				-				80,982

Total Investments in Securities		$	-			$	1,614,099			$	3			$	1,614,102


Other Financial Instruments		Level 1				Level 2				Level 3				Total
Forwards Contracts*
Unrealized Appreciation		$	-			$	37			$	-			$	37
Unrealized Depreciation			-				(2	)			-				(2	)

Total Other Financial Instruments		$	-			$	35			$	-			$	35

^A

reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets.

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

As of September 30, 2017, 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 September 30, 2017, 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.

109

Item 2. Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

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

SIGNATURES

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


(Registrant)		The KP Funds

By (Signature and Title)		/s/ *Michael Beattie*
		Michael Beattie
		President

Date: November 28, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)		/s/ *Michael Beattie*
		Michael Beattie
		President

Date: November 28, 2017

By (Signature and Title)		/s/ *Stephen Connors*
		Stephen Connors
		Treasurer, Controller & CFO

Date: November 28, 2017

Dates Referenced Herein

This ‘N-Q’ Filing		Date		Other Filings

		12/31/17		None on these Dates
Filed on / Effective on:		11/28/17
For Period End:		9/30/17
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