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, 2016

Date of reporting period: September 30, 2016

Item 1. Schedules of Investments

KP Retirement Path 2015 Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 60.3%
KP Fixed Income Fund		15,898,095	$	165,340
KP International Equity Fund		3,155,871		29,381
KP Large Cap Equity Fund		7,470,652		82,999
KP Small Cap Equity Fund		1,350,778		14,129
Total Affiliated Registered Investment Companies (Cost $277,646) (000)				291,849
Unaffiliated Registered Investment Companies — 39.7%
DFA Commodity Strategy Portfolio		776,861		4,583
DFA International Real Estate Securities Portfolio		839,137		4,699
Lazard Global Listed Infrastructure Portfolio		336,155		4,733
T Rowe Price Institutional Floating Rate Fund		474,618		4,760
T Rowe Price New Era Fund		142,873		4,739
Vanguard Inflation-Protected Securities Fund		1,345,435		14,854
Vanguard REIT Index Fund		498,102		9,480
Vanguard Short-Term Bond Index Fund		7,538,586		79,834
Vanguard Short-Term Inflation- Protected Securities Index Fund		2,582,382		64,301
Total Unaffiliated Registered Investment Companies (Cost $187,880) (000)				191,983
Total Investments — 100.0% (Cost $465,526) (000) †			$	483,832

Percentages are based on Net Assets of $483,807 (000).

REIT — Real Estate Investment Trust

† At September 30, 2016, the tax cost basis of the Fund’s investments was $465,526 (000), and the unrealized appreciation and depreciation were $20,102 (000) and $(1,796) (000), respectively.

As of September 30, 2016, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2016, 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, 2016 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2016 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 9/30/2016
KP Fixed Income Fund	$	169,178	$	23,787	$	(37,927	)	$	9,393	$	909		$	165,340
KP International Equity Fund		28,750		2,612		(3,483	)		1,811		(309	)		29,381
KP Large Cap Equity Fund		80,962		8,008		(10,042	)		3,234		837			82,999
KP Small Cap Equity Fund		13,967		951		(2,064	)		1,295		(20	)		14,129

2

KP Retirement Path 2020 Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 67.3%
KP Fixed Income Fund		23,225,363	$	241,545
KP International Equity Fund		8,777,579		81,719
KP Large Cap Equity Fund		13,642,965		151,573
KP Small Cap Equity Fund		4,176,592		43,687
Total Affiliated Registered Investment Companies (Cost $492,841) (000)				518,524
Unaffiliated Registered Investment Companies — 32.7%
DFA Commodity Strategy Portfolio		1,270,750		7,497
DFA International Real Estate Securities Portfolio		1,369,586		7,670
Lazard Global Listed Infrastructure Portfolio		548,925		7,729
T Rowe Price Institutional Floating Rate Fund		774,706		7,770
T Rowe Price New Era Fund		233,405		7,742
Vanguard Inflation-Protected Securities Fund		2,080,186		22,965
Vanguard REIT Index Fund		770,198		14,657
Vanguard Short-Term Bond Index Fund		9,093,662		96,302
Vanguard Short-Term Inflation- Protected Securities Index Fund		3,209,389		79,914
Total Unaffiliated Registered Investment Companies (Cost $246,813) (000)				252,246
Total Investments — 100.0% (Cost $739,654) (000) †			$	770,770

Percentages are based on Net Assets of $770,732 (000).

REIT — Real Estate Investment Trust

† At September 30, 2016, the tax cost basis of the Fund’s investments was $739,654 (000), and the unrealized appreciation and depreciation were $34,533 (000) and $(3,417) (000), respectively.

As of September 30, 2016, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2016, 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, 2016 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2016 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 9/30/2016
KP Fixed Income Fund	$	221,728	$	38,009	$	(32,424	)	$	13,351	$	881		$	241,545
KP International Equity Fund		77,118		7,357		(7,010	)		4,831		(577	)		81,719
KP Large Cap Equity Fund		140,979		14,794		(11,838	)		6,597		1,041			151,573
KP Small Cap Equity Fund		40,717		3,998		(5,037	)		3,983		26			43,687

4

KP Retirement Path 2025 Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 75.4%
KP Fixed Income Fund		20,410,865	$	212,273
KP International Equity Fund		15,408,666		143,455
KP Large Cap Equity Fund		17,343,417		192,685
KP Small Cap Equity Fund		6,832,562		71,469
Total Affiliated Registered Investment Companies (Cost $591,115) (000)				619,882
Unaffiliated Registered Investment Companies — 24.6%
DFA Commodity Strategy Portfolio		1,372,973		8,101
DFA International Real Estate Securities Portfolio		1,477,720		8,275
Lazard Global Listed Infrastructure Portfolio		592,389		8,341
T Rowe Price Institutional Floating Rate Fund		835,927		8,384
T Rowe Price New Era Fund		251,939		8,357
Vanguard Inflation-Protected Securities Fund		2,174,336		24,005
Vanguard REIT Index Fund		805,115		15,321
Vanguard Short-Term Bond Index Fund		6,487,647		68,704
Vanguard Short-Term Inflation- Protected Securities Index Fund		2,118,679		52,755
Total Unaffiliated Registered Investment Companies (Cost $197,774) (000)				202,243
Total Investments — 100.0% (Cost $788,889) (000) †			$	822,125

Percentages are based on Net Assets of $822,087 (000).

REIT — Real Estate Investment Trust

† At September 30, 2016, the tax cost basis of the Fund’s investments was $788,889 (000), and the unrealized appreciation and depreciation were $37,787 (000) and $(4,551) (000), respectively.

As of September 30, 2016, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2016, 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, 2016 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2016 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 9/30/2016
KP Fixed Income Fund	$	181,849	$	35,363	$	(16,823	)	$	11,430	$	454		$	212,273
KP International Equity Fund		127,484		15,084		(6,570	)		8,007		(550	)		143,455
KP Large Cap Equity Fund		173,397		21,851		(12,312	)		8,584		1,165			192,685
KP Small Cap Equity Fund		63,440		7,590		(6,072	)		6,451		60			71,469

6

KP Retirement Path 2030 Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 84.1%
KP Fixed Income Fund		14,099,065	$	146,630
KP International Equity Fund		20,331,033		189,282
KP Large Cap Equity Fund		18,313,841		203,467
KP Small Cap Equity Fund		8,323,479		87,064
Total Affiliated Registered Investment Companies (Cost $599,031) (000)				626,443
Unaffiliated Registered Investment Companies — 15.9%
DFA Commodity Strategy Portfolio		1,242,535		7,331
DFA International Real Estate Securities Portfolio		1,337,330		7,489
Lazard Global Listed Infrastructure Portfolio		536,076		7,548
T Rowe Price Institutional Floating Rate Fund		756,456		7,587
T Rowe Price New Era Fund		228,007		7,563
Vanguard Inflation-Protected Securities Fund		1,953,918		21,571
Vanguard REIT Index Fund		723,518		13,769
Vanguard Short-Term Bond Index Fund		2,542,685		26,927
Vanguard Short-Term Inflation- Protected Securities Index Fund		750,116		18,678
Total Unaffiliated Registered Investment Companies (Cost $115,656) (000)				118,463
Total Investments — 100.0% (Cost $714,687) (000) †			$	744,906

Percentages are based on Net Assets of $744,874 (000).

REIT — Real Estate Investment Trust

† At September 30, 2016, the tax cost basis of the Fund’s investments was $714,687 (000), and the unrealized appreciation and depreciation were $35,517 (000) and $(5,298) (000), respectively.

As of September 30, 2016, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2016, 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, 2016 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2016 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 9/30/2016
KP Fixed Income Fund	$	123,062	$	21,943	$	(6,452	)	$	7,905	$	172		$	146,630
KP International Equity Fund		166,221		21,463		(8,340	)		10,554		(616	)		189,282
KP Large Cap Equity Fund		179,313		24,853		(11,031	)		9,232		1,100			203,467
KP Small Cap Equity Fund		75,370		9,971		(6,209	)		7,832		100			87,064

8

KP Retirement Path 2035 Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 90.4%
KP Fixed Income Fund		11,973,792	$	124,527
KP International Equity Fund		26,206,084		243,979
KP Large Cap Equity Fund		22,824,577		253,581
KP Small Cap Equity Fund		10,736,139		112,300
Total Affiliated Registered Investment Companies (Cost $702,683) (000)				734,387
Unaffiliated Registered Investment Companies — 9.6%
DFA Commodity Strategy Portfolio		1,125,935		6,643
DFA International Real Estate Securities Portfolio		1,211,188		6,783
Lazard Global Listed Infrastructure Portfolio		485,505		6,836
T Rowe Price Institutional Floating Rate Fund		685,139		6,872
T Rowe Price New Era Fund		206,493		6,849
Vanguard Inflation-Protected Securities Fund		1,757,923		19,407
Vanguard REIT Index Fund		651,020		12,389
Vanguard Short-Term Bond Index Fund		955,405		10,118
Vanguard Short-Term Inflation- Protected Securities Index Fund		93,883		2,338
Total Unaffiliated Registered Investment Companies (Cost $76,097) (000)				78,235
Total Investments — 100.0% (Cost $778,780) (000) †			$	812,622

Percentages are based on Net Assets of $812,589 (000).

REIT — Real Estate Investment Trust

† At September 30, 2016, the tax cost basis of the Fund’s investments was $778,780 (000), and the unrealized appreciation and depreciation were $39,640 (000) and $(5,798) (000), respectively.

As of September 30, 2016, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2016, 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, 2016 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2016 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 9/30/2016
KP Fixed Income Fund	$	105,958	$	16,872	$	(5,196	)	$	6,782	$	111		$	124,527
KP International Equity Fund		207,592		32,563		(8,847	)		13,445		(774	)		243,979
KP Large Cap Equity Fund		221,641		33,316		(14,149	)		11,498		1,275			253,581
KP Small Cap Equity Fund		94,783		13,823		(6,362	)		10,091		(35	)		112,300

10

KP Retirement Path 2040 Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 93.7%
KP Fixed Income Fund		7,929,940	$	82,471
KP International Equity Fund		25,892,477		241,059
KP Large Cap Equity Fund		22,412,279		249,000
KP Small Cap Equity Fund		10,385,169		108,629
Total Affiliated Registered Investment Companies (Cost $652,879) (000)				681,159
Unaffiliated Registered Investment Companies — 6.3%
DFA Commodity Strategy Portfolio		763,269		4,503
DFA International Real Estate Securities Portfolio		821,046		4,598
Lazard Global Listed Infrastructure Portfolio		329,130		4,634
T Rowe Price Institutional Floating Rate Fund		464,438		4,658
T Rowe Price New Era Fund		139,973		4,643
Vanguard Inflation-Protected Securities Fund		1,189,955		13,137
Vanguard REIT Index Fund		440,701		8,388
Vanguard Short-Term Bond Index Fund		98,430		1,042
Total Unaffiliated Registered Investment Companies (Cost $44,175) (000)				45,603
Total Investments — 100.0% (Cost $697,054) (000) †			$	726,762

Percentages are based on Net Assets of $726,734 (000).

REIT — Real Estate Investment Trust

† At September 30, 2016, the tax cost basis of the Fund’s investments was $697,054 (000), and the unrealized appreciation and depreciation were $39,382 (000) and $(9,674) (000), respectively.

As of September 30, 2016, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended September 30, 2016, there were no Level 3 investments.

For the period ended September 30, 2016, 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, 2016 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2016 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 9/30/2016
KP Fixed Income Fund	$	68,440	$	12,856	$	(3,304	)	$	4,401	$	78		$	82,471
KP International Equity Fund		202,440		35,516		(9,376	)		13,377		(898	)		241,059
KP Large Cap Equity Fund		214,291		35,865		(15,208	)		11,320		2,732			249,000
KP Small Cap Equity Fund		89,769		14,748		(5,608	)		9,759		(39	)		108,629

12

KP Retirement Path 2045 Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 95.0%
KP Fixed Income Fund		4,021,546	$	41,824
KP International Equity Fund		19,216,524		178,906
KP Large Cap Equity Fund		16,577,675		184,177
KP Small Cap Equity Fund		7,303,986		76,400
Total Affiliated Registered Investment Companies (Cost $462,769) (000)				481,307
Unaffiliated Registered Investment Companies — 5.0%
DFA Commodity Strategy Portfolio		435,064		2,567
DFA International Real Estate Securities Portfolio		476,227		2,667
Lazard Global Listed Infrastructure Portfolio		190,929		2,688
T Rowe Price Institutional Floating Rate Fund		264,549		2,653
T Rowe Price New Era Fund		79,765		2,646
Vanguard Inflation-Protected Securities Fund		672,553		7,425
Vanguard REIT Index Fund		248,265		4,725
Total Unaffiliated Registered Investment Companies (Cost $24,493) (000)				25,371
Total Investments — 100.0% (Cost $487,262) (000) †			$	506,678

Percentages are based on Net Assets of $506,659 (000).

REIT — Real Estate Investment Trust

† At September 30, 2016, the tax cost basis of the Fund’s investments was $487,262 (000), and the unrealized appreciation and depreciation were $25,986 (000) and $(6,570) (000), respectively.

As of September 30, 2016, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended September 30, 2016, there were no Level 3 investments.

For the period ended September 30, 2016, 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, 2016 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2016 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 9/30/2016
KP Fixed Income Fund	$	33,738	$	7,667	$	(1,814	)	$	2,193	$	40		$	41,824
KP International Equity Fund		145,354		31,915		(7,605	)		10,012		(770	)		178,906
KP Large Cap Equity Fund		153,047		32,074		(11,264	)		8,353		1,967			184,177
KP Small Cap Equity Fund		60,686		12,619		(3,657	)		6,826		(74	)		76,400

14

KP Retirement Path 2050 Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 95.1%
KP Fixed Income Fund		1,778,719	$	18,499
KP International Equity Fund		9,048,427		84,241
KP Large Cap Equity Fund		7,806,496		86,730
KP Small Cap Equity Fund		3,411,322		35,682
Total Affiliated Registered Investment Companies (Cost $217,695) (000)				225,152
Unaffiliated Registered Investment Companies — 4.9%
DFA Commodity Strategy Portfolio		204,837		1,209
DFA International Real Estate Securities Portfolio		219,689		1,230
Lazard Global Listed Infrastructure Portfolio		88,127		1,241
T Rowe Price Institutional Floating Rate Fund		124,320		1,247
T Rowe Price New Era Fund		37,512		1,244
Vanguard Inflation-Protected Securities Fund		295,339		3,261
Vanguard REIT Index Fund		109,376		2,081
Total Unaffiliated Registered Investment Companies (Cost $10,973) (000)				11,513
Total Investments — 100.0% (Cost $228,668) (000) †			$	236,665

Percentages are based on Net Assets of $236,655 (000).

REIT — Real Estate Investment Trust

† At September 30, 2016, the tax cost basis of the Fund’s investments was $228,668 (000), and the unrealized appreciation and depreciation were $10,821 (000) and $(2,824) (000), respectively.

As of September 30, 2016, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended September 30, 2016, there were no Level 3 investments.

For the period ended September 30, 2016, 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, 2016 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2016 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 9/30/2016
KP Fixed Income Fund	$	14,013	$	4,814	$	(1,296	)	$	930	$	38		$	18,499
KP International Equity Fund		60,493		22,900		(3,574	)		4,760		(338	)		84,241
KP Large Cap Equity Fund		63,855		22,787		(4,243	)		3,969		362			86,730
KP Small Cap Equity Fund		25,226		9,027		(1,749	)		3,204		(26	)		35,682

16

KP Retirement Path 2055 Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 95.1%
KP Fixed Income Fund		349,875	$	3,639
KP International Equity Fund		1,776,792		16,542
KP Large Cap Equity Fund		1,534,543		17,049
KP Small Cap Equity Fund		670,363		7,012
Total Affiliated Registered Investment Companies (Cost $42,926) (000)				44,242
Unaffiliated Registered Investment Companies — 4.9%
DFA Commodity Strategy Portfolio		42,221,295		249
DFA International Real Estate Securities Portfolio		45,121		253
Lazard Global Listed Infrastructure Portfolio		18,109		255
T Rowe Price Institutional Floating Rate Fund		25,548		256
T Rowe Price New Era Fund		7,715		256
Vanguard Inflation-Protected Securities Fund		55,132		609
Vanguard REIT Index Fund		20,423		388
Total Unaffiliated Registered Investment Companies (Cost $2,151) (000)				2,266
Total Investments — 100.0% (Cost $45,077) (000) †			$	46,508

Percentages are based on Net Assets of $46,505 (000).

REIT — Real Estate Investment Trust

† At September 30, 2016, the tax cost basis of the Fund’s investments was $45,077 (000), and the unrealized appreciation and depreciation were $1,833 (000) and $(402) (000), respectively.

As of September 30, 2016, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended September 30, 2016, there were no Level 3 investments.

For the period ended September 30, 2016, 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, 2016 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2016 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 9/30/2016
KP Fixed Income Fund	$	2,212	$	1,634	$	(376	)	$	166	$	3		$	3,639
KP International Equity Fund		9,504		7,487		(1,334	)		1,117		(232	)		16,542
KP Large Cap Equity Fund		10,050		7,658		(1,507	)		811		37			17,049
KP Small Cap Equity Fund		3,953		3,062		(626	)		654		(31	)		7,012

18

KP Retirement Path 2060 Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 95.1%
KP Fixed Income Fund		58,750	$	611
KP International Equity Fund		298,850		2,782
KP Large Cap Equity Fund		257,879		2,866
KP Small Cap Equity Fund		112,628		1,178
Total Affiliated Registered Investment Companies (Cost $7,051) (000)				7,437
Unaffiliated Registered Investment Companies — 4.9%
DFA Commodity Strategy Portfolio		6,704		40
DFA International Real Estate Securities Portfolio		7,200		40
Lazard Global Listed Infrastructure Portfolio		2,884		41
T Rowe Price Institutional Floating Rate Fund		4,070		41
T Rowe Price New Era Fund		1,228		41
Vanguard Inflation-Protected Securities Fund		9,850		109
Vanguard REIT Index Fund		3,648		68
Total Unaffiliated Registered Investment Companies (Cost $361) (000)				380
Total Investments — 100.0% (Cost $7,412) (000)†			$	7,817

Percentages are based on Net Assets of $7,817 (000).

REIT — Real Estate Investment Trust

† At September 30, 2016, the tax cost basis of the Fund’s investments was $7,412 (000), and the unrealized appreciation and depreciation were $412 (000) and $(7) (000), respectively.

As of September 30, 2016, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended September 30, 2016, there were no Level 3 investments.

For the period ended September 30, 2016, 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, 2016 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2016 (000):

	Value 12/31/2015		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 9/30/2016
KP Fixed Income Fund	$	467	$	334	$	(223	)	$	31	$	2		$	611
KP International Equity Fund		2,017		1,524		(911	)		270		(118	)		2,782
KP Large Cap Equity Fund		2,133		1,562		(982	)		212		(59	)		2,866
KP Small Cap Equity Fund		841		626		(397	)		161		(53	)		1,178

20

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Common Stock — 97.9%
Consumer Discretionary – 14.0%
Advance Auto Parts		5,902	$	880
Amazon.com*		45,915		38,445
AMC Networks, Cl A*		2,502		130
AutoNation*		1,013		49
AutoZone*		432		332
Bed Bath & Beyond		2,374		102
Best Buy		35,163		1,343
BorgWarner		3,097		109
Brunswick		4,900		239
CarMax*		2,889		154
Carnival		42,849		2,092
Carter’s		4,926		427
CBS, Cl B		34,862		1,908
Charter Communications, Cl A*		4,903		1,324
Chipotle Mexican Grill, Cl A*		451		191
Coach		3,989		146
Comcast, Cl A		178,037		11,811
Darden Restaurants		9,798		601
Delphi Automotive PLC		37,161		2,650
Dick’s Sporting Goods		2,409		137
Dillard’s, Cl A		1,539		97
Discovery Communications, Cl A*		5,586		149
Dollar General		38,814		2,717
Dollar Tree*		3,701		292
DR Horton		40,512		1,223
Expedia		1,880		219
Ferrari		29,360		1,523
Foot Locker		6,949		471
Ford Motor		141,624		1,709
Fossil Group*		700		19
Gap		3,562		79
Garmin		1,549		75
General Motors		53,202		1,690
Genuine Parts		9,074		911
GNC Holdings, Cl A		8,556		175
Goodyear Tire & Rubber		46,619		1,506
Groupon, Cl A*		15,209		78
H&R Block		3,576		83
Hanesbrands		132,867		3,355
Harley-Davidson		27,455		1,444
Harman International Industries		1,103		93
Hasbro		7,896		626
Hilton Worldwide Holdings		143,415		3,289
Home Depot		57,213		7,362
Hyatt Hotels, Cl A*		5,416		267
International Game Technology		47,476		1,157

Description	Shares		Value (000)
Interpublic Group of Companies		53,793	$	1,202
John Wiley & Sons, Cl A		8,939		461
Johnson Controls International		142,708		6,640
Kohl’s		2,551		112
L Brands		3,525		249
Las Vegas Sands		15,122		870
Lear		17,808		2,159
Leggett & Platt		2,046		93
Lennar, Cl A		2,795		118
Liberty Braves Group, Cl A*		572		10
Liberty Media Group, Cl A*		1,431		41
Liberty SiriusXM Group, Cl A*		5,727		195
Live Nation Entertainment*		12,271		337
LKQ*		4,600		163
Lowe’s		115,744		8,358
Macy’s		21,620		801
Marriott International, Cl A		6,532		440
Mattel		4,890		148
McDonald’s		34,376		3,966
MGM Resorts International*		206,618		5,378
Michael Kors Holdings*		6,202		290
Mohawk Industries*		1,001		201
Murphy USA*		10,504		750
Netflix*		31,066		3,062
Newell Brands		17,997		948
News, Cl A		30,272		423
NIKE, Cl B		26,518		1,396
Nordstrom		1,949		101
Omnicom Group		71,247		6,056
O’Reilly Automotive*		5,569		1,560
priceline.com*		11,837		17,418
PulteGroup		4,802		96
PVH		14,907		1,647
Ralph Lauren, Cl A		804		81
Ross Stores		37,972		2,442
Royal Caribbean Cruises		2,700		202
Scripps Networks Interactive, Cl A		1,491		95
Signet Jewelers		1,100		82
Staples		23,452		201
Starbucks		78,064		4,226
Target		56,098		3,853
TEGNA		38,887		850
Tesla Motors*		18,650		3,805
Tiffany		1,692		123
Time		2,659		39
Time Warner		77,753		6,190
TJX		26,922		2,013
Toll Brothers*		14,663		438

21

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
TopBuild*		20,706	$	687
Tractor Supply		49,497		3,334
TripAdvisor*		1,793		113
Tupperware Brands		8,196		536
Twenty-First Century Fox, Cl A ADR		23,935		584
Ulta Salon Cosmetics & Fragrance*		900		214
Under Armour, Cl A*		5,620		204
Urban Outfitters*		41,486		1,432
VF		5,214		292
Viacom, Cl B		8,333		317
Walt Disney		58,500		5,432
Whirlpool		4,882		792
Wyndham Worldwide		3,268		220
Wynn Resorts		1,291		126
Yum! Brands		5,559		505
				198,796
Consumer Staples – 8.6%
Altria Group		78,107		4,939
Archer-Daniels-Midland		120,784		5,093
Brown-Forman, Cl B		2,964		141
Bunge		16,321		967
Campbell Soup		15,328		838
Church & Dwight		4,000		192
Clorox		1,925		241
Coca-Cola		152,546		6,456
Coca-Cola European Partners		15,181		606
Colgate-Palmolive		13,731		1,018
ConAgra Foods		19,184		904
Constellation Brands, Cl A		7,264		1,209
Costco Wholesale		21,147		3,225
Coty, Cl A		44,623		1,049
CVS Health		86,124		7,664
Danone		23,818		1,767
Diageo PLC		107,759		3,087
Dr Pepper Snapple Group		12,943		1,182
Energizer Holdings		6,072		303
Estee Lauder, Cl A		3,371		298
General Mills		109,555		6,998
Herbalife*		10,834		672
Hershey		2,061		197
Hormel Foods		3,870		147
Ingredion		11,338		1,509
JM Smucker		20,959		2,841
Kellogg		3,703		287
Kimberly-Clark		13,610		1,717
Kraft Heinz		16,167		1,447
Kroger		37,919		1,125
McCormick		1,830		183
Mead Johnson Nutrition, Cl A		3,640		288

Description	Shares		Value (000)
Molson Coors Brewing, Cl B		7,330	$	805
Mondelez International, Cl A		42,280		1,856
Monster Beverage*		2,040		299
Nestle		55,429		4,367
Nu Skin Enterprises, Cl A		17,663		1,144
PepsiCo		78,078		8,492
Philip Morris International		162,679		15,816
Pilgrim’s Pride		41,838		884
Procter & Gamble		161,032		14,453
Reynolds American		22,363		1,054
Rite Aid*		11,397		88
Sysco		27,989		1,372
Tyson Foods, Cl A		43,219		3,227
Walgreens Boots Alliance		21,942		1,769
Wal-Mart Stores		117,636		8,484
Whole Foods Market		4,849		137
				122,837
Energy – 5.0%
Anadarko Petroleum		17,602		1,115
Antero Resources*		27,536		742
Apache		20,571		1,314
Baker Hughes		15,966		806
Cabot Oil & Gas		11,339		293
Chesapeake Energy*		9,581		60
Chevron		94,050		9,680
Cimarex Energy		1,400		188
Concho Resources*		2,100		288
ConocoPhillips		106,197		4,616
Devon Energy		10,671		471
Diamond Offshore Drilling		24,238		427
Energen		2,102		121
Ensco, Cl A		31,474		268
EOG Resources		37,806		3,656
EQT		2,463		179
Exxon Mobil		192,642		16,814
FMC Technologies*		13,781		409
Frank’s International		10,237		133
Halliburton		12,879		578
Helmerich & Payne		1,687		114
Hess		4,296		230
HollyFrontier		5,214		128
Kinder Morgan		75,349		1,743
Marathon Oil		17,375		275
Marathon Petroleum		47,163		1,914
Murphy Oil		2,146		65
Nabors Industries		34,791		423
National Oilwell Varco		24,623		905
Newfield Exploration*		2,937		128
Noble Energy		6,726		240
Occidental Petroleum		55,030		4,013
Oceaneering International		17,929		493
ONEOK		3,360		173

22

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
PBF Energy, Cl A		12,606	$	285
Phillips 66		22,691		1,828
Pioneer Natural Resources		4,295		797
QEP Resources		33,645		657
Range Resources		2,585		100
Rowan, Cl A		11,336		172
Schlumberger		89,713		7,055
Southwestern Energy*		37,010		512
Spectra Energy		42,466		1,815
Superior Energy Services		24,208		433
Tesoro		15,558		1,238
Transocean		4,491		48
Valero Energy		28,836		1,528
Williams		35,763		1,099
World Fuel Services		9,171		424
				70,993
Financials – 13.5%
Affiliated Managers Group*		800		116
Aflac		8,105		582
Allstate		28,057		1,941
American Express		63,911		4,093
American Financial Group		8,523		639
American International Group		36,172		2,146
American National Insurance		4,116		502
Ameriprise Financial		16,278		1,624
AmTrust Financial Services		21,546		578
Aon PLC		42,757		4,810
Arthur J Gallagher		2,700		137
Aspen Insurance Holdings		32,465		1,513
Assurant		927		85
Assured Guaranty		28,569		793
Axis Capital Holdings		16,561		900
Bank of America		391,027		6,120
Bank of New York Mellon		87,271		3,480
BB&T		26,934		1,016
Berkshire Hathaway, Cl B*		59,153		8,546
BlackRock, Cl A		8,805		3,191
Capital One Financial		30,071		2,160
Charles Schwab		18,523		585
Chubb		49,134		6,174
Cincinnati Financial		2,257		170
Citigroup		218,306		10,311
Citizens Financial Group		7,500		185
CME Group, Cl A		20,250		2,117
CNA Financial		2,586		89
Comerica		5,400		256
Discover Financial Services		44,388		2,510
E*TRADE Financial*		3,901		114
Everest Re Group		4,786		909
Federated Investors, Cl B		30,034		890
Fifth Third Bancorp		11,814		242
First Horizon National		37,840		576

Description	Shares		Value (000)
Franklin Resources		77,418	$	2,754
Goldman Sachs Group		37,355		6,024
Hanover Insurance Group		16,972		1,280
Hartford Financial Services Group		17,711		758
Huntington Bancshares		15,448		152
Intercontinental Exchange		15,642		4,213
Invesco		15,334		479
JPMorgan Chase		324,401		21,602
KeyCorp		16,663		203
Legg Mason		1,785		60
Leucadia National		5,247		100
Lincoln National		9,572		450
Loews		4,333		178
M&T Bank		2,324		270
Marsh & McLennan		8,001		538
MetLife		116,916		5,195
Moody’s		15,236		1,650
Morgan Stanley		222,479		7,133
Morningstar		588		47
MSCI, Cl A		8,645		726
Nasdaq		48,699		3,289
Navient		56,938		824
Northern Trust		3,092		210
Old Republic International		37,676		664
People’s United Financial		4,954		78
PNC Financial Services Group		64,909		5,848
Popular		22,181		848
Principal Financial Group		25,735		1,326
Progressive		8,862		279
Prudential Financial		39,157		3,197
Regions Financial		18,001		178
Reinsurance Group of America, Cl A		1,185		128
S&P Global		12,303		1,557
State Street		77,503		5,397
SunTrust Banks		86,815		3,802
Synchrony Financial		47,503		1,330
Synovus Financial		43,325		1,409
T Rowe Price Group		3,855		256
TCF Financial		30,516		443
TD Ameritrade Holding		98,471		3,470
Thomson Reuters		42,532		1,760
Torchmark		1,687		108
Travelers		70,305		8,053
Unum Group		10,283		363
US Bancorp		147,729		6,336
Validus Holdings		13,474		671
Voya Financial		25,590		737
Wells Fargo		304,702		13,492
Western Alliance Bancorp*		23,750		892
Willis Towers Watson		2,049		272
WR Berkley		23,371		1,350

23

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
XL Group		3,993	$	134
Zions Bancorporation		3,222		100
				192,713
Health Care – 15.2%
Abbott Laboratories		133,620		5,651
AbbVie		25,073		1,581
Aetna		43,124		4,979
Agilent Technologies		32,873		1,548
Agios Pharmaceuticals*		10,510		555
Alexion Pharmaceuticals*		39,677		4,862
Allergan*		26,605		6,127
Allscripts Healthcare Solutions*		27,247		359
AmerisourceBergen, Cl A		14,493		1,171
Amgen		24,745		4,128
Anthem		32,893		4,122
Baxter International		67,013		3,190
Becton Dickinson & Company		9,791		1,760
Biogen*		12,778		4,000
Boston Scientific*		27,982		666
Bristol-Myers Squibb		119,975		6,469
Bruker		44,332		1,004
Cardinal Health		34,628		2,691
Celgene*		35,206		3,680
Centene*		34,700		2,324
Cerner*		4,615		285
Charles River Laboratories International*		8,137		678
Cigna		37,922		4,942
Cooper		700		125
CR Bard		8,525		1,912
Danaher		152,940		11,989
DaVita*		2,348		155
Dentsply Sirona		11,786		700
Edwards Lifesciences*		4,092		493
Eli Lilly		33,155		2,661
Endo International*		3,200		64
Express Scripts Holding*		55,352		3,904
Gilead Sciences		58,739		4,647
HCA Holdings*		4,600		348
Henry Schein*		1,200		196
Hologic*		51,883		2,015
Humana		26,341		4,659
Illumina*		7,413		1,347
Incyte*		22,870		2,156
Intuitive Surgical*		9,460		6,857
Johnson & Johnson		203,047		23,986
Laboratory Corp of America Holdings*		1,552		213
LifePoint Health*		7,857		465
Mallinckrodt*		1,700		119
McKesson		24,472		4,081
Medtronic		99,726		8,616

Description	Shares		Value (000)
Merck		216,391	$	13,505
Mettler-Toledo International*		1,992		836
Mylan*		7,167		273
Novartis		9,078		714
Patterson		1,145		53
PerkinElmer		1,596		90
Perrigo		2,232		206
Pfizer		421,492		14,276
Quest Diagnostics		2,054		174
Regeneron Pharmaceuticals*		1,129		454
ResMed		20,904		1,354
Roche Holding		3,650		905
St. Jude Medical		43,206		3,446
Stryker		26,115		3,040
Teleflex		3,240		544
Thermo Fisher Scientific		26,665		4,241
United Therapeutics*		2,466		291
UnitedHealth Group		91,008		12,741
Universal Health Services, Cl B		9,623		1,186
Varian Medical Systems*		12,434		1,238
Vertex Pharmaceuticals*		37,608		3,280
VWR*		17,441		495
Waters*		7,408		1,174
WellCare Health Plans*		24,430		2,861
Zimmer Biomet Holdings		3,098		403
Zoetis, Cl A		7,472		389
				216,649
Industrials – 10.6%
3M		63,060		11,113
Acuity Brands		700		185
AECOM*		14,602		434
Alaska Air Group		71,491		4,708
Allegion		1,456		100
American Airlines Group		162,950		5,966
AMETEK		3,527		168
Boeing		88,185		11,617
BWX Technologies, Cl W		37,128		1,425
Canadian National Railway		21,122		1,381
Carlisle		8,787		901
Caterpillar		16,692		1,482
CH Robinson Worldwide		2,064		145
Chicago Bridge & Iron		11,984		336
Cintas		1,276		144
Crane		3,183		201
CSX		81,362		2,482
Cummins		12,575		1,611
Deere		12,908		1,102
Delta Air Lines		47,504		1,870
Dover		2,197		162
Dun & Bradstreet		567		77
Eaton PLC		48,061		3,158

24

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Emerson Electric		14,023	$	764
Equifax		6,783		913
Expeditors International of Washington		2,558		132
Fastenal		4,576		191
FedEx		25,766		4,501
Flowserve		1,843		89
Fluor		1,985		102
Fortive		56,617		2,882
Fortune Brands Home & Security		2,200		128
General Dynamics		5,935		921
General Electric		254,811		7,547
HD Supply Holdings*		7,050		225
Honeywell International		63,394		7,391
Huntington Ingalls Industries		24,291		3,727
Illinois Tool Works		26,016		3,118
Ingersoll-Rand		34,552		2,347
Jacobs Engineering Group*		11,922		617
JB Hunt Transport Services		1,300		105
JetBlue Airways*		44,389		765
Joy Global		19,063		529
Kansas City Southern		1,692		158
KBR		6,924		105
Kennametal		12,408		360
L-3 Communications Holdings, Cl 3		12,893		1,943
Lockheed Martin		18,668		4,475
ManpowerGroup		1,423		103
Masco		28,733		986
MSC Industrial Direct, Cl A		7,353		540
Nielsen Holdings		5,200		279
Norfolk Southern		12,446		1,208
Northrop Grumman		30,175		6,456
Oshkosh		2,479		139
Owens Corning		18,326		978
PACCAR		22,995		1,352
Parker-Hannifin		11,615		1,458
Pentair PLC		22,837		1,467
Pitney Bowes		17,430		317
Quanta Services*		78,918		2,209
Raytheon		13,327		1,814
Regal Beloit		4,599		274
Republic Services, Cl A		19,699		994
Robert Half International		2,142		81
Rockwell Automation		7,272		890
Rockwell Collins		11,979		1,010
Roper Technologies		1,573		287
RR Donnelley & Sons		29,676		466
Ryder System		692		46
Snap-on		829		126

Description	Shares		Value (000)
Southwest Airlines		26,938	$	1,048
Spirit AeroSystems Holdings, Cl A*		59,293		2,641
Stanley Black & Decker		17,771		2,185
Stericycle*		1,321		106
Textron		53,429		2,124
Timken		22,903		805
TransDigm Group*		800		231
Trinity Industries		13,462		325
Triumph Group		7,505		209
Union Pacific		38,200		3,726
United Continental Holdings*		50,120		2,630
United Parcel Service, Cl B		58,666		6,416
United Rentals*		10,232		803
United Technologies		68,608		6,971
Valmont Industries		2,272		306
Verisk Analytics, Cl A*		2,500		203
Waste Management		13,075		834
WESCO International*		6,683		411
WW Grainger		865		194
Xylem		2,522		132
				150,583
Information Technology – 20.8%
Accenture PLC, Cl A		88,111		10,765
Activision Blizzard		10,300		456
Adobe Systems*		16,488		1,790
Akamai Technologies*		14,695		779
Alibaba Group Holding ADR*		26,700		2,825
Alliance Data Systems*		880		189
Alphabet, Cl C*		45,576		36,132
Amdocs		29,957		1,733
Amphenol, Cl A		4,852		315
Analog Devices		14,481		933
Apple		255,609		28,897
Applied Materials		146,669		4,422
Arrow Electronics*		17,658		1,130
ASML Holding, Cl G		32,400		3,550
Autodesk*		2,908		210
Automatic Data Processing		6,868		606
Avnet		37,719		1,549
Broadcom		6,032		1,041
Broadridge Financial Solutions		5,562		377
Brocade Communications Systems		126,623		1,169
CA		49,248		1,629
Cadence Design Systems*		24,696		630
CDW		10,585		484
Cisco Systems		238,677		7,571
Citrix Systems*		22,148		1,887
Cognizant Technology
Solutions, Cl A*		48,980		2,337

25

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
CoreLogic*		26,902	$	1,055
Corning		16,223		384
CSRA		1,857		50
Dell Technologies - VMware Inc, Cl V*		19,090		913
DST Systems		3,445		406
eBay*		70,404		2,316
Electronic Arts*		4,678		400
F5 Networks*		16,667		2,077
Facebook, Cl A*		205,660		26,380
Fidelity National Information Services		38,587		2,972
First Solar*		11,215		443
Fiserv*		26,364		2,622
FLIR Systems		1,947		61
Genpact*		24,181		579
Global Payments		13,182		1,012
Harris		1,786		164
Hewlett Packard Enterprise		25,545		581
HP		189,578		2,944
IAC		6,746		421
Ingram Micro, Cl A		16,318		582
Intel		204,839		7,733
International Business Machines		42,681		6,780
Intuit		18,903		2,080
Jabil Circuit		12,712		277
Juniper Networks		96,276		2,316
KLA-Tencor		25,231		1,759
Lam Research		2,329		221
Leidos Holdings		22,865		990
Linear Technology		19,085		1,132
LinkedIn, Cl A*		1,527		292
Marvell Technology Group		21,772		289
MasterCard, Cl A		14,738		1,500
Maxim Integrated Products		13,343		533
Microchip Technology		3,346		208
Micron Technology*		61,894		1,100
Microsoft		497,774		28,672
Mobileye*		25,150		1,071
Motorola Solutions		2,585		197
NCR*		22,163		713
NetApp		4,394		157
NetSuite*		32,176		3,562
Nuance Communications*		77,745		1,127
NVIDIA		8,009		549
NXP Semiconductors*		51,810		5,285
ON Semiconductor*		28,076		346
Oracle		130,737		5,135
Palo Alto Networks*		7,600		1,211
Paychex		4,967		287
PayPal Holdings*		160,331		6,569
Qorvo*		1,800		100
QUALCOMM		57,331		3,927

Description	Shares		Value (000)
Rackspace Hosting*		1,388	$	44
Red Hat*		19,628		1,587
salesforce.com*		101,987		7,275
Seagate Technology		4,669		180
ServiceNow*		40,000		3,166
Skyworks Solutions		2,700		206
Symantec		9,637		242
Synopsys*		11,061		656
Tableau Software, Cl A*		3,334		184
TE Connectivity		5,515		355
Tencent Holdings ADR		115,500		3,220
Teradata*		48,618		1,507
Teradyne		76,620		1,653
Texas Instruments		104,024		7,300
Total System Services		12,617		595
Vantiv, Cl A*		9,785		551
VeriFone Systems*		13,357		210
VeriSign*		1,457		114
Viavi Solutions*		70,196		519
Visa, Cl A		170,336		14,087
VMware, Cl A*		1,485		109
Western Digital		4,301		251
Western Union		33,779		703
Workday, Cl A*		18,900		1,733
Xerox		211,077		2,138
Xilinx		9,498		516
Yahoo!*		13,445		579
Yelp, Cl A*		2,113		88
Zynga, Cl A*		169,097		492
				296,146
Materials – 3.0%
Air Products & Chemicals		3,268		491
Albemarle		1,600		137
Alcoa		20,865		212
Ashland Global Holdings		2,251		261
Avery Dennison		1,268		99
Ball		2,552		209
Bemis		2,360		120
Cabot		35,753		1,874
Celanese, Cl A		10,431		694
CF Industries Holdings		3,550		87
Crown Holdings*		58,999		3,368
Dow Chemical		97,465		5,052
Eastman Chemical		2,068		140
Ecolab		4,109		500
EI du Pont de Nemours		56,923		3,812
FMC		2,132		103
Freeport-McMoRan		46,632		507
Graphic Packaging Holding		55,629		778
Huntsman		126,721		2,062
International Flavors & Fragrances		1,142		163
International Paper		20,100		964

26

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
LyondellBasell Industries, Cl A		45,173	$	3,644
Martin Marietta Materials		1,000		179
Monsanto		22,350		2,284
Mosaic		5,281		129
Newmont Mining		14,915		586
Nucor		26,080		1,290
Owens-Illinois*		2,188		40
PPG Industries		55,588		5,746
Praxair		4,414		533
Reliance Steel & Aluminum		15,479		1,115
Sealed Air		2,842		130
Sherwin-Williams		1,559		431
Steel Dynamics		29,668		741
United States Steel		5,155		97
Vulcan Materials		22,327		2,539
Westlake Chemical		21,486		1,150
WestRock		3,978		193
				42,460
Real Estate – 2.1%
American Tower, Cl A‡		8,564		971
Apartment Investment & Management, Cl A‡		24,256		1,114
AvalonBay Communities‡		3,221		573
Boston Properties‡		7,635		1,041
Brixmor Property Group‡		19,330		537
Camden Property Trust‡		1,489		125
Care Capital Properties‡		7,033		200
CBRE Group, Cl A*		42,869		1,200
Columbia Property Trust‡		28,143		630
Corporate Office Properties Trust‡		13,179		374
Crown Castle International‡		5,182		488
DDR‡		11,027		192
Digital Realty Trust‡		2,300		223
Duke Realty‡		35,979		983
Equinix‡		1,094		394
Equity Commonwealth‡*		7,155		216
Equity LifeStyle Properties‡		18,342		1,416
Equity Residential‡		20,611		1,326
Essex Property Trust‡		1,032		230
Extra Space Storage‡		1,800		143
Federal Realty Investment Trust‡		1,100		169
General Growth Properties‡		63,725		1,759
HCP‡		7,095		269
Healthcare Trust of America, Cl A‡		2,675		87
Host Hotels & Resorts‡		10,618		165
Iron Mountain‡		3,886		146
Kilroy Realty‡		13,649		947
Kimco Realty‡		27,841		806
Lamar Advertising, Cl A‡		1,193		78

Description	Shares		Value (000)
Liberty Property Trust‡		1,996	$	81
Life Storage‡		10,025		892
Macerich‡		1,845		149
Mid-America Apartment Communities‡		17,088		1,606
Outfront Media‡		31,969		756
Post Properties‡		12,085		799
Prologis‡		26,941		1,442
Public Storage‡		4,992		1,114
Realty Income‡		18,944		1,268
Retail Properties of America, Cl A‡		12,691		213
Senior Housing Properties Trust‡		13,074		297
Simon Property Group‡		11,146		2,307
SL Green Realty‡		6,694		724
Tanger Factory Outlet Centers‡		3,398		132
UDR‡		3,800		137
Ventas‡		5,413		382
Vornado Realty Trust‡		2,603		263
Welltower‡		5,403		404
Weyerhaeuser‡		11,282		360
				30,128
Telecommunication Services – 2.1%
AT&T		266,074		10,805
CenturyLink		43,257		1,186
Frontier Communications		18,642		78
Level 3 Communications*		16,357		759
T-Mobile US*		50,400		2,355
Verizon Communications		274,155		14,251
Vodafone Group PLC		190,774		548
				29,982
Utilities – 3.0%
AES		10,137		130
Alliant Energy		3,300		126
Ameren		66,383		3,265
American Electric Power		70,336		4,516
American Water Works		2,700		202
Avangrid		19,257		805
CenterPoint Energy		73,068		1,697
CMS Energy		4,464		188
Consolidated Edison		21,922		1,651
Dominion Resources		9,615		714
DTE Energy		12,703		1,190
Duke Energy		44,562		3,567
Edison International		14,231		1,028
Entergy		43,274		3,320
Eversource Energy		4,949		268
Exelon		36,657		1,220
FirstEnergy		78,949		2,612
Great Plains Energy		63,257		1,726
NextEra Energy		7,154		875
NiSource		20,242		488

27

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
NRG Energy		4,564	$	51
PG&E		25,082		1,534
Pinnacle West Capital		26,269		1,996
PPL		29,785		1,030
Public Service Enterprise Group		82,373		3,449
SCANA		21,251		1,538
Sempra Energy		3,896		418
Southern		15,137		777
Vectren		10,027		503
WEC Energy Group		4,820		289
Westar Energy, Cl A		11,284		640
Xcel Energy		22,208		914
				42,727
Total Common Stock (Cost $1,258,064) (000)				1,394,014
Preferred Stock — 0.3%
Air BNB, Ser D* (A)		11,406		1,198
Air BNB, Ser E* (A)		6,939		729
Dropbox, Cl A* (A)		29,866		236
Dropbox, Cl C* (A)		1,097		9
Flipkart Online Services* (A)		5,739		553
Magic Leap, Ser C* (A)		13,521		311
Snapchat, Ser F* (A)		12,575		386
Uber Technologies* (A)		28,993		1,414
Total Preferred Stock (Cost $4,163) (000)				4,836
Short-Term Investment (B) — 1.9%
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.386%		26,455,487		26,455
Total Short-Term Investment (Cost $26,455) (000)				26,455
Total Investments — 100.1% (Cost $1,288,682) (000) †			$	1,425,305

Percentages are based on Net Assets of $1,424,172 (000).

A list of the open futures contracts held by the Fund at September 30, 2016, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Appreciation
S&P 500 Index EMINI		136		Dec-2016	$	65

For the period ended September 30, 2016, 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, 2016, was $4,836 (000) and represented 0.34% of net assets.

(B) The rate reported is the 7-day effective yield as of September 30, 2016.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

Ser — Series

S&P — Standard & Poor’s

† At September 30, 2016, the tax cost basis of the Fund’s investments was $1,288,682 (000), and the unrealized appreciation and depreciation were $168,136 (000) and $(31,513) (000), respectively.

The following is a list of the level of inputs used as of September 30, 2016, 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	$	1,394,014	$	-	$	-	$	1,394,014
Preferred Stock		-		-		4,836		4,836
Short-Term Investment		26,455		-		-		26,455
Total Investments in Securities	$	1,420,469	$	-	$	4,836	$	1,425,305
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts**
Unrealized Appreciation	$	65	$	-	$	-	$	65
Total Other Financial Instruments	$	65	$	-	$	-	$	65

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

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

For the period ended September 30, 2016, 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, 2016, 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, 2016 (unaudited)

Description	Shares		Value (000)
Common Stock — 95.0%
Consumer Discretionary – 12.9%
1-800-Flowers.com, Cl A*		180,437	$	1,655
A H Belo, Cl A		51,686		380
Aaron’s		6,500		165
Abercrombie & Fitch, Cl A		6,800		108
AMC Entertainment Holdings, Cl A		2,100		65
American Axle & Manufacturing Holdings*		7,630		131
American Eagle Outfitters		16,700		298
American Public Education*		1,500		30
America’s Car-Mart*		1,000		36
Apollo Education Group, Cl A*		8,500		68
Arctic Cat		1,500		23
Asbury Automotive Group*		1,989		111
Ascena Retail Group*		17,159		96
Ascent Capital Group, Cl A*		1,108		26
Barnes & Noble		6,597		75
Barnes & Noble Education*		4,226		40
Bassett Furniture Industries		1,200		28
Beazer Homes USA*		2,900		34
Belmond, Cl A*		9,110		116
Big 5 Sporting Goods		1,400		19
Big Lots		4,421		211
Biglari Holdings*		104		45
BJ’s Restaurants*		2,229		79
Bloomin’ Brands		90,920		1,567
Blue Nile		1,386		48
Bob Evans Farms		1,931		74
Bojangles’*		119,310		1,904
Boot Barn Holdings*		1,000		11
BorgWarner		14,900		524
Boyd Gaming*		8,176		162
Bravo Brio Restaurant Group*		78,284		374
Bridgepoint Education*		1,200		8
Bright Horizons Family Solutions*		4,400		293
Buckle		3,000		72
Buffalo Wild Wings*		7,807		1,099
Build-A-Bear Workshop, Cl A*		1,000		10
Burlington Stores*		36,249		2,938
Caesars Acquisition, Cl A*		4,700		58
Caesars Entertainment*		5,600		42
Caleres		99,738		2,523
Callaway Golf		9,798		114
Cambium Learning Group*		1,200		7
Capella Education		1,100		64
Career Education*		7,200		49
Carmike Cinemas*		2,368		77
Carriage Services, Cl A		1,300		31
Carrols Restaurant Group*		3,400		45
Carter’s		22,217		1,926
Cato, Cl A		2,500		82
Cavco Industries*		800		79

Description	Shares		Value (000)
Central European Media Enterprises, Cl A*		11,600	$	27
Century Casinos*		2,200		15
Century Communities*		1,500		32
Cheesecake Factory		4,563		228
Chegg*		8,673		61
Chico’s FAS		69,067		822
Children’s Place		1,900		152
Churchill Downs		1,407		206
Chuy’s Holdings*		1,578		44
Citi Trends		1,300		26
ClubCorp Holdings		139,577		2,020
Collectors Universe		900		17
Columbia Sportswear		38,003		2,156
Conn’s*		2,160		22
Container Store Group*		1,500		8
Cooper Tire & Rubber		78,884		2,999
Cooper-Standard Holding*		1,500		148
Core-Mark Holding		4,512		162
Cracker Barrel Old Country Store		1,917		253
Crocs*		7,690		64
CSS Industries		800		20
Culp		1,000		30
Daily Journal*		150		33
Dana		14,872		232
Dave & Buster’s Entertainment*		15,800		619
Deckers Outdoor*		3,200		191
Del Frisco’s Restaurant Group*		169,840		2,287
Del Taco Restaurants*		65,185		777
Delta Apparel*		700		12
Denny’s*		7,684		82
Destination XL Group*		2,800		12
DeVry Education Group		6,200		143
DineEquity		1,700		135
Dixie Group*		197,266		987
Domino’s Pizza		7,700		1,169
Dorman Products*		19,054		1,218
Drew Industries		2,382		233
DSW, Cl A		40,778		835
Duluth Holdings, Cl B*		1,100		29
El Pollo Loco Holdings*		2,100		26
Eldorado Resorts*		3,100		44
Empire Resorts*		559		11
Entercom Communications, Cl A		2,800		36
Entravision Communications, Cl A		6,800		52
Eros International, Cl A*		3,100		47
Escalade		800		10
Ethan Allen Interiors		2,481		78
Etsy*		10,400		149
EW Scripps, Cl A*		5,926		94
Express*		173,364		2,044
Federal-Mogul Holdings*		2,600		25
Fiesta Restaurant Group*		99,247		2,381
Finish Line, Cl A		105,488		2,436

29

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Five Below*		20,463	$	824
Flexsteel Industries		700		36
Fogo De Chao*		700		7
Fossil Group*		4,200		117
Fox Factory Holding*		2,300		53
Francesca’s Holdings*		4,100		63
Fred’s, Cl A		76,393		692
FTD*		1,700		35
Gaia, Cl A*		700		5
Gannett		11,700		136
Genesco*		2,089		114
Gentherm*		3,604		113
G-III Apparel Group*		4,300		125
Global Eagle Entertainment*		4,300		36
GNC Holdings, Cl A		6,800		139
Golden Entertainment		1,100		14
GoPro, Cl A*		10,100		168
Grand Canyon Education*		4,544		184
Gray Television*		6,700		69
Green Brick Partners*		2,700		22
Group 1 Automotive		2,099		134
Guess?		6,196		91
Habit Restaurants, Cl A*		1,000		14
Haverty Furniture		2,000		40
Helen of Troy*		2,939		253
Hemisphere Media Group, Cl A*		700		9
Hibbett Sports*		2,300		92
Hooker Furniture		1,200		29
Horizon Global*		2,339		47
Houghton Mifflin Harcourt*		12,379		166
Hovnanian Enterprises, Cl A*		9,898		17
HSN		65,238		2,596
Iconix Brand Group*		3,823		31
IMAX*		24,000		695
Installed Building Products*		2,100		75
International Speedway, Cl A		2,500		84
Interval Leisure Group		11,300		194
Intrawest Resorts Holdings*		1,800		29
iRobot*		15,250		671
Isle of Capri Casinos*		2,600		58
J Alexander’s Holdings*		1,174		12
Jack in the Box		21,738		2,085
JAKKS Pacific*		1,500		13
Jamba*		1,200		13
John Wiley & Sons, Cl A		19,257		994
Johnson Outdoors, Cl A		400		15
K12*		3,500		50
KB Home		8,254		133
Kirkland’s*		173,971		2,119
Kona Grill*		152,829		1,921
La Quinta Holdings*		8,400		94
Lands’ End*		1,400		20
La-Z-Boy, Cl Z		4,897		120
LGI Homes*		1,600		59

Description	Shares		Value (000)
Libbey		2,010	$	36
Liberty Braves Group, Cl A*		4,300		74
Liberty Media Group, Cl C*		7,319		207
Liberty Tax		400		5
Liberty TripAdvisor Holdings, Cl A*		7,200		157
LifeLock*		8,195		139
Lifetime Brands		900		12
Lindblad Expeditions Holdings*		119,953		1,080
Lithia Motors, Cl A		14,350		1,371
Loral Space & Communications*		1,200		47
Luby’s*		2,000		9
Lumber Liquidators Holdings*		2,749		54
M/I Homes*		2,300		54
Malibu Boats, Cl A*		113,549		1,692
Marcus		1,900		48
Marine Products		600		5
MarineMax*		2,281		48
Marriott Vacations Worldwide		2,289		168
Mattel		82,200		2,488
MCBC Holdings		800		9
MDC Holdings		115,737		2,987
MDC Partners, Cl A		5,055		54
Media General*		10,889		201
Meredith		24,815		1,291
Meritage Homes*		3,887		135
Metaldyne Performance Group		48,697		772
Modine Manufacturing*		26,113		310
Monarch Casino & Resort*		1,100		28
Monro Muffler Brake		12,663		775
Motorcar Parts of America*		1,700		49
Movado Group		1,351		29
MSG Networks*		5,692		106
NACCO Industries, Cl A		400		27
Nathan’s Famous*		300		16
National CineMedia		6,394		94
Nautilus*		3,200		73
New Home*		2,100		22
New Media Investment Group		3,664		57
New York Times, Cl A		12,389		148
Nexstar Broadcasting Group, Cl A		2,995		173
Noodles, Cl A*		800		4
Nutrisystem		2,900		86
Office Depot		55,000		196
Ollie’s Bargain Outlet Holdings*		2,100		55
Overstock.com*		1,000		15
Oxford Industries		74,165		5,021
Panera Bread, Cl A*		8,330		1,622
Papa John’s International		2,700		213
Party City Holdco*		2,900		50
Penn National Gaming*		7,419		101
Performance Sports Group*		4,100		17
Perry Ellis International*		1,000		19
PetMed Express		1,803		37
Pier 1 Imports		338,993		1,437

30

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Pinnacle Entertainment*		5,616	$	69
Planet Fitness, Cl A*		1,500		30
Polaris Industries		31,520		2,441
Popeyes Louisiana Kitchen*		32,909		1,749
Potbelly*		2,100		26
Radio One, Cl D*		3,100		9
Reading International, Cl A*		1,400		19
Red Lion Hotels*		1,500		13
Red Robin Gourmet Burgers*		1,400		63
Red Rock Resorts, Cl A		3,100		73
Regis*		3,700		46
Rent-A-Center, Cl A		5,200		66
Restoration Hardware Holdings*		69,790		2,413
Ruby Tuesday*		5,200		13
Ruth’s Hospitality Group		2,940		42
Saga Communications, Cl A		300		14
Salem Media Group, Cl A		1,400		8
Scholastic		2,800		110
Scientific Games, Cl A*		5,358		60
Sears Holdings*		1,200		14
Sears Hometown and Outlet Stores*		1,400		7
SeaWorld Entertainment		127,880		1,724
Select Comfort*		74,791		1,615
Sequential Brands Group*		4,172		33
Shake Shack, Cl A*		1,600		55
Shoe Carnival		1,465		39
Shutterfly*		3,521		157
Sinclair Broadcast Group, Cl A		6,609		191
Smith & Wesson Holding*		5,445		145
Sonic		4,700		123
Sonic Automotive, Cl A		2,931		55
Sotheby’s		5,197		197
Spartan Motors		3,500		34
Speedway Motorsports		900		16
Sportsman’s Warehouse Holdings*		2,700		28
Stage Stores		2,581		14
Standard Motor Products		2,214		106
Stein Mart		261,414		1,660
Steven Madden*		6,165		213
Stoneridge*		2,400		44
Strattec Security		272		10
Strayer Education*		1,008		47
Sturm Ruger		1,889		109
Superior Industries International		2,431		71
Superior Uniform Group		700		14
Tailored Brands		4,968		78
Taylor Morrison Home, Cl A*		2,900		51
Tenneco*		57,773		3,366
Texas Roadhouse, Cl A		6,660		260
Tile Shop Holdings*		3,400		56
Tilly’s, Cl A*		900		8
Time		10,485		152
TopBuild*		3,800		126
Tower International		1,954		47

Description	Shares		Value (000)
Townsquare Media, Cl A*		900	$	8
TRI Pointe Group*		14,843		196
tronc		2,700		46
Tuesday Morning*		5,000		30
UCP, Cl A*		29,727		262
Ulta Salon Cosmetics & Fragrance*		7,540		1,794
Unifi*		1,598		47
Unique Fabricating		11,112		136
Universal Electronics*		1,400		104
Vail Resorts		12,600		1,977
Vera Bradley*		1,900		29
Vince Holding*		2,154		12
Vista Outdoor*		53,290		2,124
Vitamin Shoppe*		2,405		65
Wayfair, Cl A*		3,100		122
WCI Communities*		2,300		55
Weight Watchers International*		2,400		25
West Marine*		1,300		11
Weyco Group		500		13
William Lyon Homes, Cl A*		2,500		46
Wingstop, Cl A		1,600		47
Winmark		200		21
Winnebago Industries		2,700		64
Wolverine World Wide		58,427		1,346
Workhorse Group*		1,400		10
World Wrestling Entertainment, Cl A		63,731		1,358
ZAGG*		112,469		912
Zoe’s Kitchen*		1,900		42
Zumiez*		1,670		30
				112,868
Consumer Staples – 2.5%
AdvancePierre Foods Holdings		2,200		61
Alico		200		5
Alliance One International*		900		17
Amplify Snack Brands*		3,100		50
Andersons		67,684		2,449
Avon Products		43,800		248
B&G Foods		32,792		1,613
Blue Buffalo Pet Products*		29,000		689
Boston Beer, Cl A*		879		135
Calavo Growers		1,600		105
Cal-Maine Foods		3,100		119
Central Garden & Pet*		4,400		111
Chefs’ Warehouse*		56,950		634
Coca-Cola Bottling Consolidated		444		66
Craft Brew Alliance*		1,700		32
Darling Ingredients*		16,297		220
Dean Foods		9,155		150
elf Beauty*		10,557		297
Farmer Brothers*		800		28
Flowers Foods		72,236		1,092
Fresh Del Monte Produce		3,200		192
Freshpet*		1,800		16
Herbalife*		13,871		860

31

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
HRG Group*		11,821	$	185
Ingles Markets, Cl A		1,299		51
Inter Parfums		23,887		771
Inventure Foods*		134,098		1,261
J&J Snack Foods		1,480		176
John B Sanfilippo & Son		900		46
Lancaster Colony		1,941		256
Landec*		3,400		46
Lifevantage*		1,400		13
Lifeway Foods*		300		5
Limoneira		900		17
Medifast		1,000		38
MGP Ingredients		1,300		53
National Beverage*		1,200		53
Natural Grocers by Vitamin Cottage*		700		8
Natural Health Trends		600		17
Nature’s Sunshine Products		800		13
Nu Skin Enterprises, Cl A		14,223		921
Nutraceutical International*		1,100		34
Oil-Dri Corp of America		600		23
Omega Protein*		2,200		51
Orchids Paper Products		900		25
Performance Food Group*		3,700		92
Post Holdings*		11,040		852
PriceSmart		1,952		163
Primo Water*		2,200		27
Revlon, Cl A*		1,300		48
Sanderson Farms		2,126		205
Seaboard*		893		3,073
Seneca Foods, Cl A*		700		20
Smart & Final Stores*		2,000		26
Snyder’s-Lance		56,981		1,914
SpartanNash		3,641		105
SUPERVALU*		26,425		132
Synutra International*		1,100		5
Tootsie Roll Industries		1,688		62
TreeHouse Foods*		17,460		1,522
Turning Point Brands*		1,200		14
United Natural Foods*		5,029		201
Universal		2,261		132
USANA Health Sciences*		500		69
Vector Group		9,183		198
Village Super Market, Cl A		800		26
WD-40		1,387		155
Weis Markets		1,097		58
				22,351
Energy – 4.2%
Abraxas Petroleum*		18,200		31
Adams Resources & Energy		200		8
Alon USA Energy		2,800		23
Archrock		7,252		95
Ardmore Shipping		148,226		1,044
Atwood Oceanics		5,600		49
Bill Barrett*		5,671		32

Description	Shares		Value (000)
Bristow Group		3,187	$	45
California Resources		3,300		41
Callon Petroleum*		74,590		1,171
Capital Product Partners(A)		129,946		424
CARBO Ceramics		1,559		17
Carrizo Oil & Gas*		5,565		226
Clayton Williams Energy*		5,363		458
Clean Energy Fuels*		9,152		41
Cobalt International Energy*		42,600		53
Contango Oil & Gas*		1,841		19
CVR Energy		1,700		23
Dawson Geophysical*		2,100		16
Delek US Holdings		187,985		3,250
Denbury Resources*		35,000		113
DHT Holdings		8,500		36
Diamondback Energy*		18,600		1,796
Dorian LPG*		1,800		11
Eclipse Resources*		237,993		783
EP Energy, Cl A*		4,000		18
Era Group*		1,600		13
Evolution Petroleum		3,800		24
EXCO Resources*		12,700		14
Exterran*		3,026		47
Fairmount Santrol Holdings*		9,009		76
Forum Energy Technologies*		5,730		114
Frontline		6,740		48
GasLog		4,027		59
Gener8 Maritime*		4,100		21
Geospace Technologies*		1,114		22
Golar LNG		8,800		187
Green Plains		19,518		511
Helix Energy Solutions Group*		9,771		79
Hornbeck Offshore Services*		2,900		16
Independence Contract Drilling*		3,000		16
Isramco*		39		3
Jones Energy, Cl A*		163,403		582
Matador Resources*		8,300		202
Matrix Service*		2,800		53
McDermott International*		24,084		121
Nabors Industries		160,690		1,954
Natural Gas Services Group*		1,000		25
Navios Maritime Acquisition		6,900		9
Newfield Exploration*		39,700		1,725
Newpark Resources*		8,298		61
Nordic American Tankers		8,800		89
Northern Oil and Gas*		5,000		13
Oasis Petroleum*		17,700		203
Oceaneering International		123,675		3,401
Oil States International*		5,200		164
Overseas Shipholding Group, Cl A		3,800		40
Pacific Ethanol*		4,200		29
Panhandle Oil and Gas, Cl A		1,500		26
Par Pacific Holdings*		3,187		42
Parker Drilling*		13,402		29

32

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Parsley Energy, Cl A*		49,000	$	1,642
PDC Energy*		24,070		1,614
PHI*		1,000		18
Pioneer Energy Services*		5,274		21
Renewable Energy Group*		4,700		40
Resolute Energy*		32,195		839
REX American Resources*		700		59
RigNet*		900		14
Ring Energy*		236,265		2,587
RPC*		5,342		90
RSP Permian*		7,800		302
Sanchez Energy*		5,796		51
Scorpio Tankers		18,275		85
SEACOR Holdings*		1,600		95
Seadrill*		37,600		89
SemGroup, Cl A		5,264		186
Ship Finance International		6,200		91
Synergy Resources*		342,924		2,376
Teekay		4,600		35
Teekay Tankers, Cl A		12,200		31
Tesco		4,400		36
TETRA Technologies*		182,096		1,113
Tidewater		4,200		12
Unit*		5,000		93
US Silica Holdings		26,667		1,242
W&T Offshore*		2,600		5
Western Refining		144,065		3,811
Westmoreland Coal*		1,324		12
Willbros Group*		4,500		8
				36,438
Financials – 15.4%
1st Source		1,520		54
Access National		700		17
ACNB		600		16
Allegiance Bancshares*		1,100		30
Altisource Residential‡		5,100		56
Ambac Financial Group*		4,400		81
American Capital Mortgage Investment‡		4,700		81
American Equity Investment Life Holding		64,185		1,138
American Financial Group		35,535		2,665
American National Bankshares		800		22
Ameris Bancorp		3,400		119
AMERISAFE		1,866		110
Ames National		700		19
Anworth Mortgage Asset‡		10,298		51
Apollo Commercial Real Estate Finance‡		7,255		119
Ares Commercial Real Estate‡		2,400		30
Argo Group International Holdings		2,878		162
Arlington Asset Investment, Cl A		2,200		33
ARMOUR Residential‡		3,612		81
Arrow Financial		1,456		48

Description	Shares		Value (000)
Associated Capital Group		500	$	18
Assurant		30,420		2,806
Astoria Financial		9,167		134
Atlantic Capital Bancshares*		20,384		305
Atlas Financial Holdings*		900		14
B. Riley Financial		1,000		13
Baldwin & Lyons, Cl B		700		18
Banc of California		60,087		1,049
BancFirst		800		58
Banco Latinoamericano de Comercio Exterior, Cl E		3,000		85
Bancorp*		78,628		505
BancorpSouth		8,544		198
Bank Mutual		86,620		665
Bank of Hawaii		38,350		2,785
Bank of Marin Bancorp		500		25
Bank of the Ozarks		8,844		340
BankFinancial		1,600		20
Bankwell Financial Group		600		14
Banner		3,116		136
Bar Harbor Bankshares		700		26
BBX Capital, Cl A*		519		11
Bear State Financial		1,400		13
Beneficial Bancorp		6,939		102
Berkshire Hills Bancorp		36,610		1,014
BGC Partners, Cl A		21,653		189
Blue Capital Reinsurance Holdings		600		11
Blue Hills Bancorp		2,400		36
BNC Bancorp		106,205		2,583
BofI Holding*		5,900		132
Boston Private Financial Holdings		8,174		105
Bridge Bancorp		55,110		1,576
Brookline Bancorp		89,455		1,090
Bryn Mawr Bank		1,600		51
BSB Bancorp*		800		19
C&F Financial		300		13
Calamos Asset Management, Cl A		1,300		9
Camden National		1,100		53
Capital Bank Financial, Cl A		1,834		59
Capital City Bank Group		800		12
Capitol Federal Financial		12,685		178
Capstar Financial Holdings*		31,263		530
Capstead Mortgage‡		9,500		90
Cardinal Financial		24,259		633
Carolina Financial		1,100		25
Cascade Bancorp*		90,926		551
Cathay General Bancorp		7,411		228
CenterState Banks		4,500		80
Central Pacific Financial		2,864		72
Central Valley Community Bancorp		900		14
Century Bancorp, Cl A		300		14
Charter Financial		1,159		15
Chemical Financial		29,318		1,294
Chemung Financial		300		9

33

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Citizens, Cl A*		4,600	$	43
Citizens & Northern		1,600		35
City Holding		1,537		77
Clifton Bancorp		2,189		33
CNB Financial		1,200		25
CNO Financial Group		17,826		272
CoBiz Financial		199,619		2,657
Codorus Valley Bancorp		800		18
Cohen & Steers		40,960		1,752
Colony Capital, Cl A‡		11,200		204
Columbia Banking System		57,444		1,880
Commerce Bancshares		59,430		2,928
Community Bank System		4,354		209
Community Trust Bancorp		1,488		55
CommunityOne Bancorp*		900		12
ConnectOne Bancorp		2,860		52
County Bancorp		500		10
Cowen Group, Cl A*		9,004		33
Crawford, Cl B		2,000		23
CU Bancorp*		25,464		581
Customers Bancorp*		77,051		1,939
CVB Financial		10,018		176
CYS Investments‡		15,004		131
Diamond Hill Investment Group		300		55
Dime Community Bancshares		3,343		56
Donegal Group, Cl A		700		11
Dynex Capital‡		4,600		34
Eagle Bancorp*		51,654		2,548
eHealth*		1,500		17
EMC Insurance Group		950		26
Employers Holdings		3,200		95
Encore Capital Group*		2,300		52
Enova International*		3,572		35
Enstar Group*		1,200		197
Enterprise Bancorp		1,226		34
Enterprise Financial Services		1,800		56
Equity Bancshares, Cl A*		500		13
ESSA Bancorp		900		12
Essent Group*		109,707		2,918
EverBank Financial		10,241		198
Evercore Partners, Cl A		3,863		199
EZCORP, Cl A*		6,000		66
Farmers Capital Bank		800		24
Farmers National Banc		2,600		28
FBL Financial Group, Cl A		1,000		64
FBR		700		9
FCB Financial Holdings, Cl A*		3,000		115
Federal Agricultural Mortgage, Cl C		900		36
Federated National Holding		1,300		24
Fidelity & Guaranty Life		1,300		30
Fidelity Southern		2,212		41
Fifth Street Asset Management, Cl A		300		2
Financial Engines		5,335		159
Financial Institutions		1,200		33

Description	Shares		Value (000)
First Bancorp		3,400	$	74
First BanCorp*		12,600		66
First Busey		3,069		69
First Business Financial Services		600		14
First Citizens BancShares, Cl A		744		219
First Commonwealth Financial		8,838		89
First Community Bancshares		1,700		42
First Community Financial Partners*		1,400		13
First Connecticut Bancorp		55,971		996
First Defiance Financial		1,000		45
First Financial		900		37
First Financial Bancorp		44,361		969
First Financial Bankshares		6,342		231
First Financial Northwest		900		13
First Foundation*		27,308		674
First Horizon National		143,087		2,179
First Internet Bancorp		500		12
First Interstate BancSystem, Cl A		2,100		66
First Merchants		45,912		1,228
First Mid-Illinois Bancshares		600		16
First Midwest Bancorp		73,374		1,421
First NBC Bank Holding*		1,700		16
First Northwest Bancorp*		1,200		16
First of Long Island		1,546		51
First Republic Bank		19,600		1,511
FirstCash		4,917		232
Flagstar Bancorp*		2,200		61
Flushing Financial		2,786		66
FNB		304,145		3,741
FNFV Group*		6,800		85
Franklin Financial Network*		1,000		37
Fulton Financial		17,400		253
GAIN Capital Holdings		2,900		18
GAMCO Investors, Cl A		500		14
Genworth Financial, Cl A*		50,100		248
German American Bancorp		1,500		58
Glacier Bancorp		7,549		215
Global Indemnity, Cl A*		700		21
Great Ajax‡		1,400		19
Great Southern Bancorp		1,000		41
Great Western Bancorp		33,641		1,121
Green Bancorp*		2,200		24
Green Dot, Cl A*		4,200		97
Greenhill		2,727		64
Greenlight Capital, Cl A*		2,748		56
Guaranty Bancorp		63,346		1,131
Hallmark Financial Services*		1,100		11
Hancock Holding		70,698		2,293
Hanmi Financial		3,283		86
Hannon Armstrong Sustainable Infrastructure Capital‡		103,781		2,426
HarborOne Bancorp*		1,500		—
HCI Group		700		21
Heartland Financial USA		2,300		83

34

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Hennessy Advisors		300	$	11
Heritage Commerce		57,915		634
Heritage Financial		147,508		2,648
Heritage Insurance Holdings		3,300		48
Heritage Oaks Bancorp		73,150		600
Hilltop Holdings*		7,699		173
Hingham Institution for Savings		100		14
Home Bancorp		600		17
Home BancShares		12,026		250
HomeStreet*		2,190		55
HomeTrust Bancshares*		1,800		33
Hope Bancorp		13,212		229
Horace Mann Educators		88,870		3,258
Horizon Bancorp		1,600		47
Houlihan Lokey, Cl A		1,300		33
IBERIABANK		40,815		2,740
Impac Mortgage Holdings*		800		11
Independence Holding		500		9
Independent Bank		59,685		3,158
Independent Bank Group		1,100		49
Infinity Property & Casualty		1,082		89
International Bancshares		5,481		163
INTL. FCStone*		1,400		54
Invesco Mortgage Capital‡		11,152		170
Investment Technology Group		3,400		58
Investors Bancorp		29,553		355
Investors Title		100		10
James River Group Holdings		1,500		54
Janus Capital Group		14,387		202
KCG Holdings, Cl A*		4,978		77
Kearny Financial		9,132		124
Kemper		4,213		166
Ladder Capital, Cl A‡		3,951		52
Ladenburg Thalmann Financial Services*		8,400		19
Lake Sunapee Bank Group		800		14
Lakeland Bancorp		4,189		59
Lakeland Financial		2,292		81
LCNB		900		16
LegacyTexas Financial Group		12,229		387
LendingClub*		32,700		202
LendingTree*		600		58
Live Oak Bancshares		2,000		29
Macatawa Bank		2,800		22
Maiden Holdings		6,134		78
MainSource Financial Group		2,300		57
Manning & Napier, Cl A		1,600		11
MarketAxess Holdings		3,919		648
Marlin Business Services		800		16
MB Financial		7,614		290
MBIA*		13,700		107
MBT Financial		1,900		17
Medley Management, Cl A		300		3

Description	Shares		Value (000)
Mercantile Bank		1,600	$	43
Merchants Bancshares		600		19
Meridian Bancorp		4,934		77
Meta Financial Group		755		46
MGIC Investment*		33,910		271
Middleburg Financial		500		14
Midland States Bancorp		500		13
MidWestOne Financial Group		900		27
Moelis, Cl A		1,900		51
Mortgage Investment Trust‡		2,800		44
MutualFirst Financial		600		17
National Bank Holdings, Cl A		142,804		3,337
National Bankshares		800		29
National Commerce*		1,200		32
National General Holdings		4,800		107
National Interstate		700		23
National Western Life Group, Cl A		293		60
Nationstar Mortgage Holdings*		3,600		53
Navigators Group		1,087		105
NBT Bancorp		4,222		139
Nelnet, Cl A		2,059		83
New Residential Investment‡		24,143		333
New York Mortgage Trust‡		11,510		69
NewStar Financial*		2,200		21
Nicolet Bankshares*		800		31
NMI Holdings, Cl A*		4,300		33
Northfield Bancorp		4,200		68
Northrim BanCorp		700		18
Northwest Bancshares		104,633		1,643
OceanFirst Financial		2,000		39
Ocwen Financial*		9,500		35
OFG Bancorp		4,283		43
Old Line Bancshares		900		18
Old National Bancorp		217,564		3,059
Old Second Bancorp		2,700		22
OM Asset Management		4,200		58
On Deck Capital*		5,000		29
OneBeacon Insurance Group, Cl A		30,715		439
Oppenheimer Holdings, Cl A		704		10
Opus Bank		52,417		1,854
Orchid Island Capital, Cl A‡		2,300		24
Oritani Financial		3,859		61
Orrstown Financial Services		800		16
Owens Realty Mortgage‡		1,000		17
Pacific Continental		2,100		35
Pacific Mercantile Bancorp*		1,600		12
Pacific Premier Bancorp*		16,997		450
PacWest Bancorp		24,027		1,031
Park National		1,289		124
Park Sterling		331,054		2,688
Patriot National*		800		7
Peapack Gladstone Financial		1,600		36
Penns Woods Bancorp		352		16
PennyMac Financial Services, Cl A*		1,100		19

35

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
PennyMac Mortgage Investment Trust‡		6,767	$	105
Peoples Bancorp		1,700		42
Peoples Financial Services		600		24
People’s Utah Bancorp		1,400		28
PHH*		5,517		80
PICO Holdings*		1,900		22
Pinnacle Financial Partners		4,324		234
Piper Jaffray*		1,600		77
PJT Partners		1,900		52
PRA Group*		4,561		158
Preferred Bank		1,300		46
Premier Financial Bancorp		900		15
Primerica		55,630		2,951
PrivateBancorp		41,953		1,926
Prosperity Bancshares		45,688		2,508
Provident Bancorp*		600		9
Provident Financial Holdings		700		14
Provident Financial Services		6,068		129
Pzena Investment Management, Cl A		800		6
QCR Holdings		1,300		41
Radian Group		21,443		291
Redwood Trust‡		7,600		108
Regional Management*		900		19
Renasant		4,022		135
Republic Bancorp, Cl A		1,000		31
Republic First Bancorp*		3,500		14
Resource Capital‡		2,658		34
RLI		3,796		259
S&T Bancorp		3,374		98
Safeguard Scientifics*		1,600		21
Safety Insurance Group		1,403		94
Sandy Spring Bancorp		2,370		72
Seacoast Banking Corp of Florida*		3,100		50
Selective Insurance Group		5,648		225
ServisFirst Bancshares		2,300		119
Shore Bancshares		1,300		15
SI Financial Group		1,200		16
Sierra Bancorp		1,100		21
Silvercrest Asset Management Group, Cl A		700		8
Simmons First National, Cl A		2,954		147
Solar Capital		46,163		948
South State		2,400		180
Southern First Bancshares*		600		17
Southern Missouri Bancorp		600		15
Southern National Bancorp of Virginia		64,392		840
Southside Bancshares		2,454		79
Southwest Bancorp		91,900		1,745
State Auto Financial		20,954		499
State Bank Financial		95,521		2,180
State National		3,100		34

Description	Shares		Value (000)
Sterling Bancorp		12,645	$	221
Stewart Information Services		24,705		1,098
Stifel Financial*		6,410		246
Stock Yards Bancorp		2,250		74
Stonegate Bank		65,233		2,202
Stonegate Mortgage*		68,720		315
Suffolk Bancorp		1,000		35
Summit Financial Group		900		17
Sun Bancorp		1,240		29
Synovus Financial		32,375		1,053
Territorial Bancorp		684		20
Texas Capital Bancshares*		10,535		579
Third Point Reinsurance*		6,817		82
Tiptree Financial		2,800		17
Tompkins Financial		1,491		114
Towne Bank		5,560		134
TriCo Bancshares		2,000		54
TriState Capital Holdings*		2,300		37
Triumph Bancorp*		1,400		28
Trupanion*		1,600		27
TrustCo Bank		8,770		62
Trustmark		6,728		185
UMB Financial		38,777		2,305
Umpqua Holdings		81,906		1,233
Union Bankshares		4,676		128
United Bankshares		6,531		246
United Community Banks		7,016		147
United Community Financial		5,900		42
United Development Funding IV‡		2,800		9
United Financial Bancorp		4,951		69
United Fire Group		2,100		89
United Insurance Holdings		1,700		29
Universal Insurance Holdings		3,447		87
Univest Corp of Pennsylvania		2,490		58
Valley National Bancorp		24,673		240
Veritex Holdings*		900		16
Virtu Financial, Cl A		2,600		39
Virtus Investment Partners		660		65
Waddell & Reed Financial, Cl A		7,900		143
Walker & Dunlop*		2,900		73
Walter Investment Management*		2,925		12
Washington Federal		9,194		245
Washington Trust Bancorp		1,585		64
WashingtonFirst Bankshares		23,026		567
Waterstone Financial		2,600		44
Webster Financial		9,485		361
WesBanco		57,136		1,879
West Bancorporation		2,000		39
Westamerica Bancorporation		2,600		132
Western Asset Mortgage Capital‡		4,451		46
Westfield Financial		1,700		13
Westwood Holdings Group		800		42
Wintrust Financial		5,310		295
WisdomTree Investments		11,404		117

36

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
WMIH*		21,200	$	50
World Acceptance*		600		29
WSFS Financial		2,800		102
Xenith Bankshares*		11,400		26
Yadkin Financial		4,959		130
				135,152
Health Care – 13.4%
AAC Holdings*		1,000		17
Abaxis		2,133		110
ABIOMED*		6,920		890
Accelerate Diagnostics*		2,244		61
Acceleron Pharma*		2,700		98
Accuray*		8,569		55
AcelRx Pharmaceuticals*		3,700		14
Aceto		3,000		57
Achillion Pharmaceuticals*		11,209		91
Aclaris Therapeutics*		900		23
Acorda Therapeutics*		4,304		90
Adamas Pharmaceuticals*		1,600		26
Addus HomeCare*		1,100		29
Adeptus Health, Cl A*		1,300		56
Aduro Biotech*		3,700		46
Advaxis*		3,500		37
Adverum Biotechnologies*		1,400		6
Aerie Pharmaceuticals*		2,500		94
Agenus*		8,600		62
Agile Therapeutics*		1,100		8
Agilent Technologies		34,800		1,639
Aimmune Therapeutics*		2,700		41
Air Methods*		3,588		113
Akebia Therapeutics*		3,600		33
Albany Molecular Research*		2,800		46
Alder Biopharmaceuticals*		4,700		154
Align Technology*		28,555		2,676
Almost Family*		700		26
AMAG Pharmaceuticals*		3,500		86
Amedisys*		18,438		875
American Renal Associates Holdings*		50,505		923
Amicus Therapeutics*		15,400		114
AMN Healthcare Services*		4,800		153
Amphastar Pharmaceuticals*		4,000		76
Ampio Pharmaceuticals*		4,600		3
Amsurg, Cl A*		31,236		2,094
Analogic		1,271		113
Anavex Life Sciences*		6,500		24
AngioDynamics*		2,800		49
ANI Pharmaceuticals*		14,545		965
Anika Therapeutics*		1,400		67
Anthera Pharmaceuticals*		3,900		12
Applied Genetic Technologies*		1,300		13
Aptevo Therapeutics*		1,690		4
Aratana Therapeutics*		3,700		35
Ardelyx*		3,900		50

Description	Shares		Value (000)
Arena Pharmaceuticals*		25,828	$	45
Argos Therapeutics*		3,300		16
ARIAD Pharmaceuticals*		45,355		621
Array BioPharma*		13,422		91
Arrowhead Pharmaceuticals*		6,000		44
Asterias Biotherapeutics*		4,300		18
Atara Biotherapeutics*		2,400		51
Athersys*		8,000		17
AtriCure*		2,900		46
Atrion		128		55
Avexis*		500		21
Avinger*		1,100		5
AxoGen*		2,500		23
Axovant Sciences*		2,600		36
Axsome Therapeutics*		1,400		11
Bellicum Pharmaceuticals*		2,200		44
BioCryst Pharmaceuticals*		6,637		29
Bio-Path Holdings*		8,700		12
BioScrip*		14,300		41
BioSpecifics Technologies*		500		23
BioTelemetry*		2,700		50
BioTime*		9,500		37
Bluebird Bio*		3,700		251
Blueprint Medicines*		2,100		62
Cambrex*		3,136		139
Cantel Medical		21,188		1,652
Capital Senior Living*		2,845		48
Cara Therapeutics*		1,500		13
Cardiovascular Systems*		51,631		1,226
Castlight Health, Cl B*		3,000		12
Catalent*		9,900		256
Celldex Therapeutics*		8,604		35
Cellular Biomedicine Group*		1,400		20
Cempra*		4,300		104
Cepheid*		35,366		1,862
Cerus*		9,600		60
Charles River Laboratories International*		10,227		852
Chemed		10,688		1,508
ChemoCentryx*		2,400		14
Chimerix*		4,000		22
ChromaDex*		3,000		9
Cidara Therapeutics*		1,800		21
Civitas Solutions*		1,600		29
Clovis Oncology*		3,337		120
Coherus Biosciences*		31,324		839
Collegium Pharmaceutical*		1,400		27
Community Health Systems*		11,000		127
Computer Programs & Systems		1,182		31
Concert Pharmaceuticals*		1,900		19
ConforMIS*		3,700		37
CONMED		2,866		115
Cooper		5,900		1,058
Corcept Therapeutics*		7,300		47

37

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Corindus Vascular Robotics*		2,500	$	3
CorVel*		900		35
Cotiviti Holdings*		1,300		44
Cross Country Healthcare*		82,833		976
CryoLife		77,800		1,367
Curis*		14,900		39
Cutera*		1,000		12
Cynosure, Cl A*		39,125		1,993
Cytokinetics*		3,000		28
CytomX Therapeutics*		2,100		33
CytRx*		8,500		5
Depomed*		75,200		1,880
Dermira*		2,700		91
DexCom*		23,735		2,080
Dimension Therapeutics*		1,300		10
Diplomat Pharmacy*		4,500		126
Durect*		17,600		24
Dynavax Technologies*		4,040		42
Eagle Pharmaceuticals*		900		63
Edge Therapeutics*		1,700		18
Editas Medicine*		900		12
Egalet*		2,300		18
Eiger BioPharmaceuticals*		400		5
Emergent BioSolutions*		3,379		107
Enanta Pharmaceuticals*		1,400		37
Endocyte*		2,600		8
Endologix*		8,039		103
Ensign Group		4,686		94
Entellus Medical*		500		11
Enzo Biochem*		4,100		21
Epizyme*		4,200		41
Esperion Therapeutics*		2,100		29
Evolent Health, Cl A*		55,855		1,375
Exact Sciences*		11,080		206
Exactech*		1,100		30
Exelixis*		125,105		1,600
FibroGen*		5,014		104
Five Prime Therapeutics*		2,800		147
Flex Pharma*		1,300		15
Flexion Therapeutics*		2,800		55
Fluidigm*		2,298		18
Fortress Biotech*		3,600		11
Foundation Medicine*		1,702		40
Galena Biopharma*		21,800		8
Genesis Healthcare, Cl A*		2,200		6
GenMark Diagnostics*		4,800		57
Genomic Health*		1,900		55
Geron*		16,300		37
Glaukos*		1,700		64
Global Blood Therapeutics*		1,500		35
Globus Medical, Cl A*		6,996		158
GlycoMimetics*		1,300		9
Haemonetics*		5,053		183
Halozyme Therapeutics*		11,379		137

Description	Shares		Value (000)
Halyard Health*		4,800	$	166
HealthEquity*		4,300		163
HealthSouth		138,821		5,633
HealthStream*		2,600		72
Healthways*		3,300		87
Heron Therapeutics*		3,300		57
Heska*		800		44
HMS Holdings*		69,277		1,536
Horizon Pharma*		60,570		1,098
ICON*		15,225		1,178
ICU Medical*		1,500		190
Idera Pharmaceuticals*		7,300		19
IDEXX Laboratories*		38,620		4,353
Ignyta*		2,100		13
Immune Design*		1,000		8
ImmunoGen*		7,845		21
Immunomedics*		8,700		28
Impax Laboratories*		7,278		172
INC Research Holdings, Cl A*		4,100		183
Infinity Pharmaceuticals*		4,000		6
Innoviva		8,100		89
Inogen*		1,700		102
Inotek Pharmaceuticals*		1,800		17
Inovio Pharmaceuticals*		6,600		62
Insmed*		6,424		93
Insulet*		44,893		1,838
Insys Therapeutics*		2,584		30
Integer Holdings*		3,037		66
Integra LifeSciences Holdings*		18,378		1,517
Intellia Therapeutics*		700		12
Intercept Pharmaceuticals*		4,869		801
Intersect ENT*		35,948		569
Intra-Cellular Therapies, Cl A*		16,993		259
Invacare		3,004		34
Invitae*		2,400		21
InVivo Therapeutics Holdings*		3,200		22
iRadimed*		200		3
IRIDEX*		800		12
Ironwood Pharmaceuticals, Cl A*		12,848		204
K2M Group Holdings*		40,605		722
Karyopharm Therapeutics*		3,300		32
Keryx Biopharmaceuticals*		8,177		43
Kindred Healthcare		286,581		2,930
Kite Pharma*		3,886		217
La Jolla Pharmaceutical*		1,200		29
Laboratory Corp of America Holdings*		13,700		1,883
Landauer		1,000		44
Lannett*		2,638		70
LeMaitre Vascular		1,200		24
Lexicon Pharmaceuticals*		31,685		573
LHC Group*		1,412		52
Ligand Pharmaceuticals*		13,795		1,408
Lion Biotechnologies*		6,400		53

38

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Lipocine*		1,700	$	8
Loxo Oncology*		1,400		37
Luminex*		3,900		89
MacroGenics*		3,200		96
Magellan Health*		2,444		131
MannKind*		33,832		21
Masimo*		4,215		251
Medgenics*		1,700		9
Medicines*		27,980		1,056
MediciNova*		3,100		23
Medidata Solutions*		26,836		1,496
MEDNAX*		23,994		1,590
Medpace Holdings*		800		24
Meridian Bioscience		4,316		83
Merit Medical Systems*		93,443		2,269
Merrimack Pharmaceuticals*		11,497		73
Mettler-Toledo International*		2,125		892
MiMedx Group*		9,900		85
Minerva Neurosciences*		1,700		24
Mirati Therapeutics*		1,000		7
Molina Healthcare*		4,277		249
Momenta Pharmaceuticals*		6,753		79
MyoKardia*		1,300		21
Myriad Genetics*		6,700		138
NanoString Technologies*		43,840		876
NantKwest*		2,800		22
Natera*		2,700		30
National HealthCare		1,100		73
National Research, Cl A		800		13
Natus Medical*		3,283		129
Nektar Therapeutics*		12,850		221
Neogen*		3,673		205
NeoGenomics*		127,120		1,045
Neos Therapeutics*		1,600		11
Neurocrine Biosciences*		6,700		339
Nevro*		35,958		3,753
NewLink Genetics*		1,841		28
Nobilis Health*		5,800		19
Novavax*		26,834		56
Novocure*		5,300		45
NuVasive*		53,131		3,541
NxStage Medical*		6,500		162
Ocular Therapeutix*		1,100		8
Omeros*		3,900		44
Omnicell*		3,682		141
OncoMed Pharmaceuticals*		2,900		33
Ophthotech*		3,000		138
OraSure Technologies*		4,800		38
Organovo Holdings*		8,700		33
Orthofix International*		1,759		75
Osiris Therapeutics		1,600		8
Otonomy*		2,200		40
OvaScience*		3,600		26
Owens & Minor		6,259		217

Description	Shares		Value (000)
Oxford Immunotec Global*		1,900	$	24
Pacific Biosciences of California*		8,000		72
Pacira Pharmaceuticals*		3,610		124
Paratek Pharmaceuticals*		1,600		21
PAREXEL International*		38,134		2,648
PDL BioPharma		15,031		50
Penumbra*		11,695		889
Pfenex*		1,200		11
PharmAthene*		6,500		19
PharMerica*		2,800		79
Phibro Animal Health, Cl A		2,000		54
Portola Pharmaceuticals, Cl A*		5,099		116
PRA Health Sciences*		27,420		1,550
Press Ganey Holdings*		2,300		93
Prestige Brands Holdings*		27,929		1,349
Progenics Pharmaceuticals*		6,500		41
Proteostasis Therapeutics*		700		11
Prothena*		3,600		216
Providence Service*		33,565		1,632
PTC Therapeutics*		3,100		43
Puma Biotechnology*		2,600		174
Quality Systems		5,300		60
Quidel*		58,840		1,300
Quorum Health*		3,100		19
Radius Health*		3,100		168
RadNet*		4,200		31
Raptor Pharmaceutical*		9,607		86
Reata Pharmaceuticals, Cl A*		600		16
REGENXBIO*		2,100		29
Regulus Therapeutics*		2,500		8
Repligen*		3,400		103
Retrophin*		3,800		85
Revance Therapeutics*		2,200		36
Rigel Pharmaceuticals*		11,800		43
Rockwell Medical*		4,500		30
RTI Surgical*		4,100		13
Sage Therapeutics*		3,000		138
Sangamo BioSciences*		6,333		29
Sarepta Therapeutics*		4,400		270
SciClone Pharmaceuticals*		5,200		53
Second Sight Medical Products*		1,282		5
Select Medical Holdings*		10,600		143
Senseonics Holdings*		2,900		11
Seres Therapeutics*		1,900		23
Sorrento Therapeutics*		2,100		16
Spark Therapeutics*		2,100		126
Spectranetics*		63,211		1,586
Spectrum Pharmaceuticals*		9,699		45
STAAR Surgical*		4,900		46
Stemline Therapeutics*		1,300		14
Sucampo Pharmaceuticals, Cl A*		2,100		26
Supernus Pharmaceuticals*		53,835		1,331
Surgery Partners*		1,900		38
Surgical Care Affiliates*		2,700		132

39

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Surmodics*		1,600	$	48
Syndax Pharmaceuticals*		1,100		17
Synergy Pharmaceuticals*		18,900		104
Synthetic Biologics*		7,900		14
T2 Biosystems*		1,700		12
Tandem Diabetes Care*		135,017		1,034
Team Health Holdings*		6,768		220
Teladoc*		2,200		40
Teligent*		4,000		30
TESARO*		2,663		267
Tetraphase Pharmaceuticals*		3,000		11
TG Therapeutics*		4,900		38
TherapeuticsMD*		14,900		101
Theravance Biopharma		3,858		140
Titan Pharmaceuticals*		2,000		12
Tobira Therapeutics*		900		36
Tokai Pharmaceuticals*		1,000		2
TransEnterix*		5,800		10
Trevena*		4,700		32
Triple-S Management, Cl B*		2,469		54
Trovagene*		1,700		8
Ultragenyx Pharmaceutical*		10,900		773
Universal American		6,000		46
US Physical Therapy		1,200		75
Utah Medical Products		300		18
Vanda Pharmaceuticals*		67,100		1,117
Vascular Solutions*		14,380		694
VCA*		15,620		1,093
Veracyte*		1,300		10
Versartis*		2,900		36
Vitae Pharmaceuticals*		2,700		56
Vital Therapies*		2,700		17
Vocera Communications*		46,699		789
Voyager Therapeutics*		1,200		14
VWR*		99,330		2,817
WaVe Life Sciences*		800		26
WellCare Health Plans*		20,700		2,424
West Pharmaceutical Services		13,580		1,012
Wright Medical Group*		47,613		1,168
XBiotech*		1,800		24
Xencor*		3,200		78
Zafgen*		2,600		9
Zeltiq Aesthetics*		26,290		1,031
ZIOPHARM Oncology*		12,110		68
Zogenix*		2,312		26
				117,814
Industrials – 17.1%
AAON		4,012		116
AAR		72,455		2,269
ABM Industries		5,547		220
Acacia Research		6,419		42
ACCO Brands*		10,600		102
Actuant, Cl A		5,981		139
Advanced Drainage Systems		3,400		82

Description	Shares		Value (000)
Advisory Board*		4,062	$	182
Aegion, Cl A*		3,600		69
AerCap Holdings*		37,516		1,444
Aerojet Rocketdyne Holdings*		5,893		104
Aerovironment*		2,000		49
Air Transport Services Group*		4,905		70
Aircastle		4,900		97
Alamo Group		900		59
Albany International, Cl A		19,457		825
Allegiant Travel, Cl A		1,328		175
Allegion		32,600		2,246
Allied Motion Technologies		600		11
Altra Industrial Motion		31,562		914
Ameresco, Cl A*		1,900		10
American Railcar Industries		1,000		41
American Superconductor*		1,200		8
American Woodmark*		1,400		113
Apogee Enterprises		2,800		125
Applied Industrial Technologies		3,594		168
Aqua Metals*		1,100		10
ARC Document Solutions*		3,500		13
ArcBest		45,254		861
Argan		1,400		83
Armstrong Flooring*		2,400		45
Astec Industries		24,009		1,437
Astronics, Cl A*		2,186		98
Atkore International Group*		7,865		147
Atlas Air Worldwide Holdings*		2,400		103
AZZ		12,958		847
Babcock & Wilcox Enterprises*		4,800		79
Barnes Group		39,699		1,610
Barrett Business Services		600		30
Beacon Roofing Supply*		32,989		1,388
Blue Bird*		1,200		18
BMC Stock Holdings*		68,580		1,216
Brady, Cl A		4,691		162
Briggs & Stratton		4,253		79
Brink’s		4,530		168
Builders FirstSource*		8,300		96
BWX Technologies, Cl W		35,040		1,344
Caesarstone*		2,274		86
CAI International*		60,498		500
Casella Waste Systems, Cl A*		79,877		823
CBIZ*		4,491		50
CEB		3,242		177
CECO Environmental		2,800		32
Celadon Group		282,030		2,465
Chart Industries*		3,179		104
CIRCOR International		1,700		101
CLARCOR		4,895		318
Cogint*		1,900		10
Columbus McKinnon		65,027		1,160
Comfort Systems USA		3,660		107
Commercial Vehicle Group*		155,265		897

40

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Continental Building Products*		3,351	$	70
Costamare		2,800		26
Covanta Holding		33,993		523
Covenant Transportation Group, Cl A*		108,209		2,092
CPI Aerostructures*		129,480		888
CRA International*		800		21
CSW Industrials*		1,500		49
Cubic		2,649		124
Curtiss-Wright		4,577		417
Deluxe		47,964		3,206
DigitalGlobe*		76,644		2,108
Douglas Dynamics		2,067		66
Ducommun*		900		21
DXP Enterprises*		1,696		48
Dycom Industries*		48,040		3,929
Dynamic Materials		1,500		16
Echo Global Logistics*		62,887		1,451
EMCOR Group		58,393		3,481
Encore Wire		1,917		70
Energous*		1,500		29
Energy Recovery*		3,600		58
EnerSys		4,319		299
Engility Holdings*		1,800		57
Ennis		2,700		45
EnPro Industries		2,100		119
ESCO Technologies		2,500		116
Essendant		3,704		76
Esterline Technologies*		2,975		226
ExOne*		700		11
Exponent		2,550		130
Federal Signal		5,996		80
Fortune Brands Home & Security		25,600		1,487
Forward Air		2,991		129
Franklin Covey*		1,026		18
Franklin Electric		26,294		1,071
FreightCar America		1,000		14
FTI Consulting*		4,128		184
FuelCell Energy*		4,550		25
G&K Services, Cl A		1,946		186
GATX		63,620		2,833
Gencor Industries*		900		11
Generac Holdings*		6,509		236
General Cable		5,042		76
Genesee & Wyoming, Cl A*		27,193		1,875
Gibraltar Industries*		3,100		115
Global Brass & Copper Holdings		2,100		61
GMS*		700		16
Gorman-Rupp		1,773		45
GP Strategies*		25,994		640
Graham		900		17
Granite Construction		85,481		4,253
Great Lakes Dredge & Dock*		5,100		18
Greenbrier		2,785		98

Description	Shares		Value (000)
Griffon		3,000	$	51
H&E Equipment Services		3,231		54
Hardinge		1,200		13
Harsco		170,202		1,690
Hawaiian Holdings*		5,200		253
HC2 Holdings*		5,200		28
HD Supply Holdings*		43,000		1,375
Healthcare Services Group		6,978		276
Heartland Express		4,584		87
Heidrick & Struggles International		2,000		37
Heritage-Crystal Clean*		1,900		25
Herman Miller		5,939		170
Hill International*		2,100		10
Hillenbrand		5,916		187
HNI		23,678		942
Hub Group, Cl A*		3,382		138
Hurco		500		14
Huron Consulting Group*		2,134		128
Hyster-Yale Materials Handling		973		59
ICF International*		1,800		80
IES Holdings*		800		14
InnerWorkings*		177,421		1,671
Insperity		1,600		116
Insteel Industries		1,775		64
Interface, Cl A		247,050		4,124
ITT		69,810		2,502
John Bean Technologies		22,652		1,598
Joy Global		9,800		272
Kadant		1,100		57
Kaman		2,645		116
Kansas City Southern		16,100		1,502
KBR		210,131		3,179
Kelly Services, Cl A		2,848		55
Kennametal		7,900		229
KEYW Holding*		3,700		41
Kforce		2,200		45
Kimball International, Cl B		3,900		50
Kirby*		50,330		3,128
KLX*		5,300		187
Knight Transportation		6,700		192
Knoll		4,909		112
Korn		5,666		119
Kratos Defense & Security Solutions*		6,000		41
Lawson Products*		600		11
Layne Christensen*		1,900		16
Lindsay		1,100		81
LSI Industries		2,500		28
Lydall*		1,605		82
Manitowoc		13,300		64
Marten Transport		116,521		2,447
Masco		60,000		2,059
Masonite International*		3,041		189
MasTec*		44,367		1,319

41

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Matson		4,265	$	170
Matthews International, Cl A		29,983		1,822
McGrath RentCorp		136,521		4,330
Mercury Systems*		87,230		2,143
Meritor*		19,649		219
Middleby*		17,300		2,139
Milacron Holdings*		1,400		22
Miller Industries		900		21
Mistras Group*		1,800		42
Mobile Mini		4,451		134
Moog, Cl A*		54,646		3,253
MRC Global*		9,100		150
MSA Safety		3,070		178
Mueller Industries		5,674		184
Mueller Water Products, Cl A		15,490		194
Multi-Color		1,400		92
MYR Group*		1,700		51
National Presto Industries		500		44
Navigant Consulting*		4,545		92
Navistar International*		5,400		124
NCI Building Systems*		2,900		42
Neff, Cl A*		700		7
NL Industries*		300		1
NN		2,400		44
NOW*		10,600		227
NV5 Global*		21,895		707
Old Dominion Freight Line*		12,370		849
Omega Flex		200		8
On Assignment*		70,020		2,540
Orbital ATK		19,377		1,477
Orion Group Holdings*		2,300		16
Oshkosh		64,094		3,590
PAM Transportation Services*		200		4
Park-Ohio Holdings		1,100		40
Patrick Industries*		1,450		90
PGT*		221,239		2,361
Pitney Bowes		132,530		2,408
Plug Power*		15,992		27
Ply Gem Holdings*		2,500		33
Powell Industries		734		29
Power Solutions International*		400		4
Preformed Line Products		100		4
Primoris Services		139,217		2,868
Proto Labs*		2,528		151
Quad		2,900		77
Quanex Building Products		3,600		62
Quanta Services*		35,235		986
Radiant Logistics*		343,643		976
Raven Industries		3,570		82
RBC Bearings*		2,260		173
Resources Connection		3,800		57
Revolution Lighting Technologies*		190,220		1,201
Rexnord*		8,205		176

Description	Shares		Value (000)
Roadrunner Transportation Systems*		4,189	$	33
RPX*		4,900		52
Rush Enterprises, Cl A*		3,473		85
Saia*		73,687		2,208
Scorpio Bulkers*		7,955		28
Simpson Manufacturing		4,085		180
SiteOne Landscape Supply*		1,200		43
SkyWest		5,000		132
Snap-on		17,440		2,651
SP Plus*		51,512		1,317
Sparton*		1,300		34
SPX*		4,300		87
SPX FLOW*		3,500		108
Standex International		1,240		115
Steelcase, Cl A		8,566		119
Sun Hydraulics		2,427		78
Sunrun*		6,600		42
Supreme Industries, Cl A		1,400		27
Swift Transportation, Cl A*		7,980		171
TASER International*		34,007		973
Team*		3,030		99
Teledyne Technologies*		3,393		366
Tennant		3,624		235
Terex		87,500		2,223
Tetra Tech		5,782		205
Textainer Group Holdings		368,560		2,761
Thermon Group Holdings*		3,300		65
Titan International		5,400		55
Titan Machinery*		24,460		254
TransUnion*		35,800		1,235
TRC*		1,600		14
Trex*		3,000		176
TriMas*		4,699		87
TriNet Group*		4,200		91
Triton International		4,747		63
Triumph Group		4,900		137
TrueBlue*		4,189		95
Tutor Perini*		3,809		82
UniFirst		1,563		206
Univar*		4,500		98
Universal Forest Products		2,123		209
Universal Logistics Holdings		800		11
US Ecology		2,200		99
USA Truck*		600		6
Vectrus*		1,100		17
Veritiv*		800		40
Viad		2,000		74
Vicor*		1,200		14
Virgin America*		1,900		102
VSE		800		27
Wabash National*		97,870		1,394
Wabtec		14,322		1,169
WageWorks*		23,645		1,440

42

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Watts Water Technologies, Cl A		2,795	$	181
Werner Enterprises		4,400		102
Wesco Aircraft Holdings*		5,506		74
West		4,133		91
Willis Lease Finance*		400		10
Woodward		5,292		331
XPO Logistics*		10,093		370
YRC Worldwide*		3,042		37
				150,480
Information Technology – 19.1%
2U*		3,600		138
3D Systems*		10,700		192
8x8*		137,642		2,124
A10 Networks*		4,600		49
Acacia Communications*		500		52
ACI Worldwide*		52,976		1,027
Actua*		3,207		42
Acxiom*		47,940		1,278
ADTRAN		109,313		2,092
Advanced Energy Industries*		34,868		1,650
Advanced Micro Devices*		75,400		521
Aerohive Networks*		2,200		13
Agilysys*		1,400		16
Alarm.com Holdings*		1,000		29
ALJ Regional Holdings*		1,900		9
Alpha & Omega Semiconductor*		1,800		39
Ambarella*		3,200		236
Amber Road*		2,100		20
American Software, Cl A		2,800		31
Amkor Technology*		10,500		102
Angie’s List*		3,761		37
Anixter International*		2,900		187
Apigee*		1,600		28
Appfolio, Cl A*		700		14
Applied Micro Circuits*		7,400		51
Applied Optoelectronics*		1,600		36
Aspen Technology*		28,615		1,339
Autobytel*		900		16
AVG Technologies*		4,400		110
Avid Technology*		4,400		35
AVX		4,900		68
Axcelis Technologies*		2,725		36
Badger Meter		2,736		92
Bankrate*		5,868		50
Barracuda Networks*		40,215		1,025
Bazaarvoice*		399,115		2,359
Bel Fuse, Cl B		900		22
Belden		43,788		3,021
Benchmark Electronics*		36,169		902
Benefitfocus*		1,300		52
Black Box		1,300		18
Blackbaud		4,729		314
Blackhawk Network Holdings, Cl A*		5,434		164
Blucora*		4,258		48

Description	Shares		Value (000)
Bottomline Technologies*		53,083	$	1,237
Box, Cl A*		5,100		80
Brightcove*		3,700		48
BroadSoft*		22,038		1,026
Brooks Automation		6,476		88
Cabot Microelectronics		29,202		1,545
CACI International, Cl A*		2,469		249
CalAmp*		65,696		916
Calix*		3,500		26
Callidus Software*		47,428		870
Carbonite*		2,400		37
Cardtronics*		4,463		199
Care.com*		2,000		20
Cass Information Systems		1,100		62
Cavium*		6,425		374
CEVA*		1,900		67
ChannelAdvisor*		2,400		31
Ciena*		13,708		299
Cimpress*		2,519		255
Cirrus Logic*		6,283		334
Clearfield*		900		17
Coherent*		11,126		1,230
Cohu		86,566		1,016
CommScope Holding*		73,100		2,201
CommVault Systems*		36,478		1,938
comScore*		4,863		149
Comtech Telecommunications		20,990		269
Control4*		2,000		25
Convergys		8,814		268
Cornerstone OnDemand*		5,002		230
CPI Card Group		1,500		9
Cray*		4,000		94
CSG Systems International		3,170		131
CTS		3,066		57
Cvent*		3,100		98
Cypress Semiconductor		196,970		2,395
CYREN*		292,662		717
Daktronics		3,200		31
Datalink*		2,900		31
DHI Group*		5,200		41
Diebold		149,590		3,709
Digi International*		2,900		33
Digimarc*		1,200		46
Diodes*		3,800		81
Dolby Laboratories, Cl A		58,559		3,179
DSP Group*		2,900		35
DST Systems		35,595		4,197
DTS		2,000		85
EarthLink Holdings		11,000		68
Eastman Kodak*		1,500		23
Ebix		2,500		142
Electro Scientific Industries*		2,900		16
Electronics For Imaging*		48,577		2,376
Ellie Mae*		3,299		347

43

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
EMCORE		2,400	$	14
Endurance International Group Holdings*		6,000		53
EnerNOC*		2,300		12
Entegris*		55,654		969
Envestnet*		4,102		150
EPAM Systems*		4,794		332
Epiq Systems		2,300		38
ePlus*		600		57
Euronet Worldwide*		51,142		4,185
EVERTEC		6,392		107
Everyday Health*		3,200		25
Exa*		1,400		22
Exar*		4,100		38
ExlService Holdings*		3,202		160
Extreme Networks*		10,800		48
Fabrinet*		23,819		1,062
Fair Isaac		12,106		1,508
FARO Technologies*		1,600		58
Finisar*		10,675		318
Five9*		138,917		2,178
Fleetmatics Group*		3,910		235
FormFactor*		6,879		75
Forrester Research		1,000		39
Gartner*		8,381		741
Gigamon*		3,200		175
GigPeak*		4,800		11
Global Sources*		1,000		8
Globant*		2,700		114
Glu Mobile*		9,800		22
Gogo*		16,633		184
GrubHub*		20,600		886
GTT Communications*		46,670		1,098
Guidance Software*		1,700		10
Hackett Group		2,000		33
Harmonic*		6,927		41
Hortonworks*		166,177		1,388
HubSpot*		2,900		167
II-VI*		5,935		144
Immersion*		2,352		19
Imperva*		2,940		158
Impinj*		600		22
inContact*		5,800		81
Infinera*		48,200		435
Infoblox*		5,555		146
Information Services Group*		3,200		13
Inphi*		33,862		1,473
Insight Enterprises*		27,311		889
Instructure*		1,400		36
Integrated Device Technology*		41,466		958
Interactive Intelligence Group*		1,906		115
InterDigital		3,500		277
Intersil, Cl A		13,366		293
InterXion Holding*		39,425		1,428

Description	Shares		Value (000)
Intralinks Holdings*		4,600	$	46
InvenSense, Cl A*		8,529		63
Itron*		57,011		3,179
Ixia*		6,064		76
IXYS		3,300		40
j2 Global		4,844		323
Jabil Circuit		155,765		3,399
Jive Software*		6,000		26
Kimball Electronics*		3,150		44
Knowles*		68,635		964
Kopin*		5,200		11
KVH Industries*		1,300		11
Lattice Semiconductor*		11,472		74
Limelight Networks*		4,500		8
Lionbridge Technologies*		5,400		27
Liquidity Services*		34,882		392
Littelfuse		2,211		285
LivePerson*		5,340		45
LogMeIn		15,961		1,443
Lumentum Holdings*		32,180		1,344
MACOM Technology Solutions Holdings*		2,400		102
ManTech International, Cl A		2,366		89
Marchex, Cl B		2,200		6
Marin Software*		361,905		912
MAXIMUS		6,660		377
MaxLinear, Cl A*		5,506		112
Maxwell Technologies*		3,300		17
MeetMe*		4,300		27
Mentor Graphics		10,615		281
Mesa Laboratories		300		34
Methode Electronics		37,715		1,319
Micron Technology*		150,400		2,674
Microsemi*		96,720		4,059
MicroStrategy, Cl A*		1,000		167
MINDBODY, Cl A*		1,500		29
Mitek Systems*		3,100		26
MKS Instruments		16,738		832
MobileIron*		3,500		10
Mobileye*		85,620		3,646
Model N*		241,896		2,687
MoneyGram International*		2,486		18
Monolithic Power Systems		21,280		1,713
Monotype Imaging Holdings		4,200		93
Monster Worldwide*		7,500		27
MTS Systems		1,895		87
Nanometrics*		2,400		54
NCI, Cl A		700		8
NCR*		24,485		788
NeoPhotonics*		3,100		51
NETGEAR*		3,369		204
Netlist*		333,000		413
NetScout Systems*		8,890		260
NeuStar, Cl A*		5,400		144

44

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
New Relic*		2,300	$	88
NIC		6,290		148
Nimble Storage*		6,600		58
Novanta*		83,648		1,451
Nuance Communications*		26,100		378
Numerex, Cl A*		1,400		11
NVE		400		24
NVIDIA		23,900		1,638
Oclaro*		146,630		1,254
OSI Systems*		1,720		112
Park City Group*		2,100		25
Park Electrochemical		1,773		31
Paycom Software*		4,400		221
Paylocity Holding*		2,100		93
PC Connection		1,200		32
PDF Solutions*		2,400		44
Pegasystems		3,639		107
Perficient*		3,346		67
PFSweb*		1,200		11
Photronics*		6,794		70
Planet Payment*		4,400		16
Plantronics		3,274		170
Plexus*		3,332		156
Power Integrations		17,958		1,132
Progress Software		4,964		135
Proofpoint*		12,942		969
PROS Holdings*		2,673		60
Pure Storage, Cl A*		7,500		102
Q2 Holdings*		2,420		69
QAD, Cl A		1,000		22
Qualys*		2,800		107
QuickLogic*		510,686		388
QuinStreet*		2,600		8
Quotient Technology*		6,200		83
Radisys*		323,465		1,729
Rambus*		10,800		135
Rapid7*		2,100		37
RealNetworks*		2,200		10
RealPage*		5,400		139
Reis		723		15
RetailMeNot*		4,700		46
Rightside Group*		1,200		11
RingCentral, Cl A*		84,500		1,999
Rofin-Sinar Technologies*		2,800		90
Rogers*		28,122		1,718
Rosetta Stone*		2,000		17
Rubicon Project*		3,900		32
Rudolph Technologies*		2,800		50
Sanmina*		7,338		209
Sapiens International		2,047		26
ScanSource*		2,547		93
Science Applications International		4,209		292
Seachange International*		210,354		629
SecureWorks, Cl A*		600		8

Description	Shares		Value (000)
Semtech*		6,408	$	178
ServiceNow*		37,035		2,931
ServiceSource International*		5,700		28
SharpSpring*		117,478		605
Shopify, Cl A*		41,155		1,766
ShoreTel*		399,774		3,199
Shutterstock*		1,903		121
Sigma Designs*		4,000		31
Silicom		600		25
Silicon Graphics International*		4,800		37
Silicon Laboratories*		4,100		241
Silver Spring Networks*		3,900		55
Sonus Networks*		4,696		37
SPS Commerce*		1,600		117
Square, Cl A*		67,875		791
Stamps.com*		22,330		2,110
Stratasys*		4,900		118
Super Micro Computer*		3,900		91
Sykes Enterprises*		3,900		110
Synaptics*		3,782		222
Synchronoss Technologies*		30,094		1,239
SYNNEX		2,894		330
Syntel*		3,200		134
Systemax		1,100		9
Take-Two Interactive Software*		26,041		1,174
Tangoe*		3,000		25
Tech Data*		3,500		296
TechTarget*		1,400		11
Telenav*		234,879		1,346
TeleTech Holdings		1,600		46
Tessera Technologies		86,033		3,307
TiVo*		42,353		825
Travelport Worldwide		11,484		173
Trimble*		61,100		1,745
TrueCar*		5,800		55
TTM Technologies*		6,833		78
TubeMogul*		2,300		22
Tyler Technologies*		6,375		1,092
Ubiquiti Networks		2,532		135
Ultra Clean Holdings*		2,500		19
Ultratech*		2,504		58
Unisys*		4,561		44
Universal Display*		28,641		1,590
USA Technologies*		3,700		21
Vantiv, Cl A*		13,200		743
Varonis Systems*		33,980		1,023
VASCO Data Security International*		3,200		56
Veeco Instruments*		124,345		2,441
VeriFone Systems*		46,211		727
Verint Systems*		6,219		234
ViaSat*		4,573		341
Viavi Solutions*		23,300		172
VirnetX Holding*		3,600		11
Virtusa*		2,799		69

45

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Vishay Intertechnology		226,230	$	3,188
Vishay Precision Group*		900		14
Web.com Group*		4,251		73
WebMD Health, Cl A*		3,690		183
Western Union		49,900		1,039
Wix.com*		24,310		1,056
Workiva, Cl A*		2,300		42
Xactly*		2,400		35
Xcerra*		5,300		32
XO Group*		2,500		48
Yelp, Cl A*		20,970		874
Zendesk*		83,710		2,571
Zix*		4,700		19
				166,988
Materials – 4.9%
A Schulman		57,352		1,670
AEP Industries		400		44
AgroFresh Solutions*		2,300		12
AK Steel Holding*		23,552		114
Alamos Gold, Cl A		60,980		500
Albemarle		10,400		889
Allegheny Technologies		10,800		195
American Vanguard		3,000		48
Ampco-Pittsburgh		900		10
AptarGroup		35,800		2,772
Avery Dennison		35,075		2,729
Balchem		3,165		245
Berry Plastics Group*		25,370		1,112
Boise Cascade*		8,144		207
Calgon Carbon		4,800		73
Carpenter Technology		4,600		190
Century Aluminum*		4,264		30
Chase		700		48
Chemours		18,200		291
Chemtura*		6,409		210
Clearwater Paper*		1,700		110
Cliffs Natural Resources*		21,900		128
Codexis*		3,500		16
Coeur Mining*		16,976		201
Commercial Metals		162,409		2,629
Compass Minerals International		41,234		3,039
Deltic Timber		1,040		70
Ferro*		8,303		115
Ferroglobe		6,800		61
Flotek Industries*		5,500		80
FutureFuel		2,300		26
GCP Applied Technologies*		104,100		2,948
Gold Resource		5,200		39
Greif, Cl A		3,100		160
Handy & Harman*		200		4
Hawkins		1,200		52
Haynes International		24,337		903
HB Fuller		4,968		231
Headwaters*		37,581		636

Description	Shares		Value (000)
Hecla Mining		37,922	$	216
Ingevity*		4,200		194
Innophos Holdings		1,887		74
Innospec		2,390		145
Kaiser Aluminum		1,808		156
KapStone Paper and Packaging		8,629		163
KMG Chemicals		1,200		34
Koppers Holdings*		2,148		69
Kraton*		63,371		2,221
Kronos Worldwide		178,921		1,483
Louisiana-Pacific*		14,355		270
LSB Industries*		2,300		20
Materion		1,953		60
Mercer International		127,977		1,085
Minerals Technologies		3,407		241
Multi Packaging Solutions International*		75,315		1,085
Myers Industries		2,098		27
Neenah Paper		1,664		131
Olin		16,429		337
Olympic Steel		1,000		22
OMNOVA Solutions*		4,000		34
PH Glatfelter		4,276		93
PolyOne		128,884		4,358
Quaker Chemical		1,334		141
Rayonier Advanced Materials		4,400		59
Real Industry*		2,900		18
Ryerson Holding*		2,100		24
Schnitzer Steel Industries, Cl A		2,758		58
Schweitzer-Mauduit International		3,044		117
Sensient Technologies		4,437		336
Silgan Holdings		46,004		2,327
Stepan		2,000		145
Stillwater Mining*		12,128		162
Summit Materials, Cl A*		7,568		140
SunCoke Energy		5,912		47
TerraVia Holdings*		6,500		18
TimkenSteel		3,900		41
Trecora Resources*		1,600		18
Tredegar		2,700		50
Trinseo		3,000		170
Tronox, Cl A		6,997		66
UFP Technologies*		700		19
United States Lime & Minerals		100		7
US Concrete*		11,701		539
Valhi		2,200		5
Westlake Chemical		56,210		3,007
Worthington Industries		4,432		213
				43,082
Real Estate – 3.8%
Acadia Realty Trust‡		7,900		286
Agree Realty‡		2,300		114
Alexander & Baldwin		4,753		183
Alexander’s‡		275		115

46

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Altisource Portfolio Solutions*		1,064	$	34
American Assets Trust‡		4,038		175
Armada Hoffler Properties‡		3,300		44
Ashford Hospitality Prime‡		2,067		29
Ashford Hospitality Trust‡		7,174		42
AV Homes*		900		15
Bluerock Residential Growth, Cl A‡		2,100		27
Brandywine Realty Trust‡		84,023		1,312
CareTrust‡		5,737		85
CatchMark Timber Trust, Cl A‡		3,700		43
CBL & Associates Properties‡		16,800		204
Cedar Realty Trust‡		8,225		59
Chatham Lodging Trust‡		3,700		71
Chesapeake Lodging Trust‡		5,879		135
City Office‡		2,000		25
Colony Starwood Homes‡		6,496		186
Community Healthcare Trust‡		1,300		28
Consolidated-Tomoka Land		600		31
CorEnergy Infrastructure Trust‡		1,140		33
CoreSite Realty‡		3,500		259
Corporate Office Properties Trust‡		73,111		2,074
Cousins Properties‡		20,678		216
CyrusOne‡		24,905		1,185
DiamondRock Hospitality‡		19,954		182
DuPont Fabros Technology‡		7,430		306
Easterly Government Properties‡		3,700		71
EastGroup Properties‡		3,293		242
Education Realty Trust‡		7,285		314
Farmland Partners‡		1,200		13
FelCor Lodging Trust‡		45,841		295
First Industrial Realty Trust‡		11,577		327
First Potomac Realty Trust‡		5,418		50
Forestar Group*		3,522		41
Four Corners Property Trust‡		6,000		128
Franklin Street Properties‡		10,151		128
FRP Holdings*		500		16
GEO Group‡		7,352		175
Getty Realty‡		2,717		65
Gladstone Commercial‡		2,400		45
Global Net Lease‡		17,000		139
Government Properties Income Trust‡		7,000		158
Gramercy Property Trust‡		42,009		405
Healthcare Realty Trust‡		11,345		386
Hersha Hospitality Trust, Cl A‡		4,300		77
HFF, Cl A		3,521		97
Hudson Pacific Properties‡		9,295		306
Independence Realty Trust‡		4,175		38
InfraREIT‡		4,200		76
Investors Real Estate Trust‡		12,206		73
iStar‡ *		7,578		81
Kennedy-Wilson Holdings		8,120		182
Kite Realty Group Trust‡		8,218		228
LaSalle Hotel Properties‡		10,693		255

Description	Shares		Value (000)
Lexington Realty Trust‡		22,824	$	235
LTC Properties‡		3,700		192
Mack-Cali Realty‡		8,864		241
Marcus & Millichap*		1,600		42
MedEquities Realty Trust‡ *		74,019		870
Medical Properties Trust‡		23,611		349
Monmouth Real Estate Investment, Cl A‡		6,260		89
Monogram Residential Trust‡		16,800		179
National Health Investors‡		3,699		290
National Storage Affiliates Trust‡		3,489		73
New Senior Investment Group‡		7,700		89
New York‡		16,400		150
NexPoint Residential Trust‡		1,800		35
NorthStar Realty Europe‡		6,200		68
One Liberty Properties‡		1,400		34
Outfront Media‡		178,421		4,221
Parkway Properties‡		102,997		1,752
Pebblebrook Hotel Trust‡		7,224		192
Pennsylvania‡		6,938		160
Physicians Realty Trust‡		13,400		289
Potlatch‡		61,314		2,386
Preferred Apartment Communities, Cl A‡		2,600		35
PS Business Parks‡		1,985		225
QTS Realty Trust, Cl A‡		45,206		2,390
RAIT Financial Trust‡		9,600		32
Ramco-Gershenson Properties Trust‡		8,030		150
RE/MAX Holdings, Cl A		1,682		74
Retail Opportunity Investments‡		10,689		235
Rexford Industrial Realty‡		6,700		153
RLJ Lodging Trust‡		12,103		255
RMR Group		666		25
Ryman Hospitality Properties‡		4,369		210
Sabra Health Care‡		6,600		166
Saul Centers‡		1,000		67
Select Income‡		6,288		169
Seritage Growth Properties‡		2,600		132
Silver Bay Realty Trust‡		3,800		67
St. Joe*		5,000		92
STAG Industrial‡		53,046		1,300
Stratus Properties*		600		15
Summit Hotel Properties‡		8,600		113
Sunstone Hotel Investors‡		21,638		277
Tanger Factory Outlet Centers‡		44,989		1,753
Tejon Ranch*		1,400		34
Terreno Realty‡		4,400		121
Tier‡		5,000		77
Trinity Place Holdings*		2,000		20
UMH Properties‡		2,500		30
Universal Health Realty Income Trust‡		1,198		75
Urban Edge Properties‡		8,900		250

47

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Urstadt Biddle Properties, Cl A‡		3,371	$	75
Washington‡		7,260		226
Washington Prime Group‡		18,500		229
Whitestone, Cl B‡		2,600		36
Xenia Hotels & Resorts‡		10,300		156
				33,109
Telecommunication Services – 0.2%
ATN International		1,092		71
Boingo Wireless*		3,100		32
Cincinnati Bell*		20,900		85
Cogent Communications Holdings		4,151		152
Consolidated Communications Holdings		4,896		124
FairPoint Communications*		2,200		33
General Communication, Cl A*		2,900		40
Globalstar*		44,182		53
Hawaiian Telcom Holdco*		600		13
IDT, Cl B		1,900		33
Inteliquent		3,200		52
Intelsat*		2,400		7
Iridium Communications*		8,248		67
Lumos Networks*		1,916		27
NII Holdings*		5,600		19
ORBCOMM*		6,400		66
pdvWireless*		1,200		27
Shenandoah Telecommunications		4,600		125
Spok Holdings		1,800		32
Straight Path Communications*		1,100		28
Vonage Holdings*		110,090		727
Windstream Holdings		10,000		101
				1,914
Utilities – 1.5%
ALLETE		33,669		2,006
American States Water		3,673		147
Artesian Resources, Cl A		700		20
Atlantic Power		12,100		30
Atlantica Yield		6,100		116
Avista		6,300		263
Black Hills		5,176		317
California Water Service Group		4,800		154
Chesapeake Utilities		1,490		91
Connecticut Water Service		1,123		56
Consolidated Water		1,400		16
Delta Natural Gas		700		17
Dynegy, Cl A*		11,637		144
El Paso Electric		3,980		186
Empire District Electric		39,041		1,333
Genie Energy, Cl B		1,200		7
Global Water Resources		1,000		8
IDACORP		5,074		397
MGE Energy		3,482		197
Middlesex Water		1,491		53
New Jersey Resources		8,516		280
Northwest Natural Gas		2,740		165

Description	Shares		Value (000)
NorthWestern		5,000	$	288
NRG Yield, Cl A		9,790		164
ONE Gas		5,200		322
Ormat Technologies		3,900		189
Otter Tail		3,774		131
Pattern Energy Group, Cl A		6,601		148
PNM Resources		7,909		259
Portland General Electric		8,900		379
SJW		1,700		74
South Jersey Industries		47,340		1,398
Southwest Gas		4,705		329
Spark Energy, Cl A		500		15
Spire		4,600		293
Suburban Propane Partners(A)		81,940		2,728
Talen Energy*		8,400		116
TerraForm Global, Cl A		9,500		39
TerraForm Power, Cl A		9,100		127
Unitil		3,490		136
Vivint Solar*		1,800		6
WGL Holdings		5,053		317
York Water		1,300		39
				13,500
Total Common Stock (Cost $790,380) (000)				833,696
Exchange Traded Funds — 0.3%
iShares Russell 2000		13,251		1,646
iShares Russell 2000 Value		13,376		1,401
Total Exchange Traded Funds (Cost $2,994) (000)				3,047
Rights — 0.0%
	Number of Rights
Chelsea Therapeutics International †*		2,000		-
Durata Therapeutics †*		900		-
Dyax, Expires 12/31/2019*		12,613		-
Leap Wireless † *		2,300		-
Total Rights (Cost $–) (000)				-
Short-Term Investment — 4.9%
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.386%, (B)		43,142,226		43,142
Total Short-Term Investment (Cost $43,142) (000)				43,142
Total Investments — 100.2% (Cost $836,516) (000) @			$	879,885

Percentages are based on Net Assets of $877,901 (000).

48

KP Small Cap Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

A list of the open futures contracts held by the Fund at September 30, 2016, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Appreciation
Russell 2000 Index E-MINI		145		Dec-2016	$	246

For the period ended September 30, 2016, 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.

† Expiration date unvavailable.

‡ Real Estate Investment Trust (REIT)

(A) Security considered Master Limited Partnership. At September 30, 2016, this security amounted to $3,152 (000) or 0.36% of Net Assets.

(B) The rate reported is the 7-day effective yield as of September 30, 2016.

Cl — Class

@ At September 30, 2016, the tax cost basis of the Fund’s investments was $836,516 (000), and the unrealized appreciation and depreciation were $100,041 (000) and $(56,672) (000), respectively.

As of September 30, 2016, all of the Fund’s investments and other financial instruments, with the exception of the rights, were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles. The rights were considered Level 2.

As of September 30, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2016, 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, 2016 (unaudited)

Description	Shares		Value (000)
Common Stock — 97.6%
Australia – 2.9%
AGL Energy		19,631	$	287
ALS		102,268		471
Alumina		729,051		824
Amcor		50,775		593
AMP		82,746		336
APA Group		30,984		203
Aristocrat Leisure		15,559		190
Asaleo Care		134,146		163
ASX		5,378		200
Aurizon Holdings		56,946		206
AusNet Services		55,243		70
Australia & New Zealand Banking Group		83,589		1,788
Bank of Queensland		10,960		96
Bendigo & Adelaide Bank		13,346		111
BHP Billiton		111,098		1,926
BlueScope Steel		159,482		956
Boral		21,201		110
Brambles		44,443		411
Caltex Australia		7,573		201
Challenger		16,280		128
CIMIC Group		2,989		66
Cleanaway Waste Management		670,532		579
Coca-Cola Amatil		136,902		1,080
Cochlear		1,677		182
Commonwealth Bank of Australia		49,104		2,751
Computershare		14,270		113
Cover-More Group		66,489		74
Crown Resorts		10,292		104
CSL		13,124		1,080
Dexus Property Group‡		27,819		195
Domino’s Pizza Enterprises		1,846		100
DUET Group		72,969		141
DuluxGroup		46,202		235
Fairfax Media		618,023		449
Flight Centre Travel Group		1,602		45
Fortescue Metals Group		43,048		165
Goodman Group‡		51,710		291
GPT Group‡		49,882		194
GUD Holdings		27,985		227
Harvey Norman Holdings		17,063		68
Healthscope		49,589		117
Iluka Resources		61,667		299
Incitec Pivot		50,632		110
Insurance Australia Group		70,855		299
Lend Lease Group		15,979		173
Macquarie Group		8,600		545
Medibank		79,322		151
Metcash		182,013		294
Mirvac Group‡		109,918		190
National Australia Bank		75,799		1,636

Description	Shares		Value (000)
Newcrest Mining		59,497	$	1,006
Oil Search		39,334		216
Orica		178,287		2,091
Origin Energy		50,195		212
Orora		36,567		89
Platinum Asset Management		5,133		20
Premier Investments		3,000		36
Qantas Airways		16,683		40
QBE Insurance Group		39,819		286
Ramsay Health Care		3,939		241
REA Group		1,468		64
Rio Tinto PLC		11,896		474
Santos		86,509		243
Scentre Group‡		149,500		541
SEEK		9,870		118
Sigma Pharmaceuticals		205,328		224
Sonic Healthcare		10,928		185
South32		108,743		201
Spotless Group Holdings		233,135		191
Stockland‡		66,602		244
Suncorp Group		36,006		336
Sydney Airport		32,109		173
Tabcorp Holdings		25,505		98
Tatts Group		44,051		124
Telstra		120,048		479
TPG Telecom		9,905		66
Transurban Group		57,124		498
Treasury Wine Estates		20,444		174
Vicinity Centres‡		93,627		228
Vocus Communications		14,058		67
Wesfarmers		32,304		1,095
Westfield‡		55,335		415
Westpac Banking		95,533		2,184
Woodside Petroleum		21,270		471
Woolworths		35,949		643
				34,996
Austria – 0.1%
ANDRITZ		6,802		371
Erste Group Bank		8,390		250
Oesterreichische Post		9,086		322
OMV		4,318		125
Raiffeisen Bank International		3,314		51
Voestalpine		3,444		119
Wienerberger		29,502		502
				1,740
Belgium – 0.8%
Ageas		5,622		206
Anheuser-Busch InBev		39,707		5,203
Colruyt		1,889		105
Groupe Bruxelles Lambert		2,241		199
KBC Group		54,188		3,167
Proximus		4,562		136
Solvay		2,064		239
Telenet Group Holding*		1,509		79
UCB		3,676		285

50

KP International Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Umicore		2,633	$	165
				9,784
Brazil – 1.8%
AES Tiete Energia		42,200		211
Ambev ADR		357,278		2,176
B2W Cia Digital*		66,168		324
Banco do Brasil		122,000		861
Banco Santander Brasil ADR		38,782		260
BM&FBovespa - Bolsa de Valores Mercadorias e Futuros		150,300		781
BTG Pactual Group		81,000		352
Cia de Saneamento Basico do Estado de Sao Paulo		115,600		1,074
Cia de Saneamento de Minas Gerais-COPASA		24,800		249
Cia Energetica de Minas Gerais ADR		278,359		721
Cosan Industria e Comercio		34,200		396
Direcional Engenharia		25,600		46
EDP - Energias do Brasil		273,341		1,207
Equatorial Energia		60,500		948
Fibria Celulose		34,000		241
FII BTG Pactual Corporate Office Fund, Cl Institutional‡		2,117		64
Fleury		10,100		121
Grendene		139,500		767
JBS		600,500		2,183
LPS Brasil Consultoria de Imoveis*		132,300		163
MRV Engenharia e Participacoes		469,000		1,721
Multiplus		18,200		248
Natura Cosmeticos		119,227		1,153
Porto Seguro		90,481		834
Raia Drogasil		113,000		2,322
Tim Participacoes		154,503		378
TOTVS		71,600		680
Ultrapar Participacoes		35,900		794
				21,275
Canada – 2.0%
Brookfield Asset Management, Cl A		55,241		1,942
Canadian National Railway		90,131		5,895
Canadian Natural Resources		81,547		2,607
Element Financial		158,904		1,989
Fairfax Financial Holdings		3,560		2,086
Loblaw		60,594		3,118
PrairieSky Royalty		32,934		672
Ritchie Bros Auctioneers		17,614		617
Rogers Communications, Cl B		44,478		1,887
Suncor Energy		124,845		3,465
				24,278
Chile – 0.2%
CAP		11,219		61
Cia Cervecerias Unidas		76,162		770
Cia Sud Americana de Vapores*		5,047,221		83

Description	Shares		Value (000)
Enaex		2,463	$	25
Enersis Americas		1,650,868		663
Enersis Chile ADR		1,650,868		380
Inversiones La Construccion		4,669		54
Quinenco		386,664		858
Sociedad Quimica y Minera de Chile ADR		2,413		65
				2,959
China – 3.0%
Agricultural Bank of China, Cl H		453,000		195
Ajisen China Holdings		765,000		352
Alibaba Group Holding ADR*		26,907		2,846
Baidu ADR*		6,168		1,123
Bank of China, Cl H		10,987,000		5,064
Bank of Communications, Cl H		732,000		564
BYD Electronic International		1,381,500		1,161
CECEP COSTIN New Materials Group		1,134,000		88
Changyou.com ADR*		2,671		73
China Construction Bank, Cl H		10,115,000		7,567
China Petroleum & Chemical, Cl H		2,004,000		1,485
China Telecom, Cl H		5,234,000		2,666
ChinaCache International Holdings ADR*		4,755		18
Chongqing Rural Commercial Bank, Cl H		391,000		243
Goodbaby International Holdings		361,000		187
Harbin Electric, Cl H		444,000		215
Leju Holdings ADR*		9,889		53
Li Ning*		1,248,291		859
NetEase ADR		18,731		4,510
New Oriental Education & Technology Group ADR*		33,591		1,557
PetroChina, Cl H		2,200,000		1,470
Powerlong Real Estate Holdings		306,000		103
ReneSola ADR*		35,493		36
Shenzhou International Group Holdings		34,579		242
Sinotruk Hong Kong		632,500		338
TravelSky Technology, Cl H		154,000		368
Tsingtao Brewery, Cl H		114,000		449
Want Want China Holdings		1,278,996		799
Weibo ADR*		26,808		1,344
Xingda International Holdings		139,000		57
Yangzijiang Shipbuilding Holdings		47,000		26
Yirendai ADR*		2,983		71
				36,129
Colombia – 0.1%
Almacenes Exito		66,298		338
Bancolombia ADR		19,995		781
				1,119
Cyprus – 0.0%
Global Ports Investments GDR*		137,334		396

51

KP International Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Czech Republic – 0.0%
Komercni Banka		6,477	$	225
Denmark – 1.6%
AP Moeller - Maersk, Cl B		289		420
Carlsberg, Cl B		32,982		3,166
Chr Hansen Holding		2,739		164
Coloplast, Cl B		32,764		2,553
Danske Bank		26,011		762
DSV		5,301		265
Genmab*		1,650		284
GN Store Nord		53,216		1,152
ISS		11,095		463
Novo Nordisk, Cl B		91,582		3,841
Novozymes, Cl B		6,442		285
Pandora		3,116		380
TDC		23,000		136
Topdanmark*		8,331		235
Tryg		3,665		74
Vestas Wind Systems		47,739		3,965
William Demant Holding*		57,946		1,183
				19,328
Finland – 0.8%
Amer Sports		11,601		355
Elisa		4,124		152
Fortum		12,330		199
Kone, Cl B		9,461		481
Metso		13,609		397
Neste		3,742		160
Nokia		128,745		747
Nokian Renkaat		17,851		651
Orion, Cl B		2,888		114
Sampo, Cl A		70,077		3,123
Stora Enso, Cl R		15,183		135
Tikkurila		112,020		2,410
UPM-Kymmene		15,507		328
Wartsila, Cl B		12,535		565
				9,817
France – 7.3%
Accor		4,739		188
Aeroports de Paris		913		91
Air France-KLM*		65,671		353
Air Liquide		67,243		7,215
Alstom		4,508		119
Arkema		1,939		180
Atos		2,458		265
AXA		88,448		1,882
BNP Paribas		53,847		2,772
Bollore		24,743		86
Bouygues		6,064		201
Bureau Veritas		83,665		1,795
Capital Gemini		4,589		450
Carrefour		15,521		403
Casino Guichard Perrachon		1,610		78
Christian Dior		1,586		285
Cie de Saint-Gobain		13,912		601

Description	Shares		Value (000)
Cie Generale des Etablissements Michelin		5,114	$	567
CNP Assurances		4,932		83
Credit Agricole		29,488		291
Danone		120,156		8,921
Dassault Systemes		30,598		2,656
Edenred		31,604		739
Eiffage		1,725		134
Electricite de France		7,104		87
Elis		6,309		104
Engie		273,682		4,245
Essilor International		5,907		762
Eurazeo		1,259		73
Eurofins Scientific		2,452		1,115
Eutelsat Communications		5,156		107
Fonciere Des Regions‡		973		91
Gecina‡		1,140		179
Groupe Eurotunnel		75,805		820
Hermes International		2,121		863
ICADE‡		1,092		85
Iliad		731		154
Imerys		2,763		200
Ingenico Group		1,570		137
JCDecaux		10,645		344
Kering		2,125		429
Klepierre‡		6,398		293
LafargeHolcim		4,252		229
Lagardere		3,357		86
Legrand		66,337		3,914
L’Oreal		23,417		4,418
LVMH Moet Hennessy Louis Vuitton		37,347		6,373
Natixis		28,469		133
Neopost		11,279		305
Nokia		38,724		224
Numericable-SFR		3,372		99
Orange		57,033		892
Pernod Ricard		69,324		8,207
Peugeot*		13,488		206
Publicis Groupe		5,313		402
Remy Cointreau		703		60
Renault		5,392		444
Rexel		8,909		137
Safran		8,795		633
Sanofi		38,099		2,900
Schneider Electric		114,144		7,971
SCOR		4,628		144
Societe BIC		850		126
Societe Generale		22,041		766
Sodexo		2,739		326
Suez		9,222		152
Technip		5,842		359
Thales		8,982		828
TOTAL		71,529		3,390
Unibail-Rodamco‡		2,846		769
Valeo		6,677		390

52

KP International Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Vallourec		23,983	$	108
Veolia Environnement		13,112		302
Vicat		3,515		227
Vinci		14,489		1,109
Virbac		335		56
Vivendi		32,713		662
Wendel		854		100
Zodiac Aerospace		41,628		1,014
				88,904
Germany – 6.4%
adidas		11,576		2,011
Allianz		13,091		1,948
Axel Springer		14,177		726
BASF		45,462		3,890
Bayer		115,589		11,646
Bayerische Motoren Werke		22,946		1,935
Beiersdorf		66,782		6,307
Brenntag		19,978		1,093
Commerzbank		30,654		198
Continental		3,094		652
Covestro (A)		2,130		126
CTS Eventim & KGaA		14,485		516
Daimler		27,582		1,946
Deutsche Bank		38,761		510
Deutsche Boerse*		5,415		423
Deutsche Lufthansa		7,203		80
Deutsche Post		27,855		873
Deutsche Telekom		172,632		2,899
Deutsche Wohnen		9,445		344
E.ON		56,120		399
Evonik Industries		4,507		153
Fielmann		3,672		300
Fraport Frankfurt Airport Services Worldwide		1,196		65
Fresenius & KGaA		11,752		942
Fresenius Medical Care & KGaA		33,966		2,972
GEA Group		9,601		534
Gerresheimer		2,237		190
Hannover Rueck		3,397		364
HeidelbergCement		3,946		374
Henkel & KGaA		2,907		339
Hochtief		642		91
HUGO BOSS		1,864		103
Infineon Technologies		31,782		568
K+S		5,595		106
LANXESS		2,671		166
Linde		28,741		4,889
MAN		1,078		114
Merck KGaA		39,232		4,243
METRO		5,155		154
MTU Aero Engines		14,135		1,431
Muenchener Rueckversicherungs- Gesellschaft in Muenchen		4,624		864
OSRAM Licht		2,584		152

Description	Shares		Value (000)
ProSiebenSat.1 Media		56,555	$	2,426
RWE		13,625		235
SAP		108,708		9,939
Siemens		21,904		2,569
Stabilus*		10,714		603
Symrise		11,145		818
Telefonica Deutschland Holding		21,807		88
ThyssenKrupp		10,250		245
TUI		106,586		1,516
Uniper*		5,857		72
United Internet		3,564		158
Volkswagen		944		137
Vonovia		13,083		496
Zalando*(A)		2,652		111
				77,049
Greece – 0.2%
Aegean Airlines		27,543		187
Alpha Bank AE*		52,119		88
Athens Water Supply & Sewage		11,513		70
Fourlis Holdings*		23,951		103
Grivalia Properties REIC AE‡		66,079		498
Hellenic Telecommunications Organization		34,263		301
Intracom Holdings*		1,037		—
JUMBO		24,932		311
Motor Oil Hellas Corinth Refineries		68,639		770
OPAP		19,401		164
Public Power		54,106		162
				2,654
Hong Kong – 5.1%
AIA Group		1,515,200		10,201
ASM Pacific Technology		7,700		64
Bank of East Asia		35,474		145
BOC Hong Kong Holdings		103,500		352
C C Land Holdings		123,000		32
Cathay Pacific Airways		38,000		53
Cheung Kong Infrastructure Holdings		19,000		164
Cheung Kong Property Holdings		86,222		629
China High Speed Transmission Equipment Group		97,000		99
China Lesso Group Holdings		80,000		55
China Mengniu Dairy		488,000		914
China Merchants Holdings International		45,543		122
China Mobile		650,000		7,949
China National Materials		221,000		52
China Overseas Grand Oceans Group		273,000		89
China Resources Beer Holdings		377,073		805
China Resources Land		558,000		1,576
China Unicom Hong Kong		1,274,000		1,539
CIFI Holdings Group		368,000		116

53

KP International Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
CK Hutchison Holdings		211,384	$	2,702
CLP Holdings		46,000		477
CNOOC		488,780		617
Dah Chong Hong Holdings		187,000		76
Daphne International Holdings		432,000		58
Esprit Holdings		1,429,377		1,165
First Pacific		740,000		530
Future Land Development Holdings		444,000		87
Galaxy Entertainment Group		68,000		259
Geely Automobile Holdings		1,470,000		1,325
Genting Singapore		185,000		102
Global Brands Group Holding*		7,738,000		788
Guangdong Yueyun Transportation Company, Cl H		214,500		133
Guangnan Holdings		210,000		25
Hang Lung Properties		62,000		141
Hang Seng Bank		21,400		385
Henderson Land Development		31,075		186
HK Electric Investments & HK Electric Investments (A)		73,703		72
HKT Trust		77,740		110
Hong Kong & China Gas		213,652		406
Hong Kong Exchanges and Clearing		33,186		879
Hongkong & Shanghai Hotels		269,472		269
Hysan Development		18,000		85
Industrial & Commercial Bank of China, Cl H		10,130,000		6,380
Jardine Matheson Holdings		31,700		1,923
Kerry Properties		20,000		66
Kingboard Chemical Holdings		1,033,000		3,148
Kingboard Laminates Holdings		718,000		660
Li & Fung		2,854,000		1,473
Link‡		63,000		465
Longfor Properties		133,000		206
Melco Crown Entertainment ADR		5,891		95
MGM China Holdings		23,600		41
MTR		40,680		225
New World Development		189,863		249
Noble Group		283,000		32
NWS Holdings		47,720		80
PCCW		120,136		74
Power Assets Holdings		39,000		382
Scud Group* (B)		252,000		-
Shangri-La Asia		40,000		44
Sino Land		85,046		152
Sinopec Shanghai Petrochemical, Cl H		3,076,000		1,567
SJM Holdings		48,000		36
Skyworth Digital Holdings		1,148,000		829
SmarTone Telecommunications Holdings		83,447		138
Stella International Holdings		102,448		175
Sun Hung Kai Properties		40,893		623
Swire Pacific, Cl A		16,000		174

Description	Shares		Value (000)
Swire Properties		35,800	$	105
Techtronic Industries		38,000		150
Television Broadcasts		92,200		354
Tencent Holdings		127,100		3,520
Tianneng Power International		410,000		353
Tingyi Cayman Islands Holding		503,014		587
Top Spring International Holdings		55,000		17
Weiqiao Textile, Cl H		196,500		140
Welling Holding		244,000		52
WH Group (A)		174,849		142
Wharf Holdings		38,000		279
Wheelock		24,000		143
Wynn Macau		46,800		78
Yue Yuen Industrial Holdings		21,500		89
Zhongsheng Group Holdings		131,500		126
				61,205
India – 1.6%
Axis Bank		46,089		377
Bank of Baroda*		87,731		222
Bharat Petroleum		37,323		345
Bharti Airtel		81,099		384
CESC		91,260		840
Gujarat Alkalies & Chemicals		29,821		136
Gujarat Narmada Valley Fertilizers & Chemicals		55,910		150
Hindalco Industries		671,594		1,551
Housing Development Finance		173,196		3,637
Indian Bank		18,056		58
Indian Oil		206,132		1,810
Jindal Stainless Hisar*		44,257		50
Kalyani Steels*		19,852		93
Mangalore Refinery & Petrochemicals*		53,080		69
National Aluminium		89,269		62
Sundram Fasteners		17,639		78
Tata Consultancy Services		112,738		4,124
Tata Motors ADR		86,922		3,475
Tinplate of India		69,685		85
V-Guard Industries		32,810		91
WNS Holdings ADR*		59,150		1,772
				19,409
Indonesia – 0.7%
Ace Hardware Indonesia		732,100		50
Adaro Energy		1,540,100		143
Bank Negara Indonesia Persero		3,771,200		1,607
Bank Pembangunan Daerah Jawa Barat Dan Banten		3,081,400		382
Bank Pembangunan Daerah Jawa Timur		467,000		20
Bank Tabungan Negara Persero		8,193,200		1,208
Delta Dunia Makmur*		5,031,800		88
Japfa Comfeed Indonesia		739,500		99
Matahari Department Store		144,600		205
PT Energi Mega Persada*		13,967,200		54

54

KP International Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Telekomunikasi Indonesia Persero		12,669,200	$	4,204
Timah Persero		145,700		9
Unilever Indonesia		44,500		152
United Tractors		152,900		208
XL Axiata*		750,575		155
				8,584
Ireland – 0.7%
Bank of Ireland*		5,018,204		1,049
CRH		28,733		960
DCC		15,487		1,410
Experian		138,439		2,776
Irish Continental Group		71,602		351
Kerry Group, Cl A		4,436		370
Paddy Power Betfair		10,371		1,173
Ryanair Holdings ADR		845		63
				8,152
Israel – 0.4%
Azrieli Group		1,299		57
Bank Hapoalim		30,817		175
Bank Leumi Le-Israel*		41,836		160
Bezeq The Israeli Telecommunication		59,320		112
Check Point Software Technologies*		39,854		3,094
Israel Chemicals		15,975		62
Mizrahi Tefahot Bank		4,336		55
Mobileye*		4,881		208
NICE-Systems		1,744		117
Taro Pharmaceutical Industries*		445		49
Teva Pharmaceutical Industries		26,173		1,203
				5,292
Italy – 1.3%
Assicurazioni Generali		32,806		401
Atlantia		12,004		305
CNH Industrial		201,316		1,441
Davide Campari-Milano		19,762		223
Enel		218,823		976
Eni		199,367		2,878
EXOR		3,240		131
Ferrari		3,536		184
Fiat Chrysler Automobiles		27,247		173
Intesa Sanpaolo		471,752		1,044
Leonardo-Finmeccanica*		11,801		134
Luxottica Group		74,004		3,534
Mediobanca		16,505		107
Piaggio & C		485,339		910
Poste Italiane (A)		15,695		108
Prysmian		5,753		151
Saipem		2,277,666		965
Snam		68,652		381
Technogym* (A)		8,655		42
Telecom Italia		459,237		355
Terna Rete Elettrica Nazionale		43,990		227
UniCredit		395,946		923
Unione di Banche Italiane		25,195		58

Description	Shares		Value (000)
UnipolSai		29,438	$	48
				15,699
Japan – 16.2%
ABC-Mart		1,000		68
Acom*		12,600		59
Aeon		19,000		281
Aeon Delight		1,500		46
AEON Financial Service		6,300		111
Aeon Mall		3,200		51
Air Water		4,000		75
Aisin Seiki		5,300		242
Ajinomoto		15,500		346
Alfresa Holdings		81,300		1,722
Alps Electric		5,400		130
Amada Holdings		10,000		104
ANA Holdings		34,000		92
Aozora Bank		32,000		110
Asahi Glass		28,000		181
Asahi Group Holdings		10,800		393
Asahi Kasei		35,000		279
Asics		4,800		97
Astellas Pharma		60,600		947
Azbil		15,100		456
Bank of Kyoto		8,000		59
Benesse Holdings		1,700		43
Bridgestone		25,100		925
Brother Industries		7,100		125
Calbee		2,200		83
Canon		30,600		887
Casio Computer		12,600		176
Central Japan Railway		4,140		709
Chiba Bank		22,000		125
Chubu Electric Power		18,000		263
Chugai Pharmaceutical		6,200		224
Chugoku Bank		5,300		65
Chugoku Electric Power		7,900		99
Concordia Financial Group		64,600		279
Credit Saison		4,300		71
CYBERDYNE*		3,000		47
Dai Nippon Printing		15,000		147
Daicel		8,600		109
Daifuku		1,800		33
Dai-ichi Life Holdings		183,700		2,512
Daiichi Sankyo		16,900		406
Daikin Industries		36,300		3,398
Daito Trust Construction		2,000		321
Daiwa House Industry		20,300		558
Daiwa House Investment‡		41		120
Daiwa Securities Group		46,000		259
Denso		135,100		5,389
Dentsu		6,100		310
Don Quijote Holdings		3,500		128
East Japan Railway		33,100		2,995
Eisai		7,120		444
Electric Power Development		4,300		103

55

KP International Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
FamilyMart		2,300	$	153
FANUC		25,580		4,336
Fast Retailing		1,500		484
Fuji Electric		17,000		78
Fuji Heavy Industries		25,000		937
Fuji Media Holdings		75,100		1,018
FUJIFILM Holdings		91,100		3,374
Fujitsu		89,000		479
Fukuoka Financial Group		35,000		146
GungHo Online Entertainment		13,500		33
Hachijuni Bank		12,000		63
Hakuhodo DY Holdings		5,800		68
Hamamatsu Photonics		4,300		132
Hankyu Hanshin Holdings		6,700		231
Hikari Tsushin		600		56
Hino Motors		7,000		75
Hirose Electric		900		118
Hiroshima Bank		15,000		62
Hisamitsu Pharmaceutical		1,800		97
Hitachi		552,000		2,580
Hitachi Capital		2,300		49
Hitachi Chemical		3,300		76
Hitachi Construction Machinery		3,100		62
Hitachi High-Technologies		2,000		80
Hitachi Metals		6,300		77
Hokuriku Electric Power		5,000		61
Honda Motor		46,700		1,343
Hoshizaki Electric		1,500		137
Hoya		208,100		8,372
Hulic		8,800		90
Idemitsu Kosan		2,800		58
IHI		40,000		116
Iida Group Holdings		4,000		80
Inpex		157,400		1,439
Isetan Mitsukoshi Holdings		81,600		801
Isuzu Motors		16,500		194
ITOCHU		58,500		736
Iyo Bank		7,700		47
J Front Retailing		7,400		97
Japan Airlines		8,900		262
Japan Airport Terminal		1,400		53
Japan Exchange Group		15,000		235
Japan Post Bank		11,200		132
Japan Post Holdings		112,800		1,405
Japan Prime Realty Investment‡		23		104
Japan Real Estate Investment‡		38		227
Japan Retail Fund Investment‡		71		175
Japan Tobacco		155,100		6,351
JFE Holdings		72,700		1,061
JGC		6,000		104
JSR		5,800		91
JTEKT		6,700		101
JX Holdings		59,100		240
Kajima		25,000		175
Kakaku.com		4,400		80

Description	Shares		Value (000)
Kamigumi		7,000	$	61
Kaneka		7,000		55
Kansai Electric Power*		19,500		177
Kansai Paint		6,500		143
Kao		45,900		2,595
Kawasaki Heavy Industries		42,000		130
KDDI		57,100		1,761
Keihan Holdings		15,000		105
Keikyu		14,000		146
Keio		17,000		148
Keisei Electric Railway		4,000		100
Keyence		1,300		953
Kikkoman		4,000		128
Kintetsu Group Holdings		50,000		210
Kirin Holdings		181,300		3,015
Kobe Steel		9,600		87
Koito Manufacturing		3,200		155
Komatsu		25,900		592
Konami Holdings		2,800		108
Konica Minolta		12,600		106
Kose		900		92
Kubota		209,000		3,156
Kuraray		10,400		154
Kurita Water Industries		3,100		74
Kyocera		89,000		4,277
Kyowa Hakko Kirin		7,400		117
Kyushu Electric Power		12,500		117
Kyushu Financial Group		10,000		67
Lawson		1,800		142
LIXIL Group		64,700		1,384
M3		5,400		185
Mabuchi Motor		1,300		72
Maeda		2,000		17
Makita		3,100		221
Marubeni		46,000		236
Marui Group		20,400		270
Maruichi Steel Tube		1,700		59
Matsumotokiyoshi Holdings		1,200		62
Mazda Motor		15,900		244
McDonald’s Holdings Japan		2,100		62
Mebuki Financial Group		22,230		79
Medipal Holdings		5,000		86
MEIJI Holdings		3,200		318
Minebea		10,200		96
Miraca Holdings		1,700		85
Mitsubishi		75,260		1,716
Mitsubishi Chemical Holdings		39,000		244
Mitsubishi Electric		56,000		717
Mitsubishi Estate		88,000		1,650
Mitsubishi Gas Chemical		5,500		79
Mitsubishi Heavy Industries		343,000		1,428
Mitsubishi Logistics		48,000		695
Mitsubishi Materials		3,400		93
Mitsubishi Motors		20,400		95
Mitsubishi Tanabe Pharma		6,700		144

56

KP International Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Mitsubishi UFJ Financial Group		426,000	$	2,153
Mitsubishi UFJ Lease & Finance		12,400		57
Mitsui		48,000		665
Mitsui Chemicals		27,000		128
Mitsui Fudosan		25,000		532
Mitsui OSK Lines		33,000		76
Mixi		1,200		43
Mizuho Financial Group		1,521,800		2,557
MS&AD Insurance Group Holdings		85,300		2,375
Murata Manufacturing		5,400		704
Nabtesco		3,500		99
Nagoya Railroad		27,000		147
Namco Bandai Holdings		68,700		2,098
NEC		495,000		1,275
Nexon		5,100		80
NGK Insulators		7,800		162
NGK Spark Plug		5,400		95
NH Foods		18,000		434
NHK Spring		6,400		62
Nidec		6,700		617
Nikon		9,900		148
Nintendo		4,700		1,245
Nippon Building Fund‡		41		260
Nippon Electric Glass		13,000		67
Nippon Express		25,000		117
Nippon Paint Holdings		4,800		160
Nippon Prologis‡		46		116
Nippon Steel & Sumitomo Metal		22,700		465
Nippon Suisan Kaisha		79,800		343
Nippon Telegraph & Telephone		107,100		4,891
Nippon Television Holdings		50,920		864
Nippon Yusen		49,000		92
Nissan Chemical Industries		1,800		55
Nissan Motor		97,600		955
Nisshin Seifun Group		6,100		93
Nissin Foods Holdings		1,700		103
Nitori Holdings		2,200		264
Nitto Denko		4,800		310
NOK		2,500		55
Nomura Holdings		289,100		1,288
Nomura Real Estate Holdings		3,600		61
Nomura Real Estate Master Fund‡		110		183
Nomura Research Institute		3,700		127
NSK		12,100		124
NTT Data		44,400		2,213
NTT DOCOMO		39,800		1,012
NTT Urban Development		74,600		721
Obayashi		211,900		2,103
Obic		2,160		115
Odakyu Electric Railway		8,500		189
Oji Holdings		25,000		99
Olympus		8,100		283
Omron		8,300		299

Description	Shares		Value (000)
Ono Pharmaceutical		12,000	$	334
Onward Holdings		61,000		439
Oracle Japan		1,200		68
Oriental Land		6,100		371
ORIX		37,200		547
Osaka Gas		54,000		226
OSG		2,700		54
Otsuka		1,500		71
Otsuka Holdings		31,200		1,422
Panasonic		62,100		621
Park24		3,100		101
Pola Orbis Holdings		600		54
Rakuten		26,000		338
Recruit Holdings		10,600		430
Resona Holdings		341,740		1,438
Ricoh		19,300		174
Rinnai		1,000		93
Rohm		2,400		127
Ryohin Keikaku		1,300		263
Sankyo		1,500		51
Santen Pharmaceutical		10,700		158
Sawai Pharmaceutical		800		57
SBI Holdings		6,700		80
SCSK		1,400		57
Secom		23,100		1,723
Sega Sammy Holdings		5,000		71
Seibu Holdings		5,000		82
Seiko Epson		7,700		148
Sekisui Chemical		16,000		230
Sekisui House		16,900		288
Senko		5,500		38
Seven & i Holdings		77,500		3,658
Seven Bank		16,300		52
Sharp*		46,000		62
Shikoku Electric Power		5,300		52
Shimadzu		7,000		107
Shimamura		600		73
Shimano		2,100		311
Shimizu		88,000		787
Shin-Etsu Chemical		38,300		2,673
Shinsei Bank		52,000		79
Shionogi		8,360		429
Shiseido		36,600		971
Shizuoka Bank		15,000		120
SHO-BOND Holdings		900		42
Showa Shell Sekiyu		6,000		56
SMC		1,600		462
SoftBank Group		44,100		2,864
Sohgo Security Services		2,100		112
Sompo Holdings		33,500		989
Sony		36,200		1,192
Sony Financial Holdings		4,700		65
Stanley Electric		4,500		121
Start Today		4,800		83
Sumitomo		33,300		372

57

KP International Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Sumitomo Chemical		151,200	$	672
Sumitomo Dainippon Pharma		88,100		1,707
Sumitomo Electric Industries		56,500		797
Sumitomo Heavy Industries		16,000		79
Sumitomo Metal Mining		14,000		194
Sumitomo Mitsui Financial Group		94,000		3,162
Sumitomo Mitsui Trust Holdings		33,100		1,078
Sumitomo Realty & Development		10,000		258
Sumitomo Rubber Industries		5,100		77
Sundrug		1,000		84
Suntory Beverage & Food		4,900		212
Suruga Bank		4,900		117
Suzuken		2,200		73
Suzuki Motor		9,600		321
Sysmex		4,520		336
T&D Holdings		16,800		190
Taiheiyo Cement		37,000		107
Taisei		29,000		218
Taisho Pharmaceutical Holdings		1,100		113
Taiyo Nippon Sanso		4,000		42
Takashimaya		9,000		74
Takeda Pharmaceutical		20,400		976
TDK		5,900		395
Teijin		5,200		101
Temp Holdings		2,300		40
Terumo		164,400		6,316
THK		3,600		71
Tobu Railway		29,000		147
Toho		3,300		109
Toho Gas		10,000		94
Tohoku Electric Power		102,400		1,341
Tokio Marine Holdings		25,500		976
Tokyo Electric Power Holdings*		41,800		181
Tokyo Electron		14,000		1,241
Tokyo Gas		79,000		352
Tokyo Tatemono		6,300		76
Tokyu		30,000		229
Tokyu Fudosan Holdings		15,800		86
TonenGeneral Sekiyu		9,000		91
Toppan Printing		15,000		135
Toray Industries		41,000		400
Toshiba		113,000		377
TOTO		4,200		158
Toyo Seikan Group Holdings		67,400		1,188
Toyo Suisan Kaisha		21,700		921
Toyoda Gosei		1,700		39
Toyota Industries		10,700		496
Toyota Motor		118,400		6,816
Toyota Tsusho		6,300		146
Trend Micro		3,200		111
Tsuruha Holdings		1,100		127
Unicharm		11,700		303

Description	Shares		Value (000)
United Urban Investment‡		83	$	151
USS		6,400		108
West Japan Railway		46,800		2,896
Yahoo Japan		39,400		157
Yakult Honsha		2,600		117
Yamada Denki		144,300		715
Yamaguchi Financial Group		6,000		64
Yamaha		5,000		162
Yamaha Motor		8,000		161
Yamato Holdings		61,720		1,440
Yamazaki Baking		4,000		98
Yaskawa Electric		7,400		110
Yokogawa Electric		6,200		83
Yokohama Rubber		3,600		58
				195,676
Luxembourg – 0.3%
Altice, Cl B*		13,380		240
ArcelorMittal		125,340		766
Millicom International Cellular		9,969		518
O’Key Group GDR		65,518		114
RTL Group		1,188		99
SES, Cl A		10,162		250
Tenaris		13,607		193
Ternium ADR		66,433		1,304
				3,484
Macau – 0.0%
Sands China		70,400		308
Malaysia – 0.7%
7-Eleven Malaysia Holdings		118,900		52
Allianz Malaysia		9,000		22
Brem Holding		213,616		43
Carlsberg Brewery Malaysia		16,800		60
Evergreen Fibreboard		1,335,000		305
Heineken Malaysia		10,000		43
HeveaBoard		137,300		40
Hong Leong Industries		5,500		12
Hua Yang		51,600		23
Insas		330,800		57
JCY International		2,984,400		383
K&N Kenanga Holdings*		85,500		10
KSL Holdings		551,500		148
Land & General		42,966		4
Lii Hen Industries		73,300		55
Malaysian Pacific Industries		39,000		74
Muda Holdings		27,100		11
Oldtown		106,500		51
Padini Holdings		633,700		437
Petron Malaysia Refining & Marketing		156,000		151
Petronas Dagangan		122,200		693
Public Bank		175,600		842
Scientex		39,400		63
Shell Refining Federation of Malaya*		64,400		48
Sunway		249,300		187
Sunway Construction Group		500,580		197

58

KP International Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Ta Ann Holdings		54,740	$	47
Tenaga Nasional		553,600		1,916
Top Glove		835,400		1,032
Tropicana		1,047		—
Unisem		1,138,600		695
VS Industry		1,579,200		528
WTK Holdings		144,300		38
YTL Power International		224,905		87
				8,354
Mexico – 0.5%
Alpek, Cl A		671,605		1,139
America Movil, Cl L ADR		23,016		263
Axtel*		163,891		38
Cemex ADR*		62,013		492
Controladora Vuela Cia de Aviacion, Cl A*		80,585		140
Gruma, Cl B		46,229		607
Grupo Aeromexico*		276,892		504
Grupo Financiero Interacciones, Cl O		112,131		529
Grupo Mexico		231,526		566
Industrias Bachoco		62,581		273
La Comer*		28,448		26
OHL Mexico*		805,976		1,070
Prologis Property Mexico‡		210,533		345
Vitro		36,793		119
				6,111
Netherlands – 3.8%
ABN AMRO Group (A)		7,192		149
Aegon		55,637		213
AerCap Holdings*		4,904		189
Airbus Group		33,224		2,010
Akzo Nobel		102,299		6,941
ASML Holding		12,911		1,418
Boskalis Westminster		23,644		844
Coca-Cola European Partners		6,051		241
Gemalto		2,323		149
Heineken		42,284		3,722
Heineken Holding		2,807		226
ING Groep		572,948		7,073
James Hardie Industries		13,011		204
Koninklijke Ahold Delhaize		83,356		1,900
Koninklijke DSM		5,079		344
Koninklijke KPN		395,633		1,316
Koninklijke Philips		60,567		1,797
Koninklijke Vopak		2,152		113
NN Group		8,846		272
NXP Semiconductors*		8,273		844
OCI*		2,977		44
QIAGEN*		6,415		177
Randstad Holding		115,522		5,273
Relx		27,931		502
Royal Dutch Shell, Cl A		292,143		7,416
STMicroelectronics		19,131		156
Unilever		46,654		2,154

Description	Shares		Value (000)
Wolters Kluwer		8,453	$	363
				46,050
New Zealand – 0.1%
Auckland International Airport		27,258		146
Contact Energy		21,645		80
Fletcher Building		20,690		162
Mercury NZ		21,271		47
Meridian Energy		36,344		69
Ryman Healthcare		10,544		74
Spark New Zealand		259,258		682
				1,260
Norway – 0.3%
DNB		55,740		730
Gjensidige Forsikring		6,126		114
Marine Harvest		11,023		197
Norsk Hydro		38,906		168
Orkla		22,667		234
Schibsted, Cl A		28,168		790
Statoil		65,916		1,107
Telenor		21,025		361
Yara International		5,240		174
				3,875
Panama – 0.0%
Avianca Holdings ADR		3,928		25
Peru – 0.4%
Cia de Minas Buenaventura ADR*		38,827		537
Credicorp		29,788		4,535
				5,072
Philippines – 0.2%
ABS-CBN Holdings		24,930		25
Cebu Air		270,790		632
Energy Development		4,454,200		545
Lopez Holdings		1,862,000		318
Pepsi-Cola Products Philippines		352,000		23
Petron		285,800		60
San Miguel		144,580		243
Vista Land & Lifescapes		567,600		63
				1,909
Poland – 0.6%
Amica Wronki		2,919		163
AmRest Holdings*		3,010		189
Asseco Poland		16,913		247
Bank Pekao		3,214		104
CD Projekt*		75,756		790
Ciech		12,000		208
Eurocash		96,859		1,077
ING Bank Slaski		1,489		58
PGE		267,090		709
Polski Koncern Naftowy Orlen		112,309		1,909
Polskie Gornictwo Naftowe i Gazownictwo		1,337,820		1,767
Trakcja		35,010		116
				7,337

59

KP International Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Portugal – 0.0%
Banco Espirito Santo* (B)		46,916	$	-
EDP-Energias de Portugal		64,417		216
Galp Energia		12,835		176
Jeronimo Martins		7,369		128
				520
Qatar – 0.3%
Barwa Real Estate		142,526		1,324
Doha Bank QSC		7,860		80
Mannai		830		19
Ooredoo QSC		47,742		1,258
Qatar Fuel QSC		4,233		173
Qatar Islamic Bank SAQ		7,532		217
Qatar National Bank SAQ		5,474		235
Qatar Navigation QSC		7,158		177
United Development QSC		36,420		204
				3,687
Russia – 0.7%
Gazprom PAO ADR		297,488		1,256
Globaltrans Investment GDR		23,919		113
Lukoil PJSC ADR		4,853		236
Magnitogorsk Iron & Steel Works GDR		93,326		554
Sberbank of Russia PJSC ADR		332,890		3,138
Yandex, Cl A*		179,120		3,771
				9,068
Singapore – 1.1%
Ascendas‡		68,800		128
CapitaLand		74,000		175
CapitaLand Commercial Trust‡		58,000		68
CapitaLand Mall Trust‡		74,000		118
City Developments		11,000		74
ComfortDelGro		65,000		135
Dairy Farm International Holdings		24,400		174
DBS Group Holdings		489,629		5,571
GL		283,300		162
Global Logistic Properties		79,000		109
Golden Agri-Resources		209,000		55
Great Eastern Holdings		54,600		817
Haw Par		15,400		102
Hongkong Land Holdings		32,400		230
Hutchison Port Holdings Trust, Cl U		145,000		65
Jardine Cycle & Carriage		2,933		93
Keppel		40,000		159
Oversea-Chinese Banking		87,172		558
Sembcorp Industries		31,000		60
Sembcorp Marine		17,000		16
Singapore Airlines		16,000		124
Singapore Exchange		23,000		125
Singapore Press Holdings		45,000		126
Singapore Technologies Engineering		44,000		105
Singapore Telecommunications		746,800		2,189
StarHub		15,000		38

Description	Shares		Value (000)
Suntec‡		74,000	$	93
Super Group		211,800		124
United Industrial		24,483		49
United Overseas Bank		51,088		711
UOL Group		15,482		64
Wilmar International		57,000		135
				12,752
South Africa – 1.3%
African Bank Investments (B)		638,711		—
Anglo American Platinum*		13,654		386
Blue Label Telecoms		149,723		208
Cashbuild		1,633		50
Cie Financiere Richemont		66,508		405
Clicks Group		63,001		584
FirstRand		94,218		327
Gold Fields ADR		178,860		867
Grindrod		207,895		175
Harmony Gold Mining ADR		80,885		282
Investec		51,677		319
JSE		24,113		282
KAP Industrial Holdings		106,914		58
Kumba Iron Ore		10,620		97
Liberty Holdings		21,367		182
MMI Holdings		60,998		100
Mpact		33,448		81
MTN Group		52,785		453
Murray & Roberts Holdings		249,229		202
Old Mutual		183,756		485
Peregrine Holdings		228,876		477
Pick n Pay Stores		22,924		115
Randgold Resources		2,718		273
Sappi*		223,035		1,156
Sasol		101,350		2,788
Sibanye Gold		534,455		1,923
Standard Bank Group		286,093		2,943
Telkom		123,009		544
Wilson Bayly Holmes-Ovcon		12,103		136
				15,898
South Korea – 4.9%
Aekyung Petrochemical		5,130		45
BGF retail		2,842		498
CJ		4,611		782
CJ O Shopping		812		119
CKH Food & Health*		122,645		260
Dae Han Flour Mills		104		17
Daeduck		4,514		50
Daehan Steel		13,793		130
Daesung Holdings		3,710		31
DK UIL		3,201		33
Dongkuk Steel Mill		6,065		44
Dongyang E&P		10,103		128
DRB Industrial		2,883		36
GMB Korea		5,250		24
GS Home Shopping		865		129
Hana Financial Group		37,885		964
Hanil Cement		880		61

60

KP International Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Hite Jinro		13,520	$	277
Hyosung		4,014		478
Hyundai BNG Steel*		4,528		50
Hyundai Heavy Industries		1,114		141
Hyundai Motor		9,378		1,159
Jahwa Electronics		7,284		122
Kangnam Jevisco		920		31
KB Financial Group		10,922		375
Kia Motors		63,165		2,425
KISCO		1,295		49
Korea Electric Power		81,358		3,996
Korea Petrochemical Industries		6,580		1,288
KT		71,014		2,059
KT Skylife		9,103		133
Kwangju Bank		5,257		45
Kyungchang Industrial		16,273		80
LG		5,181		306
LG Chemical		1,649		365
LG Display ADR		200,035		2,831
LG Electronics		57,960		2,539
LG Innotek		9,391		670
LG Uplus		66,937		715
Lotte Chemical		7,875		2,152
Lotte Shopping		4,274		804
Mobase*		5,272		38
Moorim Paper*		35,210		94
NAVER		3,712		2,987
Poongsan		5,230		161
POSCO		2,315		478
PSK		5,764		77
RedcapTour		1,671		27
S-1, Cl 1		2,688		248
Saeron Automotive		4,310		31
Sam Young Electronics		8,260		88
Samchully		548		50
Samsung Electronics		10,209		14,880
Samsung Fire & Marine Insurance		343		87
SeAH Holdings		225		26
Sejong Industrial		3,340		35
Seoyon		3,086		33
Seoyon E-Hwa		4,880		69
Seoyon Electronics		8,015		24
Sewon Precision Industry		657		11
Shindaeyang Paper*		1,116		25
Shinhan Financial Group		45,794		1,672
SK Hynix		132,591		4,878
SK Innovation		19,502		2,886
S-Oil		30,886		2,298
Tongyang Life Insurance		12,378		128
Woori Bank		106,196		1,099
				58,871
Spain – 1.4%
Abertis Infraestructuras		18,728		292
Acerinox		51,417		681

Description	Shares		Value (000)
ACS Actividades de Construccion y Servicios		5,568	$	168
Aena (A)		1,965		290
Amadeus IT Group, Cl A		91,045		4,555
Banco Bilbao Vizcaya Argentaria		185,887		1,125
Banco de Sabadell		146,931		188
Banco Popular Espanol		97,274		120
Banco Santander		430,187		1,910
Bankia		138,441		114
Bankinter		19,874		141
CaixaBank		94,382		239
Distribuidora Internacional de Alimentacion		17,963		111
Enagas		6,296		190
Endesa		8,816		189
Ferrovial		14,091		300
Gas Natural SDG		9,734		200
Grifols		8,272		179
Iberdrola		155,556		1,058
Industria de Diseno Textil		31,285		1,161
International Consolidated Airlines Group		24,405		127
Mapfre		31,811		89
Mediaset Espana Comunicacion		39,567		469
Red Electrica		12,598		272
Repsol		31,103		423
Telefonica		128,370		1,300
Viscofan		14,688		795
Zardoya Otis		6,262		60
				16,746
Sweden – 1.7%
Alfa Laval		8,655		136
Assa Abloy, Cl B		146,713		2,982
Atlas Copco, Cl A		30,218		878
Boliden		7,570		178
Electrolux		6,928		173
Getinge, Cl B		6,038		117
Hennes & Mauritz, Cl B		158,535		4,472
Hexagon, Cl B		7,229		316
Husqvarna, Cl B		11,887		104
ICA Gruppen		2,500		83
Industrivarden, Cl C		4,708		87
Investor, Cl B		12,780		468
Kinnevik		6,796		173
Lundin Petroleum*		5,676		104
Modern Times Group, Cl B		13,555		347
Nordea Bank		133,327		1,324
Oriflame Holding*		1,600		59
Sandvik		107,388		1,181
Securitas, Cl B		9,089		152
Skandinaviska Enskilda Banken, Cl A		42,599		428
Skanska, Cl B		9,772		228
SKF, Cl B		11,487		198
Svenska Cellulosa, Cl B		17,046		507

61

KP International Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Svenska Handelsbanken, Cl A		162,544	$	2,233
Swedbank, Cl A		25,454		600
Swedish Match		15,866		583
Tele2, Cl B		9,775		84
Telefonaktiebolaget LM Ericsson, Cl B		164,509		1,188
Telia		72,676		326
Volvo, Cl B		43,290		495
				20,204
Switzerland – 6.7%
ABB		56,415		1,267
Actelion		2,884		500
Adecco Group		25,363		1,432
Aryzta		2,672		118
Baloise Holding		1,447		175
Barry Callebaut		66		88
Chocoladefabriken Lindt & Sprungli		31		367
Cie Financiere Richemont		34,316		2,088
Coca-Cola		4,956		115
Credit Suisse Group		52,319		688
DKSH Holding		2,209		163
Dufry*		1,266		159
EMS-Chemie Holding		246		132
Galenica		110		117
Geberit		6,667		2,920
Givaudan		259		527
Helvetia Holding		264		133
Julius Baer Group		6,248		255
Kuehne + Nagel International		11,677		1,696
LafargeHolcim		9,129		494
Logitech International		39,550		886
Lonza Group		1,539		294
Nestle		244,037		19,230
Novartis		162,133		12,766
Pargesa Holding		1,038		71
Partners Group Holding		484		244
Roche Holding		65,068		16,193
Schindler Holding		1,822		343
SGS		153		343
Sika		60		292
Sonova Holding		15,404		2,180
Swatch Group		2,259		322
Swiss Life Holding		936		243
Swiss Prime Site		2,007		176
Swiss Re		9,579		865
Swisscom		725		345
Syngenta*		2,666		1,167
UBS Group		607,468		8,273
Zurich Insurance Group		14,574		3,755
				81,422
Taiwan – 2.8%
AU Optronics ADR		725,037		2,647
ChipMOS TECHNOLOGIES		11,484		227
Chroma ATE		167,000		450
Chunghwa Telecom ADR		59,813		2,095

Description	Shares		Value (000)
Delta Electronics		122,516	$	657
Hon Hai Precision Industry		492,361		1,605
Ruentex Industries		215,082		348
Silicon Motion Technology ADR		16,127		835
Taiwan Semiconductor Manufacturing		1,057,383		23,172
Teco Electric and Machinery		1,004,387		870
Yungtay Engineering		539,000		805
				33,711
Thailand – 1.3%
Advanced Information
Technology		233,000		170
Amata NVDR		152,100		49
AP Thailand NVDR		1,321,800		278
Asia Aviation		779,900		161
Bangchak Petroleum NVDR		260,200		230
Bangkok Bank		220,000		1,039
Cal-Comp Electronics Thailand NVDR		1,336,719		100
Dhipaya Insurance NVDR		16,800		19
GFPT NVDR		1,194,100		508
Hana Microelectronics NVDR		615,200		565
Indorama Ventures		480,800		396
IRPC NVDR		4,200,000		593
Kasikornbank PLC		73,600		400
KCE Electronics NVDR		368,100		1,131
KGI Securities Thailand NVDR		902,000		91
Krung Thai Bank NVDR		513,200		262
MCS Steel NVDR		134,200		52
MFEC NVDR		216,800		31
MK Real Estate Development NVDR		283,600		34
Polyplex Thailand NVDR		159,000		58
Pruksa Real Estate NVDR		102,900		71
PTG Energy		196,400		147
PTT NVDR		343,100		3,397
PTT Exploration & Production NVDR		88,800		210
PTT Global Chemical NVDR		1,262,200		2,156
Regional Container Lines NVDR		116,100		17
SC Asset NVDR		371,588		36
Siam Cement NVDR		13,500		201
Siamgas & Petrochemicals NVDR		624,900		195
SNC Former NVDR		76,300		30
Sri Trang Agro-Industry NVDR		106,400		36
Star Petroleum Refining NVDR		1,491,400		465
Syntec Construction NVDR		2,491,000		256
Thai Airways International NVDR		292,100		200
Thai Oil NVDR		172,100		342
Thai Vegetable Oil NVDR		176,300		155
Thanachart Capital NVDR		118,600		139
Tipco Asphalt NVDR		1,445,500		798
Tisco Financial Group NVDR		77,900		118
TMB Bank NVDR		4,978,700		307

62

KP International Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Vanachai Group NVDR		221,100	$	86
				15,529
Turkey – 0.9%
Akcansa Cimento		14,648		62
Akfen Gayrimenkul Yatirim Ortakligi‡ *		29,811		15
Albaraka Turk Katilim Bankasi		44,267		18
Anadolu Anonim Turk Sigorta Sirketi		10,994		6
Anadolu Cam Sanayii*		327,928		229
Arcelik		29,206		206
Baticim Bati Anadolu Cimento Sanayii		23,088		48
Dogan Sirketler Grubu Holding*		372,395		100
EGE Seramik Sanayi ve Ticaret*		22,722		30
GSD Holdings		389,164		122
Haci Omer Sabanci Holding		474,835		1,471
Izmir Demir Celik Sanayi*		57,810		51
Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret		69,396		157
Kutahya Porselen Sanayi*		16,321		49
Logo Yazilim Sanayi Ve Ticaret*		3,014		55
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.		85,387		81
Torunlar Gayrimenkul Yatirim Ortakligi‡		412,027		666
Turkiye Garanti Bankasi		1,475,109		3,916
Turkiye Halk Bankasi		244,795		746
Turkiye Is Bankasi, Cl C		919,209		1,458
Turkiye Sise ve Cam Fabrikalari		137,460		146
Turkiye Vakiflar Bankasi TAO, Cl D		674,952		1,036
Vestel Beyaz Esya Sanayi ve Ticaret		112,100		467
				11,135
United Arab Emirates – 0.2%
Aldar Properties PJSC		2,491,013		1,811
National Central Cooling PJSC		265,588		128
Union National Bank PJSC		43,378		47
				1,986
United Kingdom – 13.7%
3i Group		169,125		1,428
Aberdeen Asset Management		25,907		109
Admiral Group		43,618		1,161
Aggreko		7,617		94
Amec Foster Wheeler		41,536		308
Anglo American		83,475		1,047
Anglo American PLC		39,312		493
Antofagasta		36,245		246
Ashtead Group		14,014		231
Associated British Foods		9,977		337
AstraZeneca		36,211		2,347
Auto Trader Group (A)		64,137		337
Aviva		114,127		652
Babcock International Group		7,596		102
BAE Systems		259,743		1,766
Barclays PLC		1,881,182		4,099

Description	Shares		Value (000)
Barratt Developments		59,052	$	380
Berendsen		26,498		428
Berkeley Group Holdings		3,614		121
BGEO Group		13,272		501
BHP Billiton		99,624		1,506
BP		889,431		5,195
British American Tobacco		55,471		3,549
British Land‡		27,231		223
BT Group, Cl A		241,975		1,221
Bunzl		81,036		2,396
Burberry Group		12,377		222
Capita		137,764		1,196
Carnival		24,322		1,188
Centrica		176,445		523
Close Brothers Group		9,102		162
Cobham		52,058		113
Compass Group PLC		669,022		12,989
Croda International		3,795		171
Daily Mail & General Trust, Cl A		76,423		737
Delphi Automotive PLC		20,811		1,484
Devro		85,007		263
Diageo PLC		320,040		9,182
Direct Line Insurance Group		38,156		181
Dixons Carphone		28,571		137
easyJet		23,766		311
Fresnillo		6,491		153
G4S		399,309		1,181
GKN		47,627		198
GlaxoSmithKline		139,455		2,972
Glencore		615,602		1,695
GVC Holdings*		54,210		522
Hammerson‡		22,676		172
Hargreaves Lansdown		7,180		119
Hays PLC		483,212		813
Hikma Pharmaceuticals		4,246		111
HomeServe		130,113		972
HSBC Holdings PLC		709,190		5,321
ICAP		137,961		834
IG Group Holdings		64,615		731
IMI		15,288		213
Imperial Brands		27,480		1,417
Inchcape		20,533		176
Informa PLC		66,768		617
Inmarsat		13,097		120
InterContinental Hotels Group		5,496		227
International Personal Finance		125,872		424
Intertek Group		55,699		2,518
Intu Properties‡		27,934		107
Investec		17,755		109
ITV		691,865		1,683
J Sainsbury		49,104		157
Johnson Matthey		5,389		231
Jupiter Fund Management		65,892		364
Just Eat*		65,809		457
Kingfisher		63,540		310

63

KP International Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Land Securities Group‡		22,974	$	316
Legal & General Group		166,938		474
Lloyds Banking Group		3,377,589		2,390
London Stock Exchange Group		9,105		330
Lukoil PJSC ADR		9,090		442
Marks & Spencer Group		46,658		200
McCarthy & Stone (A)		40,610		88
Mediclinic International		10,645		128
Meggitt		21,363		125
Merlin Entertainments (A)		244,282		1,394
Millennium & Copthorne Hotels		16,637		94
Mondi		10,217		215
Moneysupermarket.com Group		123,680		482
National Express Group		30,885		138
National Grid		147,090		2,078
Next		4,088		254
Non-Standard Finance (A)		156,295		150
Northgate		19,937		112
Old Mutual		137,979		362
Paddy Power Betfair		9,647		1,087
Pagegroup		30,587		134
Pearson		23,919		233
Persimmon		8,553		201
Petrofac		16,599		192
Pets at Home Group		118,304		361
Provident Financial		41,720		1,641
Prudential PLC		171,107		3,031
Reckitt Benckiser Group PLC		123,003		11,598
RELX		114,513		2,173
Rightmove		47,334		2,593
Rio Tinto PLC		131,291		4,379
Rolls-Royce Holdings PLC		360,232		3,358
Rotork		40,304		110
Royal Bank of Scotland Group*		102,813		238
Royal Mail		24,933		158
RSA Insurance Group		28,283		200
SABMiller		27,882		1,625
Sage Group		31,389		301
Schroders		3,883		136
Segro‡		22,595		133
Serco Group PLC		507,160		861
Severn Trent		6,546		213
Shire		25,746		1,670
Sky PLC		381,578		4,432
Smith & Nephew		37,515		605
Smiths Group PLC		119,221		2,268
South32		39,607		75
Spectris		21,675		554
SSE		28,317		577
SSP Group		205,664		853
St. James’s Place		54,873		675
Stagecoach Group		150,663		413
Standard Chartered PLC		187,209		1,524
Standard Life		55,067		246
Tate & Lyle		13,078		127

Description	Shares		Value (000)
Taylor Wimpey		90,600	$	181
Tesco		414,069		982
Thomas Cook Group*		511,399		459
Travis Perkins		7,259		145
Unilever		82,725		3,919
United Utilities Group		19,011		247
Vodafone Group PLC		925,584		2,664
Weir Group		6,020		133
WH Smith		49,869		996
Whitbread		5,099		259
William Hill		26,546		105
WM Morrison Supermarkets		64,281		182
Wolseley		7,070		399
Worldpay Group (A)		52,384		201
WPP PLC		519,989		12,242
				165,921
United States – 0.5%
Consumer Discretionary – 0.5%
Yum! Brands		59,343		5,388
Consumer Staples – 0.0%
Gruma, Cl B		27,136		358
Information Technology – 0.0%
Genpact*		7,497		180
				5,926
Total Common Stock (Cost $1,182,570) (000)				1,181,831
Preferred Stock — 0.7%
Alpargatas		398,698		1,195
Banco Bradesco, Cl Preference		32,898		303
Banco BTG Pactual*		51,005		-
Banco do Estado do Rio Grande do Sul		189,200		611
Bayerische Motoren Werke, Cl Preference		1,598		118
Centrais Eletricas Brasileiras*		105,800		781
Cia Brasileira de Distribuicao, Cl Preference		18,665		307
Cia de Gas de Sao Paulo - COMGAS, Cl A		12,355		199
Cia Energetica de Minas Gerais		267,700		706
Cia Energetica de Sao Paulo, Cl Preference		35,400		162
Cia Paranaense de Energia		62,100		646
CJ		1,220		90
Eletropaulo Metropolitana Eletricidade de Sao Paulo, Cl B		43,900		142
Embotelladora Andina		14,922		57
FUCHS PETROLUB		2,067		94
Henkel & KGaA		5,011		682
Itausa - Investimentos Itau		281,777		726
Metalurgica Gerdau, Cl Preference*		225,600		237
Porsche Automobil Holding		4,263		219
Schaeffler, Cl Preference		5,146		81

64

KP International Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Shares		Value (000)
Volkswagen		12,531	$	1,651
Total Preferred Stock (Cost $9,478) (000)				9,007
Rights — 0.0%
	Number of Rights
Air Liquide, Expires 10/3/2016*		64,048		175
Cover-More Group, Expires 10/20/2016*		12,786		2
Total Rights (Cost $–) (000)				177
Short-Term Investment(C) — 0.8%
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.386%		9,949,101		9,949
Total Short-Term Investment (Cost $9,949) (000)				9,949
Total Investments — 99.1% (Cost $1,201,997) (000) †			$	1,200,964

Percentages are based on Net Assets of $1,211,644 (000).

A list of the open futures contracts held by the Fund at September 30, 2016, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Appreciation
E-MINI MSCI EAFE Future		100		Dec-2016	$	131

For the period ended September 30, 2016, 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 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.” The total value of such securities as of September 30, 2016 was $3,210 (000) and represents 0.26% of Net Assets.

(B) 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, 2016 was $0 (000) and represented 0.00% of Net Assets.

(C) The rate reported is the 7-day effective yield as of September 30, 2016.

ADR — American Depositary Receipt

Cl — Class

EAFE — Europe, Australasia and Far East

GDR — Global Depositary Receipt

MSCI — Morgan Stanley Capital International

NVDR — Non-Voting Depositary Receipt

PLC — Public Limited Company

† At September 30, 2016, the tax cost basis of the Fund’s investments was $1,201,997 (000), and the unrealized appreciation and depreciation were $109,907 (000) and $(110,940) (000), respectively.

The following is a list of the level of inputs used as of September 30, 2016, 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	$	779	$	34,217	$	-	$	34,996
Austria		-		1,740		-		1,740
Belgium		-		9,784		-		9,784
Brazil		21,275		-		-		21,275
Canada		24,278		-		-		24,278
Chile		2,959		-		-		2,959
China		11,719		24,410		-		36,129
Colombia		1,119		-		-		1,119
Cyprus		-		396		-		396
Czech Republic		-		225		-		225
Denmark		1,183		18,145		-		19,328
Finland		-		9,817		-		9,817
France		1,046		87,858		-		88,904
Germany		2,434		74,615		-		77,049
Greece		-		2,654		-		2,654
Hong Kong		1,512		59,693		-		61,205
India		5,387		14,022		-		19,409
Indonesia		-		8,584		-		8,584
Ireland		3,803		4,349		-		8,152
Israel		3,350		1,942		-		5,292
Italy		334		15,365		-		15,699
Japan		2,621		193,055		-		195,676
Luxembourg		1,643		1,841		-		3,484
Macau		-		308		-		308
Malaysia		931		7,423		-		8,354
Mexico		6,111		-		-		6,111
Netherlands		10,667		35,383		-		46,050
New Zealand		-		1,260		-		1,260
Norway		386		3,489		-		3,875
Panama		25		-		-		25
Peru		5,072		-		-		5,072
Philippines		-		1,909		-		1,909
Poland		116		7,221		-		7,337
Portugal		-		520		-		520
Qatar		3,687		-		-		3,687
Russia		4,424		4,644		-		9,068
Singapore		-		12,752		-		12,752
South Africa		1,208		14,690		-		15,898
South Korea		4,280		54,591		-		58,871
Spain		562		16,184		-		16,746
Sweden		232		19,972		-		20,204
Switzerland		10,453		70,969		-		81,422
Taiwan		26,801		6,910		-		33,711
Thailand		664		14,865		-		15,529
Turkey		137		10,998		-		11,135
United Arab Emirates		1,858		128		-		1,986
United Kingdom		4,531		161,390		-		165,921
United States		5,926		-		-		5,926
Total Common Stock		173,513		1,008,318		-		1,181,831
Preferred Stock		6,072		2,935		-		9,007
Rights		-		177		-		177
Short-Term Investment		9,949		-		-		9,949
Total Investments in Securities	$	189,534	$	1,011,430	$	-	$	1,200,964

65

KP International Equity Fund

Schedule of Investments

September 30, 2016 (unaudited)

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts**
Unrealized Appreciation	$	131	$	-	$	-	$	131
Total Other Financial Instruments	$	131	$	-	$	-	$	131

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

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

For the period ended September 30, 2016, there were transfers between Level 1 and Level 2 assets and liabilities due to changes in the availability of observable inputs used to determine fair value. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2016, 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.

66

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
Corporate Obligations — 28.9%
Consumer Discretionary – 2.1%
21st Century Fox America
4.500%, 02/15/21	$	100	$	111
3.700%, 09/15/24		120		130
Amazon.com
1.200%, 11/29/17		200		200
American Honda Finance
2.450%, 09/24/20		100		103
1.700%, 02/22/19		1,957		1,944
Atento Luxco
7.375%, 01/29/20(A)		220		228
AutoZone
2.500%, 04/15/21		100		102
Bed Bath & Beyond
3.749%, 08/01/24		25		26
BMW US Capital
1.850%, 09/15/21(A)		2,950		2,942
CBS
3.375%, 03/01/22		150		158
Charter Communications Operating
6.484%, 10/23/45(A)		327		396
6.384%, 10/23/35(A)		310		365
4.464%, 07/23/22(A)		100		108
3.579%, 07/23/20(A)		1,488		1,555
Cleveland Clinic Foundation
4.858%, 01/01/14		378		425
Comcast
4.500%, 01/15/43		487		553
3.375%, 02/15/25		275		295
3.150%, 03/01/26		50		53
3.125%, 07/15/22		150		160
2.750%, 03/01/23		100		103
Council of Europe Development Bank
1.750%, 11/14/19		100		102
1.125%, 05/31/18		150		150
Delphi
4.150%, 03/15/24		40		43
Delphi Automotive
3.150%, 11/19/20		100		104
Diageo Capital
5.750%, 10/23/17		200		209
Discovery Communications
5.050%, 06/01/20		100		109
Dollar General
4.150%, 11/01/25		25		27
DR Horton
4.000%, 02/15/20		35		37
3.750%, 03/01/19		25		26
Expedia
4.500%, 08/15/24		100		105
Ford Motor Credit
5.875%, 08/02/21		200		228
2.375%, 03/12/19		400		405
2.240%, 06/15/18		200		202
General Motors
6.250%, 10/02/43		887		1,047
3.500%, 10/02/18		200		206

Description	Face Amount (000)(1)		Value (000)
General Motors Financial
4.300%, 07/13/25		100	$	103
4.000%, 01/15/25		100		101
3.700%, 05/09/23		100		101
3.150%, 01/15/20		150		153
3.100%, 01/15/19		100		102
Grupo Televisa
7.250%, 05/14/43		(MXN) 2,840		127
Home Depot
4.400%, 04/01/21		100		111
2.625%, 06/01/22		100		104
2.000%, 06/15/19		200		204
Johnson Controls
3.625%, 07/02/24		43		46
Kohl’s
4.000%, 11/01/21		100		107
Latam Airlines Pass-Through Trust
4.200%, 11/15/27		445		435
Lowe’s
4.625%, 04/15/20		100		110
2.500%, 04/15/26		50		50
1.150%, 04/15/19		20		20
Macy’s Retail Holdings
3.625%, 06/01/24		100		100
Magna International
3.625%, 06/15/24		50		53
Marriott International
3.125%, 10/15/21		250		256
Mattel
2.350%, 05/06/19		100		102
McDonald’s
5.350%, 03/01/18		100		106
3.375%, 05/26/25		100		105
2.750%, 12/09/20		20		21
Minerva Luxembourg
6.500%, 09/20/26(A)		380		373
NBCUniversal Media
4.375%, 04/01/21		100		111
Newell Brands
5.500%, 04/01/46		628		762
4.000%, 12/01/24		50		53
3.150%, 04/01/21		150		156
Omnicom Group
4.450%, 08/15/20		100		109
3.600%, 04/15/26		100		106
O’Reilly Automotive
3.550%, 03/15/26		50		53
QVC
4.450%, 02/15/25		65		64
Scripps Networks Interactive
2.750%, 11/15/19		100		103
Staples
2.750%, 01/12/18		100		101
Starbucks
3.850%, 10/01/23		150		167
Target
2.900%, 01/15/22		200		211

67

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
Time Warner
4.875%, 03/15/20	$	100	$	110
4.850%, 07/15/45		552		617
4.750%, 03/29/21		100		112
3.600%, 07/15/25		100		106
2.100%, 06/01/19		100		102
Time Warner Cable
8.250%, 04/01/19		200		231
7.300%, 07/01/38		208		266
4.000%, 09/01/21		100		106
TJX
2.750%, 06/15/21		100		105
Toyota Motor Credit
4.250%, 01/11/21		100		110
2.750%, 05/17/21		100		104
2.100%, 01/17/19		150		153
1.550%, 07/13/18		100		101
1.200%, 04/06/18		50		50
USJ Acucar e Alcool
9.875%, 11/09/21(A)		272		223
Viacom
4.250%, 09/01/23		100		106
3.450%, 10/04/26		576		575
2.200%, 04/01/19		100		100
Walt Disney
3.150%, 09/17/25		100		108
2.550%, 02/15/22		100		104
1.850%, 05/30/19		150		153
Wesleyan University
4.781%, 07/01/16		554		587
Whirlpool
4.000%, 03/01/24		60		65
Wyndham Worldwide
4.250%, 03/01/22		50		53
				22,290
Consumer Staples – 1.7%
Altria Group
9.250%, 08/06/19		200		243
Anheuser-Busch InBev Finance
4.900%, 02/01/46		1,227		1,460
4.700%, 02/01/36		648		745
3.650%, 02/01/26		300		322
2.650%, 02/01/21		215		222
2.150%, 02/01/19		200		203
1.900%, 02/01/19		200		202
1.250%, 01/17/18		100		100
Anheuser-Busch InBev Worldwide
7.750%, 01/15/19		100		114
5.375%, 01/15/20		100		111
2.500%, 07/15/22		100		102
Bunge Finance
3.250%, 08/15/26		120		121
Clorox
3.500%, 12/15/24		50		53
Coca-Cola
3.300%, 09/01/21		100		108
3.200%, 11/01/23		100		107
2.875%, 10/27/25		50		53
2.550%, 06/01/26		50		51
2.450%, 11/01/20		50		52
1.875%, 10/27/20		50		51
1.375%, 05/30/19		50		50

Description	Face Amount (000)		Value (000)
Coca-Cola Femsa
2.375%, 11/26/18	$	150	$	153
Colgate-Palmolive
1.750%, 03/15/19		100		101
ConAgra Foods
1.900%, 01/25/18		100		101
Costco Wholesale
1.700%, 12/15/19		100		101
CVS Health
4.000%, 12/05/23		150		165
3.875%, 07/20/25		120		131
3.375%, 08/12/24		100		106
2.875%, 06/01/26		50		51
2.250%, 12/05/18		150		153
2.125%, 06/01/21		50		50
CVS Pass-Through Trust
4.704%, 01/10/36(A)		727		800
Dr Pepper Snapple Group
3.400%, 11/15/25		150		160
General Mills
5.650%, 02/15/19		100		110
Hershey
2.300%, 08/15/26		50		50
Ingredion
3.200%, 10/01/26		50		51
JM Smucker
2.500%, 03/15/20		100		102
Kellogg
4.000%, 12/15/20		100		109
Kimberly-Clark
2.750%, 02/15/26		100		104
Kraft Heinz Foods
5.200%, 07/15/45		1,021		1,207
3.950%, 07/15/25		150		162
3.500%, 06/06/22		125		133
2.000%, 07/02/18		425		429
1.600%, 06/30/17		1,265		1,268
Kroger
3.300%, 01/15/21		100		106
Mead Johnson Nutrition
3.000%, 11/15/20		30		31
Molson Coors Brewing
3.000%, 07/15/26		25		25
1.450%, 07/15/19		25		25
Mondelez International
4.000%, 02/01/24		150		164
PepsiCo
7.900%, 11/01/18		200		227
3.600%, 03/01/24		100		110
2.850%, 02/24/26		100		105
1.250%, 04/30/18		100		100
Philip Morris International
4.500%, 03/26/20		100		110
3.375%, 08/11/25		100		108
Procter & Gamble
3.100%, 08/15/23		100		108
1.900%, 11/01/19		100		102
Reynolds American
8.125%, 06/23/19		100		117
4.450%, 06/12/25		150		168
2.300%, 06/12/18		3,807		3,862

68

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
Sigma Alimentos
4.125%, 05/02/26(A)	$	270	$	271
Sysco
2.600%, 10/01/20		50		51
2.500%, 07/15/21		35		36
1.900%, 04/01/19		30		30
Tyson Foods
4.500%, 06/15/22		150		167
Unilever Capital
4.250%, 02/10/21		150		167
Walgreens Boots Alliance
4.800%, 11/18/44		772		851
3.450%, 06/01/26		65		67
3.300%, 11/18/21		100		106
3.100%, 06/01/23		30		31
2.700%, 11/18/19		100		103
2.600%, 06/01/21		30		31
1.750%, 05/30/18		35		35
Wal-Mart Stores
4.250%, 04/15/21		125		140
1.125%, 04/11/18		200		200
				18,021
Energy – 3.7%
Anadarko Petroleum
6.950%, 06/15/19		237		262
6.600%, 03/15/46		327		398
5.550%, 03/15/26		100		113
4.850%, 03/15/21		587		630
4.500%, 07/15/44		515		473
Apache
3.250%, 04/15/22		100		103
Baker Hughes
7.500%, 11/15/18		150		168
Boardwalk Pipelines
4.950%, 12/15/24		50		52
BP Capital Markets
3.535%, 11/04/24		250		265
3.245%, 05/06/22		3,341		3,519
3.062%, 03/17/22		100		105
2.750%, 05/10/23		100		102
2.237%, 05/10/19		100		102
2.112%, 09/16/21		100		100
1.676%, 05/03/19		20		20
Canadian Natural Resources
5.900%, 02/01/18		495		519
Chevron
2.954%, 05/16/26		50		52
2.566%, 05/16/23		50		51
2.355%, 12/05/22		150		153
2.193%, 11/15/19		90		92
2.100%, 05/16/21		50		51
1.961%, 03/03/20		50		51
1.718%, 06/24/18		300		302
1.561%, 05/16/19		50		50
CNOOC Curtis Funding No. 1
4.500%, 10/03/23(A)		950		1,053
CNOOC Finance 2015 USA
3.500%, 05/05/25		200		206
Columbia Pipeline Group
2.450%, 06/01/18		100		101

Description	Face Amount (000)		Value (000)
ConocoPhillips
6.000%, 01/15/20	$	100	$	113
5.950%, 03/15/46		392		492
4.200%, 03/15/21		50		54
3.350%, 11/15/24		200		205
Ecopetrol
5.875%, 09/18/23		100		108
Enable Midstream Partners
2.400%, 05/15/19		50		49
Enbridge Energy Partners
5.875%, 10/15/25		100		115
Encana
6.500%, 02/01/38		754		781
3.900%, 11/15/21		50		50
Energy Transfer Partners
6.625%, 10/15/36		593		646
3.600%, 02/01/23		100		98
2.500%, 06/15/18		150		151
EnLink Midstream Partners
5.600%, 04/01/44		78		72
5.050%, 04/01/45		190		168
Enterprise Products Operating
3.350%, 03/15/23		100		102
2.850%, 04/15/21		30		31
2.550%, 10/15/19		200		204
EOG Resources
3.150%, 04/01/25		100		101
2.625%, 03/15/23		100		100
Exxon Mobil
3.043%, 03/01/26		50		52
2.726%, 03/01/23		35		36
2.709%, 03/06/25		150		154
2.222%, 03/01/21		20		21
1.819%, 03/15/19		250		253
1.708%, 03/01/19		50		51
1.439%, 03/01/18		30		30
Fermaca Enterprises
6.375%, 03/30/38(A)		193		198
Halliburton
3.500%, 08/01/23		100		103
Husky Energy
4.000%, 04/15/24		100		104
Kinder Morgan
5.300%, 12/01/34		706		704
5.050%, 02/15/46		486		463
3.050%, 12/01/19		769		786
2.000%, 12/01/17		200		200
Kinder Morgan Energy Partners
3.950%, 09/01/22		250		261
3.500%, 03/01/21		20		21
Magellan Midstream Partners
4.250%, 02/01/21		100		108
Marathon Oil
2.800%, 11/01/22		150		139
Marathon Petroleum
3.400%, 12/15/20		100		104
MPLX
4.875%, 12/01/24		100		103
4.000%, 02/15/25		25		25
Nabors Industries
5.100%, 09/15/23		100		97

69

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
National Oilwell Varco
2.600%, 12/01/22	$	100	$	94
Noble Energy
8.250%, 03/01/19		1,230		1,407
6.000%, 03/01/41		103		112
4.150%, 12/15/21		100		106
Occidental Petroleum
3.400%, 04/15/26		70		74
3.125%, 02/15/22		100		105
Odebrecht Drilling Norbe VIII
6.350%, 06/30/21(A)		315		96
ONEOK Partners
3.375%, 10/01/22		100		101
Pertamina Persero
6.450%, 05/30/44(A)		370		429
5.250%, 05/23/21(A)		265		289
Petrobras Global Finance BV
4.375%, 05/20/23		790		707
Petroleos de Venezuela
9.000%, 11/17/21		660		374
8.500%, 11/02/17(A)		300		258
6.000%, 11/15/26(A)		665		279
5.375%, 04/12/27		365		152
Petroleos Mexicanos
8.000%, 05/03/19		250		281
6.875%, 08/04/26(A)(B)		50		56
6.375%, 02/04/21(A)		240		236
5.625%, 01/23/46		1,295		1,130
5.500%, 02/04/19(A)		630		571
4.875%, 01/24/22		350		357
4.625%, 09/21/23(A)		200		200
3.500%, 07/23/20		755		719
Petronas Capital
4.500%, 03/18/45(A)		200		231
3.500%, 03/18/25(A)		200		215
Phillips 66 Partners
3.605%, 02/15/25		25		25
Pioneer Natural Resources
3.450%, 01/15/21		100		104
Plains All American Pipeline
6.650%, 01/15/37		366		397
4.900%, 02/15/45		439		402
4.650%, 10/15/25		150		155
3.850%, 10/15/23		150		149
Regency Energy Partners
4.500%, 11/01/23		1,269		1,278
Schlumberger Investment
3.650%, 12/01/23		100		108
Shell International Finance
4.000%, 05/10/46		1,175		1,202
3.250%, 05/11/25		150		158
2.875%, 05/10/26		100		101
2.000%, 11/15/18		200		203
1.875%, 05/10/21		1,037		1,038
1.625%, 11/10/18		200		201
Sinopec Group Overseas Development
3.500%, 05/03/26(A)		580		606
Spectra Energy Partners
3.500%, 03/15/25		100		101
State Oil of the Azerbaijan Republic
4.750%, 03/13/23		505		498

Description	Face Amount (000)		Value (000)
Statoil
3.700%, 03/01/24	$	100	$	109
2.450%, 01/17/23		125		127
2.250%, 11/08/19		150		153
Suncor Energy
6.100%, 06/01/18		769		826
Sunoco Logistics Partners Operations
4.400%, 04/01/21		100		107
Total Capital Canada
2.750%, 07/15/23		100		103
Total Capital International
2.700%, 01/25/23		100		103
2.100%, 06/19/19		100		102
TransCanada PipeLines
4.875%, 01/15/26		100		116
2.500%, 08/01/22		100		100
1.625%, 11/09/17		671		673
Ultrapar International
5.250%, 10/06/26(A)		450		447
Valero Energy
9.375%, 03/15/19		29		34
3.650%, 03/15/25		100		102
Western Gas Partners
2.600%, 08/15/18		100		100
Williams Partners
5.250%, 03/15/20		2,026		2,193
4.900%, 01/15/45		525		499
3.600%, 03/15/22		100		102
				38,047
Financials – 9.0%
Aflac
3.625%, 06/15/23		100		108
African Development Bank
1.375%, 02/12/20		100		100
1.125%, 09/20/19		100		100
0.875%, 03/15/18		150		150
AIA Group
2.250%, 03/11/19(A)		424		430
Alleghany
4.950%, 06/27/22		100		111
Allstate
5.750%, 08/15/53(C)		200		215
American Express Credit
2.375%, 05/26/20		100		102
2.250%, 08/15/19		250		255
1.875%, 11/05/18		150		151
American International Group
4.800%, 07/10/45		400		423
3.900%, 04/01/26		722		764
3.375%, 08/15/20		150		158
3.300%, 03/01/21		150		158
2.300%, 07/16/19		100		102
Ameriprise Financial
5.300%, 03/15/20		100		111
Andina de Fomento
4.375%, 06/15/22		100		111
Aon
5.000%, 09/30/20		100		111
Ares Capital
3.875%, 01/15/20		60		62

70

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
Asian Development Bank
2.000%, 01/22/25	$	100	$	102
1.750%, 03/21/19		100		101
1.625%, 08/26/20		300		304
1.375%, 01/15/19		100		101
1.125%, 06/05/18		150		150
1.000%, 08/16/19		100		100
0.875%, 04/26/18		100		100
Assurant
4.000%, 03/15/23		74		75
Australia & New Zealand Banking Group NY
2.700%, 11/16/20		250		259
Banco de Costa Rica
5.250%, 08/12/18(A)		540		554
Banco Internacional del Peru SAA Interbank
6.625%, 03/19/29(A)(C)		130		143
Banco Nacional de Costa Rica
5.875%, 04/25/21(A)		210		219
4.875%, 11/01/18(A)		350		360
Bank of America
5.700%, 01/24/22		100		116
4.450%, 03/03/26		130		139
4.200%, 08/26/24		165		175
4.100%, 07/24/23		100		108
4.000%, 01/22/25		100		104
3.950%, 04/21/25		200		207
3.500%, 04/19/26		1,193		1,240
2.650%, 04/01/19		450		460
2.625%, 10/19/20		350		357
2.250%, 04/21/20		250		252
2.050%, 12/07/18		405		410
2.000%, 01/11/18		150		151
1.750%, 06/05/18		250		251
Bank of Montreal
1.900%, 08/27/21		3,542		3,524
1.800%, 07/31/18		50		50
1.400%, 04/10/18		200		200
Bank of New York Mellon
3.550%, 09/23/21		100		108
3.000%, 02/24/25		100		104
2.500%, 04/15/21		100		103
2.450%, 11/27/20		100		101
2.100%, 08/01/18		200		203
Bank of Nova Scotia
2.800%, 07/21/21		100		104
2.450%, 03/22/21		50		51
2.050%, 10/30/18		100		101
1.950%, 01/15/19		50		51
1.650%, 06/14/19		50		50
Barclays
4.375%, 01/12/26		200		207
3.650%, 03/16/25		200		197
2.875%, 06/08/20		250		252
Barrick North America Finance
4.400%, 05/30/21		150		164
BB&T
2.450%, 01/15/20		100		102
2.050%, 05/10/21		300		303
Berkshire Hathaway
3.125%, 03/15/26		200		210
3.000%, 02/11/23		150		158
2.750%, 03/15/23		723		751

Description	Face Amount (000)(1)		Value (000)
Berkshire Hathaway Finance
1.700%, 03/15/19		100	$	101
1.300%, 08/15/19		1,201		1,203
BGEO Group JSC
6.000%, 07/26/23(A)		350		361
BlackRock
5.000%, 12/10/19		100		111
BMCE Bank
6.250%, 11/27/18		200		209
BNP Paribas
4.250%, 10/15/24		200		208
2.375%, 05/21/20		200		203
BOC Aviation
3.875%, 04/27/26(A)		200		209
BPCE
2.500%, 07/15/19		250		255
Canadian Imperial Bank of Commerce
1.600%, 09/06/19		50		50
Capital One
1.650%, 02/05/18		1,737		1,739
Capital One Bank USA
2.150%, 11/21/18		250		253
Capital One Financial
4.200%, 10/29/25		100		104
3.750%, 07/28/26		100		101
3.200%, 02/05/25		50		51
2.450%, 04/24/19		100		102
Charles Schwab
4.450%, 07/22/20		100		110
Chubb
5.750%, 05/15/18		100		107
Chubb INA Holdings
3.350%, 05/15/24		100		106
Citigroup
4.400%, 06/10/25		200		212
4.125%, 07/25/28		1,754		1,783
3.750%, 06/16/24		100		107
3.500%, 05/15/23		100		103
3.400%, 05/01/26		100		103
3.300%, 04/27/25		100		103
2.700%, 03/30/21		1,673		1,709
2.650%, 10/26/20		100		102
2.500%, 07/29/19		100		102
2.400%, 02/18/20		100		101
2.150%, 07/30/18		70		71
1.800%, 02/05/18		500		501
1.700%, 04/27/18		100		100
Citigroup Global Markets Holdings
0.000%, 03/03/21(A)(C)		(GHS) 1,060		275
Citizens Financial Group
4.300%, 12/03/25		100		105
2.375%, 07/28/21		30		30
CME Group
3.000%, 03/15/25		150		157
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		254

71

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
Cooperatieve Rabobank UA
3.875%, 02/08/22	$	100	$	109
3.750%, 07/21/26		1,095		1,097
2.250%, 01/14/20		250		254
1.375%, 08/09/19		250		249
Credit Suisse Group Funding Guernsey
3.450%, 04/16/21(A)		250		255
3.125%, 12/10/20		250		253
Credit Suisse New York
3.625%, 09/09/24		250		261
1.700%, 04/27/18		250		250
Deutsche Bank
3.700%, 05/30/24		85		81
2.950%, 08/20/20		100		96
1.875%, 02/13/18		250		243
Development Bank of Kazakhstan
4.125%, 12/10/22(A)		470		461
Discover Bank
2.000%, 02/21/18		250		251
European Bank for Reconstruction & Development
1.750%, 11/26/19		150		153
1.500%, 03/16/20		200		202
European Investment Bank
3.250%, 01/29/24		250		278
2.250%, 08/15/22		250		259
2.125%, 10/15/21		300		309
1.875%, 03/15/19		150		153
1.750%, 06/17/19		300		305
1.625%, 12/18/18		300		304
1.375%, 06/15/20		250		250
1.250%, 05/15/18		250		251
1.125%, 08/15/18		300		300
Export Credit Bank of Turkey
5.875%, 04/24/19(A)		200		208
Export-Import Bank of India
4.000%, 01/14/23		270		287
Fifth Third Bancorp
2.875%, 07/27/20		250		259
Financiera de Desarrollo
4.750%, 02/08/22(A)		440		481
FMS Wertmanagement AoeR
1.750%, 03/17/20		200		203
1.375%, 06/08/21		200		200
Goldman Sachs Group
6.150%, 04/01/18		500		533
5.750%, 01/24/22		300		348
4.750%, 10/21/45		600		673
4.000%, 03/03/24		200		215
3.750%, 05/22/25		100		105
3.625%, 01/22/23		673		711
2.750%, 09/15/20		75		77
2.625%, 04/25/21		100		102
2.600%, 04/23/20		100		102
2.550%, 10/23/19		200		204
2.350%, 11/15/21		45		45
Hanover Insurance Group
4.500%, 04/15/26		100		104
Hartford Financial Services Group
5.125%, 04/15/22		100		114
HSBC Finance
6.676%, 01/15/21		100		115

Description	Face Amount (000)		Value (000)
HSBC Holdings
4.250%, 08/18/25	$	200	$	205
4.000%, 03/30/22		100		107
3.900%, 05/25/26		1,764		1,828
3.600%, 05/25/23		250		258
3.400%, 03/08/21		1,794		1,855
2.950%, 05/25/21		200		203
2.650%, 01/05/22		1,033		1,029
HSBC USA
2.625%, 09/24/18		150		153
2.000%, 08/07/18		100		100
1.500%, 11/13/17		150		150
Huntington National Bank
2.000%, 06/30/18		250		252
IDBI Bank
4.125%, 04/23/20		210		217
Industrial & Commercial Bank of China
2.905%, 11/13/20		250		257
ING Bank
2.000%, 11/26/18(A)		1,309		1,318
Inter-American Development Bank
2.125%, 11/09/20		375		387
2.000%, 06/02/26		150		153
1.875%, 06/16/20		450		460
1.750%, 04/14/22		150		152
1.000%, 05/13/19		100		100
Intercontinental Exchange
4.000%, 10/15/23		150		165
International Bank for Reconstruction & Development
2.500%, 11/25/24		250		264
2.250%, 06/24/21		50		52
2.125%, 02/13/23		100		104
1.875%, 03/15/19		400		408
1.750%, 04/19/23		200		202
1.625%, 03/09/21		350		354
1.375%, 05/24/21		200		200
1.250%, 07/26/19		100		101
1.000%, 11/15/17		500		501
0.875%, 07/19/18		250		250
International Finance
1.625%, 07/16/20		100		101
1.250%, 07/16/18		100		101
1.125%, 07/20/21		100		99
0.875%, 06/15/18		300		300
Intesa Sanpaolo
5.250%, 01/12/24		250		270
Jefferies Group
6.875%, 04/15/21		100		117

72

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)(1)		Value (000)
JPMorgan Chase
8.375%, 03/17/34(A)		(IDR) 3,000,000	$	252
6.000%, 01/15/18		300		317
3.625%, 05/13/24		100		106
3.375%, 05/01/23		200		206
3.300%, 04/01/26		100		103
3.200%, 06/15/26		100		103
3.125%, 01/23/25		150		153
2.950%, 10/01/26		1,328		1,331
2.750%, 06/23/20		300		309
2.700%, 05/18/23		100		101
2.550%, 10/29/20		530		540
2.400%, 06/07/21		1,280		1,294
2.250%, 01/23/20		1,653		1,675
1.800%, 01/25/18		250		251
1.700%, 03/01/18		250		251
KeyBank
3.400%, 05/20/26		250		256
KeyCorp
5.100%, 03/24/21		150		169
KFW
2.500%, 11/20/24		150		159
2.125%, 01/17/23		250		258
1.875%, 04/01/19		550		562
1.500%, 04/20/20		600		604
1.000%, 01/26/18		1,000		1,000
0.875%, 12/15/17		300		300
Landwirtschaftliche Rentenbank
2.375%, 06/10/25		100		105
1.750%, 04/15/19		100		102
1.000%, 04/04/18		200		200
Lazard Group
3.750%, 02/13/25		50		50
Lima Metro Line 2 Finance
5.875%, 07/05/34(A)		230		256
Lloyds Bank
3.500%, 05/14/25		200		211
2.000%, 08/17/18		200		201
Loews
2.625%, 05/15/23		100		101
Magyar Export-Import Bank
4.000%, 01/30/20(A)		450		469
Marsh & McLennan
2.350%, 09/10/19		75		76
MetLife
3.600%, 04/10/24		150		159
1.903%, 12/15/17		89		89
Metropolitan Life Global Funding I
1.950%, 09/15/21(A)		2,071		2,069
1.300%, 04/10/17(A)		2,266		2,268
MFB Magyar Fejlesztesi Bank
6.250%, 10/21/20(A)		200		226
Mitsubishi UFJ Financial Group
3.850%, 03/01/26		200		217
Moody’s
2.750%, 07/15/19		100		103

Description	Face Amount (000)		Value (000)
Morgan Stanley
4.875%, 11/01/22	$	100	$	110
4.000%, 07/23/25		100		108
3.875%, 01/27/26		200		212
3.700%, 10/23/24		150		158
3.125%, 07/27/26		1,043		1,049
2.800%, 06/16/20		100		103
2.650%, 01/27/20		100		102
2.500%, 01/24/19		250		255
2.375%, 07/23/19		550		560
1.875%, 01/05/18		200		201
Nasdaq
5.250%, 01/16/18		85		89
National Australia Bank
2.625%, 07/23/20		250		257
National Rural Utilities Cooperative Finance
10.375%, 11/01/18		150		178
2.700%, 02/15/23		100		104
National Savings Bank
8.875%, 09/18/18(A)		490		530
Nomura Holdings
2.750%, 03/19/19		150		153
Nordic Investment Bank
1.125%, 03/19/18		200		201
Oesterreichische Kontrollbank
1.875%, 01/20/21		150		153
1.125%, 05/29/18		150		150
Old Republic International
3.875%, 08/26/26		967		961
Pelabuhan Indonesia III Persero
4.875%, 10/01/24(A)		200		215
PLA Administradora Industrial S de RL
5.250%, 11/10/22(A)		200		204
PNC Bank
3.250%, 06/01/25		250		263
2.400%, 10/18/19		250		256
1.800%, 11/05/18		250		252
Pricoa Global Funding I
1.900%, 09/21/18(A)		602		610
Principal Financial Group
3.400%, 05/15/25		100		103
Private Export Funding
3.250%, 06/15/25		100		110
2.250%, 03/15/20		200		207
Prudential Financial
7.375%, 06/15/19		100		115
5.625%, 06/15/43(C)		100		108
5.375%, 05/15/45(C)		100		104
Regions Financial
3.200%, 02/08/21		50		52
Royal Bank of Canada
2.200%, 07/27/18		150		152
2.150%, 03/15/19		200		203
2.000%, 12/10/18		50		51
1.625%, 04/15/19		150		150
1.500%, 07/29/19		1,253		1,252
Royal Bank of Scotland Group
4.800%, 04/05/26		200		206

73

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)(1)		Value (000)
Santander Holdings USA
2.700%, 05/24/19		50	$	51
2.650%, 04/17/20		100		100
Santander UK
2.375%, 03/16/20		100		101
Santander UK Group Holdings
3.125%, 01/08/21		100		102
Standard Chartered Bank
10.750%, 03/03/21(A)		(INR) 76,000		514
7.280%, 06/05/19(A)		(LKR) 25,000		381
Sumitomo Mitsui Banking
1.950%, 07/23/18		250		252
Sumitomo Mitsui Financial Group
3.784%, 03/09/26		50		54
2.934%, 03/09/21		250		257
2.632%, 07/14/26		100		99
SunTrust Banks
2.900%, 03/03/21		50		52
2.500%, 05/01/19		50		51
Svensk Exportkredit
1.875%, 06/17/19		200		203
Svenska Handelsbanken
1.625%, 03/21/18		250		251
Synchrony Financial
4.500%, 07/23/25		100		106
3.000%, 08/15/19		100		102
TD Ameritrade Holding
2.950%, 04/01/22		200		208
Toronto-Dominion Bank
2.500%, 12/14/20		100		103
2.125%, 07/02/19		150		152
1.950%, 04/02/20(A)		473		478
1.800%, 07/13/21		100		99
1.625%, 03/13/18		150		151
Travelers
3.900%, 11/01/20		100		109
UBS
2.350%, 03/26/20		250		255
1.375%, 06/01/17		1,334		1,334
Unum Group
4.000%, 03/15/24		50		52
US Bancorp
2.950%, 07/15/22		300		313
1.950%, 11/15/18		100		101
Visa
3.150%, 12/14/25		200		211
2.200%, 12/14/20		100		103
Voya Financial
2.900%, 02/15/18		77		78
WEA Finance
4.750%, 09/17/44(A)		735		794
Wells Fargo
5.625%, 12/11/17		500		525
4.900%, 11/17/45		449		494
4.125%, 08/15/23		200		214
3.550%, 09/29/25		100		106
3.300%, 09/09/24		100		105
3.000%, 01/22/21		300		306
2.550%, 12/07/20		85		87
2.100%, 07/26/21		150		149
1.750%, 05/24/19		250		251

Description	Face Amount (000)		Value (000)
Westpac Banking
2.700%, 08/19/26	$	100	$	99
2.600%, 11/23/20		150		154
2.250%, 01/17/19		100		102
2.000%, 08/19/21		2,725		2,721
1.600%, 08/19/19		100		100
XLIT
5.750%, 10/01/21		74		85
				93,666
Health Care – 2.7%
Abbott Laboratories
2.550%, 03/15/22		150		154
AbbVie
3.200%, 11/06/22		400		408
2.850%, 05/14/23		50		51
2.300%, 05/14/21		50		50
1.800%, 05/14/18		3,057		3,069
Actavis
1.875%, 10/01/17		100		100
Actavis Funding
4.550%, 03/15/35		132		140
3.800%, 03/15/25		190		201
3.450%, 03/15/22		150		157
3.000%, 03/12/20		1,309		1,352
2.350%, 03/12/18		80		81
Aetna
4.375%, 06/15/46		448		469
3.200%, 06/15/26		205		208
2.800%, 06/15/23		25		26
2.750%, 11/15/22		150		154
2.400%, 06/15/21		25		25
1.900%, 06/07/19		35		35
1.700%, 06/07/18		30		30
Agilent Technologies
3.050%, 09/22/26		65		66
AmerisourceBergen
3.400%, 05/15/24		100		106
Amgen
5.700%, 02/01/19		250		274
3.625%, 05/22/24		150		160
Anthem
3.300%, 01/15/23		200		210
AstraZeneca
2.375%, 11/16/20		150		154
1.950%, 09/18/19		100		102
Baxalta
3.600%, 06/23/22		100		105
Baxter International
2.600%, 08/15/26		100		99
Becton Dickinson
3.875%, 05/15/24		100		108
1.800%, 12/15/17		100		101
Biogen
3.625%, 09/15/22		100		107
Boston Scientific
3.375%, 05/15/22		100		105
2.850%, 05/15/20		100		103
Bristol-Myers Squibb
2.000%, 08/01/22		100		101
Cardinal Health
3.200%, 03/15/23		100		105

74

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
Celgene
3.875%, 08/15/25	$	100	$	107
2.250%, 05/15/19		100		102
2.125%, 08/15/18		100		101
Cigna
4.000%, 02/15/22		100		109
City of Hope
5.623%, 11/15/43		443		569
Covidien International Finance
6.000%, 10/15/17		100		105
CR Bard
3.000%, 05/15/26		50		51
Danaher
3.350%, 09/15/25		30		33
1.650%, 09/15/18		120		121
Eli Lilly
1.250%, 03/01/18		100		100
Express Scripts Holding
4.800%, 07/15/46		631		655
4.750%, 11/15/21		100		112
3.900%, 02/15/22		150		162
Gilead Sciences
3.500%, 02/01/25		100		106
2.950%, 03/01/27		2,879		2,909
2.550%, 09/01/20		200		207
2.500%, 09/01/23		35		35
2.350%, 02/01/20		20		21
1.950%, 03/01/22		15		15
1.850%, 09/04/18		20		20
GlaxoSmithKline Capital
2.850%, 05/08/22		100		105
2.800%, 03/18/23		125		131
Humana
3.850%, 10/01/24		100		107
Johnson & Johnson
2.450%, 12/05/21		100		105
1.125%, 11/21/17		100		100
Laboratory Corp of America Holdings
2.625%, 02/01/20		100		102
McKesson
2.284%, 03/15/19		100		102
Medtronic
4.375%, 03/15/35		724		820
3.500%, 03/15/25		100		108
2.750%, 04/01/23		100		104
2.500%, 03/15/20		150		155
1.375%, 04/01/18		75		75
Merck
2.750%, 02/10/25		200		207
1.850%, 02/10/20		150		153
Millennium Health LLC
0.000%, 04/16/21 (C)(D)		7		1
Mylan
3.950%, 06/15/26		200		202
3.750%, 12/15/20(A)		100		104
New York and Presbyterian Hospital
4.763%, 08/01/16		411		442
Novartis Capital
3.400%, 05/06/24		100		109
3.000%, 11/20/25		50		53

Description	Face Amount (000)		Value (000)
Novartis Securities Investment
5.125%, 02/10/19	$	100	$	109
Perrigo
4.000%, 11/15/23		200		206
Pfizer
5.200%, 08/12/20		100		113
3.000%, 06/15/23		100		106
1.950%, 06/03/21		1,291		1,308
1.500%, 06/15/18		100		101
Quest Diagnostics
2.500%, 03/30/20		150		152
Sanofi
1.250%, 04/10/18		125		125
Shire Acquisitions Investments Ireland DAC
3.200%, 09/23/26		60		60
2.875%, 09/23/23		1,063		1,069
2.400%, 09/23/21		1,688		1,690
1.900%, 09/23/19		100		100
St. Jude Medical
2.800%, 09/15/20		150		155
Stryker
3.500%, 03/15/26		25		27
3.375%, 11/01/25		50		52
2.000%, 03/08/19		30		30
Teva Pharmaceutical Finance
2.950%, 12/18/22		150		154
Teva Pharmaceutical Finance Netherlands III BV
4.100%, 10/01/46		193		192
2.800%, 07/21/23		65		65
2.200%, 07/21/21		3,184		3,172
1.700%, 07/19/19		20		20
1.400%, 07/20/18		50		50
Thermo Fisher Scientific
3.600%, 08/15/21		100		106
2.950%, 09/19/26		30		30
2.400%, 02/01/19		150		153
UnitedHealth Group
3.750%, 07/15/25		50		55
3.350%, 07/15/22		100		107
2.875%, 03/15/22		100		105
2.700%, 07/15/20		130		135
2.300%, 12/15/19		50		51
1.900%, 07/16/18		60		61
Zimmer Biomet Holdings
3.150%, 04/01/22		200		207
Zoetis
3.250%, 02/01/23		50		51
				27,758
Industrials – 2.1%
3M
1.625%, 06/15/19		100		101
ABB Finance USA
2.875%, 05/08/22		150		157
AerCap Ireland Capital
4.625%, 10/30/20		225		236
3.750%, 05/15/19		175		179
Air Lease
3.375%, 01/15/19		150		154
2.125%, 01/15/20		50		50

75

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
American Airlines Pass-Through Trust
4.950%, 01/15/23	$	160	$	174
Boeing
2.350%, 10/30/21		150		155
Burlington Northern Santa Fe
3.750%, 04/01/24		200		220
3.050%, 03/15/22		100		106
Canadian National Railway
5.550%, 03/01/19		100		110
Canadian Pacific Railway
2.900%, 02/01/25		100		102
Caterpillar
3.900%, 05/27/21		50		54
3.400%, 05/15/24		100		108
Caterpillar Financial Services
2.450%, 09/06/18		150		153
1.700%, 08/09/21		2,428		2,409
1.350%, 05/18/19		200		200
CSX
7.375%, 02/01/19		100		113
Deere
2.600%, 06/08/22		150		156
Dover
4.300%, 03/01/21		100		110
DP World
6.850%, 07/02/37(A)		510		590
Eaton
2.750%, 11/02/22		200		207
Emerson Electric
2.625%, 02/15/23		100		104
Eskom Holdings
5.750%, 01/26/21(A)		650		645
FedEx
3.200%, 02/01/25		200		210
Fortive
3.150%, 06/15/26(A)		150		154
GATX
2.500%, 07/30/19		150		152
GE Capital International Funding
4.418%, 11/15/35		1,723		1,934
2.342%, 11/15/20		250		257
General Dynamics
2.250%, 11/15/22		100		102
General Electric
5.250%, 12/06/17		500		524
4.650%, 10/17/21		150		171
3.450%, 05/15/24		100		109
Georgian Railway
7.750%, 07/11/22(A)		900		1,020
Honeywell International
4.250%, 03/01/21		125		139
Illinois Tool Works
1.950%, 03/01/19		100		102
Ingersoll-Rand Global Holding
4.250%, 06/15/23		100		110
John Deere Capital
3.350%, 06/12/24		100		107
2.800%, 03/04/21		150		157
1.350%, 01/16/18		100		100

Description	Face Amount (000)(1)		Value (000)
Kazakhstan Temir Zholy Finance
6.375%, 10/06/20(A)		730	$	787
Koninklijke Philips
5.750%, 03/11/18		100		106
L-3 Communications
5.200%, 10/15/19		125		137
Lockheed Martin
4.700%, 05/15/46		927		1,101
2.900%, 03/01/25		100		103
2.500%, 11/23/20		150		155
Mexico City Airport Trust
4.250%, 10/31/26(A)		200		200
Norfolk Southern
3.250%, 12/01/21		100		106
2.900%, 06/15/26		35		36
Northrop Grumman
3.500%, 03/15/21		100		107
3.250%, 08/01/23		50		53
Owens Corning
4.200%, 12/01/24		100		106
PACCAR Financial
1.400%, 11/17/17		55		55
1.300%, 05/10/19		20		20
Parker-Hannifin
3.300%, 11/21/24		150		160
Pentair Finance
3.625%, 09/15/20		100		104
Pitney Bowes
4.625%, 03/15/24		100		104
Precision Castparts
2.500%, 01/15/23		150		155
Raytheon
2.500%, 12/15/22		150		156
Red de Carreteras de Occidente
9.000%, 06/10/28(A)		(MXN) 6,100		317
Republic Services
3.550%, 06/01/22		150		161
Roper Technologies
2.050%, 10/01/18		100		101
Ryder System
2.550%, 06/01/19		95		97
Southwest Airlines
2.750%, 11/06/19		50		52
Stanley Black & Decker
2.900%, 11/01/22		100		105
TTX
2.250%, 02/01/19(A)		620		628
Union Pacific
3.646%, 02/15/24		100		109
3.250%, 08/15/25		100		108
United Parcel Service
5.125%, 04/01/19		100		110
3.125%, 01/15/21		45		48
United Technologies
3.100%, 06/01/22		100		107
1.778%, 05/04/18(E)		3,974		3,996
Verisk Analytics
4.000%, 06/15/25		50		53

76

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
Waste Management
3.500%, 05/15/24	$	100	$	108
				21,792
Information Technology – 1.9%
Activision Blizzard
3.400%, 09/15/26(A)		50		50
Alibaba Group Holding
2.500%, 11/28/19		250		255
Alphabet
3.375%, 02/25/24		100		109
Apple
3.850%, 08/04/46		947		969
3.450%, 05/06/24		100		108
3.250%, 02/23/26		135		143
2.700%, 05/13/22		200		209
2.450%, 08/04/26		50		50
2.400%, 05/03/23		200		204
2.250%, 02/23/21		50		51
2.100%, 05/06/19		300		307
1.700%, 02/22/19		20		20
1.550%, 08/04/21		50		50
1.000%, 05/03/18		100		100
Applied Materials
2.625%, 10/01/20		50		52
Arrow Electronics
3.500%, 04/01/22		100		103
Automatic Data Processing
2.250%, 09/15/20		50		52
Baidu
4.125%, 06/30/25		310		333
3.250%, 08/06/18		200		205
Cisco Systems
4.950%, 02/15/19		100		108
4.450%, 01/15/20		200		219
3.625%, 03/04/24		100		110
3.500%, 06/15/25		50		55
2.950%, 02/28/26		50		53
2.500%, 09/20/26		1,640		1,659
1.850%, 09/20/21		100		101
Corning
1.500%, 05/08/18		100		100
Diamond 1 Finance
8.350%, 07/15/46(A)		259		310
8.100%, 07/15/36(A)		309		363
6.020%, 06/15/26(A)		406		445
5.450%, 06/15/23(A)		85		91
4.420%, 06/15/21(A)		100		105
3.480%, 06/01/19(A)		265		273
eBay
2.875%, 08/01/21		150		154
Fidelity National Information Services
5.000%, 10/15/25		100		114
3.500%, 04/15/23		150		157
Fiserv
2.700%, 06/01/20		100		103
Harris
2.700%, 04/27/20		35		36
Hewlett Packard Enterprise
4.900%, 10/15/25(A)		100		107
3.600%, 10/15/20(A)		150		157
2.850%, 10/05/18(A)		100		102

Description	Face Amount (000)		Value (000)
HP
4.650%, 12/09/21	$	100	$	110
Intel
3.700%, 07/29/25		25		28
3.300%, 10/01/21		100		108
2.700%, 12/15/22		250		261
2.450%, 07/29/20		60		62
International Business Machines
3.450%, 02/19/26		50		54
2.875%, 11/09/22		150		158
2.250%, 02/19/21		50		51
1.875%, 08/01/22		150		150
1.125%, 02/06/18		100		100
Juniper Networks
4.500%, 03/15/24		50		53
Keysight Technologies
3.300%, 10/30/19		100		102
KLA-Tencor
3.375%, 11/01/19		150		155
Lam Research
3.900%, 06/15/26		50		52
2.800%, 06/15/21		50		51
Microsoft
4.000%, 02/08/21		150		166
3.700%, 08/08/46		569		576
3.625%, 12/15/23		100		110
3.125%, 11/03/25		200		212
2.400%, 08/08/26		100		100
2.375%, 02/12/22		200		206
1.625%, 12/06/18		150		152
1.100%, 08/08/19		1,452		1,447
Motorola Solutions
3.500%, 09/01/21		100		103
NetApp
3.375%, 06/15/21		50		52
Oracle
3.850%, 07/15/36		1,353		1,405
2.950%, 05/15/25		100		103
2.650%, 07/15/26		100		100
2.500%, 05/15/22		150		154
2.400%, 09/15/23		50		50
2.375%, 01/15/19		150		154
2.250%, 10/08/19		200		205
1.900%, 09/15/21		3,898		3,908
1.200%, 10/15/17		150		150
QUALCOMM
3.000%, 05/20/22		100		105
1.400%, 05/18/18		100		100
Seagate HDD Cayman
4.750%, 01/01/25		100		95
Telefonaktiebolaget LM Ericsson
4.125%, 05/15/22		50		54
Texas Instruments
1.000%, 05/01/18		100		100
Total System Services
4.800%, 04/01/26		100		111
Tyco Electronics Group
2.350%, 08/01/19		50		51
Western Union
2.875%, 12/10/17		100		101
Xerox
4.500%, 05/15/21		150		158

77

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
Xilinx
2.125%, 03/15/19	$	50	$	51
				20,066
Materials – 0.7%
Air Products & Chemicals
3.350%, 07/31/24		100		108
Airgas
3.650%, 07/15/24		100		105
Barrick
4.100%, 05/01/23		32		35
BHP Billiton Finance USA
6.500%, 04/01/19		125		140
Celanese US Holdings
5.875%, 06/15/21		20		23
4.625%, 11/15/22		20		22
CF Industries
7.125%, 05/01/20		100		115
Dow Chemical
8.550%, 05/15/19		225		264
DuPont (E.I.) De Nemours
4.625%, 01/15/20		100		110
2.800%, 02/15/23		100		102
Eastman Chemical
3.600%, 08/15/22		150		159
Ecolab
3.250%, 01/14/23		100		104
Goldcorp
3.700%, 03/15/23		50		52
International Paper
7.950%, 06/15/18		74		82
Mexichem
5.875%, 09/17/44(A)		260		249
Monsanto
2.125%, 07/15/19		100		101
Nacional del Cobre de Chile
4.875%, 11/04/44(A)		152		156
4.500%, 09/16/25(A)		310		327
3.000%, 07/17/22(A)		1,498		1,492
Newmont Mining
3.500%, 03/15/22		100		104
OCP
5.625%, 04/25/24(A)		410		445
Packaging Corp of America
3.650%, 09/15/24		100		104
Potash Corp of Saskatchewan
3.625%, 03/15/24		100		105
PPG Industries
2.300%, 11/15/19		100		102
Praxair
3.000%, 09/01/21		150		159
Rio Tinto Finance USA
3.750%, 06/15/25		200		215
Sherwin-Williams
3.450%, 08/01/25		100		105
Southern Copper
3.875%, 04/23/25		30		30
Vale Overseas
6.875%, 11/21/36		375		365
6.250%, 08/10/26		749		782
4.375%, 01/11/22		250		247

Description	Face Amount (000)		Value (000)
Vulcan Materials
7.500%, 06/15/21	$	50	$	61
Westlake Chemical
3.600%, 08/15/26(A)		100		100
WestRock RKT
4.450%, 03/01/19		100		106
				6,776
Real Estate – 0.9%
Alexandria Real Estate Equities
2.750%, 01/15/20		50		51
American Tower
4.700%, 03/15/22		150		167
3.400%, 02/15/19		100		104
2.250%, 01/15/22		50		50
AvalonBay Communities
3.900%, 10/15/46		518		512
3.500%, 11/15/24		100		105
2.950%, 05/11/26		686		687
Boston Properties
3.850%, 02/01/23		100		107
3.700%, 11/15/18		100		104
2.750%, 10/01/26		1,964		1,935
Brixmor Operating Partnership
4.125%, 06/15/26		864		895
3.875%, 08/15/22		30		32
3.250%, 09/15/23		100		100
Camden Property Trust
3.500%, 09/15/24		100		103
CBL & Associates
5.250%, 12/01/23		150		153
Crown Castle International
5.250%, 01/15/23		100		113
3.700%, 06/15/26		35		37
2.250%, 09/01/21		55		55
DDR
3.500%, 01/15/21		100		104
Digital Realty Trust
3.625%, 10/01/22		100		104
Duke Realty
3.750%, 12/01/24		100		106
ERP Operating
4.625%, 12/15/21		120		135
Essex Portfolio
3.375%, 04/15/26		100		102
HCP
5.375%, 02/01/21		200		224
Hospitality Properties Trust
5.250%, 02/15/26		100		106
5.000%, 08/15/22		100		108
Host Hotels & Resorts
3.750%, 10/15/23		100		101
Kimco Realty
3.200%, 05/01/21		50		52
Liberty Property
4.125%, 06/15/22		100		107
National Retail Properties
4.000%, 11/15/25		35		37
Omega Healthcare Investors
4.375%, 08/01/23		50		52

78

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
Realty Income
3.250%, 10/15/22	$	100	$	103
Senior Housing Properties Trust
3.250%, 05/01/19		150		151
Simon Property Group
3.375%, 10/01/24		125		133
3.300%, 01/15/26		100		105
2.200%, 02/01/19		150		153
UDR
4.625%, 01/10/22		1,189		1,310
4.000%, 10/01/25		50		54
Ventas Realty
4.250%, 03/01/22		100		109
3.750%, 05/01/24		50		53
2.700%, 04/01/20		100		102
Vornado Realty
2.500%, 06/30/19		100		101
Weingarten Realty Investors
3.250%, 08/15/26		50		50
Welltower
5.250%, 01/15/22		100		113
Weyerhaeuser
4.625%, 09/15/23		100		111
WP Carey
4.600%, 04/01/24		50		52
				9,348
Telecommunication Services – 1.3%
America Movil
5.000%, 03/30/20		200		220
AT&T
5.650%, 02/15/47		254		299
5.150%, 03/15/42		191		207
5.000%, 03/01/21		200		224
4.300%, 12/15/42		429		423
4.125%, 02/17/26		200		216
3.600%, 02/17/23		3,912		4,124
3.400%, 05/15/25		150		154
3.000%, 06/30/22		195		200
2.625%, 12/01/22		125		126
2.450%, 06/30/20		250		255
2.300%, 03/11/19		230		234
1.400%, 12/01/17		100		100
British Telecommunications
2.350%, 02/14/19		140		143
Deutsche Telekom International
Finance
6.750%, 08/20/18		100		110
Digicel
6.000%, 04/15/21(A)		280		247
Orange
4.125%, 09/14/21		100		111
RELX Capital
3.125%, 10/15/22		100		102
Rogers Communications
6.800%, 08/15/18		50		55
Telefonica Emisiones
3.192%, 04/27/18		250		256
Thomson Reuters
6.500%, 07/15/18		100		108
3.350%, 05/15/26		100		103

Description	Face Amount (000)		Value (000)
Verizon Communications
5.150%, 09/15/23	$	2,635	$	3,070
4.500%, 09/15/20		250		274
4.272%, 01/15/36		1,398		1,457
3.650%, 09/14/18		150		157
2.625%, 02/21/20		235		235
1.750%, 08/15/21		50		49
Vodafone Group
2.500%, 09/26/22		100		100
1.500%, 02/19/18		150		150
				13,509
Utilities – 2.8%
Abengoa Transmision
6.875%, 04/30/43(A)		250		268
American Electric Power
1.650%, 12/15/17		150		150
Arizona Public Service
3.150%, 05/15/25		50		53
Berkshire Hathaway Energy
3.750%, 11/15/23		100		109
CenterPoint Energy Houston Electric
2.250%, 08/01/22		100		102
Cleco Corporate Holdings
3.743%, 05/01/26(A)		100		104
CMS Energy
6.250%, 02/01/20		100		114
3.000%, 05/15/26		40		41
Comision Federal de Electricidad
6.125%, 06/16/45(A)		425		455
4.875%, 01/15/24(A)		215		226
Consolidated Edison Company of New York
5.850%, 04/01/18		100		107
Consolidated Edison of New York
5.700%, 12/01/36		575		734
Dominion Gas Holdings
4.600%, 12/15/44		141		152
2.800%, 11/15/20		150		155
2.500%, 12/15/19		1,300		1,335
Dominion Resources
2.962%, 07/01/19(E)		1,226		1,259
1.900%, 06/15/18		200		201
DTE Energy
2.400%, 12/01/19		100		102
Duke Energy
5.050%, 09/15/19		200		219
3.950%, 10/15/23		150		164
2.100%, 06/15/18		50		51
Empresa Nacional de Electricidad
4.250%, 04/15/24		50		53
Entergy
5.125%, 09/15/20		100		111
4.000%, 07/15/22		50		54
Exelon
5.625%, 06/15/35		243		290
4.450%, 04/15/46		607		652
3.400%, 04/15/26		100		104
2.850%, 06/15/20		200		207
1.550%, 06/09/17		778		779

79

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
FirstEnergy Transmission
5.450%, 07/15/44(A)	$	654	$	732
Fortis
3.055%, 10/04/26(A)		1,758		1,750
2.100%, 10/04/21(A)		841		838
ITC Holdings
5.300%, 07/01/43		657		779
3.650%, 06/15/24		25		26
Jersey Central Power & Light
4.300%, 01/15/26(A)		972		1,035
Kansas City Power & Light
3.650%, 08/15/25		100		106
Listrindo Capital BV
4.950%, 09/14/26(A)		250		251
Majapahit Holding BV
7.750%, 01/20/20(A)		190		219
Metropolitan Edison
7.700%, 01/15/19		100		112
MidAmerican Energy
2.400%, 03/15/19		138		141
NextEra Energy Capital Holdings
2.700%, 09/15/19		1,402		1,436
2.056%, 09/01/17		1,418		1,426
NiSource Finance
6.400%, 03/15/18		105		112
Northern States Power
2.600%, 05/15/23		100		103
2.200%, 08/15/20		50		51
NSTAR Electric
2.700%, 06/01/26		50		51
2.375%, 10/15/22		100		102
Oncor Electric Delivery
7.000%, 09/01/22		100		127
4.550%, 12/01/41		520		607
ONE Gas
2.070%, 02/01/19		74		75
Pacific Gas & Electric
3.500%, 10/01/20		150		161
2.950%, 03/01/26		50		52
PECO Energy
3.150%, 10/15/25		100		106
Perusahaan Gas Negara Persero
5.125%, 05/16/24(A)		450		487
PPL Capital Funding
3.500%, 12/01/22		150		159
Progress Energy
7.750%, 03/01/31		946		1,335
PSEG Power
3.000%, 06/15/21		50		51
Public Service Electric & Gas
3.050%, 11/15/24		25		27
2.300%, 09/15/18		100		102
Puget Energy
6.500%, 12/15/20		100		116
Sempra Energy
9.800%, 02/15/19		2,631		3,115
3.750%, 11/15/25		100		108
3.550%, 06/15/24		100		105

Description	Face Amount (000)		Value (000)
Southern
4.400%, 07/01/46	$	554	$	597
2.750%, 06/15/20		100		103
2.450%, 09/01/18		200		204
2.350%, 07/01/21		936		954
1.850%, 07/01/19		100		101
Southern California Edison
3.500%, 10/01/23		150		164
Southern Gas Capital
3.250%, 06/15/26		30		31
Southwestern Electric Power
2.750%, 10/01/26		50		50
State Grid Overseas Investment
2.875%, 05/18/26(A)		260		264
Union Electric
3.500%, 04/15/24		150		162
Virginia Electric & Power
3.100%, 05/15/25		100		106
WEC Energy Group
1.650%, 06/15/18		789		794
Wisconsin Public Service
1.650%, 12/04/18		30		30
Xcel Energy
1.200%, 06/01/17		1,015		1,013
				28,927
Total Corporate Obligations (Cost $293,532) (000)				300,200
U.S. Treasury Obligations — 28.4%
U.S. Treasury Bonds
4.750%, 02/15/37 - 02/15/37		7,080		10,279
3.000%, 05/15/45 - 11/15/45		6,420		7,321
2.875%, 08/15/45 - 08/15/45		6,857		7,638
2.500%, 02/15/46 - 05/15/46		3,846		3,980
U.S. Treasury Notes
8.000%, 11/15/21 - 11/15/21		1,000		1,338
3.625%, 02/15/20 - 02/15/21		3,950		4,330
3.500%, 05/15/20 - 05/15/20		750		816
3.375%, 11/15/19 - 11/15/19		1,000		1,075
3.125%, 05/15/19 - 05/15/19		1,500		1,588
2.750%, 11/15/23 - 02/15/24		2,750		2,998
2.625%, 08/15/20 - 11/15/20		2,750		2,916
2.500%, 08/15/23 - 05/15/24		3,100		3,326
2.375%, 08/15/24 - 08/15/24		2,400		2,557
2.250%, 04/30/21 - 11/15/25		5,250		5,531
2.125%, 08/15/21 - 05/15/25		6,375		6,665
2.000%, 09/30/20 - 08/15/25		13,250		13,748
1.875%, 11/30/21 - 10/31/22		4,000		4,129
1.750%, 09/30/19 - 05/15/23		13,530		13,867
1.625%, 03/31/19 - 05/15/26		40,687		41,286
1.500%, 08/31/18 - 08/15/26		23,511		23,726
1.375%, 06/30/18 - 06/30/23		53,795		54,430
1.250%, 11/15/18 - 07/31/23		14,276		14,362
1.125%, 01/15/19 - 09/30/21		23,681		23,681
1.000%, 03/15/18 - 09/30/19		6,800		6,826
0.875%, 11/30/17 - 09/15/19		20,359		20,394
0.750%, 10/31/17 - 02/15/19		8,064		8,066
0.625%, 11/30/17 - 06/30/18		8,500		8,488
Total U.S. Treasury Obligations (Cost $290,388) (000)				295,361

80

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
Mortgage-Backed Securities — 16.6%
Agency Mortgage-Backed Obligations – 15.2%
FHLMC
4.500%, 08/01/40 - 05/01/42	$	3,638	$	4,019
4.000%, 07/01/24 - 07/01/46		12,385		13,418
3.500%, 10/15/41 - 07/01/46		9,448		10,018
3.000%, 10/15/42 - 10/15/42		6,975		7,248
2.500%, 10/15/27 - 10/15/27		1,635		1,694
FHLMC Multifamily Structured Pass-Through Certificates, Ser K048, Cl A2
3.284%, 06/25/25 - 06/25/25(C)		1,058		1,159
3.241%, 09/25/24 - 09/25/24		559		611
3.171%, 10/25/24 - 10/25/24		577		628
3.010%, 07/25/25 - 07/25/25		337		362
2.995%, 12/25/25 - 12/25/25		570		611
FNMA
5.500%, 07/01/34 - 03/01/41		3,016		3,428
5.000%, 12/01/34 - 01/01/44		2,452		2,750
4.500%, 01/01/30 - 07/01/46		11,884		13,026
4.000%, 02/01/32 - 07/01/46		14,315		15,464
3.500%, 10/01/40 - 05/01/46		21,743		23,072
3.000%, 10/15/27 - 10/15/42		22,013		22,962
2.500%, 10/15/27 - 10/15/27		7,020		7,271
GNMA
4.000%, 10/01/39 - 06/20/46		6,877		7,391
3.500%, 10/15/41 - 10/15/41		10,060		10,695
3.000%, 10/01/42 - 10/01/42		12,025		12,597
				158,424
Non-Agency Mortgage-Backed Obligations – 1.4%
Alternative Loan Trust, Ser 2003-22CB, Cl 3A1
6.000%, 12/25/33 - 12/25/33		1,008		1,010
5.750%, 10/25/33 - 10/25/33		84		86
BAMLL Commercial Mortgage Securities Trust, Ser 2012-PARK, Cl A
2.959%, 12/10/30 - 12/10/30(A)		829		865
BBCMS Mortgage Trust, Ser 2016-ETC, Cl A
2.937%, 08/14/36 - 08/14/36(A)		476		490
Citigroup Mortgage Loan Trust, Ser 2015-2, Cl 1A1
0.724%, 06/25/47 - 06/25/47(A)(C)		498		429
COMM Mortgage Trust, Ser 2013-CR11, Cl A3
3.983%, 10/10/46 - 10/10/46		610		674
3.902%, 07/10/50 - 07/10/50		23		25
3.759%, 08/10/48 - 08/10/48		508		558
3.708%, 07/10/48 - 07/10/48		299		326
2.941%, 01/10/46 - 01/10/46		18		19
2.365%, 02/10/29 - 02/10/29(A)		2,437		2,442
Credit Suisse First Boston Mortgage Securities, Ser 2003-27, Cl 4A4
5.750%, 11/25/33 - 11/25/33		97		101
CSAIL Commercial Mortgage Trust, Ser 2015-C4, Cl A4
3.808%, 11/15/48 - 11/15/48		253		278
CSMC Trust, Ser 2014-USA, Cl A2
3.953%, 09/15/37 - 09/15/37(A)		264		285

Description	Face Amount (000)		Value (000)
GS Mortgage Securities II, Ser 2015-GC30, Cl A4
3.382%, 05/10/50 - 05/10/50	$	59	$	63
GS Mortgage Securities Trust, Ser 2012-BWTR, Cl A
2.954%, 11/05/34 - 11/05/34(A)		503		522
2.933%, 06/05/31 - 06/05/31(A)		1,331		1,368
GSR Mortgage Loan Trust, Ser 2005-4F, Cl 6A1
6.500%, 02/25/35 - 02/25/35		110		110
HarborView Mortgage Loan Trust, Ser 2004-3, Cl 1A
2.834%, 05/19/34 - 05/19/34(C)		61		60
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2016-JP2, Cl A4
2.822%, 08/15/49 - 08/15/49		324		332
JPMorgan Mortgage Trust, Ser 2005-A1, Cl 6T1
3.089%, 02/25/35 - 02/25/35(C)		288		273
2.959%, 06/25/35 - 06/25/35(C)		166		166
2.752%, 04/25/35 - 04/25/35(C)		78		76
2.503%, 11/25/33 - 11/25/33(C)		214		203
MLCC Mortgage Investors, Ser 2006-2, Cl 2A
2.582%, 05/25/36 - 05/25/36(C)		380		366
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C12, Cl A4
4.259%, 10/15/46 - 10/15/46(C)		327		370
4.064%, 02/15/47 - 02/15/47		112		125
3.787%, 01/15/47 - 01/15/47		218		240
3.249%, 02/15/48 - 02/15/48		444		472
Morgan Stanley Capital I Trust, Ser 2014-CPT, Cl A
3.350%, 07/13/29 - 07/13/29(A)		646		686
Structured Adjustable Rate Mortgage Loan Trust, Ser 2004-6, Cl 1A
2.859%, 06/25/34 - 06/25/34(C)		353		347
Wedgewood Real Estate Trust, Ser 2016-1, Cl A1
3.450%, 07/15/46 - 07/15/46(A)(C)		253		252
Wells Fargo Commercial Mortgage Trust, Ser 2015-SG1, Cl A4
3.789%, 12/15/47 - 12/15/47		342		373
3.617%, 09/15/57 - 09/15/57		69		75
Wells Fargo Mortgage Backed Securities Trust, Ser 2003-J, Cl 1A9
3.065%, 10/25/33 - 10/25/33(C)		795		795
2.956%, 05/01/35 - 05/01/35(C)		195		202
				15,064
Total Mortgage-Backed Securities (Cost $172,709) (000)				173,488

81

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
Loan Participations — 9.4%
Aerospace/Defense – 0.1%
Transdigm Inc., Extended Term Loan F, 1st Lien
3.750%, 06/07/23	$	500	$	500
Transdigm Inc., Term Loan D, 1st Lien
3.750%, 05/21/21		147		147
				647
Automotive – 0.1%
Chrysler Group LLC, Term Loan B, 1st Lien
4.250%, 05/24/17		158		159
FCA US LLC, Term Loan B, 1st Lien
3.250%, 12/31/18		158		158
Horizon Global Corp., Term Loan B, 1st Lien
7.000%, 06/30/21		548		550
MPG Holdco I Inc., Term Loan B-1, 1st Lien
3.750%, 10/20/21		85		85
3.750%, 10/20/21		110		111
TI Group Automotive Systems LLC, Initial Term Loan, 1st Lien
4.500%, 06/24/22		124		124
Trinseo Materials Operating SCA, Term Loan B, 1st Lien
4.250%, 11/05/21		223		224
				1,411
Building Materials – 0.5%
American Builders & Contractors Supply Company Inc., Term Loan B, 1st Lien
2.750%, 09/23/23		621		623
GYP Holdings III Corp., Initial Term Loan, 1st Lien
4.750%, 04/01/21		1,000		996
Headwaters Inc., Term Loan B, 1st Lien
4.000%, 03/24/22		25		25
Jeld-Wen Inc., Incremental Term Loan B, 1st Lien
4.750%, 07/01/22		750		754
PGT Inc., Initial Term Loan, 1st Lien
6.750%, 02/16/22		746		739
Priso Acquisition Corp., Initial Term Loan, 1st Lien
4.500%, 05/09/22		748		750
Quikrete Holdings Inc., Initial Term Loan, 1st Lien
4.000%, 09/28/20		726		731
SRS Distribution Inc., Initial Term Loan, 1st Lien
5.250%, 08/25/22		198		199
0.000%, 08/25/22(F)		90		91
Tecomet Inc., Initial Term Loan, 1st Lien
5.750%, 11/25/21		98		98

Description	Face Amount (000)		Value (000)
VAT Lux II S.a.r.l., Initial Term Loan, 1st Lien
4.250%, 02/11/21	$	34	$	34
				5,040
Chemicals – 1.0%
Allnex (Luxembourg) & Cy SCA, Term Loan B-2, 1st Lien
0.000%, 06/02/23 (F)		428		431
Allnex (Luxembourg) & Cy SCA, Term Loan B-3, 1st Lien
0.000%, 06/02/23(F)		322		325
Berry Plastics Corp., Term Loan D, 1st Lien
3.500%, 02/08/20		972		973
3.500%, 02/08/20		3		2
Entegris Inc., Term Loan B, 1st Lien
3.500%, 04/30/21		15		16
Gemini HDPE LLC, Term Loan B, 1st Lien
4.750%, 07/24/21		147		148
Huntsman International LLC, Initial Term Loan, 1st Lien
4.250%, 03/31/23		748		752
Ineos Styrolution US Holding LLC, Initial Term Loan, 1st Lien
3.750%, 09/30/21		331		335
Ineos US Finance LLC, Initial Term Loan, 1st Lien
4.250%, 03/31/22		74		74
3.750%, 05/04/18		809		811
MacDermid Inc., Term Loan B, 1st Lien
5.500%, 06/07/20		493		494
MacDermid Inc., Term Loan B-2, 1st Lien
5.500%, 06/07/20		49		49
MacDermid Inc., Term Loan B-3, 1st Lien
5.500%, 06/05/20		50		50
Minerals Technologies Inc., Term Loan B-1, 1st Lien
3.750%, 05/09/21		97		98
Nexeo Solutions LLC, Initial Term Loan, 1st Lien
0.070%, 05/17/23		750		753
NVLX Acquisition LLC, Initial Term Loan, 1st Lien
6.000%, 12/03/21		422		424
Prolampac Holdings Inc., Initial Term Loan, 1st Lien
5.750%, 08/18/22		597		600
Prolampac Intermediate Inc., Initial Term Loan, 2nd Lien
0.000%, 08/18/23(F)		500		491
Ravago Holdings America Inc., Initial Term Loan, 1st Lien
0.000%, 06/30/23(F)		675		677
SIG Combibloc Holdings SCA, Initial Term Loan, 1st Lien
4.250%, 02/03/22		795		796

82

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
Signode Industrial Group US Inc., Initial Term Loan, Other
3.750%, 05/01/21	$	282	$	281
Solenis International LP, Initial Term Loan, 1st Lien
4.250%, 06/02/21		491		490
Styrolution US Holding LLC, Term Loan B-1, 1st Lien
6.500%, 11/07/19		600		600
Univar USA Inc., Initial Term Loan, 1st Lien
4.250%, 07/01/22		722		722
US Farathane LLC, Term Loan B-2, 1st Lien
0.000%, 12/23/21(F)		494		494
				10,886
Computers & Electronics – 1.6%
AF Borrower LLC, Initial Term Loan, 1st Lien
6.250%, 01/28/22		748		749
Aricent Technologies, Initial Term Loan, 2nd Lien
9.500%, 04/14/22		550		436
Avago Technologies Cayman Holdings Ltd., Term Loan B-3, 1st Lien
3.524%, 02/01/23		560		567
Avast Software BV, Term Loan B, 1st Lien
4.250%, 03/20/20		214		214
Campaign Monitor Finance Property Limited, Initial Term Loan, 1st Lien
6.250%, 03/18/21		49		46
Deltek Inc., Initial Term Loan, 1st Lien
5.000%, 06/25/22		720		722
EIG Investors Corp., Initial Term Loan, 1st Lien
6.480%, 11/09/19		579		561
Electrical Components International Inc., Initial Term Loan, 1st Lien
5.750%, 05/28/21		498		497
Epicor Software Corp., Term Loan B, 1st Lien
4.750%, 06/01/22		750		738
First Data Corp., Extended Term Loan, 1st Lien
4.525%, 03/24/21		617		621
Global Healthcare Exchange LLC, Term Loan B, 1st Lien
5.500%, 08/15/22		99		100
Hyland Software Inc., Initial Term Loan, 1st Lien
4.750%, 07/01/22		588		591
IMS Health Inc., Term Loan B, 1st Lien
3.500%, 03/17/21		550		551
Infor (US) Inc., Term Loan B, 1st Lien
3.750%, 06/03/20		690		685

Description	Face Amount (000)		Value (000)
Informatica Corp., Initial Term Loan, 1st Lien
4.500%, 08/05/22	$	223	$	217
ION Trading Technologies S.A.R.L., Term Loan B-1, 1st Lien
4.250%, 08/11/23		137		137
Kronos Inc., Incremental Term Loan, 1st Lien
4.500%, 10/30/19		292		292
Landslide Holdings Inc., Initial Term Loan, 1st Lien
0.000%, 09/16/22(F)		250		252
MA Financeco LLC, Term Loan B-2, 1st Lien
4.502%, 11/19/21		196		196
MA Financeco LLC, Term Loan C, 1st Lien
4.502%, 11/20/19		560		561
Magic Newco LLC, Initial Term Loan, 1st Lien
5.000%, 12/12/18		486		487
Mediware Information Systems Inc., Initial Term Loan, 1st Lien
0.000%, 09/28/23(F)		247		248
MH Sub I LLC, Initial Term Loan, 1st Lien
4.750%, 07/08/21		123		123
Microsemi Corp., Term Loan B, 1st Lien
3.750%, 12/17/22		695		701
MRI Software LLC, Initial Term Loan, 1st Lien
0.000%, 06/23/21(F)		500		496
NXP BV, Term Loan F, 1st Lien
0.000%, 12/07/20(F)		414		415
ON Semiconductor Corp., Initial Term Loan, 1st Lien
5.250%, 03/31/23		868		872
Onex Carestream Finance LP, Initial Term Loan, 1st Lien
5.000%, 06/07/19		446		414
RP Crown Parent LLC, Initial Term Loan, 1st Lien
6.000%, 12/21/18		392		391
Spectrum Brands Inc., Initial Term Loan, 1st Lien
3.500%, 06/23/22		156		157
SS&C European Hodlings, Term Loan B-2, 1st Lien
4.083%, 07/08/22		17		18
4.000%, 07/08/22		46		46
SS&C Technologies Inc., Term Loan B-1, 1st Lien
4.002%, 07/08/22		391		393
4.000%, 07/08/22		104		105
SunEdison Semiconductor BV, Initial Term Loan, 1st Lien
6.500%, 05/27/19		778		776
Sungard Availability Services Capital, Inc., Initial Term Loan, 1st Lien
6.000%, 03/29/19		500		469

83

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
TV Borrower US LLC, Intial Term Loan, 1st Lien
6.000%, 01/08/21	$	491	$	487
Wall Street Systems Delaware Inc., Initial Term Loan, 1st Lien
0.000%, 04/09/21(F)		701		701
Western Digital Corp., Term Loan B, 1st Lien
4.500%, 04/29/23		400		404
				16,436
Consumer Nondurables – 0.1%
Coty Inc., Term Loan D, 1st Lien
3.750%, 10/27/22		100		101
Galleria Co., Term Loan B, 1st Lien
3.750%, 01/26/23		175		175
Prestige Brands Inc., Term Loan B- 3, 1st Lien
3.750%, 09/03/21		682		686
Zep Inc., Initial Term Loan, 1st Lien
5.500%, 06/24/22		248		248
				1,210
Educational Services – 0.0%
Education Management II LLC, Term Loan A, 1st Lien
5.500%, 07/02/20		129		33
Education Management II LLC, Term Loan B, 1st Lien
2.000%, 07/02/20		238		10
				43
Entertainment & Leisure – 0.3%
AMC Entertainment Inc., Initial Term Loan, 1st Lien
4.000%, 12/15/22		723		730
BC Equity Ventures LLC, Initial Term Loan, 1st Lien
0.000%, 08/24/22(F)		500		490
ClubCorp Club Operations Inc. , Term Loan B, 1st Lien
4.250%, 12/15/22		900		903
Intrawest Operations Group LLC, Initial Term Loan, 1st Lien
5.000%, 12/09/20		750		754
				2,877
Financial Services – 0.3%
Altisource Solutions S.A R.L., Term Loan B, 1st Lien
4.500%, 12/09/20		437		405
Armor Holding II LLC, Initial Term Loan, 1st Lien
5.750%, 06/20/20		394		385
Bats Global Markets Inc., Term Loan B, 1st Lien
0.000%, 06/20/23(F)		506		508
Citco III Limited, Initial Term Loan , 1st Lien
4.250%, 06/29/18		974		975

Description	Face Amount (000)		Value (000)
Duff & Phelps Investment Management Co., Initial Term Loan, 1st Lien
4.500%, 03/14/20	$	500	$	500
Ocwen Loan Servicing LLC, Initial Term Loan, 1st Lien
5.500%, 02/15/18		130		130
Walter Investment Management Corp., Initial Term Loan, 1st Lien
4.750%, 12/18/20		475		433
				3,336
Food & Beverage – 0.4%
B&G Foods Inc., Term Loan B, 1st Lien
3.839%, 11/02/22		597		601
Chef’s Warehouse Inc., Delayed Term Loan, 1st Lien
0.000%, 06/22/22(F)		35		34
Chef’s Warehouse Inc., Initial Term Loan, 1st Lien
0.000%, 07/01/22(F)		124		123
Del Monte Foods Inc., Initial Term Loan, 1st Lien
4.250%, 08/18/21		486		457
0.000%, 01/26/21(F)		1		1
JBS USA LLC, Incremental Term Loan, 1st Lien
4.000%, 10/31/22		75		75
Phillips Pet Food & Supplies, Initial Term Loan, 1st Lien
4.500%, 01/31/21		488		455
Pinnacle Foods Group LLC, Term Loan G, 1st Lien
3.252%, 04/29/20		871		875
US Foods Inc., Term Loan B, 1st Lien
4.000%, 06/27/23		1,498		1,509
				4,130
Gaming & Hotels – 0.2%
Amaya Holdings BV, Term Loan B, 1st Lien
5.000%, 08/01/21		403		403
Hilton Worldwide Finance LLC, Initial Term Loan, 1st Lien
3.500%, 10/26/20		63		63
Hilton Worldwide Holdings Inc., Extended Term Loan, 1st Lien
3.215%, 10/25/23		399		401
3.024%, 10/25/23		243		244
MGM Growth Properties Operating Partnership LP, Term Loan B, 1st Lien
4.000%, 04/25/23		748		754
				1,865
Health Care – 0.8%
ABB/Con-cise Optical Group LLC, Initial Term Loan, 1st Lien
6.000%, 06/15/23		750		757

84

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
Alere Inc., Term Loan B, 1st Lien
4.250%, 06/20/22	$	410	$	407
Alliance HealthCare Services Inc., Initial Term Loan, 1st Lien
4.250%, 06/03/19		482		458
Alvogen Pharma US Inc., Initial Term Loan, 1st Lien
6.000%, 04/01/22		346		346
AMAG Pharmaceuticals Inc., Initial Term Loan, 1st Lien
4.750%, 08/17/21		496		496
Amneal Pharmaceuticals LLC, Term Loan B, 1st Lien
4.500%, 11/01/19		560		561
CHS/Community Health Systems Inc., Term Loan G, 1st Lien
3.750%, 12/31/19		842		825
DJO Finance LLC, Initial Term Loan, 1st Lien
Drumm Investors LLC, Initial Term Loan, 1st Lien
9.500%, 05/04/18		736		724
Endo Luxembourg Finance Company I S.à r.l., Term Loan B, 1st Lien
3.750%, 09/26/22		274		273
Iasis Healthcare LLC , Term Loan B- 2, 1st Lien
4.500%, 05/03/18		635		628
JLL/Delta Dutch Newco BV, Initial Term Loan, 1st Lien
4.250%, 03/11/21		490		489
Kinetic Concepts Inc., Term Loan F, 1st Lien
5.00%%, 11/04/20		490		493
NBTY Inc., Term Loan B, 1st Lien
5.000%, 05/05/23		123		124
Steward Health Care System LLC, Initial Term Loan, 1st Lien
6.750%, 04/10/20		487		486
Surgery Center Holdings Inc., Initial Term Loan, 1st Lien
5.250%, 11/03/20		499		499
Valeant Pharmaceuticals International Inc., Delayed Draw Term Loan A, 1st Lien
3.750%, 04/01/20		150		149
Valeant Pharmaceuticals International Inc., Term Loan E, 1st Lien
5.250%, 08/05/20		838		839
				8,554
Home Furnishings – 0.0%
Serta Simmons Holdings LLC, Initial Term Loan, 1st Lien
4.250%, 10/01/19		457		458
				458

Description	Face Amount (000)		Value (000)
Insurance – 0.4%
Acrisure LLC, Delayed Term Loan, 1st Lien
0.000%, 05/19/22 (F)	$	192	$	192
Acrisure LLC, Initial Term Loan, 1st Lien
6.500%, 05/19/22		354		355
Alliant Holdings Intermediate LLC, Initial Term Loan, 1st Lien
4.753%, 08/12/22		198		198
Alliant Holdings Intermediate LLC, Term Loan B-2, 1st Lien
0.000%, 08/14/22 (F)		500		501
National Financial Partners Corp., Initial Term Loan, 1st Lien
4.500%, 07/01/20		846		848
Sedgwick Claims Management Services Inc., Initial Term Loan, 1st Lien
5.250%, 02/21/28		750		755
USI Inc., Term Loan B, 1st Lien
4.250%, 12/27/19		793		793
				3,642
Machinery – 0.3%
Blount International Inc., Initial Term Loan, 1st Lien
7.250%, 04/12/23		500		506
CPM Holdings Inc., Term Loan B, 1st Lien
6.000%, 04/01/22		424		426
Douglas Dynamics LLC, Initial Term Loan, 1st Lien
0.000%, 12/31/21 (F)		450		451
Milacron LLC, Initial Term Loan, 1st Lien
4.250%, 09/28/20		616		618
Rexnord LLC, Term Loan B, 1st Lien
4.000%, 08/21/20		469		469
Safway Group Holding LLC , Term Loan B, 1st Lien
4.750%, 08/04/23		750		754
SiteOne Landscape Supply LLC, Initial Term Loan, 1st Lien
6.250%, 04/27/22		343		346
				3,570
Manufacturing – 0.1%
Samsonite International SA, Term Loan B, 1st Lien
4.000%, 05/15/23		500		504
Media – 0.6%
Altice France SA, Term Loan B-5, 1st Lien
4.563%, 07/27/22		846		851
Charter Communications Operating LLC, Term Loan H, 1st Lien
3.250%, 08/24/21		748		751

85

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
Charter Communications Operating LLC, Term Loan I, 1st Lien
3.500%, 01/24/23	$	200	$	201
CSC Holdings LLC, Initial Term Loan, 1st Lien
5.000%, 10/09/22		399		399
Entravision Communications Corp., Term Loan B, 1st Lien
3.500%, 05/29/20		294		293
MCC Iowa LLC, Term Loan J, 1st Lien
3.750%, 06/18/21		74		74
Mission Broadcasting Inc., Term Loan B2, 1st Lien
3.750%, 10/01/20		459		461
Nexstar Broadcasting Inc., Term Loan B-2, 1st Lien
3.750%, 10/01/20		520		522
Raycom TV Broadcasting LLC, Term Loan B, 1st Lien
3.750%, 08/04/21		992		979
Sinclair Television Group Inc., Term Loan B-1, 1st Lien
3.500%, 07/30/21		792		795
Ziggo BV, Term Loan B-1, 1st Lien
3.652%, 01/15/22		172		172
Ziggo BV, Term Loan B-2, 1st Lien
3.652%, 01/15/22		175		175
Ziggo BV, Term Loan B-3, 1st Lien
3.701%, 01/15/22		178		178
				5,851
Metals & Mining – 0.0%
Novelis Inc., Initial Term Loan, 1st Lien
4.000%, 06/02/22		248		249
Oil & Gas – 0.2%
Drillships Ocean Ventures Inc., Initial Term Loan, 1st Lien
5.500%, 07/25/21		98		67
Energy Transfer Equity LP, Initial Term Loan, 1st Lien
3.292%, 12/02/19		275		273
Philadelphia Energy Solutions Refining and Marketing LLC, Term Loan B, 1st Lien
6.250%, 04/04/18		499		429
Seadrill Operating LP, Initial Term Loan, 1st Lien
4.000%, 02/21/21		366		181
Western Refining Inc., Term Loan B- 2, 1st Lien
0.000%, 05/26/23 (F)		750		748
				1,698
Personal Services – 0.0%
William Morris Endeavor Entertainment LLC, Initial Term Loan, 1st Lien
5.250%, 05/06/21		500		501
				501

Description	Face Amount (000)		Value (000)
Printing & Publishing – 0.1%
Merrill Communications LLC, Initial Term Loan, 1st Lien
6.250%, 05/27/22	$	49	$	46
MTL Publishing LLC, Initial Term Loan, 1st Lien
4.000%, 08/19/22		1,000		1,003
Springer Science & Business Media GmbH, Initial Term Loan, 1st Lien
4.750%, 08/14/20		321		310
				1,359
Professional & Business Services – 1.1%
Albany Molecular Research Inc., Initial Term Loan, 1st Lien
5.750%, 07/16/21		500		501
Bright Horizons Family Solutions Inc., Term Loan B, 1st Lien
3.750%, 01/30/20		975		979
Emdeon Business Services LLC, Term Loan B-2, 1st Lien
3.750%, 11/02/18		750		751
Evertec Group LLC, Term Loan A, 1st Lien
2.900%, 04/17/18		1,183		1,167
ExamWorks Group Inc., Initial Term Loan, 1st Lien
0.000%, 06/17/23 (F)		349		351
Explorer Holdings Inc., Initial Term Loan, 1st Lien
6.000%, 04/12/23		255		257
Garda World Security Corp., Term Loan B, 1st Lien
5.500%, 11/06/20		1		1
4.000%, 11/06/20		325		322
Garda World Security Corp., Tranche B Delayed Term Loan, 1st Lien
5.500%, 11/06/20		1		1
4.000%, 11/06/20		198		195
Global Payments Inc., Term Loan B, 1st Lien
4.024%, 04/22/23(C)		750		757
Grosvenor Capital Management LP, Initial Term Loan, 1st Lien
3.750%, 01/04/21		9		9
Hamilton Lane Advisors LLC, Term Loan B, 1st Lien
4.250%, 07/01/22		48		48
Harbourvest Partners LP, Initial Term Loan, 1st Lien
3.250%, 02/04/21		364		364
Heartland Dental Care Inc., Term Loan B-1, 1st Lien
0.000%, 12/21/18(F)		750		749
IG Investments Holdings LLC, Term Loan B, 1st Lien
6.000%, 10/29/21		271		271
Infinity Acquisition LLC, Initial Term Loan, 1st Lien
4.250%, 08/06/21		1,162		1,104

86

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
InVentiv Health Inc., Term Loan B-4, 1st Lien
7.750%, 05/15/18	$	250	$	250
LPL Holdings Inc., Extended Term Loan B, 1st Lien
4.250%, 03/29/21		746		748
Nielsen Finance LLC, Term Loan B- 3, 1st Lien
2.500%, 09/28/23		750		753
NSAM LP, Term Loan B, 1st Lien
0.000%, 01/30/23 (F)		750		748
West Corp., Term Loan B, 1st Lien
3.750%, 06/17/23		750		753
				11,079
Real Estate – 0.2%
DTZ US Borrower LLC, Initial Term Loan, 1st Lien
4.250%, 11/04/21		810		811
iStar Inc., Initial Term Loan, 1st Lien
5.500%, 07/01/20		500		505
Starwood Property Trust Inc., Term Loan B, 1st Lien
3.500%, 04/17/20		746		745
				2,061
Retail Food & Drug – 0.1%
BJ’s Wholesale Club Inc., Replacement Loan, 1st Lien
4.500%, 09/26/19		730		731
Smart & Final Inc., Initial Term Loan, 1st Lien
4.000%, 11/15/19		619		618
				1,349
Retailing – 0.4%
1011778 B.C. Unlimited Liability Company, Term Loan B, 1st Lien
3.750%, 12/10/21		771		776
Brickman Group Holdings Inc., Initial Term Loan, 1st Lien
4.000%, 12/18/20		449		447
0.000%, 12/18/20(F)		39		39
Dollar Tree Inc., Term Loan B, 1st Lien
0.000%, 07/06/22(F)		59		59
KFC Holding Co., Term Loan B, 1st Lien
3.281%, 06/16/23		750		755
Landry’s Inc., Term Loan B, 1st Lien
3.250%, 09/21/23		277		279
Leslie’s Poolmart Inc., Term Loan B, 1st Lien
5.250%, 08/16/23		750		754
Pilot Travel Centers LLC, Term Loan B, 1st Lien
3.274%, 05/25/23		126		127
Trugreen Limited Partnership, Initial Term Loan, 1st Lien
6.500%, 04/07/23		500		503
				3,739

Description	Face Amount (000)		Value (000)
Steel – 0.2%
Atkore International Inc., Initial Term Loan, 1st Lien
4.500%, 04/09/21	$	499	$	500
FMG Resources Property Ltd, Initial Term Loan, 1st Lien
4.250%, 06/30/19		603		602
Zekelman Industries Inc., Term Loan B, 1st Lien
6.000%, 06/14/21		846		853
				1,955
Telecommunications – 0.2%
Commscope Inc., Tranche 5 Term Loan, 1st Lien
3.750%, 12/29/22		99		100
LTS Buyer LLC, Initial Term Loan, 1st Lien
4.000%, 04/13/20		746		746
Mitel US Holdings Inc., Initial Term Loan, 1st Lien
5.500%, 04/13/22		236		238
5.000%, 04/29/22		10		10
SBA Senior Finance II LLC, Incremental Term Loan B, 1st Lien
3.250%, 03/24/21		196		196
Syniverse Holdings Inc., Term Loan B, 1st Lien
4.000%, 04/23/19		391		345
Telenet Financing USD LLC, Initial Term Loan, 1st Lien
4.250%, 05/03/24		182		184
				1,819
Transportation – 0.1%
Envision Healthcare Corp., Initial Term Loan, 1st Lien
4.250%, 05/25/18		676		676
Utilities – 0.0%
Calpine Corp., Initial Term Loan, 1st Lien
3.500%, 05/27/22		297		298
Total Loan Participations (Cost $97,429) (000)				97,243
Sovereign Debt — 9.3%
1MDB Global Investments
4.400%, 03/09/23		1,000		880
Abu Dhabi Government International Bond
3.125%, 05/03/26(A)		440		460
Argentine Republic Government International Bond
8.280%, 12/31/33		1,584		1,818
7.500%, 04/22/26(A)		885		998
7.125%, 07/06/36(A)		300		318
6.875%, 04/22/21(A)		350		381
3.750%, 03/31/19(E)		1,719		1,222

87

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)(1)		Value (000)
Armenia International Bond
7.150%, 03/26/25(A)		200	$	212
6.000%, 09/30/20(A)		1,381		1,428
Azerbaijan Government International Bond
4.750%, 03/18/24(A)		1,620		1,679
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/19(A)		560		603
Banque Centrale de Tunisie
5.750%, 01/30/25(A)		1,230		1,202
Brazil Notas do Tesouro Nacional
10.000%, 01/01/21		(BRL) 930		272
Brazilian Government International Bond
5.625%, 01/07/41		150		149
5.000%, 01/27/45		590		536
4.250%, 01/07/25		1,105		1,102
2.625%, 01/05/23		600		555
Buenos Aires Argentina
7.500%, 06/01/27(A)		310		337
Canada Government International Bond
1.625%, 02/27/19		100		101
1.125%, 03/19/18		150		151
Chile Government International Bond
3.125%, 01/21/26		107		114
Colombia Government International Bond
7.375%, 03/18/19		380		490
6.125%, 01/18/41		600		725
4.500%, 01/28/26		1,657		1,827
4.375%, 07/12/21		200		217
4.000%, 02/26/24		545		580
Costa Rica Government International Bond
7.158%, 03/12/45(A)		780		841
7.000%, 04/04/44(A)		420		448
Croatia Government International Bond
6.750%, 11/05/19		1,105		1,225
6.375%, 03/24/21(A)		660		743
Dominican Republic International Bond
7.500%, 05/06/21(A)		1,030		1,153
7.450%, 04/30/44(A)		915		1,090
6.875%, 01/29/26(A)		480		556
6.850%, 01/27/45(A)		250		280
6.600%, 01/28/24(A)		290		327
5.500%, 01/27/25(A)		150		159
Ecuador Government International Bond
10.750%, 03/28/22(A)		590		602
7.950%, 06/20/24(A)		450		403
El Salvador Government International Bond
7.650%, 06/15/35(A)		585		612
7.375%, 12/01/19(A)		215		229
6.375%, 01/18/27(A)		150		151
5.875%, 01/30/25(A)		365		364

Description	Face Amount (000)		Value (000)
Export Development Canada
1.000%, 06/15/18	$	300	$	300
Export-Import Bank of Korea
4.000%, 01/14/24		200		224
2.875%, 01/21/25		200		210
Georgia Government International Bond
6.875%, 04/12/21(A)		860		959
Ghana Government International Bond
10.750%, 10/14/30(A)		420		491
9.250%, 09/15/22(A)		490		501
8.125%, 01/18/26(A)		325		302
7.875%, 08/07/23(A)		730		680
Guatemala Government International Bond
5.750%, 06/06/22(A)		420		471
4.500%, 05/03/26(A)		290		302
Hashemite Kingdom of Jordan Government AID Bond
2.503%, 10/30/20		200		210
Honduras Government International Bond
8.750%, 12/16/20(A)		1,415		1,624
7.500%, 03/15/24(A)		405		459
Hungary Government International Bond
6.375%, 03/29/21		1,850		2,144
6.250%, 01/29/20		600		674
5.750%, 11/22/23		680		801
5.375%, 03/25/24		1,140		1,324
Indonesia Government International Bond
8.500%, 10/12/35(A)		1,120		1,695
5.875%, 01/15/24(A)		1,120		1,321
5.375%, 10/17/23(A)		200		231
5.250%, 01/17/42(A)		200		229
4.125%, 01/15/25(A)		650		693
Israel Government International Bond
3.150%, 06/30/23		200		213
Ivory Coast Government International Bond
6.375%, 03/03/28(A)		435		456
5.750%, 12/31/32(A)(E)		594		583
5.375%, 07/23/24(A)		250		251
Jamaica Government International Bond
8.000%, 03/15/39		150		179
7.625%, 07/09/25		470		550
6.750%, 04/28/28		720		823
Japan Bank for International Cooperation
2.375%, 04/20/26		200		207
1.750%, 11/13/18		400		402
KazAgro National Management Holding
4.625%, 05/24/23(A)		300		289
Kazakhstan Government International Bond
6.500%, 07/21/45(A)		340		424
3.875%, 10/14/24(A)		670		700

88

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)(1)		Value (000)
Kenya Government International Bond
6.875%, 06/24/24(A)		270	$	265
5.875%, 06/24/19(A)		1,358		1,402
Korea Development Bank
2.500%, 03/11/20		400		411
Korea Government International Bond
7.125%, 04/16/19		100		115
Lebanon Government International Bond
6.750%, 11/29/27		215		212
6.650%, 02/26/30		375		366
6.600%, 11/27/26		265		260
6.375%, 03/09/20		215		216
6.100%, 10/04/22		265		261
6.000%, 01/27/23		220		215
5.450%, 11/28/19		370		365
5.150%, 11/12/18		215		213
Letras del Banco Central de la Republica Argentina
29.750%, 01/11/17 (G)		(ARS) 2,150		131
Mexico Government International Bond
6.050%, 01/11/40		160		195
5.550%, 01/21/45		568		658
4.350%, 01/15/47		721		708
4.125%, 01/21/26		950		1,022
4.000%, 10/02/23		400		427
3.500%, 01/21/21		250		266
Montenegro Government International Bond
5.750%, 03/10/21(A)		(EUR) 450		537
Morocco Government International Bond
4.250%, 12/11/22(A)		200		212
Nigeria Government International Bond
6.750%, 01/28/21(A)		310		312
Panama Government International Bond
9.375%, 04/01/29		290		449
6.700%, 01/26/36		1,085		1,481
5.200%, 01/30/20		100		110
3.875%, 03/17/28		690		747
3.750%, 03/16/25		330		356
Paraguay Government International Bond
6.100%, 08/11/44(A)		570		648
5.000%, 04/15/26(A)		200		217
Peruvian Government International Bond
7.350%, 07/21/25		190		263
6.550%, 03/14/37		615		868
5.625%, 11/18/50		520		688
Philippine Government International Bond
7.750%, 01/14/31		419		653
6.375%, 10/23/34		810		1,177
5.500%, 03/30/26		200		252
4.200%, 01/21/24		200		228
3.700%, 03/01/41		210		233

Description	Face Amount (000)(1)		Value (000)
Poland Government International Bond
6.375%, 07/15/19		200	$	225
4.000%, 01/22/24		125		138
3.000%, 03/17/23		150		156
Province of British Columbia Canada
2.000%, 10/23/22		100		102
Province of Manitoba Canada
2.050%, 11/30/20		150		154
1.125%, 06/01/18		100		100
Province of Ontario Canada
2.450%, 06/29/22		200		208
2.000%, 01/30/19		250		254
1.875%, 05/21/20		150		152
1.625%, 01/18/19		100		101
1.250%, 06/17/19		150		150
Province of Quebec Canada
2.875%, 10/16/24		100		106
2.625%, 02/13/23		200		209
2.500%, 04/20/26		100		103
Provincia de Cordoba
7.125%, 06/10/21(A)		410		430
Qatar Government International Bond
4.625%, 06/02/46(A)		650		710
2.375%, 06/02/21(A)		1,248		1,258
Romanian Government International Bond
6.750%, 02/07/22(A)		840		1,013
6.125%, 01/22/44(A)		800		1,080
4.875%, 01/22/24(A)		298		341
4.375%, 08/22/23(A)		490		542
Russian Foreign Bond - Eurobond
5.625%, 04/04/42(A)		400		462
4.875%, 09/16/23(A)		400		440
Senegal Government International Bond
8.750%, 05/13/21(A)		825		937
6.250%, 07/30/24(A)		740		766
Serbia Government International Bond
7.250%, 09/28/21(A)		875		1,019
5.875%, 12/03/18(A)		590		625
South Africa Government International Bond
7.000%, 02/28/31		(ZAR) 4,125		251
5.875%, 09/16/25		200		226
5.500%, 03/09/20		150		164
5.000%, 10/12/46		221		221
4.875%, 04/14/26		680		715
4.300%, 10/12/28		1,310		1,310
Sri Lanka Government International Bond
6.850%, 11/03/25(A)		245		263
6.825%, 07/18/26(A)		430		462
6.250%, 10/04/20(A)		530		554
6.000%, 01/14/19(A)		310		320
5.875%, 07/25/22(A)		1,255		1,290
5.125%, 04/11/19(A)		310		313
Trinidad & Tobago Government International Bond
4.500%, 08/04/26(A)		370		381

89

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
Turkey Government International Bond
8.000%, 02/14/34	$	386	$	499
7.375%, 02/05/25		440		520
6.875%, 03/17/36		480		560
5.625%, 03/30/21		570		607
4.875%, 04/16/43		240		224
4.250%, 04/14/26		740		724
Ukraine Government International Bond
7.750%, 09/01/19(A)		3,090		2,998
0.000%, 05/31/40(A)(C)		314		100
Uruguay Government International Bond
5.100%, 06/18/50		976		1,012
4.500%, 08/14/24		344		379
4.375%, 10/27/27		1,310		1,410
Venezuela Government International Bond
9.250%, 09/15/27		180		98
7.750%, 10/13/19		515		317
7.650%, 04/21/25		652		313
7.000%, 12/01/18		492		292
6.000%, 12/09/20		680		366
Vietnam Government International Bond
6.750%, 01/29/20(A)		200		223
4.800%, 11/19/24(A)		875		929
Zambia Government International Bond
8.970%, 07/30/27(A)		200		197
8.500%, 04/14/24(A)		905		890
Total Sovereign Debt (Cost $91,426) (000)				96,510
Asset-Backed Securities — 6.3%
Automotive – 4.3%
AmeriCredit Automobile Receivables Trust, Ser 2016-2, Cl C
2.870%, 11/08/21 -11/08/21		628		639
2.710%, 09/08/22 -09/08/22		351		353
2.240%, 04/08/22 -04/08/22		1,062		1,065
1.267%, 04/08/19 -06/10/19(C)		2,672		2,673
BMW Vehicle Owner Trust, Ser 2016-A, Cl A3
1.160%, 11/25/20 -11/25/20		1,016		1,016
Capital Auto Receivables Asset Trust, Ser 2016-3, Cl A2A
1.360%, 04/22/19 -04/22/19		788		788
CarFinance Capital Auto Trust, Ser 2015-1A, Cl A
1.750%, 06/15/21 -06/15/21(A)		692		693
1.460%, 12/17/18 -12/17/18(A)		3		3
Carmax Auto Owner Trust, Ser 2016-3, Cl A2
1.170%, 08/15/19 -08/15/19		4,684		4,687

Description	Face Amount (000)		Value (000)
CPS Auto Receivables Trust, Ser 2016-B, Cl A
2.070%, 11/15/19 -11/15/19(A)	$	1,111	$	1,112
1.770%, 06/17/19 - 06/17/19(A)		716		718
1.650%, 11/15/19 - 11/15/19(A)		32		32
1.640%, 04/16/18 - 04/16/18(A)		3		3
1.620%, 01/15/20 - 01/15/20(A)		2,215		2,197
1.540%, 07/16/18 - 07/16/18(A)		47		48
1.210%, 08/15/18 - 08/15/18(A)		46		46
Drive Auto Receivables Trust, Ser 2016-AA, Cl A2A
1.500%, 03/15/18 - 03/15/18(A)		124		124
1.380%, 08/15/18 - 08/15/18(A)		2,267		2,266
DT Auto Owner Trust, Ser 2016-3A, Cl A
1.750%, 11/15/19 - 11/15/19(A)		1,282		1,285
1.660%, 03/15/19 - 03/15/19(A)		536		536
1.440%, 11/15/19 - 11/15/19(A)		2,202		2,202
Exeter Automobile Receivables Trust, Ser 2016-1A, Cl A
2.350%, 07/15/20 - 07/15/20(A)		357		358
1.320%, 01/15/19 - 01/15/19(A)		214		213
First Investors Auto Owner Trust, Ser 2016-2A, Cl A1
1.530%, 11/16/20 - 11/16/20(A)		1,267		1,267
1.440%, 10/15/19 - 10/15/19(A)		35		35
Flagship Credit Auto Trust, Ser 2015-3, Cl A
2.380%, 10/15/20 - 10/15/20(A)		275		276
2.280%, 05/15/20 - 05/15/20(A)		476		476
1.610%, 12/15/19 - 12/15/19(A)		1,947		1,945
1.430%, 12/16/19 - 12/16/19(A)		33		33
1.210%, 04/15/19 - 04/15/19(A)		95		95
Ford Credit Auto Owner Trust, Ser 2016-2, Cl A
2.030%, 12/15/27 - 12/15/27(A)		1,689		1,701
1.580%, 08/15/20 - 08/15/20		1,544		1,550
Honda Auto Receivables Owner Trust, Ser 2016-2, Cl A3
1.390%, 04/15/20 - 04/15/20		951		954
1.330%, 11/18/22 - 11/18/22		1,992		1,990
Mercedes-Benz Auto Receivables Trust, Ser 2016-1, Cl A3
1.260%, 02/16/21 - 02/16/21		1,996		1,997
Mercedes-Benz Master Owner Trust, Ser 2016-BA, Cl A
1.224%, 05/17/21 - 05/17/21(A)(C)		1,047		1,051
Santander Drive Auto Receivables Trust, Ser 2016-1, Cl B
2.470%, 12/15/20 - 12/15/20		508		512
2.080%, 02/16/21 - 02/16/21		961		961
1.830%, 01/15/20 - 01/15/20		991		993
1.820%, 05/15/19 - 05/15/19		110		110
1.590%, 10/15/18 - 10/15/18		294		294
1.274%, 12/17/18 - 12/17/18(C)		270		270
1.200%, 12/17/18 - 12/17/18		464		464
Toyota Auto Receivables, Ser 2016-C, Cl A3
1.140%, 08/17/20 -08/17/20		1,611		1,608
United Auto Credit Securitization Trust, Ser 2016-1, Cl A
2.000%, 10/15/17 -10/15/17(A)		160		160
1.670%, 09/10/18 -09/10/18(A)		2,195		2,195

90

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)		Value (000)
USAA Auto Owner Trust, Ser 2016- 1, Cl A3
1.200%, 06/15/20 - 06/15/20	$	1,128	$	1,128
				45,122
Credit Card – 1.4%
Capital One Multi-Asset Execution Trust, Ser 2016-A3, Cl A3
1.340%, 04/15/22 - 04/15/22		2,804		2,811
0.974%, 02/15/22 - 02/15/22(C)		2,095		2,108
Chase Issuance Trust, Ser 2016-A3, Cl A3
1.074%, 06/15/23 - 06/15/23(C)		2,151		2,155
1.060%, 09/16/19 - 09/16/19		3,069		3,068
Discover Card Execution Note Trust, Ser 2016-A4, Cl A4
1.390%, 03/15/22 - 03/15/22		2,425		2,426
World Financial Network Credit Card Master Trust, Ser 2016-B, Cl A
1.440%, 06/15/22 - 06/15/22		2,349		2,349
				14,917
Other Asset-Backed Securities – 0.6%
Bayview Opportunity Master Fund IIa Trust, Ser 2016-RPL3, Cl A1
3.475%, 07/28/31 - 07/28/31(A)(E)		296		295
Bayview Opportunity Master Fund
IIIa Trust, Ser 2016-RN3, Cl A1
3.598%, 09/28/31 - 09/28/31(A)(E)		483		483
NYMT Residential, Ser 2016-RP1A, Cl A
4.000%, 03/25/21 - 03/25/21(A)(E)		280		280
Oak Hill Advisors Residential Loan Trust, Ser 2015-NPL2, Cl A1
3.721%, 07/25/55 - 07/25/55(A)(E)		398		395
US Residential Opportunity Fund III Trust, Ser 2016-1III, Cl A
3.475%, 07/27/36 - 07/27/36(A)(E)		291		292
Verizon Owner Trust, Ser 2016-1A, Cl A
1.420%, 01/20/21 - 01/20/21(A)		491		492
VOLT XLV, Ser 2016-NPL5, Cl A1
4.000%, 05/25/46 - 05/25/46(A)(E)		657		662
VOLT XLVIII, Ser 2016-NPL8, Cl A1
3.500%, 07/25/46 - 07/25/46(A)(E)		338		338
VOLT XXII, Ser 2015-NPL4, Cl A1
3.500%, 02/25/55 - 02/25/55(A)(E)		175		175
VOLT XXVI, Ser 2014-NPL6, Cl A1
3.125%, 09/25/43 - 09/25/43(A)(E)		1,071		1,068
VOLT XXX, Ser 2015-NPL1, Cl A1
3.625%, 10/25/57 - 10/25/57(A)(E)		408		409

Description	Face Amount (000)		Value (000)
VOLT XXXI, Ser 2015-NPL2, Cl A1
3.375%, 02/25/55 - 02/25/55(A)(E)	$	289	$	289
VOLT XXXIV, Ser 2015-NPL7, Cl A1
3.250%, 02/25/55 - 02/25/55(A)(E)		178		177
VOLT XXXV, Ser 2016-NPL9, Cl A1
3.500%, 09/25/46 - 09/25/46(A)(E)		576		576
VOLT XXXVIII, Ser 2015-NP12, Cl A1
3.875%, 09/25/45 - 09/25/45(A)(E)		155		156
				6,087
Total Asset-Backed Securities (Cost $66,063) (000)				66,126
U.S. Government Agency Obligations — 1.7%
FFCB
1.420%, 06/29/20 - 06/29/20		100		100
1.370%, 10/13/20 - 10/13/20		100		100
1.150%, 02/22/19 - 02/22/19		200		200
1.100%, 03/14/18 - 06/01/18		350		351
0.750%, 04/18/18 - 04/18/18		100		100
FHLB
4.125%, 03/13/20 - 03/13/20		750		826
1.625%, 06/14/19 - 06/14/19		400		406
1.375%, 02/18/21 - 02/18/21		200		201
1.150%, 06/22/18 - 06/22/18		200		200
1.125%, 06/21/19 - 06/21/19		300		301
1.000%, 12/19/17 - 09/26/19		515		516
0.875%, 10/01/18 - 08/05/19		250		250
0.625%, 10/26/17 - 08/07/18		550		549
FHLMC
6.250%, 07/15/32 - 07/15/32		662		1,000
2.375%, 01/13/22 - 01/13/22		2,130		2,243
1.330%, 12/30/20 - 12/30/20		400		398
1.250%, 01/29/19 - 10/02/19		800		805
1.125%, 04/15/19 - 04/15/19		300		301
1.050%, 05/17/18 - 05/17/18		250		250
1.000%, 12/15/17 - 05/11/18		300		301
0.750%, 01/12/18 - 04/09/18		850		849
FNMA
2.625%, 09/06/24 - 09/06/24		1,198		1,283
2.125%, 04/24/26 - 04/24/26		200		204
1.875%, 02/19/19 - 12/28/20		631		646
1.750%, 06/20/19 - 06/20/19		300		306
1.500%, 06/22/20 - 11/30/20		427		433
1.400%, 06/13/19 - 06/13/19		250		250
1.375%, 01/28/19 - 01/28/19		200		202
1.125%, 07/20/18 - 07/20/18		250		251
1.000%, 02/26/19 - 08/28/19		750		751
0.875%, 02/08/18 - 05/21/18		1,000		1,001
Tennessee Valley Authority
4.250%, 09/15/65 -09/15/65		790		940
3.500%, 12/15/42 -12/15/42		733		800
Total U.S. Government Agency Obligations (Cost $16,549) (000)				17,314

91

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

Description	Face Amount (000)/Shares		Value (000)
Municipal Bonds — 0.4%
California State
7.350%, 11/01/39	$	211	$	323
7.300%, 10/01/39		780		1,189
California State, Department of Water Resources, Power Supply Revenue
2.000%, 05/01/22		100		101
Florida State, Hurricane Catastrophe Fund RB
2.995%, 07/01/20		150		157
Illinois State GO
5.665%, 03/01/18		200		210
New Jersey State, Transportation Trust Fund RB
5.754%, 12/15/28		1,195		1,338
South Carolina State, Public Service Authority
2.388%, 12/01/23		100		102
University of California RB
4.767%, 05/15/15		489		540
Total Municipal Bonds (Cost $3,733) (000)				3,960
Preferred Stock — 0.0%
Education Management(D)		1,550,903		8
Total Preferred Stock (Cost $188) (000)				8
Short-Term Investment — 8.9%
State Street Institutional Liquid Reserves Fund, Institutional Class, 0.386%(H)		92,333,343		92,333
Total Short-Term Investment (Cost $92,333) (000)				92,333
Total Investments — 109.9% (Cost $1,124,350) (000) †			$	1,142,543

Percentages are based on Net Assets of $1,039,756 (000).

A list of the open forward foreign currency contracts held by the Fund at September 30, 2016 is as follows (000):

Counterparty	Maturity Date		Currency to Deliver		Currency to Receive		Unrealized Appreciation/ (Depreciation)
Barclays		10/27/16	THB	9,270	USD	264	$	(3	)
Barclays		10/27/16	USD	265	THB	9,270		2
Barclays		11/23/16	USD	268	RUB	17,320		4
Barclays		11/28/16	PLN	2,054	USD	539		2
Barclays		12/22/16	TRY	1,593	USD	525		3
Barclays		2/23/17	CNH	1,864	USD	276		(1	)
Barclays		2/23/17	CNH	7,180	USD	1,074		7
BNP Paribas		11/1/16	SGD	714	USD	527		4
BNP Paribas		11/1/16	USD	525	SGD	714		(2	)
BNP Paribas		12/20/16	EUR	493	USD	556		-
Brown Brothers Harriman		10/17/16	USD	532	PHP	25,030		(16	)
CLSA		10/3/16	USD	254	IDR	3,374,000		5
Credit Suisse First Boston		11/18/16	MXN	8,970	USD	494		34
Deutsche Bank		11/7/16	USD	111	ARS	1,770		2
HSBC		10/17/16	PHP	25,030	USD	526		10
HSBC		12/2/16	USD	280	IDR	3,637,000		(3	)
Northeast Securities		11/18/16	USD	257	BRL	844		(1	)
Northeast Securities		11/28/16	USD	531	PLN	2,054		5
UBS		10/31/16	GBP	833	USD	1,092		12
							$	64

For the period ended September 30, 2016, 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.

(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”. The total value of such securities as of September 30, 2016 was $127,927 (000) and represented 12.30% of Net Assets.

(B) Security considered illiquid. The total market value of such security as of September 30, 2016 was $56 (000) and represented 0.00% of Net Assets.

(C) Variable rate security – The rate reported is the rate in effect as of September 30, 2016. The date reported is the final maturity date.

(D) 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 September 30, 2016 was $9 (000) and represented 0.00% of Net Assets.

(E) Step Bond – The rate reported is the effective yield as of September 30, 2016. The coupon on a step bond changes on a specified date.

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

(G) The rate shown is the effective yield at the time of purchase.

(H) The rate reported is the 7-day effective yield as of September 30, 2016.

ARS  —  Argentine Peso

BRL — Brazilian Real

Cl — Class

CNH — Chinese Offshore Yuan

EUR  — Euro

FFCB  — Federal Farm Credit Bank

FHLB  — Federal Home Loan Bank

FHLMC  — Federal Home Loan Mortgage Corporation

FNMA  — Federal National Mortgage Association

GBP  — British Pound

GHS  — Ghana Cedi

GNMA  — Government National Mortgage Association

GO  — General Obligation

IDR  — Indonesian Rupiah

INR  — Indian Rupee

MXN  — Mexican Peso

LKR  — Sri Lanka Rupee

LLC  — Limited Liability Company

LP  — Limited Partnership

Ltd  — Limited

PHP  — Philippine Peso

92

KP Fixed Income Fund

Schedule of Investments

September 30, 2016 (unaudited)

PLN — Polish Zloty

RB — Revenue Bond

RUB — Russian Ruble

Ser — Series

SGD — Singapore Dollar

THB — Thai Baht

TRY — Turkish Lira

USD — United States Dollar

ZAR — South African Rand

† At September 30, 2016, the tax cost basis of the Fund’s investments was $1,124,350 (000), and the unrealized appreciation and depreciation were $21,304 (000) and $(3,111) (000), respectively.

The following is a list of the level of inputs used as of September 30, 2016, 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	$	-	$	300,199		$	1	$	300,200
U.S. Treasury Obligations		-		295,361			-		295,361
Mortgage-Backed Securities		-		173,488			-		173,488
Loan Participations		-		97,243			-		97,243
Sovereign Debt		-		96,510			-		96,510
Asset-Backed Securities		-		66,126			-		66,126
U.S. Government Agency Obligations		-		17,314			-		17,314
Municipal Bonds		-		3,960			-		3,960
Preferred Stock		-		-			8		8
Short-Term Investment		92,333		-			-		92,333
Total Investments in Securities	$	92,333	$	1,050,201		$	9	$	1,142,543
Other Financial Instruments	Level 1		Level 2			Level 3		Total
Forward Currency Contracts*
Unrealized Appreciation	$	-	$	90		$	-	$	90
Unrealized Depreciation		-		(26	)		-		(26	)
Total Other Financial Instruments	$	-	$	64		$	-	$	64

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

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

As of September 30, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2016, 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.

93

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

Date: November 28, 2016

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

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

Date: November 28, 2016

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

Date: November 28, 2016