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, 2017

Date of reporting period: March 31, 2017

Item 1. Schedules of Investments

KP Retirement Path 2015 Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 72.8%
KP Fixed Income Fund		17,511,661	$	174,592
KP International Equity Fund		4,010,757		38,944
KP Large Cap Equity Fund		7,719,435		92,093
KP Small Cap Equity Fund		1,447,388		16,790
Total Affiliated Registered Investment Companies (Cost $308,247) (000)				322,419
Unaffiliated Registered Investment Companies — 26.3%
DFA Commodity Strategy Portfolio		671,355		3,954
DFA International Real Estate Securities Portfolio		869,160		4,259
Lazard Global Listed Infrastructure Portfolio		282,574		4,417
T. Rowe Price Institutional Floating Rate Fund		405,681		4,081
Vanguard Inflation-Protected Securities Fund		1,322,105		13,895
Vanguard REIT Index Fund		508,288		9,215
Vanguard Short-Term Bond Index Fund		4,101,872		42,824
Vanguard Short-Term Inflation-Protected Securities Index Fund		1,353,838		33,602
Total Unaffiliated Registered Investment Companies (Cost $114,634) (000)				116,247
Exchange Traded Fund — 0.9%
T. Rowe Price New Era Fund, Cl I		119,494		3,993
Total Exchange Traded Fund (Cost $4,064) (000)				3,993
Total Investments — 100.0% (Cost $426,945) (000) †			$	442,659

Percentages are based on Net Assets of $442,720 (000).

Cl — Class

REIT — Real Estate Investment Trust

† At March 31, 2017, the tax cost basis of the Fund’s investments was $426,945 (000), and the unrealized appreciation and depreciation were $17,021 (000) and $(1,307) (000), respectively.

As of March 31, 2017, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended March 31, 2017, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

1

KP Retirement Path 2015 Fund

Schedule of Investments

March 31, 2017 (Unaudited)

For the period ended March 31, 2017, there have been no changes to the Fund’s fair value methodologies.

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

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

The following is a summary of the transactions with affiliates for the period ended March 31, 2017 (000):

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain			Value 3/31/2017
KP Fixed Income Fund	$	159,878	$	33,792	$	(21,010	)	$	1,972	$	(40	)	$	174,592
KP International Equity Fund		27,218		11,615		(2,710	)		2,867		(46	)		38,944
KP Large Cap Equity Fund		79,257		13,951		(6,800	)		4,511		1,174			92,093
KP Small Cap Equity Fund		13,182		4,304		(1,218	)		338		184			16,790

2

KP Retirement Path 2020 Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 77.2%
KP Fixed Income Fund		26,947,877	$	268,671
KP International Equity Fund		10,024,031		97,333
KP Large Cap Equity Fund		16,691,612		199,131
KP Small Cap Equity Fund		3,764,982		43,674
Total Affiliated Registered Investment Companies (Cost $575,158) (000)				608,809
Unaffiliated Registered Investment Companies — 21.8%
DFA Commodity Strategy Portfolio		1,258,958		7,415
DFA International Real Estate Securities Portfolio		1,624,666		7,961
Lazard Global Listed Infrastructure Portfolio		527,692		8,248
T. Rowe Price Institutional Floating Rate Fund		759,917		7,645
Vanguard Inflation-Protected Securities Fund		2,230,547		23,443
Vanguard REIT Index Fund		857,808		15,552
Vanguard Short-Term Bond Index Fund		5,610,369		58,572
Vanguard Short-Term Inflation-Protected Securities Index Fund		1,733,249		43,019
Total Unaffiliated Registered Investment Companies (Cost $169,875) (000)				171,855
Exchange Traded Fund — 1.0%
T. Rowe Price New Era Fund, Cl I		224,094		7,489
Total Exchange Traded Fund (Cost $7,618) (000)				7,489
Total Investments — 100.0% (Cost $752,651) (000) †			$	788,153

Percentages are based on Net Assets of $788,242 (000).

Cl — Class

REIT — Real Estate Investment Trust

† At March 31, 2017, the tax cost basis of the Fund’s investments was $752,651 (000), and the unrealized appreciation and depreciation were $38,370 (000) and $(2,868) (000), respectively.

As of March 31, 2017, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended March 31, 2017, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

3

KP Retirement Path 2020 Fund

Schedule of Investments

March 31, 2017 (Unaudited)

For the period ended March 31, 2017, there have been no changes to the Fund’s fair value methodologies.

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

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

The following is a summary of the transactions with affiliates for the period ended March 31, 2017 (000):

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain			Value 3/31/2017
KP Fixed Income Fund	$	243,375	$	37,179	$	(14,800	)	$	2,943	$	(26	)	$	268,671
KP International Equity Fund		78,221		15,010		(3,274	)		7,443		(67	)		97,333
KP Large Cap Equity Fund		150,728		43,521		(6,662	)		10,393		1,151			199,131
KP Small Cap Equity Fund		42,361		1,454		(1,582	)		1,206		235			43,674

4

KP Retirement Path 2025 Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 82.2%
KP Fixed Income Fund		25,245,899	$	251,702
KP International Equity Fund		15,141,889		147,028
KP Large Cap Equity Fund		22,661,783		270,354
KP Small Cap Equity Fund		5,816,303		67,469
Total Affiliated Registered Investment Companies (Cost $690,117) (000)				736,553
Unaffiliated Registered Investment Companies — 16.8%
DFA Commodity Strategy Portfolio		1,464,574		8,626
DFA International Real Estate Securities Portfolio		1,886,847		9,246
Lazard Global Listed Infrastructure Portfolio		612,756		9,577
T. Rowe Price Institutional Floating Rate Fund		883,354		8,887
Vanguard Inflation-Protected Securities Fund		2,455,991		25,812
Vanguard REIT Index Fund		944,743		17,128
Vanguard Short-Term Bond Index Fund		3,913,549		40,857
Vanguard Short-Term Inflation-Protected Securities Index Fund		1,214,457		30,144
Total Unaffiliated Registered Investment Companies (Cost $148,615) (000)				150,277
Exchange Traded Fund — 1.0%
T. Rowe Price New Era Fund, Cl I		260,761		8,715
Total Exchange Traded Fund (Cost $8,862) (000)				8,715
Total Investments — 100.0% (Cost $847,594) (000) †			$	895,545

Percentages are based on Net Assets of $895,614 (000).

Cl — Class

REIT — Real Estate Investment Trust

† At March 31, 2017, the tax cost basis of the Fund’s investments was $847,594 (000), and the unrealized appreciation and depreciation were $51,104(000) and $(3,153) (000), respectively.

As of March 31, 2017, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended March 31, 2017, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

5

KP Retirement Path 2025 Fund

Schedule of Investments

March 31, 2017 (Unaudited)

For the period ended March 31, 2017, there have been no changes to the Fund’s fair value methodologies.

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

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

The following is a summary of the transactions with affiliates for the period ended March 31, 2017 (000):

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain			Value 3/31/2017
KP Fixed Income Fund	$	219,574	$	34,166	$	(4,713	)	$	2,683	$	(8	)	$	251,702
KP International Equity Fund		141,328		4,920		(11,248	)		12,368		(340	)		147,028
KP Large Cap Equity Fund		196,194		62,297		(3,415	)		14,683		595			270,354
KP Small Cap Equity Fund		71,689		2,369		(8,880	)		1,023		1,268			67,469

6

KP Retirement Path 2030 Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 87.2%
KP Fixed Income Fund		19,217,844	$	191,602
KP International Equity Fund		18,369,532		178,368
KP Large Cap Equity Fund		23,647,031		282,109
KP Small Cap Equity Fund		6,887,821		79,899
Total Affiliated Registered Investment Companies (Cost $680,118) (000)				731,978
Unaffiliated Registered Investment Companies — 11.9%
DFA Commodity Strategy Portfolio		1,285,510		7,572
DFA International Real Estate Securities Portfolio		1,657,555		8,122
Lazard Global Listed Infrastructure Portfolio		536,821		8,391
T. Rowe Price Institutional Floating Rate Fund		775,738		7,804
Vanguard Inflation-Protected Securities Fund		2,080,287		21,863
Vanguard REIT Index Fund		806,853		14,628
Vanguard Short-Term Bond Index Fund		1,901,717		19,854
Vanguard Short-Term Inflation-Protected Securities Index Fund		480,722		11,932
Total Unaffiliated Registered Investment Companies (Cost $99,062) (000)				100,166
Exchange Traded Fund — 0.9%
T. Rowe Price New Era Fund, Cl I		228,978		7,652
Total Exchange Traded Fund (Cost $7,782) (000)				7,652
Total Investments — 100.0% (Cost $786,962) (000) †			$	839,796

Percentages are based on Net Assets of $839,833 (000).

Cl — Class

REIT — Real Estate Investment Trust

† At March 31, 2017, the tax cost basis of the Fund’s investments was $786,962 (000), and the unrealized appreciation and depreciation were $55,094 (000) and $(2,261) (000), respectively.

As of March 31, 2017, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended March 31, 2017, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

7

KP Retirement Path 2030 Fund

Schedule of Investments

March 31, 2017 (Unaudited)

For the period ended March 31, 2017, there have been no changes to the Fund’s fair value methodologies.

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

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

The following is a summary of the transactions with affiliates for the period ended March 31, 2017 (000):

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 3/31/2017
KP Fixed Income Fund	$	155,165	$	36,221	$	(1,777	)	$	1,997	$	(4	)	$	191,602
KP International Equity Fund		190,200		7,562		(34,726	)		16,454		(1,122	)		178,368
KP Large Cap Equity Fund		210,598		57,504		(2,006	)		15,667		346			282,109
KP Small Cap Equity Fund		89,053		3,492		(15,408	)		570		2,192			79,899

8

KP Retirement Path 2035 Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 91.2%
KP Fixed Income Fund		17,114,451	$	170,631
KP International Equity Fund		24,221,531		235,191
KP Large Cap Equity Fund		27,644,190		329,795
KP Small Cap Equity Fund		9,124,079		105,839
Total Affiliated Registered Investment Companies (Cost $776,179) (000)				841,456
Unaffiliated Registered Investment Companies — 8.0%
DFA Commodity Strategy Portfolio		1,256,527		7,401
DFA International Real Estate Securities Portfolio		1,617,766		7,927
Lazard Global Listed Infrastructure Portfolio		525,168		8,208
T. Rowe Price Institutional Floating Rate Fund		757,678		7,622
Vanguard Inflation-Protected Securities Fund		2,026,492		21,299
Vanguard REIT Index Fund		787,444		14,277
Vanguard Short-Term Bond Index Fund		417,036		4,354
Vanguard Short-Term Inflation-Protected Securities Index Fund		87,566		2,173
Total Unaffiliated Registered Investment Companies (Cost $72,266) (000)				73,261
Exchange Traded Fund — 0.8%
T. Rowe Price New Era Fund, Cl I		223,745		7,478
Total Exchange Traded Fund (Cost $7,603) (000)				7,478
Total Investments — 100.0% (Cost $856,048) (000) †			$	922,195

Percentages are based on Net Assets of $922,207 (000).

Cl — Class

REIT — Real Estate Investment Trust

† At March 31, 2017, the tax cost basis of the Fund’s investments was $856,048 (000), and the unrealized appreciation and depreciation were $68,269 (000) and $(2,122) (000), respectively.

As of March 31, 2017, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended March 31, 2017, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

9

KP Retirement Path 2035 Fund

Schedule of Investments

March 31, 2017 (Unaudited)

For the period ended March 31, 2017, there have been no changes to the Fund’s fair value methodologies.

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

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

The following is a summary of the transactions with affiliates for the period ended March 31, 2017 (000):

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 3/31/2017
KP Fixed Income Fund	$	132,082	$	38,511	$	(1,720	)	$	1,761	$	(3	)	$	170,631
KP International Equity Fund		248,350		10,327		(43,594	)		21,513		(1,405	)		235,191
KP Large Cap Equity Fund		263,591		50,110		(3,043	)		18,616		521			329,795
KP Small Cap Equity Fund		115,902		4,772		(18,467	)		1,003		2,629			105,839

10

KP Retirement Path 2040 Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 93.7%
KP Fixed Income Fund		12,877,424	$	128,388
KP International Equity Fund		24,893,393		241,715
KP Large Cap Equity Fund		26,042,523		310,688
KP Small Cap Equity Fund		9,199,996		106,720
Total Affiliated Registered Investment Companies (Cost $723,949) (000)				787,511
Unaffiliated Registered Investment Companies — 5.7%
DFA Commodity Strategy Portfolio		900,026		5,301
DFA International Real Estate Securities Portfolio		1,157,800		5,673
Lazard Global Listed Infrastructure Portfolio		376,199		5,880
T. Rowe Price Institutional Floating Rate Fund		542,500		5,458
Vanguard Inflation-Protected Securities Fund		1,459,249		15,337
Vanguard REIT Index Fund		561,573		10,181
Vanguard Short-Term Bond Index Fund		327		3
Total Unaffiliated Registered Investment Companies (Cost $47,036) (000)				47,833
Exchange Traded Fund — 0.6%
T. Rowe Price New Era Fund, Cl I		160,245		5,355
Total Exchange Traded Fund (Cost $5,445) (000)				5,355
Total Investments — 100.0% (Cost $776,430) (000) †			$	840,699

Percentages are based on Net Assets of $840,695 (000).

Cl — Class

REIT — Real Estate Investment Trust

† At March 31, 2017, the tax cost basis of the Fund’s investments was $776,430 (000), and the unrealized appreciation and depreciation were $65,683 (000) and $(1,414) (000), respectively.

As of March 31, 2017, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended March 31, 2017, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended March 31, 2017, there were no Level 3 investments.

For the period ended March 31, 2017, there have been no changes to the Fund’s fair value methodologies.

11

KP Retirement Path 2040 Fund

Schedule of Investments

March 31, 2017 (Unaudited)

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

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

The following is a summary of the transactions with affiliates for the period ended March 31, 2017 (000):

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 3/31/2017
KP Fixed Income Fund	$	88,789	$	39,379	$	(1,069	)	$	1,291	$	(2	)	$	128,388
KP International Equity Fund		248,249		12,082		(38,988	)		21,628		(1,256	)		241,715
KP Large Cap Equity Fund		261,814		33,212		(2,647	)		17,864		445			310,688
KP Small Cap Equity Fund		113,607		5,480		(15,978	)		1,338		2,273			106,720

12

KP Retirement Path 2045 Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 94.9%
KP Fixed Income Fund		7,794,275	$	77,709
KP International Equity Fund		18,543,826		180,061
KP Large Cap Equity Fund		18,921,942		225,738
KP Small Cap Equity Fund		7,008,169		81,295
Total Affiliated Registered Investment Companies (Cost $518,925) (000)				564,803
Unaffiliated Registered Investment Companies — 4.6%
DFA Commodity Strategy Portfolio		521,730		3,073
DFA International Real Estate Securities Portfolio		670,778		3,287
Lazard Global Listed Infrastructure Portfolio		217,946		3,407
T. Rowe Price Institutional Floating Rate Fund		314,369		3,163
Vanguard Inflation-Protected Securities Fund		820,538		8,624
Vanguard REIT Index Fund		315,726		5,723
Total Unaffiliated Registered Investment Companies (Cost $26,795) (000)				27,277
Exchange Traded Fund — 0.5%
T. Rowe Price New Era Fund, Cl I		92,889		3,104
Total Exchange Traded Fund (Cost $3,155) (000)				3,104
Total Investments — 100.0% (Cost $548,875) (000) †			$	595,184

Percentages are based on Net Assets of $595,177 (000).

Cl — Class

REIT — Real Estate Investment Trust

† At March 31, 2017, the tax cost basis of the Fund’s investments was $548,875 (000), and the unrealized appreciation and depreciation were $46,995 (000) and $(686) (000), respectively.

As of March 31, 2017, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended March 31, 2017, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended March 31, 2017, there were no Level 3 investments.

For the period ended March 31, 2017, there have been no changes to the Fund’s fair value methodologies.

13

KP Retirement Path 2045 Fund

Schedule of Investments

March 31, 2017 (Unaudited)

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

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

The following is a summary of the transactions with affiliates for the period ended March 31, 2017 (000):

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 3/31/2017
KP Fixed Income Fund	$	45,430	$	32,353	$	(828	)	$	756	$	(2	)	$	77,709
KP International Equity Fund		186,139		10,567		(31,846	)		16,247		(1,046	)		180,061
KP Large Cap Equity Fund		195,581		19,364		(2,610	)		12,961		442			225,738
KP Small Cap Equity Fund		80,834		4,778		(6,993	)		1,680		996			81,295

14

KP Retirement Path 2050 Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 95.1%
KP Fixed Income Fund		3,300,768	$	32,909
KP International Equity Fund		9,531,135		92,547
KP Large Cap Equity Fund		9,652,888		115,159
KP Small Cap Equity Fund		3,548,176		41,159
Total Affiliated Registered Investment Companies (Cost $260,622) (000)				281,774
Unaffiliated Registered Investment Companies — 4.4%
DFA Commodity Strategy Portfolio		251,023		1,479
DFA International Real Estate Securities Portfolio		322,422		1,580
Lazard Global Listed Infrastructure Portfolio		104,629		1,635
T. Rowe Price Institutional Floating Rate Fund		151,174		1,521
Vanguard Inflation-Protected Securities Fund		382,426		4,019
Vanguard REIT Index Fund		147,179		2,668
Total Unaffiliated Registered Investment Companies (Cost $12,645) (000)				12,902
Exchange Traded Fund — 0.5%
T. Rowe Price New Era Fund, Cl I		44,705		1,494
Total Exchange Traded Fund (Cost $1,517) (000)				1,494
Total Investments — 100.0% (Cost $274,784) (000) †			$	296,170

Percentages are based on Net Assets of $296,166 (000).

Cl — Class

REIT — Real Estate Investment Trust

† At March 31, 2017, the tax cost basis of the Fund’s investments was $274,784 (000), and the unrealized appreciation and depreciation were $21,709 (000) and $(323) (000), respectively.

As of March 31, 2017, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended March 31, 2017, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended March 31, 2017, there were no Level 3 investments.

For the period ended March 31, 2017 , there have been no changes to the Fund’s fair value methodologies.

15

KP Retirement Path 2050 Fund

Schedule of Investments

March 31, 2017 (Unaudited)

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

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

The following is a summary of the transactions with affiliates for the period ended March 31, 2017 (000):

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 3/31/2017
KP Fixed Income Fund	$	20,319	$	12,615	$	(345	)	$	321	$	(1	)	$	32,909
KP International Equity Fund		90,509		8,280		(13,823	)		8,023		(442	)		92,547
KP Large Cap Equity Fund		95,036		14,732		(1,264	)		6,437		218			115,159
KP Small Cap Equity Fund		38,852		3,688		(2,702	)		934		387			41,159

16

KP Retirement Path 2055 Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 95.1%
KP Fixed Income Fund		721,604	$	7,194
KP International Equity Fund		2,197,194		21,335
KP Large Cap Equity Fund		2,218,877		26,471
KP Small Cap Equity Fund		811,729		9,416
Total Affiliated Registered Investment Companies (Cost $59,942) (000)				64,416
Unaffiliated Registered Investment Companies — 4.4%
DFA Commodity Strategy Portfolio		60,318		355
DFA International Real Estate Securities Portfolio		77,262		379
Lazard Global Listed Infrastructure Portfolio		25,028		391
T. Rowe Price Institutional Floating Rate Fund		36,263		365
Vanguard Inflation-Protected Securities Fund		82,718		869
Vanguard REIT Index Fund		31,849		578
Total Unaffiliated Registered Investment Companies (Cost $2,907) (000)				2,937
Exchange Traded Fund — 0.5%
T. Rowe Price New Era Fund, Cl I		10,746		359
Total Exchange Traded Fund (Cost $364) (000)				359
Total Investments — 100.0% (Cost $63,213) (000) †			$	67,712

Percentages are based on Net Assets of $67,711 (000).

Cl — Class

REIT — Real Estate Investment Trust

† At March 31, 2017, the tax cost basis of the Fund’s investments was $63,213 (000), and the unrealized appreciation and depreciation were $4,582 (000) and $(83) (000), respectively.

As of March 31, 2017, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended March 31, 2017, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended March 31, 2017, there were no Level 3 investments.

For the period ended March 31, 2017, there have been no changes to the Fund’s fair value methodologies.

17

KP Retirement Path 2055 Fund

Schedule of Investments

March 31, 2017 (Unaudited)

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

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

The following is a summary of the transactions with affiliates for the period ended March 31, 2017 (000):

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 3/31/2017
KP Fixed Income Fund	$	4,327	$	2,902	$	(103	)	$	72	$	(4	)	$	7,194
KP International Equity Fund		19,263		3,351		(2,948	)		1,775		(106	)		21,335
KP Large Cap Equity Fund		20,224		5,186		(395	)		1,408		48			26,471
KP Small Cap Equity Fund		8,265		1,486		(627	)		234		58			9,416

18

KP Retirement Path 2060 Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 95.1%
KP Fixed Income Fund		130,494	$	1,301
KP International Equity Fund		397,613		3,861
KP Large Cap Equity Fund		400,819		4,782
KP Small Cap Equity Fund		146,798		1,703
Total Affiliated Registered Investment Companies (Cost $10,847) (000)				11,647
Unaffiliated Registered Investment Companies — 4.3%
DFA Commodity Strategy Portfolio		11,760		69
DFA International Real Estate Securities Portfolio		15,001		74
Lazard Global Listed Infrastructure Portfolio		4,861		76
T. Rowe Price Institutional Floating Rate Fund		7,070		71
Vanguard Inflation-Protected Securities Fund		13,569		143
Vanguard REIT Index Fund		5,225		94
Total Unaffiliated Registered Investment Companies (Cost $520) (000)				527
Exchange Traded Fund — 0.6%
T. Rowe Price New Era Fund, Cl I		2,094		70
Total Exchange Traded Fund (Cost $71) (000)				70
Total Investments — 100.0% (Cost $11,438) (000) †			$	12,244

Percentages are based on Net Assets of $12,244 (000).

Cl — Class

REIT — Real Estate Investment Trust

† At March 31, 2017, the tax cost basis of the Fund’s investments was $11,438 (000), and the unrealized appreciation and depreciation were $816 (000) and $(10) (000), respectively.

As of March 31, 2017, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended March 31, 2017, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period. During the period ended March 31, 2017, there were no Level 3 investments.

For the period ended March 31, 2017, there have been no changes to the Fund’s fair value methodologies.

19

KP Retirement Path 2060 Fund

Schedule of Investments

March 31, 2017 (Unaudited)

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

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

The following is a summary of the transactions with affiliates for the period ended March 31, 2017 (000):

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 3/31/2017
KP Fixed Income Fund	$	718	$	651	$	(80	)	$	14	$	(2	)	$	1,301
KP International Equity Fund		3,197		1,104		(722	)		260		22			3,861
KP Large Cap Equity Fund		3,356		1,513		(330	)		210		33			4,782
KP Small Cap Equity Fund		1,371		490		(205	)		20		27			1,703

20

KP Large Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Common Stock — 97.6%
Consumer Discretionary – 13.1%
Advance Auto Parts		8,040	$	1,192
Amazon.com*		51,122		45,322
AMC Networks, Cl A*		24,582		1,442
AutoNation*		1,713		72
AutoZone*		832		602
Bed Bath & Beyond		6,615		261
Best Buy		37,044		1,821
BorgWarner		5,697		238
Brinker International		26,580		1,168
Brunswick		14,558		891
CarMax*		5,389		319
Carnival		37,851		2,230
CBS, Cl B		38,578		2,676
Charter Communications, Cl A*		6,000		1,964
Chipotle Mexican Grill, Cl A*		851		379
Coach		7,889		326
Comcast, Cl A		298,644		11,226
Darden Restaurants		8,811		737
Delphi Automotive PLC		46,584		3,750
Dick’s Sporting Goods		8,188		398
Discovery Communications, Cl A*		9,586		274
DISH Network, Cl A*		6,100		387
Dollar General		70,214		4,896
Dollar Tree*		21,011		1,649
Domino’s Pizza		4,452		821
DR Horton		46,401		1,546
Expedia		3,280		414
Ferrari		25,476		1,894
Foot Locker		6,823		510
Ford Motor		195,557		2,276
Fossil Group*		700		12
GameStop, Cl A		18,920		427
Gap		5,662		138
Garmin		2,949		151
General Motors		72,769		2,573
Genuine Parts		4,115		380
Goodyear Tire & Rubber		22,786		820
Graham Holdings, Cl B		259		155
H&R Block		5,276		123
Hanesbrands		72,201		1,499
Harley-Davidson		20,647		1,249
Hasbro		9,496		948
Hilton Worldwide Holdings		54,371		3,179
Home Depot		108,986		16,002
Hyatt Hotels, Cl A*		27,582		1,489
International Game Technology		55,097		1,306

Description	Shares		Value (000)
Interpublic Group of Companies		86,985	$	2,137
John Wiley & Sons, Cl A		23,091		1,242
Johnson Controls International		179,020		7,540
Kohl’s		4,551		181
L Brands		6,725		317
Las Vegas Sands		20,272		1,157
Lear		16,080		2,277
Leggett & Platt		3,446		173
Lennar, Cl A		5,595		286
Liberty SiriusXM Group, Cl A*		5,727		223
Live Nation Entertainment*		12,271		373
LKQ*		8,800		258
Lowe’s		57,082		4,693
Macy’s		25,520		756
Marriott International, Cl A		8,834		832
Mattel		9,790		251
McDonald’s		47,098		6,104
MGM Resorts International		138,818		3,804
Michael Kors Holdings*		8,250		314
Michaels*		43,117		965
Mohawk Industries*		1,701		390
Netflix*		27,466		4,060
Newell Brands		24,622		1,161
News, Cl A		12,868		169
NIKE, Cl B		36,832		2,053
Nordstrom		2,949		137
NVR*		346		729
Omnicom Group		76,863		6,626
O’Reilly Automotive*		10,369		2,798
priceline.com*		11,909		21,198
PulteGroup		7,602		179
PVH		19,503		2,018
Ralph Lauren, Cl A		1,404		115
Ross Stores		44,972		2,962
Royal Caribbean Cruises		4,600		451
Scripps Networks Interactive, Cl A		2,491		195
Signet Jewelers		1,800		125
Staples		29,852		262
Starbucks		103,105		6,020
Target		51,210		2,826
TEGNA		39,057		1,001
Tesla Motors*		18,850		5,246
Tiffany		3,092		295
Time Warner		57,178		5,587
TJX		35,322		2,793
Toll Brothers		14,663		530
TopBuild*		20,706		973
Tractor Supply		3,743		258
TripAdvisor*		2,893		125
Tupperware Brands		7,200		452
Twenty-First Century Fox, Cl A		50,474		1,627

21

KP Large Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Ulta Salon Cosmetics & Fragrance*		1,600	$	456
Under Armour, Cl A*		9,420		179
Urban Outfitters*		19,677		468
Vail Resorts		673		129
VF		9,014		496
Viacom, Cl B		9,721		453
Visteon*		8,348		818
Walt Disney		69,541		7,885
Whirlpool		4,882		836
Wyndham Worldwide		7,000		590
Wynn Resorts		2,291		263
Yum! Brands		28,059		1,793
				243,742
Consumer Staples – 8.1%
Altria Group		103,787		7,412
Archer-Daniels-Midland		112,423		5,176
Brown-Forman, Cl B		4,664		215
Bunge		12,479		989
Bunge Limited		2,861		227
Campbell Soup		25,177		1,441
Church & Dwight		7,200		359
Clorox		3,525		475
Coca-Cola		124,004		5,263
Colgate-Palmolive		24,731		1,810
ConAgra Foods		15,515		626
Constellation Brands, Cl A		4,762		772
Costco Wholesale		23,147		3,882
Coty, Cl A		84,008		1,523
CVS Health		151,185		11,868
Danone		19,735		1,342
Diageo		114,177		3,267
Dr Pepper Snapple Group		15,143		1,483
Estee Lauder, Cl A		6,371		540
Flowers Foods		15,362		298
General Mills		61,645		3,638
Hershey		3,761		411
Hormel Foods		7,670		266
Ingredion		6,366		767
JM Smucker		21,772		2,854
Kellogg		25,415		1,845
Kimberly-Clark		10,651		1,402
Kraft Heinz		16,739		1,520
Kroger		26,100		770
McCormick		3,230		315
Mead Johnson Nutrition, Cl A		15,889		1,415
Molson Coors Brewing, Cl B		10,032		960
Mondelez International, Cl A		42,794		1,844
Monster Beverage*		11,120		513
Nestle		66,844		5,129
Nu Skin Enterprises, Cl A		8,162		453

Description	Shares		Value (000)
PepsiCo		128,757	$	14,403
Philip Morris International		228,431		25,790
Pilgrim’s Pride		22,602		509
Procter & Gamble		185,280		16,647
Reynolds American		32,663		2,058
Rite Aid*		11,397		48
Sysco		33,989		1,765
Tyson Foods, Cl A		45,610		2,815
Walgreens Boots Alliance		40,882		3,395
Wal-Mart Stores		138,058		9,951
Whole Foods Market		9,049		269
				150,720
Energy – 4.4%
Anadarko Petroleum		21,976		1,363
Apache		27,719		1,424
Baker Hughes		17,709		1,059
Cabot Oil & Gas		13,134		314
Chesapeake Energy*		19,181		114
Chevron		96,232		10,332
Cimarex Energy		2,600		311
Concho Resources*		4,200		539
ConocoPhillips		116,223		5,796
Devon Energy		14,865		620
Energen*		16,133		878
Ensco, Cl A		152,322		1,363
EOG Resources		47,149		4,599
EQT		4,963		303
ExxonMobil		254,084		20,837
Halliburton		24,179		1,190
Helmerich & Payne		2,787		186
Hess		7,396		357
Kinder Morgan		118,085		2,567
Marathon Oil		23,714		375
Marathon Petroleum		43,824		2,215
Murphy Oil		4,146		119
Nabors Industries		78,850		1,031
National Oilwell Varco		10,346		415
Newfield Exploration*		5,837		215
Noble Energy		11,926		410
Occidental Petroleum		66,604		4,220
Oceaneering International		11,112		301
ONEOK		5,960		330
Phillips 66		12,145		962
Pioneer Natural Resources		6,495		1,210
Range Resources		4,785		139
Schlumberger		94,143		7,353
Southwestern Energy*		41,678		340
TechnipFMC*		23,381		760
Tesoro		3,332		270
Transocean*		9,991		124
Valero Energy		80,159		5,314

22

KP Large Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Williams		48,563	$	1,437
World Fuel Services		4,302		156
				81,848
Financials – 16.1%
Affiliated Managers Group		1,600		262
Aflac		24,897		1,803
Allied World Assurance Holdings		1,183		63
Allstate		33,747		2,750
American Express		75,084		5,940
American Financial Group		12,029		1,148
American International Group		42,701		2,666
American National Insurance		2,389		282
Ameriprise Financial		17,671		2,292
AmTrust Financial Services		21,546		398
Aon		51,239		6,082
Arthur J Gallagher		5,100		288
Aspen Insurance Holdings		33,697		1,754
Assurant		1,427		136
Assured Guaranty		55,659		2,065
Axis Capital Holdings		13,557		909
Bank of America		634,372		14,965
Bank of Hawaii		6,068		500
Bank of New York Mellon		151,643		7,162
BB&T		36,950		1,652
Berkshire Hathaway, Cl B*		84,423		14,072
BlackRock, Cl A		11,096		4,255
Capital One Financial		45,526		3,945
CBOE Holdings		2,400		195
Charles Schwab		72,598		2,963
Chimera Investment‡		79,811		1,611
Chubb		57,437		7,826
Cincinnati Financial		4,257		308
Citigroup		245,341		14,676
Citizens Financial Group		71,782		2,480
CME Group, Cl A		14,814		1,760
CNA Financial		4,900		216
Comerica		13,489		925
Commerce Bancshares		7,027		395
Cullen		4,025		358
Discover Financial Services		52,889		3,617
Donnelley Financial Solutions*		3,709		72
E*TRADE Financial*		7,801		272
East West Bancorp		2,123		110
Everest Re Group		7,525		1,759
Federated Investors, Cl B		30,034		791
Fifth Third Bancorp		39,981		1,015
First American Financial		10,749		422
First Horizon National		37,840		700
First Republic Bank		25,305		2,374
Franklin Resources		56,227		2,369

Description	Shares		Value (000)
Goldman Sachs Group		44,278	$	10,172
Hanover Insurance Group		4,253		383
Hartford Financial Services Group		30,906		1,486
Huntington Bancshares		29,848		400
Intercontinental Exchange		82,210		4,922
Invesco		11,473		351
JPMorgan Chase		350,582		30,795
KeyCorp		53,264		947
Leucadia National		9,447		246
Lincoln National		11,151		730
Loews		7,733		362
M&T Bank		4,224		654
Marsh & McLennan		14,501		1,071
MetLife		123,087		6,501
Moody’s		23,666		2,652
Morgan Stanley		190,300		8,152
Morningstar		588		46
Nasdaq		51,413		3,571
Navient		7,808		115
Northern Trust		6,092		527
Old Republic International		11,864		243
People’s United Financial		9,454		172
PNC Financial Services Group		75,372		9,063
Popular		55,576		2,264
Principal Financial Group		29,235		1,845
Progressive		16,262		637
Prudential Financial		49,814		5,314
Raymond James Financial		3,500		267
Regions Financial		69,569		1,011
Reinsurance Group of America, Cl A		9,012		1,144
RenaissanceRe Holdings		3,947		571
S&P Global		22,047		2,882
State Street		105,755		8,419
SunTrust Banks		116,755		6,457
Synchrony Financial		57,303		1,965
Synovus Financial		78,933		3,238
T Rowe Price Group		15,070		1,027
TCF Financial		23,688		403
TD Ameritrade Holding		67,760		2,633
Thomson Reuters		42,532		1,839
Torchmark		3,187		245
Travelers		76,661		9,241
Unum Group		27,021		1,267
US Bancorp		212,778		10,958
Validus Holdings		17,174		968
Voya Financial		25,590		971
Wells Fargo		414,086		23,048
Western Alliance Bancorp*		23,750		1,166
Willis Towers Watson		3,549		464
WR Berkley		23,371		1,651

23

KP Large Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
XL Group		7,593	$	303
Zions Bancorporation		14,619		614
				298,976
Health Care – 14.1%
Abbott Laboratories		160,168		7,113
AbbVie		44,273		2,885
Aetna		45,343		5,783
Agilent Technologies		31,169		1,648
Alexion Pharmaceuticals*		35,302		4,280
Allergan		29,784		7,116
AmerisourceBergen, Cl A		4,701		416
Amgen		44,924		7,371
Anthem		34,618		5,725
Baxter International		66,861		3,467
Becton Dickinson & Company		12,391		2,273
Biogen*		18,898		5,167
Bioverativ*		1,838		100
Boston Scientific*		56,374		1,402
Bristol-Myers Squibb		73,475		3,996
Bruker		4,353		102
Cardinal Health		36,844		3,005
Celgene*		44,159		5,495
Centene*		44,820		3,194
Cerner*		8,215		483
Cigna		48,358		7,084
Cooper		1,300		260
CR Bard		9,050		2,249
Danaher		131,240		11,225
DaVita*		4,448		302
Dentsply Sirona		6,449		403
Edwards Lifesciences*		5,782		544
Eli Lilly		78,222		6,579
Envision Healthcare*		3,366		206
Express Scripts Holding*		79,242		5,223
Gilead Sciences		80,975		5,500
HCA Holdings*		8,200		730
Henry Schein*		2,300		391
Hill-Rom Holdings		12,701		897
Hologic*		41,992		1,787
Humana		27,899		5,751
IDEXX Laboratories*		2,500		386
Illumina*		4,000		683
Incyte*		17,600		2,353
Intuitive Surgical*		10,704		8,204
Johnson & Johnson		242,296		30,178
Laboratory Corp of America Holdings*		2,852		409
Mallinckrodt*		2,700		120
McKesson		33,121		4,910
Medtronic		140,885		11,350
Merck		301,668		19,168

Description	Shares		Value (000)
Mettler-Toledo International*		700	$	335
Mylan*		12,467		486
Novartis		9,619		714
Patterson		2,145		97
PerkinElmer		2,796		162
Perrigo		4,032		268
Pfizer		502,590		17,194
Quest Diagnostics		3,854		378
Regeneron Pharmaceuticals*		2,129		825
Roche Holding		3,867		987
Stryker		38,684		5,093
Teleflex		1,426		276
Thermo Fisher Scientific		32,795		5,037
United Therapeutics*		8,469		1,146
UnitedHealth Group		122,491		20,090
Universal Health Services, Cl B		2,500		311
Varian Medical Systems*		2,729		249
Vertex Pharmaceuticals*		44,608		4,878
Waters*		3,340		522
WellCare Health Plans*		23,676		3,320
Zimmer Biomet Holdings		5,598		684
Zoetis, Cl A		13,772		735
				261,700
Industrials – 10.9%
3M		68,230		13,054
Acuity Brands		1,200		245
AECOM*		14,602		520
Alaska Air Group		61,354		5,658
Allegion		2,456		186
Allison Transmission Holdings		22,214		801
American Airlines Group		95,850		4,054
AMETEK		6,527		353
Arconic		12,355		325
Boeing		112,106		19,827
BWX Technologies, Cl W		17,685		842
Canadian National Railway		22,380		1,655
Carlisle		13,963		1,486
Caterpillar		16,488		1,529
CH Robinson Worldwide		4,064		314
Chicago Bridge & Iron		17,998		553
Cintas		2,476		313
Crane		20,508		1,535
CSX		25,804		1,201
Cummins		16,771		2,536
Deere		8,167		889
Delta Air Lines		93,810		4,312
Dover		6,275		504
Dun & Bradstreet		6,839		738
Eaton		51,693		3,833
Emerson Electric		76,500		4,579
Equifax		14,054		1,922

24

KP Large Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Expeditors International of Washington		5,158	$	291
Fastenal		7,976		411
FedEx		9,060		1,768
Flowserve		3,343		162
Fluor		3,585		189
Fortive		35,617		2,145
Fortune Brands Home & Security		7,652		466
General Dynamics		8,410		1,574
General Electric		332,199		9,900
HD Supply Holdings*		10,313		424
Honeywell International		76,884		9,601
Huntington Ingalls Industries		8,177		1,637
Illinois Tool Works		31,079		4,117
Ingersoll-Rand		62,438		5,077
ITT		3,828		157
Jacobs Engineering Group		21,284		1,177
JB Hunt Transport Services		2,500		229
JetBlue Airways*		56,408		1,163
Kansas City Southern		13,836		1,187
L3 Technologies		16,289		2,692
Lockheed Martin		20,517		5,490
LSC Communications		40,561		1,021
ManpowerGroup		6,991		717
Masco		37,812		1,285
MSC Industrial Direct, Cl A		9,389		965
Nielsen Holdings		9,200		380
Norfolk Southern		20,504		2,296
Northrop Grumman		33,551		7,980
Oshkosh		27,081		1,857
Owens Corning		17,302		1,062
PACCAR		9,817		660
Parker-Hannifin		33,507		5,372
Pentair		4,747		298
Quanta Services*		3,876		144
Raytheon		17,796		2,714
Regal Beloit		19,018		1,439
Republic Services, Cl A		18,538		1,164
Robert Half International		3,342		163
Rockwell Automation		8,872		1,381
Rockwell Collins		3,636		353
Roper Technologies		2,773		573
RR Donnelley & Sons		40,456		490
Ryder System		4,117		311
Snap-on		1,529		258
Southwest Airlines		35,710		1,920
Spirit AeroSystems Holdings, Cl A		60,834		3,524
Stanley Black & Decker		22,340		2,968
Stericycle*		2,221		184
Textron		42,957		2,044

Description	Shares		Value (000)
Timken		22,903	$	1,035
TransDigm Group		1,400		308
TransUnion*		23,714		909
Union Pacific		71,644		7,589
United Continental Holdings*		50,676		3,580
United Parcel Service, Cl B		62,220		6,676
United Rentals*		11,432		1,430
United Technologies		71,195		7,989
Valmont Industries		2,272		353
Verisk Analytics, Cl A*		4,400		357
Waste Connections		26,400		2,329
Waste Management		26,564		1,937
WESCO International*		10,905		758
WW Grainger		1,465		341
Xylem		5,222		262
				202,997
Information Technology – 21.8%
Accenture, Cl A		102,222		12,254
Activision Blizzard		28,318		1,412
Adobe Systems*		19,653		2,558
Advanced Micro Devices*		21,100		307
Akamai Technologies*		18,678		1,115
Alibaba Group Holding ADR*		45,900		4,949
Alliance Data Systems		1,580		393
Alphabet, Cl C*		56,129		47,152
Amdocs		30,378		1,853
Amphenol, Cl A		8,352		594
Analog Devices		10,298		844
Apple		399,724		57,424
Applied Materials		170,836		6,646
Arrow Electronics*		17,658		1,296
ASML Holding, Cl G		19,700		2,616
Autodesk*		5,308		459
Automatic Data Processing		12,568		1,287
Avnet		8,081		370
Booz Allen Hamilton Holding, Cl A		16,062		569
Broadcom, Cl A		11,132		2,438
Brocade Communications Systems		5,336		67
CA		56,129		1,780
Cadence Design Systems*		21,107		663
CDW		16,024		925
Cisco Systems		311,572		10,531
Citrix Systems*		20,505		1,710
Cognizant Technology Solutions, Cl A*		42,718		2,543
CommScope Holding*		38,932		1,624
Conduent*		19,915		334
CoreLogic*		25,620		1,043
Corning		62,530		1,688
CSRA		3,757		110

25

KP Large Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Dell Technologies - VMware Inc, Cl V*		16,588	$	1,063
Dolby Laboratories, Cl A		15,050		789
DST Systems		6,879		843
eBay*		95,378		3,202
Electronic Arts*		33,732		3,020
F5 Networks*		17,567		2,505
Facebook, Cl A*		239,310		33,994
Fidelity National Information Services		66,402		5,287
Fiserv*		39,356		4,538
FLIR Systems		9,159		332
Fortinet*		4,076		156
Genpact		17,374		430
Global Payments		4,350		351
Harris		3,486		388
Hewlett Packard Enterprise		97,342		2,307
HP		84,971		1,519
IAC*		4,669		344
Intel		262,105		9,454
International Business Machines		53,631		9,339
Intuit		35,319		4,097
Jabil Circuit		26,040		753
Juniper Networks		50,606		1,408
Keysight Technologies*		14,008		506
KLA-Tencor		29,083		2,765
Lam Research		4,529		581
LogMeIn		2,121		207
Marvell Technology Group		24,785		378
MasterCard, Cl A		56,945		6,405
Maxim Integrated Products		15,986		719
Microchip Technology		5,946		439
Micron Technology*		70,965		2,051
Microsoft		630,046		41,495
Motorola Solutions		4,685		404
NCR*		22,163		1,012
NetApp		7,794		326
Nuance Communications*		71,351		1,235
NVIDIA		16,409		1,787
NXP Semiconductors*		35,410		3,665
Oracle		151,861		6,775
Paychex		8,767		516
PayPal Holdings*		177,331		7,629
Qorvo*		3,300		226
QUALCOMM		95,886		5,498
Red Hat*		71,928		6,222
salesforce.com*		85,130		7,022
Seagate Technology		8,169		375
ServiceNow*		36,895		3,227
Skyworks Solutions		8,546		837
Snap, Cl A*		29,308		660
Symantec		17,037		523

Description	Shares		Value (000)
Synopsys*		27,050	$	1,951
TE Connectivity		9,915		739
Tencent Holdings ADR		121,300		3,501
Teradata*		46,910		1,460
Teradyne		52,218		1,624
Texas Instruments		119,268		9,608
Total System Services		14,817		792
VeriSign*		2,357		205
Versum Materials		11,435		350
Viavi Solutions*		70,196		753
Visa, Cl A		198,536		17,644
VMware, Cl A*		11,808		1,088
Western Digital		8,101		669
Western Union		40,579		826
Workday, Cl A*		4,200		350
Xerox		165,165		1,212
Xilinx		7,080		410
Yahoo!*		24,745		1,148
Zynga, Cl A*		161,865		461
				403,949
Materials – 3.1%
AdvanSix*		45,495		1,243
Air Products & Chemicals		23,589		3,191
Albemarle		3,200		338
Avery Dennison		4,940		398
Ball		4,852		360
Cabot		56,963		3,413
Celanese, Cl A		28,936		2,600
CF Industries Holdings		6,850		201
Crown Holdings*		32,838		1,739
Dow Chemical		73,544		4,673
Eastman Chemical		17,934		1,449
Ecolab		7,209		904
EI du Pont de Nemours		54,893		4,410
FMC		3,932		274
Freeport-McMoRan*		37,448		500
Graphic Packaging Holding		47,711		614
Huntsman		79,745		1,957
International Flavors & Fragrances		2,242		297
International Paper		11,676		593
LyondellBasell Industries, Cl A		57,040		5,201
Martin Marietta Materials		1,700		371
Monsanto		28,464		3,222
Mosaic		9,981		291
Newmont Mining		21,725		716
Nucor		33,341		1,991
PPG Industries		68,561		7,204
Praxair		7,914		939
Reliance Steel & Aluminum		19,110		1,529
Sealed Air		5,542		241

26

KP Large Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Sherwin-Williams		9,777	$	3,033
Silgan Holdings		6,771		402
Sonoco Products		3,872		205
Steel Dynamics		24,919		866
Vulcan Materials		3,727		449
WestRock		48,618		2,530
				58,344
Real Estate – 1.7%
Alexandria Real Estate Equities‡		2,400		265
American Tower, Cl A‡		11,888		1,445
Apartment Investment & Management, Cl A‡		25,956		1,151
AvalonBay Communities‡		3,912		718
Boston Properties‡		9,535		1,262
Brixmor Property Group‡		15,927		342
Camden Property Trust‡		1,489		120
CBRE Group, Cl A*		21,445		746
Columbia Property Trust‡		9,578		213
Crown Castle International‡		29,282		2,766
Digital Realty Trust‡		4,400		468
Duke Realty‡		35,979		945
Equinix‡		2,194		878
Equity Commonwealth‡ *		24,244		757
Equity LifeStyle Properties‡		18,342		1,413
Equity Residential‡		10,284		640
Essex Property Trust‡		1,832		424
Extra Space Storage‡		3,600		268
Federal Realty Investment Trust‡		2,000		267
GGP‡		70,625		1,637
HCP‡		12,895		403
Host Hotels & Resorts‡		20,718		387
Iron Mountain‡		6,986		249
Kilroy Realty‡		13,649		984
Kimco Realty‡		12,145		268
Macerich‡		3,145		203
Mid-America Apartment Communities‡		3,200		326
Outfront Media‡		27,797		738
Prologis‡		33,441		1,735
Public Storage‡		8,537		1,869
Realty Income‡		7,600		452
Regency Centers‡		4,100		272
Retail Properties of America, Cl A‡		12,691		183
SBA Communications, Cl A‡ *		11,607		1,397
Simon Property Group‡		8,904		1,532
SL Green Realty‡		2,900		309
UDR‡		7,600		276
Ventas‡		10,013		651
Vornado Realty Trust‡		4,703		472

Description	Shares		Value (000)
Welltower‡		10,203	$	723
Weyerhaeuser‡		20,982		713
				30,867
Telecommunication Services – 1.5%
AT&T		320,152		13,302
CenturyLink		15,330		361
Level 3 Communications*		11,866		679
T-Mobile US*		51,800		3,346
Verizon Communications		224,339		10,937
				28,625
Utilities – 2.8%
AES		19,337		216
Alliant Energy		6,500		257
Ameren		81,482		4,448
American Electric Power		52,841		3,547
American Water Works		5,000		389
Avangrid		19,257		823
CenterPoint Energy		64,464		1,777
CMS Energy		7,864		352
Consolidated Edison		25,722		1,998
Dominion Resources		17,515		1,359
DTE Energy		18,510		1,890
Duke Energy		67,985		5,575
Edison International		45,516		3,624
Entergy		4,954		376
Eversource Energy		10,666		627
Exelon		47,857		1,722
FirstEnergy		51,510		1,639
Great Plains Energy		29,818		871
Hawaiian Electric Industries		60,157		2,004
NextEra Energy		13,154		1,689
NiSource		9,446		225
NRG Energy		8,064		151
PG&E		31,977		2,122
Pinnacle West Capital		34,216		2,853
PPL		18,999		710
Public Service Enterprise Group		62,284		2,762
SCANA		23,151		1,513
Sempra Energy		6,996		773
Southern		27,637		1,376
Vectren		10,805		633
WEC Energy Group		8,620		523
Xcel Energy		52,821		2,348
				51,172
Total Common Stock (Cost $1,561,205) (000)				1,812,940
Preferred Stock — 0.3%
Air BNB, Ser D* (A) (B)		11,406		1,198
Air BNB, Ser E* (A) (B)		6,939		729

27

KP Large Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Dropbox, Cl A* (A) (B)		29,866	$	243
Dropbox, Cl C* (A) (B)		1,097		9
Flipkart Online Services* (A) (B)		5,739		535
Magic Leap, Ser C* (A) (B)		13,521		311
Snapchat, Cl A* (A)		12,575		269
Snapchat, Cl F* (A) (B)		12,575		269
Uber Technologies* (A) (B)		28,993		1,414
Total Preferred Stock (Cost $4,163) (000)				4,977
Short-Term Investment — 2.2%
State Street Institutional Treasury Money Market Fund, Cl Institutional, 0.549%, (C)		41,455,741		41,456
Total Short-Term Investment (Cost $41,456) (000)				41,456
Total Investments — 100.1% (Cost $1,606,824) (000) †			$	1,859,373

Percentages are based on Net Assets of $1,856,819 (000).

A list of the open futures contracts held by the Fund at March 31, 2017, is as follows (000):

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized (Depreciation)
S&P 500 Index E-MINI		177		Jun-2017	$	(62	)

For the period ended March 31, 2017, 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) Rate not available.

(B) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of March 31, 2017, was $4,708 (000) and represented 0.30% of net assets.

(C) The rate reported is the 7-day effective yield as of March 31, 2017.

ADR — American Depositary Receipt

Cl — Class

S&P — Standard & Poor’s

Ser — Series

† At March 31, 2017, the tax cost basis of the Fund’s investments was $1,606,824 (000), and the unrealized appreciation and depreciation were $272,798 (000) and $(20,249) (000), respectively.

28

KP Large Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

The following is a list of the level of inputs used as of March 31, 2017, in valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in Securities	Level 1			Level 2		Level 3^		Total
Common Stock	$	1,812,940		$	-	$	-	$	1,812,940
Short-Term Investment		-			41,456		-		41,456
Preferred Stock		-			269		4,708		4,977
Total Investments in Securities	$	1,812,940		$	41,725	$	4,708	$	1,859,373
Other Financial Instruments	Level 1			Level 2		Level 3^		Total
Futures Contracts*
Unrealized Depreciation		(62	)		-		-		(62	)
Total Other Financial Instruments		(62	)		-		-		(62	)

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

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

For the period ended March 31, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended March 31, 2017, there have been no changes to the Fund’s fair value methodologies.

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

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

29

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Common Stock — 94.7%
Consumer Discretionary – 14.2%
1-800-Flowers.com, Cl A*		171,520	$	1,750
A H Belo, Cl A		116,553		717
Aaron’s		5,861		174
Abercrombie & Fitch, Cl A		6,244		74
Acushnet Holdings*		89,785		1,551
AMC Entertainment Holdings, Cl A		4,923		155
American Axle & Manufacturing Holdings*		7,055		132
American Eagle Outfitters		14,812		208
American Outdoor Brands*		4,876		97
American Public Education*		1,265		29
America’s Car-Mart*		700		26
Asbury Automotive Group*		1,952		117
Ascena Retail Group*		15,630		67
Ascent Capital Group, Cl A*		833		12
At Home Group*		680		10
Barnes & Noble		6,689		62
Barnes & Noble Education*		4,226		41
Bassett Furniture Industries		900		24
Beazer Homes USA*		2,571		31
Belmond, Cl A*		7,434		90
Big 5 Sporting Goods		1,500		23
Big Lots		3,970		193
Biglari Holdings*		84		36
BJ’s Restaurants*		2,136		86
Bloomin’ Brands		27,298		539
Bob Evans Farms		1,821		118
Bojangles’*		63,617		1,304
Boot Barn Holdings*		1,000		10
BorgWarner		45,600		1,906
Boyd Gaming*		66,665		1,467
Bravo Brio Restaurant Group*		70,616		360
Bridgepoint Education*		1,200		13
Bright Horizons Family Solutions*		4,106		298
Buckle		2,338		43
Buffalo Wild Wings*		1,576		241
Build-A-Bear Workshop, Cl A*		1,000		9
Burlington Stores*		46,329		4,507
Caesars Acquisition, Cl A*		4,385		68
Caesars Entertainment*		6,007		57
Caleres		72,883		1,926
Callaway Golf		8,400		93
Cambium Learning Group*		1,200		6
Camping World Holdings, Cl A		1,000		32
Capella Education		1,024		87
Career Education*		7,057		61

Description	Shares		Value (000)
Carriage Services, Cl A		1,300	$	35
Carrols Restaurant Group*		2,805		40
Carter’s		21,026		1,888
Cato, Cl A		2,713		60
Cavco Industries*		776		90
Central European Media Enterprises, Cl A*		6,400		20
Century Casinos*		1,741		13
Century Communities*		1,243		32
Cheesecake Factory		4,259		270
Chegg*		7,706		65
Cherokee*		113,305		974
Chico’s FAS		11,937		170
Children’s Place		16,573		1,990
Churchill Downs		1,205		191
Chuy’s Holdings*		85,985		2,562
Cinemark Holdings		29,970		1,329
Citi Trends		1,300		22
ClubCorp Holdings		152,923		2,454
Collectors Universe		611		16
Columbia Sportswear		30,752		1,807
Conn’s*		1,657		14
Container Store Group*		1,500		6
Cooper Tire & Rubber		4,941		219
Cooper-Standard Holdings*		1,359		151
Core-Mark Holding		4,207		131
Cracker Barrel Old Country Store		1,795		286
Crocs*		6,019		43
CSS Industries		800		21
Culp		879		27
Daily Journal*		150		32
Dana		13,987		270
Darden Restaurants		16,700		1,397
Dave & Buster’s Entertainment*		46,955		2,868
Deckers Outdoor*		2,970		177
Del Frisco’s Restaurant Group*		142,669		2,575
Del Taco Restaurants*		1,889		25
Delta Apparel*		700		12
Denny’s*		6,791		84
Destination XL Group*		2,800		8
DeVry Education Group		50,798		1,801
DineEquity		1,529		83
Dixie Group*		189,927		684
Dorman Products*		16,325		1,341
DR Horton		27,000		899
DSW, Cl A		38,162		789
Duluth Holdings, Cl B*		800		17
El Pollo Loco Holdings*		1,656		20
Eldorado Resorts*		2,500		47
Empire Resorts*		272		7

30

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Entercom Communications, Cl A		2,107	$	30
Entravision Communications, Cl A		5,437		34
Eros International, Cl A*		2,416		25
Escalade		800		10
Ethan Allen Interiors		2,262		69
Etsy*		9,374		100
EW Scripps, Cl A*		5,363		126
Expedia		4,900		618
Express*		240,245		2,189
Fiesta Restaurant Group*		2,455		59
Finish Line, Cl A		3,850		55
Five Below*		4,775		207
Flexsteel Industries		530		27
Fogo De Chao*		406		7
Fossil Group*		3,726		65
Fox Factory Holding*		2,143		62
Francesca’s Holdings*		3,662		56
Fred’s, Cl A		2,885		38
FTD*		1,424		29
Gaia, Cl A*		700		7
Gannett		10,501		88
Genesco*		2,014		112
Gentherm*		6,691		263
G-III Apparel Group*		31,217		683
Global Eagle Entertainment*		4,300		14
GNC Holdings, Cl A		5,606		41
Golden Entertainment		841		11
GoPro, Cl A*		9,152		80
Grand Canyon Education*		28,073		2,010
Gray Television*		5,637		82
Green Brick Partners*		1,896		19
Group 1 Automotive		1,909		141
Guess?		5,617		63
Habit Restaurants, Cl A*		145,457		2,575
Haverty Furniture		1,522		37
Helen of Troy*		2,632		248
Hemisphere Media Group, Cl A*		700		8
Hibbett Sports*		2,099		62
Hooker Furniture		926		29
Horizon Global*		1,890		26
Houghton Mifflin Harcourt*		11,031		112
Hovnanian Enterprises, Cl A*		9,898		22
HSN		56,121		2,082
Iconix Brand Group*		3,823		29
ILG		10,089		211
IMAX*		5,381		183
Installed Building Products*		1,841		97
International Speedway, Cl A		2,352		87

Description	Shares		Value (000)
Intrawest Resorts Holdings*		1,315	$	33
iRobot*		13,313		881
Isle of Capri Casinos*		2,394		63
J Alexander’s Holdings*		1,174		12
Jack in the Box		3,048		310
JAKKS Pacific*		1,500		8
Jamba*		1,200		11
John Wiley & Sons, Cl A		14,249		767
Johnson Outdoors, Cl A		400		15
K12*		3,245		62
KB Home		7,414		147
Kirkland’s*		175,336		2,174
Kona Grill*		192,463		1,213
La Quinta Holdings*		7,528		102
Lands’ End*		1,400		30
Laureate Education, Cl A*		3,200		46
La-Z-Boy, Cl Z		4,535		122
LCI Industries		2,108		210
LGI Homes*		1,261		43
Libbey		1,793		26
Liberty Braves Group, Cl A*		3,745		89
Liberty Media Group, Cl C*		6,239		210
Liberty Tax		400		6
Liberty TripAdvisor Holdings, Cl A*		6,429		91
Lifetime Brands		900		18
Lindblad Expeditions Holdings*		110,941		994
Lions Gate Entertainment, Cl A*		47,907		1,272
Lithia Motors, Cl A		2,112		181
Loral Space & Communications*		1,051		41
Luby’s*		2,000		6
Lumber Liquidators Holdings*		2,150		45
M/I Homes*		2,497		61
Malibu Boats, Cl A*		26,727		600
Marcus		1,960		63
Marine Products		1,132		12
MarineMax*		2,634		57
Marriott Vacations Worldwide		2,043		204
MCBC Holdings		800		13
MDC Holdings		108,562		3,262
MDC Partners, Cl A		93,097		875
Meredith		3,346		216
Meritage Homes*		3,423		126
Metaldyne Performance Group		44,098		1,008
Modine Manufacturing*		236,476		2,885
Mohawk Industries*		10,985		2,521
Monarch Casino & Resort*		867		26
Monro Muffler Brake		19,054		993
Motorcar Parts of America*		1,959		60

31

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Movado Group		1,351	$	34
MSG Networks*		5,261		123
NACCO Industries, Cl A		317		22
Nathan’s Famous*		248		16
National CineMedia		5,526		70
Nautilus*		3,267		60
New Home*		1,000		10
New Media Investment Group		3,972		56
New York Times, Cl A		11,384		164
Nexstar Broadcasting Group, Cl A		24,355		1,709
Noodles, Cl A*		800		5
Norwegian Cruise Line Holdings*		49,300		2,501
Nutrisystem		16,373		909
Office Depot		49,181		229
Ollie’s Bargain Outlet Holdings*		1,938		65
Overstock.com*		1,000		17
Oxford Industries		48,200		2,760
Panera Bread, Cl A*		9,445		2,473
Papa John’s International		2,420		194
Party City Holdco*		2,200		31
Penn National Gaming*		6,687		123
Perry Ellis International*		1,000		21
PetMed Express		1,619		33
Pier 1 Imports		380,874		2,727
Pinnacle Entertainment*		4,984		97
Planet Fitness, Cl A		2,400		46
Potbelly*		2,100		29
Radio One, Cl D*		3,100		10
Reading International, Cl A*		1,400		22
Red Lion Hotels*		1,500		11
Red Robin Gourmet Burgers*		1,116		65
Red Rock Resorts, Cl A		2,772		61
Regis*		3,034		36
Rent-A-Center, Cl A		4,238		38
Restaurant Brands International		10,800		602
RH*		3,461		160
Royal Caribbean Cruises		31,900		3,130
Ruby Tuesday*		5,200		15
Ruth’s Hospitality Group		2,601		52
Saga Communications, Cl A		300		15
Salem Media Group, Cl A		1,400		10
Scholastic		2,409		103
Scientific Games, Cl A*		65,374		1,546
Sears Holdings*		919		11
Sears Hometown and Outlet Stores*		1,400		5
SeaWorld Entertainment		161,393		2,949
Select Comfort*		4,183		104
Sequential Brands Group*		3,205		12

Description	Shares		Value (000)
Shake Shack, Cl A*		1,282	$	43
Shoe Carnival		1,168		29
Shutterfly*		3,171		153
Sinclair Broadcast Group, Cl A		6,595		267
Skechers U.S.A., Cl A*		35,885		985
Sonic		3,843		97
Sonic Automotive, Cl A		2,960		59
Sotheby’s*		31,384		1,427
Spartan Motors		2,716		22
Speedway Motorsports		900		17
Sportsman’s Warehouse Holdings*		2,108		10
Stage Stores		2,581		7
Standard Motor Products		1,954		96
Stein Mart		250,041		753
Steven Madden*		5,486		211
Stoneridge*		2,192		40
Strattec Security		272		8
Strayer Education		963		78
Sturm Ruger		1,715		92
Superior Industries
International		2,399		61
Superior Uniform Group		700		13
Tailored Brands		4,392		66
Taylor Morrison Home, Cl A*		3,482		74
Tenneco		36,493		2,278
Texas Roadhouse, Cl A		6,207		276
Tile Shop Holdings		3,398		65
Tilly’s, Cl A		900		8
Time		9,391		182
TopBuild*		29,582		1,390
Tower International		2,178		59
Townsquare Media, Cl A*		900		11
TRI Pointe Group*		13,617		171
tronc		2,178		30
Tuesday Morning*		3,666		14
UCP, Cl A*		600		6
Ulta Salon Cosmetics & Fragrance*		8,060		2,299
Unifi*		1,279		36
Unique Fabricating		700		8
Universal Electronics*		1,257		86
Vail Resorts		12,181		2,338
Vera Bradley*		1,656		15
Vince Holding*		2,154		3
Vista Outdoor*		78,710		1,621
Visteon*		14,570		1,427
Vitamin Shoppe*		1,973		40
Wayfair, Cl A*		2,776		112
Weight Watchers International*		2,400		37
West Marine		1,300		12

32

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Weyco Group		500	$	14
William Lyon Homes, Cl A*		1,953		40
Wingstop, Cl A		1,285		36
Winmark		200		23
Winnebago Industries		2,453		72
Wolverine World Wide		70,327		1,756
Workhorse Group*		934		2
World Wrestling Entertainment, Cl A		60,050		1,334
Wynn Resorts		11,400		1,307
ZAGG*		278,771		2,007
Zoe’s Kitchen*		1,560		29
Zumiez*		33,663		616
				130,199
Consumer Staples – 2.0%
AdvancePierre Foods Holdings		1,858		58
Alico		200		5
Alliance One International*		681		9
Amplify Snack Brands*		2,600		22
Andersons		37,778		1,432
Avon Products*		39,159		172
B&G Foods		6,172		248
Boston Beer, Cl A*		821		119
Calavo Growers		3,545		215
Cal-Maine Foods		2,726		100
Central Garden & Pet*		3,858		136
Chefs’ Warehouse*		53,489		743
Coca-Cola Bottling Consolidated		432		89
Craft Brew Alliance*		1,100		15
Darling Ingredients*		14,658		213
Dean Foods		8,403		165
elf Beauty*		800		23
Energizer Holdings		22,800		1,271
Farmer Brothers*		661		23
Flowers Foods		55,246		1,072
Fresh Del Monte Produce		2,955		175
Freshpet*		1,800		20
Herbalife*		13,011		756
HRG Group*		10,803		209
Ingles Markets, Cl A		1,340		58
Inter Parfums		36,377		1,330
Inventure Foods*		118,692		525
J&J Snack Foods		1,370		186
John B Sanfilippo & Son		707		52
Lancaster Colony		1,669		215
Landec*		2,400		29
Lifevantage*		1,400		8
Lifeway Foods*		300		3
Limoneira		900		19
Medifast		854		38

Description	Shares		Value (000)
MGP Ingredients		1,296	$	70
National Beverage		1,113		94
Natural Grocers by Vitamin Cottage*		700		7
Natural Health Trends		600		17
Nature’s Sunshine Products		800		8
Nu Skin Enterprises, Cl A		13,337		741
Nutraceutical International		700		22
Oil-Dri Corp of America		407		15
Omega Protein		1,786		36
Orchids Paper Products		738		18
Performance Food Group*		3,358		80
PriceSmart		1,834		169
Primo Water*		1,724		23
Revlon, Cl A*		1,000		28
Sanderson Farms		1,829		190
Seaboard		870		3,627
Seneca Foods, Cl A*		535		19
Smart & Final Stores*		2,000		24
Snyder’s-Lance		65,241		2,630
SpartanNash		3,317		116
SUPERVALU*		23,717		92
Synutra International*		2,500		15
Tootsie Roll Industries		1,692		63
Turning Point Brands*		400		6
United Natural Foods*		4,414		191
Universal		2,012		142
USANA Health Sciences*		999		58
Vector Group		8,273		172
Village Super Market, Cl A		597		16
WD-40		1,293		141
Weis Markets		1,010		60
				18,643
Energy – 3.4%
Abraxas Petroleum*		12,800		26
Adams Resources & Energy		200		7
Alon USA Energy		2,800		34
Approach Resources*		227,847		572
Archrock		6,283		78
Ardmore Shipping		262,321		2,112
Atwood Oceanics*		6,574		63
Bill Barrett*		203,611		926
Bristow Group		2,744		42
California Resources*		2,589		39
Callon Petroleum*		17,588		231
Capital Product Partners (A)		117,220		418
CARBO Ceramics*		2,259		29
Carrizo Oil & Gas*		5,506		158
Clayton Williams Energy*		606		80
Clean Energy Fuels*		7,158		18
Cobalt International Energy*		33,325		18

33

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Contango Oil & Gas*		1,841	$	13
CVR Energy		1,292		26
Dawson Geophysical*		1,647		9
Delek US Holdings		98,200		2,383
Denbury Resources*		31,324		81
DHT Holdings		7,496		34
Dorian LPG*		1,800		19
Eclipse Resources*		490,937		1,247
Emerge Energy Services (A)		36,986		512
EP Energy, Cl A*		3,161		15
Era Group*		1,600		21
Erin Energy*		2,700		6
Evolution Petroleum		2,100		17
EXCO Resources*		12,700		8
Exterran*		2,887		91
Fairmount Santrol Holdings*		7,873		58
Forum Energy Technologies*		5,304		110
Frontline		6,849		46
GasLog		3,922		60
Gastar Exploration*		545,084		839
Gener8 Maritime*		3,206		18
Geospace Technologies*		1,114		18
Golar LNG		8,710		243
Green Plains		3,256		81
Helix Energy Solutions Group*		12,119		94
Hornbeck Offshore Services*		2,900		13
Independence Contract Drilling*		2,448		13
International Seaways*		1,266		24
Isramco*		39		5
Jagged Peak Energy*		2,900		-
Jones Energy, Cl A*		481,019		1,227
Keane Group*		50,220		718
Key Energy Services*		6,812		158
Mammoth Energy Services*		900		19
Matador Resources*		29,571		704
Matrix Service*		2,171		36
McDermott International*		22,177		150
Nabors Industries		184,465		2,411
Natural Gas Services Group*		1,100		29
Navios Maritime Acquisition		6,900		12
Newpark Resources*		7,977		65
Nordic American Tankers		8,900		73
Northern Oil and Gas*		5,000		13
Oasis Petroleum*		21,082		301
Oceaneering International		168,925		4,575
Oil States International*		4,566		151
Overseas Shipholding Group, Cl A*		3,800		15
Pacific Ethanol*		2,500		17
Panhandle Oil and Gas, Cl A		1,252		24

Description	Shares		Value (000)
Par Pacific Holdings*		2,509	$	41
Parker Drilling*		9,869		17
Parsley Energy, Cl A*		16,525		537
PBF Energy, Cl A		78,099		1,731
PDC Energy*		5,214		325
PHI*		1,000		12
Pioneer Energy Services*		6,774		27
Renewable Energy Group*		3,400		36
Resolute Energy*		9,965		403
REX American Resources*		462		42
RigNet*		1,100		24
Ring Energy*		117,878		1,275
RPC		39,522		724
RSP Permian*		8,862		367
Sanchez Energy*		5,936		57
Scorpio Tankers		15,640		69
SEACOR Holdings*		1,402		97
Seadrill*		33,679		56
SemGroup, Cl A		5,874		211
Ship Finance International		5,395		79
Smart Sand*		1,200		20
SRC Energy*		17,090		144
Teekay		4,003		37
Teekay Tankers, Cl A		9,514		20
Tesco*		3,775		30
TETRA Technologies*		369,766		1,505
Tidewater*		4,200		5
Unit*		4,533		110
US Silica Holdings		24,537		1,178
W&T Offshore*		2,600		7
Western Refining		7,309		256
Westmoreland Coal*		1,724		25
WildHorse Resource Development*		1,800		22
Willbros Group*		4,500		12
				31,154
Financials – 17.2%
1st Source		1,442		68
Access National		700		21
ACNB		487		14
Allegiance Bancshares*		897		33
Altisource Residential ‡		4,958		76
Ambac Financial Group*		4,079		77
American Equity Investment Life Holding		59,729		1,411
American Financial Group		34,955		3,335
American National Bankshares		670		25
Ameris Bancorp		3,125		144
AMERISAFE		1,647		107
Ames National		700		21
Anworth Mortgage Asset ‡		10,221		57

34

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Apollo Commercial Real Estate Finance ‡		7,863	$	148
Ares Commercial Real Estate ‡		2,400		32
Argo Group International Holdings		2,632		178
Arlington Asset Investment, Cl A		1,842		26
ARMOUR Residential, ‡		3,370		77
Arrow Financial		955		32
Associated Capital Group		367		13
Assurant		29,950		2,865
Astoria Financial		8,411		172
Atlantic Capital Bancshares*		1,414		27
Atlas Financial Holdings*		900		12
B. Riley Financial		759		11
Baldwin & Lyons, Cl B		700		17
Banc of California		4,484		93
BancFirst		669		60
Banco Latinoamericano de Comercio Exterior, Cl E		2,769		77
Bancorp*		73,685		376
BancorpSouth		8,150		247
Bank Mutual		83,798		788
Bank of Hawaii		32,750		2,697
Bank of Marin Bancorp		500		32
Bank of NT Butterfield & Son		1,000		32
Bank of the Ozarks		8,220		428
BankFinancial		1,240		18
Bankwell Financial Group		467		16
Banner		14,102		785
Bar Harbor Bankshares		1,227		41
Bear State Financial		1,400		13
Beneficial Bancorp		6,234		100
Berkshire Hills Bancorp		34,528		1,245
BGC Partners, Cl A		19,368		220
Blue Capital Reinsurance Holdings		600		12
Blue Hills Bancorp		2,013		36
BNC Bancorp		3,614		127
BofI Holding*		5,490		143
Boston Private Financial Holdings		7,286		119
Bridge Bancorp		1,566		55
Brookline Bancorp		57,633		902
Bryn Mawr Bank		1,587		63
BSB Bancorp*		659		19
C&F Financial		300		14
California First National Bancorp		400		6
Camden National		1,461		64
Capital Bank Financial, Cl A		2,193		95

Description	Shares		Value (000)
Capital City Bank Group		800	$	17
Capitol Federal Financial		11,374		166
Capstar Financial Holdings*		97,125		1,852
Capstead Mortgage ‡		8,601		91
Cardinal Financial		21,866		655
Carolina Financial		12,526		376
Cascade Bancorp*		2,506		19
Cathay General Bancorp		6,966		262
CenterState Banks		4,536		117
Central Pacific Financial		2,772		85
Central Valley Community Bancorp		900		18
Century Bancorp, Cl A		243		15
Charter Financial		1,159		23
Chemical Financial		27,701		1,417
Chemung Financial		300		12
Citizens, Cl A*		3,793		28
Citizens & Northern		1,000		23
City Holding		1,291		83
Civista Bancshares		16,585		368
Clifton Bancorp		1,788		29
CNB Financial		1,200		29
CNO Financial Group		16,179		332
CoBiz Financial		124,763		2,096
Codorus Valley Bancorp		840		22
Cohen & Steers		33,482		1,338
Columbia Banking System		30,206		1,178
Comerica		15,665		1,074
Commerce Bancshares		49,790		2,796
Community Bank System		3,826		210
Community Trust Bancorp		1,405		64
ConnectOne Bancorp		2,617		63
County Bancorp		500		15
Cowen Group, Cl A*		2,251		34
Crawford, Cl B		1,000		10
CU Bancorp*		1,400		55
Customers Bancorp*		56,791		1,791
CVB Financial		9,001		199
CYS Investments ‡		13,477		107
Diamond Hill Investment Group		292		57
Dime Community Bancshares		2,983		61
Donegal Group, Cl A		700		12
Dynex Capital ‡		3,664		26
Eagle Bancorp*		49,413		2,950
Eastern Virginia Bankshares		43,601		457
eHealth*		1,500		18
EMC Insurance Group		682		19
Employers Holdings		2,820		107
Encore Capital Group*		2,192		67
Enova International*		2,272		34
Enstar Group*		1,013		194

35

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Enterprise Bancorp		826	$	29
Enterprise Financial Services		1,764		75
Equity Bancshares, Cl A*		500		16
ESSA Bancorp		667		10
Essent Group*		95,627		3,459
Evans Bancorp		27,836		1,069
EverBank Financial		9,189		179
Evercore Partners, Cl A		3,652		284
EZCORP, Cl A*		4,134		34
Farmers Capital Bank		601		24
Farmers National Banc		2,029		29
FB Financial*		700		25
FBL Financial Group, Cl A		937		61
FBR		700		13
FCB Financial Holdings, Cl A*		2,647		131
Federal Agricultural Mortgage, Cl C		701		40
Federated National Holding		1,027		18
Fidelity & Guaranty Life		972		27
Fidelity Southern		1,812		41
Fifth Street Asset Management, Cl A		300		1
Financial Engines		43,900		1,912
Financial Institutions		1,200		40
First Bancorp		2,986		86
First BanCorp*		10,909		62
First Busey		2,828		83
First Business Financial Services		600		16
First Citizens BancShares, Cl A		714		239
First Commonwealth Financial		7,934		105
First Community Bancshares		1,276		32
First Community Financial Partners*		1,110		14
First Connecticut Bancorp		35,936		891
First Defiance Financial		719		36
First Financial		817		39
First Financial Bancorp		41,762		1,146
First Financial Bankshares		6,002		241
First Financial Northwest		900		16
First Foundation*		2,156		33
First Horizon National		121,157		2,241
First Internet Bancorp		500		15
First Interstate BancSystem, Cl A		1,805		72
First Merchants		38,798		1,526
First Mid-Illinois Bancshares		600		20
First Midwest Bancorp		63,518		1,504
First NBC Bank Holding*		1,700		7
First Northwest Bancorp*		906		14
First of Long Island		2,258		61
First Republic Bank		21,875		2,052

Description	Shares		Value (000)
FirstCash		68,763	$	3,380
Flagstar Bancorp*		2,211		62
Flushing Financial		2,547		68
FNB		295,351		4,392
FNFV Group*		6,016		80
Franklin Financial Network*		1,065		41
Fulton Financial		15,554		278
GAIN Capital Holdings		2,900		24
GAMCO Investors, Cl A		358		11
Genworth Financial, Cl A*		45,915		189
German American Bancorp		1,354		64
Glacier Bancorp		7,171		243
Global Indemnity*		700		27
Great Ajax ‡		1,400		18
Great Southern Bancorp		1,149		58
Great Western Bancorp		18,213		772
Green Bancorp*		3,321		59
Green Dot, Cl A*		58,805		1,962
Greene County Bancorp		400		9
Greenhill		2,550		75
Greenlight Capital, Cl A*		2,811		62
Guaranty Bancorp		88,425		2,153
Hallmark Financial Services*		1,100		12
Hamilton Lane, Cl A*		32,208		601
Hancock Holding		17,856		813
Hanmi Financial		2,762		85
Hannon Armstrong Sustainable Infrastructure Capital ‡		90,034		1,819
Hanover Insurance Group		17,683		1,593
HarborOne Bancorp*		1,194		23
HCI Group		700		32
Heartland Financial USA		2,163		108
Hennessy Advisors		450		8
Heritage Commerce		52,519		741
Heritage Financial		116,619		2,886
Heritage Insurance Holdings		2,300		29
Heritage Oaks Bancorp		1,900		25
Hilltop Holdings		6,688		184
Hingham Institution for Savings		100		18
Home Bancorp		470		16
Home BancShares		10,936		296
HomeStreet*		2,230		62
HomeTrust Bancshares*		1,351		32
Hope Bancorp		12,088		232
Horace Mann Educators		87,164		3,578
Horizon Bancorp		1,601		42
Houlihan Lokey, Cl A		1,896		65
IBERIABANK		42,042		3,326
Impac Mortgage Holdings*		800		10
Independence Holding		500		9
Independent Bank		45,818		2,905

36

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Independent Bank Group		1,058	$	68
Infinity Property & Casualty		981		94
International Bancshares		4,881		173
International. FCStone*		1,597		61
Invesco Mortgage Capital ‡		10,311		159
Investar Holding		22,484		492
Investment Technology Group		3,147		64
Investors Bancorp		26,811		386
Investors Title		100		16
James River Group Holdings		1,371		59
Janus Capital Group		13,214		174
KCG Holdings, Cl A*		3,518		63
Kearny Financial		8,492		128
Kemper		3,637		145
Kinsale Capital Group		545		17
Ladder Capital, Cl A ‡		3,852		56
Ladenburg Thalmann Financial Services*		8,400		21
Lakeland Bancorp		3,576		70
Lakeland Financial		2,169		94
LCNB		719		17
LegacyTexas Financial Group		4,053		162
LendingClub*		30,150		166
LendingTree*		602		75
Live Oak Bancshares		1,597		35
Macatawa Bank		2,160		21
Maiden Holdings		5,928		83
MainSource Financial Group		2,121		70
Manning & Napier, Cl A		1,600		9
MarketAxess Holdings		6,977		1,308
Marlin Business Services		800		21
MB Financial		6,851		293
MBIA*		11,645		99
MBT Financial		1,453		16
Medley Management, Cl A		300		2
Mercantile Bank		1,691		58
Merchants Bancshares		470		23
Meridian Bancorp		4,340		79
Meta Financial Group		753		67
MGIC Investment*		30,828		312
Middleburg Financial		383		15
Midland States Bancorp		301		10
MidWestOne Financial Group		674		23
Moelis, Cl A		73,639		2,835
Mortgage Investment Trust ‡		2,294		41
MTGE Investment ‡		4,231		71
MutualFirst Financial		444		14
National Bank Holdings, Cl A		70,005		2,275
National Bankshares		600		23
National Commerce*		700		26
National General Holdings		4,354		103

Description	Shares		Value (000)
National Western Life Group, Cl A		193	$	59
Nationstar Mortgage Holdings*		3,469		55
Navigators Group		2,034		110
NBT Bancorp		3,884		144
Nelnet, Cl A		1,852		81
New Residential Investment ‡		26,833		456
New York Mortgage Trust ‡		10,142		63
NewStar Financial		2,200		23
Nicolet Bankshares*		620		29
NMI Holdings, Cl A*		5,248		60
Northfield Bancorp		3,867		70
Northrim BanCorp		550		17
Northwest Bancshares		49,262		830
OceanFirst Financial		2,300		65
Ocwen Financial*		8,217		45
OFG Bancorp		3,533		42
Old Line Bancshares		683		19
Old National Bancorp		140,108		2,431
Old Second Bancorp		2,347		26
OM Asset Management		147,329		2,228
On Deck Capital*		3,918		20
OneBeacon Insurance Group, Cl A		82,772		1,324
Oppenheimer Holdings, Cl A		704		12
Opus Bank		46,713		941
Orchid Island Capital, Cl A ‡		2,668		27
Oritani Financial		3,686		63
Orrstown Financial Services		604		13
Owens Realty Mortgage ‡		1,000		18
Pacific Continental		1,698		42
Pacific Mercantile Bancorp*		1,600		12
Pacific Premier Bancorp*		3,221		124
PacWest Bancorp		22,738		1,211
Park National		1,225		129
Park Sterling		185,734		2,286
Patriot National*		800		2
Peapack Gladstone Financial		1,284		38
Penns Woods Bancorp		352		15
PennyMac Financial Services, Cl A*		1,100		19
PennyMac Mortgage Investment Trust ‡		6,066		108
Peoples Bancorp		1,328		42
Peoples Financial Services		600		25
People’s Utah Bancorp		1,061		28
PHH*		4,871		62
PICO Holdings*		1,900		27
Pinnacle Financial Partners		4,378		291
Piper Jaffray		1,283		82
PJT Partners		1,690		59
PRA Group*		4,234		140

37

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Preferred Bank		1,157	$	62
Premier Financial Bancorp		990		21
Primerica		62,485		5,136
PrivateBancorp		39,600		2,351
Prosperity Bancshares		25,930		1,808
Provident Bancorp*		360		8
Provident Financial Holdings		539		10
Provident Financial Services		5,604		145
Pzena Investment Management, Cl A		1,600		16
QCR Holdings		972		41
Radian Group		88,124		1,583
Redwood Trust ‡		6,829		113
Regional Management*		900		17
Renasant		3,795		151
Republic Bancorp, Cl A		789		27
Republic First Bancorp*		4,646		39
Resource Capital ‡		2,658		26
RLI		3,386		203
S&T Bancorp		2,989		103
Safeguard Scientifics*		1,644		21
Safety Insurance Group		1,275		89
Sandy Spring Bancorp		2,122		87
Seacoast Banking Corp of Florida*		2,817		68
Selective Insurance Group		5,334		251
ServisFirst Bancshares		4,209		153
Shore Bancshares		1,024		17
SI Financial Group		909		13
Sierra Bancorp		951		26
Silvercrest Asset Management Group, Cl A		700		9
Simmons First National, Cl A		2,684		148
SmartFinancial*		18,397		387
Solar Capital		43,689		988
South State		2,470		221
Southern First Bancshares*		468		15
Southern Missouri Bancorp		477		17
Southern National Bancorp of Virginia		62,365		1,056
Southside Bancshares		2,302		77
Southwest Bancorp		1,600		42
State Auto Financial		19,347		531
State Bank Financial		69,307		1,810
State National		2,492		36
Sterling Bancorp		11,867		281
Stewart Information Services		2,067		91
Stifel Financial*		32,029		1,608
Stock Yards Bancorp		1,935		79
Stonegate Bank		23,769		1,119
Stonegate Mortgage*		61,991		493
Summit Financial Group		680		15

Description	Shares		Value (000)
Sun Bancorp		940	$	23
Sunshine Bancorp*		19,128		401
Synovus Financial		37,840		1,552
TCF Financial		90,348		1,538
Territorial Bancorp		684		21
Texas Capital Bancshares*		10,019		836
Third Point Reinsurance*		6,079		74
Tiptree Financial		1,866		14
Tompkins Financial		1,285		103
Towne Bank		5,111		166
TriCo Bancshares		1,865		66
TriState Capital Holdings*		1,791		42
Triumph Bancorp*		1,400		36
Trupanion*		1,175		17
TrustCo Bank		8,385		66
Trustmark		6,005		191
UMB Financial		28,307		2,132
Umpqua Holdings		77,210		1,370
Union Bankshares		4,299		154
United Bankshares		6,533		276
United Community Banks		6,261		173
United Community Financial		4,100		34
United Financial Bancorp		4,495		76
United Fire Group		1,964		84
United Insurance Holdings		1,402		22
Universal Insurance Holdings		2,971		73
Univest Corp of Pennsylvania		2,284		59
Valley National Bancorp		23,198		274
Veritex Holdings*		974		27
Virtu Financial, Cl A		2,058		35
Virtus Investment Partners		477		51
Waddell & Reed Financial, Cl A		7,311		124
Walker & Dunlop*		2,518		105
Walter Investment Management*		2,201		2
Washington Federal		8,231		272
Washington Trust Bancorp		1,365		67
WashingtonFirst Bankshares		50,117		1,403
Waterstone Financial		2,078		38
Webster Financial		25,409		1,271
WesBanco		50,577		1,927
West Bancorporation		1,400		32
Westamerica Bancorporation		12,616		704
Western Alliance Bancorp*		31,555		1,549
Western Asset Mortgage Capital ‡		3,343		33
Western New England Bancorp		2,500		26
Westwood Holdings Group		652		35
Wins Finance Holdings*		100		14
Wintrust Financial		4,647		321
WisdomTree Investments		10,188		92

38

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
WMIH*		16,581	$	24
World Acceptance*		494		26
WSFS Financial		2,539		117
Xenith Bankshares*		630		16
Zions Bancorporation		57,500		2,415
				157,550
Health Care – 10.6%
AAC Holdings*		1,000		9
Abaxis		1,991		97
Acadia Healthcare*		11,626		507
ACADIA Pharmaceuticals*		20,230		695
Accelerate Diagnostics*		2,460		60
Acceleron Pharma*		2,438		65
Accuray*		7,069		34
AcelRx Pharmaceuticals*		3,700		12
Aceto		2,376		38
Achillion Pharmaceuticals*		9,568		40
Aclaris Therapeutics*		1,075		32
Acorda Therapeutics*		3,911		82
Adamas Pharmaceuticals*		1,363		24
Addus HomeCare*		600		19
Adeptus Health, Cl A*		1,300		2
Aduro Biotech*		2,896		31
Advaxis*		2,927		24
Adverum Biotechnologies*		1,400		4
Aerie Pharmaceuticals*		11,338		514
Aevi Genomic Medicine*		2,219		4
Agenus*		6,400		24
Agile Therapeutics*		1,100		4
Aimmune Therapeutics*		2,766		60
Air Methods*		3,257		140
Akebia Therapeutics*		2,934		27
Albany Molecular Research*		2,300		32
Alder Biopharmaceuticals*		4,225		88
Almost Family*		29,565		1,437
AMAG Pharmaceuticals*		3,191		72
Amedisys*		2,484		127
American Renal Associates Holdings*		713		12
Amicus Therapeutics*		13,094		93
AMN Healthcare Services*		4,324		176
Amphastar Pharmaceuticals*		2,906		42
Ampio Pharmaceuticals*		4,600		4
Analogic		1,117		85
Anavex Life Sciences*		2,500		14
AngioDynamics*		2,203		38
ANI Pharmaceuticals*		647		32
Anika Therapeutics*		1,299		56
Anthera Pharmaceuticals*		3,900		2
Applied Genetic Technologies*		1,300		9
Aptevo Therapeutics*		1,689		3

Description	Shares		Value (000)
Aratana Therapeutics*		2,724	$	14
Ardelyx*		2,550		32
Arena Pharmaceuticals*		20,022		29
Argos Therapeutics*		1,000		-
Array BioPharma*		67,727		605
Arrowhead Pharmaceuticals*		6,000		11
Asterias Biotherapeutics*		1,600		5
Atara Biotherapeutics*		1,897		39
Athersys*		8,000		14
AtriCure*		3,305		63
Atrion		130		61
Audentes Therapeutics*		469		8
Avexis*		595		45
Avinger*		1,100		2
AxoGen*		2,500		26
Axovant Sciences*		1,996		30
Axsome Therapeutics*		1,400		5
Bellicum Pharmaceuticals*		1,711		21
BioCryst Pharmaceuticals*		7,676		64
Bio-Path Holdings*		8,700		7
BioScrip*		9,900		17
BioSpecifics Technologies*		500		27
BioTelemetry*		2,570		74
BioTime*		6,000		21
Bioverativ*		19,810		1,079
Bluebird Bio*		10,002		909
Blueprint Medicines*		2,134		85
Cambrex*		2,920		161
Cantel Medical		3,361		269
Capital Senior Living*		2,297		32
Cara Therapeutics*		1,715		32
Cardiovascular Systems*		2,918		82
Castlight Health, Cl B*		3,000		11
Catalent*		9,339		264
Celldex Therapeutics*		8,604		31
Cellular Biomedicine Group*		993		12
Cempra*		3,645		14
Cerus*		8,271		37
Charles River Laboratories International*		9,593		863
Chemed		10,119		1,849
ChemoCentryx*		1,879		14
Chimerix*		4,000		26
ChromaDex*		3,000		8
Cidara Therapeutics*		1,400		11
Civitas Solutions*		1,233		23
Clearside Biomedical*		673		5
Clovis Oncology*		13,776		877
Coherus Biosciences*		30,531		646
Collegium Pharmaceutical*		1,606		16
Community Health Systems*		10,174		90

39

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Computer Programs & Systems		915	$	26
Concert Pharmaceuticals*		1,346		23
ConforMIS*		2,920		15
CONMED		2,452		109
Corcept Therapeutics*		7,104		78
Corindus Vascular Robotics*		2,500		3
CorVel*		900		39
Corvus Pharmaceuticals*		271		6
Cotiviti Holdings*		1,033		43
Cross Country Healthcare*		77,982		1,120
CryoLife		3,366		56
Curis*		9,800		27
Cutera*		1,000		21
Cytokinetics*		3,000		39
CytomX Therapeutics*		1,668		29
CytRx*		8,500		4
Depomed*		5,485		69
Dermira*		29,540		1,008
DexCom*		14,410		1,221
Dimension Therapeutics*		1,300		2
Diplomat Pharmacy*		4,365		70
Durect*		10,400		11
Dynavax Technologies*		3,174		19
Eagle Pharmaceuticals*		844		70
Edge Therapeutics*		1,327		12
Editas Medicine*		561		13
Egalet*		1,809		9
Eiger BioPharmaceuticals*		400		5
Emergent BioSolutions*		2,952		86
Enanta Pharmaceuticals*		1,275		39
Endocyte*		2,600		7
Endologix*		8,612		62
Ensign Group		4,299		81
Entellus Medical*		612		8
Envision Healthcare*		29,561		1,813
Enzo Biochem*		3,240		27
Epizyme*		3,864		66
Esperion Therapeutics*		1,200		42
Evolent Health, Cl A*		1,306		29
Exact Sciences*		10,007		236
Exactech*		852		21
Exelixis*		73,348		1,589
FibroGen*		26,131		644
Five Prime Therapeutics*		2,403		87
Flex Pharma*		1,300		6
Flexion Therapeutics*		2,397		64
Fluidigm*		2,298		13
Fortress Biotech*		3,600		13
Foundation Medicine*		1,202		39
Fulgent Genetics*		700		8

Description	Shares		Value (000)
Galena Biopharma*		1,090	$	1
Genesis Healthcare, Cl A*		4,000		11
GenMark Diagnostics*		3,878		50
Genomic Health*		1,967		62
Geron*		12,328		28
Glaukos*		1,465		75
Global Blood Therapeutics*		1,500		55
Globus Medical, Cl A*		6,399		190
GlycoMimetics*		1,300		7
Haemonetics*		4,565		185
Halozyme Therapeutics*		9,703		126
Halyard Health*		4,278		163
HealthEquity*		3,942		167
HealthSouth		104,939		4,492
HealthStream*		2,477		60
Heron Therapeutics*		3,695		55
Heska*		641		67
HMS Holdings*		7,740		157
Horizon Pharma*		14,326		212
ICU Medical*		1,312		200
Idera Pharmaceuticals*		7,300		18
IDEXX Laboratories*		21,550		3,332
Ignyta*		2,407		21
Immune Design*		1,000		7
ImmunoGen*		7,845		30
Immunomedics*		8,700		56
Impax Laboratories*		126,706		1,603
INC Research Holdings, Cl A*		3,691		169
Infinity Pharmaceuticals*		4,000		13
Innoviva*		7,301		101
Inogen*		1,432		111
Inotek Pharmaceuticals*		1,800		4
Inovio Pharmaceuticals*		5,419		36
Insmed*		5,636		99
Insulet*		5,130		221
Insys Therapeutics*		1,918		20
Integer Holdings*		2,797		112
Integra LifeSciences Holdings*		50,948		2,146
Intellia Therapeutics*		700		10
Intersect ENT*		31,701		544
Intra-Cellular Therapies, Cl A*		24,920		405
Invacare		2,588		31
Invitae*		2,858		32
InVivo Therapeutics Holdings*		3,200		13
iRadimed*		200		2
iRhythm Technologies*		700		26
IRIDEX*		800		9
Ironwood Pharmaceuticals, Cl A*		11,772		201
K2M Group Holdings*		210,443		4,316
Kadmon Holdings*		1,300		5

40

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Karyopharm Therapeutics*		2,400	$	31
Keryx Biopharmaceuticals*		6,447		40
Kindred Healthcare		430,217		3,592
Kite Pharma*		10,429		819
La Jolla Pharmaceutical*		1,200		36
Landauer		780		38
Lannett*		2,667		60
LeMaitre Vascular		1,200		30
Lexicon Pharmaceuticals*		49,832		715
LHC Group*		1,422		77
Ligand Pharmaceuticals*		1,737		184
Lion Biotechnologies*		4,700		35
Lipocine*		1,700		7
Loxo Oncology*		1,389		58
Luminex		3,644		67
MacroGenics*		3,065		57
Magellan Health*		2,246		155
MannKind*		5,295		8
Masimo*		3,799		354
Medicines*		6,279		307
MediciNova*		2,425		15
Medidata Solutions*		5,139		296
MEDNAX*		22,708		1,575
Medpace Holdings*		665		20
Meridian Bioscience		4,433		61
Merit Medical Systems*		76,817		2,220
Merrimack Pharmaceuticals*		9,965		31
Mettler-Toledo International*		4,495		2,153
MiMedx Group*		9,367		89
Minerva Neurosciences*		1,700		14
Mirati Therapeutics*		1,000		5
Molina Healthcare*		3,847		175
Momenta Pharmaceuticals*		5,807		78
MyoKardia*		1,052		14
Myovant Sciences*		1,200		14
Myriad Genetics*		6,013		115
NanoString Technologies*		56,259		1,118
NantHealth*		541		3
NantKwest*		1,300		5
Natera*		2,130		19
National HealthCare		1,023		73
National Research, Cl A		800		16
Natus Medical*		2,856		112
Nektar Therapeutics, Cl A*		42,962		1,008
Neogen*		3,242		213
NeoGenomics*		4,330		34
Neos Therapeutics*		1,122		8
Neurocrine Biosciences*		13,745		595
Nevro*		45,235		4,239
NewLink Genetics*		1,841		44
Nobilis Health*		5,800		10

Description	Shares		Value (000)
Novan*		500	$	3
Novavax*		22,049		28
Novocure*		4,136		33
NuVasive*		51,863		3,873
NxStage Medical*		5,826		156
Obalon Therapeutics*		900		10
Ocular Therapeutix*		2,000		19
Omeros*		3,303		50
Omnicell*		3,206		130
OncoMed Pharmaceuticals*		1,800		17
Ophthotech*		2,490		9
OraSure Technologies*		5,195		67
Organovo Holdings*		9,130		29
Orthofix International*		1,680		64
Otonomy*		1,962		24
OvaScience*		2,563		5
Owens & Minor		5,559		192
Oxford Immunotec Global*		54,610		846
Pacific Biosciences of California*		6,558		34
Pacira Pharmaceuticals*		3,276		149
Paratek Pharmaceuticals*		1,600		31
PAREXEL International*		27,647		1,745
PDL BioPharma		14,931		34
Penumbra*		2,325		194
Pfenex*		1,487		9
PharmAthene		5,088		4
PharMerica*		2,717		64
Phibro Animal Health, Cl A		2,008		56
Portola Pharmaceuticals, Cl A*		15,997		627
PRA Health Sciences*		26,641		1,738
Prestige Brands Holdings*		26,435		1,469
Progenics Pharmaceuticals*		6,597		62
Protagonist Therapeutics*		620		8
Proteostasis Therapeutics*		700		5
Prothena*		3,177		177
Providence Service*		30,889		1,373
PTC Therapeutics*		2,716		27
Puma Biotechnology*		2,550		95
Quality Systems*		4,835		74
Quidel*		55,955		1,267
Quorum Health*		2,422		13
Ra Pharmaceuticals*		900		19
Radius Health*		2,777		107
RadNet*		3,200		19
Reata Pharmaceuticals, Cl A*		464		10
REGENXBIO*		1,654		32
Regulus Therapeutics*		2,500		4
Repligen*		3,057		108
Retrophin*		3,437		63
Revance Therapeutics*		1,669		35

41

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Rigel Pharmaceuticals*		10,800	$	36
Rockwell Medical*		3,913		24
RTI Surgical*		4,100		16
Sage Therapeutics*		2,866		204
Sangamo BioSciences*		6,333		33
Sarepta Therapeutics*		4,395		130
SciClone Pharmaceuticals*		4,092		40
Second Sight Medical Products*		1,282		2
Select Medical Holdings*		9,417		126
Selecta Biosciences*		400		6
Senseonics Holdings*		2,900		5
Seres Therapeutics*		1,456		16
Sorrento Therapeutics*		2,100		8
Spark Therapeutics*		1,661		89
Spectranetics*		50,925		1,483
Spectrum Pharmaceuticals*		6,799		44
STAAR Surgical*		3,500		34
Stemline Therapeutics*		2,393		20
Sucampo Pharmaceuticals, Cl A*		2,100		23
Supernus Pharmaceuticals*		46,386		1,452
Surgery Partners*		1,520		30
Surmodics*		1,100		26
Syndax Pharmaceuticals*		300		4
Synergy Pharmaceuticals*		17,715		83
Synthetic Biologics*		7,900		5
Syros Pharmaceuticals*		380		6
T2 Biosystems*		1,700		9
Tabula Rasa HealthCare*		700		9
Tactile Systems Technology*		340		6
Tandem Diabetes Care*		2,000		2
Teladoc*		2,094		52
Teligent*		3,381		26
TESARO*		17,298		2,662
Tetraphase Pharmaceuticals*		3,000		28
TG Therapeutics*		3,200		37
TherapeuticsMD*		13,555		98
Theravance Biopharma*		3,903		144
Titan Pharmaceuticals*		2,000		7
Tivity Health*		45,677		1,329
Tokai Pharmaceuticals*		1,000		1
TransEnterix*		5,800		7
Trevena*		3,653		13
Triple-S Management, Cl B*		1,903		33
Trovagene*		1,700		2
Ultragenyx Pharmaceutical*		3,603		244
UnitedHealth Group		1		-
Universal American*		3,749		37
US Physical Therapy		1,108		72
Utah Medical Products		300		19

Description	Shares		Value (000)
Vanda Pharmaceuticals*		3,928	$	55
Veracyte*		1,300		12
Versartis*		3,002		64
Vital Therapies*		1,934		8
Vocera Communications*		78,599		1,952
Voyager Therapeutics*		958		13
vTv Therapeutics, Cl A*		1,400		9
VWR*		115,270		3,251
WaVe Life Sciences*		604		17
WellCare Health Plans*		17,560		2,462
Wright Medical Group*		57,348		1,785
XBiotech*		1,428		24
Xencor*		3,126		75
Zafgen*		2,600		12
Zeltiq Aesthetics*		3,236		180
ZIOPHARM Oncology*		11,212		71
Zogenix*		2,026		22
				97,762
Industrials – 17.8%
AAON		3,599		127
AAR		43,984		1,479
ABM Industries		4,964		216
Acacia Research*		4,419		25
ACCO Brands*		9,482		125
Actuant, Cl A		5,395		142
Advanced Disposal Services*		2,178		49
Advanced Drainage Systems		3,177		70
Advisory Board*		3,645		171
Aegion, Cl A*		3,204		73
AerCap Holdings*		35,502		1,632
Aerojet Rocketdyne Holdings*		5,365		116
Aerovironment*		2,162		61
Air Transport Services Group*		40,598		652
Aircastle		4,299		104
Alamo Group		869		66
Albany International, Cl A		18,051		831
Allegiant Travel, Cl A		1,176		188
Allied Motion Technologies		600		12
Altra Industrial Motion		29,761		1,159
Ameresco, Cl A*		1,900		12
American Railcar Industries		700		29
American Superconductor*		1,200		8
American Woodmark*		1,229		113
AMETEK		45,500		2,461
Apogee Enterprises		2,605		155
Applied Industrial Technologies		3,233		200
Aqua Metals*		1,100		21
ARC Document Solutions*		3,500		12
ArcBest		34,932		908
Argan		1,192		79

42

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Armstrong Flooring*		1,911	$	35
Astec Industries		1,681		103
Astronics, Cl A*		1,850		59
Atkore International Group*		992		26
Atlas Air Worldwide Holdings*		2,203		122
AZZ		12,105		720
Babcock & Wilcox Enterprises*		4,198		39
Barnes Group		37,274		1,914
Barrett Business Services		600		33
Beacon Roofing Supply*		5,597		275
Blue Bird*		400		7
BMC Stock Holdings*		10,858		245
Brady, Cl A		4,186		162
Briggs & Stratton		3,869		87
Brink’s		25,609		1,369
Builders FirstSource*		93,268		1,390
BWX Technologies, Cl W		31,395		1,494
Caesarstone*		2,046		74
CAI International*		57,193		900
Casella Waste Systems, Cl A*		75,156		1,060
CBIZ*		4,708		64
CEB		3,023		238
CECO Environmental		2,390		25
Celadon Group		353,305		2,314
Chart Industries*		2,697		94
CIRCOR International		1,446		86
Cogint*		1,900		9
Columbus McKinnon		86,050		2,136
Comfort Systems USA		3,329		122
Commercial Vehicle Group*		145,517		985
Continental Building Products*		3,227		79
Costamare		2,161		14
Covanta Holding		113,269		1,778
Covenant Transportation Group, Cl A*		142,921		2,687
CPI Aerostructures*		118,701		801
CRA International		651		23
CSW Industrials*		1,545		57
Cubic		2,258		119
Curtiss-Wright		4,110		375
Deluxe		46,816		3,379
DigitalGlobe*		98,066		3,212
DMC Global		1,145		14
Douglas Dynamics		2,033		62
Ducommun*		900		26
DXP Enterprises*		43,669		1,654
Dycom Industries*		32,802		3,049
Echo Global Logistics*		76,191		1,627
EMCOR Group		56,916		3,583
Encore Wire		1,848		85
Energous*		1,210		19

Description	Shares		Value (000)
Energy Recovery*		2,873	$	24
EnerSys		4,066		321
Engility Holdings*		1,929		56
Ennis		2,090		36
EnPro Industries		1,963		140
ESCO Technologies		2,275		132
Essendant		3,425		52
Esterline Technologies*		2,781		239
ExOne*		892		9
Exponent		2,353		140
Federal Signal		5,400		75
Forward Air		28,751		1,368
Foundation Building Materials*		1,200		19
Franklin Covey*		834		17
Franklin Electric		4,206		181
FreightCar America		1,000		13
FTI Consulting*		3,804		157
FuelCell Energy*		2,250		3
GATX		52,627		3,208
Gencor Industries*		633		9
Generac Holdings*		5,806		216
General Cable		4,361		78
Genesee & Wyoming, Cl A*		25,103		1,703
Gibraltar Industries*		2,775		114
Global Brass & Copper Holdings		1,994		69
GMS*		700		25
Gorman-Rupp		1,875		59
GP Strategies*		1,100		28
Graham		900		21
Granite Construction		23,375		1,173
Great Lakes Dredge & Dock*		5,100		20
Greenbrier		2,415		104
Griffon		2,778		68
H&E Equipment Services		2,898		71
Hardinge		1,200		13
Harsco*		140,728		1,794
Hawaiian Holdings*		4,789		222
HC2 Holdings*		2,700		17
Healthcare Services Group		6,583		284
Heartland Express		4,162		83
Heidrick & Struggles
International		1,600		42
Heritage-Crystal Clean*		1,100		15
Herman Miller		80,904		2,553
Hill International*		2,100		9
Hillenbrand		5,258		188
HNI		4,034		186
Hub Group, Cl A*		3,226		150
Hudson Technologies*		89,207		589
Hurco		500		16

43

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Huron Consulting Group*		1,965	$	83
Hyster-Yale Materials Handling		1,007		57
ICF International*		1,574		65
IES Holdings*		639		12
InnerWorkings*		166,108		1,654
Insperity		1,382		123
Insteel Industries		1,685		61
Interface, Cl A		124,953		2,380
ITT		151,145		6,200
JELD-WEN Holding*		2,300		76
John Bean Technologies		14,340		1,261
Joy Global		9,245		261
Kadant		1,028		61
Kaman		2,391		115
KBR		252,816		3,800
Kelly Services, Cl A		2,814		62
Kennametal		40,658		1,595
KEYW Holding*		3,931		37
Kforce		2,356		56
Kimball International, Cl B		3,539		58
Kirby*		34,740		2,451
KLX*		32,354		1,446
Knight Transportation		5,962		187
Knoll		4,225		101
Korn		98,691		3,108
Kratos Defense & Security Solutions*		5,300		41
Lawson Products*		600		13
Layne Christensen*		1,478		13
Lindsay		971		86
LSI Industries		1,942		20
Lydall*		1,457		78
Manitowoc		11,652		66
Marten Transport		93,766		2,199
Masonite International*		2,708		215
MasTec*		6,231		250
Matson		3,985		127
Matthews International, Cl A		25,619		1,733
McGrath RentCorp		125,599		4,216
Mercury Systems*		137,137		5,355
Meritor*		84,905		1,454
Middleby*		20,535		2,802
Milacron Holdings*		1,187		22
Miller Industries		900		24
Mistras Group*		1,401		30
Mobile Mini		47,939		1,462
Moog, Cl A*		42,951		2,893
MRC Global*		8,364		153
MSA Safety		2,769		196
Mueller Industries		5,045		173
Mueller Water Products, Cl A		13,899		164

Description	Shares		Value (000)
Multi-Color		1,210	$	86
MYR Group*		1,300		53
National Presto Industries		402		41
Navigant Consulting*		4,283		98
Navistar International*		4,824		119
NCI Building Systems*		2,400		41
Neff, Cl A*		700		14
NL Industries*		1,200		8
NN		2,729		69
Nordson		10,000		1,228
NOW*		9,519		161
NV5 Global*		599		23
Old Dominion Freight Line		15,575		1,333
Omega Flex		200		10
On Assignment*		76,931		3,733
Orbital ATK		10,053		985
Orion Group Holdings*		2,300		17
Oshkosh		10,765		738
PAM Transportation Services*		200		3
Park-Ohio Holdings		700		25
Patrick Industries*		1,285		91
PGT Innovations*		86,255		927
Plug Power*		15,992		22
Ply Gem Holdings*		1,900		37
Powell Industries		710		24
Power Solutions International*		400		4
Preformed Line Products		205		11
Primoris Services		67,801		1,574
Proto Labs*		2,214		113
Quad		2,661		67
Quanex Building Products		3,269		66
Quanta Services*		45,315		1,682
Radiant Logistics*		4,100		21
Raven Industries		3,311		96
RBC Bearings*		15,554		1,510
Resources Connection		2,900		49
REV Group		1,100		30
Revolution Lighting Technologies*		195,862		1,465
Rexnord*		7,575		175
Roadrunner Transportation Systems*		2,589		18
RPX*		5,202		62
Rush Enterprises, Cl A*		3,144		103
Saia*		2,258		100
Scorpio Bulkers*		4,755		44
Simpson Manufacturing		3,800		164
SiteOne Landscape Supply*		1,243		60
SkyWest		4,599		158
Snap-on		17,160		2,894
SP Plus*		48,914		1,651

44

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Sparton*		800	$	17
Spirit Airlines*		11,635		617
SPX*		3,694		90
SPX FLOW*		21,821		757
Standex International		1,138		114
Steelcase, Cl A		7,929		133
Sun Hydraulics		19,929		720
Sunrun*		5,164		28
Supreme Industries, Cl A		1,059		21
Swift Transportation, Cl A*		6,859		141
TASER International*		4,664		106
Team*		25,314		685
Teledyne Technologies*		3,082		390
Tennant		1,530		111
Terex		81,167		2,549
Tetra Tech		5,138		210
Textainer Group Holdings		182,490		2,792
Thermon Group Holdings*		3,059		64
Timken		57,555		2,601
Titan International		3,614		37
Titan Machinery*		22,202		341
TPI Composites*		491		9
TransUnion*		28,700		1,101
TRC*		1,600		28
Trex*		2,630		182
TriMas*		4,081		85
TriNet Group*		3,740		108
Triton International		3,665		95
Triumph Group		4,427		114
TrueBlue*		3,739		102
Tutor Perini*		3,384		108
UniFirst		1,349		191
United Rentals*		8,200		1,025
Univar*		49,811		1,527
Universal Forest Products		1,767		174
Universal Logistics Holdings		800		11
US Ecology		1,983		93
USA Truck*		600		4
Vectrus*		873		20
Veritiv*		673		35
Viad		1,836		83
Vicor*		1,300		21
VSE		703		29
Wabash National		85,005		1,759
WABCO Holdings*		18,300		2,149
Wabtec		13,559		1,058
WageWorks*		20,969		1,516
Watts Water Technologies, Cl A		2,546		159
Werner Enterprises		3,949		103
Wesco Aircraft Holdings*		5,092		58

Description	Shares		Value (000)
West		3,829	$	94
Willis Lease Finance*		400		9
Woodward		4,780		325
XPO Logistics*		8,813		422
YRC Worldwide*		105,706		1,164
				163,818
Information Technology – 18.1%
2U*		3,295		131
3D Systems*		9,851		147
8x8*		85,285		1,301
A10 Networks*		3,599		33
Acacia Communications*		428		25
ACI Worldwide*		91,758		1,963
Actua*		3,207		45
Acxiom*		53,582		1,525
ADTRAN		74,785		1,552
Advanced Energy Industries*		31,721		2,175
Advanced Micro Devices*		130,306		1,896
Aerohive Networks*		2,200		9
Agilysys*		1,400		13
Alarm.com Holdings*		842		26
ALJ Regional Holdings*		1,900		7
Alpha & Omega Semiconductor*		1,483		25
Ambarella*		2,932		160
Amber Road*		1,446		11
American Software, Cl A		2,106		22
Amkor Technology*		8,977		104
Angie’s List*		3,246		18
Anixter International*		2,581		205
Appfolio, Cl A*		700		19
Applied Optoelectronics*		1,447		81
Apptio, Cl A*		800		9
Aspen Technology*		22,947		1,352
Autobytel*		900		11
Avid Technology*		2,800		13
AVX		4,278		70
Axcelis Technologies*		2,380		45
Badger Meter		2,491		92
Bankrate*		4,168		40
Barracuda Networks*		49,117		1,135
Bazaarvoice*		343,635		1,478
Bel Fuse, Cl B		756		19
Belden		26,681		1,846
Benchmark Electronics*		34,145		1,086
Benefitfocus*		1,051		29
Black Box		1,300		12
Blackbaud		4,395		337
Blackhawk Network Holdings, Cl A*		4,900		199
Blackline*		800		24

45

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Blucora*		3,755	$	65
Booz Allen Hamilton Holding, Cl A		33,650		1,191
Bottomline Technologies*		49,935		1,181
Box, Cl A*		4,468		73
Brightcove*		2,600		23
BroadSoft*		2,602		105
Brooks Automation		47,213		1,058
Cabot Microelectronics		19,431		1,489
CACI International, Cl A*		7,862		922
CalAmp*		62,818		1,055
Calix*		3,500		25
Callidus Software*		5,478		117
Carbonite*		1,600		32
Cardtronics*		4,008		187
Care.com*		1,100		14
Cass Information Systems		1,010		67
Cavium*		5,973		428
CEVA*		1,880		67
ChannelAdvisor*		1,895		21
Ciena*		12,403		293
Cimpress*		2,231		192
Cirrus Logic*		5,831		354
Clearfield*		900		15
Cognex		18,815		1,580
Coherent*		13,550		2,786
Cohu		45,860		847
CommScope Holding*		58,900		2,457
CommVault Systems*		3,448		175
Comtech Telecommunications		1,900		28
Control4*		1,641		26
Convergys		7,918		167
Cornerstone OnDemand*		4,489		175
Coupa Software*		700		18
CPI Card Group		1,500		6
Cray*		3,488		76
CSG Systems International		3,134		118
CTS		2,986		64
Cypress Semiconductor		108,712		1,496
CYREN*		482,987		966
Daktronics		3,200		30
DHI Group*		4,097		16
Diebold Nixdorf		236,794		7,270
Digi International*		2,116		25
Digimarc*		800		22
Diodes*		3,410		82
DSP Group*		1,900		23
DST Systems		25,400		3,111
Eastman Kodak*		1,500		17
Ebix		2,259		138
Electro Scientific Industries*		2,245		16

Description	Shares		Value (000)
Electronics For Imaging*		111,860	$	5,462
Ellie Mae*		3,061		307
EMCORE		2,400		22
Endurance International Group Holdings*		4,900		38
EnerNOC*		2,300		14
Entegris*		13,204		309
Envestnet*		3,683		119
EPAM Systems*		4,491		339
ePlus*		583		79
Euronet Worldwide*		27,766		2,375
Everbridge*		900		18
EVERTEC		5,689		90
Exa*		1,132		14
Exar*		3,334		43
ExlService Holdings*		2,993		142
Extreme Networks*		10,658		80
Fabrinet*		3,147		132
Fair Isaac		2,877		371
FARO Technologies*		1,754		63
Finisar*		49,707		1,359
Five9*		122,799		2,021
FLIR Systems		64,701		2,347
FormFactor*		6,292		75
Forrester Research		811		32
Gartner*		7,932		857
Gigamon*		3,184		113
GigPeak*		4,800		15
Global Sources*		1,000		8
Globant*		2,347		85
Glu Mobile*		9,800		22
Gogo*		28,898		318
GrubHub*		24,199		796
GTT Communications*		53,009		1,291
Guidance Software*		1,700		10
Hackett Group		2,000		39
Harmonic*		6,927		41
Hortonworks*		231,379		2,270
HubSpot*		2,557		155
II-VI*		5,303		191
Immersion*		2,352		20
Imperva*		2,542		104
Impinj*		456		14
Infinera*		43,477		445
Information Services Group*		3,200		10
Inphi*		56,439		2,755
Insight Enterprises*		21,998		904
Instructure*		900		21
Integrated Device Technology*		12,192		289
InterDigital		3,139		271
InterXion Holding*		32,285		1,277

46

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
InvenSense, Cl A*		7,377	$	93
IPG Photonics*		5,300		640
Itron*		54,521		3,309
Ixia*		5,740		113
IXYS		2,200		32
j2 Global		4,374		367
Jive Software*		4,714		20
Kimball Electronics*		2,450		42
Knowles*		64,557		1,223
Kopin*		5,200		21
KVH Industries*		1,300		11
Lattice Semiconductor*		10,972		76
Limelight Networks*		7,400		19
Liquidity Services*		31,697		254
Littelfuse		2,062		330
LivePerson*		4,351		30
Logitech International		34,885		1,112
LogMeIn		4,683		457
Lumentum Holdings*		4,757		254
MACOM Technology Solutions Holdings*		2,777		134
ManTech International, Cl A		2,219		77
Marchex, Cl B		2,200		6
Marin Software*		324,753		585
Marvell Technology Group		92,795		1,416
Mattersight*		439,065		1,537
MAXIMUS		5,963		371
MaxLinear, Cl A*		4,961		139
Maxwell Technologies*		2,572		15
MeetMe*		3,370		20
Mesa Laboratories		245		30
Methode Electronics		3,348		153
Micron Technology*		122,200		3,532
Microsemi*		82,792		4,266
MicroStrategy, Cl A*		869		163
Mimecast*		33,190		743
MINDBODY, Cl A*		62,676		1,720
Mitek Systems*		2,404		16
MKS Instruments		24,655		1,695
MobileIron*		3,500		15
Model N*		215,305		2,250
MoneyGram International*		2,486		42
Monolithic Power Systems		3,520		324
Monotype Imaging Holdings		3,708		75
MTS Systems		1,467		81
Nanometrics*		2,258		69
NCI, Cl A*		700		11
NeoPhotonics*		2,517		23
NETGEAR*		2,966		147
Netlist*		488,050		483
NetScout Systems*		8,357		317

Description	Shares		Value (000)
NeuStar, Cl A*		4,952	$	164
New Relic*		2,072		77
NIC		5,861		118
Nimble Storage*		5,946		74
Novanta*		78,866		2,094
Numerex, Cl A*		1,400		7
NVE		400		33
Oclaro*		10,037		99
ON Semiconductor*		78,895		1,222
OSI Systems*		1,530		112
Park City Group*		1,100		14
Park Electrochemical		1,578		28
Paycom Software*		3,919		225
Paylocity Holding*		2,034		79
PC Connection		927		28
PDF Solutions*		39,255		888
Pegasystems		3,246		142
Perficient*		3,381		59
PFSweb*		1,200		8
Photronics*		6,002		64
Planet Payment*		3,457		14
Plantronics		3,038		164
Plexus*		3,048		176
Power Integrations		2,512		165
Progress Software		4,611		134
Proofpoint*		3,811		283
PROS Holdings*		41,787		1,011
PTC*		19,370		1,018
Pure Storage, Cl A*		6,248		61
Q2 Holdings*		2,341		82
QAD, Cl A		769		21
Qualys*		2,421		92
Quantenna Communications*		800		17
QuinStreet*		2,600		10
Quotient Technology*		6,102		58
Radisys*		2,909		12
Rambus*		10,015		132
Rapid7*		1,625		24
RealNetworks*		2,200		11
RealPage*		29,084		1,015
Reis		723		13
RetailMeNot*		3,400		28
Rightside Group*		1,200		12
RingCentral, Cl A*		99,937		2,828
Rogers*		34,255		2,941
Rosetta Stone*		1,576		15
Rubicon Project*		3,040		18
Rudolph Technologies*		2,865		64
Sanmina*		6,880		279
Sapiens International		2,047		26
ScanSource*		2,251		88

47

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Science Applications International		3,819	$	284
Seachange International*		190,731		473
SecureWorks, Cl A*		600		6
Semtech*		5,761		195
ServiceNow*		32,135		2,811
ServiceSource International*		4,983		19
Shopify, Cl A*		33,390		2,274
ShoreTel*		393,588		2,421
Shutterstock*		1,749		72
Sigma Designs*		2,928		18
Silicom		459		23
Silicon Laboratories*		3,864		284
Silver Spring Networks*		3,094		35
Sonus Networks*		3,896		26
SPS Commerce*		1,453		85
Square, Cl A*		116,675		2,016
Stamps.com*		12,330		1,459
Stratasys*		4,406		90
Super Micro Computer*		3,457		88
Sykes Enterprises*		3,460		102
Synaptics*		3,130		155
Synchronoss Technologies*		3,814		93
SYNNEX		2,725		305
Syntel		3,426		58
Systemax		1,100		12
Take-Two Interactive Software*		55,965		3,317
Tech Data*		3,267		307
TechTarget*		1,400		13
Telenav*		177,944		1,539
TeleTech Holdings		1,341		40
TiVo		38,145		715
Trade Desk, Cl A*		600		22
Travelport Worldwide		10,650		125
Trimble*		46,650		1,493
TrueCar*		59,318		918
TTM Technologies*		6,519		105
Ubiquiti Networks*		2,524		127
Ultra Clean Holdings*		2,800		47
Ultratech*		1,904		56
Unisys*		4,782		67
Universal Display		63,780		5,491
USA Technologies*		3,700		16
Vantiv, Cl A*		14,135		906
Varonis Systems*		900		29
VASCO Data Security International*		2,463		33
Veeco Instruments*		7,488		224
VeriFone Systems*		50,261		941
Verint Systems*		23,477		1,018
ViaSat*		4,676		298

Description	Shares		Value (000)
Viavi Solutions*		20,899	$	224
VirnetX Holding*		3,600		8
Virtusa*		2,545		77
Vishay Intertechnology		190,186		3,129
Vishay Precision Group*		900		14
Web.com Group*		3,891		75
WebMD Health, Cl A*		3,408		180
Wix.com*		14,695		998
Workiva, Cl A*		1,794		28
Xactly*		1,864		22
Xcerra*		4,322		38
XO Group*		2,075		36
Xperi		140,824		4,781
Zebra Technologies, Cl A*		14,940		1,363
Zendesk*		7,395		207
Zix*		4,700		23
				165,830
Materials – 6.6%
A Schulman		54,474		1,713
AgroFresh Solutions*		2,300		10
AK Steel Holding*		28,331		204
Alamos Gold, Cl A		55,008		442
Albemarle		29,625		3,130
Allegheny Technologies		56,195		1,009
American Vanguard		2,305		38
Ampco-Pittsburgh		699		10
AptarGroup		35,260		2,715
Avery Dennison		34,535		2,783
Balchem		2,958		244
Berry Plastics Group*		24,530		1,191
Boise Cascade*		12,283		328
Calgon Carbon		4,613		67
Carpenter Technology		63,030		2,351
Century Aluminum*		4,579		58
Chase		675		64
Chemours		57,550		2,216
Chemtura*		5,679		190
Clearwater Paper*		1,485		83
Cliffs Natural Resources*		25,554		210
Codexis*		2,734		13
Coeur Mining*		16,039		130
Commercial Metals		156,351		2,991
Compass Minerals International		31,977		2,170
Deltic Timber		973		76
Ferro*		7,397		112
Ferroglobe PLC*		30,844		319
Ferroglobe Representation* (B)		5,900		-
Flotek Industries*		5,198		66
FMC		20,700		1,440
Forterra*		1,500		29

48

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
FutureFuel		2,038	$	29
GCP Applied Technologies*		101,892		3,327
Gold Resource		4,083		18
Graphic Packaging Holding		232,980		2,998
Greif, Cl A		2,758		157
Handy & Harman*		200		5
Hawkins		785		38
Haynes International		24,358		928
HB Fuller		4,710		243
Headwaters*		6,665		156
Hecla Mining		33,944		180
Ingevity*		3,791		231
Innophos Holdings		1,779		96
Innospec		2,171		141
Kaiser Aluminum		1,715		137
KapStone Paper and Packaging		7,701		178
KMG Chemicals		800		37
Koppers Holdings*		1,859		79
Kraton*		30,391		940
Kronos Worldwide		1,800		30
Louisiana-Pacific*		61,321		1,522
LSB Industries*		1,685		16
Materion		1,825		61
Mercer International		114,076		1,335
Methanex		16,650		781
Minerals Technologies		3,261		250
Multi Packaging Solutions International*		79,801		1,432
Myers Industries		1,772		28
Neenah Paper		1,455		109
Olin		53,299		1,752
Olympic Steel		749		14
OMNOVA Solutions*		3,469		34
PH Glatfelter		3,850		84
Platform Specialty Products*		53,900		702
PolyOne		147,336		5,023
Quaker Chemical		1,184		156
Rayonier Advanced Materials		3,970		53
Real Industry*		2,140		6
Ryerson Holding*		1,000		13
Schnitzer Steel Industries, Cl A		2,783		57
Schweitzer-Mauduit International		2,673		111
Sensient Technologies		14,990		1,188
Silgan Holdings		50,900		3,021
Stepan		1,805		142
Stillwater Mining*		10,900		188
Summit Materials, Cl A*		9,719		240
SunCoke Energy*		6,868		62
TerraVia Holdings*		6,500		5

Description	Shares		Value (000)
TimkenSteel*		3,421	$	65
Trecora Resources*		1,600		18
Tredegar		2,076		36
Trinseo		13,927		934
Tronox, Cl A		5,913		109
UFP Technologies*		523		14
United States Lime & Minerals		200		16
US Concrete*		22,213		1,434
Valhi		2,200		7
Westlake Chemical		47,130		3,113
Worthington Industries		4,013		181
				60,662
Real Estate – 3.1%
Acadia Realty Trust ‡		7,103		213
Agree Realty ‡		2,460		118
Alexander & Baldwin		4,157		185
Alexander’s ‡		194		84
Altisource Portfolio Solutions*		1,064		39
American Assets Trust ‡		3,586		150
Armada Hoffler Properties ‡		3,119		43
Ashford Hospitality Prime ‡		2,067		22
Ashford Hospitality Trust ‡		6,384		41
AV Homes*		1,000		16
Bluerock Residential Growth, Cl A ‡		1,933		24
Brandywine Realty Trust ‡		64,376		1,045
CareTrust ‡		6,345		107
CatchMark Timber Trust, Cl A ‡		3,171		37
CBL & Associates Properties ‡		15,478		148
Cedar Realty Trust ‡		6,741		34
Chatham Lodging Trust ‡		3,445		68
Chesapeake Lodging Trust ‡		5,477		131
City Office ‡		2,718		33
Colony Starwood Homes ‡		6,520		221
Community Healthcare Trust ‡		1,030		25
Consolidated-Tomoka Land		300		16
CorEnergy Infrastructure Trust ‡		976		33
CoreSite Realty ‡		3,138		283
Cousins Properties ‡		31,745		263
CyrusOne ‡		19,230		990
DiamondRock Hospitality ‡		17,873		199
DuPont Fabros Technology ‡		6,737		334
Easterly Government Properties ‡		3,108		61
EastGroup Properties ‡		2,811		207
Education Realty Trust ‡		6,882		281
Farmland Partners ‡		2,300		26
FelCor Lodging Trust ‡		12,236		92
First Industrial Realty Trust ‡		10,513		280
First Potomac Realty Trust ‡		6,118		63
Forestar Group*		2,791		38

49

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Four Corners Property Trust ‡		5,335	$	122
Franklin Street Properties ‡		9,231		112
FRP Holdings*		500		20
GEO Group ‡		7,327		340
Getty Realty ‡		2,501		63
Gladstone Commercial ‡		2,225		46
Global Medical ‡		1,240		11
Global Net Lease ‡		6,431		155
Government Properties Income Trust ‡		6,227		130
Gramercy Property Trust ‡		12,711		334
Healthcare Realty Trust ‡		10,311		335
Hersha Hospitality Trust, Cl A ‡		3,787		71
HFF, Cl A		3,231		89
Hudson Pacific Properties ‡		11,036		382
Independence Realty Trust ‡		5,275		49
InfraREIT ‡		3,802		68
Investors Real Estate Trust ‡		11,086		66
iStar ‡*		6,286		74
Kennedy-Wilson Holdings		7,550		168
Kite Realty Group Trust ‡		7,568		163
LaSalle Hotel Properties ‡		9,658		280
Lexington Realty Trust ‡		20,446		204
LTC Properties ‡		3,450		165
Mack-Cali Realty ‡		7,931		214
Marcus & Millichap*		1,300		32
MedEquities Realty Trust ‡		102,138		1,145
Medical Properties Trust ‡		26,589		343
Monmouth Real Estate Investment, Cl A ‡		5,751		82
Monogram Residential Trust ‡		15,432		154
National Health Investors ‡		3,500		254
National Storage Affiliates Trust ‡		3,618		86
New Senior Investment Group ‡		7,003		71
NexPoint Residential Trust ‡		1,467		35
NorthStar Realty Europe ‡		4,870		56
One Liberty Properties ‡		1,079		25
Outfront Media ‡		175,827		4,668
Parkway ‡		3,856		77
Pebblebrook Hotel Trust ‡		6,372		186
Pennsylvania ‡		6,079		92
Physicians Realty Trust ‡		13,909		276
Potlatch ‡		51,436		2,351
Preferred Apartment Communities, Cl A ‡		2,000		26
PS Business Parks ‡		1,754		201
QTS Realty Trust, Cl A ‡		43,575		2,124
RAIT Financial Trust ‡		7,497		24
Ramco-Gershenson Properties Trust ‡		7,034		99

Description	Shares		Value (000)
Rayonier ‡		59,527	$	1,687
RE/MAX Holdings, Cl A		1,550		92
Retail Opportunity Investments ‡		9,579		201
Rexford Industrial Realty ‡		6,035		136
RLJ Lodging Trust ‡		11,443		269
RMR Group		565		28
Ryman Hospitality Properties ‡		4,080		252
Sabra Health Care ‡		5,914		165
Saul Centers ‡		922		57
Select Income ‡		5,818		150
Seritage Growth Properties ‡		2,239		97
Silver Bay Realty Trust ‡		3,160		68
St. Joe*		4,525		77
STAG Industrial ‡		51,547		1,290
Stratus Properties		600		16
Summit Hotel Properties ‡		7,669		123
Sunstone Hotel Investors ‡		19,669		302
Tejon Ranch*		1,137		25
Terreno Realty ‡		3,990		112
Tier ‡		4,363		76
Trinity Place Holdings*		3,382		25
UMH Properties ‡		2,928		45
Universal Health Realty Income Trust ‡		1,138		73
Urban Edge Properties ‡		7,977		210
Urstadt Biddle Properties, Cl A ‡		2,803		58
Washington ‡		6,533		204
Washington Prime Group ‡		17,053		148
Whitestone, Cl B ‡		2,685		37
Xenia Hotels & Resorts ‡		9,232		158
				28,199
Telecommunication Services – 0.3%
ATN International		965		68
Boingo Wireless*		3,100		40
Cincinnati Bell*		3,836		68
Cogent Communications Holdings		3,812		164
Consolidated Communications Holdings		4,457		104
FairPoint Communications*		1,733		29
General Communication, Cl A*		2,364		49
Globalstar*		41,343		66
Hawaiian Telcom Holdco*		600		14
IDT, Cl B		1,500		19
Intelsat*		2,400		10
Iridium Communications*		7,436		72
Lumos Networks*		1,545		27
NII Holdings*		5,600		7
ORBCOMM*		6,770		65
pdvWireless*		800		18

50

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Shenandoah Telecommunications		4,078	$	114
Spok Holdings		1,800		34
Straight Path Communications*		800		29
Vonage Holdings*		219,711		1,389
Windstream Holdings		15,831		86
				2,472
Utilities – 1.4%
ALLETE		31,704		2,147
American States Water		3,355		149
AquaVenture Holdings*		63,575		1,085
Artesian Resources, Cl A		700		23
Atlantic Power*		9,958		26
Atlantica Yield		5,207		109
Avista		5,630		220
Black Hills		4,668		310
California Water Service Group		4,402		158
Chesapeake Utilities		1,418		98
Connecticut Water Service		1,041		55
Consolidated Water		1,400		16
Delta Natural Gas		558		17
Dynegy, Cl A*		349,559		2,748
El Paso Electric		3,689		186
Genie Energy, Cl B		1,200		9
Global Water Resources		1,000		9
IDACORP		4,557		378
MGE Energy		3,114		202
Middlesex Water		1,670		62
New Jersey Resources		7,760		307
Northwest Natural Gas		2,493		147
NorthWestern		4,562		268
NRG Yield, Cl A		9,360		164
ONE Gas		4,710		318
Ormat Technologies		3,468		198
Otter Tail		3,496		132
Pattern Energy Group, Cl A		5,917		119
PNM Resources		7,483		277
Portland General Electric		8,075		359
SJW Group		1,494		72
South Jersey Industries		7,491		267
Southwest Gas Holdings		4,399		365
Spark Energy, Cl A		500		16
Spire		4,184		282
TerraForm Global, Cl A*		7,462		36
TerraForm Power, Cl A*		7,842		97
Unitil		14,962		674
Vivint Solar*		1,800		5
WGL Holdings		4,552		376

Description	Shares		Value (000)
York Water		1,050	$	37
				12,523
Total Common Stock (Cost $773,793) (000)				868,812
Exchange Traded Funds — 0.3%
iShares Russell 2000		11,040		1,518
iShares Russell 2000 Value		10,547		1,246
Total Exchange Traded Funds (Cost $2,436) (000)				2,764
Corporate Obligation — 0.0%
Industrials – 0.0%
Mueller Industries 6.000%, 03/01/27		25		25
Total Corporate Obligation (Cost $25) (000)				25
Rights* — 0.0%
		Number of Rights
Chelsea Therapeutics International † (B)		2,000		-
Durata Therapeutics † (B)		900		-
Dyax CVR, Expires 12/31/2019 (B)		12,613		-
Media General, Expires † (B)		9,318		18
Second Sight Medical Products † (B)		1,282		-
Tobira Therapeutics, Expires 12/31/2028 (B)		900		-
Trinity Place Holdings, Expires 4/4/2017 (B)		426		-
Total Rights (Cost $-) (000)				18
Short-Term Investment — 4.9%
State Street Institutional Treasury Money Market Fund, Cl Institutional, 0.549% (C)		44,544,830		44,545
Total Short-Term Investment (Cost $44,545) (000)				44,545
Total Investments — 99.9% (Cost $820,799) (000) †			$	916,164

Percentages are based on Net Assets of $916,985 (000).

51

KP Small Cap Equity Fund

Schedule of Investments

March 31, 2017 (Unaudited)

A list of the open futures contracts held by the Fund at March 31, 2017, is as follows (000):

Type of Contract	Number of Contracts Long (Short)		Expiration Date		Unrealized Appreciation (Depreciation)
Russell 2000 Index E-MINI		231		Jun-2017	$	234

For the period ended March 31, 2017, 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 is unavailable.

‡ Real Estate Investment Trust

(A) Security considered Master Limited Partnership. At March 31, 2017, this security amounted to 930 (000) or 0.1% of Net Assets.

(B) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of March 31, 2017, was $18 (000) and represented 0.00% of net assets.

(C) The rate reported is the 7-date effective yield as of March 31, 2017.

Cl — Class

CVR— Contingent Value Right

PLC — Public Limited Company

REIT — Real Estate Investment Trust

@ At March 31, 2017, the tax cost basis of the Fund’s investments was $820,799 (000), and the unrealized appreciation and depreciation were $138,712 (000) and $(43,347) (000), respectively.

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock	$	868,812	$	-	$	-	$	868,812
Short-Term Investment		-		44,545		-		44,545
Exchange Traded Funds		2,764		-		-		2,764
Corporate Obligation		-		25		-		25
Rights		-		-		18		18
Total Investments in Securities	$	871,576	$	44,570	$	18	$	916,164
Other Financial Instruments	Level 1		Level 2		Level 3^		Total
Futures Contracts*
Unrealized Appreciation		234		-		-		234
Total Other Financial Instruments		234		-		-		234

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

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

As of March 31, 2017, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended March 31, 2017, there have been no changes to the Fund’s fair value methodologies.

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

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

52

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Common Stock — 96.2%
Australia – 3.3%
Abacus Property Group ‡		17,677	$	44
Aconex*		11,154		33
Adelaide Brighton		24,602		107
AGL Energy		12,045		243
ALS		100,601		472
Altium		8,044		47
Alumina		407,065		557
Amcor		33,109		381
AMP		52,933		209
Ansell		8,334		154
APA Group		20,803		142
APN News & Media		21,020		45
APN Outdoor Group		10,203		44
ARB		4,575		51
Ardent Leisure Group		28,933		40
Aristocrat Leisure		10,110		139
Asaleo Care		116,367		156
ASX		3,614		139
Aurizon Holdings		38,305		154
AusNet Services		40,099		52
Australia & New Zealand Banking Group		173,721		4,224
Australian Agricultural*		30,553		39
Australian Pharmaceutical Industries		28,482		44
Automotive Holdings Group		16,149		51
Aveo Group		25,986		64
Bank of Queensland		7,713		72
Bapcor		16,520		74
Beach Energy		97,396		60
Bega Cheese		8,574		41
Bendigo & Adelaide Bank		9,332		87
BHP Billiton		74,102		1,362
Blackmores		790		68
BlueScope Steel		130,782		1,225
Boral		24,308		108
Brambles		28,423		203
Breville Group		5,759		45
Brickworks		4,260		48
BT Investment Management		10,535		80
BWP Trust ‡		30,570		67
Caltex Australia		4,276		96
carsales.com		35,688		305
Challenger		9,360		90
Charter Hall Group ‡		22,471		95
Charter Hall Retail ‡		16,316		54
CIMIC Group		2,070		57
Cleanaway Waste Management		556,749		510
Coca-Cola Amatil		95,577		790
Cochlear		938		97
Commonwealth Bank of Australia		32,700		2,146
Computershare		9,882		106
Corporate Travel Management		3,588		55
Costa Group Holdings		15,169		50
Cover-More Group		20,480		30
Credit Group		3,286		43
Cromwell Property Group ‡		74,113		54

Description	Shares		Value (000)
Crown Resorts		8,209	$	74
CSL		8,512		816
CSR		29,383		101
Dexus Property Group ‡		18,679		139
Domino’s Pizza Enterprises		1,259		56
Downer EDI		23,773		105
DUET Group		52,476		112
DuluxGroup		55,154		275
Eclipx Group		16,752		51
Estia Health		12,273		29
Evolution Mining		66,973		107
Fairfax Media		558,584		438
FlexiGroup		26,275		46
Flight Centre Travel Group		1,077		24
Fortescue Metals Group		29,066		138
G8 Education		20,087		63
Galaxy Resources*		113,582		39
Gateway Lifestyle		22,481		36
Genworth Mortgage Insurance Australia		14,780		35
Goodman Group ‡		32,730		194
GPT Group ‡		36,817		145
GrainCorp, Cl A		13,684		96
Greencross		6,879		38
Growthpoint Properties Australia ‡		13,544		33
GUD Holdings		24,624		223
Harvey Norman Holdings		11,807		41
Healthscope		33,196		58
Iluka Resources		67,131		391
Incitec Pivot		34,692		100
Independence Group NL		29,909		82
Infigen Energy*		49,136		38
Insurance Australia Group		44,200		204
Investa Office Fund ‡*		29,979		109
InvoCare		6,479		70
IOOF Holdings		15,190		99
IRESS		8,734		78
JB Hi-Fi		6,674		125
Lend Lease Group		10,706		127
Link Administration Holdings		19,646		116
Macquarie Atlas Roads Group		28,938		113
Macquarie Group		5,719		395
Magellan Financial Group		7,159		129
Mantra Group		21,476		48
Mayne Pharma Group*		80,915		88
McMillan Shakespeare		5,283		53
Medibank		45,147		97
Metcash		182,958		345
Mineral Resources		7,968		65
Mirvac Group ‡		74,913		125
Monadelphous Group		5,368		51
Myer Holdings		58,285		54
MYOB Group		19,451		53
Nanosonics*		14,941		35
National Australia Bank		116,734		2,973
National Storage ‡		31,315		34
Navitas		14,190		48
Newcrest Mining		39,968		680
NEXTDC*		17,238		54
Nine Entertainment Holdings		45,602		44
Northern Star Resources		33,041		102
Nufarm		11,244		83
Oil Search		25,585		141
Oh!media		10,769		38

53

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Orica		117,191	$	1,576
Origin Energy		32,102		173
Orora		90,929		206
OZ Minerals		16,822		101
Pact Group Holdings		10,535		56
Perpetual		2,404		96
Platinum Asset Management		13,756		54
Premier Investments		6,088		67
Primary Health Care		32,037		87
Qantas Airways		12,317		37
QBE Insurance Group		24,547		242
Qube Holdings		50,921		100
Ramsay Health Care		2,641		141
REA Group		970		44
Regis Healthcare		9,607		33
Regis Resources		26,513		67
Reliance Worldwide		23,690		52
Resolute Mining		43,146		43
Retail Food Group		9,394		38
Rio Tinto PLC		7,919		366
Sandfire Resources NL		10,875		53
Santos		56,481		164
Saracen Mineral Holdings*		48,702		37
Scentre Group ‡		99,402		326
SEEK		6,748		82
Seven Group Holdings		5,236		43
Seven West Media		75,857		45
Shopping Centres Australasia Property Group ‡		40,789		70
Sigma Pharmaceuticals		208,336		205
Sims Metal Management		9,940		94
Sirtex Medical		3,837		52
Sonic Healthcare		8,095		137
South32		84,571		178
Southern Cross Media Group		50,906		54
Spark Infrastructure Group		86,330		156
Spotless Group Holdings		232,410		193
St. Barbara*		29,730		54
Star Entertainment Grp		44,527		186
Steadfast Group		43,892		85
Stockland ‡		41,441		147
Suncorp Group		24,704		250
Super Retail Group		8,170		64
Sydney Airport		18,072		93
Syrah Resources*		16,717		36
Tabcorp Holdings		17,614		64
Tassal Group		12,256		42
Tatts Group		30,177		102
Technology One		15,409		60
Telstra		76,471		271
TPG Telecom		6,699		36
Transurban Group		38,137		340
Treasury Wine Estates		14,260		133
Vicinity Centres ‡		64,934		140
Viva Energy REIT ‡		25,338		46
Vocus Communications		9,259		31
Webjet		5,190		46
Wesfarmers		21,114		727
Western Areas		16,947		30
Westfield ‡		37,791		256
Westpac Banking		63,519		1,701
Whitehaven Coal*		29,876		68
Woodside Petroleum		14,155		347
Woolworths		137,259		2,779

Description	Shares		Value (000)
WorleyParsons		12,156	$	102
				40,352
Austria – 0.2%
ANDRITZ		4,620		231
BUWOG		5,026		126
Conwert Immobilien Invest		537		9
Erste Group Bank		5,503		179
EVN		2,278		29
Immobilien Anlagen		4,380		96
IMMOFINANZ		48,519		93
Lenzing		458		77
Oesterreichische Post		8,132		325
OMV		2,415		95
Raiffeisen Bank International		2,207		50
RHI		1,991		51
S IMMO		3,579		43
Schoeller-Bleckmann Oilfield Equipment		940		65
UNIQA Insurance Group		8,660		67
Vienna Insurance Group Wiener Versicherung Gruppe		2,387		58
Voestalpine		2,370		93
Wienerberger		27,320		580
Zumtobel Group		2,240		43
				2,310
Belgium – 0.7%
Ablynx*		4,132		51
Ackermans & van Haaren		1,196		188
Aedifica ‡		836		63
Ageas		3,639		142
AGFA-Gevaert*		10,538		52
Anheuser-Busch InBev		25,932		2,848
Barco		746		75
Befimmo ‡		1,532		87
Bekaert		2,137		105
bpost		5,253		123
Cie d’Entreprises CFE		453		63
Cofinimmo ‡		1,100		126
Colruyt		1,514		74
D’ieteren		1,589		74
Econocom Group		3,955		59
Elia System Operator		1,744		92
Euronav		8,300		66
EVS Broadcast Equipment		1,300		50
Fagron		3,140		40
Gimv		1,200		67
Groupe Bruxelles Lambert		1,506		137
Ion Beam Applications		1,239		68
KBC Ancora		2,006		89
KBC Group		37,645		2,498
Kinepolis Group		1,113		57
Melexis		1,167		101
Nyrstar		4,983		31
Ontex Group		4,363		140
Orange Belgium		1,978		42
Proximus		3,125		98
Sofina		731		101
Solvay		1,356		165
Telenet Group Holding*		1,010		60
Tessenderlo Chemie		2,113		84
UCB		2,312		179
Umicore		1,958		112

54

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Warehouses De Pauw ‡*		862	$	80
				8,487
Brazil – 1.6%
AES Tiete Energia		400		2
Ambev ADR		353,227		2,035
B2W Cia Digital*		44,668		176
Banco Bradesco ADR*		373,000		3,820
Banco do Brasil		122,000		1,314
Banco Santander Brasil ADR		38,782		342
BTG Pactual Group		65,624		405
Cia de Saneamento Basico do Estado de Sao Paulo		150,600		1,574
Cia de Saneamento de Minas Gerais-COPASA		45,300		634
Cia Energetica de Minas Gerais ADR		278,359		916
Embraer ADR		57,091		531
Equatorial Energia		23,200		436
Grendene		122,100		885
JBS		350,300		1,148
LPS Brasil Consultoria de Imoveis*		96,935		143
MRV Engenharia e Participacoes		244,500		1,125
Natura Cosmeticos		98,327		915
Porto Seguro		116,627		1,073
Positivo Informatica*		56,200		63
Qualicorp		28,200		179
Tim Participacoes ADR		157,731		1,164
TOTVS		49,200		438
				19,318
Canada – 1.6%
Bank of Nova Scotia		44,300		2,592
Brookfield Asset Management, Cl A		37,957		1,383
CAE		157,700		2,410
Canadian Natural Resources		56,031		1,834
Element Financial, Cl Common Subscription Receipt		131,557		1,218
Entertainment One		19,514		60
Fairfax Financial Holdings		2,446		1,113
Loblaw		40,972		2,223
PrairieSky Royalty		22,628		477
Ritchie Bros Auctioneers		12,102		398
Rogers Communications, Cl B		30,561		1,351
Suncor Energy		101,617		3,121
Toronto-Dominion Bank		15,200		761
TransCanada		11,700		540
				19,481
Chile – 0.2%
CAP		11,219		132
Cia Cervecerias Unidas		52,336		660
Cia Sud Americana de Vapores*		3,409,895		125
Enaex		1,808		19
Enersis Chile		1,650,868		446
Inversiones La Construccion		4,669		63
Quinenco		329,424		865
				2,310
China – 2.5%
Agricultural Bank of China, Cl H		4,839,000		2,229

Description	Shares		Value (000)
Ajisen China Holdings		525,000	$	202
Alibaba Group Holding ADR*		25,505		2,750
Baidu ADR*		4,700		811
Bank of China, Cl H		12,249,000		6,084
BYD Electronic International		1,381,500		1,920
CECEP COSTIN New Materials Group		1,134,000		88
Changyou.com ADR*		2,671		75
China Construction Bank, Cl H		8,984,000		7,226
China Railway Group, Cl H		211,000		189
Goodbaby International Holdings		244,000		118
Harbin Electric, Cl H		444,000		256
Leju Holdings ADR*		9,889		34
Li Ning*		810,791		475
NetEase ADR		14,233		4,042
Powerlong Real Estate Holdings		306,000		116
Shenzhou International Group Holdings		23,579		149
Sinotruk Hong Kong		854,500		641
TravelSky Technology, Cl H		106,000		250
Tsingtao Brewery, Cl H		78,000		359
Want Want China Holdings		1,197,996		829
Weibo ADR*		29,565		1,543
Yangzijiang Shipbuilding Holdings		28,900		23
				30,409
Colombia – 0.1%
Almacenes Exito		45,560		243
Bancolombia ADR		13,740		548
				791
Cyprus – 0.0%
Global Ports Investments GDR*		115,289		438
Czech Republic – 0.0%
Komercni Banka		4,375		162
Denmark – 1.4%
ALK-Abello		431		62
Alm Brand		5,040		41
Ambu, Cl B		1,709		74
AP Moeller - Maersk, Cl B		192		315
Bang & Olufsen*		2,591		36
Bavarian Nordic*		1,932		98
Carlsberg, Cl B		22,101		2,041
Chr Hansen Holding		2,036		131
Coloplast, Cl B		22,410		1,749
D*		2,019		41
Danske Bank		17,356		591
Dfds		1,648		91
DONG Energy (A) (B)		2,557		99
DSV		3,476		180
FLSmidth		2,249		120
Genmab*		1,026		198
GN Store Nord		44,572		1,041
ISS		7,797		295
Jyske Bank		3,861		195
Matas		2,915		41
NKT Holding		1,577		116
Novo Nordisk, Cl B		146,114		5,017

55

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Novozymes, Cl B		4,219	$	167
Pandora		1,990		220
Per Aarsleff Holding		1,916		46
Rockwool International, Cl B		421		75
Royal Unibrew		2,633		111
Scandinavian Tobacco Group (A) (B)		2,628		46
Schouw		707		65
SimCorp		2,418		146
Spar Nord Bank		5,375		60
Sydbank		4,010		139
TDC		17,800		92
Topdanmark*		2,881		73
Tryg		2,597		47
Vestas Wind Systems		28,109		2,285
William Demant Holding*		38,374		802
				16,946
Egypt – 0.0%
Telecom Egypt		129,194		82
Finland – 0.8%
Amer Sports		14,514		328
Cargotec, Cl B		1,974		98
Caverion		6,517		51
Citycon		18,366		43
Cramo		2,689		61
Elisa		2,331		82
Fortum		8,578		136
Huhtamaki		4,987		177
Kemira		5,541		68
Kesko, Cl B		3,353		160
Kone, Cl B		6,453		283
Konecranes, Cl B		3,333		118
Metsa Board		11,345		70
Metso		5,941		180
Neste		2,531		99
Nokia		72,351		388
Nokian Renkaat		63,945		2,670
Oriola-KD		8,262		35
Orion, Cl B		1,681		88
Outokumpu		16,041		156
Outotec		9,652		59
PKC Group		1,401		35
Ramirent		4,456		36
Sampo, Cl A		45,250		2,146
Sanoma		4,368		37
Sponda		12,920		55
Stora Enso, Cl R		10,651		126
Technopolis		10,979		35
Tieto		2,939		80
Tikkurila		76,976		1,560
UPM-Kymmene		9,552		224
Uponor		3,160		56
Valmet		6,577		102
Wartsila, Cl B		8,560		459
YIT		7,957		54
				10,355
France – 6.3%
Accor		3,296		137
Aeroports de Paris		633		78
Air France-KLM*		56,433		427
Air Liquide		85,201		9,736

Description	Shares		Value (000)
Albioma*		2,733	$	48
Alstom		3,059		91
Alten		1,681		129
Altran Technologies		7,975		134
Arkema		1,312		129
Atos		1,628		201
AXA		58,705		1,519
Beneteau		2,664		35
BNP Paribas		36,256		2,414
Boiron		500		46
Bollore		19,606		76
Bouygues		3,810		155
Bureau Veritas		4,347		92
Capital Gemini		3,541		327
Carrefour		10,150		240
Casino Guichard Perrachon		1,086		61
Cellectis*		1,805		43
Christian Dior		976		227
Cie de Saint-Gobain		9,325		479
Cie Generale des Etablissements Michelin		3,418		416
Cie Plastic Omnium		3,495		127
CNP Assurances		3,310		67
Coface*		6,645		50
Credit Agricole		21,480		291
Danone		56,384		3,835
Dassault Aviation		54		69
Dassault Systemes		21,231		1,838
DBV Technologies*		1,177		82
Edenred		22,226		526
Eiffage		1,169		92
Electricite de France		6,272		53
Elior Group (A) (B)		5,631		128
Elis		11,674		229
Engie		204,319		2,895
Essilor International		3,868		470
Euler Hermes Group		663		61
Eurazeo		886		58
Eurofins Scientific		1,735		755
Europcar Groupe* (A) (B)		5,211		55
Eutelsat Communications		3,507		78
Faurecia		3,814		181
FFP		426		41
Fonciere Des Regions ‡		687		57
Gaztransport Et Technigaz		1,586		60
Gecina ‡		846		115
Genfit*		1,652		52
Groupe Eurotunnel		53,087		534
Groupe Fnac*		1,069		77
Guerbet		416		35
Havas		10,466		93
Hermes International		1,396		661
ICADE ‡		742		54
Iliad		545		122
Imerys		1,892		161
Ingenico Group		1,213		114
Innate Pharma*		2,957		37
Ipsen		2,067		207
IPSOS		2,410		75
JCDecaux		7,228		254
Kering		1,415		366
Klepierre ‡		4,108		160
Korian		2,757		83
LafargeHolcim		2,046		121
Lagardere		2,659		78

56

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Legrand		45,856	$	2,765
LISI		1,334		48
L’Oreal		15,996		3,074
LVMH Moet Hennessy Louis Vuitton		24,726		5,430
Maisons du Monde* (A) (B)		1,944		61
Mercialys ‡		3,837		72
Metropole Television		3,284		73
Natixis		19,578		121
Naturex*		478		42
Neopost		10,225		393
Nexans		1,780		92
Nexity		2,494		123
Nokia		38,724		208
Numericable-SFR*		1,445		45
Orange		37,971		590
Orpea		2,321		223
Pernod Ricard		48,247		5,708
Peugeot		8,888		179
Publicis Groupe		3,434		240
Rallye		1,994		40
Remy Cointreau		508		50
Renault		3,671		319
Rexel		6,048		110
Rubis SCA		2,190		215
Safran		5,839		436
Sanofi		24,594		2,220
Sartorius Stedim Biotech		1,568		106
Schneider Electric		82,651		6,051
SCOR		2,675		101
SEB		435		61
Societe BIC		578		72
Societe Generale		14,324		727
Sodexo		1,687		198
SOITEC*		995		42
Sopra Steria Group		853		122
SPIE		4,739		114
Suez		6,322		100
Tarkett*		1,871		81
Technicolor		21,533		99
TechnipFMC*		3,593		117
Teleperformance		3,439		371
Television Francaise 1		7,395		88
Thales		5,998		580
TOTAL		183,010		9,258
Trigano		532		51
Ubisoft Entertainment*		5,177		221
Unibail-Rodamco ‡		1,855		433
Valeo		4,571		304
Vallourec		34,574		230
Veolia Environnement		8,940		167
Vicat		3,506		249
Vinci		9,477		751
Virbac		514		80
Vivendi		19,216		375
Wendel		587		75
Worldline* (A) (B)		2,362		74
Zodiac Aerospace		28,345		709
				77,621
Germany – 5.7%
Aareal Bank		3,290		128
adidas		7,822		1,488
ADO Properties (A) (B)		1,731		62
ADVA Optical Networking*		3,594		40

Description	Shares		Value (000)
Allianz		8,676	$	1,608
alstria office ‡		8,250		101
Amadeus Fire		534		43
AURELIUS Equity Opportunities & KGaA		1,268		55
Aurubis		1,961		131
Axel Springer		9,736		538
BASF		30,597		3,033
Bayer		80,287		9,255
Bayerische Motoren Werke		66,835		6,097
BayWa		1,336		44
Bechtle		841		91
Beiersdorf		48,961		4,635
Bertrandt		482		47
Bilfinger		2,157		83
BRAAS Monier Building Group		1,601		43
Brenntag		14,020		786
CANCOM		1,207		68
Capital Stage		6,773		45
Carl Zeiss Meditec		1,691		73
Cewe Stiftung & KGAA		442		39
Commerzbank		19,474		176
Compugroup Medical		1,337		60
Continental		2,054		450
Covestro (A) (B)		1,667		128
CTS Eventim & KGaA		12,653		490
Daimler		18,282		1,350
Deutsche Bank		26,743		461
Deutsche Beteiligungs		1,374		47
Deutsche Boerse		3,603		330
Deutsche EuroShop		2,315		95
Deutsche Lufthansa		4,989		81
Deutsche Pfandbriefbank (A) (B)		5,991		74
Deutsche Post		18,113		620
Deutsche Telekom		117,318		2,056
Deutsche Wohnen		6,346		209
Deutz		7,046		49
DIC Asset		4,010		40
Diebold Nixdorf		388		29
DMG Mori		1,591		78
Draegerwerk & KGaA		617		63
Drillisch		2,291		117
Duerr		1,513		135
E.ON		42,035		334
ElringKlinger		2,227		43
Evonik Industries		3,376		110
Evotec*		7,208		70
Fielmann		2,481		192
Fraport Frankfurt Airport Services Worldwide		803		57
Freenet		5,738		186
Fresenius & KGaA		7,658		615
Fresenius Medical Care & KGaA		23,126		1,951
GEA Group		6,451		274
Gerresheimer		3,363		267
Grammer		770		47
Grand City Properties		6,460		119
GRENKE		514		91
Hamborner ‡		5,770		59
Hamburger Hafen und Logistik		1,660		31
Hannover Rueck		2,329		269
HeidelbergCement		2,847		267
Heidelberger Druckmaschinen*		18,628		46

57

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Henkel & KGaA		1,860	$	207
Hochtief		460		76
HUGO BOSS		1,472		107
Indus Holding		1,198		77
Infineon Technologies		21,148		432
Innogy* (A) (B)		3,042		115
Jenoptik		3,200		79
Jungheinrich		3,024		100
K+S		3,138		73
KION Group		3,558		232
Kloeckner		4,814		52
Koenig & Bauer		837		52
Krones		798		90
KWS Saat		133		41
LANXESS		1,500		101
LEG Immobilien		3,445		282
Leoni		1,964		101
Linde		13,324		2,219
MAN		745		77
Merck KGaA		27,364		3,118
METRO		2,922		93
MorphoSys*		1,518		89
MTU Aero Engines		12,685		1,650
Muenchener Rueckversicherungs- Gesellschaft in Muenchen		3,065		599
Nemetschek		1,079		65
Nordex*		3,743		52
Norma Group		1,977		94
OSRAM Licht		1,458		92
PATRIZIA Immobilien*		2,637		47
Pfeiffer Vacuum Technology		475		60
ProSiebenSat.1 Media		39,528		1,750
QIAGEN		4,011		116
Rational		173		81
Rheinmetall		2,233		187
RHOEN-KLINIKUM		2,342		64
RIB Software		2,853		38
RWE		9,137		151
SAF-Holland		3,068		51
Salzgitter		2,367		86
SAP		108,312		10,628
SGL Carbon		4,038		41
Siemens		14,519		1,989
Siltronic*		693		46
Sixt		938		48
SLM Solutions Group*		804		32
Software		3,016		119
Stabilus		9,696		625
STADA Arzneimittel		3,446		211
Stroeer & KGaA		1,666		93
Suedzucker		3,679		93
Symrise		7,597		505
TAG Immobilien		7,405		100
Takkt		2,304		53
Telefonica Deutschland Holding		14,781		73
ThyssenKrupp		6,729		165
TLG Immobilien		4,490		87
TUI		72,668		1,006
Uniper		11,240		189
United Internet		2,016		89
Volkswagen		532		79
Vonovia		8,904		313
Vossloh*		827		53

Description	Shares		Value (000)
Wacker Chemie		876	$	90
Wacker Neuson		2,023		45
Wirecard		6,411		355
Wuestenrot & Wuerttembergische		1,462		29
XING		214		44
Zalando* (A) (B)		1,834		75
zooplus*		425		62
				71,032
Greece – 0.2%
Aegean Airlines		27,543		218
Alpha Bank AE*		35,203		63
Athens Water Supply & Sewage		8,865		49
Fourlis Holdings*		22,214		106
Grivalia Properties ‡		57,862		506
Hellenic Petroleum		22,366		123
JUMBO		8,365		132
Motor Oil Hellas Corinth Refineries		68,639		1,172
OPAP		13,107		122
				2,491
Hong Kong – 4.4%
AIA Group		1,392,600		8,781
Angang Steel, Cl H		362,000		258
ASM Pacific Technology		5,400		73
Bank of East Asia		24,391		101
BOC Hong Kong Holdings		70,500		288
Brightoil Petroleum Holdings*		242,000		69
C C Land Holdings		123,000		33
Cafe de Coral Holdings		26,000		85
Cathay Pacific Airways		27,000		39
Champion ‡		128,000		78
Cheung Kong Infrastructure Holdings		11,000		86
Cheung Kong Property Holdings		57,222		386
China Agri-Industries Holdings*		445,000		224
China LNG Group		1,640,000		37
China Mengniu Dairy		234,000		485
China Merchants Holdings International		29,543		86
China Mobile		496,500		5,434
China National Materials		221,000		73
China Overseas Grand Oceans Group		273,000		144
China Resources Beer Holdings		259,073		589
China Sunshine Paper Holdings		134,000		25
Chow Sang Sang Holdings International		23,000		54
CIFI Holdings Group		368,000		143
CITIC Telecom International Holdings		144,000		44
CK Hutchison Holdings		155,884		1,918
CLP Holdings		215,000		2,247
Dah Sing Banking Group		38,400		76
Dah Sing Financial Holdings		10,800		82
Daphne International Holdings*		103,000		10
Digital Domain Holdings*		620,000		33
Esprit Holdings		1,095,377		918

58

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Far East Consortium International		102,000	$	47
First Pacific		508,000		369
Freeman FinTech*		700,000		45
Galaxy Entertainment Group		42,000		231
Geely Automobile Holdings		2,055,000		3,147
Giordano International		110,000		60
Global Brands Group Holding*		3,356,000		358
Great Eagle Holdings		18,000		85
Guangnan Holdings		210,000		31
Guotai Junan International Holdings		182,000		59
Haitong International Securities Group		132,000		78
Hang Lung Group		20,000		85
Hang Lung Properties		47,000		122
Hang Seng Bank		14,600		296
Henderson Land Development		21,075		131
Hisense Kelon Electrical Holdings, Cl A		137,000		201
HK Electric Investments & HK Electric Investments (A) (B)		48,658		45
HKBN		72,000		80
HKT Trust		66,740		86
Hong Kong & China Gas		145,652		291
Hong Kong Exchanges and Clearing		21,686		545
Hongkong & Shanghai Hotels		184,972		217
Hopewell Holdings		42,500		160
Hysan Development		12,000		54
Industrial & Commercial Bank of China, Cl H		9,977,000		6,522
Jardine Matheson Holdings		86,700		5,570
Johnson Electric Holdings		26,500		80
K Wah International Holdings		115,000		76
Kerry Logistics Network		55,500		78
Kerry Properties		14,000		49
Kingboard Chemical Holdings		1,033,000		3,815
Kingboard Laminates Holdings		1,679,500		2,178
Li & Fung		981,000		426
Link ‡		40,000		281
Luk Fook Holdings International		23,000		73
Man Wah Holdings		88,000		70
Melco Crown Entertainment ADR		4,093		76
Melco International Development		50,000		88
MGM China Holdings		20,800		43
MTR		27,680		155
New World Development		123,035		151
Noble Group		545,800		76
NWS Holdings		35,000		64
Orient Overseas International		13,500		72
Pacific Basin Shipping		229,000		49
Pacific Textiles Holdings		68,000		75
PCCW		80,136		47
Poly Property Group		135,000		56
Power Assets Holdings		25,000		216
Prosperity REIT ‡		129,000		51
Road King Infrastructure		32,000		37
Scud Group* (C)		252,000		-
Shangri-La Asia		28,000		41
Shun Tak Holdings		190,000		67
Sino Land		63,046		110

Description	Shares		Value (000)
SITC International Holdings		103,552	$	71
SJM Holdings		43,000		35
SmarTone Telecommunications Holdings		95,447		123
Stella International Holdings		68,948		114
Sun Hung Kai Properties		26,893		396
Sunlight Real Estate Investment Trust ‡		111,000		66
Swire Pacific, Cl A		9,000		90
Swire Properties		24,800		79
Techtronic Industries		28,500		115
Television Broadcasts		84,200		340
Texwinca Holdings		70,000		47
Tianneng Power International		410,000		372
Tingyi Cayman Islands Holding		501,014		629
Top Spring International Holdings		55,000		17
Town Health International Medical Group		274,000		44
Truly International Holdings		106,000		38
Value Partners Group		78,000		74
VTech Holdings		11,300		135
Weichai Power, Cl H		153,000		270
Weiqiao Textile, Cl H		145,000		104
Welling Holding		120,000		26
WH Group (A) (B)		155,601		134
Wharf Holdings		24,000		206
Wheelock		16,000		127
Wynn Macau		32,000		65
Xinyi Glass Holdings		110,000		97
Yue Yuen Industrial Holdings		14,500		57
Yuexiu Transport Infrastructure		46,000		36
Zhongsheng Group Holdings		221,500		329
				54,650
India – 2.3%
Axis Bank		49,283		373
Balmer Lawrie		23,166		84
Bharat Petroleum		159,274		1,594
Bharti Airtel		75,902		409
Century Enka		7,644		50
CESC		66,978		868
GAIL India		29,287		170
Gujarat Alkalies & Chemicals		9,194		58
Gujarat Narmada Valley Fertilizers & Chemicals		55,910		247
HCL Technologies		41,410		558
Hindalco Industries		671,594		2,018
Housing Development Finance		166,123		3,843
Indian Bank		18,056		77
Indian Oil		512,798		3,057
Infosys ADR		282,439		4,462
Jindal Stainless Hisar*		44,257		97
Kalyani Steels*		19,852		110
Kirloskar Ferrous Industries*		29,669		44
Mangalore Refinery & Petrochemicals*		318,006		522
National Aluminium		89,269		105
NMDC		149,726		307
Oil & Natural Gas		297,953		849
Polyplex		3,769		24
Rain Industries		52,329		88
Rural Electrification		81,163		226
Sundram Fasteners		4,653		28
Tata Consultancy Services		183,418		6,868

59

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Thirumalai Chemicals*		2,634	$	36
Tinplate of India		69,685		83
Vijaya Bank*		75,415		80
Wipro		62,983		500
WNS Holdings ADR*		21,977		629
				28,464
Indonesia – 0.7%
Adaro Energy		1,540,100		202
Bank CIMB Niaga*		783,900		61
Bank Negara Indonesia Persero		3,771,200		1,833
Bank Pembangunan Daerah Jawa Timur		467,000		24
Bank Tabungan Negara Persero		8,193,200		1,396
Delta Dunia Makmur*		5,031,800		355
Japfa Comfeed Indonesia		739,500		86
Link Net		325,500		132
Media Nusantara Citra		2,706,443		376
Telekomunikasi Indonesia Persero		12,669,200		3,926
Timah Persero		2,112,200		158
United Tractors		152,900		304
				8,853
Ireland – 1.0%
Bank of Ireland*		3,650,671		914
C&C Group		20,755		80
CRH		160,056		5,647
Dalata Hotel Group*		12,904		62
DCC		10,251		902
Experian		144,624		2,950
Glanbia		10,676		206
Green ‡		40,166		58
Hibernia ‡		44,957		60
Irish Continental Group		60,679		320
Irish Residential Properties ‡		28,213		37
Kerry Group, Cl A		2,835		223
Origin Enterprises		8,245		59
Paddy Power Betfair		5,430		582
Ryanair Holdings ADR*		987		82
Smurfit Kappa Group		13,194		349
				12,531
Israel – 0.5%
Airport City*		4,385		56
Alony Hetz Properties & Investments (C)		7,606		72
Amot Investments (C)		8,733		42
Azrieli Group (C)		898		48
Bank Hapoalim (C)		20,600		126
Bank Leumi Le-Israel* (C)		27,982		124
Bezeq The Israeli Telecommunication (C)		46,368		83
Cellcom Israel*		4,095		42
Check Point Software Technologies*		29,616		3,041
Delek Group		318		76
Elbit Systems (C)		452		52
First International Bank of Israel		2,906		47
Frutarom Industries		736		41
Gazit-Globe		6,433		66

Description	Shares		Value (000)
Harel Insurance Investments & Financial Services		8,750	$	46
Israel*		277		52
Israel Chemicals (C)		11,151		47
Israel Discount Bank, Cl A* (C)		64,421		151
Jerusalem Oil Exploration* (C)		876		45
Melisron		1,149		64
Mizrahi Tefahot Bank (C)		3,021		51
Mobileye*		3,208		197
NICE-Systems (C)		1,343		90
Oil Refineries (C)		106,818		42
Partner Communications*		7,940		42
Paz Oil		550		91
Radware*		3,266		53
Reit 1 ‡ (C)		15,102		50
Shikun & Binui		17,998		44
Strauss Group (C)		3,577		61
Taro Pharmaceutical Industries*		309		36
Teva Pharmaceutical Industries (C)		13,353		436
Teva Pharmaceutical Industries ADR		4,027		129
Tower Semiconductor* (C)		4,918		114
				5,757
Italy – 1.6%
A2A		80,765		122
ACEA		3,110		42
Amplifon		5,212		63
Anima Holding (A) (B)		13,520		81
Ansaldo STS		5,792		76
Assicurazioni Generali		21,842		347
ASTM		2,749		41
Atlantia		7,553		194
Autogrill		7,569		75
Azimut Holding		6,665		116
Banca Generali		3,431		90
Banca IFIS		1,358		52
Banca Mediolanum		14,765		108
Banca Popolare di Sondrio SCPA		27,900		96
Banco BPM		85,630		254
Beni Stabili SIIQ ‡		70,220		44
BPER Banca		27,722		138
Brembo		1,585		117
Brunello Cucinelli		1,727		41
Buzzi Unicem		8,968		134
Cerved Information Solutions		11,183		108
CIR-Compagnie Industriali Riunite		27,066		41
CNH Industrial		136,132		1,313
Credito Emiliano		6,288		43
Danieli & C Officine Meccaniche		3,366		56
Datalogic		1,496		38
Davide Campari-Milano		29,020		337
De’ Longhi		3,363		98
DiaSorin		1,264		85
Ei Towers		928		52
Enav* (A) (B)		16,201		66
Enel		142,354		670
Eni		183,994		3,013
ERG		4,559		58
EXOR		2,215		115

60

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Ferrari		2,293	$	171
Fiat Chrysler Automobiles*		16,506		180
FinecoBank Banca Fineco		22,226		151
Hera		36,283		101
Industria Macchine Automatiche		870		71
Infrastrutture Wireless Italiane (A) (B)		12,834		68
Interpump Group		4,028		94
Intesa Sanpaolo		314,590		851
Iren		31,236		65
Italgas*		24,393		107
Italmobiliare		744		41
Leonardo-Finmeccanica*		6,635		94
Luxottica Group		45,883		2,533
MARR		2,440		53
Mediaset		42,901		178
Mediobanca		9,271		84
Moncler		7,024		154
OVS (A) (B)		8,748		54
Piaggio & C		333,522		664
Poste Italiane (A) (B)		10,759		72
Prysmian		3,910		103
RAI Way (A) (B)		7,558		39
Recordati		5,684		193
Reply		327		52
Saipem		1,584,001		719
Salini Impregilo		14,296		48
Salvatore Ferragamo		2,673		80
Saras		30,807		59
Snam		376,888		1,630
Societa Cattolica di Assicurazioni SCRL		10,740		86
Societa Iniziative Autostradali e Servizi		4,665		45
Technogym* (A) (B)		5,847		39
Telecom Italia		321,741		269
Terna Rete Elettrica Nazionale		28,144		140
Tod’s		751		59
UniCredit		97,558		1,504
Unione di Banche Italiane		52,700		202
Unipol Gruppo Finanziario		26,160		108
UnipolSai		24,299		54
Yoox Net-A-Porter Group, Cl A*		3,686		88
				19,627
Japan – 16.1%
77 Bank		21,000		91
ABC-Mart		700		41
Acom		8,800		35
Activia Properties ‡		32		153
Adastria		1,800		45
ADEKA		6,400		93
Advance Residence Investment ‡		73		200
Advantest		9,100		170
Aeon		11,900		174
Aeon Delight		3,000		94
AEON Financial Service		9,900		186
Aeon Mall		2,100		33
AEON REIT Investment ‡		73		81
Ai Holdings		2,500		59
Aica Kogyo		3,000		79
Aichi Steel		1,000		40
Aida Engineering		6,900		61

Description	Shares		Value (000)
Aiful*		21,900	$	64
Ain Holdings		1,300		88
Air Water		3,200		59
Aisin Seiki		3,400		167
Ajinomoto		9,800		193
Akita Bank		15,000		47
Alfresa Holdings		48,300		838
Alpine Electronics		3,000		43
Alps Electric		3,100		88
Amada Holdings		6,800		78
Amano		3,900		78
ANA Holdings		23,000		70
Anritsu		8,800		67
AOKI Holdings		3,800		44
Aomori Bank		14,000		48
Aoyama Trading		2,900		100
Aozora Bank		25,000		92
Arcs		3,100		74
Ariake Japan		1,100		69
As One		1,100		48
Asahi Glass		18,000		146
Asahi Group Holdings		7,400		280
Asahi Holdings		2,600		47
Asahi Intecc		2,700		112
Asahi Kasei		23,000		223
Asatsu-DK		2,300		58
Asics		3,300		53
ASKUL		1,300		38
Astellas Pharma		41,000		540
Atom		3,900		25
Autobacs Seven		4,900		73
Avex Group Holdings		3,000		43
Awa Bank		11,000		70
Axial Retailing		1,200		46
Azbil		13,800		464
Bank of Iwate		1,300		55
Bank of Kyoto		6,000		44
Bank of Nagoya		1,300		47
Bank of the Ryukyus		3,500		50
Benefit One		1,100		34
Benesse Holdings		1,500		47
Bic Camera		6,500		60
BML		1,700		37
Bridgestone		14,700		595
Brother Industries		4,900		102
Calbee		1,800		61
Calsonic Kansei		9,000		103
Canon		90,100		2,810
Canon Marketing Japan		3,100		62
Capcom		2,800		55
Casio Computer		15,400		214
Central Glass		14,000		60
Central Japan Railway		2,740		446
Chiba Bank		11,000		71
Chiyoda		10,000		64
Chofu Seisakusho		1,800		42
Chubu Electric Power		11,800		158
Chudenko		2,400		51
Chugai Pharmaceutical		4,200		144
Chugoku Bank		3,700		54
Chugoku Electric Power		6,300		70
Ci:z Holdings		1,400		42
Citizen Holdings		16,700		107
CKD		3,600		46
Clarion		8,000		33

61

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Coca-Cola West		8,900	$	287
cocokara fine		1,500		65
COLOPL		3,400		32
Colowide		3,600		60
Comforia ‡		31		70
COMSYS Holdings		6,000		107
Concordia Financial Group		19,100		88
Cosmo Energy Holdings		3,900		67
Cosmos Pharmaceutical		500		98
Create SD Holdings		1,900		45
Credit Saison		2,900		52
CyberAgent		5,700		169
CYBERDYNE*		2,000		29
Dai Nippon Printing		9,000		97
Daibiru		4,400		39
Daicel		6,000		72
Daido Steel		18,000		86
Daifuku		11,300		282
Daihen		8,000		52
Dai-ichi Life Holdings		126,500		2,269
Daiichi Sankyo		10,800		243
Daiichikosho		2,300		92
Daikin Industries		25,200		2,531
Daikyo		18,000		36
Daikyonishikawa		3,000		39
Daio Paper		4,600		59
DAISEKI CO LTD*		2,700		55
Daishi Bank		17,000		67
Daito Trust Construction		1,300		179
Daiwa House Industry		15,400		442
Daiwa House Investment, Cl A ‡		28		73
Daiwa Office Investment ‡		18		92
Daiwa Securities Group		30,000		183
Daiwabo Holdings		13,000		38
DCM Holdings		7,200		66
Dena		2,000		41
Denka		27,000		140
Denso		184,200		8,102
Dentsu		3,900		212
Descente		3,000		36
Dexerials		4,000		40
DIC		4,600		170
Digital Garage		2,600		54
Dip		2,100		46
Disco		1,600		243
DMG Mori		6,500		101
Don Quijote Holdings		2,400		83
Doutor Nichires Holdings		2,100		41
Dowa Holdings		15,000		108
DTS		1,900		47
Duskin		2,500		55
Earth Chemical		900		48
East Japan Railway		21,800		1,899
Ebara		5,100		167
EDION		5,200		48
Eighteenth Bank		13,000		42
Eisai		4,520		234
Eizo		1,400		40
Electric Power Development		2,900		68
en-japan		1,600		36
euglena*		4,500		50
Exedy		2,100		60
Ezaki Glico		2,500		121
FamilyMart		1,400		83
Fancl		2,500		36

Description	Shares		Value (000)
FANUC		17,680	$	3,623
Fast Retailing		1,000		314
FC Residential Investments CO ‡*		79		50
FCC		2,200		44
Financial Products Group		5,300		47
FP		1,500		70
Frontier Real Estate Investment ‡		25		114
Fuji Electric		12,000		71
Fuji Heavy Industries		17,100		627
Fuji Machine Manufacturing		4,400		58
Fuji Media Holdings		57,400		792
Fuji Oil Holdings		3,400		80
Fuji Seal International		2,900		63
Fuji Soft		2,000		51
Fujicco		1,600		37
FUJIFILM Holdings		58,000		2,266
Fujikura		14,900		107
Fujitec		4,400		48
Fujitsu		33,000		202
Fujitsu General		3,000		59
Fukuoka Financial Group		36,000		156
Fukuoka ‡*		41		67
Fukushima Industries		1,000		35
Fukuyama Transporting		8,000		48
Funai Soken Holdings		2,300		41
Furukawa		23,000		42
Furukawa Electric		3,800		137
Futaba*		2,900		51
Fuyo General Lease		1,300		58
Global One Real Estate Investment, Cl A ‡		14		49
Glory		3,600		118
GLP ‡		134		155
GMO internet		5,000		59
GMO Payment Gateway		1,000		50
Gree		7,700		48
GS Yuasa		24,000		112
GungHo Online Entertainment		23,100		51
Gunma Bank		20,200		105
Gunze		11,000		45
Gurunavi		2,100		44
H2O Retailing		5,400		87
Hachijuni Bank		8,100		46
Hakuhodo DY Holdings		4,800		57
Hamamatsu Photonics		3,000		86
Hankyu Hanshin Holdings		4,400		143
Hankyu ‡*		35		47
Hanwa		11,000		78
Harmonic Drive Systems		1,800		57
Haseko		16,100		174
Hazama Ando		10,200		69
Heiwa		2,900		72
Heiwa Real Estate Corp.*		3,200		45
Heiwa Real Estate ‡		61		46
Heiwado		2,300		56
Hikari Tsushin		400		39
Hino Motors		5,900		71
Hirose Electric		8,700		1,203
Hiroshima Bank		10,000		42
HIS		2,600		61
Hisamitsu Pharmaceutical		1,200		69
Hitachi		381,000		2,062
Hitachi Capital		8,300		201

62

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Hitachi Chemical		2,300	$	64
Hitachi Construction Machinery		2,100		52
Hitachi High-Technologies		1,300		53
Hitachi Kokusai Electric		3,100		71
Hitachi Maxwell LTD*		2,400		44
Hitachi Metals		4,300		60
Hitachi Transport System		2,600		54
Hitachi Zosen		11,900		68
Hogy Medical		900		57
Hokkaido Electric Power		11,400		86
Hokkoku Bank		16,000		61
Hokuetsu Bank		1,700		44
Hokuetsu Kishu Paper		8,800		61
Hokuhoku Financial Group		7,000		110
Hokuriku Electric Power		3,400		33
Hokuto		2,400		43
Honda Motor		193,200		5,814
Horiba		2,100		113
Hoshino ‡		10		53
Hoshizaki Electric		1,000		79
Hosiden		3,900		37
House Foods Group		3,300		72
Hoya		162,100		7,798
Hulic		6,000		56
Hulic ‡		53		88
Hyakugo Bank		16,000		64
Hyakujushi Bank		17,000		57
Ibiden		6,600		103
IBJ Leasing		2,000		43
Ichibanya		900		30
Ichigo		15,200		45
Idemitsu Kosan		2,000		70
IHI		30,000		95
Iida Group Holdings		3,300		51
Inaba Denki Sangyo		1,900		68
Inabata		4,200		51
Industrial & Infrastructure Fund Investment ‡		19		86
Infomart Corporation*		6,800		39
Inpex		17,400		171
Internet Initiative Japan		2,500		45
Invesco Office ‡		50		45
Invincible Investment ‡		193		78
Iriso Electronics		700		45
Isetan Mitsukoshi Holdings		56,000		614
Isuzu Motors		11,100		147
Ito En		3,100		113
ITOCHU		39,000		554
Itochu Techno-Solutions		2,700		79
Itoham Yonekyu Holdings		7,500		70
Iwatani		14,000		81
Iyo Bank		14,300		96
Izumi		2,400		108
J Front Retailing		5,100		76
J Trust		4,500		38
Jaccs		10,000		43
Jafco		2,100		71
Japan Airlines		6,400		203
Japan Airport Terminal		1,000		35
Japan Aviation Electronics Industry		3,000		39
Japan Display*		21,900		51
Japan Excellent ‡		70		86
Japan Exchange Group		9,700		138
Japan Hotel REIT Investment ‡		212		146

Description	Shares		Value (000)
Japan Logistics Fund ‡		47	$	101
Japan Petroleum Exploration		2,300		53
Japan Post Bank		8,400		104
Japan Post Holdings		61,500		772
Japan Prime Realty Investment ‡		18		70
Japan Real Estate Investment ‡		22		117
Japan Rental Housing Investments ‡		97		71
Japan Retail Fund Investment ‡		43		84
Japan Securities Finance		8,000		43
Japan Steel Works		4,100		66
Japan Tobacco		100,000		3,250
JFE Holdings		40,200		690
JGC		4,000		70
JINS		900		47
Joyful Honda		1,700		57
JSR		4,000		67
JTEKT		4,600		71
Juroku Bank		20,000		64
JX Holdings		59,300		290
kabu.com Securities		11,500		37
Kadokawa Dwango		3,800		54
Kagome		4,200		109
Kajima		16,000		104
Kakaku.com		3,100		42
Kaken Pharmaceutical		2,000		113
Kameda Seika Company Ltd.*		900		39
Kamigumi		5,000		43
Kanamoto		1,800		48
Kandenko		6,000		54
Kaneka		6,000		45
Kanematsu		31,000		56
Kansai Electric Power		13,100		161
Kansai Paint		4,400		93
Kao		65,000		3,564
Kato Sangyo		2,000		51
Kawasaki Heavy Industries		29,000		88
Kawasaki Kisen Kaisha		52,000		138
KDDI		37,200		976
Keihan Holdings		10,000		61
Keihin		3,100		51
Keikyu		8,000		88
Keio		12,000		95
Keisei Electric Railway		2,700		63
Keiyo Bank		15,000		65
Kenedix		16,700		66
Kenedix Office Investment, Cl A ‡		22		130
Kenedix Residential Investment ‡		22		62
Kenedix Retail ‡		26		58
Kewpie		6,000		170
Keyence		1,900		761
Kikkoman		3,000		90
Kinden		7,300		102
Kintetsu Group Holdings		35,000		126
Kintetsu World Express		2,600		39
Kirin Holdings		116,900		2,205
Kisoji		1,800		40
Kissei Pharmaceutical		2,300		60
Kitz		5,800		39
Kiyo Bank		4,100		63

63

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Kobayashi Pharmaceutical		2,700	$	131
Kobe Steel		6,700		61
Koei Tecmo Holdings		2,700		51
Kohnan Shoji		2,300		43
Koito Manufacturing		2,200		114
Kokuyo		5,400		70
Komatsu		99,200		2,584
KOMEDA Holdings		3,100		50
Komeri		2,300		57
Komori		3,900		50
Konami Holdings		1,900		81
Konica Minolta		7,600		68
Kose		600		54
Kotobuki Spirits		1,400		34
K’s Holdings		5,000		92
Kubota		149,100		2,237
Kumagai Gumi		26,000		68
Kuraray		5,800		88
Kureha		1,100		48
Kurita Water Industries		54,900		1,328
Kuroda Electric		2,500		54
Kusuri no Aoki Holdings		1,000		45
KYB		12,000		63
Kyocera		69,200		3,854
Kyokuto Kaihatsu Kogyo		2,200		37
KYORIN Holdings		3,000		63
Kyoritsu Maintenance		2,000		60
Kyowa Exeo		5,400		78
Kyowa Hakko Kirin		4,300		68
Kyudenko		2,300		63
Kyushu Electric Power		8,500		91
Kyushu Financial Group		6,700		41
LaSalle ‡		65		60
Lasertec		2,800		38
Lawson		900		61
Leopalace21		15,100		78
LINE*		1,000		38
Lintec		3,500		75
Lion		5,000		90
LIXIL Group		44,300		1,124
M3		4,100		102
Mabuchi Motor		1,000		56
Macnica Fuji Electronics Holdings		2,800		40
Maeda		25,000		221
Maeda Road Construction		4,000		71
Makino Milling Machine		6,000		52
Makita		4,200		147
Mandom		1,200		56
Mani		1,700		40
Marubeni		30,200		186
Maruha Nichiro		2,500		76
Marui Group		13,800		188
Maruichi Steel Tube		1,200		34
Marusan Securities		5,200		43
Matsui Securities		6,300		49
Matsumotokiyoshi Holdings		4,900		232
Mazda Motor		10,600		153
McDonald’s Holdings Japan		1,500		44
MCUBS MidCity Investment ‡		18		54
Mebuki Financial Group		20,200		81
Medipal Holdings		3,400		53
Megachips		1,100		30
Megmilk Snow Brand		2,800		77
Meidensha		14,000		50

Description	Shares		Value (000)
MEIJI Holdings		2,100	$	175
Meitec		1,800		73
Milbon		800		40
Minebea		6,600		88
Miraca Holdings		1,200		55
Mirait Holdings		4,100		40
MISUMI Group		4,500		81
Mitsuba		2,200		43
Mitsubishi		46,360		1,003
Mitsubishi Chemical Holdings		24,800		192
Mitsubishi Electric		36,800		528
Mitsubishi Estate		62,000		1,130
Mitsubishi Gas Chemical		3,800		79
Mitsubishi Heavy Industries		246,000		987
Mitsubishi Logistics		32,000		441
Mitsubishi Materials		2,300		70
Mitsubishi Motors		14,100		85
Mitsubishi Pencil		1,200		60
Mitsubishi Shokuhin		1,200		37
Mitsubishi Tanabe Pharma		4,600		96
Mitsubishi UFJ Financial Group		283,800		1,784
Mitsubishi UFJ Lease & Finance		10,300		51
Mitsuboshi Belting		5,000		46
Mitsui		32,500		472
Mitsui Chemicals		18,000		89
Mitsui Engineering & Shipbuilding		46,000		71
Mitsui Fudosan		17,000		363
Mitsui Fudosan Logistics Park ‡*		13		38
Mitsui Mining & Smelting		33,000		112
Mitsui OSK Lines		22,000		69
Miura		5,400		87
Mixi		1,100		53
Miyazaki Bank		13,000		40
Mizuho Financial Group		993,700		1,821
Mizuno		7,000		36
Mochida Pharmaceutical		900		67
Monex Group		14,900		36
MonotaRO		3,600		111
Mori Hills ‡		77		103
Mori Trust Sogo Reit ‡		48		74
Morinaga		2,100		93
Morinaga Milk Industry		11,000		82
Morita Holdings		2,400		35
MOS Food Services		1,600		47
MS&AD Insurance Group Holdings		57,000		1,812
Murata Manufacturing		3,600		512
Musashi Seimitsu Industry		1,700		43
Musashino Bank		2,000		59
Nabtesco		2,400		64
Nachi-Fujikoshi		11,000		56
Nagaileben		2,100		43
Nagase		7,900		110
Nagoya Railroad		18,000		81
Nakanishi		1,400		55
Namco Bandai Holdings		43,900		1,313
Nankai Electric Railway		30,000		146
Nanto Bank		1,500		55
NEC		305,000		734
NEC Networks & System Integration		2,200		43
NET One Systems		5,600		45

64

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Nexon		3,500	$	56
NGK Insulators		5,300		120
NGK Spark Plug		3,700		85
NH Foods		12,000		322
NHK Spring		12,000		132
Nichias		7,000		70
Nichicon		4,100		38
Nichiha		1,700		50
Nichi-iko Pharmaceutical		3,300		51
Nichirei		6,900		171
Nidec		4,500		428
Nifco		2,400		121
Nihon Kohden		35,500		794
Nihon M&A Center		3,700		120
Nihon Parkerizing		6,200		77
Nihon Unisys		3,700		51
Nikkiso		3,900		45
Nikkon Holdings		3,600		77
Nikon		46,800		678
Nintendo		2,100		486
Nippo		4,000		76
Nippon Accommodations Fund ‡		25		109
Nippon Building Fund ‡		26		142
Nippon Densetsu Kogyo		2,500		45
Nippon Electric Glass		9,000		54
Nippon Express		17,000		87
Nippon Flour Mills		4,900		72
Nippon Gas		2,300		67
Nippon Kayaku		9,000		122
Nippon Light Metal Holdings		36,500		80
Nippon Paint Holdings		3,300		115
Nippon Paper Industries		6,300		113
Nippon Prologis ‡		32		69
NIPPON ‡		19		49
Nippon Seiki		3,000		65
Nippon Sheet Glass*		6,500		47
Nippon Shinyaku		2,800		143
Nippon Shokubai		1,600		109
Nippon Signal		8,100		73
Nippon Soda		8,000		44
Nippon Steel & Sumikin Bussan		1,600		67
Nippon Steel & Sumitomo Metal		15,100		348
Nippon Suisan Kaisha		69,600		347
Nippon Telegraph & Telephone		72,700		3,103
Nippon Television Holdings		35,020		603
Nippon Yusen		34,000		72
Nipro		8,000		113
Nishimatsu Construction		16,000		79
Nishimatsuya Chain		3,500		39
Nishi-Nippon Financial Holdings		7,000		70
Nishi-Nippon Railroad		21,000		88
Nishio Rent All		1,300		37
Nissan Chemical Industries		8,800		256
Nissan Motor		65,600		633
Nissan Shatai		6,500		59
Nissha Printing		1,800		43
Nisshin Oillio Group		10,000		57
Nisshin Seifun Group		4,200		63
Nisshin Steel		3,800		50
Nisshinbo Holdings		8,300		83
Nissin Electric		3,500		40

Description	Shares		Value (000)
Nissin Foods Holdings		1,100	$	61
Nissin Kogyo		2,600		47
Nitori Holdings		1,500		190
Nitta		1,700		47
Nitto Boseki		10,000		50
Nitto Denko		3,200		247
Noevir Holdings		1,000		41
NOF		9,000		96
NOK		2,200		51
Nomura		8,800		155
Nomura Holdings		214,300		1,331
Nomura Real Estate Holdings		2,400		38
Nomura Real Estate Master Fund ‡		81		126
Nomura Research Institute		2,800		103
Noritz		2,200		42
North Pacific Bank		17,900		68
NS Solutions		2,500		54
NSD		4,000		58
NSK		7,400		106
NTN		24,000		119
NTT Data		28,500		1,352
NTT DOCOMO		26,400		615
NTT Urban Development		55,900		484
Obara Group		800		35
Obayashi		130,000		1,215
Obic		4,160		198
OBIC Business Consultants		900		45
Odakyu Electric Railway		4,800		93
Ogaki Kyoritsu Bank		21,000		62
Ohsho Food Service		1,000		37
Oita Bank		11,000		43
Oji Holdings		17,000		80
Okamoto Industries		4,000		43
Okamura		5,100		45
Okasan Securities Group		10,000		61
Oki Electric Industry		5,200		75
Okinawa Electric Power		2,200		52
OKUMA		7,000		73
Okumura		10,000		61
Olympus		5,300		204
Omron		84,800		3,720
Ono Pharmaceutical		7,700		159
Onward Holdings		48,000		328
Open House		2,000		48
Oracle Japan		800		46
Orient		28,000		51
Oriental Land		4,200		240
ORIX		24,700		365
Orix ‡		131		208
Osaka Gas		35,000		133
OSG		6,900		141
Otsuka		1,000		54
Otsuka Holdings		21,200		956
Outsourcing		900		36
Pacific Industrial		3,500		50
Pacific Metals*		13,000		45
Paltac		1,700		47
PanaHome		5,000		46
Panasonic		41,200		466
Paramount Bed Holdings		1,100		44
Park24		2,100		55
Penta-Ocean Construction		16,300		79
PeptiDream*		2,100		99
Pigeon		6,000		192

65

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Pilot		1,800	$	74
Piolax		1,800		41
Pioneer*		20,900		41
Plenus		1,400		31
Pola Orbis Holdings		2,000		48
Premier Investment ‡		74		84
Press Kogyo		7,500		38
Pressance		3,100		37
Prima Meat Packers		9,000		40
Raito Kogyo		3,600		37
Rakuten		17,000		171
Recruit Holdings		6,900		352
Relo Group		6,000		99
Rengo		11,900		69
Resona Holdings		253,340		1,361
Resorttrust		5,000		87
Ricoh		75,700		623
Ricoh Leasing		1,500		48
Rinnai		700		56
Riso Kagaku		2,700		47
Rohm		1,500		100
Rohto Pharmaceutical		5,700		107
Round One		5,000		40
Royal Holdings		2,600		53
Ryobi		11,000		48
Ryohin Keikaku		1,200		263
Ryosan		2,500		75
Saizeriya		1,900		48
Sakata INX		3,600		50
Sakata Seed		1,900		59
San-A, Cl A		1,300		59
San-Ai Oil		5,600		47
Sangetsu		4,000		67
San-In Godo Bank		9,200		74
Sanken Electric		9,000		40
Sankyo		1,100		37
Sankyu		14,000		85
Sanrio		3,400		62
Santen Pharmaceutical		6,100		88
Sanwa Holdings		11,800		110
Sanyo Chemical Industries		1,200		50
Sanyo Special Steel		9,000		48
Sapporo Holdings		4,200		114
Sato Holdings		1,900		40
Sawai Pharmaceutical		4,700		254
SBI Holdings		4,700		66
SCREEN Holdings		2,100		154
SCSK		6,600		262
Secom		11,100		794
Sega Sammy Holdings		4,000		54
Seibu Holdings		3,400		56
Seikagaku		2,800		47
Seiko Epson		4,800		101
Seiko Holdings		10,000		41
Seino Holdings		8,600		97
Seiren		3,100		46
Sekisui Chemical		17,100		287
Sekisui House		11,000		181
Sekisui House ‡		50		66
Sekisui House SI Residential Investment ‡		64		71
Sekisui Jushi		2,700		45
Senko		18,300		118
Senshu Ikeda Holdings		15,900		66
Seria		2,200		95

Description	Shares		Value (000)
Seven & i Holdings		54,500	$	2,135
Seven Bank		10,700		35
Sharp*		32,000		135
Shibuya		1,100		30
Shiga Bank		14,000		72
Shikoku Bank		12,000		31
Shikoku Electric Power		10,300		113
Shima Seiki Manufacturing		1,400		53
Shimachu		3,000		73
Shimadzu		4,800		76
Shimamura		500		66
Shimano		1,400		204
Shimizu		67,000		600
Shin-Etsu Chemical		37,100		3,215
Shinko Electric Industries		5,100		34
Shinmaywa Industries		6,000		57
Shinsei Bank		35,000		64
Shionogi		5,360		277
Ship Healthcare Holdings		2,700		72
Shiseido		23,900		629
Shizuoka Bank		9,000		73
SHO-BOND Holdings		3,200		141
Shochiku		6,000		71
Showa		3,300		28
Showa Denko		7,700		137
Showa Sangyo		8,000		42
Showa Shell Sekiyu		4,200		43
Siix		1,000		40
SKY Perfect JSAT Holdings		12,400		52
Skylark		6,000		88
SMC		1,100		325
SMS		2,200		56
Sodick Co. Ltd*		3,500		35
SoftBank Group		31,500		2,225
Sohgo Security Services		1,400		52
Sojitz		73,200		183
Sompo Holdings		27,000		989
Sony		24,000		812
Sony Financial Holdings		4,000		64
Sosei Group*		1,000		98
Sotetsu Holdings		23,000		107
Square Enix Holdings		4,900		139
St. Marc Holdings		1,100		32
Stanley Electric		3,100		88
Star Micronics		3,200		49
Start Today		3,900		86
Starts		2,000		42
Sugi Holdings		2,300		106
Sumco		10,700		178
Sumitomo		22,700		305
Sumitomo Bakelite		11,000		66
Sumitomo Chemical		96,200		537
Sumitomo Dainippon Pharma		33,600		555
Sumitomo Electric Industries		37,900		629
Sumitomo Forestry		7,500		114
Sumitomo Heavy Industries		11,000		77
Sumitomo Metal Mining		9,000		128
Sumitomo Mitsui Construction		51,000		55
Sumitomo Mitsui Financial Group		62,800		2,283
Sumitomo Mitsui Trust Holdings		25,500		884
Sumitomo Osaka Cement		22,000		91
Sumitomo Real Estate Sales		1,300		42

66

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Sumitomo Realty & Development		7,000	$	181
Sumitomo Rubber Industries		3,500		60
Sumitomo Warehouse		9,000		49
Sundrug		1,800		60
Suntory Beverage & Food		6,000		253
Suruga Bank		3,000		63
Suzuken		1,500		49
Suzuki Motor		6,200		257
Sysmex		2,820		171
T&D Holdings		10,600		154
Tachi-S, Cl S		1,800		36
Tadano		9,900		116
Taiheiyo Cement		26,000		87
Taikisha		2,000		49
Taisei		19,000		138
Taisho Pharmaceutical Holdings		800		65
Taiyo Holdings		1,100		48
Taiyo Nippon Sanso		2,800		33
Taiyo Yuden		6,500		82
Takara Bio Inc.*		3,300		45
Takara Holdings		9,800		106
Takara Standard		3,100		49
Takasago Thermal Engineering		3,600		51
Takashimaya		6,000		52
Takeda Pharmaceutical		13,500		634
Takeuchi Manufacturing		2,300		43
Takuma		5,700		56
TDK		4,200		266
TechnoPro Holdings		5,000		193
Teijin		3,100		58
Temp Holdings		17,900		333
Terumo		120,400		4,179
T-Gaia		1,700		29
The Bank of Okinawa LTD*		1,400		54
THK		2,500		63
TIS		4,500		114
TKC		1,700		49
Toagosei		7,200		82
Tobu Railway		20,000		101
TOC		4,700		39
Tochigi Bank		7,900		36
Toda		13,000		78
Toei		5,000		43
Toho		2,200		58
Toho Bank		15,000		56
Toho Gas		8,000		57
Toho Holdings		3,400		71
Toho Zinc		8,000		39
Tohoku Electric Power		66,700		903
Tokai Carbon		12,000		52
TOKAI Holdings		6,300		48
Tokai Rika		3,300		66
Tokai Tokyo Financial Holdings		13,600		71
Token		700		55
Tokio Marine Holdings		18,900		797
Tokuyama		18,000		87
Tokyo Broadcasting System Holdings		2,500		45
Tokyo Century		2,700		92
Tokyo Dome		6,400		59
Tokyo Electric Power Holdings*		23,700		93
Tokyo Electron		6,500		710
Tokyo Gas		75,000		341

Description	Shares		Value (000)
Tokyo Ohka Kogyo		2,400	$	80
Tokyo Seimitsu		2,600		82
Tokyo Steel Manufacturing		6,600		55
Tokyo Tatemono		4,400		58
Tokyo TY Financial Group		1,800		54
Tokyu		19,000		134
Tokyu Construction		5,900		46
Tokyu Fudosan Holdings		11,000		60
Tokyu REIT ‡		57		72
TOMONY Holdings		9,300		49
Tomy		4,500		45
Topcon		6,000		107
Toppan Forms		4,900		48
Toppan Printing		9,000		92
Topre		2,200		57
Topy Industries		1,400		37
Toray Industries		64,000		567
Toridoll Holdings		1,500		33
Toshiba		78,000		170
Toshiba Machine		9,000		37
Toshiba Plant Systems & Services		3,000		44
Toshiba TEC		9,000		50
Tosoh		30,000		264
Totetsu Kogyo		1,900		55
TOTO		2,400		91
Toyo Ink SC Holdings		14,000		67
Toyo Seikan Group Holdings		37,100		602
Toyo Suisan Kaisha		13,100		488
Toyo Tire & Rubber		5,700		102
Toyobo		54,000		94
Toyoda Gosei		1,100		28
Toyota Boshoku		3,600		84
Toyota Industries		4,000		199
Toyota Motor		87,100		4,727
Toyota Tsusho		3,600		109
TPR		1,500		49
Transcosmos		2,600		61
Trend Micro		1,800		80
Trusco Nakayama		2,800		65
TS Tech		3,100		83
TSI Holdings		5,400		39
Tsubakimoto Chain		8,000		67
Tsumura		3,800		119
Tsuruha Holdings		800		74
TV Asahi Holdings		1,700		32
UACJ		17,000		45
Ube Industries		62,000		140
Ulvac		2,300		107
Unicharm		7,400		177
Unipres		2,500		52
United Arrows		1,700		51
United Super Markets Holdings		4,700		43
United Urban Investment, Cl REIT ‡		50		77
Unitika*		38,000		32
Universal Entertainment		1,200		38
Ushio		9,500		120
USS		4,300		72
V Technology		300		46
Valor Holdings		2,700		64
Wacoal Holdings		6,000		74
Wacom		9,400		34
Welcia Holdings		2,600		73
West Japan Railway		33,200		2,160

67

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Xebio Holdings		2,900	$	45
Yahoo Japan		24,000		111
Yakult Honsha		1,800		100
YAMABIKO		2,500		29
Yamada Denki		117,500		585
Yamagata Bank		10,000		44
Yamaguchi Financial Group		4,000		43
Yamaha		3,400		94
Yamaha Motor		5,400		130
Yamanashi Chuo Bank		11,000		49
Yamato Holdings		36,520		765
Yamato Kogyo		2,600		67
Yamazaki Baking		2,800		58
Yamazen		5,800		52
Yaoko		1,500		57
Yaskawa Electric		5,000		100
Yodogawa Steel Works		1,900		52
Yokogawa Electric		4,800		76
Yokohama Rubber		2,600		51
Yonex		2,800		31
Yoshinoya Holdings		4,000		58
Yuasa Trading		2,000		55
Zenkoku Hosho		2,600		89
Zenrin Co. Ltd*		1,900		40
Zensho Holdings		4,900		82
Zeon		10,000		114
ZERIA Pharmaceutical		2,700		42
Zojirushi		2,400		35
				198,849
Luxembourg – 0.3%
Altice, Cl B*		8,998		203
ArcelorMittal		85,969		723
Millicom International Cellular		6,836		381
O’Key Group GDR		59,597		123
RTL Group		822		66
SES, Cl A		6,801		159
Tenaris		8,816		151
Ternium ADR		66,433		1,736
				3,542
Macau – 0.0%
Sands China		44,400		206
Malaysia – 0.2%
Allianz Malaysia		8,400		22
Brem Holding*		213,616		42
CSC Steel Holdings		100,500		40
Genting Malaysia		135,900		167
Heineken Malaysia		10,000		40
HeveaBoard		137,300		44
Hong Leong Bank		17,900		56
Hong Leong Industries		5,500		12
Hua Yang		68,800		17
Insas		330,800		67
JCY International		2,355,100		317
K&N Kenanga Holdings*		85,500		11
KSL Holdings*		551,500		159
Land & General		42,966		3
Lii Hen Industries		73,300		53
Malaysian Pacific Industries		39,000		101
Oldtown		106,500		66
Padini Holdings		564,500		383

Description	Shares		Value (000)
Petron Malaysia Refining & Marketing		124,900	$	180
Shell Refining Federation of Malaya*		63,000		51
Tenaga Nasional		101,400		314
Top Glove		68,200		76
Tropicana		47		-
Unisem		1,138,600		807
				3,028
Mexico – 0.4%
America Movil, Cl L ADR		15,550		220
Axtel*		163,891		33
Cemex ADR*		144,082		1,307
Gruma, Cl B		46,229		653
Grupo Aeromexico*		229,400		470
Grupo Elektra DE		6,636		157
Grupo Financiero Interacciones, Cl O		53,571		249
Grupo Simec, Cl B*		9,691		42
Industrias Bachoco		63,853		289
Industrias CH, Cl B*		37,465		222
OHL Mexico		805,976		1,139
Prologis Property Mexico		210,533		361
Vitro		28,769		112
				5,254
Netherlands – 4.2%
Aalberts Industries		5,268		197
ABN AMRO Group (A) (B)		5,445		132
Accell Group		1,481		41
Aegon		30,700		156
AerCap Holdings*		2,667		123
Airbus Group		22,122		1,683
Akzo Nobel		61,681		5,114
AMG Advanced Metallurgical Group		1,376		32
APERAM		2,804		140
Arcadis		4,496		71
ASM International		2,785		156
ASML Holding		8,556		1,136
ASR Nederland*		4,168		119
Basic-Fit* (A) (B)		2,102		37
BE Semiconductor Industries		2,065		84
Boskalis Westminster		145,473		5,017
Coca-Cola European Partners		4,054		152
Corbion		3,389		93
Delta Lloyd		23,586		134
Eurocommercial Properties ‡		2,719		98
Euronext (A) (B)		3,360		146
Flow Traders (A) (B)		1,923		61
Fugro		97,153		1,514
Galapagos*		2,274		198
Gemalto		1,327		74
Heineken		28,606		2,434
Heineken Holding		1,882		150
IMCD Group		2,821		138
ING Groep		411,171		6,216
Intertrust (A) (B)		2,763		53
James Hardie Industries		7,352		116
Koninklijke Ahold Delhaize		56,399		1,207
Koninklijke BAM Groep		15,392		83
Koninklijke DSM		3,247		220
Koninklijke KPN		275,229		829
Koninklijke Philips		41,297		1,327

68

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Koninklijke Vopak		1,488	$	65
NN Group		5,692		185
NSI ‡		10,795		44
NXP Semiconductors*		8,159		844
OCI*		4,309		83
Philips Lighting* (A) (B)		2,632		75
PostNL*		23,432		111
Randstad Holding		65,620		3,787
Refresco Group (A) (B)		4,385		67
Relx		156,624		2,901
Royal Dutch Shell, Cl A		431,715		11,700
SBM Offshore		11,342		186
STMicroelectronics		11,660		178
TKH Group		2,654		114
TomTom*		6,266		61
Unilever		30,926		1,536
Vastned Retail ‡		1,557		59
Wereldhave ‡		2,283		100
Wessanen		4,629		63
Wolters Kluwer		5,403		225
				51,865
New Zealand – 0.2%
a2 Milk*		41,676		87
Air New Zealand		31,825		55
Argosy Property		55,907		38
Auckland International Airport		15,615		74
Chorus		24,318		74
Contact Energy		14,885		53
Fisher & Paykel Healthcare		31,513		214
Fletcher Building		14,133		82
Freightways		9,444		50
Genesis Energy		30,897		45
Goodman Property Trust ‡		59,951		51
Infratil		32,136		66
Kiwi Property Group ‡		65,975		65
Mercury NZ		14,657		32
Meridian Energy		24,236		48
Metlifecare		9,307		40
Precinct Properties New Zealand ‡		53,513		46
Ryman Healthcare		7,001		41
SKY Network Television		24,017		66
SKYCITY Entertainment Group		37,693		110
Spark New Zealand		131,527		322
Summerset Group Holdings		13,379		49
Trade Me Group		22,879		82
Xero*		4,475		62
Z Energy		21,851		107
				1,959
Norway – 0.7%
Aker, Cl A		1,293		50
Aker BP		5,660		91
Aker Solutions		9,756		59
Atea		4,850		57
Austevoll Seafood		6,136		45
Bakkafrost P		2,416		75
Borregaard		6,251		70
DNB		38,186		605
DNO*		51,936		44
Entra (A) (B)		5,500		60
Europris (A) (B)		9,027		39
Frontline		6,294		42
Gjensidige Forsikring		4,236		65

Description	Shares		Value (000)
Golden Ocean Group*		3,874	$	29
Hoegh LNG Holdings		4,320		44
Leroy Seafood Group		1,810		79
Marine Harvest		6,272		96
Nordic Semiconductor*		10,403		38
Norsk Hydro		25,108		146
Norwegian Air Shuttle*		1,733		48
Opera Software		8,764		41
Orkla		15,218		136
Petroleum Geo-Services		20,677		55
Protector Forsikring		4,446		33
Salmar		3,065		66
Schibsted, Cl A		19,006		461
Skandiabanken* (A) (B)		3,864		31
SpareBank 1 Nord Norge		6,350		41
SpareBank 1 SMN		7,369		57
Statoil		45,351		774
Stolt-Nielsen		2,089		36
Storebrand*		24,371		162
Telenor		13,436		224
TGS Nopec Geophysical		6,284		133
XXL (A) (B)		6,428		70
Yara International		112,651		4,337
				8,439
Panama – 0.0%
Avianca Holdings ADR		3,928		30
Peru – 0.0%
Cia de Minas Buenaventura ADR		26,682		321
Philippines – 0.1%
Cebu Air		270,790		507
Energy Development		3,060,700		366
International Container Terminal Services		88,140		158
Lopez Holdings		1,385,100		213
Pepsi-Cola Products Philippines		214,000		16
San Miguel		144,580		300
				1,560
Poland – 0.6%
Bank Pekao		2,171		72
CD Projekt*		75,756		1,417
Grupa Lotos*		60,862		838
ING Bank Slaski		1,489		65
Polski Koncern Naftowy Orlen		112,309		2,833
Polskie Gornictwo Naftowe i Gazownictwo		1,337,820		1,997
Trakcja		32,009		128
				7,350
Portugal – 0.1%
Banco Comercial Portugues, Cl R*		569,320		119
Banco Espirito Santo* (C)		46,916		-
CTT-Correios de Portugal		10,068		55
EDP-Energias de Portugal		43,479		147
Galp Energia		9,358		142
Jeronimo Martins		4,991		89
Navigator		14,840		60
NOS SGPS		15,510		85

69

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
REN - Redes Energeticas Nacionais SGPS		16,831	$	51
Sonae SGPS*		66,291		67
				815
Qatar – 0.3%
Barwa Real Estate (C)		142,526		1,401
Mannai		830		18
Ooredoo QSC (C)		63,688		1,690
Qatar Fuel QSC		4,614		172
Qatar General Insurance & Reinsurance SAQ		2,023		22
Qatar Islamic Bank SAQ (C)		7,532		211
Qatar National Bank SAQ		6,021		242
Qatar Navigation QSC (C)		7,158		150
United Development QSC		36,420		197
				4,103
Russia – 0.6%
Globaltrans Investment GDR		16,155		116
Lukoil ADR		3,189		169
Magnitogorsk Iron & Steel Works GDR		93,326		794
Sberbank of Russia ADR		478,746		5,525
Yandex, Cl A*		61,955		1,359
				7,963
Singapore – 1.8%
ARA Asset Management		30,500		39
Ascendas ‡		53,100		96
Ascendas India Trust		60,600		49
Ascott Residence Trust ‡		76,700		59
Cache Logistics Trust ‡		62,100		38
CapitaLand		49,600		130
CapitaLand Commercial Trust ‡		38,400		42
CapitaLand Mall Trust ‡		50,600		71
CapitaLand Retail China Trust ‡		42,800		45
CDL Hospitality Trusts ‡		47,000		48
City Developments		9,200		67
ComfortDelGro		44,600		82
Croesus Retail Trust		61,900		39
Dairy Farm International Holdings		16,500		150
DBS Group Holdings		328,083		4,550
Ezion Holdings		129,800		33
First		38,800		36
First Resources		36,900		51
Frasers Centrepoint Trust ‡		36,400		55
Frasers Commercial Trust ‡		46,400		42
Frasers Logistics & Industrial Trust ‡		79,900		56
Genting Singapore		127,900		93
GL		191,400		107
Global Logistic Properties		53,800		107
Golden Agri-Resources		142,300		39
Great Eastern Holdings		37,500		572
Haw Par		10,400		74
Hongkong Land Holdings		528,400		4,064
Hutchison Port Holdings Trust, Cl U		95,600		40
Jardine Cycle & Carriage		2,033		64
Jardine Strategic Holdings		4,000		169
Keppel ‡		187,000		264
Lippo Malls Indonesia Retail Trust ‡		128,700		36

Description	Shares		Value (000)
M1		28,600	$	44
Manulife US ‡		40,100		34
Mapletree Commercial Trust ‡		102,500		112
Mapletree Greater China Commercial Trust ‡		106,700		78
Mapletree Industrial Trust ‡		69,400		88
Mapletree Logistics Trust ‡		81,600		64
OUE		25,100		38
OUE Hospitality Trust ‡		73,200		36
Oversea-Chinese Banking		58,672		408
Parkway Life ‡		25,000		45
Raffles Medical Group*		61,500		62
SATS		12,900		45
Sembcorp Industries		21,700		49
Sembcorp Marine		50,500		69
Singapore Airlines		10,900		78
Singapore Exchange		17,900		98
Singapore Post		89,800		87
Singapore Press Holdings		35,300		90
Singapore Technologies Engineering		34,900		93
Singapore Telecommunications		923,900		2,589
SPH ‡		38,400		27
Starhill Global ‡		103,300		56
StarHub		14,700		30
Suntec ‡		51,200		66
United Engineers		33,300		68
United Industrial		16,483		36
United Overseas Bank		378,021		5,974
UOL Group		10,882		54
Venture		16,500		135
Wilmar International		38,900		99
Wing Tai Holdings		38,600		52
Yanlord Land Group		37,300		48
Yoma Strategic Holdings		82,400		38
				22,297
South Africa – 1.3%
African Phoenix Investments		468,971		15
Alviva Holdings		10,469		16
Anglo American Platinum*		5,376		123
Bid		6,743		131
Blue Label Telecoms		171,180		227
Cie Financiere Richemont		45,705		361
Exxaro Resources		4,777		42
FirstRand		338,014		1,168
Grindrod		140,454		150
Investec		51,677		352
Kumba Iron Ore		54,737		827
Liberty Holdings		26,183		211
MMI Holdings		87,990		150
Mondi		9,848		235
MTN Group		36,272		330
Murray & Roberts Holdings		249,229		286
Old Mutual		126,276		317
Peregrine Holdings		228,876		469
Randgold Resources		1,751		153
Sappi		223,035		1,515
Sasol		92,720		2,699
Standard Bank Group		262,470		2,813
Telkom		111,947		626
Tiger Brands		95,260		2,844
Tsogo Sun Holdings		399		1

70

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Wilson Bayly Holmes-Ovcon		12,103	$	145
				16,206
South Korea – 4.0%
Aekyung Petrochemical		5,130		57
Autech		7,427		72
CJ O Shopping		548		103
CKH Food & Health*		122,645		164
Dae Han Flour Mills		104		16
Daehan Steel		13,793		139
Daeyang Electric*		3,787		49
DK UIL		3,201		32
Dongkuk Steel Mill		6,065		69
Dongyang E&P		10,103		118
DRB Industrial		2,970		28
GMB Korea		5,250		25
GS Home Shopping		584		120
Hana Financial Group		26,034		860
Hanwha Chemical		14,580		344
Hite Jinro		7,399		135
Hyundai BNG Steel		4,528		52
Hyundai Elevator		5,057		286
Hyundai Engineering & Construction		6,224		275
Hyundai Heavy Industries*		1,114		164
Hyundai Motor		5,608		790
Kia Motors		76,106		2,521
Kortek		8,267		107
KT		71,014		2,026
Kwangju Bank		5,257		52
Kyungchang Industrial		16,273		74
LG		8,157		512
LG Display ADR		200,035		3,023
LG Electronics		62,627		3,803
LG Innotek		2,836		346
LG Uplus		30,668		392
Lotte Chemical		7,875		2,610
Lotte Shopping		2,532		492
LS		3,588		206
Mirae Asset Life Insurance		12,467		65
Mobase		6,779		48
Moorim Paper*		35,210		85
Poongsan		5,230		183
POSCO		74,169		6,128
S-1, Cl 1		1,815		146
Saeron Automotive		4,310		29
Sam Young Electronics		8,260		92
Samchully		548		52
Samsung Electronics		6,378		11,749
Samsung Fire & Marine Insurance		232		56
SeAH Holdings		225		26
Sejong Industrial		3,340		29
Seoyon		3,086		28
Sewon Precision Industry		657		11
Shinhan Financial Group		31,468		1,311
SIMMTECH		12,387		113
SK Hynix		118,916		5,370
SK Innovation		24,748		3,685
				49,268
Spain – 1.7%
Abertis Infraestructuras		11,776		190
Acciona		1,518		122
Acerinox		44,770		627

Description	Shares		Value (000)
ACS Actividades de Construccion y Servicios		3,168	$	108
Aena (A) (B)		1,235		195
Almirall		4,061		66
Amadeus IT Group, Cl A		75,141		3,812
Applus Services*		8,348		100
Atresmedia de Medios de Comunicacion		5,593		71
Axiare Patrimonio SOCIMI ‡		4,186		62
Banco Bilbao Vizcaya Argentaria		122,595		951
Banco de Sabadell		97,602		179
Banco Popular Espanol		65,554		64
Banco Santander		1,173,833		7,195
Bankia		94,916		108
Bankinter		13,505		113
Bolsas y Mercados Espanoles SHMSF		4,006		133
CaixaBank		67,002		288
Cellnex Telecom (A) (B)		8,103		134
Cia de Distribucion Integral Logista Holdings		2,246		52
CIE Automotive		2,483		49
Codere*		52,126		31
Construcciones y Auxiliar de Ferrocarriles		1,267		49
Distribuidora Internacional de Alimentacion		12,082		70
Ebro Foods		3,513		71
Enagas		4,660		121
Ence Energia y Celulosa		12,055		37
Endesa		6,127		144
Euskaltel (A) (B)		6,225		64
Faes Farma		18,601		66
Ferrovial		9,087		182
Financiera Alba		522		25
Fomento de Construcciones y Contratas*		5,158		47
Gamesa Tecnologica		12,139		287
Gas Natural SDG		6,539		143
Grifols		5,756		141
Grupo Catalana Occidente		2,270		81
Hispania Activos Inmobiliarios SOCIMI ‡		5,992		86
Iberdrola		105,128		752
Indra Sistemas*		6,263		80
Industria de Diseno Textil		20,365		718
Inmobiliaria Colonial		13,407		100
International Consolidated Airlines Group		13,904		92
Lar Espana Real Estate Socimi ‡		5,946		46
Liberbank*		29,646		38
Mapfre		21,628		74
Mediaset Espana Comunicacion		37,318		481
Melia Hotels International		3,372		46
Merlin Properties Socimi‡		16,363		183
NH Hotel Group*		13,081		62
Obrascon Huarte Lain		7,997		37
Pharma Mar*		13,274		42
Prosegur Cia de Seguridad		16,293		98
Red Electrica		8,081		155
Repsol		21,062		325
Sacyr*		23,504		58

71

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Talgo* (A) (B)		6,607	$	37
Tecnicas Reunidas		2,100		83
Telefonica		84,648		946
Viscofan		12,474		645
Zardoya Otis		4,484		41
				21,403
Sweden – 1.6%
AAK		1,613		107
AF, Cl B		3,778		78
Alfa Laval		5,881		111
Alimak Group (A) (B)		2,639		39
Assa Abloy, Cl B		100,169		2,060
Atlas Copco, Cl A		19,520		665
Attendo (A) (B)		6,432		63
Avanza Bank Holding		1,530		58
Axfood		5,606		85
B&B Tools, Cl B		1,952		42
Betsson		7,402		64
Bilia, Cl A		2,762		57
BillerudKorsnas		9,584		155
BioGaia, Cl B		1,098		41
Boliden		5,106		152
Bonava, Cl B		5,530		81
Bravida Holding (A) (B)		9,344		61
Bure Equity		3,389		37
Capio (A) (B)		7,251		40
Castellum		12,733		169
Clas Ohlson, Cl B		2,817		44
Cloetta, Cl B		13,786		54
Com Hem Holding		5,971		68
Concentric		2,931		45
Dios Fastigheter		7,744		38
Dometic Group* (A) (B)		16,439		122
Duni		2,885		42
Electrolux		4,653		129
Elekta, Cl B		19,904		194
Evolution Gaming Group* (A) (B)		1,248		46
Fabege		7,023		112
Fastighets Balder, Cl B*		4,997		104
Fingerprint Cards, Cl B*		18,463		74
Getinge, Cl B		4,147		73
Granges		5,075		46
Haldex		2,147		29
Hemfosa Fastigheter		8,219		73
Hennes & Mauritz, Cl B		109,846		2,808
Hexagon, Cl B		4,729		191
Hexpol		13,875		142
Hoist Finance (A) (B)		4,878		43
Holmen, Cl B		2,561		100
Hufvudstaden, Cl A		5,520		82
Husqvarna, Cl B		7,953		70
ICA Gruppen		1,740		59
Industrivarden, Cl C		3,157		68
Indutrade		5,613		107
Intrum Justitia		4,067		152
Investment Oresund		2,006		34
Investor, Cl B		8,504		357
Inwido		3,769		45
JM		3,694		117
Kindred Group		13,143		136
Kinnevik		4,534		121
Klovern, Cl B		39,082		39
Kungsleden		12,088		69

Description	Shares		Value (000)
L E Lundbergforetagen, Cl B		731	$	50
Lifco, Cl B		2,569		69
Lindab International		5,077		43
Loomis, Cl B		4,056		128
Lundin Petroleum*		3,907		79
Mekonomen		1,837		36
Modern Times Group, Cl B		12,307		412
Mycronic		4,438		45
NCC, Cl B		5,342		132
NetEnt		11,609		93
Nibe Industrier, Cl B		19,457		156
Nobia		6,234		64
Nobina (A) (B)		5,789		34
Nolato, Cl B		1,607		48
Nordax Group (A) (B)		5,949		31
Nordea Bank		88,394		1,008
Oriflame Holding		2,284		91
Pandox, Cl B		4,623		71
Peab		10,505		100
Ratos, Cl B		11,922		56
RaySearch Laboratories		1,189		31
Recipharm, Cl B		3,389		47
Resurs Holding* (A) (B)		5,447		32
Saab, Cl B		3,431		145
Sandvik		73,680		1,102
Scandic Hotels Group* (A) (B)		4,385		46
Securitas, Cl B		5,133		80
Skandinaviska Enskilda Banken, Cl A		28,359		316
Skanska, Cl B		6,349		150
SKF, Cl B		7,432		147
SSAB		45,200		148
Svenska Cellulosa, Cl B		11,360		366
Svenska Handelsbanken, Cl A		110,947		1,521
Sweco, Cl B		3,987		91
Swedbank, Cl A		16,907		392
Swedish Match		10,213		332
Swedish Orphan Biovitrum*		8,749		126
Tele2, Cl B		7,584		72
Telefonaktiebolaget LM Ericsson, Cl B		111,065		741
Telia		47,527		200
Thule Group (A) (B)		5,327		89
Tobii*		4,961		32
Trelleborg, Cl B		12,249		262
Vitrolife		858		41
Volvo, Cl B		28,935		427
Wallenstam, Cl B		9,515		77
Wihlborgs Fastigheter		4,256		81
				20,038
Switzerland – 7.2%
ABB		35,146		822
Actelion		1,847		521
Adecco Group		17,160		1,219
Allreal Holding		654		107
ams		3,709		201
APG SGA		101		47
Arbonia*		2,534		43
Aryzta		1,848		59
Ascom Holding		2,956		52
Autoneum Holding		203		60
Baloise Holding		965		133
Banque Cantonale Vaudoise		122		84
Barry Callebaut		45		59

72

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Basilea Pharmaceutica*		834	$	72
Bell		106		44
BKW		568		31
Bobst Group		559		52
Bossard Holding		355		64
Bucher Industries		392		115
Burckhardt Compression Holding		189		51
Burkhalter Holding		337		50
Cembra Money Bank		1,632		135
Chocoladefabriken Lindt & Sprungli		22		246
Cie Financiere Richemont		91,689		7,250
Clariant		15,919		300
Coca-Cola		3,841		99
Comet Holding		49		60
Conzzeta*		99		88
COSMO Pharmaceuticals*		360		59
Credit Suisse Group		37,798		562
Daetwyler Holding		559		86
DKSH Holding		1,492		115
dormakaba Holding		171		136
Dufry*		885		135
EFG International*		6,277		39
Emmi		125		85
EMS-Chemie Holding		169		98
Flughafen Zuerich		891		190
Forbo Holding		63		96
Galenica		85		90
GAM Holding		9,620		119
Geberit		4,494		1,937
Georg Fischer		234		212
Givaudan		176		317
Helvetia Holding		555		308
Huber + Suhner		1,058		69
Implenia		1,096		77
Inficon Holding		128		63
Intershop Holding		41		20
Julius Baer Group		4,095		204
Kardex		481		47
Komax Holding		249		61
Kudelski		2,943		48
Kuehne + Nagel International		8,120		1,147
LafargeHolcim		84,602		5,000
Logitech International		31,520		1,002
Lonza Group		1,111		210
Meyer Burger Technology*		34,458		29
Mobimo Holding		381		99
Nestle		224,235		17,205
Novartis		193,195		14,341
OC Oerlikon		11,952		127
Panalpina Welttransport Holding		616		74
Pargesa Holding		710		50
Partners Group Holding		317		170
PSP Swiss Property		2,191		199
Rieter Holding		250		53
Roche Holding		45,439		11,604
Schindler Holding		1,160		222
Schweiter Technologies		61		68
SFS Group*		967		92
SGS		98		209
Siegfried Holding		274		72
Sika		40		240
Sonova Holding		3,933		545

Description	Shares		Value (000)
St. Galler Kantonalbank		142	$	60
Straumann Holding		532		247
Sulzer*		829		87
Sunrise Communications Group (A) (B)		1,857		140
Swatch Group		17,720		6,024
Swiss Life Holding		587		189
Swiss Prime Site		1,172		103
Swiss Re		6,170		554
Swisscom		464		214
Syngenta		1,760		778
Tecan Group		692		111
Temenos Group		3,267		260
u-blox Holding		404		89
UBS Group		436,163		6,981
Valiant Holding		933		99
Valora Holding		208		72
VAT Group* (A) (B)		804		88
Vontobel Holding		1,210		69
VZ Holding		180		49
Ypsomed Holding		182		35
Zurich Insurance Group		10,033		2,678
				88,922
Taiwan – 1.9%
Advanced Semiconductor
Engineering ADR		94,092		610
AU Optronics ADR		833,621		3,185
Chroma ATE		115,000		348
Delta Electronics		66,516		356
Hon Hai Precision Industry GDR		143,541		880
PChome Online		46,224		376
Ruentex Industries		236,082		380
Silicon Motion Technology ADR		13,697		640
Taiwan Semiconductor Manufacturing		681,648		15,626
Teco Electric and Machinery		803,387		817
Yungtay Engineering		398,000		690
				23,908
Thailand – 1.2%
Advanced Information Technology		59,900		53
Amata NVDR		354,700		184
Bangchak Petroleum NVDR		260,200		250
Bangkok Bank		157,800		851
Banpu NVDR		1,345,100		775
Cal-Comp Electronics Thailand NVDR		1,336,719		118
Dhipaya Insurance NVDR		16,800		23
GFPT NVDR		1,194,100		640
Hana Microelectronics NVDR		655,700		897
Kasikornbank PLC		50,600		278
KGI Securities Thailand NVDR		747,900		91
Krung Thai Bank NVDR		757,700		450
MCS Steel NVDR		345,900		157
MFEC NVDR		216,800		36
Polyplex Thailand NVDR		159,000		74
PTT NVDR		343,100		3,865
PTT Exploration & Production NVDR		158,300		428
PTT Global Chemical NVDR		1,164,600		2,483
Sansiri		1,538,500		91

73

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Siam Cement		13,500	$	212
Siamgas & Petrochemicals NVDR		624,900		238
Star Petroleum Refining NVDR		1,491,400		569
SVI NVDR		172,800		28
Syntec Construction NVDR		2,826,500		378
Thai Oil NVDR		172,100		378
Thai Storage Battery NVDR		4,900		24
Thai Vegetable Oil NVDR		176,300		172
Thai Wah*		163,000		55
Thanachart Capital NVDR		54,300		76
Tipco Asphalt NVDR		1,445,500		1,083
Tisco Financial Group NVDR		77,900		163
				15,120
Turkey – 0.8%
Albaraka Turk Katilim Bankasi		44,267		15
Anadolu Cam Sanayii		327,928		288
Arcelik		29,206		182
Aselsan Elektronik Sanayi Ve Ticaret		54,153		253
Baticim Bati Anadolu Cimento Sanayii		21,859		39
Dogan Sirketler Grubu Holding*		1,398,951		261
Eregli Demir ve Celik Fabrikalari		504,929		820
Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret		20,606		54
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.		85,387		78
Torunlar Gayrimenkul Yatirim Ortakligi ‡		412,027		511
Turkiye Garanti Bankasi		1,197,756		2,921
Turkiye Halk Bankasi		244,795		698
Turkiye Is Bankasi, Cl C		919,209		1,677
Turkiye Sise ve Cam Fabrikalari		137,459		158
Turkiye Vakiflar Bankasi TAO, Cl D		931,118		1,373
Yapi ve Kredi Bankasi		204,733		214
				9,542
United Arab Emirates – 0.1%
Aldar Properties (C)		979,657		603
National Central Cooling (C)		265,588		137
Union National Bank PJSC (C)		43,378		52
				792
United Kingdom – 14.5%
3i Group		112,622		1,058
888 Holdings		11,179		37
AA		35,104		117
Abcam		10,765		111
Aberdeen Asset Management		20,833		69
Acacia Mining		9,546		54
Admiral Group		29,233		728
Advanced Medical Solutions Group		14,358		44
Aggreko		212,778		2,355
Aldermore Group*		13,476		38
Allied Minds*		13,370		51
Amec Foster Wheeler		50,732		339
Anglo American*		32,319		492
Anglo American		325,779		4,977
Antofagasta		24,519		256

Description	Shares		Value (000)
Arrow Global Group		11,301	$	51
Ashmore Group		21,808		97
Ashtead Group		9,132		189
ASOS*		2,898		220
Associated British Foods		6,375		208
Assura ‡		95,907		70
AstraZeneca		24,018		1,478
Auto Trader Group (A) (B)		53,036		261
AVEVA Group		4,004		98
Aviva		75,769		505
B&M European Value Retail		39,482		148
Babcock International Group		5,208		58
BAE Systems		176,454		1,420
Balfour Beatty		40,405		137
Barclays		1,288,434		3,634
Barratt Developments		41,682		285
BBA Aviation		51,421		196
Beazley		28,419		152
Bellway		6,684		226
Berendsen		27,851		256
Berkeley Group Holdings		2,680		108
BGEO Group		11,383		460
BHP Billiton		282,247		4,363
Big Yellow Group ‡		8,604		79
Bodycote		10,742		107
boohoo.com*		36,244		76
Booker Group		92,517		226
Bovis Homes Group		7,926		84
BP		594,443		3,407
Brewin Dolphin Holdings		15,759		62
British American Tobacco		36,802		2,443
British Land ‡		18,262		140
Britvic		14,606		118
BT Group, Cl A		158,021		630
BTG*		22,288		164
Bunzl		55,126		1,602
Burberry Group		8,063		174
Cairn Energy*		36,349		93
Cairn Homes*		42,500		67
Capita		96,557		683
Capital & Counties Properties		43,528		158
Card Factory		20,294		72
Carillion		28,088		78
Carnival		65,352		3,749
Centamin		61,767		134
Centrica		121,265		330
Chemring Group*		18,662		45
Chesnara		9,794		44
Cineworld Group		10,477		87
Clinigen Group		5,771		57
Close Brothers Group		13,006		250
Cobham		1,086,159		1,810
Compass Group		426,221		8,043
ConvaTec Group* (A) (B)		238,174		832
Conviviality		12,620		43
Costain Group		8,307		48
Crest Nicholson Holdings		14,974		102
Croda International		2,152		96
CVS Group		3,754		54
CYBG*		49,165		171
Daily Mail & General Trust, Cl A		66,724		602
Dairy Crest Group		9,139		63
Dart Group		5,936		38
De La Rue		6,666		51

74

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Debenhams		88,129	$	60
Derwent London ‡		5,706		200
Devro		59,294		135
Diageo		337,928		9,669
Dialog Semiconductor*		4,291		219
Dignity		2,731		81
Diploma		6,481		86
Direct Line Insurance Group		28,195		123
Dixons Carphone		19,318		77
Domino’s Pizza Group		28,040		108
Drax Group		22,981		94
DS Smith		49,888		271
Dunelm Group		6,591		53
easyJet		24,589		316
EI Group*		31,666		54
Electrocomponents		24,218		144
Elementis		27,132		98
EMIS Group		3,892		43
Empiric Student Property ‡		25,834		35
EnQuest*		64,935		34
Equiniti Group* (A) (B)		21,540		53
Essentra		15,024		99
esure Group		16,869		50
Evraz		20,328		55
Fenner		11,879		44
Fevertree Drinks		4,663		88
Firstgroup*		64,607		107
Fresnillo		4,402		86
G4S		274,208		1,045
Galliford Try		5,061		93
Genus		4,222		91
GKN		32,008		146
GlaxoSmithKline		92,544		1,924
Glencore		410,144		1,609
Go-Ahead Group		2,610		56
Grafton Group		13,281		119
Grainger		21,591		67
Great Portland Estates ‡		18,847		154
Greencore Group		40,967		126
Greene King		17,540		154
Greggs		7,072		92
GVC Holdings*		52,433		482
Halfords Group		13,099		58
Halma		20,532		263
Hammerson ‡		12,969		93
Hansteen Holdings ‡		39,677		59
Hargreaves Lansdown		5,525		90
Hays		408,549		804
Henderson Group		63,491		185
Hikma Pharmaceuticals		2,886		72
Hiscox		14,800		203
Hochschild Mining		14,664		51
HomeServe		105,234		745
Howden Joinery Group		35,381		192
HSBC Holdings		1,035,071		8,434
Hunting		9,101		64
Hurricane Energy*		49,594		35
Ibstock (A) (B)		13,837		36
IG Group Holdings		82,465		514
Imagination Technologies Group*		16,218		55
IMI		119,906		1,792
Imperial Brands		17,899		867
Inchcape		34,391		362
Indivior		40,357		163

Description	Shares		Value (000)
Informa		95,388	$	779
Inmarsat		8,826		94
InterContinental Hotels Group		3,432		168
Intermediate Capital Group		14,710		130
International Personal Finance		102,303		210
Intertek Group		38,202		1,882
Intu Properties ‡		19,330		68
Investec		13,617		93
ITE Group		20,409		41
ITV		472,103		1,295
IWG		36,599		146
J D Wetherspoon		4,480		53
J Sainsbury		33,609		111
Jackpotjoy*		4,714		32
JD Sports Fashion		18,108		87
John Laing Group (A) (B)		23,351		80
John Menzies		5,495		47
John Wood Group		21,005		200
Johnson Matthey		3,613		139
JRP Group		29,845		49
Jupiter Fund Management		69,629		372
Just Eat*		71,666		508
KAZ Minerals*		14,136		81
KCOM Group		33,252		37
Keller Group		4,669		53
Kier Group		5,707		98
Kingfisher		40,959		167
Kingspan Group		8,184		261
Ladbrokes		54,484		88
Laird		18,829		36
Lancashire Holdings		10,620		89
Land Securities Group ‡		14,465		192
Legal & General Group		111,159		344
Lloyds Banking Group		7,786,489		6,469
London Stock Exchange Group		5,642		224
LondonMetric Property ‡		32,330		65
Lookers		25,594		41
Lukoil ADR		4,112		218
Man Group		93,795		173
Marks & Spencer Group		31,395		133
Marshalls		12,482		55
Marston’s		43,067		72
McCarthy & Stone (A) (B)		40,195		95
Mediclinic International		7,163		64
Meggitt		16,042		90
Melrose Industries		102,205		286
Merlin Entertainments (A) (B)		167,611		1,008
Metro Bank*		3,230		132
Micro Focus International		12,282		351
Millennium & Copthorne Hotels		12,913		71
Mitchells & Butlers		13,940		43
Mitie Group		23,594		66
Mondi		6,856		166
Moneysupermarket.com Group		116,760		483
Morgan Advanced Materials		18,437		72
National Express Group		41,785		188
National Grid		97,552		1,238
NewRiver ‡		13,140		56
NEX Group		99,497		709
Next		2,694		146
Non-Standard Finance (A) (B)		105,590		75
Northgate		21,496		148
Nostrum Oil & Gas*		5,718		35
Ocado Group*		29,818		90
Old Mutual		88,227		222

75

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
OneSavings Bank		6,524	$	33
Ophir Energy*		49,122		53
Oxford Instruments		3,923		40
Paddy Power Betfair		6,628		714
Pagegroup		38,895		209
Paragon Group of		14,346		75
Paysafe Group*		26,294		154
Pearson		15,886		136
Pennon Group		20,250		224
Persimmon		5,757		151
Petra Diamonds*		33,528		56
Petrofac		11,328		130
Pets at Home Group		106,318		243
Phoenix Group Holdings		18,656		175
Playtech		31,601		368
Plus500		5,561		29
Polypipe Group		11,681		56
Primary Health Properties ‡		35,157		49
Provident Financial		28,902		1,085
Prudential		116,195		2,455
PZ Cussons		16,517		66
QinetiQ Group		31,716		111
Rank Group		13,718		36
Reckitt Benckiser Group		87,356		7,975
Redde		20,863		40
Redefine International ‡		92,286		43
Redrow		12,446		80
RELX		77,810		1,524
Renewi		39,435		47
Renishaw		1,926		75
Rentokil Initial		94,574		292
Restaurant Group		12,049		50
Restore		8,060		36
Rightmove		36,974		1,848
Rio Tinto		89,849		3,613
Rolls-Royce Holdings		248,858		2,350
Rotork		75,264		229
Royal Bank of Scotland Group*		63,478		193
Royal Mail		18,538		99
RPC Group		22,564		221
RPS Group		14,495		45
RSA Insurance Group		19,030		140
Safestore Holdings ‡		13,160		62
Saga		59,448		151
Sage Group		19,758		156
Samsung Electronics GDR		5,960		5,468
Savills		7,536		87
Scapa Group		9,593		43
Schroders		2,223		84
Segro ‡		20,591		118
Senior		26,343		68
Serco Group*		411,220		595
Severn Trent		4,550		136
Shaftesbury ‡		11,708		134
Shawbrook Group* (A) (B)		8,550		36
Shire		16,868		985
SIG		37,851		53
Sirius Minerals*		227,710		63
Sky PLC		37,493		458
Smith & Nephew		24,492		373
Smiths Group		79,640		1,615
Sophos Group (A) (B)		17,832		61
Sound Energy, Cl A*		34,244		34
South32		12,819		27
Spectris		21,470		673

Description	Shares		Value (000)
Spirax-Sarco Engineering		3,777	$	226
Spire Healthcare Group (A) (B)		17,536		71
Sports Direct International*		15,689		61
SSE		18,938		350
SSP Group		166,679		871
St. James’s Place		37,854		504
St. Modwen Properties		12,275		50
Stagecoach Group		125,771		330
Standard Chartered		127,690		1,221
Standard Life		36,143		161
State Bank of India GDR		44,900		2,005
Stobart Group		20,274		53
Subsea 7		14,878		230
SuperGroup		3,232		60
SVG Capital *		1,762		16
Synthomer		16,040		96
TalkTalk Telecom Group		30,994		74
Tate & Lyle		10,291		99
Taylor Wimpey		60,955		147
Ted Baker		1,694		59
Telecom Plus		3,257		49
Tesco		1,862,582		4,332
Thomas Cook Group		545,126		584
TP ICAP		27,380		159
Travis Perkins		217,228		4,121
Tritax Big Box ‡		42,923		78
Tullow Oil		52,371		154
UBM		21,146		203
UDG Healthcare		13,686		120
Ultra Electronics Holdings		4,154		108
Unilever		55,113		2,720
UNITE Group ‡		12,958		103
United Utilities Group		12,730		158
Vectura Group*		38,165		73
Vedanta Resources		4,947		50
Vesuvius		12,505		82
Victrex		4,836		115
Virgin Money Holdings UK		14,963		60
Vodafone Group		618,752		1,613
Weir Group		147,455		3,541
WH Smith		37,097		825
Whitbread		3,351		166
William Hill		18,377		67
WM Morrison Supermarkets		42,898		129
Wolseley		4,832		304
Workspace Group ‡		7,356		72
Worldpay Group (A) (B)		34,796		129
WPP PLC		332,313		7,295
WS Atkins		5,064		98
ZPG (A) (B)		14,387		65
				178,834
United States – 1.2%
Consumer Discretionary – 0.3%
Delphi Automotive PLC		14,547		1,171
Nord Anglia Education*		2,500		63
SodaStream International*		1,148		56
Yum China Holdings*		88,783		2,415
				3,705
Consumer Staples – 0.0%
Gruma, Cl B		27,136		383

76

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Shares		Value (000)
Energy – 0.0%
Seadrill*		23,136	$	36
VTTI Energy Partners		1,954		37
				73
Health Care – 0.0%
Neuroderm*		1,060		28
				28
Industrials – 0.6%
Caesarstone*		1,622		59
Canadian National Railway		63,004		4,659
Copa Holdings, Cl A		18,300		2,054
				6,772
Information Technology – 0.1%
CyberArk Software*		1,606		82
Genpact		5,063		125
InterXion Holding*		3,930		156
Ituran Location and Control		1,825		56
Momo ADR*		16,950		577
Orbotech*		2,769		89
Phoenix New Media ADR*		27,094		95
Wix.com*		1,502		102
				1,282
Materials – 0.2%
Vale, Cl B ADR		248,847		2,364
				14,607
Total Common Stock (Cost $1,129,602) (000)				1,188,688
Preferred Stock — 0.6%
Alpargatas (A)		273,898		1,068
Banco Bradesco, Cl Preference (A)		16,498		170
Banco do Estado do Rio Grande do Sul (A)		189,200		915
Bayerische Motoren Werke, Cl Preference (A)		1,080		85
Centrais Eletricas Brasileiras (A)		110,326		784
Cia Brasileira de Distribuicao, Cl Preference (A)		12,565		242
Cia de Gas de Sao Paulo - COMGAS, Cl A (A)		15,855		235
Cia Energetica de Minas Gerais (A)		267,700		889
FUCHS PETROLUB (A)		1,410		69
Henkel & KGaA (A)		3,326		426
Itausa - Investimentos Itau (A)		197,897		604
Metalurgica Gerdau, Cl Preference* (A)		225,600		360
Porsche Automobil Holding (A)		2,801		153
Sartorius (A)		1,948		171
Schaeffler, Cl Preference (A)		3,578		63
Sixt (A)		529		22

Description	Shares		Value (000)
Volkswagen (A)		8,557	$	1,246
Total Preferred Stock (Cost $6,082) (000)				7,502
Exchange Traded Fund — 0.0%
P2P Global Investments, Cl Trust Unit		5,299		51
Total Exchange Traded Fund (Cost $52) (000)				51
Rights — 0.0%
	Number of Rights
B2W Cia Digital, Expires 4/25/2017 † (C)		14,347		7
CC Land Holdings Ltd, Expires 4/26/2017 † (C)		61,500		–
Deutsche Bank, Expires 4/11/2017 † (C)		25,232		60
Total Rights (Cost $-) (000)				67
	Shares
Short-Term Investment — 2.5%
State Street Institutional Treasury Money Market Fund, Cl Institutional, 0.549% (D)		30,830,570		30,831
Total Short-Term Investment (Cost $30,831) (000)				30,831
Total Investments — 99.3% (Cost $1,166,567) (000) †			$	1,227,139

Percentages are based on Net Assets of $1,236,155 (000).

77

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

A list of the open futures contracts held by the Fund at March 31, 2017, is as follows (000):

Type of Contract	Number of Contracts Long (Short)		Expiration Date		Unrealized Appreciation (Depreciation)
MSCI EAFE Index E-MINI		164		Jun-2017	$	286

For the period ended March 31, 2017, 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.

‡ Real Estate Investment Trust

† Expiration date is unavailable.

* Non-income producing security.

(A) Rate not available.

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

(C) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of March 31, 2017, was $5,945 (000) and represented 0.50% of net assets.

(D) The rate reported is the 7-Day effective yield as of March 31, 2017.

ADR — American Depositary Receipt

Cl — Class

EAFE — Europe, Australasia and Far East

GDR — Global Depositary Receipt

Ltd. — Limited

MSCI — Morgan Stanley Capital International

Ser — Series

@ March 31, 2017, the tax cost basis of the Fund’s investments was $1,166,567 (000), and the unrealized appreciation and depreciation were $107,666 (000) and $(47,094) (000), respectively.

The following is a list of the level of inputs used as of March 31, 2017, in valuing the Fund’s investments and other financial instruments carried at value (000):

Investments In Securities	Level 1		Level 2		Level 3		Total
Common Stock
Australia		40,039		313		-		40,352
Austria		2,259		51		-		2,310
Belgium		8,246		241		-		8,487
Brazil		19,318		-		-		19,318
Canada		19,481		-		-		19,481
Chile		2,310		-		-		2,310
China		13,063		17,346		-		30,409
Colombia		791		-		-		791
Cyprus		438		-		-		438
Czech Republic		162		-		-		162
Denmark		16,946		-		-		16,946
Egypt		82		-		-		82
Finland		10,320		35		-		10,355
France		77,533		88		-		77,621
Germany		70,902		130		-		71,032
Greece		2,491		-		-		2,491
Hong Kong		14,635		40,015		-		54,650
India		28,464		-		-		28,464
Indonesia		8,853		-		-		8,853
Ireland		12,531		-		-		12,531
Israel		4,039		1,718		-		5,757
Italy		19,529		98		-		19,627
Japan		197,287		1,562		-		198,849
Luxembourg		3,542		-		-		3,542
Macau		-		206		-		206
Malaysia		3,028		-		-		3,028
Mexico		5,254		-		-		5,254
Netherlands		51,824		41		-		51,865
New Zealand		1,959		-		-		1,959
Norway		8,439		-		-		8,439
Panama		30		-		-		30
Peru		321		-		-		321
Philippines		1,560		-		-		1,560
Poland		7,350		-		-		7,350
Portugal		815		-		-		815
Qatar		560		3,543		-		4,103
Russia		7,963		-		-		7,963
Singapore		22,082		215		-		22,297
South Africa		16,206		-		-		16,206
South Korea		49,268		-		-		49,268
Spain		21,285		118		-		21,403
Sweden		19,685		353		-		20,038
Switzerland		88,697		225		-		88,922
Taiwan		20,463		3,445		-		23,908
Thailand		15,120		-		-		15,120
Turkey		9,542		-		-		9,542
United Arab Emirates		-		792		-		792
United Kingdom		178,404		430		-		178,834
United States		14,607		-		-		14,607
Total Common Stock		1,117,723		70,965		-		1,188,688
Preferred Stock		7,246		256		-		7,502
Rights		67		-		-		67
Short-Term Investment		-		30,831		-		30,831
Exchange Traded Fund		51		-		-		51
Total Investments in Securities	$	1,125,087	$	102,052	$	-	$	1,227,139
Other Financial Instruments	Level 1		Level 2		Level 3^		Total
Futures Contracts*
Unrealized Appreciation		286		-		-		286
Total Other Financial Instruments		286		-		-		286

** 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.

78

KP International Equity Funds

Schedule of Investments

March 31, 2017 (Unaudited)

For the period ended March 31, 2017, there were transfers between Level 1 and Level 2 assets and liabilities due to changes in the availability of observable inputs used to determine fair value. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended March 31, 2017, there have been no changes to the Fund’s fair value methodologies.

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

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

79

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Corporate Obligations — 26.8%
Consumer Discretionary – 1.9%
21st Century Fox America
6.150%, 02/15/41	$	500	$	597
4.500%, 02/15/21		100		107
3.700%, 09/15/24		120		122
Amazon.com
4.800%, 12/05/34		300		332
American Honda Finance
2.450%, 09/24/20		100		101
1.700%, 02/22/19		25		25
Arcos Dorados Holdings
5.875%, 04/04/27 (A) (B)		330		333
Atento Luxco
7.375%, 01/29/20 (A) (B)		220		226
Bed Bath & Beyond
3.749%, 08/01/24		25		25
Block Financial
4.125%, 10/01/20		200		205
CBS
3.375%, 03/01/22		150		153
Charter Communications Operating
6.484%, 10/23/45		287		331
6.384%, 10/23/35		310		352
3.579%, 07/23/20		2,512		2,584
Cleveland Clinic Foundation
4.858%, 01/01/14		513		497
Comcast
4.250%, 01/15/33		500		515
3.375%, 02/15/25		125		127
3.150%, 03/01/26		50		49
3.000%, 02/01/24		1,488		1,487
2.750%, 03/01/23		100		100
Council of Europe Development Bank
1.750%, 11/14/19		100		100
Delphi
4.150%, 03/15/24		40		42
Delphi Automotive
3.150%, 11/19/20		100		102
Diageo Investment
2.875%, 05/11/22		100		102
Discovery Communications
3.800%, 03/13/24		50		50
Dollar General
4.150%, 11/01/25		25		26
DR Horton
4.000%, 02/15/20		35		36
3.750%, 03/01/19		25		26
Expedia
4.500%, 08/15/24		100		105
Ford Motor
5.291%, 12/08/46		1,320		1,317
4.346%, 12/08/26		45		46

Description	Face Amount (000)		Value (000)
Ford Motor Credit
5.875%, 08/02/21	$	200	$	223
3.339%, 03/28/22		200		201
2.240%, 06/15/18		200		200
General Motors
6.750%, 04/01/46		250		293
General Motors Financial
4.300%, 07/13/25		100		101
4.000%, 01/15/25		150		150
3.700%, 05/09/23		100		100
3.100%, 01/15/19		100		102
2.350%, 10/04/19		50		50
Grupo Televisa
7.250%, 05/14/43		2,840		115
5.000%, 05/13/45		200		182
Home Depot
4.400%, 04/01/21		100		108
2.625%, 06/01/22		100		101
2.000%, 06/15/19		200		200
Latam Airlines Pass-Through Trust
4.200%, 11/15/27		555		550
Lear
5.250%, 01/15/25		45		47
Lowe’s
4.625%, 04/15/20		100		107
2.500%, 04/15/26		50		47
1.150%, 04/15/19		20		20
Macy’s Retail Holdings
3.625%, 06/01/24		100		95
Magna International
3.625%, 06/15/24		50		51
Marriott International
3.125%, 10/15/21		250		246
Mattel
2.350%, 05/06/19		100		100
McDonald’s
3.500%, 03/01/27		100		100
3.375%, 05/26/25		100		101
2.750%, 12/09/20		20		20
NBCUniversal Media
4.375%, 04/01/21		100		107
Newell Brands
5.500%, 04/01/46		772		876
4.000%, 12/01/24		50		52
3.150%, 04/01/21		150		153
NIKE
2.375%, 11/01/26		200		187
Nordstrom
4.000%, 03/15/27		30		30
Omnicom Group
3.600%, 04/15/26		100		100
O’Reilly Automotive
3.550%, 03/15/26		50		50
QVC
4.450%, 02/15/25		65		63
Scripps Networks Interactive
2.750%, 11/15/19		100		101
Target
4.000%, 07/01/42		200		193

80

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Time Warner
4.875%, 03/15/20	$	100	$	107
4.750%, 03/29/21		100		108
3.600%, 07/15/25		100		99
2.100%, 06/01/19		100		100
Time Warner Cable
8.250%, 04/01/19		200		223
7.300%, 07/01/38		238		295
5.875%, 11/15/40		500		531
4.000%, 09/01/21		100		103
TJX
2.750%, 06/15/21		100		102
Toyota Motor Credit
4.250%, 01/11/21		100		107
2.750%, 05/17/21		100		102
2.250%, 10/18/23		50		48
2.100%, 01/17/19		150		151
1.550%, 07/13/18		4,550		4,514
1.200%, 04/06/18		50		50
USJ Acucar e Alcool
9.875%, 11/09/21 (A) (B)		288		233
Viacom
4.375%, 03/15/43		216		187
3.450%, 10/04/26		576		548
3.125%, 06/15/22		889		880
Walt Disney
3.150%, 09/17/25		100		102
1.850%, 05/30/19		150		151
Wesleyan University
4.781%, 07/01/16		649		602
Whirlpool
4.000%, 03/01/24		60		63
Wyndham Worldwide
4.250%, 03/01/22		50		52
				25,200
Consumer Staples – 1.5%
Altria Group
9.250%, 08/06/19		200		232
Anheuser-Busch InBev Finance
4.900%, 02/01/46		2,173		2,348
3.650%, 02/01/26		350		354
2.650%, 02/01/21		215		217
Anheuser-Busch InBev Worldwide
7.750%, 01/15/19		100		110
5.375%, 01/15/20		100		109
4.950%, 01/15/42		500		537
2.500%, 07/15/22		100		99
Bunge Finance
3.250%, 08/15/26		120		116
Central American Bottling
5.750%, 01/31/27 (A) (B)		195		202
Clorox
3.500%, 12/15/24		50		52
Coca-Cola
3.300%, 09/01/21		100		105
2.875%, 10/27/25		50		49
2.550%, 06/01/26		50		48
2.450%, 11/01/20		50		51
1.875%, 10/27/20		50		50
Coca-Cola Femsa
2.375%, 11/26/18		150		151

Description	Face Amount (000)		Value (000)
Colgate-Palmolive
1.750%, 03/15/19	$	100	$	100
Constellation Brands
6.000%, 05/01/22		20		23
4.250%, 05/01/23		50		53
3.875%, 11/15/19		10		10
3.750%, 05/01/21		15		15
Costco Wholesale
1.700%, 12/15/19		100		100
CVS Health
5.125%, 07/20/45		440		485
3.875%, 07/20/25		120		124
2.875%, 06/01/26		50		48
2.250%, 12/05/18		150		151
2.125%, 06/01/21		50		49
CVS Pass-Through Trust
4.704%, 01/10/36 (A) (B)		715		747
4.163%, 08/11/36 (A) (B)		1,189		1,187
General Mills
5.650%, 02/15/19		100		107
Hershey
2.300%, 08/15/26		50		47
Ingredion
3.200%, 10/01/26		50		49
JM Smucker
2.500%, 03/15/20		100		101
Kellogg
4.000%, 12/15/20		100		106
Kimberly-Clark
2.750%, 02/15/26		100		97
Kraft Heinz Foods
3.950%, 07/15/25		150		152
2.000%, 07/02/18		735		737
Kroger
3.300%, 01/15/21		100		102
Mead Johnson Nutrition
3.000%, 11/15/20		30		31
Molson Coors Brewing
4.200%, 07/15/46		200		187
1.450%, 07/15/19		25		25
Mondelez International
5.375%, 02/10/20		200		216
Mondelez International Holdings Netherlands BV
2.000%, 10/28/21 (A) (B)		2,260		2,171
1.625%, 10/28/19 (A) (B)		1,203		1,183
PepsiCo
3.600%, 03/01/24		100		105
3.450%, 10/06/46		200		181
2.850%, 02/24/26		100		98
Philip Morris International
4.500%, 03/26/20		100		107
3.375%, 08/11/25		100		101
1.875%, 02/25/21		200		196
Procter & Gamble
2.450%, 11/03/26		50		48
1.900%, 11/01/19		100		101
Reynolds American
8.125%, 06/23/19		100		113
4.450%, 06/12/25		150		158
2.300%, 06/12/18		3,807		3,830
Sigma Alimentos
4.125%, 05/02/26 (A) (B)		270		264

81

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Sysco
2.600%, 10/01/20	$	50	$	50
2.500%, 07/15/21		35		35
1.900%, 04/01/19		30		30
Tyson Foods
4.875%, 08/15/34		200		205
Unilever Capital
4.250%, 02/10/21		150		161
Walgreens Boots Alliance
3.450%, 06/01/26		165		161
3.100%, 06/01/23		30		30
2.700%, 11/18/19		100		102
2.600%, 06/01/21		30		30
1.750%, 05/30/18		35		35
Wal-Mart Stores
4.250%, 04/15/21		125		135
4.000%, 04/11/43		400		400
3.300%, 04/22/24		100		104
				20,013
Energy – 4.0%
Anadarko Petroleum
6.950%, 06/15/19		5,082		5,589
6.600%, 03/15/46		1,047		1,266
Apache
3.250%, 04/15/22		100		100
Baker Hughes
7.500%, 11/15/18		150		163
Boardwalk Pipelines
4.950%, 12/15/24		50		53
BP Capital Markets
3.245%, 05/06/22		207		211
2.237%, 05/10/19		100		101
2.112%, 09/16/21		100		98
1.676%, 05/03/19		20		20
Buckeye Partners
3.950%, 12/01/26		200		196
Canadian Natural Resources
5.900%, 02/01/18		495		511
Cenovus Energy
6.750%, 11/15/39		287		327
5.700%, 10/15/19		25		27
4.450%, 09/15/42		40		-
3.000%, 08/15/22		20		20
Chevron
2.954%, 05/16/26		50		49
2.566%, 05/16/23		50		50
2.193%, 11/15/19		90		91
2.100%, 05/16/21		50		49
1.961%, 03/03/20		50		50
1.561%, 05/16/19		50		50
CNOOC Finance 2015 USA
3.500%, 05/05/25		200		198
Columbia Pipeline Group
2.450%, 06/01/18		100		100
ConocoPhillips
6.500%, 02/01/39		300		382
6.000%, 01/15/20		100		111
4.200%, 03/15/21		50		53
Devon Energy
5.600%, 07/15/41		475		502
3.250%, 05/15/22		100		99

Description	Face Amount (000)		Value (000)
Ecopetrol
7.375%, 09/18/43	$	200	$	214
5.875%, 09/18/23		100		109
Emera US Finance
4.750%, 06/15/46		200		202
2.700%, 06/15/21		150		148
Enable Midstream Partners
2.400%, 05/15/19		50		50
Enbridge Energy Partners
5.875%, 10/15/25		100		112
Encana
6.500%, 05/15/19		851		919
3.900%, 11/15/21		50		51
Energy Transfer Partners
6.625%, 10/15/36		1,414		1,571
6.125%, 12/15/45		150		161
EnLink Midstream Partners
5.600%, 04/01/44		137		137
2.700%, 04/01/19		800		802
Enterprise Products Operating
3.350%, 03/15/23		100		101
2.850%, 04/15/21		30		30
EOG Resources
3.150%, 04/01/25		100		98
2.625%, 03/15/23		100		97
ExxonMobil
4.114%, 03/01/46		150		154
3.043%, 03/01/26		50		50
2.726%, 03/01/23		35		35
2.709%, 03/06/25		150		148
2.222%, 03/01/21		20		20
1.708%, 03/01/19		50		50
Fermaca Enterprises
6.375%, 03/30/38 (A) (B)		191		195
Halliburton
3.500%, 08/01/23		100		102
Husky Energy
4.000%, 04/15/24		100		102
Kinder Morgan
5.550%, 06/01/45		500		511
3.050%, 12/01/19		1,803		1,833
Kinder Morgan Energy Partners
4.150%, 02/01/24		2,084		2,112
3.500%, 03/01/21		20		20
Magellan Midstream Partners
4.250%, 02/01/21		100		105
Marathon Petroleum
3.400%, 12/15/20		100		103
MPLX
5.200%, 03/01/47		200		201
4.500%, 07/15/23		1,776		1,847
4.125%, 03/01/27		65		65
4.000%, 02/15/25		25		25
Nabors Industries
5.100%, 09/15/23		100		101
National Oilwell Varco
2.600%, 12/01/22		100		96
Noble Energy
8.250%, 03/01/19		2,423		2,695
4.150%, 12/15/21		100		105

82

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Occidental Petroleum
4.400%, 04/15/46	$	200	$	203
3.400%, 04/15/26		70		70
Odebrecht Drilling Norbe VIII
6.350%, 06/30/21 (A) (B)		300		164
ONEOK Partners
3.375%, 10/01/22		100		100
Pertamina Persero
6.450%, 05/30/44 (A) (B)		370		417
6.000%, 05/03/42 (A) (B)		250		265
5.250%, 05/23/21 (A) (B)		465		499
Petrobras Global Finance BV
6.125%, 01/17/22		20		21
4.375%, 05/20/23		920		872
Petroleos de Venezuela
9.000%, 11/17/21		660		314
8.500%, 10/27/20 (A) (B)		245		183
6.000%, 11/15/26 (A) (B)		665		233
5.375%, 04/12/27		795		274
Petroleos Mexicanos
8.000%, 05/03/19		250		276
6.875%, 08/04/26		50		55
6.750%, 09/21/47		938		952
6.500%, 06/02/41		350		349
6.375%, 02/04/21		240		240
5.625%, 01/23/46		1,084		969
5.500%, 02/04/19		2,414		2,527
4.875%, 01/24/22		350		360
4.625%, 09/21/23		200		201
3.500%, 07/23/20		555		534
Petronas Capital
4.500%, 03/18/45 (A) (B)		200		211
Phillips 66
4.650%, 11/15/34		300		304
Phillips 66 Partners
3.605%, 02/15/25		25		24
Pioneer Natural Resources
3.450%, 01/15/21		100		102
Plains All American Pipeline
6.650%, 01/15/37		996		1,116
4.650%, 10/15/25		150		155
Regency Energy Partners
4.500%, 11/01/23		100		103
Sabine Pass Liquefaction
6.250%, 03/15/22		2,063		2,290
5.750%, 05/15/24		703		766
5.625%, 02/01/21		225		243
Shell International Finance
4.550%, 08/12/43		400		415
3.250%, 05/11/25		150		152
2.875%, 05/10/26		100		97
Sinopec Group Overseas Development
3.500%, 05/03/26 (A) (B)		580		573
Spectra Energy Partners
3.500%, 03/15/25		100		97
State Oil of the Azerbaijan Republic
4.750%, 03/13/23		705		684
Statoil
3.950%, 05/15/43		200		193
3.700%, 03/01/24		100		104
2.450%, 01/17/23		125		123

Description	Face Amount (000)		Value (000)
Stoneway Capital
10.000%, 03/01/27 (A) (B)	$	150	$	156
Suncor Energy
6.500%, 06/15/38		150		189
6.100%, 06/01/18		3,088		3,250
Sunoco Logistics Partners Operations
4.400%, 04/01/21		100		105
Total Capital Canada
2.750%, 07/15/23		100		99
Total Capital International
2.700%, 01/25/23		100		99
TransCanada PipeLines
4.875%, 01/15/26		100		111
4.625%, 03/01/34		300		314
1.625%, 11/09/17		671		671
Ultrapar International
5.250%, 10/06/26 (A) (B)		650		647
Valero Energy
9.375%, 03/15/19		29		33
3.650%, 03/15/25		100		99
Western Gas Partners
2.600%, 08/15/18		100		101
Williams Partners
6.300%, 04/15/40		1,188		1,331
5.250%, 03/15/20		250		269
3.600%, 03/15/22		100		102
YPF
8.500%, 07/28/25 (A) (B)		355		382
				51,731
Financials – 8.3%
Aflac
3.625%, 06/15/23		100		104
African Development Bank
1.375%, 02/12/20		100		99
1.125%, 09/20/19		100		99
AIA Group
2.250%, 03/11/19 (A) (B)		424		425
American Express Credit
2.700%, 03/03/22		2,324		2,321
2.375%, 05/26/20		100		101
2.250%, 05/05/21		100		99
2.200%, 03/03/20		100		100
American International Group
4.700%, 07/10/35		200		202
4.500%, 07/16/44		461		440
3.875%, 01/15/35		200		183
Ameriprise Financial
5.300%, 03/15/20		100		109
Andina de Fomento
4.375%, 06/15/22		100		107
Aon
5.000%, 09/30/20		100		108
Ares Capital
3.875%, 01/15/20		60		61
Asian Development Bank
2.000%, 01/22/25		100		97
1.750%, 03/21/19		100		100
1.625%, 08/26/20		300		297
1.375%, 01/15/19		100		100
1.000%, 08/16/19		100		98
0.875%, 04/26/18		100		100

83

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Assurant
4.000%, 03/15/23	$	74	$	75
Banco de Costa Rica
5.250%, 08/12/18 (A) (B)		540		548
Banco Internacional del Peru SAA Interbank
6.625%, 03/19/29 (A) (B) (C)		130		142
Banco Nacional de Costa Rica
5.875%, 04/25/21 (A) (B)		210		214
4.875%, 11/01/18 (A) (B)		550		556
Bank of America
5.700%, 01/24/22		100		112
5.000%, 01/21/44		250		273
4.450%, 03/03/26		130		133
4.200%, 08/26/24		165		168
4.125%, 01/22/24		1,978		2,066
4.100%, 07/24/23		100		105
4.000%, 01/22/25		100		100
3.950%, 04/21/25		200		199
3.824%, 01/20/28 (C)		1,289		1,291
3.500%, 04/19/26		50		49
3.248%, 10/21/27		1,790		1,704
2.503%, 10/21/22		100		98
2.250%, 04/21/20		250		249
2.151%, 11/09/20		100		99
2.050%, 12/07/18		2,482		2,496
Bank of Montreal
2.100%, 12/12/19		65		65
1.800%, 07/31/18		50		50
Bank of New York Mellon
3.550%, 09/23/21		100		104
3.000%, 02/24/25		100		99
2.500%, 04/15/21		100		100
2.450%, 11/27/20		100		97
Bank of Nova Scotia
2.800%, 07/21/21		100		101
2.700%, 03/07/22		3,490		3,500
2.450%, 03/22/21		50		50
1.950%, 01/15/19		50		50
1.650%, 06/14/19		50		50
Barclays
4.950%, 01/10/47		273		273
4.375%, 01/12/26		200		202
2.875%, 06/08/20		250		251
Barrick North America Finance
4.400%, 05/30/21		37		40
BB&T
2.750%, 04/01/22		200		201
2.450%, 01/15/20		100		101
Berkshire Hathaway
3.125%, 03/15/26		200		200
Berkshire Hathaway Finance
4.300%, 05/15/43		200		205
1.300%, 08/15/19		5,041		4,993
BGEO Group JSC
6.000%, 07/26/23 (A) (B)		350		353
BlackRock
5.000%, 12/10/19		100		108
BMCE Bank
6.250%, 11/27/18		200		207
BMW US Capital
2.700%, 04/06/22 (A) (B)		2,556		2,558
BNP Paribas
2.375%, 05/21/20		200		200

Description	Face Amount (000)		Value (000)
BOC Aviation
3.875%, 04/27/26 (A) (B)	$	200	$	199
Canadian Imperial Bank of Commerce
1.600%, 09/06/19		50		50
Capital One
1.650%, 02/05/18		2,642		2,642
Capital One Financial
3.750%, 07/28/26		100		97
3.200%, 02/05/25		50		48
3.050%, 03/09/22		150		150
2.450%, 04/24/19		100		101
Charles Schwab
4.450%, 07/22/20		100		107
Chubb INA Holdings
3.350%, 05/15/24		100		102
Citigroup
8.125%, 07/15/39		250		367
4.125%, 07/25/28		1,576		1,550
3.887%, 01/10/28 (C)		200		201
3.750%, 06/16/24		100		102
3.500%, 05/15/23		100		101
3.300%, 04/27/25		100		98
3.200%, 10/21/26		1,867		1,786
2.900%, 12/08/21		100		100
2.650%, 10/26/20		100		101
2.500%, 07/29/19		100		101
2.400%, 02/18/20		100		100
2.150%, 07/30/18		70		70
Citigroup Global Markets Holdings
24.750%, 03/03/21 (A) (B) (C)		1,060		281
17.440%, 01/25/18 (A) (B) (D)		11,800		563
16.501%, 03/08/18 (A) (B) (D)		8,200		385
0.000%, 03/03/21 (A) (B) (C)		1,000		265
Citizens Financial Group
2.375%, 07/28/21		30		30
CME Group
3.000%, 03/15/25		150		150
CNA Financial
5.875%, 08/15/20		100		111
Comerica
2.125%, 05/23/19		50		50
Commonwealth Bank of Australia
2.750%, 03/10/22 (A) (B)		3,952		3,960
Cooperatieve Rabobank UA
2.250%, 01/14/20		250		251
Credit Suisse Group Funding Guernsey
3.125%, 12/10/20		250		251
Credit Suisse New York
3.625%, 09/09/24		250		254
Deutsche Bank
3.700%, 05/30/24		85		84
2.950%, 08/20/20		100		100
Development Bank of Kazakhstan
4.125%, 12/10/22 (A) (B)		470		465
Discover Bank
3.100%, 06/04/20		250		255

84

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Discover Financial Services
4.100%, 02/09/27	$	40	$	40
European Bank for Reconstruction & Development
1.750%, 11/26/19		150		150
1.500%, 03/16/20		200		198
0.875%, 07/22/19		200		200
European Investment Bank
3.250%, 01/29/24		250		262
2.125%, 10/15/21		300		295
1.875%, 03/15/19		150		151
1.625%, 12/18/18		100		100
1.375%, 06/15/20		250		244
1.250%, 05/15/18		550		546
1.125%, 08/15/18		150		150
Export Credit Bank of Turkey
5.875%, 04/24/19 (A) (B)		200		207
Fibria Overseas Finance
5.500%, 01/17/27		25		25
Fifth Third Bancorp
2.875%, 07/27/20		250		254
Financiera de Desarrollo
4.750%, 02/08/22 (A) (B)		440		467
First Republic Bank
4.625%, 02/13/47		200		200
FMS Wertmanagement AoeR
1.375%, 06/08/21		200		194
FS Investment
4.250%, 01/15/20		30		30
Glencore Funding
4.000%, 03/27/27 (A) (B)		1,605		1,585
Global Bank
4.500%, 10/20/21 (A) (B)		590		584
Goldman Sachs Group
6.750%, 10/01/37		200		247
5.150%, 05/22/45		350		368
4.750%, 10/21/45		1,024		1,079
3.750%, 05/22/25		350		352
3.625%, 01/22/23		1,200		1,230
2.750%, 09/15/20		75		75
2.625%, 04/25/21		100		100
2.600%, 04/23/20		200		200
2.550%, 10/23/19		200		202
2.350%, 11/15/21		45		44
2.300%, 12/13/19		85		85
Hanover Insurance Group
4.500%, 04/15/26		100		104
HSBC Finance
6.676%, 01/15/21		100		113
HSBC Holdings
6.500%, 09/15/37		250		308
4.375%, 11/23/26		900		907
4.250%, 08/18/25		200		201
4.041%, 03/13/28 (C)		1,335		1,349
4.000%, 03/30/22		100		105
3.262%, 03/13/23 (C)		1,704		1,714
2.950%, 05/25/21		200		201
Hyundai Capital America
3.100%, 04/05/22 (A) (B)		1,971		1,967
Industrial & Commercial Bank of China
2.905%, 11/13/20		250		251

Description	Face Amount (000)		Value (000)
ING Groep
3.950%, 03/29/27	$	457	$	458
3.150%, 03/29/22		1,378		1,381
Inter-American Development Bank
2.125%, 11/09/20		375		374
1.875%, 03/15/21		150		150
1.750%, 04/14/22		150		147
1.000%, 05/13/19		100		99
Intercontinental Exchange
4.000%, 10/15/23		150		159
International Bank for Reconstruction & Development
2.500%, 11/25/24		250		250
2.250%, 06/24/21		50		50
2.125%, 02/13/23		100		99
2.000%, 01/26/22		200		199
1.875%, 03/15/19		200		202
1.625%, 03/09/21		150		148
1.250%, 07/26/19		100		99
1.000%, 06/15/18		300		299
International Finance
1.625%, 07/16/20		100		100
1.250%, 07/16/18		100		100
1.125%, 07/20/21		100		96
0.875%, 06/15/18		300		298
Jefferies Group
6.875%, 04/15/21		100		114
JPMorgan Chase
5.600%, 07/15/41		250		298
4.350%, 08/15/21		250		267
4.260%, 02/22/48 (C)		1,063		1,060
3.625%, 05/13/24		2,121		2,063
3.300%, 04/01/26		100		98
3.200%, 06/15/26		100		97
3.125%, 01/23/25		150		147
2.750%, 06/23/20		300		304
2.700%, 05/18/23		100		98
2.550%, 10/29/20		180		181
2.400%, 06/07/21		50		50
JPMorgan Chase Bank
8.375%, 03/17/34 (A) (B)		3,000,000		238
KeyCorp
5.100%, 03/24/21		150		164
KFW
2.500%, 11/20/24		650		654
1.875%, 06/30/20		400		400
1.250%, 09/30/19		150		149
1.000%, 06/11/18		900		896
Landwirtschaftliche Rentenbank
1.750%, 04/15/19		100		100
Lazard Group
3.750%, 02/13/25		50		50
Liberty Mutual Group
4.850%, 08/01/44 (A) (B)		770		781
Lima Metro Line 2 Finance
5.875%, 07/05/34 (A) (B)		230		244
Lincoln National
3.625%, 12/12/26		100		100
Lloyds Banking Group
4.582%, 12/10/25		200		203

85

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Loews
2.625%, 05/15/23	$	100	$	98
Marsh & McLennan
2.750%, 01/30/22		30		30
2.350%, 09/10/19		75		76
MetLife
6.400%, 12/15/36		300		329
3.600%, 04/10/24		150		155
Metropolitan Life Global Funding I
3.450%, 12/18/26 (A) (B)		2,782		2,802
1.300%, 04/10/17 (A) (B)		2,266		2,266
Mitsubishi UFJ Financial Group
3.850%, 03/01/26		200		205
Moody’s
2.750%, 07/15/19		100		101
Morgan Stanley
6.375%, 07/24/42		200		257
4.875%, 11/01/22		100		108
3.875%, 01/27/26		200		203
3.125%, 07/27/26		1,527		1,457
2.800%, 06/16/20		100		101
2.650%, 01/27/20		100		101
2.625%, 11/17/21		2,167		2,153
2.375%, 07/23/19		550		553
MUFG Americas Holdings
3.000%, 02/10/25		200		193
Nasdaq
3.850%, 06/30/26		150		149
National Australia Bank
2.625%, 01/14/21		250		251
National Rural Utilities Cooperative Finance
10.375%, 11/01/18		150		170
2.700%, 02/15/23		100		99
National Savings Bank
8.875%, 09/18/18 (A) (B)		690		735
Oesterreichische Kontrollbank
1.875%, 01/20/21		150		149
1.125%, 05/29/18		150		149
Pelabuhan Indonesia III Persero
4.875%, 10/01/24 (A) (B)		200		209
PNC Bank
2.400%, 10/18/19		250		252
1.450%, 07/29/19		250		247
Pricoa Global Funding I
1.900%, 09/21/18 (A) (B)		736		737
Principal Financial Group
3.400%, 05/15/25		100		100
Private Export Funding
2.250%, 03/15/20		200		203
Prudential Financial
4.600%, 05/15/44		200		211
Raizen Fuels Finance
5.300%, 01/20/27 (A) (B)		493		499
Regions Financial
3.200%, 02/08/21		50		51

Description	Face Amount (000)		Value (000)
Royal Bank of Canada
2.150%, 03/15/19	$	200	$	201
2.125%, 03/02/20		2,157		2,157
2.000%, 12/10/18		50		50
1.875%, 02/05/20		250		249
1.625%, 04/15/19		150		149
S&P Global
4.000%, 06/15/25		100		103
Santander Holdings USA
2.700%, 05/24/19		50		50
2.650%, 04/17/20		100		100
Santander UK
2.375%, 03/16/20		100		100
Santander UK Group Holdings
3.125%, 01/08/21		100		100
Siemens Financieringsmaatschappij
4.200%, 03/16/47 (A) (B)		217		220
3.400%, 03/16/27 (A) (B)		1,111		1,121
2.700%, 03/16/22 (A) (B)		2,043		2,045
Standard Chartered Bank
10.750%, 03/03/21 (A) (B)		132,000		820
8.250%, 05/19/36 (A) (B)		9,500,000		753
7.280%, 06/05/19 (B)		25,000		392
Sumitomo Mitsui Financial Group
3.784%, 03/09/26		50		51
3.446%, 01/11/27		50		50
2.934%, 03/09/21		250		252
2.846%, 01/11/22		50		50
SunTrust Banks
2.900%, 03/03/21		50		51
2.700%, 01/27/22		150		149
2.500%, 05/01/19		50		51
Svensk Exportkredit
1.125%, 08/28/19		200		197
Synchrony Financial
4.500%, 07/23/25		100		103
3.000%, 08/15/19		100		101
Toronto-Dominion Bank
2.125%, 07/02/19		150		150
1.950%, 04/02/20 (A) (B)		473		471
1.800%, 07/13/21		100		97
Travelers
3.900%, 11/01/20		100		106
UBS
2.350%, 03/26/20		250		251
1.375%, 06/01/17		1,334		1,334
Unum Group
4.000%, 03/15/24		50		51
US Bancorp
2.375%, 07/22/26		250		233
1.950%, 11/15/18		100		101
Wells Fargo
4.900%, 11/17/45		449		468
4.750%, 12/07/46		454		464
4.650%, 11/04/44		350		351
4.125%, 08/15/23		200		210
3.550%, 09/29/25		100		101
3.000%, 01/22/21		300		295
2.550%, 12/07/20		85		85
2.150%, 12/06/19		250		251

86

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Westpac Banking
2.700%, 08/19/26	$	100	$	95
2.600%, 11/23/20		150		151
2.250%, 01/17/19		100		101
2.000%, 08/19/21		1,455		1,420
1.600%, 08/19/19		100		99
XLIT
5.750%, 10/01/21		74		82
				108,392
Health Care – 2.2%
Abbott Laboratories
4.900%, 11/30/46		1,080		1,119
3.400%, 11/30/23		50		51
2.900%, 11/30/21		2,453		2,464
2.800%, 09/15/20		150		151
2.350%, 11/22/19		70		70
AbbVie
4.700%, 05/14/45		200		200
3.200%, 11/06/22		100		101
2.850%, 05/14/23		50		49
2.300%, 05/14/21		50		49
1.800%, 05/14/18		2,928		2,931
Actavis Funding
4.550%, 03/15/35		300		301
3.800%, 03/15/25		190		192
3.450%, 03/15/22		3,989		4,073
Aetna
2.800%, 06/15/23		25		25
2.750%, 11/15/22		150		150
1.700%, 06/07/18		30		30
Agilent Technologies
3.050%, 09/22/26		65		62
AmerisourceBergen
3.400%, 05/15/24		100		101
Amgen
4.563%, 06/15/48		300		298
Anthem
3.300%, 01/15/23		200		202
AstraZeneca
2.375%, 11/16/20		150		150
1.950%, 09/18/19		100		100
Baxalta
3.600%, 06/23/22		100		102
Baxter International
2.600%, 08/15/26		100		94
Becton Dickinson
4.685%, 12/15/44		200		209
Biogen
3.625%, 09/15/22		100		103
Boston Scientific
3.375%, 05/15/22		100		102
2.850%, 05/15/20		100		101
Bristol-Myers Squibb
2.000%, 08/01/22		100		97
Cardinal Health
3.200%, 03/15/23		100		101
Celgene
5.000%, 08/15/45		250		262
3.875%, 08/15/25		100		102
Cigna
4.000%, 02/15/22		100		105

Description	Face Amount (000)		Value (000)
CR Bard
3.000%, 05/15/26	$	50	$	48
Danaher
3.350%, 09/15/25		30		31
Express Scripts Holding
4.750%, 11/15/21		100		107
Gilead Sciences
4.600%, 09/01/35		400		412
2.950%, 03/01/27		1,269		1,204
2.500%, 09/01/23		35		34
2.350%, 02/01/20		20		20
1.950%, 03/01/22		15		14
1.850%, 09/04/18		20		20
GlaxoSmithKline Capital
2.850%, 05/08/22		100		101
2.800%, 03/18/23		125		125
Humana
4.950%, 10/01/44		200		210
Johnson & Johnson
3.625%, 03/03/37		2,153		2,135
2.450%, 12/05/21		300		294
Laboratory Corp of America Holdings
2.625%, 02/01/20		100		100
McKesson
2.284%, 03/15/19		100		101
Medtronic
4.625%, 03/15/45		740		795
4.375%, 03/15/35		200		210
2.750%, 04/01/23		100		99
2.500%, 03/15/20		150		152
1.375%, 04/01/18		75		75
Merck
2.750%, 02/10/25		200		198
1.850%, 02/10/20		150		150
Millennium Health LLC
0.000%, 04/16/21 (C) (E)		7		1
Mylan
5.250%, 06/15/46		200		205
3.750%, 12/15/20		100		102
New York and Presbyterian Hospital
4.763%, 08/01/16		668		621
Novartis Capital
3.400%, 05/06/24		100		103
3.000%, 11/20/25		50		50
2.400%, 05/17/22		2,806		2,791
1.800%, 02/14/20		25		25
Novartis Securities Investment
5.125%, 02/10/19		100		106
Pfizer
5.200%, 08/12/20		100		110
4.000%, 12/15/36		250		253
3.000%, 06/15/23		100		102
1.500%, 06/15/18		100		100
Quest Diagnostics
2.500%, 03/30/20		150		151
Shire Acquisitions Investments Ireland DAC
3.200%, 09/23/26		60		57
2.875%, 09/23/23		50		49
1.900%, 09/23/19		100		99

87

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Stryker
3.500%, 03/15/26	$	25	$	26
3.375%, 11/01/25		50		50
2.000%, 03/08/19		30		30
Teva Pharmaceutical Finance Netherlands III BV
4.100%, 10/01/46		200		172
3.150%, 10/01/26		855		788
2.800%, 07/21/23		65		62
1.700%, 07/19/19		20		20
1.400%, 07/20/18		50		49
Thermo Fisher Scientific
3.600%, 08/15/21		100		104
2.950%, 09/19/26		30		28
UnitedHealth Group
4.625%, 07/15/35		200		218
4.250%, 04/15/47		100		102
3.750%, 07/15/25		50		52
2.875%, 03/15/22		100		102
2.300%, 12/15/19		50		51
1.900%, 07/16/18		60		60
Western Dental
7.500%, 11/01/18		1,000		995
Zoetis
3.250%, 02/01/23		50		50
				28,766
Industrials – 2.3%
3M
1.625%, 06/15/19		100		100
AerCap Ireland Capital
4.625%, 10/30/20		225		238
4.500%, 05/15/21		4,335		4,544
3.750%, 05/15/19		175		180
Air Lease
3.375%, 01/15/19		150		153
2.125%, 01/15/20		50		50
American Airlines Pass-Through Trust
4.950%, 01/15/23		152		162
Boeing
2.350%, 10/30/21		150		150
2.125%, 03/01/22		50		50
Burlington Northern Santa Fe
4.900%, 04/01/44		200		220
4.125%, 06/15/47		1,553		1,549
3.750%, 04/01/24		200		211
3.050%, 03/15/22		100		102
Canadian National Railway
5.550%, 03/01/19		100		107
Canadian Pacific Railway
2.900%, 02/01/25		100		98
Caterpillar
3.900%, 05/27/21		50		53
3.400%, 05/15/24		100		103
Caterpillar Financial Services
2.450%, 09/06/18		150		152
1.350%, 05/18/19		200		197
CSX
3.800%, 11/01/46		913		833
DP World
6.850%, 07/02/37 (A) (B)		296		342

Description	Face Amount (000)		Value (000)
Embraer Netherlands Finance BV
5.400%, 02/01/27	$	65	$	67
Emerson Electric
2.625%, 02/15/23		100		100
FedEx
4.550%, 04/01/46		986		985
3.200%, 02/01/25		200		200
Fortive
3.150%, 06/15/26 (A) (B)		150		148
GE Capital International Funding
2.342%, 11/15/20		250		251
General Dynamics
2.250%, 11/15/22		100		98
General Electric
6.875%, 01/10/39		500		710
3.450%, 05/15/24		100		104
Georgian Oil and Gas
6.750%, 04/26/21 (A) (B)		200		210
Georgian Railway
7.750%, 07/11/22 (A) (B)		1,100		1,209
Honeywell International
4.250%, 03/01/21		125		134
Illinois Tool Works
1.950%, 03/01/19		100		101
Ingersoll-Rand Global Holding
4.250%, 06/15/23		100		107
John Deere Capital
3.350%, 06/12/24		100		103
2.800%, 03/04/21		150		152
2.650%, 01/06/22		815		818
2.200%, 03/13/20		1,023		1,026
Johnson Controls International
4.500%, 02/15/47		973		987
3.625%, 07/02/24 (F)		43		44
Kazakhstan Temir Zholy Finance
6.375%, 10/06/20 (A) (B)		930		1,006
L3 Technologies
5.200%, 10/15/19		125		134
Lima Metro Line 2 Finance
5.875%, 07/05/34		200		213
Lockheed Martin
4.700%, 05/15/46		150		162
2.900%, 03/01/25		100		98
2.500%, 11/23/20		150		151
Masco
4.375%, 04/01/26		40		41
3.500%, 04/01/21		50		51
Norfolk Southern
3.250%, 12/01/21		100		103
2.900%, 06/15/26		35		34
Northrop Grumman
3.500%, 03/15/21		100		104
3.250%, 08/01/23		50		51
Owens Corning
4.200%, 12/01/24		100		103
PACCAR Financial
1.950%, 02/27/20		60		60
1.300%, 05/10/19		20		20
Parker-Hannifin
3.300%, 11/21/24		150		153

88

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Red de Carreteras de Occidente
9.000%, 06/10/28 (A) (B)	$	6,100	$	307
Rockwell Collins
4.350%, 04/15/47		891		890
3.200%, 03/15/24		898		897
Roper Technologies
2.050%, 10/01/18		100		100
Ryder System
2.800%, 03/01/22		30		30
2.550%, 06/01/19		95		96
Southwest Airlines
2.750%, 11/06/19		50		51
Stanley Black & Decker
2.900%, 11/01/22		100		101
Textron
3.650%, 03/15/27		100		99
TTX
2.250%, 02/01/19 (A) (B)		922		922
Union Pacific
4.000%, 04/15/47		529		522
3.799%, 10/01/51		200		186
3.646%, 02/15/24		100		105
3.000%, 04/15/27		1,441		1,425
United Airlines 2014-2 Class A Pass-Through Trust
3.750%, 09/03/26		91		93
United Parcel Service
5.125%, 04/01/19		100		107
3.125%, 01/15/21		45		47
United Technologies
3.100%, 06/01/22		100		103
2.650%, 11/01/26		130		125
1.950%, 11/01/21		50		49
1.778%, 05/04/18 (F)		3,974		3,973
1.500%, 11/01/19		50		50
Vale
5.625%, 09/11/42		100		94
Verisk Analytics
4.000%, 06/15/25		50		51
Waste Management
3.500%, 05/15/24		100		103
				30,158
Information Technology – 1.1%
Activision Blizzard
3.400%, 09/15/26 (A) (B)		50		49
Alphabet
3.375%, 02/25/24		100		104
Apple
4.650%, 02/23/46		300		322
4.500%, 02/23/36		350		378
3.850%, 08/04/46		1,169		1,115
3.450%, 05/06/24		100		103
2.500%, 02/09/22		183		184
2.250%, 02/23/21		50		50
1.700%, 02/22/19		20		20
1.550%, 08/04/21		50		49
Applied Materials
3.300%, 04/01/27		25		25
2.625%, 10/01/20		50		51
Arrow Electronics
3.500%, 04/01/22		100		101

Description	Face Amount (000)		Value (000)
Automatic Data Processing
2.250%, 09/15/20	$	50	$	51
Baidu
4.125%, 06/30/25		510		530
Broadcom
3.875%, 01/15/27 (A) (B)		100		100
3.625%, 01/15/24 (A) (B)		100		101
3.000%, 01/15/22 (A) (B)		100		100
2.375%, 01/15/20 (A) (B)		100		100
Cisco Systems
4.950%, 02/15/19		100		106
4.450%, 01/15/20		200		214
3.625%, 03/04/24		100		105
3.500%, 06/15/25		50		52
2.950%, 02/28/26		50		50
2.500%, 09/20/26		100		95
1.850%, 09/20/21		100		98
Corning
1.500%, 05/08/18		100		100
Diamond 1 Finance
8.350%, 07/15/46 (A) (B)		433		559
8.100%, 07/15/36 (A) (B)		286		359
6.020%, 06/15/26 (A) (B)		560		610
5.450%, 06/15/23 (A) (B)		85		92
4.420%, 06/15/21 (A) (B)		100		105
Fidelity National Information Services
5.000%, 10/15/25		100		109
Fiserv
2.700%, 06/01/20		100		101
Harris
5.054%, 04/27/45		100		110
2.700%, 04/27/20		35		35
Hewlett Packard Enterprise
4.900%, 10/15/25		100		104
2.850%, 10/05/18		100		101
HP
4.650%, 12/09/21		100		107
Intel
4.100%, 05/19/46		250		249
3.700%, 07/29/25		25		26
2.450%, 07/29/20		60		61
International Business Machines
4.000%, 06/20/42		150		150
3.450%, 02/19/26		50		51
2.250%, 02/19/21		50		51
Juniper Networks
4.500%, 03/15/24		50		52
Keysight Technologies
3.300%, 10/30/19		100		102
Lam Research
2.800%, 06/15/21		50		50
Mastercard
2.950%, 11/21/26		50		50
Microsoft
4.250%, 02/06/47		3,268		3,350
4.100%, 02/06/37		200		206
3.300%, 02/06/27		60		61
3.125%, 11/03/25		100		101
2.875%, 02/06/24		35		35
2.400%, 08/08/26		100		95
1.850%, 02/06/20		100		100
1.625%, 12/06/18		150		151

89

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Motorola Solutions
3.500%, 09/01/21	$	100	$	101
NetApp
3.375%, 06/15/21		50		51
Oracle
4.300%, 07/08/34		500		519
2.950%, 05/15/25		100		99
2.500%, 05/15/22		150		149
2.400%, 09/15/23		50		49
2.375%, 01/15/19		150		152
1.900%, 09/15/21		90		88
QUALCOMM
3.000%, 05/20/22		100		101
1.400%, 05/18/18		100		100
Seagate HDD Cayman
4.750%, 01/01/25		100		98
Telefonaktiebolaget LM Ericsson
4.125%, 05/15/22		50		51
Total System Services
4.800%, 04/01/26		100		108
Visa
4.300%, 12/14/45		150		157
3.150%, 12/14/25		200		201
2.800%, 12/14/22		100		101
Xilinx
2.125%, 03/15/19		50		50
				13,861
Materials – 0.8%
Agrium
6.125%, 01/15/41		150		176
Airgas
3.650%, 07/15/24		100		103
Barrick
5.250%, 04/01/42		150		163
4.100%, 05/01/23		32		34
BHP Billiton Finance USA
5.000%, 09/30/43		100		112
Celanese US Holdings
5.875%, 06/15/21		20		22
4.625%, 11/15/22		20		21
Dow Chemical
8.550%, 05/15/19		1,600		1,814
DuPont (E.I.) De Nemours
4.625%, 01/15/20		100		107
Ecolab
3.250%, 01/14/23		100		102
Goldcorp
3.700%, 03/15/23		50		51
International Paper
7.950%, 06/15/18		74		79
5.150%, 05/15/46		150		157
LYB International Finance II BV
3.500%, 03/02/27		1,045		1,026
LyondellBasell Industries
5.000%, 04/15/19		200		210
4.625%, 02/26/55		419		393
Mexichem
5.875%, 09/17/44 (A) (B)		690		676
Monsanto
4.700%, 07/15/64		200		187

Description	Face Amount (000)		Value (000)
Newmont Mining
3.500%, 03/15/22	$	100	$	103
Packaging Corp of America
3.650%, 09/15/24		100		101
Potash Corp of Saskatchewan
3.625%, 03/15/24		100		100
PPG Industries
2.300%, 11/15/19		100		101
Sherwin-Williams
3.450%, 08/01/25		100		100
Southern Copper
6.750%, 04/16/40		950		1,071
5.875%, 04/23/45		150		156
3.875%, 04/23/25		30		30
Vale Overseas
6.875%, 11/21/36		1,055		1,134
5.875%, 06/10/21		996		1,068
4.375%, 01/11/22		250		254
Vulcan Materials
7.500%, 06/15/21		50		59
Westlake Chemical
5.000%, 08/15/46 (A) (B)		824		846
3.600%, 08/15/26 (A) (B)		100		98
WestRock RKT
4.450%, 03/01/19		100		104
				10,758
Real Estate – 0.4%
Alexandria Real Estate Equities
2.750%, 01/15/20 ‡		50		50
American Tower
4.000%, 06/01/25 ‡		200		203
2.250%, 01/15/22 ‡		50		48
AvalonBay Communities
3.500%, 11/15/24 ‡		100		101
Boston Properties
3.850%, 02/01/23 ‡		100		104
3.700%, 11/15/18 ‡		100		102
3.650%, 02/01/26 ‡		150		149
Brixmor Operating Partnership
3.900%, 03/15/27 ‡		575		564
3.875%, 08/15/22 ‡		30		31
3.250%, 09/15/23 ‡		100		97
CBL & Associates
5.250%, 12/01/23 ‡		150		146
Crown Castle International
5.250%, 01/15/23 ‡		100		109
3.700%, 06/15/26 ‡		35		34
2.250%, 09/01/21 ‡		55		54
DDR
3.500%, 01/15/21 ‡		100		101
Digital Realty Trust
3.625%, 10/01/22 ‡		100		102
Duke Realty
3.750%, 12/01/24 ‡		100		102
EPR Properties
4.750%, 12/15/26 ‡		50		50
ERP Operating
4.625%, 12/15/21 ‡		120		129
Essex Portfolio
3.375%, 04/15/26 ‡		100		97
HCP
5.375%, 02/01/21 ‡		200		218

90

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Hospitality Properties Trust
5.250%, 02/15/26 ‡	$	100	$	105
5.000%, 08/15/22 ‡		100		106
Host Hotels & Resorts
3.750%, 10/15/23 ‡		100		101
Kimco Realty
3.200%, 05/01/21 ‡		50		51
Liberty Property
4.125%, 06/15/22 ‡		100		105
National Retail Properties
4.000%, 11/15/25 ‡		35		36
3.600%, 12/15/26 ‡		100		98
Omega Healthcare Investors
4.375%, 08/01/23 ‡		50		51
Realty Income
3.250%, 10/15/22 ‡		100		101
Regency Centers
3.600%, 02/01/27 ‡		30		30
Senior Housing Properties Trust
3.250%, 05/01/19 ‡		150		151
Simon Property Group
3.375%, 10/01/24 ‡		125		126
3.300%, 01/15/26 ‡		100		98
2.200%, 02/01/19 ‡		150		151
UDR
4.000%, 10/01/25 ‡		50		51
Ventas Realty
4.250%, 03/01/22 ‡		100		105
3.750%, 05/01/24 ‡		50		50
2.700%, 04/01/20 ‡		100		101
VEREIT Operating Partnership
4.875%, 06/01/26 ‡		20		21
4.600%, 02/06/24 ‡		15		16
4.125%, 06/01/21 ‡		10		10
3.000%, 02/06/19 ‡		25		25
Vornado Realty
2.500%, 06/30/19 ‡		100		101
Welltower
5.250%, 01/15/22 ‡		100		110
Weyerhaeuser
4.625%, 09/15/23 ‡		100		108
WP Carey
4.600%, 04/01/24 ‡		50		52
				4,651
Telecommunication Services – 1.1%
AT&T
5.250%, 03/01/37		1,296		1,321
5.150%, 03/15/42		191		190
4.500%, 03/09/48		404		359
4.350%, 06/15/45		600		528
4.300%, 12/15/42		585		520
4.125%, 02/17/26		200		203
3.600%, 02/17/23		4,072		4,124
2.625%, 12/01/22		125		122
2.450%, 06/30/20		250		250
Deutsche Telekom International Finance
6.750%, 08/20/18		100		107
Digicel
6.000%, 04/15/21 (A) (B)		280		254

Description	Face Amount (000)		Value (000)
Orange
4.125%, 09/14/21	$	100	$	105
RELX Capital
3.125%, 10/15/22		100		100
Rogers Communications
6.800%, 08/15/18		50		54
2.900%, 11/15/26		50		47
Thomson Reuters
3.350%, 05/15/26		100		97
Verizon Communications
5.250%, 03/16/37		416		430
5.150%, 09/15/23		2,531		2,786
4.862%, 08/21/46		750		721
4.400%, 11/01/34		400		379
4.272%, 01/15/36		1,428		1,322
3.650%, 09/14/18		150		154
2.946%, 03/15/22 (A) (B)		102		102
2.625%, 08/15/26		135		123
Vodafone Group
4.375%, 02/19/43		300		274
2.500%, 09/26/22		100		98
				14,770
Utilities – 3.2%
Abengoa Transmision
6.875%, 04/30/43 (A) (B)		249		267
AEP Transmission
3.100%, 12/01/26 (A) (B)		150		148
American Water Capital
3.400%, 03/01/25		100		103
Arizona Public Service
4.500%, 04/01/42		200		212
3.150%, 05/15/25		50		50
Berkshire Hathaway Energy
3.750%, 11/15/23		100		105
CenterPoint Energy Houston Electric
2.250%, 08/01/22		100		98
Cleco Corporate Holdings
3.743%, 05/01/26 (A) (B)		100		99
CMS Energy
6.250%, 02/01/20		100		110
3.000%, 05/15/26		40		39
Comision Federal de Electricidad
4.875%, 01/15/24 (A) (B)		215		221
4.750%, 02/23/27 (A) (B)		200		201
Delmarva Power & Light
4.150%, 05/15/45		1,004		1,030
Dominion Gas Holdings
2.500%, 12/15/19		1,300		1,315
Dominion Resources
4.050%, 09/15/42		150		141
2.962%, 07/01/19		1,226		1,243
2.750%, 01/15/22		100		99
DTE Energy
2.400%, 12/01/19		100		101
Duke Energy
3.750%, 09/01/46		350		314
3.050%, 08/15/22		100		101
2.100%, 06/15/18		50		50

91

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Duke Energy Carolinas
5.300%, 02/15/40	$	300	$	355
2.950%, 12/01/26		50		49
Enel Generacion Chile
4.250%, 04/15/24		50		51
Entergy
4.000%, 07/15/22		50		52
Exelon
5.625%, 06/15/35		243		278
3.400%, 04/15/26		100		98
1.550%, 06/09/17		1,563		1,563
Exelon Generation
5.600%, 06/15/42		600		572
FirstEnergy Transmission
5.450%, 07/15/44 (A) (B)		1,022		1,116
Fortis
3.055%, 10/04/26 (A) (B)		2,351		2,199
2.100%, 10/04/21 (A) (B)		1,027		995
Georgia Power
4.300%, 03/15/42		300		288
ITC Holdings
5.300%, 07/01/43		782		870
3.650%, 06/15/24		25		25
Jersey Central Power & Light
4.700%, 04/01/24 (A) (B)		1,243		1,327
Kansas City Power & Light
3.650%, 08/15/25		100		100
Listrindo Capital BV
4.950%, 09/14/26 (A) (B)		250		244
Metropolitan Edison
7.700%, 01/15/19		100		109
MidAmerican Energy
3.950%, 08/01/47		250		250
2.400%, 03/15/19		138		139
NextEra Energy Capital Holdings
2.700%, 09/15/19		1,439		1,459
2.056%, 09/01/17		3,343		3,354
Northern States Power
2.600%, 05/15/23		100		100
2.200%, 08/15/20		50		50
NSTAR Electric
2.375%, 10/15/22		100		98
Oncor Electric Delivery
7.000%, 09/01/22		100		121
ONE Gas
2.070%, 02/01/19		74		74
Pacific Gas & Electric
6.050%, 03/01/34		400		501
2.950%, 03/01/26		50		49
PPL Capital Funding
3.500%, 12/01/22		150		153
Progress Energy
7.750%, 03/01/31		2,277		3,171
7.050%, 03/15/19		1,225		1,338
7.000%, 10/30/31		124		164
PSEG Power
3.000%, 06/15/21		50		50
Public Service Electric & Gas
2.300%, 09/15/18		100		101
Puget Energy
6.500%, 12/15/20		100		112

Description	Face Amount (000)		Value (000)
Sempra Energy
9.800%, 02/15/19	$	5,049	$	5,759
3.750%, 11/15/25		100		102
3.550%, 06/15/24		100		101
Southern
4.400%, 07/01/46		845		808
3.250%, 07/01/26		150		143
2.350%, 07/01/21		1,789		1,757
1.850%, 07/01/19		100		99
Southern California Edison
3.500%, 10/01/23		150		156
Southern Gas Capital
3.250%, 06/15/26		30		29
Southwestern Electric Power
2.750%, 10/01/26		50		47
State Grid Overseas Investment 2013
3.125%, 05/22/23 (A) (B)		315		317
Union Electric
3.500%, 04/15/24		150		155
Virginia Electric & Power
4.000%, 11/15/46		789		779
3.500%, 03/15/27		100		102
3.100%, 05/15/25		100		100
WEC Energy Group
1.650%, 06/15/18		1,109		1,109
Xcel Energy
3.350%, 12/01/26		100		100
2.600%, 03/15/22		777		774
1.200%, 06/01/17		1,015		1,014
				41,073
Total Corporate Obligations (Cost $349,411) (000)				349,373
U.S. Treasury Obligations — 24.2%
U.S. Treasury Bonds
5.000%, 05/15/37 - 05/15/37		2,240		3,013
4.750%, 02/15/37 - 02/15/37		9,493		12,398
4.375%, 02/15/38 - 02/15/38		1,500		1,872
3.750%, 11/15/43 - 11/15/43		6,000		6,827
3.500%, 02/15/39 - 02/15/39		3,000		3,302
3.375%, 05/15/44 - 05/15/44		5,500		5,869
3.000%, 05/15/45 - 05/15/45		4,618		4,591
2.875%, 08/15/45 - 11/15/46		13,838		13,424
2.500%, 02/15/46 - 05/15/46		476		426
2.250%, 08/15/46 - 08/15/46		7,077		5,990

92

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
U.S. Treasury Notes
3.500%, 05/15/20 - 05/15/20	$	750	$	794
3.375%, 11/15/19 - 11/15/19		1,000		1,051
3.125%, 05/15/19 - 05/15/19		1,500		1,557
2.750%, 02/15/24 - 02/15/24		1,000		1,035
2.625%, 08/15/20 - 11/15/20		2,750		2,839
2.500%, 08/15/23 - 05/15/24		3,100		3,159
2.375%, 12/31/20 - 08/15/24		3,150		3,199
2.250%, 03/31/21 - 02/15/27		5,798		5,794
2.125%, 08/15/21 - 02/29/24		5,201		5,201
2.000%, 09/30/20 - 11/15/26		22,878		22,827
1.875%, 11/30/21 - 05/31/22		16,615		16,576
1.750%, 09/30/19 - 05/15/23		18,469		18,350
1.625%, 04/30/19 - 05/15/26		34,542		33,531
1.500%, 12/31/18 - 08/15/26		24,191		23,082
1.375%, 07/31/18 - 08/31/23		51,108		50,682
1.250%, 11/15/18 - 07/31/23		25,761		25,298
1.125%, 01/15/19 - 09/30/21		24,977		24,293
1.000%, 09/30/19 - 09/30/19		800		792
0.875%, 10/15/18 - 06/15/19		9,258		9,205
0.750%, 07/31/18 - 08/15/19		8,299		8,242
Total U.S. Treasury Obligations (Cost $317,910) (000)				315,219
Mortgage-Backed Securities — 24.0%
Agency Mortgage-Backed Obligations – 22.6%
FHLMC
6.250%, 07/15/32 - 07/15/32		1,005		1,400
6.000%, 05/01/40 - 05/01/40		255		288
5.000%, 04/01/36 - 01/15/40		1,294		1,411
4.500%, 08/01/40 - 04/01/46		5,225		5,639
4.000%, 07/01/46 - 05/15/29		14,379		15,098
3.500%, 03/01/46 - 03/01/47		22,237		22,775
3.000%, 12/01/46 - 04/15/43		22,203		22,092
2.500%, 04/15/27 - 02/01/32		2,733		2,737
1.800%, 01/27/20 - 01/27/20		100		100
1.330%, 12/30/20 - 12/30/20		400		389
FHLMC Multifamily Structured Pass Through Certificates, Ser K029, Cl A2
3.320%, 02/25/23 - 02/25/23 (C)		1,000		1,047
2.673%, 03/25/26 - 03/25/26		400		393
FNMA
5.500%, 08/01/37 - 08/01/37		2,919		3,269
5.000%, 11/01/44 - 10/01/40		6,216		6,810
4.500%, 02/01/46 - 01/01/30		9,181		9,855
4.000%, 11/01/44 - 07/25/39		31,776		33,375
3.500%, 08/01/45 - 03/01/46		54,574		55,895
3.000%, 01/01/47 - 05/01/43		48,201		48,176
2.828%, 04/25/25 - 04/25/25 (C)		350		351
2.500%, 01/01/32 - 04/25/27		9,219		9,224
GNMA
5.000%, 04/01/40 - 09/20/46		1,584		1,717
4.500%, 01/20/47 - 04/01/39		4,639		4,955
4.000%, 01/20/47 - 04/01/40		14,645		15,463
3.500%, 07/20/46 - 04/15/41		22,254		23,080
3.000%, 01/20/47 - 04/15/43		8,982		9,067
				294,606

Description	Face Amount (000)		Value (000)
Non-Agency Mortgage-Backed Obligations – 1.4%
Alternative Loan Trust, Ser 2003-22CB, Cl 3A1
6.000%, 12/25/33 - 12/25/33 (A)	$	909	$	911
5.750%, 10/25/33 - 10/25/33 (A)		73		75
BAMLL Commercial Mortgage Securities Trust, Ser 2012-PARK, Cl A
2.959%, 12/10/30 - 12/10/30 (A) (B)		1,171		1,181
Citigroup Commercial Mortgage Trust, Ser 2013-GC17, Cl A4
4.131%, 11/10/46 - 11/10/46		388		414
Citigroup Mortgage Loan Trust, Ser 2015-2, Cl 1A1
0.971%, 06/25/47 - 06/25/47 (A) (B) (C)		440		406
COMM Mortgage Trust, 2013-Ser CR8, Cl A5
3.612%, 06/10/46 - 06/10/46 (C)		90		94
COMM Mortgage Trust, Ser 2015-DC1, Cl A5
3.350%, 02/10/48 - 02/10/48		1,000		1,005
COMM Mortgage Trust, Ser 2013-CR11, Cl A3
4.238%, 07/10/45 - 07/10/45 (C)		554		597
3.983%, 08/10/50 - 08/10/50		610		648
3.902%, 07/10/50 - 07/10/50		40		41
2.941%, 01/10/46 - 01/10/46		640		648
Commercial Mortgage Trust, Ser 2015-3BP, Cl A
3.178%, 02/10/35 - 02/10/35 (A) (B)		13		13
Credit Suisse First Boston Mortgage Securities, Ser 2003-27, Cl 4A4
5.750%, 11/25/33 - 11/25/33 (A)		93		98
CSAIL Commercial Mortgage Trust, Ser 2016-C7, Cl A5
3.502%, 11/15/49 - 11/15/49		605		611
CSMC Trust, Ser 2014-USA, Cl A2
3.953%, 09/15/37 - 09/15/37 (A) (B)		302		309
GS Mortgage Securities II, Ser 2015-GC30, Cl A4
3.382%, 05/10/50 - 05/10/50		59		60
GS Mortgage Securities Trust, Ser 2012-SHOP, Cl A
4.271%, 11/10/46 - 11/10/46		18		19
3.135%, 06/10/46 - 06/10/46		229		233
2.933%, 06/05/31 - 06/05/31 (A) (B)		1,155		1,173
GS Mortgage Securities Trust 2015, Ser GC32, Cl A4
3.764%, 07/10/48 - 07/10/48		500		521

93

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
GSR Mortgage Loan Trust, Ser 2005-4F, Cl 6A1
6.500%, 02/25/35 - 02/25/35 (A)	$	79	$	79
HarborView Mortgage Loan Trust, Ser 2004-3, Cl 1A
3.077%, 05/19/34 - 05/19/34 (A) (C)		56		56
JPMCC Commercial Mortgage Securities Trust, Ser 2017-JP5, Cl A5
3.723%, 03/15/50 - 03/15/50		395		408
JPMorgan Mortgage Trust, Ser 2005-A1, Cl 6T1
3.299%, 02/25/35 -02/25/35 (A) (C)		259		255
3.128%, 04/25/35 - 04/25/35 (A) (C)		72		71
3.085%, 06/25/35 - 06/25/35 (A) (C)		142		143
2.801%, 11/25/33 11/25/33 (A) (C)		176		168
MLCC Mortgage Investors, Ser 2006-2, Cl 2A
2.801%, 05/25/36 - 05/25/36 (A) (C)		322		311
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C20, Cl A4
4.259%, 10/15/46 - 10/15/46 (C)		327		351
4.083%, 07/15/46 - 07/15/46 (C)		315		338
4.064%, 02/15/47 - 02/15/47		189		201
3.787%, 01/15/47 - 01/15/47		238		249
3.249%, 02/15/48 - 02/15/48		494		496
Morgan Stanley Capital I Trust, Ser 2014-CPT, Cl A
3.350%, 07/13/29 -07/13/29 (A) (B)		1,085		1,123
Structured Adjustable Rate Mortgage Loan Trust, Ser 2004-6, Cl 1A
3.093%, 06/25/34 - 06/25/34 (A) (C)		306		302
Wells Fargo Commercial Mortgage Trusts, Ser 2015-SG1, Cl A4
3.789%, 09/15/48 - 09/15/48		466		482
3.640%, 12/15/59 - 12/15/59		426		435
3.635%, 03/15/50 - 03/15/50		420		431
3.617%, 09/15/57 - 09/15/57		96		98
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, Cl A4
3.540%, 05/15/48 - 05/15/48		1,000		1,021
Wells Fargo Mortgage Backed Securities Trust, Ser 2003-J, Cl 1A9
3.070%, 05/01/35 - 05/01/35 (A) (C)		173		176
3.065%, 10/25/33 - 10/25/33 (A) (C)		719		720

Description	Face Amount (000)		Value (000)
WFRBS Commercial Mortgage Trust 2013, Ser C14, Cl A5
3.337%, 06/15/46 - 06/15/46	$	60	$	61
WFRBS Commercial Mortgage Trust 2013-C13, Ser C13, Cl A3
2.749%, 05/15/45 - 05/15/45		500		497
WFRBS Commercial Mortgage Trust 2013-C14, Ser C14, Cl A4
3.073%, 06/15/46 - 06/15/46		584		590
				18,119
Total Mortgage-Backed Securities (Cost $312,092) (000)				312,725
Loan Participations — 9.7%
Aerospace/Defense – 0.0%
Transdigm Inc., Extended Term Loan F, 1st Lien
3.781%, 06/09/23		498		495
Transdigm Inc., Term Loan D, 1st Lien
3.998%, 06/04/21		136		136
Transdigm Inc., Tranche D Term Loan, 1st Lien
3.998%, 06/04/21		10		10
				641
Automotive – 0.1%
Capital Automotive LP, Initial Tranche B Term Loan,
7.000%, 03/21/25		233		236
Horizon Global Corp., Term Loan B, 1st Lien
7.000%, 06/30/21		258		261
MPG Holdco I Inc., Term Loan B-1, 1st Lien
3.750%, 10/20/21		194		194
TI Group Automotive Systems LLC, Initial Term Loan, 1st Lien
3.531%, 06/30/22		622		623
				1,314
Building Materials – 0.4%
American Builders & Contractors Supply Company Inc., Term Loan B, 1st Lien
3.531%, 10/31/23		621		622
Berry Plastics Corporation, Term K Loan, 1st Lien
3.108%, 02/08/20		826		831
C.H.I. Overhead Doors, Inc., Initial Term Loan,
4.250%, 07/29/22		499		498
Headwaters Inc., Term Loan B, 1st Lien
4.000%, 03/24/22		24		24
PGT Inc., Initial Term Loan, 1st Lien
6.750%, 02/16/22		733		738

94

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Quikrete Holdings, Inc., Initial Loan,
4.022%, 11/03/23	$	500	$	504
SRS Distribution Inc., Initial Term Loan, 1st Lien
5.289%, 08/25/22		520		526
SRS Distribution Inc., Term B-4 Loan,
5.289%, 08/25/22		156		158
SRS Distribution Inc., Tranche B-1 Loan, 1st Lien
5.289%, 08/25/22		111		112
Tecomet Inc., Initial Term Loan, 1st Lien
7.750%, 11/25/21		-		-
5.750%, 11/25/21		98		98
Vertiv Group Corporation (fka Cortes NP Acquisition Corporation), Term B Loan, 1st Lien
5.039%, 11/30/23		750		757
				4,868
Chemicals – 0.8%
Allnex (Luxembourg) & Cy SCA , Tranche B-2 Term Loan, 1st Lien
5.123%, 06/02/23		2		2
Allnex (Luxembourg) & Cy SCA , Tranche B-3 Term Loan
5.123%, 06/02/23		1		1
Allnex (Luxembourg) & Cy SCA, Term Loan B-2, 1st Lien
5.130%, 09/13/23		710		710
Allnex (Luxembourg) & Cy SCA, Term Loan B-3, 1st Lien
5.130%, 06/02/23		535		535
ASP Chromaflo Intermediate Holdings, Inc., Initial Tranche B-1 Term Loan,
5.000%, 11/20/23		407		409
ASP Chromaflo Intermediate Holdings, Inc., Initial Tranche B-2 Term Loan,
5.000%, 11/20/23		529		532
Ferro Corp Term Loan B
3.536%, 02/08/24		1,000		1,005
Huntsman International LLC, 2023 Term B Loan, 1st Lien
3.842%, 04/01/23		178		180
3.781%, 04/01/23		480		483
Ineos Styrolution US Holding LLC, Initial Term Loan, 1st Lien
4.750%, 09/30/21		331		331
IPS Corp., 1st Lien
0.217%, 12/14/23		500		502
IPS Corp., 2nd Lien
0.254%, 12/14/24		250		249

Description	Face Amount (000)		Value (000)
MacDermid, Incorporated (Platform Specialty Products Corporation), Tranche B-4 Term Loan, 1st Lien
5.000%, 10/13/23	$	1,000	$	1,002
Ravago Holdings America Inc., Initial Term Loan, 1st Lien
5.000%, 07/13/23		672		676
SIG Combibloc Holdings SCA, Initial Term Loan, 1st Lien
4.000%, 03/11/22 (E)		-		-
Solenis International LP, Initial Term Loan, 1st Lien
4.250%, 07/31/21		483		484
Tricorbraun Holdings, Inc., Closing Date Term Loan, 1st Lien
4.750%, 11/30/23		773		779
Tricorbraun Holdings, Inc., Delayed Draw Term Loan,
3.750%, 11/29/17		77		78
Tronox Pigments (Netherlands) BV, New Term Loan, 1st Lien
4.500%, 03/19/20		750		754
0.000%, 03/19/20 (E) (H)		-		-
Univar USA Inc., Term B-2 Loan, 1st Lien
3.608%, 07/01/22		718		719
US Farathane LLC, Term Loan B-2, 1st Lien
5.750%, 12/23/21		481		485
				9,916
Computers & Electronics – 1.0%
Applied Systems, Cov-Lite Term Loan
4.000%, 01/25/21		748		752
Aricent Technologies (Aricent US Inc.), Initial Term Loan, 1st Lien
5.500%, 04/14/21		55		55
Aricent Technologies, Initial Term Loan, 1st lien
5.500%, 04/14/21		144		144
Aricent Technologies, Initial Term Loan, 2nd Lien
9.500%, 04/14/22		550		550
Campaign Monitor Finance Property Limited, Initial Term Loan, 1st Lien
6.250%, 03/18/21		48		44
Dell International L.L.C. (EMC Corporation), Term A-2 Loan, 1st Lien
3.240%, 06/02/21 (G)		750		749
Dell, Term Loan A1
2.790%, 12/31/18		374		375
Electrical Components International Inc., Initial Term Loan, 1st Lien
5.750%, 05/28/21		634		634

95

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Epicor Software Corp., Term Loan B, 1st Lien
4.750%, 06/01/22	$	748	$	749
Go Daddy Operating Company LLC (GD Finance Co, Inc.), Delayed Draw Term Loan, 1st Lien
2.500%, 02/15/24 (G)		571		571
Go Daddy Operating Company LLC (GD Finance Co, Inc.), Initial Term Loan, 1st Lien
3.412%, 02/15/24 (G)		429		430
Internet Brands, Term Loan
4.750%, 07/08/21		621		624
Kronos Incorporated, Initial Term Loan,
5.034%, 11/01/23		1,295		1,302
5.000%, 11/01/23		3		3
MA Financeco LLC, Term Loan B-2, 1st Lien
4.789%, 11/19/21		195		196
Magic Newco LLC, Initial Term Loan, 1st Lien
5.000%, 12/12/18		484		485
Microsemi Corp., Term Loan B, 1st Lien
3.226%, 12/17/22		589		591
MRI Software LLC, Initial Term Loan, 1st Lien
5.250%, 06/23/21		498		493
Oberthur, Term Loan B-1, 1st Lien
4.701%, 01/10/24		242		244
Oberthur, Term Loan B-2, 1st Lien
3.750%, 12/14/23 (H)		392		395
ON Semiconductor Corporation, 2016 New Replacement Term Loan,
4.031%, 03/31/23		866		869
Onex Carestream Finance LP, Initial Term Loan, 1st Lien
5.000%, 06/07/19		433		418
Solera, LLC (Solera Finance, Inc.), Dollar Term Loan, 1st Lien
4.250%, 03/03/23		750		753
Sungard Availability Services Capital, Inc., Initial Term Loan, 1st Lien
6.000%, 03/29/19		500		483
Veritas US Inc., Initial Dollar Term B-1 Loan,
0.000%, 01/27/23 (H)		1,000		990
Wall Street Systems Delaware Inc., Initial Term Loan, 1st Lien
4.500%, 04/09/21		479		480
				13,379

Description	Face Amount (000)		Value (000)
Construction – 0.1%
Brand Energy & Infrastructure Services, Inc. (fka FR Brand Acquisition Corp), Initial Term Loan, 1st Lien
4.760%, 11/26/20	$	8	$	8
0.000%, 11/26/20 (H)		273		273
Brand Energy, Cov-Lite, Term Loan
4.750%, 11/26/20		469		470
				751
Consumer Discretionary – 0.1%
Priso Acquisiton Corp
4.000%, 05/08/22		744		745
Tecnnicolor, Term Loan, 1st Lien
0.000%, 12/06/23 (H)		500		500
				1,245
Consumer Nondurables – 0.2%
Coty Inc., New Term B USD Loan, 1st Lien
3.311%, 10/27/22		99		100
Galleria Co., Term Loan B, 1st Lien
3.813%, 09/29/23		175		176
NM Z Parent Inc. (aka Zep Inc.), 2016 Term Loan, 1st Lien
5.000%, 06/27/22		496		502
Pike Corporation, Initial Term Loan,
9.000%, 09/02/24		250		253
4.750%, 03/01/24		750		758
Prestige Brands, Inc., Term B-4 Loan, 1st Lien
3.531%, 01/26/24		361		364
				2,153
Consumer Services – 0.1%
Amaya Holdings BV, Initial Term B-3 Loan,
4.500%, 08/01/21		129		129
American Airlines, Inc., 2017 Replacement Term Loan
2.982%, 06/26/20		750		749
				878
Educational Services – 0.0%
Education Management II LLC, Term Loan A, 1st Lien
5.500%, 07/02/20		129		63
Education Management II LLC, Term Loan B, 1st Lien
2.000%, 07/02/20		246		9
				72
Entertainment & Leisure – 0.2%
AMC Entertainment Inc., Initial Term Loan, 1st Lien
3.521%, 12/15/22		720		725
Authentic Brands, 2nd Lien
9.500%, 05/27/22		500		504

96

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
BC Equity Ventures LLC, Initial Term Loan, 1st Lien
7.500%, 08/24/22	$	498	$	502
ClubCorp Club Operations Inc., Term Loan B, 1st Lien
4.000%, 12/15/22		868		871
Intrawest
4.500%, 12/09/20		750		753
				3,355
Financials – 0.6%
Altisource Solutions SARL, Term Loan B, 1st Lien
4.500%, 12/09/20		435		419
Citco III Limited, Initial Term Loan , 1st Lien
4.250%, 06/29/18		969		973
Citco III Limited, Term Loan, 1st Lien
0.000%, 06/29/18 (E) (H)		-		-
Duff & Phelps Investment Management Co., Initial Term Loan, 1st Lien
4.750%, 03/14/20		497		500
Freedom Mortgage Corporation, Initial Term Loan, 1st Lien
6.862%, 02/17/22		750		760
Ineos US Finance LLC, New 2024 Dollar Term Loan
3.531%, 02/28/24 (G)		1,000		1,005
NXT Capital, Inc. (NXT Capital, LLC), Term Loan, 1st Lien
5.500%, 11/23/22		750		754
RPI Finance Trust, Term B-5 Term Loan, 1st Lien
3.498%, 10/14/22		750		751
SBA Senior Finance II LLC, Incremental Term Loan B, 1st Lien
3.040%, 03/24/21		733		734
Telenet Financing USD LLC, Term Loan AF Facility,
3.912%, 01/31/25		500		500
Virtus Investment Term Loan, 1st Lien
0.000%, 03/03/24 (H)		1,000		1,010
Walter Investment Management Corp., Initial Term Loan, 1st Lien
4.750%, 12/18/20		664		572
				7,978
Food & Beverage – 0.4%
B&G Foods Inc., Term Loan B, 1st Lien
3.811%, 11/02/22		597		602
Constellation Brands, Term Loan B
4.750%, 11/15/23		500		504
Del Monte Foods Inc., Initial Term Loan, 1st Lien
6.000%, 02/18/21		1		1
4.250%, 02/18/21		484		397

Description	Face Amount (000)		Value (000)
Del Monte Foods, Inc., Initial Loan, 1st Lien
3.000%, 02/18/21 (E)	$	-	$	-
JBS USA Lux SA (fka JBS USA, LLC), Initial Term Loan, 1st Lien
3.289%, 10/30/22		707		709
New Red Finance, Inc., Term B-3 Loan, 1st Lien
3.250%, 02/16/24		1,385		1,385
US Foods Inc., Term Loan B, 1st Lien
3.531%, 06/27/23		1,240		1,251
				4,849
Forest Products – 0.1%
LBM Borrower, 1st Lien
6.250%, 08/20/22		131		132
LBM, 1st Lien
6.304%, 08/20/22		313		313
Prolamina, Term Loan, 1st Lien
7.000%, 11/17/23 (G)		499		502
Prolamina, Term Loan, 2nd Lien
9.500%, 11/18/24		125		127
				1,074
Gaming & Hotels – 0.3%
Gateway Casinos & Entertainment Limited, Initial Tranche B-1 Term Loan
4.800%, 02/22/23 (G)		750		757
Hilton Worldwide Finance LLC, Ser B-2 Term Loan, 1st Lien
2.778%, 10/25/23		984		990
Hilton Worldwide Holdings Inc., Extended Term Loan, 1st Lien
2.928%, 10/25/23		2		2
Las Vegas Sands, Term Loan B
3.040%, 12/19/20 (G)		1,000		1,000
MGM Growth Properties Operating Partnership LP, Term Loan B, 1st Lien
3.281%, 04/25/23 ‡ (C)		268		270
Playa Funding 8/13, Term Loan
4.000%, 08/09/19		997		998
Playa Resorts Holding BV, Initial Term Loan, 1st Lien
4.000%, 08/09/19		3		3
Plaze, Cove-Lite Term Loan
4.500%, 07/31/22		333		335
				4,355
Health Care – 0.9%
ABB/Con-Cise Optical Group LLC, Initial Term Loan
6.100%, 06/15/23		86		87
ABB/Con-Cise Optical Group LLC, Initial Term Loan, 1st Lien
6.131%, 06/15/23		662		668

97

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Alliance HealthCare Services Inc., Initial Term Loan, 1st Lien
4.381%, 06/03/19	$	71	$	71
4.356%, 06/03/19		84		83
4.250%, 06/03/19		324		323
Alvogen Pharma US Inc., Initial Term Loan, 1st Lien
6.000%, 04/01/22		335		333
AMAG Pharmaceuticals Inc., Initial Term Loan, 1st Lien
4.750%, 08/17/21		483		483
Amneal Pharmaceuticals LLC, Term Loan B, 1st Lien
6.250%, 11/01/19		-		-
4.500%, 11/01/19		557		557
CHS/Community Health Systems Inc., Term Loan G, 1st Lien
3.804%, 12/31/19		812		806
Drumm Investors LLC, Initial Term Loan, 1st Lien
9.500%, 05/04/18		1,022		1,019
Endo Luxembourg Finance Company I SARL., Term Loan B, 1st Lien
3.813%, 09/26/22		216		216
ExamWorks Group, Inc. (fka Gold Merger Co, Inc.), Term B-1 Loan
4.250%, 07/27/23		348		350
Grifols Worldwide Operations Limited, Tranche B Term Loan, 1st Lien
3.194%, 01/31/25		557		557
HCA Inc., Tranche B-9 Term Loan
2.000%, 03/17/23		531		534
Iasis Healthcare LLC , Term Loan B-2, 1st Lien
4.500%, 05/03/18		632		632
JLL/Delta Dutch Newco BV, Initial Term Loan, 1st Lien
4.250%, 03/11/21		988		987
Project Ruby Ultimate Parent Corp., Closing Date Term Loan
4.750%, 02/09/24		1,250		1,254
Surgery Center Holdings, Inc., Initial Term Loan, 1st Lien
4.750%, 11/03/20		496		501
Valeant, Delayed Draw F1 Term Loan B
5.570%, 04/01/22		750		752
Valeant Pharmaceuticals International, Inc., Ser F Tranche B Term Loan
5.570%, 04/01/22		601		602
Zest Anchors, 1st Lien
5.750%, 08/16/20 (H)		500		502
				11,317

Description	Face Amount (000)		Value (000)
Home Furnishings – 0.1%
Comfort Holding, LLC, Initial Term Loan
11.000%, 01/31/25	$	192	$	184
5.750%, 02/05/24		750		753
Serta Simmons Bedding, LLC, Initial Term Loan
4.538%, 10/20/23		826		828
				1,765
Industrials – 0.2%
Douglas Dynamics, LLC
4.500%, 12/31/21		448		449
Jeld-Wen, Inc., Term B-3 Loan, 1st Lien
4.750%, 07/01/22		958		963
Nexeo, Lien 1
0.069%, 06/09/23		746		752
				2,164
Information Technology – 0.4%
CCC Information, Cov-Lite
0.000%, 03/31/24 (H)		189		189
CCC Information Second Lien
6.750%, 03/31/25		75		74
Ciena, Cove Lite
0.000%, 01/26/22 (H)		1,204		1,213
CPI International, 2nd Lien
0.098%, 04/07/22		284		285
Entegris, 1st Lien
2.250%, 04/30/21		13		13
Infor (US), Inc. (fka Lawson Software Inc., Tranche B-6 Term Loan,
3.750%, 02/01/22		1,269		1,264
Limetree, Term Loan Lien 1
0.145%, 02/15/24		750		757
Sabre GLBL Inc. (fka Sabre Inc.), 2017 Incremental Term Loan
3.529%, 02/16/24		1,000		1,007
SS&C Technologies Holdings, Inc., 2017 Refinancing New Term B-1 Loan
4.030%, 07/08/22		665		668
3.031%, 07/08/22		33		33
SS&C Technologies Holdings, Inc., 2017 Refinancing New Term B-2 Loan
4.031%, 07/08/22		65		65
3.031%, 07/08/22		2		2
				5,570
Insurance – 0.4%
Acrisure LLC, Term Loan
5.750%, 11/22/23		27		28
Acrisure LLC, Term Loan B, 1st Lien
5.750%, 11/22/23		723		733
Alliant Holdings Intermediate LLC, Initial Term Loan, 1st Lien
4.387%, 08/12/22		1,173		1,178

98

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
AmWINS Group, Inc., Term Loan, 1st Lien
3.750%, 01/25/24	$	1,000	$	1,000
NFP Corp., Term Loan B, 1st Lien
4.500%, 12/09/23		1,221		1,233
Sedgwick Claims Management Services Inc., Initial Term Loan, 1st Lien
4.250%, 03/01/21		746		747
USI Inc., Term Loan B, 1st Lien
4.250%, 12/27/19		770		770
				5,689
Leasing – 0.2%
Avolon Borrower 1 (US) LLC, Initial Term B-2 Loan,
3.728%, 01/20/22		642		650
BakerCorp, Term Loan
4.250%, 02/07/20		500		483
CH Hold Corp., Initial Term Loan
4.000%, 02/01/24		455		457
Fly Funding II SARL, Loan, 1st Lien
3.790%, 08/09/19		728		730
				2,320
Machinery – 0.1%
Blount International Inc., Initial Term Loan, 1st Lien
7.250%, 04/12/23		498		500
CPM Holdings Inc., Term Loan B, 1st Lien
6.000%, 04/01/22		422		427
Safway Group Holding LLC , Term Loan B, 1st Lien
5.750%, 08/21/23		748		756
SiteOne Landscape Supply, LLC, Tranche B Term Loan 1st Lien
5.500%, 04/29/22		1		1
0.167%, 04/29/22		340		342
				2,026
Manufacturing – 0.0%
PLZ Aeroscience Corp
0.000%, 07/31/22 (H)		167		168
ProAmpac LLC
0.000%, 11/17/23 (H)		1		1
				169
Materials – 0.1%
Pregis, Cove-Lite Term Loan
4.500%, 05/20/21		750		751
Media – 0.5%
Charter Communications Operationg, Term Loan H, 1st Lien
3.040%, 01/15/24		943		947

Description	Face Amount (000)		Value (000)
CSC Holdings, LLC (fka CSC Holdings, Inc.), 2016 Extended Term Loan
3.943%, 10/11/24	$	263	$	262
Entravision Communications Corp., Term Loan B, 1st Lien
3.500%, 05/29/20		273		274
Lions Gate, Term Loan B, 1st Lien
3.854%, 10/13/23		800		804
MCC Iowa LLC, Term Loan J, 1st Lien
3.701%, 06/18/21		73		74
Mission Broadcasting, Inc., Term B Loan, 1st Lien
3.943%, 01/17/24		62		63
Nexstar Broadcasting, Inc., Term B Loan, 1st Lien
3.943%, 01/17/24		678		683
Numericable U.S. LLC, USD TLB-10 Term Loan, 1st Lien
4.289%, 01/14/25 (G)		1,250		1,250
Raycom TV Broadcasting LLC, Term Loan B, 1st Lien
3.781%, 08/04/21		987		987
Ziggo Secured Finance Partnership, Term Loan E Facility, 1st Lien
3.412%, 04/15/25		1,000		998
				6,342
Oil & Gas – 0.1%
Drillships Ocean Ventures Inc., Initial Term Loan, 1st Lien
5.563%, 07/25/21		-		-
Philadelphia Energy Solutions Refining and Marketing LLC, Term Loan B, 1st Lien
6.250%, 04/04/18		696		631
Seadrill Operating LP, Initial Term Loan, 1st Lien
4.000%, 02/21/21		364		246
Western Refining Inc., Term Loan B-2, 1st Lien
5.500%, 05/26/23		559		559
				1,436
Professional & Business Services – 1.1%
Albany Molecular Research Inc., Initial Term Loan, 1st Lien
6.006%, 07/16/21		497		501
Allied Universal Holdco LLC, Amendment Delayed Draw Term Loan Retired 03/31/2017
5.500%, 07/28/22		46		46
Allied Universal Holdco LLC, Incremental Term Loan, 1st Lien
5.500%, 07/28/22		417		419

99

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Bright Horizons Family Solutions LLC (fka Bright Horizons Family Solutions, Inc.), Effective Date Incremental Term Loan
3.604%, 11/30/23	$	972	$	981
Camelot U.S. Acquisition 1 Co., Initial Term Loan, 1st Lien
4.750%, 10/03/23		279		279
Change Healthcare Holdings, Inc. (fka Emdeon Inc.), Closing Date Term Loan, 1st Lien
3.750%, 02/03/24		1,250		1,252
DH Publishing, LP, Term B-4 Loan, 1st Lien
3.580%, 08/22/22		994		997
Evertec, Term Loan A
3.347%, 01/20/17		1,122		1,115
3.341%, 01/20/17		17		17
Explorer Holdings Inc., Initial Term Loan, 1st Lien
6.035%, 04/12/23		254		256
Flex Acquisition Company, Inc., Initial Term Loan, 1st Lien
4.250%, 12/29/23		1,000		1,005
Global Payments Inc., Term B Loan, 1st Lien
3.281%, 04/21/23		388		390
Hamilton Lane Advisors LLC, Term Loan B, 1st Lien
4.281%, 07/01/22		17		17
Harbourvest Partners LP, Initial Term Loan, 1st Lien
3.271%, 02/04/21		355		356
Heartland Dental Care Inc., Term Loan B-1, 1st Lien
5.500%, 12/21/18		996		1,001
IG Investments Holdings LLC, Term Loan B, 1st Lien
6.000%, 10/29/21		269		272
Infinity Acquisition LLC, Initial Term Loan, 1st Lien
4.250%, 08/06/21		1,156		1,147
Mergermarket USA, Inc., Initial Term Loan, 2nd Lien
0.125%, 02/04/22		750		739
Quintiles IMS Incorporated, Term B-1 Dollar Loan, 1st Lien
3.539%, 03/07/24		-		-
Sai Global Term Loan B, 1st Lien
5.500%, 12/08/23		224		227
Sai Global, Term Loan B, 1st Lien
5.500%, 12/08/23 (H)		276		279
Team Health Holdings, Inc., Initial Term Loan, 1st Lien
3.750%, 02/06/24		1,000		992
West Corporation, Refinanced Term B-12 Loan
3.281%, 06/17/23 (G)		746		747

Description	Face Amount (000)		Value (000)
William Morris Endeavor Entertainment LLC, Initial Term Loan, 1st Lien
4.290%, 05/06/21	$	104	$	105
4.250%, 05/06/21		1,143		1,147
				14,287
Real Estate – 0.2%
DTZ US Borrower LLC, Initial Term Loan, 1st Lien
4.304%, 11/04/21		528		531
4.289%, 11/04/21		225		226
4.250%, 11/04/21		53		53
iStar Inc., Initial Term Loan, 1st Lien
4.750%, 07/01/20		497		502
RE/MAX, LLC (fka RE/MAX International, LLC), Term Loan, 1st Lien
3.662%, 12/15/23		499		499
Western Digital Corporation, U.S. Term B-2 Loan, 1st Lien
3.641%, 04/29/23		1,398		1,405
				3,216
Retail Food & Drug – 0.2%
BJ’s Wholesale Club, Inc., Tranche B Term Loan
4.750%, 02/03/24		561		548
HD Supply, Inc., Term B-2 Loan, 1st Lien
3.748%, 10/17/23		748		753
Landry’s Inc. (fka Landry’s Restaurants, Inc.), B Term Loan, 1st Lien
4.039%, 10/04/23		271		273
Landry’s Inc., Term Loan B, 1st Lien
4.039%, 10/04/23		6		6
Pilot Travel Centers LLC, Initial Tranche B Term Loan
2.858%, 05/25/23		126		127
Smart & Final Inc., Initial Term Loan, 1st Lien
4.498%, 11/15/22		140		137
Smart & Final Stores LLC, Term Loan, 1st Lien
4.498%, 11/15/22		229		225
Trugreen Limited Partnership, Initial Term Loan, 1st Lien
6.500%, 04/07/23		498		502
				2,571
Shipping & Ship Building – 0.1%
AI Mistral Holdco Limited, Initial Term Loan
4.176%, 01/17/24		750		749
Steel – 0.1%
FMG Resources Property LTD, Initial Term Loan, 1st Lien
3.750%, 06/30/19		650		653

100

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Zekelman Industries Inc., Term Loan B, 1st Lien
4.906%, 06/14/21	$	842	$	854
				1,507
Telecommunication Services – 0.4%
DigitalGlobe, 1st Lien
3.531%, 01/15/24		600		602
Flint Acquisition Company, Inc Lien 1
0.000%, 09/07/21 (H)		750		747
Greeneden U.S. Holdings I, LLC, Tranche B-1 Dollar Term Loan
5.025%, 12/01/23		1,186		1,193
LTS Buyer LLC, Initial Term Loan, 1st Lien
4.248%, 04/13/20		492		494
Mitel US Holdings Inc., Initial Term Loan, 1st Lien
5.500%, 04/29/22		1		1
Sprint Communications, Inc., Initial Term Loan, 1st Lien
3.313%, 02/02/24		800		800
Syniverse Holdings Inc., Term Loan B, 1st Lien
4.000%, 04/23/19		390		358
Zayo Group LLC (Zayo Capital, Inc.), 2017 Incremental Refinancing B-2 Term Loan
3.500%, 01/19/24		889		892
				5,087
Transportation – 0.2%
American Axle & Manufacturing Inc Term Loan
2.250%, 03/08/24		636		635
Caliber Collision Delay Draw
1.512%, 02/01/24 (G)		45		46
Navios Maritime Partners LP, Term Loan B
6.130%, 09/04/20		1,000		988
XPO Logistics, Inc., Refinanced Term Loan, 1st Lien
0.000%, 11/01/21 (G) (H)		480		481
				2,150
Total Loan Participations (Cost $125,671) (000)				125,944
Sovereign Debt — 9.0%
1MDB Global Investments
4.400%, 03/09/23		2,000		1,820
Abu Dhabi Government International Bond
3.125%, 05/03/26 (A) (B)		440		439
Argentine Bonos del Tesoro
18.200%, 10/03/21 (ARS)		16,780		1,172

Description	Face Amount (000)		Value (000)
Argentine Republic Government International Bond
8.280%, 12/31/33	$	1,625	$	1,735
7.500%, 04/22/26 (A) (B)		1,160		1,233
7.125%, 07/06/36 (A) (B)		560		542
5.625%, 01/26/22 (A) (B)		550		563
2.500%, 03/31/19 (F) (I)		1,519		957
Armenia International Bond
6.000%, 09/30/20 (A) (B)		1,581		1,658
Azerbaijan Government International Bond
4.750%, 03/18/24 (A) (B)		1,820		1,832
Banco Nacional de Desenvolvimento Economico e Social
5.750%, 09/26/23 (A) (B)		615		648
Banque Centrale de Tunisie
5.750%, 01/30/25 (A) (B)		615		592
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/21 (BRL)		3,100		993
Brazilian Government International Bond
6.000%, 04/07/26		1,090		1,185
5.625%, 01/07/41		370		360
5.000%, 01/27/45		790		703
4.875%, 01/22/21		190		200
4.250%, 01/07/25		1,105		1,088
2.625%, 01/05/23		1,295		1,201
Canada Government International Bond
1.625%, 02/27/19		100		101
Chile Government International Bond
3.125%, 01/21/26		107		109
Colombia Government International Bond
7.375%, 03/18/19		795		997
6.125%, 01/18/41		600		684
5.000%, 06/15/45		660		662
4.500%, 01/28/26		340		359
4.375%, 07/12/21		200		212
4.000%, 02/26/24		970		998
3.875%, 04/25/27		370		368
Costa Rica Government International Bond
7.158%, 03/12/45 (A) (B)		1,200		1,221
7.000%, 04/04/44 (A) (B)		1,030		1,038
Croatia Government International Bond
6.750%, 11/05/19		515		561
6.375%, 03/24/21 (A) (B)		860		950
Dominican Republic International Bond
7.500%, 05/06/21 (A) (B)		1,302		1,439
7.450%, 04/30/44 (A) (B)		915		1,011
6.875%, 01/29/26 (A) (B)		765		838
6.850%, 01/27/45 (A) (B)		250		258
6.600%, 01/28/24 (A) (B)		290		314
5.950%, 01/25/27 (A) (B)		560		572
5.500%, 01/27/25 (A) (B)		150		152

101

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Ecuador Government International Bond
10.750%, 03/28/22 (A) (B)	$	590	$	624
9.650%, 12/13/26 (A) (B)		560		580
7.950%, 06/20/24 (A) (B)		1,190		1,118
Egypt Government International Bond
8.500%, 01/31/47 (A) (B)		210		226
7.500%, 01/31/27 (A) (B)		460		488
6.125%, 01/31/22 (A) (B)		590		614
5.875%, 06/11/25 (A) (B)		530		518
El Salvador Government International Bond
8.625%, 02/28/29 (A) (B)		880		906
7.650%, 06/15/35 (A) (B)		1,165		1,083
7.375%, 12/01/19 (A) (B)		215		221
6.375%, 01/18/27 (A) (B)		150		134
5.875%, 01/30/25 (A) (B)		505		451
Export Development Canada
1.000%, 06/15/18		100		100
Export-Import Bank of Korea
2.875%, 01/21/25		200		196
Georgia Government International Bond
6.875%, 04/12/21 (A) (B)		1,060		1,171
Ghana Government International Bond
10.750%, 10/14/30 (A) (B)		970		1,139
9.250%, 09/15/22 (A) (B)		490		510
7.875%, 08/07/23 (A) (B)		730		707
Guatemala Government International Bond
4.500%, 05/03/26 (A) (B)		640		638
Hashemite Kingdom of Jordan Government AID Bond
2.503%, 10/30/20		200		205
Honduras Government International Bond
8.750%, 12/16/20 (A) (B)		1,615		1,829
7.500%, 03/15/24 (A) (B)		200		220
6.250%, 01/19/27 (A) (B)		330		334
Hungary Government International Bond
5.750%, 11/22/23		830		938
5.375%, 03/25/24		1,390		1,547
Indonesia Government International Bond
8.500%, 10/12/35 (A) (B)		1,470		2,122
5.875%, 01/15/24 (A) (B)		1,320		1,497
5.250%, 01/17/42 (A) (B)		680		728
4.125%, 01/15/25 (A) (B)		650		667
3.700%, 01/08/22 (A) (B)		210		214
Israel Government International Bond
3.150%, 06/30/23		200		203
Ivory Coast Government International Bond
5.750%, 12/31/32 (A) (B)		777		720
5.375%, 07/23/24 (A) (B)		450		428
Jamaica Government International Bond
8.000%, 03/15/39		250		286

Description	Face Amount (000)		Value (000)
Japan Bank for International Cooperation
2.375%, 04/20/26	$	200	$	192
2.250%, 11/04/26		200		189
Jordan Government International Bond
5.750%, 01/31/27 (A) (B)		370		363
Kazakhstan Government International Bond
6.500%, 07/21/45 (A) (B)		340		403
Kenya Government International Bond
5.875%, 06/24/19 (A) (B)		1,608		1,665
Korea Development Bank
2.500%, 01/13/21		200		199
Korea International Bond
7.125%, 04/16/19		100		111
2.750%, 01/19/27		200		196
Kreditanstalt fuer Wiederaufbau
2.125%, 03/07/22		150		150
Kuwait International Government Bond
2.750%, 03/20/22 (A) (B)		1,044		1,046
Lebanon Government International Bond
6.750%, 11/29/27		215		217
6.650%, 11/03/28		655		649
6.600%, 11/27/26		450		455
6.375%, 03/09/20		215		223
6.200%, 02/26/25		390		387
6.100%, 10/04/22		355		362
6.000%, 01/27/23		505		513
5.450%, 11/28/19		530		541
5.150%, 11/12/18		215		218
Mexico City Airport Trust
5.500%, 10/31/46 (A) (B)		200		197
Mexico Government International Bond
6.050%, 01/11/40		160		183
5.550%, 01/21/45		783		846
4.350%, 01/15/47		1,015		934
4.150%, 03/28/27		510		519
4.125%, 01/21/26		200		205
Mongolia Government International Bond
10.875%, 04/06/21 (A) (B)		1,410		1,623
8.750%, 03/09/24 (A) (B)		200		218
5.125%, 12/05/22 (A) (B)		1,410		1,327
Nigeria Government International Bond
7.875%, 02/16/32 (A) (B)		720		749
6.750%, 01/28/21 (A) (B)		510		532
Oman Government International Bond
6.500%, 03/08/47 (A) (B)		708		747
5.375%, 03/08/27 (A) (B)		510		533
4.750%, 06/15/26 (A) (B)		465		468
3.875%, 03/08/22 (A) (B)		2,480		2,508

102

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Panama Government International Bond
9.375%, 04/01/29	$	355	$	520
6.700%, 01/26/36		1,265		1,594
5.200%, 01/30/20		100		108
3.875%, 03/17/28		575		585
3.750%, 03/16/25		530		541
Perusahaan Penerbit SBSN Indonesia III
4.150%, 03/29/27 (A) (B)		290		291
Peruvian Government International Bond
7.350%, 07/21/25		480		622
6.550%, 03/14/37		715		923
5.625%, 11/18/50		790		941
Philippine Government International Bond
7.750%, 01/14/31		419		597
6.375%, 10/23/34		1,030		1,368
5.500%, 03/30/26		200		236
4.200%, 01/21/24		200		217
3.700%, 03/01/41		510		504
Poland Government International Bond
6.375%, 07/15/19		200		219
4.000%, 01/22/24		125		131
3.000%, 03/17/23		150		150
Province of Alberta Canada
1.900%, 12/06/19		200		200
Province of British Columbia Canada
2.000%, 10/23/22		100		98
Province of Manitoba Canada
2.125%, 06/22/26		500		468
2.050%, 11/30/20		150		150
1.125%, 06/01/18		100		100
Province of Ontario Canada
2.500%, 04/27/26		500		485
2.450%, 06/29/22		200		201
2.000%, 01/30/19		250		252
1.875%, 05/21/20		150		149
1.625%, 01/18/19		100		100
1.250%, 06/17/19		150		148
Province of Quebec Canada
2.875%, 10/16/24		100		101
2.625%, 02/13/23		200		202
2.500%, 04/20/26		600		586
Provincia de Buenos Aires
7.875%, 06/15/27 (A) (B)		685		693
6.500%, 02/15/23 (A) (B)		350		351
Provincia de Cordoba
7.450%, 09/01/24 (A) (B)		480		486
7.125%, 06/10/21 (A) (B)		560		581
Qatar Government International Bond
2.375%, 06/02/21 (A) (B)		14		14
Republic of Italy Government International Bond
5.375%, 06/15/33		300		325
Romanian Government International Bond
6.750%, 02/07/22 (A) (B)		820		951
6.125%, 01/22/44 (A) (B)		342		420
4.875%, 01/22/24 (A) (B)		820		890
4.375%, 08/22/23 (A) (B)		490		517

Description	Face Amount (000)		Value (000)
Russian Federal Bond - OFZ
8.150%, 02/03/27 (RUB)	$	30,000	$	547
Russian Foreign Bond - Eurobond
5.625%, 04/04/42 (A) (B)		400		439
4.875%, 09/16/23 (A) (B)		400		429
Senegal Government International Bond
8.750%, 05/13/21 (A) (B)		825		935
6.250%, 07/30/24 (A) (B)		1,000		1,008
Serbia Government International Bond
7.250%, 09/28/21 (A) (B)		1,075		1,225
South Africa Government International Bond
5.875%, 09/16/25		200		215
5.500%, 03/09/20		150		160
4.875%, 04/14/26		240		241
4.300%, 10/12/28		1,550		1,455
Sri Lanka Government International Bond
6.850%, 11/03/25 (A) (B)		445		460
6.825%, 07/18/26 (A) (B)		430		445
6.125%, 06/03/25 (A) (B)		220		220
5.875%, 07/25/22 (A) (B)		1,655		1,698
Turkey Government International Bond
8.000%, 02/14/34		386		463
7.375%, 02/05/25		610		692
6.875%, 03/17/36		480		520
6.000%, 03/25/27		800		831
5.625%, 03/30/21		850		888
4.875%, 04/16/43		440		377
4.250%, 04/14/26		740		685
Ukraine Government AID Bonds
1.471%, 09/29/21		200		195
Ukraine Government International Bond
7.750%, 09/01/19 (A) (B)		4,115		3,993
0.000%, 05/31/40 (A) (B) (C)		314		116
Ukreximbank Via Biz Finance
9.625%, 04/27/22 (A) (B)		815		817
Uruguay Government International Bond
5.100%, 06/18/50		1,106		1,063
4.500%, 08/14/24		344		365
4.375%, 10/27/27		1,685		1,759
Venezuela Government International Bond
9.250%, 09/15/27		180		84
7.750%, 10/13/19		515		288
7.650%, 04/21/25		752		312
7.000%, 12/01/18		692		355
6.000%, 12/09/20		960		472
Zambia Government International Bond
8.970%, 07/30/27 (A) (B)		200		209
8.500%, 04/14/24 (A) (B)		1,105		1,137
Total Sovereign Debt (Cost $115,821) (000)				117,908

103

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
Asset-Backed Securities — 6.2%
Automotive – 4.0%
Americredit Automobile Receivables Trust, Ser 2016- 4, Cl C
2.410%, 07/08/22 - 07/08/22	$	854	$	848
AmeriCredit Automobile Receivables Trust, Ser 2016- 3, Cl C
2.710%, 09/08/22 - 09/08/22		382		379
2.240%, 04/08/22 - 04/08/22		1,062		1,035
1.597%, 06/10/19 - 06/10/19 (C)		770		771
1.525%, 04/08/19 - 04/08/19 (C)		475		476
1.510%, 05/18/20 - 05/18/20		1,359		1,358
1.460%, 05/10/21 - 05/10/21		250		249
BMW Vehicle Lease Trust, Ser 2017-1, Cl A3
1.980%, 05/20/20 - 05/20/20		350		351
Capital Auto Receivables Asset Trust, Ser 2016-3, Cl A2A
1.360%, 04/22/19 - 04/22/19		781		781
CarFinance Capital Auto Trust, Ser 2015-1A, Cl A
1.750%, 06/15/21 - 06/15/21 (A) (B)		503		503
CarMax Auto Owner Trust, Ser 2016-4, Cl A3
1.600%, 06/15/22 - 06/15/22		250		246
1.400%, 08/15/21 - 08/15/21		1,942		1,927
CPS Auto Receivables Trust, Ser 2016-B, Cl A
2.070%, 11/15/19 - 11/15/19 (A) (B)		790		791
1.770%, 06/17/19 - 06/17/19 (A) (B)		473		474
1.650%, 11/15/19 - 11/15/19 (A) (B)		48		48
1.620%, 01/15/20 - 01/15/20 (A) (B)		1,723		1,724
1.530%, 07/15/19 - 07/15/19 (A) (B)		12		12
1.490%, 04/15/19 - 04/15/19 (A) (B)		36		35
CPS Auto Trust, Ser 2016-D, Cl A
1.500%, 06/15/20 - 06/15/20 (A) (B)		1,620		1,614
Drive Auto Receivables Trust, Ser 2017-BA, Cl A2
2.200%, 05/15/20 - 05/15/20 (A) (B)		733		733
1.590%, 12/17/18 - 12/17/18 (A) (B)		2,273		2,273
1.480%, 03/15/19 - 03/15/19 (A) (B)		3,572		3,571
DT Auto Owner Trust, Ser 2016-4A, Cl A
1.750%, 11/15/19 - 11/15/19 (A) (B)		671		672
1.660%, 03/15/19 - 03/15/19 (A) (B)		71		71
1.440%, 11/15/19 - 11/15/19 (A) (B)		1,401		1,401

Description	Face Amount (000)		Value (000)
Exeter Automobile Receivables Trust, Ser 2016-3A, Cl A
2.800%, 07/15/20 - 07/15/20 (A) (B)	$	218	$	218
1.840%, 11/16/20 - 11/16/20 (A) (B)		1,691		1,686
1.600%, 06/17/19 - 06/17/19 (A) (B)		3		3
First Investors Auto Owner Trust, Ser 2016-2A, Cl A1
1.530%, 11/16/20 - 11/16/20 (A) (B)		948		945
Flagship Credit Auto Trust, Ser 2016-3, Cl A1
2.380%, 10/15/20 - 10/15/20 (A) (B)		287		288
2.280%, 05/15/20 - 05/15/20 (A) (B)		308		308
1.630%, 06/15/20 - 06/15/20 (A) (B)		5		5
1.600%, 12/15/19 - 12/15/19 (A) (B)		1,273		1,271
1.470%, 03/16/20 - 03/16/20 (A) (B)		948		947
1.430%, 12/16/19 - 12/16/19 (A) (B)		22		22
Ford Credit Auto Owner Trust, Ser 2017-1, Cl A
2.620%, 08/15/28 - 08/15/28 (A) (B)		966		972
1.920%, 04/15/22 - 04/15/22		3,427		3,421
Ford Credit Floorplan Master Owner Trust , Ser 2016-5, Cl A1
1.950%, 11/15/21 - 11/15/21		769		769
Honda Auto Receivables Owner Trust, Ser 2017-1, Cl A4
2.050%, 06/21/23 - 06/21/23		878		878
1.720%, 07/21/21 - 07/21/21		2,860		2,861
Nissan Auto Receivables Owner Trust, Ser 2017-A, Cl A3
2.110%, 05/15/23 - 05/15/23		1,781		1,783
1.740%, 08/16/21 - 08/16/21		1,690		1,691
Santander Drive Auto Receivables Trust, Ser 2015- 2, Cl B
2.460%, 03/15/22 - 03/15/22		1,090		1,089
1.830%, 01/15/20 - 01/15/20		1,003		1,004
1.820%, 05/15/19 - 05/15/19		31		31
1.490%, 02/18/20 - 02/18/20		1,804		1,804
Toyota Auto Receivables Owner Trust, Ser 2017-A, Cl A2A
1.420%, 09/16/19 - 09/16/19		2,295		2,295
Toyota Auto Receivables Owner Trust, Ser 2016-D, Cl A3
1.230%, 10/15/20 - 10/15/20		4,354		4,321

104

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
United Auto Credit Securitization Trust, Ser 2016- 2, Cl A
1.670%, 09/10/18 - 09/10/18 (A) (B)	$	1,117	$	1,116
				52,071
Credit Card – 1.6%
American Express Credit Account Master Trust, Ser 2017-1, Cl A
1.930%, 09/15/22 - 09/15/22		2,413		2,418
BA Credit Card Trust, Ser 2017-A1, Cl A1
1.950%, 08/15/22 - 08/15/22		1,968		1,972
Capital One Multi-Asset Execution Trust, Ser 2017-A2, Cl A2
2.430%, 01/15/25 - 01/15/25		1,791		1,794
2.000%, 01/17/23 - 01/17/23		2,491		2,492
1.393%, 01/15/25 - 01/15/25 (C)		1,641		1,641
1.362%, 02/15/22 - 02/15/22 (C)		2,306		2,319
1.340%, 04/15/22 - 04/15/22		250		248
Chase Issuance Trust, Ser 2016-A3, Cl A3
1.462%, 06/15/23 - 06/15/23 (C)		2,387		2,412
Citibank Credit Card Issuance Trust, Ser 2017-A2, Cl A2
2.880%, 01/23/23 - 01/23/23		200		206
1.740%, 01/19/21 - 01/19/21		2,768		2,773
Discover Card Execution Note Trust, Ser 2016-A4, Cl A4
1.390%, 03/15/22 - 03/15/22		2,974		2,946
Synchrony Credit Card Master Note Trust, Ser 2016-1, Cl A
2.040%, 03/15/22 - 03/15/22		125		125
				21,346
Other Asset-Backed Securities – 0.6%
Ajax Mortgage Loan Trust, Ser 2016-C, Cl A
4.000%, 10/25/57 - 10/25/57 (A) (B)		765		762
Bayview Opportunity Master Fund IIa Trust, Ser 2016- RPL3, Cl A1
3.475%, 07/28/31 - 07/28/31 (A) (B)		190		189
Bayview Opportunity Master Fund IIIa Trust, Ser 2016- RN3, Cl A1
3.598%, 09/29/31 - %, 09/29/31 (A) (B) (F)		362		362
Bayview Opportunity Master Fund IVb Trust, Ser 2017- NPL1, Cl A1
3.598%, 01/28/32 - 01/28/32( (A) (B) (F)		709		707

Description	Face Amount (000)		Value (000)
Bayview Opportunity Master Fund Trust, Ser 2016-LT1, Cl A1
3.475%, 10/28/31 - 10/28/31 (A) (B)	$	116	$	115
NYMT Residential, Ser 2016- RP1A, Cl A
4.000%, 03/25/21 - 03/25/21 (A) (B)		225		223
US Residential Opportunity Fund III Trust, Ser 2016-1III, Cl A
3.475%, 07/27/36 - 07/27/36 (A) (B)		270		269
Verizon Owner Trust 2017-1, Ser 2017-1A, Cl A
2.060%, 09/20/21 - 09/20/21 (A) (B)		1,804		1,811
VOLT XLV, Ser 2016-NPL5, Cl A1
4.000%, 05/25/46 - 05/25/46 (A) (B)		545		549
VOLT XLVIII, Ser 2016-NPL8, Cl A1
3.500%, 07/25/46 - 07/25/46 (A) (B)		516		518
VOLT XXII, Ser 2015-NPL4, Cl A1
3.500%, 02/25/55 - 02/25/55 (A) (B)		118		118
VOLT XXVII, Ser 2014-NPL7, Cl A1
3.375%, 08/27/57 - 08/27/57 (A) (B)		261		261
VOLT XXXI, Ser 2015-NPL2, Cl A1
3.375%, 02/25/55 - 02/25/55 (A) (B)		428		426
VOLT XXXIV, Ser 2015-NPL7, Cl A1
3.250%, 02/25/55 - 02/25/55 (A) (B)		197		197
VOLT XXXV, Ser 2016-NPL9, Cl A1
3.500%, 09/25/46 - 09/25/46 (A) (B)		982		982
VOLT XXXVI, Ser 2015-NP10, Cl A1
3.625%, 07/25/45 - 07/25/45 (A) (B)		65		65
VOLT XXXVIII, Ser 2015- NP12, Cl A1
3.875%, 09/25/45 - 09/25/45 (A) (B)		130		131
				7,685
Total Asset-Backed Securities (Cost $81,147) (000)				81,102
U.S. Government Agency Obligations — 0.7%
FFCB
1.100%, 06/01/18		250		250

105

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

Description	Face Amount (000)		Value (000)
FHLB
2.750%, 12/13/24	$	300	$	305
1.875%, 11/29/21		150		150
1.375%, 11/15/19		125		125
1.250%, 01/16/19		250		250
1.150%, 06/22/18		200		200
1.125%, 06/21/19		300		298
1.000%, 09/26/19		250		247
0.875%, 10/01/18		150		149
0.875%, 08/05/19		100		99
0.625%, 08/07/18		200		198
				2,271
FHLMC
2.375%, 01/13/22		1,868		1,902
1.250%, 08/01/19		500		498
1.125%, 04/15/19		300		298
				2,698
FNMA
6.625%, 11/15/30		300		423
2.625%, 09/06/24		1,010		1,025
2.125%, 04/24/26		200		191
1.875%, 12/28/20		131		132
1.750%, 06/20/19		300		303
1.650%, 01/27/20		300		300
1.500%, 11/30/20 - 06/22/20		427		424
1.375%, 01/28/19		200		200
1.125%, 07/20/18		250		250
1.000%, 08/28/19		250		247
				3,495
FNMA, Ser M3, Cl A3
4.332%, 03/25/20 (C)		652		686
Tennessee Valley Authority
5.250%, 09/15/39		200		252
4.250%, 09/15/65		843		885
3.500%, 12/15/42		782		787
2.875%, 02/01/27		250		251
				2,175
Total U.S. Government Agency Obligations (Cost $9,094) (000)				11,325
Municipal Bonds — 0.6%
Alabama Economic Settlement Authority, RB
3.163%, 09/15/25		1,283		1,288
Bay Area Toll Authority, RB
6.263%, 04/01/49		200		273
California State, GO
7.300%, 10/01/39		795		1,116
California State, Department of Water Resources, Power Supply Revenue, RB
2.000%, 05/01/22		100		99
Florida State, Hurricane Catastrophe Fund, RB
2.995%, 07/01/20		150		154
Illinois State, GO
5.100%, 06/01/33		1,100		1,002
New Jersey State, Transportation Trust Fund, RB
5.754%, 12/15/28		1,670		1,724

Description	Face Amount (000)/Shares		Value (000)
South Carolina State, Public Service Authority, RB
2.388%, 12/01/23	$	100	$	92
University of California, RB
4.858%, 05/15/12		200		198
Total Municipal Bonds (Cost $8,021) (000)				5,946
Preferred Stock — 0.0%
Education Management* (E)		1,550,903		7
Total Preferred Stock (Cost $188) (000)				7
Short-Term Investment — 14.2%
State Street Institutional Treasury Money Market Fund, Cl Institutional,0.549%		185,496,495		185,496
Total Short-Term Investment (Cost $185,496) (000)				185,496
Total Investments — 115.4% (Cost $1,504,851) (000) †			$	1,505,045

Percentages are based on net assets of $1,304,239 (000).

A list of the open futures contracts held by the Fund at March 31, 2017, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Appreciation
U.S. 10-Year Treasury Note		-41		Jun-2017	$	(50	)
					$	(50	)

For the period ended March 31, 2017, the monthly average value of futures contracts held was $(5,936) (000).

A list of the open forward foreign currency contracts held by the Fund at March 31, 2017 is as follows (000):

Counterparty	Mauturity Date		Currencyto Deliver		CurrencyTo Receive		Unrealized Appreciation (depreciation)
HSBC		04/24/17	USD	128,200	JPY	1,118	$	(34	)
BNP Paribas		04/24/17	USD	261	EUR	280		1
UBS		04/28/17	USD	443	GBP	559		3
Barclays PLC		05/12/17	USD	1,503,000	KRW	1,315		(31	)
Barclays PLC		05/22/17	RUB	772	USD	45,840		33
HSBC		06/21/17	COP	325	USD	985,000		14
Barclays PLC		06/23/17	PEN	327	USD	1,078		2
Credit Suisse First
Boston		06/26/17	USD	8,530	MXN	441		(9	)
Barclays PLC		08/23/17	USD	4,528	CNH	648		(3	)
Barclays PLC		08/23/17	CNH	651	USD	4,528		-
							$	(24	)

For the period ended March 31, 2017, 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.

106

KP Fixed Income Fund

Schedule of Investments

March 31, 2017 (Unaudited)

* Non-income producing security.

‡ Real Estate Investment Trust

(A) Rate not available.

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

(C) Variable rate security – Rate disclosed is the rate in effect on March 31, 2017.

(D) Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.

(E) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of March 31, 2017, was $8 (000) and represented 0.00% of net assets.

(F) Step Bonds – The rate reflected on the Schedule of Investments is the effective yield on March 31, 2017. The coupon on a step bond changes on a specified date.

(G) Security considered Master Limited Partnership. At March 31, 2017, this security amounted to 7,538,000 (000) or 0.6% of Net Assets.

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

(I) Security in default on interest payments.

ARS — Argentine Peso

BRL — Brazilian Real

Cl — Class

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 Sterling

GNMA — Government National Mortgage Association

GO — General Obligation

JPY — Japanese Yen

KRW — South Korean Won

LLC — Limited Liability Company

L.P. — Limited Partnership

Ltd. — Limited

MXN — Mexican Peso

RUB — Russian Ruble

REIT — Real Estate Investment Trust

S&P — Standard & Poor’s

Ser — Series

USD — U.S. Dollar

† At March 31, 2017, the tax cost basis of the Fund’s investments was $1,504,851 (000), and the unrealized appreciation and depreciation were $9,437 (000) and $(9,243) (000), respectively.

The following is a list of the level of inputs used as of March 31, 2017, in valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in Securities	Level 1			Level 2			Level 3^		Total
Corporate Obligations	$	-		$	349,372		$	1	$	349,373
U.S. Treasury Obligations		-			315,219			-		315,219
Mortgage-Backed Securities		-			312,725			-		312,725
Short-Term Investment		-			185,496			-		185,496
Loan Participations		-			125,944			-		125,944
Sovereign Debt		-			117,908			-		117,908
Asset-Backed Securities		-			81,102			-		81,102
U.S. Government Agency Obligations		-			11,325			-		11,325
Municipal Bonds		-			5,946			-		5,946
Preferred Stock		-			-			7		7
Total Investments in Securities	$	-		$	1,505,037		$	8	$	1,505,045
Other Financial Instruments	Level 1			Level 2			Level 3^		Total
Futures Contracts*
Unrealized Appreciation	$	(50	)		-			-	$	(50	)
Total Other Financial Instruments	$	(50	)		-			-	$	(50	)
Forward Currency Contracts*
Unrealized Appreciation	$	-			53			-	$	53
Unrealized Depreciation		-			(77	)		-		(77	)
Total Other Financial Instruments	$	-			(24	)		-	$	(24	)

^ 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.

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

As of March 31, 2017, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended March 31, 2017, there have been no changes to the Fund’s fair value methodologies.

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

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

107

Item 2. Controls and Procedures

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

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

Item 3. Exhibits.

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

SIGNATURES

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

(Registrant)	The KP Funds
By (Signature and Title)	/s/ Michael Beattie
	Michael Beattie
	President
Date: May 30, 2017

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

By (Signature and Title)	/s/ Michael Beattie
	Michael Beattie
	President
Date: May 30, 2017
By (Signature and Title)	/s/ Stephen Connors
	Stephen Connors
	Treasurer, Controller & CFO
Date: May 30, 2017