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)

CT Corporation

101 Federal Street

Boston, MA 02110

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

Date of fiscal year end: December 31, 2015

Date of reporting period: September 30, 2015

Item 1. Schedules of Investments

KP Retirement Path 2015 Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 61.0%
KP Fixed Income Fund		16,977,926	$	171,307
KP International Equity Fund		3,430,918		30,055
KP Large Cap Equity Fund		8,028,311		83,334
KP Small Cap Equity Fund		1,494,331		14,361
Total Affiliated Registered Investment Companies (Cost $296,517) (000)				299,057
Unaffiliated Registered Investment Companies — 39.0%
DFA Commodity Strategy Portfolio		775,402		4,598
DFA International Real Estate Securities Portfolio		962,370		4,831
Lazard Global Listed Infrastructure Portfolio		371,840		5,154
T Rowe Price Institutional Floating Rate Fund		513,548		5,110
T Rowe Price New Era Fund		156,024		4,298
Vanguard Inflation-Protected Securities Fund		7,535,382		78,669
Vanguard REIT Index Fund		599,147		9,922
Vanguard Short-Term Bond Index Fund		7,476,936		78,807
Total Unaffiliated Registered Investment Companies (Cost $195,780) (000)				191,389
Total Investments — 100.0% (Cost $492,297) (000) †			$	490,446

Percentages are based on Net Assets of $490,416 (000).

REIT — Real Estate Investment Trust

† At September 30, 2015, the tax cost basis of the Fund’s investments was $492,297 (000), and the unrealized appreciation and depreciation were $6,586 (000) and $(8,437) (000), respectively.

As of September 30, 2015, 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.

As of September 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of September 30, 2015, there were no Level 3 investments.

For the period ended September 30, 2015, 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, 2015 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2015 (000):

	Value 12/31/2014		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value 9/30/2015		Dividend Income
KP Fixed Income Fund	$	179,272	$	8,928	$	(18,508	)	$	1,310		$	305	$	171,307	$	-
KP International Equity Fund		36,117		4,090		(8,765	)		(1,680	)		293		30,055		-
KP Large Cap Equity Fund		91,163		12,048		(17,084	)		(5,129	)		2,336		83,334		-
KP Small Cap Equity Fund		18,769		159		(3,653	)		(1,257	)		343		14,361		-

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

2

KP Retirement Path 2020 Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 67.8%
KP Fixed Income Fund		21,205,977	$	213,968
KP International Equity Fund		8,902,275		77,984
KP Large Cap Equity Fund		13,227,769		137,304
KP Small Cap Equity Fund		4,198,596		40,349
Total Affiliated Registered Investment Companies (Cost $468,567) (000)				469,605
Unaffiliated Registered Investment Companies — 32.2%
DFA Commodity Strategy Portfolio		1,174,739		6,966
DFA International Real Estate Securities Portfolio		1,413,737		7,097
Lazard Global Listed Infrastructure Portfolio		522,697		7,245
T Rowe Price Institutional Floating Rate Fund		720,547		7,169
T Rowe Price New Era Fund		234,789		6,468
Vanguard Inflation-Protected Securities Fund		8,682,790		90,648
Vanguard REIT Index Fund		848,311		14,049
Vanguard Short-Term Bond Index Fund		7,911,188		83,384
Total Unaffiliated Registered Investment Companies (Cost $228,730) (000)				223,026
Total Investments — 100.0% (Cost $697,297) (000) †			$	692,631

Percentages are based on Net Assets of $692,592 (000).

REIT — Real Estate Investment Trust

† At September 30, 2015, the tax cost basis of the Fund’s investments was $697,297 (000), and the unrealized appreciation and depreciation were $10,485 (000) and $(15,151) (000), respectively.

As of September 30, 2015, 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.

As of September 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of September 30, 2015, there were no Level 3 investments.

For the period ended September 30, 2015, 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, 2015 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2015 (000):

	Value 12/31/2014		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value 9/30/2015		Dividend Income
KP Fixed Income Fund	$	203,183	$	23,653	$	(14,642	)	$	1,545		$	229	$	213,968	$	-
KP International Equity Fund		83,146		10,206		(11,119	)		(4,537	)		288		77,984		-
KP Large Cap Equity Fund		141,974		9,657		(8,996	)		(6,578	)		1,247		137,304		-
KP Small Cap Equity Fund		45,732		1,032		(3,534	)		(3,181	)		300		40,349		-

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

4

KP Retirement Path 2025 Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 76.0%
KP Fixed Income Fund		17,097,319	$	172,512
KP International Equity Fund		14,358,212		125,778
KP Large Cap Equity Fund		15,889,223		164,930
KP Small Cap Equity Fund		6,373,563		61,250
Total Affiliated Registered Investment Companies (Cost $528,152) (000)				524,470
Unaffiliated Registered Investment Companies — 24.0%
DFA Commodity Strategy Portfolio		1,180,762		7,002
DFA International Real Estate Securities Portfolio		1,347,149		6,763
Lazard Global Listed Infrastructure Portfolio		519,300		7,197
T Rowe Price Institutional Floating Rate Fund		718,977		7,154
T Rowe Price New Era Fund		233,970		6,446
Vanguard Inflation-Protected Securities Fund		6,018,066		62,828
Vanguard REIT Index Fund		858,077		14,210
Vanguard Short-Term Bond Index Fund		5,165,088		54,440
Total Unaffiliated Registered Investment Companies (Cost $171,296) (000)				166,040
Total Investments — 100.0% (Cost $699,448) (000) †			$	690,510

Percentages are based on Net Assets of $690,473 (000).

REIT – Real Estate Investment Trust

† At September 30, 2015, the tax cost basis of the Fund’s investments was $699,448 (000), and the unrealized appreciation and depreciation were $10,828 (000) and $(19,766) (000), respectively.

As of September 30, 2015, 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.

As of September 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of September 30, 2015, there were no Level 3 investments.

For the period ended September 30, 2015, 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, 2015 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2015 (000):

	Value 12/31/2014		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value 9/30/2015		Dividend Income
KP Fixed Income Fund	$	154,110	$	25,123	$	(8,040	)	$	1,200		$	119	$	172,512	$	-
KP International Equity Fund		125,339		16,033		(8,128	)		(7,696	)		230		125,778		-
KP Large Cap Equity Fund		162,823		15,488		(6,701	)		(7,523	)		843		164,930		-
KP Small Cap Equity Fund		64,322		4,507		(3,151	)		(4,704	)		276		61,250		-

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

6

KP Retirement Path 2030 Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 84.9%
KP Fixed Income Fund		11,353,415	$	114,556
KP International Equity Fund		18,201,025		159,441
KP Large Cap Equity Fund		16,338,963		169,598
KP Small Cap Equity Fund		7,370,294		70,829
Total Affiliated Registered Investment Companies (Cost $522,337) (000)				514,424
Unaffiliated Registered Investment Companies — 15.1%
DFA Commodity Strategy Portfolio		1,047,979		6,215
DFA International Real Estate Securities Portfolio		1,186,373		5,956
Lazard Global Listed Infrastructure Portfolio		468,640		6,495
T Rowe Price Institutional Floating Rate Fund		635,048		6,319
T Rowe Price New Era Fund		199,253		5,489
Vanguard Inflation-Protected Securities Fund		2,916,707		30,450
Vanguard REIT Index Fund		743,217		12,307
Vanguard Short-Term Bond Index Fund		1,702,728		17,947
Total Unaffiliated Registered Investment Companies (Cost $95,612) (000)				91,178
Total Investments — 100.0% (Cost $617,949) (000) †			$	605,602

Percentages are based on Net Assets of $605,574 (000).

REIT – Real Estate Investment Trust

† At September 30, 2015, the tax cost basis of the Fund’s investments was $617,949 (000), and the unrealized appreciation and depreciation were $10,271 (000) and $(22,618) (000), respectively.

As of September 30, 2015, 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.

As of September 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of September 30, 2015, there were no Level 3 investments.

For the period ended September 30, 2015, 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, 2015 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2015 (000):

	Value 12/31/2014		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value 9/30/2015		Dividend Income
KP Fixed Income Fund	$	105,525	$	18,183	$	(10,064	)	$	753		$	159	$	114,556	$	-
KP International Equity Fund		154,873		25,762		(11,431	)		(9,867	)		104		159,441		-
KP Large Cap Equity Fund		168,027		13,835		(5,264	)		(7,663	)		663		169,598		-
KP Small Cap Equity Fund		73,021		6,623		(3,619	)		(5,567	)		371		70,829		-

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

8

KP Retirement Path 2035 Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 91.0%
KP Fixed Income Fund		9,615,870	$	97,024
KP International Equity Fund		22,561,861		197,642
KP Large Cap Equity Fund		19,951,483		207,097
KP Small Cap Equity Fund		9,390,126		90,239
Total Affiliated Registered Investment Companies (Cost $603,344) (000)				592,002
Unaffiliated Registered Investment Companies — 9.0%
DFA Commodity Strategy Portfolio		856,491		5,079
DFA International Real Estate Securities Portfolio		1,029,660		5,169
Lazard Global Listed Infrastructure Portfolio		404,239		5,603
T Rowe Price Institutional Floating Rate Fund		546,332		5,436
T Rowe Price New Era Fund		166,328		4,582
Vanguard Inflation-Protected Securities Fund		1,487,436		15,529
Vanguard REIT Index Fund		640,706		10,609
Vanguard Short-Term Bond Index Fund		629,839		6,639
Total Unaffiliated Registered Investment Companies (Cost $62,283) (000)				58,646
Total Investments — 100.0% (Cost $665,627) (000) †			$	650,648

Percentages are based on Net Assets of $650,619 (000).

REIT – Real Estate Investment Trust

† At September 30, 2015, the tax cost basis of the Fund’s investments was $665,627 (000), and the unrealized appreciation and depreciation were $11,188 (000) and $(26,167) (000), respectively.

As of September 30, 2015, 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.

As of September 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of September 30, 2015, there were no Level 3 investments.

For the period ended September 30, 2015, 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, 2015 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2015 (000):

	Value 12/31/2014		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value 9/30/2015		Dividend Income
KP Fixed Income Fund	$	87,544	$	18,700	$	(9,970	)	$	594		$	156	$	97,024	$	-
KP International Equity Fund		188,304		33,365		(11,643	)		(12,495	)		111		197,642		-
KP Large Cap Equity Fund		203,230		20,146		(7,530	)		(9,712	)		963		207,097		-
KP Small Cap Equity Fund		89,785		11,420		(4,418	)		(6,964	)		416		90,239		-

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

10

KP Retirement Path 2040 Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 93.9%
KP Fixed Income Fund		6,229,780	$	62,858
KP International Equity Fund		21,823,906		191,178
KP Large Cap Equity Fund		19,202,035		199,318
KP Small Cap Equity Fund		8,812,329		84,686
Total Affiliated Registered Investment Companies (Cost $550,680) (000)				538,040
Unaffiliated Registered Investment Companies — 6.1%
DFA Commodity Strategy Portfolio		556,962		3,303
DFA International Real Estate Securities Portfolio		675,386		3,390
Lazard Global Listed Infrastructure Portfolio		270,581		3,750
T Rowe Price Institutional Floating Rate Fund		357,047		3,553
T Rowe Price New Era Fund		112,995		3,113
Vanguard Inflation-Protected Securities Fund		989,537		10,331
Vanguard REIT Index Fund		442,542		7,328
Total Unaffiliated Registered Investment Companies (Cost $37,212) (000)				34,768
Total Investments — 100.0% (Cost $587,892) (000) †			$	572,808

Percentages are based on Net Assets of $572,796 (000).

REIT – Real Estate Investment Trust

† At September 30, 2015, the tax cost basis of the Fund’s investments was $587,892 (000), and the unrealized appreciation and depreciation were $12,111 (000) and $(27,195) (000), respectively.

As of September 30, 2015, 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.

As of September 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of September 30, 2015, there were no Level 3 investments.

For the period ended September 30, 2015, 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, 2015 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2015 (000):

	Value 12/31/2014		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value 9/30/2015		Dividend Income
KP Fixed Income Fund	$	57,133	$	13,832	$	(8,593	)	$	355		$	131	$	62,858	$	-
KP International Equity Fund		180,501		34,947		(12,063	)		(12,290	)		83		191,178		-
KP Large Cap Equity Fund		192,565		23,432		(8,245	)		(9,498	)		1,064		199,318		-
KP Small Cap Equity Fund		81,843		12,729		(3,647	)		(6,577	)		338		84,686		-

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

12

KP Retirement Path 2045 Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 94.9%
KP Fixed Income Fund		3,055,402	$	30,829
KP International Equity Fund		15,374,654		134,682
KP Large Cap Equity Fund		13,554,728		140,698
KP Small Cap Equity Fund		5,967,149		57,344
Total Affiliated Registered Investment Companies (Cost $373,954) (000)				363,553
Unaffiliated Registered Investment Companies — 5.1%
DFA Commodity Strategy Portfolio		316,464		1,877
DFA International Real Estate Securities Portfolio		387,006		1,943
Lazard Global Listed Infrastructure Portfolio		146,847		2,035
T Rowe Price Institutional Floating Rate Fund		197,947		1,970
T Rowe Price New Era Fund		65,624		1,808
Vanguard Inflation-Protected Securities Fund		561,637		5,863
Vanguard REIT Index Fund		237,316		3,930
Total Unaffiliated Registered Investment Companies (Cost $20,858) (000)				19,426
Total Investments — 100.0% (Cost $394,812) (000) †			$	382,979

Percentages are based on Net Assets of $382,970 (000).

REIT – Real Estate Investment Trust

† At September 30, 2015, the tax cost basis of the Fund’s investments was $394,812 (000), and the unrealized appreciation and depreciation were $7,390 (000) and $(19,223) (000), respectively.

As of September 30, 2015, 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.

As of September 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of September 30, 2015, there were no Level 3 investments.

For the period ended September 30, 2015, 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, 2015 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2015 (000):

	Value 12/31/2014		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 9/30/2015		Dividend Income
KP Fixed Income Fund	$	28,127	$	7,648	$	(5,193	)	$	160		$	87		$	30,829	$	-
KP International Equity Fund		123,742		30,306		(10,605	)		(8,640	)		(121	)		134,682		-
KP Large Cap Equity Fund		131,628		23,656		(8,571	)		(7,110	)		1,095			140,698		-
KP Small Cap Equity Fund		53,723		10,590		(2,764	)		(4,468	)		263			57,344		-

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

14

KP Retirement Path 2050 Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 94.9%
KP Fixed Income Fund		1,220,199	$	12,312
KP International Equity Fund		6,143,498		53,817
KP Large Cap Equity Fund		5,425,292		56,314
KP Small Cap Equity Fund		2,387,311		22,942
Total Affiliated Registered Investment Companies (Cost $151,244) (000)				145,385
Unaffiliated Registered Investment Companies — 5.1%
DFA Commodity Strategy Portfolio		130,279		773
DFA International Real Estate Securities Portfolio		155,876		782
Lazard Global Listed Infrastructure Portfolio		57,610		798
T Rowe Price Institutional Floating Rate Fund		79,732		793
T Rowe Price New Era Fund		27,224		750
Vanguard Inflation-Protected Securities Fund		223,745		2,336
Vanguard REIT Index Fund		94,449		1,565
Total Unaffiliated Registered Investment Companies (Cost $8,384) (000)				7,797
Total Investments — 100.0% (Cost $159,628) (000) †			$	153,182

Percentages are based on Net Assets of $153,178 (000).

REIT – Real Estate Investment Trust

† At September 30, 2015, the tax cost basis of the Fund’s investments was $159,628 (000), and the unrealized appreciation and depreciation were $2,215 (000) and $(8,661) (000), respectively.

As of September 30, 2015, 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.

As of September 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of September 30, 2015, there were no Level 3 investments.

For the period ended September 30, 2015, 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, 2015 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2015 (000):

	Value 12/31/2014		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 9/30/2015		Dividend Income
KP Fixed Income Fund	$	10,063	$	4,055	$	(1,890	)	$	56		$	28		$	12,312	$	-
KP International Equity Fund		43,120		17,588		(3,147	)		(3,603	)		(141	)		53,817		-
KP Large Cap Equity Fund		46,237		16,005		(3,381	)		(2,916	)		369			56,314		-
KP Small Cap Equity Fund		18,858		6,898		(1,072	)		(1,841	)		99			22,942		-

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

16

KP Retirement Path 2055 Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 95.0%
KP Fixed Income Fund		169,375	$	1,709
KP International Equity Fund		856,168		7,500
KP Large Cap Equity Fund		758,282		7,871
KP Small Cap Equity Fund		332,690		3,197
Total Affiliated Registered Investment Companies (Cost $21,654) (000)				20,277
Unaffiliated Registered Investment Companies — 5.0%
DFA Commodity Strategy Portfolio		18,127		107
DFA International Real Estate Securities Portfolio		21,856		110
Lazard Global Listed Infrastructure Portfolio		7,903		110
T Rowe Price Institutional Floating Rate Fund		10,731		107
T Rowe Price New Era Fund		3,805		105
Vanguard Inflation-Protected Securities Fund		30,705		321
Vanguard REIT Index Fund		12,865		212
Total Unaffiliated Registered Investment Companies (Cost $1,158) (000)				1,072
Total Investments — 100.0% (Cost $22,812) (000) †			$	21,349

Percentages are based on Net Assets of $21,349 (000).

REIT – Real Estate Investment Trust

† At September 30, 2015, the tax cost basis of the Fund’s investments was $22,812 (000), and the unrealized appreciation and depreciation were $65 (000) and $(1,528) (000), respectively.

As of September 30, 2015, 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.

As of September 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of September 30, 2015, there were no Level 3 investments.

For the period ended September 30, 2015, 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, 2015 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2015 (000):

	Value 12/31/2014		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 9/30/2015		Dividend Income
KP Fixed Income Fund	$	1,014	$	993	$	(305	)	$	4		$	3		$	1,709	$	-
KP International Equity Fund		4,418		4,837		(1,178	)		(548	)		(29	)		7,500		-
KP Large Cap Equity Fund		4,674		4,876		(1,304	)		(510	)		135			7,871		-
KP Small Cap Equity Fund		1,924		1,966		(439	)		(278	)		24			3,197		-

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

18

KP Retirement Path 2060 Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 95.0%
KP Fixed Income Fund		43,979	$	444
KP International Equity Fund		225,849		1,978
KP Large Cap Equity Fund		201,794		2,095
KP Small Cap Equity Fund		87,307		839
Total Affiliated Registered Investment Companies (Cost $5,744) (000)				5,356
Unaffiliated Registered Investment Companies — 5.0%
DFA Commodity Strategy Portfolio		4,698		28
DFA International Real Estate Securities Portfolio		5,600		28
Lazard Global Listed Infrastructure Portfolio		2,038		28
T Rowe Price Institutional Floating Rate Fund		2,780		28
T Rowe Price New Era Fund		1,029		28
Vanguard Inflation-Protected Securities Fund		7,996		83
Vanguard REIT Index Fund		3,414		57
Total Unaffiliated Registered Investment Companies (Cost $295) (000)				280
Total Investments — 100.0% (Cost $6,039) (000) †			$	5,636

Percentages are based on Net Assets of $5,636 (000).

REIT – Real Estate Investment Trust

† At September 30, 2015, the tax cost basis of the Fund’s investments was $6,039 (000), and the unrealized appreciation and depreciation were $9 (000) and $(412) (000), respectively.

As of September 30, 2015, 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.

As of September 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. As of September 30, 2015, there were no Level 3 investments.

For the period ended September 30, 2015, 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, 2015 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2015 (000):

	Value 12/31/2014		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 9/30/2015		Dividend Income
KP Fixed Income Fund	$	196	$	479	$	(232	)	$	3		$	(2	)	$	444	$	-
KP International Equity Fund		858		2,199		(923	)		(126	)		(30	)		1,978		-
KP Large Cap Equity Fund		907		2,261		(975	)		(138	)		40			2,095		-
KP Small Cap Equity Fund		369		930		(392	)		(85	)		17			839		-

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

20

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Common Stock — 98.6%
Consumer Discretionary – 14.7%
Aaron’s		6,645	$	240
Advance Auto Parts		8,842		1,676
Amazon.com*		40,585		20,775
AutoNation*		1,013		59
AutoZone*		409		296
Bed Bath & Beyond*		11,475		654
Best Buy		54,224		2,013
Big Lots		10,587		507
BorgWarner		23,797		990
Brinker International		2,620		138
Cablevision Systems, Cl A		2,973		97
CarMax*		26,389		1,565
Carnival		36,258		1,802
Carter’s		4,926		446
CBS, Cl B		14,095		562
Chipotle Mexican Grill, Cl A*		3,264		2,351
Choice Hotels International		3,772		180
Coach		3,789		110
Comcast, Cl A		131,889		7,520
Darden Restaurants		14,330		982
Delphi Automotive PLC		36,391		2,767
Dick’s Sporting Goods		8,444		419
Dillard’s, Cl A		5,068		443
Discovery Communications, Cl A*		5,586		139
Dollar General		21,949		1,590
Dollar Tree*		13,802		920
DR Horton		4,595		135
DSW, Cl A		18,733		474
Expedia		29,579		3,481
Foot Locker		32,136		2,313
Ford Motor		85,357		1,158
Fossil Group*		586		33
GameStop, Cl A		1,504		62
Gap		34,468		982
Garmin		1,649		59
General Motors		36,403		1,093
Gentex		25,989		403
Genuine Parts		2,069		172
GNC Holdings, Cl A		27,930		1,129
Goodyear Tire & Rubber		67,827		1,989
Groupon, Cl A*		90,361		295
H&R Block		3,776		137
Hanesbrands		78,900		2,283
Harley-Davidson		2,885		158
Harman International Industries		4,711		452
Hasbro		17,458		1,259
Hilton Worldwide Holdings		146,376		3,358
Home Depot		88,808		10,256
Interpublic Group of Companies		86,766		1,660
John Wiley & Sons, Cl A		7,906		396
Johnson Controls		60,047		2,484

Description	Shares		Value (000)
Kohl’s		9,439	$	437
L Brands		3,525		318
Lear		10,356		1,127
Leggett & Platt		6,126		253
Lennar, Cl A		2,395		115
Liberty Interactive QVC Group, Cl A*		2,430		64
Lowe’s		128,186		8,835
Macy’s		27,463		1,409
Marriott International, Cl A		2,592		177
Mattel		4,590		97
McDonald’s		39,558		3,898
MGM Resorts International*		168,818		3,115
Michael Kors Holdings*		8,630		365
Michaels*		6,644		153
Mohawk Industries*		806		147
Morningstar		3,044		244
Murphy USA*		15,380		845
Netflix*		17,347		1,791
Newell Rubbermaid		16,909		671
News, Cl A		13,625		172
NIKE, Cl B		72,241		8,883
Nordstrom		1,949		140
Omnicom Group		44,875		2,957
O’Reilly Automotive*		1,387		347
Panera Bread, Cl A*		670		130
priceline.com*		8,599		10,636
PulteGroup		4,502		85
PVH		5,224		533
Ralph Lauren, Cl A		804		95
Ross Stores		11,216		544
Royal Caribbean Cruises		21,500		1,915
Scripps Networks Interactive, Cl A		1,291		64
Signet Jewelers		1,100		150
Sirius XM Holdings*		159,266		596
Skechers U.S.A., Cl A*		4,564		612
Staples		21,952		257
Starbucks		80,268		4,562
Starwood Hotels & Resorts Worldwide		15,377		1,022
Target		77,801		6,120
TEGNA		30,948		693
Tesla Motors*		10,050		2,496
Thomson Reuters		13,951		562
Tiffany		1,492		115
Time		2,659		51
Time Warner		40,645		2,794
Time Warner Cable		7,169		1,286
TJX		16,163		1,154
Tractor Supply		34,243		2,887
TripAdvisor*		1,493		94
Twenty-First Century Fox, Cl A		24,135		651
Under Armour, Cl A*		2,300		223
Urban Outfitters*		1,290		38

21

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
VF		13,531	$	923
Viacom, Cl B		51,783		2,234
Walt Disney		41,110		4,201
Whirlpool		7,282		1,072
Wyndham Worldwide		1,665		120
Wynn Resorts		1,091		58
Yum! Brands		16,975		1,357
				172,352
Consumer Staples – 8.0%
Altria Group		74,864		4,073
Archer-Daniels-Midland		82,712		3,428
Brown-Forman, Cl B		1,482		144
Bunge		15,130		1,109
Campbell Soup		2,413		122
Clorox		1,825		211
Coca-Cola		72,148		2,895
Coca-Cola Enterprises		18,102		875
Colgate-Palmolive		17,727		1,125
ConAgra Foods		10,183		412
Constellation Brands, Cl A		2,262		283
Costco Wholesale		25,171		3,639
Coty, Cl A		1,656		45
CVS Health		112,010		10,807
Danone		28,785		1,815
Diageo PLC		118,546		3,175
Dr Pepper Snapple Group		3,236		256
Estee Lauder, Cl A		36,634		2,956
General Mills		70,295		3,946
Hershey		1,961		180
Hormel Foods		5,536		350
Imperial Tobacco Group PLC		8,780		453
JM Smucker		1,468		167
Kellogg		5,008		333
Keurig Green Mountain		22,700		1,184
Kimberly-Clark		9,730		1,061
Kraft Heinz		8,139		574
Kroger		75,265		2,715
McCormick		1,430		117
Mead Johnson Nutrition, Cl A		10,804		761
Molson Coors Brewing, Cl B		10,033		833
Mondelez International, Cl A		37,840		1,584
Monster Beverage*		2,030		274
Nestle		53,966		4,056
Nu Skin Enterprises, Cl A		8,162		337
PepsiCo		50,624		4,774
Philip Morris International		136,036		10,792
Pilgrim’s Pride*		17,257		359
Procter & Gamble		110,310		7,936
Reynolds American		21,995		974
Rite Aid*		95,897		582
Sysco		7,214		281
Tyson Foods, Cl A		3,974		171
Walgreens Boots Alliance		49,193		4,088

Description	Shares		Value (000)
Wal-Mart Stores		111,693	$	7,242
Whole Foods Market		4,949		157
				93,651
Energy – 4.3%
Anadarko Petroleum		6,677		403
Apache		5,196		203
Baker Hughes		22,364		1,164
Cabot Oil & Gas		5,634		123
California Resources		114,559		298
Cameron International*		2,618		161
Chesapeake Energy*		7,081		52
Chevron		59,800		4,717
Cimarex Energy		18,000		1,845
Columbia Pipeline Group		4,346		80
ConocoPhillips		16,936		812
CONSOL Energy		3,147		31
CVR Energy		8,637		355
Denbury Resources*		94,794		231
Devon Energy		19,843		736
Diamond Offshore Drilling		921		16
Ensco, Cl A		3,207		45
EOG Resources		22,903		1,667
EP Energy, Cl A*		81,566		420
EQT		16,263		1,053
Exxon Mobil		156,317		11,622
FMC Technologies*		5,050		157
Frank’s International		20,474		314
Halliburton		11,779		416
Helmerich & Payne		1,487		70
Hess		3,296		165
HollyFrontier		19,301		943
Kinder Morgan		24,674		683
Marathon Oil		9,214		142
Marathon Petroleum		65,995		3,058
Murphy Oil		16,515		400
Nabors Industries		20,657		195
National Oilwell Varco		36,259		1,365
Newfield Exploration*		2,237		74
Noble Energy		5,826		176
Occidental Petroleum		52,810		3,493
Oil States International*		7,038		184
ONEOK		2,860		92
PBF Energy, Cl A		12,606		356
Phillips 66		6,545		503
Pioneer Natural Resources		8,149		991
QEP Resources		33,858		424
Range Resources		2,285		73
Schlumberger		52,100		3,593
Southwestern Energy*		5,311		67
Spectra Energy		9,168		241
Superior Energy Services		40,594		513
Tesoro		13,265		1,290
Transocean		4,691		61

22

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Valero Energy		67,711	$	4,069
Williams		9,191		339
				50,481
Financials – 17.3%
ACE		29,607		3,061
Affiliated Managers Group*		700		120
Aflac		39,789		2,313
Alleghany*		1,768		828
Allied World Assurance Holdings		9,484		362
Allstate		29,520		1,719
American Express		62,595		4,640
American Financial Group		26,096		1,798
American International Group		37,221		2,115
American National Insurance		3,779		369
American Tower, Cl A ‡		5,788		509
Ameriprise Financial		35,136		3,834
Aon PLC		34,863		3,089
Apartment Investment & Management, Cl A ‡		2,154		80
Arch Capital Group*		6,765		497
Aspen Insurance Holdings		15,337		713
Assurant		927		73
AvalonBay Communities ‡		1,812		317
Axis Capital Holdings		1,670		90
Bank of America		349,896		5,451
Bank of Hawaii		6,381		405
Bank of New York Mellon		139,474		5,460
BB&T		20,884		744
Berkshire Hathaway, Cl B*		47,531		6,198
BlackRock, Cl A		9,266		2,756
BOK Financial		8,925		578
Boston Properties ‡		2,067		245
Capital One Financial		32,828		2,381
CBL & Associates Properties ‡		43,131		593
CBRE Group, Cl A*		41,869		1,340
Charles Schwab		15,823		452
Chubb		22,154		2,717
Cincinnati Financial		2,057		111
Citigroup		197,423		9,794
CME Group, Cl A		4,450		413
CNA Financial		5,964		208
Comerica		21,437		881
Corporate Office Properties Trust ‡		17,779		374
Crown Castle International ‡		13,822		1,090
Discover Financial Services		18,010		936
E*TRADE Financial*		4,001		105
East West Bancorp		39,646		1,523
Equinix ‡		800		219
Equity LifeStyle Properties		18,163		1,064
Equity Residential ‡		6,896		518
Essex Property Trust ‡		900		201
Everest Re Group		3,000		520
Federated Investors, Cl B		12,454		360

Description	Shares		Value (000)
Fifth Third Bancorp		10,339	$	196
Franklin Resources		69,338		2,584
General Growth Properties ‡		69,525		1,806
Genworth Financial, Cl A*		6,762		31
Goldman Sachs Group		37,818		6,571
Hanover Insurance Group		29,588		2,299
Hartford Financial Services Group		14,738		675
HCP ‡		6,295		235
Host Hotels & Resorts ‡		10,418		165
Hudson City Bancorp		6,629		67
Huntington Bancshares		19,387		206
Intercontinental Exchange		16,287		3,827
Invesco		10,404		325
Iron Mountain ‡		2,586		80
Jones Lang LaSalle		10,060		1,446
JPMorgan Chase		298,248		18,184
KeyCorp		122,322		1,591
Kimco Realty ‡		26,841		656
Legg Mason		1,385		58
Leucadia National		4,347		88
Lincoln National		23,971		1,138
Loews		4,033		146
M&T Bank		1,827		223
Macerich ‡		1,745		134
Marsh & McLennan		6,957		363
McGraw Hill Financial		8,475		733
MetLife		119,502		5,635
Moody’s		8,475		832
Morgan Stanley		227,030		7,151
MSCI, Cl A		19,563		1,163
Nasdaq		76,682		4,089
Navient		5,308		60
Northern Trust		12,589		858
Old Republic International		37,676		589
People’s United Financial		4,254		67
Plum Creek Timber ‡		2,408		95
PNC Financial Services Group		52,045		4,642
Post Properties ‡		24,821		1,447
Principal Financial Group		47,346		2,241
Progressive		8,062		247
Prologis ‡		7,169		279
Prudential Financial		31,770		2,421
Public Storage ‡		3,465		733
Realty Income ‡		3,200		152
Regions Financial		18,401		166
Reinsurance Group of America, Cl A		7,624		691
SEI Investments		15,307		738
Signature Bank*		5,404		743
Simon Property Group ‡		4,241		779
SL Green Realty ‡		1,400		151
State Street		78,125		5,251
SunTrust Banks		78,601		3,006
Synovus Financial		56,751		1,680

23

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
T Rowe Price Group		3,355	$	233
TD Ameritrade Holding		54,700		1,742
Torchmark		1,687		95
Travelers		76,062		7,570
Unum Group		3,455		111
US Bancorp		143,402		5,881
Validus Holdings		3,803		171
Ventas‡		4,513		253
Vornado Realty Trust ‡		2,403		217
Voya Financial		11,570		449
Wells Fargo		349,761		17,960
Welltower ‡		4,803		325
Weyerhaeuser ‡		7,130		195
WR Berkley		23,371		1,271
XL Group, Cl A		20,601		748
Zions Bancorporation		41,343		1,139
				202,257
Health Care – 18.2%
Abbott Laboratories		167,824		6,750
AbbVie		34,275		1,865
Aetna		29,100		3,184
Agilent Technologies		30,379		1,043
Alexion Pharmaceuticals*		49,642		7,764
Allergan*		26,635		7,240
Allscripts Healthcare Solutions*		27,247		338
AmerisourceBergen, Cl A		24,048		2,284
Amgen		26,326		3,641
Anthem		48,991		6,859
Baxalta		7,046		222
Baxter International		7,446		245
Becton Dickinson & Company		13,255		1,758
Biogen*		15,719		4,587
BioMarin Pharmaceutical*		13,167		1,387
Bio-Rad Laboratories, Cl A*		2,017		271
Bluebird Bio*		2,641		226
Boston Scientific*		38,612		634
Bristol-Myers Squibb		86,004		5,091
Cardinal Health		53,390		4,101
Celgene*		62,051		6,712
Centene*		9,536		517
Cerner*		4,215		253
Charles River Laboratories International*		25,957		1,649
Cigna		17,082		2,306
Community Health Systems*		20,270		867
CR Bard		16,824		3,134
DaVita HealthCare Partners*		2,308		167
DENTSPLY International		10,641		538
Edwards Lifesciences*		9,231		1,312
Eli Lilly		62,381		5,221
Endo International*		2,800		194
Express Scripts Holding*		68,739		5,565
Gilead Sciences		114,272		11,220

Description	Shares		Value (000)
HCA Holdings*		14,918	$	1,154
Henry Schein*		1,100		146
Hologic*		21,586		845
Humana		14,972		2,680
IMS Health Holdings*		13,149		383
Incyte*		30,982		3,418
Intuitive Surgical*		10,061		4,624
Isis Pharmaceuticals*		6,813		275
Johnson & Johnson		183,323		17,113
Laboratory Corp of America Holdings*		1,352		147
LifePoint Health*		11,224		796
Mallinckrodt*		5,338		341
McKesson		30,825		5,704
Medivation*		12,762		542
Medtronic		93,439		6,255
Merck		148,174		7,318
Mettler-Toledo International*		1,592		453
Mylan*		5,667		228
Novartis		8,838		811
Patterson		1,145		50
PerkinElmer		1,596		73
Perrigo		1,932		304
Pfizer		596,607		18,739
Quest Diagnostics		5,540		341
Quintiles Transnational Holdings*		3,228		225
Regeneron Pharmaceuticals*		7,523		3,499
ResMed		8,678		442
Roche Holding		3,553		937
Sirona Dental Systems*		4,379		409
St. Jude Medical		57,978		3,658
Stryker		21,894		2,060
Teleflex		3,240		402
Tenet Healthcare*		1,373		51
Thermo Fisher Scientific		25,534		3,122
United Therapeutics*		7,660		1,005
UnitedHealth Group		93,032		10,793
Universal Health Services, Cl B		15,071		1,881
Valeant Pharmaceuticals International*		27,960		4,987
Varian Medical Systems*		1,384		102
VCA*		853		45
Vertex Pharmaceuticals*		28,358		2,953
VWR*		17,441		448
Waters*		7,308		864
Zimmer Biomet Holdings		2,298		216
Zoetis, Cl A		51,666		2,128
				212,112
Industrials – 12.2%
3M		51,817		7,346
ADT		2,349		70
AECOM*		14,602		402
Alaska Air Group		36,659		2,913
Allegion		1,356		78

24

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
American Airlines Group		132,600	$	5,149
AMETEK		3,327		174
AO Smith		4,969		324
Babcock & Wilcox, Cl W*		33,949		895
Boeing		106,137		13,899
Canadian National Railway		20,564		1,167
Canadian Pacific Railway		13,300		1,909
Caterpillar		15,528		1,015
CH Robinson Worldwide		1,964		133
Cintas		15,649		1,342
Copart*		9,360		308
Crane		7,509		350
CSX		36,732		988
Cummins		3,421		371
Danaher		147,540		12,572
Deere		12,383		916
Delta Air Lines		72,429		3,250
Dover		2,197		126
Dun & Bradstreet		467		49
Eaton PLC		41,940		2,152
Emerson Electric		8,618		381
Equifax		23,979		2,330
Expeditors International of Washington		2,658		125
Fastenal		3,676		135
FedEx		22,742		3,274
Flowserve		37,823		1,556
Fluor		1,985		84
General Dynamics		31,966		4,410
General Electric		204,726		5,163
HD Supply Holdings*		25,102		718
Honeywell International		58,405		5,530
Huntington Ingalls Industries		16,953		1,817
Illinois Tool Works		22,868		1,882
Ingersoll-Rand		3,667		186
ITT		4,820		161
Jacobs Engineering Group*		11,922		446
JB Hunt Transport Services		1,300		93
JetBlue Airways*		36,714		946
Joy Global		1,285		19
Kansas City Southern		1,492		136
Kennametal		12,408		309
L-3 Communications Holdings, Cl 3		5,545		580
Lincoln Electric Holdings		6,793		356
Lockheed Martin		26,654		5,526
ManpowerGroup		540		44
Masco		40,560		1,021
Nielsen Holdings		4,800		213
Norfolk Southern		3,939		301
Northrop Grumman		41,715		6,923
Owens Corning		14,585		611
PACCAR		4,817		251
Parker-Hannifin		13,148		1,279

Description	Shares		Value (000)
Pentair PLC		22,298	$	1,138
Pitney Bowes		2,752		55
Precision Castparts		1,853		426
Quanta Services*		2,876		70
Raytheon		4,158		454
Republic Services, Cl A		3,371		139
Robert Half International		5,922		303
Rockwell Automation		7,072		718
Rockwell Collins		1,836		150
Roper Technologies		1,373		215
Ryder System		692		51
Snap-on		801		121
Southwest Airlines		43,156		1,642
Spirit AeroSystems Holdings, Cl A*		74,270		3,590
Spirit Airlines*		1,239		59
Stanley Black & Decker		14,212		1,378
Stericycle*		1,149		160
Terex		16,137		290
Textron		61,390		2,311
Triumph Group		7,505		316
Tyco International PLC		87,874		2,940
Union Pacific		23,596		2,086
United Continental Holdings*		60,909		3,231
United Parcel Service, Cl B		44,077		4,350
United Rentals*		1,300		78
United Technologies		86,407		7,689
Valmont Industries		3,487		331
Wabtec		26,600		2,342
Waste Management		7,504		374
WESCO International*		6,683		311
WW Grainger		858		184
Xylem		2,522		83
				142,289
Information Technology – 18.0%
Accenture PLC, Cl A		102,269		10,049
Activision Blizzard		13,906		430
Adobe Systems*		6,810		560
Akamai Technologies*		21,422		1,479
Alliance Data Systems*		785		203
Altera		4,160		208
Amdocs		15,265		868
Amphenol, Cl A		4,252		217
Analog Devices		14,922		842
Apple		277,482		30,606
Applied Materials		15,599		229
ASML Holding, Cl G		6,500		572
Autodesk*		3,108		137
Automatic Data Processing		10,531		846
Avago Technologies, Cl A		10,584		1,323
Avnet		21,265		908
Broadcom, Cl A		7,441		383
Broadridge Financial Solutions		27,695		1,533
Brocade Communications Systems		34,161		355

25

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
CA		4,366	$	119
Cadence Design Systems*		21,107		436
CDW		13,065		534
Cisco Systems		253,403		6,652
Citrix Systems*		9,663		669
Cognizant Technology Solutions, Cl A*		9,262		580
Computer Sciences		10,613		651
CoreLogic*		37,933		1,412
Corning		15,923		273
DST Systems		2,379		250
eBay*		92,044		2,250
Electronic Arts*		58,433		3,959
EMC		26,387		638
F5 Networks*		17,900		2,073
Facebook, Cl A*		154,253		13,867
Fidelity National Information Services		28,410		1,906
First Solar*		11,145		476
Fiserv*		56,267		4,873
FLIR Systems		1,947		55
Genpact*		16,552		391
Global Payments		7,082		813
Google, Cl C*		36,218		22,651
Harris		11,235		822
Hewlett-Packard		40,630		1,041
IAC		4,980		325
Ingram Micro, Cl A		50,340		1,371
Intel		112,968		3,405
International Business Machines		41,678		6,042
Intuit		23,677		2,101
Juniper Networks		67,660		1,740
King Digital Entertainment*		24,456		331
KLA-Tencor		2,191		110
Lam Research		2,129		139
Leidos Holdings		30,147		1,245
Linear Technology		3,308		133
LinkedIn, Cl A*		12,400		2,358
Marvell Technology Group		16,758		152
MasterCard, Cl A		24,961		2,249
Microchip Technology		2,846		123
Micron Technology*		68,095		1,020
Microsoft		456,726		20,215
Mobileye*		21,400		973
Motorola Solutions		2,298		157
NCR*		28,890		657
NetApp		3,794		112
NetSuite*		18,300		1,535
Nuance Communications*		24,207		396
NVIDIA		55,427		1,366
Oracle		138,530		5,004
Palo Alto Networks*		5,100		877
Paychex		4,167		198
PayPal Holdings*		15,231		473

Description	Shares		Value (000)
Qorvo*		2,000	$	90
QUALCOMM		21,445		1,152
Rackspace Hosting*		6,768		167
Red Hat*		34,930		2,511
salesforce.com*		69,327		4,813
SanDisk		2,594		141
Seagate Technology		3,869		173
ServiceNow*		28,500		1,979
Skyworks Solutions		12,518		1,054
Symantec		9,337		182
Tableau Software, Cl A*		1,079		86
TE Connectivity		5,615		336
Tencent Holdings ADR		107,200		1,810
Teradata*		1,985		57
Teradyne		30,287		545
Texas Instruments		75,480		3,738
Total System Services		12,317		560
Vantiv, Cl A*		9,785		440
VeriSign*		1,443		102
Visa, Cl A		173,805		12,107
Western Digital		2,967		236
Western Union		33,879		622
Workday, Cl A*		12,300		847
Xerox		118,628		1,154
Xilinx		3,580		152
Yahoo!*		11,345		328
Yelp, Cl A*		24,635		534
Zynga, Cl A*		170,848		390
				210,252
Materials – 2.7%
Air Products & Chemicals		2,568		328
Airgas		916		82
Alcoa		17,965		173
Ashland		4,068		409
Avery Dennison		1,268		72
Ball		1,852		115
Bemis		7,536		298
Cabot		31,812		1,004
Celanese, Cl A		825		49
CF Industries Holdings		3,250		146
Crown Holdings*		35,197		1,610
Dow Chemical		75,833		3,215
Eastman Chemical		2,068		134
Ecolab		3,673		403
EI du Pont de Nemours		24,509		1,181
FMC		1,832		62
Freeport-McMoRan		14,210		138
Graphic Packaging Holding		28,533		365
International Flavors & Fragrances		1,142		118
International Paper		5,373		203
LyondellBasell Industries, Cl A		42,395		3,534
Martin Marietta Materials		900		137
Monsanto		16,485		1,407

26

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Mosaic		47,948	$	1,492
Newmont Mining		35,209		566
Nucor		4,355		163
Owens-Illinois*		2,188		45
Packaging Corp of America		15,990		962
PPG Industries		53,926		4,729
Praxair		3,914		399
Reliance Steel & Aluminum		11,822		638
Sealed Air		12,664		594
Sherwin-Williams		3,050		679
Sigma-Aldrich		1,640		228
Vulcan Materials		44,227		3,945
Westlake Chemical		12,061		626
WestRock		17,080		879
				31,128
Telecommunication Services – 1.5%
AT&T		110,342		3,595
CenturyLink		61,120		1,535
Frontier Communications		15,742		75
Level 3 Communications*		4,000		175
Telephone & Data Systems		13,425		335
T-Mobile US*		40,200		1,601
Verizon Communications		205,153		8,926
Vodafone Group PLC		317,516		1,001
				17,243
Utilities – 1.7%
AES		9,337		91
AGL Resources		1,607		98
Alliant Energy		6,136		359
Ameren		15,627		661
American Electric Power		36,351		2,067
CenterPoint Energy		5,847		105
CMS Energy		3,764		133
Consolidated Edison		4,011		268
Dominion Resources		8,212		578
DTE Energy		2,408		193
Duke Energy		35,190		2,532
Edison International		12,598		795
Entergy		2,454		160
Eversource Energy		4,349		220
Exelon		11,294		335
FirstEnergy		5,729		179
NextEra Energy		6,351		620
NiSource		4,346		81
NRG Energy		4,564		68
Pepco Holdings		3,435		83
PG&E		20,362		1,075
Pinnacle West Capital		41,573		2,666
PPL		9,099		299
Public Service Enterprise Group		73,637		3,105
SCANA		10,595		596
Sempra Energy		3,196		309
Southern		12,437		556

Description	Shares		Value (000)
TECO Energy		3,211	$	84
Vectren		5,606		235
WEC Energy Group		4,320		226
Westar Energy, Cl A		11,284		434
Xcel Energy		6,968		247
				19,458
Total Common Stock (Cost $1,125,255) (000)				1,151,223
Preferred Stock — 0.3%
Air BNB, Ser D* (A)		11,406		1,062
Air BNB, Ser E* (A)		6,939		646
Dropbox, Cl A* (A)		29,866		570
Dropbox, Cl C* (A)		1,097		21
Flipkart Online Services* (A)		5,739		735
Uber Technologies* (A)		21,072		796
Total Preferred Stock (Cost $3,079) (000)				3,830
Short-Term Investment (B) — 1.4%
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.000%		16,788,876		16,789
Total Short-Term Investment (Cost $16,789) (000)				16,789
Total Investments — 100.3% (Cost $1,145,123) (000) †			$	1,171,842

Percentages are based on Net Assets of $1,168,038 (000).

A list of the open futures contracts held by the Fund at September 30, 2015, is as follows (000):

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Depreciation
S&P 500 Index E-MINI		53		Dec-2015	$	(134	)

For the period ended September 30, 2015, the total number of all open futures contracts, as presented in the table above, are representative of the average volume of activity for this derivative type during the period.

* Non-income producing security.

‡ Real Estate Investment Trust

(A) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of September 30, 2015, was $3,830 (000) and represented 0.33% of net assets.

(B) The rate reported is the 7-day effective yield as of September 30, 2015.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

Ser — Series

S&P — Standard & Poor’s

27

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

† At September 30, 2015, the tax cost basis of the Fund’s investments was $1,145,123 (000), and the unrealized appreciation and depreciation were $80,147 (000) and $(53,428) (000), respectively.

The following is a list of the level of inputs used as of September 30, 2015, in valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in Securities	Level 1			Level 2		Level 3^		Total
Common Stock	$	1,151,223		$	-	$	-	$	1,151,223
Preferred Stock		-			-		3,830		3,830
Short-Term Investment		16,789			-		-		16,789
Total Investments in Securities	$	1,168,012		$	-	$	3,830	$	1,171,842
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts**
Unrealized Depreciation	$	(134	)	$	-	$	-	$	(134	)
Total Other Financial Instruments	$	(134	)	$	-	$	-	$	(134	)

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

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

For the period ended September 30, 2015, 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, 2015, 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, 2015 (Unaudited)

Description	Shares		Value (000)
Common Stock — 95.9%
Consumer Discretionary – 17.1%
1-800-Flowers.com, Cl A*		170,374	$	1,549
2U*		16,960		609
Abercrombie & Fitch, Cl A		63,676		1,349
AMC Entertainment Holdings, Cl A		1,700		43
AMC Networks, Cl A*		15,800		1,155
American Axle & Manufacturing Holdings*		6,030		120
American Eagle Outfitters		106,100		1,658
American Public Education*		1,300		30
America’s Car-Mart*		600		20
Apollo Education Group, Cl A*		7,900		87
Arctic Cat		900		20
Asbury Automotive Group*		2,189		178
Ascena Retail Group*		14,160		197
Ascent Capital Group, Cl A*		1,108		30
Barnes & Noble		3,997		48
Barnes & Noble Education*		2,526		32
Bassett Furniture Industries		800		22
Beazer Homes USA*		167,157		2,227
bebe stores		3,200		3
Belmond, Cl A*		7,410		75
Big 5 Sporting Goods		1,400		15
Big Lots		63,425		3,040
Biglari Holdings*		134		49
BJ’s Restaurants*		1,761		76
Black Diamond*		1,800		11
Bloomin’ Brands		9,713		177
Blue Nile*		886		30
Bob Evans Farms		1,731		75
Bojangles’*		600		10
Boot Barn Holdings*		1,000		18
Boyd Gaming*		53,986		880
Bravo Brio Restaurant Group*		77,988		879
Bridgepoint Education*		1,200		9
Bright Horizons Family Solutions*		3,000		193
Buckle		42,939		1,587
Buffalo Wild Wings*		1,527		295
Build-A-Bear Workshop, Cl A*		1,000		19
Burlington Stores*		27,239		1,390
Caesars Acquisition, Cl A*		3,900		28
Caesars Entertainment*		4,400		26
CalAtlantic Group*		148,575		1,189
Caleres		3,496		107
Callaway Golf		6,098		51
Capella Education		900		45
Career Education*		5,800		22
Carmike Cinemas*		73,702		1,480
Carriage Services, Cl A		1,300		28
Carrols Restaurant Group*		2,900		35
Carter’s		20,900		1,894
Cato, Cl A		2,300		78

Description	Shares		Value (000)
Cavco Industries*		700	$	48
Central European Media Enterprises, Cl A*		4,900		11
Century Communities*		1,100		22
Cheesecake Factory		3,863		208
Chegg*		130,173		939
Cherokee*		600		9
Chico’s FAS		135,045		2,124
Children’s Place		10,600		611
Christopher & Banks*		2,800		3
Churchill Downs		1,107		148
Chuy’s Holdings*		124,697		3,542
Citi Trends		1,300		30
ClubCorp Holdings		70,506		1,513
Collectors Universe		400		6
Columbia Sportswear		2,400		141
Conn’s*		2,160		52
Container Store Group*		1,500		21
Cooper Tire & Rubber		4,574		181
Cooper-Standard Holding*		1,100		64
Core-Mark Holding		1,856		121
Cracker Barrel Old Country Store		1,517		223
Crocs*		5,990		77
Crown Media Holdings, Cl A*		2,800		15
CSS Industries		800		21
Culp		700		22
Cumulus Media, Cl A*		12,400		9
Daily Journal*		150		28
Dana Holding		12,772		203
Darden Restaurants		13,700		939
Dave & Buster’s Entertainment*		37,235		1,409
Deckers Outdoor*		2,700		157
Del Frisco’s Restaurant Group*		178,206		2,475
Denny’s*		6,884		76
Destination XL Group*		2,800		16
DeVry Education Group		100,713		2,741
Diamond Resorts International*		3,334		78
DineEquity		1,300		119
Dixie Group*		173,555		1,451
Dorman Products*		2,134		109
DreamWorks Animation SKG, Cl A*		6,300		110
Drew Industries		1,882		103
DSW, Cl A		26,600		673
El Pollo Loco Holdings*		1,200		13
Eldorado Resorts*		1,900		17
Empire Resorts*		900		4
Entercom Communications, Cl A*		2,100		21
Entravision Communications, Cl A		5,300		35
Eros International, Cl A*		2,300		63
Escalade		800		13
Ethan Allen Interiors		2,081		55
Etsy*		1,400		19
EVINE Live*		3,600		9
EW Scripps, Cl A		4,726		84

29

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Expedia		16,100	$	1,894
Express*		6,745		121
Federal-Mogul Holdings*		2,600		18
Fenix Parts*		1,400		9
Fiesta Restaurant Group*		2,115		96
Finish Line, Cl A		35,624		688
Five Below*		4,463		150
Flexsteel Industries		400		13
Fogo De Chao*		700		11
Foot Locker		38,200		2,750
Fox Factory Holding*		1,500		25
Francesca’s Holdings*		3,300		40
Fred’s, Cl A		100,483		1,191
FTD*		1,500		45
Genesco*		1,889		108
Gentherm*		2,804		126
G-III Apparel Group*		57,456		3,542
Global Eagle Entertainment*		3,300		38
GNC Holdings, Cl A		84,845		3,430
Grand Canyon Education*		3,644		138
Gray Television*		5,100		65
Green Brick Partners*		1,400		15
Group 1 Automotive		1,899		162
Guess?		4,896		105
Habit Restaurants, Cl A*		22,758		487
Harman International Industries		26,003		2,495
Harte-Hanks		4,173		15
Haverty Furniture		1,600		38
Helen of Troy*		18,451		1,647
Hemisphere Media Group, Cl A*		700		10
Hibbett Sports*		2,000		70
Hooker Furniture		800		19
Horizon Global*		1,439		13
Houghton Mifflin Harcourt*		10,679		217
Hovnanian Enterprises, Cl A*		9,898		18
HSN		2,648		152
Iconix Brand Group*		3,823		52
IMAX*		28,255		955
Installed Building Products*		29,160		737
International Speedway, Cl A		2,200		70
Interval Leisure Group		3,200		59
Intrawest Resorts Holdings*		1,100		10
iRobot*		2,350		68
Isle of Capri Casinos*		1,800		31
J Alexander’s Holdings*		1,174		12
Jack in the Box		13,138		1,012
JAKKS Pacific*		1,500		13
Jamba*		1,200		17
Jarden*		58,591		2,863
John Wiley & Sons, Cl A		18,089		905
Johnson Outdoors, Cl A		400		8
Journal Media Group		1,507		11
K12*		2,700		34
KB Home		6,854		93

Description	Shares		Value (000)
Kirkland’s		78,136	$	1,683
Kona Grill*		800		13
Krispy Kreme Doughnuts*		128,157		1,875
La Quinta Holdings*		7,400		117
Lands’ End*		1,400		38
La-Z-Boy, Cl Z		4,297		114
LGI Homes*		1,200		33
Libbey		1,710		56
Liberty Tax		400		9
Liberty TripAdvisor Holdings, Cl A*		5,900		131
LifeLock*		6,995		61
Lifetime Brands		900		13
Lindblad Expeditions Holdings*		166,166		1,623
Lithia Motors, Cl A		1,835		198
Loral Space & Communications*		1,000		47
Lumber Liquidators Holdings*		2,149		28
M/I Homes*		33,746		796
Malibu Boats, Cl A*		112,749		1,576
Marcus		1,500		29
Marine Products		600		4
MarineMax*		103,753		1,466
Marriott Vacations Worldwide		1,989		136
Martha Stewart Living Omnimedia, Cl A*		2,400		14
Mattress Firm Holding*		1,700		71
MCBC Holdings*		39,412		511
MDC Holdings		3,087		81
MDC Partners, Cl A		3,355		62
Media General*		7,589		106
Men’s Wearhouse		61,159		2,601
Meredith		3,013		128
Meritage Homes*		3,087		113
Metaldyne Performance Group		44,700		939
Modine Manufacturing*		172,371		1,356
Mohawk Industries*		11,500		2,090
Monarch Casino & Resort*		700		13
Monro Muffler Brake		17,553		1,186
Morgans Hotel Group*		2,400		8
Motorcar Parts of America*		1,400		44
Movado Group		1,351		35
NACCO Industries, Cl A		400		19
National CineMedia		73,029		980
Nautilus*		2,500		38
New Home*		700		9
New Media Investment Group		3,504		54
New York Times, Cl A		11,389		135
Newell Rubbermaid		42,600		1,691
Nexstar Broadcasting Group, Cl A		2,395		113
Noodles, Cl A*		800		11
Norwegian Cruise Line Holdings*		8,900		510
Nutrisystem		42,755		1,134
Ollie’s Bargain Outlet Holdings*		1,100		18
Outerwall		1,426		81
Overstock.com*		1,000		17

30

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Oxford Industries		17,507	$	1,293
Panera Bread, Cl A*		4,100		793
Papa John’s International		2,400		164
Papa Murphy’s Holdings*		900		13
Party City Holdco*		1,800		29
Penn National Gaming*		96,332		1,616
Pep Boys - Manny Moe & Jack*		4,188		51
Performance Sports Group*		3,300		44
Perry Ellis International*		1,000		22
PetMed Express		1,500		24
Pier 1 Imports		247,016		1,704
Pinnacle Entertainment*		4,916		166
Planet Fitness, Cl A*		1,500		26
Pool		3,430		249
Popeyes Louisiana Kitchen*		30,997		1,747
Potbelly*		1,300		14
Reading International, Cl A*		57,927		734
Red Robin Gourmet Burgers*		13,100		992
Regis*		3,000		39
Remy International		2,400		70
Rent-A-Center, Cl A		4,200		102
Rentrak*		1,000		54
Restoration Hardware Holdings*		8,310		775
Ruby Tuesday*		5,200		32
Ruth’s Hospitality Group		2,800		45
Ryland Group		3,665		150
Saga Communications, Cl A		300		10
Scholastic		2,100		82
Scientific Games, Cl A*		3,958		41
SeaWorld Entertainment		148,670		2,648
Select Comfort*		4,387		96
Sequential Brands Group*		32,680		473
SFX Entertainment*		3,200		2
Shake Shack, Cl A*		400		19
Shoe Carnival		1,165		28
Shutterfly*		3,121		112
Sinclair Broadcast Group, Cl A		5,209		132
Sizmek*		1,700		10
Skullcandy*		1,600		9
Smith & Wesson Holding*		4,445		75
Sonic		4,300		99
Sonic Automotive, Cl A		2,431		50
Sotheby’s		30,137		964
Speedway Motorsports		900		16
Sportsman’s Warehouse Holdings*		87,480		1,078
Stage Stores		2,581		25
Standard Motor Products		1,614		56
Stein Mart		198,731		1,924
Steiner Leisure*		1,000		63
Steven Madden*		49,965		1,830
Stoneridge*		2,400		30
Strattec Security		272		17
Strayer Education*		908		50
Sturm Ruger		1,489		87

Description	Shares		Value (000)
Superior Industries International		1,831	$	34
Superior Uniform Group		700		13
Systemax*		1,100		8
Taylor Morrison Home, Cl A*		2,400		45
Tempur Sealy International*		19,300		1,379
Tenneco*		4,808		215
Texas Roadhouse, Cl A		5,460		203
Tile Shop Holdings*		77,550		929
Tilly’s, Cl A*		900		7
Time		8,585		164
Toll Brothers*		28,000		959
Tower International*		1,554		37
Townsquare Media, Cl A*		900		9
Tractor Supply		19,300		1,627
Travelport Worldwide		8,784		116
TRI Pointe Group*		12,743		167
Tribune Publishing		1,900		15
Tuesday Morning*		3,400		18
Tumi Holdings*		4,800		85
UCP, Cl A*		54,349		365
Ulta Salon Cosmetics & Fragrance*		15,740		2,571
Under Armour, Cl A*		15,283		1,479
Unifi*		1,198		36
Unique Fabricating		43,211		480
Universal Electronics*		1,300		55
Universal Technical Institute		1,600		6
Vail Resorts		2,854		299
Vera Bradley*		1,900		24
Vince Holding*		800		3
Vitamin Shoppe*		2,305		75
VOXX International, Cl A*		1,400		10
Wayfair, Cl A*		1,500		53
WCI Communities*		1,400		32
Weight Watchers International*		2,400		15
Wendy’s		92,175		797
West Marine*		1,300		11
Weyco Group		500		14
William Lyon Homes, Cl A*		1,800		37
Wingstop*		700		17
Winmark		200		21
Winnebago Industries		2,100		40
Wolverine World Wide		8,407		182
World Wrestling Entertainment, Cl A		58,914		995
ZAGG*		2,100		14
Zoe’s Kitchen*		1,600		63
zulily, Cl A*		4,800		84
Zumiez*		1,670		26
				130,302
Consumer Staples – 2.0%
Alico		200		8
Amplify Snack Brands*		1,600		16
Andersons		58,187		1,981
B&G Foods		13,407		489
Blue Buffalo Pet Products*		15,100		270

31

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Boston Beer, Cl A*		779	$	164
Boulder Brands*		5,100		42
Calavo Growers		1,100		49
Cal-Maine Foods		2,600		142
Casey’s General Stores		3,156		325
Castle Brands*		7,400		10
Central Garden & Pet, Cl A*		3,100		50
Chefs’ Warehouse*		53,247		754
Coca-Cola Bottling Consolidated		400		77
Craft Brew Alliance*		900		7
Darling Ingredients*		13,597		153
Dean Foods		7,455		123
Diamond Foods*		2,100		65
Elizabeth Arden*		2,225		26
Fairway Group Holdings, Cl A*		1,700		2
Farmer Bros*		500		14
Flowers Foods		53,390		1,321
Fresh Del Monte Produce		2,800		111
Fresh Market*		3,300		75
Freshpet*		1,800		19
Herbalife*		16,500		898
HRG Group*		6,621		78
Ingles Markets, Cl A		1,100		53
Inter Parfums		1,287		32
Inventure Foods*		96,033		853
J&J Snack Foods		1,180		134
John B Sanfilippo & Son		700		36
Lancaster Colony		1,441		140
Landec*		2,200		26
Lifeway Foods*		300		3
Limoneira		900		15
Medifast*		1,000		27
MGP Ingredients		1,000		16
National Beverage*		1,000		31
Natural Grocers by Vitamin Cottage*		700		16
Natural Health Trends		600		20
Nature’s Sunshine Products		800		10
Nu Skin Enterprises, Cl A		14,283		590
Nutraceutical International*		600		14
Oil-Dri Corp of America		300		7
Omega Protein*		1,700		29
Orchids Paper Products		700		18
Post Holdings*		27,078		1,601
PriceSmart		1,552		120
Revlon, Cl A*		900		27
Rite Aid*		131,145		796
Sanderson Farms		1,826		125
Seaboard*		22		68
Seneca Foods, Cl A*		700		18
Smart & Final Stores*		2,000		31
Snyder’s-Lance		3,776		127
SpartanNash		2,941		76
SUPERVALU*		20,725		149
Synutra International*		1,100		5

Description	Shares		Value (000)
Tootsie Roll Industries		1,542	$	48
TreeHouse Foods*		3,513		273
United Natural Foods*		3,929		191
Universal		1,961		97
USANA Health Sciences*		500		67
Vector Group		6,746		153
Village Super Market, Cl A		500		12
WD-40		1,187		105
Weis Markets		897		37
WhiteWave Foods, Cl A*		38,940		1,563
				15,028
Energy – 3.0%
Abraxas Petroleum*		7,700		10
Adams Resources & Energy		200		8
Alon USA Energy		2,800		51
Approach Resources*		3,300		6
Ardmore Shipping		104,296		1,259
Atwood Oceanics		5,400		80
Basic Energy Services*		2,700		9
Bill Barrett*		119,020		393
Bonanza Creek Energy*		4,175		17
Bristow Group		36,034		943
C&J Energy Services*		4,600		16
Callon Petroleum*		5,400		39
Capital Product Partners(A)		114,400		705
CARBO Ceramics		116,048		2,204
Carrizo Oil & Gas*		4,265		130
Clayton Williams Energy*		500		19
Clean Energy Fuels*		5,852		26
Cloud Peak Energy*		5,201		14
Contango Oil & Gas*		1,241		9
Delek US Holdings		4,700		130
DHT Holdings		7,300		54
Dorian LPG*		1,800		19
Eclipse Resources*		5,400		11
Energy Fuels*		3,000		9
Energy XXI		7,788		8
Era Group*		1,600		24
Evolution Petroleum		1,500		8
EXCO Resources		12,700		10
Exterran Holdings		5,452		98
Fairmount Santrol Holdings*		4,699		13
Forum Energy Technologies*		4,400		54
Frontline*		10,200		27
GasLog		3,327		32
Gastar Exploration*		245,619		282
Gener8 Maritime*		1,700		19
Geospace Technologies*		1,114		15
Green Plains		86,008		1,673
Gulfmark Offshore, Cl A		2,155		13
Gulfport Energy*		25,165		747
Halcon Resources*		31,300		17
Hallador Energy		800		6
Helix Energy Solutions Group*		8,171		39

32

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Hornbeck Offshore Services*		2,300	$	31
Independence Contract Drilling*		600		3
ION Geophysical*		10,870		4
Isramco*		39		4
Jones Energy, Cl A*		65,421		313
Key Energy Services*		11,450		5
Magnum Hunter Resources*		16,966		6
Matador Resources*		6,100		127
Matrix Service*		2,100		47
McDermott International*		18,384		79
Natural Gas Services Group*		1,000		19
Navios Maritime Acquisition		6,900		24
Newpark Resources*		6,698		34
Nordic American Offshore		1,500		9
Nordic American Tankers		6,900		105
North Atlantic Drilling		4,800		4
Northern Oil and Gas*		5,000		22
Oasis Petroleum*		11,600		101
Oceaneering International		22,547		886
Oil States International*		4,300		112
Pacific Ethanol*		2,000		13
Panhandle Oil and Gas, Cl A		1,200		19
Par Petroleum*		1,100		23
Parker Drilling*		9,402		25
Parsley Energy, Cl A*		7,588		114
Patterson-UTI Energy		212,377		2,790
PDC Energy*		3,125		166
Peabody Energy		20,400		28
Penn Virginia*		5,614		3
PHI*		1,000		19
Pioneer Energy Services*		5,274		11
Precision Drilling		314,275		1,169
Renewable Energy Group*		3,700		31
Resolute Energy*		52,739		20
REX American Resources*		500		25
Rex Energy*		99,824		207
RigNet*		900		23
Ring Energy*		56,800		561
RSP Permian*		4,900		99
Sanchez Energy*		177,515		1,091
SandRidge Energy*		31,200		8
Scorpio Tankers		13,775		126
SEACOR Holdings*		1,400		84
SemGroup, Cl A		3,423		148
Seventy Seven Energy*		4,000		6
Ship Finance International		4,600		75
Solazyme*		6,500		17
Stone Energy*		4,344		22
Superior Energy Services		203,026		2,564
Synergy Resources*		8,700		85
Teekay Tankers, Cl A		8,200		57
Tesco		2,900		21
TETRA Technologies*		6,131		36
Tidewater		3,500		46

Description	Shares		Value (000)
TransAtlantic Petroleum*		2,200	$	6
Triangle Petroleum*		3,200		5
Ultra Petroleum*		12,800		82
Unit*		3,800		43
Uranium Energy*		9,200		9
US Silica Holdings		86,577		1,220
W&T Offshore		2,600		8
Western Refining		5,597		247
Westmoreland Coal*		1,324		19
				22,552
Financials – 20.6%
1st Source		1,320		41
Acadia Realty Trust ‡		5,600		168
Access National		700		14
Agree Realty ‡		1,400		42
Alexander & Baldwin		3,753		129
Alexander’s ‡		175		65
Altisource Asset Management*		65		2
Altisource Portfolio Solutions*		1,064		25
Altisource Residential ‡		4,500		63
Ambac Financial Group*		3,600		52
American Assets Trust ‡		3,038		124
American Capital Mortgage Investment ‡		4,100		60
American Equity Investment Life Holding		50,447		1,176
American Financial Group		43,995		3,032
American National Bankshares		800		19
American Residential Properties ‡		2,400		41
Ameris Bancorp		24,229		697
AMERISAFE		1,466		73
Ames National		700		16
Anchor BanCorp Wisconsin*		500		21
Anworth Mortgage Asset ‡		8,498		42
Apollo Commercial Real Estate Finance ‡		4,636		73
Apollo Residential Mortgage ‡		2,500		32
Ares Commercial Real Estate ‡		2,400		29
Argo Group International Holdings		2,299		130
Arlington Asset Investment, Cl A		1,700		24
Armada Hoffler Properties ‡		2,000		20
ARMOUR Residential ‡		3,612		72
Arrow Financial		928		25
Ashford*		44		3
Ashford Hospitality Prime ‡		2,061		29
Ashford Hospitality Trust ‡		6,533		40
Assurant		34,320		2,712
Astoria Financial		7,567		122
Atlas Financial Holdings*		900		17
AV Homes*		900		12
Baldwin & Lyons, Cl B		700		15
Banc of California		2,900		36
BancFirst		600		38
Banco Latinoamericano de Comercio Exterior, Cl E		2,400		56

33

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Bancorp*		69,321	$	528
BancorpSouth		7,544		179
Bank Mutual		3,900		30
Bank of Hawaii		46,020		2,921
Bank of Marin Bancorp		500		24
Bank of the Ozarks		37,135		1,625
BankFinancial		1,600		20
Banner		1,616		77
Bar Harbor Bankshares		400		13
BBCN Bancorp		6,236		94
BBX Capital, Cl A*		519		8
Bear State Financial*		1,400		12
Beneficial Bancorp*		6,839		91
Berkshire Hills Bancorp		33,945		935
BGC Partners, Cl A		14,553		120
Blue Hills Bancorp		2,400		33
Bluerock Residential Growth, Cl A ‡		1,300		16
BNC Bancorp		36,663		815
BofI Holding*		1,200		155
Boston Private Financial Holdings		6,974		82
Bridge Bancorp		57,997		1,549
Brookline Bancorp		102,348		1,038
Bryn Mawr Bank		1,300		40
BSB Bancorp*		800		17
C1 Financial*		700		13
Calamos Asset Management, Cl A		1,300		12
Camden National		500		20
Campus Crest Communities ‡		101,251		539
Capital Bank Financial, Cl A*		1,834		55
Capital City Bank Group		800		12
Capitol Federal Financial		11,685		142
Capstead Mortgage ‡		7,300		72
Cardinal Financial		22,353		514
CareTrust ‡		3,737		42
Cascade Bancorp*		2,506		14
Cash America International		2,300		64
CatchMark Timber Trust, Cl A ‡		2,900		30
Cathay General Bancorp		6,211		186
Cedar Realty Trust ‡		7,025		44
CenterState Banks		49,372		726
Central Pacific Financial		1,900		40
Century Bancorp, Cl A		300		12
Chambers Street Properties ‡		19,621		127
Charter Financial		1,159		15
Chatham Lodging Trust ‡		3,000		64
Chemical Financial		56,890		1,840
Chesapeake Lodging Trust ‡		4,879		127
CIFC		300		2
Citizens, Cl A*		3,800		28
Citizens & Northern		900		18
City Holding		1,237		61
Clifton Bancorp		2,189		30
CNB Financial		1,200		22
CNO Financial Group		15,926		300

Description	Shares		Value (000)
CoBiz Financial		198,519	$	2,583
Cohen & Steers		1,500		41
Colony Capital, Cl A ‡		8,800		172
Columbia Banking System		68,070		2,124
Commerce Bancshares		66,534		3,030
Community Bank System		3,254		121
Community Trust Bancorp		1,188		42
CommunityOne Bancorp*		900		10
ConnectOne Bancorp		2,460		47
Consolidated-Tomoka Land		300		15
CorEnergy Infrastructure Trust ‡		4,000		18
CoreSite Realty ‡		1,900		98
Cousins Properties		17,078		157
Cowen Group, Cl A*		9,004		41
Crawford, Cl B		2,200		12
CU Bancorp*		1,400		31
CubeSmart		13,426		365
Customers Bancorp*		69,324		1,782
CVB Financial		8,218		137
CyrusOne ‡		5,408		177
CYS Investments ‡		13,404		97
DCT Industrial Trust		6,995		235
Diamond Hill Investment Group		300		56
DiamondRock Hospitality ‡		15,554		172
Dime Community Bancshares		2,543		43
Donegal Group, Cl A		700		10
DuPont Fabros Technology ‡		4,930		128
Dynex Capital ‡		4,600		30
Eagle Bancorp*		88,716		4,036
Easterly Government Properties ‡		1,200		19
EastGroup Properties ‡		2,493		135
Education Realty Trust ‡		3,985		131
eHealth*		1,500		19
EMC Insurance Group		450		10
Employers Holdings		2,700		60
Encore Capital Group*		2,000		74
Enova International*		1,972		20
Enstar Group*		700		105
Enterprise Bancorp		600		13
Enterprise Financial Services		1,500		38
EPR Properties ‡		4,482		231
Equity One ‡		5,800		141
Essent Group*		106,907		2,656
EverBank Financial		7,641		147
Evercore Partners, Cl A		2,763		139
Ezcorp, Cl A*		3,900		24
Farmers Capital Bank*		500		12
FBL Financial Group, Cl A		800		49
FCB Financial Holdings, Cl A*		2,100		69
Federal Agricultural Mortgage, Cl C		900		23
Federated National Holding		1,000		24
FelCor Lodging Trust ‡		10,972		78
Fidelity & Guaranty Life		42,424		1,041
Fidelity Southern		1,312		28

34

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Fifth Street Asset Management, Cl A		300	$	2
Financial Engines		4,035		119
Financial Institutions		1,200		30
First American Financial		8,726		341
First Bancorp		2,300		40
First BanCorp*		8,600		31
First Busey		1,870		37
First Business Financial Services		600		14
First Cash Financial Services*		2,317		93
First Citizens BancShares, Cl A		644		146
First Commonwealth Financial		6,738		61
First Community Bancshares		1,300		23
First Connecticut Bancorp		67,863		1,094
First Defiance Financial		700		26
First Financial		900		29
First Financial Bancorp		104,067		1,986
First Financial Bankshares		5,242		167
First Foundation*		13,486		307
First Industrial Realty Trust ‡		8,977		188
First Interstate BancSystem, Cl A		1,500		42
First Merchants		37,415		981
First Midwest Bancorp		71,303		1,251
First NBC Bank Holding*		46,393		1,626
First Niagara Financial Group		240,180		2,452
First of Long Island		1,046		28
First Potomac Realty Trust ‡		4,618		51
FirstMerit		12,970		229
Flagstar Bancorp*		1,600		33
Flushing Financial		2,486		50
FNB		234,095		3,031
FNFV Group*		6,800		80
Forestar Group*		2,722		36
Fox Chase Bancorp		800		14
Franklin Financial Network*		54,344		1,215
Franklin Street Properties ‡		6,851		74
FRP Holdings*		500		15
Fulton Financial		13,900		168
GAIN Capital Holdings		2,900		21
GAMCO Investors, Cl A		500		27
GEO Group ‡		6,052		180
German American Bancorp		1,000		29
Getty Realty ‡		2,006		32
Glacier Bancorp		5,849		154
Gladstone Commercial ‡		1,500		21
Global Indemnity, Cl A*		700		18
Government Properties Income Trust ‡		5,500		88
Gramercy Property Trust ‡		4,575		95
Great Ajax ‡		500		6
Great Southern Bancorp		800		35
Great Western Bancorp		37,814		959
Green Bancorp*		1,000		11
Green Dot, Cl A*		3,400		60
Greenhill		40,317		1,149

Description	Shares		Value (000)
Greenlight Capital, Cl A*		2,251	$	50
Guaranty Bancorp		1,100		18
Hallmark Financial Services*		1,100		13
Hampton Roads Bankshares*		2,000		4
Hancock Holding		85,600		2,315
Hanmi Financial		2,483		63
Hannon Armstrong Sustainable Infrastructure Capital ‡		97,054		1,672
Hatteras Financial ‡		7,600		115
HCI Group		700		27
Healthcare Realty Trust ‡		8,147		202
Heartland Financial USA		1,300		47
Heritage Commerce		2,300		26
Heritage Financial		130,334		2,453
Heritage Insurance Holdings*		1,800		36
Heritage Oaks Bancorp		1,900		15
Hersha Hospitality Trust, Cl A ‡		3,900		88
HFF, Cl A		3,021		102
Highwoods Properties		7,564		293
Hilltop Holdings*		6,299		125
Hingham Institution for Savings		100		12
Home BancShares		4,463		181
HomeStreet*		1,800		42
HomeTrust Bancshares*		1,800		33
Horace Mann Educators		87,970		2,922
Horizon Bancorp		1,100		26
Houlihan Lokey, Cl A*		600		13
Hudson Pacific Properties ‡		5,774		166
IBERIABANK		34,036		1,981
Impac Mortgage Holdings*		800		13
Independence Holding		500		6
Independence Realty Trust ‡		2,275		16
Independent Bank		69,265		3,133
Independent Bank Group		700		27
Infinity Property & Casualty		14,058		1,132
InfraREIT ‡		1,700		40
Inland Real Estate ‡		6,917		56
International Bancshares		4,481		112
International. FCStone*		1,100		27
Invesco Mortgage Capital ‡		9,752		119
Investment Technology Group		2,800		37
Investors Bancorp		28,153		347
Investors Real Estate Trust ‡		10,306		80
iStar ‡*		58,585		737
James River Group Holdings		800		22
Janus Capital Group		11,587		158
JG Wentworth, Cl A*		800		4
Kansas City Life Insurance		300		14
KCG Holdings, Cl A*		3,624		40
Kearny Financial		7,832		90
Kemper		3,613		128
Kennedy-Wilson Holdings		7,320		162
Kite Realty Group Trust ‡		6,618		158
Ladder Capital, Cl A ‡		2,900		42

35

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Ladenburg Thalmann Financial Services*		8,400	$	18
Lakeland Bancorp		2,889		32
Lakeland Financial		1,300		59
LaSalle Hotel Properties		9,093		258
LegacyTexas Financial Group		3,835		117
LendingTree*		500		47
Lexington Realty Trust ‡		16,024		130
Live Oak Bancshares		600		12
LTC Properties ‡		2,800		119
Mack-Cali Realty ‡		7,064		133
Maiden Holdings		3,934		55
MainSource Financial Group		1,600		33
Marcus & Millichap*		1,000		46
MarketAxess Holdings		10,942		1,017
Marlin Business Services		800		12
MB Financial		5,914		193
MBIA*		11,600		71
Medical Properties Trust ‡		18,411		204
Medley Management, Cl A		300		2
Mercantile Bank		1,300		27
Merchants Bancshares		300		9
Meridian Bancorp		4,034		55
Meta Financial Group		600		25
Metro Bancorp		800		24
MGIC Investment*		166,335		1,540
MidWestOne Financial Group		500		15
Moelis, Cl A		1,300		34
Monmouth Real Estate Investment, Cl A ‡		4,560		44
Monogram Residential Trust ‡		13,900		129
Mortgage Investment Trust ‡		2,300		35
National Bank Holdings, Cl A		165,361		3,394
National Bankshares		500		16
National Commerce*		600		14
National General Holdings		3,400		66
National Health Investors ‡		3,099		178
National Interstate		500		13
National Penn Bancshares		11,079		130
National Storage Affiliates Trust ‡		1,600		22
National Western Life Insurance, Cl A		193		43
Nationstar Mortgage Holdings*		2,900		40
Navigators Group*		787		61
NBT Bancorp		3,422		92
Nelnet, Cl A		1,959		68
New Residential Investment ‡		281,542		3,689
New Senior Investment Group ‡		6,700		70
New York ‡		13,500		136
New York Mortgage Trust ‡		8,010		44
NewBridge Bancorp		2,756		24
NewStar Financial*		2,200		18
NexPoint Residential Trust ‡		1,300		17
NMI Holdings, Cl A*		4,300		33

Description	Shares		Value (000)
Northfield Bancorp		3,900	$	59
Northwest Bancshares		120,473		1,566
OceanFirst Financial		1,000		17
Ocwen Financial*		8,000		54
OFG Bancorp		34,583		302
Old National Bancorp		169,644		2,363
Old Second Bancorp*		2,700		17
OM Asset Management		1,900		29
On Deck Capital*		1,000		10
One Liberty Properties ‡		1,000		21
OneBeacon Insurance Group, Cl A		1,925		27
Oppenheimer Holdings, Cl A		704		14
Opus Bank		700		27
Orchid Island Capital, Cl A ‡		1,300		12
Oritani Financial		3,559		56
Outfront Media ‡		99,992		2,081
Pacific Continental		1,500		20
Pacific Premier Bancorp*		1,600		33
Park National		989		89
Park Sterling		329,454		2,240
Parkway Properties ‡		7,041		110
Patriot National*		800		13
Peapack Gladstone Financial		1,200		25
Pebblebrook Hotel Trust		5,824		206
Penns Woods Bancorp		352		14
Pennsylvania ‡		5,738		114
PennyMac Financial Services, Cl A*		1,100		18
PennyMac Mortgage Investment Trust ‡		5,867		91
Peoples Bancorp		1,300		27
Peoples Financial Services		600		21
PHH*		3,717		52
Physicians Realty Trust ‡		5,500		83
PICO Holdings*		1,900		18
Pinnacle Financial Partners		2,800		138
Piper Jaffray*		1,300		47
Potlatch ‡		38,848		1,119
PRA Group*		3,961		210
Preferred Apartment Communities, Cl A ‡		1,500		16
Preferred Bank		1,000		32
Primerica		54,930		2,476
PrivateBancorp		64,925		2,489
ProAssurance		20,019		982
Prosperity Bancshares		72,799		3,574
Provident Financial Services		56,103		1,094
PS Business Parks ‡		1,585		126
Pzena Investment Management, Cl A		800		7
QCR Holdings		800		17
QTS Realty Trust*		41,000		1,791
Radian Group		49,043		780
RAIT Financial Trust ‡		6,800		34

36

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Ramco-Gershenson Properties Trust ‡		6,530	$	98
RCS Capital, Cl A*		3,500		3
RE/MAX Holdings, Cl A		900		32
Redwood Trust ‡		6,700		93
Regional Management*		900		14
Renasant		3,322		109
Republic Bancorp, Cl A		700		17
Resource America, Cl A		1,100		7
Resource Capital		2,658		30
Retail Opportunity Investments ‡		8,200		136
Rexford Industrial Realty ‡		4,600		63
RLI		3,396		182
RLJ Lodging Trust		10,703		270
Rouse Properties ‡		2,800		44
Ryman Hospitality Properties ‡		3,469		171
S&T Bancorp		2,874		94
Sabra Health Care ‡		5,400		125
Safeguard Scientifics*		1,600		25
Safety Insurance Group		1,203		65
Sandy Spring Bancorp		2,070		54
Saul Centers ‡		800		41
Sberbank of Russia Via SB Capital* (B)		1,600		23
Select Income ‡		5,188		99
Selective Insurance Group		4,648		144
ServisFirst Bancshares		1,900		79
Sierra Bancorp		800		13
Signature Bank*		26,627		3,662
Silver Bay Realty Trust ‡		3,000		48
Simmons First National, Cl A		2,454		118
Solar Capital		35,112		555
South State		1,900		146
Southside Bancshares		2,028		56
Southwest Bancorp		91,100		1,495
Sovran Self Storage ‡		2,792		263
Square 1 Financial, Cl A*		37,696		968
St. Joe*		5,600		107
STAG Industrial ‡		44,249		806
Starwood Waypoint Residential Trust ‡		2,996		71
State Auto Financial		1,300		30
State Bank Financial		94,521		1,955
State National		3,100		29
Sterling Bancorp		42,631		634
Stewart Information Services		6,689		274
Stifel Financial*		5,510		232
Stock Yards Bancorp		1,200		44
Stonegate Bank		62,052		1,974
Stonegate Mortgage*		60,929		433
STORE Capital ‡		3,200		66
Strategic Hotels & Resorts ‡*		22,170		306
Suffolk Bancorp		1,000		27
Summit Hotel Properties ‡		6,800		79

Description	Shares		Value (000)
Sun Bancorp*		740	$	14
Sun Communities ‡		3,695		250
Sunstone Hotel Investors ‡		16,877		223
Symetra Financial		6,123		194
Synovus Financial		42,455		1,257
Talmer Bancorp, Cl A		163,454		2,721
Tejon Ranch*		1,000		22
Terreno Realty ‡		3,400		67
Territorial Bancorp		684		18
Texas Capital Bancshares*		12,251		642
Third Point Reinsurance*		7,017		94
Tiptree Financial		2,800		18
Tompkins Financial		1,191		64
Towne Bank		3,460		65
TriCo Bancshares		1,800		44
TriState Capital Holdings*		88,268		1,101
Triumph Bancorp*		1,400		24
TrustCo Bank		7,370		43
Trustmark		5,328		123
UMB Financial		18,952		963
UMH Properties ‡		1,700		16
Umpqua Holdings		73,476		1,198
Union Bankshares		63,300		1,519
United Bankshares		5,631		214
United Community Banks		4,291		88
United Community Financial		3,800		19
United Development Funding IV ‡		2,200		39
United Financial Bancorp		3,951		52
United Fire Group		1,600		56
United Insurance Holdings		1,100		14
Universal Health Realty Income Trust ‡		998		47
Universal Insurance Holdings		2,447		72
Univest Corp of Pennsylvania		1,334		26
Urban Edge Properties ‡		7,000		151
Urstadt Biddle Properties, Cl A ‡		1,971		37
Valley National Bancorp		19,073		188
Virtu Financial, Cl A		1,400		32
Virtus Investment Partners		550		55
Walker & Dunlop*		2,300		60
Walter Investment Management*		2,925		48
Washington ‡		5,260		131
Washington Federal		7,394		168
Washington Trust Bancorp		1,185		46
Waterstone Financial		2,600		35
Webster Financial		7,385		263
WesBanco		27,910		878
West Bancorporation		1,300		24
Westamerica Bancorporation		51,164		2,274
Western Alliance Bancorp*		6,731		207
Western Asset Mortgage Capital ‡		3,451		44
Westwood Holdings Group		600		33
Whitestone, Cl B ‡		1,900		22
Wilshire Bancorp		5,300		56

37

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Winthrop Realty Trust ‡		68,598	$	985
Wintrust Financial		3,710		198
WisdomTree Investments		9,004		145
World Acceptance*		600		16
WSFS Financial		2,200		63
Xenia Hotels & Resorts ‡		8,800		154
Yadkin Financial		2,081		45
Zions Bancorporation		38,400		1,058
				157,367
Health Care – 12.9%
AAC Holdings*		500		11
Abaxis		1,733		76
ABIOMED*		19,403		1,800
Acadia Healthcare*		22,783		1,510
ACADIA Pharmaceuticals*		6,194		205
Accelerate Diagnostics*		1,744		28
Acceleron Pharma*		1,800		45
Accuray*		6,069		30
Aceto		2,200		60
Achillion Pharmaceuticals*		9,100		63
Acorda Therapeutics*		3,604		96
Adamas Pharmaceuticals*		700		12
Addus HomeCare*		500		16
Adeptus Health, Cl A*		6,143		496
Aduro Biotech*		600		12
Advaxis*		2,200		23
Aegerion Pharmaceuticals*		2,198		30
Aerie Pharmaceuticals*		1,700		30
Affimed*		1,000		6
Affymetrix*		5,894		50
Agenus*		6,200		29
Agile Therapeutics*		1,100		7
Aimmune Therapeutics*		1,000		25
Air Methods*		66,508		2,267
Akebia Therapeutics*		2,100		20
Albany Molecular Research*		1,900		33
Alder Biopharmaceuticals*		1,800		59
Alere*		50,500		2,431
Alimera Sciences*		2,600		6
Alliance HealthCare Services*		400		4
Almost Family*		700		28
AMAG Pharmaceuticals*		2,700		107
Amedisys*		29,028		1,102
Amicus Therapeutics*		9,000		126
AMN Healthcare Services*		51,770		1,554
Amphastar Pharmaceuticals*		2,300		27
Amsurg, Cl A*		64,732		5,030
Anacor Pharmaceuticals*		10,965		1,291
Analogic		971		80
AngioDynamics*		2,100		28
ANI Pharmaceuticals*		700		28
Anika Therapeutics*		1,200		38
Antares Pharma*		10,100		17
Anthera Pharmaceuticals*		3,900		24

Description	Shares		Value (000)
Applied Genetic Technologies*		400	$	5
Aratana Therapeutics*		2,200		19
Ardelyx*		1,100		19
Arena Pharmaceuticals*		19,028		36
ARIAD Pharmaceuticals*		13,200		77
Array BioPharma*		11,100		51
Arrowhead Research*		4,600		26
Assembly Biosciences*		1,000		10
Atara Biotherapeutics*		1,500		47
AtriCure*		51,635		1,131
Atrion		128		48
aTyr Pharma*		700		7
Avalanche Biotechnologies*		1,400		12
Axovant Sciences*		1,400		18
Bellicum Pharmaceuticals*		600		9
BioCryst Pharmaceuticals*		5,637		64
BioDelivery Sciences International*		3,600		20
BioScrip*		5,800		11
BioSpecifics Technologies*		300		13
Bio-Techne		2,091		193
BioTelemetry*		2,100		26
BioTime*		4,400		13
Blueprint Medicines*		700		15
Calithera Biosciences*		500		3
Cambrex*		23,736		942
Cantel Medical		12,618		715
Capital Senior Living*		2,345		47
Cara Therapeutics*		1,500		21
Carbylan Therapeutics*		1,300		5
Cardiovascular Systems*		56,736		899
Castlight Health, Cl B*		3,000		13
Catalent*		6,800		165
Catalyst Pharmaceuticals*		5,300		16
Celldex Therapeutics*		7,704		81
Cellular Biomedicine Group*		700		12
Cempra*		2,400		67
Cepheid*		15,151		685
Cerus*		7,400		34
Charles River Laboratories International*		9,363		595
Chemed		13,360		1,783
ChemoCentryx*		2,400		15
Chiasma*		800		16
Chimerix*		3,700		141
Civitas Solutions*		1,000		23
Clovis Oncology*		2,237		206
Coherus Biosciences*		18,382		368
Collegium Pharmaceutical*		700		15
Community Health Systems*		17,400		744
Computer Programs & Systems		882		37
Concert Pharmaceuticals*		1,100		21
ConforMIS*		1,000		18
CONMED		2,166		103
Connecture*		700		3

38

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Corcept Therapeutics*		4,500	$	17
Corindus Vascular Robotics*		2,500		8
Corium International*		900		8
CorMedix*		3,300		7
CorVel*		600		19
Cross Country Healthcare*		63,445		863
CryoLife		2,400		23
CTI BioPharma*		12,600		18
Curis*		7,900		16
Cutera*		1,000		13
Cyberonics*		16,187		984
Cynosure, Cl A*		30,503		916
Cytokinetics*		3,000		20
CytRx*		4,200		10
Depomed*		48,555		916
Dermira*		1,100		26
DexCom*		28,135		2,416
Dicerna Pharmaceuticals*		1,400		11
Diplomat Pharmacy*		15,925		458
Durect*		7,900		15
Dyax*		25,813		493
Dynavax Technologies*		2,940		72
Eagle Pharmaceuticals*		700		52
Emergent BioSolutions*		2,279		65
Enanta Pharmaceuticals*		1,200		43
EndoChoice Holdings*		900		11
Endocyte*		2,600		12
Endologix*		5,339		65
Ensign Group		2,043		87
Entellus Medical*		500		9
Epizyme*		2,100		27
Esperion Therapeutics*		20,300		479
Evolent Health, Cl A*		700		11
Exact Sciences*		7,880		142
Exactech*		800		14
ExamWorks Group*		3,300		96
Exelixis*		17,675		99
Fibrocell Science*		2,400		9
FibroGen*		4,100		90
Five Prime Therapeutics*		1,700		26
Five Star Quality Care*		3,300		10
Flamel Technologies ADR*		23,966		391
Flex Pharma*		400		5
Flexion Therapeutics*		1,200		18
Fluidigm*		2,298		19
Foamix Pharmaceuticals*		1,600		12
Foundation Medicine*		1,102		20
Galena Biopharma*		12,000		19
Genesis Healthcare, Cl A*		2,200		13
GenMark Diagnostics*		3,000		24
Genocea Biosciences*		1,600		11
Genomic Health*		1,300		28
Geron*		12,900		36
Glaukos*		700		17

Description	Shares		Value (000)
Global Blood Therapeutics*		600	$	25
Globus Medical, Cl A*		5,696		118
Greatbatch*		18,432		1,040
Haemonetics*		4,053		131
Halozyme Therapeutics*		8,679		117
Halyard Health*		3,800		108
Hanger*		2,815		38
Harvard Bioscience*		3,200		12
Health Net*		16,225		977
HealthEquity*		3,000		89
HealthSouth		77,576		2,977
HealthStream*		2,100		46
Healthways*		2,600		29
HeartWare International*		1,370		72
Heron Therapeutics*		2,500		61
Heska*		500		15
HMS Holdings*		7,042		62
Hologic*		32,700		1,280
Horizon Pharma*		41,900		831
ICU Medical*		11,400		1,248
Idera Pharmaceuticals*		7,300		24
IDEXX Laboratories*		30,320		2,251
IGI Laboratories*		2,800		18
Ignyta*		1,300		11
Immune Design*		1,000		12
ImmunoGen*		6,845		66
Immunomedics*		7,100		12
Impax Laboratories*		5,578		196
Imprivata*		600		11
INC Research Holdings, Cl A*		1,200		48
Infinity Pharmaceuticals*		4,000		34
Inogen*		28,400		1,379
Inovio Pharmaceuticals*		5,200		30
Insmed*		5,124		95
Insulet*		4,413		114
Insys Therapeutics*		1,884		54
Integra LifeSciences Holdings*		2,243		134
Intercept Pharmaceuticals*		4,627		767
Intersect ENT*		34,275		802
Intra-Cellular Therapies, Cl A*		7,000		280
Invacare		2,504		36
Invitae*		500		4
InVivo Therapeutics Holdings*		1,900		16
Invuity*		600		9
IPC Healthcare*		1,400		109
iRadimed*		500		12
Ironwood Pharmaceuticals, Cl A*		10,448		109
K2M Group Holdings*		79,625		1,481
Karyopharm Therapeutics*		1,700		18
Keryx Biopharmaceuticals*		8,177		29
Kindred Healthcare		140,191		2,208
Kite Pharma*		2,386		133
KYTHERA Biopharmaceuticals*		2,000		150
La Jolla Pharmaceutical*		1,200		33

39

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Landauer		800	$	30
Lannett*		2,000		83
LDR Holding*		32,890		1,136
LeMaitre Vascular		1,200		15
Lexicon Pharmaceuticals*		2,971		32
LHC Group*		1,200		54
Ligand Pharmaceuticals*		20,800		1,783
Lion Biotechnologies*		3,200		18
Loxo Oncology*		800		14
Luminex*		3,500		59
MacroGenics*		2,700		58
Magellan Health*		2,144		119
MannKind*		18,232		59
Masimo*		3,415		132
MedAssets*		4,800		96
Medgenics*		1,700		13
Medicines*		5,390		205
Medidata Solutions*		22,401		942
MEDNAX*		22,514		1,729
Merge Healthcare*		5,900		42
Meridian Bioscience		3,316		57
Merit Medical Systems*		88,076		2,106
Merrimack Pharmaceuticals*		8,200		70
MiMedx Group*		8,700		84
Mirati Therapeutics*		1,000		34
Molina Healthcare*		73,475		5,060
Momenta Pharmaceuticals*		4,853		80
Myriad Genetics*		32,065		1,202
NanoString Technologies*		1,300		21
NantKwest*		900		10
Natera*		1,100		12
National HealthCare		800		49
National Research, Cl A		800		10
Natus Medical*		2,583		102
Navidea Biopharmaceuticals*		12,700		29
Nektar Therapeutics*		10,150		111
Neogen*		2,873		129
NeoGenomics*		3,800		22
Neos Therapeutics*		600		12
Neurocrine Biosciences*		6,683		266
Nevro*		10,786		500
NewLink Genetics*		1,541		55
Nivalis Therapeutics*		700		9
Nobilis Health*		2,200		11
Northwest Biotherapeutics*		3,600		23
Novavax*		21,034		149
NuVasive*		25,971		1,252
NxStage Medical*		5,000		79
Ocata Therapeutics*		3,400		14
Ocular Therapeutix*		1,100		15
Omeros*		3,000		33
Omnicell*		2,882		90
OncoMed Pharmaceuticals*		1,400		23
Oncothyreon*		7,800		21

Description	Shares		Value (000)
Ophthotech*		1,800	$	73
OraSure Technologies*		4,800		21
Orexigen Therapeutics*		7,427		16
Organovo Holdings*		8,700		23
Orthofix International*		1,459		49
Osiris Therapeutics*		1,600		30
Otonomy*		1,300		23
OvaScience*		1,900		16
Owens & Minor		5,159		165
Oxford Immunotec Global*		1,900		26
Pacific Biosciences of California*		4,900		18
Pacira Pharmaceuticals*		2,810		115
Paratek Pharmaceuticals		900		17
PAREXEL International*		34,818		2,156
PDL BioPharma		13,031		66
Peregrine Pharmaceuticals*		14,200		14
Pernix Therapeutics Holdings*		2,800		9
Pfenex*		1,200		18
PharMerica*		2,400		68
Phibro Animal Health, Cl A		1,400		44
Portola Pharmaceuticals, Cl A*		3,599		153
POZEN*		2,300		13
PRA Health Sciences*		1,600		62
Press Ganey Holdings*		700		21
Prestige Brands Holdings*		25,895		1,170
Progenics Pharmaceuticals*		5,100		29
Proteon Therapeutics*		800		11
Prothena*		2,400		109
Providence Service*		38,646		1,684
PTC Therapeutics*		19,870		531
Quality Systems		3,800		47
Quidel*		46,533		879
Radius Health*		2,700		187
RadNet*		2,500		14
Raptor Pharmaceutical*		6,300		38
Regulus Therapeutics*		2,500		16
Relypsa*		2,400		44
Repligen*		20,050		558
Retrophin*		27,855		564
Revance Therapeutics*		1,100		33
Rigel Pharmaceuticals*		6,700		17
Rockwell Medical*		3,700		29
RTI Surgical*		4,100		23
Sage Therapeutics*		1,000		42
Sagent Pharmaceuticals*		96,304		1,477
Sangamo BioSciences*		5,400		30
Sarepta Therapeutics*		3,200		103
SciClone Pharmaceuticals*		4,000		28
SeaSpine Holdings*		647		10
Second Sight Medical Products*		1,100		7
Select Medical Holdings		8,800		95
Sequenom*		9,900		17
Seres Therapeutics*		800		23
Sientra*		400		4

40

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Sorrento Therapeutics*		2,100	$	18
Spark Therapeutics*		600		25
Spectranetics*		77,447		913
Spectrum Pharmaceuticals*		4,799		29
STAAR Surgical*		3,200		25
Stemline Therapeutics*		1,300		11
STERIS		4,859		316
Sucampo Pharmaceuticals, Cl A*		2,100		42
Supernus Pharmaceuticals*		55,850		784
Surgical Care Affiliates*		1,600		52
SurModics*		1,100		24
Synergy Pharmaceuticals*		7,900		42
Synta Pharmaceuticals*		5,800		10
T2 Biosystems*		600		5
Tandem Diabetes Care*		135,017		1,189
Team Health Holdings*		50,255		2,715
Teladoc*		900		20
TESARO*		1,900		76
Tetraphase Pharmaceuticals*		3,000		22
TG Therapeutics*		2,900		29
TherapeuticsMD*		9,300		54
Theravance		6,600		47
Theravance Biopharma*		1,800		20
Thoratec*		4,248		269
Threshold Pharmaceuticals*		4,700		19
Tobira Therapeutics*		100		1
Tokai Pharmaceuticals*		1,000		10
Tornier*		2,900		59
TransEnterix*		3,000		7
Trevena*		2,400		25
Triple-S Management, Cl B*		2,069		37
Trovagene*		1,700		10
Trupanion*		1,600		12
Ultragenyx Pharmaceutical*		3,100		299
Unilife*		9,600		9
Universal American*		3,300		23
US Physical Therapy		1,000		45
Utah Medical Products		300		16
Vanda Pharmaceuticals*		3,500		39
Vascular Solutions*		1,300		42
Veracyte*		1,300		6
Verastem*		2,500		4
Versartis*		1,600		18
Vitae Pharmaceuticals*		1,300		14
Vital Therapies*		1,200		5
VIVUS*		7,568		12
Vocera Communications*		1,899		22
WellCare Health Plans*		27,480		2,368
West Pharmaceutical Services		5,668		307
Wright Medical Group*		3,971		83
XBiotech*		500		7
Xencor*		2,100		26
XenoPort*		4,900		17
XOMA*		6,400		5

Description	Shares		Value (000)
Zafgen*		1,200	$	38
Zeltiq Aesthetics*		2,600		83
ZIOPHARM Oncology*		9,110		82
Zogenix*		1,612		22
ZS Pharma*		1,500		98
				97,874
Industrials – 15.3%
AAON		3,012		58
AAR		2,599		49
ABM Industries		4,347		119
Acacia Research		206,904		1,880
ACCO Brands*		8,600		61
Accuride*		3,700		10
Active Power*		255,313		416
Actuant, Cl A		4,981		92
Advanced Drainage Systems		2,800		81
Advisory Board*		3,362		153
Aegion, Cl A*		3,000		49
AerCap Holdings*		33,500		1,281
Aerojet Rocketdyne Holdings*		4,793		78
Aerovironment*		1,500		30
Air Transport Services Group*		3,800		32
Aircastle		5,000		103
Alamo Group		800		37
Albany International, Cl A		2,115		61
Allegiant Travel, Cl A		1,128		244
Allegion		18,100		1,044
Allied Motion Technologies		600		11
Allison Transmission Holdings		93,650		2,501
Altra Industrial Motion		31,807		735
Ameresco, Cl A*		1,900		11
American Railcar Industries		700		25
American Science & Engineering		11,327		403
American Woodmark*		1,000		65
AO Smith		14,000		913
Apogee Enterprises		36,680		1,637
Applied Industrial Technologies		3,394		129
ARC Document Solutions*		3,500		21
ArcBest		38,157		983
Argan		1,000		35
Astec Industries		28,686		961
Astronics, Cl A*		1,640		67
Atlas Air Worldwide Holdings*		2,000		69
AZZ		19,455		947
Barnes Group		37,340		1,346
Barrett Business Services		600		26
Beacon Roofing Supply*		36,079		1,172
Blount International*		4,100		23
Brady, Cl A		3,791		75
Briggs & Stratton		105,002		2,028
Brink’s		3,730		101
Builders FirstSource*		86,880		1,102
CAI International*		43,809		442
Carlisle		29,910		2,613

41

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Casella Waste Systems, Cl A*		48,306	$	280
CBIZ*		3,491		34
CDI		900		8
CEB		2,742		187
CECO Environmental		1,800		15
Celadon Group		102,933		1,649
Chart Industries*		2,379		46
Chicago Bridge & Iron		56,510		2,241
CIRCOR International		1,400		56
Civeo		7,851		12
CLARCOR		4,095		195
Columbus McKinnon		44,787		813
Comfort Systems USA		24,460		667
Commercial Vehicle Group*		148,680		599
Continental Building Products*		65,838		1,352
Con-way		4,500		214
Covenant Transportation Group, Cl A*		800		14
CPI Aerostructures*		129,480		1,141
CRA International*		800		17
Crane		45,535		2,122
Cubic		1,649		69
Curtiss-Wright		3,777		236
Deluxe		47,064		2,623
DigitalGlobe*		65,827		1,252
Douglas Dynamics		1,771		35
Ducommun*		900		18
DXP Enterprises*		996		27
Dycom Industries*		62,791		4,543
Eagle Bulk Shipping*		2,000		12
Echo Global Logistics*		2,400		47
EMCOR Group		66,093		2,925
Encore Wire		1,651		54
EnerSys		3,519		189
Engility Holdings		1,400		36
Ennis		2,200		38
Enphase Energy*		1,600		6
EnPro Industries		1,800		71
ESCO Technologies		2,100		75
Essendant		3,004		97
Esterline Technologies*		2,575		185
ExOne*		700		5
Exponent		2,050		91
Federal Signal		5,096		70
Forward Air		2,491		103
Franklin Covey*		900		14
Franklin Electric		3,669		100
FreightCar America		1,000		17
FTI Consulting*		3,428		142
FuelCell Energy*		19,800		15
Furmanite*		3,195		19
G&K Services, Cl A		1,546		103
Generac Holdings*		5,609		169
General Cable		3,842		46

Description	Shares		Value (000)
Genesee & Wyoming, Cl A*		13,291	$	785
Gibraltar Industries*		2,400		44
Global Brass & Copper Holdings		1,800		37
Golden Ocean Group		5,290		13
Gorman-Rupp		1,573		38
GP Strategies*		1,000		23
Graham		900		16
Granite Construction		95,502		2,834
Great Lakes Dredge & Dock*		5,100		26
Greenbrier		1,985		64
Griffon		3,000		47
H&E Equipment Services		2,531		42
Harsco		6,000		54
Hawaiian Holdings*		3,600		89
HC2 Holdings*		1,900		13
Healthcare Services Group		5,578		188
Heartland Express		4,284		85
HEICO		4,902		228
Heidrick & Struggles International		1,500		29
Heritage-Crystal Clean*		800		8
Herman Miller		4,939		142
Hill International*		2,100		7
Hillenbrand		5,216		136
HNI		3,505		150
Hub Group, Cl A*		2,882		105
Hurco		500		13
Huron Consulting Group*		1,834		115
Hyster-Yale Materials Handling		773		45
ICF International*		1,600		49
InnerWorkings*		142,055		888
Insperity		1,700		75
Insteel Industries		1,475		24
Interface, Cl A		5,523		124
JetBlue Airways*		21,200		546
John Bean Technologies		2,200		84
Kadant		900		35
Kaman		2,145		77
KBR		191,124		3,184
Kelly Services, Cl A		2,848		40
KEYW Holding*		2,800		17
Kforce		1,800		47
Kimball International, Cl B		2,900		27
KLX*		4,200		150
Knight Transportation		4,800		115
Knoll		77,208		1,697
Korn		3,966		131
Kratos Defense & Security Solutions*		3,700		16
Lawson Products*		600		13
LB Foster, Cl A		800		10
Lindsay		900		61
LSI Industries		1,600		14
Lydall*		1,305		37
Marten Transport		90,204		1,459

42

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Masco		43,000	$	1,083
Masonite International*		20,366		1,234
MasTec*		5,202		82
Matson		3,365		129
Matthews International, Cl A		33,061		1,619
McGrath RentCorp		147,783		3,945
Meritor*		7,800		83
Middleby*		17,326		1,823
Milacron Holdings*		1,400		25
Miller Industries		900		18
Mistras Group*		1,200		15
Mobile Mini		3,751		115
Moog, Cl A*		3,006		163
MRC Global*		8,600		96
MSA Safety		46,099		1,843
Mueller Industries		4,374		129
Mueller Water Products, Cl A		12,790		98
Multi-Color		1,000		76
MYR Group*		1,700		45
National Presto Industries		400		34
Navigant Consulting*		3,864		61
Navios Maritime Holdings		6,700		17
Navistar International*		3,800		48
NCI Building Systems*		151,152		1,598
Neff, Cl A*		700		4
NL Industries*		300		1
NN		2,400		44
Nortek*		700		44
Northwest Pipe*		700		9
NV5 Holdings*		15,275		284
Omega Flex		200		7
On Assignment*		62,114		2,293
Orbital ATK		18,010		1,294
Orion Marine Group*		2,300		14
PAM Transportation Services*		200		7
Park-Ohio Holdings		700		20
Patrick Industries*		950		38
Pendrell*		12,200		9
PGT*		131,789		1,617
Pitney Bowes		132,530		2,631
Plug Power*		12,192		22
Ply Gem Holdings*		1,600		19
Powell Industries		734		22
Power Solutions International*		400		9
PowerSecure International*		142,818		1,645
Preformed Line Products		100		4
Primoris Services		83,213		1,490
Proto Labs*		1,928		129
Quad		2,200		27
Quanex Building Products		2,800		51
Radiant Logistics*		114,800		513
Raven Industries		2,870		49
RBC Bearings*		1,860		111
Regal Beloit		40,087		2,262

Description	Shares		Value (000)
Republic Airways Holdings*		4,000	$	23
Resources Connection		3,000		45
Revolution Lighting Technologies*		843,679		801
Rexnord*		8,005		136
Roadrunner Transportation
Systems*		92,528		1,703
RPX*		4,000		55
Rush Enterprises, Cl A*		2,731		66
Safe Bulkers		3,200		9
Saia*		1,929		60
Scorpio Bulkers*		24,269		35
Simpson Manufacturing		3,285		110
SkyWest		4,000		67
SP Plus*		47,101		1,090
Sparton*		700		15
Standex International		1,040		78
Steelcase, Cl A		6,366		117
Stock Building Supply Holdings*		134,905		2,377
Sun Hydraulics		1,727		47
Sunrun*		1,800		19
Swift Transportation, Cl A*		114,630		1,723
TAL International Group		2,647		36
TASER International*		4,412		97
Team*		1,644		53
Teledyne Technologies*		2,893		261
Tennant		1,441		81
Tetra Tech		110,255		2,681
Textainer Group Holdings		1,600		26
Thermon Group Holdings*		2,600		53
Titan International		3,700		24
Titan Machinery*		22,100		254
TRC*		1,600		19
Trex*		2,700		90
TriMas*		3,599		59
TriNet Group*		3,000		50
Trinity Industries		97,940		2,221
TrueBlue*		3,289		74
Tutor Perini*		103,742		1,708
Twin Disc		700		9
Ultrapetrol Bahamas*		2,700		1
UniFirst		24,973		2,667
Univar*		800		15
Universal Forest Products		1,623		94
Universal Truckload Services		400		6
US Ecology		1,700		74
USA Truck*		600		10
UTi Worldwide*		7,289		33
Vectrus*		700		15
Veritiv*		600		22
Viad		1,600		46
Vicor*		1,200		12
Virgin America*		2,200		75
Volt Information Sciences*		1,000		9
VSE		300		12

43

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Wabash National*		122,170	$	1,294
WABCO Holdings*		7,700		807
Wabtec		13,700		1,206
WageWorks*		2,800		126
Watts Water Technologies, Cl A		2,295		121
Werner Enterprises		3,600		90
Wesco Aircraft Holdings*		5,006		61
West		4,300		96
Woodward		5,092		207
Xerium Technologies*		700		9
XPO Logistics*		5,593		134
YRC Worldwide*		2,442		32
				116,403
Information Technology – 18.4%
6D Global Technologies*		2,200		6
A10 Networks*		3,200		19
ACI Worldwide*		44,825		947
Activision Blizzard		37,500		1,158
Actua*		3,207		38
Acxiom*		6,105		121
ADTRAN		141,134		2,061
Advanced Energy Industries*		32,461		854
Advanced Micro Devices*		53,000		91
Aerohive Networks*		2,200		13
Agilysys*		1,400		16
Akamai Technologies*		24,900		1,720
Alarm.com Holdings*		1,000		12
Alliance Fiber Optic Products		900		15
Alpha & Omega Semiconductor*		1,800		14
Ambarella*		2,500		144
Amber Road*		900		4
American Software, Cl A		2,000		19
Amkor Technology*		7,000		31
Angie’s List*		3,761		19
Anixter International*		2,300		133
Appfolio, Cl A*		700		12
Applied Micro Circuits*		6,000		32
Applied Optoelectronics*		1,200		23
ARRIS Group*		16,900		439
Aspen Technology*		51,890		1,967
AVG Technologies*		57,425		1,249
Avid Technology*		2,300		18
Avnet		60,730		2,592
AVX		3,400		45
Axcelis Technologies*		7,800		21
Badger Meter		1,168		68
Bankrate*		5,368		56
Barracuda Networks*		600		9
Bazaarvoice*		150,441		678
Bel Fuse, Cl B		900		17
Belden		23,858		1,114
Benchmark Electronics*		33,400		727
Benefitfocus*		700		22
Black Box		1,300		19

Description	Shares		Value (000)
Blackbaud		3,829	$	215
Blackhawk Network Holdings, Cl A*		4,434		188
Blucora*		3,458		48
Bottomline Technologies*		60,467		1,512
Box, Cl A*		1,100		14
Brightcove*		2,500		12
BroadSoft*		2,228		67
Brooks Automation		5,000		59
Cabot Microelectronics*		1,871		72
CACI International, Cl A*		1,869		138
CalAmp*		2,674		43
Calix*		3,500		27
Callidus Software*		74,508		1,266
Carbonite*		1,300		14
Cardtronics*		3,763		123
Care.com*		2,000		10
Cascade Microtech*		1,000		14
Cass Information Systems		900		44
Cavium*		35,790		2,197
CEVA*		1,500		28
ChannelAdvisor*		1,800		18
Checkpoint Systems		3,200		23
Ciber*		6,500		21
Ciena*		9,608		199
Cimpress*		2,619		199
Cirrus Logic*		5,283		166
Clearfield*		900		12
Coherent*		1,936		106
Cohu		88,548		873
CommScope Holding*		52,700		1,583
CommVault Systems*		3,538		120
comScore*		25,299		1,168
Comtech Telecommunications		1,200		25
Constant Contact*		2,400		58
Control4*		2,000		16
Convergys		7,814		181
CoreLogic*		33,225		1,237
Cornerstone OnDemand*		4,202		139
Coupons.com*		4,500		41
Cray*		3,200		63
Criteo ADR*		8,100		304
CSG Systems International		2,470		76
CTS		2,766		51
Cvent*		1,900		64
Cypress Semiconductor		210,232		1,791
CYREN*		292,662		521
Daktronics		3,200		28
Datalink*		1,400		8
Dealertrack Technologies*		4,230		267
Demandware*		2,600		134
DHI Group*		3,300		24
Diebold		103,197		3,073
Digi International*		2,000		24
Digimarc*		500		15

44

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Digital Turbine*		4,900	$	9
Diodes*		2,800		60
Dot Hill Systems*		5,000		49
DSP Group*		1,700		15
DST Systems		25,810		2,714
DTS*		1,300		35
EarthLink Holdings		8,100		63
Eastman Kodak*		1,500		23
Ebix		2,200		55
Electro Rent		1,200		12
Electronics For Imaging*		71,887		3,112
Ellie Mae*		2,299		153
EMCORE*		2,400		16
Endurance International Group Holdings*		4,300		57
EnerNOC*		2,300		18
Entegris*		11,009		145
Envestnet*		2,700		81
EPAM Systems*		3,994		298
Epiq Systems		2,400		31
ePlus*		400		32
Euronet Worldwide*		44,128		3,268
Everi Holdings*		5,378		28
EVERTEC		5,492		99
Everyday Health*		1,900		17
Exar*		2,900		17
ExlService Holdings*		27,148		1,003
Extreme Networks*		8,100		27
Fabrinet*		2,759		51
Fair Isaac		2,506		212
Fairchild Semiconductor International, Cl A*		9,700		136
FARO Technologies*		1,400		49
FEI		3,306		241
Finisar*		8,075		90
Five9*		2,400		9
Fleetmatics Group*		19,491		957
FormFactor*		4,600		31
Forrester Research		800		25
Fortinet*		60,235		2,559
Gartner*		8,907		748
Gigamon*		33,700		674
GigOptix*		796,274		1,393
Global Payments		26,760		3,069
Globant*		1,100		34
Glu Mobile*		9,800		43
Gogo*		4,500		69
GrubHub*		5,900		144
GSI Group*		75,191		957
GTT Communications*		45,505		1,058
Guidance Software*		1,700		10
Guidewire Software*		5,673		298
Hackett Group		2,000		28
Harmonic*		6,927		40

Description	Shares		Value (000)
Heartland Payment Systems		25,038	$	1,578
Hortonworks*		500		11
HubSpot*		1,400		65
II-VI*		4,235		68
Imation*		3,400		7
Immersion*		2,352		26
Imperva*		2,040		134
Infinera*		83,145		1,626
Infoblox*		4,255		68
Inphi*		29,442		708
Insight Enterprises*		25,574		661
Integrated Device Technology*		105,266		2,138
Integrated Silicon Solution		2,600		56
Interactive Intelligence Group*		1,300		39
InterDigital		3,000		152
Internap*		4,500		28
Intersil, Cl A		10,166		119
Intralinks Holdings*		3,000		25
InvenSense, Cl A*		5,729		53
Itron*		28,300		903
Ixia*		60,045		870
IXYS		2,000		22
j2 Global		26,950		1,909
Jabil Circuit		131,100		2,932
Jive Software*		3,300		15
Kimball Electronics*		2,150		26
Knowles*		50,787		936
Kopin*		5,200		16
KVH Industries*		1,300		13
Lattice Semiconductor*		9,172		35
Lexmark International, Cl A		66,213		1,920
Limelight Networks*		4,500		9
Lionbridge Technologies*		5,400		27
Liquidity Services*		32,800		242
Littelfuse		1,811		165
LivePerson*		4,240		32
LogMeIn*		14,921		1,017
Lumentum Holdings*		6,316		107
Luxoft Holding, Cl A*		1,400		89
M/A-COM TTechnology Solutions Holdings*		1,700		49
Manhattan Associates*		5,930		369
ManTech International, Cl A		1,900		49
Marchex, Cl B		2,200		9
Marin Software*		349,020		1,092
Marketo*		14,796		421
Mattson Technology*		5,200		12
MAXIMUS		5,360		319
MaxLinear, Cl A*		3,806		47
Mentor Graphics		8,115		200
Mercury Systems*		52,286		832
Mesa Laboratories		200		22
Methode Electronics		8,060		257
Microsemi*		55,262		1,815

45

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
MicroStrategy, Cl A*		800	$	157
Millennial Media*		7,400		13
MINDBODY, Cl A*		800		13
MKS Instruments		4,138		139
MobileIron*		3,500		11
Mobileye*		52,220		2,375
Model N*		207,196		2,074
ModusLink Global Solutions*		3,600		10
MoneyGram International*		2,486		20
Monolithic Power Systems		3,300		169
Monotype Imaging Holdings		3,200		70
Monster Worldwide*		181,297		1,164
MoSys*		193,983		289
MTS Systems		1,195		72
Multi-Fineline Electronix*		700		12
Nanometrics*		1,800		22
NeoPhotonics*		2,000		14
NETGEAR*		2,769		81
NetScout Systems*		7,248		256
NeuStar, Cl A*		104,160		2,834
New Relic*		500		19
Newport*		3,150		43
NIC		5,190		92
NICE-Systems ADR		10,595		597
Nimble Storage*		4,200		101
Novatel Wireless*		3,900		9
Nuance Communications*		175,250		2,868
NVE		400		19
NVIDIA		33,000		813
Oclaro*		7,400		17
OmniVision Technologies*		4,462		117
OPOWER*		2,300		20
OSI Systems*		1,520		117
Palo Alto Networks*		8,615		1,482
Pandora Media*		24,100		514
Park City Group*		700		7
Park Electrochemical		1,773		31
Paycom Software*		25,075		900
Paylocity Holding*		30,500		915
PC Connection		700		15
PDF Solutions*		2,400		24
Pegasystems		3,039		75
Perficient*		2,706		42
Pericom Semiconductor		1,900		35
PFSweb*		1,200		17
Photronics*		5,494		50
Plantronics		2,774		141
Plexus*		2,832		109
PMC-Sierra*		13,318		90
Polycom*		10,777		113
Power Integrations		2,483		105
Progress Software*		4,264		110
Proofpoint*		40,246		2,428
PROS Holdings*		68,977		1,527

Description	Shares		Value (000)
Q2 Holdings*		45,055	$	1,114
QAD, Cl A		1,000		26
Qlik Technologies*		57,606		2,100
QLogic*		7,015		72
Qualys*		2,000		57
Quantum*		18,600		13
QuinStreet*		2,600		14
Radisys*		319,765		863
Rambus*		8,800		104
Rapid7*		800		18
RealD*		2,900		28
RealNetworks*		2,200		9
RealPage*		4,100		68
Reis		723		16
RetailMeNot*		3,200		26
RingCentral, Cl A*		110,503		2,006
Rocket Fuel*		1,600		7
Rofin-Sinar Technologies*		2,300		60
Rogers*		22,528		1,198
Rovi*		35,700		374
Rubicon Project*		1,800		26
Ruckus Wireless*		73,093		868
Rudolph Technologies*		2,800		35
Sanmina*		6,738		144
Sapiens International		2,047		24
ScanSource*		2,247		80
Science Applications International		3,609		145
SciQuest*		2,100		21
Seachange International*		11,723		74
Semtech*		5,608		85
ServiceNow*		39,935		2,772
ServiceSource International*		5,700		23
ShoreTel*		289,900		2,166
Shutterstock*		1,503		45
Sigma Designs*		2,600		18
Silicon Graphics International*		2,900		11
Silicon Laboratories*		3,500		145
Silver Spring Networks*		2,900		38
SMTP		117,478		551
Sonus Networks*		3,796		22
SPS Commerce*		16,700		1,134
SS&C Technologies Holdings		29,425		2,061
Stamps.com*		30,730		2,275
Stratasys*		4,200		111
Super Micro Computer*		2,900		79
Sykes Enterprises*		3,100		79
Synaptics*		2,882		238
Synchronoss Technologies*		3,214		105
SYNNEX		2,294		195
Syntel*		2,500		113
Take-Two Interactive Software*		6,841		197
Tangoe*		3,000		22
Tech Data*		2,900		199
TechTarget*		1,400		12

46

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
TeleCommunication Systems, Cl A*		3,900	$	13
Telenav*		2,100		16
TeleTech Holdings		1,300		35
Tessera Technologies		4,347		141
Textura*		1,400		36
TiVo*		7,291		63
Travelzoo*		700		6
TrueCar*		3,600		19
TTM Technologies*		4,553		28
TubeMogul*		1,300		14
Tyler Technologies*		11,992		1,791
Ubiquiti Networks		2,332		79
Ultra Clean Holdings*		2,500		14
Ultratech*		2,204		35
Unisys*		3,861		46
United Online*		1,000		10
Universal Display*		3,313		112
Vantiv, Cl A*		14,100		633
Varonis Systems*		500		8
VASCO Data Security International*		2,400		41
Veeco Instruments*		46,549		955
Verint Systems*		4,919		212
ViaSat*		3,473		223
Violin Memory*		6,800		9
VirnetX Holding*		3,600		13
Virtusa*		27,499		1,411
Vishay Intertechnology		276,320		2,678
Vishay Precision Group*		900		10
Web.com Group*		58,186		1,227
WebMD Health, Cl A*		2,990		119
Wix.com*		1,600		28
Workiva, Cl A*		700		11
Xcerra*		4,100		26
XO Group*		2,200		31
Xoom*		2,400		60
Xura*		1,700		38
Yodlee*		1,600		26
Zendesk*		4,500		89
Zix*		4,700		20
				139,933
Materials – 4.7%
A Schulman		2,328		76
AEP Industries*		300		17
AK Steel Holding*		13,452		32
Alamos Gold, Cl A		52,203		193
American Vanguard		2,200		25
AptarGroup		63,015		4,157
Avery Dennison		41,285		2,335
Axiall		74,654		1,171
Balchem		2,565		156
Berry Plastics Group*		44,920		1,351
Boise Cascade*		33,378		842
Cabot		105,260		3,322
Calgon Carbon		4,300		67

Description	Shares		Value (000)
Carpenter Technology		4,200	$	125
Century Aluminum*		4,264		20
Chase		600		24
Chemtura*		5,509		158
Clearwater Paper*		1,500		71
Cliffs Natural Resources		432,780		1,056
Coeur Mining*		10,276		29
Commercial Metals		9,099		123
Compass Minerals International		30,203		2,366
Core Molding Technologies*		700		13
Deltic Timber		840		50
Ferro*		90,403		990
Flotek Industries*		4,300		72
FutureFuel		1,600		16
Globe Specialty Metals		5,000		61
Greif, Cl A		30,123		961
Handy & Harman*		200		5
Hawkins		800		31
Haynes International		31,283		1,184
HB Fuller		4,168		141
Headwaters*		128,700		2,419
Hecla Mining		28,222		56
Horsehead Holding*		4,429		13
Innophos Holdings		1,687		67
Innospec		1,890		88
Intrepid Potash*		4,574		25
Kaiser Aluminum		1,308		105
KapStone Paper and Packaging		6,629		109
KMG Chemicals		700		14
Koppers Holdings		1,548		31
Kraton Performance Polymers*		35,520		636
Kronos Worldwide		157,070		975
Louisiana-Pacific*		11,255		160
LSB Industries*		1,500		23
Materion		1,653		50
Minerals Technologies		2,707		130
Myers Industries		2,098		28
Neenah Paper		1,264		74
Olin		6,429		108
Olympic Steel		700		7
OM Group		2,419		80
OMNOVA Solutions*		4,000		22
PH Glatfelter		3,376		58
PolyOne		91,983		2,699
Quaker Chemical		1,034		80
Rayonier Advanced Materials		3,000		18
Real Industry*		1,700		15
Rentech*		1,910		11
Ryerson Holding*		600		3
Schnitzer Steel Industries, Cl A		2,058		28
Schweitzer-Mauduit International		2,444		84
Senomyx*		3,500		16
Sensient Technologies		3,837		235
Silgan Holdings		12,300		640

47

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Stepan		1,500	$	62
Stillwater Mining*		9,628		99
Summit Materials, Cl A*		49,330		926
SunCoke Energy		5,324		41
TimkenSteel		128,819		1,304
Trecora Resources*		1,600		20
Tredegar		1,800		24
Trinseo*		1,000		25
Tronox, Cl A		4,797		21
United States Lime & Minerals		100		5
US Concrete*		19,601		937
Valhi		2,200		4
Vulcan Materials		17,675		1,576
Wausau Paper		3,600		23
Worthington Industries		3,732		99
				35,513
Telecommunication Services – 0.8%
8x8*		264,798		2,190
Alteva		122,823		542
Atlantic Telegraph-Network		792		59
Boingo Wireless*		3,100		26
Cincinnati Bell*		15,800		49
Cogent Communications Holdings		3,651		99
Consolidated Communications Holdings		3,996		77
FairPoint Communications*		1,600		25
General Communication, Cl A*		2,800		48
Globalstar*		35,282		55
Hawaiian Telcom Holdco*		900		19
IDT, Cl B		1,300		19
inContact*		218,315		1,640
Inteliquent		2,500		56
Intelsat*		2,400		15
Iridium Communications*		6,348		39
Lumos Networks		1,616		20
NTELOS Holdings*		1,300		12
ORBCOMM*		3,900		22
Pacific DataVision*		900		27
Premiere Global Services*		3,744		51
Shenandoah Telecommunications		1,900		80
Spok Holdings		1,800		30
Straight Path Communications*		700		28
Vonage Holdings*		127,700		751
Windstream Holdings		7,400		45
				6,024
Utilities – 1.1%
Abengoa Yield		3,700		61
AGL Resources		17,300		1,056
ALLETE		32,021		1,616
American States Water		2,973		123
Artesian Resources, Cl A		700		17
Atlantic Power		8,600		16
Avista		5,100		170
Black Hills		3,676		152

Description	Shares		Value (000)
California Water Service Group		3,800	$	84
Chesapeake Utilities		1,190		63
Cleco		4,924		262
Connecticut Water Service		923		34
Consolidated Water		1,400		16
Dynegy, Cl A*		10,037		207
El Paso Electric		3,280		121
Empire District Electric		55,777		1,229
Genie Energy, Cl B		1,200		10
IDACORP		3,974		257
Laclede Group		3,400		185
MGE Energy		2,782		115
Middlesex Water		1,300		31
New Jersey Resources		6,716		202
Northwest Natural Gas		2,140		98
NorthWestern		3,700		199
NRG Yield, Cl A		7,344		84
ONE Gas		4,100		186
Ormat Technologies		3,000		102
Otter Tail		2,974		78
Pattern Energy Group, Cl A		4,701		90
Piedmont Natural Gas		6,423		257
PNM Resources		6,209		174
Portland General Electric		7,000		259
SJW		1,300		40
South Jersey Industries		5,296		134
Southwest Gas		3,705		216
Spark Energy, Cl A		200		3
Talen Energy*		6,200		63
TerraForm Global, Cl A*		4,000		27
UIL Holdings		4,422		222
Unitil		1,117		41
Vivint Solar*		1,800		19
WGL Holdings		4,053		234
York Water		1,000		21
				8,574
Total Common Stock (Cost $792,253) (000)				729,570
Exchange Traded Funds — 0.3%
iShares Russell 2000		12,393		1,353
iShares Russell 2000 Value		10,645		959
Total Exchange Traded Funds (Cost $2,626) (000)				2,312
Short-Term Investment (C) — 4.5%
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.000%		34,366,161		34,366
Total Short-Term Investment (Cost $34,366) (000)				34,366
Total Investments — 100.7% (Cost $829,245) (000) †			$	766,248

48

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Percentages are based on Net Assets of $760,571 (000).

A list of the open futures contracts held by the Fund at September 30, 2015, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Depreciation
Russell 2000 Index E-MINI		126		Dec-2015	$	(593	)

For the period ended September 30, 2015, the total number of all open futures contracts, as presented in the table above, are representative of the average volume of activity for this derivative type during the period.

* Non-income producing security.

‡ Real Estate Investment Trust

(A) Security considered Master Limited Partnership. At September 30, 2015, this security amounted to $705 (000) or 0.09% of Net Assets.

(B) 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.

(C) The rate reported is the 7-day effective yield as of September 30, 2015.

ADR — American Depositary Receipt

Cl — Class

† At September 30, 2015, the tax cost basis of the Fund’s investments was $829,245 (000), and the unrealized appreciation and depreciation were $38,316 (000) and $(101,313) (000), respectively.

As of September 30, 2015, all of the Fund’s investments and other financial instruments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

As of September 30, 2015, 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. As of September 30, 2015, there were no Level 3 investments.

For the period ended September 30, 2015, 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.

49

KP International Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Common Stock — 96.6%
Australia – 2.5%
AGL Energy		16,399	$	184
ALS		67,332		219
Alumina		640,507		509
Amcor		46,907		437
AMP		76,066		299
APA Group		29,094		176
Aristocrat Leisure		12,123		74
Asciano		23,051		137
ASX		4,575		122
Aurizon Holdings		55,159		195
AusNet Services, Cl Miscellaneous		42,607		41
Australia & New Zealand Banking Group		71,210		1,361
Bank of Queensland		8,602		70
Bendigo & Adelaide Bank		10,720		75
BHP Billiton		98,162		1,552
BlueScope Steel		137,142		349
Boral		18,154		68
Brambles		40,378		278
Caltex Australia		6,381		141
CIMIC Group		2,400		40
Coca-Cola Amatil		106,669		677
Cochlear		1,541		91
Commonwealth Bank of Australia		42,943		2,203
Computershare		10,768		80
Crown Resorts		8,607		60
CSL		11,888		749
Dexus Property Group ‡		25,387		128
DuluxGroup		40,295		152
Fairfax Media		535,786		335
Federation Centres ‡		88,034		170
Flight Centre Travel Group		1,071		27
Fortescue Metals Group		34,218		44
Goodman Group ‡		45,676		189
GPT Group ‡		43,142		137
GUD Holdings		19,983		122
Harvey Norman Holdings		13,709		38
Healthscope		24,272		44
Iluka Resources		63,121		278
Incitec Pivot		44,462		122
Insurance Australia Group		60,750		208
Lend Lease Group		13,505		120
Macquarie Group		7,677		416
Medibank		65,309		111
Metcash		160,656		119
Mirvac Group ‡		87,386		106
National Australia Bank		66,225		1,401
Newcrest Mining*		42,014		378
Orica		138,296		1,468
Origin Energy (A)		26,223		114

Description	Shares		Value (000)
Orora		34,000	$	55
Platinum Asset Management		5,133		25
Premier Investments		3,000		27
Qantas Airways*		12,976		34
QBE Insurance Group		35,170		320
Ramsay Health Care		3,472		144
REA Group		1,468		46
Rio Tinto PLC		10,869		376
SAI Global		52,751		169
Santos		45,013		128
Scentre Group ‡		136,474		376
Seek		7,366		62
Sigma Pharmaceuticals		181,235		95
Sonic Healthcare		9,405		121
South32*		93,414		89
Stockland ‡		61,746		168
Suncorp Group		33,127		285
Sydney Airport		25,384		107
Tabcorp Holdings		20,800		69
Tatts Group		34,032		90
Telstra		109,393		433
TPG Telecom		7,269		56
Transpacific Industries Group		584,073		280
Transurban Group		49,140		345
Treasury Wine Estates		16,320		75
Wesfarmers		28,555		791
Westfield ‡ *		50,640		356
Westpac Banking		78,955		1,656
Woodside Petroleum		18,984		390
Woolworths		32,281		565
WorleyParsons		4,295		18
				24,165
Austria – 0.2%
ANDRITZ		6,332		285
Erste Group Bank*		7,257		210
Oesterreichische Post		9,415		323
OMV		3,480		85
Raiffeisen Bank International*		2,306		31
Voestalpine		2,687		92
Wienerberger		28,978		511
				1,537
Belgium – 0.8%
Ageas		5,227		215
Anheuser-Busch InBev		36,360		3,858
Colruyt		1,601		77
Delhaize Group		2,680		237
Groupe Bruxelles Lambert		1,979		149
KBC Groep		34,005		2,147
Proximus		3,595		124
Solvay		1,443		148
Telenet Group Holding*		1,219		70
UCB		3,264		255

50

KP International Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Umicore		2,250	$	87
				7,367
Brazil – 1.5%
Ambev		134,200		659
B2W Cia Digital*		41,168		154
Banco do Brasil		315,800		1,197
Bematech		19,259		49
Braskem ADR		46,552		392
BRF		78,200		1,393
BTG Pactual Group, Cl Miscellaneous		36,800		244
Cia de Gas de Sao Paulo*		3,700		41
Cia de Saneamento de Minas Gerais-COPASA*		9,100		28
Cia Energetica de Minas
Gerais ADR		278,359		495
CVC Brasil Operadora e Agencia de Viagens		14,400		50
EDP - Energias do Brasil		272,300		800
Fibria Celulose		165,500		2,238
FII BTG Pactual Corporate Office Fund, Cl Institutional ‡		4,390		112
Fleury		39,900		164
Grendene		139,500		626
Itau Unibanco Holding ADR		140,772		933
JBS		448,100		1,897
Light		80,600		236
LPS Brasil Consultoria de Imoveis*		78,900		58
Magazine Luiza		126,700		58
MRV Engenharia e Participacoes		202,200		316
Multiplus		16,500		134
Natura Cosmeticos		8,627		42
Porto Seguro		31,300		237
QGEP Participacoes		82,200		126
Raia Drogasil*		113,000		1,115
Smiles		8,600		65
Tim Participacoes		59,103		112
TOTVS		41,200		305
Ultrapar Participacoes		41,300		694
Via Varejo		26,100		27
				14,997
Canada – 1.3%
Brookfield Asset Management, Cl A		15,324		482
Canadian National Railway		72,909		4,138
Canadian Natural Resources		38,344		747
Element Financial*		97,646		1,333
Loblaw		37,138		1,912
Rogers Communications, Cl B		20,915		721
Suncor Energy		78,774		2,107

Description	Shares		Value (000)
Valeant Pharmaceuticals International*		9,922	$	1,770
				13,210
Chile – 0.2%
Cia Cervecerias Unidas		74,664		999
Cia Sud Americana de Vapores*		3,215,578		95
Enersis		1,601,974		403
Quinenco		191,263		385
Sociedad Quimica y Minera de Chile ADR		1,398		20
				1,902
China – 2.5%
361 Degrees International		138,000		43
Agricultural Bank of China, Cl H		453,000		173
Ajisen China Holdings		474,000		214
Alibaba Group Holding ADR*		15,308		903
Aupu Group Holding		140,000		35
Baidu ADR*		3,823		525
Bank of China, Cl H		7,712,000		3,349
Bank of Communications, Cl H		1,116,000		781
Beijing Capital International Airport, Cl H		132,000		123
CECEP COSTIN New Materials Group		1,134,000		195
China Construction Bank, Cl H		8,717,000		5,856
China Eastern Airlines, Cl H*		1,204,000		728
China Merchants Bank, Cl H		266,500		649
China Ming Yang Wind Power Group ADR*		15,685		31
China Petroleum & Chemical, Cl H		1,242,000		766
China Railway Construction, Cl H		59,500		88
China Southern Airlines, Cl H		1,146,000		854
China Telecom, Cl H		4,590,000		2,231
Chongqing Rural Commercial Bank, Cl H		391,000		223
Goodbaby International Holdings*		319,000		143
Harbin Electric, Cl H		290,000		160
Huaneng Power International, Cl H		956,000		1,031
Li Ning*		1,135,291		492
Mindray Medical International ADR		8,389		183
NetEase ADR		18,731		2,251
Peak Sport Products		376,000		96
Shenzhen Expressway, Cl H		260,000		170
Shenzhou International
Group Holdings		20,579		107
Sinotruk Hong Kong		632,500		227

51

KP International Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
TravelSky Technology, Cl H		568,000	$	720
Tsingtao Brewery, Cl H		60,000		265
Want Want China Holdings		338,996		279
Wumart Stores, Cl H*		299,000		122
Xiwang Special Steel		393,000		60
Yangzijiang Shipbuilding Holdings		47,000		38
Yingde Gases Group		165,000		69
				24,180
Colombia – 0.1%
Bancolombia ADR		9,700		312
Ecopetrol ADR		8,556		74
Grupo Aval Acciones y Valores ADR		29,881		229
				615
Cyprus – 0.0%
Global Ports Investments GDR		74,229		309
Czech Republic – 0.1%
CEZ		20,205		423
Komercni Banka		800		173
				596
Denmark – 1.7%
AP Moeller - Maersk, Cl B		275		421
Carlsberg, Cl B		29,857		2,292
Coloplast, Cl B		38,239		2,711
Danske Bank		24,549		739
DSV		4,576		171
GN Store Nord		50,857		916
ISS		7,380		245
Novo Nordisk, Cl B		79,326		4,282
Novozymes, Cl B		6,025		263
Pandora		2,827		329
TDC		20,000		103
Topdanmark*		7,644		218
Tryg		2,822		55
Vestas Wind Systems		58,481		3,036
William Demant Holding*		11,733		977
				16,758
Finland – 0.8%
Elisa		3,768		127
Fortum		11,585		172
Kone, Cl B		8,652		329
Metso		23,025		480
Neste		3,030		70
Nokia		93,674		642
Nokian Renkaat		13,388		433
Orion, Cl B		2,593		98
Sampo, Cl A		67,292		3,252
Stora Enso, Cl R		13,600		103
Tikkurila		70,007		1,165
UPM-Kymmene		12,944		193
Wartsila, Cl B		12,062		476
				7,540

Description	Shares		Value (000)
France – 7.1%
Accor		5,062	$	236
Aeroports de Paris		682		77
Air France-KLM*		75,091		524
Air Liquide		55,059		6,504
Alcatel-Lucent*		72,918		267
Alstom*		5,662		175
Arkema		1,618		105
Atos		2,255		173
AXA		80,621		1,951
BNP Paribas		49,377		2,894
Bollore		20,741		101
Bouygues		5,260		187
Bureau Veritas		67,799		1,428
Capital Gemini		3,987		355
Carrefour		14,102		416
Casino Guichard Perrachon		1,355		72
Christian Dior		1,408		262
Cie de Saint-Gobain		12,179		527
Cie Generale des Etablissements Michelin		4,764		434
CNP Assurances		4,000		55
Credit Agricole		26,486		304
Danone		102,961		6,491
Dassault Systemes		25,149		1,855
Edenred		25,017		409
Electricite de France		5,755		102
Elis*		4,284		67
Engie		210,955		3,412
Essilor International		5,222		635
Eurazeo		998		66
Eurofins Scientific		2,466		757
Eutelsat Communications		4,198		129
Fonciere Des Regions ‡		744		65
Gecina ‡		840		102
Groupe Eurotunnel		84,920		1,156
Hermes International		1,968		715
ICADE ‡		860		58
Iliad		620		125
Imerys		2,378		153
Ingenico Group		1,337		161
JCDecaux		1,698		61
Kering		1,947		317
Klepierre ‡		4,685		212
LafargeHolcim*		4,252		221
Lagardere		2,789		77
Legrand		59,045		3,131
L’Oreal		10,765		1,866
LVMH Moet Hennessy Louis Vuitton		30,826		5,245
Natixis		21,895		121
Neopost		6,282		164
Numericable-SFR*		2,290		106
Orange		50,491		762
Pernod Ricard		56,660		5,715

52

KP International Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Peugeot*		11,296	$	170
Publicis Groupe		4,842		330
Remy Cointreau		502		33
Renault		4,928		352
Rexel		6,919		85
Safran		7,440		559
Sanofi		34,389		3,258
Schneider Electric		93,465		5,229
SCOR		3,630		130
Societe BIC		764		118
Societe Generale		18,431		822
Sodexo		2,285		189
Suez Environnement		7,843		141
Technip		4,404		208
Thales		8,164		568
TOTAL		61,454		2,761
Unibail-Rodamco ‡		2,507		650
Valeo		2,052		277
Vallourec		8,144		72
Veolia Environnement*		11,611		265
Vicat		3,398		212
Vinci		12,139		769
Vivendi		29,465		696
Wendel		722		85
Zodiac Aerospace		4,931		113
				69,595
Germany – 6.5%
adidas		7,295		588
Allianz		11,564		1,815
Axel Springer		13,117		732
BASF		41,833		3,191
Bayer		93,778		12,010
Bayerische Motoren Werke		21,361		1,895
Beiersdorf		56,925		5,039
Brenntag		9,630		519
Commerzbank*		27,411		289
Continental		2,804		596
CTS Eventim & KGaA		13,790		511
Daimler		24,362		1,769
Deutsche Bank		34,999		946
Deutsche Boerse		4,938		425
Deutsche Lufthansa*		5,196		72
Deutsche Post		24,664		683
Deutsche Telekom		158,437		2,812
Deutsche Wohnen		8,720		233
E.ON		77,104		663
Evonik Industries		3,344		112
Fielmann		3,399		233
Fraport Frankfurt Airport Services Worldwide		941		58
Fresenius & KGaA		9,668		649
Fresenius Medical Care & KGaA		32,698		2,550
GEA Group		8,903		339
Gerresheimer		2,151		157

Description	Shares		Value (000)
Hannover Rueck		3,375	$	345
HeidelbergCement		3,639		249
Henkel & KGaA		2,513		222
HUGO BOSS		1,632		183
Infineon Technologies		29,035		327
K+S		5,005		168
Kabel Deutschland Holding		516		67
LANXESS		2,163		101
Linde		27,235		4,415
MAN		805		82
Merck KGaA		32,134		2,844
METRO		4,170		115
MTU Aero Engines		11,433		955
Muenchener Rueckversicherungs- Gesellschaft in Muenchen		4,240		791
OSRAM Licht		2,103		109
ProSiebenSat.1 Media		52,316		2,566
RWE		11,566		131
SAP		90,053		5,832
Siemens		20,062		1,793
Symrise		10,537		634
Telefonica Deutschland Holding		14,583		89
ThyssenKrupp		9,605		169
TUI		87,447		1,608
United Internet		2,937		149
Volkswagen		835		99
Vonovia		11,934		384
				63,313
Greece – 0.1%
Aegean Airlines		24,357		183
Alpha Bank AE*		103,445		12
Athens Water Supply & Sewage		11,513		73
Hellenic Petroleum*		8,311		49
Intracom Holdings*		29,411		11
Metka		3,497		29
Motor Oil Hellas Corinth Refineries*		5,293		64
Navios Maritime Acquisition		72,813		257
OPAP		12,002		108
Public Power		22,622		118
				904
Hong Kong – 4.0%
AIA Group		1,251,200		6,543
ASM Pacific Technology		6,000		39
Bank of Chongqing, Cl H		99,500		69
Bank of East Asia		28,311		95
BOC Hong Kong Holdings		95,000		281
Cathay Pacific Airways		28,000		53
Cheung Kong Infrastructure Holdings		15,000		135
Cheung Kong Property Holdings		161,403		1,173

53

KP International Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
China Child Care		338,000	$	30
China Dongxiang Group		525,000		128
China Lesso Group Holdings		62,000		50
China Lilang		148,000		127
China Mengniu Dairy		122,000		429
China Merchants Holdings International		65,052		192
China Mobile		544,500		6,490
China Power International Development		412,000		270
China Resources Enterprise		338,805		631
China Travel International Investment Hong Kong		230,000		85
China Unicom Hong Kong		2,036,000		2,603
CK Hutchison Holdings		156,884		2,041
CLP Holdings		48,500		415
CNOOC		197,780		206
Daphne International Holdings*		550,000		125
Dawnrays Pharmaceutical Holdings		72,000		62
Esprit Holdings		1,009,477		755
First Pacific		628,000		385
Future Land Development Holdings		444,000		58
Galaxy Entertainment Group*		56,000		144
Genting Singapore		135,000		69
Global Brands Group Holding*		6,140,000		1,272
Guangdong Yueyun Transportation Company, Cl H		214,500		140
Guangnan Holdings		260,000		36
Hang Lung Properties		55,000		124
Hang Seng Bank		19,600		354
Henderson Land Development		30,215		180
HKT Trust, Cl Miscellaneous		62,740		75
Hong Kong & China Gas		178,320		335
Hong Kong Exchanges and Clearing		28,543		655
Hongkong & Shanghai Hotels		236,542		268
Hysan Development		15,000		63
Jardine Matheson Holdings		20,400		967
Kerry Properties		15,500		43
Li & Fung		2,710,000		2,077
Link ‡		59,000		325
Longfor Properties		133,000		170
MGM China Holdings		23,600		27
MTR		34,500		150
New World Development		154,735		151
Noble Group		98,000		29
NWS Holdings		37,455		50

Description	Shares		Value (000)
PCCW		97,136	$	50
People’s Insurance Group of China, Cl H		647,000		318
Ping An Insurance Group of China, Cl H		566,000		2,838
Pou Sheng International Holdings*		266,000		45
Power Assets Holdings		35,500		336
Real Nutriceutical Group		174,000		30
Scud Group* (A)		252,000		34
Shangri-La Asia		26,000		23
Sino Land		72,172		110
Sinopec Shanghai Petrochemical, Cl H*		2,428,000		937
SJM Holdings		48,000		34
Skyworth Digital Holdings		1,148,000		779
SmarTone Telecommunications Holdings		72,385		137
Stella International Holdings		43,948		108
Sun Hung Kai Properties		43,893		573
Swire Pacific, Cl A		14,000		157
Swire Properties		26,800		74
Techtronic Industries		36,000		134
Television Broadcasts		79,700		268
Tianjin Port Development Holdings		658,000		106
Top Spring International Holdings		79,000		37
Universal Health International Group Holding		181,000		60
Weiqiao Textile, Cl H		196,500		79
WH Group* (B)		131,849		66
Wharf Holdings		35,000		198
Wheelock		22,000		96
Wynn Macau*		36,800		42
Youyuan International Holdings		231,000		58
Yue Yuen Industrial Holdings		17,500		65
				38,966
India – 0.7%
Dr Reddy’s Laboratories ADR		26,421		1,689
Infosys ADR		182,820		3,490
Tata Motors ADR*		32,078		722
WNS Holdings ADR*		50,063		1,399
				7,300
Indonesia – 0.9%
Adaro Energy		1,540,100		57
Agung Podomoro Land*		6,405,900		132
AKR Corporindo		1,120,300		449
Bank Mandiri Persero		2,938,700		1,600
Bank Negara Indonesia Persero		3,771,200		1,072

54

KP International Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Bank Pembangunan Daerah Jawa Barat Dan Banten		2,147,800	$	90
Bank Pembangunan Daerah Jawa Timur		467,000		11
Bank Rakyat Indonesia Persero		2,143,800		1,273
Bank Tabungan Negara Persero		6,373,700		436
Elnusa		2,968,800		68
Kawasan Industri Jababeka		57,839		1
Lippo Karawaci		1,776,600		138
Matahari Department Store		144,600		160
Mitra Keluarga Karyasehat		86,200		174
Pakuwon Jati		2,961,200		68
Panin Financial*		4,957,300		65
PT Energi Mega Persada*		13,967,200		49
PT Multipolar*		5,074,000		108
Siloam International Hospitals		356,900		301
Telekomunikasi Indonesia Persero		8,354,300		1,513
Tunas Baru Lampung		276,800		9
United Tractors		692,400		836
XL Axiata*		369,600		67
				8,677
Ireland – 0.7%
Bank of Ireland*		4,959,362		1,928
CRH		25,940		682
DCC		14,177		1,071
Experian		87,759		1,405
Irish Continental Group		75,807		369
Kerry Group, Cl A		4,073		306
Paddy Power		8,694		1,003
Ryanair Holdings ADR		806		63
				6,827
Israel – 0.4%
Azrieli Group		819		33
Bank Hapoalim		25,021		125
Bank Leumi Le-Israel*		33,089		124
Bezeq The Israeli Telecommunication		44,326		85
Check Point Software Technologies*		22,910		1,818
Delek Group		88		19
Israel		72		17
Israel Chemicals		12,849		66
Mizrahi Tefahot Bank		3,276		39
NICE-Systems		1,340		75
Teva Pharmaceutical Industries		21,868		1,250
				3,651
Italy – 1.4%
Assicurazioni Generali		29,783		545
Atlantia		10,633		297

Description	Shares		Value (000)
Banca Monte dei Paschidi Siena*		58,982	$	105
Banco Popolare*		8,559		127
CNH Industrial		139,593		909
Davide Campari-Milano		19,657		157
Enel		179,252		799
Enel Green Power		39,116		74
Eni		64,539		1,015
EXOR		2,328		101
Fiat Chrysler Automobiles*		23,130		300
Finmeccanica*		10,670		133
Intesa Sanpaolo		413,829		1,453
Luxottica Group		39,108		2,707
Mediobanca		13,368		131
Piaggio & C		303,906		732
Pirelli & C.		6,334		106
Prysmian		5,202		107
Saipem*		59,632		478
Snam		54,202		278
Telecom Italia*		402,136		466
Terna Rete Elettrica Nazionale		39,299		191
UniCredit		309,191		1,922
Unione di Banche Italiane		22,043		157
UnipolSai		29,438		64
				13,354
Japan – 15.9%
ABC-Mart		700		39
Acom*		9,400		48
Aeon		16,900		262
AEON Financial Service		2,500		49
Aeon Mall		2,300		35
Air Water		4,000		60
Aisin Seiki		5,000		168
Ajinomoto		14,000		295
Alfresa Holdings		75,000		1,281
Alps Electric		4,200		119
Amada Holdings		8,500		65
ANA Holdings		29,000		81
Aozora Bank		27,000		93
Asahi Glass		23,000		134
Asahi Group Holdings		9,900		321
Asahi Kasei		33,000		232
Asics		3,700		88
Astellas Pharma		81,200		1,051
Azbil		12,800		323
Bank of Kyoto		8,000		81
Bank of Yokohama		96,000		583
Benesse Holdings		1,700		45
Bridgestone		16,600		575
Brother Industries		5,400		65
Calbee		1,800		58
Canon		27,100		784
Casio Computer		4,800		87
Central Japan Railway		3,700		596
Chiba Bank		82,000		583

55

KP International Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Chubu Electric Power		15,600	$	230
Chugai Pharmaceutical		5,800		179
Chugoku Bank		3,800		56
Chugoku Electric Power*		6,800		94
Citizen Holdings		7,200		50
COLOPL		1,000		16
Credit Saison		3,500		64
Dai Nippon Printing		13,000		126
Daicel		7,400		91
Daihatsu Motor*		4,300		50
Dai-ichi Life Insurance		157,800		2,516
Daiichi Sankyo		16,400		285
Daikin Industries		5,800		325
Daito Trust Construction		1,900		193
Daiwa House Industry		15,400		381
Daiwa Securities Group*		43,000		278
Denso		128,600		5,427
Dentsu		16,800		863
Don Quijote Holdings		2,800		105
East Japan Railway		28,700		2,422
Eisai		6,400		377
Electric Power Development		3,500		107
FamilyMart		1,400		64
FANUC*		21,100		3,242
Fast Retailing		1,400		567
Fuji Electric*		14,000		51
Fuji Heavy Industries*		15,000		540
Fuji Media Holdings		42,000		490
FUJIFILM Holdings		87,200		3,260
Fujitsu		281,000		1,220
Fukuoka Financial Group		18,000		86
GungHo Online Entertainment*		8,100		24
Gunma Bank		9,000		58
Hachijuni Bank		9,000		64
Hakuhodo DY Holdings		5,800		55
Hamamatsu Photonics		3,200		73
Hankyu Hanshin Holdings		30,000		183
Hikari Tsushin		400		28
Hino Motors		5,700		58
Hirose Electric		700		76
Hiroshima Bank		12,000		69
Hisamitsu Pharmaceutical		1,200		40
Hitachi*		432,000		2,177
Hitachi Chemical*		2,500		34
Hitachi Construction Machinery		2,100		28
Hitachi High-Technologies		1,500		32
Hitachi Metals		5,000		58
Hokuhoku Financial Group		30,000		69
Hokuriku Electric Power*		4,000		54
Honda Motor		193,200		5,739
Hoya*		170,000		5,568
Hulic		7,300		66
Ibiden		2,500		33

Description	Shares		Value (000)
Idemitsu Kosan		2,100	$	32
IHI		33,000		85
Iida Group Holdings		4,000		63
Inpex		263,200		2,361
Isetan Mitsukoshi Holdings		54,800		822
Isuzu Motors		15,500		155
ITOCHU		40,300		425
Itochu Techno-Solutions		1,400		30
Iyo Bank		5,800		67
J Front Retailing		5,600		91
Japan Airlines*		3,000		106
Japan Airport Terminal		1,000		43
Japan Exchange Group		14,200		207
Japan Prime Realty Investment ‡		19		62
Japan Real Estate Investment ‡		34		157
Japan Retail Fund Investment ‡		58		112
Japan Tobacco		142,900		4,434
JFE Holdings		82,300		1,081
JGC		5,000		66
Joyo Bank		15,000		79
JSR		4,500		65
JTEKT		4,700		66
JX Holdings		54,400		197
Kajima		20,000		106
Kakaku.com*		3,700		60
Kamigumi		5,000		41
Kaneka		6,000		44
Kansai Electric Power*		18,300		204
Kansai Paint		6,000		81
Kao		42,100		1,908
Kawasaki Heavy Industries		34,000		117
KDDI		44,400		992
Keihan Electric Railway		13,000		87
Keikyu		11,000		88
Keio		14,000		100
Keisei Electric Railway		7,000		77
Keyence		1,200		536
Kikkoman		4,000		110
Kinden		7,000		89
Kintetsu Group Holdings		43,000		154
Kirin Holdings		136,700		1,790
Kobe Steel		71,000		77
Koito Manufacturing*		2,500		82
Komatsu		23,700		348
Konami Holdings		2,400		52
Konica Minolta		10,900		115
Kose		700		64
Kubota*		29,000		398
Kuraray		7,900		98
Kurita Water Industries		2,500		53
Kyocera*		66,600		3,040
Kyowa Hakko Kirin		6,000		89
Kyushu Electric Power*		10,100		110

56

KP International Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Lawson		1,600	$	118
LIXIL Group		39,700		806
M3*		4,600		91
Mabuchi Motor		1,200		52
Makita		2,900		154
Marubeni		42,700		209
Marui Group		79,400		954
Maruichi Steel Tube		1,300		29
Mazda Motor		14,000		221
McDonald’s Holdings Japan*		1,700		38
Medipal Holdings		3,500		56
MEIJI Holdings		3,000		220
Minebea		8,000		85
Miraca Holdings		1,300		55
Mitsubishi		73,300		1,202
Mitsubishi Chemical Holdings		35,200		184
Mitsubishi Electric		49,000		448
Mitsubishi Estate		86,000		1,757
Mitsubishi Gas Chemical		8,000		37
Mitsubishi Heavy Industries		257,000		1,148
Mitsubishi Logistics		41,000		475
Mitsubishi Materials		26,000		79
Mitsubishi Motors		15,200		116
Mitsubishi Tanabe Pharma		5,200		92
Mitsubishi UFJ Financial Group		487,300		2,938
Mitsubishi UFJ Lease & Finance		12,400		55
Mitsui		43,500		489
Mitsui Chemicals		19,000		61
Mitsui Fudosan		24,000		657
Mitsui OSK Lines		27,000		65
Mixi*		800		28
Mizuho Financial Group		1,468,100		2,743
MS&AD Insurance Group Holdings		80,500		2,158
Murata Manufacturing		5,200		674
Nabtesco		2,800		51
Nagoya Railroad		21,000		83
Namco Bandai Holdings		38,500		895
NEC		68,000		209
Nexon		3,000		40
NGK Insulators		7,000		134
NGK Spark Plug		4,200		96
NH Foods		28,000		571
NHK Spring		4,200		41
Nidec		5,700		392
Nikon		7,800		94
Nintendo*		8,500		1,436
Nippon Building Fund ‡		37		179
Nippon Electric Glass		11,000		53
Nippon Express		20,000		95
Nippon Paint Holdings		3,500		61
Nippon Prologis ‡		32		58

Description	Shares		Value (000)
Nippon Steel & Sumitomo Metal		19,500	$	355
Nippon Suisan Kaisha		90,500		270
Nippon Telegraph & Telephone		103,800		3,642
Nippon Yusen		38,000		88
Nissan Motor*		63,300		582
Nisshin Seifun Group		5,300		77
Nissin Foods Holdings		1,500		69
Nitori Holdings		1,800		141
Nitto Denko		4,300		257
NOK		2,500		54
Nomura Holdings*		172,300		996
Nomura Real Estate Holdings		2,900		58
Nomura Research Institute		2,970		114
NSK		11,000		107
NTT Data		41,500		2,093
NTT DOCOMO		36,400		607
NTT Urban Development		22,900		211
Obayashi		209,000		1,783
Odakyu Electric Railway		15,000		135
Oji Holdings		21,000		90
Olympus		6,800		212
Omron*		5,100		153
Ono Pharmaceutical		2,100		250
Onward Holdings		55,000		325
Oracle Japan*		1,000		42
Oriental Land		5,200		290
ORIX		33,800		437
Osaka Gas		49,000		186
Otsuka		1,200		59
Otsuka Holdings		32,500		1,038
Panasonic		56,200		568
Park24		2,200		41
Rakuten*		23,900		306
Recruit Holdings		4,000		119
Resona Holdings		367,100		1,868
Ricoh		18,400		186
Rinnai		900		69
Rohm		2,300		102
Ryohin Keikaku		600		122
Sankyo		1,100		39
Sanrio		1,200		33
Santen Pharmaceutical		8,800		118
SBI Holdings		5,100		58
Secom		22,100		1,327
Sega Sammy Holdings		17,200		167
Seibu Holdings		3,000		61
Seiko Epson		7,000		99
Sekisui Chemical		10,000		105
Sekisui House		33,600		525
Seven & i Holdings		69,900		3,190
Seven Bank		12,800		55
Sharp*		34,000		39
Shikoku Electric Power*		4,200		69

57

KP International Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Shimadzu		6,000	$	86
Shimamura		500		54
Shimano		2,000		280
Shimizu		69,000		592
Shin-Etsu Chemical		34,500		1,768
Shinsei Bank		42,000		86
Shionogi		7,700		277
Shiseido		35,300		768
Shizuoka Bank		13,000		131
Showa Shell Sekiyu		4,400		35
SMC		1,400		307
SoftBank Group		24,300		1,114
Sompo Japan Nipponkoa Holdings		32,900		956
Sony		31,900		779
Sony Financial Holdings		3,900		64
Stanley Electric		3,400		68
Sumitomo		28,900		279
Sumitomo Chemical		429,000		2,169
Sumitomo Dainippon Pharma		62,900		628
Sumitomo Electric Industries		70,700		902
Sumitomo Forestry		25,000		279
Sumitomo Heavy Industries		13,000		51
Sumitomo Metal Mining		12,000		136
Sumitomo Mitsui Financial Group		93,300		3,538
Sumitomo Mitsui Trust Holdings		82,000		301
Sumitomo Realty & Development		9,000		286
Sumitomo Rubber Industries		4,200		58
Suntory Beverage & Food		4,000		154
Suruga Bank		4,900		91
Suzuken		1,800		60
Suzuki Motor		9,400		288
Sysmex		3,800		201
T&D Holdings		15,100		178
Taiheiyo Cement		28,000		84
Taisei		26,000		170
Taisho Pharmaceutical Holdings		700		40
Taiyo Nippon Sanso		4,000		38
Takashimaya		7,000		57
Takeda Pharmaceutical		20,000		877
TDK		3,000		170
Teijin		21,000		64
Terumo		141,100		3,983
THK		2,800		45
Tobu Railway		24,000		103
Toho		2,800		64
Toho Gas		10,000		59
Tohoku Electric Power*		82,200		1,114
Tokio Marine Holdings		17,400		649

Description	Shares		Value (000)
Tokyo Electric Power*		37,400	$	250
Tokyo Electron		16,200		763
Tokyo Gas		60,000		290
Tokyo Tatemono		5,000		60
Tokyu		29,000		213
Tokyu Fudosan Holdings		12,100		80
TonenGeneral Sekiyu		7,000		68
Toppan Printing		14,000		113
Toray Industries		38,000		329
Toshiba*		104,000		262
TOTO		3,500		109
Toyo Seikan Group Holdings		65,400		1,040
Toyo Suisan Kaisha		22,200		840
Toyoda Gosei		1,700		33
Toyota Industries		12,200		580
Toyota Motor*		110,400		6,451
Toyota Tsusho		5,000		105
Trend Micro*		2,500		88
Unicharm		9,700		172
United Urban Investment ‡		62		83
USS		5,100		85
West Japan Railway		29,100		1,825
Yahoo Japan		33,600		128
Yakult Honsha		2,100		105
Yamada Denki		98,900		399
Yamaguchi Financial Group		5,000		61
Yamaha		4,100		91
Yamaha Motor		6,200		125
Yamato Holdings		58,100		1,112
Yamazaki Baking		3,000		46
Yaskawa Electric		5,100		52
Yokogawa Electric		5,000		52
Yokohama Rubber		2,500		44
				155,962
Luxembourg – 0.2%
Altice*		8,769		186
ArcelorMittal		64,943		338
Millicom International Cellular		5,295		331
O’Key Group GDR		76,540		123
RTL Group		1,045		90
SES		8,286		261
Tenaris		11,160		134
Ternium ADR		8,233		101
				1,564
Macau – 0.0%
Sands China		62,800		191
Malaysia – 0.6%
AirAsia		488,000		142
Allianz Malaysia		9,000		22
Brem Holding		205,400		44
Cahya Mata Sarawak		347,900		409
Carlsberg Brewery Malaysia		16,800		46

58

KP International Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Evergreen Fibreboard*		347,700	$	151
Guinness Anchor		10,000		31
HeveaBoard		137,300		37
Hong Leong Industries		19,900		26
Hua Yang		51,600		21
Insas		330,800		53
JCY International		1,857,300		286
K&N Kenanga Holdings		85,500		12
KKB Engineering		89,900		31
KSL Holdings		645,000		227
Kulim Malaysia		81,600		57
Land & General		603,500		55
LBS Bina Group		46,900		15
Malaysia Building Society		292,000		98
Malaysia Marine and Heavy Engineering Holdings*		66,700		16
Malaysian Pacific Industries		73,700		111
MISC		169,600		340
MMC		64,500		31
Muda Holdings		27,100		7
Muhibbah Engineering		108,600		50
Petronas Dagangan		209,200		1,040
Scientex		21,600		35
Sunway		465,300		335
Sunway Construction Group*		28,780		8
TA Enterprise		139,600		20
Telekom Malaysia		396,400		603
Teo Seng Capital		117,000		40
Tiong NAM Logistics Holdings		81,600		20
Top Glove		287,000		528
Tropicana*		1,047		-
UEM Edgenta		42,200		34
Unisem		551,000		256
VS Industry		1,348,400		444
WTK Holdings		144,300		33
YTL Power International		801,205		293
				6,007
Mexico – 1.5%
Alpek, Cl A		267,123		344
America Movil, Cl L ADR		733,451		4,328
Banregio Grupo Financiero		29,769		159
Controladora Comercial Mexicana		28,448		82
Controladora Vuela Cia de Aviacion, Cl A*		80,585		120
Gruma, Cl B		54,588		751
Grupo Aeromexico*		276,892		435
Grupo Aeroportuario del Pacifico ADR		146,210		1,725
Grupo Comercial Chedraui		104,862		274
Grupo Financiero Banorte, Cl O		52,259		256

Description	Shares		Value (000)
Grupo Financiero Inbursa, Cl O		993,259	$	2,052
Grupo Financiero Interacciones, Cl O		162,422		926
Industrias Bachoco ADR		267		16
Megacable Holdings		75,380		274
OHL Mexico*		805,976		1,039
Vitro		41,639		95
Wal-Mart de Mexico		544,794		1,344
				14,220
Netherlands — 3.7%
Aegon		46,749		269
Airbus Group		28,256		1,673
Akzo Nobel		82,771		5,368
ASML Holding		11,374		994
Boskalis Westminster		27,055		1,183
Delta Lloyd		5,596		47
Gemalto		1,954		127
Heineken		43,680		3,531
Heineken Holding		2,468		176
ING Groep		452,787		6,400
James Hardie Industries		11,103		134
Koninklijke Ahold		70,408		1,372
Koninklijke DSM		4,703		217
Koninklijke KPN		285,663		1,070
Koninklijke Philips		55,246		1,299
Koninklijke Vopak		1,613		64
NN Group		4,790		137
OCI*		1,992		51
QIAGEN*		5,209		134
Randstad Holding		71,233		4,242
Relx		26,094		427
Royal Dutch Shell, Cl A		218,053		5,163
STMicroelectronics		15,124		103
TNT Express*		12,360		94
Unilever		41,233		1,655
VimpelCom ADR		55,023		226
Wolters Kluwer		7,321		226
				36,382
New Zealand – 0.1%
Auckland International Airport		23,759		74
Contact Energy		17,331		55
Fletcher Building		16,278		71
Meridian Energy		27,065		36
Mighty River Power		15,091		24
Ryman Healthcare		7,535		35
Spark New Zealand		255,216		488
				783
Norway – 0.3%
DNB		52,102		678
Gjensidige Forsikring		4,380		59
Norsk Hydro		33,011		111
Orkla		19,264		143
Schibsted, Cl A*		22,360		731
Statoil		61,324		901

59

KP International Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Telenor		19,240	$	359
Yara International		4,674		186
				3,168
Panama – 0.0%
Avianca Holdings ADR*		3,928		19
Peru – 0.3%
Cia de Minas Buenaventura ADR		23,903		142
Credicorp		25,751		2,739
				2,881
Philippines – 0.2%
ABS-CBN Holdings		61,800		81
Cebu Air		270,790		503
Energy Development		2,761,500		326
First Gen		898,300		428
Globe Telecom		7,150		360
Lopez Holdings		1,296,700		163
Nickel Asia		196,100		27
Pepsi-Cola Products Philippines*		352,000		31
San Miguel		144,580		150
Vista Land & Lifescapes		1,009,400		109
Xurpas		219,500		66
				2,244
Poland – 0.8%
Amica Wronki		2,919		118
AmRest Holdings*		1,330		57
Asseco Poland		16,913		240
Bank Pekao		1,936		79
Budimex		1,934		102
Ciech*		8,239		157
Enea		149,141		532
Energa		98,001		435
Eurocash		10,760		127
Kernel Holding		16,045		190
Orange Polska		321,323		616
PGE		378,477		1,343
Polski Koncern Naftowy Orlen		112,309		1,955
Polskie Gornictwo Naftowe i Gazownictwo		1,337,820		2,288
Trakcja*		21,426		50
				8,289
Portugal – 0.0%
Banco Comercial Portugues, Cl R*		960,017		47
Banco Espirito Santo* (A)		46,916		-
EDP-Energias de Portugal		60,164		220
Galp Energia		9,113		90
Jeronimo Martins		5,949		80
				437
Qatar – 0.2%
Barwa Real Estate		142,526		1,671
Mannai		6,490		181
Qatar Gas Transport		15,321		94
Qatar Islamic Bank SAQ		3,328		104

Description	Shares		Value (000)
Qatar Navigation QSC		7,158	$	192
				2,242
Russia – 0.4%
Gazprom PAO ADR		295,195		1,190
Globaltrans Investment GDR*		13,181		53
Lukoil PJSC ADR		7,973		272
Magnitogorsk Iron & Steel Works GDR		93,326		376
Sberbank of Russia ADR		81,279		401
Sistema GDR		82,600		569
Surgutneftegas OAO ADR		61,842		318
Yandex, Cl A*		38,486		413
				3,592
Singapore – 1.0%
Ascendas ‡		48,000		79
CapitaLand		61,000		115
CapitaLand Commercial Trust ‡		42,000		40
CapitaLand Mall Trust ‡		66,000		88
City Developments		9,000		49
ComfortDelGro		51,000		103
DBS Group Holdings		377,116		4,314
Global Logistic Properties		83,000		120
Golden Agri-Resources		163,000		38
Great Eastern Holdings		46,600		698
GuocoLeisure		250,000		140
Haw Par		13,900		79
Hutchison Port Holdings Trust, Cl U		128,000		70
Jardine Cycle & Carriage		3,333		63
Keppel		38,000		182
Oversea-Chinese Banking		74,836		464
Sembcorp Industries		21,000		51
Sembcorp Marine		17,000		27
Singapore Airlines		14,000		105
Singapore Exchange		19,000		94
Singapore Press Holdings		38,000		103
Singapore Technologies Engineering		37,000		78
Singapore Telecommunications		625,800		1,587
StarHub		15,000		37
Suntec ‡		51,000		54
United Industrial		24,219		52
United Overseas Bank		46,588		610
UOL Group		11,482		49
Wilmar International		44,000		80
				9,569
South Africa – 1.9%
Adcorp Holdings		15,708		32
AECI		18,200		121
African Bank Investments* (A)		638,711		-
Anglo American Platinum*		1,848		31
Astral Foods		13,620		171
Barclays Africa Group		14,443		178

60

KP International Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Barloworld		25,200	$	137
Blue Label Telecoms		149,723		107
Brait*		148,980		1,514
Clicks Group		100,931		655
Comair		12,724		3
FirstRand		855,977		3,035
Grindrod		128,622		137
Hulamin		54,835		23
Investec		84,378		645
JSE		16,985		158
KAP Industrial Holdings		396,998		184
Liberty Holdings		21,367		195
MMI Holdings		60,998		105
Mpact		33,448		116
MTN Group		22,700		292
Murray & Roberts Holdings		249,229		210
Netcare		161,553		423
Old Mutual		114,542		328
Peregrine Holdings		228,876		478
Pick n Pay Holdings		47,024		95
Pioneer Foods Group		12,769		181
Randgold Resources		2,455		144
Raubex Group		27,010		34
Sanlam		93,740		405
Sappi*		123,654		379
Sasol		101,350		2,829
Shoprite Holdings		34,037		388
Sibanye Gold		694,730		786
SPAR Group		45,651		610
Standard Bank Group		245,922		2,399
Steinhoff International Holdings		129,685		796
Telkom		109,811		529
Truworths International		27,447		169
				19,022
South Korea – 3.8%
Aekyung Petrochemical		513		26
Asia Paper Manufacturing		1,464		24
BGF retail		5,769		983
BNK Financial Group		13,245		153
CJ		3,459		773
CJ O Shopping		489		77
CKH Food & Health*		116,805		403
Dae Han Flour Mills		229		41
Daedong		8,015		22
Daesung Holdings		3,710		40
Daewoo Securities		10,861		110
Daou Data		19,087		354
DK UIL		3,201		30
Dong-A Hwasung, Cl A		293		1
Dongwon Development		1,770		69
Dongwon F&B		182		61
Dongyang E&P		10,103		106
DRB Industrial		2,794		35
Eusu Holdings*		10,158		76

Description	Shares		Value (000)
GMB Korea		5,250	$	25
GS Home Shopping		520		84
GS Retail		22,323		1,150
Hana Financial Group		23,500		527
Hanil Cement		880		99
Hanil E-Hwa		4,880		55
HanmiGlobal		3,858		41
Hanssem		765		185
Hanwha Life Insurance		36,927		254
Heungkuk Fire & Marine Insurance*		9,159		30
Hite Jinro		8,270		159
Huvis		14,079		103
HwaSung Industrial		10,892		172
Hyosung		2,620		251
Hyundai Development - Engineering & Construction		7,163		332
Hyundai Hy Communications & Networks		10,918		32
Hyundai Motor		5,814		812
Hyundai Securities		34,495		225
JB Financial Group		15,673		80
Jinro Distillers		1,394		47
KB Financial Group		13,590		404
KG Chemical		1,920		28
Kia Motors		63,165		2,862
KISCO		1,295		63
Kolon Global*		2,793		47
Korea District Heating		905		51
Korea Electric Power		74,698		3,117
Korea Petro Chemical Industries		6,015		862
KT*		17,765		462
KT Skylife		9,103		158
Kumkang Kind		2,366		138
Kunsul Chemical Industrial		920		39
Kwangju Bank*		5,257		34
Kyungchang Industrial		16,273		108
LG		2,495		128
LG Chemical		813		198
LG Display ADR		177,864		1,690
LG Innotek		9,391		705
LG Uplus		53,593		549
Lotte Chemical		6,240		1,439
Lotte Shopping		3,214		778
Mcnex		1,654		36
Mobase		4,391		29
Moorim Paper*		35,210		102
Nice Information & Telecommunication		2,469		93
RedcapTour		1,671		33
S&T Motiv		1,240		70
S-1, Cl 1		3,798		299
Saeron Automotive		4,310		34
Sam Young Electronics		8,260		94

61

KP International Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Samsung Electronics		8,810	$	8,500
Samyang Genex		366		59
Seah Besteel		3,277		83
SeAH Holdings		225		37
SeAH Special Steel		3,085		46
Sejong Industrial		3,340		33
Seoyon		3,086		35
Sewon Precision Industry		657		13
Shindaeyang Paper		1,116		28
Shinhan Financial Group		29,240		1,028
SK Hynix		88,574		2,546
SK Innovation*		6,937		584
SL		3,748		59
S-Oil		13,643		732
Ssangyong Cement Industrial*		14,360		237
Tongyang Life Insurance		19,392		233
TS		1,470		31
Woori Bank		68,706		544
				37,525
Spain – 1.6%
Abertis Infraestructuras		12,280		194
Acerinox		46,340		414
ACS Actividades de Construccion y Servicios		4,568		131
Aena* (B)		1,756		194
Amadeus IT Holding, Cl A		81,180		3,471
Banco Bilbao Vizcaya Argentaria		159,718		1,352
Banco de Sabadell		127,642		234
Banco Popular Espanol		40,605		148
Banco Santander		506,778		2,697
Bankia		121,058		157
Bankinter		15,932		117
CaixaBank		67,700		261
Distribuidora Internacional de Alimentacion*		14,617		88
Enagas		5,120		147
Endesa		8,289		175
Ferrovial		11,411		272
Gas Natural SDG		9,139		178
Grifols		3,901		161
Iberdrola		137,152		911
Industria de Diseno Textil		27,690		927
International Consolidated Airlines Group*		21,229		189
Mapfre		26,348		69
Mediaset Espana Comunicacion		36,559		399
Red Electrica		2,804		233
Repsol		27,289		318
Telefonica		129,545		1,568
Viscofan		14,176		853
Zardoya Otis		4,333		47
				15,905
Sweden – 1.8%
Alfa Laval		6,939		114

Description	Shares		Value (000)
Assa Abloy, Cl B		143,410	$	2,573
Atlas Copco, Cl A		26,621		624
Boliden		6,464		101
Electrolux		5,878		166
Getinge, Cl B		4,730		106
Hennes & Mauritz, Cl B		115,075		4,209
Hexagon, Cl B		6,215		190
Husqvarna, Cl B		9,796		64
ICA Gruppen		2,024		69
Industrivarden, Cl C		3,879		68
Investment Kinnevik, Cl B		6,152		176
Investor, Cl B		11,660		401
Lundin Petroleum*		5,146		66
Modern Times Group, Cl B		13,205		340
Nordea Bank		116,985		1,304
Oriflame Holding*		1,600		20
Sandvik		27,587		236
Securitas, Cl B		7,131		87
Skandinaviska Enskilda Banken, Cl A		38,845		415
Skanska, Cl B		9,887		194
SKF, Cl B		9,615		176
Svenska Cellulosa, Cl B		15,057		421
Svenska Handelsbanken, Cl A		153,920		2,209
Swedbank, Cl A		23,102		511
Swedish Match		14,545		440
Tele2, Cl B		7,309		71
Telefonaktiebolaget LM Ericsson, Cl B		150,113		1,477
TeliaSonera		63,754		344
Volvo, Cl B		39,377		378
				17,550
Switzerland – 7.1%
ABB		61,037		1,079
Actelion		2,635		336
Adecco		19,635		1,436
Aryzta		2,039		87
Baloise Holding		1,182		136
Barry Callebaut		56		61
Chocoladefabriken Lindt & Sprungli		26		348
Cie Financiere Richemont		32,103		2,495
Coca-Cola		4,736		100
Credit Suisse Group		39,491		950
Dufry*		966		113
EMS-Chemie Holding		189		78
Geberit		6,396		1,958
Givaudan		236		385
Helvetia Holding		233		114
Julius Baer Group		5,778		262
Kuehne + Nagel International		9,639		1,239
LafargeHolcim		6,813		358
Logitech International		38,394		501
Lonza Group		1,379		181

62

KP International Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Nestle		205,032	$	15,403
Novartis		136,012		12,502
Pargesa Holding		788		46
Partners Group Holding		379		128
Roche Holding		53,643		14,190
Schindler Holding		1,668		241
SGS		142		248
Sika		56		173
Sonova Holding		15,812		2,035
Sulzer		599		59
Swatch Group		1,995		382
Swiss Life Holding		836		187
Swiss Prime Site		1,636		120
Swiss Re		8,951		768
Swisscom		665		332
Syngenta		2,362		756
Transocean		8,866		114
UBS Group		456,417		8,435
Zurich Insurance Group		3,815		938
				69,274
Taiwan – 2.4%
AU Optronics ADR		682,784		2,021
ChipMOS TECHNOLOGIES		13,900		228
Chroma ATE		69,000		119
Chunghwa Telecom ADR		35,814		1,082
Delta Electronics		86,000		405
Hon Hai Precision Industry		617,692		1,989
Siliconware Precision Industries ADR		260,454		1,637
Taiwan Semiconductor Manufacturing		890,487		14,627
Teco Electric and Machinery		443,387		351
Yungtay Engineering		360,000		572
				23,031
Thailand – 1.3%
Advanced Information Technology		233,000		155
Amata		259,300		89
AP Thailand		1,321,800		196
Asia Plus Group Holdings		438,100		44
Bangchak Petroleum		193,600		183
Bangkok Bank		123,200		541
Bangkok Expressway		255,400		256
Cal-Comp Electronics Thailand		1,336,719		117
Delta Electronics Thailand		231,100		561
Dhipaya Insurance		16,800		18
GFPT		1,690,100		451
Hana Microelectronics		682,600		531
Indorama Ventures		853,500		542
Kasikornbank PLC		25,200		119
KCE Electronics		582,400		901
KGI Securities Thailand		902,000		82
Krung Thai Bank		685,700		322
Krungthai Card		72,000		186

Description	Shares		Value (000)
Lalin Property		282,000	$	27
Major Cineplex Group		45,700		40
MFEC		216,800		35
MK Real Estate Development		283,600		35
Padaeng Industry PLC*		67,600		26
PTG Energy		196,400		80
PTT		343,100		2,287
PTT Global Chemical		1,451,100		2,158
Pylon		116,100		36
Raimon Land*		3,087,200		96
Ratchaburi Electricity Generating Holding		157,000		231
Regional Container Lines		164,800		32
SC Asset		371,588		30
Siam Cement		13,500		173
Siamgas & Petrochemicals		624,900		188
SNC Former		76,300		29
Sri Trang Agro-Industry		106,400		33
Sriracha Construction		58,500		39
Srithai Superware		442,500		27
Syntec Construction		2,491,000		196
Thai Airways International*		292,100		81
Thai Vegetable Oil		176,300		139
Thanachart Capital		218,400		191
Tipco Asphalt		1,445,500		1,181
Tisco Financial Group		77,900		76
Vanachai Group		221,100		83
				12,843
Turkey – 1.0%
Adana Cimento Sanayii, Cl A		51,928		107
Akcansa Cimento		36,973		173
Akfen Gayrimenkul Yatirim Ortakligi ‡ *		58,474		27
Albaraka Turk Katilim Bankasi		44,267		19
Alcatel-Lucent Teletas Telekomunikasyon*		176,119		447
Anadolu Anonim Turk Sigorta Sirketi		148,517		74
Baticim Bati Anadolu Cimento Sanayii		23,088		46
BIM Birlesik Magazalar		36,963		656
Celebi Hava Servisi		16,773		188
Cimsa Cimento Sanayi ve Ticaret		125,819		619
EGE Endustri VE Ticaret		3,722		298
EGE Seramik Sanayi ve Ticaret		22,722		24
Enka Insaat ve Sanayi		76,778		127
GSD Holdings		389,164		148
Gubre Fabrikalari		50,176		105
Haci Omer Sabanci Holding		149,318		438
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.		85,387		66

63

KP International Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Soda Sanayii		550,330	$	875
Tat Gida Sanayi*		167,107		354
TAV Havalimanlari Holding		31,391		246
Torunlar Gayrimenkul Yatirim Ortakligi ‡		50,134		50
Tupras Turkiye Petrol Rafinerileri*		40,643		997
Turk Hava Yollari*		571,867		1,510
Turkiye Garanti Bankasi		230,629		538
Turkiye Is Bankasi, Cl C		919,209		1,435
Turkiye Sise ve Cam Fabrikalari		127,402		121
Vestel Beyaz Esya Sanayi ve Ticaret		112,100		356
				10,044
United Arab Emirates – 0.0%
National Central Cooling PJSC		111,276		36
Union National Bank PJSC		43,378		73
				109
United Kingdom – 16.4%
3i Group		159,642		1,126
Aberdeen Asset Management		22,029		99
Admiral Group		41,026		933
Aggreko		6,088		88
Amec Foster Wheeler		28,860		314
Anglo American		24,763		207
Anglo American PLC		34,379		287
Antofagasta		15,576		118
ARM Holdings		36,007		520
Ashtead Group		13,104		185
Associated British Foods		9,109		460
AstraZeneca		31,959		2,031
Aviva		102,903		703
Babcock International Group		5,934		82
BAE Systems		245,147		1,665
Bank of Georgia Holdings		5,758		157
Barclays PLC		1,551,292		5,746
Barratt Developments		54,113		527
Berendsen		25,269		384
Betfair Group		23,342		1,173
BG Group PLC		215,187		3,103
BHP Billiton		90,869		1,388
BP		798,914		4,055
British American Tobacco		48,987		2,706
British Land ‡		24,934		316
BT Group, Cl A		211,959		1,347
Bunzl		76,773		2,059
Burberry Group		11,507		238
Cable & Wireless Communications		604,776		507
Capita		133,456		2,421
Carnival		25,426		1,316
Centrica		149,699		520

Description	Shares		Value (000)
Close Brothers Group		6,431	$	145
Cobham		26,908		117
Compass Group PLC		671,705		10,720
Croda International		3,240		133
Daily Mail & General Trust, Cl A		73,176		834
Delphi Automotive PLC		25,901		1,970
Devro		85,241		381
Diageo PLC		275,863		7,412
Direct Line Insurance Group		35,747		203
Dixons Carphone		23,131		149
easyJet		3,671		99
Fresnillo		5,948		53
G4S		327,761		1,146
GKN		39,875		162
GlaxoSmithKline		128,853		2,477
Glencore		468,866		649
GVC Holdings*		16,667		103
Hammerson ‡		20,428		193
Hargreaves Lansdown		6,485		118
Hays PLC		309,533		717
HomeServe		127,368		785
HSBC Holdings		122,016		917
HSBC Holdings PLC		1,074,423		8,134
ICAP		132,994		920
IG Group Holdings		62,125		725
IMI		12,780		183
Imperial Tobacco Group PLC		24,253		1,255
Inchcape		40,787		444
Informa PLC		56,981		485
Inmarsat		11,730		175
InterContinental Hotels Group		5,721		198
International Personal Finance		120,803		708
Intertek Group		53,140		1,959
Intu Properties ‡		22,154		110
Investec		13,144		100
ITV		593,735		2,213
J Sainsbury		32,261		128
Johnson Matthey		4,959		184
Jupiter Fund Management		61,016		399
Just Eat*		62,742		390
Kingfisher		59,806		324
Land Securities Group ‡		20,254		386
Legal & General Group		151,488		547
Lloyds Banking Group		2,898,111		3,299
London Stock Exchange Group		8,048		295
Lukoil PJSC ADR		61		2
Marks & Spencer Group		42,391		322
Meggitt		19,043		137
Melrose Industries		22,666		91
Merlin Entertainments (B)		231,693		1,306
Michael Page International		23,165		166

64

KP International Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Millennium & Copthorne Hotels		14,685	$	108
Mondi		9,551		200
Moneysupermarket.com Group		143,511		735
National Express Group		33,124		143
National Grid		94,805		1,321
Next		3,715		428
Non-Standard Finance* (B)		47,144		72
Northgate		17,597		121
Old Mutual		126,311		361
Pearson		21,039		360
Persimmon		7,920		241
Petrofac		11,293		131
Pets at Home Group		112,755		470
Provident Financial		36,109		1,711
Prudential PLC		169,689		3,589
Reckitt Benckiser Group PLC		107,572		9,759
RELX		109,554		1,874
Rexam		105,105		833
Rightmove		49,931		2,755
Rio Tinto PLC		112,601		3,762
Rolls-Royce Holdings PLC		318,583		3,263
Ros Agro PLC GDR		4,973		42
Royal Bank of Scotland Group*		82,829		396
Royal Mail		18,906		131
RSA Insurance Group		26,596		162
SABMiller		24,574		1,394
Sage Group		26,157		198
Schroders		2,938		125
Segro ‡		19,796		129
Serco Group PLC*		294,152		455
Severn Trent		6,180		205
Shire		15,009		1,024
Sky PLC		315,180		4,979
Smith & Nephew		34,658		606
Smiths Group PLC		168,697		2,568
South32*		48,396		46
Spectris		20,909		536
Sports Direct International*		6,310		72
SSE		25,317		572
SSP Group		184,132		850
St. James’s Place		12,749		164
Stagecoach Group		136,213		698
Standard Chartered PLC		260,199		2,526
Standard Life		50,665		297
Subsea 7*		6,331		48
Tate & Lyle		11,158		99
Taylor Wimpey		84,018		248
Tesco*		383,558		1,066
Thomas Cook Group*		382,138		670
Travis Perkins		6,470		193
Tullow Oil*		21,096		54

Description	Shares		Value (000)
Unilever		77,266	$	3,150
United Utilities Group		16,506		231
Vodafone Group PLC		849,780		2,685
Weir Group		4,852		86
WH Smith		30,326		720
Whitbread		4,668		330
William Hill		21,019		112
WM Morrison Supermarkets		52,426		132
Wolseley		6,658		389
WPP PLC		431,007		8,979
X5 Retail Group GDR*		8,644		151
				161,604
United States — 0.6%
Consumer Discretionary – 0.5%
Yum! Brands		56,043		4,481
Consumer Staples – 0.0%
Gruma, Cl B		27,136		381
Energy – 0.1%
Seadrill*		9,011		53
Tsakos Energy Navigation		82,699		672
				725
Industrials – 0.0%
Controladora Vuela Cia de Aviacion ADR*		13,481		201
Information Technology – 0.0%
Genpact*		7,483		177
				5,965
Total Common Stock (Cost $1,044,697) (000)				946,185
Preferred Stock — 0.6%
Alpargatas		210,898		359
Banco ABC Brasil*		22,900		53
Banco Bradesco		181,140		974
Banco do Estado do Rio Grande do Sul		40,300		57
Bayerische Motoren Werke		1,288		88
Centrais Eletricas Brasileiras*		43,300		96
Cia Energetica de Minas Gerais		267,700		471
Cia Paranaense de Energia		61,000		503
CJ		1,220		131
Eletropaulo Metropolitana Eletricidade de Sao Paulo, Cl B*		72,300		198
FUCHS PETROLUB		1,729		76
Henkel & KGaA		4,553		468
Itau Unibanco Holding		29,040		193
Porsche Automobil Holding		3,990		170
Suzano Papel e Celulose, Cl A		157,300		761
Vale		40,700		137

65

KP International Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Shares		Value (000)
Volkswagen		10,683	$	1,172
Total Preferred Stock (Cost $10,325) (000)				5,907
Participation Notes — 0.1%
Axis Bank, Expires 7/21/2017*		28,143		213
HSBC Bank, Expires 6/30/2016*		96,782		270
HSBC Bank, Expires 8/1/2016*		69,004		355
HSBC Bank, Expires 3/31/2017*		56,964		449
Total Participation Notes (Cost $1,308) (000)				1,287
Warrants — 0.0%
		Number of Warrants
LBS Bina Group, Expires 9/28/2018*		11,725		-
Total Warrants (Cost $–) (000)				-
Rights — 0.0%
		Number of Rights
Origin Energy, Expires 11/4/2015*		14,985		-
Total Rights (Cost $–) (000)				-
Short-Term Investment (C) — 1.9%
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.000%		18,573,959		18,574
Total Short-Term Investment (Cost $18,574) (000)				18,574
Total Investments — 99.2% (Cost $1,074,904) (000) †			$	971,953

Percentages are based on Net Assets of $979,585 (000).

A list of the open futures contracts held by the Fund at September 30, 2015, is as follows (000):

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Depreciation
E-MINI MSCI Future		170		Dec-2015	$	(548	)

For the period ended September 30, 2015, the total number of all open futures contracts, as presented in the table above, are representative of the average volume of activity for this derivative type during the period.

* Non-income producing security.

‡ Real Estate Investment Trust

(A) Security is fair valued using methods determined in good faith by the Fair Value Pricing Committee of the Board of Trustees. The total market value of such securities as of September 30, 2015 was $148 (000) and represented 0.02% of net assets.

(B) 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.

(C) The rate reported is the 7-day effective yield as of September 30, 2015.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

MSCI — Morgan Stanley Capital International

PLC — Public Limited Company

† At September 30, 2015, the tax cost basis of the Fund’s investments was $1,074,904 (000), and the unrealized appreciation and depreciation were $40,617 (000) and $(143,568) (000), respectively.

The following is a list of the level of inputs used as of September 30, 2015, 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	$	200	$	23,851	$	114	$	24,165
Austria		-		1,537		-		1,537
Belgium		-		7,367		-		7,367
Brazil		-		14,997		-		14,997
Canada		13,210		-		-		13,210
Chile		1,902		-		-		1,902
China		3,892		20,288		-		24,180
Colombia		615		-		-		615
Cyprus		-		309		-		309
Czech Republic		-		596		-		596
Denmark		-		16,758		-		16,758
Finland		-		7,540		-		7,540
France		394		69,201		-		69,595
Germany		1,608		61,705		-		63,313
Greece		256		648		-		904
Hong Kong		1,204		37,728		34		38,966
India		7,300		-		-		7,300
Indonesia		475		8,202		-		8,677
Ireland		4,219		2,608		-		6,827
Israel		1,818		1,833		-		3,651
Italy		-		13,354		-		13,354
Japan		119		155,843		-		155,962
Luxembourg		287		1,277		-		1,564
Macau		-		191		-		191
Malaysia		314		5,693		-		6,007
Mexico		14,220		-		-		14,220
Netherlands		917		35,465		-		36,382
New Zealand		783		-		-		783
Norway		353		2,815		-		3,168
Panama		19		-		-		19
Peru		2,881		-		-		2,881
Philippines		66		2,178		-		2,244
Poland		50		8,239		-		8,289
Portugal		-		437		-		437
Qatar		2,242		-		-		2,242
Russia		684		2,908		-		3,592
Singapore		-		9,569		-		9,569
South Africa		184		18,838		-		19,022
South Korea		3,811		33,714		-		37,525

66

KP International Equity Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Investments in Securities	Level 1			Level 2		Level 3^		Total
Spain	$	194		$	15,711	$	-	$	15,905
Sweden		20			17,530		-		17,550
Switzerland		10,469			58,805		-		69,274
Taiwan		18,673			4,358		-		23,031
Thailand		121			12,722		-		12,843
Turkey		175			9,869		-		10,044
United Arab Emirates		73			36		-		109
United Kingdom		3,798			157,806		-		161,604
United States		5,912			53		-		5,965
Total Common Stock		103,458			842,579		148		946,185
Preferred Stock		3,748			2,159		-		5,907
Participation Notes		-			1,287		-		1,287
Warrants		-			-		-		-
Rights		-			-		-		-
Short-Term Investment		18,574			-		-		18,574
Total Investments in Securities	$	125,780		$	846,025	$	148	$	971,953
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts**
Unrealized Depreciation	$	(548	)	$	-	$	-	$	(548	)
Total Other Financial Instruments	$	(548	)	$	-	$	-	$	(548	)

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

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

For the period ended September 30, 2015, 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. Additionally, the Fund had two securities with total value of $148 (000) transfer from Level 1 to Level 3 due to a halt in trading of these securities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2015, 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.

67

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
Corporate Obligations — 29.2%
Consumer Discretionary – 2.9%
21st Century Fox America
4.750%, 09/15/44	$	666	$	656
4.500%, 02/15/21		100		108
Amazon.com
1.200%, 11/29/17		200		199
American Honda Finance
2.450%, 09/24/20		1,017		1,016
1.200%, 07/14/17		100		100
0.950%, 05/05/17		100		100
Atento Luxco
7.375%, 01/29/20 (A)		220		207
AutoZone
2.500%, 04/15/21		100		99
Avianca Holdings
8.375%, 05/10/20 (A)		530		448
Bed Bath & Beyond
3.749%, 08/01/24		25		25
CBS
3.375%, 03/01/22		150		149
Cleveland Clinic Foundation
4.858%, 01/01/14		453		440
Comcast
6.500%, 01/15/17		250		267
4.200%, 08/15/34		1,460		1,440
3.375%, 02/15/25		125		126
Delphi
4.150%, 03/15/24		40		40
Diageo Capital
5.750%, 10/23/17		200		217
DIRECTV Holdings
5.150%, 03/15/42		191		179
5.000%, 03/01/21		200		218
4.450%, 04/01/24		100		103
Discovery Communications
5.050%, 06/01/20		100		109
ERAC USA Finance
2.350%, 10/15/19 (A)		1,682		1,682
Ford Motor Credit
3.000%, 06/12/17		200		203
2.375%, 03/12/19		400		397
1.461%, 03/27/17		2,146		2,134
Gap
5.950%, 04/12/21		100		108
General Motors
5.000%, 04/01/35		523		484
3.500%, 10/02/18		873		880
2.625%, 07/10/17		1,175		1,178
General Motors Financial
4.000%, 01/15/25		100		95
3.200%, 07/13/20		124		122
3.150%, 01/15/20		150		149
George Washington University
4.868%, 09/15/45		670		692
Grupo Televisa
7.250%, 05/14/43		2,840		142

Description	Face Amount (000)		Value (000)
Home Depot
4.400%, 04/01/21	$	100	$	110
3.350%, 09/15/25		2,370		2,414
2.000%, 06/15/19		100		101
Johnson Controls
3.625%, 07/02/24		43		42
Kohl’s
4.000%, 11/01/21		100		103
Latam Airlines Pass-Through Trust
4.200%, 11/15/27 (A)		660		635
Lowe’s
4.625%, 04/15/20		100		110
Macy’s Retail Holdings
3.625%, 06/01/24		100		97
Magna International
3.625%, 06/15/24		50		49
Marriott International
3.125%, 10/15/21		100		101
Mattel
2.350%, 05/06/19		100		100
McDonald’s
5.350%, 03/01/18		100		109
3.375%, 05/26/25		100		100
NBCUniversal Media
4.375%, 04/01/21		100		110
Newell Rubbermaid
4.000%, 12/01/24		50		51
Omnicom Group
4.450%, 08/15/20		100		108
QVC
4.450%, 02/15/25		65		63
Scripps Networks Interactive
2.750%, 11/15/19		100		100
Staples
2.750%, 01/12/18		100		101
Target
2.900%, 01/15/22		200		204
Time Warner
4.875%, 03/15/20		100		111
4.850%, 07/15/45		552		542
3.600%, 07/15/25		913		894
2.100%, 06/01/19		100		100
Time Warner Cable
8.250%, 04/01/19		200		233
7.300%, 07/01/38		208		218
4.000%, 09/01/21		100		102
TJX
2.750%, 06/15/21		100		102
Toyota Motor Credit
2.750%, 05/17/21		100		102
2.150%, 03/12/20		900		902
2.100%, 01/17/19		200		202
1.550%, 07/13/18		100		101
1.450%, 01/12/18		1,194		1,195
Viacom
4.250%, 09/01/23		100		98
2.200%, 04/01/19		100		97
VTR Finance
6.875%, 01/15/24 (A)		380		345

68

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
Walt Disney
2.550%, 02/15/22	$	100	$	101
1.850%, 05/30/19		150		151
Whirlpool
4.000%, 03/01/24		60		62
Wyndham Worldwide
4.250%, 03/01/22		50		50
Yum! Brands
3.875%, 11/01/23		100		100
				25,128
Consumer Staples – 1.5%
Ajecorp
6.500%, 05/14/22 (A)		350		200
Altria Group
9.250%, 08/06/19		200		249
Anheuser-Busch InBev Finance
2.150%, 02/01/19		100		100
Anheuser-Busch InBev Worldwide
7.750%, 01/15/19		100		117
5.375%, 01/15/20		100		112
2.500%, 07/15/22		100		96
Beam Suntory
1.875%, 05/15/17		100		100
Bunge Finance
3.200%, 06/15/17		100		102
Clorox
3.500%, 12/15/24		50		50
Coca-Cola
3.300%, 09/01/21		100		105
3.200%, 11/01/23		100		103
2.450%, 11/01/20		50		51
Coca-Cola Femsa
2.375%, 11/26/18		150		151
Colgate-Palmolive
1.750%, 03/15/19		100		101
ConAgra Foods
1.900%, 01/25/18		100		99
Costco Wholesale
1.700%, 12/15/19		100		100
CVS Health
5.750%, 06/01/17		100		107
5.125%, 07/20/45		576		619
4.875%, 07/20/35		662		695
3.875%, 07/20/25		120		124
3.375%, 08/12/24		100		101
2.250%, 12/05/18		150		152
General Mills
5.650%, 02/15/19		100		111
Gruma
4.875%, 12/01/24 (A)		200		210
JM Smucker
2.500%, 03/15/20 (A)		100		100
Kellogg
4.000%, 12/15/20		100		107
Kimberly-Clark
1.900%, 05/22/19		150		151
Kraft Foods Group
6.875%, 01/26/39		175		218
3.500%, 06/06/22		125		127

Description	Face Amount (000)		Value (000)
Kraft Heinz Foods
5.200%, 07/15/45 (A)	$	416	$	441
5.000%, 07/15/35 (A)		389		406
3.950%, 07/15/25 (A)		150		153
1.600%, 06/30/17 (A)		1,265		1,267
Kroger
6.400%, 08/15/17		100		109
Mondelez International
4.000%, 02/01/24		100		104
PepsiCo
7.900%, 11/01/18		200		236
3.600%, 03/01/24		100		104
1.250%, 04/30/18		100		100
Philip Morris International
5.650%, 05/16/18		150		166
4.500%, 03/26/20		100		109
Procter & Gamble
3.100%, 08/15/23		100		103
Reynolds American
5.700%, 08/15/35		467		508
4.450%, 06/12/25		150		157
2.300%, 08/21/17 (A)		1,813		1,832
Sysco
4.850%, 10/01/45		763		781
2.600%, 10/01/20		50		50
Tyson Foods
4.500%, 06/15/22		150		159
Unilever Capital
2.200%, 03/06/19		100		102
USJ Acucare Alcool
9.875%, 11/09/19 (A)		340		125
Walgreens Boots Alliance
4.800%, 11/18/44		746		715
3.300%, 11/18/21		100		101
2.700%, 11/18/19		100		102
Wal-Mart Stores
4.250%, 04/15/21		125		138
3.300%, 04/22/24		50		52
				12,778
Energy – 2.9%
Anadarko Petroleum
6.375%, 09/15/17		200		216
Apache
3.250%, 04/15/22		100		97
Baker Hughes
7.500%, 11/15/18		150		174
Boardwalk Pipelines
4.950%, 12/15/24		50		46
BP Capital Markets
3.535%, 11/04/24		250		248
2.750%, 05/10/23		100		96
2.315%, 02/13/20		125		125
2.237%, 05/10/19		100		101
Cameron International
1.400%, 06/15/17		50		50
Canadian Natural Resources
5.700%, 05/15/17		100		106

69

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
Cenovus Energy
5.700%, 10/15/19	$	125	$	136
3.000%, 08/15/22		1,926		1,756
Chevron
2.355%, 12/05/22		150		145
2.193%, 11/15/19		90		91
1.961%, 03/03/20		150		149
1.718%, 06/24/18		100		101
Chevron Phillips Chemical
1.700%, 05/01/18 (A)		837		835
CNOOC Curtis Funding No. 1
4.500%, 10/03/23 (A)		950		983
CNOOC Finance 2015 Australia Property
2.625%, 05/05/20		200		197
Columbia Pipeline Group
2.450%, 06/01/18 (A)		100		100
ConocoPhillips
6.000%, 01/15/20		100		115
3.350%, 11/15/24		100		98
Continental Resources
5.000%, 09/15/22		100		88
Devon Energy
5.000%, 06/15/45		377		341
3.250%, 05/15/22		816		784
2.250%, 12/15/18		150		150
Ecopetrol
5.875%, 09/18/23		100		96
5.375%, 06/26/26		170		149
Enable Midstream Partners
2.400%, 05/15/19 (A)		50		48
Enbridge
5.600%, 04/01/17		100		105
Enbridge Energy Partners
5.875%, 12/15/16		50		52
Energy Transfer Partners
3.600%, 02/01/23		100		90
2.500%, 06/15/18		150		149
Ensco
4.700%, 03/15/21		100		84
Enterprise Products Operating
3.350%, 03/15/23		100		97
2.550%, 10/15/19		200		199
EOG Resources
2.625%, 03/15/23		100		97
Exxon Mobil
2.709%, 03/06/25		150		147
1.819%, 03/15/19		150		151
Fermaca Enterprises
6.375%, 03/30/38 (A)		199		188
Halliburton
3.500%, 08/01/23		100		100
Hess
8.125%, 02/15/19		50		59
5.600%, 02/15/41		689		642
Husky Energy
4.000%, 04/15/24		100		94

Description	Face Amount (000)		Value (000)
KazMunayGas National
6.375%, 04/09/21 (A)	$	430	$	421
6.000%, 11/07/44 (A)		200		147
5.750%, 04/30/43 (A)		470		341
Kinder Morgan
5.300%, 12/01/34		461		393
5.000%, 02/15/21 (A)		522		533
3.050%, 12/01/19		50		49
2.000%, 12/01/17		200		199
Kinder Morgan Energy Partners
6.500%, 02/01/37		318		304
3.950%, 09/01/22		250		235
3.500%, 03/01/21		20		19
Magellan Midstream Partners
4.250%, 02/01/21		100		104
Marathon Oil
5.200%, 06/01/45		316		267
2.800%, 11/01/22		150		134
2.700%, 06/01/20		1,351		1,309
MPLX
4.000%, 02/15/25		25		23
Nabors Industries
5.100%, 09/15/23		100		88
National Oilwell Varco
2.600%, 12/01/22		100		93
Noble Energy
4.150%, 12/15/21		200		201
Occidental Petroleum
3.125%, 02/15/22		100		101
Odebrecht Drilling Norbe VIII
6.350%, 06/30/21 (A)		344		121
ONEOK Partners
3.375%, 10/01/22		100		90
Pertamina Persero
6.450%, 05/30/44 (A)		370		321
6.000%, 05/03/42 (A)		540		447
5.250%, 05/23/21 (A)		200		198
Petroleos de Venezuela
9.000%, 11/17/21		660		236
6.000%, 11/15/26 (A)		665		213
5.375%, 04/12/27		1,200		383
Petroleos Mexicanos
8.000%, 05/03/19		250		283
6.625%, 06/15/35		1,040		975
6.375%, 01/23/45		190		170
5.625%, 01/23/46 (A)		436		355
4.875%, 01/24/22		350		347
3.500%, 07/23/20 (A)		300		277
Petronas Capital
4.500%, 03/18/45 (A)		200		185
3.500%, 03/18/25 (A)		200		190
Phillips 66
2.950%, 05/01/17		100		102
Phillips 66 Partners
3.605%, 02/15/25		25		23
Plains All American Pipeline
3.850%, 10/15/23		150		145
Regency Energy Partners
4.500%, 11/01/23		1,582		1,463

70

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
Schlumberger Investment
3.650%, 12/01/23	$	100	$	103
Shell International Finance
3.250%, 05/11/25		150		149
1.125%, 08/21/17		150		150
Southwestern Energy
4.950%, 01/23/25		100		89
Spectra Energy Partners
3.500%, 03/15/25		100		93
State Oil of the Azerbaijan Republic
4.750%, 03/13/23		770		672
Statoil
3.700%, 03/01/24		100		103
2.450%, 01/17/23		125		119
2.250%, 11/08/19		150		151
Suncor Energy
6.100%, 06/01/18		100		111
Total Capital Canada
2.750%, 07/15/23		100		96
Total Capital International
2.100%, 06/19/19		100		101
1.550%, 06/28/17		200		202
TransCanada PipeLines
6.350%, 05/15/67 (B)		100		84
2.500%, 08/01/22		100		94
Valero Energy
9.375%, 03/15/19		29		35
Weatherford International
9.625%, 03/01/19		100		107
Western Gas Partners
2.600%, 08/15/18		100		100
Williams
4.550%, 06/24/24		50		40
Williams Partners
6.300%, 04/15/40		446		401
5.250%, 03/15/20		250		267
4.000%, 09/15/25		460		398
				25,025
Financials – 11.0%
Abbey National Treasury Services
2.375%, 03/16/20		100		101
1.650%, 09/29/17		100		100
ACE INA Holdings
3.350%, 05/15/24		100		100
Aflac
2.650%, 02/15/17		200		204
African Development Bank
1.375%, 02/12/20		100		100
0.875%, 05/15/17		205		205
Agricola Senior Trust
6.750%, 06/18/20 (A)		390		388
Alexandria Real Estate Equities
2.750%, 01/15/20 ‡		50		50
Alleghany
4.950%, 06/27/22		100		108
American Express
7.000%, 03/19/18		150		169

Description	Face Amount (000)		Value (000)
American Express Credit
2.600%, 09/14/20	$	1,257	$	1,263
2.375%, 03/24/17		200		201
2.250%, 08/15/19		150		151
American International Group
4.800%, 07/10/45		277		283
3.375%, 08/15/20		150		156
American Tower
3.400%, 02/15/19 ‡		100		103
Ameriprise Financial
5.300%, 03/15/20		100		113
Andina de Fomento
4.375%, 06/15/22		100		109
Aon
5.000%, 09/30/20		100		111
Ares Capital
3.875%, 01/15/20		60		62
Asian Development Bank
2.000%, 01/22/25		100		98
1.750%, 03/21/19		100		102
1.625%, 08/26/20		100		101
1.125%, 03/15/17		300		302
0.750%, 07/28/17		100		100
Assurant
4.000%, 03/15/23		74		76
Australia & New Zealand Banking Group New York
1.250%, 01/10/17		250		251
AvalonBay Communities
3.500%, 11/15/24 ‡		100		100
Banco de Costa Rica
5.250%, 08/12/18 (A)		540		541
Banco do Brasil
3.875%, 10/10/22		200		154
Banco Nacional de Costa Rica
4.875%, 11/01/18 (A)		350		346
Banco Regional SAECA
8.125%, 01/24/19 (A)		390		391
Bank of America
5.700%, 01/24/22		100		114
4.200%, 08/26/24		165		165
4.000%, 04/01/24		200		201
3.950%, 04/21/25		100		97
2.650%, 04/01/19		450		455
2.600%, 01/15/19		449		454
2.250%, 04/21/20		250		246
1.950%, 05/12/18		1,007		1,010
1.750%, 06/05/18		250		250
1.700%, 08/25/17		140		140
1.250%, 02/14/17		250		250
Bank of Ceylon
6.875%, 05/03/17 (A)		210		215
Bank of China
5.000%, 11/13/24 (A)		440		447
Bank of Georgia
7.750%, 07/05/17		330		338
Bank of Montreal
1.800%, 07/31/18		50		50
1.400%, 04/10/18		200		199

71

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
Bank of New York Mellon
3.550%, 09/23/21	$	100	$	105
3.000%, 02/24/25		100		99
2.100%, 08/01/18		200		202
Bank of Nova Scotia
2.050%, 10/30/18		100		101
1.300%, 07/21/17		100		100
Barclays
3.650%, 03/16/25		200		191
2.875%, 06/08/20		250		250
BB&T
2.450%, 01/15/20		100		101
Berkshire Hathaway
1.900%, 01/31/17		250		253
BioMed Realty
2.625%, 05/01/19 ‡		50		48
BlackRock
5.000%, 12/10/19		100		112
BMCE Bank
6.250%, 11/27/18		200		206
BNP Paribas
4.250%, 10/15/24		200		199
2.375%, 05/21/20		200		201
Boston Properties
3.850%, 02/01/23 ‡		100		102
3.700%, 11/15/18 ‡		100		105
BPCE
1.625%, 02/10/17		250		251
Branch Banking & Trust
1.000%, 04/03/17		250		249
Brixmor Operating Partnership
3.875%, 08/15/22 ‡		30		30
Camden Property Trust
3.500%, 09/15/24 ‡		100		99
Capital One
2.350%, 08/17/18		1,438		1,442
1.650%, 02/05/18		1,737		1,720
Capital One Bank USA
2.150%, 11/21/18		250		249
Capital One Financial
3.200%, 02/05/25		50		48
2.450%, 04/24/19		100		99
CBL & Associates
5.250%, 12/01/23 ‡		150		156
Charles Schwab
4.450%, 07/22/20		100		110
Chubb
5.750%, 05/15/18		100		111
Citigroup
8.500%, 05/22/19		350		423
4.650%, 07/30/45		367		366
4.450%, 01/10/17		100		104
4.400%, 06/10/25		1,088		1,094
3.750%, 06/16/24		100		102
3.500%, 05/15/23		100		97
2.500%, 07/29/19		100		101
2.400%, 02/18/20		100		99
2.150%, 07/30/18		70		70
1.700%, 04/27/18		2,496		2,483

Description	Face Amount (000)		Value (000)
CNA Financial
5.875%, 08/15/20	$	100	$	114
Comerica
2.125%, 05/23/19		50		50
Commonwealth Bank of Australia
2.250%, 03/13/19		250		252
Cooperatieve Centrale Raiffeisen-Boerenleenbank
5.250%, 08/04/45		709		722
3.875%, 02/08/22		300		316
Council of Europe Development Bank
1.750%, 11/14/19		100		102
1.125%, 05/31/18		150		150
Credit Suisse New York
3.625%, 09/09/24		250		250
1.750%, 01/29/18		250		250
1.700%, 04/27/18		1,672		1,665
Crown Castle Holdings
3.849%, 04/15/23		50		50
DDR
3.500%, 01/15/21 ‡		100		102
Deutsche Bank
6.000%, 09/01/17		100		108
3.700%, 05/30/24		85		84
2.950%, 08/20/20		100		100
1.875%, 02/13/18		50		50
Development Bank of Kazakhstan
4.125%, 12/10/22 (A)		970		828
Digital Realty Trust
3.625%, 10/01/22 ‡		100		97
Discover Bank
2.000%, 02/21/18		250		249
Duke Realty
3.750%, 12/01/24 ‡		100		98
ERP Operating
4.625%, 12/15/21 ‡		200		218
2.375%, 07/01/19 ‡		2,510		2,529
Essex Portfolio
3.500%, 04/01/25 ‡		1,470		1,428
European Bank for Reconstruction & Development
1.500%, 03/16/20		200		201
1.375%, 10/20/16		100		101
European Investment Bank
3.250%, 01/29/24		250		272
2.125%, 10/15/21		100		102
1.875%, 03/15/19		150		153
1.750%, 06/17/19		300		305
1.625%, 12/18/18		2,008		2,023
1.375%, 06/15/20		150		149
1.250%, 05/15/18		150		151
1.125%, 09/15/17		650		653
1.000%, 08/17/17		100		100
0.875%, 04/18/17		250		251
Export Credit Bank of Turkey
5.875%, 04/24/19 (A)		200		203
5.000%, 09/23/21 (A)		620		593
Export-Import Bank of India
4.000%, 01/14/23		270		272

72

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
Fifth Third Bank
1.150%, 11/18/16	$	200	$	200
FMS Wertmanagement AoeR
1.750%, 03/17/20		200		202
Goldman Sachs Group
6.150%, 04/01/18		500		551
5.750%, 01/24/22		300		344
4.000%, 03/03/24		100		103
3.750%, 05/22/25		1,046		1,048
3.625%, 01/22/23		673		682
3.500%, 01/23/25		1,724		1,694
2.750%, 09/15/20		75		76
2.600%, 04/23/20		100		100
2.550%, 10/23/19		200		201
Hartford Financial Services Group
5.125%, 04/15/22		100		111
HCP
5.375%, 02/01/21 ‡		200		222
Hospitality Properties Trust
5.000%, 08/15/22 ‡		100		106
Host Hotels & Resorts
3.750%, 10/15/23 ‡		100		98
HSBC Finance
6.676%, 01/15/21		100		117
HSBC Holdings
4.000%, 03/30/22		100		105
HSBC USA
2.750%, 08/07/20		2,868		2,880
2.625%, 09/24/18		150		152
1.500%, 11/13/17		150		150
1.300%, 06/23/17		200		200
IDBI Bank
4.125%, 04/23/20		410		414
Industrial & Commercial Bank of China
3.231%, 11/13/19		250		255
Inter-American Development Bank
2.125%, 01/15/25		125		124
1.875%, 06/16/20		200		204
1.750%, 04/14/22		150		150
1.125%, 03/15/17		400		403
1.000%, 07/14/17		100		100
Intercontinental Exchange
4.000%, 10/15/23		150		156
International Bank for Reconstruction & Development
2.500%, 11/25/24		100		103
2.250%, 06/24/21		50		51
2.125%, 02/13/23		100		101
1.875%, 03/15/19		200		205
1.625%, 02/10/22		200		198
1.000%, 11/15/17		350		351
0.875%, 04/17/17		250		251
International Bank of Azerbaijan
5.625%, 06/11/19		400		360
International Finance
1.625%, 07/16/20		100		101
1.250%, 07/16/18		100		101
0.875%, 06/15/18		300		299
Intesa Sanpaolo
5.250%, 01/12/24		250		267

Description	Face Amount (000)		Value (000)
Jefferies Group
6.875%, 04/15/21	$	100	$	112
JPMorgan Chase
6.000%, 01/15/18		300		328
4.250%, 10/15/20		1,014		1,044
3.900%, 07/15/25		573		583
3.625%, 05/13/24		100		101
3.375%, 05/01/23		200		196
3.125%, 01/23/25		150		145
2.750%, 06/23/20		100		101
2.250%, 01/23/20		1,587		1,574
1.700%, 03/01/18		250		249
1.350%, 02/15/17		300		300
KeyCorp
5.100%, 03/24/21		150		166
2.900%, 09/15/20		1,978		1,993
KFW
4.875%, 01/17/17		1,131		1,193
2.500%, 11/20/24		2,440		2,506
2.125%, 01/17/23		250		253
1.875%, 04/01/19		150		153
1.500%, 04/20/20		350		350
1.000%, 01/26/18		900		900
0.875%, 12/15/17		400		400
Kimco Realty
3.200%, 05/01/21 ‡		50		51
Landwirtschaftliche Rentenbank
2.375%, 06/10/25		100		100
1.750%, 04/15/19		100		102
1.000%, 04/04/18		200		200
Lazard Group
3.750%, 02/13/25		50		48
Liberty Property
4.125%, 06/15/22 ‡		100		102
Lloyds Bank
3.500%, 05/14/25		1,010		999
2.000%, 08/17/18		200		201
Loews
2.625%, 05/15/23		100		96
Magyar Export-Import Bank
4.000%, 01/30/20 (A)		450		452
Manufacturers & Traders Trust
1.400%, 07/25/17		250		250
Marsh & McLennan
3.750%, 03/14/26		622		625
2.350%, 09/10/19		75		76
MetLife
3.600%, 04/10/24		100		102
1.903%, 12/15/17		89		89
Metropolitan Life Global Funding I
1.300%, 04/10/17 (A)		2,266		2,267
MFB Magyar Fejlesztesi Bank
6.250%, 10/21/20 (A)		200		222
Moody’s
2.750%, 07/15/19		100		102

73

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
Morgan Stanley
4.875%, 11/01/22	$	100	$	107
4.750%, 03/22/17		250		262
4.000%, 07/23/25		871		890
3.950%, 04/23/27		972		936
3.700%, 10/23/24		150		151
2.800%, 06/16/20		100		101
2.650%, 01/27/20		100		100
2.500%, 01/24/19		250		253
2.375%, 07/23/19		550		550
Nasdaq
5.250%, 01/16/18		85		91
National Rural Utilities Cooperative Finance
10.375%, 11/01/18		150		187
National Savings Bank
8.875%, 09/18/18 (A)		490		519
Nomura Holdings
2.750%, 03/19/19		150		152
Nordic Investment Bank
1.125%, 03/19/18		200		201
Oesterreichische Kontrollbank
1.125%, 05/29/18		150		150
0.750%, 05/19/17		150		150
Omega Healthcare Investors
6.750%, 10/15/22 ‡		150		155
PNC Bank
2.700%, 11/01/22		250		241
2.400%, 10/18/19		250		252
1.125%, 01/27/17		100		100
Power Sector Assets & Liabilities Management
7.390%, 12/02/24 (A)		190		246
Pricoa Global Funding I
1.900%, 09/21/18 (A)		705		709
Principal Financial Group
3.400%, 05/15/25		100		98
Private Export Funding
3.250%, 06/15/25		100		104
2.250%, 03/15/20		200		206
Prologis
6.875%, 03/15/20		100		116
Prudential Financial
5.625%, 06/15/43 (B)		100		103
5.375%, 05/15/45 (B)		100		99
Realty Income
3.250%, 10/15/22 ‡		100		98
Royal Bank of Canada
2.200%, 07/27/18		150		152
2.150%, 03/15/19		200		203
Royal Bank of Scotland
5.625%, 08/24/20		100		114
Santander Holdings USA
2.650%, 04/17/20		100		98
Santander UK Group Holdings
5.625%, 09/15/45 (A)		537		532
Scotiabank Peru
4.500%, 12/13/27 (A) (B)		340		329

Description	Face Amount (000)		Value (000)
Simon Property Group
3.375%, 10/01/24 ‡	$	125	$	126
2.500%, 09/01/20 ‡		1,599		1,615
2.200%, 02/01/19 ‡		150		152
Standard Chartered Bank
7.280%, 06/05/19 (A)		25,000		377
Sumitomo Mitsui Banking
1.950%, 07/23/18		250		251
SunTrust Banks
3.500%, 01/20/17		100		102
2.500%, 05/01/19		50		51
Svensk Exportkredit
1.875%, 06/17/19		200		203
Svenska Handelsbanken
2.400%, 10/01/20		2,841		2,844
1.625%, 03/21/18		250		250
Synchrony Financial
4.500%, 07/23/25		100		101
3.000%, 08/15/19		100		101
TIAA Asset Management Finance
4.125%, 11/01/24 (A)		184		188
2.950%, 11/01/19 (A)		532		539
Toronto-Dominion Bank
2.375%, 10/19/16		200		203
2.125%, 07/02/19		100		101
1.950%, 04/02/20 (A)		473		473
Travelers
3.900%, 11/01/20		100		108
Turkiye Vakiflar Bankasi Tao
5.000%, 10/31/18 (A)		320		317
UBS
5.875%, 12/20/17		100		109
2.350%, 03/26/20		250		250
1.375%, 06/01/17		1,334		1,331
UDR
4.625%, 01/10/22 ‡		952		1,020
4.000%, 10/01/25 ‡		50		51
Unum Group
4.000%, 03/15/24		50		52
US Bancorp
2.950%, 07/15/22		300		298
1.950%, 11/15/18		100		101
Ventas Realty
3.750%, 05/01/24 ‡		50		50
Vornado Realty
2.500%, 06/30/19 ‡		100		100
Voya Financial
2.900%, 02/15/18		100		102
WEA Finance
3.250%, 10/05/20 (A)		1,656		1,672
Wells Fargo
5.625%, 12/11/17		500		544
3.550%, 09/29/25		1,386		1,386
3.300%, 09/09/24		100		99
3.000%, 01/22/21		200		199
2.600%, 07/22/20		1,006		1,016
Welltower
5.250%, 01/15/22 ‡		100		110

74

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
Westpac Banking
4.875%, 11/19/19	$	200	$	221
2.250%, 01/17/19		100		102
Weyerhaeuser
4.625%, 09/15/23 ‡		100		107
WP Carey
4.600%, 04/01/24 ‡		50		51
XLIT
5.750%, 10/01/21		74		85
Zenith Bank
6.250%, 04/22/19 (A)		340		308
				96,977
Health Care – 1.9%
Abbott Laboratories
2.550%, 03/15/22		150		148
AbbVie
4.500%, 05/14/35		726		701
3.200%, 11/06/22		250		250
1.800%, 05/14/18		1,599		1,594
1.750%, 11/06/17		200		201
Actavis
1.875%, 10/01/17		100		100
Actavis Funding
4.550%, 03/15/35		659		607
3.800%, 03/15/25		40		39
3.450%, 03/15/22		150		148
3.000%, 03/12/20		1,309		1,310
2.350%, 03/12/18		80		80
Aetna
2.750%, 11/15/22		150		145
AmerisourceBergen
3.400%, 05/15/24		100		99
Amgen
5.700%, 02/01/19		250		277
3.125%, 05/01/25		100		96
Anthem
3.300%, 01/15/23		200		198
AstraZeneca
1.950%, 09/18/19		100		101
Baxalta
3.600%, 06/23/22 (A)		100		101
Baxter International
3.200%, 06/15/23		100		101
Becton Dickinson
3.875%, 05/15/24		100		103
1.800%, 12/15/17		100		100
Biogen
3.625%, 09/15/22		100		101
Boston Scientific
2.850%, 05/15/20		100		100
Bristol-Myers Squibb
2.000%, 08/01/22		100		96
Cardinal Health
3.200%, 03/15/23		100		99
Celgene
3.875%, 08/15/25		1,523		1,523
2.250%, 05/15/19		100		101
Cigna
4.000%, 02/15/22		100		104

Description	Face Amount (000)		Value (000)
City of Hope
5.623%, 11/15/43	$	360	$	415
Covidien International Finance
6.000%, 10/15/17		100		109
Dignity Health
5.267%, 11/01/64		272		282
Eli Lilly
1.250%, 03/01/18		100		100
Express Scripts Holding
3.900%, 02/15/22		150		154
1.250%, 06/02/17		55		55
Gilead Sciences
4.750%, 03/01/46		899		903
3.500%, 02/01/25		100		101
2.550%, 09/01/20		50		50
2.350%, 02/01/20		20		20
1.850%, 09/04/18		20		20
GlaxoSmithKline Capital
2.850%, 05/08/22		100		100
2.800%, 03/18/23		125		123
Howard Hughes Medical Institute
3.500%, 09/01/23		150		157
Johnson & Johnson
2.450%, 12/05/21		100		102
Laboratory Corp of America Holdings
2.625%, 02/01/20		100		100
McKesson
2.284%, 03/15/19		100		100
1.292%, 03/10/17		100		100
Medtronic
4.625%, 03/15/45		399		411
4.375%, 03/15/35		772		781
3.500%, 03/15/25		100		102
2.750%, 04/01/23		200		196
1.375%, 04/01/18		75		75
Merck
2.750%, 02/10/25		200		195
Novartis Capital
3.400%, 05/06/24		100		103
Novartis Securities Investment
5.125%, 02/10/19		100		111
NYU Hospitals Center
5.750%, 07/01/43		277		320
Perrigo
4.000%, 11/15/23		200		199
Pfizer
3.000%, 06/15/23		100		100
1.500%, 06/15/18		100		101
1.100%, 05/15/17		100		100
Quest Diagnostics
2.500%, 03/30/20		150		150
Sanofi
1.250%, 04/10/18		125		125
Teva Pharmaceutical Finance
2.950%, 12/18/22		150		144
Thermo Fisher Scientific
3.600%, 08/15/21		100		103
2.400%, 02/01/19		150		151

75

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
UnitedHealth Group
4.750%, 07/15/45	$	1,077	$	1,137
3.750%, 07/15/25		50		52
2.875%, 03/15/22		100		101
2.700%, 07/15/20		130		133
2.300%, 12/15/19		50		51
1.900%, 07/16/18		60		60
Zimmer Biomet Holdings
3.150%, 04/01/22		100		99
Zoetis
3.250%, 02/01/23		50		48
				16,762
Industrials – 2.3%
3M
1.625%, 06/15/19		100		100
ABB Finance USA
2.875%, 05/08/22		150		149
Adani Ports & Special Economic Zone
3.500%, 07/29/20 (A)		220		218
Aeropuertos Dominicanos Siglo XXI
9.750%, 11/13/19 (A)		300		297
Air Lease
3.375%, 01/15/19		150		152
American Airlines Pass-Through Trust
4.950%, 01/15/23		174		185
Boeing
2.350%, 10/30/21		150		150
Burlington Northern Santa Fe
5.650%, 05/01/17		100		106
5.150%, 09/01/43		1,088		1,163
3.050%, 03/15/22		100		100
Canadian National Railway
5.550%, 03/01/19		100		112
Canadian Pacific Railway
6.125%, 09/15/15		402		422
2.900%, 02/01/25		100		95
Caterpillar
3.900%, 05/27/21		50		54
3.400%, 05/15/24		100		100
Caterpillar Financial Services
1.000%, 03/03/17		300		300
CSX
7.375%, 02/01/19		100		117
Danaher
3.350%, 09/15/25		30		30
1.650%, 09/15/18		120		121
Deere
2.600%, 06/08/22		150		147
Dover
4.300%, 03/01/21		100		109
DP World
6.850%, 07/02/37 (A)		440		465
Emerson Electric
2.625%, 02/15/23		100		98
Eskom Holdings
5.750%, 01/26/21 (A)		650		611

Description	Face Amount (000)		Value (000)
FedEx
3.200%, 02/01/25	$	100	$	97
GATX
2.500%, 07/30/19		150		150
General Dynamics
2.250%, 11/15/22		100		96
General Electric
5.250%, 12/06/17		150		163
General Electric Capital
5.625%, 05/01/18		200		221
4.650%, 10/17/21		150		169
3.450%, 05/15/24		100		104
2.900%, 01/09/17		150		154
2.200%, 01/09/20		2,010		2,033
1.250%, 05/15/17		200		201
Georgian Railway
7.750%, 07/11/22 (A)		900		906
Honeywell International
4.250%, 03/01/21		125		139
Illinois Tool Works
1.950%, 03/01/19		100		101
Ingersoll-Rand Global Holding
4.250%, 06/15/23		100		104
John Deere Capital
2.800%, 03/04/21		100		102
2.050%, 03/10/20		1,340		1,337
1.350%, 01/16/18		100		100
Kazakhstan Temir Zholy Finance
6.950%, 07/10/42 (A)		310		242
6.375%, 10/06/20 (A)		730		688
Koninklijke Philips
5.750%, 03/11/18		100		109
L-3 Communications
5.200%, 10/15/19		125		133
Lockheed Martin
2.900%, 03/01/25		100		97
Norfolk Southern
3.250%, 12/01/21		100		102
Northrop Grumman
3.250%, 08/01/23		50		50
Owens Corning
4.200%, 12/01/24		100		99
PACCAR Financial
1.400%, 11/17/17		55		55
Pentair Finance
3.625%, 09/15/20		100		101
Pitney Bowes
4.625%, 03/15/24		100		101
Precision Castparts
2.500%, 01/15/23		150		145
Raytheon
2.500%, 12/15/22		150		146
Red de Carreteras de Occidente
9.000%, 06/10/28 (A)		6,100		351
Republic Services
3.550%, 06/01/22		150		154
Roper Technologies
2.050%, 10/01/18		100		100

76

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
Ryder System
2.550%, 06/01/19	$	95	$	95
Siemens Financieringsmaatschappij
1.450%, 05/25/18 (A)		1,259		1,253
Southwest Airlines
2.750%, 11/06/19		50		51
Stanley Black & Decker
2.900%, 11/01/22		100		99
Union Pacific
3.646%, 02/15/24		100		104
United Parcel Service
5.125%, 04/01/19		100		112
3.125%, 01/15/21		45		47
United Technologies
1.800%, 06/01/17		150		152
1.780%, 05/04/18 (C)		3,974		3,955
Verisk Analytics
4.000%, 06/15/25		50		49
Waste Management
3.500%, 05/15/24		100		101
				20,269
Information Technology – 1.5%
Alibaba Group Holding
2.500%, 11/28/19 (A)		250		245
Amphenol
1.550%, 09/15/17		100		100
Apple
3.450%, 05/06/24		100		103
2.700%, 05/13/22		200		201
2.400%, 05/03/23		200		194
1.000%, 05/03/18		100		100
Applied Materials
2.625%, 10/01/20		50		50
Arrow Electronics
3.500%, 04/01/22		100		99
Automatic Data Processing
2.250%, 09/15/20		50		50
Baidu
4.125%, 06/30/25		310		303
3.250%, 08/06/18		200		204
Broadcom
3.500%, 08/01/24		40		40
Cisco Systems
4.950%, 02/15/19		100		110
4.450%, 01/15/20		200		220
3.500%, 06/15/25		50		52
Corning
1.500%, 05/08/18		100		100
eBay
2.875%, 08/01/21		150		146
EMC
3.375%, 06/01/23		100		99
Fidelity National Information Services
3.500%, 04/15/23		150		143
Fiserv
2.700%, 06/01/20		100		101
Google
3.375%, 02/25/24		100		104

Description	Face Amount (000)		Value (000)
Harris
2.700%, 04/27/20	$	35	$	35
Hewlett Packard Enterprise
4.900%, 10/15/25 (A)		1,071		1,068
3.600%, 10/15/20 (A)		1,253		1,253
2.850%, 10/05/18		100		100
Hewlett-Packard
4.650%, 12/09/21		100		106
2.750%, 01/14/19		100		102
2.600%, 09/15/17		100		101
Intel
4.900%, 07/29/45		872		903
3.700%, 07/29/25		25		26
3.300%, 10/01/21		100		105
2.700%, 12/15/22		100		98
2.450%, 07/29/20		60		61
International Business Machines
3.625%, 02/12/24		100		103
1.875%, 08/01/22		150		141
1.125%, 02/06/18		100		100
Juniper Networks
4.500%, 03/15/24		50		50
Keysight Technologies
3.300%, 10/30/19 (A)		100		101
KLA-Tencor
3.375%, 11/01/19		150		154
Microsoft
3.625%, 12/15/23		100		106
1.625%, 12/06/18		150		152
Motorola Solutions
3.500%, 09/01/21		100		95
NetApp
3.375%, 06/15/21		50		49
Oracle
2.950%, 05/15/25		100		97
2.500%, 05/15/22		1,224		1,206
2.375%, 01/15/19		150		153
2.250%, 10/08/19		3,080		3,116
1.200%, 10/15/17		150		150
QUALCOMM
3.000%, 05/20/22		100		98
1.400%, 05/18/18		100		100
Seagate HDD Cayman
4.750%, 01/01/25		100		96
Telefonaktiebolaget LM Ericsson
4.125%, 05/15/22		50		52
Tyco Electronics Group
2.350%, 08/01/19		50		50
Western Union
2.875%, 12/10/17		100		102
Xerox
4.500%, 05/15/21		150		156
Xilinx
2.125%, 03/15/19		50		50
				13,199
Materials – 1.0%
Air Products & Chemicals
3.350%, 07/31/24		100		101

77

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
Airgas
3.650%, 07/15/24	$	100	$	100
Alcoa
5.400%, 04/15/21		637		653
Barrick
4.100%, 05/01/23		100		89
3.850%, 04/01/22		100		91
BHP Billiton Finance USA
6.500%, 04/01/19		125		143
1.625%, 02/24/17		100		100
Cemex Finance
9.375%, 10/12/22 (A)		330		351
Dow Chemical
8.550%, 05/15/19		225		272
DuPont (E.I.) De Nemours
4.625%, 01/15/20		100		109
2.800%, 02/15/23		100		97
Eastman Chemical
2.400%, 06/01/17		100		101
Ecolab
3.000%, 12/08/16		100		102
Freeport-McMoRan
5.400%, 11/14/34		458		320
3.550%, 03/01/22		150		113
2.375%, 03/15/18		150		131
Goldcorp
3.700%, 03/15/23		50		46
International Paper
7.950%, 06/15/18		125		145
LyondellBasell Industries
5.000%, 04/15/19		250		270
Mexichem
5.875%, 09/17/44 (A)		260		220
Monsanto
2.125%, 07/15/19		100		100
Nacional del Cobre de Chile
4.875%, 11/04/44 (A)		392		331
4.500%, 09/16/25 (A)		310		298
3.875%, 11/03/21 (A)		340		338
3.000%, 07/17/22 (A)		200		183
Newmont Mining
3.500%, 03/15/22		100		90
OCP
5.625%, 04/25/24 (A)		610		622
Packaging Corp of America
3.650%, 09/15/24		100		99
Potash Corp of Saskatchewan
3.625%, 03/15/24		100		99
PPG Industries
2.300%, 11/15/19		100		101
Praxair
3.000%, 09/01/21		150		154
Rio Tinto Finance USA
3.750%, 06/15/25		1,442		1,406
2.250%, 12/14/18		243		242
1.625%, 08/21/17		100		100
Rock-Tenn
4.450%, 03/01/19		100		106

Description	Face Amount (000)		Value (000)
Southern Copper
5.875%, 04/23/45	$	250	$	203
3.875%, 04/23/25		30		27
Teck Resources
3.000%, 03/01/19		100		71
Vale Overseas
6.875%, 11/21/36		229		180
4.375%, 01/11/22		100		88
				8,392
Telecommunication Services – 1.1%
America Movil
5.000%, 03/30/20		200		218
AT&T
4.500%, 05/15/35		836		765
4.300%, 12/15/42		385		331
3.400%, 05/15/25		150		143
3.000%, 06/30/22		195		190
2.625%, 12/01/22		125		119
2.450%, 06/30/20		250		246
1.400%, 12/01/17		100		100
CCO Safari II
6.384%, 10/23/35 (A)		539		545
3.579%, 07/23/20 (A)		1,221		1,212
Columbus International
7.375%, 03/30/21 (A)		200		206
Deutsche Telekom International Finance
6.750%, 08/20/18		100		113
Digicel Group
7.125%, 04/01/22 (A)		200		173
Eileme 2
11.625%, 01/31/20 (A)		400		435
Millicom International Cellular
6.625%, 10/15/21 (A)		440		435
Ooredoo International Finance
3.875%, 01/31/28 (A)		458		436
Orange
4.125%, 09/14/21		100		107
RELX Capital
3.125%, 10/15/22		100		98
Rogers Communications
6.800%, 08/15/18		50		57
TBG Global Pte
4.625%, 04/03/18 (A)		200		195
Telefonica Emisiones
3.192%, 04/27/18		250		256
Verizon Communications
5.150%, 09/15/23		375		414
4.672%, 03/15/55		357		307
4.522%, 09/15/48		667		586
4.500%, 09/15/20		250		271
4.272%, 01/15/36		1,398		1,268
1.350%, 06/09/17		100		100
VimpelCom Holdings
7.504%, 03/01/22 (A)		450		451
Vodafone Group
2.950%, 02/19/23		150		142
1.500%, 02/19/18		150		149
				10,068

78

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
Utilities – 3.1%
Abengoa Transmision
6.875%, 04/30/43 (A)	$	250	$	261
AES Andres Dominicana
9.500%, 11/12/20 (A)		350		359
American Electric Power
1.650%, 12/15/17		150		149
Arizona Public Service
3.150%, 05/15/25		50		50
Berkshire Hathaway Energy
3.750%, 11/15/23		100		103
1.100%, 05/15/17		150		149
CenterPoint Energy Houston Electric
2.250%, 08/01/22		100		97
CMS Energy
6.250%, 02/01/20		100		115
Comision Federal de Electricidad
6.125%, 06/16/45 (A)		450		423
5.750%, 02/14/42 (A)		200		181
Consolidated Edison Company of New York
5.850%, 04/01/18		100		110
Dominion Gas Holdings
4.600%, 12/15/44		141		134
2.500%, 12/15/19		464		469
1.050%, 11/01/16		100		100
Dominion Resources
3.900%, 10/01/25		510		516
1.900%, 06/15/18		948		947
DTE Energy
2.400%, 12/01/19		100		101
Duke Energy
3.950%, 10/15/23		150		157
2.150%, 11/15/16		100		101
2.100%, 06/15/18		50		50
Empresa Electrica Angamos
4.875%, 05/25/29 (A)		410		386
Empresa Nacional de Electricidad
4.250%, 04/15/24		50		50
Entergy
5.125%, 09/15/20		100		108
4.000%, 07/15/22		50		51
Exelon
5.100%, 06/15/45		231		236
4.950%, 06/15/35		742		748
2.850%, 06/15/20		200		202
1.550%, 06/09/17		778		776
FirstEnergy
7.375%, 11/15/31		260		314
FirstEnergy Transmission
5.450%, 07/15/44 (A)		481		496
Hrvatska Elektroprivreda
6.000%, 11/09/17 (A)		340		354
ITC Holdings
5.300%, 07/01/43		657		698
3.650%, 06/15/24		25		25
Jersey Central Power & Light
4.300%, 01/15/26 (A)		972		965
Kansas City Power & Light
3.650%, 08/15/25		100		102

Description	Face Amount (000)		Value (000)
Majapahit Holding BV
7.750%, 01/20/20 (A)	$	190	$	211
Metropolitan Edison
7.700%, 01/15/19		100		116
NextEra Energy Capital Holdings
2.700%, 09/15/19		1,402		1,412
2.056%, 09/01/17		1,418		1,428
1.586%, 06/01/17		1,254		1,254
NiSource Finance
6.400%, 03/15/18		105		117
Northern States Power
2.600%, 05/15/23		100		99
2.200%, 08/15/20		50		50
NSTAR Electric
2.375%, 10/15/22		100		97
Oncor Electric Delivery
7.000%, 09/01/22		100		123
ONE Gas
2.070%, 02/01/19		74		74
Pacific Gas & Electric
3.500%, 10/01/20		1,020		1,039
PECO Energy
3.150%, 10/15/25		100		100
Perusahaan Gas Negara Persero
5.125%, 05/16/24 (A)		450		425
PPL Capital Funding
3.500%, 12/01/22		150		152
Progress Energy
7.750%, 03/01/31		946		1,279
Public Service Electric & Gas
3.050%, 11/15/24		25		25
2.300%, 09/15/18		100		102
Puget Energy
6.500%, 12/15/20		100		117
Sempra Energy
9.800%, 02/15/19		3,259		4,033
3.550%, 06/15/24		100		101
Southern
2.750%, 06/15/20		100		100
2.150%, 09/01/19		877		867
1.300%, 08/15/17		1,071		1,066
Southern California Edison
3.500%, 10/01/23		150		156
Southern Power
5.250%, 07/15/43		380		391
Terraform Global Operating
9.750%, 08/15/22 (A)		250		201
TransAlta
1.900%, 06/03/17		31		31
Union Electric
3.500%, 04/15/24		150		155
Virginia Electric & Power
3.100%, 05/15/25		100		100
WEC Energy Group
6.250%, 05/15/67 (B)		100		85
1.650%, 06/15/18		789		791

79

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
Xcel Energy
1.200%, 06/01/17	$	1,015	$	1,011
				27,391
Total Corporate Obligations (Cost $259,534) (000)				255,989
U.S. Treasury Obligations — 28.9%
U.S. Treasury Bonds
4.750%, 02/15/37		5,302		7,192
3.000%, 05/15/45		12,700		12,997
U.S. Treasury Notes
8.000%, 11/15/21		1,000		1,372
3.625%, 02/15/20		2,100		2,307
3.375%, 11/15/19		2,000		2,172
2.750%, 11/15/23		1,250		1,331
2.625%, 08/15/20 - 11/15/20		3,800		4,020
2.500%, 08/15/23 - 05/15/24		3,925		4,094
2.375%, 08/15/24		2,150		2,214
2.250%, 04/30/21 - 11/15/24		3,800		3,919
2.125%, 08/15/21 - 05/15/25		8,128		8,326
2.000%, 09/30/20 - 08/15/25		16,438		16,641
1.875%, 05/31/22 - 08/31/22		3,530		3,561
1.750%, 09/30/19 - 05/15/23		10,078		10,119
1.625%, 06/30/19 - 07/31/20		19,624		19,913
1.500%, 08/31/18 - 05/31/20		3,500		3,547
1.375%, 06/30/18 - 09/30/20		43,626		43,760
1.250%, 11/30/18 - 02/29/20		10,410		10,418
1.000%, 03/15/18 - 09/30/19		35,961		36,095
0.875%, 01/31/17 - 01/31/18		17,775		17,863
0.750%, 03/15/17 - 04/15/18		5,531		5,548
0.625%, 12/15/16 - 11/30/17		30,961		30,969
0.500%, 07/31/17		4,900		4,891
Total U.S. Treasury Obligations (Cost $251,365) (000)				253,269
Mortgage-Backed Securities — 16.3%
Agency Mortgage-Backed Obligations – 14.3%
FHLMC
4.500%, 07/01/40 - 09/01/43		3,002		3,292
4.000%, 10/14/40 - 09/01/45		5,557		5,928
3.500%, 10/15/41 - 06/01/45		7,363		7,670
3.000%, 10/15/27 - 08/01/43		7,306		7,449
FHLMC Multifamily Structured Pass- Through Certificates, Ser K038, Cl A2
3.389%, 03/25/24		164		174
3.284%, 06/25/25 (B)		859		885
3.241%, 09/25/24		523		549
FNMA
5.500%, 07/01/34 - 08/01/37		2,888		3,253
4.500%, 05/01/39 - 10/01/42		5,404		5,921
4.000%, 10/14/39 - 09/01/45		17,278		18,466
3.500%, 10/01/40 - 08/01/45		13,421		14,068
3.000%, 10/15/27 - 06/01/43		21,212		21,630
2.500%, 10/15/27		6,320		6,443

Description	Face Amount (000)		Value (000)
GNMA
4.500%, 07/20/45	$	164	$	176
4.500%, 08/20/45		4,290		4,619
4.000%, 07/20/45		6,721		7,182
3.500%, 10/15/41		17,145		17,941
				125,646
Non-Agency Mortgage-Backed Obligations – 2.0%
Alternative Loan Trust, Ser 2003- 20CB, Cl 2A1
5.750%, 10/25/33		104		108
Banc of America Funding, Ser 2005- 4, Cl 1A3
5.500%, 08/25/35		78		79
Citigroup Mortgage Loan Trust, Ser 2015-2, Cl 1A1
0.399%, 06/25/47 (A) (B)		560		518
Commercial Mortgage Pass- Through Trust, Ser 2012-9W57, Cl A
2.365%, 02/10/29 (A)		1,228		1,245
Commercial Mortgage Trust, Ser 2013-CR11, Cl A4
4.258%, 10/10/46		621		681
3.983%, 10/10/46		610		659
3.788%, 10/10/48		262		270
3.620%, 07/10/50		283		294
3.178%, 02/10/35		325		326
3.147%, 02/10/47		356		370
1.006%, 08/13/27 (A) (B)		964		959
Credit Suisse Mortgage Trust, Ser 2014-USA, Cl A1
3.304%, 09/15/37 (A)		349		359
CSAIL Commercial Mortgage Trust, Ser 2015-C1, Cl A4
3.505%, 04/15/50		338		350
3.504%, 06/15/57		275		283
Eleven Madison Mortgage Trust, Ser 2015-11MD, Cl A
3.555%, 09/10/35 (A) (B)		285		293
Fosse Master Issuer, Ser 2015-1A, Cl A2
0.587%, 10/18/54 (A) (B)		807		804
GS Mortgage Securities Trust, Ser 2015-GC28, Cl A5
3.396%, 02/10/48		242		246
2.933%, 06/05/31 (A)		675		697
GSR Mortgage Loan Trust, Ser 2005-4F, Cl 6A1
6.500%, 02/25/35		161		163
HarborView Mortgage Loan Trust, Ser 2004-3, Cl 1A
2.591%, 05/19/34 (B)		75		74

80

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
JPMBB Commercial Mortgage Securities Trust, Ser 2015-C30, Cl A5
3.822%, 07/15/48	$	386	$	408
3.801%, 09/15/47		212		225
3.611%, 05/15/48		264		276
JPMorgan Mortgage Trust, Ser 2005-A3, Cl 4A1
2.719%, 06/25/35 (B)		202		204
2.672%, 02/25/35 (B)		419		418
2.389%, 04/25/35 (B)		97		94
1.993%, 11/25/33 (B)		305		304
MLCC Mortgage Investors, Ser 2006-2, Cl 2A
2.171%, 05/25/36 (B)		495		491
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C14, Cl A4
3.787%, 01/15/47		218		233
3.732%, 05/15/48		74		77
3.479%, 05/15/48		284		291
3.451%, 07/15/50		401		412
Morgan Stanley Capital I Trust, Ser 2014-CPT, Cl A
3.350%, 07/13/29 (A)		646		670
Provident Funding Mortgage Loan Trust, Ser 2005-2, Cl 1A1A
2.543%, 10/25/35 (B)		369		361
RBS Commercial Funding Trust, Ser 2013-GSP, Cl A
3.961%, 01/13/32 (A) (B)		522		552
Silverstone Master Issuer, Ser 2015- 1A, Cl 2A2
0.842%, 01/21/70 (A) (B)		833		826
Structured Adjustable Rate Mortgage Loan Trust, Ser 2004-6, Cl 1A
2.362%, 06/25/34 (B)		622		607
Wells Fargo Commercial Mortgage Trust, Ser 2015-LC22, Cl A4
3.839%, 09/15/58		279		288
3.789%, 12/15/47		298		313
3.617%, 09/15/57		166		171
Wells Fargo Mortgage Backed Securities Trust, Ser 2003-J, Cl 1A9
2.739%, 10/25/33 (B)		899		904
2.685%, 06/25/35 (B)		525		534
WFRBS Commercial Mortgage Trust, Ser 2014-C20, Cl A5
3.995%, 05/15/47		104		111
				17,548
Total Mortgage-Backed Securities (Cost $142,505) (000)				143,194

Description	Face Amount (000)		Value (000)
Loan Participations — 9.6%
Aerospace/Defense – 0.0%
TransDigm 5/14 Cov-Lite TLD
3.750%, 05/21/21	$	149	$	147
Automotive – 0.4%
Allison Transmission 8/13 TLB3
3.500%, 08/23/19		985		984
Chrysler Automotive 1/14 TLB
3.250%, 12/31/18		272		269
Federal Mogul 4/14 TLC
4.750%, 04/15/21		322		305
Gates Global 7/14 (USD) Cov-Lite TL
4.250%, 06/05/21		622		588
Horizon Global 5/15 Cov-Lite TLB
7.000%, 06/30/21		50		49
Metaldyne Performance 10/14 Cov- Lite TL
3.750%, 10/13/21		197		196
TI Automotive 6/15 (USD) TL (First Lien)
4.500%, 06/24/22		125		123
Tower International 1/14 TLB
4.000%, 04/23/20		929		908
Trinseo 4/15 Cov-Lite TLB
4.250%, 11/05/21		225		223
Visteon 4/14 Delayed Draw TLB
3.500%, 04/09/21		58		58
				3,703
Building Materials – 0.1%
Headwaters 3/15 Cov-Lite TL
4.500%, 03/11/22		25		25
Quikrete 9/13 Cov-Lite TL
4.000%, 09/28/20		476		473
Summit Materials 6/15 Cov-Lite TLB (First Lien)
4.250%, 06/24/22		75		75
Tecomet (Symmetry Medical) 11/14 Cov-Lite TL
5.750%, 11/25/21		100		94
VAT 6/15 Cov-Lite TL
4.250%, 02/11/21		39		39
				706
Chemicals – 0.7%
Arizona Chemical 6/14 Cov-Lite TL
3.000%, 06/10/21		328		327
Berry Plastics 10/15 Cov-Lite TLF (First Lien)
3.500%, 09/16/22		125		125
Berry Plastics 2/13 Cov-Lite TLD
3.500%, 02/08/20		985		975
DuPont (E.I.) De Nemours 5/15 Cov- Lite TLB
3.750%, 05/09/22		100		88
Entegris 4/14 Cov-Lite TLB
3.500%, 04/30/21		17		17

81

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
Flint Group 5/14 (USD) Cov-Lite TLB2
4.500%, 05/03/21	$	85	$	84
Flint Group 5/14 (USD) Cov-Lite TLC
4.500%, 09/03/21		14		14
Gemini 7/14 Cov-Lite TLB
4.750%, 07/24/21		149		146
Hilex Poly 12/14 Cov-Lite TL
6.000%, 12/03/21		124		124
Ineos 3/15 (USD) Cov-Lite TL
4.250%, 03/11/22		75		73
Ineos 4/12 (USD) Cov-Lite TL
6.500%, 04/27/18		817		798
MacDermid 1/15 Cov-Lite TLB2
4.750%, 06/07/20		50		48
MacDermid 6/13 (USD) Cov-Lite TLB
4.500%, 06/05/20		443		429
MacDermid, Tranche B Term Loan (First Lien)
4.500%, 06/07/20		55		53
Minerals Technologies
3.750%, 05/09/21		117		116
PQ Corp 3/14 TL
4.000%, 08/07/17		553		550
SIG Combibloc 3/15 (USD) Cov-Lite TL
4.250%, 02/03/22		399		398
Signode 5/14 (USD) Cov-Lite TL
3.750%, 05/01/21		366		363
Solenis 7/14 (USD) Cov-Lite TL
4.250%, 06/02/21		496		489
Univar 6/15 (USD) Cov-Lite TLB (First Lien)
4.250%, 06/24/22		325		318
Zep Initial TL
5.750%, 06/24/22		250		249
				5,784
Computers & Electronics – 1.1%
Answers 10/14 Cov-Lite TL
6.250%, 10/01/21		249		180
Ascend Learning 5/12 TL
6.000%, 05/23/17		172		172
Avago 5/14 Cov-Lite TL
3.750%, 05/06/21		1,125		1,124
Avast Software 6/15 Cov-Lite TLB (First Lien)
4.250%, 03/20/20		225		225
Campaign Monitor 4/14 Cov-Lite TL
6.250%, 03/18/21		49		49
CareStream 6/13 Cov-Lite TL
5.000%, 06/07/19		473		452
CompuCom 5/13 Cov-Lite TL
4.250%, 05/07/20		235		188
Dell International TLB2
4.500%, 04/29/20		599		595

Description	Face Amount (000)		Value (000)
Endurance International 11/13 TL
5.000%, 11/09/19	$	598	$	597
First Data 7/14 (USD) TL
3.687%, 03/23/18		75		74
Global Healthcare Exchange 7/15 TLB (First Lien)
5.500%, 08/15/22		100		100
Go Daddy 5/14 TL
4.250%, 05/13/21		520		520
Hyland Software 6/15 Cov-Lite TL (First Lien)
4.750%, 06/10/22		594		591
Infor (Lawson) 1/14 B5 TLB
3.750%, 06/03/20		966		933
Internet Brands 7/14 TL
4.750%, 07/08/21		124		123
ION Trading Technologies 7/15 (USD) TLB1 (First Lien)
4.250%, 06/10/21		138		137
Kronos 2/13 Cov-Lite TL
4.500%, 10/30/19		297		296
Lattice Semiconductor 3/15 Cov-Lite TLB
5.250%, 03/05/21		50		47
Micro Focus 11/14 Cov-Lite TLB
5.250%, 11/20/19		198		198
Micro Focus 11/14 Cov-Lite TLC
4.500%, 11/20/19		98		97
Misys 6/12 (USD) TL
5.000%, 12/12/18		491		491
RedPrairie 12/13 Cov-Lite TL
6.000%, 12/21/18		396		351
Renaissance Learning 4/14 Cov-Lite TL
4.500%, 04/09/21		299		289
SkillSoft 4/14 Cov-Lite TL
5.750%, 04/28/21		198		178
Spectrum Brands 6/15 (USD) Cov-Lite TL (First Lien)
3.750%, 06/23/22		194		194
SunEdison 5/14 TL
6.500%, 05/27/19		224		224
Vertafore 3/13 TL
4.250%, 11/30/19		937		935
Wall Street Systems 4/14 TL
4.500%, 04/30/21		230		229
				9,589
Consumer Nondurables – 0.1%
Kik Custom Products 8/15 Cov-Lite TL (First Lien)
6.000%, 08/26/22		150		146
Revlon 8/13 Acquisition Facility
4.000%, 10/08/19		967		966
				1,112
Educational Services – 0.1%
Education Management
5.500%, 07/02/20		129		62
2.000%, 07/02/20		223		58

82

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
Laureate Education 10/13 New Series (2018) Extended TL
5.000%, 06/15/18	$	239	$	196
Nord Anglia 3/14 Cov-Lite TL
4.500%, 03/31/21		301		296
				612
Entertainment & Leisure – 0.0%
Cirqua Du Soleil 6/15 Cov-Lite (First Lien)
5.000%, 06/24/22		35		35
Cirque Du Soleil 7/15 Cov-Lite TL (First Lien)
5.000%, 06/24/22		15		15
Lifetime Fitness TLB
4.250%, 06/03/22		125		124
				174
Financial Services – 0.4%
AltiSource Solutions 12/13 TLB
4.500%, 12/09/20		49		43
American Stock Transfer 6/13 Cov-Lite TL
5.750%, 06/20/20		398		394
Aruba Investments
4.500%, 02/02/22		17		17
Citco (6/11) TL
4.250%, 06/29/18		985		983
MCS AMS 10/13 TL (First Lien)
7.000%, 10/15/19		444		307
NXT Capital 9/13 TLB
6.250%, 09/04/18		591		590
NXT Capital Second Amendment TL
6.250%, 09/04/18		75		75
Ocwen Financial 2/13 TLB
5.000%, 02/15/18		276		276
RCS Cap 3/14 TL
7.500%, 04/29/19		201		186
Salient Partners Initial TL
7.500%, 06/09/21		75		73
SS&C Technologies (First Lien)
4.000%, 07/08/22		233		233
Walter Investment 12/13 Cov-Lite TL
4.750%, 12/18/20		493		455
				3,632
Food & Beverage – 0.5%
Advance Pierre Foods 10/12 TL
5.750%, 06/20/17		492		492
Blue Buffalo 11/13 TLB3
3.750%, 08/08/19		499		498
Del Monte Foods 2/14 Cov-Lite TL
5.500%, 08/18/21		3		3
4.250%, 08/18/21		490		462
Dole Food 11/13 Cov-Lite TLB
4.500%, 11/01/18		940		937

Description	Face Amount (000)		Value (000)
Jacobs Douwe Egberts (JDE) 7/14 (USD) Escrow TLB1
4.250%, 07/23/21	$	150	$	150
JBS USA 8/15 TL (First Lien)
1.500%, 08/18/22		75		75
Phillips Pet Food 1/14 TL
4.500%, 01/31/21		494		451
Pinnacle Foods 4/13 TLG
3.250%, 04/29/20		871		868
Post Holdings 6/14 Incremental TLA
3.750%, 06/02/21		682		681
				4,617
Forest Products – 0.1%
Ply Gem 1/14 Cov-Lite TL
4.000%, 02/01/21		494		488
Gaming & Hotels – 0.4%
Amaya 7/14 (USD) Cov-Lite TL
5.000%, 08/01/21		298		293
Boyd Gaming 8/13 Cov-Lite TLB
4.000%, 08/14/20		867		866
CityCenter Holdings 10/13 Cov-Lite TLB
4.250%, 10/16/20		250		249
Hilton Hotels 10/13 Cov-Lite TL
3.500%, 10/26/20		721		718
MGM Resorts 12/12 Cov-Lite TLB
4.250%, 12/20/19		985		976
Scientific Games 10/13 Cov-Lite TLB
6.000%, 05/22/20		493		486
Scientific Games 10/14 Incremental TLB2
6.000%, 09/17/21		75		74
				3,662
Health Care – 1.2%
Acadia Healthcare 2/15 TLB
4.250%, 02/11/22		25		25
Alere 6/15 Cov-Lite (First Lien)
4.250%, 06/20/22		175		175
Alliance Healthcare 6/13 TLB
4.250%, 06/03/19		486		482
AMAG Pharmaceuticals 8/15 TLB (First Lien)
4.750%, 08/17/21		100		99
Amneal Pharmaceuticals 10/13 Cov-Lite TLB
6.250%, 11/01/19		1		1
4.500%, 11/01/19		564		563
Ardent Legacy 8/15 TLB (First Lien)
7.750%, 08/04/21		50		50
Aspen Dental 4/15 Cov-Lite TLB
5.500%, 04/29/22		25		25
Bioscrip 7/13 Cov-Lite Delayed TL
6.500%, 07/31/20		49		46
Bioscrip 7/13 Cov-Lite TLB
6.500%, 07/31/20		82		76

83

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
Community Health 5/15 TLG
3.750%, 12/31/19	$	348	$	347
Community Health 5/15 TLH
4.000%, 01/27/21		640		640
Concordia 4/15 Cov-Lite TLB
4.750%, 04/21/22		25		25
DaVita 6/14 TLB
3.500%, 06/19/21		272		271
DJO Finance 4/15 TL
4.250%, 06/08/20		200		199
Endo Pharmaceuticals 6/15 TLB (First Lien)
3.750%, 06/24/22		275		274
Grifols 2/14 (USD) TLB
3.180%, 02/27/21		395		395
Hill-Rom Holdings 7/15 TLB (First Lien)
3.500%, 09/08/22		150		150
Horizon Pharma 5/15 Cov-Lite TL
4.500%, 05/07/21		225		219
IASIS 2/13 TLB
4.500%, 05/03/18		642		641
Indivior 12/14 (USD) TL
7.000%, 12/19/19		98		92
Kindred Healthcare 3/14 TLB
4.250%, 04/09/21		619		615
Kinetic Concepts 1/14 (USD) E1 TL
4.500%, 05/04/18		495		493
Mallinckrodt 3/14 Cov-Lite TL
3.250%, 03/19/21		148		145
Mallinckrodt 8/14 Add-On Cov-Lite TLB1
3.500%, 03/19/21		99		98
Millennium Laboratories 4/14 Cov-Lite TLB
5.250%, 04/16/21		671		204
One Call Medical 11/13 Cov-Lite TL
5.000%, 11/27/20		348		341
Ortho-Clinical 6/14 Cov-Lite TL
4.750%, 06/30/21		247		242
Patheon 1/14 (USD) TL
4.250%, 03/11/21		495		485
Pharmaceutical Product 8/18 Cov-Lite TL (First Lien)
4.250%, 08/18/22		450		444
Physio-Control 5/15 Cov-Lite TL
5.500%, 06/06/22		50		50
PRA International
4.500%, 09/23/20		289		289
RadNet 10/12 TLB
5.500%, 10/10/18		-		1
4.250%, 10/10/18		24		24
RegionalCare 4/14 TL
5.250%, 04/23/19		224		221
Sage Products 2/13 TL
4.250%, 12/13/19		216		215
Siemens Audiology 7/15 (USD) Cov-Lite
4.250%, 01/17/22		274		273

Description	Face Amount (000)		Value (000)
Steward Health 4/13 TLB
6.750%, 04/10/20	$	492	$	488
Valeant 3/15 Delayed Draw F1 TLB
4.000%, 04/01/22		349		345
Valeant 6/13 TLE
3.500%, 06/26/20		864		850
				10,618
Home Furnishings – 0.0%
AOT Bedding 10/12 TLB
4.250%, 10/01/19		457		456
				456
Insurance – 0.2%
Alliant Insurance 7/15 Cov-Lite TLB (First Lien)
4.500%, 08/12/22		200		197
Asurion 6/13 Cov-Lite Incremental TLB2
4.250%, 06/19/20		686		642
Carecore National 3/14 TL
5.500%, 03/05/21		348		326
U.S.I. 12/13 Cov-Lite TLB
4.250%, 12/27/19		397		392
				1,557
Leasing – 0.1%
Avis Budget Car Rental 5/13 TLB
3.000%, 03/15/19		492		491
ILFC (Delos Finance) 2/14 TLB
3.500%, 03/06/21		225		224
				715
Machinery – 0.4%
Apex Tool 1/13 TL
4.500%, 01/25/20		312		303
CPM Holdings (Crown Acquisition) 4/22 TL Lien 1
6.000%, 04/01/22		25		25
Doosan Infracore 5/14 Cov-Lite TLB
4.500%, 05/28/21		589		589
Gardner Denver 7/13 (USD) TL
4.250%, 07/30/20		985		926
Husky International (Cov-Lite 6/11) TL
4.250%, 06/02/18		221		218
International Equipment 8/13 TLB
7.750%, 08/16/19		1		2
6.750%, 08/16/19		453		446
Milacron 4/15 Cov-Lite TLB
4.500%, 09/28/20		116		115
NN 8/14 Cov-Lite TLB
6.000%, 08/27/21		120		119
Rexnord 8/13 Cov-Lite TLB
4.000%, 08/21/20		499		494
Schaeffler 10/14 (USD) TLB
4.250%, 05/15/20		88		88
				3,325

84

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
Media – 0.5%
Cablevision Systems 9/15 Cov-Lite TL (First Lien)
2.690%, 09/23/22	$	400	$	397
Charter Comm Operating 7/15 TLI (First Lien)
3.500%, 01/23/23		200		199
Endemol 8/14 (USD) Cov-Lite TL
6.750%, 08/13/21		249		240
Hubbard Radio TL (First Lien)
4.500%, 05/20/22		74		73
Mediacom Broadband 6/14 TLJ
3.750%, 06/18/21		74		74
Mission/Nexstar Broadcasting 9/13 TLB2
3.750%, 10/01/20		463		460
Nexstar/Mission Broadcasting 9/13 TLB2
3.750%, 10/01/20		525		522
Numericable / YPSO 7/15 (USD) Cov-Lite TL (First Lien)
4.000%, 07/27/22		50		49
Sinclair Television 7/14 Add-on Cov-Lite TLB1
3.500%, 07/30/21		800		792
Univision 1/14 TLC4
4.000%, 03/01/20		497		494
Weather Channel 5/15 Extended TL
5.750%, 02/11/20		410		407
Ziggo 2/14 (USD) TLB1
3.500%, 01/15/22		111		109
Ziggo 2/14 (USD) TLB2
3.500%, 01/15/22		71		70
Ziggo 2/14 (USD) TLB3
3.500%, 01/15/22		118		115
				4,001
Metals & Mining – 0.2%
Dynacast 5/15 TLB1
4.500%, 01/28/22		50		49
Murray Energy 3/15 Cov-Lite TLB2
7.500%, 04/09/20		175		136
Murray Energy 3/15 TLB1
7.000%, 04/14/17		25		22
Novelis 5/15 Cov-Lite TLB
4.000%, 06/02/22		250		246
Oxbow Carbon 7/13 Cov-Lite TLB
4.250%, 07/19/19		923		899
Patriot Coal
9.000%, 12/18/18 (D)		494		49
				1,401
Not For Profit – 0.1%
National Mentor 1/14 TLB
4.250%, 01/31/21		494		489
Oil & Gas – 0.3%
Ameriforge 1/13 TL
5.000%, 01/22/20		341		233

Description	Face Amount (000)		Value (000)
CITGO (Holdco) 2/15 TLB
9.500%, 05/09/18	$	123	$	121
CITGO Petroleum (Opco) 7/14 TLB
4.500%, 07/23/21		99		98
Energy Transfer Equity 12/13 TLB
3.250%, 12/02/19		1,175		1,132
Energy Transfer Equity 3/15 TL
4.000%, 12/02/19		46		46
Fieldwood 9/13 TL
3.875%, 10/01/18		399		337
Floatel 5/14 Cov-Lite TL
6.000%, 05/22/20		99		63
Ocean Rig 7/14 TLB
5.500%, 07/25/21		99		66
Seadrill Partners 2/14 TL
4.000%, 02/21/21		370		223
Targa Resources 2/15 Cov-Lite TLB
5.750%, 02/12/22		28		28
				2,347
Personal Services – 0.0%
Ancestry.com 8/15 Cov-Lite TLB (First Lien)
5.000%, 08/29/22		150		149
Wash Multifamily Laundry 5/15 (CAD) TL
4.250%, 05/13/22		4		3
Wash Multifamily Laundry 5/15 (USD) Cov-Lite TL
4.250%, 05/13/22		21		21
				173
Printing & Publishing – 0.1%
Media General 7/13 Cov-Lite TLB
4.000%, 07/31/20		46		46
Merrill Communications Initial TL (First Lien)
6.250%, 05/27/22		50		50
Springer 3/15 (USD) B9 TL
4.750%, 08/14/20		324		320
Zebra 10/14 TL
4.750%, 09/30/21		188		189
				605
Professional & Business Services – 0.9%
Acosta 4/15 TLB1
4.250%, 09/24/21		298		293
American Beacon 3/15 TL
5.500%, 04/30/22		25		25
Bass Pro Group TL (First Lien)
4.000%, 06/05/20		248		246
Bright Horizons 1/13 TLB
5.250%, 01/30/20		3		3
4.000%, 01/24/20		982		982
CBS Outdoor 1/14 Cov-Lite TLB
3.000%, 01/31/21		1,000		993
Emerald Expo 6/13 Cov-Lite TL
5.500%, 06/12/20		441		439

85

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
Extreme Reach 1/14 TL
6.750%, 01/24/20	$	449	$	446
Garda World 11/13 (USD) TLB
5.250%, 11/06/20		2		2
4.000%, 11/06/20		830		814
Garda World 11/13 (USD) Tranche B Delayed TL
5.250%, 11/06/20		1		-
4.000%, 11/06/20		200		196
Getty Images 10/12 Cov-Lite TLB
4.750%, 10/03/19		686		443
Grosvenor Capital 1/14 Cov-Lite TL
3.750%, 01/04/21		945		932
Guggenheim Partners 7/13 Cov-Lite TL
5.500%, 07/22/20		1		2
4.250%, 07/22/20		544		544
Hamilton Lane Advisors 6/15 TLB (First Lien)
4.250%, 07/01/22		50		50
HarbourVest 1/14 Cov-Lite TL
3.250%, 02/04/21		405		403
Informatica TLB (First Lien)
4.500%, 06/03/22		225		223
Insight Global 1/15 Extended Cov-Lite TLB
6.000%, 10/29/21		274		272
Interactive Data 5/14 Cov-Lite TL
4.750%, 05/02/21		124		123
inVentiv Health 7/14 TLB4
7.750%, 05/15/18		250		250
Knowledge Universe 8/15 Cov-Lite TL (First Lien)
6.000%, 08/13/22		125		123
Wolverine Healthcare 10/12 TLB
4.500%, 06/06/19		199		197
				8,001
Real Estate – 0.1%
Auction.com 5/15 TL
6.000%, 05/12/19		100		99
DTZ 8/15 TL (First Lien)
4.250%, 11/04/21		275		272
ServiceMaster 7/14 Cov-Lite TLB
4.250%, 07/01/21		697		696
				1,067
Retail Food & Drug – 0.3%
Albertson’s 5/13 (2019) TLB2
5.375%, 05/21/19		496		496
Albertson’s 8/14 Cov-Lite Delayed Draw TLB3
5.000%, 08/09/19		197		196
Albertson’s 8/14 Cov-Lite Delayed Draw TLB4
5.500%, 08/25/21		74		74
GNC 10/12 TL
3.250%, 03/02/18		873		865
New Albertson’s 6/14 Cov-Lite TLB
4.750%, 06/27/21		572		571

Description	Face Amount (000)		Value (000)
Supervalu 5/13 Cov-Lite TLB
4.500%, 03/21/19	$	595	$	595
				2,797
Retailing – 0.5%
99 Cents Only Stores 10/13 Cov-Lite TLB2
4.500%, 01/11/19		336		267
Ascena Retail 7/15 Cov-Lite TLB (First Lien)
5.250%, 08/21/22		175		167
Brickman Group 12/13 Cov-Lite TL
5.250%, 12/18/20		1		1
4.000%, 12/18/20		491		483
Burger King 5/15 TLB
3.750%, 12/10/21		779		775
Burlington Coat Factory 8/14 TLB
4.250%, 08/13/21		47		46
Dollar Tree
3.500%, 05/26/22		259		259
J. Crew 2/14 Cov-Lite TL
4.000%, 03/05/21		247		191
Men’s Wearhouse 4/14 Cov-Lite TLB
4.500%, 04/15/21		79		79
Michaels Stores 1/13 Cov-Lite TLB
3.750%, 01/24/20		741		739
Michaels Stores 6/14 Incremental Cov-Lite TL
4.000%, 01/28/20		74		74
Neiman Marcus 3/14 Cov-Lite TL
4.250%, 10/25/20		398		389
Party City 8/15 Cov-Lite TL (First Lien)
4.250%, 08/19/22		275		274
PetSmart 5/15 Cov-Lite TLB1
4.250%, 03/10/22		449		448
Pilot Travel Centers 10/14 TLB
4.250%, 10/01/21		173		174
				4,366
Securities & Trusts – 0.1%
AlixPartners 7/15 TLB (First Lien)
4.500%, 07/22/22		50		50
Corporate Capital 5/14 TLB
4.000%, 05/15/19		74		74
TCW Group 1/14 TLB
3.000%, 02/06/20		463		453
				577
Shipping & Ship Building – 0.0%
Stena 2/14 Cov-Lite TLB
4.000%, 03/03/21		173		146
Steel – 0.1%
Fortescue 11/13 Cov-Lite TL
3.750%, 06/30/19		985		803
JMC Steel (Cov-Lite 3/11) TL
4.750%, 04/01/17		274		269
				1,072

86

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
Telecommunications – 0.2%
CommScope 5/15 Incremental Cov-Lite TLB
3.750%, 12/29/22	$	100	$	100
Intelsat Jackson 11/13 TLB2
3.750%, 06/30/19		1,000		972
IPC Information Systems 4/15 TLB1
5.500%, 08/06/21		150		147
Mitel Networks 4/15 TL
5.000%, 04/13/22		275		273
SBA Finance 2/14 Incremental TLB
3.250%, 03/24/21		198		195
Syniverse 6/13 Incremental TLB
4.000%, 04/23/19		500		456
				2,143
Transportation – 0.1%
EMSC (Cov-Lite 5/11) TL
6.000%, 05/25/18		51		51
5.250%, 04/27/18		934		933
Kenan Advantage (CAD) Cov-Lite TLB (First Lien)
4.000%, 07/29/22		11		11
Kenan Advantage 7/15 (USD) Cov-Lite TLB (First Lien)
4.000%, 07/29/22		34		34
Kenan Advantage 7/15 Strip Cov-Lite Delayed TL (First Lien)
4.000%, 01/23/17		5		5
Travelport 9/14 TL
5.750%, 09/02/21		248		247
				1,281
Utilities – 0.3%
Calpine 5/13 Cov-Lite (2022) TLB2
3.250%, 01/31/22		985		959
Calpine 5/15 B5 Cov-Lite TL
3.500%, 05/20/22		300		295
Dynegy 4/13 TLB2
4.000%, 04/23/20		492		491
EFIH 6/14 DIP Cov-Lite TL
4.250%, 06/19/16		150		149
La Frontera Generation 5/13 TL
4.500%, 09/30/20		340		301
Longview Power 4/15 TLB
7.000%, 04/13/21		200		198
TPF 9/14 Cov-Lite TL
5.500%, 10/02/21		124		123
Viva Alamo 2/14 Cov-Lite TLB
5.250%, 02/22/21		248		206
Wheelabrator Technologies 10/14 TLB
5.000%, 10/15/21		214		210

Description	Face Amount (000)		Value (000)
Wheelabrator Technologies 10/14 TLC
5.000%, 10/15/21	$	9	$	9
				2,941
Total Loan Participations (Cost $87,889) (000)				84,304
Sovereign Debt — 7.3%
Argentine Republic Government International Bond
8.750%, 06/02/17 (D)		240		241
8.280%, 12/31/33 (D)		873		884
3.750%, 03/31/19 (C) (D)		1,369		791
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/19 (A)		285		273
Banque Centrale de Tunisie
5.750%, 01/30/25 (A)		1,230		1,172
Brazilian Government International Bond
6.000%, 01/17/17		100		104
4.250%, 01/07/25		775		678
2.625%, 01/05/23		600		486
Canada Government International Bond
1.625%, 02/27/19		100		101
Chile Government International Bond
3.250%, 09/14/21		100		103
Colombia Government International Bond
7.375%, 03/18/19		380		427
6.125%, 01/18/41		520		515
5.625%, 02/26/44		200		187
5.000%, 06/15/45		260		223
4.500%, 01/28/26		1,559		1,516
4.375%, 07/12/21		200		204
4.000%, 02/26/24		345		334
Costa Rica Government International Bond
7.158%, 03/12/45 (A)		200		179
7.000%, 04/04/44 (A)		420		371
Croatia Government International Bond
6.750%, 11/05/19		1,255		1,364
6.375%, 03/24/21		260		280
Dominican Republic International Bond
7.500%, 05/06/21 (A)		540		578
7.450%, 04/30/44 (A)		1,025		1,047
6.850%, 01/27/45 (A)		250		241
6.600%, 01/28/24 (A)		290		300
5.500%, 01/27/25 (A)		730		704
El Salvador Government International Bond
6.375%, 01/18/27 (A)		150		132
5.875%, 01/30/25 (A)		365		317
Export Development Canada
1.000%, 05/15/17		200		200

87

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)(1)		Value (000)
Export-Import Bank of Korea
4.000%, 01/14/24		200	$	212
Georgia Government International Bond
6.875%, 04/12/21 (A)		860		886
Guatemala Government Bond
5.750%, 06/06/22 (A)		420		440
Hashemite Kingdom of Jordan Government AID Bond
2.503%, 10/30/20		200		208
Honduras Government International Bond
7.500%, 03/15/24 (A)		525		547
Hungary Government International Bond
6.250%, 01/29/20		500		562
5.375%, 03/25/24		260		282
4.125%, 02/19/18		760		789
Hydro-Quebec
1.375%, 06/19/17		200		202
India Government International Bond
7.160%, 05/20/23 (INR)		26,000		379
Indonesia Government International Bond
8.500%, 10/12/35 (A)		800		1,004
5.875%, 01/15/24 (A)		600		635
5.375%, 10/17/23 (A)		200		207
5.250%, 01/17/42 (A)		200		179
4.125%, 01/15/25 (A)		650		602
Israel Government International Bond
3.150%, 06/30/23		200		204
Italy Government International Bond
5.375%, 06/12/17		200		213
Ivory Coast Government International Bond
6.375%, 03/03/28 (A)		435		386
5.750%, 12/31/32 (A)		1,020		883
Jamaica Government International Bond
7.875%, 07/28/45		300		300
7.625%, 07/09/25		470		510
6.750%, 04/28/28		720		724
Japan Bank for International Cooperation
1.750%, 11/13/18		400		402
KazAgro National Management Holding
4.625%, 05/24/23 (A)		300		240
Kazakhstan Government International Bond
6.500%, 07/21/45 (A)		200		188
Kenya Government International Bond
5.875%, 06/24/19 (A)		1,158		1,110
Korea Development Bank
2.500%, 03/11/20		200		202
Lithuania Government International Bond
6.125%, 03/09/21 (A)		200		233

Description	Face Amount (000)		Value (000)
Mexico Government International Bond
6.050%, 01/11/40	$	160	$	175
5.625%, 01/15/17		150		159
5.550%, 01/21/45		348		356
4.600%, 01/23/46		620		552
4.000%, 10/02/23		400		408
3.500%, 01/21/21		250		254
Mongolia Government International Bond
5.125%, 12/05/22 (A)		200		164
Nigeria Government International Bond
6.750%, 01/28/21 (A)		310		294
Pakistan Government International Bond
8.250%, 04/15/24 (A)		650		669
7.250%, 04/15/19 (A)		440		451
Panama Government International Bond
9.375%, 04/01/29		290		418
6.700%, 01/26/36		1,395		1,660
5.200%, 01/30/20		420		453
3.750%, 03/16/25		365		353
Peruvian Government International Bond
7.350%, 07/21/25		300		374
6.550%, 03/14/37		620		712
5.625%, 11/18/50		420		434
4.125%, 08/25/27		941		922
Philippine Government International Bond
7.750%, 01/14/31		529		750
6.375%, 10/23/34		810		1,059
4.200%, 01/21/24		200		219
Poland Government International Bond
6.375%, 07/15/19		200		232
4.000%, 01/22/24		335		354
3.000%, 03/17/23		440		439
Province of British Columbia Canada
1.200%, 04/25/17		200		201
Province of Manitoba Canada
1.125%, 06/01/18		100		100
Province of Ontario Canada
2.450%, 06/29/22		200		203
2.000%, 01/30/19		250		254
Province of Quebec Canada
2.875%, 10/16/24		100		102
2.625%, 02/13/23		200		204
Republic of Armenia
7.150%, 03/26/25 (A)		490		462
6.000%, 09/30/20 (A)		1,181		1,118
Republic of Ghana
8.500%, 10/04/17 (A)		560		555
8.125%, 01/18/26 (A)		910		756
7.875%, 08/07/23 (A)		840		697
Republic of Honduras
8.750%, 12/16/20 (A)		335		371
Republic of Korea
7.125%, 04/16/19		100		118

88

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
Republic of Paraguay
6.100%, 08/11/44 (A)	$	570	$	557
4.625%, 01/25/23 (A)		240		236
Republic of Serbia
5.875%, 12/03/18 (A)		590		619
5.250%, 11/21/17 (A)		410		424
Romanian Government International Bond
6.750%, 02/07/22 (A)		840		991
6.125%, 01/22/44 (A)		300		347
4.875%, 01/22/24 (A)		690		744
4.375%, 08/22/23 (A)		890		928
Russian Foreign Bond - Eurobond
5.000%, 04/29/20 (A)		300		310
4.875%, 09/16/23 (A)		600		605
3.500%, 01/16/19 (A)		200		200
Senegal Government International Bond
8.750%, 05/13/21 (A)		825		861
6.250%, 07/30/24 (A)		780		698
South Africa Government International Bond
5.875%, 05/30/22		490		529
5.500%, 03/09/20		150		160
Sri Lanka Government International Bond
6.250%, 10/04/20 (A)		530		533
6.000%, 01/14/19 (A)		310		313
5.875%, 07/25/22 (A)		1,055		1,018
5.125%, 04/11/19 (A)		310		305
Tanzania Government International Bond
6.538%, 03/09/20 (B)		1,290		1,222
Turkey Government International Bond
8.000%, 02/14/34		386		466
7.500%, 07/14/17		150		162
7.375%, 02/05/25		540		618
6.875%, 03/17/36		480		519
5.750%, 03/22/24		200		207
4.875%, 04/16/43		240		200
Ukraine Government International Bond
7.800%, 11/28/22 (A)		380		301
7.750%, 09/23/20 (A)		990		798
7.500%, 04/17/23 (A)		200		159
Uruguay Government International Bond
5.100%, 06/18/50		901		791
4.500%, 08/14/24		2,124		2,145
Venezuela Government International Bond
7.650%, 04/21/25		652		215
7.000%, 03/31/38		222		72
6.000%, 12/09/20		680		224
Vietnam Government International Bond
6.750%, 01/29/20 (A)		200		217
4.800%, 11/19/24 (A)		845		799

Description	Face Amount (000)		Value (000)
Zambia Government International Bond
8.970%, 07/30/27 (A)	$	570	$	450
8.500%, 04/14/24 (A)		905		724
Total Sovereign Debt (Cost $67,169) (000)				64,350
Asset-Backed Securities — 4.9%
Automotive – 4.0%
Ally Auto Receivables Trust, Ser 2015-2, Cl A4
1.840%, 06/15/20		492		494
1.490%, 11/15/19		345		346
1.390%, 09/16/19		813		816
AmeriCredit Automobile Receivables Trust, Ser 2014-3, Cl B
1.920%, 11/08/19		320		322
1.820%, 07/08/20		304		303
1.260%, 11/08/19		1,734		1,731
0.830%, 09/10/18		1,465		1,465
California Republic Auto Receivables Trust, Ser 2015-3, Cl A3
1.620%, 11/15/19		948		948
1.570%, 12/16/19		1,382		1,382
1.310%, 08/15/19		1,725		1,728
CarFinance Capital Auto Trust, Ser 2015-1A, Cl A
1.750%, 06/15/21 (A)		606		606
CarMax Auto Owner Trust, Ser 2015-2, Cl A4
1.800%, 03/15/21		945		952
Carnow Auto Receivables Trust, Ser 2014-1A, Cl A
0.960%, 01/17/17 (A)		163		163
CPS Auto Receivables Trust, Ser 2015-C, Cl A
1.770%, 06/17/19 (A)		1,260		1,259
Drive Auto Receivables Trust, Ser 2015-DA, Cl A2A
1.230%, 06/15/18 (A)		1,621		1,621
0.930%, 12/15/17 (A)		1,383		1,383
0.877%, 02/15/18 (A) (B)		1,093		1,092
DT Auto Owner Trust, Ser 2015-1A, Cl A
1.060%, 09/17/18 (A)		627		627
Exeter Automobile Receivables Trust, Ser 2014-3A, Cl A
1.320%, 01/15/19 (A)		1,018		1,017
Flagship Credit Auto Trust, Ser 2015-2, Cl A
1.980%, 10/15/20 (A)		874		874
Ford Credit Auto Owner Trust, Ser 2015-C, Cl A4
1.740%, 02/15/21		891		894
1.580%, 08/15/20		1,544		1,548
1.410%, 02/15/20		543		545

89

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)		Value (000)
Ford Credit Floorplan Master Owner Trust, Ser 2015-5, Cl A
2.420%, 08/15/22	$	503	$	509
Honda Auto Receivables Owner Trust, Ser 2015-3, Cl A4
1.560%, 10/18/21		710		715
Hyundai Auto Receivables Trust, Ser 2015-C, Cl A3
1.460%, 02/18/20		325		326
1.050%, 04/15/19		1,098		1,097
0.690%, 04/16/18		2,131		2,129
Nissan Auto Receivables Owner Trust, Ser 2014-B, Cl A3
1.110%, 05/15/19		884		884
Santander Drive Auto Receivables Trust, Ser 2015-4, Cl C
2.970%, 03/15/21		475		476
2.440%, 04/15/21		324		323
2.070%, 04/15/20		807		812
1.830%, 01/15/20		991		993
1.820%, 05/15/19		807		813
1.200%, 12/17/18		1,420		1,419
0.527%, 01/16/18 (B)		537		537
USAA Auto Owner Trust, Ser 2015- 1, Cl A3
1.200%, 06/17/19		600		601
World Omni Auto Receivables Trust, Ser 2014-B, Cl A4
1.680%, 12/15/20		971		980
				34,730
Credit Cards – 0.6%
BA Credit Card Trust, Ser 2015-A2, Cl A
1.360%, 09/15/20		845		848
Capital One Multi-Asset Execution Trust, Ser 2014-A4, Cl A
0.558%, 06/15/22		400		400
0.247%, 07/15/20 (B)		1,292		1,284
Chase Issuance Trust, Ser 2015-A2, Cl A2
1.590%, 02/18/20		1,250		1,261
Discover Card Execution Note Trust, Ser 2015-A2, Cl A
1.900%, 10/17/22		794		793
Synchrony Credit Card Master Note Trust, Ser 2015-3, Cl A
1.740%, 09/15/21		431		431
World Financial Network Credit Card Master Trust, Ser 2015-A, Cl A
0.687%, 02/15/22 (B)		408		407
				5,424
Other Asset-Backed Securities – 0.3%
Oak Hill Advisors Residential Loan Trust, Ser 2015-NPL2, Cl A1
3.721%, 07/25/55 (A)		608		606
US Residential Opportunity Fund Trust, Ser 2015-1IV, Cl A
3.721%, 01/27/35 - 02/27/35 (A)		713		712

Description	Face Amount (000)		Value (000)
VOLT, Ser 2015-NPL4, Cl A1
3.500%, 02/25/55	$	324	$	323
VOLT XXX, Ser 2015-NPL1, Cl A1
3.625%, 10/25/57 (A)		672		671
VOLT XXXI, Ser 2015-NPL2, Cl A1
3.375%, 02/25/55 (A)		470		468
				2,780
Total Asset-Backed Securities (Cost $42,875) (000)				42,934
U.S. Government Agency Obligations — 1.9%
FFCB
4.875%, 01/17/17		200		211
1.100%, 06/01/18		250		251
FHLB
4.875%, 05/17/17		400		428
4.750%, 12/16/16		200		210
4.125%, 03/13/20		750		837
1.000%, 06/21/17		500		503
0.625%, 11/23/16 - 12/28/16		800		801
FHLMC
6.250%, 07/15/32		674		952
5.000%, 02/16/17		850		902
2.375%, 01/13/22		2,130		2,194
1.250%, 10/02/19		200		200
1.000%, 03/08/17 - 06/29/17		1,750		1,761
0.875%, 02/22/17		300		301
0.750%, 01/12/18		250		250
FNMA
5.000%, 05/11/17		750		803
2.625%, 09/06/24		1,189		1,218
1.875%, 02/19/19		500		512
1.750%, 06/20/19		300		306
1.125%, 07/20/18		250		251
0.875%, 02/08/18 - 05/21/18		1,000		1,000
0.750%, 04/20/17		1,000		1,001
Tennessee Valley Authority
4.250%, 09/15/65		742		746
3.500%, 12/15/42		750		716
Total U.S. Government Agency Obligations (Cost $15,972) (000)				16,354
Municipal Bonds — 0.5%
California State GO
7.300%, 10/01/39		745		1,030
Florida State, Hurricane Catastrophe Fund RB
2.995%, 07/01/20		150		153
Illinois State GO
5.665%, 03/01/18		200		214
5.100%, 06/01/33		850		796
New Jersey State, Transportation Trust Fund RB
5.754%, 12/15/28		900		937
New York State, Dormitory Authority RB
5.628%, 03/15/39		650		780

90

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

Description	Face Amount (000)/ Shares		Value (000)
New York State, Metropolitan Transportation Authority RB
6.814%, 11/15/40	$	485	$	635
University of California RB
4.767%, 05/15/15		378		356
Total Municipal Bonds (Cost $5,004) (000)				4,901
Preferred Stock — 0.0%
Education Management*		1,550,903		23
Total Preferred Stock (Cost $188) (000)				23
Short-Term Investment (E) — 10.1%
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.000%		88,860,125		88,860
Total Short-Term Investment (Cost $88,860) (000)				88,860
Total Investments — 108.7% (Cost $961,361) (000) †			$	954,178

Percentages are based on Net Assets of $877,488 (000).

A list of the open forward foreign currency contracts held by the Fund at September 30, 2015 is as follows (000):

Counterparty	Maturity Date		Currency to Deliver		Currency to Receive		Unrealized Appreciation/ (Depreciation)
BNP Paribas		10/28/15	RON	919	USD	227	$	(5	)
BNP Paribas		10/28/15	USD	235	RON	919		(3	)
Barclays		11/13/15	KRW	532	USD	449		1
Barclays		11/13/15	TRY	1,359	USD	442		(1	)
Barclays		11/13/15	USD	471	HUF	127,900		(15	)
Knight Capital		11/13/15	CLP	152	USD	222		4
Knight Capital		11/13/15	HUF	128	USD	451		(4	)
Barclays		11/17/15	INR	87	USD	1,274		(37	)
Barclays		11/17/15	USD	1,315	INR	86,850		(3	)
Credit Suisse		11/19/15	MXP	8,650	USD	524		14
Barclays		11/23/15	SGD	1,267	USD	898		9
BNP Paribas		11/23/15	USD	886	PHP	41,570		-
BNP Paribas		11/27/15	USD	193	ZAR	2,640		(5	)
BNP Paribas		11/27/15	ZAR	8,650	USD	656		38
BNP Paribas		12/16/15	AUD	630	USD	443		3
BNP Paribas		01/21/16	COP	2,016,000	USD	660		16
Barclays		02/24/16	CNH	5,786	USD	880		(15	)
							$	(3	)

For the period ended September 30, 2015, the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the average volume of activity for this derivative type during the period.

* Non-income producing security.

‡ Real Estate Investment Trust

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

(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) Variable rate security – The rate reported is the rate in effect as of September 30, 2015. The date reported is the final maturity date.

(C) Step Bond – The rate reported is the effective yield as of September 30, 2015. The coupon on a step bond changes on a specified date.

(D) Security in default on interest payments.

(E) The rate reported is the 7-day effective yield as of September 30, 2015.

AUD — Australian Dollar

Cl — Class

CLP — Chilean Peso

CNH — Chinese Offshore Yuan

COP — Colombian Peso

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

HUF — Hungarian Forint

INR — Indian Rupee

KRW — Korean Won

MXP — Mexican Peso

PHP — Philippine Peso

RB — Revenue Bond

RON — Romanian New Leu

Ser — Series

SGD — Singapore Dollar

TRY — Turkish Lira

USD — United States Dollar

ZAR — South African Rand

† At September 30, 2015, the tax cost basis of the Fund’s investments was $961,361 (000), and the unrealized appreciation and depreciation were $5,573 (000) and $(12,756) (000), respectively.

The following is a list of the level of inputs used as of September 30, 2015, 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	$	-	$	255,989		$	-	$	255,989
U.S. Treasury Obligations		-		253,269			-		253,269
Mortgage-Backed Securities		-		143,194			-		143,194
Loan Participations		-		84,304			-		84,304
Sovereign Debt		-		64,350			-		64,350
Asset-Backed Securities		-		42,934			-		42,934
U.S. Government Agency Obligations		-		16,354			-		16,354
Municipal Bonds		-		4,901			-		4,901
Preferred Stock		-		23			-		23
Short-Term Investment		88,860		-			-		88,860
Total Investments in Securities	$	88,860	$	865,318		$	-	$	954,178
Other Financial Instruments	Level 1		Level 2			Level 3		Total
Forward Currency Contracts*
Unrealized Appreciation	$	-	$	85		$	-	$	85
Unrealized Depreciation		-		(88	)		-		(88	)
Total Other Financial Instruments	$	-	$	(3	)	$	-	$	(3	)

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

As of September 30, 2015, 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. As of September 30, 2015, there were no Level 3 investments.

For the period ended September 30, 2015, there have been no changes to the Fund’s fair value methodologies.

91

KP Fixed Income Fund

Schedule of Investments

September 30, 2015 (Unaudited)

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.

92

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 27, 2015

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 27, 2015
By (Signature and Title)	/s/ Stephen Connors
	Stephen Connors
	Treasurer, Controller & CFO
Date: November 27, 2015