KP Funds NPORT-P KP International Equity Fund (Sep 2019 report)

  KP Retirement Path 2020 Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value      (000)
Affiliated Registered Investment Companies — 75.0%
KP Fixed Income Fund		37,217,960	$	392,650
KP International Equity Fund		10,258,340		104,020
KP Large Cap Equity Fund		17,709,613		238,371
KP Small Cap Equity Fund		4,359,470		46,908
Total Affiliated Registered Investment Companies (Cost $732,835) (000)				781,949
Unaffiliated Registered Investment Companies — 24.9%
DFA Commodity Strategy Portfolio, Cl Institutional		1,753,312		9,363
DFA International Real Estate Securities, Cl Institutional		1,936,251		10,417
DFA Real Estate Securities Portfolio, Cl Institutional		537,402		22,291
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		679,013		10,430
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		1,028,296		10,118
T. Rowe Price New Era Fund, Cl Institutional		289,715		9,433
Vanguard Inflation-Protected Securities Fund, Cl Institutional		3,056,519		32,430
Vanguard Short-Term Bond Index Fund, Cl Institutional		8,376,250		88,704
Vanguard Short-Term Inflation- Protected Securities Index Fund, Cl Institutional		2,683,748		66,074
Total Unaffiliated Registered Investment Companies (Cost $252,992) (000)				259,260
Total Investments In Securities — 99.9% (Cost $985,827) (000)			$	1,041,209

Percentages are based on Net Assets of $1,042,412 (000).

Cl – Class

As of September 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2019, 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.

KP Retirement Path 2020 Fund

Schedule of Investments

September 30, 2019 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2019 (000):

	Value     12/31/2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 9/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	384,055	$	51,825	$	(75,946	)	$	32,604	$	112	$	392,650		37,217,960	$	-	$	-
KP International Equity Fund		97,325		11,426		(16,640	)		11,608		301		104,020		10,258,340		-		-
KP Large Cap Equity Fund		204,684		32,145		(39,001	)		31,610		8,933		238,371		17,709,613		-		-
KP Small Cap Equity Fund		39,739		9,073		(8,625	)		6,054		667		46,908		4,359,470		-		-
Totals	$	725,803	$	104,469	$	(140,212	)	$	81,876	$	10,013	$	781,949		69,545,383	$	-	$	-

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

  KP Retirement Path 2025 Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value  (000)
Affiliated Registered Investment Companies — 79.9%
KP Fixed Income Fund		41,226,209	$	434,938
KP International Equity Fund		18,771,250		190,340
KP Large Cap Equity Fund		28,517,680		383,848
KP Small Cap Equity Fund		8,209,142		88,330
Total Affiliated Registered Investment Companies (Cost $1,024,450) (000)				1,097,456
Unaffiliated Registered Investment Companies — 20.0%
DFA Commodity Strategy Portfolio, Cl Institutional		2,375,233		12,684
DFA International Real Estate Securities, Cl Institutional		2,612,730		14,056
DFA Real Estate Securities Portfolio, Cl Institutional		722,839		29,984
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		915,684		14,065
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		1,388,143		13,659
T. Rowe Price New Era Fund, Cl Institutional		392,146		12,768
Vanguard Inflation-Protected Securities Fund, Cl Institutional		3,850,489		40,854
Vanguard Short-Term Bond Index Fund, Cl Institutional		7,564,694		80,110
Vanguard Short-Term Inflation- Protected Securities Index Fund, Cl Institutional		2,307,820		56,818
Total Unaffiliated Registered Investment Companies (Cost $267,671) (000)				274,998
Total Investments In Securities — 99.9% (Cost $1,292,121) (000)			$	1,372,454

Percentages are based on Net Assets of $1,373,681 (000).

Cl – Class

As of September 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2019, 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.

KP Retirement Path 2025 Fund

Schedule of Investments

September 30, 2019 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 9/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	395,872	$	66,804	$	(62,129	)	$	34,318	$	73	$	434,938		41,226,209	$	-	$	-
KP International Equity Fund		166,937		21,826		(18,888	)		19,747		718		190,340		18,771,250		-		-
KP Large Cap Equity Fund		310,376		51,763		(40,085	)		51,966		9,828		383,848		28,517,680		-		-
KP Small Cap Equity Fund		70,134		17,105		(10,726	)		11,038		779		88,330		8,209,142		-		-
Totals	$	943,319	$	157,498	$	(131,828	)	$	117,069	$	11,398	$	1,097,456		96,724,281	$	-	$	-

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

  KP Retirement Path 2030 Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

   SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 84.8%
KP Fixed Income Fund		33,671,266	$	355,232
KP International Equity Fund		24,381,928		247,233
KP Large Cap Equity Fund		32,848,030		442,134
KP Small Cap Equity Fund		10,634,406		114,426
Total Affiliated Registered Investment Companies (Cost $1,081,390) (000)				1,159,025
Unaffiliated Registered Investment Companies — 15.1%
DFA Commodity Strategy Portfolio, Cl Institutional		2,306,227		12,315
DFA International Real Estate Securities, Cl Institutional		2,533,656		13,631
DFA Real Estate Securities Portfolio, Cl Institutional		700,247		29,046
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		887,796		13,637
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		1,346,232		13,247
T. Rowe Price New Era Fund, Cl Institutional		380,607		12,393
Vanguard Inflation-Protected Securities Fund, Cl Institutional		3,640,076		38,621
Vanguard Short-Term Bond Index Fund, Cl Institutional		4,110,203		43,527
Vanguard Short-Term Inflation- Protected Securities Index Fund, Cl Institutional		1,209,352		29,774
Total Unaffiliated Registered Investment Companies (Cost $200,020) (000)				206,191
Total Investments In Securities — 99.9% (Cost $1,281,410) (000)			$	1,365,216

Percentages are based on Net Assets of $1,366,096 (000).

Cl – Class

As of September 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2019, 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.

KP Retirement Path 2030 Fund

Schedule of Investments

September 30, 2019 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 9/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund		$  317,485		$   60,239		$   (50,117)	$	28,016	$	(391	)	$	355,232		33,671,266	$	-	$	-
KP International Equity Fund		212,987		28,093		(19,792)		25,223		722			247,233		24,381,928		-		-
KP Large Cap Equity Fund		349,937		60,485		(37,875)		60,333		9,254			442,134		32,848,030		-		-
KP Small Cap Equity Fund		89,027		22,117		(11,624)		14,041		865			114,426		10,634,406		-		-
Totals		$  969,436		$  170,934		$  (119,408)	$	127,613	$	10,450		$	1,159,025		101,535,630	$	-	$	-

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

  KP Retirement Path 2035 Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

   SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 89.4%
KP Fixed Income Fund		30,723,536	$	324,133
KP International Equity Fund		34,162,449		346,407
KP Large Cap Equity Fund		39,912,506		537,223
KP Small Cap Equity Fund		14,681,705		157,975
Total Affiliated Registered Investment Companies (Cost $1,271,539) (000)				1,365,738
Unaffiliated Registered Investment Companies — 10.6%
DFA Commodity Strategy Portfolio, Cl Institutional		2,328,590		12,435
DFA International Real Estate Securities, Cl Institutional		2,556,904		13,756
DFA Real Estate Securities Portfolio, Cl Institutional		706,302		29,298
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		895,791		13,759
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		1,358,546		13,368
T. Rowe Price New Era Fund, Cl Institutional		384,275		12,512
Vanguard Inflation-Protected Securities Fund, Cl Institutional		3,633,052		38,546
Vanguard Short-Term Bond Index Fund, Cl Institutional		1,802,904		19,093
Vanguard Short-Term Inflation- Protected Securities Index Fund, Cl Institutional		380,569		9,370
Total Unaffiliated Registered Investment Companies (Cost $156,408) (000)				162,137
Total Investments In Securities — 100.0% (Cost $1,427,947) (000)			$	1,527,875

Percentages are based on Net Assets of $1,528,518 (000).

Cl – Class

As of September 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2019, 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.

KP Retirement Path 2035 Fund

Schedule of Investments

September 30, 2019 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 9/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	287,371		$   56,066	$	(44,329)	$	25,585	$	(560	)	$	324,133		30,723,536	$	-	$	-
KP International Equity Fund		293,919		38,883		(22,157)		34,931		831			346,407		34,162,449		-		-
KP Large Cap Equity Fund		420,244		71,162		(37,574)		74,151		9,240			537,223		39,912,506		-		-
KP Small Cap Equity Fund		121,373		29,789		(13,419)		19,223		1,009			157,975		14,681,705		-		-
Totals	$	1,122,907		$  195,900	$	(117,479)	$	153,890	$	10,520		$	1,365,738		119,480,196	$	-	$	-

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

  KP Retirement Path 2040 Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 92.6%
KP Fixed Income Fund		23,128,840	$	244,009
KP International Equity Fund		36,292,466		368,006
KP Large Cap Equity Fund		38,414,305		517,057
KP Small Cap Equity Fund		15,574,937		167,586
Total Affiliated Registered Investment Companies (Cost $1,207,783) (000)				1,296,658
Unaffiliated Registered Investment Companies — 7.4%
DFA Commodity Strategy Portfolio, Cl Institutional		1,808,382		9,657
DFA International Real Estate Securities, Cl Institutional		1,984,959		10,679
DFA Real Estate Securities Portfolio, Cl Institutional		548,142		22,737
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		695,393		10,681
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		1,054,749		10,379
T. Rowe Price New Era Fund, Cl Institutional		298,432		9,717
Vanguard Inflation-Protected Securities Fund, Cl Institutional		2,811,998		29,835
Total Unaffiliated Registered Investment Companies (Cost $99,664) (000)				103,685
Total Investments In Securities — 100.0% (Cost $1,307,447) (000)			$	1,400,343

Percentages are based on Net Assets of $1,400,739 (000).

Cl – Class

As of September 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2019, 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.

KP Retirement Path 2040 Fund

Schedule of Investments

September 30, 2019 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 9/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	216,689	$	43,796		$    (35,266)	$	19,426		(636	)	$	244,009		23,128,840	$	-	$	-
KP International Equity Fund		310,602		42,943		(23,241)		36,822		880			368,006		36,292,466		-		-
KP Large Cap Equity Fund		403,097		69,924		(35,686)		70,939		8,783			517,057		38,414,305		-		-
KP Small Cap Equity Fund		127,786		32,599		(14,060)		20,269		992			167,586		15,574,937		-		-
Totals	$	1,058,174	$	189,262		$  (108,253)	$	147,456	$	10,019		$	1,296,658		113,410,548	$	-	$	-

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

  KP Retirement Path 2045 Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 94.3%
KP Fixed Income Fund		15,328,501	$	161,716
KP International Equity Fund		30,961,100		313,946
KP Large Cap Equity Fund		31,008,916		417,380
KP Small Cap Equity Fund		13,232,336		142,380
Total Affiliated Registered Investment Companies (Cost $973,197) (000)				1,035,422
Unaffiliated Registered Investment Companies — 5.7%
DFA Commodity Strategy Portfolio, Cl Institutional		1,110,497		5,930
DFA International Real Estate Securities, Cl Institutional		1,217,188		6,548
DFA Real Estate Securities Portfolio, Cl Institutional		335,788		13,929
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		426,326		6,548
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		646,843		6,365
T. Rowe Price New Era Fund, Cl Institutional		183,207		5,965
Vanguard Inflation-Protected Securities Fund, Cl Institutional		1,674,346		17,765
Total Unaffiliated Registered Investment Companies (Cost $60,736) (000)				63,050
Total Investments In Securities — 100.0% (Cost $1,033,933) (000)			$	1,098,472

Percentages are based on Net Assets of $1,098,705 (000).

Cl — Class

As of September 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2019, 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.

  KP Retirement Path 2045 Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 9/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	140,263	$	33,096	$	(23,897	)	$	12,798	$	(544	)	$	161,716		15,328,501	$	-	$	-
KP International Equity Fund		257,387		43,650		(18,412)			31,608		(287	)		313,946		30,961,100		-		-
KP Large Cap Equity Fund		317,525		63,779		(26,889)			56,346		6,619			417,380		31,008,916		-		-
KP Small Cap Equity Fund		105,932		30,082		(11,217)			16,828		755			142,380		13,232,336		-		-
Totals	$	821,107	$	170,607	$	(80,415	)	$	117,580	$	6,543		$	1,035,422		90,530,853	$	-	$	-

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

  KP Retirement Path 2050 Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 94.9%
KP Fixed Income Fund		8,162,857	$	86,118
KP International Equity Fund		19,834,159		201,118
KP Large Cap Equity Fund		19,706,731		265,252
KP Small Cap Equity Fund		8,597,731		92,512
Total Affiliated Registered Investment Companies (Cost $615,791) (000)				645,000
Unaffiliated Registered Investment Companies — 5.1%
DFA Commodity Strategy Portfolio, Cl Institutional		617,236		3,296
DFA International Real Estate Securities, Cl Institutional		675,179		3,633
DFA Real Estate Securities Portfolio, Cl Institutional		185,976		7,715
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		236,350		3,630
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		358,776		3,530
T. Rowe Price New Era Fund, Cl Institutional		101,780		3,314
Vanguard Inflation-Protected Securities Fund, Cl Institutional		885,795		9,398
Total Unaffiliated Registered Investment Companies (Cost $33,380) (000)				34,516
Total Investments In Securities — 100.0% (Cost $649,171) (000)			$	679,516

Percentages are based on Net Assets of $679,640 (000).

Cl – Class

As of September 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2019, 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.

KP Retirement Path 2050 Fund

Schedule of Investments

September 30, 2019 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 9/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	70,886	$	21,595	$	(12,729)	$	6,674	$	(308	)	$	86,118		8,162,857	$	-	$	-
KP International Equity Fund		156,804		38,155		(13,032)		18,919		272			201,118		19,834,159		-		-
KP Large Cap Equity Fund		192,103		52,433		(17,822)		35,284		3,254			265,252		19,706,731		-		-
KP Small Cap Equity Fund		65,283		23,869		(7,493)		10,687		166			92,512		8,597,731		-		-
Totals	$	485,076	$	136,052	$	(51,076)	$	71,564	$	3,384		$	645,000		56,301,478	$	-	$	-

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

  KP Retirement Path 2055 Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 94.9%
KP Fixed Income Fund		2,628,860	$	27,734
KP International Equity Fund		7,321,118		74,236
KP Large Cap Equity Fund		7,228,114		97,291
KP Small Cap Equity Fund		3,105,009		33,410
Total Affiliated Registered Investment Companies (Cost $228,337) (000)				232,671
Unaffiliated Registered Investment Companies — 5.1%
DFA Commodity Strategy Portfolio, Cl Institutional		229,405		1,225
DFA International Real Estate Securities, Cl Institutional		249,890		1,344
DFA Real Estate Securities Portfolio, Cl Institutional		68,632		2,848
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		87,386		1,342
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		132,801		1,307
T. Rowe Price New Era Fund, Cl Institutional		37,789		1,230
Vanguard Inflation-Protected Securities Fund, Cl Institutional		297,495		3,156
Total Unaffiliated Registered Investment Companies (Cost $12,056) (000)				12,452
Total Investments In Securities — 100.0% (Cost $240,393) (000)			$	245,123

Percentages are based on Net Assets of $245,166 (000).

Cl – Class

As of September 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2019, 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.

KP Retirement Path 2055 Fund

Schedule of Investments

September 30, 2019 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 9/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	20,678	$	9,291	$	(4,182)	$	2,012	$	(65	)	$	27,734		2,628,860	$	-	$	-
KP International Equity Fund		51,895		21,051		(5,165)		5,770		685			74,236		7,321,118		-		-
KP Large Cap Equity Fund		63,325		27,813		(6,919)		11,707		1,365			97,291		7,228,114		-		-
KP Small Cap Equity Fund		21,226		11,444		(2,795)		3,336		199			33,410		3,105,009		-		-
Totals	$	157,124	$	69,599	$	(19,061)	$	22,825	$	2,184		$	232,671		20,283,101	$	-	$	-

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

  KP Retirement Path 2060 Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

   SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 94.9%
KP Fixed Income Fund		539,639	$	5,693
KP International Equity Fund		1,502,065		15,231
KP Large Cap Equity Fund		1,483,053		19,962
KP Small Cap Equity Fund		636,922		6,853
Total Affiliated Registered Investment Companies (Cost $47,677) (000)				47,739
Unaffiliated Registered Investment Companies — 5.1%
DFA Commodity Strategy Portfolio, Cl Institutional		47,197		252
DFA International Real Estate Securities, Cl Institutional		51,465		277
DFA Real Estate Securities Portfolio, Cl Institutional		14,133		587
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		17,997		276
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		27,344		269
T. Rowe Price New Era Fund, Cl Institutional		7,773		253
Vanguard Inflation-Protected Securities Fund, Cl Institutional		60,425		641
Total Unaffiliated Registered Investment Companies (Cost $2,472) (000)				2,555
Total Investments In Securities — 100.0% (Cost $50,149) (000)			$	50,294

Percentages are based on Net Assets of $50,303 (000).

Cl – Class

As of September 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2019, 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.

KP Retirement Path 2060 Fund

Schedule of Investments

September 30, 2019 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 9/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	4,226		$   2,323		$  (1,259	)		$429		$     (26	)		$   5,693		539,639	$	-	$	-
KP International Equity Fund		10,591		5,501		(2,182	)		1,407		(86	)		15,231		1,502,065		-		-
KP Large Cap Equity Fund		12,924		7,196		(2,835	)		2,586		91			19,962		1,483,053		-		-
KP Small Cap Equity Fund		4,331		2,882		(1,083	)		877		(154	)		6,853		636,922		-		-
Totals	$	32,072		$ 17,902		$  (7,359	)		$5,299		$  (175	)		$ 47,739		4,161,679	$	-	$	-

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

  KP Retirement Path 2065 Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 95.1%
KP Fixed Income Fund		130,877	$	1,381
KP International Equity Fund		346,601		3,515
KP Large Cap Equity Fund		335,518		4,515
KP Small Cap Equity Fund		146,172		1,573
Total Affiliated Registered Investment Companies (Cost $10,632) (000)				10,984
Unaffiliated Registered Investment Companies — 5.0%
DFA Commodity Strategy Portfolio, Cl Institutional		10,700		57
DFA International Real Estate Securities, Cl Institutional		11,197		60
DFA Real Estate Securities Portfolio, Cl Institutional		2,961		124
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		3,896		60
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		5,932		58
T. Rowe Price New Era Fund, Cl Institutional		1,776		58
Vanguard Inflation-Protected Securities Fund, Cl Institutional		14,544		154
Total Unaffiliated Registered Investment Companies (Cost $556) (000)				571
Total Investments In Securities — 100.1% (Cost $11,188) (000)			$	11,555

Percentages are based on Net Assets of $11,545 (000).

Cl – Class

As of September 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2019, 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.

KP Retirement Path 2065 Fund

Schedule of Investments

September 30, 2019 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 9/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	-		$      1,420	$	(86	)	$	45		$        2		$      1,381		130,877	$	-	$	-
KP International Equity Fund		-		3,496		(67	)		84		2		3,515		346,601		-		-
KP Large Cap Equity Fund		-		4,398		(86	)		199		4		4,515		335,518		-		-
KP Small Cap Equity Fund		-		1,579		(31	)		24		1		1,573		146,172		-		-
Totals	$	-		$    10,893	$	(270.00	)	$	352		$        9		$    10,984		959,168	$	-	$	-

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

  KP Retirement Path Retirement Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
Affiliated Registered Investment Companies — 71.3%
KP Fixed Income Fund		19,287,569	$	203,484
KP International Equity Fund		3,070,557		31,135
KP Large Cap Equity Fund		6,095,915		82,051
KP Small Cap Equity Fund		1,224,989		13,181
Total Affiliated Registered Investment Companies (Cost $310,251) (000)				329,851
Unaffiliated Registered Investment Companies — 28.6%
DFA Commodity Strategy Portfolio, Cl Institutional		766,973		4,096
DFA International Real Estate Securities, Cl Institutional		848,094		4,563
DFA Real Estate Securities Portfolio, Cl Institutional		235,726		9,778
Lazard Global Listed Infrastructure Portfolio, Cl Institutional		297,484		4,569
T. Rowe Price Institutional Floating Rate Fund, Cl Institutional		450,446		4,432
T. Rowe Price New Era Fund, Cl Institutional		126,788		4,128
Vanguard Inflation-Protected Securities Fund, Cl Institutional		1,382,286		14,666
Vanguard Short-Term Bond Index Fund, Cl Institutional		4,545,179		48,133
Vanguard Short-Term Inflation- Protected Securities Index Fund, Cl Institutional		1,532,931		37,742
Total Unaffiliated Registered Investment Companies (Cost $128,933) (000)				132,107
Total Investments In Securities — 99.9% (Cost $439,184) (000)			$	461,958

Percentages are based on Net Assets of $462,586 (000).

Cl – Class

As of September 30, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2019, 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.

KP Retirement Path Retirement Income Fund

Schedule of Investments

September 30, 2019 (unaudited)

The following is a summary of the transactions with affiliates for the period ended September 30, 2019 (000):

	Value 12/31/2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 9/30/2019		Shares		Income		Capital Gain Distributions
KP Fixed Income Fund	$	200,468	$	29,422	$	(43,433	)	$	16,918	$	109	$	203,484		19,287,569	$	-	$	-
KP International Equity Fund		32,947		3,706		(9,595	)		3,270		807		31,135		3,070,557		-		-
KP Large Cap Equity Fund		78,597		11,718		(23,670	)		11,338		4,068		82,051		6,095,915		-		-
KP Small Cap Equity Fund		12,946		2,888		(4,899	)		1,851		395		13,181		1,224,989		-		-
Totals	$	324,958	$	47,734	$	(81,597	)	$	33,377	$	5,379	$	329,851		29,679,030	$	-	$	-

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

  KP Large Cap Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value (000)
Common Stock — 97.9%
Communication Services – 10.5%
Activision Blizzard		98,408	$	5,208
Alphabet, Cl A*		49,844		60,867
Alphabet, Cl C*		33,377		40,687
AMC Networks, Cl A*		34,188		1,681
AT&T		354,408		13,411
CBS, Cl B		55,677		2,248
CenturyLink		36,330		453
Charter Communications, Cl A*		6,100		2,514
Comcast, Cl A		698,680		31,497
Discovery, Cl A*		5,793		154
Discovery, Cl C*		73,160		1,801
DISH Network, Cl A*		9,284		316
Electronic Arts*		75,653		7,400
Facebook, Cl A*		357,709		63,701
Fox		5,776		182
Fox		13,168		415
IAC*		21,677		4,725
Interpublic Group of Companies		14,426		311
Netflix*		35,143		9,405
News, Cl A		14,068		196
News, Cl B		5,200		74
Nexstar Media Group, Cl A		1,437		147
Omnicom Group		27,807		2,177
Spotify Technology*		23,451		2,673
Take-Two Interactive Software*		4,200		527
Tencent Holdings ADR		266,030		11,075
Tencent Music Entertainment Group ADR*		169,400		2,163
T-Mobile US*		11,900		937
TripAdvisor*		62,882		2,432
Twitter*		125,144		5,156
Verizon Communications		440,722		26,602
Viacom, Cl B		19,742		474
Walt Disney		101,830		13,271
				314,880
Consumer Discretionary – 10.2%
Advance Auto Parts		15,010		2,483
Alibaba Group Holding ADR*		69,665		11,650
Amazon.com*		52,793		91,644
Aptiv		148,856		13,013
Aramark		14,808		645
AutoZone*		2,996		3,250
Best Buy		66,905		4,616
Booking Holdings*		4,437		8,708
BorgWarner		7,997		293
Capri Holdings*		5,413		180
CarMax*		6,089		536
Carnival		15,057		658

Description	Shares		Value (000)
Chipotle Mexican Grill, Cl A*		951	$	799
Darden Restaurants		13,135		1,553
Dick’s Sporting Goods		18,269		746
Dollar General		61,224		9,731
Dollar Tree*		8,801		1,005
DR Horton		12,495		659
eBay		147,612		5,754
Expedia Group		5,180		696
Extended Stay America		38,102		558
Foot Locker		40,441		1,745
Ford Motor		418,088		3,830
Gap		30,470		529
Garmin		8,618		730
General Motors		57,708		2,163
Genuine Parts		5,415		539
Goodyear Tire & Rubber		24,311		350
Graham Holdings, Cl B		876		581
H&R Block		7,576		179
Hanesbrands		68,633		1,052
Harley-Davidson		21,405		770
Hasbro		4,401		522
Hilton Worldwide Holdings		93,198		8,678
Home Depot		59,402		13,783
Kohl’s		40,343		2,003
L Brands		29,291		574
Las Vegas Sands		67,580		3,903
Lear		21,512		2,536
Leggett & Platt		4,746		194
Lennar, Cl A		10,795		603
LKQ*		11,700		368
Lowe’s		59,254		6,516
Lululemon Athletica*		7,544		1,452
Macy’s		10,642		165
Marriott International, Cl A		10,423		1,296
McDonald’s		45,771		9,828
MGM Resorts International		18,900		524
Mohawk Industries*		2,301		286
Newell Brands		15,100		283
NIKE, Cl B		130,975		12,301
Nordstrom		3,749		126
Norwegian Cruise Line Holdings*		104,103		5,389
NVR*		696		2,587
O’Reilly Automotive*		8,170		3,256
PulteGroup		110,785		4,049
PVH		5,282		466
Qurate Retail*		27,378		282
Ralph Lauren, Cl A		11,319		1,081
Restaurant Brands International		57,314		4,077
Ross Stores		89,988		9,885
Royal Caribbean Cruises		6,492		703
ServiceMaster Global Holdings*		7,645		427
Sinclair Broadcast Group, Cl A		86,047		3,678

  KP Large Cap Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Skechers U.S.A., Cl A*		59,292	$	2,215
Starbucks		112,449		9,943
Tapestry		62,770		1,635
Target		31,039		3,318
Thor Industries		3,850		218
Tiffany		4,092		379
TJX		86,224		4,806
Toll Brothers		7,107		292
Tractor Supply		16,652		1,506
Ulta Beauty*		7,578		1,899
Under Armour, Cl A*		6,400		128
Under Armour, Cl C*		6,520		118
Urban Outfitters*		55,049		1,546
Vail Resorts		4,925		1,121
VF		12,214		1,087
Whirlpool		6,248		989
Wynn Resorts		3,691		401
Yum! Brands		11,559		1,311
				306,378
Consumer Staples – 6.4%
Altria Group		119,573		4,890
Archer-Daniels-Midland		108,214		4,444
Brown-Forman, Cl B		6,405		402
Bunge		53,395		3,023
Campbell Soup		6,913		324
Church & Dwight		35,051		2,637
Clorox		4,825		733
Coca-Cola		176,867		9,629
Colgate-Palmolive		80,815		5,941
Conagra Brands		18,342		563
Constellation Brands, Cl A		6,262		1,298
Costco Wholesale		17,867		5,148
Coty, Cl A		16,399		172
Danone		29,501		2,599
Diageo		162,811		6,672
Estee Lauder, Cl A		20,956		4,169
General Mills		45,539		2,510
Hershey		5,161		800
Hormel Foods		10,470		458
Ingredion		14,950		1,222
JM Smucker		23,475		2,583
Kellogg		9,315		599
Kimberly-Clark		45,060		6,401
Kraft Heinz		23,577		659
Kroger		65,003		1,676
Lamb Weston Holdings		5,600		407
McCormick		4,630		724
Molson Coors Brewing, Cl B		37,405		2,151
Mondelez International, Cl A		53,917		2,983
Monster Beverage*		96,658		5,612

Description	Shares		Value   (000)
Nestle		86,752	$	9,412
PepsiCo		112,001		15,355
Philip Morris International		182,929		13,890
Pilgrim’s Pride*		13,130		421
Post Holdings*		15,052		1,593
Procter & Gamble		260,964		32,459
Reckitt Benckiser Group		29,271		2,283
Sprouts Farmers Market*		9,313		180
Sysco		64,078		5,088
Tyson Foods, Cl A		110,815		9,545
Walgreens Boots Alliance		46,768		2,587
Walmart		153,636		18,233
				192,475
Energy – 2.7%
Apache		13,496		345
Baker Hughes a GE, Cl A		19,523		453
Cabot Oil & Gas		15,334		269
Chevron		148,317		17,590
Cimarex Energy		3,836		184
Concho Resources		42,200		2,865
ConocoPhillips		119,502		6,809
Devon Energy		60,387		1,453
Diamondback Energy		6,561		590
EOG Resources		60,445		4,486
Exxon Mobil		257,671		18,194
Halliburton		32,836		619
Helmerich & Payne		3,887		156
Hess		9,396		568
HollyFrontier		6,050		325
Kinder Morgan		72,523		1,495
Marathon Oil		164,340		2,016
Marathon Petroleum		25,096		1,525
National Oilwell Varco		13,846		294
Noble Energy		18,116		407
Occidental Petroleum		33,915		1,508
ONEOK		15,660		1,154
Phillips 66		22,506		2,305
Pioneer Natural Resources		16,698		2,100
Range Resources		31,082		119
Schlumberger		180,001		6,151
Suncor Energy		74,666		2,355
TechnipFMC		16,012		387
Transocean*		27,635		124
Valero Energy		35,657		3,039
Whiting Petroleum*		46,112		370
Williams		45,561		1,096
				81,351
Financials – 14.0%
Affiliated Managers Group		1,800		150
Aflac		67,643		3,539
Allstate		80,241		8,721

  KP Large Cap Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
American Express		84,311	$	9,972
American Financial Group		17,787		1,918
American International Group		32,856		1,830
Ameriprise Financial		20,536		3,021
Aon		72,128		13,962
Arch Capital Group*		25,569		1,073
Arthur J Gallagher		6,800		609
Associated Banc-Corp		46,785		947
Assurant		2,327		293
Assured Guaranty		29,982		1,333
Athene Holding, Cl A*		30,274		1,273
Axis Capital Holdings		8,781		586
Bank of America		531,778		15,512
Bank of New York Mellon		128,761		5,821
BB&T		176,535		9,422
Berkshire Hathaway, Cl B*		135,531		28,193
BlackRock, Cl A		15,058		6,711
Capital One Financial		65,595		5,968
Cboe Global Markets		4,200		483
Charles Schwab		218,299		9,132
Chubb		86,647		13,988
Cincinnati Financial		5,610		655
CIT Group		4,837		219
Citigroup		251,625		17,382
Citizens Financial Group		85,215		3,014
CME Group, Cl A		16,222		3,428
CNA Financial		14,521		715
Comerica		43,493		2,870
Discover Financial Services		44,076		3,574
E*TRADE Financial		9,375		410
Everest Re Group		10,445		2,779
Fidelity National Financial		21,440		952
Fifth Third Bancorp		136,432		3,736
First American Financial		20,918		1,234
First Citizens BancShares, Cl A		319		150
First Republic Bank		6,100		590
Franklin Resources		10,632		307
Globe Life		3,887		372
Goldman Sachs Group		52,214		10,820
Hanover Insurance Group		12,160		1,648
Hartford Financial Services Group		48,497		2,939
Huntington Bancshares		40,076		572
Intercontinental Exchange		85,695		7,907
Invesco		14,873		252
Janus Henderson Group		8,437		190
JPMorgan Chase		380,351		44,764
KeyCorp		37,134		663
Lincoln National		18,641		1,124
Loews		9,833		506
LPL Financial Holdings		19,844		1,625
M&T Bank		5,124		809
MarketAxess Holdings		1,400		459

Description	Shares		Value   (000)
Marsh & McLennan		75,026	$	7,506
Mercury General		28,831		1,611
MetLife		224,189		10,573
MGIC Investment		389,455		4,899
Moody’s		29,702		6,084
Morgan Stanley		48,303		2,061
Morningstar		588		86
MSCI, Cl A		3,200		697
Nasdaq		65,782		6,536
Northern Trust		8,192		765
Old Republic International		8,671		204
PacWest Bancorp		4,991		181
People’s United Financial		14,854		232
PNC Financial Services Group		68,720		9,632
Popular		98,338		5,318
Principal Financial Group		9,877		564
Progressive		79,333		6,129
Prudential Financial		16,786		1,510
Raymond James Financial		4,600		379
Regions Financial		167,188		2,645
Reinsurance Group of America, Cl A		21,882		3,499
S&P Global		12,822		3,141
Santander Consumer USA Holdings		36,998		944
State Street		73,597		4,356
SunTrust Banks		57,162		3,933
SVB Financial Group*		1,900		397
Synchrony Financial		233,099		7,946
T Rowe Price Group		31,685		3,620
TD Ameritrade Holding		61,953		2,893
Travelers		96,986		14,421
Unum Group		23,485		698
US Bancorp		261,683		14,482
Voya Financial		7,261		395
Wells Fargo		582,428		29,378
Willis Towers Watson		4,822		931
Wintrust Financial		3,332		215
Zions Bancorp		44,567		1,984
				421,967
Health Care – 13.8%
Abbott Laboratories		231,868		19,400
AbbVie		83,527		6,325
ABIOMED*		1,700		302
Agilent Technologies		76,999		5,900
Alexion Pharmaceuticals*		42,099		4,123
Align Technology*		14,115		2,554
Alkermes*		7,758		151
Allergan		33,916		5,708
AmerisourceBergen, Cl A		6,001		494
Amgen		23,000		4,451
Anthem		21,287		5,111

  KP Large Cap Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Avantor*		177,672	$	2,612
Baxter International		84,127		7,359
Becton Dickinson		48,299		12,218
Biogen*		34,561		8,046
Boston Scientific*		52,128		2,121
Bristol-Myers Squibb		90,802		4,605
Cardinal Health		77,453		3,655
Celgene*		38,891		3,862
Centene*		56,521		2,445
Cerner		12,249		835
Cigna		132,293		20,081
Cooper		1,900		564
CVS Health		49,001		3,090
Danaher		101,858		14,711
DaVita*		4,848		277
DENTSPLY SIRONA		18,358		979
Edwards Lifesciences*		7,782		1,711
Eli Lilly		50,460		5,643
Exelixis*		208,992		3,696
Gilead Sciences		103,338		6,550
HCA Healthcare		73,973		8,908
Henry Schein*		5,353		340
Hill-Rom Holdings		16,331		1,718
Hologic*		46,224		2,334
Humana*		5,073		1,297
IDEXX Laboratories*		3,212		873
Illumina*		5,560		1,691
Incyte*		29,336		2,178
Integra LifeSciences Holdings*		26,347		1,583
Intuitive Surgical*		23,187		12,519
IQVIA Holdings*		6,900		1,031
Johnson & Johnson		332,368		43,002
Laboratory Corp of America Holdings*		3,803		639
Masimo*		19,036		2,832
McKesson		73,100		9,990
MEDNAX*		37,983		859
Medtronic		312,704		33,966
Merck		235,417		19,817
Mettler-Toledo International*		900		634
Mylan*		100,548		1,989
Nektar Therapeutics, Cl A*		5,900		107
Novartis		13,733		1,191
PerkinElmer		4,296		366
Perrigo		4,632		259
Pfizer		646,641		23,234
Quest Diagnostics		5,062		542
Regeneron Pharmaceuticals*		2,907		806
ResMed		5,374		726
Roche Holding		7,827		2,278
Stryker		68,374		14,789
Teleflex		1,700		578

Description	Shares		Value   (000)
Thermo Fisher Scientific		70,046	$	20,402
UnitedHealth Group		77,574		16,858
Universal Health Services, Cl B		3,100		461
Varian Medical Systems*		5,100		607
Veeva Systems, Cl A*		12,927		1,974
Vertex Pharmaceuticals*		70,557		11,954
Waters*		2,659		594
WellCare Health Plans*		10,563		2,738
Zimmer Biomet Holdings		31,876		4,376
Zoetis, Cl A		17,972		2,239
				414,858
Industrials – 10.4%
3M		49,182		8,086
Acuity Brands		6,372		859
AGCO		4,946		374
Alaska Air Group		4,400		286
Allegion		3,556		369
Allison Transmission Holdings		44,297		2,084
American Airlines Group		40,513		1,093
AMETEK		8,648		794
AO Smith		5,200		248
Arconic		16,255		423
Armstrong World Industries		16,690		1,614
Boeing		122,945		46,777
Canadian National Railway		31,886		2,865
Caterpillar		49,697		6,277
CH Robinson Worldwide		5,164		438
Cintas		3,176		851
Clean Harbors*		8,516		657
Copa Holdings, Cl A		1,631		161
Copart*		7,600		611
CoStar Group*		4,470		2,652
CSX		29,104		2,016
Cummins		40,390		6,570
Curtiss-Wright		1,286		166
Deere		11,967		2,019
Delta Air Lines		105,796		6,094
Dover		5,363		534
Eaton		126,941		10,555
Emerson Electric		22,918		1,532
Equifax		38,302		5,388
Expeditors International of Washington		6,458		480
Fastenal		21,818		713
FedEx		8,966		1,305
Flowserve		4,743		222
Fortive		37,278		2,556
Fortune Brands Home & Security		5,200		284
Gardner Denver Holdings*		45,538		1,288
General Dynamics		8,868		1,620
General Electric		329,238		2,943

  KP Large Cap Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
HD Supply Holdings*		20,146	$	789
Honeywell International		145,180		24,564
Hubbell, Cl B		10,532		1,384
Huntington Ingalls Industries		9,050		1,917
IDEX		11,304		1,853
IHS Markit*		15,130		1,012
Illinois Tool Works		64,332		10,067
Ingersoll-Rand		69,905		8,613
ITT		41,270		2,525
Jacobs Engineering Group		4,330		396
JB Hunt Transport Services		25,164		2,784
JetBlue Airways*		14,383		241
Johnson Controls International		222,080		9,747
Kansas City Southern		3,692		491
L3Harris Technologies		32,410		6,762
Lockheed Martin		35,071		13,680
Masco		33,051		1,378
Nielsen Holdings		13,000		276
Norfolk Southern		10,066		1,808
Northrop Grumman		53,706		20,128
nVent Electric		27,492		606
Oshkosh		43,553		3,301
PACCAR		49,017		3,432
Parker-Hannifin		19,214		3,470
Pentair		27,665		1,046
Quanta Services		5,476		207
Raytheon		15,308		3,003
Regal Beloit		20,237		1,474
Republic Services, Cl A		8,171		707
Robert Half International		8,653		482
Rockwell Automation		4,542		749
Rollins		5,250		179
Roper Technologies		3,873		1,381
Ryder System		3,796		197
Snap-on		2,029		318
Southwest Airlines		75,442		4,075
Spirit AeroSystems Holdings, Cl A		45,520		3,744
Stanley Black & Decker		44,359		6,406
Teledyne Technologies*		8,252		2,657
Textron		8,814		432
Timken		3,609		157
TransDigm Group*		1,900		989
Uber Technologies*		699		21
Union Pacific		66,766		10,815
United Airlines Holdings*		63,239		5,591
United Parcel Service, Cl B		26,350		3,157
United Rentals*		2,929		365
United Technologies		73,407		10,022
Verisk Analytics, Cl A		6,200		980
Wabtec		6,890		495
Waste Management		53,212		6,119
WESCO International*		15,818		756

Description	Shares		Value   (000)
WW Grainger		1,665	$	495
Xylem		6,722		535
				312,582
Information Technology – 21.6%
Accenture, Cl A		104,993		20,195
Adobe*		45,924		12,686
Advanced Micro Devices*		41,000		1,189
Akamai Technologies*		48,949		4,473
Alliance Data Systems		4,145		531
Amdocs		38,767		2,563
Amphenol, Cl A		11,352		1,095
Analog Devices		72,243		8,072
ANSYS*		3,134		694
Apple		380,139		85,140
Applied Materials		170,169		8,491
Arista Networks*		2,000		478
Arrow Electronics*		12,487		931
ASML Holding, Cl G		27,533		6,840
Aspen Technology*		15,203		1,871
Atlassian, Cl A*		3,620		454
Autodesk*		9,749		1,440
Automatic Data Processing		16,468		2,658
Avnet		40,776		1,814
Black Knight*		27,246		1,664
Booz Allen Hamilton Holding, Cl A		30,757		2,184
Broadcom		27,726		7,654
Broadridge Financial Solutions		6,667		830
CACI International, Cl A*		5,960		1,378
Cadence Design Systems*		75,707		5,003
CDW		54,850		6,760
Ciena*		38,727		1,519
Cisco Systems		345,722		17,082
Citrix Systems		4,742		458
Cognizant Technology Solutions, Cl A		88,382		5,326
Corning		29,423		839
Dell Technologies, Cl C*		12,574		652
Dropbox, Cl A*		72,224		1,457
DXC Technology		107,194		3,162
EPAM Systems*		2,954		539
F5 Networks*		8,904		1,250
Fidelity National Information Services		116,863		15,515
Fiserv*		94,232		9,761
FleetCor Technologies*		3,203		919
FLIR Systems		5,047		265
Fortinet*		56,406		4,330
Gartner*		3,367		481
Global Payments		96,580		15,356
Hewlett Packard Enterprise		49,545		752
HP		246,348		4,661
Intel		328,877		16,947

  KP Large Cap Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
International Business Machines		71,148	$	10,346
Intuit		95,359		25,360
IPG Photonics*		1,300		176
Jabil		15,202		544
Jack Henry & Associates		2,800		409
Juniper Networks		13,080		324
Keysight Technologies*		29,737		2,892
KLA		5,976		953
Lam Research		21,614		4,995
Leidos Holdings		5,300		455
Manhattan Associates*		10,316		832
Marvell Technology Group		165,700		4,138
Mastercard, Cl A		70,876		19,248
Maxim Integrated Products		40,002		2,316
Microchip Technology		8,946		831
Micron Technology*		123,999		5,313
Microsoft		822,795		114,393
Motorola Solutions		6,265		1,068
National Instruments		14,745		619
NetApp		9,094		478
NVIDIA		22,966		3,998
NXP Semiconductors		19,974		2,180
Oracle		183,627		10,105
Paychex		12,167		1,007
PayPal Holdings*		180,149		18,662
Perspecta		40,912		1,069
Proofpoint*		14,841		1,915
Qorvo*		27,388		2,031
QUALCOMM		107,034		8,165
salesforce.com*		91,164		13,532
Seagate Technology		9,669		520
ServiceNow*		16,653		4,227
Skyworks Solutions		31,768		2,518
Slack Technologies, Cl A*		33,437		793
Splunk*		49,759		5,865
Symantec		29,510		697
Synopsys*		21,977		3,016
TE Connectivity		12,715		1,185
Temenos ADR		17,700		2,969
Texas Instruments		148,510		19,193
VeriSign*		19,084		3,600
Visa, Cl A		237,167		40,795
VMware, Cl A*		43,195		6,482
Western Digital		11,001		656
Western Union		15,563		361
Workday, Cl A*		22,855		3,884
Xerox Holdings		68,867		2,060
Xilinx		9,619		922
Zebra Technologies, Cl A*		8,984		1,854

Description	Shares		Value   (000)
Zoom Video Communications, Cl A*		1,306	$	99
				648,409
Materials – 2.0%
Air Products & Chemicals		8,368		1,856
Albemarle		4,100		285
Amcor		59,740		582
Avery Dennison		3,068		348
Ball		12,504		910
Berry Global Group*		42,648		1,675
Cabot		11,408		517
Celanese, Cl A		6,162		754
CF Industries Holdings		44,373		2,183
Corteva		50,523		1,415
Domtar		30,549		1,094
Dow		28,152		1,341
DuPont de Nemours		83,216		5,934
Eastman Chemical		16,928		1,250
Ecolab		9,467		1,875
FMC		4,832		424
Freeport-McMoRan		53,048		508
International Flavors & Fragrances		3,942		484
International Paper		39,898		1,668
Linde		20,508		3,973
LyondellBasell Industries, Cl A		40,325		3,608
Martin Marietta Materials		2,400		658
Mosaic		12,681		260
NewMarket		1,053		497
Newmont Goldcorp		30,822		1,169
Nucor		11,642		593
Packaging Corp of America		3,682		391
PPG Industries		91,482		10,841
Royal Gold		13,558		1,670
Sealed Air		5,942		247
Sherwin-Williams		18,249		10,035
Steel Dynamics		51,676		1,540
Vulcan Materials		5,027		760
Westrock		9,278		338
				61,683
Real Estate – 2.1%
Alexandria Real Estate Equities‡		4,300		662
American Tower, Cl A		29,549		6,534
Apartment Investment & Management, Cl A‡		5,556		290
AvalonBay Communities‡		16,034		3,453
Boston Properties‡		20,276		2,629
Camden Property Trust‡		15,573		1,729
CBRE Group, Cl A*		48,011		2,545
Corporate Office Properties Trust‡		52,163		1,553
Cousins Properties‡		40,308		1,515
Crown Castle International‡		15,573		2,165

  KP Large Cap Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Digital Realty Trust‡		7,800	$	1,013
Douglas Emmett‡		39,309		1,684
Duke Realty‡		66,095		2,245
Equinix		3,171		1,829
Equity Commonwealth‡ *		23,874		818
Equity LifeStyle Properties‡		13,109		1,751
Equity Residential‡		19,246		1,660
Essex Property Trust‡		2,432		794
Extra Space Storage‡		4,800		561
Federal Realty Investment Trust‡		2,700		368
Gaming and Leisure Properties‡		44,178		1,689
HCP‡		17,595		627
Host Hotels & Resorts‡		28,018		484
Iron Mountain‡		10,286		333
Kimco Realty‡		15,245		318
Macerich‡		3,745		118
Medical Properties Trust‡		87,990		1,721
Mid-America Apartment Communities‡		4,300		559
Outfront Media‡		22,645		629
Park Hotels & Resorts‡		48,883		1,221
Prologis‡		53,493		4,559
Public Storage‡		14,376		3,526
Realty Income‡		11,900		912
Regency Centers‡		6,300		438
Retail Properties of America, Cl A‡		24,010		296
SBA Communications, Cl A‡		4,200		1,013
Simon Property Group‡		11,703		1,822
SL Green Realty‡		3,300		270
UDR‡		10,400		504
Ventas‡		13,813		1,009
Vornado Realty Trust‡		29,056		1,850
Welltower‡		15,303		1,387
Weyerhaeuser‡		28,082		778
				61,861
Utilities – 4.2%
AES		25,196		412
Alliant Energy		8,600		464
Ameren		15,748		1,261
American Electric Power		94,808		8,883
American Water Works		6,782		842
Atmos Energy		4,400		501
CenterPoint Energy		18,547		560
CMS Energy		10,664		682
Consolidated Edison		100,494		9,494
Dominion Energy		31,030		2,515
DTE Energy		31,858		4,236
Duke Energy		149,366		14,318
Edison International		13,268		1,001
Entergy		7,254		851
Evergy		9,300		619

Description	Shares		Value   (000)
Eversource Energy		21,229	$	1,814
Exelon		218,375		10,550
FirstEnergy		169,533		8,177
IDACORP		9,145		1,030
NextEra Energy		47,499		11,067
NiSource		14,146		423
NRG Energy		10,164		402
OGE Energy		53,021		2,406
Pinnacle West Capital		85,877		8,336
PPL		26,999		850
Public Service Enterprise Group		83,526		5,185
Sempra Energy		35,027		5,170
Southern		271,577		16,775
Vistra Energy		28,315		757
WEC Energy Group		11,720		1,115
Xcel Energy		95,070		6,169
				126,865
Total Common Stock (Cost $2,461,076) (000)				2,943,309
Preferred Stock — 0.2%
Air BNB, Ser D* (A)(B)		11,406		1,290
Air BNB, Ser E* (A)(B)		6,939		785
Aurora Innovation(B)		42,480		393
Magic Leap* (A)(B)		5,553		135
Magic Leap, Ser C* (A)(B)		13,521		328
Uber Technologies(B)		29,890		865
Uipath Inc.(B)		17,452		687
Total Preferred Stock (Cost $3,770) (000)				4,483
Short-Term Investment — 1.8%
State Street Institutional Treasury Money Market Fund, Cl Premier, 1.650% (C)		55,090,707		55,091
Total Short-Term Investment (Cost $55,091) (000)				55,091
Total Investments In Securities — 99.9% (Cost $2,519,937) (000)			$	3,002,883

Percentages are based on Net Assets of $3,005,390 (000).

A list of the open futures contracts held by the Fund at September 30, 2019, is as follows (000):

Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount		Value		Unrealized (Depreciation)
S&P 500
Index E-MINI		253		Dec-2019	$	37,934	$	37,678	$	(256)
					$	37,934	$	37,678	$	(256)

KP Large Cap Equity Fund

Schedule of Investments

September 30, 2019 (unaudited)

* Non-income producing security.

‡ Real Estate Investment Trust

(A) Level 3 security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of September 30, 2019, was $2,538 (000) and represented 0.1% of net assets.

(B) There is currently no rate available.

(C) The rate reported is the 7-day effective yield as of September 30, 2019.

ADR — American Depositary Receipt

Cl — Class

S&P — Standard & Poor’s

Ser — Series

The following is a list of the level of inputs used as of September 30, 2019, in valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in     Securities	Level 1		Level 2		Level 3^		Total
Common Stock	$	2,943,309	$	—	$	—	$	2,943,309
Preferred Stock		—		1,945		2,538		4,483
Short-Term Investment		55,091		—		—		55,091
Total Investments in Securities	$	2,998,400	$	1,945	$	2,538	$	3,002,883
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts**
Unrealized Depreciation	$	(256)	$	—	$	—	$	(256)
Total Other Financial Instruments	$	(256)	$	—	$	—	$	(256)

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

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

For the period ended September 30, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended September 30, 2019, there were no transfers in and out of Level 3. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2019, 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.

  KP Small Cap Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value   (000)
Common Stock — 95.8%
Communication Services – 1.6%
AH Belo, Cl A		197,880	$	742
ATN International		25,794		1,506
Bandwidth, Cl A*		23,225		1,512
Beasley Broadcast Group, Cl A		132,800		412
Care.com*		8,983		94
Cincinnati Bell*		16,333		83
Cogent Communications Holdings		14,060		775
Consolidated Communications Holdings*		23,015		110
EW Scripps, Cl A		68,394		908
Frontier Communications*		35,229		31
Gannett		37,928		407
Iridium Communications*		32,361		689
John Wiley & Sons, Cl A		13,336		586
Marcus		7,270		269
Meredith		44,328		1,625
New Media Investment Group		17,520		154
ORBCOMM*		205,456		978
QuinStreet*		15,283		192
Scholastic		10,283		388
Sea ADR*		43,882		1,358
Spok Holdings		5,700		68
TechTarget*		7,216		162
Vonage Holdings*		213,335		2,411
World Wrestling Entertainment,
Cl A		24,009		1,708
Zynga, Cl A*		558,172		3,249
				20,417
Consumer Discretionary – 13.5%
1-800-Flowers.com, Cl A*		143,688		2,126
Aaron’s		33,965		2,183
Abercrombie & Fitch, Cl A		21,023		328
American Axle & Manufacturing Holdings*		37,199		306
American Public Education*		5,586		125
Asbury Automotive Group*		6,583		674
Aspen Group*		431,845		2,241
Barnes & Noble Education*		11,026		34
Big Lots		106,439		2,608
BJ’s Restaurants		6,797		264
Bloomin’ Brands		221,202		4,187
Boot Barn Holdings*		39,801		1,389
Brunswick		121,991		6,358
Buckle		9,715		200
Burlington Stores*		5,757		1,150
Caleres		14,030		328
Callaway Golf		115,436		2,241

Description	Shares		Value   (000)
Career Education*		23,187	$	368
CarMax*		14,390		1,266
Carrols Restaurant Group*		349,639		2,898
Carter’s		30,254		2,759
Cato, Cl A		7,745		136
Cavco Industries*		32,913		6,322
Century Communities*		69,787		2,138
Chegg*		53,253		1,595
Chico’s FAS		39,295		158
Children’s Place		5,363		413
Chuy’s Holdings*		12,064		299
Conn’s*		6,300		157
Cooper Tire & Rubber		233,271		6,093
Cooper-Standard Holdings*		5,412		221
Core-Mark Holding		15,456		496
Crocs*		20,878		580
Dana		242,043		3,495
Dave & Buster’s Entertainment		116,417		4,534
Designer Brands, Cl A		104,090		1,782
Dine Brands Global		5,796		440
Dorman Products*		9,663		769
El Pollo Loco Holdings*		6,956		76
Ethan Allen Interiors		8,234		157
Everi Holdings*		134,461		1,138
Express*		21,547		74
Extended Stay America		222,116		3,252
Fiesta Restaurant Group*		7,920		83
Five Below*		23,820		3,004
Floor & Decor Holdings, Cl A*		16,681		853
Fossil Group*		15,187		190
Fox Factory Holding*		31,464		1,958
frontdoor*		29,690		1,442
GameStop, Cl A*		29,525		163
Garrett Motion*		24,702		246
Genesco*		5,254		210
Gentherm*		11,243		462
G-III Apparel Group*		92,045		2,372
Golden Entertainment*		182,614		2,427
Group 1 Automotive		5,947		549
Guess?		14,151		262
Habit Restaurants, Cl A*		441,131		3,855
Haverty Furniture		6,212		126
Helen of Troy*		11,535		1,819
Hibbett Sports*		6,084		139
Installed Building Products*		7,110		408
iRobot*		9,458		583
Jack in the Box		21,095		1,922
JC Penney*		105,754		94
Kontoor Brands		15,658		550
La-Z-Boy, Cl Z		15,726		528
LCI Industries		8,325		765
LGI Homes*		6,351		529

  KP Small Cap Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Liquidity Services*		52,944	$	392
Lithia Motors, Cl A		23,960		3,172
Lovesac*		120,614		2,252
Lululemon Athletica*		14,183		2,731
Lumber Liquidators Holdings*		9,359		92
M/I Homes*		9,355		352
MarineMax*		7,634		118
MDC Holdings		181,608		7,827
Meritage Homes*		12,109		852
Michaels*		26,900		263
Modine Manufacturing*		225,481		2,564
Monarch Casino & Resort*		3,994		167
Monro		67,906		5,365
Motorcar Parts of America*		6,244		106
Movado Group		5,476		136
Office Depot		180,957		318
Oxford Industries		5,690		408
Papa John’s International		124,283		6,506
PetMed Express		6,500		117
Planet Fitness, Cl A*		26,695		1,545
Red Robin Gourmet Burgers*		4,320		144
Regis*		8,137		165
Rent-A-Center, Cl A		16,203		418
RH*		5,440		929
Roku, Cl A*		11,067		1,126
Ruth’s Hospitality Group		9,380		191
SeaWorld Entertainment*		35,945		946
Shake Shack, Cl A*		10,195		1,000
Shoe Carnival		3,168		103
Shutterstock*		6,149		222
Signet Jewelers		17,400		292
Skyline Champion*		60,575		1,823
Sleep Number*		9,999		413
Sonic Automotive, Cl A		8,025		252
Sonos*		86,382		1,158
Stamps.com*		5,408		403
Standard Motor Products		6,636		322
Steven Madden		26,339		943
Strategic Education		7,365		1,001
Sturm Ruger		74,045		3,092
Tailored Brands*		15,981		70
Taylor Morrison Home, Cl A*		69,625		1,806
Tile Shop Holdings		12,601		40
TopBuild*		26,999		2,604
Tupperware Brands		16,200		257
Unifi*		4,579		100
Universal Electronics*		4,591		234
Vera Bradley*		6,862		69
Vista Outdoor*		19,201		119
Vitamin Shoppe*		4,654		30
Wendy’s		152,430		3,046
William Lyon Homes, Cl A*		11,148		227

Description	Shares		Value   (000)
Wingstop, Cl A		9,883	$	863
Winnebago Industries		133,084		5,104
Wolverine World Wide		47,510		1,343
Wyndham Destinations		148,310		6,825
Wyndham Hotels & Resorts		29,580		1,530
Zumiez*		6,373		202
				168,592
Consumer Staples – 5.1%
Andersons		217,955		4,889
Avon Products*		149,463		658
B&G Foods		22,114		418
Boston Beer, Cl A*		2,089		761
Calavo Growers		5,280		503
Cal-Maine Foods*		10,247		409
Casey’s General Stores		32,684		5,267
Central Garden & Pet*		3,267		95
Central Garden & Pet, Cl A*		13,700		380
Chefs’ Warehouse*		52,008		2,097
Church & Dwight		33,662		2,533
Coca-Cola Consolidated		1,550		471
Darling Ingredients*		320,477		6,131
Dean Foods*		28,659		33
elf Beauty*		77,960		1,365
Energizer Holdings		144,025		6,277
Fresh Del Monte Produce		10,200		348
Freshpet*		29,630		1,475
Grocery Outlet Holding*		16,680		578
Herbalife Nutrition*		42,542		1,611
Hostess Brands, Cl A*		54,305		759
Inter Parfums		5,859		410
J&J Snack Foods		5,062		972
John B Sanfilippo & Son		2,899		280
Landec*		318,499		3,462
Medifast		4,026		417
MGP Ingredients		4,180		208
National Beverage*		4,000		177
Nu Skin Enterprises, Cl A		30,950		1,316
Performance Food Group*		61,061		2,809
PriceSmart		7,400		526
Sanderson Farms		48,420		7,327
Seneca Foods, Cl A*		2,135		67
Simply Good Foods*		65,370		1,895
SpartanNash		12,068		143
TreeHouse Foods*		16,886		936
United Natural Foods*		17,695		204
Universal		66,115		3,624
USANA Health Sciences*		4,415		302
Vector Group		37,695		449
WD-40		4,642		852
				63,434

  KP Small Cap Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Energy – 3.0%
Archrock		42,621	$	425
Ardmore Shipping*		254,915		1,705
Bonanza Creek Energy*		6,231		140
C&J Energy Services*		21,046		226
Callon Petroleum*		76,100		330
Capital Product Partners (A)		33,913		363
Carrizo Oil & Gas*		291,428		2,502
CONSOL Energy*		9,031		141
Delek US Holdings		39,268		1,425
Denbury Resources*		152,903		182
Diamond Offshore Drilling*		21,581		120
Diamond S Shipping*		23,498		259
Diamondback Energy		15,950		1,434
DMC Global		4,695		207
Dril-Quip*		12,061		605
Era Group*		6,300		67
Euronav		288,821		2,657
Exterran*		10,082		132
Frank’s International*		373,380		1,774
Geospace Technologies*		4,516		69
Green Plains*		11,658		124
Gulf Island Fabrication*		4,700		25
Gulfport Energy*		46,580		126
Helix Energy Solutions Group*		47,251		381
HighPoint Resources*		36,406		58
Jagged Peak Energy*		20,000		145
Keane Group*		155,926		945
KLX Energy Services Holdings*		7,804		67
Laredo Petroleum*		60,000		145
Matrix Service*		8,879		152
McDermott International*		60,500		122
Nabors Industries		109,691		205
Newpark Resources*		29,789		227
Noble*		80,561		102
Oceaneering International*		254,768		3,452
Oil States International*		20,050		267
Par Pacific Holdings*		12,191		279
PDC Energy*		19,550		543
Penn Virginia*		4,320		126
ProPetro Holding*		27,387		249
QEP Resources		79,100		293
Range Resources		69,400		265
Renewable Energy Group*		12,535		188
REX American Resources*		1,878		143
Ring Energy*		247,576		406
RPC*		134,641		755
SEACOR Holdings*		5,780		272
SM Energy		35,013		339
Southwestern Energy*		723,750		1,397
SRC Energy*		82,446		384
TETRA Technologies*		41,276		83

Description	Shares		Value   (000)
Unit*		18,693	$	63
US Silica Holdings		24,403		233
Valaris, Cl A*		65,800		317
Whiting Petroleum*		30,179		242
World Fuel Services		230,750		9,216
				37,099
Financials – 16.6%
Alerus Financial		30,545		666
Amalgamated Bank, Cl A		77,081		1,235
Ambac Financial Group*		15,030		294
American Equity Investment Life
Holding		69,471		1,681
Ameris Bancorp		21,736		875
AMERISAFE		90,236		5,965
Apollo Commercial Real Estate
Finance‡		46,337		888
ARMOUR Residential‡		19,676		330
Assetmark Financial Holdings*		434		11
Atlantic Union Bankshares		20,858		777
Axos Financial*		18,223		504
Banc of California		14,336		203
Bank of Hawaii		62,853		5,401
Banner		30,296		1,702
Berkshire Hills Bancorp		56,954		1,668
Blucora*		16,002		346
Boston Private Financial Holdings		27,770		324
Bridgewater Bancshares*		47,471		567
Brookline Bancorp		26,409		389
Byline Bancorp*		86,457		1,546
Cadence BanCorp, Cl A		42,800		751
Capstar Financial Holdings		142,467		2,362
Capstead Mortgage‡		31,816		234
Carolina Financial		111,938		3,978
Central Pacific Financial		9,481		269
City Holding		5,578		425
Columbia Banking System		195,396		7,210
Commerce Bancshares		57,908		3,512
Community Bank System		17,318		1,068
Community Bankers Trust		331,114		2,848
Customers Bancorp*		94,757		1,965
CVB Financial		427,241		8,916
Dime Community Bancshares		10,488		225
Donnelley Financial Solutions*		11,384		140
Eagle Bancorp		11,451		511
Eagle Bancorp Montana		40,204		704
eHealth*		14,494		968
Employers Holdings		10,601		462
Encore Capital Group*		8,525		284
Enova International*		11,234		233
Entegra Financial*		80,201		2,409
Essent Group		119,500		5,697
Evans Bancorp		56,745		2,122

  KP Small Cap Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
EZCORP, Cl A*		17,434	$	113
FB Financial		66,660		2,503
First American Financial		94,740		5,591
First BanCorp		73,214		731
First Bancorp NC		49,071		1,762
First Busey		102,957		2,603
First Commonwealth Financial		33,340		443
First Community		74,191		1,445
First Financial Bancorp		79,716		1,951
First Hawaiian		174,049		4,647
First Midwest Bancorp		37,588		732
FirstCash		23,025		2,111
Flagstar Bancorp		9,500		355
FNB		364,057		4,198
Franklin Financial Network		4,159		126
Glacier Bancorp		28,821		1,166
Goosehead Insurance, Cl A*		34,600		1,707
Granite Point Mortgage Trust‡		18,242		342
Great Western Bancorp		18,910		624
Greenhill		6,019		79
Hamilton Lane, Cl A		42,600		2,426
Hanmi Financial		10,228		192
HCI Group		2,200		92
Heritage Financial		36,908		995
HomeStreet*		8,180		223
Hope Bancorp		42,112		604
Horace Mann Educators		76,699		3,553
Independent Bank		11,596		866
International. FCStone*		5,318		218
Invesco Mortgage Capital‡		48,010		735
Investar Holding		44,032		1,048
James River Group Holdings		52,795		2,705
LegacyTexas Financial Group		16,277		709
LendingTree*		5,630		1,748
Malvern Bancorp*		30,754		671
Meta Financial Group		11,599		378
National Bank Holdings, Cl A		93,618		3,201
NBT Bancorp		14,775		541
New York Mortgage Trust‡		87,985		536
NMI Holdings, Cl A*		22,771		598
Northfield Bancorp		15,711		252
Northwest Bancshares		33,334		546
OFG Bancorp		17,119		375
Old Line Bancshares		63,090		1,830
Old National Bancorp		110,658		1,904
Old Point Financial		23,186		551
OneMain Holdings, Cl A		48,140		1,766
Opus Bank		109,940		2,393
Origin Bancorp		43,176		1,457
Oritani Financial		12,931		229
Orrstown Financial Services		32,754		717
Pacific Premier Bancorp		20,130		628

Description	Shares		Value   (000)
PacWest Bancorp		208,828	$	7,589
PennyMac Mortgage Investment Trust‡		28,458		633
Piper Jaffray		4,827		364
PRA Group*		15,149		512
Preferred Bank		4,611		242
Primerica		26,555		3,379
ProAssurance		28,693		1,155
Prosperity Bancshares		41,477		2,929
Provident Financial Services		20,702		508
Redwood Trust‡		36,592		600
Reliant Bancorp		32,953		790
RLI		13,170		1,224
S&T Bancorp		11,626		425
Safety Insurance Group		4,934		500
Sandy Spring Bancorp		100,956		3,403
Seacoast Banking Corp of Florida*		17,164		434
ServisFirst Bancshares		15,514		514
Shore Bancshares		104,590		1,612
Signature Bank		7,304		871
Simmons First National, Cl A		32,261		803
SmartFinancial*		90,580		1,887
Solar Capital		84,658		1,748
South Plains Financial		35,984		587
Southern First Bancshares*		52,340		2,086
Southern National Bancorp of Virginia		96,441		1,484
Southside Bancshares		10,443		356
State Auto Financial		26,940		873
Stewart Information Services		86,065		3,338
SVB Financial Group*		15,119		3,159
Synovus Financial		50,240		1,797
TCF Financial		131,127		4,992
Texas Capital Bancshares*		22,068		1,206
Third Point Reinsurance*		24,331		243
Tompkins Financial		4,112		334
Triumph Bancorp*		8,100		258
TrustCo Bank		31,845		260
Umpqua Holdings		81,147		1,336
United Community Banks		26,680		756
United Fire Group		7,084		333
United Insurance Holdings		6,802		95
Universal Insurance Holdings		10,841		325
Veritex Holdings		176,489		4,282
Virtus Investment Partners		2,306		255
Waddell & Reed Financial, Cl A		24,849		427
Walker & Dunlop		9,550		534
WesBanco		75,052		2,805
Westamerica Bancorporation		34,360		2,136
Western Alliance Bancorp		13,925		642
WisdomTree Investments		38,824		203

  KP Small Cap Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
World Acceptance*		2,098	$	267
				208,072
Health Care – 12.4%
Acadia Healthcare*		65,570		2,038
ACADIA Pharmaceuticals*		36,305		1,307
Acorda Therapeutics*		13,418		39
Addus HomeCare*		38,793		3,076
Akorn*		30,800		117
Allscripts Healthcare Solutions*		412,257		4,527
Alphatec Holdings*		303,018		1,521
AMAG Pharmaceuticals*		10,774		124
Amedisys*		7,220		946
AMN Healthcare Services*		15,683		903
Amphastar Pharmaceuticals*		11,903		236
AngioDynamics*		123,577		2,276
ANI Pharmaceuticals*		2,841		207
Anika Therapeutics*		4,764		262
Arrowhead Pharmaceuticals*		31,964		901
Assertio Therapeutics*		20,285		26
Axogen*		150,788		1,882
BioDelivery Sciences International*		525,776		2,214
BioTelemetry*		11,427		465
Cambrex*		11,341		675
Cardiovascular Systems*		11,611		552
Catalent*		36,280		1,729
Charles River Laboratories International*		16,706		2,211
Chemed		6,052		2,527
Community Health Systems*		39,474		142
Computer Programs & Systems		4,077		92
CONMED		63,168		6,074
Corcept Therapeutics*		35,341		500
CorVel*		3,000		227
Cross Country Healthcare*		175,321		1,806
CryoLife*		55,000		1,493
CryoPort*		79,506		1,300
Cutera*		4,600		134
Cytokinetics*		19,093		217
DexCom*		44,236		6,602
Diplomat Pharmacy*		18,983		93
Eagle Pharmaceuticals*		3,458		196
Emergent BioSolutions*		14,545		760
Enanta Pharmaceuticals*		5,397		324
Encompass Health		98,257		6,218
Endo International*		68,227		219
Ensign Group		16,766		795
Exact Sciences*		32,129		2,904
GenMark Diagnostics*		447,244		2,710
Genomic Health*		7,259		492
Haemonetics*		32,546		4,105
HealthStream*		8,453		219
Heska*		2,340		166

Description	Shares		Value   (000)
HMS Holdings*		120,417	$	4,150
Horizon Therapeutics*		94,223		2,566
Innoviva*		22,504		237
Inogen*		6,000		287
Inspire Medical Systems*		90,431		5,518
Insulet*		28,407		4,685
Integer Holdings*		10,869		821
Integra LifeSciences Holdings*		31,100		1,868
Invacare		11,143		84
Lannett*		11,185		125
Lantheus Holdings*		12,858		322
LeMaitre Vascular		5,300		181
LHC Group*		17,103		1,942
Luminex		13,901		287
Magellan Health*		7,216		448
Masimo*		13,155		1,957
Medicines*		24,502		1,225
MEDNAX*		51,440		1,164
Medpace Holdings*		9,008		757
Meridian Bioscience*		13,817		131
Merit Medical Systems*		82,026		2,499
Mesa Laboratories		8,923		2,122
Mirati Therapeutics*		7,400		577
Momenta Pharmaceuticals*		33,377		433
MyoKardia*		25,345		1,322
Myriad Genetics*		24,744		708
NanoString Technologies*		14,400		311
Natera*		51,194		1,679
Natus Medical*		11,535		367
Neogen*		17,505		1,192
NeoGenomics*		126,555		2,420
Neurocrine Biosciences*		17,915		1,614
NextGen Healthcare*		15,863		249
Novocure*		14,535		1,087
Nuvectra*		357,333		486
Omnicell*		41,320		2,986
OraSure Technologies*		190,152		1,420
Orthofix Medical*		6,322		335
Owens & Minor		21,240		123
Oxford Immunotec Global*		269,601		4,483
Pacira BioSciences*		13,900		529
Penumbra*		7,079		952
PetIQ, Cl A*		4,579		125
Phibro Animal Health, Cl A		6,758		144
Prestige Consumer Healthcare*		56,062		1,945
Progenics Pharmaceuticals*		28,149		142
Providence Service*		35,864		2,132
Quidel*		33,588		2,061
R1 RCM*		442,067		3,948
Recro Pharma*		77,112		854
REGENXBIO*		10,174		362
Repligen*		11,435		877

  KP Small Cap Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Sage Therapeutics*		12,660	$	1,776
Select Medical Holdings*		36,546		606
Spectrum Pharmaceuticals*		35,037		291
Supernus Pharmaceuticals*		50,318		1,383
Surmodics*		4,373		200
Tabula Rasa HealthCare*		6,515		358
Tactile Systems Technology*		6,326		268
Tandem Diabetes Care*		79,154		4,669
Teladoc Health*		24,055		1,629
Tivity Health*		14,321		238
Turning Point Therapeutics*		17,216		647
Twist Bioscience*		33,514		800
US Physical Therapy		4,305		562
Vanda Pharmaceuticals*		17,444		232
Varex Imaging*		12,677		362
Veracyte*		67,241		1,614
ViewRay*		294,985		855
Xencor*		16,143		545
				154,823
Industrials – 17.6%
AAON		13,502		620
AAR		82,856		3,414
ABM Industries		25,450		924
Actuant, Cl A		18,212		400
AECOM Technology*		35,095		1,318
Aegion, Cl A*		10,735		230
AerCap Holdings*		60,402		3,307
Aerojet Rocketdyne Holdings*		24,405		1,233
AeroVironment*		49,135		2,632
Air Transport Services Group*		75,260		1,582
Alamo Group		3,195		376
Albany International, Cl A		52,665		4,748
Allegiant Travel, Cl A		4,339		649
Altra Industrial Motion		68,798		1,905
American Woodmark*		5,086		452
Apogee Enterprises		8,758		341
Applied Industrial Technologies		13,002		739
ArcBest		8,521		259
Arcosa		16,323		558
ASGN*		40,009		2,515
Astec Industries		7,446		232
Atlas Air Worldwide Holdings*		8,560		216
AZZ		52,638		2,293
Barnes Group		41,505		2,139
Brady, Cl A		16,575		879
Briggs & Stratton		14,029		85
BrightView Holdings*		67,460		1,157
Brink’s		22,880		1,898
Builders FirstSource*		64,640		1,330
CAI International*		85,698		1,866
Casella Waste Systems, Cl A*		42,996		1,846
Chart Industries*		12,049		751

Description	Shares		Value   (000)
CIRCOR International*		6,611	$	248
Clean Harbors*		84,585		6,530
Columbus McKinnon		59,406		2,164
Comfort Systems USA		12,474		552
Commercial Vehicle Group*		65,374		471
Construction Partners, Cl A*		160,479		2,500
Continental Building Products*		136,944		3,737
CoStar Group*		6,815		4,043
Covanta Holding		98,813		1,708
Covenant Transportation Group, Cl A*		12,630		208
CPI Aerostructures*		329,604		2,709
Cubic		10,359		730
DXP Enterprises*		5,181		180
Dycom Industries*		35,114		1,793
Echo Global Logistics*		9,446		214
EMCOR Group		67,677		5,828
Encore Wire		7,078		398
EnPro Industries		7,015		482
ESCO Technologies		8,655		689
Evoqua Water Technologies*		140,760		2,396
Exponent		17,433		1,219
Federal Signal		75,284		2,465
Forrester Research*		3,478		112
Forward Air		9,680		617
Franklin Electric		12,791		612
FTI Consulting*		20,464		2,169
GATX		61,658		4,780
Genesee & Wyoming, Cl A*		22,726		2,511
Gibraltar Industries*		10,756		494
GMS*		13,536		389
Granite Construction		77,720		2,497
Greenbrier		10,683		322
Griffon		14,153		297
Harsco*		86,949		1,649
Hawaiian Holdings		16,263		427
Heartland Express		66,055		1,421
Heidrick & Struggles International		6,392		174
Herc Holdings*		32,845		1,528
Hillenbrand		20,828		643
Hub Group, Cl A*		126,532		5,884
Huron Consulting Group*		29,463		1,807
IAA*		35,090		1,464
InnerWorkings*		264,046		1,170
Insteel Industries		5,985		123
Interface, Cl A		151,256		2,184
ITT		117,930		7,216
John Bean Technologies		10,629		1,057
Kaman		9,432		561
Kansas City Southern		21,516		2,862
Kelly Services, Cl A		10,264		249
Korn Ferry		19,004		734

  KP Small Cap Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Kratos Defense & Security Solutions*		126,680	$	2,356
Lindsay		3,576		332
Lydall*		5,857		146
Marten Transport		12,763		265
Masco		75,886		3,163
Matson		14,460		542
Matthews International, Cl A		53,212		1,883
McGrath RentCorp		99,857		6,949
Mercury Systems*		89,306		7,249
Mobile Mini		15,168		559
Moog, Cl A		79,269		6,430
MSC Industrial Direct, Cl A		20,925		1,518
Mueller Industries		170,608		4,893
Mueller Water Products, Cl A		217,963		2,450
MYR Group*		5,618		176
National Presto Industries		1,632		145
Navigant Consulting		13,047		365
Oshkosh		79,179		6,002
Owens Corning		27,311		1,726
Park Aerospace		6,557		115
Patrick Industries*		7,508		322
PGT Innovations*		19,862		343
Pitney Bowes		56,278		257
Powell Industries		2,912		114
Primoris Services		189,170		3,710
Proto Labs*		9,033		922
Quanex Building Products		10,936		198
Raven Industries		12,036		403
Resources Connection		10,139		172
RR Donnelley & Sons		22,000		83
Ryder System		54,504		2,822
Saia*		19,766		1,852
Simpson Manufacturing		13,523		938
SkyWest		17,227		989
SP Plus*		77,054		2,851
SPX*		14,804		592
SPX FLOW*		14,355		566
Standex International		4,308		314
Sterling Construction*		174,812		2,299
Team*		117,200		2,115
Tennant		42,447		3,001
Tetra Tech		20,696		1,796
Titan International		16,981		46
Titan Machinery*		52,093		747
TransUnion		39,936		3,239
Trex*		22,300		2,028
Triumph Group		16,466		377
TrueBlue*		13,321		281
UniFirst		5,160		1,007
Universal Forest Products		20,685		825
US Ecology		7,375		472

Description	Shares		Value   (000)
US Xpress Enterprises, Cl A*		188,580	$	909
Valmont Industries		5,890		815
Veritiv*		4,372		79
Viad		6,707		450
Vicor*		5,385		159
Wabash National		103,196		1,497
Wabtec		22,351		1,606
Watts Water Technologies, Cl A		9,317		873
Woodward		9,970		1,075
				220,519
Information Technology – 14.5%
3D Systems*		38,672		315
8x8*		32,492		673
ACI Worldwide*		74,197		2,324
ADTRAN		15,718		178
Advanced Energy Industries*		51,506		2,957
Agilysys*		6,775		174
Alarm.com Holdings*		11,906		555
Alpha & Omega Semiconductor*		300		4
Alteryx, Cl A*		15,585		1,674
Ambarella*		72,456		4,553
Anaplan*		36,790		1,729
Anixter International*		9,773		676
Applied Optoelectronics*		5,966		67
Arlo Technologies*		24,961		85
Aspen Technology*		17,006		2,093
Avalara*		26,805		1,804
Avaya Holdings*		162,357		1,661
Axcelis Technologies*		10,990		188
Badger Meter		9,834		528
Bel Fuse, Cl B		3,256		49
Belden		31,630		1,687
Benchmark Electronics		65,424		1,901
Black Knight*		14,241		870
Bottomline Technologies DE*		74,030		2,913
Brooks Automation		60,728		2,249
Cabot Microelectronics		9,763		1,379
CACI International, Cl A*		6,030		1,395
CalAmp*		118,699		1,367
Cardtronics*		12,724		385
CEVA*		7,502		224
Cohu		13,709		185
Comtech Telecommunications		8,062		262
Cree*		60,166		2,948
CSG Systems International		11,204		579
CTS		11,159		361
Daktronics		13,088		97
Diebold Nixdorf*		25,300		283
Digi International*		9,316		127
Diodes*		13,498		542
DSP Group*		6,300		89
Ebix		7,240		305

  KP Small Cap Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Enphase Energy*		23,022	$	512
Entegris		34,700		1,633
ePlus*		4,561		347
Euronet Worldwide*		42,231		6,178
Everbridge*		16,488		1,017
EVERTEC		74,538		2,327
Evo Payments, Cl A*		50,755		1,427
ExlService Holdings*		11,560		774
Extreme Networks*		39,899		290
Fabrinet*		12,426		650
FARO Technologies*		5,892		285
Five9*		55,920		3,005
FormFactor*		25,232		470
Gartner*		3,603		515
Harmonic*		29,350		193
Ichor Holdings*		7,528		182
II-VI*		915		32
Impinj*		26,212		808
Infinera*		69,151		377
Inphi*		18,528		1,131
Insight Enterprises*		32,878		1,831
InterXion Holding*		18,920		1,541
Itron*		85,543		6,327
KBR		122,566		3,008
KEMET		80,367		1,461
Keysight Technologies*		45,431		4,418
Knowles*		142,407		2,897
Kulicke & Soffa Industries		21,997		516
Lattice Semiconductor*		75,014		1,372
LivePerson*		76,192		2,720
Lumentum Holdings*		42		2
MACOM Technology Solutions Holdings*		54,947		1,181
Manhattan Associates*		29,233		2,358
ManTech International, Cl A		9,001		643
MaxLinear, Cl A*		21,728		486
Methode Electronics		12,251		412
MicroStrategy, Cl A*		2,716		403
MKS Instruments		10,650		983
Model N*		33,077		918
Monotype Imaging Holdings*		13,756		273
MTS Systems		32,112		1,774
Nanometrics*		8,128		265
Napco Security Technologies*		41,393		1,056
NCR*		187,725		5,925
NETGEAR*		10,652		343
NIC		83,671		1,728
Novanta*		29,195		2,386
Okta, Cl A*		14,845		1,462
OneSpan*		10,193		148
OSI Systems*		5,679		577
PAR Technology*		46,741		1,111

Description	Shares		Value   (000)
PDF Solutions*		9,311	$	122
Perficient*		10,907		421
Perspecta		193,201		5,046
Photronics*		22,228		242
Plantronics		145,313		5,423
Plexus*		9,756		610
Power Integrations		9,848		891
Progress Software		15,010		571
PROS Holdings*		47,218		2,814
Q2 Holdings*		47,831		3,772
Qualys*		11,225		848
Rambus*		37,190		488
Rapid7*		61,379		2,786
RingCentral, Cl A*		30,029		3,773
Rogers*		20,565		2,811
Rudolph Technologies*		10,179		268
Sanmina*		23,248		746
ScanSource*		8,483		259
Silicon Laboratories*		13,775		1,534
SMART Global Holdings*		4,202		107
SolarEdge Technologies*		15,996		1,339
SPS Commerce*		12,080		569
SunPower, Cl A*		203,500		2,232
SVMK*		72,885		1,246
Sykes Enterprises*		13,204		405
Telaria*		57,140		395
Teradyne		22,776		1,319
TiVo		95,284		726
Tower Semiconductor*		42,845		824
TTEC Holdings		31,933		1,529
TTM Technologies*		31,125		380
Twilio, Cl A*		20,268		2,229
Tyler Technologies*		9,922		2,605
Ultra Clean Holdings*		13,058		191
Unisys*		17,200		128
Upland Software*		22,562		787
Veeco Instruments*		16,483		193
Viavi Solutions*		300,618		4,210
Virtusa*		10,081		363
Vishay Intertechnology		238,367		4,036
WEX*		16,192		3,272
Xperi		33,086		684
Zendesk*		42,101		3,068
				181,375
Materials – 5.2%
AdvanSix*		9,560		246
AK Steel Holding*		105,043		238
Alamos Gold, Cl A		97,765		567
American Vanguard		8,709		137
Balchem		10,872		1,078
Boise Cascade		13,196		430
Cabot		65,869		2,985

  KP Small Cap Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Century Aluminum*		15,992	$	106
Clearwater Paper*		5,351		113
Commercial Metals		154,023		2,677
Compass Minerals International		135,692		7,665
Crown Holdings*		85,150		5,625
Eagle Materials		6,395		576
Ferro*		27,117		322
Fortuna Silver Mines*		1,220,071		3,770
FutureFuel		8,138		97
GCP Applied Technologies*		17,900		345
Graphic Packaging Holding		93,045		1,372
Hawkins		3,078		131
Haynes International		4,065		146
HB Fuller		17,139		798
Huntsman		36,455		848
Innophos Holdings		113,420		3,682
Innospec		8,147		726
Kaiser Aluminum		5,449		539
Koppers Holdings*		6,998		204
Kraton*		68,982		2,227
Livent*		48,100		322
Louisiana-Pacific		146,731		3,607
LSB Industries*		6,185		32
Materion		6,735		413
Mercer International		14,484		182
Myers Industries		11,856		209
Neenah		5,655		368
Olympic Steel		2,849		41
Owens-Illinois		266,764		2,740
PH Glatfelter		201,088		3,095
PolyOne		43,390		1,417
Quaker Chemical		4,331		685
Rayonier Advanced Materials*		15,947		69
Sandstorm Gold*		650,738		3,670
Schweitzer-Mauduit International		19,847		743
Silgan Holdings		163,834		4,921
Stepan		6,860		666
SunCoke Energy*		29,285		165
Tecnoglass		174,566		1,419
TimkenSteel*		13,208		83
Tredegar		8,505		166
Trinseo		13,700		588
US Concrete*		5,206		288
Valvoline		82,345		1,814
Warrior Met Coal		17,200		336
				65,689
Real Estate – 4.5%
Acadia Realty Trust‡		27,915		798
Agree Realty‡		14,108		1,032
American Assets Trust‡		15,875		742
Armada Hoffler Properties‡		17,390		315
CareTrust‡		81,713		1,921

Description	Shares		Value   (000)
CatchMark Timber Trust, Cl A‡		198,929	$	2,123
CBL & Associates Properties‡ *		54,245		70
Cedar Realty Trust‡		26,754		80
Chatham Lodging Trust‡		15,453		280
Community Healthcare Trust‡		63,670		2,836
DiamondRock Hospitality‡		67,906		696
Easterly Government Properties‡		288,660		6,148
Four Corners Property Trust‡		23,058		652
Franklin Street Properties‡		35,256		298
GEO Group‡		201,928		3,501
Getty Realty‡		11,230		360
Global Net Lease‡		28,295		552
Hannon Armstrong Sustainable Infrastructure Capital‡		54,951		1,602
Hersha Hospitality Trust, Cl A‡		12,073		180
Independence Realty Trust‡		30,406		435
Innovative Industrial Properties, Cl A‡		16,858		1,557
iStar‡		76,792		1,002
Kite Realty Group Trust‡		28,035		453
Lexington Realty Trust, Cl B‡		82,392		845
LTC Properties‡		13,393		686
Marcus & Millichap*		7,802		277
National Storage Affiliates Trust‡		19,176		640
Office Properties Income Trust‡		16,263		498
Omega Healthcare Investors‡		43,202		1,805
Pennsylvania Real Estate Investment Trust‡		19,799		113
Postal Realty Trust, Cl A		121,798		1,929
QTS Realty Trust, Cl A‡		70,149		3,606
Rayonier‡		141,569		3,992
RE/MAX Holdings, Cl A		5,924		191
Realogy Holdings		37,967		254
Retail Opportunity Investments‡		268,018		4,886
RLJ Lodging Trust‡		172,246		2,926
RPT Realty‡		26,491		359
Saul Centers‡		3,886		212
STAG Industrial‡		72,962		2,151
Summit Hotel Properties‡		35,137		408
Universal Health Realty Income Trust‡		4,188		431
Urstadt Biddle Properties, Cl A‡		10,000		237
Washington‡		26,618		728
Washington Prime Group‡		62,936		261
Whitestone, Cl B‡		13,393		184
Xenia Hotels & Resorts‡		37,933		801
				56,053
Utilities – 1.8%
ALLETE		37,598		3,287
American States Water		75,275		6,764
Avista		71,066		3,442
California Water Service Group		16,192		857

  KP Small Cap Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
El Paso Electric		13,661	$	916
Northwest Natural Holding		10,245		731
South Jersey Industries		105,043		3,457
Unitil		41,469		2,631
				22,085
Total Common Stock (Cost $1,157,012) (000)				1,198,158
Exchange Traded Funds — 0.2%
iShares Russell 2000 ETF		11,061		1,674
iShares Russell 2000 Value ETF		12,631		1,508
Total Exchange Traded Funds (Cost $3,187) (000)				3,182
Rights — 0.0%
	Number of   Rights
A Schulman, Expires ‡‡ (B)		8,148		4
Media General, Expires ‡‡ (B)		9,318		1
Tobira Therapeutics, Expires 12/31/2028 (B)		900		11
Total Rights (Cost $–) (000)				16
Short-Term Investment — 4.0%
	Shares
State Street Institutional Treasury Money Market Fund, Cl Premier, 1.650%, (C)		49,802,512		49,803
Total Short-Term Investment (Cost $49,803) (000)				49,803
Total Investments In Securities — 100.0% (Cost $1,210,002) (000)			$	1,251,159

Percentages are based on Net Assets of $1,251,254 (000).

A list of the open futures contracts held by the Fund at September 30, 2019, is as follows (000):

Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount		Value		Unrealized (Depreciation)
Russell 2000 Index E-MINI		75		Dec-2019	$	5,831	$	5,719		$        (112)

* Non-income producing security.

‡ Real Estate Investment Trust

‡‡ Expiration date not available.

(A) Security considered Master Limited Partnership. At September 30, 2019, this security amounted to $363 (000) or 0.0% of Net Assets.

(B) Level 3 security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of June 30, 2019, was $16 (000) and represented 0.0% of net assets.

(C) The rate reported is the 7-day effective yield as of September 30, 2019.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

The following is a list of the level of inputs used as of September 30, 2019, 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	$	1,198,158	$	—	$	—	$	1,198,158
Exchange Traded Funds		3,182		—		—		3,182
Rights		—		—		16		16
Short-Term Investment		49,803		—		—		49,803
Total Investments in Securities	$	1,251,143	$	—	$	16	$	1,251,159
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts**
Unrealized Depreciation	$	(112)	$	—	$	—	$	(112)
Total Other Financial Instruments	$	(112)	$	—	$	—	$	(112)

** 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 period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

For the period ended September 30, 2019, there were no transfers between Level 1, Level 2 or Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

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.

  KP International Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

 SCHEDULE OF INVESTMENTS

Description	Shares		Value   (000)
Common Stock — 96.3%
Australia – 3.7%
Adairs		68,598	$	88
Adelaide Brighton		473,580		975
AGL Energy		17,519		227
ALS		143,036		774
Altium		20,028		451
Alumina		516,954		827
Amcor		136,466		1,313
AMP		93,765		116
APA Group		29,961		232
Appen		17,876		255
Aristocrat Leisure		14,456		298
Asaleo Care*		316,571		208
ASX		4,870		266
Aurizon Holdings		51,449		205
Ausdrill		70,884		107
AusNet Services		53,906		66
Austal		238,277		698
Australia & New Zealand Banking Group		230,893		4,444
Australian Finance Group		51,007		76
Auswide Bank		19,058		70
Baby Bunting Group		39,286		94
Bank of Queensland		9,088		61
Beach Energy		295,328		504
Bendigo & Adelaide Bank		12,425		96
BHP Group		98,499		2,442
BlueScope Steel		219,750		1,781
Boral		29,759		97
Brambles		184,240		1,418
Bravura Solutions		43,280		121
Caltex Australia		21,848		388
carsales.com		79,024		815
Centuria Metropolitan‡		3,682		8
Challenger		14,109		70
Champion Iron*		138,307		232
Charter Hall Group‡		71,409		562
CIMIC Group		2,687		57
Citadel Group		1,233		3
Cleanaway Waste Management		978,948		1,288
Clinuvel Pharmaceuticals		21,357		356
Clover		53,721		108
Coca-Cola Amatil		160,492		1,154
Cochlear		1,541		216
Codan		16,784		63
Coles Group		29,958		311
Collins Foods		32,465		219
Commonwealth Bank of Australia		46,091		2,515
Computershare		12,105		132
Cromwell Property Group‡		749,955		642
Crown Resorts		8,200		67
CSL		11,810		1,863
Dexus‡		29,021		234
Dicker Data		59,299		318
Domain Holdings Australia		137,316		314
EML Payments*		148,624		431
Evolution Mining		152,381		466
Flight Centre Travel Group		1,077		35
Fortescue Metals Group		35,180		209
GDI Property Group‡		145,595		149

Description	Shares		Value   (000)
Genworth Mortgage Insurance Australia		26,236	$	60
Goodman Group‡		41,306		395
GPT Group‡		49,314		205
GUD Holdings		64,124		435
GWA Group		111,728		256
Harvey Norman Holdings		13,109		40
Healius		185,469		403
IDP Education		24,768		260
Iluka Resources		162,609		877
Imdex		28,505		27
Incitec Pivot		77,359		177
Independence Group NL		137,068		596
Infomedia		21,957		30
Ingenia Communities Group‡		69,206		188
Insurance Australia Group		58,212		310
Integrated Research		28,064		59
IPH		60,976		358
IVE Group		37,823		54
James Hardie Industries		11,943		200
JB Hi-Fi		22,425		515
Jumbo Interactive		13,542		221
Jupiter Mines		2,136,720		562
Karoon Gas Australia*		66,346		52
Kina Securities		58,214		58
Lend Lease Group		14,440		171
Lovisa Holdings		6,241		54
Macquarie Group		8,398		743
Magellan Financial Group		41,615		1,445
Medibank		70,763		162
Metcash		158,425		320
Mirvac Group‡		104,499		216
Mount Gibson Iron		302,733		161
National Australia Bank		155,729		3,122
National Storage‡		194,804		236
Newcrest Mining		71,461		1,676
Nine Entertainment Holdings		342,518		452
Northern Star Resources		124,068		924
NRW Holdings		139,123		218
Oil Search		316,346		1,563
Orica		99,876		1,520
Origin Energy		46,932		252
OZ Minerals		25,643		166
People Infrastructure		53,721		115
Perseus Mining*		674,767		319
Pro Medicus		65,111		1,223
QBE Insurance Group		150,577		1,277
Ramelius Resources		105,266		80
Ramsay Health Care		4,376		192
REA Group		1,200		88
Red 5*		636,875		129
Regional Express Holdings		12,432		11
Regis Resources		22,433		74
Rio Tinto		9,761		611
Santos		47,450		248
Saracen Mineral Holdings*		94,015		219
Scentre Group‡		136,726		363
SEEK		8,496		123
Select Harvests		12,654		66
Service Stream		117,173		207
Sigma Healthcare		163,548		66
SmartGroup		11,065		91
Sonic Healthcare		11,992		227
South32		133,863		237
Stockland‡		59,707		183

  KP International Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Suncorp Group		31,771	$	293
Super Retail Group		32,393		217
Sydney Airport		29,245		159
Tabcorp Holdings		49,761		163
Technology One		160,999		780
Telstra		104,832		248
TPG Telecom		10,268		48
Transurban Group		69,544		689
Treasury Wine Estates		18,362		230
Unibail-Rodamco-Westfield‡		13,660		98
Vicinity Centres‡		85,315		148
Vita Group		96,528		79
Washington H Soul Pattinson		2,441		35
Wesfarmers		29,419		790
Western Areas		61,536		129
Westpac Banking		89,877		1,798
Whitehaven Coal		35,751		75
Woodside Petroleum		23,573		515
Woolworths Group		208,018		5,234
WorleyParsons		9,615		84
				69,235
Austria – 0.2%
ANDRITZ		8,470		346
BAWAG Group(A)		10,356		407
Erste Group Bank*		7,581		251
IMMOFINANZ		25,299		705
Oesterreichische Post		10,508		369
OMV		3,841		206
Porr Ag		4,414		91
Raiffeisen Bank International		4,038		94
S IMMO		19,448		447
Telekom Austria, Cl A*		23,811		173
Verbund		1,907		104
Vienna Insurance Group Wiener Versicherung Gruppe		10,884		284
Voestalpine		2,540		58
Wienerberger		33,877		825
				4,360
Belgium – 0.6%
Aedifica‡		3,259		377
Ageas		4,750		263
Anheuser-Busch InBev		33,961		3,237
Barco		3,131		618
Befimmo‡		6,741		415
Colruyt		1,327		73
D’ieteren		2,498		135
Groupe Bruxelles Lambert		2,169		208
Home Invest Belgium‡		200		25
Intervest Offices & Warehouses‡		3,756		108
KBC Ancora		12,354		549
KBC Group		78,401		5,096
Montea C.V.A‡		1,510		128
Ontex Group		4,740		85
Orange Belgium		2,252		46
Proximus		3,760		112
Solvay		1,901		197
Telenet Group Holding		1,173		55
UCB		3,361		244
Umicore		5,314		200
				12,171
Brazil – 2.0%
Alupar Investimento		17,500		105

Description	Shares		Value   (000)
Ambev ADR		804,551	$	3,717
Atacadao		131,000		668
B3 - Brasil Bolsa Balcao		265,100		2,795
Banco Bradesco ADR		746,064		6,073
Banco BTG Pactual		2,100		30
Banco do Brasil*		65,000		713
Cia de Saneamento Basico do Estado de Sao Paulo		17,600		210
Cia de Saneamento do Parana		6,100		124
Embraer		52,622		228
Enauta Participacoes		25,000		68
Eneva*		16,312		121
IRB Brasil Resseguros S		632,700		5,710
JBS		201,700		1,588
LOG Commercial Properties e Participacoes		6,313		37
LPS Brasil Consultoria de Imoveis*		148,835		285
MRV Engenharia e Participacoes		244,400		1,044
Natura Cosmeticos		157,654		1,294
Neoenergia		9,896		49
Odontoprev		327,000		1,278
Petrobras Distribuidora		214,080		1,416
Porto Seguro		107,076		1,523
Raia Drogasil		94,500		2,180
Ser Educacional(A)		36,622		199
Smiles Fidelidade		4,100		37
Sul America		169,700		1,949
TOTVS		211,000		2,933
WEG		310,200		1,814
YDUQS Part		11,700		101
				38,289
Canada – 4.2%
Agnico Eagle Mines		5,913		317
Aimia*		146,400		374
Air Canada, Cl B*		3,300		108
Alimentation Couche-Tard, Cl B		72,484		2,221
AltaGas		7,300		107
AltaGas Canada		5,500		110
Atco, Cl I		1,700		62
Atlantic Power*		32,200		75
Aurora Cannabis*		18,600		82
Bank of Montreal		16,500		1,215
Bank of Nova Scotia		78,499		4,459
Barrick Gold		129,069		2,234
Bausch Health*		8,100		176
BCE		22,298		1,078
BlackBerry*		13,800		72
Boardwalk‡		928		31
Bombardier, Cl B*		56,700		77
Boyd Group Income Fund		1,000		133
Brookfield Asset Management, Cl A		76,658		4,071
BSR Real Estate Investment Trust‡		1,786		19
CAE		177,500		4,509
Cameco		9,800		93
Canadian Imperial Bank of Commerce		11,600		957
Canadian National Railway		18,800		1,688
Canadian Natural Resources		100,532		2,675
Canadian Pacific Railway		10,178		2,262
Canadian Tire, Cl A		1,500		168
Canadian Utilities, Cl A		3,700		109
Canadian Western Bank		10,300		259

  KP International Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Canopy Growth*		5,700	$	131
CCL Industries, Cl B		3,800		153
Cenovus Energy		26,500		249
CGI, Cl A*		6,500		514
CI Financial		6,400		93
Computer Modelling Group		41,000		189
Constellation Software		2,401		2,399
Cronos Group*		4,700		42
Dollarama		7,700		276
Dorel Industries, Cl B		7,800		54
Dream Hard Asset Alternatives Trust		5,100		29
Dream Office‡		17,165		384
Emera		5,900		259
Empire		4,600		125
Enbridge		52,800		1,853
Encana		38,500		176
Enerflex		72,371		635
Fairfax Financial Holdings		7,949		3,503
First Capital Realty‡		5,000		83
First Quantum Minerals		17,500		147
Fortis		11,085		469
Franco-Nevada		13,829		1,260
George Weston		1,940		163
Gildan Activewear		19,395		688
Great-West Lifeco		6,700		161
H&R Real Estate Investment Trust‡		4,100		72
Heroux-Devtek*		10,600		138
High Liner Foods		24,000		200
HLS Therapeutics		262		3
Husky Energy		8,400		59
Hydro One		8,700		161
iA Financial		23,700		1,079
IGM Financial		1,900		54
Imperial Oil		7,300		190
Intact Financial		3,600		362
Inter Pipeline		47,479		833
Keg Royalties Income Fund		1,211		15
Keyera		5,800		141
Kinross Gold*		31,400		145
Kirkland Lake Gold		5,100		228
Loblaw		34,496		1,965
Lundin Mining		15,100		71
Magna International		21,196		1,129
Manulife Financial		50,700		930
Methanex		1,500		53
Metro, Cl A		6,710		295
Morguard North American Residential Real Estate Investment Trust‡		16,100		241
National Bank of Canada		8,600		428
Nexus Real Estate Investment Trust‡		36,000		54
Nutrien		15,109		753
Onex		2,100		130
Open Text		6,700		273
Pembina Pipeline		13,472		499
Plaza Retail‡		8,900		30
Polaris Infrastructure		10,200		102
Power Corp of Canada		8,131		187
Power Financial		6,600		153
PrairieSky Royalty		47,876		668
PRO Real Estate Investment Trust‡		18,200		99

Description	Shares		Value   (000)
Quebecor, Cl B		4,500	$	102
Restaurant Brands International		6,200		441
RioCan‡		3,900		78
Ritchie Bros Auctioneers		30,980		1,235
Rogers Communications, Cl B		21,542		1,049
Royal Bank of Canada		48,573		3,940
Saputo		6,000		184
Shaw Communications, Cl B		12,432		244
Shopify, Cl A*		2,600		809
Silvercorp Metals		32,800		127
SmartCentres‡		2,200		54
SNC-Lavalin Group		4,200		59
Spin Master* (A)		15,307		468
Stars Group*		5,500		82
Sun Life Financial		15,600		698
Suncor Energy		194,693		6,142
TC Energy		45,164		2,339
Teck Resources, Cl B		13,400		217
TELUS		5,300		189
Thomson Reuters		5,140		344
TMX Group		700		60
Toronto-Dominion Bank		63,909		3,726
Total Energy Services		16,428		85
Tourmaline Oil		6,300		62
Vermilion Energy		3,400		57
West Fraser Timber		1,300		52
Wheaton Precious Metals		11,532		302
WSP Global		2,800		164
Yangarra Resources*		8,300		9
				78,834
Chile – 0.2%
CAP		11,219		98
Cia Cervecerias Unidas		68,885		769
Cia Cervecerias Unidas ADR		12,815		284
Cia Sud Americana de Vapores*		16,447,748		571
Colbun		384,866		69
Enaex		25,488		280
Quinenco		393,289		965
				3,036
China – 2.9%
Alibaba Group Holding ADR*		64,816		10,840
Anhui Conch Cement, Cl H		349,780		2,077
Asia Cement China Holdings		28,000		34
Autohome ADR*		14,770		1,228
Baidu ADR*		29,974		3,080
Bank of Communications, Cl H		3,439,506		2,247
BeiGene ADR*		900		110
Cecep Costin New Materials Group* (B) (C)		1,134,000		—
Changyou.com ADR		20,909		199
China International Travel Service, Cl A		217,950		2,841
China Telecom ADR		10,259		468
Ctrip.com International ADR*		11,564		339
Huazhu Group ADR		98,061		3,238
JD.com ADR*		12,594		355
Jiangsu Hengrui Medicine, Cl A		149,667		1,691
Kunlun Energy		424,000		365
Kweichow Moutai, Cl A		19,500		3,142
NetEase ADR		18,051		4,804
New Oriental Education & Technology Group ADR*		234		26
PetroChina, Cl H		4,138,000		2,128

  KP International Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Qudian ADR*		17,657	$	122
TAL Education Group ADR*		45,895		1,571
Tencent Music Entertainment Group ADR*		183,544		2,344
TravelSky Technology, Cl H		589,000		1,223
Tsingtao Brewery, Cl H		308,427		1,861
Vipshop Holdings ADR*		138,917		1,239
Xiwang Special Steel		548,000		50
Yum China Holdings		134,467		6,109
Zhangzhou Pientzehuang Pharmaceutical, Cl A		107,400		1,533
				55,264
Colombia – 0.1%
Bancolombia ADR		23,080		1,141
Ecopetrol ADR		44,797		763
				1,904
Cypress – 0.0%
QIWI ADR		8,864		195
Czech Republic – 0.0%
Komercni Banka		15,059		509
Denmark – 1.5%
ALK-Abello		2,516		518
AP Moeller - Maersk, Cl A		101		108
AP Moeller - Maersk, Cl B		167		189
Carlsberg, Cl B		29,734		4,395
Chr Hansen Holding		2,717		231
Coloplast, Cl B		29,886		3,598
Danske Bank		26,708		372
Demant*		46,171		1,183
DSV		5,692		542
Genmab*		1,656		336
GN Store Nord		44,738		1,816
H Lundbeck		1,960		65
H+H International, Cl B*		3,440		52
ISS		3,718		92
Novo Nordisk, Cl B		198,938		10,226
Novozymes, Cl B		5,697		239
Orsted		8,998		836
Pandora		2,445		98
Per Aarsleff Holding		4,521		147
SimCorp		7,480		657
Spar Nord Bank		25,771		232
Topdanmark		6,382		308
Tryg		3,442		99
Vestas Wind Systems		36,653		2,846
				29,185
Egypt – 0.0%
Telecom Egypt		129,194		95
Finland – 0.6%
Elisa		3,695		190
Fiskars Abp		1,923		26
Fortum		11,043		261
Huhtamaki		11,763		469
Kemira		38,797		571
Kone, Cl B		8,963		510
Metso		2,945		110
Neste		10,891		361
Nokia		147,846		749

Description	Shares		Value   (000)
Nokian Renkaat		132,265	$	3,732
Nordea Bank Abp		3,302		23
Orion, Cl B		2,841		106
Rovio Entertainment(A)		2,675		12
Sampo, Cl A		58,848		2,340
Stora Enso, Cl R		14,197		171
Tikkurila		103,736		1,531
Tokmanni Group		10,550		117
UPM-Kymmene		13,736		406
Wartsila, Cl B		38,635		433
				12,118
France – 7.0%
Accor		4,691		196
Aeroports de Paris		736		131
Air France-KLM*		41,336		433
Air Liquide		130,248		18,540
Airbus Group		27,314		3,548
Akka Technologies		2,090		144
Alstom		5,138		213
Alten		6,361		727
Amundi(A)		1,653		115
Arkema		1,816		169
Atos		2,415		170
AXA		87,360		2,231
Bigben Interactive		13,371		194
BioMerieux		965		80
BNP Paribas		54,158		2,637
Bollore		22,028		91
Bouygues		5,636		226
Bureau Veritas		7,497		181
Capital Gemini		4,193		494
Carrefour		15,406		270
Casino Guichard Perrachon		1,370		65
Cie de Saint-Gobain		12,979		509
Cie Generale des Etablissements Michelin SCA		4,507		503
CNP Assurances		4,404		85
Coface		35,479		403
Covivio‡		1,216		129
Credit Agricole		30,101		365
Criteo ADR*		5,700		107
Danone		75,781		6,676
Dassault Aviation		62		88
Dassault Systemes		14,975		2,134
Edenred		38,552		1,851
Eiffage		2,034		211
Electricite de France		16,299		182
Elis		58,444		1,033
Engie		286,395		4,677
EssilorLuxottica		50,215		7,238
Eurazeo		912		68
Eurofins Scientific		2,717		1,263
Eutelsat Communications		4,495		84
Faurecia		1,901		90
Gaztransport Et Technigaz		8,621		854
Gecina‡		1,179		185
Getlink		57,474		863
Hermes International		1,997		1,380
ICADE‡		705		63
Iliad		670		63
Imerys		3,024		122
Ingenico Group		4,073		397
Innate Pharma*		4,449		34
Ipsen		996		95

  KP International Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
JCDecaux		15,804	$	428
Kaufman & Broad		1,631		65
Kering		1,982		1,010
Klepierre‡		5,348		182
Korian		10,251		422
LafargeHolcim		69		3
Lagardere		63,718		1,409
Legrand		76,179		5,437
L’Oreal		20,650		5,782
LVMH Moet Hennessy Louis Vuitton		25,323		10,065
Mercialys‡		17,966		239
Mersen		8,853		276
Metropole Television		10,913		179
Natixis		23,654		98
Neopost		8,266		171
Orange		51,383		806
Pernod Ricard		41,475		7,386
Peugeot		15,436		385
Publicis Groupe		5,584		275
Remy Cointreau		502		67
Renault		4,837		278
Rexel		40,233		431
Safran		8,451		1,331
Sanofi		29,288		2,715
Sartorius Stedim Biotech		773		108
Schneider Electric		122,202		10,721
SCOR		4,101		169
SEB		623		95
Seche Environnement		1,348		53
SES, Cl A		9,380		171
Societe BIC		760		51
Societe Generale		20,212		554
Sodexo		2,344		263
SOITEC*		2,723		269
Somfy		662		60
Sopra Steria Group		1,409		176
STMicroelectronics		17,206		333
Suez		8,607		135
TechnipFMC		7,463		179
Teleperformance		4,512		978
Thales		8,984		1,033
TOTAL		215,512		11,248
Ubisoft Entertainment*		2,183		158
Valeo		6,268		203
Veolia Environnement		13,455		341
Vicat		3,699		160
Vinci		13,168		1,418
Vivendi		23,842		654
Wendel		695		96
Worldline*		2,255		142
				131,815
Germany – 5.5%
1&1 Drillisch		1,354		42
adidas		10,960		3,413
Affimed*		41,977		123
Allianz		11,052		2,576
alstria office‡		24,997		429
Amadeus Fire		1,811		200
Aroundtown		23,905		196
Atoss Software		70		10
Axel Springer		15,232		1,051
BASF		103,664		7,245
Bauer		9,626		151

Description	Shares		Value   (000)
Bayer		116,645	$	8,225
Bayerische Motoren Werke		90,365		6,362
Beiersdorf		65,591		7,736
Borussia Dortmund GmbH & KGaA		2,047		21
Brenntag		25,231		1,221
Carl Zeiss Meditec		1,022		117
CECONOMY*		44,754		242
Commerzbank		25,737		149
CompuGroup Medical		6,060		365
Continental		2,887		370
Corestate Capital Holding		7,115		262
Covestro		4,660		231
CTS Eventim & KGaA		20,616		1,161
Daimler		23,493		1,168
Delivery Hero*		2,862		127
Dermapharm Holding		3,957		156
Deutsche Bank		50,504		378
Deutsche Boerse		27,592		4,313
Deutsche Lufthansa		5,900		94
Deutsche Post		25,455		850
Deutsche Telekom		144,876		2,431
Deutsche Wohnen		9,428		344
DIC Asset		18,239		233
E.ON		57,938		563
Eckert & Ziegler Strahlen- und Medizintechnik		2,742		465
Encavis		35,390		328
Evonik Industries		4,334		107
Evotec*		16,787		374
Fraport Frankfurt Airport Services Worldwide		954		81
Fresenius & KGaA		10,994		514
Fresenius Medical Care & KGaA		29,928		2,013
GEA Group		10,384		280
Gerresheimer		14,208		1,019
Hamburger Hafen und Logistik		4,931		123
Hannover Rueck		4,033		682
HeidelbergCement		3,752		271
HelloFresh*		52,129		791
Henkel & KGaA		41,469		3,797
Hochtief		731		83
HUGO BOSS		1,556		83
Infineon Technologies		32,544		586
Innogy(A)		2,688		131
Isra Vision		4,153		174
IVU Traffic Technologies		5,518		64
KION Group		1,675		88
Knorr-Bremse		1,228		115
LANXESS		2,296		140
Linde		17,632		3,420
Merck KGaA		37,583		4,234
METRO		4,134		65
MTU Aero Engines		9,800		2,604
Muenchener Rueckversicherungs- Gesellschaft in Muenchen		3,777		978
mutares		2,898		26
Nemetschek		3,480		178
New Work		551		150
Nexus		1,524		52
ProSiebenSat.1 Media		98,471		1,356
Puma		2,259		175
QIAGEN*		69,614		2,279
RWE		14,030		439
SAP		136,888		16,097
Siemens		19,932		2,134

  KP International Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Siemens Healthineers		3,599	$	142
Siltronic		3,547		269
Software		17,266		474
Stabilus		12,178		597
Stroeer & KGaA		2,569		196
Symrise, Cl A		7,151		695
Telefonica Deutschland Holding		22,709		63
ThyssenKrupp		10,582		147
TUI		30,143		350
Uniper		5,228		171
United Internet		3,313		118
Volkswagen		862		148
Vonovia		13,121		666
Wirecard		3,095		495
Wuestenrot & Wuerttembergische		6,394		125
Zalando*		3,762		172
zooplus*		731		87
				103,966
Greece – 0.3%
Aegean Airlines		27,543		243
Eurobank Ergasias*		2,938,921		2,845
Fourlis Holdings*		74,117		445
Hellenic Petroleum		8,507		78
JUMBO		76,833		1,458
Motor Oil Hellas Corinth Refineries		58,239		1,359
				6,428
Hong Kong – 6.0%
Agile Group Holdings		132,000		160
Agricultural Bank of China, Cl H		5,177,000		2,028
AIA Group		1,851,200		17,490
Ajisen China Holdings		636,000		179
ASM Pacific Technology		7,700		94
BAIC Motor, Cl H(A)		571,739		353
Bank of China, Cl H		5,105,000		2,006
Bank of East Asia		30,013		74
Beijing North Star, Cl H		45,571		14
BOC Hong Kong Holdings		97,500		331
Bosideng International Holdings		344,000		147
Brightoil Petroleum Holdings*		155,000		7
Cafe de Coral Holdings		222,000		594
Champion‡		257,000		166
Chanjet Information Technology, Cl H		800		1
China Aoyuan Group		76,199		86
China Construction Bank, Cl H		5,619,000		4,287
China Everbright Bank, Cl H		489,000		208
China Meidong Auto Holdings		42,000		38
China Mengniu Dairy		162,000		607
China Mobile		906,500		7,500
China National Building Material, Cl H		226,168		203
China Overseas Grand Oceans Group		93,000		42
China Pacific Insurance Group, Cl H		553,000		2,032
China Resources Cement Holdings		404,000		405
China SCE Group Holdings		434,000		200
China Unicom Hong Kong		1,718,000		1,825
China Vanke, Cl H		441,300		1,537
Chow Sang Sang Holdings International		92,297		99
CITIC		383,000		484

Description	Shares		Value   (000)
CITIC Telecom International Holdings		895,000	$	325
CK Asset Holdings		68,138		462
CK Hutchison Holdings		241,884		2,136
CK Infrastructure Holdings		16,500		111
CLP Holdings		138,500		1,455
CNOOC		2,668,000		4,072
Convoy Global Holdings*		402,000		2
Country Garden Holdings		91,621		116
Dah Sing Banking Group		51,600		69
Dah Sing Financial Holdings		8,073		30
Dynam Japan Holdings		96,200		122
Esprit Holdings*		1,861,777		354
Fairwood Holdings		27,000		76
First Pacific		625,857		240
Galaxy Entertainment Group*		55,000		342
Goodbaby International Holdings*		326,000		49
Guangnan Holdings		210,000		22
Haier Electronics Group		785,416		2,049
Hang Lung Group		70,000		174
Hang Lung Properties		50,000		114
Hang Seng Bank		19,300		416
Henderson Land Development		37,708		176
Hengdeli Holdings		424,000		20
Hisense Home Appliances Group, Cl H		58,000		56
HK Electric Investments & HK Electric Investments		67,158		64
HKBN		220,000		405
HKR International		193,600		77
HKT Trust		102,740		163
Hong Kong & China Gas		267,228		521
Hong Kong Exchanges and Clearing		31,272		918
Hongkong & Shanghai Hotels		254,249		248
HSBC Holdings		1,004,657		7,742
Huadian Power International, Cl H		26,000		10
Hysan Development		17,000		69
IGG		668,000		416
Industrial & Commercial Bank of China, Cl H		5,281,000		3,537
IRC*		2,784,000		41
Johnson Electric Holdings		52,500		94
K Wah International Holdings		364,000		192
Kaisa Group Holdings		72,275		32
Kaisa Property Holdings		90,776		162
Kerry Properties		14,000		43
Kingboard Holdings		255,340		676
Lenovo Group		2,540,000		1,695
Li & Fung		662,000		75
Li Ning		441,500		1,267
Link‡		54,500		601
L’Occitane International		136,135		271
Logan Property Holdings		726,000		1,034
Longfor Group Holdings(A)		192,000		718
Lonking Holdings		320,000		82
Melco International Development		140,000		333
Melco Resorts & Entertainment ADR		5,873		114
Metallurgical Corp of China, Cl H		62,000		14
MGM China Holdings		32,400		51
MTR		40,877		229
New China Life Insurance, Cl H		115,900		458
New World Development		177,459		230
Nissin Foods		295,000		245

  KP International Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
NWS Holdings		42,252	$	65
PCCW		114,136		64
Pentamaster International		140,000		32
Perfect Shape Medical		492,000		169
Pico Far East Holdings		18,000		6
Ping An Insurance Group of China, Cl H		941,000		10,811
Poly Property Group		111,374		39
Polytec Asset Holdings		415,000		50
Power Assets Holdings		37,000		249
Sands China		61,200		277
Scud Group*		252,000		11
Shangri-La Asia		34,000		35
Shenzhou International Group Holdings		213,000		2,783
Shui On Land		287,500		57
Sino Land		84,614		127
Sinotruk Hong Kong		611,126		906
SJM Holdings		44,000		42
SmarTone Telecommunications Holdings		66,447		58
Stella International Holdings		624,948		973
Sun Hung Kai Properties		41,393		596
Swire Pacific, Cl A		13,000		121
Swire Properties		28,600		90
Techtronic Industries		36,500		254
Television Broadcasts		142,200		232
Tencent Holdings		219,500		9,247
Tianyun International Holdings		328,000		43
Times China Holdings		270,000		420
Tingyi Cayman Islands Holding		749,014		1,055
Town Health International Medical Group		154,000		7
Vitasoy International Holdings		18,000		73
Want Want China Holdings		1,602,996		1,282
Weichai Power, Cl H		765,000		1,103
WH Group		256,101		229
Wharf Holdings		34,000		74
Wharf Real Estate Investment		31,000		169
Wheelock		23,000		131
Wynn Macau		38,000		74
Xinyi Glass Holdings		1,670,000		1,839
Yue Yuen Industrial Holdings		320,000		876
Zhongsheng Group Holdings		56,500		178
				113,859
Hungary – 0.1%
OTP Bank Nyrt		38,899		1,620
India – 2.9%
Asian Paints		69,437		1,727
Axis Bank		160,693		1,553
Bajaj Finance		52,624		3,004
Bharti Airtel		176,219		913
Birlasoft		5,074		5
Britannia Industries		40,906		1,699
HCL Technologies		1,782		27
HDFC Bank		192,894		3,342
HDFC Bank ADR		10,376		592
HDFC Life Insurance(A)		232,268		1,970
Hinduja Global Solutions		1,577		13
Hindustan Unilever		10,075		282
Housing Development Finance		204,980		5,718
IndusInd Bank		99,135		1,936
Infosys ADR		509,900		5,798

Description	Shares		Value   (000)
Infosys		276,815	$	3,147
KPIT Technologies		66,647		90
Manappuram Finance		72,933		145
Maruti Suzuki India		12,372		1,172
Motherson Sumi Systems		876,930		1,299
Mphasis		21,511		290
MRF		2,216		1,979
Muthoot Finance		67,476		644
NIIT Technologies*		11,729		231
Oil & Natural Gas		120,753		225
Petronet LNG		464,261		1,702
Redington India		5,025		8
Shriram Transport Finance		26,362		398
State Bank of India GDR*		43,740		1,625
Tata Consultancy Services		246,676		7,308
UPL		288,176		2,455
Vodafone Idea*		6,303,373		547
Wipro		551,567		1,866
WNS Holdings ADR*		2,386		140
Yes Bank		154,350		90
				53,940
Indonesia – 0.6%
Adaro Energy		1,540,100		140
Bank Negara Indonesia Persero		2,554,700		1,323
Bank Pembangunan Daerah Jawa Timur		467,000		21
Bank Rakyat Indonesia Persero		11,097,400		3,220
Media Nusantara Citra		6,123,743		533
Mitra Pinasthika Mustika		462,700		22
Modernland Realty*		6		—
Perusahaan Gas Negara		1,639,600		243
Ramayana Lestari Sentosa		470,800		40
Telekomunikasi Indonesia Persero		11,216,700		3,406
Unilever Indonesia		508,400		1,665
				10,613
Ireland – 0.7%
AIB Group		22,258		66
Bank of Ireland Group		150,163		596
C&C Group		55,719		252
CRH		223,848		7,708
Fly Leasing ADR*		27,300		560
Irish Continental Group		86,661		395
Paddy Power Betfair		5,723		535
Ryanair Holdings ADR*		46,045		3,056
Smurfit Kappa Group		5,523		164
				13,332
Israel – 0.5%
Africa Israel Properties*		3,545		124
Airport City*		13,429		260
Alony Hetz Properties & Investments		31,506		462
Azrieli Group		1,261		99
Bank Hapoalim		28,849		228
Bank Leumi Le-Israel		38,010		270
Blue Square Real Estate		570		27
Check Point Software Technologies*		38,714		4,240
Elbit Systems		678		112
Electra Real Estate*		7,905		47
Formula Systems 1985		2,486		159
Harel Insurance Investments & Financial Services		17,726		154

  KP International Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
International Flavors & Fragrances		—	$	—
Israel*		514		116
Israel Chemicals		16,537		82
Israel Discount Bank, Cl A		287,746		1,265
Isramco Negev 2		45,531		8
Isras Investment		368		75
Jerusalem Economy*		217,834		966
Malam - Team		175		27
Melisron		4,004		258
Mizrahi Tefahot Bank		3,633		90
Naphtha Israel Petroleum		39,166		218
NICE-Systems*		1,575		231
One Software Technologies		492		34
Prashkovsky Investments and Construction		2,908		48
S.R Accord		941		12
Shikun & Binui		77,333		295
Silicom*		1,618		51
Teva Pharmaceutical Industries*		9,198		63
Teva Pharmaceutical Industries ADR*		18,353		126
				10,147
Italy – 1.7%
A2A		320,230		588
ACEA		25,756		514
Amplifon		13,483		331
Anima Holding(A)		30,490		116
Ascopiave		13,940		59
Assicurazioni Generali		28,924		561
ASTM		13,253		423
Atlantia		12,420		300
Autogrill		28,548		276
Avio		15,182		197
Azimut Holding		52,377		983
Banca Carige*		2,052,741		1
Banca Farmafactoring(A)		27,598		144
Banca Generali		56,137		1,732
Banca Mediolanum		20,623		155
CNH Industrial		188,674		1,921
Davide Campari-Milano		71,288		644
Enel		209,801		1,566
Eni		265,065		4,055
ERG		8,960		181
Eurotech*		65,900		519
EXOR		2,815		188
Ferrari		3,223		497
Fiat Chrysler Automobiles		27,921		361
Fiera Milano		23,270		106
FinecoBank Banca Fineco		15,933		169
Hera		157,160		645
Immobiliare Grande Distribuzione SIIQ‡		34,727		213
Intesa Sanpaolo		2,001,692		4,747
Iren		547,210		1,596
Italgas		223,136		1,440
Leonardo-Finmeccanica		9,707		114
Mediobanca Banca di Credito Finanziario		15,321		167
Moncler		4,578		164
Piaggio & C		66,905		198
Pirelli & C(A)		11,293		67
Poste Italiane		13,080		149
Prysmian		5,988		129
Recordati		2,896		124

Description	Shares		Value   (000)
Safilo Group*		71,395	$	73
Saipem*		254,699		1,153
Sesa		3,358		147
Snam		54,174		274
Societa Cattolica di Assicurazioni SC		11,834		101
Societa Iniziative Autostradali e Servizi		11,854		207
Telecom Italia*		250,858		143
Telecom Italia RSP		152,166		83
Tenaris		11,316		120
Terna Rete Elettrica Nazionale		37,486		241
Tinexta Spa		32,496		424
UniCredit		126,807		1,495
Unieuro(A)		6,320		81
Unipol Gruppo		149,856		797
				31,679
Japan – 15.3%
77 Bank		40,200		596
A&D		5,300		35
ABC-Mart		3,000		191
Acom		7,800		31
Adastria		18,000		404
Advantest		5,100		225
Aeon		16,500		302
Aeon Delight		3,300		103
AEON Financial Service		19,500		293
AEON Investment‡		456		628
Aeon Mall		2,100		33
AGC		4,400		136
Air Water		3,300		59
Aisin Seiki		4,100		129
Ajinomoto		11,400		215
Akatsuki		2,400		148
Alfresa Holdings		33,500		747
Alps Alpine		5,300		99
Altech		10,549		150
Amada Holdings		9,400		101
ANA Holdings		2,700		91
Anest Iwata		6,200		54
Aozora Bank		2,800		70
Arata		2,200		81
Arcs		17,900		374
Asahi		7,900		87
Asahi Group Holdings		14,500		717
Asahi Intecc		4,600		121
Asahi Kasei		33,300		328
Asics		29,700		507
Astellas Pharma		62,200		885
Atled		300		4
Avex		16,000		187
Awa Bank		4,100		92
Azbil		10,800		289
Bank of Kyoto		3,400		133
Bank of Nagoya		1,800		53
Bank of Okinawa		1,700		53
Bank of Saga		1,188		16
Bank of the Ryukyus		5,600		58
BayCurrent Consulting		6,100		268
Bell System24 Holdings		11,300		173
Benesse Holdings		1,500		39
Bridgestone		32,500		1,258
Brother Industries		5,800		105
Bunka Shutter		76,600		655

  KP International Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Business Brain Showa-Ota		100	$	2
CAC Holdings		30,200		363
Calbee		5,000		155
Canon		170,900		4,557
Capcom		37,600		996
Career Design Center		5,600		74
Casio Computer		31,800		493
Central Japan Railway		3,740		769
Chiba Bank		47,400		244
Chiba Kogyo Bank		21,100		56
Chilled & Frozen Logistics Holdings		1,000		11
Chubu Electric Power		17,100		248
Chugai Pharmaceutical		5,700		443
Chugoku Bank		13,100		123
Chugoku Electric Power		7,100		91
Coca-Cola Bottlers Japan Holdings		3,400		76
Computer Engineering & Consulting		15,300		286
Computer Institute of Japan		9,400		72
Concordia Financial Group		92,100		353
Cosmo Energy Holdings		4,500		93
Credit Saison		27,900		374
Creo		4,900		68
Cube System		7,300		52
CyberAgent		2,600		100
Cybozu		15,800		148
Dai Nippon Printing		6,600		170
Daicel		18,500		156
Daido Metal		37,600		222
Daifuku		8,000		412
Daihen		5,100		154
Dai-ichi Life Holdings		100,900		1,520
Daiichi Sankyo		14,600		920
Daiki Aluminium Industry		34,000		222
Daikin Industries		49,700		6,518
Daiseki		3,600		92
Daito Pharmaceutical		4,200		117
Daito Trust Construction		1,800		230
Daitron		1,700		21
Daiwa House Industry		25,100		814
Daiwa House Investment, Cl A‡		50		141
Daiwa Office Investment‡		195		1,514
Daiwa Securities Group		41,300		184
DCM Holdings		13,800		135
DD Holdings		3,600		50
Denki Kogyo		6,100		172
Denso		201,700		8,858
Dentsu		5,400		190
Digital Garage*		5,800		184
Dip		8,300		201
Disco		700		132
DMS		454		9
Doutor Nichires Holdings		5,600		111
Duskin		19,000		489
East Japan Railway		18,400		1,755
Ebara Jitsugyo		4,400		81
EDION		35,700		344
Eisai		6,620		336
Elecom		6,300		247
Electric Power Development		3,900		89
Enplas		800		26
FamilyMart		6,400		156
FANUC		16,080		3,024
Fast Retailing		1,500		892
Feed One		14,100		21

Description	Shares		Value   (000)
Ferrotec Holdings		17,700	$	138
FJ Next		17,700		170
Foster Electric		19,700		333
France Bed Holdings		8,700		81
F-Tech		8,100		51
Fuji Electric		3,100		95
Fuji Heavy Industries		16,900		475
Fuji Media Holdings		50,100		644
Fuji Oil		43,600		100
Fuji Soft		4,600		194
FUJIFILM Holdings		12,800		561
Fujitsu		5,200		416
Fukui Computer Holdings		9,000		205
Fukuoka Financial Group		58,800		1,110
FULLCAST Holdings		1,400		28
Furukawa		14,600		196
Furuno Electric		18,800		164
Furusato Industries		1,400		19
Furyu		15,300		130
Future		10,200		177
Fuyo General Lease		4,500		270
GLOBERIDE		4,300		111
Glory		13,600		381
GMO Payment Gateway		1,000		67
Godo Steel		14,000		274
Goldcrest		24,500		480
Gree		44,900		205
gremz		200		3
Gunma Bank		26,400		85
Hachijuni Bank		66,100		269
Hakuhodo DY Holdings		5,400		78
Hamakyorex		1,000		32
Hamamatsu Photonics		3,900		145
Hankyu Hanshin Holdings		5,700		220
Heiwado		4,200		79
Hiday Hidaka		1,300		25
Hikari Tsushin		500		108
Hino Motors		9,600		79
Hioki EE		1,600		54
Hirose Electric		10,280		1,259
Hiroshima Bank		21,100		104
Hisamitsu Pharmaceutical		1,400		61
Hitachi		192,600		7,165
Hitachi Chemical*		2,500		82
Hitachi Construction Machinery		2,400		58
Hitachi High-Technologies		7,500		433
Hitachi Metals		5,300		57
Hochiki		1,800		25
Hokkaido Electric Power		61,300		323
Hokuetsu		60,800		304
Hokuetsu Industries		4,800		55
Hokuhoku Financial Group		16,100		156
Hokuto		10,500		193
Honda Motor		268,200		6,942
Hoshizaki Electric		5,600		440
Hosiden		17,000		174
Hoya		136,600		11,141
Hulic		6,800		69
Hyakujushi Bank		5,200		107
IBJ Leasing		800		22
Idemitsu Kosan		5,122		145
IHI		3,500		76
Iida Group Holdings		3,300		54
Iino Kaiun Kaisha		28,300		90
Inaba Denki Sangyo		1,300		57

  KP International Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Inpex		115,800	$	1,061
Intage Holdings		3,300		29
Internet Initiative Japan		15,400		350
I-O Data Device, Cl O		1,200		10
Isetan Mitsukoshi Holdings		8,600		69
Isuzu Motors		14,300		157
ITOCHU		51,700		1,066
Itochu Techno-Solutions		8,300		220
Itoki		6,400		26
Iwaki		6,400		28
Iwatani		9,400		317
Iyo Bank		16,600		87
J Front Retailing		5,200		61
Jaccs		10,100		213
Jafco*		7,500		283
Japan‡		35		235
Japan Airlines		2,700		80
Japan Airport Terminal		1,500		65
Japan Cash Machine		3,500		30
Japan Exchange Group		24,900		391
Japan Petroleum Exploration		6,100		155
Japan Post Bank		9,300		90
Japan Post Holdings		124,200		1,143
Japan Prime‡		18		85
Japan Pulp & Paper		800		28
Japan Retail Fund Investment‡		65		137
Japan Securities Finance		38,500		179
Japan Tobacco		191,400		4,188
Jeol		1,500		36
JFE Holdings		12,500		150
JGC		5,800		76
JMS		1,100		7
JSR		4,400		70
JTEKT		4,600		53
Juki		6,300		53
Juroku Bank		12,400		271
JX Holdings		85,200		388
Kadokawa		10,500		147
Kajima		11,100		145
Kakaku.com		3,600		88
Kaken Pharmaceutical		2,200		102
Kamigumi		8,600		195
Kanamoto		7,900		196
Kandenko		57,400		513
Kaneka		1,000		31
Kanematsu		14,500		163
Kansai Electric Power		44,100		493
Kansai Paint		4,500		105
Kanto Denka Kogyo		22,200		167
Kao		29,900		2,207
KAWADA TECHNOLOGIES		1,300		84
Kawai Musical Instruments Manufacturing		2,600		70
Kawasaki Heavy Industries		3,200		71
KDDI		75,300		1,967
Keihan Holdings		2,600		116
Keihin		9,200		135
Keikyu		6,000		116
Keio		2,500		156
Keisei Electric Railway		3,400		140
Keiyo Bank		9,200		54
Kewpie		14,200		331
Keyence		2,400		1,485
Kikkoman		3,900		186
Kintetsu Group Holdings		4,600		240

Description	Shares		Value   (000)
Kirin Holdings		96,000	$	2,032
Kita-Nippon Bank		700		12
Kiyo Bank		3,900		61
Kobayashi Pharmaceutical		1,300		99
Kobe Steel		7,500		40
Koito Manufacturing		8,000		391
Kojima		60,400		273
Komatsu		149,200		3,414
Komeri		10,700		216
Konami Holdings		2,400		116
Konica Minolta		12,000		83
Kose		2,000		338
Kourakuen Holdings		13,500		293
K’s Holdings		23,100		251
Kubota		536,400		8,108
Kumiai Chemical Industry		12,100		104
Kura		4,500		186
Kuraray		8,700		107
Kureha		11,300		672
Kurita Water Industries		2,300		62
Kyocera		96,700		5,996
Kyowa Hakko Kirin		6,100		118
Kyushu Electric Power		10,200		96
Kyushu Financial Group		16,900		69
Kyushu Railway		4,300		137
Lawson		1,900		97
Legs		6,700		96
Life		4,200		84
LINE*		1,500		54
Lion		13,600		268
LIXIL Group		30,500		536
M3		11,500		277
Mabuchi Motor		3,000		112
Maeda		32,400		282
Makita		11,800		371
Mamezou Holdings		13,700		218
Mandom		5,100		126
Marubeni		39,500		262
Marudai Food		3,500		74
Marui Group		19,000		400
Maruichi Steel Tube		1,200		32
Maruzen Showa Unyu		800		22
Marvelous		8,300		64
Matsumotokiyoshi Holdings		6,500		238
Max		12,400		208
Mazda Motor		15,600		138
McDonald’s Holdings Japan		1,500		73
Mebuki Financial Group		144,100		355
Medipal Holdings		17,800		395
Megmilk Snow Brand		8,000		192
Meidensha		7,900		135
MEIJI Holdings		5,900		431
Meitec		6,100		298
Menicon		7,500		263
Mercari*		1,900		47
METAWATER		1,000		34
Micronics Japan		23,900		191
Mimasu Semiconductor Industry		13,300		213
Minebea		9,600		152
Mirai‡		243		144
MISUMI Group		7,000		165
Mitsubishi		64,060		1,570
Mitsubishi Chemical Holdings		32,500		231
Mitsubishi Electric		48,000		636
Mitsubishi Estate		87,000		1,678

  KP International Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Mitsubishi Gas Chemical		4,200	$	56
Mitsubishi Heavy Industries		8,500		333
Mitsubishi Logisnext		6,100		58
Mitsubishi Logistics		7,300		185
Mitsubishi Materials		2,500		67
Mitsubishi Motors		16,000		69
Mitsubishi Shokuhin		6,100		153
Mitsubishi Tanabe Pharma		5,100		56
Mitsubishi UFJ Financial Group		317,200		1,608
Mitsubishi UFJ Lease & Finance		11,800		68
Mitsuboshi Belting		3,000		49
Mitsui		43,000		703
Mitsui Chemicals		4,400		98
Mitsui E&S Holdings*		6,400		56
Mitsui Fudosan		23,500		582
Mitsui Matsushima Holdings		6,300		70
Mitsui OSK Lines		2,500		63
Mitsui-Soko Holdings		20,600		318
Miyazaki Bank		900		20
Mizuho Financial Group		1,031,400		1,580
Mizuno		2,600		67
Modec		6,000		146
MonotaRO		2,800		73
MS&AD Insurance Group Holdings		31,600		1,023
Murata Manufacturing		14,900		715
Nabtesco		2,800		87
Nagase		25,500		355
Nagoya Railroad		4,500		134
Nakabayashi		4,800		23
Nakamoto Packs		900		12
Namco Bandai Holdings		25,500		1,586
Nanto Bank		10,500		245
NEC		24,500		1,033
NEC Capital Solutions		1,300		26
NET One Systems		24,800		668
Nexon		19,400		235
NGK Insulators		6,500		93
NGK Spark Plug		4,300		82
NH Foods		2,300		92
NichiiGakkan		7,300		120
Nidec		5,800		779
Nihon Chouzai		1,700		58
Nihon House Holdings		5,800		28
Nihon Kohden		122,400		3,594
Nihon Unisys		23,500		756
Nikkiso		21,500		229
Nikkon Holdings		13,900		316
Nikon		7,400		92
Nintendo		2,900		1,074
Nippon Antenna		900		8
Nippon Building Fund‡		36		276
Nippon Carbon		8,400		296
Nippon Electric Glass		18,100		402
Nippon Express		1,800		92
Nippon Kanzai		4,100		71
Nippon Paint Holdings		3,700		192
Nippon Parking Development		70,700		111
Nippon Prologis‡		48		131
Nippon Sheet Glass		65,100		389
Nippon Shokubai		5,100		290
Nippon Steel		21,600		302
Nippon Suisan Kaisha		28,300		160
Nippon Telegraph & Telephone		53,300		2,541
Nippon Television Holdings		40,720		521
Nippon Yusen		3,700		62

Description	Shares		Value   (000)
Nishi-Nippon Financial Holdings		49,800	$	349
Nissan Chemical		11,300		470
Nissan Motor		59,700		372
Nisshin Oillio Group		10,700		335
Nisshin Seifun Group		5,000		92
Nissin Electric		37,200		451
Nissin Foods Holdings		1,700		123
Nisso		6,700		69
Nitori Holdings		2,100		307
Nitta		4,100		109
Nitto Denko		85,100		4,095
Nitto Kogyo		8,500		161
Nojima		5,900		99
Nomura		25,700		324
Nomura Holdings		227,200		963
Nomura Real Estate Holdings		3,400		73
Nomura Real Estate Master Fund‡		110		199
Nomura Research Institute		17,000		338
Noritake		3,100		114
North Pacific Bank		87,400		185
NS Solutions		8,300		271
NS United Kaiun Kaisha		3,600		75
NSD		14,900		428
NSK		8,200		69
NTT Data		97,500		1,256
NTT DOCOMO		52,900		1,347
NuFlare Technology		7,120		505
Obayashi		88,100		877
Obic		4,160		474
OBIC Business Consultants		1,200		49
Odakyu Electric Railway		8,000		191
Oji Holdings		22,600		105
Oki Electric Industry		23,700		322
Olympus		520,400		7,007
Omron		109,300		5,973
One‡		244		716
Ono Pharmaceutical		10,300		186
Onward Holdings		37,400		194
Oracle Japan		2,400		208
Organo		12,500		554
Oriental Land		5,200		790
ORIX		34,900		519
Osaka Gas		10,200		195
Osaki Electric		8,700		53
OSJB Holdings		48,600		111
Otsuka		6,500		259
Otsuka Holdings		29,200		1,092
Oyo		1,600		16
Pan Pacific International Holdings		11,200		187
Panasonic		55,800		452
Park24		2,500		58
Pasona Group		1,200		17
PCA		2,800		100
Penta-Ocean Construction		43,300		239
PeptiDream*		2,400		114
Persol Holdings		16,000		302
Pigeon		3,100		128
Pola Orbis Holdings		2,000		45
Pressance		9,700		156
Prima Meat Packers		4,000		80
Proto		7,200		78
PS Mitsubishi Construction		32,900		220
Punch Industry		4,400		20
Raito Kogyo		1,500		20
Rakuten*		23,100		227

  KP International Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Recruit Holdings		35,500	$	1,080
Relia		60,300		751
Renesas Electronics*		114,600		744
Resona Holdings		357,440		1,531
Restar Holdings		6,700		109
Ricoh		17,300		156
Ricoh Leasing		6,500		210
Rinnai		3,400		228
Riso Kyoiku		50,400		205
Rohm		7,000		534
Roland DG		4,500		83
Round One		7,600		114
Ryohin Keikaku		14,100		263
Ryoyo Electro		7,800		133
S Foods		6,600		182
Saizeriya		27,400		703
SAMTY		19,700		343
San-In Godo Bank		8,300		50
Sanki Engineering		27,300		323
Sankyo		1,300		45
Sankyo Tateyama		7,500		87
Santen Pharmaceutical		9,800		170
Sato Holdings		4,100		111
Sawai Pharmaceutical		2,600		134
SBI Holdings		6,000		128
Scala		25,400		230
SCSK		6,600		309
SEC Carbon		2,500		189
Secom		11,000		1,004
Sega Sammy Holdings		36,300		508
Seibu Holdings		5,400		94
Seiko Epson		6,500		91
Seiko Holdings		14,700		324
Seikoh Giken		4,500		112
Sekisui Chemical		30,200		467
Sekisui House		16,600		326
Sekisui House‡		1,383		1,239
Senko		19,200		149
Seven & i Holdings		55,800		2,132
Seven Bank		16,800		46
SG Holdings		3,700		91
Sharp		5,400		60
Shibaura Mechatronics		2,300		61
Shiga Bank		10,149		230
Shikoku Bank		2,100		19
Shimadzu		11,900		300
Shimamura		700		55
Shimano		2,800		422
Shimizu		62,100		562
Shin Nippon Biomedical Laboratories*		35,200		217
Shin-Etsu Chemical		29,400		3,143
Shinsei Bank*		39,000		568
Shionogi		6,860		381
Shiseido		10,300		822
Shizuoka Bank		79,300		590
SHO-BOND Holdings		3,600		126
Showa		9,900		143
Showa Denko		3,400		89
Showa Sangyo		8,700		247
Sinko Industries		5,800		93
Sintokogio		9,200		83
SK-Electronics		19,900		348
SKY Perfect JSAT Holdings		69,600		281
SMC		1,500		639

Description	Shares		Value   (000)
Softbank		44,000	$	596
SoftBank Group		43,000		1,686
Softbrain		12,200		73
Sohgo Security Services		6,600		345
Sompo Holdings		28,100		1,174
Sony		42,800		2,513
Sony Financial Holdings		10,800		234
Stanley Electric		3,500		92
Starts		4,100		100
Sugi Holdings		2,300		124
SUMCO		6,600		89
Sumitomo		31,300		489
Sumitomo Chemical		38,800		174
Sumitomo Dainippon Pharma		3,900		64
Sumitomo Densetsu		8,900		181
Sumitomo Electric Industries		35,600		451
Sumitomo Heavy Industries		3,100		92
Sumitomo Metal Mining		9,600		297
Sumitomo Mitsui Financial Group		70,300		2,401
Sumitomo Mitsui Trust Holdings		15,100		544
Sumitomo Realty & Development		8,800		335
Sumitomo Riko		11,700		93
Sumitomo Rubber Industries		4,300		51
Sumitomo Warehouse		4,200		55
Sundrug		6,000		189
Suntory Beverage & Food		8,200		350
Suzuken		5,400		290
Suzuki Motor		9,300		395
SWCC Showa Holdings		15,900		128
Sysmex		4,220		282
System Research		4,000		71
Systena		33,600		498
T&D Holdings		31,300		331
Taiheiyo Cement		12,300		329
Taiho Kogyo, Cl A		1,858		13
Taiko Pharmaceutical		4,000		91
Taisei		5,300		205
Taisho Pharmaceutical Holdings		900		65
Taiyo Nippon Sanso		2,900		59
Taiyo Yuden		7,900		192
Takara Standard		6,800		112
Takasago International		900		22
Takasago Thermal Engineering		17,200		284
Takashimaya		33,900		395
Takeda Pharmaceutical		43,424		1,483
Takuma		20,500		232
Tama Home		43,100		556
Tamron		13,900		298
Tanseisha		26,200		293
Tatsuta Electric Wire and Cable		6,900		29
TDK		7,900		707
TechMatrix		22,000		473
TechnoPro Holdings		3,200		189
Teijin		4,000		77
Teikoku Tsushin Kogyo		1,600		17
Tekken		5,500		140
Terumo		215,000		6,919
T-Gaia		5,300		107
THK		3,400		89
TIS		17,000		980
Toa		1,900		21
Toa Road		400		13
Tobu Railway		5,200		168
TOC		2,300		18
Toho		6,600		289

  KP International Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Toho Gas		1,900	$	73
Toho Holdings		11,700		271
Tohoku Electric Power		12,200		119
Tokai		2,500		55
Tokio Marine Holdings		34,600		1,850
Tokuyama		4,500		103
Tokyo Century		900		42
Tokyo Dome		29,200		281
Tokyo Electric Power Holdings*		38,900		190
Tokyo Electron		4,100		781
Tokyo Electron Device		6,300		118
Tokyo Gas		19,000		478
Tokyo Keiki		1,900		16
Tokyo Ohka Kogyo		5,500		204
Tokyo Seimitsu		4,800		141
Tokyu		13,300		249
Tokyu Construction		89,000		680
Tokyu Fudosan Holdings		14,700		94
TOMONY Holdings		56,400		183
Tomy		35,400		404
Toppan Forms		20,300		192
Toppan Printing		7,600		134
Topre		7,800		123
Toray Industries		84,300		625
Torii Pharmaceutical		7,100		189
Torishima Pump Manufacturing		5,600		51
Tosei		6,200		73
Toshiba		13,600		415
Toshiba TEC		9,900		292
Tosoh		6,000		79
TOTO		4,100		153
Towa Pharmaceutical		15,000		347
Toyo Business Engineering		805		23
Toyo Construction		29,900		129
Toyo Machinery & Metal		2,300		12
Toyo Seikan Group Holdings		25,300		392
Toyo Suisan Kaisha		19,900		798
Toyoda Gosei		2,200		44
Toyota Industries		7,200		413
Toyota Motor		132,800		8,863
Toyota Tsusho		5,200		168
Transaction		29,300		279
Transcosmos*		4,300		104
Treasure Factory		3,200		40
Trend Micro*		3,400		162
Tsumura		5,400		144
Tsuruha Holdings		1,000		109
Ube Industries		15,800		318
ULS Group		500		13
Unicharm		10,100		319
UNITED		15,100		166
United Arrows		6,000		175
United Urban Investment‡		73		140
Ushio		22,800		322
USS		16,400		318
V Technology		1,700		83
ValueCommerce		11,500		182
Vital KSK Holdings		22,500		218
VT Holdings		30,800		126
Waseda Academy		2,200		16
WATAMI		6,600		83
Wealth Management		4,100		89
Welcia Holdings		1,100		55
West Japan Railway		20,100		1,698
Will Group		25,500		221

Description	Shares		Value   (000)
World Holdings		3,400	$	49
Yahoo Japan		66,600		187
Yakult Honsha		3,100		173
YAMABIKO		5,600		59
Yamada Denki*		13,800		67
Yamaguchi Financial Group		35,800		246
Yamaha		3,700		166
Yamaha Motor		6,900		125
Yamanashi Chuo Bank		6,600		63
Yamato Holdings		11,220		169
Yamazaki Baking		3,100		55
Yamazen		3,900		34
Yaskawa Electric		6,200		227
Yokogawa Electric		5,700		104
Yokohama Reito		14,600		140
Yokohama Rubber		2,700		54
Yokowo		3,200		87
Yossix		6,100		178
ZERIA Pharmaceutical		4,800		84
ZOZO		9,700		224
				290,216
Kenya – 0.0%
East African Breweries		371,978		694
Luxembourg – 0.1%
RTL Group		927		45
Ternium ADR		46,079		884
				929
Malaysia – 0.1%
Aeon M		120,400		42
AirAsia X*		136,400		5
Allianz Malaysia		6,200		20
Bermaz Auto		398,300		218
DRB-Hicom		116,000		66
Hong Leong Bank		25,700		100
Hong Leong Industries		5,500		14
Insas		326,100		64
Kenanga Investment Bank		85,500		10
KSL Holdings*		551,500		103
Malaysia Airports Holdings		114,200		236
Malaysian Pacific Industries		17,267		38
MISC		71,900		134
Padini Holdings		207,100		189
Petron Malaysia Refining & Marketing		98,639		125
Sime Darby		170,300		91
Supermax		100,400		38
Syarikat Takaful Malaysia Keluarga		24,000		34
Tropicana		48		—
Uchi Technologies		80,529		54
Unisem		160,827		74
				1,655
Mexico – 0.6%
Credito Real SOFOM ER		2,787		3
Fibra Uno Administracion‡		126,171		185
Genomma Lab Internacional, Cl B*		1,782,235		1,720
Gentera		1,225,146		1,016
Grupo Aeroportuario del Pacifico, Cl B		212,249		2,049
Grupo Financiero Banorte, Cl O		330,024		1,779
Grupo Financiero Inbursa, Cl O		580,404		740

  KP International Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Grupo Lala, Cl B		648,355	$	741
Grupo Televisa ADR		48,770		477
Industrias Bachoco		75,859		333
Nemak(A)		987,217		445
Vitro		18,814		41
Wal-Mart de Mexico		578,299		1,714
				11,243
Netherlands – 2.8%
Aalberts Industries		45,790		1,815
ABN AMRO Bank		11,334		200
Accell Group		2,608		63
Adyen*		256		169
Aegon		48,837		203
Akzo Nobel		77,262		6,888
Amsterdam Commodities		2,462		53
ArcelorMittal		49,647		698
ASM International		15,865		1,461
ASML Holding		13,406		3,321
ASR Nederland		11,193		413
Boskalis Westminster		185,489		3,869
Coca-Cola European Partners		2,070		116
Eurocommercial Properties‡		5,067		141
Euronext(A)		9,002		736
Fugro*		130,830		882
Heineken		25,576		2,764
Heineken Holding		3,037		302
ING Groep		407,779		4,269
Intertrust(A)		17,082		334
Koninklijke Ahold Delhaize		75,747		1,895
Koninklijke DSM		4,777		575
Koninklijke KPN		366,057		1,141
Koninklijke Philips		50,746		2,351
Koninklijke Volkerwessels		11,388		202
Koninklijke Vopak		1,983		102
NN Group		7,494		266
Prosus*		12,756		936
Randstad		69,094		3,396
RELX		190,536		4,533
Royal Dutch Shell, Cl A		30,255		887
SBM Offshore		314,290		5,224
Signify(A)		3,987		110
Sligro Food Group		140		4
Takeaway.com* (A)		1,061		85
Unibail-Rodamco-Westfield‡		2,964		432
Unilever		37,964		2,282
Van Lanschot Kempen		3,116		68
Wolters Kluwer		7,371		538
				53,724
New Zealand – 0.1%
a2 Milk*		18,245		151
Auckland International Airport		25,382		145
Fisher & Paykel Healthcare		15,577		169
Fletcher Building		23,733		77
Infratil		113,129		348
Meridian Energy		32,722		107
NZX		83,714		68
PGG Wrightson		6,591		10
Property for Industry‡		32,158		48
Ryman Healthcare		11,389		95
Skellerup Holdings		19,474		28
SKY Network Television		154,015		108
Spark New Zealand		171,622		474
Trustpower		32,176		167

Description	Shares		Value   (000)
Vista Group International		20,539	$	49
				2,044
Norway – 0.9%
Adevinta, Cl A*		10,414		121
Adevinta, Cl B*		8,764		101
Aker BP		3,097		83
Bakkafrost P		24,380		1,439
DNB		50,991		899
Elkem(A)		42,025		102
Equinor		57,508		1,094
Gjensidige Forsikring		5,662		112
Mowi		11,604		268
Norsk Hydro		32,182		113
Orkla		20,673		188
Salmar		3,345		147
Schibsted, Cl A		10,414		308
Schibsted, Cl B		11,534		323
SpareBank 1 BV		17,631		72
Sparebank 1 Oestlandet		26,700		245
SpareBank 1 SR-Bank		53,156		580
Sparebanken More		1,457		49
Telenor		18,888		379
TGS NOPEC Geophysical		151,800		3,853
Yara International		169,839		7,314
				17,790
Peru – 0.2%
Cia de Minas Buenaventura ADR		31,867		484
Credicorp		12,296		2,563
				3,047
Philippines – 0.0%
First Gen		162,100		77
Lopez Holdings		759,100		64
SSI Group		279,000		15
Wilcon Depot		184,519		59
				215
Poland – 0.3%
Asseco Poland		12,648		161
Cyfrowy Polsat		10,902		72
Enea*		60,238		130
Energa		62,376		99
Eurocash		73,473		385
Grupa Lotos		60,862		1,344
Jastrzebska Spolka Weglowa		6,115		33
LPP		440		944
Neuca		96		9
Polski Koncern Naftowy Orlen		64,848		1,595
Polskie Gornictwo Naftowe i Gazownictwo		65,399		77
Powszechna Kasa Oszczednosci Bank Polski		21,424		210
Powszechny Zaklad Ubezpieczen		20,387		190
TEN Square Games		193		6
				5,255
Portugal – 0.2%
Altri SGPS		76,265		507
Banco Espirito Santo* (B) (C)		46,916		—
EDP-Energias de Portugal		67,937		264
Galp Energia		113,708		1,713
Jeronimo Martins		5,808		98
Mota-Engil SGPS		46,101		91

  KP International Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Sonae SGPS		333,324	$	311
				2,984
Qatar – 0.1%
Mannai		7,450		7
Ooredoo QPSC		636,880		1,264
Qatar National Bank SAQ		134,324		712
United Development QSC		170,100		62
				2,045
Russia – 0.5%
Alrosa PJSC		622,332		715
Lukoil PJSC ADR		6,412		531
Magnit PJSC		8,284		454
Magnitogorsk Iron & Steel Works PJSC GDR		43,766		339
MMC Norilsk Nickel PJSC ADR		92,434		2,366
Novolipetsk Steel PJSC GDR		37,865		822
PhosAgro PJSC GDR		59,993		766
Polyus PJSC GDR		5,556		321
Sberbank of Russia PJSC ADR		122,106		1,731
Severstal PJSC GDR		53,292		765
Tatneft PJSC ADR		5,656		359
VEON ADR		23,598		57
				9,226
Singapore – 2.0%
Ascendas‡		68,100		154
Ascott Residence Trust‡		357,000		341
Asian Pay Television Trust		403,700		49
Best World International		17,700		17
Cache Logistics Trust‡		218,300		117
CapitaLand		63,300		162
CapitaLand Commercial Trust‡		73,974		111
CapitaLand Mall Trust‡		65,900		125
City Developments		11,500		82
ComfortDelGro		59,000		102
Dairy Farm International Holdings		31,400		198
DBS Group Holdings		277,034		5,011
Delfi		1,162,400		1,009
Frasers Property		82,600		105
Frencken Group		314,500		154
Genting Singapore		146,000		93
Golden Agri-Resources		140,800		23
Great Eastern Holdings		49,700		817
Haw Par		35,012		339
Hi-P International, Cl P		69,800		57
Hongkong Land Holdings		781,600		4,392
Hour Glass		112,000		65
Jardine Cycle & Carriage		2,533		55
Jardine Matheson Holdings		144,300		7,720
Jardine Strategic Holdings		5,600		167
Jumbo Group		71,700		19
Keppel		35,600		153
Mapletree Commercial Trust‡		771,200		1,277
Oversea-Chinese Banking		80,171		630
Parkway Life‡		118,700		269
Sasseur Real Estate Investment Trust‡		206,600		119
SATS		20,400		71
Sembcorp Industries		18,500		28
Silverlake Axis		335,700		112
Singapore Airlines		12,500		83
Singapore Exchange		20,400		125

Description	Shares		Value   (000)
Singapore Medical Group*		27,700	$	6
Singapore Press Holdings		46,200		69
Singapore Technologies Engineering		38,700		108
Singapore Telecommunications		1,830,600		4,106
Sunningdale Tech		66,700		59
Suntec‡		46,100		63
United Industrial		18,948		39
United Overseas Bank		450,970		8,372
UOL Group		12,285		67
Venture		77,200		855
Wilmar International		48,500		131
Yangzijiang Shipbuilding Holdings		413,300		287
Yanlord Land Group		159,300		135
				38,648
South Africa – 1.2%
Alviva Holdings		10,469		11
Anglo American		28,053		652
Anglo American Platinum		33,345		2,010
Astral Foods		3,160		31
Bid		61,725		1,313
Bidvest Group		140,532		1,771
Capitec Bank Holdings		27,388		2,328
Cie Financiere Richemont		74,996		553
Clicks Group		112,517		1,597
FirstRand		396,960		1,630
Gold Fields ADR		77,361		381
Grindrod		1,060,062		315
Harmony Gold Mining ADR*		32,915		93
Momentum Metropolitan Holdings		121,518		150
Peregrine Holdings		175,380		202
Raubex Group		307,768		387
Sasol		47,020		786
Standard Bank Group		179,911		2,075
Super Group*		130,668		239
Telkom		202,895		946
Tiger Brands		311,760		4,334
Tsogo Sun Gaming		153,344		133
Tsogo Sun Hotels*		148,686		40
Wilson Bayly Holmes-Ovcon		9,970		94
				22,071
South Korea – 2.8%
Actoz Soft*		3,934		37
AMOREPACIFIC Group		16,271		890
Cheil Worldwide		24,245		503
CJ Hello		45,601		238
Dae Han Flour Mills		86		12
Daelim Industrial		5,063		440
Daeyang Electric*		3,787		40
Deutsch Motors*		36,373		237
Dongyang E&P		10,103		99
Douzone Bizon		13,916		761
Fila Korea		5,103		247
Gravity ADR		417		14
GS Engineering & Construction		16,789		464
GS Home Shopping		1,907		248
GS Retail		7,415		256
Hana Financial Group		32,063		945
Hankook Tire & Technology		15,484		417
Hansol Technics*		9,546		56
HDC Hyundai Development - Engineering & Construction, Cl E		3,497		96
Hyundai Glovis		2,881		376

  KP International Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Hyundai Motor		6,700	$	751
Innocean Worldwide		7,836		436
Interpark		21,256		94
Interpark Holdings		47,727		93
JB Financial Group		9,678		45
Kia Motors		59,695		2,275
Korea Investment Holdings		6,441		405
KT		17,542		403
KT ADR		85,488		967
LG		19,264		1,127
LG Display		24,679		292
LG Electronics		31,796		1,792
LG Household & Health Care		2,398		2,620
LG Uplus		101,551		1,158
LOTTE Himart		1,119		28
MegaStudyEdu		1,335		38
Moorim Paper		15,148		34
Neowiz*		20,154		260
NHN*		6,396		334
Partron		20,826		223
POSCO		1,529		290
POSCO ADR		90,000		4,245
S-1, Cl 1		5,884		483
Samsung Electronics		278,233		11,409
Samsung Electronics GDR(A)		6,240		6,397
Samsung Engineering*		11,750		165
Samsung Fire & Marine Insurance		6,140		1,145
Samsung SDS		2,933		467
SeAH Holdings		225		15
Seohan		15,917		17
Shinhan Financial Group		57,418		2,007
SK Hynix		54,856		3,769
SK Telecom		9,902		1,999
UIL		6,402		28
Youngone Holdings		595		24
				52,211
Spain – 1.4%
Acerinox		36,809		315
ACS Actividades de Construccion y Servicios		6,599		264
Aena SME		1,692		310
Amadeus IT Group, Cl A		100,796		7,221
Applus Services		21,380		277
Banco Bilbao Vizcaya Argentaria		171,646		894
Banco de Sabadell		156,591		152
Banco Santander		1,654,824		6,740
Bankia		251,021		474
Bankinter		16,736		106
Bolsas y Mercados Espanoles SHMSF		8,837		223
CaixaBank		90,500		238
Cellnex Telecom		4,931		204
CIE Automotive		11,384		285
eDreams ODIGEO*		7,047		33
Enagas		5,896		137
Endesa		8,497		224
Faes Farma		67,059		342
Ferrovial		21,202		613
Gestamp Automocion(A)		78,474		366
Grifols		7,930		234
Grupo Empresarial San Jose*		18,706		138
Iberdrola		154,853		1,609
Indra Sistemas*		31,972		277
Industria de Diseno Textil		28,057		868

Description	Shares		Value   (000)
Mapfre		31,658	$	85
Masmovil Ibercom*		16,540		336
Mediaset Espana Comunicacion		16,938		109
Naturgy Energy Group		7,623		202
Pharma Mar*		5,117		10
Red Electrica		10,976		223
Repsol		37,182		581
Siemens Gamesa Renewable Energy		6,791		92
Talgo* (A)		15,272		84
Telefonica		120,224		917
Viscofan		12,377		580
				25,763
Sweden – 1.7%
AddNode Group, Cl B		3,262		53
AddTech, Cl B		789		21
AF POYRY, Cl B		8,663		175
Alfa Laval		7,725		152
Arjo		89,437		339
Assa Abloy, Cl B		138,448		3,082
Atlas Copco, Cl A		17,680		545
Atlas Copco, Cl B		10,330		280
Avanza Bank Holding		10,568		86
Axfood		17,839		379
Bergman & Beving, Cl B		5,478		47
Biotage		26,498		275
Boliden		6,579		151
BTS Group, Cl B*		574		11
Bufab		4,757		49
Bure Equity		27,252		399
Clas Ohlson, Cl B		25,072		241
Cloetta, Cl B		124,791		358
Concentric		5,141		63
Dios Fastigheter		63,098		551
Electrolux		6,185		147
Elekta, Cl B		40,659		536
Enea		3,656		53
Enlabs*		10,416		23
Eolus Vind, Cl B		17,511		186
Epiroc, Cl A		17,155		186
Epiroc, Cl B		10,544		109
Essity, Cl B		113,896		3,324
Evolution Gaming Group(A)		23,193		456
Fastighets Balder, Cl B*		51,420		1,948
Ferronordic Machines		3,314		45
Fortnox		13,561		227
GARO		2,645		84
Getinge, Cl B		79,719		1,116
Hemfosa Fastigheter		57,196		579
Hennes & Mauritz, Cl B		20,629		399
Hexagon, Cl B		6,528		315
Hoist Finance(A)		66,707		379
Husqvarna, Cl B		12,023		91
ICA Gruppen		2,452		113
Industrivarden, Cl C		3,830		84
Instalco		15,693		161
Intrum		10,897		274
Investor, Cl B		11,986		585
Inwido		39,659		214
Kinnevik		5,807		153
Kungsleden		45,953		417
L E Lundbergforetagen, Cl B		1,719		65
Lagercrantz Group, Cl B		4,907		63
Lifco, Cl B		3,212		151

  KP International Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value  (000)
Lindab International		66,353	$	677
Lundin Petroleum		4,862		145
Millicom International Cellular		8,273		401
Moberg Pharma*		30,769		212
Modern Times Group, Cl B		15,460		128
NetEnt		37,077		114
Nordea Bank Abp		158,182		1,122
Nordic Entertainment Group, Cl B		30,653		725
NP3 Fastigheter		2,267		23
Nyfosa*		64,506		439
Orexo*		17,252		94
Pricer, Cl B		39,505		50
Recipharm, Cl B		10,147		136
Rejlers, Cl B		2,297		26
Resurs Holding(A)		64,416		382
Sandvik		93,850		1,463
Sectra, Cl B*		4,088		135
Securitas, Cl B		8,369		128
Sintercast		348		5
Skandinaviska Enskilda Banken, Cl A		41,871		385
Skanska, Cl B		8,469		172
SKF, Cl B		9,670		160
SkiStar		12,571		161
SSAB, Cl A		64,100		178
Svenska Handelsbanken, Cl A		139,754		1,308
Sweco, Cl B		5,194		148
Swedbank, Cl A		23,888		344
Swedish Match		15,487		640
Swedish Orphan Biovitrum*		8,757		134
Tele2, Cl B		13,022		194
Telefonaktiebolaget LM Ericsson, Cl B		80,704		645
Telia		70,908		317
Tethys Oil		6,487		52
Vitec Software Group, Cl B		4,373		62
Vitrolife		18,166		297
Volvo, Cl B		39,121		548
Wihlborgs Fastigheter		47,737		776
				32,666
Switzerland – 6.7%
ABB		47,380		931
Adecco Group		28,595		1,582
Alcon*		47,800		2,787
ALSO Holding		2,159		308
ams		8,870		394
Ascom Holding		9,108		94
Baloise Holding		1,306		234
Barry Callebaut		60		124
Cembra Money Bank		3,595		375
Chocoladefabriken Lindt & Spruengli		3		248
Chocoladefabriken Lindt & Spruengli PC		28		207
Cie Financiere Richemont		117,496		8,619
Clariant		4,528		88
Coca-Cola		5,406		177
Credit Suisse Group		66,259		812
DKSH Holding		4,900		245
Dufry		1,234		103
EMS-Chemie Holding		192		120
Geberit		5,645		2,696
Givaudan		243		678
Gurit Holding		53		71

Description	Shares		Value  (000)
Helvetia Holding		9,169	$	1,265
Huber + Suhner		1,058		68
Julius Baer Group		59,679		2,644
Kardex		1,154		159
Kuehne + Nagel International		1,380		203
LafargeHolcim		157,609		7,757
Landis+Gyr Group		1,034		93
Lastminute.com*		2,209		85
Logitech International		18,808		763
Lonza Group		1,956		661
Nestle		228,845		24,827
Novartis		251,634		21,818
Pargesa Holding		1,077		83
Partners Group Holding		480		368
Roche Holding		64,450		18,756
Schindler Holding		541		121
Schindler Holding PC		1,038		232
SGS		140		347
SIG Combibloc Group		13,245		177
Sika		20,732		3,032
Sonova Holding		4,732		1,100
Straumann Holding		276		226
Sulzer		2,965		292
Swatch Group		1,404		71
Swatch Group BR		20,557		5,456
Swiss Life Holding		866		414
Swiss Prime Site		2,052		201
Swiss Re		7,850		819
Swisscom		650		321
Swissquote Group Holding		1,695		70
Tamedia		514		51
Temenos*		1,687		282
UBS Group		578,755		6,571
Vifor Pharma		1,194		191
VZ Holding		213		64
Zehnder Group		577		23
Zurich Insurance Group		17,340		6,637
				127,141
Taiwan – 2.1%
AU Optronics ADR		590,986		1,454
ChipMOS Technologies ADR		8,333		169
Chroma ATE		116,000		551
Delta Electronics		231,516		990
E.Sun Financial Holding		2,074,723		1,756
Giant Manufacturing		122,414		835
Merida Industry		66,428		379
PChome Online		150,587		631
Taiwan Semiconductor
Manufacturing		456,000		4,014
Taiwan Semiconductor
Manufacturing ADR		492,012		22,868
Teco Electric and Machinery		1,223,387		986
Uni-President Enterprises		1,222,000		2,945
United Microelectronics ADR		498,001		1,041
Yungtay Engineering		641,000		1,307
				39,926
Thailand – 0.5%
Airports of Thailand		956,800		2,338
Bangchak NVDR		160,900		143
Bangkok Bank		46,900		266
Bangkok Bank NVDR		21,200		120
BEC World*		617,700		149
CP ALL		910,200		2,418

  KP International Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value  (000)
Kasikornbank		108,900	$	558
PTG Energy NVDR		827,100		508
PTT NVDR		1,380,300		2,088
PTT Exploration & Production
NVDR		112,100		443
Thai Oil NVDR		64,700		148
				9,179
Turkey – 0.5%
Akbank T.A.S.		1,085,533		1,560
Albaraka Turk Katilim Bankasi*		44,267		11
Anadolu Cam Sanayii		44,655		25
Arcelik		39,404		133
Dogan Sirketler Grubu Holding		2,244,390		609
Dogus Otomotiv Servis ve Ticaret		91,794		127
Enka Insaat ve Sanayi		49,360		49
Eregli Demir ve Celik Fabrikalari		535,664		650
Haci Omer Sabanci Holding		562,312		953
Tekfen Holding		5,919		20
Turkiye Garanti Bankasi*		1,393,068		2,518
Turkiye Is Bankasi, Cl C		1,029,411		1,143
Turkiye Sise ve Cam Fabrikalari		421,190		348
Ulker Biskuvi Sanayi		99,979		348
Vestel Elektronik Sanayi ve
Ticaret*		182,299		323
Yapi ve Kredi Bankasi*		1,522,527		650
				9,467
United Arab Emirates – 0.0%
Abu Dhabi Islamic Bank PJSC		308,336		427
Aldar Properties PJSC		290,415		165
Emirates NBD PJSC		10,430		37
				629
United Kingdom – 13.9%
3i Group		159,394		2,286
4imprint Group		8,929		329
888 Holdings		31,902		60
Admiral Group		41,300		1,076
Aggreko		412,784		4,217
Anglo American		306,721		7,057
Antofagasta		63,567		703
Ashmore Group		69,680		434
Ashtead Group		12,267		341
Associated British Foods		8,986		254
AstraZeneca		34,136		3,048
Auto Trader Group		146,839		921
Avast(A)		129,031		615
Aviva		103,306		507
BAE Systems		222,017		1,556
Bank of Ireland Group		11,295		45
Barclays		1,930,440		3,570
Barratt Developments		63,178		503
Barrick Gold		6,440		116
Begbies Traynor Group		81		—
Berkeley Group Holdings		69,739		3,584
BHP Group		369,212		7,863
BP		832,469		5,280
British American Tobacco		65,861		2,435
British Land‡		22,005		158
Britvic		49,014		593
BT Group, Cl A		222,575		489
Bunzl		67,114		1,754
Burberry Group		10,870		291
Capita		289,578		516

Description	Shares		Value  (000)
Capital & Regional‡		394,363	$	97
Card Factory		61,293		126
Carnival		91,022		3,772
Centrica		158,288		144
Charter Court Financial Services Group(A)		21,587		80
Cineworld Group		88,818		249
Close Brothers Group		12,842		222
Cobham*		865,086		1,668
Codemasters Group Holdings*		32,388		88
Compass Group		372,553		9,587
Computacenter		11,819		188
Consort Medical		4,741		44
ConvaTec Group		408,870		881
Cranswick		6,236		226
Crest Nicholson Holdings		63,627		296
CRH		6,900		237
Croda International		3,458		207
CVS Group		18,806		236
Daily Mail & General Trust, Cl A		20,164		211
Dart Group		67,218		757
DCC		16,904		1,475
Devro		84,569		197
Diageo		440,482		18,051
Dialog Semiconductor*		17,395		823
Direct Line Insurance Group		35,654		132
Drax Group		296,405		1,007
DS Smith		210,304		932
Dunelm Group		90,634		934
easyJet		43,527		615
Elektron Technology*		37,991		25
EMIS Group		86,633		1,082
Endava ADR*		3,900		148
Euromoney Institutional Investor		7,500		136
Evraz		12,827		74
Experian		308,475		9,859
FDM Group Holdings		30,857		280
Ferguson		5,869		429
Ferrexpo		11,192		22
Firstgroup*		112,445		190
Flutter Entertainment		13,097		1,225
Forterra(A)		29,442		103
Fresnillo		4,917		41
Future		36,817		555
G4S		373,091		868
Games Workshop Group		11,400		662
GCP Student Living‡		4,387		9
Genel Energy		91,368		207
Georgia Capital*		21,170		266
GlaxoSmithKline		129,839		2,785
Glencore		628,740		1,892
Global Ports Investments GDR*		214,134		638
Globaltrans Investment GDR		37,984		327
Go-Ahead Group		13,255		328
Greggs		51,482		1,323
GVC Holdings		134,572		1,230
Halma		9,640		234
Hargreaves Lansdown		7,211		184
Hays		371,181		688
Hill & Smith Holdings		11,443		176
HomeServe		137,901		2,011
Hon Hai Precision Industry GDR		168,705		795
Howden Joinery Group		91,697		632
HSBC Holdings		526,317		4,042
IG Group Holdings		69,064		512

  KP International Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value  (000)
IMI		220,095	$	2,599
Imperial Brands		25,149		565
Inchcape		68,520		532
Informa		119,088		1,248
IntegraFin Holdings		1,981		10
InterContinental Hotels Group		4,570		285
Intermediate Capital Group		29,743		532
International Personal Finance		199,380		272
Intertek Group		49,203		3,314
Investec		92,158		474
ITV		662,032		1,025
J D Wetherspoon		4,377		83
J Sainsbury		41,496		112
John Wood Group		72,326		337
Johnson Matthey		4,938		186
Jupiter Fund Management		123,985		542
Just Eat*		257,408		2,114
Kainos Group		8,852		49
Kerry Group, Cl A		4,189		490
Kingfisher		54,348		138
Kingspan Group		3,953		193
Land Securities Group‡		19,033		200
Legal & General Group		157,321		480
Lloyds Banking Group		11,751,578		7,820
London Stock Exchange Group		8,179		735
Lookers		55,987		39
Man Group		247,591		532
Marks & Spencer Group		50,558		115
Marston’s		872,686		1,325
McCarthy & Stone(A)		82,718		148
Meggitt		20,578		161
Melrose Industries		122,461		304
Merlin Entertainments(A)		351,915		1,958
Micro Focus International ADR		4,526		64
Micro Focus International		4,238		59
Mitchells & Butlers		67,083		316
Mitie Group		74,027		133
Mondi		12,440		238
Moneysupermarket.com Group		57,283		267
National Express Group		122,683		653
National Grid		116,286		1,260
NewRiver‡		59,164		141
Next		3,602		274
NMC Health		2,122		71
Non-Standard Finance(A)		128,595		63
Ocado Group*		11,542		188
Oxford Instruments		3,440		54
Pagegroup		42,996		232
Patisserie Holdings*		3,055		—
PayPoint		12,245		137
Pearson		19,839		180
Persimmon		8,240		220
Petrofac		19,226		95
Pets at Home Group		377,771		968
Phoenix Group Holdings		24,481		208
Playtech		31,572		166
Polar Capital Holdings		9,928		66
Provident Financial		63,557		318
Prudential		135,002		2,448
Rathbone Brothers		7,358		201
Reach		55,123		60
Reckitt Benckiser Group		99,651		7,773
Redrow		55,337		420
Regional‡ (A)		85,190		108
RELX		191,847		4,558

Description	Shares		Value  (000)
Rentokil Initial		46,956	$	270
Rhi Magnesita		8,035		401
Rightmove		381,458		2,582
Rio Tinto		105,367		5,453
RM		349		1
Rolls-Royce Holdings		426,741		4,158
Rotork		55,988		214
Royal Bank of Scotland Group		127,823		326
Royal Dutch Shell, Cl A		113,261		3,320
Royal Dutch Shell, Cl B		369,313		10,879
RSA Insurance Group		26,754		176
RWS Holdings		20,269		146
Sage Group		28,889		246
Samsung Electronics GDR		770		784
Schroders		2,906		110
SDL		8,777		58
Segro‡		29,143		292
Serco Group*		499,313		916
Severn Trent		6,149		164
Sirius Real Estate		76,117		71
Smith & Nephew		40,270		970
Smiths Group		285,061		5,503
Softcat		29,892		368
Spectris		146,427		4,400
Spirax-Sarco Engineering		1,869		180
Spirent Communications		10,525		26
SSE		28,084		430
SSP Group		182,986		1,395
St. James’s Place		49,104		591
Standard Chartered		220,852		1,858
Standard Life Aberdeen		65,429		230
State Bank of India GDR*		53,780		2,065
Tate & Lyle		153,101		1,386
Taylor Wimpey		82,862		165
Ted Baker		7,471		89
Tesco		3,434,899		10,179
Thomas Cook Group		693,862		—
TP ICAP		8,614		36
Travis Perkins		408,690		6,487
TUI		50,498		587
Unilever		64,639		3,886
United Utilities Group		17,592		178
Vesuvius		40,499		227
Victrex		33,259		882
Vodafone Group		822,327		1,638
Weir Group		252,288		4,422
WH Smith		30,171		737
Whitbread		3,305		174
WM Morrison Supermarkets		65,418		161
Workspace Group‡		14,454		171
WPP		301,338		3,772
X5 Retail Group GDR		22,281		779
				263,456
United States – 1.0%
Communication Services – 0.2%
Perion Network*		11,171		55
Yandex, Cl A*		85,595		2,997
				3,052
Consumer Staples – 0.1%
Coca-Cola European Partners		10,350		574
Nomad Foods*		44,400		910

  KP International Equity Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value  (000)
PriceSmart		11,624	$	826
				2,310
Energy – 0.0%
Frontline*		13,600		124
Health Care – 0.0%
AC Immune*		5,143		25
Industrials – 0.6%
AerCap Holdings*		3,102		170
Canadian National Railway		77,307		6,947
Copa Holdings, Cl A		33,300		3,288
Ritchie Bros Auctioneers		2,365		94
				10,499
Information Technology – 0.1%
AudioCodes		24,000		454
Camtek*		5,747		54
CyberArk Software*		1,600		160
Genpact		14,133		548
NXP Semiconductors		7,359		803
Sapiens International		4,688		92
Wix.com*		1,200		140
				2,251
Materials – 0.0%
Freeport-McMoRan		75,130		719
Utilities – 0.0%
Atlantica Yield		22,885		551
				19,531
Total Common Stock (Cost $1,766,302) (000)				1,824,349
Preferred Stock — 0.6%
Alpargatas*		293,872		1,830
Banco Bradesco		77,437		633
Banco do Estado do Rio Grande do Sul		103,400		560
Bayerische Motoren Werke		1,313		73
Cia de Transmissao de Energia Eletrica Paulista		100,468		594
Cia Paranaense de Energia		16,900		203
Corem Property Group		2,495		94
FUCHS PETROLUB		79,880		2,999
Grupo Aval Acciones y Valores		771,793		289
Henkel & KGaA		4,502		446
Itausa - Investimentos Itau		201,217		642
Porsche Automobil Holding		4,066		265
Sartorius		964		176
Schaeffler		42,417		326
STO & KGaA		969		101
Telefonica Brasil		63,800		843
Volkswagen		11,213		1,907
Total Preferred Stock (Cost $10,792) (000)				11,981

Description	Face Amount		Value (000)
Corporate Obligation — 0.0%
Consumer Staples – 0.0%
Britannia Industries 8.000%, 08/28/22 (INR)	$	916	$	13
Total Corporate Obligation (Cost $13) (000)				13
Rights — 0.0%
	Number of Rights
Centuria Metropolitan, Expires 10/3/2019*		368		–
Harvey Norman Holdings, Expires 10/16/2019*		771		1
Pan American Silver, Expires *		20,581		8
Total Rights (Cost $–) (000)				9
Warrants — 0.0%
	Number of Warrants
Ezion Holdings, Expires 4/16/2023* (B) (C)		77,880		–
Total Warrants (Cost $–) (000)				–
Short-Term Investment — 2.3%
	Shares
State Street Institutional Treasury
Money Market Fund, Cl Premier, 1.650% (D)		43,686,053		43,686
Total Short-Term Investment (Cost $43,686) (000)				43,686
Total Investments In Securities — 99.2% (Cost $1,820,793) (000)			$	1,880,038

Percentages are based on Net Assets of $1,895,060 (000).

A list of the open futures contracts held by the Fund at September 30, 2019, is as follows (000):

Type of Contract	Number of Contracts Long)		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Depreciation (Thousands)
MSCI EAFE Index		231		Dec-2019	$	21,966	$	21,927	$	(40	)
S&P TSX 60 Index		15		Dec-2019		2,259		2,256		(5	)
					$	24,225	$	24,183	$	(45	)

‡ Real Estate Investment Trust

* Non-income producing security.

KP International Equity Fund

Schedule of Investments

September 30, 2019 (unaudited)

(A) Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of these securities at September 30, 2019 was $18,163 (000) and represents 1.0% of Net Assets.

(B) Level 3 security in accordance with fair value hierarchy.

(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 September 30, 2019, was $0 (000) and represented 0.00% of net assets.

(D) The rate reported is the 7-day effective yield as of September 30, 2019.

ADR — American Depositary Receipt

Cl — Class

EAFE — Europe, Australasia and Far East

GDR — Global Depositary Receipt

INR — Indian Rupee

MSCI — Morgan Stanley Capital International

NVDR — Non-voting Depository Receipt

PJSC — Public Joint-Stock Company

S&P — Standard & Poor’s

TSX — Toronto Stock Exchange

The following is a list of the level of inputs used as of September 30, 2019, 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	$	69,235	$	–	$	–	$	69,235
Austria		4,360		–		–		4,360
Belgium		12,171		–		–		12,171
Brazil		38,289		–		–		38,289
Canada		78,834		–		–		78,834
Chile		3,036		–		–		3,036
China		55,264		–		–		55,264
Colombia		1,904		–		–		1,904
Cypress		195		–		–		195
Czech Republic		509		–		–		509
Denmark		29,185		–		–		29,185
Egypt		95		–		–		95
Finland		12,118		–		–		12,118
France		131,815		–		–		131,815
Germany		103,966		–		–		103,966
Greece		6,428		–		–		6,428
Hong Kong		113,859		–		–		113,859
Hungary		1,620		–		–		1,620
India		53,940		–		–		53,940
Indonesia		10,613		–		–		10,613
Ireland		13,332		–		–		13,332
Israel		4,417		5,730		–		10,147
Italy		31,679		–		–		31,679
Japan		290,216		–		–		290,216
Kenya		694		–		–		694
Luxembourg		929		–		–		929
Malaysia		1,655		–		–		1,655
Mexico		11,243		–		–		11,243
Netherlands		53,724		–		–		53,724
New Zealand		2,044		–		–		2,044
Norway		17,790		–		–		17,790
Peru		3,047		–		–		3,047
Philippines		215		–		–		215
Poland		5,255		–		–		5,255
Portugal		2,984		–		–		2,984
Qatar		2,045		–		–		2,045
Russia		9,226		–		–		9,226
Singapore		38,648		–		–		38,648
South Africa		22,071		–		–		22,071

Investments In   Securities	Level 1		Level 2		Level 3^		Total
South Korea	$	52,211	$	–	$	–	$	52,211
Spain		25,763		–		–		25,763
Sweden		32,666		–		–		32,666
Switzerland		127,141		–		–		127,141
Taiwan		25,532		14,394		–		39,926
Thailand		9,179		–		–		9,179
Turkey		9,467		–		–		9,467
United Arab Emirates		629		–		–		629
United Kingdom		263,456		–		–		263,456
United States		19,531		–		–		19,531
Total Common Stock		1,804,225		20,124		–		1,824,349
Preferred Stock		11,981		–		–		11,981
Corporate Obligation		13		–		–		13
Rights		9		–		–		9
Warrants		–		–		–		–
Short-Term Investment		43,686		–		–		43,686
Total Investments in Securities	$	1,859,914	$	20,124	$	–	$	1,880,038

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts**
Unrealized Depreciation	$	(45	)	$	—	$	—		$        (45)
Total Other Financial Instruments	$	(45	)	$	—	$	—		$        (45)

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

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

For the period ended September 30, 2019, there were transfers between Level 1 and Level 2 assets and liabilities. Changes in the classifications between Levels 1 and 2 occur when foreign equity securities are fair valued using other observable market based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded. Transfers, if any, between levels are considered to have occurred as of the end of the period.

For the period ended September 30, 2019, securities with a total value of $20,124 (000) transferred from Level 1 to Level 2. For the period ended September 30, 2019, securities with a total value of $ 0 (000) transferred from Level 1 to Level 3. For the period ended September 30, 2019, securities with a total value of $0 (000) were considered Level 3.

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.

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

SCHEDULE OF INVESTMENTS

Description	Face Amount   (000)		Value   (000)
U.S. Treasury Obligations — 27.3%
U.S. Treasury Bonds
5.375%, 02/15/31	$	1,000	$	1,379
5.000%, 05/15/37		2,240		3,304
4.750%, 02/15/37		10,315		14,782
4.625%, 02/15/40		500		724
4.500%, 02/15/36 - 05/15/38		1,300		1,809
4.375%, 02/15/38 - 05/15/41		5,562		7,793
4.250%, 11/15/40		1,250		1,735
3.875%, 08/15/40		500		661
3.750%, 08/15/41 - 11/15/43		4,050		5,320
3.625%, 08/15/43 - 02/15/44		2,700		3,488
3.500%, 02/15/39		2,420		3,031
3.375%, 05/15/44 - 11/15/48		14,201		18,037
3.125%, 02/15/42 - 05/15/48		13,207		16,013
3.000%, 11/15/44 - 02/15/49		30,149		35,807
2.875%, 05/15/43 - 05/15/49		5,083		5,897
2.750%, 08/15/42 - 11/15/47		19,686		22,285
2.500%, 02/15/45 - 05/15/46		2,000		2,153
2.250%, 08/15/46 - 08/15/49		2,420		2,482
U.S. Treasury Notes
3.125%, 11/15/28		2,700		3,031
3.000%, 09/30/25 - 10/31/25		3,000		3,240
2.875%, 10/15/21 - 08/15/28		41,540		43,877
2.750%, 08/15/21 - 02/15/28		38,599		40,321
2.625%, 11/15/20 - 02/15/29		63,368		65,810
2.500%, 02/28/21 - 01/31/25		34,999		36,168
2.375%, 12/31/20 - 05/15/29		32,924		34,006
2.250%, 02/15/21 - 11/15/27		33,711		34,703
2.125%, 08/15/21 - 05/31/26		23,528		24,071
2.000%, 01/15/21 - 11/15/26		30,992		31,515
1.875%, 12/15/20 - 07/31/26		19,887		20,119
1.750%, 11/15/20 - 07/31/24		40,791		40,999
1.625%, 10/15/20 - 08/15/29		32,609		32,522
1.500%, 08/31/21 - 08/15/26		24,716		24,644
1.375%, 10/31/20 - 08/31/26		11,199		11,102
1.250%, 03/31/21 - 08/31/24		9,003		8,900
1.125%, 02/28/21 - 09/30/21		9,500		9,407
Total U.S. Treasury Obligations (Cost $580,936) (000)				611,135
Corporate Obligations — 25.1%
Communication Services – 1.7%
Activision Blizzard
3.400%, 09/15/26		50		52
Alphabet
3.375%, 02/25/24		100		107
America Movil
6.125%, 03/30/40		250		339
AT&T
5.250%, 03/01/37		3,073		3,617
4.900%, 08/15/37		150		170
4.850%, 03/01/39		70		79
4.500%, 03/09/48		100		108
4.350%, 06/15/45		600		631
4.300%, 02/15/30		333		366
4.125%, 02/17/26		200		216

Description	Face Amount   (000)		Value   (000)
4.100%, 02/15/28	$	253	$	274
3.800%, 03/01/24		200		211
3.800%, 02/15/27		150		159
3.600%, 07/15/25		2,073		2,182
3.400%, 05/15/25		2,447		2,553
3.200%, 03/01/22		3,050		3,124
2.950%, 07/15/26		200		202
2.450%, 06/30/20		2,002		2,007
Baidu
3.875%, 09/29/23		200		208
Bell Canada
4.464%, 04/01/48		15		18
4.300%, 07/29/49		30		34
British Telecommunications
5.125%, 12/04/28		200		229
CBS
3.375%, 03/01/22		150		153
2.900%, 06/01/23		100		102
Charter Communications Operating
6.484%, 10/23/45		150		182
6.384%, 10/23/35		150		182
5.375%, 04/01/38		100		112
5.375%, 05/01/47		100		109
4.500%, 02/01/24		100		107
Comcast
4.950%, 10/15/58		25		32
4.700%, 10/15/48		2,816		3,448
4.600%, 10/15/38		614		734
4.400%, 08/15/35		100		117
4.250%, 10/15/30		25		28
4.250%, 01/15/33		500		575
4.150%, 10/15/28		45		51
4.000%, 08/15/47		200		220
3.999%, 11/01/49		300		333
3.950%, 10/15/25		50		54
3.900%, 03/01/38		100		110
3.700%, 04/15/24		55		59
3.450%, 10/01/21		40		41
3.375%, 02/15/25		125		132
3.300%, 10/01/20		25		25
3.150%, 03/01/26		50		52
2.750%, 03/01/23		100		103
Deutsche Telekom International Finance BV
8.750%, 06/15/30		100		148
Discovery Communications
5.300%, 05/15/49		40		44
5.000%, 09/20/37		150		161
3.800%, 03/13/24		50		52
2.950%, 03/20/23		50		51
Fox
4.709%, 01/25/29 (A)		200		228
Interpublic Group
5.400%, 10/01/48		25		30
3.750%, 10/01/21		100		102
NBCUniversal Media
4.375%, 04/01/21		100		104
Omnicom Group
3.600%, 04/15/26		100		105
Orange
5.375%, 01/13/42		200		257

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount  (000)		Value  (000)
4.125%, 09/14/21	$	100	$	104
RELX Capital
3.125%, 10/15/22		100		102
Rogers Communications
4.350%, 05/01/49		75		86
4.300%, 02/15/48		40		46
2.900%, 11/15/26		50		51
Telefonica Emisiones
5.462%, 02/16/21		110		115
5.213%, 03/08/47		150		175
4.895%, 03/06/48		150		167
TELUS
4.600%, 11/16/48		50		59
Tencent Holdings
2.875%, 02/11/20 (A)		643		644
Thomson Reuters
3.350%, 05/15/26		100		103
TWDC Enterprises 18
3.700%, 12/01/42		72		81
3.150%, 09/17/25		100		107
Verizon Communications
5.250%, 03/16/37		100		124
5.012%, 04/15/49		250		314
4.862%, 08/21/46		250		305
4.812%, 03/15/39		100		120
4.522%, 09/15/48		884		1,045
4.400%, 11/01/34		400		458
4.329%, 09/21/28		255		289
4.272%, 01/15/36		1,407		1,582
4.016%, 12/03/29		250		278
3.875%, 02/08/29		10		11
3.376%, 02/15/25		150		158
2.625%, 08/15/26		135		137
Viacom
6.875%, 04/30/36		100		131
4.375%, 03/15/43		495		510
Vodafone Group
4.875%, 06/19/49		1,546		1,721
4.375%, 05/30/28		200		221
4.375%, 02/19/43		300		310
4.250%, 09/17/50		455		463
3.750%, 01/16/24		200		211
Walt Disney
6.400%, 12/15/35 (A)		735		1,059
4.500%, 02/15/21 (A)		100		103
3.700%, 10/15/25 (A)		20		22
2.750%, 09/01/49		250		240
2.000%, 09/01/29		300		292
				37,173
Consumer Discretionary – 1.0%
Adani Ports & Special Economic Zone
3.375%, 07/24/24 (A)		1,919		1,929
AI Candelaria Spain SLU
7.500%, 12/15/28 (A)		360		409
Alibaba Group Holding
4.000%, 12/06/37		250		273
Amazon.com
4.800%, 12/05/34		100		125
4.050%, 08/22/47		150		180

Description	Face Amount  (000)		Value  (000)
3.875%, 08/22/37	$	100	$	115
2.800%, 08/22/24		250		260
American Honda Finance
2.650%, 02/12/21		100		101
2.600%, 11/16/22		50		51
Aptiv
4.150%, 03/15/24		40		42
AutoNation
3.800%, 11/15/27		25		25
AutoZone
3.750%, 06/01/27		100		107
Best Buy
4.450%, 10/01/28		25		27
Block Financial
4.125%, 10/01/20		200		203
Booking Holdings
2.750%, 03/15/23		50		51
Council of Europe Development Bank
2.500%, 02/27/24		60		62
Diageo Capital
2.375%, 10/24/29		200		198
Diageo Investment
2.875%, 05/11/22		100		102
Dollar General
4.150%, 11/01/25		25		27
4.125%, 05/01/28		35		38
Dollar Tree
4.200%, 05/15/28		45		48
4.000%, 05/15/25		100		106
eBay
2.750%, 01/30/23		250		253
Expedia Group
4.500%, 08/15/24		100		108
3.250%, 02/15/30 (A)		2,119		2,113
Ford Motor
5.291%, 12/08/46		150		139
4.346%, 12/08/26		45		45
Ford Motor Credit
5.875%, 08/02/21		200		209
5.584%, 03/18/24		200		213
4.542%, 08/01/26		1,068		1,067
3.339%, 03/28/22		200		200
2.343%, 11/02/20		200		199
GEMS MENASA Cayman
7.125%, 07/31/26 (A)		1,080		1,114
General Motors
6.750%, 04/01/46		250		286
6.250%, 10/02/43		907		994
5.950%, 04/01/49		100		107
5.200%, 04/01/45		150		148
5.150%, 04/01/38		100		101
General Motors Financial
4.300%, 07/13/25		100		104
4.200%, 11/06/21		100		103
4.000%, 01/15/25		100		103
4.000%, 10/06/26		50		50
3.700%, 05/09/23		100		102
3.550%, 04/09/21		150		152
2.450%, 11/06/20		2,774		2,773

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount  (000)(1)		Value  (000)
Grupo Televisa
7.250%, 05/14/43 (MXN)		2,840	$	107
5.000%, 05/13/45		200		213
Hasbro
3.500%, 09/15/27		30		31
Home Depot
5.875%, 12/16/36		150		208
4.400%, 04/01/21		100		103
4.250%, 04/01/46		100		120
3.900%, 12/06/28		40		45
3.900%, 06/15/47		50		57
2.950%, 06/15/29		100		105
2.800%, 09/14/27		50		52
2.625%, 06/01/22		100		102
2.000%, 04/01/21		100		100
Hyatt Hotels
4.375%, 09/15/28		50		55
Las Vegas Sands
3.900%, 08/08/29		40		41
3.200%, 08/08/24		45		46
Lear
5.250%, 01/15/25		45		47
Leggett & Platt
4.400%, 03/15/29		50		54
Lowe’s
4.550%, 04/05/49		1,037		1,193
4.050%, 05/03/47		100		107
3.650%, 04/05/29		200		214
3.100%, 05/03/27		100		103
2.500%, 04/15/26		50		50
Macy’s Retail Holdings
3.625%, 06/01/24		100		100
Magna International
3.625%, 06/15/24		50		53
Marriott International
4.150%, 12/01/23		50		53
3.125%, 10/15/21		100		101
McDonald’s
4.450%, 03/01/47		150		172
3.625%, 09/01/49		100		101
3.500%, 03/01/27		100		107
3.375%, 05/26/25		100		106
3.350%, 04/01/23		130		136
2.750%, 12/09/20		20		20
Newell Brands
3.850%, 04/01/23		99		102
Nordstrom
5.000%, 01/15/44		100		93
4.000%, 03/15/27		30		31
O’Reilly Automotive
4.350%, 06/01/28		50		56
3.550%, 03/15/26		50		53
President & Fellows of Harvard College
3.150%, 07/15/46		100		107
QVC
4.450%, 02/15/25		65		68
Sands China
4.600%, 08/08/23		200		212

Description	Face Amount  (000)		Value  (000)
Starbucks
4.500%, 11/15/48	$	30	$	35
4.450%, 08/15/49		100		116
2.450%, 06/15/26		200		201
Target
4.000%, 07/01/42		200		231
3.500%, 07/01/24		100		107
3.375%, 04/15/29		50		54
Time Warner Cable
7.300%, 07/01/38		431		545
5.875%, 11/15/40		200		224
4.000%, 09/01/21		100		102
TJX
2.750%, 06/15/21		100		101
Toyota Motor Credit
4.250%, 01/11/21		100		103
3.650%, 01/08/29		100		111
3.450%, 09/20/23		50		53
2.750%, 05/17/21		100		101
2.700%, 01/11/23		200		205
2.250%, 10/18/23		50		50
University of Pennsylvania
3.610%, 02/15/19		100		110
USJ Acucar e Alcool
9.875%, 11/09/21 (A)		343		223
Whirlpool
4.000%, 03/01/24		60		63
				22,721
Consumer Staples – 1.0%
Adecoagro
6.000%, 09/21/27 (A)		1,335		1,275
Altria Group
6.200%, 02/14/59		15		18
5.950%, 02/14/49		389		457
5.800%, 02/14/39		165		191
5.375%, 01/31/44		100		111
4.800%, 02/14/29		40		44
4.000%, 01/31/24		300		316
3.800%, 02/14/24		20		21
Anheuser-Busch
4.900%, 02/01/46		2,397		2,860
4.700%, 02/01/36		150		173
Anheuser-Busch InBev Finance
3.300%, 02/01/23		225		234
Anheuser-Busch InBev Worldwide
5.800%, 01/23/59		300		405
4.950%, 01/15/42		500		590
4.600%, 04/15/48		1,114		1,285
4.439%, 10/06/48		100		113
4.150%, 01/23/25		250		273
4.000%, 04/13/28		55		61
Archer-Daniels-Midland
3.750%, 09/15/47		100		111
3.375%, 03/15/22		60		62
Bunge Finance
3.250%, 08/15/26		120		120
3.000%, 09/25/22		30		30
Campbell Soup
4.800%, 03/15/48		110		123

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount  (000)		Value  (000)
4.150%, 03/15/28	$	50	$	54
3.650%, 03/15/23		50		52
Church & Dwight
2.450%, 08/01/22		100		100
Clorox
3.500%, 12/15/24		50		53
Coca-Cola
3.300%, 09/01/21		100		103
2.875%, 10/27/25		50		53
2.550%, 06/01/26		50		51
2.450%, 11/01/20		50		50
1.875%, 10/27/20		50		50
1.750%, 09/06/24		100		99
Colgate-Palmolive
2.300%, 05/03/22		200		204
Conagra Brands
5.400%, 11/01/48		853		1,012
5.300%, 11/01/38		10		11
4.850%, 11/01/28		25		28
4.600%, 11/01/25		200		220
4.300%, 05/01/24		15		16
3.800%, 10/22/21		20		21
Constellation Brands
4.650%, 11/15/28		30		34
4.250%, 05/01/23		50		53
3.750%, 05/01/21		15		15
3.200%, 02/15/23		150		155
2.650%, 11/07/22		50		51
Costco Wholesale
2.750%, 05/18/24		150		155
General Mills
4.200%, 04/17/28		50		56
3.700%, 10/17/23		100		105
3.150%, 12/15/21		150		153
Hershey
2.300%, 08/15/26		50		50
Ingredion
3.200%, 10/01/26		50		51
JM Smucker
3.375%, 12/15/27		150		158
Kellogg
4.000%, 12/15/20		17		18
3.400%, 11/15/27		25		26
Keurig Dr Pepper
5.085%, 05/25/48		150		177
4.985%, 05/25/38		175		203
4.597%, 05/25/28		50		56
Kimberly-Clark
3.950%, 11/01/28		10		11
2.750%, 02/15/26		100		103
Kraft Heinz Foods
5.000%, 06/04/42		150		155
4.625%, 01/30/29		50		54
4.625%, 10/01/39 (A)		100		101
3.950%, 07/15/25		150		157
3.375%, 06/15/21		115		116
Kroger
3.300%, 01/15/21		100		101
2.650%, 10/15/26		200		198

Description	Face Amount  (000)		Value  (000)
McCormick
3.150%, 08/15/24	$	100	$	104
Mead Johnson Nutrition
3.000%, 11/15/20		30		30
Molson Coors Brewing
4.200%, 07/15/46		200		202
Mondelez International
4.625%, 05/07/48		100		114
4.125%, 05/07/28		50		56
Mondelez International Holdings Netherlands BV
2.250%, 09/19/24 (A)		3,785		3,767
PepsiCo
3.600%, 03/01/24		100		106
3.450%, 10/06/46		200		216
3.000%, 10/15/27		50		53
2.850%, 02/24/26		100		104
2.375%, 10/06/26		200		203
2.000%, 04/15/21		50		50
Philip Morris International
4.500%, 03/20/42		100		111
3.375%, 08/11/25		100		105
2.500%, 11/02/22		100		101
1.875%, 02/25/21		200		200
Procter & Gamble
3.500%, 10/25/47		100		114
2.450%, 11/03/26		50		51
2.150%, 08/11/22		100		101
Reynolds American
4.450%, 06/12/25		150		160
Sysco
4.450%, 03/15/48		50		59
3.550%, 03/15/25		50		53
2.600%, 10/01/20		50		50
2.500%, 07/15/21		35		35
Tyson Foods
4.875%, 08/15/34		200		236
Unilever Capital
4.250%, 02/10/21		150		154
3.250%, 03/07/24		150		158
2.200%, 05/05/22		100		101
Walgreens Boots Alliance
4.800%, 11/18/44		200		211
3.450%, 06/01/26		165		171
Walmart
4.050%, 06/29/48		35		42
3.950%, 06/28/38		115		135
3.700%, 06/26/28		100		111
3.625%, 12/15/47		250		281
3.400%, 06/26/23		50		53
3.300%, 04/22/24		100		105
3.250%, 07/08/29		140		151
2.650%, 12/15/24		50		51
1.900%, 12/15/20		300		301
				21,968
Energy – 3.6%
Abu Dhabi Crude Oil Pipeline
4.600%, 11/02/47 (A)		2,500		2,913

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount  (000)		Value  (000)
Apache
5.350%, 07/01/49	$	50	$	52
4.375%, 10/15/28		100		102
3.250%, 04/15/22		41		42
Azure Power Solar Energy Pvt
5.650%, 12/24/24 (A)		220		220
Baker Hughes a GE
3.337%, 12/15/27		100		103
Boardwalk Pipelines
4.950%, 12/15/24		50		53
BP Capital Markets
3.561%, 11/01/21		200		206
3.062%, 03/17/22		200		205
2.500%, 11/06/22		250		253
Canadian Natural Resources
3.900%, 02/01/25		150		158
3.850%, 06/01/27		100		105
Cenovus Energy
5.250%, 06/15/37		200		218
3.000%, 08/15/22		20		20
Cheniere Corpus Christi Holdings
7.000%, 06/30/24		150		172
Chevron
2.954%, 05/16/26		50		52
2.566%, 05/16/23		50		51
2.419%, 11/17/20		100		101
2.355%, 12/05/22		150		152
2.100%, 05/16/21		50		50
Cimarex Energy
3.900%, 05/15/27		100		102
CNOOC Finance 2015 USA
3.500%, 05/05/25		200		208
Concho Resources
4.850%, 08/15/48		15		17
4.375%, 01/15/25		50		52
4.300%, 08/15/28		10		11
ConocoPhillips
6.500%, 02/01/39		300		434
Continental Resources
5.000%, 09/15/22		30		30
4.900%, 06/01/44		872		882
4.500%, 04/15/23		40		42
4.375%, 01/15/28		25		26
3.800%, 06/01/24		25		25
Ecopetrol
7.375%, 09/18/43		200		267
5.875%, 09/18/23		100		112
5.875%, 05/28/45		615		717
Emera US Finance
4.750%, 06/15/46		200		231
2.700%, 06/15/21		1,473		1,482
Enable Midstream Partners
4.150%, 09/15/29		100		97
Enbridge
3.700%, 07/15/27		100		106
Enbridge Energy Partners
5.875%, 10/15/25		100		116
Encana
3.900%, 11/15/21		50		51

Description	Face Amount  (000)		Value  (000)
Energy Transfer Operating
6.250%, 04/15/49	$	900	$	1,093
6.125%, 12/15/45		150		176
6.000%, 06/15/48		125		148
5.800%, 06/15/38		225		257
5.250%, 04/15/29		50		56
4.200%, 04/15/27		200		211
Energy Transfer Partners
4.500%, 11/01/23		100		106
Enterprise Products Operating
6.450%, 09/01/40		150		202
5.950%, 02/01/41		100		128
5.100%, 02/15/45		774		911
4.800%, 02/01/49		25		29
4.250%, 02/15/48		25		27
4.200%, 01/31/50		35		37
4.150%, 10/16/28		175		194
3.500%, 02/01/22		25		26
3.350%, 03/15/23		100		104
2.850%, 04/15/21		30		30
EOG Resources
3.150%, 04/01/25		100		105
2.625%, 03/15/23		100		102
EQM Midstream Partners
6.500%, 07/15/48		100		97
Equinor
3.950%, 05/15/43		200		228
3.700%, 03/01/24		100		107
2.450%, 01/17/23		125		127
Equities
3.900%, 10/01/27		50		43
Exxon Mobil
4.114%, 03/01/46		150		178
3.095%, 08/16/49		1,127		1,132
3.043%, 03/01/26		50		52
2.995%, 08/16/39		25		25
2.726%, 03/01/23		35		36
2.709%, 03/06/25		150		155
2.440%, 08/16/29		25		25
2.222%, 03/01/21		20		20
2.019%, 08/16/24		25		25
1.902%, 08/16/22		10		10
Fermaca Enterprises
6.375%, 03/30/38 (A)		1,005		1,068
Gazprom OAO Via Gaz Capital
5.150%, 02/11/26 (A)		1,060		1,153
Greenko Dutch BV
5.250%, 07/24/24 (A)		575		575
Halliburton
5.000%, 11/15/45		100		111
3.800%, 11/15/25		150		159
3.500%, 08/01/23		100		104
3.250%, 11/15/21		3,280		3,347
Hess
7.875%, 10/01/29		726		917
7.125%, 03/15/33		1,036		1,293
4.300%, 04/01/27		200		209
Hunt Oil of Peru Sucursal Del Peru
6.375%, 06/01/28 (A)		730		818
Husky Energy
4.000%, 04/15/24		100		105

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount  (000)		Value  (000)
KazMunayGas National JSC
5.750%, 04/19/47 (A)	$	850	$	996
Kinder Morgan
5.550%, 06/01/45		300		354
4.300%, 03/01/28		100		108
Kinder Morgan Energy Partners
6.375%, 03/01/41		150		184
5.500%, 03/01/44		100		116
3.950%, 09/01/22		1,158		1,204
3.500%, 03/01/21		20		20
Kosmos Energy
7.125%, 04/04/26 (A)		590		608
Magellan Midstream Partners
4.250%, 02/01/21		100		103
3.950%, 03/01/50		25		25
Marathon Oil
6.600%, 10/01/37		150		190
Marathon Petroleum
6.500%, 03/01/41		250		311
3.800%, 04/01/28		30		32
3.400%, 12/15/20		557		563
MPLX
5.200%, 03/01/47		200		222
5.200%, 12/01/47 (A)		150		164
4.800%, 02/15/29		70		77
4.125%, 03/01/27		65		69
4.000%, 02/15/25		25		26
3.500%, 12/01/22 (A)		25		26
National Oilwell Varco
2.600%, 12/01/22		100		101
Newfield Exploration
5.625%, 07/01/24		200		221
5.375%, 01/01/26		1,380		1,499
Nexen
6.400%, 05/15/37		150		210
Noble Energy
6.000%, 03/01/41		644		778
4.950%, 08/15/47		100		109
4.150%, 12/15/21		100		104
Occidental Petroleum
7.500%, 05/01/31		100		131
6.600%, 03/15/46		200		261
5.550%, 03/15/26		3,302		3,724
4.850%, 03/15/21		544		563
4.400%, 04/15/46		200		204
4.400%, 08/15/49		15		15
4.300%, 08/15/39		20		21
3.500%, 08/15/29		1,206		1,223
3.400%, 04/15/26		70		71
2.900%, 08/15/24		60		60
2.700%, 08/15/22		45		45
Odebrecht Oil & Gas Finance
0.511%, 01/03/68 (A) (B)		97		1
ONEOK
5.200%, 07/15/48		75		83
4.550%, 07/15/28		50		54
4.450%, 09/01/49		100		100
4.000%, 07/13/27		30		32
ONEOK Partners
3.375%, 10/01/22		100		102

Description	Face Amount  (000)		Value  (000)
Pertamina Persero
6.500%, 11/07/48 (A)	$	1,217	$	1,598
4.700%, 07/30/49 (A)		960		996
Peru LNG Srl
5.375%, 03/22/30 (A)		785		814
Petroleos de Venezuela
9.000%, 11/17/21 (C)		660		53
8.500%, 10/27/20 (A) (C)		123		41
6.000%, 11/15/26 (A) (C)		785		63
5.375%, 04/12/27 (C)		670		53
Petroleos Mexicanos
7.690%, 01/23/50 (A)		800		834
6.875%, 08/04/26		50		54
6.840%, 01/23/30 (A)		300		311
6.750%, 09/21/47		1,843		1,769
6.625%, 06/15/35		480		469
6.500%, 03/13/27		1,975		2,052
6.500%, 01/23/29		685		697
6.500%, 06/02/41		350		334
6.490%, 01/23/27 (A)		310		323
6.375%, 01/23/45		190		176
6.350%, 02/12/48		200		184
5.350%, 02/12/28		255		244
4.875%, 01/24/22		845		875
3.500%, 01/30/23		455		454
Phillips 66
4.650%, 11/15/34		300		346
Phillips 66 Partners
3.605%, 02/15/25		25		26
2.450%, 12/15/24		100		100
Pioneer Natural Resources
3.450%, 01/15/21		100		101
Plains All American Pipeline
4.650%, 10/15/25		6,884		7,358
3.850%, 10/15/23		150		155
3.550%, 12/15/29		995		973
ReNew Power
6.450%, 09/27/22 (A)		280		283
Sabine Pass Liquefaction
5.625%, 02/01/21		140		145
5.625%, 03/01/25		85		95
5.000%, 03/15/27		300		331
Saudi Arabian Oil
4.250%, 04/16/39 (A)		3,220		3,472
2.875%, 04/16/24 (A)		1,008		1,019
Shell International Finance
4.550%, 08/12/43		400		492
2.875%, 05/10/26		100		104
1.875%, 05/10/21		200		200
Shell International Finance BV
3.875%, 11/13/28		100		112
Sinopec Group Overseas Development
2016 2.750%, 09/29/26 (A)		460		459
Southern Gas Corridor CJSC
6.875%, 03/24/26 (A)		840		974
Spectra Energy Partners
3.500%, 03/15/25		100		104
Stoneway Capital
10.000%, 03/01/27 (A)		275		163

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount  (000)(1)		Value  (000)
Suncor Energy
6.500%, 06/15/38		150	$	207
Sunoco Logistics Partners Operations
4.400%, 04/01/21		100		103
Total Capital
3.883%, 10/11/28		50		56
Total Capital Canada
2.750%, 07/15/23		100		103
Total Capital International
3.455%, 02/19/29		25		27
2.700%, 01/25/23		100		102
TransCanada PipeLines
5.100%, 03/15/49		25		30
4.875%, 01/15/26		100		112
4.625%, 03/01/34		300		341
4.250%, 05/15/28		25		28
Transportadora de Gas del Sur
6.750%, 05/02/25 (A)		220		192
Ultrapar International
5.250%, 06/06/29 (A)		870		911
Valero Energy
4.350%, 06/01/28		1,856		2,015
4.000%, 04/01/29		35		37
3.650%, 03/15/25		100		106
Western Midstream Operating
5.300%, 03/01/48		200		173
Williams
8.750%, 03/15/32		3,208		4,621
5.750%, 06/24/44		20		23
5.100%, 09/15/45		300		330
4.850%, 03/01/48		25		27
4.550%, 06/24/24		45		48
3.700%, 01/15/23		15		16
3.600%, 03/15/22		100		103
YPF
16.500%, 05/09/22 (ARS) (A)		6,000		31
				80,555
Financials – 7.4%
Aflac
4.750%, 01/15/49		15		19
3.625%, 06/15/23		100		105
AIG Global Funding
1.950%, 10/18/19 (A)		1,400		1,400
Allstate
4.200%, 12/15/46		200		232
American Express
4.200%, 11/06/25		105		115
3.400%, 02/27/23		150		156
3.125%, 05/20/26		100		104
2.500%, 08/01/22		100		101
2.500%, 07/30/24		65		66
American Express Credit
2.700%, 03/03/22		100		102
2.250%, 05/05/21		100		100
American Financial Group
3.500%, 08/15/26		35		36
American International Group
4.750%, 04/01/48		150		175

Description	Face Amount  (000)		Value  (000)
4.700%, 07/10/35	$	200	$	228
4.500%, 07/16/44		1,857		2,069
3.875%, 01/15/35		200		210
3.375%, 08/15/20		2,095		2,120
Andina de Fomento
4.375%, 06/15/22		100		105
3.750%, 11/23/23		90		95
Aon
4.500%, 12/15/28		50		56
Ares Capital
4.200%, 06/10/24		65		67
Assurant
4.000%, 03/15/23		74		77
Australia & New Zealand Banking Group NY
2.625%, 05/19/22		250		254
AXA Equitable Holdings
4.350%, 04/20/28		150		160
Banco del Estado de Chile
2.668%, 01/08/21 (A)		1,738		1,738
Banco Santander
3.306%, 06/27/29		200		206
3.125%, 02/23/23		200		204
Bangkok Bank
3.733%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+1.900%, 09/25/34 (A)		625		633
Bank of America
5.000%, 01/21/44		250		317
4.450%, 03/03/26		130		142
4.330%, VAR ICE LIBOR USD 3 Month+1.520%, 03/15/50		150		177
4.271%, VAR ICE LIBOR USD 3 Month+1.310%, 07/23/29		200		222
4.244%, VAR ICE LIBOR USD 3 Month+1.814%, 04/24/38		100		114
4.200%, 08/26/24		165		177
4.183%, 11/25/27		250		270
4.100%, 07/24/23		100		107
4.078%, VAR ICE LIBOR USD 3 Month+1.320%, 04/23/40		100		112
4.000%, 01/22/25		912		968
3.974%, VAR ICE LIBOR USD 3 Month+1.210%, 02/07/30		40		44
3.950%, 04/21/25		200		212
3.946%, VAR ICE LIBOR USD 3 Month+1.190%, 01/23/49		100		112
3.559%, VAR ICE LIBOR USD 3 Month+1.060%, 04/23/27		5,187		5,471
3.550%, VAR ICE LIBOR USD 3 Month+0.780%, 03/05/24		250		260
3.500%, 04/19/26		50		53
3.499%, VAR ICE LIBOR USD 3 Month+0.630%, 05/17/22		2,983		3,042
3.458%, VAR ICE LIBOR USD 3 Month+0.970%, 03/15/25		100		104
3.366%, VAR ICE LIBOR USD 3 Month+0.810%, 01/23/26		200		208
3.194%, VAR ICE LIBOR USD 3 Month+1.180%, 07/23/30		100		103
3.093%, VAR ICE LIBOR USD 3 Month+1.090%, 10/01/25		100		103

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount  (000)(1)		Value  (000)
2.881%, VAR ICE LIBOR USD 3 Month+1.021%, 04/24/23		200	$	203
2.503%, 10/21/22		100		101
2.151%, 11/09/20		100		100
Bank of Georgia JSC
11.000%, 06/01/20 (GEL) (A)		870		291
6.000%, 07/26/23 (A)		750		767
Bank of Montreal
3.300%, 02/05/24		100		104
3.100%, 04/13/21		60		61
2.900%, 03/26/22		4,005		4,082
2.500%, 06/28/24		65		66
Bank of New York Mellon
3.550%, 09/23/21		100		103
3.450%, 08/11/23		50		53
3.400%, 01/29/28		50		53
3.300%, 08/23/29		100		105
3.000%, 02/24/25		100		104
2.950%, 01/29/23		50		51
2.500%, 04/15/21		100		101
2.450%, 11/27/20		50		50
2.450%, 08/17/26		50		50
Bank of Nova Scotia
3.125%, 04/20/21		150		153
2.800%, 07/21/21		100		101
2.700%, 08/03/26		200		203
2.450%, 03/22/21		50		50
Barclays
4.610%, VAR ICE LIBOR USD 3 Month+1.400%, 02/15/23		200		208
4.375%, 01/12/26		200		211
4.338%, VAR ICE LIBOR USD 3 Month+1.356%, 05/16/24		2,595		2,712
Barclays Bank
2.650%, 01/11/21		200		201
BAT Capital
4.758%, 09/06/49		50		49
4.540%, 08/15/47		100		96
4.390%, 08/15/37		150		145
3.557%, 08/15/27		100		101
3.462%, 09/06/29		50		49
3.222%, 08/15/24		50		51
2.789%, 09/06/24		35		35
2.764%, 08/15/22		50		50
BB&T
3.875%, 03/19/29		100		108
3.750%, 12/06/23		100		106
3.700%, 06/05/25		50		53
3.050%, 06/20/22		3,950		4,047
2.750%, 04/01/22		200		203
2.500%, 08/01/24		2,580		2,601
2.200%, 03/16/23		100		100
Berkshire Hathaway
3.125%, 03/15/26		200		211
Berkshire Hathaway Finance
4.300%, 05/15/43		200		236
4.250%, 01/15/49		50		59
BlackRock
3.250%, 04/30/29		100		107
3.200%, 03/15/27		100		106

Description	Face Amount  (000)		Value  (000)
BOC Aviation
3.000%, 09/11/29 (A)	$	1,100	$	1,083
BP Capital Markets America
4.234%, 11/06/28		100		113
3.410%, 02/11/26		100		106
2.112%, 09/16/21		100		100
BPCE
4.000%, 04/15/24		250		269
Brighthouse Financial
3.700%, 06/22/27		50		49
Brookfield Finance
3.900%, 01/25/28		100		105
Canadian Imperial Bank of Commerce
3.100%, 04/02/24		100		103
2.700%, 02/02/21		40		40
Capital One Financial
4.250%, 04/30/25		50		54
3.900%, 01/29/24		4,140		4,374
3.800%, 01/31/28		100		105
3.750%, 07/28/26		100		104
3.450%, 04/30/21		50		51
3.300%, 10/30/24		100		104
3.200%, 02/05/25		50		51
3.050%, 03/09/22		150		153
Charles Schwab
3.550%, 02/01/24		100		106
Chubb INA Holdings
3.350%, 05/15/24		100		106
3.350%, 05/03/26		150		160
2.875%, 11/03/22		150		154
Citigroup
8.125%, 07/15/39		250		410
4.750%, 05/18/46		100		117
4.450%, 09/29/27		3,790		4,135
4.300%, 11/20/26		1,425		1,535
4.281%, VAR ICE LIBOR USD 3 Month+1.839%, 04/24/48		100		117
4.125%, 07/25/28		85		91
4.075%, VAR ICE LIBOR USD 3 Month+1.192%, 04/23/29		150		163
4.044%, VAR ICE LIBOR USD 3 Month+1.023%, 06/01/24		50		53
3.980%, VAR ICE LIBOR USD 3 Month+1.338%, 03/20/30		150		163
3.887%, VAR ICE LIBOR USD 3 Month+1.563%, 01/10/28		200		214
3.750%, 06/16/24		100		106
3.668%, VAR ICE LIBOR USD 3 Month+1.390%, 07/24/28		100		106
3.500%, 05/15/23		100		104
3.352%, VAR ICE LIBOR USD 3 Month+0.897%, 04/24/25		100		104
3.300%, 04/27/25		100		105
3.142%, VAR ICE LIBOR USD 3 Month+0.722%, 01/24/23		185		188
2.900%, 12/08/21		100		101
2.876%, VAR ICE LIBOR USD 3 Month+0.950%, 07/24/23		3,549		3,594
2.750%, 04/25/22		100		102
2.700%, 10/27/22		300		304
2.650%, 10/26/20		100		101

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount  (000)(1)		Value  (000)
Citigroup Global Markets Holdings
15.920%, 11/19/21 (UAH) (A)(D)		29,000	$	1,294
Citizens Financial Group
2.850%, 07/27/26		150		152
2.375%, 07/28/21		30		30
CME Group
3.000%, 03/15/25		150		157
CNO Financial Group
5.250%, 05/30/29		100		110
Comerica
4.000%, 02/01/29		50		55
3.700%, 07/31/23		25		26
Cooperatieve Rabobank UA
5.250%, 05/24/41		100		137
4.625%, 12/01/23		851		914
3.375%, 05/21/25		250		266
2.750%, 01/10/23		250		254
Credit Suisse Group Funding Guernsey
4.875%, 05/15/45		250		306
3.125%, 12/10/20		250		252
Deutsche Bank NY
3.700%, 05/30/24		85		85
3.150%, 01/22/21		100		100
Development Bank of Kazakhstan JSC
8.950%, 05/04/23 (KZT) (A)		362,000		874
Discover Bank
3.450%, 07/27/26		250		258
Discover Financial Services
4.100%, 02/09/27		40		43
E*TRADE Financial
4.500%, 06/20/28		50		54
Fibria Overseas Finance
5.500%, 01/17/27		25		27
Fidelity National Financial
4.500%, 08/15/28		50		54
Fifth Third Bancorp
3.650%, 01/25/24		100		105
Fifth Third Bank
3.950%, 07/28/25		200		218
First Republic Bank
4.625%, 02/13/47		200		230
FMS Wertmanagement
1.375%, 06/08/21		200		199
Goldman Sachs Group
5.750%, 01/24/22		350		377
5.150%, 05/22/45		350		415
4.411%, VAR ICE LIBOR USD 3 Month+1.430%, 04/23/39		1,648		1,861
4.223%, VAR ICE LIBOR USD 3 Month+1.301%, 05/01/29		1,661		1,813
4.017%, VAR ICE LIBOR USD 3 Month+1.373%, 10/31/38		150		162
3.750%, 05/22/25		100		106
3.750%, 02/25/26		250		264
3.691%, VAR ICE LIBOR USD 3 Month+1.510%, 06/05/28		165		173
3.625%, 02/20/24		30		32

Description	Face Amount  (000)(1)		Value  (000)
3.272%, VAR ICE LIBOR USD 3 Month+1.201%, 09/29/25		75	$	78
3.200%, 02/23/23		150		154
2.908%, VAR ICE LIBOR USD 3 Month+1.053%, 06/05/23		100		101
2.876%, VAR ICE LIBOR USD 3 Month+0.821%, 10/31/22		100		101
2.625%, 04/25/21		100		101
2.600%, 04/23/20		1,225		1,227
2.600%, 12/27/20		100		100
2.350%, 11/15/21		45		45
Hanover Insurance Group
4.500%, 04/15/26		100		107
Hartford Financial Services Group
5.500%, 03/30/20		630		640
4.400%, 03/15/48		100		115
HSBC Bank
14.800%, 01/30/23 (EGP) (A)		9,600		605
12.508%, 03/09/20 (NGN) (A)(B)		430,000		1,122
HSBC Holdings
5.250%, 03/14/44		200		247
4.583%, VAR ICE LIBOR USD 3 Month+1.535%, 06/19/29		200		222
4.250%, 08/18/25		200		211
4.041%, VAR ICE LIBOR USD 3 Month+1.546%, 03/13/28		200		212
4.000%, 03/30/22		100		104
3.973%, VAR ICE LIBOR USD 3 Month+1.610%, 05/22/30		1,691		1,806
3.803%, VAR ICE LIBOR USD 3 Month+1.211%, 03/11/25		5,816		6,061
3.600%, 05/25/23		200		208
2.950%, 05/25/21		200		202
2.650%, 01/05/22		300		302
Huntington National Bank
2.500%, 08/07/22		250		253
Industrial & Commercial Bank of China NY
2.905%, 11/13/20		250		251
ING Groep
4.100%, 10/02/23		200		212
4.050%, 04/09/29		200		220
Intercontinental Exchange
4.000%, 10/15/23		150		160
Jefferies Group
6.875%, 04/15/21		100		106
JPMorgan Chase
5.600%, 07/15/41		250		339
4.350%, 08/15/21		250		260
4.203%, VAR ICE LIBOR USD 3 Month+1.260%, 07/23/29		100		111
4.005%, VAR ICE LIBOR USD 3 Month+1.120%, 04/23/29		150		164
3.964%, VAR ICE LIBOR USD 3 Month+1.380%, 11/15/48		1,534		1,720
3.897%, VAR ICE LIBOR USD 3 Month+1.220%, 01/23/49		150		167
3.882%, VAR ICE LIBOR USD 3 Month+1.360%, 07/24/38		150		166
3.797%, VAR ICE LIBOR USD 3 Month+0.890%, 07/23/24		100		105

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount  (000)(1)		Value  (000)
3.702%, VAR ICE LIBOR USD 3 Month+1.160%, 05/06/30		300	$	321
3.625%, 05/13/24		100		106
3.559%, VAR ICE LIBOR USD 3 Month+0.730%, 04/23/24		75		78
3.540%, VAR ICE LIBOR USD 3 Month+1.380%, 05/01/28		200		211
3.300%, 04/01/26		100		105
3.220%, VAR ICE LIBOR USD 3 Month+1.155%, 03/01/25		160		166
3.200%, 06/15/26		100		104
3.125%, 01/23/25		150		155
2.972%, 01/15/23		400		407
2.776%, VAR ICE LIBOR USD 3 Month+0.935%, 04/25/23		75		76
2.739%, VAR United States Secured Overnight Financing Rate+1.510%, 10/15/30		1,594		1,583
2.700%, 05/18/23		100		102
2.550%, 10/29/20		180		181
2.400%, 06/07/21		50		50
2.301%, VAR United States Secured Overnight Financing Rate+1.160%, 10/15/25		1,958		1,950
JPMorgan Chase Bank
8.375%, 03/17/34 (IDR) (A)(D)		13,200,000		983
8.250%, 05/17/36 (IDR) (A)(D)		9,300,000		682
5.625%, 05/17/23 (IDR) (A)(D)		16,000,000		1,088
KeyBank
2.400%, 06/09/22		250		252
KFW
2.500%, 11/20/24		300		313
1.875%, 11/30/20		200		200
Kreditanstalt fuer Wiederaufbau
2.875%, 04/03/28		90		98
2.625%, 04/12/21		100		101
2.500%, 02/15/22		400		408
2.375%, 12/29/22		280		286
2.125%, 03/07/22		150		152
1.750%, 09/15/21		200		200
1.750%, 08/22/22		500		502
1.375%, 08/05/24		100		99
Lazard Group
3.750%, 02/13/25		50		52
Lincoln National
3.625%, 12/12/26		100		105
3.050%, 01/15/30		2,138		2,135
Lloyds Banking Group
4.582%, 12/10/25		200		210
4.450%, 05/08/25		200		215
3.900%, 03/12/24		200		209
2.907%, VAR ICE LIBOR USD 3 Month+0.810%, 11/07/23		200		201
Loews
2.625%, 05/15/23		100		101
Manufacturers & Traders Trust
2.625%, 01/25/21		250		252
Manulife Financial
5.375%, 03/04/46		50		66
Markel
4.150%, 09/17/50		25		25

Description	Face Amount  (000)		Value  (000)
3.500%, 11/01/27	$	50	$	51
Marsh & McLennan
4.375%, 03/15/29		45		51
3.750%, 03/14/26		150		161
2.750%, 01/30/22		30		31
MetLife
6.400%, 12/15/36		1,497		1,775
3.600%, 04/10/24		100		106
3.600%, 11/13/25		50		54
Mitsubishi UFJ Financial Group
4.153%, 03/07/39		35		40
3.961%, 03/02/28		225		247
3.850%, 03/01/26		200		215
3.741%, 03/07/29		150		163
3.535%, 07/26/21		30		31
3.407%, 03/07/24		50		52
3.287%, 07/25/27		50		52
3.218%, 03/07/22		1,635		1,673
3.195%, 07/18/29		1,935		1,999
2.665%, 07/25/22		50		50
Mizuho Financial Group
3.922%, VAR ICE LIBOR USD 3 Month+1.000%, 09/11/24		200		210
2.601%, 09/11/22		200		202
Moody’s
4.250%, 02/01/29		150		168
Morgan Stanley
6.375%, 07/24/42		200		290
4.875%, 11/01/22		100		107
4.431%, VAR ICE LIBOR USD 3 Month+1.628%, 01/23/30		150		168
3.971%, VAR ICE LIBOR USD 3 Month+1.455%, 07/22/38		100		110
3.875%, 04/29/24		400		425
3.875%, 01/27/26		200		215
3.737%, VAR ICE LIBOR USD 3 Month+0.847%, 04/24/24		90		94
3.591%, VAR ICE LIBOR USD 3 Month+1.340%, 07/22/28		150		158
3.125%, 01/23/23		150		154
3.125%, 07/27/26		250		258
2.500%, 04/21/21		250		252
MUFG Americas Holdings
3.000%, 02/10/25		160		163
Nasdaq
3.850%, 06/30/26		150		161
National Australia Bank
3.375%, 09/20/21		350		358
National Rural Utilities Cooperative Finance
3.400%, 02/07/28		100		107
2.700%, 02/15/23		100		102
New York Life Global Funding
3.250%, 08/06/21 (A)		2,012		2,055
Northern Trust
3.650%, 08/03/28		25		27
3.375%, VAR ICE LIBOR USD 3 Month+1.131%, 05/08/32		63		65
ORIX
4.050%, 01/16/24		50		53
2.900%, 07/18/22		30		31

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount  (000)(1)		Value  (000)
PNC Bank
2.500%, 01/22/21		250	$	251
2.450%, 07/28/22		250		253
PNC Financial Services Group
3.500%, 01/23/24		125		132
3.450%, 04/23/29		50		53
Principal Financial Group
3.400%, 05/15/25		100		105
Progressive
4.125%, 04/15/47		100		116
4.000%, 03/01/29		50		56
Prudential Financial
4.600%, 05/15/44		200		233
3.700%, 03/13/51		50		52
3.500%, 05/15/24		200		213
Regions Financial
3.800%, 08/14/23		50		53
3.200%, 02/08/21		50		50
2.750%, 08/14/22		50		51
Reinsurance Group of America
3.900%, 05/15/29		50		53
RenaissanceRe Holdings
3.600%, 04/15/29		50		53
Royal Bank of Canada
3.200%, 04/30/21		75		76
2.800%, 04/29/22		100		102
2.750%, 02/01/22		250		254
2.550%, 07/16/24		50		51
Royal Bank of Scotland Group
6.125%, 12/15/22		70		76
6.100%, 06/10/23		30		33
6.000%, 12/19/23		60		66
5.125%, 05/28/24		65		69
5.076%, VAR ICE LIBOR USD 3 Month+1.905%, 01/27/30		200		224
4.269%, VAR ICE LIBOR USD 3 Month+1.762%, 03/22/25		200		209
S&P Global
4.000%, 06/15/25		100		109
Santander Holdings USA
4.450%, 12/03/21		30		31
4.400%, 07/13/27		25		27
3.500%, 06/07/24		3,024		3,103
Santander UK
2.875%, 06/18/24		200		203
Santander UK Group Holdings
3.373%, VAR ICE LIBOR USD 3 Month+1.080%, 01/05/24		200		203
3.125%, 01/08/21		100		101
Shriram Transport Finance
5.950%, 10/24/22 (A)		1,080		1,090
Standard Chartered Bank
11.000%, 08/05/25 (LKR) (A)(D)		49,000		276
10.750%, 03/03/21 (LKR) (A)(D)		75,000		423
8.250%, 05/19/36 (IDR) (A)(D)		13,160,000		964
Sumitomo Mitsui Financial Group
3.944%, 07/19/28		100		110
3.784%, 03/09/26		50		54
3.748%, 07/19/23		100		105
3.544%, 01/17/28		50		53

Description	Face Amount (000)		Value  (000)
3.446%, 01/11/27	$	50	$	53
3.364%, 07/12/27		100		105
3.202%, 09/17/29		25		25
3.102%, 01/17/23		50		51
3.040%, 07/16/29		882		902
2.934%, 03/09/21		250		252
2.846%, 01/11/22		50		51
2.784%, 07/12/22		50		51
2.778%, 10/18/22		50		51
2.724%, 09/27/29		200		199
2.696%, 07/16/24		5,278		5,337
SunTrust Banks
3.689%, VAR ICE LIBOR USD 3 Month+0.735%, 08/02/24		150		157
2.900%, 03/03/21		50		50
2.700%, 01/27/22		150		152
Svensk Exportkredit
2.875%, 05/22/21		200		204
1.625%, 09/12/21		200		199
Synchrony Financial
4.500%, 07/23/25		100		107
4.375%, 03/19/24		35		37
2.850%, 07/25/22		30		30
Syngenta Finance
5.676%, 04/24/48 (A)		229		237
4.892%, 04/24/25 (A)		2,934		3,107
4.441%, 04/24/23 (A)		1,017		1,063
TBC Bank JSC
5.750%, 06/19/24 (A)		670		672
TC Ziraat Bankasi
5.125%, 05/03/22 (A)		200		194
TD Ameritrade Holding
3.750%, 04/01/24		100		106
3.300%, 04/01/27		30		32
Toronto-Dominion Bank
3.250%, 06/11/21		50		51
2.650%, 06/12/24		2,414		2,459
2.500%, 12/14/20		150		151
2.125%, 04/07/21		50		50
1.950%, 04/02/20 (A)		473		473
1.800%, 07/13/21		100		100
Travelers
4.050%, 03/07/48		100		115
3.900%, 11/01/20		100		102
Unum Group
4.500%, 12/15/49		100		96
4.000%, 03/15/24		50		53
US Bancorp
3.150%, 04/27/27		200		212
2.625%, 01/24/22		200		203
2.400%, 07/30/24		100		101
2.375%, 07/22/26		250		252
Voya Financial
3.125%, 07/15/24		50		52
WEA Finance
3.250%, 10/05/20 (A)		582		588
3.150%, 04/05/22 (A)		2,883		2,941
Wells Fargo
4.900%, 11/17/45		817		972
4.650%, 11/04/44		350		404
4.150%, 01/24/29		100		111

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount  (000)		Value  (000)
4.125%, 08/15/23	$	200	$	212
3.584%, VAR ICE LIBOR USD 3 Month+1.310%, 05/22/28		200		212
3.550%, 09/29/25		100		106
3.000%, 01/22/21		100		101
3.000%, 02/19/25		100		103
3.000%, 04/22/26		100		102
3.000%, 10/23/26		250		257
2.625%, 07/22/22		7,639		7,724
2.550%, 12/07/20		85		85
Wells Fargo Bank
6.600%, 01/15/38		250		357
3.550%, 08/14/23		250		262
2.600%, 01/15/21		250		252
2.082%, VAR ICE LIBOR USD 3 Month+0.650%, 09/09/22		5,101		5,089
Westpac Banking
4.322%, VAR USD ICE Swap 11:00 NY 5 Yr+2.236%, 11/23/31		200		212
3.300%, 02/26/24		50		52
2.700%, 08/19/26		100		102
2.600%, 11/23/20		150		151
2.000%, 08/19/21		50		50
Willis North America
4.500%, 09/15/28		100		111
3.600%, 05/15/24		50		52
				166,611
Health Care – 1.8%
Abbott Laboratories
4.900%, 11/30/46		200		258
3.750%, 11/30/26		100		109
3.400%, 11/30/23		35		37
2.900%, 11/30/21		5,893		5,999
AbbVie
4.875%, 11/14/48		695		767
4.700%, 05/14/45		200		214
4.500%, 05/14/35		200		214
4.300%, 05/14/36		150		158
4.250%, 11/14/28		15		16
3.750%, 11/14/23		35		37
3.375%, 11/14/21		100		102
3.200%, 11/06/22		100		103
2.850%, 05/14/23		50		51
2.300%, 05/14/21		50		50
Aetna
2.800%, 06/15/23		25		25
2.750%, 11/15/22		150		152
Agilent Technologies
3.050%, 09/22/26		65		66
Allergan Funding SCS
4.550%, 03/15/35		300		318
3.800%, 03/15/25		190		199
AmerisourceBergen
3.400%, 05/15/24		100		104
Amgen
4.563%, 06/15/48		300		347
1.850%, 08/19/21		200		199
Anthem
4.650%, 01/15/43		150		166

Description	Face Amount  (000)		Value  (000)
3.650%, 12/01/27	$	65	$	68
3.350%, 12/01/24		150		156
3.300%, 01/15/23		200		207
AstraZeneca
4.375%, 08/17/48		100		119
2.375%, 11/16/20		150		151
2.375%, 06/12/22		100		100
Baxter International
2.600%, 08/15/26		100		101
Becton Dickinson
4.685%, 12/15/44		157		182
3.700%, 06/06/27		33		35
3.125%, 11/08/21		100		102
Biogen
3.625%, 09/15/22		100		104
Boston Scientific
4.550%, 03/01/39		150		177
3.375%, 05/15/22		100		103
Bristol-Myers Squibb
4.250%, 10/26/49 (A)		40		46
4.125%, 06/15/39 (A)		994		1,126
3.400%, 07/26/29 (A)		80		86
3.200%, 06/15/26 (A)		250		262
2.900%, 07/26/24 (A)		55		57
2.600%, 05/16/22 (A)		50		51
2.000%, 08/01/22		100		100
Cardinal Health
3.200%, 03/15/23		100		102
3.079%, 06/15/24		150		152
Celgene
5.000%, 08/15/45		250		313
3.875%, 08/15/25		100		108
3.250%, 02/20/23		100		104
2.875%, 02/19/21		45		45
Cigna
4.900%, 12/15/48		1,270		1,453
4.800%, 08/15/38		230		258
4.375%, 10/15/28		190		208
3.750%, 07/15/23		55		57
3.400%, 09/17/21		3,806		3,891
Cigna Holding
4.000%, 02/15/22		100		104
CVS Health
5.125%, 07/20/45		200		227
5.050%, 03/25/48		1,369		1,554
4.780%, 03/25/38		100		109
4.300%, 03/25/28		310		335
3.875%, 07/20/25		120		127
3.700%, 03/09/23		115		120
3.350%, 03/09/21		157		159
3.250%, 08/15/29		1,668		1,676
2.875%, 06/01/26		200		200
2.125%, 06/01/21		50		50
CVS Pass-Through Trust
4.163%, 08/11/36 (A)		573		598
Danaher
3.350%, 09/15/25		30		32
Eli Lilly
3.875%, 03/15/39		150		171
3.100%, 05/15/27		49		52
2.350%, 05/15/22		100		101

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount  (000)		Value  (000)
Express Scripts Holding
4.750%, 11/15/21	$	100	$	105
Gilead Sciences
4.600%, 09/01/35		400		474
4.500%, 02/01/45		150		174
2.500%, 09/01/23		35		35
1.950%, 03/01/22		15		15
GlaxoSmithKline Capital
3.875%, 05/15/28		150		166
3.375%, 06/01/29		100		107
2.850%, 05/08/22		100		102
2.800%, 03/18/23		125		128
HCA
5.500%, 06/15/47		40		45
5.250%, 04/15/25		35		39
5.250%, 06/15/26		40		45
5.250%, 06/15/49		1,582		1,726
5.125%, 06/15/39		25		27
5.000%, 03/15/24		55		60
4.750%, 05/01/23		35		37
4.500%, 02/15/27		30		32
4.125%, 06/15/29		20		21
Humana
4.950%, 10/01/44		200		232
Johnson & Johnson
3.625%, 03/03/37		150		167
2.900%, 01/15/28		150		158
2.625%, 01/15/25		100		103
2.450%, 12/05/21		100		101
2.450%, 03/01/26		200		204
Kaiser Foundation Hospitals
4.875%, 04/01/42		150		194
3.150%, 05/01/27		25		26
Laboratory Corp of America Holdings
3.250%, 09/01/24		100		104
McKesson
2.850%, 03/15/23		200		203
Medtronic
4.625%, 03/15/45		163		209
4.375%, 03/15/35		144		173
2.750%, 04/01/23		100		103
Merck
4.150%, 05/18/43		100		120
4.000%, 03/07/49		1,435		1,706
3.900%, 03/07/39		50		58
3.400%, 03/07/29		50		54
2.900%, 03/07/24		25		26
2.750%, 02/10/25		200		207
Mylan
5.250%, 06/15/46		200		213
3.750%, 12/15/20		100		102
Northwell Healthcare
3.809%, 11/01/49		1,003		1,045
Novartis Capital
4.400%, 05/06/44		150		185
3.400%, 05/06/24		100		106
3.000%, 11/20/25		50		53
2.400%, 05/17/22		50		51
PerkinElmer
3.300%, 09/15/29		30		30

Description	Face Amount  (000)		Value  (000)
Pfizer
4.200%, 09/15/48	$	15	$	18
4.125%, 12/15/46		100		116
4.100%, 09/15/38		25		28
4.000%, 12/15/36		250		286
4.000%, 03/15/49		50		58
3.900%, 03/15/39		25		28
3.450%, 03/15/29		50		54
3.200%, 09/15/23		25		26
3.000%, 09/15/21		20		20
3.000%, 06/15/23		100		104
2.950%, 03/15/24		50		52
Providence St. Joseph Health Obligated Group
2.532%, 10/01/29		40		40
Quest Diagnostics
4.200%, 06/30/29		150		166
Sanofi
3.375%, 06/19/23		200		210
Shire Acquisitions Investments Ireland DAC
3.200%, 09/23/26		60		62
2.875%, 09/23/23		50		51
2.400%, 09/23/21		150		151
SSM Health Care
3.688%, 06/01/23		20		21
Stanford Health Care
3.795%, 11/15/48		100		115
Stryker
4.625%, 03/15/46		100		122
3.500%, 03/15/26		25		27
3.375%, 11/01/25		50		53
Takeda Pharmaceutical
5.000%, 11/26/28 (A)		200		234
Thermo Fisher Scientific
3.600%, 08/15/21		100		102
3.200%, 08/15/27		100		105
3.000%, 04/15/23		200		206
2.950%, 09/19/26		30		31
UnitedHealth Group
4.750%, 07/15/45		100		121
4.625%, 07/15/35		200		242
4.450%, 12/15/48		10		12
4.250%, 04/15/47		100		114
4.250%, 06/15/48		50		57
3.875%, 12/15/28		10		11
3.850%, 06/15/28		50		55
3.750%, 07/15/25		50		54
3.700%, 12/15/25		10		11
3.500%, 06/15/23		50		52
3.500%, 02/15/24		10		10
3.500%, 08/15/39		1,396		1,453
3.150%, 06/15/21		50		51
2.950%, 10/15/27		150		155
2.875%, 03/15/22		100		102
Zimmer Biomet Holdings
3.550%, 04/01/25		150		158
Zoetis
4.450%, 08/20/48		125		148
3.250%, 02/01/23		50		51

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount  (000)		Value  (000)
3.000%, 09/12/27	$	50	$	51
				39,995
Industrials – 1.8%
3M
5.700%, 03/15/37		150		198
4.000%, 09/14/48		100		112
2.000%, 02/14/25		100		99
ABB Finance USA
3.800%, 04/03/28		150		166
AerCap Ireland Capital
4.625%, 10/30/20		225		230
4.500%, 05/15/21		1,375		1,420
AerCap Ireland Capital DAC
4.125%, 07/03/23		150		157
2.875%, 08/14/24		150		150
Aeropuerto Internacional de Tocumen
6.000%, 11/18/48 (A)		390		492
Air Lease
4.625%, 10/01/28		100		110
3.250%, 03/01/25		150		153
Aircastle
5.500%, 02/15/22		15		16
5.125%, 03/15/21		15		15
5.000%, 04/01/23		15		16
4.250%, 06/15/26		1,111		1,138
4.125%, 05/01/24		15		16
Allegion US Holding
3.550%, 10/01/27		50		51
American Airlines Pass-Through Trust
4.950%, 01/15/23		99		104
3.150%, 02/15/32		40		41
Boeing
3.900%, 05/01/49		25		28
3.750%, 02/01/50		50		54
3.600%, 05/01/34		25		27
3.450%, 11/01/28		50		54
3.200%, 03/01/29		25		26
3.100%, 05/01/26		25		26
2.950%, 02/01/30		50		51
2.350%, 10/30/21		150		151
2.300%, 08/01/21		30		30
2.125%, 03/01/22		50		50
Burlington Northern Santa Fe
4.900%, 04/01/44		200		252
4.150%, 12/15/48		105		123
3.750%, 04/01/24		200		213
3.550%, 02/15/50		1,627		1,724
3.050%, 03/15/22		100		102
Canadian National Railway
4.450%, 01/20/49		150		189
Canadian Pacific Railway
4.000%, 06/01/28		15		17
2.900%, 02/01/25		100		102

Description	Face Amount  (000)		Value  (000)
Caterpillar
5.200%, 05/27/41	$	100	$	132
3.900%, 05/27/21		50		51
3.400%, 05/15/24		100		106
3.250%, 09/19/49		1,448		1,505
Caterpillar Financial Services
3.650%, 12/07/23		100		106
3.450%, 05/15/23		150		158
3.150%, 09/07/21		55		56
Cintas No. 2
3.700%, 04/01/27		200		218
CNH Industrial Capital
4.875%, 04/01/21		10		10
4.375%, 11/06/20		15		15
4.375%, 04/05/22		10		11
4.200%, 01/15/24		50		53
3.875%, 10/15/21		10		10
CSX
4.250%, 03/15/29		65		73
3.800%, 03/01/28		100		109
3.800%, 11/01/46		200		210
3.350%, 09/15/49		100		98
3.250%, 06/01/27		50		53
Deere
2.875%, 09/07/49		15		15
Delta Air Lines
4.375%, 04/19/28		50		53
2.600%, 12/04/20		45		45
DP World
5.625%, 09/25/48 (A)		972		1,123
4.700%, 09/30/49 (A)		650		646
Eaton
3.103%, 09/15/27		100		104
Embraer Netherlands Finance BV
5.400%, 02/01/27		65		74
Emerson Electric
2.625%, 02/15/23		100		103
Eskom Holdings SOC
6.750%, 08/06/23 (A)		710		729
6.350%, 08/10/28 (A)		1,560		1,669
FedEx
4.950%, 10/17/48		100		111
4.750%, 11/15/45		100		108
3.200%, 02/01/25		200		206
Fluor
4.250%, 09/15/28		50		50
Fortune Brands Home & Security
4.000%, 09/21/23		50		53
GATX
3.850%, 03/30/27		200		210
GE Capital International Funding Unlimited Co
4.418%, 11/15/35		1,647		1,724
2.342%, 11/15/20		250		249
General Dynamics
3.750%, 05/15/28		55		61
3.500%, 05/15/25		200		214
2.250%, 11/15/22		100		101
General Electric
6.875%, 01/10/39		300		397

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount  (000)		Value  (000)
3.450%, 05/15/24	$	100	$	103
2.700%, 10/09/22		1,545		1,549
Georgian Oil and Gas JSC
6.750%, 04/26/21 (A)		200		207
Georgian Railway
7.750%, 07/11/22 (A)		1,500		1,640
Hillenbrand
4.500%, 09/15/26		100		101
Honeywell International
4.250%, 03/01/21		125		129
2.500%, 11/01/26		150		153
IHS Markit
4.250%, 05/01/29		85		91
Indonesia Asahan Aluminium Persero
6.757%, 11/15/48 (A)		418		542
6.530%, 11/15/28 (A)		380		464
5.710%, 11/15/23 (A)		1,210		1,331
5.230%, 11/15/21 (A)		1,262		1,325
Ingersoll-Rand Global Holding
4.250%, 06/15/23		100		106
Ingersoll-Rand Luxembourg Finance
3.800%, 03/21/29		100		106
John Deere Capital
3.350%, 06/12/24		100		106
3.050%, 01/06/28		150		157
2.800%, 03/04/21		100		101
2.800%, 03/06/23		50		51
2.800%, 09/08/27		50		52
2.650%, 06/24/24		100		103
Johnson Controls International
4.500%, 02/15/47		150		165
3.625%, 07/02/24		40		42
Kansas City Southern
4.700%, 05/01/48		50		60
Kazakhstan Temir Zholy National JSC
4.850%, 11/17/27 (A)		2,275		2,492
Kennametal
4.625%, 06/15/28		25		27
L3Harris Technologies
5.054%, 04/27/45		100		125
4.400%, 06/15/28 (A)		150		169
Latam Airlines, Pass-Through Trust
4.500%, 11/15/23		398		398
4.200%, 11/15/27		824		843
Lockheed Martin
4.700%, 05/15/46		150		190
2.900%, 03/01/25		100		104
2.500%, 11/23/20		150		151
Masco
4.500%, 05/15/47		100		101
4.375%, 04/01/26		40		43
3.500%, 04/01/21		50		51
Mexico City Airport Trust
3.875%, 04/30/28 (A)		200		196
Norfolk Southern
5.100%, 08/01/18		50		61
4.150%, 02/28/48		60		68

Description	Face Amount  (000)		Value  (000)
3.250%, 12/01/21	$	100	$	102
3.150%, 06/01/27		25		26
2.900%, 06/15/26		35		36
Northrop Grumman
4.030%, 10/15/47		150		170
3.500%, 03/15/21		100		102
3.250%, 08/01/23		50		52
Owens Corning
4.200%, 12/01/24		100		105
PACCAR Financial
3.150%, 08/09/21		100		102
Parker-Hannifin
4.000%, 06/14/49		20		22
3.300%, 11/21/24		150		157
Pelabuhan Indonesia III Persero
4.500%, 05/02/23 (A)		350		370
Republic Services
3.950%, 05/15/28		50		55
2.900%, 07/01/26		150		155
Rockwell Automation
3.500%, 03/01/29		85		92
Rockwell Collins
3.200%, 03/15/24		150		156
Roper Technologies
2.800%, 12/15/21		150		152
Ryder System
3.875%, 12/01/23		25		27
3.500%, 06/01/21		50		51
2.800%, 03/01/22		30		30
2.500%, 09/01/24		20		20
Stanley Black & Decker
2.900%, 11/01/22		100		102
Textron
3.650%, 03/15/27		100		104
Transnet
4.000%, 07/26/22 (A)		425		427
Union Pacific
4.800%, 09/10/58		100		120
3.799%, 10/01/51		200		214
3.646%, 02/15/24		100		106
3.600%, 09/15/37		150		158
3.550%, 08/15/39		70		73
United Airlines, Pass-Through Trust
4.300%, 08/15/25		75		81
3.750%, 09/03/26		77		82
2.700%, 05/01/32		30		30
United Parcel Service
3.750%, 11/15/47		150		160
3.400%, 03/15/29		115		123
3.400%, 09/01/49		1,154		1,161
3.125%, 01/15/21		45		46
3.050%, 11/15/27		100		105
United Technologies
4.625%, 11/16/48		215		268
4.450%, 11/16/38		10		12
4.125%, 11/16/28		30		34
3.950%, 08/16/25		15		17
3.750%, 11/01/46		1,837		2,021
3.650%, 08/16/23		20		21

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount (000)		Value (000)
3.350%, 08/16/21	$	10	$	10
3.100%, 06/01/22		100		103
2.650%, 11/01/26		130		134
2.300%, 05/04/22		100		101
1.950%, 11/01/21		50		50
Verisk Analytics
4.125%, 03/15/29		110		121
4.000%, 06/15/25		50		54
Wabtec
4.950%, 09/15/28		150		165
Waste Connections
3.500%, 05/01/29		50		53
Waste Management
4.150%, 07/15/49		65		76
4.000%, 07/15/39		35		40
3.500%, 05/15/24		100		105
3.450%, 06/15/29		50		54
				41,138
Information Technology – 1.7%
Amphenol
4.350%, 06/01/29		25		28
2.800%, 02/15/30		50		48
Analog Devices
3.125%, 12/05/23		150		154
Apple
4.650%, 02/23/46		300		377
3.850%, 08/04/46		100		113
3.750%, 09/12/47		150		167
3.450%, 05/06/24		100		107
3.000%, 06/20/27		25		26
3.000%, 11/13/27		100		105
2.950%, 09/11/49		100		98
2.850%, 05/06/21		200		203
2.850%, 05/11/24		250		259
2.500%, 02/09/22		50		51
2.400%, 01/13/23		200		203
2.300%, 05/11/22		100		101
2.250%, 02/23/21		50		50
2.200%, 09/11/29		4,607		4,527
2.150%, 02/09/22		250		252
1.550%, 08/04/21		50		50
Applied Materials
3.300%, 04/01/27		125		133
2.625%, 10/01/20		50		50
Arrow Electronics
3.500%, 04/01/22		100		102
Broadcom
4.750%, 04/15/29 (A)		100		106
4.250%, 04/15/26 (A)		100		103
3.875%, 01/15/27		100		100
3.625%, 01/15/24		100		102
3.625%, 10/15/24 (A)		100		102
3.125%, 10/15/22 (A)		25		25
3.000%, 01/15/22		100		101
2.200%, 01/15/21		100		100
C&W Senior Financing DAC
6.875%, 09/15/27 (A)		790		819
Cisco Systems
3.625%, 03/04/24		100		107
3.500%, 06/15/25		50		54

Description	Face Amount (000)		Value (000)
2.950%, 02/28/26	$	50	$	53
2.500%, 09/20/26		100		103
2.200%, 09/20/23		100		101
1.850%, 09/20/21		100		100
Corning
5.350%, 11/15/48		100		127
Dell International
8.350%, 07/15/46 (A)		736		971
6.020%, 06/15/26 (A)		260		292
5.450%, 06/15/23 (A)		150		163
5.300%, 10/01/29 (A)		50		55
4.900%, 10/01/26 (A)		50		54
4.420%, 06/15/21 (A)		100		103
Deutsche Telekom International Finance BV
2.225%, 01/17/20 (A)		1,009		1,009
Fidelity National Information Services
5.000%, 10/15/25		28		32
3.625%, 10/15/20		200		202
Fiserv
4.400%, 07/01/49		1,554		1,734
3.800%, 10/01/23		100		106
3.500%, 07/01/29		45		48
3.200%, 07/01/26		150		155
2.750%, 07/01/24		1,683		1,712
Flex
4.875%, 06/15/29		50		53
Global Payments
4.150%, 08/15/49		100		106
Hewlett Packard Enterprise
4.900%, 10/15/25		100		111
3.600%, 10/15/20		200		202
HP
6.000%, 09/15/41		150		171
IBM Credit
1.800%, 01/20/21		100		100
Intel
3.734%, 12/08/47		200		223
3.700%, 07/29/25		25		27
3.150%, 05/11/27		100		106
2.875%, 05/11/24		150		156
2.600%, 05/19/26		100		103
International Business Machines
4.250%, 05/15/49		100		115
4.150%, 05/15/39		100		114
4.000%, 06/20/42		150		166
3.625%, 02/12/24		100		106
3.500%, 05/15/29		3,251		3,489
3.450%, 02/19/26		50		53
3.300%, 05/15/26		4,236		4,467
3.000%, 05/15/24		150		156
2.850%, 05/13/22		100		102
2.800%, 05/13/21		100		101
2.250%, 02/19/21		50		50
1.875%, 08/01/22		150		149
Juniper Networks
4.500%, 03/15/24		50		54
KLA
4.100%, 03/15/29		65		72

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount  (000)		Value  (000)
Lam Research
4.000%, 03/15/29	$	30	$	33
3.750%, 03/15/26		100		107
2.800%, 06/15/21		50		51
Mastercard
3.950%, 02/26/48		10		12
3.650%, 06/01/49		50		57
3.500%, 02/26/28		5		5
2.950%, 11/21/26		50		53
2.950%, 06/01/29		50		52
Micron Technology
4.663%, 02/15/30		100		104
Microsoft
4.250%, 02/06/47		500		620
4.100%, 02/06/37		200		237
3.700%, 08/08/46		100		114
3.450%, 08/08/36		300		332
3.300%, 02/06/27		160		173
3.125%, 11/03/25		100		106
2.875%, 02/06/24		35		36
2.650%, 11/03/22		150		154
2.400%, 02/06/22		150		152
2.400%, 08/08/26		100		102
Motorola Solutions
4.600%, 05/23/29		25		27
NetApp
3.375%, 06/15/21		50		51
NXP BV
5.350%, 03/01/26 (A)		2,496		2,802
4.300%, 06/18/29 (A)		1,703		1,819
Oracle
3.900%, 05/15/35		200		221
3.850%, 07/15/36		250		275
3.800%, 11/15/37		250		272
2.950%, 11/15/24		200		207
2.950%, 05/15/25		100		104
2.500%, 05/15/22		150		152
2.400%, 09/15/23		200		202
1.900%, 09/15/21		90		90
PayPal Holdings
2.650%, 10/01/26		936		942
2.200%, 09/26/22		200		201
QUALCOMM
4.300%, 05/20/47		150		168
3.250%, 05/20/27		50		52
3.000%, 05/20/22		100		103
2.600%, 01/30/23		200		203
salesforce.com
3.250%, 04/11/23		150		156
Seagate HDD Cayman
4.750%, 01/01/25		49		51
Texas Instruments
4.150%, 05/15/48		50		61
2.750%, 03/12/21		75		76
Total System Services
4.800%, 04/01/26		100		111
Trimble
4.150%, 06/15/23		100		104
Tyco Electronics Group
3.125%, 08/15/27		25		26

Description	Face Amount  (000)		Value  (000)
Visa
4.300%, 12/14/45	$	150	$	186
3.150%, 12/14/25		200		213
2.800%, 12/14/22		100		103
VMware
2.950%, 08/21/22		100		101
Western Union
4.250%, 06/09/23		50		53
				38,227
Materials – 0.6%
Airgas
3.650%, 07/15/24		100		106
ArcelorMittal
7.000%, 10/15/39		21		25
6.250%, 02/25/22		20		21
6.125%, 06/01/25		15		17
5.500%, 03/01/21		20		21
4.250%, 07/16/29		100		102
Barrick
5.250%, 04/01/42		150		182
BHP Billiton Finance USA
5.000%, 09/30/43		100		129
Celanese US Holdings
5.875%, 06/15/21		20		21
4.625%, 11/15/22		20		21
Cemex
7.750%, 04/16/26 (A)		200		217
5.700%, 01/11/25 (A)		385		396
CNAC HK Finbridge
4.125%, 03/14/21		2,000		2,033
Dow Chemical
5.550%, 11/30/48 (A)		50		61
4.800%, 11/30/28 (A)		100		113
4.125%, 11/15/21		250		259
DuPont de Nemours
5.419%, 11/15/48		40		51
5.319%, 11/15/38		35		43
4.725%, 11/15/28		100		114
4.205%, 11/15/23		100		107
Eastman Chemical
3.800%, 03/15/25		150		157
Ecolab
3.250%, 01/14/23		100		104
FMC
4.500%, 10/01/49		100		104
Huntsman International
4.500%, 05/01/29		20		21
International Paper
5.150%, 05/15/46		150		169
3.650%, 06/15/24		200		210
LYB International Finance II BV
3.500%, 03/02/27		100		103
LYB International Finance III
4.200%, 10/15/49		1,446		1,432
LyondellBasell Industries
6.000%, 11/15/21		1,024		1,092
Martin Marietta Materials
4.250%, 12/15/47		100		101

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount   (000)		Value  (000)
Methanex
5.250%, 12/15/29	$	25	$	25
Minera Mexico
4.500%, 01/26/50 (A)		982		966
Mosaic
4.050%, 11/15/27		100		104
Nacional del Cobre de Chile
3.625%, 08/01/27 (A)		505		532
Newmont Goldcorp
5.450%, 06/09/44		100		125
3.700%, 03/15/23		50		52
3.500%, 03/15/22		100		103
Nucor
3.950%, 05/01/28		150		164
Nutrien
6.125%, 01/15/41		150		186
3.625%, 03/15/24		100		104
Orbia Advance
4.000%, 10/04/27 (A)		465		471
Packaging Corp of America
3.650%, 09/15/24		100		105
3.400%, 12/15/27		35		36
2.450%, 12/15/20		35		35
PPG Industries
2.400%, 08/15/24		50		50
Praxair
2.450%, 02/15/22		200		203
Rio Tinto Finance USA
3.750%, 06/15/25		200		215
RPM International
4.550%, 03/01/29		50		54
SASOL Financing USA
5.875%, 03/27/24		200		216
Sherwin-Williams
3.800%, 08/15/49		50		51
3.450%, 08/01/25		100		105
2.950%, 08/15/29		50		50
Southern Copper
5.875%, 04/23/45		150		182
3.875%, 04/23/25		30		31
Vale Overseas
6.875%, 11/21/36		200		253
4.375%, 01/11/22		80		83
Westlake Chemical
3.600%, 08/15/26		100		103
WRKCo
4.650%, 03/15/26		100		110
4.200%, 06/01/32		50		54
				12,300
Real Estate – 0.7%
Alexandria Real Estate Equities
4.000%, 01/15/24		100		107
4.000%, 02/01/50		50		54
3.450%, 04/30/25		25		26
American Campus Communities Operating Partnership
3.300%, 07/15/26		100		103

Description	Face Amount   (000)		Value  (000)
American Tower
4.000%, 06/01/25	$	200	$	214
3.375%, 05/15/24		100		104
2.750%, 01/15/27		100		—
2.250%, 01/15/22		50		50
AvalonBay Communities
3.500%, 11/15/24		100		106
3.300%, 06/01/29		65		69
Boston Properties
3.850%, 02/01/23		100		105
3.650%, 02/01/26		150		159
2.900%, 03/15/30		2,002		1,996
Brixmor Operating Partnership
3.875%, 08/15/22		30		31
3.250%, 09/15/23		100		103
Camden Property Trust
4.100%, 10/15/28		10		11
3.150%, 07/01/29		30		31
Crown Castle International
5.250%, 01/15/23		100		109
4.000%, 11/15/49		10		10
3.800%, 02/15/28		150		160
3.700%, 06/15/26		35		37
2.250%, 09/01/21		55		55
CubeSmart
4.375%, 02/15/29		15		16
Digital Realty Trust
3.625%, 10/01/22		100		104
3.600%, 07/01/29		2,268		2,360
Duke Realty
3.750%, 12/01/24		100		106
EPR Properties
4.750%, 12/15/26		50		54
Equinix
5.875%, 01/15/26		45		48
5.375%, 05/15/27		35		38
ERP Operating
4.625%, 12/15/21		120		126
4.150%, 12/01/28		50		56
Essex Portfolio
3.375%, 04/15/26		100		105
Federal Realty Investment Trust
3.200%, 06/15/29		50		52
GLP Capital
5.750%, 06/01/28		15		17
5.375%, 11/01/23		15		16
5.375%, 04/15/26		25		28
5.250%, 06/01/25		15		17
4.000%, 01/15/30		65		65
HCP
3.875%, 08/15/24		150		160
3.250%, 07/15/26		100		103
Healthcare Trust of America Holdings
3.750%, 07/01/27		100		105
Highwoods Realty
4.200%, 04/15/29		50		54
Host Hotels & Resorts
3.750%, 10/15/23		100		104

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount   (000)		Value  (000)
Kilroy Realty
3.450%, 12/15/24	$	50	$	52
3.050%, 02/15/30		2,576		2,523
Kimco Realty
4.450%, 09/01/47		1,163		1,283
3.300%, 02/01/25		80		83
3.200%, 05/01/21		50		51
Liberty Property
4.125%, 06/15/22		100		104
Life Storage
4.000%, 06/15/29		50		54
Mid-America Apartments
3.950%, 03/15/29		50		55
3.600%, 06/01/27		25		26
National Retail Properties
4.000%, 11/15/25		35		38
3.600%, 12/15/26		100		105
Office Properties Income Trust
4.250%, 05/15/24		50		51
Omega Healthcare Investors
4.375%, 08/01/23		50		53
3.625%, 10/01/29		100		99
Prologis
3.875%, 09/15/28		35		39
Public Storage
3.385%, 05/01/29		30		32
Realty Income
3.875%, 04/15/25		25		27
3.250%, 10/15/22		100		103
3.250%, 06/15/29		25		26
Regency Centers
3.600%, 02/01/27		30		31
2.950%, 09/15/29		50		50
Sabra Health Care
3.900%, 10/15/29		50		49
Service Properties Trust
5.250%, 02/15/26		100		104
5.000%, 08/15/22		100		104
Simon Property Group
3.375%, 10/01/24		125		131
3.300%, 01/15/26		100		105
3.250%, 09/13/49		1,727		1,687
2.625%, 06/15/22		250		254
2.450%, 09/13/29		1,122		1,098
UDR
4.400%, 01/26/29		25		28
4.000%, 10/01/25		50		54
Ventas Realty
3.750%, 05/01/24		50		53
2.650%, 01/15/25		100		100
VEREIT Operating Partnership
4.875%, 06/01/26		20		22
4.625%, 11/01/25		50		55
4.600%, 02/06/24		15		16
4.125%, 06/01/21		10		10
Welltower
4.950%, 09/01/48		100		120
3.100%, 01/15/30		30		30

Description	Face Amount   (000)		Value  (000)
Weyerhaeuser
4.625%, 09/15/23	$	100	$	109
WP Carey
4.600%, 04/01/24		50		53
				16,441
Utilities – 3.8%
1MDB Energy
5.990%, 05/11/22		2,000		2,102
ABY Transmision Sur
6.875%, 04/30/43 (A)		625		774
AEP Transmission
3.800%, 06/15/49		50		55
3.100%, 12/01/26		150		157
Alabama Power
4.300%, 07/15/48		30		35
Ameren
2.500%, 09/15/24		2,086		2,096
Ameren Illinois
4.500%, 03/15/49		25		31
American Electric Power
3.650%, 12/01/21		35		36
American Water Capital
4.200%, 09/01/48		100		115
3.400%, 03/01/25		100		105
Arizona Public Service
4.500%, 04/01/42		100		117
3.150%, 05/15/25		50		52
Atmos Energy
4.125%, 03/15/49		20		23
3.375%, 09/15/49		670		680
3.000%, 06/15/27		65		68
Avangrid
3.800%, 06/01/29		50		54
Berkshire Hathaway Energy
6.125%, 04/01/36		200		277
3.750%, 11/15/23		100		106
Black Hills
4.350%, 05/01/33		30		34
3.050%, 10/15/29		50		50
CenterPoint Energy
4.250%, 11/01/28		25		28
3.850%, 02/01/24		25		27
3.700%, 09/01/49		25		25
3.600%, 11/01/21		10		10
2.950%, 03/01/30		25		25
2.500%, 09/01/22		50		50
CenterPoint Energy Houston Electric
4.250%, 02/01/49		25		30
2.250%, 08/01/22		100		100
Cleco Corporate Holdings
3.743%, 05/01/26		100		103
CMS Energy
3.000%, 05/15/26		40		41
Cometa Energia
6.375%, 04/24/35 (A)		1,453		1,545
Connecticut Light & Power
4.000%, 04/01/48		25		29

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount   (000)		Value  (000)
3.200%, 03/15/27	$	25	$	26
Consolidated Edison of New York
4.450%, 03/15/44		150		175
4.000%, 12/01/28		100		112
3.875%, 06/15/47		100		110
3.800%, 05/15/28		50		55
Consumers Energy
4.350%, 04/15/49		100		123
Delmarva Power & Light
4.150%, 05/15/45		423		484
Dominion Energy
5.950%, 06/15/35		1,199		1,516
4.050%, 09/15/42		150		159
3.071%, 08/15/24		35		36
2.750%, 01/15/22		100		101
2.450%, 01/15/23 (A)		2,543		2,552
Dominion Energy Gas Holdings
2.500%, 12/15/19		1,300		1,300
DPL
4.350%, 04/15/29 (A)		125		123
DTE Electric
3.950%, 03/01/49		70		80
3.750%, 08/15/47		100		111
DTE Energy
3.400%, 06/15/29		70		73
2.529%, 10/01/24		2,962		2,971
Duke Energy
3.750%, 09/01/46		200		206
2.650%, 09/01/26		150		151
Duke Energy Carolinas
5.300%, 02/15/40		300		389
3.700%, 12/01/47		100		109
3.200%, 08/15/49		25		25
3.050%, 03/15/23		100		103
2.950%, 12/01/26		50		52
Duke Energy Florida
3.800%, 07/15/28		50		55
2.100%, 12/15/19		125		125
Duke Energy Progress
3.700%, 09/01/28		50		55
3.450%, 03/15/29		35		38
Edison International
5.750%, 06/15/27		2,126		2,387
2.400%, 09/15/22		80		79
Empresa de Transmision Electrica
5.125%, 05/02/49 (A)		400		460
Enel Generacion Chile
4.250%, 04/15/24		50		53
Entergy
4.000%, 07/15/22		50		52
Entergy Louisiana
4.200%, 04/01/50		50		59
4.000%, 03/15/33		130		148
Entergy Texas
3.550%, 09/30/49		25		26
Eversource Energy
3.300%, 01/15/28		100		104
2.750%, 03/15/22		5,309		5,377

Description	Face Amount   (000)		Value  (000)
Exelon
5.100%, 06/15/45	$	1,211	$	1,500
3.400%, 04/15/26		100		104
Exelon Generation
5.600%, 06/15/42		600		713
FirstEnergy
4.250%, 03/15/23		1,445		1,528
3.900%, 07/15/27		230		245
FirstEnergy Transmission
5.450%, 07/15/44 (A)		1,217		1,546
4.550%, 04/01/49 (A)		387		455
Florida Power & Light
4.125%, 06/01/48		50		59
3.990%, 03/01/49		50		58
3.700%, 12/01/47		100		111
3.150%, 10/01/49		1,447		1,473
Fortis
2.100%, 10/04/21		966		963
Georgia Power
4.300%, 03/15/42		200		220
2.650%, 09/15/29		1,208		1,187
Interstate Power & Light
3.500%, 09/30/49		1,160		1,166
ITC Holdings
3.650%, 06/15/24		25		26
2.700%, 11/15/22		2,183		2,204
Kansas City Power & Light
3.650%, 08/15/25		100		107
Listrindo Capital BV
4.950%, 09/14/26 (A)		530		537
MidAmerican Energy
4.250%, 07/15/49		1,279		1,540
3.950%, 08/01/47		100		114
Minejesa Capital BV
5.625%, 08/10/37 (A)		870		940
National Fuel Gas
3.950%, 09/15/27		50		51
Nevada Power
3.700%, 05/01/29		40		44
NextEra Energy Capital Holdings
4.800%, VAR ICE LIBOR USD 3 Month+2.409%, 12/01/77		200		203
3.342%, 09/01/20		5,136		5,194
3.150%, 04/01/24		100		103
2.900%, 04/01/22		2,233		2,273
2.403%, 09/01/21		2,508		2,524
NiSource
5.800%, 02/01/42		992		1,267
4.375%, 05/15/47		100		112
3.650%, 06/15/23		50		52
2.650%, 11/17/22		4,408		4,461
Northern States Power
2.600%, 05/15/23		100		101
NSTAR Electric
2.375%, 10/15/22		100		101
Oglethorpe Power
5.050%, 10/01/48		50		60
Ohio Power
4.000%, 06/01/49		20		23

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount   (000)		Value  (000)
Oklahoma Gas & Electric
3.800%, 08/15/28	$	25	$	27
3.300%, 03/15/30		25		26
Oncor Electric Delivery
4.100%, 11/15/48		50		59
3.750%, 04/01/45		100		110
3.700%, 11/15/28 (A)		100		110
3.100%, 09/15/49 (A)		1,875		1,879
ONE Gas
4.500%, 11/01/48		45		55
PacifiCorp
4.100%, 02/01/42		150		171
PECO Energy
3.900%, 03/01/48		15		17
Perusahaan Listrik Negara
6.150%, 05/21/48 (A)		845		1,082
5.500%, 11/22/21 (A)		776		822
4.875%, 07/17/49 (A)		368		400
3.875%, 07/17/29 (A)		450		466
Piedmont Natural Gas
3.500%, 06/01/29		100		107
Pinnacle West Capital
2.250%, 11/30/20		1,009		1,008
Power Finance
6.150%, 12/06/28 (A)		1,060		1,235
PPL Capital Funding
4.000%, 09/15/47		100		104
3.500%, 12/01/22		150		154
PPL Electric Utilities
3.000%, 10/01/49		35		34
Progress Energy
7.750%, 03/01/31		1,026		1,463
PSEG Power
3.850%, 06/01/23		50		53
3.000%, 06/15/21		50		50
Public Service Electric & Gas
3.650%, 09/01/28		100		110
Public Service Enterprise Group
2.650%, 11/15/22		150		152
Public Service of Colorado
4.100%, 06/15/48		65		76
3.200%, 03/01/50		100		102
Public Service of New Hampshire
3.600%, 07/01/49		25		27
Puget Energy
6.500%, 12/15/20		100		105
Puget Sound Energy
4.223%, 06/15/48		100		117
Ruwais Power PJSC
6.000%, 08/31/36 (A)		540		680
San Diego Gas & Electric
4.300%, 04/01/42		826		918
4.150%, 05/15/48		636		724
Sempra Energy
6.000%, 10/15/39		1,222		1,569
3.800%, 02/01/38		200		206
3.750%, 11/15/25		100		105
3.550%, 06/15/24		100		104
2.900%, 02/01/23		35		36

Description	Face Amount   (000)		Value   (000)
Southern
4.250%, 07/01/36	$	150	$	162
2.350%, 07/01/21		200		201
Southern California Edison
4.875%, 03/01/49		314		377
4.125%, 03/01/48		654		710
3.650%, 03/01/28		50		54
3.500%, 10/01/23		150		156
2.850%, 08/01/29		75		76
Southern Gas Capital
3.250%, 06/15/26		30		31
Southwestern Electric Power
4.100%, 09/15/28		25		28
3.850%, 02/01/48		100		106
2.750%, 10/01/26		50		50
Southwestern Public Service
4.400%, 11/15/48		100		120
3.750%, 06/15/49		50		55
State Grid Overseas Investment 2013
3.125%, 05/22/23 (A)		440		452
Tampa Electric
4.450%, 06/15/49		25		30
4.300%, 06/15/48		25		29
Union Electric
3.500%, 04/15/24		150		159
3.250%, 10/01/49		150		150
Virginia Electric & Power
3.800%, 04/01/28		100		109
3.500%, 03/15/27		100		107
3.100%, 05/15/25		100		104
2.875%, 07/15/29		150		154
Vistra Operations
3.550%, 07/15/24 (A)		1,877		1,889
Washington Gas Light
3.650%, 09/15/49		25		26
WEC Energy Group
3.375%, 06/15/21		65		66
3.100%, 03/08/22		25		26
Westar Energy
3.250%, 09/01/49		50		50
Wisconsin Electric Power
4.300%, 10/15/48		10		12
Wisconsin Power & Light
3.050%, 10/15/27		100		104
Xcel Energy
2.400%, 03/15/21		2,057		2,066
				84,627
Total Corporate Obligations (Cost $539,311) (000)				561,756
Mortgage-Backed Securities — 24.6%
Agency Mortgage-Backed Obligations – 22.8%
FHLMC
5.000%, 02/01/39 - 12/01/48		9,339		10,037
4.500%, 05/01/42 - 01/01/49		11,472		12,239
4.000%, 05/01/26 - 03/01/49		17,524		18,420
3.500%, 06/01/33 - 07/01/48		39,123		40,644

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount   (000)		Value   (000)
3.000%, 11/01/27 - 10/01/49	$	28,702	$	29,291
2.500%, 01/01/32 - 12/01/32		2,567		2,594
FHLMC, Ser 2011-3830, Cl DZ
4.000%, 12/15/30		936		998
FHLMC, Ser 2011-3838, Cl FG
2.428%, VAR LIBOR USD 1 Month+0.400%, 03/15/40		121		122
FHLMC, Ser 2011-3896, Cl PA
4.000%, 03/15/40		255		265
FHLMC, Ser 2013-4212, Cl JP
3.000%, 12/15/40		449		459
FHLMC, Ser 2014-4384, Cl LA
3.500%, 09/15/40		208		214
FHLMC, Ser 2017-4681, Cl DA
3.000%, 04/15/45		910		938
FHLMC, Ser 2018-4798, Cl BA
4.000%, 05/15/44		1,357		1,399
FHLMC, Ser 2018-4821, Cl MA
3.500%, 10/15/53		2,726		2,835
FHLMC Multifamily Structured Pass-Through Certificates, Ser K029, Cl A2
3.320%, 02/25/23		1,000		1,042
FHLMC Multifamily Structured Pass-Through Certificates, Ser K055, Cl A2
2.673%, 03/25/26		400		415
FHLMC Multifamily Structured Pass-Through Certificates, Ser K065, Cl A2
3.243%, 04/25/27		1,026		1,105
FHLMC Multifamily Structured Pass-Through Certificates, Ser K068, Cl A2
3.244%, 08/25/27		723		780
FHLMC Multifamily Structured Pass-Through Certificates, Ser K069, Cl A2
3.187%, 09/25/27 (E)		400		430
FHLMC Multifamily Structured Pass-Through Certificates, Ser K070, Cl A2
3.303%, 11/25/27 (E)		361		391
FHLMC Multifamily Structured Pass-Through Certificates, Ser K072, Cl A2
3.444%, 12/25/27		100		109
FHLMC Multifamily Structured Pass-Through Certificates, Ser K078, Cl A2
3.854%, 06/25/28		200		225
FHLMC Multifamily Structured Pass-Through Certificates, Ser K079, Cl A2
3.926%, 06/25/28		1,505		1,706
FHLMC Multifamily Structured Pass-Through Certificates, Ser K081, Cl A2
3.900%, 08/25/28 (E)		1,156		1,308

Description	Face Amount   (000)		Value   (000)
FHLMC Multifamily Structured Pass-Through Certificates, Ser K083, Cl A2
4.050%, 09/25/28 (E)	$	1,092	$	1,251
FHLMC Multifamily Structured Pass-Through Certificates, Ser K085, Cl A2
4.060%, 10/25/28 (E)		200		229
FHLMC Multifamily Structured Pass-Through Certificates, Ser K086, Cl A2
3.859%, 11/25/28 (E)		120		136
FHLMC Multifamily Structured Pass-Through Certificates, Ser K094, Cl A2
2.903%, 06/25/29		1,126		1,195
FHLMC Multifamily Structured Pass-Through Certificates, Ser K095, Cl A2
2.785%, 06/25/29		1,413		1,487
FHLMC Multifamily Structured Pass-Through Certificates, Ser K723, Cl A2
2.454%, 08/25/23		350		355
FHLMC Multifamily Structured Pass-Through Certificates, Ser K730, Cl A2
3.590%, 01/25/25 (E)		425		455
FNMA TBA
5.000%, 10/01/36		2,985		3,197
4.500%, 10/14/34		1,535		1,616
4.000%, 10/01/18 - 10/14/39		2,445		2,537
3.500%, 10/01/40		11,075		11,391
3.000%, 10/15/42		14,435		14,652
2.500%, 10/15/27		3,815		3,847
FNMA
5.500%, 09/01/40		738		832
5.000%, 07/01/41 - 09/01/48		2,532		2,753
4.500%, 01/01/30 - 09/01/49		28,337		30,031
4.000%, 08/01/27 - 09/01/49		53,856		56,346
3.500%, 08/01/31 - 08/01/49		48,733		50,449
3.000%, 02/01/32 - 08/01/49		36,421		37,246
2.500%, 12/01/27 - 08/01/34		14,407		14,536
FNMA, Ser 2006-104, Cl FC
2.268%, VAR LIBOR USD 1 Month+0.250%, 11/25/36		279		279
FNMA, Ser 2013-101, Cl A
3.000%, 09/25/30		254		257
FNMA, Ser 2015-M11, Cl A2
2.924%, 04/25/25 (E)		850		883
FNMA, Ser 2016-54, Cl GA
2.500%, 11/25/45		1,809		1,839
FNMA, Ser 2017-41, Cl MD
4.000%, 05/25/53		1,103		1,155
FNMA, Ser 2017-91, Cl PC
3.000%, 06/25/45		587		598
FNMA, Ser 2018-11, Cl PA
3.000%, 06/25/46		1,504		1,576
FNMA, Ser 2018-3, Cl PA
3.000%, 04/25/46		1,631		1,689

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount   (000)		Value   (000)
FNMA, Ser 2018-44, Cl PA
3.500%, 06/25/44	$	1,310	$	1,343
FNMA, Ser 2018-M12, Cl A2
3.776%, 08/25/30 (E)		100		112
FNMA, Ser 2018-M5, Cl A2
3.560%, 09/25/21 (E)		127		129
FNMA, Ser M7, Cl A2
3.150%, 03/25/28 (E)		499		529
GNMA
5.000%, 09/20/46 - 09/20/48		1,960		2,112
4.500%, 12/20/41 - 05/20/49		14,325		15,054
4.000%, 01/20/47 - 03/20/49		17,392		18,151
3.500%, 11/20/44 - 02/20/49		23,885		24,888
3.000%, 06/20/45 - 03/20/48		10,502		10,821
2.500%, 12/20/46		382		386
GNMA TBA
4.500%, 10/15/39		1,000		1,045
4.000%, 10/01/39		14,450		15,027
3.500%, 10/15/41		23,945		24,806
3.000%, 10/01/42		24,060		24,689
				509,875
Non-Agency Mortgage-Backed Obligations – 1.8%
Alternative Loan Trust, Ser 2003-22CB, Cl 3A1
6.000%, 12/25/33		595		603
BANK, Ser 2017-BNK8, Cl A4
3.488%, 11/15/50		90		97
BANK, Ser 2017-BNK8, Cl B
4.065%, 11/15/50 (E)		50		54
BANK, Ser 2018-BN13, Cl A5
4.217%, 08/15/61 (E)		1,350		1,535
BANK, Ser 2018-BN14, Cl A4
4.231%, 09/15/60 (E)		96		109
BANK, Ser 2018-BN15, Cl A4
4.407%, 11/15/61 (E)		50		58
BANK, Ser 2019-BN18, Cl A4
3.584%, 05/15/62		454		496
BANK, Ser 2019-BN19, Cl A3
3.183%, 08/15/61		100		106
BANK, Ser 2019-BN21, Cl A5
2.851%, 10/15/52		958		987
BBCMS Mortgage Trust, Ser 2018-C2, Cl A5
4.314%, 12/15/51		1,011		1,157
Benchmark Mortgage Trust, Ser 2018-B2, Cl A5
3.882%, 02/15/51 (E)		100		111
Benchmark Mortgage Trust, Ser 2018-B6, Cl A4
4.261%, 10/10/51		50		57
Benchmark Mortgage Trust, Ser 2019-B11, Cl A5
3.542%, 05/15/52		200		218
Benchmark Mortgage Trust, Ser 2019-B13, Cl A4
2.952%, 08/15/57		958		993

Description	Face Amount   (000)		Value   (000)
Benchmark Mortgage Trust, Ser 2019-B9, Cl A5
4.016%, 03/15/52	$	57	$	64
CD Mortgage Trust, Ser 2017-CD6, Cl A5
3.456%, 11/13/50		100		107
CD Mortgage Trust, Ser 2019-CD8, Cl A4
2.912%, 08/15/57		1,049		1,083
Citigroup Commercial Mortgage Trust, Ser 2015-GC33, Cl A4
3.778%, 09/10/58		245		265
Citigroup Commercial Mortgage Trust, Ser 2016-C3, Cl A4
3.154%, 11/15/49		1,004		1,058
Citigroup Commercial Mortgage Trust, Ser 2016-P6, Cl A5
3.720%, 11/10/26		738		804
Citigroup Commercial Mortgage Trust, Ser 2017-P7, Cl A4
3.712%, 04/14/50		500		545
Citigroup Commercial Mortgage Trust, Ser 2018-C5, Cl A4
4.228%, 06/10/51 (E)		100		114
Citigroup Mortgage Loan Trust, Ser 2018-A, Cl A1
4.000%, 01/25/68 (A) (E)		599		599
COMM Mortgage Trust, Ser 2013-CCRE9, Cl A4
4.373%, 07/10/45 (E)		300		322
COMM Mortgage Trust, Ser 2013-CR12, Cl A3
3.765%, 10/10/46		1,340		1,409
COMM Mortgage Trust, Ser 2013-CR7, Cl A4
3.213%, 03/10/46		400		413
COMM Mortgage Trust, Ser 2015-DC1, Cl A5
3.350%, 02/10/48		700		735
COMM Mortgage Trust, Ser 2015-LC23, Cl A4
3.774%, 10/10/48		1,167		1,261
COMM Mortgage Trust, Ser 2016-CR16, Cl A4
4.051%, 04/10/47		683		733
Commercial Mortgage Pass-Through Certificates, Ser CR28, Cl A4
3.762%, 02/10/49		1,241		1,342
Credit Suisse First Boston Mortgage Securities, Ser 2004-AR2, Cl 5A1
4.441%, 03/25/34 (E)		24		24
CSAIL Commercial Mortgage Trust, Ser 2016-C7, Cl A4
3.210%, 11/15/49		500		522
CSAIL Commercial Mortgage Trust, Ser 2016-C7, Cl A5
3.502%, 11/15/49		597		637

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount   (000)		Value   (000)
CSAIL Commercial Mortgage Trust, Ser 2019-C16, Cl A3
3.329%, 06/15/52	$	963	$	1,026
CSFB Mortgage-Backed Pass-Through Certificates, Ser 2003-27, Cl 4A4
5.750%, 11/25/33		65		68
CSMC Trust, Ser 2018-RPL7, Cl A1
4.000%, 08/26/58 (A)		487		492
GS Mortgage Securities Trust, Ser 2013-GCJ12,Cl A4
3.135%, 06/10/46		367		378
GS Mortgage Securities Trust, Ser 2014-GC18,Cl A3
3.801%, 01/10/47		1,424		1,506
GS Mortgage Securities Trust, Ser 2014-GC18,Cl A4
4.074%, 01/10/47		552		593
GS Mortgage Securities Trust, Ser 2015-GC32,Cl A4
3.764%, 07/10/48		500		540
GS Mortgage Securities Trust, Ser 2016-GS4,Cl A4
3.442%, 11/10/49 (E)		365		391
GS Mortgage Securities Trust, Ser 2019-GC38,Cl A4
3.968%, 02/10/52		100		112
GS Mortgage Securities Trust, Ser 2019-GC42,Cl A4
3.001%, 09/01/52		100		104
GSR Mortgage Loan Trust, Ser 2005-4F, Cl 6A1
6.500%, 02/25/35		32		33
HarborView Mortgage Loan Trust, Ser 2004-3,Cl 1A
4.677%, 05/19/34 (E)		27		28
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C19, Cl A3
3.669%, 04/15/47		500		511
JPMCC Commercial Mortgage Securities Trust, Ser 2017-JP5, Cl A2
3.240%, 03/15/50		400		408
JPMorgan Mortgage Trust, Ser 2003-A2, Cl 3A1
4.247%, 11/25/33 (E)		108		111
JPMorgan Mortgage Trust, Ser 2005-A1, Cl 6T1
4.683%, 02/25/35 (E)		141		143
JPMorgan Mortgage Trust, Ser 2005-A2, Cl 3A2
4.524%, 04/25/35 (E)		37		38
JPMorgan Mortgage Trust, Ser 2005-A3, Cl 4A1
4.854%, 06/25/35 (E)		37		38
MLCC Mortgage Investors, Ser 2006-2, Cl 2A
4.226%, 05/25/36 (E)		143		146

Description	Face Amount   (000)		Value   (000)
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C19, Cl AS
3.832%, 12/15/47	$	500	$	533
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C20, Cl A4
3.249%, 02/15/48		935		979
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C23, Cl A4
3.719%, 07/15/50		300		323
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl A4
3.732%, 05/15/48		1,839		1,977
Morgan Stanley Capital I Trust, Ser 2014-CPT, Cl A
3.350%, 07/13/29 (A)		1,104		1,123
Morgan Stanley Capital I Trust, Ser 2017-HR2, Cl A4
3.587%, 12/15/50		250		271
Morgan Stanley Capital I Trust, Ser 2019-H7, Cl A4
3.261%, 07/15/52		100		106
Tharaldson Hotel Portfolio Trust, Ser 2018-THL, Cl A
2.792%, VAR LIBOR USD 1 Month+0.750%, 11/11/34 (A)		293		293
UBS Commercial Mortgage Trust, Ser 2018-C8, Cl A4
3.983%, 02/15/51		300		333
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, Cl A4
3.540%, 05/15/48		700		745
Wells Fargo Commercial Mortgage Trust, Ser 2015-C31, Cl A4
3.695%, 11/15/48		811		873
Wells Fargo Commercial Mortgage Trust, Ser 2015-P2, Cl A4
3.809%, 12/15/48		638		692
Wells Fargo Commercial Mortgage Trust, Ser 2016-C34, Cl A4
3.096%, 06/15/49		1,215		1,268
Wells Fargo Commercial Mortgage Trust, Ser 2016-LC25, Cl A4
3.640%, 12/15/59		999		1,081
Wells Fargo Commercial Mortgage Trust, Ser 2017-C42
3.589%, 12/15/50		1,425		1,542
Wells Fargo Commercial Mortgage Trust, Ser 2019-C49, Cl A4
3.760%, 03/15/52		394		434
Wells Fargo Commercial Mortgage Trust, Ser 2019-C49, Cl A5
4.023%, 03/15/52		100		112
Wells Fargo Commercial Mortgage Trust, Ser 2019-C52, Cl A5
2.892%, 08/15/52		100		103

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount   (000)		Value   (000)
Wells Fargo Mortgage-Backed Securities Trust, Ser 2003-J, Cl 1A9
4.564%, 10/25/33 (E)	$	341	$	350
Wells Fargo Mortgage-Backed Securities Trust, Ser 2005-AR10, Cl 2A4
4.968%, 05/01/35 (E)		75		79
WFRBS Commercial Mortgage Trust, Ser 2013-C13, Cl A3
2.749%, 05/15/45		445		454
WFRBS Commercial Mortgage Trust, Ser 2013-C14, Cl A4
3.073%, 06/15/46		696		717
WFRBS Commercial Mortgage Trust, Ser 2013-C14, Cl A5
3.337%, 06/15/46		60		62
WFRBS Commercial Mortgage Trust, Ser 2014-C25, Cl A5
3.631%, 11/15/47		1,387		1,476
				41,210
Total Mortgage-Backed Securities (Cost $542,209) (000)				551,085
Loan Participations — 9.6%
Airlines – 0.1%
American Airlines, Inc., 2017 Replacement Term Loan (New), 1st Lien
4.049%, 10/10/21		500		500
American Airlines, Inc., 2018 Replacement Term Loan
3.804%, VAR LIBOR+1.750%, 06/27/25		1,230		1,216
				1,716
Automotive – 0.2%
Chassix Inc., Term Loan B
7.688%, 11/15/23		240		229
Chassix, Inc., Initial Loan, 1st Lien
9.750%, 11/15/23		1		1
8.063%, 11/15/23		251		240
Dayco Products, LLC, Term Loan, 1st Lien
6.374%, VAR LIBOR+4.250%, 05/08/23		684		612
Honeywell Technologies Sàrl, Dollar Tranche B Term Loan
4.820%, 09/19/25		743		736
Panther BF Aggregator 2 L.P., Initial Dollar Term Loan
5.544%, 04/30/26		1,650		1,633
TI Group Automotive Systems, LLC, Initial US Term Loan, 1st Lien
4.612%, VAR LIBOR+2.500%, 06/24/22		1,438		1,433
				4,884

Description	Face Amount   (000)		Value   (000)
Broadcasting – 0.1%
Diamond Sports Group, LLC, Term Loan, 1st Lien
5.300%, 08/24/26	$	1,000	$	1,005
Building Materials – 0.2%
American Builders & Contractors Supply Co., Inc., Term B-2 Loan, 1st Lien
4.044%, VAR LIBOR+2.000%, 10/31/23		1,596		1,595
Beacon Roofing Supply, Inc., Initial Term Loan, 1st Lien
4.294%, VAR LIBOR+2.250%, 01/02/25		1,234		1,230
Foundation Building Materials Holding Company LLC, Term Loan, 1st Lien
5.044%, 05/09/25		755		754
Priso Acquisition Corporation (aka PrimeSource Building Products), Term B Loan, 1st Lien
5.112%, VAR LIBOR+3.000%, 05/08/22		966		932
				4,511
Chemicals – 1.1%
AkzoNobel (Starfruit), Term Loan B
5.292%, 10/01/25		1,670		1,633
Allnex (Luxembourg) & Cy S.C.A. (f/k/a AI Chem & Cy S.C.A.), Tranche B-2 Term Loan, 1st Lien
5.394%, VAR LIBOR+3.250%, 06/02/23		692		659
5.390%, VAR LIBOR+3.250%, 06/02/23		2		2
Allnex (Luxembourg) & Cy S.C.A. (f/k/a AI Chem & Cy S.C.A.), Tranche B-3 Term Loan
5.394%, VAR LIBOR+3.250%, 06/02/23		521		497
5.390%, VAR LIBOR+3.250%, 06/02/23		1		1
Archroma Finance S.a r.l., Facility B2, 1st Lien
6.341%, VAR LIBOR+4.250%, 08/12/24		809		807
6.330%, VAR LIBOR+4.250%, 08/12/24		2		2
Ascend Performance Term Loan B (2019)
7.354%, 08/14/26		537		537
ASP Chromaflo Intermediate Holdings, Inc., Initial Tranche B-1 Term Loan
5.612%, VAR LIBOR+3.500%, 11/20/23		397		385

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount   (000)		Value   (000)
ASP Chromaflo Intermediate Holdings, Inc., Initial Tranche B-2 Term Loan
5.612%, VAR LIBOR+3.500%, 11/20/23	$	516	$	500
Axalta Coating Systems Dutch Holding B B.V. (Axalta Coating Systems U.S. Holdings, Inc.), Term B-3 Dollar Loan, 1st Lien
3.854%, VAR LIBOR+1.750%, 06/01/24		1,570		1,570
Berry Global, Term Loan, 1st Lien
4.549%, 07/01/26		1,000		1,004
Ferro Corporation, Tranche B-1 Term Loan, 1st Lien
4.354%, 02/14/24 (E)		765		764
Flint Group, Term Loan, 1st Lien
5.283%, 09/07/21 (E)		731		613
INEOS Styrolution US Holding LLC (fka Styrolution US Holding LLC), New 2024 Dollar Term Loan
4.104%, 03/29/24 (E)		218		217
Ineos US Finance LLC, New 2024 Dollar Term Loan
4.044%, VAR LIBOR+2.000%, 04/01/24		1,482		1,464
Klockner Pentaplast of America, Inc. (fka Kleopatra Acquisition Corp), Dollar Term Loan, 1st Lien
6.362%, VAR LIBOR+4.250%, 06/30/22		689		608
Messer Industries GmbH, Initial Term B-1 Loan
4.604%, 03/01/26		875		873
OCI Partners LP, Initial Term Loan, 1st Lien
6.330%, 02/14/25		494		493
Orion Engineered Carbons GmbH, Initial Dollar Term Loan, 1st Lien
4.330%, VAR LIBOR+2.000%, 07/25/24		1,344		1,326
PMHC II, Inc., Initial Term Loan
6.415%, 03/31/25		219		176
6.151%, 03/21/25		235		189
5.830%, 03/31/25		288		231
PQ Corporation, Third Amendment Tranche B-1 Term Loan
4.756%, 02/08/25 (E)		839		840
Ravago Holdings America, Inc., Term Loan, 1st Lien
4.800%, VAR LIBOR+2.750%, 06/30/23		321		320
Reynolds Group Holdings Inc., Incremental U.S. Term Loan
4.794%, VAR LIBOR+2.750%, 02/05/23		552		553
Reynolds Group Holdings Incremental US Term Loans
4.794%, VAR LIBOR+2.750%, 02/05/23		928		930

Description	Face Amount   (000)		Value   (000)
Schenectady International Group, Inc., Initial Term Loan
6.854%, 10/15/25	$	27	$	26
Schenectady International Group, Inc., Initial Term Loan, 1st Lien
7.063%, 10/15/25 (E)		1,318		1,280
Solenis Holdings LLC, Initial Dollar Term Loan
6.124%, 06/26/25		746		724
6.112%, 06/26/25		2		2
Spectrum Holdings III Corp., Closing Date Term Loan, 2nd Lien
9.112%, VAR LIBOR+7.000%, 01/26/26		500		450
Tricorbraun Holdings, Inc., Closing Date Term Loan, 1st Lien
6.136%, 11/30/23		48		46
6.008%, 11/30/23 (E)		533		518
Tronox Finance LLC, Initial Dollar Term Loan
4.854%, VAR LIBOR+3.000%, 09/23/24		1,108		1,107
Tronox Limited, Initial Dollar Term Loan
5.330%, 09/23/24		708		708
U.S. Farathane, LLC, Term B-4 Loan, 1st Lien
5.612%, VAR LIBOR+3.500%, 12/31/21		1,146		1,077
Univar USA Inc., Term B-3 Loan, 1st Lien
4.294%, VAR LIBOR+2.500%, 07/01/24		842		844
Vantage Specialty Chemicals, Inc., Closing Date Term Loan
5.756%, 10/28/24		29		27
Vantage Specialty Chemicals, Inc., Closing Date Term Loan, 1st Lien
5.612%, VAR LIBOR+4.000%, 10/28/24		706		647
Vantage Specialty Chemicals, Inc., Initial Loan
10.337%, VAR LIBOR+8.250%, 10/20/25		205		182
Wilsonart LLC, Tranche D Term Loan, 1st Lien
5.360%, VAR LIBOR+3.250%, 12/19/23		490		480
				25,312
Commercial Services – 0.0%
Autokiniton US Holdings, Inc., Closing Date Term B Loan, 1st Lien
6.044%, 05/17/25 (E)		578		554
Belfor, Term Loan B, 1st Lien
6.044%, 02/13/26		350		351
				905

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount   (000)		Value   (000)
Communication Services – 0.6%
Altice Financing S.A., March 2017 Refinancing Term Loan
4.778%, VAR LIBOR+2.750%, 07/15/25	$	933	$	908
Centurylink, Term Loan B
4.794%, 01/31/25 (E)		1,345		1,335
CommScope, Inc., Term Loan B, 1st Lien
5.362%, 04/06/26		1,225		1,220
CPI International, Inc., Initial Term Loan, 1st Lien
9.362%, 07/25/25 (E)		313		298
Flight Bidco Inc., Initial Term Loan
5.610%, 07/23/25		616		609
Flight Bidco Inc., Initial Term Loan, 1st Lien
9.610%, 06/19/26		556		549
Level 3 Financing, Inc., Tranche B 2024 Term Loan
4.353%, VAR LIBOR+2.250%, 02/22/24		1,920		1,923
MTN Infrastructure TopCo, Inc., Initial Term Loan, 1st Lien
5.112%, VAR LIBOR+3.000%, 11/15/24		995		983
Numericable U.S. LLC, USD TLB-11 Term Loan, 1st Lien
4.794%, 07/31/25 (E)		249		243
SBA Senior Finance II LLC, Initial Term Loan, 1st Lien
4.050%, VAR LIBOR+2.000%, 04/11/25		1,209		1,209
Sprint Communications, Inc., Initial Term Loan, 1st Lien
4.563%, VAR LIBOR+2.500%, 02/02/24		1,764		1,751
Zayo Group LLC (Zayo Capital, Inc.), 2017 Incremental Refinancing B-2 Term Facility
4.362%, VAR LIBOR+2.250%, 01/19/24		1,226		1,228
				12,256
Computers & Electronics – 1.3%
Air Newco LLC, 2018 Refinancing Dollar Term B Loan
6.792%, 05/31/24		705		703
Air Newco, LLC, Term Loan B, 1st Lien
0.000%, 09/21/26 (F)		500		495
Brooks Automation, Inc., Initial Term B Loan
4.790%, 10/04/24 (E)		499		504
Cohu, Inc., Initial Term B Loan, 1st Lien
5.200%, 09/19/25		1,158		1,096

Description	Face Amount   (000)		Value   (000)
CPI International, Inc., Initial Term Loan, 1st Lien
5.612%, VAR LIBOR+3.500%, 07/26/24	$	360	$	353
Cypress Intermediate Holdings III, Inc. (fka Jaguar Holding Inc.), Initial Term Loan
4.800%, VAR LIBOR+3.000%, 04/29/24		1,234		1,228
Epicor Software Corporation (fka Eagle Parent Inc.), Term B Loan, 1st Lien
5.300%, VAR LIBOR+3.250%, 06/01/22		1,726		1,726
Excelitas Technologies Corp. (fka EXC Holdings III Corp.), Initial USD Term Loan
5.604%, VAR LIBOR+3.500%, 11/15/24		985		984
Flexera Software LLC (fka Flexera Software, Inc.), Initial Term Loan
5.620%, 02/26/25		649		650
Flexera Software LLC (fka Flexera Software, Inc.), Initial Term Loan, 2nd Lien
0.000%, 02/26/26 (F)		250		248
Go Daddy Operating Company, LLC (GD Finance Co, Inc.), Tranche B-1 Term Loan, 1st Lien
4.044%, VAR LIBOR+2.250%, 02/15/24		989		990
Hyland Software Inc., 1st Lien
5.362%, 07/01/24		641		640
Infor (US), Inc. (fka Lawson Software Inc.) , Tranche B-6 Term Loan
5.080%, VAR LIBOR+2.750%, 02/01/22		1,679		1,680
Kronos Incorporated, Incremental Term Loan, 1st Lien
5.253%, VAR LIBOR+3.000%, 11/01/23		1,261		1,263
MA Financeco., LLC, Tranche B-2 Term Loan, 1st Lien
4.294%, VAR LIBOR+2.500%, 11/19/21		181		181
MA Financeco., LLC, Tranche B-3 Term Loan
4.544%, VAR LIBOR+2.750%, 06/21/24		123		121
MACOM Technology Solutions Holdings, Inc. (fka M/A-COM Technology Solutions Holdings, Inc.), Initial Term Loan, 1st Lien
4.362%, VAR LIBOR+2.250%, 05/07/24		1,062		963
Micro Holdings (Internet Brands), Term Loan (2017)
5.794%, 09/13/24		995		987

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount   (000)		Value   (000)
Micro Holdings (Internet Brands), Term Loan, 2nd Lien
9.544%, VAR LIBOR+7.500%, 09/15/25	$	244	$	244
Microchip Technology Incorporated, Initial Term Loan, 1st Lien
4.050%, VAR LIBOR+2.000%, 05/23/25		1,196		1,198
Misys Limited, Dollar Term Loan
5.696%, VAR LIBOR+3.500%, 06/13/24		250		243
Oberthur Technologies Holding S.A.S. (fka OT Frenchco 1 SAS), Facility B1 (USD), 1st Lien
6.080%, VAR LIBOR+3.750%, 01/10/24		1,368		1,329
Project Alpha Intermediate Holding, Inc., Term Loan, 1st Lien
5.810%, VAR LIBOR+3.500%, 04/19/24		249		246
Project Alpha, Term Loan B, 1st Lien
6.560%, 04/26/24		1,136		1,135
Project Boost Purchaser, LLC, Term Loan, 1st Lien
5.612%, 06/01/26		584		579
Project Ruby Ultimate Parent Corp., New Term Loan
5.612%, VAR LIBOR+3.500%, 02/09/24		1,564		1,544
Seattle SpinCo, Inc., Initial Term Loan, 1st Lien
4.544%, VAR LIBOR+2.750%, 06/21/24		828		816
SolarWinds Holdings, Inc., 2018 Refinancing Term Loan
4.794%, 02/05/24		500		500
Solera, LLC (Solera Finance, Inc.), Dollar Term Loan, 1st Lien
4.862%, VAR LIBOR+2.750%, 03/03/23		1,511		1,503
SS&C Technologies Holdings, Inc., Term B-3 Loan, 1st Lien
4.294%, VAR LIBOR+2.500%, 04/16/25		1,001		1,004
SS&C Technologies Holdings, Inc., Term B-4 Loan, 1st Lien
4.294%, VAR LIBOR+2.500%, 04/16/25		677		678
TeamViewer, Term Loan B, 1st Lien
7.080%, 02/22/24		442		442
Ultimate Software Group Inc., Initial Term Loan
5.794%, 05/04/26		1,500		1,508

Description	Face Amount   (000)		Value   (000)
Vertiv Group Corporation (fka Cortes NP Acquisition Corporation), Term B Loan, 1st Lien
6.044%, VAR LIBOR+4.000%, 11/30/23	$	953	$	905
				28,686
Construction – 0.1%
Brand Energy & Infrastructure Services, Inc. (fka FR Brand Acquisition Corp), Initial Term Loan, 1st Lien
6.580%, 06/21/24		4		4
6.528%, VAR LIBOR+4.250%, 06/21/24		410		400
6.509%, VAR LIBOR+4.250%, 06/14/24		260		254
6.509%, VAR LIBOR+4.250%, 06/21/24		203		198
Pike Corporation, Initial Term Loan (2019), 1st Lien
5.300%, 07/24/26		979		982
				1,838
Consumer Nondurables – 0.0%
Acuity Specialty Products, Inc., Initial Term Loan
6.330%, VAR LIBOR+4.000%, 08/12/24		978		762
Educational Services – 0.1%
Adtalem Global Education Inc., Term B Loan, 1st Lien
5.044%, 04/09/25 (E)		243		243
Learning Care Group (US) No. 2 Inc., Initial Term Loan, 1st Lien
5.580%, 03/13/25		95		95
5.526%, 03/13/25		221		220
5.506%, 03/13/25		221		220
Learning Care, Term Loan B, 1st Lien
5.435%, 03/13/25 (E)		663		660
Prometric Holdings Inc. (fka ETS Holdings Inc.), Initial Term Loan
5.120%, VAR LIBOR+3.000%, 01/17/25		990		972
				2,410
Entertainment & Leisure – 0.3%
Alterra Mountain Company, Initial Bluebird Term Loan
5.044%, VAR LIBOR+3.000%, 07/31/24		1,731		1,733
AMC Entertainment Holdings, Inc. (fka AMC Entertainment Inc.), Term B-1 Loan, 1st Lien
5.230%, 04/22/26		1,807		1,813
Callaway Golf Company, Term Loan, 1st Lien
6.542%, 12/17/25		890		901

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount   (000)		Value   (000)
Crown Finance US, Inc., Initial Dollar Tranche Term Loan
4.294%, VAR LIBOR+2.500%, 02/28/25	$	615	$	611
Metro-Goldwyn-Mayer Inc., Initial Term Loan
4.620%, 06/27/25		431		430
Seaworld Parks & Entertainment, Inc. (f/k/a SW Acquisitions Co., Inc.), Term B-5 Loan, 1st Lien
5.112%, 04/01/24 (E)		1,240		1,236
Topgolf International, Inc., Initial Term Loan, 1st Lien
7.539%, 02/08/26		229		230
UFC Holdings, LLC, Term Loan
5.300%, 04/29/26		748		749
				7,703
Environmental Services – 0.1%
GFL Environmental Inc., Effective Date Incremental Term Loan
5.044%, 05/30/25 (E)		1,721		1,706
Strategic Materials Holding Corp., Initial Term Loan
10.003%, 10/31/25		500		350
6.003%, VAR LIBOR+3.750%, 11/01/24		739		640
				2,696
Financial Services – 0.3%
Altisource Solutions, Term Loan B, 1st Lien
6.104%, 03/29/24 (E)		546		524
Azalea TopCo, Inc., Initial Term Loan, 1st Lien
5.544%, 07/23/26		571		569
Citco Funding LLC, 2017 Term Loan, 1st Lien
4.612%, VAR LIBOR+3.000%, 03/23/22		1,447		1,446
Ditech Holding Corporation (fka Walter Investment Management Corp.), Tranche B Term Loan, 1st Lien
12.000%, VAR LIBOR+6.000%, 06/30/22 (C)		458		184
Hudson River Trading LLC, Repriced Term Loan, 1st Lien
5.830%, 03/20/25		597		597
Liquidnet Holdings, Inc., Term Loan
5.362%, 07/15/24		654		651
Newport Group Holdings II, Inc., Initial Term Loan
8.250%, 08/08/25		—		—
6.152%, 08/08/25		192		190
Triton, Term Loan B, 1st Lien
8.330%, 10/31/24		624		581

Description	Face Amount   (000)		Value   (000)
VFH Parent LLC, Term Loan B, 1st Lien
5.632%, 03/01/26	$	1,096	$	1,097
				5,839
Food & Beverage – 0.1%
Arterra Wines Canada, Inc. (fka Canada Inc.), USD Term Loan B-1
5.169%, 12/15/23 (E)		488		486
JBS USA Lux S.A. (fka JBS USA, LLC), New Term Loan, 1st Lien
4.544%, 05/01/26		671		673
United Natural Foods, Inc., Initial Term Loan, 1st Lien
6.294%, 10/18/25		1,642		1,368
US Foods Inc., 1st Lien
0.000%, 08/17/26 (F)		215		216
				2,743
Forest Products – 0.0%
ProAmpac PG Borrower LLC, Initial Term Loan
8.000%, VAR LIBOR+3.500%, 11/17/23		1		1
5.787%, VAR LIBOR+3.500%, 11/17/23		122		117
5.756%, VAR LIBOR+3.500%, 11/17/23		80		76
5.669%, 11/17/23		178		170
5.624%, VAR LIBOR+3.500%, 11/17/23		105		101
				465
Gaming & Hotels – 0.4%
Caesars Resort Collection, LLC (fka Caesars Growth Properties Holdings, LLC), Term B Loan, 1st Lien
4.794%, 12/23/24 (E)		1,986		1,972
CBAC Borrower, LLC, Term B Loan, 1st Lien
6.044%, VAR LIBOR+4.000%, 07/08/24		500		480
Gateway Casinos & Entertainment, Term Loan B (2018)
5.104%, 12/01/23		1,247		1,229
Golden Nugget, Inc., Initial B Term Loan, 1st Lien
4.807%, VAR LIBOR+2.750%, 10/04/23		733		732
4.794%, VAR LIBOR+2.750%, 10/04/23		914		912
Hanjin International Corp., Initial Term Loan
4.645%, VAR LIBOR+2.500%, 09/20/20		1,000		1,000
Hilton Worldwide Finance LLC, Refinanced Series B-2 Term Loan, 1st Lien
3.768%, 06/22/26		750		754

KP Fixed Income Fund

Schedule of Investments

September 30, 2019 (unaudited)

Description	Face Amount   (000)		Value   (000)
MGM Growth Properties Operating Partnership LP, Term B Loan, 1st Lien
4.044%, VAR LIBOR+2.000%, 04/25/23	$	1,007	$	1,008
Stars Group Holdings B.V., USD Term Loan, 1st Lien
5.604%, 07/10/25		1,077		1,081
				9,168
Health Care – 0.4%
Bausch Health Companies Inc., Initial Term Loan, 1st Lien
5.039%, VAR LIBOR+3.000%, 06/02/25		1,550		1,555
Bulldog Purchaser Inc., Delayed Draw Term Loan
3.750%, 08/22/25		38		38
Bulldog Purchaser Inc., Initial Term Loan
5.862%, 08/22/25		1,353		1,335
Carestream Health, Inc., Extended Term Loan
7.794%, 02/28/21		119		113
DaVita Inc., Tranche B Term Loan, 1st Lien
0.000%, 08/07/26 (F)		1,000		1,005
Endo Luxembourg Finance Company I S.a r.l., Initial Term Loan, 1st Lien
6.294%, VAR LIBOR+4.250%, 04/27/24		875		795
Lifescan Global Corporation, Initial Term Loan
8.660%, 10/01/24 (E)		260		234
Radiology Partners, Term Loan, 1st Lien
10.895%, 07/09/26		100		97
Radiology Partners, Term Loan, 2nd Lien
10.561%, 07/09/26		150		147
Sterigenics-Nordion Holdings, LLC, Incremental Term Loan, 1st Lien
5.044%, VAR LIBOR+3.000%, 05/15/22		1,234		1,219
Surgery Center Holdings, Inc., Initial Term Loan, 1st Lien
5.300%, VAR LIBOR+3.250%, 09/02/24		2,214		2,160
Syneos Health Inc., Term A Loan, 1st Lien
0.000%, 03/26/24 (F)		500		495
				9,193
Home Furnishings – 0.1%
Comfort Holding, LLC, Initial Term Loan
6.862%, VAR LIBOR+4.750%, 02/05/24		839		828

Description	Face Amount   (000)		Value   (000)
Serta Simmons Bedding, LLC, Initial Term Loan
5.682%, VAR LIBOR+3.500%, 10/20/23	$	232	$	142
5.539%, VAR LIBOR+3.500%, 10/20/23		818		500
				1,470
Housing – 0.1%
DTZ US Borrower LLC, Term Loan B (2018)
5.294%, 08/15/25		1,497		1,498
Installed Building Products, Term Loan B (2018)
4.612%, 04/15/25 (E)		504		504
				2,002
Industrial Services – 0.1%
Delachaux Group, Facility B2, 1st Lien
6.822%, 04/01/26		1,250		1,242
PT Intermediate Holdings III, LLC, Term B Loan
6.330%, 12/09/24		748		727
SiteOne Landscape Supply, LLC (fka John Deere Landscapes LLC), Tranche E Term Loan
4.900%, 10/24/29		776		776
				2,745
Information Technology – 0.0%
Mitchell International, Inc., Initial Term Loan
5.294%, 11/29/24 (E)		619		593
Insurance – 0.4%
Acrisure, LLC, 2017-2 Refinancing Term Loan
6.354%, VAR LIBOR+4.250%, 11/22/23		1,069		1,063
Acrisure, LLC, 2018-1 Additional Term Loan
5.862%, 11/22/23		495		487
Alliant Holdings Intermediate, LLC, Initial Term Loan (2018)
5.054%, VAR LIBOR+3.000%, 05/09/25		1,395		1,370
HIG Finance 2 Limited, Initial Dollar Term Loan
5.563%, 12/13/24		968		968
Hub International Limited, Initial Term Loan
5.267%, 04/25/25		3		3
Hub International, Ltd., Cov-Lite, Term Loan B, 1st Lien
5.267%, 04/25/25		1,236		1,220
NFP Corp., Term B Loan, 1st Lien
5.044%, VAR LIBOR+3.000%, 01/08/24		1,686		1,656

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount   (000)		Value  (000)
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), Initial Term Loan, 1st Lien
5.294%, 12/31/25	$	901	$	885
Sedgwick Claims Management Services, Inc., Term Loan B, 1st Lien
0.000%, 09/30/26 (F)		268		268
Viant Medical Holdings, Inc., Initial Term Loan
10.080%, 06/26/26		122		113
				8,033
Investment Company – 0.0%
EIG Management Company, LLC,Initial Term Loan
5.866%, 01/31/25		444		443
StepStone Group, Term Loan B, 1st Lien
6.112%, 03/14/25		478		478
				921
Leasing – 0.1%
Fly Funding II S.à r.l., Loan, 1st Lien
4.180%, VAR LIBOR+2.000%, 08/09/19		635		636
USS Ultimate Holdings, Inc., Initial Term Loan
5.950%, VAR LIBOR+3.750%, 08/09/24		360		360
USS Ultimate Holdings, Inc., Initial Term Loan, 1st Lien
6.080%, 08/09/24		1		1
				997
Machinery – 0.3%
Airxcel, Inc., Initial Term Loan
6.612%, VAR LIBOR+4.500%, 04/25/25		743		713
Airxcel, Inc., Initial Term Loan, 1st Lien
10.862%, 04/27/26		500		452
Altra Industrial Motion Corp., Term Loan, 1st Lien
4.112%, 09/26/25		1,387		1,384
CPM Holdings, Inc., Initial Term Loan
10.362%, 10/24/26		247		244
5.794%, 10/24/25		365		359
Douglas Dynamics LLC, 2017 Replacement Term Loan Facility, 1st Lien
5.120%, 12/31/21 (E)		352		351
Filtration Group Corporation, Initial Dollar Term Loan
5.112%, 03/28/25		920		921

Description	Face Amount   (000)		Value  (000)
Graftech International Ltd., Initial Term Loan, 1st Lien
5.544%, VAR LIBOR+3.500%, 02/12/25	$	1,149	$	1,116
Pro Mach Group, Inc., Initial Term Loan
4.932%, 03/07/25		744		724
				6,264
Manufacturing – 0.1%
Blount International, Inc., Term Loan
5.946%, 04/12/23		494		494
LTI Boyd Corporation, Term Loan B
5.612%, 09/06/25		665		628
Pelican Products, Inc., Term Loan
9.789%, 04/17/26		88		84
5.539%, VAR LIBOR+3.500%, 04/19/25		68		65
Utex Industries, Term Loan, 1st Lien
6.112%, 05/14/21 (E)		398		336
				1,607
Media – 0.4%
Charter Communications Operating, LLC (aka CCO Safari LLC), Term B Loan, 1st Lien
4.050%, VAR LIBOR+2.000%, 04/30/25		1,412		1,420
CSC Holdings, LLC (fka CSC Holdings, Inc.), March 2017 Refinancing Term Loan
4.278%, VAR LIBOR+2.250%, 07/17/25		749		748
Metro-Goldwyn-Mayer Inc., Initial Term Loan
6.620%, 06/29/26		526		519
NEP Group, Inc., Initial Dollar Term Loan
5.362%, 10/20/25		746		731
NEP Group, Inc., Initial Loan
9.112%, 10/05/26		500		488
Numericable U.S. LLC, USD TLB-12 Term Loan
5.715%, VAR LIBOR+3.000%, 01/31/26		1,476		1,464
Technicolor S.A., First Incremental U.S. Term Loan
4.874%, VAR LIBOR+2.750%, 12/06/23		488		423
Virgin Media Bristol LLC, K Facility, 1st Lien
4.528%, 01/15/26 (E)		1,250		1,250

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount   (000)		Value   (000)
Ziggo Secured Finance Partnership, Term Loan E Facility, 1st Lien
4.528%, VAR LIBOR+2.500%, 04/15/25	$	1,250	$	1,247
				8,290
Medical Devices – 0.0%
MedPlast Holdings Inc., Term Loan, 1st Lien
6.080%, 06/26/25		222		207
Metals & Mining – 0.1%
Dynacast International LLC, Term B-2 Loan, 1st Lien
5.354%, VAR LIBOR+3.250%, 01/28/22		1,233		1,182
Oil & Gas – 0.2%
Apergy Corp, Term Loan B
4.563%, 04/18/25 (E)		399		399
Apergy Corporation, Initial Term Loan, 1st Lien
6.500%, 04/18/25		34		34
BCP Raptor, LLC, Initial Term Loan, 1st Lien
6.794%, VAR LIBOR+4.250%, 06/24/24		463		424
Limetree Bay Terminals, LLC (Limetree Bay Financing, LLC), Advance, 1st Lien
6.112%, VAR LIBOR+4.000%, 02/15/24		725		695
Lower Cadence Holdings LLC, Initial Term Loan, 1st Lien
6.054%, 05/08/26		915		891
Lucid Energy Group II Borrower, LLC, Initial Term Loan, 1st Lien
5.112%, VAR LIBOR+3.000%, 02/17/25		489		460
PES Holdings, LLC, Tranche C Loan
2.830%, 12/31/22		570		97
0.000%, 12/31/22 (F)		10		2
Seadrill Operating LP (Seadrill Partners Finco LLC), Initial Term Loan, 1st Lien
8.330%, VAR LIBOR+6.000%, 02/21/21		339		185
Traverse Midstream Partners LLC, Advance, 1st Lien
6.260%, VAR LIBOR+4.000%, 09/27/24		772		677
				3,864

Description	Face Amount   (000)		Value   (000)
Personal Services – 0.1%
William Morris Endeavor Entertainment, LLC (IMG Worldwide Holdings, LLC), Term B-1 Loan, 1st Lien
4.870%, VAR LIBOR+2.750%, 05/18/25	$	138	$	134
4.800%, VAR LIBOR+2.750%, 05/18/25		1,508		1,462
				1,596
Professional & Business Services – 0.9%
Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC), Delayed Draw Term Loan, 1st Lien
6.507%, 07/10/26		113		113
Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC), Initial Term Loan, 1st Lien
6.507%, 07/10/26		1,137		1,138
ASGN Incorporated (fka On Assignment, Inc.), Initial Term B-2 Loan
4.112%, VAR LIBOR+2.000%, 02/21/25		445		446
athenahealth, Inc., Term B Loan, 1st Lien
6.681%, 02/11/26		1,539		1,533
Avantor, Inc., Initial B-1 Dollar Term Loan
5.044%, VAR LIBOR+4.000%, 11/21/24		869		875
BCP Renaissance Parent LLC, Initial Term Loan, 1st Lien
5.756%, VAR LIBOR+3.500%, 10/31/24		462		440
Casmar Holdings (Australia) Pty Limited, Initial Term Loan
5.500%, VAR LIBOR+4.500%, 12/20/23		486		440
Cast & Crew Payroll, LLC, Initial Term Loan
6.120%, 02/09/26		537		540
Change Healthcare Holdings, Inc. (fka Emdeon Inc.), Closing Date Term Loan, 1st Lien
4.544%, VAR LIBOR+2.750%, 03/01/24		1,717		1,708
Cineworld (Crown Finance) Incremental 2019 Term Loan
2.500%, 09/20/26		160		159
Clear Channel Outdoor Holdings, Inc. Term Loan B
5.667%, 08/21/26		1,080		1,083
Flex Acquisition Company, Inc., Initial Term Loan, 1st Lien
5.319%, VAR LIBOR+3.000%, 12/29/23		1,437		1,382
Focus Financial Partners, LLC, Tranche B-2 Term Loan
4.544%, 07/03/24		874		877

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount   (000)		Value  (000)
Fortress Investment, Term Loan B (2018)
4.044%, 12/27/22 (E)	$	938	$	940
GHX Ultimate Parent Corporation, Initial Term Loan
5.580%, VAR LIBOR+3.000%, 06/21/24		739		729
Inovalon Holdings, Inc., Term Loan, 1st Lien
5.563%, VAR LIBOR+3.500%, 04/02/25		1,487		1,494
KinderCare (KUEHG Corp), Term Loan B-3
6.080%, 02/14/25		740		738
KUEHG Corp (fka KC MergerSub, Inc.), Term B-3 Loan, 1st Lien
6.080%, 02/14/25		258		257
Safe Fleet Holdings LLC, Initial Term Loan
5.040%, VAR LIBOR+3.000%, 02/03/25		741		716
Tempo Acquisition, LLC, Initial Term Loan, 1st Lien
5.044%, VAR LIBOR+3.000%, 05/01/24		1,410		1,414
Western Dental Services, Inc., 1st Lien
7.360%, 06/23/23		1,190		1,181
Western Dental, Incremental Term Loan B, 1st Lien
6.612%, 06/30/23		162		161
WEX Inc., Term B-3 Loan
4.294%, 05/14/26		1,226		1,232
				19,596
Real Estate – 0.3%
Capital Automotive L.P., Initial Tranche B Term Loan
8.044%, VAR LIBOR+6.000%, 03/21/25		361		362
Capital Automotive L.P., Initial Tranche B-2 Term Loan
4.550%, VAR LIBOR+2.500%, 03/21/24		1,055		1,055
Claros Mortgage Trust, Inc., Initial Term Loan, 1st Lien
0.000%, 08/05/26 (F)		409		409
Forest City Enterprises, L.P., Initial Term Loan, 1st Lien
6.044%, 12/08/25		773		778
iStar Inc. (fka iStar Financial Inc.), Loan, 1st Lien
4.807%, VAR LIBOR+3.000%, 07/01/20		554		555
4.807%, VAR LIBOR+3.000%, 07/01/20		566		567

Description	Face Amount   (000)		Value  (000)
RE/MAX, LLC (fka RE/MAX International, LLC), Term Loan, 1st Lien
4.794%, VAR LIBOR+2.750%, 12/15/23	$	486	$	483
RHP Hotel Properties, LP, Tranche B Term Loan, 1st Lien
4.330%, VAR LIBOR+2.000%, 05/11/24		733		733
VICI Properties 1 LLC, Term B Loan, 1st Lien
4.046%, 12/20/24 (E)		1,164		1,167
				6,109
Restaurants – 0.0%
Miller’s Ale House, Inc., Term B Loan, 1st Lien
6.930%, 05/26/25		981		902
0.000%, 05/26/25 (F)		8		7
Miller’s Ale House, Inc., Term Loan, 1st Lien
7.086%, 05/26/25		3		2
				911
Retail Food & Drug – 0.0%
GOBP Holdings, Inc., 2019 Term Loan, 1st Lien
5.759%, 10/22/25		531		533
Retailing – 0.4%
1011778 B.C. Unlimited Liability Company (New Red Finance, Inc.) (aka Burger King/Tim Hortons), Term B-3 Loan, 1st Lien
4.294%, VAR LIBOR+2.250%, 02/16/24		1,303		1,307
Belron Finance US LLC, Initial Term B Loan, 1st Lien
4.709%, VAR LIBOR+2.500%, 11/07/24		985		987
EG Group Limited, Additional Facility Loan (USD)
6.330%, VAR LIBOR+4.000%, 02/07/25		1,148		1,134
Flynn Restaurant Group LP, Initial Term Loan
9.042%, 06/22/26		532		507
5.612%, 06/20/25		1,026		984
IRB Holding Corp., Term B Loan, 1st Lien
5.550%, 02/05/25		1,239		1,233
K-Mac Holdings Corp., Initial Term Loan
8.794%, VAR LIBOR+6.750%, 03/09/26		296		293
5.112%, 03/07/25 (E)		497		487
Mister Car Wash Holdings, Inc., Initial Term Loan, 1st Lien
5.658%, 05/14/26		766		765
1.750%, 05/08/26		38		38

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount   (000)		Value  (000)
Trugreen Limited Partnership, Initial Refinancing Term Loan
5.862%, 03/13/26	$	1,486	$	1,489
				9,224
Securities & Trusts – 0.2%
Achilles Acquisition LLC, Closing Date Term Loan
6.125%, 10/04/25		998		996
AI Ladder (Luxembourg) Subco S.a r.l., Facility B, 1st Lien
6.830%, 05/02/25		520		476
AssuredPartners, Inc., 2017 September Refinancing Term Loan
5.612%, VAR LIBOR+3.250%, 10/22/24		1,232		1,225
Compass Group Diversified Holdings LLC, Term Loan
4.362%, VAR LIBOR+2.500%, 04/04/25		690		692
Lions Gate Capital Holdings LLC, Term B Loan, 1st Lien
4.362%, VAR LIBOR+2.250%, 03/24/25		663		660
RPI Finance Trust, Initial Term Loan B-6
4.044%, VAR LIBOR+2.000%, 03/27/23		700		704
Starfruit Finco B.V. (Starfruit US Holdco LLC), Initial Dollar Term Loan
5.292%, 10/01/25		325		318
				5,071
Shipping & Ship Building – 0.1%
AI Mistral Holdco Limited, Initial Term Loan
5.112%, VAR LIBOR+3.000%, 01/17/24		733		560
Hornblower Sub, LLC (American Queen Sub, LLC), Term Loan
6.604%, 03/28/25 (E)		884		885
International Seaways Operating Corporation, Term Loan, 1st Lien
8.050%, VAR LIBOR+5.500%, 06/22/22		556		556
Navios Maritime Partners L.P (Navios Partners Finance (US) Inc.), Initial Term Loan, 1st Lien
7.440%, VAR LIBOR+5.000%, 09/04/20		553		550
				2,551
Steel – 0.1%
Atkore International, Inc., Term Loan (2016)
4.860%, VAR LIBOR+2.750%, 12/22/23		1,157		1,159

Description	Face Amount   (000)		Value  (000)
Zekelman Industries, Inc. (fka JMC Steel Group, Inc.), Term Loan, 1st Lien
4.304%, VAR LIBOR+2.250%, 06/14/21	$	1,305	$	1,304
				2,463
Technology – 0.1%
Kofax, Term Loan, 1st Lien
6.450%, 07/07/23		997		994
Textile & Apparel Manufacturing – 0.0%
Champ Acquisition Corporation, Initial Term Loan
7.830%, 12/17/25		416		415
Transportation – 0.1%
Agro Merchants North America Holdings, Inc., Effective Date Loan
6.080%, VAR LIBOR+3.750%, 11/15/24		324		325
PODS, LLC, Tranche B-4 Term Loan
5.053%, 12/06/24		1,496		1,492
XPO Logistics, Inc., Refinancing Term Loan (2018)
4.112%, VAR LIBOR+2.000%, 02/24/25		1,046		1,051
				2,868
Utilities – 0.0%
AI Alpine AT BidCo GmbH, Facility B (USD), 1st Lien
4.837%, 10/31/25		995		970
Total Loan Participations (Cost $217,744) (000)				213,568
Sovereign Debt — 8.4%
1MDB Global Investments
4.400%, 03/09/23		5,400		5,167
Abu Dhabi Government International Bond
3.125%, 09/30/49 (A)		3,615		3,502
2.125%, 09/30/24 (A)		5,603		5,569
African Development Bank
3.000%, 09/20/23		100		105
2.625%, 03/22/21		125		126
2.125%, 11/16/22		50		51
Angolan Government International Bond
9.500%, 11/12/25 (A)		1,490		1,673
9.375%, 05/08/48 (A)		1,450		1,528
8.250%, 05/09/28 (A)		1,220		1,263
Argentine Republic Government International Bond
8.280%, 12/31/33		2,676		1,311
7.625%, 04/22/46		690		299

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount   (000)(1)		Value   (000)
7.500%, 04/22/26		2,066	$	899
7.125%, 07/06/36		560		238
7.125%, 06/28/17		420		182
6.875%, 01/11/48		1,090		458
3.750%, 5.250%, 03/31/29 12/31/38 (G)		972		382
Armenia International Bond
7.150%, 03/26/25 (A)		2,215		2,580
Asian Development Bank
3.125%, 09/26/28		150		167
2.875%, 11/27/20		150		152
2.750%, 03/17/23		235		244
2.375%, 08/10/27		100		105
2.000%, 01/22/25		100		102
1.750%, 06/08/21		200		200
1.750%, 09/19/29		100		100
1.625%, 03/16/21		200		199
Bahrain Government International Bond
7.000%, 01/26/26 (A)		645		724
6.750%, 09/20/29 (A)		1,540		1,707
5.625%, 09/30/31 (A)		1,020		1,029
Brazil Notas do Tesouro Nacional Serie F
10.000%, 01/01/27 (BRL)		7,300		2,058
Brazilian Government International Bond
5.000%, 01/27/45		1,130		1,170
4.500%, 05/30/29		910		947
Canada Government International Bond
2.000%, 11/15/22		100		101
Chile Government International Bond
3.240%, 02/06/28		200		212
3.125%, 01/21/26		107		113
Colombia Government International Bond
7.375%, 09/18/37		1,345		1,915
6.125%, 01/18/41		975		1,270
5.000%, 06/15/45		1,495		1,749
4.500%, 03/15/29		1,070		1,190
4.375%, 07/12/21		200		207
4.000%, 02/26/24		200		211
3.875%, 04/25/27		980		1,039
Costa Rica Government International Bond
7.158%, 03/12/45 (A)		565		565
7.000%, 04/04/44 (A)		550		545
Council of Europe Development Bank
2.625%, 02/13/23		30		31
Development Bank of Kazakhstan JSC
8.950%, 05/04/23 (KZT)		80,000		193
Development Bank of Mongolia
7.250%, 10/23/23 (A)		1,160		1,202
Dominican Republic International Bond
9.750%, 06/05/26 (DOP)		44,900		882
7.450%, 04/30/44 (A)		720		853

Description	Face Amount   (000)(1)		Value   (000)
6.875%, 01/29/26 (A)		1,035	$	1,167
6.850%, 01/27/45 (A)		250		278
6.600%, 01/28/24 (A)		400		440
6.500%, 02/15/48 (A)		1,165		1,252
6.400%, 06/05/49 (A)		720		767
5.950%, 01/25/27 (A)		1,415		1,530
5.500%, 01/27/25 (A)		365		385
Ecuador Government International Bond
10.750%, 01/31/29 (A)		270		292
9.650%, 12/13/26 (A)		1,345		1,411
9.500%, 03/27/30 (A)		740		750
7.950%, 06/20/24 (A)		1,770		1,805
7.950%, 06/20/24		210		214
7.875%, 01/23/28 (A)		1,140		1,080
Egypt Government Bond
14.800%, 01/30/23 (EGP)		9,600		597
Egypt Government International Bond
8.700%, 03/01/49 (A)		990		1,064
8.500%, 01/31/47 (A)		755		799
7.903%, 02/21/48 (A)		1,400		1,407
7.500%, 01/31/27 (A)		1,465		1,573
6.200%, 03/01/24 (A)		420		438
5.577%, 02/21/23 (A)		360		367
El Salvador Government International Bond
7.650%, 06/15/35 (A)		270		290
7.125%, 01/20/50 (A)		640		651
6.375%, 01/18/27 (A)		965		1,001
European Bank for Reconstruction & Development
2.750%, 03/07/23		100		103
1.625%, 09/27/24		200		200
European Investment Bank
3.250%, 01/29/24		250		267
3.125%, 12/14/23		150		159
2.875%, 12/15/21		200		205
2.875%, 08/15/23		150		157
2.500%, 03/15/23		295		304
2.375%, 05/13/21		250		252
2.375%, 05/24/27		250		262
2.250%, 03/15/22		150		152
2.250%, 06/24/24		150		154
2.125%, 10/15/21		200		202
2.125%, 04/13/26		100		103
2.000%, 12/15/22		150		152
1.375%, 09/15/21		100		99
Export Development Canada
2.500%, 01/24/23		100		103
2.000%, 05/17/22		200		201
Export-Import Bank of Korea
2.875%, 01/21/25		200		206
2.500%, 05/10/21		200		201
Financiera de Desarrollo
4.750%, 07/15/25 (A)		950		1,043
Gabon Government International Bond
6.375%, 12/12/24 (A)		815		801

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount   (000)(1)		Value  (000)
Georgia Government International Bond
6.875%, 04/12/21 (A)		1,330	$	1,405
Ghana Government International Bond
10.750%, 10/14/30 (A)		2,170		2,751
8.950%, 03/26/51 (A)		1,025		1,026
8.627%, 06/16/49 (A)		425		424
7.875%, 08/07/23 (A)		359		392
7.875%, 03/26/27 (A)		570		584
7.625%, 05/16/29 (A)		710		710
Guatemala Government Bond
6.125%, 06/01/50 (A)		1,300		1,514
4.900%, 06/01/30 (A)		470		497
4.875%, 02/13/28 (A)		1,150		1,215
4.500%, 05/03/26 (A)		1,210		1,246
4.375%, 06/05/27 (A)		830		847
Hashemite Kingdom of Jordan Government AID Bond
2.503%, 10/30/20		200		202
Honduras Government International Bond
6.250%, 01/19/27 (A)		480		519
Hungary Government Bond
3.000%, 10/27/27 (HUF)		284,000		1,023
Indonesia Government International Bond
8.500%, 10/12/35 (A)		970		1,523
8.500%, 10/12/35		260		408
6.750%, 01/15/44 (A)		360		517
5.250%, 01/17/42 (A)		690		830
4.450%, 02/11/24		200		214
4.350%, 01/11/48		200		221
3.700%, 01/08/22 (A)		210		216
Inter-American Development Bank
3.125%, 09/18/28		150		167
2.625%, 04/19/21		265		269
2.375%, 07/07/27		100		105
2.125%, 11/09/20		250		251
2.125%, 01/15/25		125		128
2.000%, 07/23/26		150		153
1.875%, 03/15/21		150		150
1.750%, 04/14/22		150		150
1.750%, 09/14/22		100		100
International Bank for Reconstruction & Development
2.750%, 07/23/21		250		255
2.500%, 03/19/24		200		207
2.500%, 11/25/24		300		313
2.500%, 07/29/25		150		157
2.500%, 11/22/27		200		212
2.250%, 06/24/21		50		50
2.125%, 12/13/21		200		202
2.125%, 02/13/23		100		102
2.000%, 01/26/22		200		202
1.875%, 06/19/23		100		101
1.625%, 03/09/21		150		150
1.500%, 08/28/24		100		99
1.375%, 09/20/21		300		298
International Finance
2.875%, 07/31/23		95		99
2.000%, 10/24/22		50		51

Description	Face Amount   (000)(1)		Value  (000)
1.125%, 07/20/21		100	$	99
Israel Government International Bond
3.150%, 06/30/23		200		208
Ivory Coast Government International Bond
6.375%, 03/03/28 (A)		585		599
6.125%, 06/15/33 (A)		1,010		972
5.750%, 12/31/32 (A) (C)		616		604
5.375%, 07/23/24 (A)		1,095		1,121
Japan Bank for International Cooperation
3.375%, 10/31/23		200		212
2.500%, 06/01/22		200		203
2.375%, 04/20/26		200		205
2.250%, 11/04/26		200		204
Jordan Government International Bond
7.375%, 10/10/47 (A)		550		578
Kenya Government International Bond
8.250%, 02/28/48 (A)		385		393
8.000%, 05/22/32 (A)		690		722
6.875%, 06/24/24 (A)		1,080		1,139
Korea Development Bank
2.500%, 01/13/21		200		201
Korea International Bond
2.750%, 01/19/27		200		207
Kreditanstalt fuer Wiederaufbau
3.125%, 12/15/21		150		154
2.375%, 03/24/21		210		212
Landwirtschaftliche Rentenbank
3.125%, 11/14/23		150		159
2.500%, 11/15/27		150		159
Lebanon Government International Bond
7.000%, 03/23/32		655		424
6.850%, 03/23/27		310		200
6.750%, 11/29/27		675		436
6.650%, 11/03/28		246		158
6.650%, 02/26/30		220		143
6.600%, 11/27/26		527		340
6.200%, 02/26/25		697		462
Mexican Udibonos
4.000%, 11/03/50 (MXN)		20,123		1,147
Mexico Government International Bond
5.550%, 01/21/45		300		362
4.500%, 04/22/29		200		217
4.500%, 01/31/50		200		211
4.350%, 01/15/47		200		206
4.150%, 03/28/27		975		1,033
4.125%, 01/21/26		200		212
3.750%, 01/11/28		200		206
Mongolia Government International Bond
10.875%, 04/06/21 (A)		2,460		2,681
8.750%, 03/09/24 (A)		880		984
5.625%, 05/01/23 (A)		745		752
5.125%, 12/05/22 (A)		695		693
5.125%, 12/05/22		490		489

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount   (000)(1)		Value  (000)
Nigeria Government International Bond
8.747%, 01/21/31 (A)		520	$	583
7.875%, 02/16/32 (A)		970		1,021
7.696%, 02/23/38 (A)		960		976
7.625%, 11/21/25 (A)		820		900
7.143%, 02/23/30 (A)		965		987
6.500%, 11/28/27 (A)		1,250		1,263
Oesterreichische Kontrollbank
3.125%, 11/07/23		100		106
2.875%, 03/13/23		50		52
1.875%, 01/20/21		150		150
Oman Government International Bond
6.750%, 01/17/48 (A)		1,400		1,320
6.500%, 03/08/47 (A)		795		734
5.375%, 03/08/27 (A)		315		309
Oman Sovereign Sukuk SAOC
4.397%, 06/01/24 (A)		890		894
Panama Government International Bond
9.375%, 04/01/29		535		821
6.700%, 01/26/36		1,455		2,070
4.500%, 05/15/47		200		238
3.875%, 03/17/28		200		217
Peru Government Bond
6.150%, 08/12/32 (PEN)		3,120		1,060
5.940%, 02/12/29 (PEN)		1,390		467
5.400%, 08/12/34 (PEN) (A)		4,880		1,544
Perusahaan Penerbit SBSN Indonesia III
4.400%, 03/01/28 (A)		440		480
4.150%, 03/29/27 (A)		1,090		1,166
Peruvian Government International Bond
7.350%, 07/21/25		100		127
6.950%, 08/12/31 (PEN) (A)		1,790		647
5.625%, 11/18/50		150		220
Philippine Government International Bond
5.500%, 03/30/26		200		239
4.200%, 01/21/24		200		217
3.700%, 02/02/42		300		347
Poland Government International Bond
4.000%, 01/22/24		125		135
3.000%, 03/17/23		150		155
Province of Alberta Canada
3.300%, 03/15/28		200		220
2.200%, 07/26/22		100		101
Province of British Columbia Canada
2.000%, 10/23/22		100		101
Province of Manitoba Canada
2.125%, 06/22/26		500		506
2.050%, 11/30/20		150		150
Province of New Brunswick Canada
3.625%, 02/24/28		100		112
Province of Ontario Canada
2.500%, 04/27/26		500		519

Description	Face Amount   (000)(1)		Value  (000)
2.450%, 06/29/22		200	$	204
2.300%, 06/15/26		100		102
Province of Quebec Canada
2.875%, 10/16/24		100		105
2.625%, 02/13/23		200		206
2.500%, 04/20/26		300		311
Provincia de Buenos Aires
7.875%, 06/15/27 (A)		295		106
6.500%, 02/15/23 (A)		450		158
Provincia de Cordoba
7.125%, 06/10/21 (A)		970		601
Qatar Government International Bond
5.103%, 04/23/48 (A)		1,635		2,089
4.817%, 03/14/49 (A)		1,634		2,021
Republic of Belarus International Bond
7.625%, 06/29/27 (A)		915		1,030
6.875%, 02/28/23 (A)		1,210		1,293
Republic of Italy Government International Bond
5.375%, 06/15/33		300		362
Republic of Poland Government Bond
2.750%, 04/25/28 (PLN)		8,180		2,166
Republic of South Africa Government Bond
6.500%, 02/28/41 (ZAR)		21,100		979
Republic of South Africa Government International Bond
5.875%, 06/22/30		600		640
5.750%, 09/30/49		850		846
4.300%, 10/12/28		1,870		1,805
Russian Federal Bond - OFZ
8.150%, 02/03/27 (RUB)		130,500		2,166
7.700%, 03/23/33 (RUB)		46,000		744
Russian Foreign Bond - Eurobond
5.250%, 06/23/47 (A)		1,200		1,425
5.100%, 03/28/35 (A)		1,000		1,130
4.750%, 05/27/26		1,000		1,092
4.750%, 05/27/26 (A)		200		218
Senegal Government International Bond
8.750%, 05/13/21 (A)		376		407
6.250%, 05/23/33 (A)		735		740
4.750%, 03/13/28 (EUR) (A)		640		724
Sri Lanka Government International Bond
7.850%, 03/14/29 (A)		1,030		1,035
7.550%, 03/28/30 (A)		1,660		1,637
6.850%, 11/03/25 (A)		620		621
6.750%, 04/18/28 (A)		360		343
6.200%, 05/11/27 (A)		2,620		2,443
5.875%, 07/25/22 (A)		1,030		1,033
5.750%, 04/18/23 (A)		1,010		1,003
Turkey Government International Bond
7.375%, 02/05/25		716		761
7.250%, 12/23/23		960		1,015
6.125%, 10/24/28		1,035		1,010
6.000%, 03/25/27		1,445		1,419

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount   (000)(1)		Value   (000)
5.625%, 03/30/21		1,210	$	1,240
4.250%, 04/14/26		1,250		1,126
Ukraine Government AID Bonds
1.471%, 09/29/21		200		199
Ukraine Government International Bond
8.994%, 02/01/24 (A)		815		894
7.750%, 09/01/21 (A)		214		223
7.750%, 09/01/22 (A)		2,089		2,193
7.750%, 09/01/23 (A)		744		782
7.750%, 09/01/24 (A)		449		474
7.750%, 09/01/25 (A)		1,024		1,074
7.750%, 09/01/27 (A)		215		223
6.750%, 06/20/26 (EUR) (A)		670		786
2.723%, 05/31/40 (A) (B)		314		293
Uruguay Government International Bond
9.875%, 06/20/22 (UYU) (A)		34,150		912
8.500%, 03/15/28 (UYU) (A)		5,740		134
5.100%, 06/18/50		2,541		3,023
4.975%, 04/20/55		2,940		3,433
4.500%, 08/14/24		100		108
4.375%, 01/23/31		180		199
Venezuela Government International Bond
7.750%, 10/13/19 (C)		705		76
7.650%, 04/21/25 (C)		362		39
7.000%, 03/31/38 (C)		422		45
Zambia Government International Bond
8.970%, 07/30/27 (A)		505		359
5.375%, 09/20/22 (A)		680		474
Total Sovereign Debt (Cost $187,444) (000)				188,814
Asset-Backed Securities — 6.1%
Automotive – 3.5%
American Credit Acceptance Receivables Trust, Ser 2018-3, Cl A
2.920%, 08/12/21 (A)		365		365
American Credit Acceptance Receivables Trust, Ser 2018-3, Cl B
3.490%, 06/13/22 (A)		413		414
American Credit Acceptance Receivables Trust, Ser 2019-2, Cl A
2.850%, 07/12/22 (A)		3,127		3,134
Americredit Automobile Receivables Trust, Ser 2018-1, Cl
A2A 2.710%, 07/19/21		341		341
Americredit Automobile Receivables Trust, Ser 2018-2, Cl B
3.450%, 06/18/24		2,063		2,107

Description	Face Amount   (000)		Value   (000)
AmeriCredit Automobile Receivables Trust, Ser 2017-4,Cl B
2.360%, 12/19/22	$	1,319	$	1,322
AmeriCredit Automobile Receivables Trust, Ser 2019-3,Cl A2A
2.170%, 01/18/23		622		622
BMW Floorplan Master Owner Trust, Ser 2018-1, Cl A2
2.348%, VAR ICE LIBOR USD 1 Month+0.320%, 05/15/23 (A)		1,721		1,721
Capital One Prime Auto Receivables Trust, Ser 2019-2, Cl A3
1.920%, 05/15/24		1,252		1,253
CarMax Auto Owner Trust, Ser 2019-1, Cl A4
3.260%, 08/15/24		2,914		3,027
CarMax Auto Owner Trust, Ser 2016-4, Cl A4
1.600%, 06/15/22		250		249
CarMax Auto Owner Trust, Ser 2018-2, Cl A4
3.160%, 07/17/23		731		750
CPS Auto Receivables Trust, Ser 2018-A, Cl A
2.160%, 05/17/21 (A)		32		32
CPS Auto Receivables Trust, Ser 2018-D, Cl A
3.060%, 01/18/22 (A)		1,395		1,399
CPS Auto Receivables Trust, Ser 2019-A, Cl A
3.180%, 06/15/22 (A)		1,801		1,808
CPS Auto Receivables Trust, Ser 2019-B, Cl A
2.890%, 05/16/22 (A)		1,771		1,776
CPS Auto Receivables Trust, Ser 2019-C, Cl A
2.550%, 09/15/22 (A)		2,445		2,447
Credit Acceptance Auto Loan Trust, Ser 2018-1A, Cl A
3.010%, 02/16/27 (A)		1,099		1,106
Credit Acceptance Auto Loan Trust, Ser 2018-3A, Cl A
3.550%, 08/15/27 (A)		835		851
Credit Acceptance Auto Loan Trust, Ser 2019-1A, Cl A
3.330%, 02/15/28 (A)		2,183		2,230
Drive Auto Receivables Trust, Ser 2018-4, Cl B
3.360%, 10/17/22		1,818		1,824
Drive Auto Receivables Trust, Ser 2018-4, Cl D
4.090%, 01/15/26		100		103
Drive Auto Receivables Trust, Ser 2019-1, Cl A2A
3.080%, 09/15/21		894		895

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount  (000)		Value  (000)
Drive Auto Receivables Trust, Ser 2019-2, Cl B
3.170%, 11/15/23	$	1,599	$	1,620
Drive Auto Receivables Trust, Ser 2019-4, Cl B
2.230%, 01/16/24		2,180		2,177
DT Auto Owner Trust, Ser 2018-2A, Cl B
3.430%, 05/16/22 (A)		1,913		1,919
DT Auto Owner Trust, Ser 2018-3A, Cl A
3.020%, 02/15/22 (A)		1,679		1,683
DT Auto Owner Trust, Ser 2019-1A, Cl A
3.080%, 09/15/22 (A)		2,070		2,078
DT Auto Owner Trust, Ser 2019-2A, Cl A
2.850%, 09/15/22 (A)		2,153		2,160
DT Auto Owner Trust, Ser 2019-3A, Cl A
2.550%, 08/15/22 (A)		1,164		1,166
Exeter Automobile Receivables Trust, Ser 2018-3A, Cl A
2.900%, 01/18/22 (A)		319		319
Exeter Automobile Receivables Trust, Ser 2019-2A, Cl A
2.930%, 07/15/22 (A)		2,574		2,584
First Investors Auto Owner Trust, Ser 2018-1A, Cl A1
2.840%, 05/16/22 (A)		246		246
Flagship Credit Auto Trust, Ser 2019-1, Cl A
3.110%, 08/15/23 (A)		2,359		2,380
Flagship Credit Auto Trust, Ser 2019-2, Cl A
2.830%, 10/16/23 (A)		4,537		4,569
Ford Credit Auto Lease Trust, Ser 2019-B, Cl A3
2.220%, 10/15/22		200		201
Ford Credit Auto Owner Trust, Ser 2017-C, Cl A3
2.010%, 03/15/22		1,027		1,027
Ford Credit Auto Owner Trust, Ser 2019-A, Cl A4
2.850%, 08/15/24		1,859		1,902
Ford Credit Auto Owner Trust, Ser 2019-B, Cl A3
2.230%, 10/15/23		100		101
GM Financial Automobile Leasing Trust, Ser 2019-2, Cl A3
2.670%, 03/21/22		25		25
GM Financial Consumer Automobile, Ser 2017-1A, Cl A3
1.780%, 10/18/21 (A)		1,123		1,121
GM Financial Consumer Automobile Receivables Trust, Ser 2018-1, Cl A3
2.320%, 07/18/22		1,130		1,133

Description	Face Amount  (000)		Value  (000)
GM Financial Consumer Automobile Receivables Trust, Ser 2019-1, Cl A3
2.970%, 11/16/23	$	57	$	57
GM Financial Consumer Automobile Receivables Trust, Ser 2019-3, Cl A3
2.180%, 04/16/24		100		101
Honda Auto Receivables Owner Trust, Ser 2017-4, Cl A3
2.050%, 11/22/21		861		861
Hyundai Auto Receivables Trust, Ser 2019-A, Cl A3
2.660%, 06/15/23		1,911		1,934
Mercedes-Benz Auto Receivables Trust, Ser 2019-1, Cl A3
1.940%, 03/15/24		100		100
Nissan Auto Receivables Owner Trust, Ser 2018-B, Cl A3
3.060%, 03/15/23		30		30
Nissan Auto Receivables Owner Trust, Ser 2019-A, Cl A2A
2.820%, 01/18/22		2,673		2,684
Nissan Auto Receivables Owner Trust, Ser 2019-A, Cl A3
2.900%, 10/16/23		67		68
Santander Drive Auto Receivables Trust, Ser 2018-1, Cl D
3.320%, 03/15/24		85		86
Santander Drive Auto Receivables Trust, Ser 2018-4, Cl C
3.560%, 07/15/24		50		51
Santander Drive Auto Receivables Trust, Ser 2019-1, Cl B
3.210%, 09/15/23		1,548		1,566
Toyota Auto Receivables Owner Trust, Ser 2019-C, Cl A3
1.910%, 09/15/23		100		100
USAA Auto Owner Trust, Ser 2019-1, Cl A4
2.140%, 11/15/24		1,451		1,462
Westlake Automobile Receivables Trust, Ser 2019-1A, Cl A2A
3.060%, 05/16/22 (A)		3,417		3,431
World Omni Auto Receivables Trust, Ser 2018-D, Cl A3
3.330%, 04/15/24		5,000		5,122
World Omni Auto Receivables Trust, Ser 2019-B, Cl A3
2.590%, 07/15/24		2,883		2,924
				78,764
Credit Card – 1.6%
American Express Credit Account Master Trust, Ser 2017-1, Cl A
1.930%, 09/15/22		9,514		9,507
American Express Credit Account Master Trust, Ser 2017-6, Cl A
2.040%, 05/15/23		4,274		4,279

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount  (000)		Value  (000)
American Express Credit Account Master Trust, Ser 2019-1, Cl A
2.870%, 10/15/24	$	450	$	461
American Express Credit Account Master Trust, Ser 2019-3, Cl A
2.000%, 04/15/25		4,184		4,202
American Express Credit Account Master Trust, Ser 2019-4, Cl A
2.265%, VAR ICE LIBOR USD 1 Month+0.240%, 04/15/24		3,246		3,248
BA Credit Card Trust, Ser 2017-A1, Cl A1
1.950%, 08/15/22		2,103		2,102
BA Credit Card Trust, Ser 2019-A1, Cl A1
1.740%, 01/15/25		100		100
Capital One Multi-Asset Execution Trust, Ser 2017-A1, Cl A1
2.000%, 01/17/23		2,123		2,122
Capital One Multi-Asset Execution Trust, Ser 2017-A4, Cl A4
1.990%, 07/17/23		1,177		1,177
Capital One Multi-Asset Execution Trust, Ser 2019-A2, Cl A2
1.720%, 08/15/24		4,913		4,893
Citibank Credit Card Issuance Trust, Ser 2014-A1, Cl A1
2.880%, 01/23/23		200		202
Discover Card Execution Note Trust, Ser 2018-A5, Cl A5
3.320%, 03/15/24		65		67
Discover Card Execution Note Trust, Ser 2019-A1, Cl A1
3.040%, 07/15/24		80		82
Discover Card Execution Note Trust, Ser 2019-A2, Cl A
2.298%, VAR ICE LIBOR USD 1 Month+0.270%, 12/15/23		1,582		1,584
Synchrony Credit Card Master Note Trust, Ser 2018-2, Cl A
3.470%, 05/15/26		200		209
				34,235
Other Asset-Backed Securities – 1.0%
AJAX Mortgage Loan Trust, Ser 2017-A, Cl A
3.470%, 04/25/57 (A)		197		197
Bayview Opportunity Master Fund IVa Trust, Ser 2019-RN2, Cl A1
3.967%, 03/28/34 (A)		229		230
Bayview Opportunity Master Fund Trust, Ser 2018-RN8, Cl A1
4.066%, 09/28/33 (A)		211		212
Bayview Opportunity Master Fund Trust IVb, Ser 2019-RN1, Cl A1
4.090%, 02/28/34 (A)		312		314
CLUB Credit Trust, Ser 2018-P3, Cl A
3.820%, 01/15/26 (A)		1,444		1,457

Description	Face Amount  (000)		Value  (000)
Consumer Loan Underlying Bond CLUB Credit Trust, Ser 2019-P2, Cl A
2.470%, 10/15/26 (A)	$	2,007	$	2,005
Consumer Loan Underlying Bond Credit Trust, Ser 2019-P1, Cl A
2.940%, 07/15/26 (A)		1,296		1,300
Ford Credit Floorplan Master Owner Trust, Ser 2017-3, Cl A
2.480%, 09/15/24		150		152
GCAT, Ser 2018-1, Cl A1
3.844%, 06/25/48 (A)		275		275
Oak Hill Advisors Residential Loan Trust, Ser 2017-NPL1, Cl A1
3.000%, 06/25/57 (A)		56		56
Oak Hill Advisors Residential Loan Trust, Ser 2017-NPL2, Cl A1
3.000%, 07/25/57 (A)		112		112
PRPM, Ser 2017-2A, Cl A1
3.470%, 09/25/22 (A)		479		480
RCO V Mortgage, Ser 2018-1, Cl A1
4.000%, 05/25/23 (A)		2,473		2,479
SoFi Consumer Loan Program Trust, Ser 2019-3, Cl A
2.900%, 05/25/28 (A)		2,318		2,335
Vericrest Opportunity Loan Trust, Ser 2019-NPL3, Cl A1
3.967%, 03/25/49 (A)		1,888		1,898
Vericrest Opportunity Loan Trust, Ser 2019-NPL5, Cl A1A
3.352%, 09/25/49 (A)		2,177		2,184
Verizon Owner Trust, Ser 2019-A, Cl A1A
2.930%, 09/20/23		1,845		1,878
VOLT LXX, Ser 2018-NPL6, Cl A1A
4.115%, 09/25/48 (A)		1,891		1,897
VOLT LXXI, Ser 2018-NPL7, Cl A1A
3.967%, 09/25/48 (A)		1,309		1,315
VOLT LXXII, Ser 2018-NPL8, Cl A1A
4.213%, 10/26/48 (A)		1,527		1,532
VOLT LXXV, Ser 2019-NPL1, Cl A1A
4.336%, 01/25/49 (A)		228		229
				22,537
Total Asset-Backed Securities (Cost $134,663) (000)				135,536
U.S. Government Agency Obligations — 0.6%
FFCB
2.870%, 07/30/29		150		150
2.590%, 08/27/29		100		98
2.400%, 06/19/23		250		251
1.680%, 10/13/20		100		100

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Face Amount  (000)		Value  (000)
FHLB
3.250%, 06/09/28 - 11/16/28	$	405	$	450
3.000%, 10/12/21		400		411
2.875%, 06/14/24		500		528
2.500%, 02/13/24		220		228
2.300%, 07/19/22		200		200
2.260%, 10/04/22		150		150
2.200%, 01/29/21		155		155
2.160%, 08/17/22		100		100
2.150%, 09/26/22		200		199
1.875%, 11/29/21		150		151
FHLMC
6.250%, 07/15/32		1,279		1,888
2.890%, 04/16/24		100		100
2.820%, 05/20/24		250		250
2.375%, 01/13/22		250		254
2.125%, 09/12/24		250		250
1.330%, 12/30/20		400		398
FNMA
6.625%, 11/15/30		300		439
2.875%, 09/12/23		500		524
2.625%, 09/06/24		1,399		1,466
2.250%, 04/12/22		2,536		2,577
2.125%, 04/24/26		200		206
1.875%, 12/28/20		131		131
1.750%, 07/02/24		200		201
1.500%, 11/30/20		227		226
1.375%, 09/06/22		350		347
Tennessee Valley Authority
5.250%, 09/15/39		200		283
2.875%, 02/01/27		250		266
Total U.S. Government Agency Obligations (Cost $12,421) (000)				12,977
Municipal Bonds — 0.3%
Bay Area, Toll Authority RB
6.263%, 04/01/49		200		312
California State GO
4.600%, 04/01/38		315		351
4.500%, 04/01/33		25		29
3.500%, 04/01/28		25		27
3.375%, 04/01/25		20		21
2.800%, 04/01/21		15		15
California State, Department of Water Resources, Power Supply Revenue RB
2.000%, 05/01/22		100		101
Chicago, O’Hare International Airport RB
4.572%, 01/01/54		150		192
4.472%, 01/01/49		50		63
Dallas/Fort Worth International Airport RB
2.994%, 11/01/38		100		101
Houston GO
3.961%, 03/01/47		150		174
Illinois State GO
5.100%, 06/01/33		2,045		2,215

Description	Face Amount  (000)		Value  (000)
Illinois State, Sales Tax Securitization RB
3.820%, 01/01/48	$	100	$	108
New Jersey State, Transportation Trust Fund Authority RB
5.754%, 12/15/28		1,365		1,593
New York State, Dormitory Authority RB
4.946%, 08/01/48		100		111
Pennsylvania State, Commonwealth Financing Authority RB
3.864%, 06/01/38		150		167
Port Authority of New York & New Jersey RB
4.031%, 09/01/48		150		176
3.287%, 08/01/69		50		50
South Carolina State, Public Service Authority RB
2.388%, 12/01/23		100		101
Texas State, Permanent University Fund - Texas A&M University System RB
3.660%, 07/01/47		100		106
University of California RB
4.858%, 05/15/12		200		263
3.349%, 07/01/29		100		109
University of Texas, Taxable Financing System RB
3.354%, 08/15/47		250		272
University of Virginia RB
3.227%, 09/01/19		622		612
Wisconsin State RB
3.154%, 05/01/27		200		213
Total Municipal Bonds (Cost $6,881) (000)				7,482
	Number of Warrants
Warrants — 0.0%
Horizon Global		2,585		6
Total Warrants (Cost $–) (000)				6
	Shares
Preferred Stock — 0.0%
PES Energy (H)		26,609		3
Total Preferred Stock (Cost $240) (000)				3

  KP Fixed Income Fund

  Schedule of Investments

  September 30, 2019 (unaudited)

Description	Shares		Value   (000)
Short-Term Investment — 2.5%
State Street Institutional Treasury Money Market Fund, Cl Premier, 1.650% (I)		55,229,003	$	55,229
Total Short-Term Investment (Cost $55,229) (000)				55,229
Total Investments In Securities — 104.5% (Cost $2,277,078) (000)			$	2,337,591

Percentages are based on net assets of $2,237,926 (000).

A list of the open forward foreign currency contracts held by the Fund at September 30, 2019 is as follows (000):

Counterparty	Maturity Date		Currency to Deliver			Currency to Receive			Unrealized Appreciation (Depreciation)
HSBC		10/01/19		IDR	54,892,000		USD	3,833	$	(34)
HSBC		10/17/19		EUR	2,447		USD	2,755		84
BNP Paribas		10/22/19		USD	694		ZAR	10,620		5
BNP Paribas		10/22/19		ZAR	10,620		USD	728		29
HSBC		10/24/19		USD	723		PEN	2,387		(15)
Barclays PLC		10/29/19		MYR	9,537		USD	2,280		5
HSBC		10/29/19		USD	2,319		MYR	9,537		(43)
HSBC		10/31/19		THB	71,560		USD	2,314		(27)
Barclays PLC		10/31/19		USD	2,351		THB	71,560		(10)
HSBC		11/13/19		CLP	1,650,800		USD	2,296		30
HSBC		11/20/19		USD	2,226		BRL	8,845		(105)
Barclays PLC		11/22/19		USD	1,111		RUB	73,940		21
Barclays PLC		11/22/19		RUB	191,860		USD	2,859		(78)
Barclays PLC		11/26/19		IDR	54,533,000		USD	3,814		(5)
Barclays PLC		12/16/19		HUF	318,700		USD	1,057		15
HSBC		12/18/19		MXN	2,760		USD	140		2
HSBC		12/20/19		USD	1,133		COP	3,844,000		(32)
Barclays PLC		12/23/19		PLN	8,917		USD	2,248		21
Barclays PLC		12/30/19		KRW	4,132,000		USD	3,467		12
									$	(125)

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

(A) Security sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of these securities at September 30, 2019 was $282,504 (000) and represents 12.6% of Net Assets.

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

(C) Security in default on interest payments.

(D) Credit-linked note.

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

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

(G) Step Bonds – Represents the current rate, the step rate, the step date and the final maturity date.

(H) There is currently no rate available.

(I) The rate reported is the 7-day effective yield as of September 30, 2019.

AID — Agency for International Development

ARS — Argentine Peso

BRL — Brazilian Real

CJSC — Closed Joint Stock Company

Cl — Class

CLP — Chilean Peso

COP — Colombian Peso

DAC — Designated Activity Company

DOP — Dominican Peso

EGP — Egyptian Pound

EUR — Euro

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GEL — Georgian Lari

GNMA — Government National Mortgage Association

GO — General Obligation

HUF — Hungarian Forint

ICE — Intercontinental Exchange

IDR — Indonesian Rupiah

JSC — Joint Stock Company

KRW — Korean Won

KZT — Kazakhstan Tenge

LIBOR — London Interbank Offered Rate

LKR — Sri Lanka Rupee

LLC — Limited Liability Company

LP — Limited Partnership

Ltd. — Limited

MXN — Mexican Peso

MYR — Malaysian Ringgit

NGN — Nigerian Naira

PEN — Peruvian Sol

PJSC — Public Joint Stock Company

PLC — Public Limited Company

PLN —Polish Zloty

RB — Revenue Bond

RUB — Russian Ruble

Ser — Series

TBA — To Be Announced

THB — Thai Baht

UAH — Ukrainian Hryvnia

USD — U.S. Dollar

UYU — Uruguayan Peso

VAR — Variable Rate

ZAR — South African Rand

KP Fixed Income Fund

Schedule of Investments

September 30, 2019 (unaudited)

The following is a list of the level of inputs used as of September 30, 2019, in valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in     Securities	Level 1		Level 2		Level 3		Total
U.S. Treasury Obligations	$	—	$	611,135	$	—	$	611,135
Corporate Obligations		—		561,756		—		561,756
Mortgage-Backed Securities		—		551,085		—		551,085
Loan Participations		—		213,568		—		213,568
Sovereign Debt		—		188,814		—		188,814
Asset-Backed Securities		—		135,536		—		135,536
U.S. Government Agency Obligations		—		12,977		—		12,977
Municipal Bonds		—		7,482		—		7,482
Warrants		—		6		—		6
Preferred Stock		—		3		—		3
Short-Term Investment		55,229		—		—		55,229
Total Investments in Securities	$	55,229	$	2,282,362	$	—	$	2,337,591

Other Financial   Instruments	Level 1		Level 2			Level 3		Total
Forwards Contracts **
Unrealized Appreciation	$	—	$	224		$	—	$	224
Unrealized Depreciation		—		(349	)		—		(349)
Total Other Financial Instruments	$	—	$	(125	)	$	—	$	(125)

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

As of September 30, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended September 30, 2019, there were no transfers between Level 2 and Level 3 assets and liabilities or Level 1 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For the period ended September 30, 2019, 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.